REGISTERED COMPANY NUMBER.. 04793176 {England •nd Wale8) REGISTERED CHARITY NUMBER. 1104356 Paces Sheffiel mrted b Guarantee Acorn Flnan lal Statèm Year Ended 31 Au King5wox)d Alotts Limited, Slalulory Auditor Chartered AcGounlants Sidings Court Lakeside Doncaster South Yorkshire DN4 5NU EoLThthaLEnd.Q￿Au￿&L2I124 Page Report ofthe TN•t•e• 1 to 8 R•port ofth¢ Ind•pend•nl Audltorn 9 to 10 ststement of FlnaTh¢lal Actmtlej Balanc• She•t 12 ih Flow Stsl•ment 13 Note8 to tho Clih Flowslthovt 14 Nots8 to the Flnlnclal Stknments 15 10 25 The Trustees, who are all directors of the charilatle company present their annual report on the affairs of the charitable CoMp￿y, together with the audited financial stalements forlhe year ended 31 August 2024. The finanaal slaternenls have been prepared in accordance with the accounting prAiaes set out in notes lo the accounts and corrply with Ihe Ch￿Ily'S goveming document, the Charities Aci 2011 and AcC￿ntIng and Reporting by Charities.. Slalemenl of Recommended Practice aFplicable lo charities preparing their accounts in accordance with the Financial Rep)rting Standarrj applicable in the UK and Republic of ITel￿d published in October 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT . Con$titutlon The company is regislered as a charitable cornpany limited by guarantee. company registration number 04793176 and registered tharily number 1104356, The company's goveming dcrumenl is the Mernorandum and Articles of Assoaalion, b. Methods of appolntment or electlon olTruit•eJ The aFPC4nlmenl of Tnjslees is in accordance with the Memorandum and Artides of Association. Trustees rel5￿ from offlce al the third annual general meelSng, and Ihen at every subsequent third annual general meeting, the Truslees shall retire from office.11 the Charity ai the ￿n￿al general meeling al which a Tru51ee rets'res by rolalion, does nol lill the vacancy, Ihe retiring Trustee, shall, il willing lo act, deemed lo have ￿en reappointed unles5 at thè rneeting11 1$ rèsdved not lo flll the vacancy or unless a r8501ulion for the Teappoinlmenl of the Trustee is pul lo the meeting and lost. Trustees can aFponl a Tw51ee al any lime (subject lo thi5 not exceeding the maximsjm nurnber of len Trustees (including the Chairl. A new Trustee appctinled by the Tru51ee5 only holds office until the nexl AGM vthete they are rewwinled by resolution of the rnernbers. Once appcinled al the AGM, the three year cyde for retirement I reappoinlmenl begins. c. Pollcy adopted lor Inductlon and tralnlng of Trustee• Tru51ee vacancies are recrulled depending C￿ the particular skills experb'se is required al the lime lo ensure that the widest possitAe range of extErtise relev￿1 lo the charitable company's cbjects is rnainlained. New Trustees are interviewed by rnemters of the bjwd and appcinled vthere they have the necessary skills lo ccfi1ri￿le lo the effective govemance ol the charity. On being app)inled Trustees receive a copy ol the goveming d￿Ument, the most recent slalulcfy accounts, an induction p￿k atKI Paces School Adult Services prosFectus. New Tnjslees are encouraged lo meet with bcth members of Ihe Senior Management Tearn. P￿S obtains professional references and undert*es full DBS safeguarding checks for all new Trustees. d. Governance te8m8 and manigem•nt itructur• Paces is govemed by a board of Tfuslees from Wh￿ day lo day conlrc4 is vesled in Paces SenKJr Managernenl Team. Th8 Trustee board rneels six ti￿8 each year. The Trustees ￿80 operate subcommittees wllh representation from Trustees and the Sen1￿ Managernenl Team in each relevant sukornmillee, The su￿0mMittee$ report to Ihe Trustee board, The sub comrnillees are as loll¢Jws'. HRIFinance and RemuneralionlAudil and Risk Ifinanciall Cornrnhlee Partnerships & Conductive Educab'on Delivery Committee Compliance and G0Vem￿ce1AudiI Risk (Health and Safety) Committee The Senior Management Team roles responsitilllies, are as follows.. Head of Conductive Educatlon., The role has delivery responsibility ICY Paces sch￿1, Paces Outreach Projrarnme, Pac85 Aduli SeNce5 Provision, Paces Transitions lo Aduliho¢JJ Programme, Paces Family Service5, Human Res[￿r(eS and Fundraising. Head ol Operation¥; with overall reSpC￿S1bIfIlY f￿ Business Develcpmenl & Strategy, Health and Safety, Facilities, Finance, Grant Funding, GDPR and IT. e. Arrangement¥ for Setting pay and remuneratlon of key management pernonnel Pay for the Senicf Manag￿ent Team has been sel by the Trustee5 and 15 reviewed by the whole Trustee board on an ￿nUal basis. The pay levels are in line with those paid for similar roles within educational, healthcare and charily sectors.11 is essential that salaries are sel at a level which trN)th attract, relain and motivate slaft. This is a consideration fLY the Trustees when ￿reeiNg salary levels and salary inueases. Page I ReporlollbLTrugloRS STRUCTURE, GOVERNANCE AND MANAGEMENT f. Rl8k management The Trustees have assessed the rnajor risk510 which the Company is exposed. in particular those related lo the operations and finances of the Company and are satisfied that systems and procedures are in plaTr lo miligale exposure lo these major risks. Risks have been identified and miligaled through the organisati￿'S risk register and risk minimisalion processes, Key risks are idenlrfied below along with steps pul into place lo miligale those risks.. H•atth and Safety Compliance. The charity has alknpled the principles of Good Estate M￿ageMent IGEMSI established by the Department for Education. To this effect the charity undertakes an annual Health and Safely Audit al boih ol ils siles., Thomcliffe Hall (Paces School) and Smithy Wood Business Park IAduli Service Provision and Charity Office). The