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2023-08-31-accounts

REGISTERED COMPANY NUMBER: 04793176 (England and Wales) REGISTERED CHARITY NUMBER: 1104356

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Paces Sheffield (A Company Limited by Guarantee) Financial Statements For The Year Ended 31 August 2023

Kingswood Allotts Limited, Statutory Auditor Chartered Accountants Sidings Court Lakeside Doncaster South Yorkshire DN4 5NU

Paces Sheffield

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Contents of the Financial Statements
For The Year Ended 31 August 2023
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Page
Reportofthe Trustees 1 to 8
Reportof the IndependentAuditors 9 to 10
Statement of Financial Activities 11
BalanceSheet 42
Cash FlowStatement 13
Notes to the Cash Flow Statement 14
NotestotheFinancialStatements 15 to 25

Paces Sheffield (Registered number: 04793176 Report of the Trustees For The Year Ended 31 August 2023

The Trustees, who are all directors of the charitable company present their annual report on the affairs of the charitable company, together with the audited financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The company is registered as a charitable company limited by guarantee, company registration number 04793176 and registered charity number 1104356. The company's governing document is the Memorandum and Articles of Association.

b. Methods of appointment or election of Trustees

The appointment of Trustees is in accordance with the Memorandum and Articles of Association. Trustees retire from office at the third annual general meeting, and then at every subsequent third annual general meeting, the Trustees shall retire from office. If the Charity at the annual general meeting at which a Trustee retires by rotation, does nol fill the vacancy, the retiring Trustee, shall, if willing to act, be deemed to have been reappointed unless at the meeling itis resolved not to fill the vacancy or unless a resolution for the reappointment of the Trustee is put to the meeting and lost.

Trustees can appoint a new Trustee at any time (subject to this not exceeding the maximum number of ten Trustees (including the Chair). A new Trustee appointed by the Trustees only holds office until the next AGM where they are reappointed by resolution of the members. Once appointed at the AGM, the three year cycle for retirement / reappointment begins.

c. Policy adopted for induction and training of Trustees

Trustee vacancies are recruited depending on the particular skills and expertise which is required at the time to ensure that the widest possible range of expertise relevant to the charitable company’s objects is maintained. New Trustees are interviewed by members of the board and appointed where they have the necessary skills to contribute to the effective governance of the charity. On being appointed Trustees receive a copy of the governing document, the most recent statutory accounts, an induction pack and Paces School and Adult Services prospectus. New Trustees are encouraged to meet with both members of the Senior Management Team.

Paces obtains two professional references and undertakes full DBS safeguarding checks for all new Trustees.

d. Governance teams and management structure

Paces is governed by a board of Trustees from whom day to day control is vested in Paces Senior Management Team. The Trustee board meets six times each year.

The Trustees also operate subcommittees with representation from Trustees and the Senior Management Team in each relevant subcommittee. The subcommittees report to the Trustee board.

The sub committees are as follows:

The Senior Management Team roles and responsibilities, are as follows:

In July 2023, Paces Head of Fundraising and Communications left the organisation to pursue new opportunities. The Trustees would like to thank Julie Booth for steerage of the Fundraising Department over the last three years.

e, Arrangements for setting pay and remuneration of key management personnel Pay for the Senior Management Team has been set by the Trustees and is reviewed by the whole Trustee board on an annual basis. The pay levels are in line with those paid for similar roles within educational, healthcare and charity sectors. It is essential that salaries are set at a level which both attract, retain and motivate staff. This is a consideration for the Trustees when agreeing salary levels and salary increases.

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Paces Sheffield (Registered number: 04793176 Report of the Trustees For The Year Ended 31 Auqust 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT f, Risk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company and are satisfied that systems and procedures are in place to mitigate exposure to these major risks. The key risks are identified below along with steps put into place to mitigate those risks:

We maintain good relations with external training providers and offer placements to trainees where able. Staff skills are developed internally. Our School and Adult provision has an active program of internal and external training provisions including; OCN Level 3 AIM training, Teacher QTS and Conductor training, and Degree Level studies where deemed appropriate.

Following growth of Paces School and Adult Service Provision, Paces has invested in growth of Its operational staffing teams and its training strategy as a result.

OBJECTIVES AND ACTIVITIES

Paces' Charitable Object: To promote the care, welfare, interest, treatment and education of persons with motor dysfunction in particular by the promotion and provision of facilities for Conductive Education.

Paces' Mission:

Paces' Vision:

To be a Centre of Excellence and Specialist Resource for children, adults and their families, also for those working with children and adults with physical and related learning difficulties of a neurological condition (typically cerebral palsy).

Paces has, and holds, certain core values in everything we do:

Innovative:

We will;

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Paces Sheffield (Registered number: 04793176) Report of the Trustees For The Year Ended 31 August 2023

Inclusive:

We will; - Value the contribution others can make and we will take time to consult and listen to their views. - Be responsive to requests for supporl and suggestions for developing what we do. - Involve stakeholders in shaping what we do.

Honest:

We will; - Be respectful and fair. - Consistent in taking a non-partisan / non-judgmental approach.

Responsible:

We will; - Always consider the impact of our work on others. - Be aware of the wider environmental and social impact of our work. - Provide leadership by setting good examples and contributing positively.

ACHIEVEMENTS AND PERFORMANCE

a. Review of activities

Paces Sheffield is a leading specialist centre for both children and adults with cerebral palsy and other motor disorders. Our Charity and services focus on ‘Ability not Disability’.

