REGISTERF.D CO%1 qPAN)' NLIMBER: 0264900 {EnglJnd and Wales) REGISTERED CHARITY NUMBER: 110844 Report of the Tru51ees and Unaudited Financial Sialemenls for ihe Ycar Ended 31 larch ?024 for GUST Independeni School Ltd (A Compan!. Limited bi Guaryntee) Clive Oi%'Lii LLP Chartered Accounian Kepler Hou5¢ Belii)oni Busini'ss Park. DURFIAM DHI I-I-W
C.LIST liidependeni School Lid Conlcnts ()f the Financial Stalenients (or the l-¢ar Ended 31 llJrrli ?V?4 Report ofthe Trustees I 10 i Ind¢pendeiii Examiner's Reporl Sialement of Financial Aclii"ilies Ilalance Sheet Cash Floi*' Sialement Notes to the Cash Flo Stalemenl Nolei ¢1> ihe Financial Sialement5 9 10 17 Detailed Staltment of Financial Aclii ilies 18 10 19
G IIST In(Jependeni School Lid
Rc'pi)rl i)f I he Truslees
lor the l'ear Ended 31 Ilarch 71124
The trusiees I110 are also direciors ol- Ihe chariiv t.or Ihe purposes of (he Coiiipaiiies Aci ?006. presenl Iheir repon iih
Ihe finc1ncial Sldieiiienls of the charilN' t-or iliL l'ear ended i l March ryQ?4. Tlie irusiees hai'e iid()pled ilie provisioiis of
AccouiilinLTr and RLPOniiii,
b%" Charili¢s- Siaieiiieiii ot- Recoi)Iiii¢i)d¢d I'raclice applicable 10 charil ies prepariiil Ilieir
ACCI)iJnl4 iji 'ir.ri)rdi?nc.e iviih ilie Fin<1ncial ReportiiiLI
%taiidard applicable iii il)e U K aiid Reiiublic i)I' I I'L.larid (fr RK I O? I
(eflectiv¢ l January ?019).
GUST Independeni School Limiied was fonnallv knoivn as Get U Siarted Training Liiniied.
011.IF.CTIN'F.S.4YD ACTIVITIES
Ohji'clii"c'.5 aii(l aim5
"I"lie priiicipal aili%'ilN of the charilable companK" coniinues to be Ihe proi'ision of educaiion aiid trainiiic) of scliocil agje
childrLn {()-17 yl'ar vf aiyel N%'iih learnin Jsocial:'eii)oiioni11.'beha¥'iourdl dil-liculiies Ih0 have beei? excluded or are Ill risk
of exclusion troin Inainsrreain education. GLiST Ork'S ii'iih pupils lo iniprove Iheir acadeinic. social. iii()ral and personal
developinenl ivell beii)u in order lo enhance ih¢ir lile chances i%'iiliiii the local and wider coininunilies wilh a view
iowards achievin2 fulure emplovinenl or appreniiceships or further educaiion (Colleuel opportunities.
The broad siralesies of improvins studeni personal developineiii and perloniiance. increasin¥ headcouni and coniinuin¥
lo develop and enhance the overnll pmvision. reniain unclianiyed.
The Inain aims Ot" Ihe charitable coinpanv are=
l. To develup ai)d eiicouraiye persoi)al developmeiil bv sharin2 01-e.Iperieiices over iiiiie i%'iih peers. siall.. parenis.
and Ihe local coininunity.
2. To encouraiFe and einpower pupils 10 affect chani?es in their lil-es11.le choices. bv e.xample froii) oiher learners. slatT
aiid Sliiiable role Inodels.
To LfL'dte opporiuniiies for employmeni. appreniiceships or further educaiion ihrou¥h academic and Vocational
teachingy aiid leaminiy
4. To ulil ise ilie school M IS and sateouarding svslein lo enhance daia colSeciion and reponing.
5. 1.0 coniii)ission seThicL'S of an indenden1 SLhool Iinpn)veiiieni Panner ISIPI lo Inenior and ad%'ise SLT in
mainlainiiiiiliiiiprovinu
Of%t¢d ratinLI.
6. To coinini55ion ser¥ices ol" Educaiion W'ellare Ollicer IEIA'O) Ihrouo
.h Siruciured Learnino Assistance w ith
NonhuIberIand Couniv Council lo leL)allv Inanalye pupil aiieiidaiice.
