Seashell
Directors, Report
and Financial
Statements
For the year ended 31 AwJug12024
Seashell Trust
Rogistgred Charity No: 1092655
Re9islered Company No.. 04216714
Seashell Trust
stan* R￿￿d. Che&lle F4JknRChethwe. SK3 6RQ
T•k 0161610 0100
Em•lk nf￿$eashe11trusl￿9.uk
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SEASHELL TRUST
Seashell Trust {"Seashell" or the Yrust") is an education and Ca￿ charity founded in 1823 in
Manchester, originally for the education of deaf children.
Today, Seashell provides highly specialist education in its outstanding non-maintained special
school, Royal School Manchester and in its independent specialist further education college, Royal
College Manchester.
In addition, Seashell has registered children's. adult. and short breaks care homes for those young
people who cannot live with their own families. Placements range from one or two nighls to full 52
week all year-round care packages. Our 17 homes are set 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. health and care packages to children and young adulls with
the most complex neuro-disabilities and needs in our society. These needs are often cwccurring
and include a combination of deafness. blindness, multi-sensory impaimient. autism. mental health
issues, behavioural challenges and profound physical and rnultiple leaming disabilities andlor
difficulties (PMLD).
The vast majority of the children and young adults attending Seashell have little or no functional
communication on their enlry to the Trusl. Seashell caters for those al the rnost severe end of the
spectrum of complex needs.
Our education and care facilities are complemented by our on-site Health, Sport and Family Servlces
facilities and by our Sensory Support Service which provide greater access for families and
professionals lo our specialist services.
We aim, with the support of our families, staff. stakeholders, volunleers and donors, lo deliver real
change and thus irrefutable difference to the levels of independence and communication achieved
by our children and young adults. This. in tum. ensures they are valued and valuable members of
their families and the wider community.
We believe that Seashell is a truly special place for very special people. Our students and residents
have incredibly challenging needs and they. and their families. are some of the most inspiring people
you can ever meet.
We need the best team. the best facilities. the best campus and the best technologies to deliver all
we can for these students, ￿SIdents and their families.

SEASHELL TRUST
Our Charity Mission
Seashell helps children and young adults with the most complex needs. and their families. live 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, with an amazing workforce supporting families from its world class campus, and to
share its excellence on a national and intemab'onal platforTn.
Our Charity Values
Strong charity values run through the core of Seashell. These are the things that are really important
to us.
Integrlty
Honesty. trust and commitment go to the heart of every1hing we do. We pride ourselves on ethical
working and strong leadership. We respect our children and young adults, their families and our
colleagues. and we promise to do our very best every day to support Ihe extraordinary people in our
care.
Innovatlon
Our children and young adults are exceptional. and we are constantly striving for pioneering new
approaches, research and advances in both technology and different ways of caring, cornmunicating
and educating. We believe that amazing people deserve amazing support.
Involvement
We pride ourselves on developing strong partnerships with children, young adults and their families
to provide the very best support and life outcomes. By working together and hamessing the best
care and support, technology and knowledge, we can help people live their best lives.

SEASHELL TRUST
CHARITY ADMINISTRATION
Dlrectors
S Gillingham (resigned 3 June 2024)
M Heath (2. 4) (Vice Chair)
C Hoggins {3")
N Masom {2)
R Mcmillan (1, 6)
J Munnelly
L Perry (4. 5.)
C Pov8y (1, 6. 7")
C Smale (1. 2. 3) (Chair)
K Uus (resigned 10 September 2024)
T Wilkins (resigned 19 June 2024)
B Holbrook (appointed 29 August 2024)
(1) Member of Remunerats"on & Appointmenls Committee
(2) Member of Audit & Finance Committe8
(3) Member of Transformation Project Steering Group
(4) Member of RSM Governing Body
(5) Member of RCM Goveming Body
(6) Member of Safeguarding Board
(7) Member of Post Otsted Govemance Group
Chair of relevant Board sub<ommittee
Executlve Leadershlp Team
B Leigh
B Boddice
K Duggan
N Giles
M Travers
B White
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief People Officer
Chief Marketing & Fundraising Officer
Director of Care & Education (retired 31
December 2024)
Address and Reglstered Offlce
Stanley Road
Cheadle Hulme
Cheadle
Cheshire SK8 6RQ

SEASHELL TRUST
CHARITY ADMINISTRATION
Bankers
Royal Bank of Scotland plc
St Ann's Square Branch, PO Box 320
St Ann Street
Manchester M60 2SS
Bardays Bank plc
Corporate Banking
Level 11. 20 Chapel Street
Liverpool
L3 9AG
Auditors
Forvis Mazars LLP
One St Peter's Square
Manchester
M2 3DE
Solicltors
Eversheds Sutherland LLP
6 Stanley St
Salford
M3 5GX
Veale Wasbrough Vizards LLP
Narrow Quay House
Narrow Quay
Bristol
BS14QA
Gorvins LLP
Dale House
Tiviot Dale
Stockport
SK1 1TA
Company Registratlon Number
04216714
Charlty Reglstratlon Number
1092655

SEASHELL TRUST
Introduction from the Chair of Trustees
On behalf of the Trustees of Seashell Trust, l am pleased to introduce the Trust's Directors. Report
and Financial Statements for the year ended 31 August 2024.
Leadershlp
As Chair. it has given me great pleasure to oversee the developrnenl of the Trust during the year
and I would like to convey my thanks to CEO, Brandon Leigh, the Executive Leadership Team and
all staff and colleagues across the Trust for their year-round dedication to developing and delivering
the Trust's strategic priorities. rising lo challenges and striving to ensure Ihat the Trust provides
exceptional services to its beneficiaries.
In total, more than 8,000 people benefited from our wide range of services and facilities in the year
but our work does not stop there. We are committed to a better understanding of the complex needs
population and are working with specialist organisations and condits'on specffic charities to capture
data that will help with the planning of future provision. Our National Complex Needs Survey has
already demonstrated that organisations like ours have seen significant changes to their cohort of
learners in the last five years.
Seashell is proud to have been awarded a contract from the Department for Educalion to develop
and deliver a higher education course leading to a mandatory qualification for leachers of multi-
sensory impairment (MQ MSI PGDip). Seashell is one of only two providers nationally of this
specialist course. which opened lo students for the first time in October 2024. The course is being
delivered in partnership wilh Liverpool John Moores University.
Servlce dellvery
Seash811 has a ski118d, dedicated, and Ilexible workforce that enables the Trust to provide high-quality
support for our students. residents. and their families. Attracting and retaining staff in our sector
nevertheless remained a challenge as a result of a competitive jobs rnarket. The recruitment and
retention of staff remains a top priority for the Trust, and we have enhanced our Talent team to
improve our ability to attract and retain slaff by highlighting the unique qualities of a career at
Seashell.
Campus
This year we celebrated the first anniversary of the Moulding Foundation Building, a new
8nvironment for Royal School Manchester students. The facilities within the building such as light.
sound and temperatu￿ controls have enabled staff lo design and put into practice a positive
behaviour support programme that has seen an overall decrease of incidenls within the classroom
for the whole school cohort.
We also launched the next phase of our Transfonning Lives Appeal to build a new home for Royal
College Manchester - the Ged Mason Building, with facilities that will help prepare our students for
a fulfilling life in the community and which will match the sector-leading standard of the Moulding
Foundation Building. Of our £10m targel we have £2.5m left to raise. We greatly appreciate all of
the support we have received so far but continue to need as much help as possible to make this
much needed facility become a ￿ality.
We remain highly ambitious and excited about the fulure and will continue to plan for Ihe ongoing
development of our campus to extend our reach and increase our impact.

SEASHELL TRUST
Reglstered Servlces Inspectlons
Seashell has six registered services. two of which were inspected during the year and one of which
was inspected after the year had ended:
Children's Care service (Ofsted)
we We￿ extremely disappointed to leam that, due to
various challenges, a rating of Inadequate had been given to our Children's Care Service.
Work is underway to implement the requirements and recommendations of the Ofsted report
in order to reslore the Servi￿ to its previous rating of Good.
Children's Short-breaks service (Ofsted)
we were delighted to receive a rating of
Outslanding
Royal College Manchester (Otsted) was inspected after the year had ended and we were
delighted lo receive a rating of Outstanding.
The ratings of our other three Registered Services remain unchanged as follows: Royal School
Manchester {Ofsted) - Outstanding; Health Service (CQC) - Outstanding; Young Adults home
{CQC)_ Good.
Flnanclal
The extremely challenging economic conditions experienced in the year ended 31 Augusl 2023
improved over the course of this financial year. Levels of inflation remained high at Ihe beginning of
the year but returned to a more sustainable position as the year wenl on. finishing in Augusl in line
wilh the govemment's larget of 2%. This eased cosl pressures to some extent during the year and
the Trust has retumed a small surplus on its unrestricted activities before deprecialion.
After the year end, in October 2024, the National Insurance and Minimum Wage elements of the
Budget delivered by the new Labour govemment will increase Seashell's costs substanlially above
current levels of inflation from April 2025. The ELT is therefore wort(ing through plans to limit the
extent to which we need to pass on these additional costs as far as possible, in order to ensure that
the Trust remains financially sound into Ihe future.
Chris Smale
Chalr