charity employs a Faalilies Manager lo ensure effective and ongoing health and safely compliance, Lois of statutory lundlng Successive Governrnenls commit lo allocating additional funds for Childr￿ with Special Educational Needs ISENI especially Ihctse vmlh Educab'on, Health and Care IEHCI plans - all children allending Paces school receive an EHC plan. There is significant unrnel demand lor SEN school pla￿S lo￿ physica disability both nationally and regionally. Paces Management Team work in dose partnership wilh local authority officeTS and families lo proadively secure SEN places for children, ensuring conlinurty ol provision. Sirnilarfy demwd lor Paces Adult se￿iCe is high. Paces Adutt Service Provision Is accredited lo Sheffield City Councll's Framework for adult day opportunities. Contractual agreernenls are held with individuals Ilhrough dired payments) and with olhw Lcral Aulhonlies. . Avallabtllty of adequately tralnod qtaff . Through personal deVelO￿ent and a culluTe of supp(yt and encouragement, Paces seeks lo support staff lo devèlop and grow within the organi5alion, in an aiTn of supporting our longer-lerm development and growth strategy. We maintain good relations with exlemal training provideTS and offer tAacements lo trainees where able. Staff skills are developed inlemally. Our Schcpal and Adult provision has an active program ol internal and external Iraning opwrtunilies whith indude,, Level 3 AIM Conductor Assistant Training, Qualified Teacher Slalus and Undergraduate training in Conductive Education. Pa￿5 continues lo invest in growth of 115 operational staffing teams and ils Iraining strategy lo rneel the need5 as the organisation grows. Lols of k•y stsff - We value all staff a5 key stakeholders in the Charity's fulure, con5uII and involve key staff in planning the organisalional 51rucluTe and idenlilying their role lo support succession planning and lo prcmote 51aff loyally and wellbeing. Our Senior Managernenl Tearn is supported by an external HR consullanl lo help ensure we recruit, train and retain the highest calibre ol ernployee5 wlthin our means. Staff retention leve15 are high188% which c￿pare$ lavouratly lo the national average of 83%). We believe we have a unique offering that helps us lo recruit and relain 51aff, which is the desire lo suppjrt children, adu115 and families in a supportive nurturing staff environment. Reductlon In Fundralilng Income . Fundraising from grants and general fundraising makes up circa 7.5% of total incorne, Changes In Ihe exlernal econcfny Icosl of living crisis) continues lo irnpact both grants and general fundraising. However, profitakn'lily and Return on Inveslrnenl (Roll has irnproved in the last financial period, The finance learn regularly reports financial perfomance lo Ihe HRJFinance and RemuneralionlAudil and Risk Ifinanciall Commillee. . F•llure to recrult Trulieei . As 8131.8.24 the Charity had 6 aFP(inledlserving Trustees. The Trustee bjard alway5 works carefully lo1511 vacanl Truslee rc4e5, OBJECTIVES ANO ACTIVITIES Paces, CharilatAe Object, To promote the care, welfare, interest, treatment and education cl persons Iwlh motor dysfunction in particular by Ihe promotlcfi and provision ol faulilies lor Ccffjductive Education. P•ce•' MIS￿0n. SupkM)rting children with disabilities into independent *Jullhood as aclve allzens, especially those with cerebral pa15y and partlcularty through Conductive Education. Supporting yaung Fecple with disabilities to transition lo adullhotrJ by offering ongoing support lo Y￿ng adults leaving PaGes School land others settings) and lo suppryt young adults lo acces5 external training, college and ernploymenl., or life-long leaming in an aim DI developing and maintaining independence. To deliver programme5 015UPPOrt for adults that locus on improving andlor avoiding the deteriLYation of physical and cognitive abilities,. supporting adults lo live inde￿ndent lives. Paces. Vlslon: To ￿ a Centre of Excellence and Specialist Resource for thildren, adults and their families, also for those working with children and adults with phys￿al reialed leaming difficulties of a neurological condition Iiypically cerebra pa15yI. PaGes ha5, and holds, certain core values in everything we do.. Innovatlv•: We will., Be alert lo changes in need and be positive about change. - Pilot innovats've prq'ecls and be passionate about communicating and celebrating Suc￿sS so they can be taken further by others. - Search out and promote new ideas and best practi￿. Page 2 Inclusive: We wll., Value the conlribulion others can make and we will lake lirne lo consult and listen lo their views. Be respjnsive lo requests for suppjrt and suggestions for developing what we do. - Involve stakeholders in shaping vthal we do. - Promote diversity and equality ol OPF¥Jrtunily. - Partner wlth other agencies and organisatsons lo hdp develcp Servi￿ of benefft. Honest: We will., - Be respethl fair, - Consislenl in iaking a non-partisan I ncfi-judgmental apryo&h. e clear and accountable for our WOTk ensuring tesl value and high standards ol Se￿ce dellvery. - Make the best use ol resources available lo us in a busines5 like and transparent rnanner. Rupon8Sbl•'. We will, - Always consider the impact d ijjr work Lm Others. Be awwe of the wider environrnenlal and social irnpacl of OUT work. - Provide leadership by setting goTrJ exarnples and ccfilribuling positively. ACHIEVEMENTS ANO PERFORMANCE . Revlew of KtlvStl Paces Sheffield is a leading SFeciaisl ￿ntre for b)th children and adults with cerebral palsy and other motu disixders. tljr CharSly and ser¥￿eS focus C￿ 'AbHily not Disability,. As at 31st August 2024 Pace5 School h&J 58 pupils on roll154.6 Full Tlrne Equivalenll.; in