carers
Pii hlii Ileiiefil
TIIL LliiiriliiblL Loinpanv's aims and achievements are sel oul iviihin Ihis repon. The aciiviiies sei oui in ihis repon l)ave
been undert
C. U.ST In(Jepeii(lenl %chool Lid Reporl of ihe Truslecs l(Jr Ihe I'vAr Ended J l .%la rch 2024 INAINCI.4L RE.lEI. 'I'IIt' LLirreiii rLserN'es ol- £675.0)O. wilh unresiricied re5erve5 Ot £660.800. are in excess of ihe cliariiable coiiipanK s Polic which aims io keep reserves sulTicient 10 CC)VL'r ihree Inonih% lapproiiniatel%' one ienii) ntniiinu c05tg_ 140ii"ever. due to uiicertainlv in ihe econoiiiy these fi(Fures w'ill be available io suppon anv fuiure extra expenses. Tliree ii)oiiilis runninu cosis based on ihe lasi 12 months is £220.000. FUTURE I'LANS The plJn% liTrr ?0?4 are to iiiiplemeni siraie¥ies which will provide urowih. These are aoreed upon. al Ilie annual truste¢S A.G.M l Directors) iiieelinc¥ The diin ol"Ihe scliool is lo inCaSe pupil numbers 10 45 in the short iemi and 50 in the Inediuiii teriii. Principyl Risks and Un¢er¢ainlies The principal risk and uncerlainlie5 atTectinu ihe charii!, relaie io a iiem. SEMH school openiiil? in Bl¥ili i¥liicl) could affeci statlingD and pupil nuiiibers. The charii!. plan to increase ihe nuinber ot- pupils ret-erred oui wilh Northuiiiberlaiid Count). Council aiid adverlise for ieachinii aiid reachinu a55isiani roles. TIIUCTUIIF., C:()I'ERNANCF. AND %1A%.4C:F.TrIF.YT eriiiiig di)¢unienl -I'lie iliaiilablL Ll)iiipaiiv is conirolled bv ils L?overninL docuineni. a deed ol trusl. and consiiiuies a liiiiiled coii)pai)y. limited bN' uuaraiiiee. as detined by ihL Coinpanies Acl ?006. GUST was incorpordied as a Companv Liwniled bi, Guardniee on ?Oih Ociober ?O(H. As a Companv Liiniied bv Guarantee. there is no share capiral. Even, ni¢mber of ihe companv undertakes to contribule io ihe cls.sels ol- the ¢oinpanN' in the eveni of li bein? i%'ound up li hen lie slie is a iiieiiiber. or i%'iiliiii 01?e l'ear after he:'slie ceases 10 be a Ineinber. such ainounl as niav be required. noi exceedini. £ l O for the debis and liabilities contracted b¢lc)re helslie ceases to be a nieinber. The relevani governinu doLumeni ol- Ilie coinpanv is ihe Meiiioraiiduin and Anicles ol- Associaiion. Kecriiilnient And A ppoinlnienl i)( nem irusiees New iruslees Ina! be appoinled by a resolulion passed at a special nie¢tin¥ of ihe Irustee& or b%. siaiuior¥' poivers. New Irusiees are reminded of iheir leeal. and other responsibiliiies and are provided wilh an induciion. which includes laiiiiliarisati(In in ilie laN'oul. operdiions. slatT and siruciure ol- Ihe Scliool in addition to financial. legal and saf¢guardinL iiiaiiers. An!, subsequenl IraininL) requirenienis that are hrnijiy hi t(I Ilie alteiilion of Ihe Board of Irusiees are seriously coiisidered and depeiid on ihe individual's prior e.xperience and relevance lo Ilie charill's objec11e5 and aiiiis. OrgdniiAtil)11411 51 ructure Govemors ol- CJIJST are also ihe irusiees of the charilli ble coinpanN'. i¥hich currentlN' comprises eiuhi Ineinbers. ThL Iruslees ar¢ also appoinied direclors for Ihe purposes of con)pani" laii.. Tlie Irusiees are responsible tor settinu uenerdl polic!. To fullil ihese requireiiienls Ihe Board ol" IrusteLs. coiiiprisini? to ien iiieiiibers. Ineeis eacli tL'ni) io adininister ihe cliarilable conipanv. Thcl, appoinl a Head ol. Sclic)ol io manaL?e the dav-to-daw operations ot-lhe charitable coinpan!,. Th¥ iiiaiiaL)einent and daN 10 daN' ruiininu of ihL' School is delegaied io the Head of School. Jonathan Blower (who is also a trusiee and direcior) and her senior stafl-. RF.Ff.Rf.INC-.F. .4N'D.4t)tyllYlSTRATIN'E I)F.T.41LS RL'#i%lL ri'(1 C £)fiiPdIii li uiii bL r 05•{1491101 F.iiii Iiiiid dild 11 É11es) R¢¥Jj%li'reiJ ChJ riti. number I IU8i44 Paiie ?