SEASHELL TRUST
CONTENTS
Page
Directors, report, induding Direclors. Strategic Report
Statement of Directors. duts'es in performance of S172 (1) Companies Act
12
Statement of Directors, ￿sponSibl11t1eS
14
Independent auditor's report
15
Statement of financial activities
18
Balance sheet
19
Statement of cash flows
20
Notes to the financial statements
22

SEASHELL TRUST
Directors, Report
The Directors, who are all Trustees for the purposes of the Charities Act. are pleased to present their
annual report with the audited financial statements of the charity for the year ended 31 August 2024.
The Twstees have adopted the provisions of the Statement of Recommended practi￿ (SORP)
"Accounting and Reporting by Charities- issued in 2019 in preparing the annual report and financial
statements of the charity.
Our Charitable Objects
Seashell's objects, as described in its Memorandum and Articles of Association, are the
advancement of the education (induding social and physical training) andlor welfare of children and
adults who, through any one or more forms of disability, require special provision for their needs
{"Beneficiaries"), and in furtherance of those objects to provide suitable facilities for assessment,
nursery care, education. training. work experien￿, recreation, care. residential accommodation and
support for Beneficiaries.
Our Services and facilities
The Trust provides high quality, specialist education and care to children and young adults with
complex learning and communication difficulties. such as hearing. visual and multi-sensory
impaimients. physical disabilities, health needs and aulism spectrum condition.
The Trust's facilities comprise a School, Royal School Manchester ("RSM") (for students aged 2-
19). a College, Royal College Man¢hester ("RCM") (for studenis aged 19-25). Chlldren's and
Young Adult's Care Homes and our inclusive sports facilities induding the CADSTKI (Children's
Able and Disabled Sports) programme.
Our care homes provide integrated care services for students either in fvll time 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 Trusl. All aspects of our provision incorporate all-inclusive Iherapy and
health services as well as a professional leaming and development provision for staff induction and
training.
Public Benefit
The Directors confimi that they have complied with the duty in Section 4 of the Charities Act 2011 to
have due regard to the Charity Commission's guidan￿ on Public Benefit.
The Trusl's charitable purpose is enshrined in its objects and the Directors. together with the
Executive Leadership Team ("ELf), review the strategy annually to ensu￿ that it continues to
support the Trust's stated aims and objects'ves.
Local Authorities and the Education and Skills Funding Agency pay fees for the Trust's seniices.
Rigorous assessments are carried out prior to offering places in the School and College. Services
are offered on the basis of need and suitability and are subject to funding approvals by the relevant
funding bodies.
Appropriale use of our facililies {e.g.. sports) is also made available for use by the public.

SEASHELL TRUST
Corporate Governance
Our Board Assurance Framework is summarised in the diagram below.
Board Assurance
Framework
Seashell
wcm)
The duties and responsibilities of Trustee Board Directors are enshrined in the Memorandum and
Articles of Association of the company. The duties and responsibilities of the Governors are set out
in the Scheme of Delegation which delegates operational management of RSM and RCM to the
respective Goveming Bodies. Those bodies meet termly, are chaired by L Perry, a Director, and
include independent governors. M Heath, a Director. also sits on the RSM Governing Body.
There are four additional permanent suWmmittees of the Board, chaired by a Director to oversee
governance: Safeguarding; Audit & Finance: Remuneration & Appointments; and a Transformation
Project Steering Group {-TPSG-) to oversee the delivery of Project Transfonnation.
Dlrectors, Inductlon and responslbllltles
Potential new Directors are identified based on the skills and knowledge required by the Charity to
support its strategic aims. Candidates are invited for a site visit, encouraged to attend at least one
Board meeting and interviewed by the members of the Remuneration and Appointments Committee.
On appointment. Direclors may be allocated a specific role within the scheme of govemance
committee structure, as appropriate. Training is offered to Directors as required and an 'away day
is held for Directors. annually. to review and update the Trust's strategy. The Trustees are included
in the Directors and Officers insurance cover, which is maintained by the Trust for all Officers,
Directors and Trustees.
Directors meet at least four limes a year and at these meetings receive reports from ELT, Goveming
Bodies and from the Board's sub-committees. Strategic decisions recommended by the su
committees or Goveming Bodies must be ratified by Ihe Directors.
Executive Leadership Team
ELT meets monthly. The remuneration of the CEO is agreed by the Chair of the Board. via the Trust's
performance review process. The remuneration of individuals within ELT is approved by the CEO.
All pay awards are made after making due reference to Trust performance, individual personal
perfonnance, market conditions and extemal benchmarks.
There are three advisory sub<ommittees of ELT, as summarised in the diagram above, comprising".
Health & Safely: Health & Non-Regulated Activities: and Equality. Diversity & Inclusion.

SEASHELL TRUST
Directors, Strategic Report
Employees and Volunteers
We employ approximately 690 full and part time salaried staff whose contribution and commitment
to the Trust, its children, young adults and their families, is truly inspiring. The Trustees would like to
formally place on record their most sincere thanks to our stsff for this work; they really are our
greatest asset.
Communication with Employees and Staff Wellbeing
Staff meetings take place on a regular cycle and support discussion and communicalion sharing with
employees focussing on discussions relevant to different staff groups. A fortnightly engagement
survey is carried out which gives managers and ELT a snapshot on slaff feedback and alerts them
to any immediate areas of concem. The engagement tool also allows colleagues to feedback prais8
comments. The Trust e-newsletter and internal intranet further enable staff communicats'on across
the Trust.
The Trust has continued to develop its staff engagement and wellbeing offer across the year. with
the introduction of private healthcare for staff. This cover provides a range of health and wellbeing
benefits for staff including access to physiolherapy. counselling. ernployee assistance on life events
as well as our in-house debrief support through the Posits've Behaviour Support team.
Recrultment
The Trust continues to follow Safer Recruitment guidelines and continuously reviews and revises its
recruitmenl and induction processes to ensure il attracts and retains the most suitable ernployees.
The Trust is an equal opportunities employer and welcomes applications from disabled candidates.
Any disabled candidate who meets the minimum criteria for the person specffication will be invited
to interview and suitable adaptations made to facililate this. If the candidate is successful, reasonable
workplace adaptations are put in place to ensure that the employee can perform their role and access
any training so that their personal development is not ￿striCted.
The Trust continues to work towards the recruitment of additional staff across all areas. The
recruitment and onboarding team have been enhanced and rebranded as Ihe Talent team. Using a
variety of media and methods, Ihe Trust are attracling new employees through a number of channels
including direct recruitment campaigns. recruitment events. agency recruitment. social media
campaigns, open recruitment days. CV search facilities and working with national partners and local
partners in schools. colleges and universities. Ongoing modifications to the onboarding pro￿sS,
including the use of digital checks this year, continues to enhance the experience of new starters to
the Trust.
The recruitment and retention of staff remains high on the Trust's agenda, as cost pressures continue
to create competition in the job markel. Being able to attract and retain talent whilst hi9hlighting the
unique qualities of a career at the Trust. remains our top priority.
Learning and Development
The Trust provides specialist services and therefore requires similarly qualified and specialist skills
amongsl its stsff. Accordingly, we invest appropriately in our staff training each year. Our Learning
and Development learn supports stsff, bank colleagues. govemors. Directors. and volunteers
through a robust induction process and provides ongoing training and support to all staff to obtain
qualifications relevant to their role.
The Trust launched its Apprenticeship Academy in January 2022, a small cohort of apprentices
developing skills. knowledge and training in care. education and other support functions with the aim
of recruiting the apprentices to Seashell upon successful completion of their qualification.
Apprentices are supported through the Apprenticeship Levy and also levy grants grfted to the Trust

SEASHELL TRUST
by external employers. The academy will continue to grow in the coming year and is another invested
pipeline to deliver a highly skilled workforce to the Trusl and wider sector.
Volunteers
Volunteering continues to support the vision of the TnJst through volunteers and slaff collaborating
in every area of Ihe Trust's work. The volunteer offer continues to be refreshed and reviewed to
enhance the volunteer experience and enable volunteers lo undertake a wide variety of activities -
TM
from classroom support. to office administration assistance, to support for our CADS and sports
activities as well as gardening tasks.
We have welcomed 611 Corporate volunteers this year, frorn 44 different organisations, who have
supported an impressive 3.707 hours through one-off activilies such as those described above.
A summary of learning and development, tslent and human ￿sourceS delivery for the year ended
31 August 2024 is detailed in the infographic below:
Seashell
HR&D HIGHLIGHTS 2023124
HR
L8D
52
79
14
1&45
266 &P
219
X) Iro x• ax •
293
13,803
18.5
Fundraising
Seashell is volunlarily registered with the Fundraising Regulator and aclively seeks to fundraise in
line with the Code of Fundraising Practice in a way that is legal, open, honest, and respectful. We
are also an organisational member of the Chartered Institute 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 fundraising activities. We work with a small number
of organisations to help us raise the most funds possible for our students and actively direct and
monitor all the activities undertaken through regular meetings and r8POrts, ensuring the same high
standards a￿ maintained.