August 2023 there were 56 pupils on roll153.2 FTEI. Our Adult Service Day provision has remained level over this finanaa period,. in Augu512024 we were surporting 17 adulls111.9 FTEI. In August 2023, we SUFP¢Yted 17 adults, however FTE placing was sllghlly hwheT112.1 FTEI. Demand lorAdull Day Service provision rernains high. Paces Sheffield has a strong reputation for bJlh excellence and leadership in Ihe specialist provision of Conductive Education ICE). C￿dUctive Education is holistic integrated pedagojical l educational approach, which enables people with d￿age lo the ￿nIral nervous system lo leam lo overcome the chaienges they lace. 1115 an approach which is primarily suitable lor pecple with neurological c(￿dI110nS such as cerebral palsy, Pathlnson's disease, multiple Scler0￿S, Slroke, acquir&J head injury and dyswaxia. Neurologlcal conditions create a wide range of develcprwlal challenges, which can involve areas of gross and fine movernenl, perception, cognib'on, socSal skllls, wn015￿31 develowenl, SFeech, language and cornmunl¢alSon. These In lum can ￿gnIfICant1Y aff￿1 n￿tivation, confidence and persL￿alItY. Contlnued grovAh and consolldatlon. Pxes moved into new Adult Serviceslchadly Tearn premlses Isrnithy WrKJd Business Parkl in March 2021 and new schLyJI premi5e5 IThorncliffe Hall) in November 2022. Refuth'shmenl was financed by a uowdlunded £1.5m Lxjnd, charilatle grants and general lundraI￿n9. Both rnoves alkhved Paces lo grow both Adutt Day SeNce prov15Ion and provide extra SFecial Educalional Needs places lor new pupils al Pa¢es SchocA. In this financial period Paces has contsnu&Y to grow albeit, al a slower rnore sustainable pace than the previous year. Inevitably, coniinue(f gi(p￿h ha5 led lo incTeas&J staffing intake and we have welo)med moTe new staff lo the wi)rlrforce over the la51 year. As al 1.9.24 we employed 98 staff in lolal177.7 FTEI. Al that st￿ of the previous yew11.9.231 we emthed 90 51aff172.8 FTEI. 65% 01 wr staff fix￿ live Yilhin in the local Chapellown and Eccle5field communities. We ￿aY an acliye part in the local ccfflmunity and diredly support growlh in the local econony. Page 3 Paces School Our School continues ils positive development under the leadership of our Head of CLY)ductive Education and Deputy Headleacher, Paces SchcL)I was recently insFecled as p&101 the Ofsled framework maintaining ils 'Good' status In June 2024. Olsled reported that the school's inclusive approach ensures there are no barriers lo ￿￿'1s, achievemenls and that pupi15' Special educational needs are underslood mel well by dedicated, highly skilled staff, We were particulady eased that through parental feedback las part of Ihe inspeLlionl parents and carers were overwhelfflingly positive about the school. During the academic yeaT 2023124 pupil numbers increased. Ongoing effort has gone into expanding the school's staffing team lo accommcxjale additiond pupil F4acernenls. This year particular effort has been invested in growing leacherlConduCtr￿ capacity through training and inlemal prornolion. c￿e staff member gained full CL￿ductor slalus through completing her degree studies, one &hieved lull teacher slalus and we externally recruited a further teacher. Staff continuing professional development is a key locus IOT the school, wlh existing staff undertaking courses lo become both conductors and qualrfied teachws. InleTnally training and the appuinlmenl ol new staff has helped lo accomrnodate the increase in pupils without compromising the qualily ol the Conductive Education. Secondary aged puplls continue lo successlully gain WJEC c￿d[l$ which they are at4e lo exchange IOT a quallficalion when they leave Paces sch￿1. Significant lime has been spent consolidating new topic cycle5 with greater consideration lor the prcgression ol ski115 and knowledge, Middle leaders now have effective over5ighl of the inlenl, implemenlalian and irnpaGt ol their subject ￿TOsS the school. This year we have placed a 51gnificanl emphasis on Iransilions lo adulthood and lo prepare lor careers andlor further education. A teacher now has apFA)inled rèsp)nslbllily fcf Transits'cfis to Adulthood. PKei Outrelch Programrne Our Outreach Programme continues lo support children aged 1>4 and Iheir13rnilies. Children atl￿d in small group sessions, all ol whom have improved rnobilily, self-care, cofflmunicalion and social skills. Parents and career5 have improved their own cSrcuffl51ance and resilience particularfy through peer supwrt and shared experiences. Paces is in ils seventh successful year of delivery $upp)rted by Children in Need funding. As part of our last rnoniloring requlremenls Children in Need noted our strong feedback and moniloring prccesses, and importantly how we continually learn lo successfully evolve the wograrnme lo best sull ongoing need ol thildren and families, As of 31st August 2024, we were 51JPPOrting 22 children and their lamilies131.8.23 - 17 Children). rhe Outreach Programme acts as a leeder ol SEN wp'l Flacemenls lo Paces Schod and thus is an essential part ol prcgramme delivery which hdps ensure ccdts'nued organi5alional suslainab4lily. Paces Wellbelng and Pastoral SeThlce Paces Wel1b￿ng and Pastoral Lead continues10 5UPPOrt parents and carers. Cornprehensive advice 15 provided with regards lo creating Education and Health Care Plans Ihal accurately reflect the needs of the child, Parents of pupils in SL*ool are suptK)rted with the child's annual review process and In addition lo this slgnposts'ng lo relevant and possible sources of financial help and other services ol benefit. Our Wellbeing and Pastoral Lead also liaises regularly vilh soual care and health providers on behalf of our pupils and their