As at 31st August 2023 Paces School had 56 pupils on roll (53.2 Full Time Equivalent).; in August 2022 there were 51 pupils on roll (47.5 FTE). In Paces most recent DfE Inspection (Spring 2019) Paces school was rated as ‘Outstanding’ in one key category, and 'Good' in a further 3 key inspection areas.

Our Adult Service Day provision has also seen growth in 12 months; in August 2023 we were supporting 17 adults (12.1 FTE). In August 2022, we supported 17 adults, however FTE placing was less (11.3 FTE).

Paces Sheffield has a strong reputation for both excellence and leadership in the specialist provision of Conductive Education (CE). Conductive Education is a holistic integrated pedagogical / educational approach, which enables people with damage to the central nervous system to learn to overcome the challenges they face. It is an approach which is primarily suitable for people with neurological conditions such as cerebral palsy, Parkinson's disease, multiple sclerosis, stroke, acquired head injury and dyspraxia. Neurological conditions create a wide range of developmental challenges, which can involve areas of gross and fine movement, perception, cognition, social skills, emotional development, speech, language and communication. These in turn can significantly affect motivation, confidence and personality.

A period of growth

Following major refurbishments, Paces moved into new Adult Services/Charity Team premises (Smithy Wood Business Park) in March 2021 and new school premises (Thorncliffe Hall) in November 2022. Refurbishment was financed by a crowdfunded £1.5m bond, charitable grants and general fundraising. Square footage has increased by 82% as a result of both moves.

The school has seen significant growth in its SEN provision over the last two years, our Adult Provision has also grown albeit at a slower pace, Demand for contractual provision in both children and adult services remains high.

Inevitably, growth has led to increased staffing intake and we have welcomed 33 new staff to the workforce over the last year and we now employ 8$ staff in total. We are proud that we have been able to create new positions of employment and are supporting the local economy.

Paces School

Our School continues its positive development under the leadership of our Head of Conductive Education and Deputy Headteacher. During the academic year 2022/23 pupil numbers grew significantly with an additional 5.7 FTE pupils on role. Significant effort has gone into expanding the school's staffing team to accommodate additional pupil placements. Paces School has particularly focused on growing the school's leadership structure including the successful appointment of an Assistant Head Teacher and by giving additional responsibility to the Deputy Head Teacher. We have also appointed two experienced SEND teachers.

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Paces Sheffield (Registered number: 04793176) Report of the Trustees For The Year Ended 31 August 2023

The school leadership team now reflects the capacity needed to enable the Head of Conductive Education to have greater oversight of both Paces School and Paces Adult Service.

Staff continuing professional development is a key focus for the school, with existing staff undertaking courses to become both conductors and qualified teachers, Training and the appointment of new staff has enabled us to accommodate the increase in pupils without compromising the quality of the | Conductive Education.

Secondary aged pupils continue to successfully gain WJEC credits which they are able to exchange for a qualification when they leave Paces School. Significant time has been spent consolidating new topic cycles with greater consideration for the progression of skills and knowledge. Middle leaders now have effective oversight of the intent, implementation and impact of their subject across the school.

Paces Outreach Programme

Our Outreach Programme continues to support children aged 0-4 and their families. Children attend in small group sessions, all of whom have improved mobility, self-care, communication and social skills. Supported by Paces Family Services, parents have improved their own circumstance and resilience particularly through peer support and shared experiences. Paces is in its sixth successful year of delivery supported by Children in Need funding. Paces undertook an evaluation of the service in July 2023 which evidenced strong programme outcomes. The evaluation was a pre-cursor for a successful grant application for a further three years of Children in Need support.

As of 31st August 2023, we were supporting 17 children and their families. The Outreach Programme acis as a feeder to Paces School.

Paces Family Services

Paces Family Service Worker continues to support parents and carers. Comprehensive advice |s provided with regards to creating Education and Health Care Plans that accurately reflect the needs of the child. Parents of pupils in school are supported with the child's annual review process and in addition to this signposting to relevant and possible sources of financial help and other services of benefit. Our Family Service Worker also liaises regularly with social care and health providers on behalf of our pupils and their families.

Paces Summer School

In July 2023 we ran our annual successful summer school with 15 pupils attending. Pupils had a very enjoyable week engaging in a range of Conductive Education programmes as well as a range of activities delivered by external professionals and visitors. The provision also provided much needed respite for parents and gave essential coverage for working parents.

Adult Services

Our Adult Day Service Provision continues to grow steadily, The service continues to be effectively run by our Adult Services Manager and Adult Services Conductor; the team are supported by the Head of Conductive Education. Our staff team of Conductor Adult Support Workers has increased to be able to accommodate the needs of our adults. Staff training has been a focus for us and several staff members are enrolled on the Level 3 AIM Conductor Assistant Course.

We continue to build effective relationships with social care and several other providers including other secondary schools in the area to support with transition info adulthood for several young adults and their post 16 placements. Paces Schoo! continues to be a feeder into Paces Adult Services Provision.

Paces Business Planning

As part of securing a £1.5m social lending through a crowdfunded bond raise (covering costs of refurbishment of Thorncliffe Hall and Smithy Wood), an eight year business plan was developed in partnership with Triodos Bank. The crowdfunded bond is to be repaid in full in 2029. The business plan is based on incremental growth of children's and adult services helping to meet some of the high level of demand for specialist educational support for children and adults with physical disability. We are now in year three of the business plan and school and adult services continue to exceed original business plan projections. The growth of contractual income has helped to ensure we have sufficient finance to meet our operational costs (including the management of both buildings), to save towards repayment of the bond in 2029 and to cover bondholder annual interest payments.