SEASHELL TRUST
Suppliers
The Trust recognises its responsibility to ensure its charitable business activities are undertaken in
accordance with regulatory requirements and best practice. The Trust's procurement policy has been
developed to help the Trust achieve best value in the use of limited resources to support the Trust
in achieving its overall aims and objectives. It also supports addressing the requirements of the
Charity Govemance Code and the 2010 Bribery Act by emphasising the responsibility of all staff
involved to conduct procurement legally and ethically as well as securing value for money.
All procu￿rnent 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 suppliers lo ensu￿ a level playing field. no favouritism and to
ensure best value is obtsined;
Wherever possible we endeavour to source potential suppliers from the local area where this
can be justified in terms of best value and l or social value; and
Suppliers are required to follow Trust safeguarding standards where applicable.
Energy Usage and Sustainability
Under the Companies (Directors. Report) and Limited Liability Partnerships (Energy and Carbon)
Regulations 2018. the Trust is required to report its annual UK energy consumption and Greenhouse
Gas (GHG) emissions. Energy and GHG emissions have been independently calculated by a third-
party company for the year ended 31 August 2024.
Reported energy and GHG emissions dala is compliant with the requirements under the Streamlined
Energy Carbon Reporting (SECR) regulations and has been calculated in accordance with the GHG
Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and
transport where operational control is held - this indudes electricity, natural gas and business travel
in company-owned or grey-fleet vehides.
The Total Energy Consumption (TEC) for the Trust for the year ended 31 August 2024 was 5,274
Mwh (2022-23 5,629) resulting in carbon emissions of 994 tonnes of cart)on dioxide (2022-23 1,051
tonnes). Emissions per employee are considered to be at an appropriate intensity ratio; average
emissions per employee for the year were 1.54 tC02• (2022-23." 1.79 tC02•).
The decreased energy usage in the year is the result of the reduced energy required for construction
activities on Project Transformation. We expect higher levels of energy usage in the coming year as
we continue to build out the campus as part of Project Transfomation. However, in the medium and
long temi. this campus redeveloprnenl is expected to resull in significant reductions in energy usage
as many of our existing. energy inefficient and aged buildings are replaced.
Project Transforniation
Project Transformation is the name given to the programme to comprehensively redevelop our
campus in Cheadle Hulme.
This development was initiated with Ihe construction of our new ￿SIdential accommodalion in 2016,
continued with the construction of a new 3G sports pitch in 2019. and. in the year ended 31 August
2023, the opening of our new outdoor cyding faalities and the completion of the Moulding
Foundation Building, the new home for RSM incorporating integrated swimming. hydrotherapy and
refectory faciliknes, which opened in February 2023.
During the year ended 31 August 2024. £5.4m has been spent on the building work for the Ged
Mason building, the new home for Royal College Manchester building (which will include extended

SEASHELL TRUST
and enhanced sports. training and administration facilities). on which construction began in January
2024. The Ged Mason building is expected lo open in early calendar year 2026.
Project Transformation is part-funded by the sale of approximately 33 acres of the Trust's
landholding to Bloor Homes. Under the tenns of this agreement, the land was sold in tranches, 24
acres of which were transferred in previous years generating a net receipt of c.£22m. The final 9
acres were transferred during the year for consideration of c.£14.5m.
The balance of funding for Project Transfonnation is expected to come from other sources, including
the Trust's own cash reserves (£3rn has already been incurred to date). potential bank borrowing
and from donations arising from a capital fundraising appeal. During the year. the Trust received a
further £5.5m of Income from our Transforming Lives Appeal for Project Transfomiation.
Strategic Priorities
Our strategic priorities which shaped our plans during the year were.
1. To provide exceptional education. care, and health & wellbeing support for our children and
young adults (C&YA} with safeguarding as the highest priority:
2. To promote the voice of C&YA and their families through co-production lo inform the design
and delivery of services and to influence national policy;
3. To achieve meaningful outcomes after Seashell through successful transltions to high quallty
and sustainable employment. education, and social opportunities;
4. To continue to transfom) our site to ensure high quality faalities for our C&YA as well as
playing a valued role in the broader community:
5. To develop and share our specialist knowledge and skills nationally and intemationally;
6. To be an employer of choice with a cullure of continuous improvement Ihrough investment
in our exceptional workforce: and
7. To ensure long-tenn financial security Ihrough the development of fundralsing and other
income generating acts'vits'es.
Operational Performance in the Year
Our operatlng model
Seashell
IPLP5)
En￿•d by

SEASHELL TRUST
Our slx reglstered servlces
1. Royal School Manchester. Ofsted registered. Non-maintained special school. Rating
Outstanding.
2. Royal College Manchester. Otsted registered. Specialist post-16 institution. Rating
Outstanding.
3. Seashell Health Services. CQC registered. Treatment of disease, disorder & injury. Rating
Outstanding
4. Seashell Children's Care Services
Children's Home. Ofsted registered social care
provision. Rating - Inadequate. Work is underway to implement the requirements and
recommendations of the recent Ofsted report in order to restore the serrfice to its previous
rats'ng of Good.
5. Seashell Children's Care Servi￿5 - Short Breaks. Ofsted registered. Social care provision.
Rating - Outstanding.
6. Seashell Young Adults Care Services. CQC regislered. Care home. Rating - Good.
Our year In numbers
In total. more than 8.000 people benefited from our wide range of services and faalities during the
year. This indud8d:
Education and ca￿ for over 130 children and young adults with some of the most complex
disabilities in the country
920/0 of our students require onfrto￿ne support (or greater) to access their education
88 % of our School studenls achieved their individual education plan targets for the year
and 880/0 of students achieved 'expected' or 'better than expected. progress during their
time with us
98./0 of College students achieved their destination goals for the year and 36Yo of students
reduced their need for support per week as they became more independent
Fully inclusive sports, activities and facilities accessed by over 2,600 children and adults from
the cornmunity
Infonnation, advice and training to over 300 families, lo help them support their child with speclal
educational needs and disabilities (SEND)
Training and support to almost 200 organisations and more than 300 professionals to enable
them to become more supportive and indusive
Organlsatlonal culture and workforce management
Attracting and retaining appropriately qualified staff continues 10 be the key priority for the Trust.
Focus remains on recruitment and retention through Ihe continued enhancement of our employee
offer, which complements competitive rates of pay with increased health and wellbeing benefits. We
continue to closely monitor key staff metn'cs such as training compliance, absence levels, uts'lisats'on,
recruitment and retention.
Studenl Numbern
At the end of the year. the numbers of sludents and residents on roll were as follows:
2024
2023
Royal School Manchester."
Royal College Manchester""
Children's Residential Care Services
Young Adult Residential Care Services
62
70
59
68
13
28
30
' at the end of the summer term
Student numbers in school and college at the end of the year We￿ slightly higher than 2023 levels.
We expect that the numbers of students in school will continue to increase towards the 80-student
capacity of the new school building in the next two years. As several of these new students will have
residential placements. Children's Care resident numbers are expected to increase over time.

SEASHELL TRUST
College student numbers are already al levels close to capacity (c.70 students), although the new
home for Royal College Manchester. Ihe Ged Mason Building, may provide a potential opportunity
to expand once it opens in 2026.
Financial Review
Income
The unrestricted income for the year ended 31 August 2024 and previous year is summarised in the
table below:
2024
£'ooo
2023 Change
£'ooo
£'ooo
Donations and legacies
Charitable activities
Other trading activities
Interesl income
1,180
23,831
258
160
840
19.692
65
66
340
4,139
193
Total Unrestrlcted Income
25,429
20,663
4,766
Total income from unrestricted funds increased by £4,766,000. This was largely due to increased
income from charitable activities.
Restricted income in the year was £5.904.000, as compared with £3.694,000 in the year ended 31
August 2023, both of which induded some large, one-off donations towards the new Moulding
Foundation Building (Royal School Manchester) and in-progress Ged Mason Building (new home
for Royal College Manchester) as part of Project Transfonnation and the Transfomiing Lives Appeal.
Expendlture
Total unrestricted expenditure in¢￿ased by £4,417.000 to £26,769,000 as a resull of the high levels
of inflalion experienced impacting our charitable expenditure.
Unrestricted funds net deficit
The net deficit on unrestricted funds for the yearwas £1.340.000, decrease on the £1,689,000 deficit
recorded in 2022-23. This largely reflects a reduction in the depreciation charge in the year by
£291,000 as a resull of the old college buildings being fully written down in 2022-23.
The Trust airns to record a small financial surplus, before depreciation charges each year, and in the
year reported a surplus before depreciation on unrestricted funds of £129.000 (2022-23 £71.000).
Endowmenl Fund net surplus
The endowment income of £13.965,000 recorded in 2023-24 represents the net profit arising on the
disposal of the final tranche of land under the temis of the sale agreement with Bloor to part fund the
costs of delivering Project Transformation.
Net assets
Net assets increased by £18.140.000 in the year to £62,478.000 as at 31 August 2024. compared
with £44,338.000 at 31 August 2023. This Inc￿aSe in net assels is primarily due to the nel receipt
of land sale income and restricted donats.ons for Project Transfomiats'on offset by the deficit on
unrestricted activities.
Reserves
The reserves policy slates Ihat, in the long tenn. unrestricted, undesignated ￿serveS (excluding
fixed assets) should be maintained al a target level of £4.2 rnillion. This is in order to give the Trust
sufficient flexibility to operate on a day-to-day basis. to take any appropriate decisions lo further the
Trust's strategic dev81opment and in light of the risks that the Trust manages. The policy also slates