C-L,ST Independenl School Lid Reporl ofihe Tru%lee for ihe l'ear Ended 31 Ilarch 2024 Registered office l Haldane %trLLI ASHINGTON Norihuinberland NE6J 8SF Trustt'i's P A Gallagher W (iibb G A C Miller B Be<1dle K M Cjibb S Aii)ait - resigned ?8 April 2023 S Miller S E Henderson M E Henderson- appointed I l January ?0?4 Companv Secr¢tar)' P A Galla.her I iidependenl Examiner Siiiiiiii I l()i)k. F CCA Clive Owen LLP Chartered Accounianls Kepler House Beliiioiil Business Park DURFIAM DHI ITW Bank'ers Unil 50 Manor W<ilks Shopping Cenire NE?) ()QP This rep¢?n h2s heen prepared in accordance wilh Ihe special provisions of Pan 15 of Ihe Companies Act 2006 relaiing lo sii)all coinpani¢s. Approved by order ot-the board of Irusiees on ?) Seplember ?0?4 aiid siuned on ils beliaif by: W Gibb- Truslee
Independenl EAaminer's Reporl lo ihe Truslees of G I'(T In(lependenl Sch()<>l Lid I i)(lependL'iil eiamiiier's ri'i)(Irl lo the Iriislees of G VST I ndepcndeni Si huijl Lid I'il)L Conipitini ) repi)ri 10 il)e Llidril) IrusieLS 011 111) L.iaiiiiiiaiion ul. Llie aiiOLII)1s L)I' Illi L i)Ilil)cl11I' lor IIIL l I. Il)(IL'(l _i l March ?0?4. Responsibilities ynd basi5 (If reporl As the cl)arilv'5 Irusiees of ihe Companv (and also its direciors for the purposes of coiiipanN' law) OLl clre responsible for Ihe preparaiion ol- the accounis in accordance 1th the requireiiiL'nis ol- IhL Coi)Ipanies Acl ?006 ('IhL ?006 Act,). Having saiisfied myself thai Ihe accounis of the Coiiipan!, are noi required io be audited under Part 16 ot" Ihe ?006 Act and are el iiFible for iiidependenl examinalion. I repi)rt in respL'Ci Ot- iii!. eiainiiiaiion of l'our cliarilv's c1ccounly carried i)ul uiider S¢ciion 14) ol- the Chariiies Aci ?0 I I I'ilie ?01 l Acl'l. In cam'inLJ oul iii! eNaniinaliOlI I liae lulloied Ihe Directions Jiven b}. Ihe Charil). Coiiiniission under Seclion 14)( i) (b) ol" Ilie ?0 I l Aci. Independent ei¥miner's slatemeiil Since VOLkf Ll)arilv's ijross income L.Iceeded £?$0.000 N'our examiner Inusi be a member ot a listed bodN. I cali coi)fini) Ihal l ain qualilied 10 undertake ihe eiaminaiion becl¢ us¢. l ain a iiieiiiber of Ilie Associarion of Chartered Cenilied Accouiitanls. i¥hich is ()ne of the listed bodies. I have cc)InplLled mv exaiiii113Livn. I confinn ihai no iiialters have coine lo m!, attention in coiiiieclion willi Ihe exaiiiinaiion gjiving nie cause lo believe. accounlinu records were noi kepi in respect ol. the Compani. as required bN" Seciion i86 of the 7006 Aci- or the acLounlS do not accord wilh Ihose record5- or Ihe accounts do not comply wilh Ihe accouniing requirenienis ol" Seclion 396 of ihe ?00(? Aci oiher ilian any requireinent ihai Ihe accounts gTive a Irue and t-air vieii" ii'hich is noi a iiiaiier considered as pan ot-aii independent examinaiion. or (l)e accounis have not been prepared in acccirdance i%'iili Ihe Ineiliods aiid principles of Ihe Sialeiiieiil or Recoiniiiended Praciice lor accounlinij and reportiiiiy bl" chariiies (applicable io cliarilies priPc1rinLtr ilieir accounis iii accordance iih ihe F inaiicial ReyN)niiii) Siaiidard applicable in the U K aiid Republic ol- Irel<111d l FRS I O?)). I have no cc)ncems and have coiiie acr055 no oiher iiiaiiers in conneciion i¥ lili Ilie ¢xaiMinalioii lo ii'hich attention 51iould be drawn in Ihis repon in order to enable a proper undgrstanding ol-lhe accounis io be reachLd. Sinion Hook. FCCA Tlie Association of Chartered Cenified Accounlants c11c Oii'en LLP Cli¢l11ered Accounianls IKepier House Btliiioiii Bv5111C55 Park DURHAM DHI II'W ?5 Sepieinber ?024