Presently 8.7% of Paces income is achieved through our fundraising efforts. We are supported by Grant Making Trusts and Foundations, donations & sponsorship and corporate sponsorship partners. We have made extensive efforts to become less dependent on revenue fundraising. The refurbishment of Thorncliffe Hall and Smithy Wood was intended to increase both schoo! and adult provision and subsequently grow contractual income, further lessening dependence on revenue fundraising.

Fundraising and supporters

As always, the Trustees would like to take this opportunity to thank our supporters, both locally, regionally and nationally, who have helped sustain and advance the ambitions of our children, adults, parents and staff. We are incredibly grateful for the donations which we have received through Trusts and grants, corporate and community donations, events and individual giving.

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Paces Sheffield (Registered number: 04793176

Report of the Trustees For The Year Ended 31 August 2023

Our Fundraising Team have worked hard and are facing new challenges brought on by the cost of living crisis. Fewer individuals and companies are donating to charity as a result, We have recently restructured our Fundraising Team, resulting in a newly appointed Fundraising and Communications Manager, recruited from within the current team.

This year we have continued to grow Club 300, our charity business clu, whose membership now includes 45 businesses from the region. We have also delivered a full calendar of successful fundraising events in 2023, many of which have been sponsored and supported by Club 300 members.

We continue to work with amazing volunteers and we'd like to say a huge thank you for their time, passion and dedication in supporting Paces.

In the last year our fundraising focus has changed to securing fundraising income to support the equipment needs (capital fundraising) of the increasing number of children and adults accessing Paces services. In particular, many grants have covered the costs of specialist disability programme equipment.

ThePacesCharity Schoolremains Parentparticularly & Teachergrateful Associationto all our(PTA)school parents and families for their ongoing support. The Trustees are very pleased to report that our parent led PTA continues to support the school with ongoing exciting events, which not only offer valuable social gatherings for our pupils and families but have brought in monies for the school for which the Trustees are thankful.

b. Fundraising activities and income generation

Approach to Fundraising

Paces Sheffield has a dedicated team of Fundraising Staff. This currently includes our Fundraising and Communications Manager and our Events Manager. Paces Grants Team employs a part-time Trusts and Grants Officer and our Head of Operations dedicates 1 day a week to grant fundraising.

Commercial Fundraisers

The Charity does not employ and has never employed commercial fundraisers. In particular, the Trustees would not support the paying of third-party commercial organisations to fundraise on Paces Sheffield behalf.

Fundraising Conforming to Recognised Standards

The Charity has a Trustee adopted Fundraising Policy, Fundraising Strategy and Cash Donations Procedure. All aspects of the way the Fundraising Team

operates refers to our Funding Regulator accreditation.

Fundraising Complaints

We have not had to date any Fundraising Complaints,

Protection of the Public from Unreasonably Intrusive Approaches

The Charity does not mailshot members of the public, and would never ‘chase’ donors in search of funds. This would be contrary to the expressed articles and objects of the way our Charity is governed and led, both by Trustees, Governors and Staff. Such approaches would also be in breach of our adopted GDPR Standards, which are led by our independent Data Protection Officer (Bruce & Butler, Sheffield),

Data Protection

The Charity employs an external Data Protection Officer and together we continue to progress the management of how data is held and processed by the organisation.

FINANCIAL REVIEW

a. Going concern

The Trustees have considered the level of funds held and expected level of income and expenditure and forecasted cash flow for the period to 31 August 2025 and have applied various scenarios to stress test these forecasts. The budgeted income and expenditure is expected to be sufficient with the level of reserves for the Charity to be able to continue as a going concern.

b, Review of the financial year

Income from charitable activities amounted to £2,701,957 (2022; £2,007,150). Other income, including income from donations and other incoming resources, was £445,203 (2022: £615,397) giving total income for the year of £3,147,160 (2022: £2,622,547).

Total expenditure for the year was £2,844,719 (2022: £2,329, 176) giving net income of £302,441 (2022: £293,371).

It should be noted that Paces holds an 8 year £1.498m bond which is repayable on 31st August 2029, which currently sits on Paces balance sheet. (£2,000 was repaid this financial year).

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Paces Sheffield (Registered number: 04793176)

Report of the Trustees For The Year Ended 31 August 2023

c, Reserves policy

Total funds carried forward are £1,247,791 (2022: £945,350) of which £62,142 (2022: £102,702) are restricted funds and £1,185,649 (2022: £842,648) are unrestricted funds.

Of the unrestricted funds, £1,651,938 (2022: £1,664,447) represents the net book value of fixed assets, leaving a deficit of reserves of £466,289 (2022: £821,799). However, this figure includes a £1.498m bond creditor (through Triodos social tending) which is not due for repayment until 2029. The current liquid balance on reserves is therefore £1,031,711 (2022: £678,201). However, Paces intends to allocate £240,000 per annum over the term of the crowdfunded bond to meet its social lending liabilities in full in 2029.

Trustees have caretully considered a reserves policy for the charity to maintain a level of freely available reserves that reflects both its annual projected expenditure and also now considers the future £1.498m bond repayment. To this effect current liquid balance reserves of £1,031,711 (2022: £678,201) represents 3.51 months of expenditure (2022: 2.68 months).

d, Public Benefit

In planning and delivering our services and activilies, the Trustees and Senior Management Team of Paces Sheffield have given due regard to the need to ensure that the school and our adult provision provides public benefit, following the Charity Commission's guidance on these matters. Details of how the Charity has carried out its activities for the public benefit are given under the review of activities part of this report.