SEASHELL TRUST
that operating at levels below this long-temi tsrgel level is acceptable in the short term. as long as a
long-term financial plan for re-building these reserves exists. The Trust has such a plan.
Free reserves available for use by the charity exclude designated and restricted funds as well as
fixed assets. The majority of fixed assels are held as land and buildings, which are permanently
endowed and so cannot be used for revenue purposes. The value of our free reserves at 31 August
2024 is £2,587,000 (2023: £2,819,000). held in the fonn of currenl assets, which are available for
use by the charity.
Restrlcted funds are funds subjecl to specific requirements specified by the donor at the lime of
grant and their total value at 31 August 2024 was £3,556,000 (2023: £353,000).
Other Funds - Permanent Endowment - this is property, including land. which the Directors may
not spend as if it were income. As at 31 August 2024 the value of endowment reserves was
£56,098.000 (2023: £40.871,000).
Golng concern
The Directors have prepared budgets and projections taking into account possible changes to future
income and expenditure which show that the Trust is able lo continue to operate as a going concem
for the foreseeable future. A reasonable worst-case set of assumptions has been considered in
making this assessment on going concem.
Therefore, the Directors continue to adopt the going concem basis of accounting in preparlng the
financial statements. The Directors have considered a period in excess of 12 months from the date
of the approval of the financial statements in making their assessment. In particular, the Directors
do not consider there to be any material uncertainties in regard to the Trust being able to conlinue
to operate as a going concem for the foreseeable future.
Future Plans
The environment within which the Trust operates continues lo be one wrth both significant challenges
and opportunities.
Good progress has been made over recent financial years in implementing changes to the Trust's
fee structure, its operating practices and increasing its income from other services to address the
financial deficils thal the Trust had recorded in recent years, and more recently to mitigate the
impacts of high inflation, and the Trust is now on a much more stable financial footing.
The substantial investment in the new and extended facilities provided by Project Transformation
provides additional capacity for growth in income in future years and there continues to be increased
demand for the ServI￿S the Trust provides. Our ability to meet this demand is subjecl to being able
to recruit and retain the appropriate levels of suitably qualified staff. the extemal UK market for which
mains constrained. We are addressing this challenge Ihrough various initiatives such as
continuing lo improve our overall ernployee offer (which includes a number of health and wellbeing
benefits in addition to a competitive salary) as well as recruiting from selected overseas markets for
certain roles. We have seen good signs that this investment is impacting on improved recruitment
and retention metrics.
New on-site facililies provided under Project Transfomiab'on are also aiding our staff recruitment and
retention objectives.
After the year end. in October 2024. the National Insurance and Minimum Wage elements of the
Budget delivered by the new Labour government will increase Seashell's costs substanlially above
current levels of inflation from April 2025. The ELT is therefore working through plans to lirnit the
extent to which we need to pass on these additional costs as far as possible.

SEASHELL TRUST
Risk Management
The Trust has a Risk Management Framework, which provides a rigorous and robust process around
how risks across the Trust are identified. quantified, mitigaled and reported. The identification of risk
is delegated to the Executive Leadership Team who report risk management to the Directors for their
oversight, review and approval at Board Meetings.
The most significanl risks Identlfied In the Gurrent year and how these rlsks are managed by
the Trust are as follows:
Key Rlsk
A serious safeguarding incident
occurs or is reported which
causes significant reputstional
damage to the Trust, potentially
impacting on the willingness of
Local Authorities to place
children and young adults at
the Trust.
How thls rlsk Is managed
The Trust places the greatest of importance to its obligations to
ensure the safety and well-being of the children and young
adults under its care. However. the Directors recognise Ihat the
controls and procedures thal we have in place to monitor and
manage this risk, can be effective in re(lucing this risk. but
cannot completely eliminate it. These key controls and
procedures include:
We have a dedicated Safeguarding Board, including
extemal. independent representation:
We have a Trust-wide role of Safeguarding Officer;
The Trust has a well*stablished safeguarding policy,
practices and reporb'ng systems which ar8 reviewed
continually:
Progressive and developmental safeguarding training
and development for all staff;
Liaison with External Safeguarding bodies for best
practice initiatives and monitoring;
Procuring appropriate levels of insurance cover to
mitigate against any financial risk that the Trust could be
exposed to in the event of any allegations or claims:
External reviews of our safeguarding praclices and
procedures, and
Obtaining expert legal advice and counsel where
considered appropriale.
Continuing
changes
in
governrnenl policy, which could
result in reduced funding levels,
additional
regulatory
requirements and additional
costs,
despite
underlying
demand for the Trust's services
increasing.
The Trust activaly maintains close and positive relationships
with the education. health and care teams within its principal
Local Authorities, to understand the drivers impacting on their
placement behaviour.
During 2023124. we have had to manage increasing costs such
as staff costs, energy. and other general costs due to high levels
of inflation. These costs are reflected in our fee structure going
forward lo ensure the Trust remains financially viable.
In addition. the Trust has developed strong links nationally with
sector organisations such as NASS, NATSPEC, CDC and
NNPCF as well as close working relationships with Ihe
Department for Education.
10

SEASHELL TRUST
Key Risk
How this risk is managed
The inability to recruit and
retain staff with the requisite
skills to meet the increasingly
complex
needs
of our
students. This poses
significant challenge to the
Trust, that if not adequately
addressed could result in
staffing shortfalls. reductions
in the quality of care that the
Trust provides, andl or
additional costs in addressing
staffing shortfalls by the use of
higher-COSt agency workers.
We have continued to implement our 'People Strategy,, which sets
out a comprehensive and overarching plan to address issues
associated with staff recruitment, retention, reward, performance
and well-being. This has included a number of initiatives such as:
Extended Ihe number and scope of our management training
programmes:
Conducted Ihe Job Evalualion Review, including a revised
benchmarking exercise whereby salaries are compared with
external data;
Streamlined recruitment processes and actions to increase
the effecliveness of recruitment activity and added extra
resource to the recruitment team;
Implemented a significant uplift in base pay across the Trust
effective September 2023: and
Continuation of recruitment activities beyond Ihe required
staffing complement for key roles in order to create a staffing
"bufferf to mitigaie the impact of staff absences and
resi
nations.
Project Transfomiation is now firmly in its irnplementation stage with
construction of the Ged Mason Building, the new home to RCM and
shared facilities started and due to open in 2026.
The Trust is reliant on the
delivery
of
the
site
redevelopment in order to
continue to provide its on-site
based activities in Ihe medium
term.
Delays and cost
overruns in delivering the
redevelopment will adversely
impact the Trust's ability to
achieve
its
aims
and
objectives.
The Directors closely monitor the progress of the various elements
of the project at each Board Meeting.
The day-to-day aspects of Project Transfomiation are considered
and managed by the "Transfonnation Project Steering Group", a
sub-comrnittee of the Board which comprises a number of Trustees.
members of ELT. relevant Heads of Service and Specialist Advisors.
This group meets monthly, with relevant inpul from appropriate
professional advisors. This group reports to the Board of Directors at
each Board Meeting and more frequently when required.
The Trust ensures its physical infraslructure is updated regularly and
reflects best practice.
As a result of a potential
breach in cyber security the
Trusl could become exposed
to a prolonged period of IT
disruption which significantly
affects delivery of its services
and l or results in the loss of a
large amount of sensilive
data.
The Trust ensures its suite of systems and software, including
malware and cyber-attack protection are of a high standard, updated
regularly and tested for vulnerability.
The Trust has robust policies and procedures including those
governing all users. Seashell is Cyber Essentials and NHS Toolkit
accredited.
The TnJsl incorporates IT training and dats govemance in ils
inducb'on and ongoing training programme.