GUST Independenl School Lid 4*idlemenl uf Financial .4clii ilies (Incorpordling Income and Eipvndiluri. Accounl (or the l i'dr Ended JI IlJrLh ?014 ?0?4 Tc)ial funds Unreslricied lund Resiricled luiids luiid5 Noies INCOME AND EPIDOWMENTS FROM Doiialions and legacies Charitable actiN'ilies 946.748 946.748 88).646 Oiher incoine ?.084 ?.084 Total 4.?00 95i.Oi2 896.0 F.XPENDITURE ON Raisiiig luiids Charitable aclil'ilies Training 766.769 771,i9i 74?.4 14 Oiher 119.Oi8 119.058 104.779 Total 88i.817 4.6?6 890.453 ET INCOMEIIEXPENI)ITUREI 6i.00 (4?6} 48.8i I RECONCILIATION OF FUNDS l-()ial tLind5 br()uiihi f()rn¥ard 597.79) 14.6)6 61?.451 56j.6?0 TOTAL FUNDS CARRIED FORWARD 660.800 675.0)0 612.4il The noies lomi part of ihese financial 51aieiMents
C.LST Independent School Lid Balance S"heel 31 March ?11?4 ?0)4 Tc)ial funds Unrestricied Resrricied ruiids T()1411 tuiids Noies FIXF.D ASiSETS T ible <i%seis .7)7 J14.647 iOJ.24J C.L:RRF.NT ASSETS Dibioi'5 C%isli ai bank and in liand 6i.791 i06.811 6).791 j19.184 6?.4?7 ?71.971 1?.47) i70.60? i8i.07i ii4.i98 CREDIT()RS due K¥iihin one year 14 (??.69?) {27.692) (?5.190) E I CUKKLf4"1 ASSF.T6i i47.910 J60.i8J ?09.?08 TCITAL A5SF.TSi LESS CURRF.NT LIAIIILITIE 660.800 67.5.OiO 61?451 NET ASSET.S 660.800 67S.OiO 617.4jl Fll Y l)S li i)rLsiricled funds Kesiricled t-unds 660.800 97.7l)i 14.656 TUTAL FUP*l)S 675.uiu The chariiable coiiipanv is eniiiled lo exempiion froin audit under Seciion 477 of ihe Compaiiies Aci ?006 lor the year ended i l Marcli ?0?4. Tl)e iiicinb¢r5 havc not required ihe companl to obtain an audit of ils financial stateinenrs for ihe year elided J l March ?0?4 in accordance wilh Section 476 of Ihe Coiiipanies Aci ?006. The Irusiees acknowledge Iheir responsibilities for (a) ensurinu ihai ihe chariiable companN keeps accounlinu records Ihal complv 1117 Seciions i86 and i87 01. Ihe Conipanies Aci ?006 and preparinu Iinancial statemenis ivhich uive a irue and fair view of ihe state of atTairs ot- lh¢ chariiable company as c I Ilie end ol. each financial N'ear and of ils surplus or delicii t-or each financial year in accordance '11h the re4Liireiiienls ot- Seciioiis )94 and J95 and which oihen¥ ise compl!. ii'iih the requireiments of ihe Coiiipanies Act ?006 relating 10 linancial slaiemenis. so lar as applicable io the chariiable conipan%'. Ib) These Iinancial siaieinenis have been prepared in accordance ii'iih the provisions applicable io charitable conipanies subjeci io the small companies revime. The financial slaieinenis were approved bw the Board of Trustees and auihorised for issue on ?) S¢pieiiiber ?0?4 and were siu)ned L)n lis behalt- b).: W Gibb- Trustee The noles r()mi part ol- Ihese financial slaleinenis
GLIST I iidependeni (ichool Lid CJ5h Flow Sidieiiienl lor Ihe I. ear Ended J l larch ?024 ?0?4 Note5 CAsh fli)ws froiii i)peraling Actii'ilies LI)) 'eiici'atLd Iroin op¥riil11)IlS 7j.?71 Nei cash provided by op¢rdling aciiviiies 7j.?71 Cash now5 (rom ini'¢51ing aclii'ilies Purchase ot lan(iible Iiied assets Sale ol- ianuible tixed assets (45.8561 (78.04)) Nei cash used in invesiing activilies {4i.ii6) (77.84J I Cliilll¥Y ill La511 and cash equival¢nt5 111 the rep()rling period Cash aiid c#sh e4ui%'alenls Al tlle beginning i)f the reporling period 47.ili (4.1721 271.971 276.$4i Cash an(1 cash equi¥'alenlS ai ihe end o( the reporling period j19.?84 ?71.971 The noles forni part of ihese finaiicial siaieinenis
GLIST Indvpendeni Schovl Lid ()les lo ihe Cash FI1) %iJlC'niciit ror ihe l'ea r F.nded J I %IAr¢li ?U?4 RECOP4CILIATI()N OF PIET INC()I1F. T() NET CASH FL()II' FRI)11 OPER.4TINC:.4CTII'ITIES )U?4 Nel iiicume for Ihe reporling period (a5 per ihe Stalemenl of Financial ALli%'ilies) Adjusimenls for: DeprLciaiion charLFes Lossi(profill on disposal of fixed assels Sncr¢'ase in debiors {Decreasel'increase in crediiors 62.$79 48.831 i4.040 ?9.lj2 {180) (14.Oi81 9. j?6 (I,i64) {? 498) Nel cash prov ided bv operAlions ?71 ANALYSIS OF CHANGES IN NET FUNI)S Casl7 flow Ai )l_J_?4 Nel rash Casli ai baiik and in hand ?71.971 j19.?84 271.971 47.)13 j19.?84 Total 271.971 j19.?84 The note5 fonn part of these financial stateinenis Page 8