PLANS FOR FUTURE PERIODS

Paces has undergone significant growth over the last few years. Paces Adult Service has seen much increased FTE growth of provision since moving to Smithy Wood Business Park. Similar growth has occurred within school SEN place provision, which has also increased more rapidly since the school's move to Thorncliffe Hall in November 2022,

To cater for that growth staffing has increased. In August 22 we employed 59 staff members (53.6 FTE), by August 23 we employed 89 staff members (68.6 FTE).

Growth of the charity by moving to new premises has taken considerable management resource. Although there is significant demand for further growth of School places and Adult Day Service places, it is felt further incremental growth in Paces staffing structure is required before any significant growth of service provision.

The Trustees and Senior Management Team have discussed incremental growth and a period of consolidation prior to further significant change. The Charity continues to use its 8 year business plan as a guide to development of the charity.

As Paces School gets nearer to its FTE capacity more management time will focus on further growth of Paces Adult Services Provision. This is an active strategy the Trustees wish to pursue in 2024 and beyond, to meet the demand of greater numbers of young people who will be transitioning to adulthood from Paces School.

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Paces Sheffield (Registered number: 04793176)

Report of the Trustees For The Year Ended 31 August 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 04793176 (England and Wales)

Registered Charity number 1104356

Registered office Unit 4, Smithy Wood Business Park Smithy Wood Drive Sheffield South Yorkshire S35 1QN

Trustees

David Idle - Chair

Alison Roy Gail Sutton Harry Withers Thomas Lane (appointed 25.1.2023) Michelle Williams (appointed 24.1,2024) Merewyn Scafe {resigned 20,3.2023) Ruth Smith (resigned 4.8.2023) Ruth Garbutt (resigned 20.10.2023) Scott Sanderson (resigned 12.1.2024)

Senior Management Team Ruth Liu (Head of Conductive Education) Paul Walters (Head of Operations)

Company Secretary Kelly Broughton

Auditors

Kingswood Allotts Limited, Statutory Auditor Chartered Accountants Sidings Court Lakeside Doncaster South Yorkshire DN4 5NU

Bankers

Royal Bank of Scotland Spinningfields Square 1 Quay Street Manchester M3 3AP

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Paces Sheffield (Registered number: 04793176)

Report of the Trustees For The Year Ended 31 August 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees {who are also the directors of Paces Sheffield for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice} including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland’

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by Ihe Board of Trustees on ALZAPAL 2O24 and signed on its behalf by:

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Report of the Independent Auditors to the Members of Paces Sheffield Opinion ; We have audited the financial statements of Paces Sheffield (the ‘charitable company’) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting | policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion,

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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Report of the Independent Auditors to the Members of Paces Sheffield

Responsibllities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company (aw) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Our responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statements.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud Involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Councils website at www.frc.org.uk/auditorsresponsibllities. This description forms part of our Report of the Independent Auditors, ‘

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

LV Dian Mark Garrison BCom FCA DChA {Senior Statutory Auditor) for and on behalf of Kingswood Allotts Limited, Statutory Auditor Chartered Accountants

Sidings Court

Lakeside Doncaster South Yorkshire DN4 5NU Date: de dou | 2erte,

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Paces Sheffield

Statement of Financial Activities (Incorporating an Income and Expenditure Account) For The Year Ended 31 August 2023

2023 2022
Unrestricted Restricted Total Total
funds funds funds funds
Notes £ £ £ £
INCOMEAND ENDOWMENTS FROM
Grants, donations and legacies 2 186,722 245,649 432,371 604,938
Charitable activities
Charitable activities 4 2,701,957 . 2,701,957 2,007,150
Investment income 3 12,832 . 12,832 884
Other income § - - - 9,575
Total 2,901,511 245,649 3,147,160 2,622,547
EXPENDITURE ON
Raising funds 6 281,789 - 281,789 219,483
Charitable activities 7
Charitable activities 2,276,721 286,209 2,562,930 2,109,693
Total 2,558,510 286,209 2,844,719 2,329,176
NET INCOME/(EXPENDITURE) 343,001 (40,560) 302,441 293,371
RECONCILIATION OF FUNDS
Total funds broughtforward 842,648 102,702 945,350 651,979
TOTALFUNDSCARRIEDFORWARD 1,185,649 62,142 1,247,791 945,350

The notes form part of these financial statements

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Paces Sheffield (Registered number: 04793176

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||||||| |---|---|---|---|---|---| |Balance|Sheet| |31|August 2023| |2023|2022| |Notes|£|£| |FIXED ASSETS| |Tangible assets|12|1,651,938|1,664,447| |CURRENT|ASSETS| |Debtors|13|456,584|173,041| |Cash at bank and|in hand|1,147,200|1,422,631| |1,603,784|1,595,672| |CREDITORS| |Amounts falling due within one year|14|(509,931)|(814,769)| |NET CURRENT ASSETS|1,093,853|780,903| |TOTAL ASSETS LESS CURRENT|LIABILITIES|2,745,791|2,445,350| |CREDITORS| |Amounts|falling due|after more than one year|15|(1,498,000)|(1,500,000)| |NET ASSETS|1,247,791|945,350| |FUNDS|18| |Unrestricted funds|1,185,649|842|648| |Restricted funds|62,142|102,702| |TOTAL FUNDS|1,247,791|945,350|