lamili85. PKei Surnmer School In July 2024 we ran Jjr annual successful summer school wrth 15 pupils allending. Pupils had a very enjoyable week engaging in a range of Conductive Education wogramme5 as well a5 a range ol activities delivered by exlemal professionas vislloTS. The provision also provided much needed resplle lor parents and gave essential coverage lor working parents. Adult S¢NI¢ Our Adult Day Servlce Provision has continued lo support 17 adults. The service ccdtinues lo te effectively run by our Adult Services Manager and Adult SeNces Lead Conductor,, the team are 5UPParted by the He￿ ol Conducts've Education and Head of Operations, Our staff team ol Conductor Adult Sutport Workers has in(￿aSed lo be ablp lo accomrnodate the needs ol our adults. Siaff training has been a focu5 lor Adult Services, this year one member of staff comtAeled her Level 3 AIM Conductor Assistant Course, Imwrtantly in Septemter 24, one member ol our adult 51aff team enrolled onlo the Conductive Education undergfaduale degree course and is part of the longer-lerm slralegy lo grow our Adult Provision, Presently, further growth is lirniled by staffing capacity (manly Conductcffreacher capacilyl. However, more recently we have added additional Conductor capacity by growng teacher c4)acily in schoc4 and cross-fertilising capacity across bDth School and adult service provision. In November, 2024 Sheffield City Council undertook a lull monitoring visit lo assess Paces alull service delivery against the Adults wilh Dis*ilitie5 Day Opportunits'es Ffamewixk. The Servi￿ was PAG raled'Green'. We continue lo build effective relationships with ajull social care and several cther providers including other secondary 5choo15 in the area lo support with transition into adulthoLxJ lor several young adults and their p05116 Flacemenls. p￿e5 School conts'nues lo be a feeder into Paces Adull Services Provisi￿. Paces Bu8lne85 Plannlng Page 4 Re.PDrtALththusle As part of secunng a £1.5rn sC￿la1 lending through a crowdfunded trK)nd raise (covering costs of refurbishment of Thorncliffe Hall and Smithy Woodl, an eighi-year business FI￿ was developed in partnership ￿￿th Triodos Bank. The crowdfunded bjnd is lo be repaid in lull in August 2029. The business plan is based on incremental growth of children's and adult services helki'ng lo meet si)me of the high level of demand fcf specialist educational SUp￿rt for children adults with phy&cal dis*illty. Pa￿S continues lo exceed original business plan prO1￿10n8. Fundralslng and supporter• Presently 7.5% 01 Pa￿$ income is achieved through wr fundraising effort5. We are supp)rted by Grant Making Trusts and Foundalicfi5, d￿alOnS & sFK)nsorship and Ccfporale spjnsorship partners. Fundraising is now achiewng a Small profil a higher return on inveslrnenl (Roll. Better yofilatrmlity following the impact of Ihe Covid pandernic and more latterfy the cost ol living crisis has been an irnp0rt￿I goal as we lo)k forward lo lulure devdopmenls al PaTr5. We continued to grryw Club 300, our charity business club, whose mernbership now includes 58 businesses Irorn the region145 as al 31.8.231. We have aso delivered a ftjll calendar of successfijl fundraising events in 2024, many of which have been sponsor&J and supported by Club 3QX) membws. We continue lo wotk with amazing volunteers and we'd like10 Say a huge thank you for their lime, passion and dedication in supporting Paces. Granl fundr&sing remaned strong over the financial year. Paces Outreach Prograrnme and Surnmer School were both funded by grants rnade lo the arg￿lsatiOn. As both sch￿1 and adult services grow this inueases the need lor specialist equipment in both seNlce5, grants have also Flayed an essential part in meeting that need. As always, Ihe Trustees would like lo lake this opportunily lo thank our supporters, bjth I￿lly. reglonally and nationally, who have helped sustain and advance the ambilic￿S of our children. adults, parents and staff, We are incredibly gratelul lor the donations which we have wlved through Trusts and granls, Co0￿rate and ¢ommunily donations, events and individual gimng. Pac¢J School P•rent & TeacherAs8oclatloD {PTAI The Charity remans p&licularfy grateful lo all wr sthcx)I parents and familrds lor Ihar rffjgoing 5UFPCfi. The Tnjslees are very pleased lo rewrt that our parent led PTA continue510 5UFpcfi ihe school wlh ongdng exciting events, A particular highlight th15 year was Paces Danceathon. PTA evenls not only offer vauable social galherfngs for our pupils and families bul have br£￿ght in monies for the school for which the Trustees are thankful. b. Fundrnl•lng act1v1t1￿ and income gener•llon Approach to Fundralslng Paces Sheffield has a dedicated team of Fundraising Staff. This cU￿entlY includes our Fundraising and Cornmunicalions Manager Fundraising Even15 Coordinator. Paces Grants Team employs a part-lime Trusts and Grants Officer and our Head of Operations dedicates 1 day a week lo grant lundraising. Comrnerclal Fvndralger¥ The Charity does not ernploy and has never employed comrnerdal lundrasers, In particular, the Trustees would nol SL*PPOrt the paying ol third-patty ¢ommwaal cl9anisati￿S lo fundraise on P￿eS Sheffield behalf. Fundrnlblng Confomilng to Recognl¥ed StsndardB The Charity has a Trustee adcpled Fundraising Poliry, Fundraising Strategy and Cash Handling Procedure. All asFecls cl the way the Fundraising Team operates refers lo our Funding Regvlator Kcredi13tion. Fundraislng Complalnts We have not had lo dale any Fundraising Complaints. Protectlon of the Publlc from Unreasonably Intruilve Approaches The Charity does not mailshol memters cl the public, and would never'chase, dc￿C￿S in search of funds. This would be contrary to