SEASHELL TRUST
STATEMENT OF THE DIRECTORS. DUTIES IN PERFORMANCE OF S172(1) COMPANIES ACT
2019
This Ststemenl is required under Section 414CZA. of the Companies Act 2019 and sets out how the
Directors have had regard to the matters set out in section 172{1) of the Cornpanies Act 2019 in
performing their dulles.
The Directors ￿COgnise that Ihe long-term success of the company is dependent on having regard
to the interests of all of its stakeholdefs. As a registered charity, the Directors, responsibility also
extends to ensuring that the affairs and objectives of the Trust are manage(l in a way that enhances
public trust and support. Key stakeholders include the children and young adults educated and cared
for by the Trust, their families, their carers, our workforce, Local Authorities and our regulators.
The Board of Directors of Seashell Trust consider that, both individually and collectively, for the year
ended 31 August 2024 they have acted in the way that they believe, in good faith, would be the most
likely to promote the success of the company for the benefit of its rnembers as a whole and having
regard lo the matters set out in s172 (1 } (a) to (f) as below:
a) The likely consequences of any decision in the long-tenn:
b) The interests of the company s employees:
c) The need to foster the company s business relats'onships with suppliers, customers and
others;
d) The impact of the company's operats'ons on Ihe community and the environment.
e) The desirability of the company maintaining a reputation for high standards of business
conduct; and
The need to act fairly between members of the company.
(a) The likely consequences of any decision in the long tem7.
The Directors have regard to the likely consequences of their decisions on the long term objectives
and sustainability of the Trust, its stakeholders and the community whilst also preserving its values
and culture. As a charity educating and caring for some of the most vulnerable people in our society,
the way we behave and our reputation are of utmost importance to us and we consider the short and
long term behavioural and reputational impacts of all our decisions. We are dedicated lo ensuring
we maintain our culture whilst achieving our purpose.
(b) The inte￿stS of the company s employees.
As referred to 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 right environment and that this be led "from the top". All employees are encouraged
to be honest and regular discussions are held with employees through various means, including
regular team meetings, formal staff supervision sessions and via our Staff Engagement Group. We
have held the "Investors in People" Standard for several years and retained the standard in the
previous year.
(c) The need to fosler the company's bu&ness ￿latIOnShipS with suppliers, customers and others.
We seek to cary out our business with 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 site. meet our stsff, children 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 our long-tenn success.
12

SEASHELL TRUST
(d) The impacl of the company's operations on the community and the environment.
We are proud to be part of the local and wider comrnunities and have a strong and developing
community engagement programme led by our sports and fundraising tearns. It is our aim to create
opportunities to recruit and develop local people and to understand the local issues that are important
to the community and what we can do to support it.
(e) The desirability of the company maintaining a reputation for high standards of business conduct.
All new employees get a New Starter Pack which includes. amongst other things, our history,
standards. equal opportunities and training programme. All employees have easy access to our
Operating Procedures and Codes of Conduct via our Trust-wide Intranet and understand the
requirement for them to comply with the company s high standards of business conduct at all times.
Any issues of non-complian￿ with any of our policies can be dealt with in confidence.
(fj The need to act fairly between members of the company.
The company aims to act with integrity and courtesy in all of its relationships and will consider all
members and stakeholders when making decisions for the overall good of the company.
13

SEASHELL TRUST
STATEMENT OF DIRECTORS, RESPONS181LITIES
Charity law reqUI￿S the D1￿ctorS to p￿pa￿ accounts for each year which, in accordance with
United Kingdom Accounts'ng Standards (United Kingdom Generally Accepted Accounting Practice)
and Statement of Recommended Practice -Accounling and Reporting by Charities", give a true and
fair view of Ihe charity's financial activities during the year and the financial position at the end of the
year. In preparing Ihose accounts, Ihe Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent:
state whether applicable accounting standards have been followed, subject to any material
departures disclose(l and explained in the accounts. and
prepare the accounts on the going concem basis unless it is inappropriate to presume that the
charity will continue in business.
The Directors are responsible ft>r keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charity. It is also responsible for safeguarding the
assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularilies.
The Oirectors confirm thal:
as far as they are aware Ihere is no relevant audit information of which the charity's auditors
are not aware; and
they have taken all the steps they ought to have taken to make themselves aware of any
relevant audit information and to establish that Ihe auditors are aware of that information.
In approving the Directors, Report, the Trustees are also approving Ihe Strategic Report in their
capacity as Company Directors.
Approved by the Board and signed on its behalf by:
CLf,-
C Smale
Chair
1410212025
14

SEASHELL TRUST
INDEPENDENT AUDITOR'S REPORT
Opinion
We have audited the financial statements of Seashell Trust (the 'charity') for the year ended 31
August 2024 which comprise the Statement of Financial Activities. the Balance Sheet. the Statement
of Cash Flows and notes to the financial statements, including a summary of significant accounting
policies. The financial reporting framework Ihal has been applied in their preparation is applicable
law and United Kingdom Accounting Stsndards. including FRS 102 "The Financial Reporting
Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted
Accounting Practice).
In our opinion, the financial stalements",
give a true and fair view of the slate of the charity's affairs as at 31 August 2024 and of its
income and expenditure for the year then ended:
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK))
and applicable law. Our responsibilities under those standards are further described in the "Auditor's
responsibilities for the audit of the financial statements" section of our report. We are independenl of
the charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical
responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have
obtained is sufficienl and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing Ihe financial stalements. we have conduded that the directors. use of the going concem
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfonned, we have not identified any malerial uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the charity's ability
to continue as a going concern for a period of al least twelve months from when the financial
statements a￿ authorised for issue.
Our responsibilities and the responsibilities of the directors wilh respect to going concem are
described in the relevant sects'ons of this report.
Other Inforniatlon
The other inforrnation comprises the information included in the Direclors. Report, other than the
financial statements and our auditor's report thereon. The directors are responsible for the other
information. Our opinion on the financial statements does not cover the other information and,
except lo the exlent othep4vise explicitly stated in our report. we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial slatemenls, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the course of the audit. or otherwise appears
to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required lo detem)ine whelher there is a malerial misstatement in the financial
ststements or a material misstatement of the other informats'on. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are
required lo report that fact.
We have nothing to ￿port in this regard.
15

SEASHELL TRUST
Oplnlons on other matters prescrfbed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors, and trustees, report for the financial year for which the
financial statements are prepared is consistenl wth 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 Ihe course
of the audit, we have not identified material misstatements in the Strategic Report or the Directors,
Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or retums adequate for our audit have not
been received from branches not visited by us: or
the financial statements are not in agreemenl with the accounting records and retums: or
Certain disdosures of directors. remuneration specified by law are nol made; or
we have not received all the infomation and explanations we requi￿ for our audit.
Responslbllltles of Dlrectors
As explained more fully in the directors, responsibilities statement set out on page 14. the directors
{who are also the trustees of the charitable company for the purposes of charity law) are responsible
for the preparation of the financial ststements and for being salisfied that they give a true and fair
view, and for such intemal control as the directors detennine is necessary to enable the preparation
of financial statemenls thal are free from material misstatement. whether due to Iraud or error.
In preparing the financial statements, the directors are responsible for assessing the charity's ability
to continue as a going concem, disclosing, as applicable, matters related to going concern and using
the going concem basis of accounting unless the directors eilher intend to liquidate the charity or to
cease operations, or have no realistic allemative but to do so.
Audltor's responslbllltles for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatemenl. whelher due lo fraud or error, and to issue an auditor's
report that indudes our opinion. Reasonabl8 assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on Ihe basis of the financial statements.
Irregularilies. including fraud. are instsnces of non-compliance with laws and regulations. We design
procedures in line with our responsibililies. outlined above, to detect malerial misstatements in
respect of irregularities. including fraud. Based on our understanding of the charity and its activities,
we identified that the principal risks of non-compliance with laws and regulations related to the
Charities Act 2011 , the Charities Statement of Recommended Practice, UK tax legislation, pensions
legislation, employment regulation and health and safety regulation, anti-bribery, corruption and
fraud and money laundering, and we considered the extent to which non-cornpliance rnight 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 ststements. such as the Companies Act 2006.
We evaluated the directors, and management's incentives and opportunities for fraudulent
manipulation of the financial ststements (including the risk of override of conlrols) and determined
that the principal risks were related to posting manual joumal entries to manipulate financial
performance, management bias Ihrough judgements and assumptions in significant accounting
estimates, in particular in relation to use of restricted and endowment funds, and significant one-off
or unusual transactions.
16

SEASHELL TRUST
Our audit procedures were designed to respond to those identified risks, including non-compliance
with laws and regulations (irregularities) and fraud Ihat are material lo the financial statements. Our
audit procedures included but were not limited to:
discussing wilh the directors and managemenl their policies and procedures regarding
compliance with laws and regulations;
communicating identified laws and regulations throughout our engagement team and
remaining alert to any indications of non-complian￿ throughoul our audit: and
considering the risk of acts by the charity which were contrary to applicable laws and
regulations, induding fraud.
We also considered those laws and regulations that have a direct effecl on the preparation of the
financial statements. such as Charities Acl 2011 the Charities Statement of Recommended Practice,
UK tax legislation, pensions legislation, employment regulab'on and health and safety regulation.
anti-bribery. corruplion and fraud. money laundering.
In addition, we evaluated the directors, and management's incentives and opportunities for
fraudulent manipulation of the financial statements, including the risk of management override of
controls, and determined Ihat the principal risks related to posting manual joumal entries to
manipulate financial perfonnance. management bias through judgements and assumptions in
significant accounting estimates, in particular in relation to the revenue recognition (which we
pinpointed to the cut-off assertion). restrictions over the use of funds. recognition of transactions in
respect of the assets under construction, depreciation of fixed assets and significant one-off or
unusual transactions.
Our audit procedures in relation to fraud included bul were not limited to.-
making enquiries of the directors and management on whether they had knowledge of any
actual, suspected or alleged fraud;
gaining an understanding of the intemal controls established to mitigate risks related to fraud;
discussing amongst the engagement team the risks of fraud; and
addressing the risks of fraud through management override of controls by performing joumal
entry lesting.
There are inherent limitations in the audit procedures described al>ove and the primary responsibility
for the prevention and detection of irregularilies including fraud rests with management. As with any
audit. there ￿rna1ned a risk of non4etection of irregularilies. as these may Involve collusion, forgery,
intentional omissions. misrepresentalions or the override of intemal controls.
A further description of our responsibilities for the audit of the financial ststemenls is located on the
Financial Reporting Council's website at wNw.frc.org.uklauditorsresponsibilities. This description
forms part of our auditor's report.
Use of the audlt report
This report is made solely to the charity's members as a body in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
charity's members those matters we are required to state to them in an auditor's report and for no
other purpose. To the fvllest exlent permitted by law. we do not accept or assume responsibility to
anyone other than Ihe charity and the charity's members as a body for our audit work, for this
report, or for the opinions we have fo￿ned.
Michael Speight
(Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
One St Peters Square
Manchester
M2 3DE
1910212025
17

SEASHELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(Including Income and Expenditure Account)
For the year ended 31 August 2024
Endow-
ment
Funds
Restricted
Funds
£'ooo
Restricted
Funds
£'ooo
2024
Total
£'ooo
2023
Total
£'ooo
Note
IN
OME FROM:
Donations and legacies
1,180
5,532
6,712
4,040
Charitable activities
23.831
372
24,202
20,186
Other trading activities
258
258
65
Investments
160
160
66
Other income - profit on
disposal of endowrnenl land
13.965
13,965
3,059
Total Income
25.429
13.965
45,297
27,416
EXPENDITURE ON:
Raising funds
(665)
(665)
(576)
Charitable activilies
{25,860)
(388)
(26,248)
(22,439)
Other
(244)
(244)
(94)
Total Expendlture
{26.769}
(388)
(27,157)
(23,109)
Net (expenditure)l income
(1.340)
5.516
13,965
18,140
4,307
Transfers between funds
1,051
(2,313)
1,262
Net movement In funds
(290)
3,203
15,227
18,140
4,307
Balances brought forward
3.114
353
40.871
44,338
40.031
Balances carrled forward
2.824
3.556
56,098
62,478
44.338
All amounts in the year are derived from continuing activities.
All gains and losses recognised in the year are induded in the Statement of Financial Activities.
An analysis of the prior year activities by fund type is disdosed in note 2.
18

SEASHELL TRUST
BALANCE SHEET
As at 31 August 2024
COMPANY NUMBER: 04216714
2024
£'ooo
2023
£'ooo
Note
Fixed assets
Tangible fixed assets
43,122
38,648
43,122
38,648
Current assets
Debtors: amounls falling due within one year
Cash at bank and in hand
11,612
9.885
1.999
6.298
21.497
8.297
Credltors: amounts falling due within one year
{4.003)
(2,607)
Net current assets
17.494
5.690
Debtors: amounts falling due after more than
one year
1,862
Total assets10s5 current Ilabilitlos and net
assets
10
62.478
44.338
Endowment funds
56,098
40,871
R8strlct8d funds
12
3,556
353
Unrestricted funds
Designated funds
Unrestricted funds
13
13
98
3.016
2.824
Total funds
62,478
44.338
Approved on behalf of the Directors
CLf,-
C Smale
Chair
1410212025
19

SEASHELL TRUST
STATEMENT OF CASH FLOWS
For the year ended 31 August 2024
2024
£'ooo
2023
£'ooo
Cash flow from operating activities
Net income
Depreciation
Interest income
Gain on sale of fixed assets
(Increaseydecrease in debtors
Increasel(decrease) in creditors
18.140
1,469
(160)
(13.965)
(11.454)
871
4,307
1,760
(66)
{3,059)
591
196
Net cash Inflowl{oufflow) from operatlng
activities
(5.099)
3,729
Cashflows from Snvestlng acllvltles
Purchase of buildings and other fixed assets
Proceeds on sale of fixed assets
Bank interest received
(5.996)
14.541
141
{8,613)
3,254
45
8.686
{5,314)
Net increasel{decrease) In cash before
financlng
3.587
{1,585)
Net Increasel{decrease) In cash & cash
equlvalents
3.587
{1,585)
Cash at bank and in hand
Balance at beginning of year
Balance at end of year
6.298
9.885
7,883
6,298
Increasel(decrease) In cash In the year
3.587
{1,585)
20

SEASHELL TRUST
STATEMENT OF CASH FLOWS
For the year ended 31 August 2024
2024
2023
£'ooo
Reconcillatlon of net cash flow to
movements in net funds
Increasel(Decrease) in cash in the year
3,587
(1,585)
Movement in not fund5 in the year
3,587
(1,585)
Balance at beginning of year
6.298
7.883
Net funds at end of year
9.885
6.298
Analysls of net funds
Cash at bank and in hand
9.885
6.298
Total
9.885
6.298
Analysls of net funds
Increase
in cash
in the
year
£'ooo
Asat1
September
2023
£'ooo
Asat31
August
2024
£'ooo
Cash at bank and in hand
6.298
3,587
9,885
Total
6.298
3.587
9.885
21

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
ACCOUNTING POLICIES
Basis of preparation
Seashell Trusl is a charitable company limited by guarantee and registered in England and
Wales. The registered address is Stsnley Road, Cheadle Hulme, Cheshire. SK8 6RQ.
The financial statements have been prepared under the historical cost convention as modified
to include fixed asset investments at fair value. The financial statements are also prepared in
accordan￿ with the Companies Act 2006 and the Statement of Recommended Practice:
"Accounting and Reporting by Charities (SORP 2019)" applicable to charities preparing their
financial statements in accordance with Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland (FRS102). effective 1 January 2019.
Seashell Trust meets the definilion of a public benefit entity under FRS102.
The financial statements include land and buildings owned by Royal Schools for Ihe Deaf,
Manchester Trust (charity no 109265&1) of which Seashell Trust (charity no 1092655) is a
corporate trustee.
Going concern
The Directors have prepared budgets and projections taking into account possible changes to
future income and expenditure, which show that the Trust is able to continue as a going
concern for the foreseeable future. A reasonable worst-case set of assumptions has been
considered in making this assessment. Therefore, the Directors continue to adopt the going
concern basis of accounting in preparing these financial statements. The Directors have
considered a period in excess of twelve months from the date of the approval of these financial
staternents in making their assessment. In particular, the Directors do not consider there to be
any material uncertainties in regard lo the Trusl being able to operate as a going concern for
the foreseeable future.
Fund accounting:
Unr8strlcted funds These are funds that can be used In accordanc8 With the
charitable objects at the discrelion of Ihe Direclors.
Designated funds These are funds that are set aside by the Directors out of
unrestricted general funds for specific future purposes or projects. As such they are
noi considered to be part of the charity's available free reserves.
Restricted funds - These are funds comprising assets that have been given lo the
charity subject to certain condits'ons. They include cash donations and legacies given
for a specific purpose.
22

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Continued
Incomo:
All income is included in the Slatemenl of Financial Activities when the charity has entitlement
to the funds. any perfonnance conditions attached to the income have been substantially met,
it is probable that the income will be received and the amount can be measured reliably.
Income from donations and legacies is received by way of grants, donalions and bequests
and is included in full when the Directors consider receipt of the funds lo be probable.
Income received for the general purpose of the charity is credited to unrestricted income.
Those amounts Ihat are subject to the specific wishes of the donors are included in either
restricted or endowment funds according to the nature of the receipt.
Income arising from other trading activilies is accounted for when eamed;
Income from charitable activilies represents fees receivable and charges for services,
accounted for in the year in which the service is provided. For income received under
contracts. income is recognised as the services are performed:
Income from investments is included when receivable. Bank interest is accounted for on an
accruals basis;
Income is deferred when the income recognition criteria have not been met:
Profits arising from the disposal of fixed assets are recognised when all conditions attaching
to the sale have been satisfied and legal title has been transferred. The profit or loss is
recorded net of the residual value of the related assel and any costs associated with its
disposal.
Expendlture:
Expenditure is accounted for on an accruals basis and provision against anticipated costs
is made when the Directors consider such costs will likely be incurred. Expenditure indudes
irrecoverable VAT.
Costs of raising funds comprise costs associated with raising income from donations and
legacies.
Charitable activity expenditure is rnade up of those costs incurred by the charity in the
delivery of ils activities and services. It indudes both direclly attributable costs and those
which are nol directly attributable. Such support costs are apportioned to the relevant
activity on varying bases, but principally on the basis of the number of staff each activity
has within it.
Tanglble fixed assets
Tangible fixed assets are stated at cost. net of depreciation and any provision for impairmenl.
Costs of maintenance are charged to revenue as they are incurred. Fixed assets below a de-
minimis limit of £2,000 are not capitalised.
Assets in the course of construction are ststed al cost less provision for impairment and are
transferred to completed assets when substantially all the activities necessary to get the asset
ready for use are complete. Cost includes extemally incurred costs associated with the asset,
including construction related project management costs, architectural fees and construction
enabling works. Projects that are in the early stages of planning are capitalised when the
Direclors are satisfied that the necessary consents will be received and the projects will be
completed. Each year the Directors review assets in the course of construction for any potential
impairment and make provision rf deefned necessary.
23