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These financial statements have been prepared In accordance with the provisions applicable to charitable companies subject to the smalt companies regime, ‘ The financial statements were approved by the Board of Trustees and authorised for issue on info ut [ree Lt and were signed on its behalf by:

David Idle -Chair of Trustees

The notes form part of these financial statements

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Paces Sheffield

Cash Flow Statement For The Year Ended 31 August 2023

2023 2022
Notes £ £
Cash flowsfrom operating activities
Cashgenerated from operations
Interest paid		 (72,430)
(93,087)
Netcash (used in)/provided by operating activities (165,497) 776,552
Cashflowsfrom investing activities
Purchase oftangiblefixed assets		 (122,474) (1,307,997)
Sale oftangible fixed assets 1,708 552
Interestreceived 12,832 884
Netcash used in investing activities (107,934) (1,306,561)
Cash flows from financing activities
Bond repayments in year (2,000) ——s
Netcash (used in)/provided by financing activities (2,000) :
Change in cash and cash equivalents in the
reporting period (275,431) (530,009)
Cash and cash equivalents at the beginning ofthe 1,422,631 4,952,640
reporting period a
Cash and cash equivalents at theend ofthe
reportingperiod 1,147,200 1,422,631

The notes form part of these financial statements

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Paces Sheffield

Notes to the Cash Flow Statement For The Year Ended 31 August 2023

A. RECONCILIATIONOF NET INCOME TONETCASHFLOWFROMOPERATINGACTIVITIES RECONCILIATIONOF NET INCOME TONETCASHFLOWFROMOPERATINGACTIVITIES 2023 2022
£ £
Netincome forthe reporting period (as perthe Statement of Financial Activities) 302,441 293,371
Adjustments for:
Depreciation charges 431,542 65,786
Loss on disposal of fixed assets 1,733 *
Interest received
interestpaid
Increase in debtors		 (12,832)
93,067
(283,543)		 (884)
87,606
(20,497)
(Decrease)/increase in creditors (304,838) 438,776
Netcash (used in)/provided by operations (72,430) 864,158
ra ANALYSIS OFCHANGES IN NETFUNDS
At 1.9.22 Cash flow At 31.8.23
£ £ £
Net cash
Cash atbankand in hand 1,422,631 (275,431) 1,147,200
Debt
Debts fallingdue alter 1 year 1,500,000 (2,000) 1,498,000
Total (77,369) (273,431) (350,800)

The notes form part of these financial statements

Page 14

Paces Sheffield Notes to the Financial Statements For The Year Ended 31 August 2023

ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about its ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

There were no critical accounting estimates or assumptions this year that are deemed to be material in nature to the financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income includes grant income from the Government to cover the salaries of furloughed employees through the Coronavirus Job Retention Scheme. This is included on a receivable basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category, Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and governance costs are costs incurred on the educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Tangible fixed assets

Assets are initially recognised at cost and subsequently measured at cost, net of depreciation and any provision for impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property improvements Smithy Wood 10 years straight line Property improvements Thorncliffe Hall 8 years / 25 years straight line Fixtures, fittings & equipment 5 years straight line Computer equipment 3 years straight line

Taxation

The charity is exempt from corporation tax on its charitable activities.

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if ACCOUNTING POLICIES - continued

Paces Sheffield Notes to the Financial Statements - continued For The Year Ended 31 August 2023

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The costs of raising and administering such funds are charged against the specific fund. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company does not administer a pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate and represent payments by the charity on behalf of an employee to a defined contribution scheme.

Donated goods and donated facilities

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from the donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in the expenditure over the period of receipt.

Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, itis probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Redundancy and termination payments are recognised when there is an obligation to make the payment and the amount can be estimated reliably.

Financial instruments

The charity only holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

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continued...
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  1. GRANTS, DONATIONS AND LEGACIES

Paces Sheffield

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

Unrestricted
funds Restricted funds Total funds Total funds
2023 2023 2023 2022
£ £ . £
ESFA maintenance grant - 46,075 46,075 25,721
ESFAPE& sports grant
ESFA free school meals grant		 -
-		 16,210
4,940		 16,210
4,940		 16,180
1,871
ESFAteachers pay grant - 7,349 7,349 6,999
ESFAteachers pension grant - 20,368 20,368 19,398
ESFA tutoring grant - 8,883 8,883 6,874
ESFArecovery premium - 15,189 15,189 6,000
ESFA Mental Health grant - 1,200 1,200 :
Pupil premium - 25,466 25,466 22,596
School meals 7,837 - 7,837 7,862
Hospital Saturday Fund - - . 40,000
Harry Bottom Charitable Trust - 3,000 3,000 5,000
Sheffield Church Burgesses Trust = 2,000 2,000 5,000
Sheffield City Council - - 22,097
Children In Need - 27,722 27,722 33,653
The Clothworkers Foundation - - - 30,000
Bernard Sunley Foundation - - - 50,000
Masonic Charitable Foundation - - - 19.800
The Beatrice Laing Trust - - - 5,000
The Percy Bilton Charity - - - 5,000
The National Lottery - - - 9,736
The Morrisons Foundation . - - 18,900
The Foyle Foundation - - - 26,500
NFU Mutual - - - 6,379
GXO Logistics - - - 7,500
Westfield Health - - - 20,000
Matchroom Charitable Foundation - = - 40,000
Ray ofHope - - - 6,583
HSBC UK - 13,199 13,199 -
Sports England Grant - 8,497 8,497 -
Holidays Activities with Food Grant - 5,802 §,802 -
Hays Travel Foundation : 6,520 6,520 -
Sheffield City Council Recoverygrant - 1,974 1,974 .
Switalskis 14,534 - 14,534 -
Other donations 157,001 4.695 161,696 126,237
Other grants 7,350 26,560 33,910 37,839
Total 2023 186,722 245,649 432,371 604,938
Total2022 218,974 385,964 604,938