the exkxessed altides and objects ol the way OUT ch￿tY is governed and led, both by Trustees, Govemors and Staff. Suc* appToaches would dso be in breach of our &lopled GDPR Slandwds, vthich we led by our indeFendenl Data Proleclion Officer (Bruce & Butler, Sheffieldl. Data Protectlon The Chwily employs an exlemal Data prot￿tIOn off￿r and ltsjelher we continue lo wogress the managernenl of how data is held and prttessed by the ganisati(￿. Page 5 FINANCIAL REVIEW Going concern The Trustees have considered the level of funds held and expected level of incorne and expenditure and Iofecasled cash flow far the Feriod lo 31 August 2025 and have applied various S￿narios lo stress lest these forecasts. The budget&1 income and expenditure is exFected lo be suffiaenl wilh the level of reserves for the Charity lo be able lo continue as a going concern, b. Reviewof th• Ilnanclal year Income Irorn charitable aGtivilies amounted lo £3,341,77912023'. £2,701,957). Other incLYne, including inccme from donallon5 and other inccyning resources, was £559,22912023.' £445,20319iving lolal income lor the year 01 £3,901,00812023'. £3,147,160). Total exFenditur8 lor the year wa5 £3,326,10612023.' £2,B44,7191 giving nel income of £574,90212023. £302,441). 'Il should be noted that Paces holds an 8 year £1.4975m txjnd which is repayaNe on 3151 August 2Q29, whith currently si15 on Paces ba1￿ce sheel.1£500 wa5 repaid this financial yearl. c. ResoThe8 pollcy Total funds canied fC￿ard are £1,822,69312023'. £1,247,791) of which £69,74112023.' £62,142) are Teslricled funds and £1,752,95212023.' £1,185,649) are unrestricted funds. 01 the unreslricled funds, £1,559,70012023', £1,651,938) which are the designated funds, represents the nel book value of fixed a55e15, leaving a surplus ol reswes ol £193,25212023'. delicll of £466,289). However, this figure includes a £1.4975m bond creditor Ilhrough Triodos social lending) which is not due for repaym￿1 until 2029. The current liquid balan￿ on reserves is therefore £1,690,75212023, £1,031,711). However, Paces continues lo allocate £240,0￿ Fer annum over the term of the crowdfunded bond to meet ils social lending liab51ilies in lull in 2029. Trustees have carefully considered 3 reserves policy I￿ the charity lo maintain a level ol freely available reserves that reflects both Ils annual prqected expenditure and also now considers the future £1,4975m bond repayrnenl. To this effect current liquid balance reserves of £1,690,75212023: £1,031,711) represents 3.9 rnonlhs of expendilure12023'. 3.51 monlhsl. d. Publlc Beneflt In planning and delIV￿ng our Services and activities, Ihe Trustees and Senior Management Team of Paces Sheffield have given due regard lo the need lo ensure that the school and our adult provision provides public benelS1. Idlcming the Charity Commission's guidance on these matters. Detais of how the Charity has carried out its actiwb'es for the public benefit are given under'review of acliwlies, in this reporL PLANS FOR FUTURE PERIODS Paces has under9one significant growth over the lasl tsvo yèars Ilumover ha5 Incwsed Ircffl £2.62m lyle 31.8,22110 £3,90m lyle 31.8,241 since mo¥Ang to n* premise5. To Galer lor the growch, programrne delivery staffing has also increased greatly in this Feriod. However, the impact of rapid growth has, al limes teen Idl xross the whole organi5alion, Growth of the charity following moving lo new wemises has lthen considerable rnanagemenl resource. Although there is significant d￿and lor further growth o15chool places and Adult Day servi￿ places, il is fell further growch in Paces staffing slructure al managerial level is required tefcfe any further significant growth o15ervice provision. In resp￿Se lo this, Iruslees agreed an additional Deputy Headleacher in the current budgel lo suppori the exi5ts.ng management team. The successful candidate will sl* p051 In May 2025. In December 2024 Ihe Trustee5 and Senior Management Te￿ agreed re￿rganiSatIon cl Ihe SMT lo provide a stronger rnanagerial basis prior lo any further developrnenl. As a result, existing roles within the SMT were redefined in both Ih&r SCOFe and lille. A new post of Director of Services was created (which has been filled by The Head ol Conductive EducalionlHeadleacherl lo better ren￿( what was currently happening in practice. In addition lo Ihis a new p0510l Head of Business Devdoprnenl & Strategy was crea18d (filled by the Head of Operations) lo enatAe him lo narrow the scope of his role focusing on the critical and cue areas ol gran15, fundraising and business projects. As a resull ol this there was a need lo redefine the Head of Operations role, The posl was successfully wiled lo in January 2025. In Cklober 2024 the Trustees and Senior Management Team agreed re-organisation ol the SMT lo provide a stronger managerial basis prior to any further developrnenl. As a result, a new post of Director of Service5 was created (which has been fi'lled by The Head ol Conductive EducalionlHeadleacher}, a new pjsl of Head ol Business DevelDpmenl & Strategy was created (filled by the Head of Opwats'onsl and in November 2024 the post ol Head of Operati(￿S was advertised. The PDSt was successfully recruited ID in January 2025. Since moving lo Thomclifle Hall in November 2022 Paces School has grown rapidly and 15 gelling nearer lo ils SEN place FTE capacity160 pupil FTEI. Over the ext three years we have increasingly larye cohorts ul secondary age pAJpils who will access into our Tran5iliar15 to Adullhood programme5. As a strategy for b¥J(-filling sthod places our Outreach Programme has been expanded 15 crucial p￿t of P3ce5 future business plan, Page 6 &op.QrtALth￿u8leftS Of those secondary schod aged PUFils Iransilioning lo adulthood, some of those Y￿ng adults wil be suppcrted into exlemal training, college, emFloyment andlcf other day service opporlunilies. However, il is likely Ihal many young adults will seek a Flac& at Paces Adult Day Se￿1￿. Presenuy there are ￿ key challenges lo &¢c￿mOdatIng dema)d from p￿e8 Schcx)l and external dernand.. 