GL,'ST In(lependeni School Ltd ole% lo the Fin4iiiciJI Stiileineiil for Ihe l ear Ended 31 lldrcl) 2V24 STATLIT()RY INFORM.4TI() Gel U Siarted Trdiniiii? Liiii iled 15 a cliarilable coinpan!. Liiiiited b!, £uarantee. re£islered in Ell(J land and Wales. Tlie chariiable coinpaii) s r¥gisiered nuiiibers ai)d reLyislered otlice address can be Ioliiid iii Ille RerK)n ol- (lie Trusiees Ipa41¢ ACC()UNTINC POLICIES BASIS of preparing ihe financidl stAIL'men15 -I'IIL IIi)I117cial slciieiiieiils ol. Ihe charili. lihich is a public benefii enlits, under FRS 10? have been prepared iii accordaiicL' i¥'iih the Charilie5 SORP (FKS 10?) 'Accouniin2 and R¢'ponillL bl" Charities: Siaieiiieiil ol. RecoiniiiLnded Praciice applicable io charities preparina Iheir accouiits in accordance i¥'illi Ihe Finaiicial Reportiiii, Siandard applicablL in ihe U k and R¢public of Ireland (FRS I O? ) lefleciive l Januar¥. ?0191 and the Charilies Aci ?0 I l . l-he financial slalemenis haye been prepared under hisiorical cosi convcniion. There were no maierial departures from thal slandard. The principal accounling policies adopted in the preparation of ihe financial stxiemenis are set oui belo and have remained unchaniyed from the prei'ious vear. and also have been Consistentl applied il'iihin the $ale accounls. I iicome A I l ii)Ll)me is recoonised in the Siaiemeni of Financial Aciii'iiies once the charitv has eniiileinenl to Il)e tunds. il is probable Ihai ihe income will be received and Ihe amouni can be measured reliablv. Eipendilure LiahililiLS <ire recognised as expendiiure as soon as there is a leval or consiructive obligation coiminiiiino the cliarii%' lo Ihal expenditure, il is probable Ilial a iransler of econoi)iic beiiefits i%'ill be required iii SLiileineiil and Ilie c1111()unt ot. Ihe i)bljcpaiion can be medsufL'd reliabli.. lipendiiure is accounied t-or on an dLcriials basis and has been classilied uiid¢r lieadiiiL75 Ihai a, regiaie all cosi relaied to Ihe caieb)ory'. W'hi'fL' cosis caiin()I be directly ariribuied (o particular headings IheN, hawL been allocaied io aciiviiies on 41 b&lSi5 Lviisisiciii %Yiih th¢ use of resources. Tangihle fixed assets Depri'i Ill Iloii is pri)i ided ai the following annual raies in order lo lie oft" each as5el over ils esliinaied useful FrL'Lliold propLn!' I iliproL.1neniS 10 property Plaiii and InaLhinerv Moior vehicles ?O/o on cost I00nL0$I - j°/0 on reducin4Y balance ?5°/o on reducin2 balance Tangible fixed assels are Ineasured al costs less accumulaied depreciation and iinpairnienl. The iruslees undenake an annual impairnieni revieii. which considers the iyriiien doi%'n value of assets and the approprialeness of ihe depreciation polic!,. 'l-Iie cliar11 is exempi from thxation in rLspecl of income or capital ?aiiis received 10 rl)e extenl thai sucli incoiMe ur iP¢llJlS 4llL appli¢d cxclusivelN. for Lh£iriiablc purposes. The charit%. is not exenipi froin Value Added Tax. Irrecoverable Value Added Tax is included in Ihe cosi ol- Ihos¢ iieiiis lo ii'hich li relates. Fund accounting Resiricied funds reldie lo aii)ounis received M'hich hae been $rcIfIed lor a particular u51. bi.. Ilie don()r. All ()Iliei' fuiids are unresiricled lunds ivliich Ihe cl)arii! Ina!, use for lis chariiable purposes ai lis discreiioii. uiirLSiricied l-unds. Ille cliaril}' n)a5 desiaiiale ¢eric111l tuiids for specific purpc)ses. conlinued...