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Paces Sheffield

  1. INVESTMENT INCOME

|

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

3. INVESTMENT INCOMEINCOME
2023 2022
£ £
Deposit account interest 12,832 884
4, INCOME FROM CHARITABLE ACTIVITIES
Charitable
activities		 Total
activities
Children's services 2023
E
2,232,576		 2022
g
1,715,490
Adult services 467,156 286,835
Adult sessional 2,225 4,825
2,701,957 2,007,150
5. OTHER INCOME
2023 2022
£ £
CJRS grant income - 9,575
6. RAISINGFUNDS
Raising donationsand legacies
2023 2022
E £
Staffcosts 174,724 134,502
Other fundraising costs 107,065 84,981
281,789 219,483
ti CHARITABLE ACTIVITIES COSTS
Directcosts Supportcosts Total Total
2023 2023 2023 2022
£ £ £ £
Children's services 1,929,433 204,033 2,133,466 1,458,682
Adult services 407 438 22,026 429,464 231,748
Managementand administration - - - 314 840
Smithy Wood - - - 104,423
2,336,87 1 226,059 2,562,930 2,109,693
Total2022 2,004898 104,794 2,109,693

6.

Support costs represent central office functions which includes costs of the finance team salaries, human resources, promotion and advertising, information technology and finance costs.

Included in support costs are the following governance costs:

Included in support costs are the following governance costs:
2023 2022
£ £
Auditors remuneration 12,000 12,074
Trustee expenses 110 -
Legal and professional fees 10,357 420
22,467 13,331

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Paces Sheffield

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

  1. NET INCOME/(EXPENDITURE)

Net income/{expenditure) is stated after charging/(crediting):

2023 2022
£ £
Depreciation -owned assets 131,542 65,786
Hire of plant and machinery 144 ‘i
Deficit on disposal of fixed assets 1,733 -
Auditor's remuneration 12,000 12,074
Bondinterest 87626 87,605
  1. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022,

|

Trustees’ expenses

There was one trustee expense paid for the year ended 31 August 2023 for £110 of travel expenses (2022: no expenses paid).

STAFF COSTS

STAFF COSTS
2023 2022
£ £
Wages and salaries 1,673,126 1,423,050
Social security costs 136,346 118,550
Otherpension costs 52,188 44,818
1,861,660 1,586,418

Wages and salaries include redundancy costs, termination payments and payments in lieu of notice of £Nil (2022: £71,342) relating to restructuring undertaken during the period.

The average monthly number of employees during the year was as follows:

2023 2022
Charitable activities 81 67

The average headcount expressed as full-time equivalent was:

2023 2022 Charitable activities 64 54

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Paces Sheffield

|

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

----- Start of picture text -----
|||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£60,001|-|£70,000|1|1| |£70,001|-|£80,000|{|2| |£100,000|- £110,000|:|i| |2|ei| |The|total|amount|of employee employee|benefits|(including|employer|pension|contributions)|received|by|key management management|personnel|for|their|services| |the|charity|was|£195,034|(2022:|£221,763).|The|charity|considered|its|key|management|personnel|to|comprise|the|Chief|Executive| |(CEO),|the|Headteacher|and|the|Chief|Finance|Officer|(CFO)|for the the|period|1|September|2021|to|31|March|2022.|For|the|period|1|September| |2022|to|31|August|2023|it|considered|its|key|management|personnel|to|comprise|the|Head|of|Conductive|Education,|the|Head|of|Fundraising| |and|Communications|and|the|Head|of|Operations|(as|it|did|from|14|April|2022|to|31|August|2023).| |COMPARATIVES|FOR THE|STATEMENT|OF|FINANCIAL ACTIVITIES| |Unrestricted|Restricted|Total| |fund|funds|funds| |£|£|£| |INCOME AND|ENDOWMENTS|FROM| |Grants,|donalions|and|legacies|218,974|385,964|604|938| |Charitable|activities| |Charitable|activities|2,007,150|-|2,007,150| |Investment|income|884|-|884| |Other income|9.575|.|9,575| |Total|2,236,583|385,964|2,622,547| |EXPENDITURE|ON| |Raising|funds|219,483|-|219,483| |Charitable|activities| |Charitable|activities|1,720,628|389,065|2,109,693| |Total|1,940,111|389,065|2,329,176| |NET|INCOME/(EXPENDITURE)|296,472|(3,101)|293,371| |Transfers|between funds|(164)|151| |Net movement|in funds|296,321|(2,950)|293,371| |RECONCILIATION|OF|FUNDS| |Total|funds|brought forward|546,327|105,652|651,979| |TOTAL|FUNDS|CARRIED FORWARD|842,648|102,702|945,350|

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The total amount of employee employee benefits (including employer pension contributions) received by key management management personnel for their services to the charity was £195,034 (2022: £221,763). The charity considered its key management personnel to comprise the Chief Executive Officer (CEO), the Headteacher and the Chief Finance Officer (CFO) for the the period 1 September 2021 to 31 March 2022. For the period 1 September 2022 to 31 August 2023 it considered its key management personnel to comprise the Head of Conductive Education, the Head of Fundraising and Communications and the Head of Operations (as it did from 14 April 2022 to 31 August 2023).

