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2021-03-31-accounts

The PSHE Association

Financial Statements

for the year ended 31 March 2021

Company number: 06551975 Charity number 1127056

The PSHE Association

Company Information

Company registration Number 06551975
Registered Charity Number 1127056
Board of Directors P Bagshaw
A Cooper
M Holness
S Rushton
T Thomas
P Williams
C Wilson (resigned 1 October 2020)
G Morris (resigned 1 October 2020)
Company Secretary J Baggaley
Chief Executive J Baggaley
Head Office & Registered Office Coram Campus
41 Brunswick Square
London
WC1N 1AZ
Bankers Unity Trust Bank
Nine Brindleyplace
Birmingham
B1 2HB
Auditors Haysmacintyre LLP,
10 Queen Street Place,
London, EC4R 1AG

1 THE PSHE ASSOCIATION

Trustee’s report

For the year ended 31 March 2021

1. FINANCIAL STATEMENTS

The Trustees present their report and financial statements for the year ended 31 March 2021.

2. OBJECTIVES AND ACTIVITIES

The object of the charity is to advance the education of the public in the subject of personal, social, health and economic (PSHE) education. This promotes the health and wellbeing of individuals and communities. In determining the activities of the charity the trustees have had due to regard to public benefit and to guidance issued by the Charity Commission, in compliance with section 17 of the Charities Act 2011.

The PSHE Association’s remit is to support teachers and other professionals in providing high quality personal, social, health, economic (PSHE) education. In addition, it helps inform national policy for PSHE education within the broader context of children and young people’s wellbeing.

The Association aims to raise the status and quality of PSHE education provision by working with schools (state and independent), teachers and other professionals to ensure that all PSHE education teachers are confident and skilled in teaching children and young people the knowledge and skills to make informed decisions about their health, relationships, careers and finances.

This aim is for the public benefit in as much as:

The Association is concerned with the advancement of education: it actively seeks to enhance the quality of PSHE education provision for all children and young people in educational settings by:

The Association’s purpose is also concerned with the advancement of health and wellbeing

High quality PSHE education provides effective:

2 THE PSHE ASSOCIATION

Trustees’ report (continued)

For the year ended 31 March 2021

Given the link between poverty and poor health, the work of the Association in supporting better quality economic education as well as the more explicit aspects of ‘health’ education addresses the advancement of the health of the nation.

3. STRUCTURE, GOVERNANCE AND MANAGEMENT

The PSHE Association is a company limited by guarantee governed by its Memorandum and Articles of Association and by policies and procedures drawn up by senior management and approved by the Board. It is registered as a charity with the Charity Commission.

Recruitment, appointment and induction of new trustees

The PSHE Association aims to recruit and select trustees that both recognise the diverse society in which we live and are committed to the mission of the Association. Each trustee is asked to commit to a minimum of three-year membership of the Board, renewable for a further 3 years. The formal appointment of a trustee is made by the Board. Trustees have a full induction with the chair and senior staff in which they are briefed on the strategic direction and operational policies of the organisation. They are offered training as required.

Risk Management and disclosure of principal risks and uncertainties

The PSHE Association considers risk management to be a core and integral element of its general management. The trustees have considered the risks to which the Charity is exposed, principally staff capacity and funding, and have developed a risk management process for mitigating these risks. In the current climate the greatest risks are financial (in a period of cuts to school and wider public sector budgets, from which the majority of the Association’s income is gained, reductions in resources remain a risk) and the ongoing impact of the Covid-19 pandemic. Covid-19 had a significant impact on the UK throughout 2020-2021 and the Association has closely monitored the implications for its operations and revenue streams and been responsive to the changing needs of schools and teachers in these challenging circumstances. Trustees monitor income and expenditure (in the context of the Board’s reserves policy) through quarterly finance committee meetings.

Internal risks are minimised by implementing procedures for authorising transactions and cover arrangements for staff sickness.

3 THE PSHE ASSOCIATION

Trustees’ report (continued)

For the year ended 31 March 2021

Delegation to CEO/Senior management

The Chief Executive has delegated authority to implement the Board’s strategy within agreed operating and budgetary parameters. The Chief Executive seeks authorisation from the Board to approve expenditure which is not within budget and on any matters relating to the overall strategy and reputation of the organisation.

CEO and senior management team salaries are determined by the Board in consultation with external experts. A salary benchmarking exercise took place in March 2021. The senior management team are

4. REVIEW OF ACTIVITY 2020-2021

Our capacity to support schools and membership continued to grow despite this challenging year. This includes a successful move to more online training, events and services to meet demand. We also supported schools to implement statutory requirements to provide relationships, sex and health education and our partnership work has helped to maintain PSHE education’s profile nationally. Our project work and quality assurance have added to the range of quality resources PSHE teachers can rely on and our increased training offer has added to workforce skills and confidence.