G L ST I iidependeni Schi)(Il Lid Nf)te5 to the FinanciAI SiJlenic'nls - ciinliiiued fi)r the lear En(Jed 31 March ?024 ACC()UNTlINC. P()LICIES- continued H ire purcha. IL'a5iiig cummilinenls .hi line basis Rental% paid under operdliilg leases are Lliarued io the Siaieiiienl of Financial Aciiviiies on a strdi(T ovci Ihe pcriod of thc l¢ase. Pension costs an(1 ()Iher posl-relirenient benl.fils -I"he charilable companN' operaies a delinLd LoiiiributiL)n pension scheme. Coniribuiions pal'able to the chariiable coinpanv's pension scheiiie are charcyed io the Siaienienl ot- Fiiiancial Activities in Ilie period lo i¥,hich ihei, relale. Fin<inrial in5trumentS -I'hL' cliarilable coinpaiiN' onlN, has financial 41Sseis and finaiici21 liabilities of a k'ind that qualif!, as basic linancial ii)slruinenis. Ba51c linancial instrunients are iniiiall!. recounised ai transaciion value and subseqiJeiiilN' iiie14 sured al Iheir sLiileiiient value ivith the eicepiion ot- bank loans M hich are subsequenil!, Ineasured ai aniortlsed cosi usino ihe etleclive interest meihod. Critical acc(Junting eslima¢e5 and areas of judgement iy¥iii¥iils (11¢ Loiiiiiiuall!" ¢i'iiluLiied and based on hisiorical ¢xperience and oilier factors. siiinai¢s <ind j Lld. includin2 e.xpeciaiions ot- future evenis ihat are believed io be reasonable under the circuinslances. Crilical 4iccouniinu esliinates and assumpiions-. ThL charitable coinpany niakes C51iinaies and assumptions concerlliiio Ihe fviure. The resuliino accouiilinu eslimales and assuiiiplions 111. b!. delinilion. seldom equal Ihe r¢laied actual resulis. The esliimalis and assuimplions ihat have a siuniticant risk of causino a iiialerial adjusiiiienl to tlie carr¥'inti aiiiounls of assets and liabilities wiihin ihe next tinancial year are discussed belom,. Crilical areas of judgemenl: Depreciation - Depreciation is calculaied so as lo ivrile off lh¢ cosi of an asset. less lis residiial value. over ihe eLonoinic lit-e ol- thai assei. An estimaie of ihe useful life of assets is deiailed in Ihe depreciaiion accountin¥ policv. The value ot-depreciaiion charged durin(p Ihe l'ear li as £i4.040. (Jol'ernnient Grants Revenue grdnls are recognised in the profil and loss account in the period to 'hich thei, relale. I)ONATIONS AND LEGACIES ?0?4 ?0?3 Donaiions and gyranis 1.200 Incoine t-rom donations and urants ioialled £4.?00 (?O?J.' £1 ?00). Ivhich was resiricled in ihe current and previous N'ear. Paue 10 coiiiiiiued.
C-LST Ind¢peiidcni School Lid Noles lo the Fiiianci411 Sialeiiieiits - Iviitiiiued (or Ihe l'ear F.nded 31 ,Ildrch ?0?4 INC.I)ME FROM CHARIT.4BLF. ACTIVITIF_S Aclivilv Training Trainin(F fees 946,748 88i.646 I IiLoine t.roim charitable a¢iiviiies lotallLd £946.748 {?0?" previous year. £88i.646) which was uiirestricted in the current and OTHER INCOME Governmenl granis ?.084 2.084 Oiher income received lotalled £? 084 (?0?) £ I l ?18) M'hich was unresiricted durin£ Ihe current and previous year. CHARITABLF. ACTIVITIES COSTS Training SialT costs Workshop cos1$ Learners t.ees LLariier rewards Traiiiiniy resources Leisure activilies Preinises costs Learner transpon Catc'rinu e.xpen5es Depreci(Ilion Loss on sale of tanciible fixed asset 6i7.867 4.77? 619.890 6.864 10.i04 6.159 i7.671 4.958 10.i98 .)74 40.?4* 7.8)4 9.046 (180) 771.i95 74?.454 Expenditure on chariiable aclivilie5 lotalled £771.i95 (?0? j= £74?.4541 of which £766.769 a$ unresli-icl¢d (?02)= £740.718) and £4.6?6 was resiricled {?02i'. £1.7)61. Page 11 coniinued...
CL5T Independeni School Lid lo the Financial 4*tatenif - coiiliiiiied for the l'ear Ended 31 N1arch ?024 SL5PPI)RT COSTS (iuppurl costs SLnlTcosts General Govemance 18.?7? 75.904 ?4.88? 70.091 119.0.i8 104.779 r..NPL'ndiiure on support cos15 lothlled £119.058 (?O?i= £104.779) and was unrestricted in Ilie curreni ¥ear and previous y'ear. Cjovernance c(Jsts ?0?4 Independeni examin4iiiun f¥ Bank charues Oiher ILNO .al and professional 2.000 j?7 ?•,5)4 i)2 10.?79 ?4.88? NET INCONIEI{EXPENDITURE) Nel incomel(eipendiiure} is stated after charoin£l{crediting)= Deprecialion owned a55els Independeni examinalion fee i4.040 ?.000 TRU5TEF.S' RF.ML'NF.RATION AIND BENEFITS Durin4y Ihe vear to ) l MJr¢h ?0?4 ihe followino trusiees were paid a salary= P A Gallagher was paid a salary of £)? 58) {?O?j'. £jj.j7i) and a pension of £J.O?8 {?0? j= j8iO) for his services as Proprieior. S Ain4711 il'as paid a salarN' of £4.J69 {?0? j.. £55.650 and a pension of £7J4 (?0?).' £?.964) lor his services as Depul), Headieacher and Depul) DSL. K Gibb was paid a salary of £64.58) (?O?j.' £6j.100) and a pension of £8.806 (?O?j'. £).19?) for her services as Head ol"School. Page 12 coniinued...