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Continued
Depreciation is provided on each tangible fixed asset once that 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 estimated useful economic life, as follows:
Freehold buildings induding the
Sports Hall
Fixtures and equipment
Motor vehicles
Hydrotherapy pool
Swimming pool
3-60 years
5 years
5 years
10 years
20 years
Where a fixed asset is considered to have a useful life in excess of 50 years, an annual
impairment review is perfonned to assess the carrying value of the residual fixed asset as
recoverable.
Flxed asset Investments
Listed investments are revalued to open market value on an annual basis in accordance with
FRS102. Any gains or losses on revaluation are taken to the Statement of Financial Activities
and recorded under "Net gainsl (losses) on investments". Fixed asset investments include
cash on deposil with a maturity in excess of 3 months at the balance sheet date.
Penslon schemos
The Cornpany participates in a multi*mployer pension scheme. the Government's Teachers,
Pension Defined Benefits Scheme, for its teaching staff. It is not possible to identify the assets
and liabilities of the Scheme that are attributable to the charity. Accordingly, under FRS102
the Scheme is accounted for as if it were a defined contribution scheme.
The charity has arranged a Group Personal Pension Scheme with Legal & General. a defined
contribution scheme for those members of staff who are nol eligible to join the Teachers,
Pension Scherne.
Pension costs charged in the Statement of Financial Activities represent the contributions
payable by the charity in the year.
Taxation
Seashell Trust is a registered charity and, as such, is not liable for taxation on its charitable
income.
Flnanclal Instruments
The Company only holds basic financial instruments as defined in FRS102. The financial
assets and financial liabilities of the Charity and their measurement basis are as follows:
Financial Assets
fees, accrued income and other debtors are basic financial
instruments and are debt instruments measured at amortised cost as detailed in note
Cash at bank - is dassified as a basic financial instrumenl and is measured at face
value.
Financial liabilities - trade creditors and other creditors are financial instruments and
are measured at amorts'sed cost as detailed in Note 9.
24

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Continued
Operating leases
Rentals paid under operating leases a￿ charged to the Statement of Financial Aclivities in
equal annual instalments over the period of the lease.
Critlcal accounting judgements and key sources of estimation uncertainty
Accountlng Judgements
Recognition of profit on the sale of endowment land
The contract under which the Trust has agreed to sell part of its land-holding, provides that the
land be transferred to the purchaser in tranches, with legal title of each tranche only being
completed upon the satisfactory completion of certain conditions. Not all of these conditions
are wholly within the control of the Trust. Consequently, profit on Ihe sale of endowment land
is only recognised when all conditions attaching to its sale have been satisfied and legal title
transferred. The profit on sale is calculated net of the carrying value attaching to the land sold,
together with associated planning. legal and other disposal costs, in proportion to the amount
of land legally sold.
Estlmatlon Uncertalnty
Use of estimates in detemiining c8rying amounts of 8ssets and liabilit18S
In the application of the Company s accounting policies. the Directors are required to make
judgements, estimates and assumptions about the carrying amounts of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptions
are based on historical experien￿ and other factors that are considered to be relevanl. Actual
results may differ from these estimates.
The estimales and undertying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the
revision affects only that period. or in the period of the revision and fulure periods if the revision
affects both current and future periods.
Depreciation
In respect of depreciation. this is calculated by reference to an estimated usefvl economic life
of each major assel category, Judgement is applied in the regular review of useful economic
lives, taking into account factors such as actual or planned changes in use of an asset. ongoing
costs of maintenance. refurbishment and replacement of that assel and by reference to
anlicipated residual values.
Assets in the course of construction
Assets in the course of construction are stated at cost less any provision for impairment. The
calculation of any impairment provision in respect of the costs of Project Transformation
requires judgement about the value of those costs now that planning consent has been
granted. This year's review considered that no impaim)ent provision was required on the basis
that these costs will be of value in assisting the Trust in delivering Project Transformation.
25

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Analysis of Prior Year Statement of Financial Activities
Endow-
ment
Funds
£'ooo
Restricted
Funds
£'ooo
Restricted
Funds
£'ooo
2023
Total
£'ooo
Note
MEFR
Donations and legacies
3.200
4,040
Charitable activilies
19,692
494
20,186
Other trading activities
65
65
Interest
66
Other income - profit on
disposal of endowrnenl land
3.059
3,059
Total Income
20.663
3.694
3.059
27,416
EXPENDITURE ON:
Ralsing funds
(576)
{576)
Charitable activilies
(21,682)
(757)
(22,439)
Other
(94}
(94)
Total Expenditure
{22,352)
(757)
(23,109)
Net gains on investments
Net (expenditure)I Income
(1.689)
2.937
3,059
4,307
Transfers between funds
1,645
(3.000)
1,355
Net movement In funds
(44)
(63)
4,414
4,307
Balances brought foThvard
3.158
416
36.457
40,031
Balances carrled forward
3.114
353
40,871
44,338
26

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
ANALYSIS OF EXPENDITURE
(a) Analysis of total expenditure:
Other
direct
costs
Staff
costs
Support
costs
2024
Total
£'ooo
2023
Total
£'ooo
£'ooo
£'ooo
£'ooo
Unrestricted funds
Expenditure on raising funds
Expenditu￿ on Charitable
activities
Other expenditure
456
171
665
576
18,360
3.426
4,074
244
25.860
244
21.682
Total unrestricted
expenditure
18,816
3,597
4,356
26.769
22,351
Restrlcted funds
Charitable activities
162
226
388
757
Total restricted expenditure
162
226
757
Total expenditure
18.978
3.597
4,582
27.157
23.109
(b) Support costs
Support costs relate to non-staffing costs that are incurred by the Trust that are not
directly attribulable to a specific activity. such as overheads including costs of central
support funclions (Finance. IT, HR etc.) and site related costs (general utility costs,
insurance, site security etc.).
(c) Other direct costs
Other direcl costs include non-staffing costs, including the costs of agency supply
workers, which are directly incurred by the relevant activities of the Trust and include
items such as catering and cleaning costs. purchase of educational and training
materials, maintenance expendilure and depreciation costs.
27

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2023
NET INCOME I EXPENDITURE
Net income l expenditure is stated after chargingl(crediting):
2024
£'ooo
2023
£'ooo
Auditors, remuneration - audit services
Depreciation
Profil on disposal of endowment land
27
1,469
(13.965)
26
1,760
(3,059)
In the year ended 31 August 2020. the Trust enlered into a conditional agreemenl to sell
approximately 33 acres of its land to Bloor Homes Limited. The agreement allows for the sale
of these 33 acres in discrete tranches. with the sale of each tranche being linked lo. and
conditional on, the Trust entering into legally binding contracts for the construction of individual
elements of Project Transformats'on.
During the year ended 31 August 2024, the conditions attaching to the final tranches of Ihe
land sale were satisfied. This resulted in the legal transfer of approximalely 11 acres of land to
Bloor Homes Limited. The consideration in respect of this land transfer was £14.5m.
In previous years. the Trust had incurred £1.9m of costs in concluding an agreement for the
disposal of the 33 acres of land. These costs include legal costs in relaiion to the sale
agreernenl. planning advisory and consultancy costs. associated legal and planning
application fees in progressing the planning application through its various stages. including
the costs of the public planning inquiry in 2019, and land agent fees. These costs were
capitalised within assets under construction and are being expensed to the Statement of
Financial Activities in line with Ihe proportion of land that is sold. Accordingly, the final
capitalised amount of £0.6m was deducted frorn the proceeds of the land transfer in arriving
at the net profit on the sale of endowment land as recorded in the Statement of Financial
Activities for the year ended 31 August 2024 and all £1.9m has now been expensed.
28

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
EMPLOYMENT COSTS
2024
2023
£'ooo
Wages and salaries
Social security costs
Pension contributs'ons
16.671
1,432
875
14.285
1,231
736
18.978
16.252
The average monthly number of employees in Ihe year was 640 (2023: 586), of which, 37
were qualified teachers and 45 were bank Stsff (2023: 37 and 42 respectively) without
specified contractual hours. As at 31 August 2024. the total number of employees was 734
(2023. 680).
Neilher the Directors nor persons connected with them received any remuneration or other
benefits. The sum of £475 (2023: £1,729) was reimbursed for travel expenses incurred by two
(2023: two) Directors during the year.
The number of employees whose emoluments (excluding pensior) contributions) exceeded
£60,000 during the year was:
2024
Number
2023
Number
£60.001- £70.000
£70,001- £80,000
£80.001- £90.000
£90,001- £100,000
£100.001- £110,000
£110.001- £120,000
£120,001- £130,000
£190,001- £200,000
The amount of pension contributions paid into the Pension Scheme for these individuals
amounted to £113,000 (2023.. £94.000).
The key management personnel are considered by the Directors to be the members of the
Trust's Executive Leadership Team as disdosed in the Directors. Report. The total
remuneration (including pension and employer national insurance contributions) of the key
management personnel for the year was £776,000 {2023: £776,000).
29

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
FIXED ASSETS
Freehold
land &
buildings
£'ooo
Sports
facilities
£'ooo
Motor
vehicles
£'ooo
Fixtures & Assets under
equipment Construction
£'ooo
£'ooo
Total
£'ooo
Cost
At 1 Seplember
2023
Additions
Disposals
Transfers
39,330
2,816
550
2,930
164
(1.225)
5,477
6,157
51,103
6,520
(7,264)
(5,074)
1,269
(752)
(213)
(1,269)
Al 31 August 2024
35,715
2.071
337
1,869
10,366
50,358
Depreclatlon
At 1 September
2023
Charge for the year
Disposals
7,810
1.222
(4,497)
1,361
125
(752)
512
19
(213)
2,770
103
(1,225)
12,454
1 ,469
(6,688)
At 31 August 2024
4,535
734
319
1,648
7,236
Net book value
At 31 August 2023
31,520
1,454
159
5,477
38,648
At 31 August 2024
31,180
1,338
18
220
10,366
43,122
The land and buildings are legally owned by Royal Schools for the Deaf Manchester Trust (charity no
1092655-1) of which Seashell Trust (charity no 1092655) is a corporate Trustee. The land on which the
sports pitch and cyde track are constructed are subject to legal charges in favour of two third parties.