1. Staffing capacily in adult serMces- Presently we opwate the Adult Day Service Provision y￿rh 1.2 FTE CMductor l Teachers. There is wesenlly no addilicnal Conductortreaching c¥acily ams the org￿lSa￿Cfi. 2. Although we can accomm&late prleded growth al Smithy Wocmj lor the next Ihree years, beyond this timescle spatia capalllty at Smithy Woc*l will limit further grovrth and an a)i1Sly to lurthw svpport Transitions lo AdullhoAJd. Re5ullanUy, the SMT have been charged by the Truslees lo undertake fea5ibilily work that can help deliver,, A larger Adull Day Servth wovision. A new16-25 year old provision. A larger Adult Sessional Projramme supwrting adu115 with Parkinson's and lor Indl¥Aduals who have experienced a stroke. Increased numters ol Tethers andlor Conductors. With extra capacity now invested in the SMT this leasibilily work can start. Groth in Adult Servlces is an active strategy ihal Trustees ￿5h lo pursue to help meet the demand of greater numters of adults who CG￿ld benefit from Paces suppart. REFERENCE AND ADMINISTRATIVE DETAILS R¢gl•tered Compny number 04793176 (England and Wales) R•glst•r•d Chlrfty nurnber 1104356 Regl¥tered olflce Unil 4 Smithy Wo(yJ Business P*k Smithy Wotmj Drive Sheffleld South YO￿ShIr8 S351QN Truit•es Michelle Willlams- Charfrom 29104124 laFpoinled 24,1,20241 David Idle- Chair lo 2810412024 Ruth Garbutt (Tesigned 20.10.20231 Scott Sanderscfi Iresigned12,1.20241 Hary ￿'ther5 Alison Roy Gail Sullon (resigned 15.4.20241 Rachel Dodd lappoinled 29.4.20241 Thomas Lane Senlw Man•gement Team Ruth (Head of Conductive Education) Paul Walters (Head of Operations) Audltorn Kingswo&J Allotts Limited, Statutory Audllor CharteTed Accountants Sidings Court Lakeside tkncasler &￿th Yorkshire DN4 5NU Page 7 REFERENCE AND ADMINISTRATIVE DETAILS Banker• Royal Bank of Scdland Sherrield Church Street Branch 1 Spinningfields S¢ware Manchest M3 3AP EVENTS SINCE THE END OF THE YEAR Information relating lo events since the end ol the year 15 given In the notes to the finanaal statements. STATEMENT OF TRUSTEEV RESPONS181LITIES The Trustees lltho are also the directLYS of Paces Sheffield fcf the wrp)5e5 of company lawl are responsible for preparing the Rewi ol the Trustees and the linanaal slalemenls in aCc￿d3nce with apF4icable and United lfjngdom Accounting Standard5 Iuniled Kingdom Generally Accepted Accounting Practice) induding Financid RepJrting Standard 102'The Financial Retx)rting SI￿dard apFlicable In the UK and Republic of Ireland. Ccffipany law requifes the Trustees lo prepare financial slalemenls lor e%h financial yew %thich give a true and laiT view of the slate of affairs the cttarilable ¢￿panY and of the incoming rescwrces and applicaticfi ol resources, including the income and expenditure, of the charitable company for Ihal period, In preparing Ih05e fin￿￿￿ slaternenls, the Truslees are required lo - select suilat4e accounting policies and then apply them ¢onsistenlly,' - observe the melh¢JJs and prinriples in the Charity SORP,. - rnake judgements and eslimales that are reasonatle and prudent., . Fyepare the linanaal slalements on the going concern basis unless il is InappYoprfat8 lo presume that the charitable company will continue In ￿siness. The TNslees are re5pJnsible lor keeping proper accounting records thich disc105e wlh reasonable acajracy at any lirne the financial posStlon of the charitablè company lo enat4e them lo ensure that the fin￿CIal slalernents cornply lwlh the Cornpanies Act 20C6. They ple also responsible for Safeguarding the assets of the charilatle company and hence lor laking rea50natAe 51eps for the prevention and delection of Iraud and other irregul￿1(￿5. In so lar as the TIu51ees are aware". - there Is no relevant audit information of thich the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought lo have l*en lo m*e thernselves aware of any relevant audll inlorrnalion and to eSt￿lish that the auditor5 are aware of that Inform*ion. ol13)2 Approved by the Board of Trustees on ....... . and signed on Ils tehall by.. Michelle Williams- Twsiee Page 8 Opinlon We have audited the financial slaternenls of Pace5 Sheffield Ilhe 'charilable company'l for the year ended 31 Augusl 2024 which comprise the Staternenl ol Finanaal Acllvits'es, the Balance Sheet, Ihe Cash Flow Slalemenl and notes lo the linanaal slalemenls, induding a surnrnary of significant accwnling pc4iaes. The finanaal repoiting fwework that has ￿en apptied in their PTeparalion is aFvlicable law and United Kingdom Accounting Slandwds (United Kingdom Generally Accepted Accounting Practice), including FinanciJ Rewrting SI￿dard 102 'The Finanual Re￿Iting Standard aprAicat4e in the UK and Republic of Ireland,. In opnicfi the financial statements.. give a true and fair view ol the slate of the charitable company's affairs as al 31 August 2024 and of its incoming resources and application of resources, including ils incorne and expenditure, for the year then ended., have been properfy prepared in accordance wilh United KingdLYn Generally Accepted Accounting Practice, induding FIn￿￿3[ Reporb'ng Standard 102 'The Financial RepcA1ing Slandwd 8pplicaLle in the UK and RerAJtrAic of Ireland,; and have been prepared in accordance vllh Ihe requirements ol the Companies Act 2006, Basls for oplnlon We conduded OUT audit in accordan￿ with Inlemallonal Standards on Auditing IUKI IISAS IUKII and appllcable law. Our