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| |

Paces Sheffield

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

412, TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETSFIXED ASSETSASSETS Property Property
improvements
Smilhy
Wood		 improvements
Thorncliffe
Hall		 Fixtures,
fittings
&equipment		 Computer
equipment		 Totals
£ £ £ £ £
COST
At 1 September 2022 164 816 2,009,105 194,822 75,163 2,443,906
Additions - 76,202 42,094 4,178 122,474
Disposals - (608,871) (44,302) (6,710) (659,883)
At31August2023
DEPRECIATION		 164,816 1,476,436 192,614 72,631 1,906,497
At 1 September 2022 26,291 625,244 81,266 46,658 779,459
Charge for year 16,482 65,246 36,381 13,433 131,542
Eliminated on disposal - (608,871) (40,861) (6,710) (656,442)
At 31 August 2023 42,773 81,619 76,786 53,381 254,559
NET BOOK VALUE
Al 31 August2023 122,043 1,394,817 115,828 19,250 1,651,938
At31August2022 138,525 1,383,861 113,556 28,505 1,664,447

13, DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHINWITHIN ONE YEAR
2023 2022
£ £
Trade debtors 323,198 114,154
Prepayments and accrued income 133,386 58,887
456584 173,041

14, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEARWITHIN ONE YEARONE YEARYEAR
2023 2022
£ £
Trade creditors 46,636 75,136
Social security and othertaxes 32,089 26,806
Accruals and deferred income 431,206 712,827
509,931 814,769
The movements on deferred income were:
2023 2022
Balance brought forward Be
299,893		 £
250,739
Income received 380,786 299,893
Income releasedtoSOFA (299,893) (250,739)
Balancecarriedforward 380,786 299,893

Deferred income is in respect of local authority fees paid in advance.

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Paces Sheffield

15, CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

Bonds payable

2023 2022
£ £
1,498,000 1,500,000

The bonds are repayable in 2029 and are unsecured. Some bond holders offered to receive no interest, others received interest at a reduced rate of 3% and the remaining bond holders received interest at 6%, this interest is paid annually (average 5.84%).

16, LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023 2022
£ £
Within one year 171,742 125,025
Between one and five years 656,001 661,853
In more than five years 1,424 600 1,592 200
2,202,343 2,379,078
  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023 2022
Unrestricted Fund —_-Restricted Fund Total Funds Total Funds
£ £ E ef
Fixed assets 1,651,938 - 1,651,938 1,664,447
Current assets 1,541,641 62,143 1,603,784 1,595,672
Current liabilities (509,931) - (509,931) (814,769)
Long term liabilities (1,498,000) : (1,498,000) (1,500,000)
1,185,649 62,143 1,247,791 945,350

At 31 August 2022, £102,702 of the current assets related to restricted funds.

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18, MOVEMENT IN FUNDS

Paces Sheffield

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Balance|Gains,|losses|Balance| |01.09.22|Income|Expenditure|and|transfers|31.08.23| |£000|£000|£000|£000|£000| |Restricted|funds| |ESFA PE|&|Sports|Grant|4,614|16,210|(20,824)|:|.| |ESFA|Free|School|Meals|Grant|1,871|4,940|(6,811)|:|-| |ESFA|Maintenance|Grant|-|46,075|(12,887)|-|33,188| |Paces|Inclusive|Play|Area|:|2,000|(2,000)|-|-| |ESFA|Teachers|Pay|Grant|-|7,349|(7,349)|-|-| |ESFA|Teachers|Pension|Grant|.|20,368|(20,368)|:|-| |ESFA|Tutoring|Grant|-|8|883|(8,883)|-|:| |ESFA|Recovery|Premium|-|15,189|(15,189)|-|:| |ESFA|Mental|Health|Grant|-|1,200|(1,200)|-|:| |Pupil|Premium|6,325|25,466|(25,000)|(300)|6,491| |Community|Covid|Recovery Fund|-|1,974|(1,974)|3|>| |Outreach|- Revenue|Grants|24,420|27,722|(47,522)|-|4,620| |Sensory|Room|Equipment|-|100|-|-|100| |Speech|&|Language|Therapist|-|3,100|(3,100)|-|:| |Summer|School|6,085|12,112|(16,779)|300|1,718| |School|Equipment|40,990|17,006|(54,996)|:|3,000| |Paces|School|PTA|-|1,228|(1,228)|-|-| |Art &|Craft Supplies|1,554|-|(1,554)|:|:| |Music|Equipment|-|3,000|(1,100)|-|1,900| |Therapy|Chairs|-|21,280|(15,111)|-|6,169| |Adult|Services|-|Revenue|Grants|12,049|10,447|(17,540)|.|4,956| |Thorncliffe|Hall|- Hoists &|Changing|beds|4,794|-|(4,794)|-|-| |102,702|245,649|(286,209)|-|62,142| |Unrestricted|funds| |Designated|funds| |Designated|Funds|-|fixed|assets|1,664,447|:|(131,542)|119,033|1,651,938| |General|funds| |General|funds|-|all|funds|(821,799)|2,901,511|(2,426,968)|(119,033)|(466,289)| |Total|Unrestricted|funds|842,648|2,901,511|(2,558,510)|-|1,185,649| |Total funds|945,350|3,147,160|(2,844,719)|-|1,247,791|

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

The specific purposes for which the funds are to be applied are as follows:

~ ESFA Recovery Premium: Grant given to support pupils whose education has been impacted by coronavirus. - ESFA Mental Health Grant: Grant given to provide training for a mental health and wellbeing lead.