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
DEBTORS: amounts falling due within one year
2024
£'ooo
2023
£'ooo
Fees
Accrued income
Other debtors and prepayrnenls
3,626
7.170
817
1,262
102
635
11,612
1,999
Where debtors arise from fees in respecl of future periods they are also induded in deferred income
wilhin creditors: amounts falling due within one year as disclosed in Note 9.
DEBTORS: amounts falling due after more than one year
2024
£'ooo
2023
£'ooo
Accrued income
1,862
1.862
Accrued income is in respect of Transfomiing Lives Appeal donations
CREDITORS: amounts falling due within one year
2024
£'ooo
2023
£'ooo
Trade creditors
Taxation and Social Security
Deferred income
Other creditors and accruals
343
363
1.071
2,226
558
329
233
1,487
4,003
2,607
2024
£'ooo
2023
£'ooo
Deferred Income:
Balance at 1 September
Amount released to income
Amount defer￿d in year
233
{233)
1,071
439
{439)
233
Balance at 31 August
1,071
233
Deferred income includes arnounts invoiced in advance in ￿spect of student fees.
31

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
10. ALLOCATION OF THE CHARITY'S NET ASSETS
Tangible
fixed
assets
£'ooo
Net other
assets
As at 31 August 2024
Total
£'ooo
£'ooo
Endowment funds
Restricted funds
Unrestricted funds
Unrestricted designated
42,884
13,214
3.556
2,586
56,098
3.556
2.824
238
Total net assets
43,122
19,356
62,478
Tangible
fixed
assets
£'ooo
Net other
assets
£'ooo
As at 31 August 2023
Total
£'ooo
Endowment funds
Restricted funds
Unreslricted funds
Unrestricted designated
38.451
2.420
353
2,819
40.871
353
3.016
98
197
Total net assets
38,648
5.690
44,338
32

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
11. ENDOWMENT FUNDS
Balance at
31
August
2024
Balance at 1
September
2023
Income
Expense
Transfers
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Royal Schools for the
Deaf Endowment
40,871
13,965
1.262
56,098
40.871
13,965
1.262
56,098
Balance at
31 August
2022
£'ooo
Balance at
31 August
2023
£'ooo
Income
£'ooo
Expense
£'ooo
Transfers
£'ooo
Royal Schools for the
Deaf Endowment
Endowment
36.457
3,059
1.355
40,871
40,871
3,059
1,355
36,457
Royal Schools for the Deaf Endowment
In accordance with the Charity Commission's view that the land and buildings are presumed
to be endowed unless evidence exists to the contrary. £1.3m has been transferred to
endowment funds from reslricted and unreslricted reserves during the year, reflecting the land
and building additions in the year and restricted donations relating to Project Transformation
nol yet Spent, nel of the depreciation charge during the year in respect of endowed fixed
assets.
33

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
12. RESTRICTED FUNDS
At1
September
2023
£'ooo
At31
August
2024
£'ooo
Income
Expendrture
£'ooo
Transfers
£'ooo
£'ooo
Transforming Lives
Appeal Phase 2
Sundry Funds
132
221
5,532
372
(2,313)
3,351
205
{388)
353
(388)
(2,313)
3,556
The Trust's policy is that once restricted fvnds 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 £2.3m of Transfoming Lives Appeal Phase 2 funds has been transferred to
Endowmenl Funds relating to the costs of Project Transformation.
A11
Seplember
2022
£'ooo
At31
August
2023
£'ooo
Income
Expendilure
Transfers
£'ooo
Transforming Lives
Appeal Phase 2
Sundry Funds
138
278
3199
495
(205)
(552)
(3,000)
132
221
416
3,694
(757)
(3.000)
353

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
13. UNRESTRICTED FUNDS
Balance at
Balance
at
31 August
2024
£'ooo
September
2023
£'ooo
Income Expenditure Transfers
£'ooo
£'ooo
£'ooo
Designated
Strategy
Development
Unrestrlcted
funds
98
(98)
3.016
25.429
{26.769)
1.149
2.824
3,114
25,429
(26,769)
1,051
2,824
Balance at
Balanc8
at
31 August
2023
£'ooo
September
2022
£'ooo
Income Expenditure Transfers
£'ooo
Designated
Strategy
Development
Unrestrlcted
funds
200
(102)
98
2,958
20.663
(22.352)
1,747
3,016
3,158
20,663
(22,352)
1645
3,114
Unrestrlcted deslgnated
Strategy Development Fund: this designated fund was established to ring-fence funds for the future
development of the Trust's strategy including Site development costs and start-up costs for the
development of new services lo the Trust (outside of Project Transfonnalion). During the year. £98k
has been transferred to endowment funds to reflect site investments mad8 during the year.
Unrestrlcted
The Unrestricted Funds include £342,645 in respect of grants received for the rebuilding of the
schools on the site at Stanley Road, Cheadle Hulme. They are repayable to HM Governrnenl only
in the event that the buildings a￿ sold al some futu￿ date. In the opinion of the Directors this
eventuality is so remote as to enable the funds to be categorised as unrestricted. The transfer of
£1.149,000 primarily represents the allocation of the depreciation charge relats'ng to endowed assets
to the Endowment Fund.
35

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
14. OTHER FINANCIAL COMMITMENTS
At 31 August 2024, total commitments under non-cancellable operating leases are as follows:
Other
2024
£'ooo
Arnounts payable withln
2023
£'ooo
Less than 1 year
Two to five years
15. CAPITAL COMMITMENTS
Amounts contracted for but not provided for in the financial siaiements amounted to £18.8m
(2023: £Nil) in respect of Project Transformation.
16. PENSION COMMITMENTS
The charity participates in the Teachers, Pension Scheme {TPS).
The TPS is a statutory. contributory. defined benefit scheme. governed by the Teachers,
Pensions Regulations 2014. These regulations apply to teachers in schools and other
educational establishments. including academies. in England and Wales Ihal are maintained
by Local Authorities. In addition. teachers in many independent and voluntary-aided schools
and teachers and lecturers in some establishments of further and higher education may be
eligible for membership. Membership is automatic for full-time teachers and lecturers in
academies and, since 1 January 2007, automatic too for teachers and lecturers in part-time
employment following appointrnent or a change of contract. Teachers and lecturers are able
to opt out of the TPS.
The TPS is an unfunded scheme and members contribute on a 'pay as you go. basis - these
contributions along with those made by ernployers are credited to the Exchequer. Retirement
and other pension benefits are paid by public funds provided by Parliament.
Valuatlon of the Teachers, Penslon Scheme
The Govemment Actuary. using normal actuarial principles. conducts a formal actuarial review
of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost
Cap) Directions 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 atx)ut tha
value of future costs, design of benefits and many other factors. The latest actuarial valuation
of the TPS was carried out as at 31 March 2020 and in accordance with the Public Service
Pensions (Valuations and Ernployer Cost Cap) Directions 2023. The valuation report was
published by the Department for Education on 26 October 2023. A copy of the valuats'on report
and supporting documentation is on the Teachers. Pensions website.
36

SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
16. PENSION COMMITMENTS {continued)
The key elements of the valuation and the subsequent consultation are:
employer contribution rates were set at 28.680A of pensionable pay (including a 0.080/0
levy for administration), an increase from the p￿VIouS rate of 23.680/0
total scheme liabilities (pensions currently in payment and the estimated cosl of future
benefits) for service to the effective date of £262.0 billion, and notional assets
(estimated future contributions together with the notional investments held at the
valuation date) of £222.2 billion. giving a notional past service deficit of £39.8 billion:
an employer cost cap of 8.10/0 of pensionable pay will be applied to future valuats'ons;
the assumed real rate of GDP growth is 1.7 % p.a. in excess of CPI.
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension
scheme. The Trust has accounted for its contributions to the scheme as if it were a defined
contribution scheme and has therefore set out atK)ve the infomation available on the TPS.
The pensions charge indudes contributions payable to Ihe TPS fund 01 £382.000 <2022-23:
£342,000). £51,000 (2022-23: £55,000) of these TPS contributions were reimbursed to
Seashell by the Department for Education. Contributions payable to the scheme at the year-
end amounted lo £49,000 (2023.. £40,000).
The charity also operates a defined contribution pension scheme for those staff not eligible to
Join the Teachers, Pension Scheme. The cost forthe year represents the charity's contributions
to the Scheme of £518,000 (2022-23: £460.000). Contributions payable lo Ihe scheme at the
year-end amounted to £96,000 (2023: £84,000).
17. RELATED PARTY TRANSACTIONS
There have been no related party transacts'ons in Ihe year that require disclosure.
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