TesrKJnsibililies under those slandards are further described in the Auditors, resp￿sibIlItieS lor the audit of the linancial 51atemenls seclion of our rep)rl. We are independent of the thadtable CoMp￿Y in accordance with the ethical requirernenls Ihal are relevant lo our audil of Ihe financial statemen15 in the UK, induding the FRC'S Ethica Standard, and we have fulfilled our other elhical re5ponsibililie5 in accordan￿ with these requirements. We believe that the audit evidence we have cèlalned Is sulficienl appropriate lo provide a basis lor our Okinion. Concluslons relatlng to golng concem In auditing the financial slalements, we have conduded that the Iruslees, use ol the golng C(￿ceM basis of accwnling in the preparation of the f￿nandal slalernenls is apprcpriate. Based on the work we have perf￿M￿l, we have not identified any materia uncertainlie5 relab'ng lo events or conditions that, indi￿duallY or collectively, may cast significant doubl on the charilaNe c￿mpanI$ ability lo continue as a going concern lor a peri(JJ of al least twelve M(￿thS from when the financial slalernenls are aulhorised fcf issue. Our responsibilities and the responsibilities of Ihe Iruslees vilh reSFect lo going concem are described in the relevant secticns of this report. Olher Inlormatlon The Iruslees are ￿pC￿S[ble Icf the other information. The other information comprises the information included in the Annual Report, olhpJ than the fIn￿CIal stslemenls and Report of the Independent Auditors Ihereon. Our OF4nion on the financial slalemenls does not cover the other inforrnation and, except lo the extent olhewse exFlially slated in our reFort. we do not express any fom7 01 assurance conclu&on Ihereon, In c(￿neCtIon with our audit ol the financial slatemenls, our responsibility Is lo read the other infonnalion and, in doing so, consider whether the other inforrnaiion is materially Inc(￿sistenI vllh the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such rnalenal inconsistencies or apparent material misslalernenls, we are reqUI￿d lo detemiine whether (his glves rise lo a rnalerial misslalemenl in the finana slalemenls themselves.11, based on the w￿k we have performed, we conclude that there is a matèrlal mlsstatemenl of this other information, we are rffjulred lo repl￿ that Ixl. We have nothing lo report in Ihis regard, Oplnlons on other matters prescrlbed by the Companles Act 2008 In ouropinion, based on Ihe work undertaken in the course of the audit.. the information given in the Report ol the Trustees lor Ihe linanaal year IOT which the fi'nancial slalements are prepared is consislenl with the financial staternenls,. and ihe Repcrt ofthe Tru51ee5 has teen prepafed in ￿OrdanCe with applicable legal requirements. Matter¥ on *thich ￿ are requlred to report by exceptlon In the light of the knowledge and understanding of the tharitable ojrnpany and ils ￿VIrOnMent obtained in the c￿r5e of the audit, we have not identified Mat￿ misslatemenls in the Report of the Trustees. We have nothing lo ￿￿Jrt in respect ol the following rnallers where the Companies Ad 2006 requires us lo report lo you if, in our opinion.. equate accounting r￿ordS have not been kept OT Telums adequate lor our audit have not recaved from branches not VI￿led by us,. or the linanaal siaements are not in agreement with the ￿)UntIng recoTds and Telurns,. or certain disd05ure5 01 Iruslees, remuneralon speafied by law are not made,. Cf we have not reC￿v￿j all the infumation and explanations we require for our audit., or the Iruslees were not ents'lled lo lake advantage of the small companies exemption from the wuiremenl lo prep¥e a Strategic Report Cf in preparing the Report of Ihe Trustees. Page 9 Respon8lbllltle8 of trustees As explained m￿e fully in the St*menl d Trustees, Resp)nsibililies, the Iruslees Iwho are also the directors of the charitable company lor the purposes of company lawl are resp)nsible lor the preparaticfi ol the financial slalemenls and lor being salisli&J Ihal they give a true and fair wew, and for such inlemal Jnlrd as the trustees delemiine is necessary lo enatle the preparation of financial stslemenls that are free frorn material misstaternenl, whether due lo fraud or erfor. In preparing the financial staternents, the Iruslees are responsit4e for ass&55ing the charitable company's ability lo continue as a gcing concem, disdosing, as apF4icable, matters related lo gcing concem and using the going concern basis of accounting unless the Injstees either in1￿d to liquidate the tharilable C￿panY or lo cease operations, u have no realistic alternative bul to do so. Our responsibilitles for the audli of the flnanclal thtements Our objectives are to oblain reaSOna￿e assurance ab￿1 whether Ihe linanaa slalernenls as a whde are free fr￿n rnalerial misslalemenl, whether due lo fraud or error, and lo issue a Report of the Independent Auditors Ihat includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audil conducied in acclydance wilh ISAS IUKI will aways delect a materia misslalemenl vthen il exists. Misslalemenls can arise from frajd or ernr and are considered material rf, IndSvidually or Sn thè aggregatè, they could rea￿nablY be eXp￿ted to Infiuen¢e the economic declsions of users taken on the basis of these financial stalemenls, Irregularities, induding fraud, are instances of nonJl meas Hwry Bottom Charitable Trust Sheffield Churth Burgesses Twsl Mathet Suslalnabillly and Improvement Fund Children In Need HSBC UK Sports England Grant Holiday5 Aclivilie5 with Food Grant Hays Travel Foundation Sheffield Clty Counol Recovery Grant Svilalskis The Percy 8illon Cttadly The Nallonal Lattery Comrnunily Fund Malchroom Charitable Foundation Sl Wilfrid's Eng115h