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Paces Sheffield Notes to the Financial Statements - continued For The Year Ended 31 August 2023

  1. MOVEMENT IN FUNDS - continued

  2. e Pupil Premium: This funding is being used to raise the attainment of disadvantaged pupils of all abilities and to close the gap between them and their peers.

  3. e Outreach - Revenue Grants: Grant to support and aid the ongoing delivery of the Outreach Service. e Speech & Language Therapist: Grant received towards the provision of a Speech & Language Therapist within the School. e Summer School: Grants and donations for children with cerebral palsy and other motor disorders to benefit from a series of conductive education activities outside term time.

  4. e School Equipment: Donations received towards the purchase of equipment for use within the school. e Paces School PTA: income received from the Parent Teacher Association to fund expenditure associated with the school. e Art & Craft Supplies: Donation received towards the cost of art and craft supplies for the School and Adult Services. e Community Covid Recovery Fund: Funding given to aid those disproportionately impacted by Covid-19. e Music Equipment: Funding given for the purchase of music equipment for the Charity. e Therapy Chairs: Donations and funding provided for the purchase of specialist therapy chairs for individual pupils. e Adults Services - Revenue Grants: Grant funding and donations towards the running costs of the Adult Services department.

  5. e Adult Services Equipment: Grant received towards the purchase of equipment to be used in Adult Services.

  6. e¢ Management - Revenue Grants: Grant received towards the Charity management team costs. * — Thorncliffe Hall - Hoists & Changing Beds: Grants received for the purchase and installation of hoists at Thorncliffe Hall, also the purchase of changing beds.

  7. e Paces Inclusive Play Area: In November 2022 Paces moved inclusive play equipment from it's previous premises to Thorncliffe Hall, the cost of reinstallation was met by both corporate sponsorship and grant support. Play area usage is now shared with Paces and Thorncliffe Nursery, children of all abilities can now experience play together. Paces children benefit from play activity which complements their Conductive Education programmes.

Comparative information in respect of the preceding period as follows:

Balance Gains, losses Balance
01.09.21 Income Expenditure and transfers 31.08.22
£000 £000 £000 £000 £000
Restricted funds
ESFAPE& Sports Grant
ESFA Free School Meals Grant		 5,802
1,704		 16,180
4,871		 (17,519)
(4,704)		 154
.		 4,614
1,871
ESFA Maintenance Grant - 25,721 (25,721) : .
ESFATeachers Pay Grant . 6,999 (6,999) - :
ESFA Teachers Pension Grant - 19,398 (19,398) i
ESFATutoring Grant - 6,874 (6,874) - >
ESFA Recovery Premium - 6,000 (6,000) - -
Pupil Premium 2,976 22,596 (18,797) (450) §,325
Outreach - Revenue Grants 19,800 52,522 (47,902) . 24,420
Speech & Language Therapist - 1,000 (1,000) - -
Summer School 6,607 12,731 (13,703) 450 6,085
School Equipment 51,280 16,731 (27,021) - 40,990
Paces School PTA - 3,605 (3,605) - .
Art& Craft Supplies 1,871 - (317) . 1,554
Adult Services
- Revenue Grants		 15,344 13,614 (16,909) . 12,049
Adult Services - Equipment 268 - (268) - :
Management - Revenue Grants - 17,097 (17,097) - -
Thorncliffe Hall - Hoists & Changing Beds
Thorneliffe Hall - Build Costs		 -
-		 59,830
80,000		 (55,036)
(80,000)		 :
-		 4,794
-
Thorncliffe Hall - Sanitaryware & Bathroom
Aids - 23,195 (23,195) = :
105,652 385,964 (389,065) 151 102,702

Page 24

Paces Sheffield

Notes to the Financial Statements - continued For The Year Ended 31 August 2023

18, MOVEMENT IN FUNDS- continued

£000 £000 £000 £000 £000
Unrestricted funds
Designated funds
Designated Funds- fixed assets 422,788 - (65,786) 1,307,445 1,664,447
General funds
General funds - all funds 123,539 2,236,583 (1,874,325) (1,307,596) (821,799)
Total Unrestricted funds 546 327 2,236 583 (1,940,141) (151) 842,648
Totalfunds 651,979 2,622,547 (2,329,176) - 945,350

19. CONTINGENT LIABILITIES

As far as the directors are aware, there were no contingent liabilities,

20. CAPITAL COMMITMENTS

The charitable company has committed to thefollowing capital expenditure:
2023 2022
£ £
Contracted and provided for inthe financial statements - 386,417
Contracted but not provided for in the financial statements - 42,345
- 428,762
  1. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2023,

In the previous year, the company incurred costs amounting to £46,000 from Project & Feasibility Solutions Limited, a company in which Paul Walters has an interest in. During the prior year Paul Walters was appointed as Head of Operations and is now an employee of the company.

  1. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by its members. No individual member has control.

  1. SHARE CAPITAL

The company is registered as a company Limited by Guarantee and has no share capital.

Page 25