(: LIST Indepi'ndeiii Sclioijl Li(1
Notes lo the Fifl<iiicidl SialeniL'iils - ioiitiiiued
lor ilif l ear Ended 31 Ilarch ?0?4
TRUSTEE(i' REMUNF.RATIONI AYI l) IIF.NEFITS- conlinued
Trustees, eipense5
No Iruslees eipenses were paid for ihe vear ended J l March ?0?4 nor for Ihe vear ended i l March ?0?"
10.
STAFF COSTS
?0?4
WJcies and salaries
%()c ial %¢curilN'
Pension cosis
4?0.0.78
141 166
9i.4.j?
iii 967
iO.106
660.6)6
6Jl.015
The average mnnihly niimher nf emplovees durino the Near was as folloivs-
?0?4
Charilable objeciives
M
GL,'ST Independeni School Lid Noies lo ihe Findncial Sialemenl% - clint in ued lor ihi. I'vAr Elided J I l.Idrch ?024 COMPARATIN'fr'5 FOR THE STATF.NIEYI T OF FIN.4PCIAL AC"fiviTIES- conlinijed Unresiricled Resiricied fund I'unds Toial NET INColF./(F.xvENDITUkE) 49.i67 (5i6) 48.8) I REC"ONCILIATION OF FUIYD6i Tul(Il liiiid5 broiiiilil l()ni'Jrd 548.4?8 15.19? $6J.6?0 TOTAL FUNDS CARRIED FORM'.4RD i97.795 14.656 61?451 TANGIBLF. FIXED ASSETS Improvemenis 10 Freehold propert!, Plani and machinerv Motor veliicles properh. Totals COST Ai l April 20?3 Add ilions t)isposals 181.964 106.4iS 51.4.iO ?0.76 (iii) Ai ) l March ?074 181.964 8).896 lil.O?O 51.4.50 4iO.)iO DEPRECIATIO Ai l April ?0?3 Charlbe for l'ear Eliiminaied on disposal li.946 5i.i48 101.766 i4.040 8.Oi7 (l?)) Ai Jl March 20)4 17.586 ?4,j?? 67.?57 ?6.$18 l ii,68i NF.T B()OK VALUE Ai ) l Nlarih :0,4 164.i78 61.574 6i,76i i14.647 Ai i l March ?0?" 168.018 48.87 IJ. I)F.BT()RS: AMOUNT.S FALLIN'G I)UE WITHIN ONF. I'F.AR ?0?4 Trade debiors PrepaN'iiienis and accrued income 61.218 j9.?10 Pau¢ 14 continued..-
GU.ST Independeni Scho()l Lid Iyoles to the FinanciAI Stalemenls - contin ued lor Ihe l'ear Eib(Jed 31 Ilarch 2024 14. CKTr.I)ITORS: AMOUNTS FALLING DLIE WITH1%4 ()NE I:EAK Trade creditors SOL ial securitw and other taxes Oiher crediiors Accrued expenses 10.974 6.740 2.000 10.670 6.909 ?.000 22.692 ?5.190 mOvEIENT IN FUNDS Nei Imovemeni in funds Ai Ai 1.4.73 Llnrestricled fun(15 G¢ii¢ral incc)Ini ILiiid 597.79) 660.800 Reslricled fuilds Reslricied dsseis tund ReslriLILd inconie t-und 14.180 476 (4?6) 476 14,656 {4)6) TOTAL FLNDS 61?,4jl 62.579 67) O)0 Nel movemenl in funds. included in the al)ove are as follows-. Incoming resources Resources expended Movenienl in funds Unrestricted funds 885.8?7) 6i.00S Restriele(I fund RLsiricied asseis t-und Resiricied incoiiie tund (4?6) 4,?00 (4.7001 4.?00 (4.6?6) TOTAL FUNDS 1890.4))) Paoe 15 conlinued..