Hub Slaler and Gordon Olherdonats'ons Other grants 36,581 16,250 5,029 97,612 3,173 16,859 36,581 16,250 5,029 97,612 3,173 16,859 46,075 16,210 4,940 27,717 8,883 15,189 26,845 26,845 9,949 25,466 7,837 3,0 2,000 9,949 5,608 27,455 5,608 27,455 27,722 13,199 8,497 5,802 6,520 1,974 14,534 6,118 6,118 6,592 40,000 6,592 40,000 25,000 6,000 10,000 142,920 25,925 25,C#JO 6,000 10,000 1,282 22,230 141,638 3,695 181,696 33,910 Total 2024 180,282 327,634 507,916 432,371 Total 2023 186,722 245,649 432,371 114VESTMENT INCOME 2024 2023 Deposit account Interest 45,537 12,832 Page 17 continued... INCOME FROM CHARITABLE ACTNrriES 2024 Charitable activilies 2023 Total activities Children'5 strvices Adull sefvices Adult sessional 2,802,757 538,557 465 2,232,576 467,156 2,225 3,341,779 2,701,957 OTHER INCOME 2024 2023 Student pl￿ment incorre 5,776 RAISING FUNDS Ral•lng donatlons and legaclei 2024 2023 Stall costs Other fundraising costs 123,046 86,727 174,724 107,tE5 209,773 281,789 CHARrrABLE ACTMTIES COSTS Direcl costs Support C0518 2024 Total 2024 Tota 2023 2024 Children's s8rvSces Adult serylces 2,412,034 449,053 230,266 24,980 2,642,300 474,033 2,133,466 429,464 2,861,086 255,246 3,116,333 2,562,930 Total 2023 2,336,871 776,059 ?,ffi?,q2n Supp)rt Costs represent central office functions which includes costs of the flnance team salaries, human resou￿8, pr0rnoti(￿ and advertising, information technology and finance costs, Included in supplyt costs are the following governance costs.. 2024 2023 Auditors remuneratic Trustee expenses Legal and prolesy￿al 14,400 59 19,512 12,000 110 10,357 33,971 22,467 Page 18 continued... EQEThLXeAr￿Dded..3.[AUgU￿L2￿z4 NET INCOMEI{EXPENDITUREI Net ino)mell&xpendilurel is stated aftet chargingllcredilingl., 2024 2023 Depreaalion- own&J assets Hire of plant and machinery Deficit on disposal of fixed assets Audilofs remuneral Bond inlwesl 131,890 144 131,542 144 1,733 12,CKiO 87,626 14,400 87,623 TRUSTEES, REMUNERATKIN AND BENEFITS There were no Irus188s' remuneration or olhw tenefils for the year ended 31 August 2024 fc¢ the yèar ènded 31 August 2023. Tru•tee¥' exp¢nse• There was one Iwstee expense pald fff the year ended 31 August 2024 for £59 of travel expenses12023.' £1101. 10. STAFF COSTS 2024 2023 Wages and Salaries Social security costs Other pen￿Cfi costs 1,982.816 162,388 109,368 1,673,126 136,346 52,188 2,254,572 1,861,660 The average headcounl expressed a5 full-lime equivalent was.. 2024 73 2023 Charflab18 actI￿lIeS The average mcfithty numter of emF4oyees durlng the year was as follows.. 2024 91 2023 81 Charitab18 act1￿lIeS The number of employees whose ernployee benefits lexcluding employer p￿slon costs) exceeded £60,Tr)O was., 2024 2023 £60,001- £70,()Jo £7Q,001- £80,tMJo The total amount of employee ￿nefits Ilnduding employer pen5i0n conlribulionsl received by key managernenl ￿r8(A)ne1 for their 5ervice5 to the charity was £167,09712O23'. £195,034). The charity consider&l ils key management personnel to Ccffiprise the Head of Conductive Education the Head of OFwats'ons lor the Ferityj 1 September 2023 to 31 August 2024. For the Feriod 1 Septwnber 2022 10 31 August 2023 il consldered tts key management ￿rSOnnel lo cornpnse the Head of Conductive Educaticfi, the Head of Funltraising and CornmunIcatiry￿ and the HeaJ of operati￿S. Page 19 continued... aces Sheffie 11. COMPARATIVES FOR THE STATEMEIIT OF HNANCIAL ACTMTIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENfs FROM DC￿all0￿S and legacies 186,722 245,649 432,371 Charitable activltles Charitable actiwlies 2,701,957 2,701,957 Inveslmenl income 12,832 12,832 Total 2,901,511 245,649 3,147,1&J EXPENDITURE ON Raising funds 281,789 281,789 Charflable actlvltles Charitable aciivilies 2,276,721 286,209 2,562,930 Totsl 2,558,510 286,209 2,844,719 NET INCOMEIIEXPENDITURE} 343,t)J1 140,5601 302,441 RECONCILIATION OF FUNDS Total funds trKoughl lO￿ard 842,648 102,702 945,350 TOTAL FUNDS CARRIED FORWARD 1,185,649 62,142 1.247.791 12. TANGIBLE FIXED ASSETS Property Property improvements improvements Smithy Thorncliffe Wood Hall Fixtures, fillings & equipment Computer equipment Totals COST Al1 September 2023 Additions 164,816 15,284 1,476,436 24,368 192,614 72,631 1,906,497 39,652 Al 31 August 2024 180,100 1,500,804 192,614 72,631 1,946.149 DEPRECIATION Al1 September 2023 Charge lor year 42,773 16,989 81,619 66,762 76,786 37,437 53,381 10,702 254,559 131,890 At 31 August 2024 59,762 148,361 114,223 64,083 386,449 NET BOOK VALUE Al 31 August 2024 120,338 1,352,423 78,391 1.559,700 Al 31 August 2023 122,043 1,394,817 115,828 19,250 1,651,938 Page 20 continued.. 13. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade deblcfs Prepayments and accrued income 114,129 118,920 323,198 133,386 233,049 456,584 14. CREDITORS,, AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade credllfxs Social s￿￿rItY and other taxes Accruals and deferred income 21,921 36,738 122,608 46,636 32,089 431,206 181,267 J9,931 The rn0¥￿entS on deferred income were., 2024 2023 Bal￿Ge brought forward Income Teceived Income released lo SOFA 380,786 299,893 3,675 380,786 1380,7861 1299,8931 Balance carried Iofward 3,675 380,786 Deferred incorne is in respect of fundraising income pakl in ajv￿ce, last year deferred inccrne was in respect ol local aulhorfly fees paid in alv￿Ce, 15. CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bonds payable 1,497,500 1,498,000 Thè bcfflds are repayable in August 2029 and are unsecured. Some bond hdders offer8d lo recelve no Interest, others received intere51 at a redu rate of 3% ané the remalnlng bon¢J holders received interest al 60A, this Inte￿$1 is paid annually (average 5,84%), 16. LEASING AGREEMENTS Minimum lease payments under non