G L ST Indei)eii(lenl Scliool Ltd Notes lo th¢ F iiidi)Lial Siatc'niL'iils - cciiitiii ued ((&r ihe I'eAr F.nded JI Nlarch 2024 MOVF.MENT IN FUNDS- continued Ci)mparali%'cs for movement in funds Nel IMoveiii¢nl in lunds Ai j l.j.?j Ai 1.4?? U nreslricted funds (Jtyiieral incoiiie tund $48.4?8 49.)67 597.795 Reslricte(I funds Ilesiricied <15511% lund Restricted incoine t-und 14.716 476 (i)6) 14.180 476 15.197 {5)6) 14.656 TOTAL FLIP*DS 56).6?0 48.8i I 61?.451 Comparalive nei movement in funds. included in the above are as follows= Incomin2 resources Resources expei)ded Movemeni iii tunds U nreslricled funds (ieneritl inLÉ)ii)e lund 894.864 (84i.4971 49.i67 Restricted fujids RLslriil¥d asSLiS lund Reslricled inconie fund (5i6) (i ?00) 1.200 (1.7J6) I'OTAL FUNDS 896.064 (847.? ji ) 48,8i I A current year 12 months and prior year l ? monihs combined p)siiion is as follows: Nel iiioveiiienl in funds Ai At 1.4.?2 Unrestricled funds General incoine fund 548.4?8 I l?.J79 660.800 Restrtcled funds Resiricied IiSSL'lS t.und Reslricled income fund 14.716 476 (96?) l i.7.)4 476 15.19? T()TAL FLIND $6j.6?0 111.410 67) OJO Page 16 coniinued.
G LIST Independeni Srh()ul Li(J oles io ihL' Fiii4lliCi411 Slalemenls - iiiiil in ued fvr th¥ )'rar Eiidc'(l J l %litrch •U24 MOVF_MF.NT IN FUNI)4i- conlinued A current vear l ? iiionihs and prior year l ? monihs combined nei movemenl in funds. included in the above are as lollows= Incuii)ino resources Resources e.xpended Moi.eiiienl Iii fuiids U nrestriclcd fu nds General incoiiiL' lurid 1.84i.696 (1.7i l.j?4) 11? j7? Rcslricled funds I<Ls11'iil¢J Lisseis lund RLsiricled income tund (962) (5.400) (962) 5,400 5.400 (6.i62) (96? TOTAL FUND. 1.84Q.OQ6 (1 7_)7 AXA) The resiricied asset fund represents urani incoine for Ihe specific purpose ol" capiial expendiiure. The clo.sin¥' balance represenls ihe book valu¢ of assets acquired M'ith ilie aid of speLifiL oran15. £? ?iO I?01" ?.6)6}, plus unspenl capiial grdnls ot- £1 ?.000 {?0?" £ i ?.000). The resiricied income fund included grants received toii'ards Specific revenue costs of ihe charity. less Ihe cosis incurred io dale #ssocialed iih Ihos¢ aciii'iiies. The unresiricted funds represent unreslricted resources available for the (ieneral work ot.tlie charitable coinpany. 16. RELATEI) PARTY DISCLOSURES There were no relaied party trnnsaciions for ihe year ended i l March ?0?4. Page 17
GUST Independeni School Lid Detailed 5ixlemi.nl of FindnciAI ,4clii"ities for the l'ear Eiide(J 31 llarch *U?4 ?024 INCOME AND F.NDOWMENTS DontionS and legacie5 Donaliviis and (7rdnts 1.200 Charilable activilies TrÉiiniiiii lees 946.748 88i.646 Other income Oiher incoine ?.084 Tutal incoming resources 896.064 EXPENDITLIRE Charilable d¢tii'ilie5 W'agjes and salaries S()Lial security PenSiOT7 cii%IS Workshop costs Learners tees .L'arner re.ardS Leisure il¢liviries Preinises cosls Learner Iransport CalL'ringi expenses Depreciaiioi) ot- lanuible fixed assets I Vroliii,'Loss on sale ol- ngIble fixed a55CIS 5Jl.6i7 51.70i 74.)?7 4.77? 4,i89 8.059 9.129 i7.671 4.9)8 l O.i98 544.841 iO.106 ?4.94? 6.684 1?.574 7.8i4 9,046 (180) 771.J95 747.454 Supporl costs Staff custs Adi)iin istraiion salaries SialT training) and welt-are 6.981 10,9)? 18.?72 ??.077 General Moior expenses Travel and subsisience Telephone Sialionerv and postai?e I nlLrnei and IT cc)sis I nsurance Suiidi"y eApen5¢5 Enlen(iiniiig 7.969 l).Oi8 4.?44 16.967 1 ().98 1,534 7.881 4,86.) 1?,746 9.889 7.678 4. j S() 75.904 70.091 This page does fomi part of ihe slatuior). financial sLqieiMents Pa(ie 18
GUST Independeni Sch(M)l Lid Deldiled SIAlemenl of Fiiianridl .41 lii'ilies for the l'ear E"nde(l J I Imarcli ?0?4 General Gov¢rnance Independent examination fee B<iiik iliqll bPCS Oiher leoal and professional ?.000 2.000 10.279 24.882 Total resources expended 890.45) JJ Nel income 48.8il This page does noi forni part ofihe siaiulor). financial staiemenis Page 19