Supporting schools, teachers and their pupils through the pandemic

In 2020-2021 the Covid-19 pandemic caused significant disruption nationally and internationally. The country went into lockdown on three occasions, schools were closed to many pupils for weeks at a time and final year exams were cancelled. Many thousands tragically lost their lives and the health and wellbeing of many more were significantly affected.

The pandemic also exacerbated issues such as those relating to children and young people’s mental health, relationships and staying safe online. All of this in turn affected children’s ability to learn. PSHE education therefore needed to remain a priority for schools during this period despite the challenges of teaching remotely.

The PSHE Association had to react swiftly to support teachers and schools with a wide-ranging support package. We established needs and priorities by carrying out a member survey which received 1000+ responses from teachers. This gave vital intelligence on what topics to cover and resulted in a supported package that included:

4 THE PSHE ASSOCIATION

Trustees’ report (continued)

For the year ended 31 March 2021

We also prioritised the wellbeing of our own staff with more flexible working arrangements, a well-resourced transition to home working, increased peer support and new IT solutions across the organisation.

Helping schools to improve practice and introduce new statutory Relationships, Sex and Health Education (RSHE) requirements

Since inception, the PSHE Association has led efforts to secure better status on the curriculum for PSHE education. This included bringing together a coalition of children’s charities, medical royal colleges, parliamentarians, parents, unions, police and others behind making the subject statutory (and therefore compulsory) in schools. These efforts achieved success when most of PSHE became statutory under the Children and Social Work Act 2017 – covering relationships, sex and health education (RSHE).

Statutory RSHE requirements came into force in September 2020 (though the Department for Education gave schools until the summer term to begin delivering the curriculum due to pandemic pressures). Our efforts therefore turned to successful implementation. The Association increased the amount of guidance and support for schools in preparation for these changes, including:

The Association has also remained a key stakeholder in government work on the implementation of these requirements, sitting on the Relationship, Sex and Health Education Implementation Group, and providing advice on training delivery and the production of guidance and case studies. In addition, we sat on the UK Council for Internet Safety Education and Digital Resilience Working Groups and continued to contribute to the National News Literacy Network.

We also continued to emphasise the importance of non-statutory PSHE content relating to economic wellbeing and careers. This included contributing to the Financial Foundations Challenge Group for the Money and Pensions Service, advising on key priorities for the national financial capability strategy.

We continued our partnership with the National Police Chiefs Council, funded by the Home Office’s Police Transformation Fund, to provide guidance and support to police officers delivering aspects of the PSHE curriculum in schools. In 2020-2021 we published and launched the findings of an evaluation of our schools work undertaken by academics from the London School of Economics in a controlled study in over 200 schools. The evaluation identified

5 THE PSHE ASSOCIATION

Trustees’ report (continued)

For the year ended 31 March 2021

that the programme had a significant positive impact on young people’s perceptions of the police and on their knowledge of drugs and the law.

Membership support, growth and reach

Our membership continued to grow throughout the year. This validated our increased emphasis on member support, services and resources.

We place members at the heart of the organisation – they act as advocates and champions for the subject and its impact. All of our activity – including developing resources of our own and with others, training and our policy and public affairs work – supports growing our ability to support this membership. Highlights during this period include:

Resources and guidance

Training, CPD and conferences:

Digital development:

We started a significant process of digital development. This involved an exploratory period to establish members’ needs and consideration of various options before designing a procurement process that acquired a suitable agency to build our new website and CRM. The aim of this development is to enable us to provide a better service for members; better understand – and meet – their ongoing needs; and, provide a platform on which to grow our member support offer (including services and resources) significantly in the years to come.

6 THE PSHE ASSOCIATION

For the year ended 31 March 2021

Trustees’ report (continued)

Profile:

We maintain a high public profile via press and media coverage – including national and trade – alongside public affairs work and partnerships

Planning for the future

The Association’s last business plan ran until March 2020 and the production of a new business plan was taking place as the depth of uncertainty caused by Covid-19 became apparent. As a result, trustees agreed to pause the development of a three-year business plan whilst the impact of Covid-19 could be assessed. A one-year plan running from September 2020 to September 2021 was put in place which has since been extended to March 2022. A plan from April 2022 is in development.

Significant planned work continues on digital development and planned expenditure of £250,000 has been approved for the development of a new website and digital services ready for launch in November 2021. This will be capitalised over five years.

5. FINANCIAL REVIEW

The Board is pleased with the organisation’s financial performance in 2020-21. The Association has continued to maximise available resources and during the pandemic maintain steady income streams in almost all areas.

During the year ending 31 March 2020, the total income of the Charity was £1,285,982 (2020: £1,356,545). The small dip in in income was as a result of reduced income from face to face training and school support, however, income from membership increased through the year. All income areas support our key objective of supporting and enhancing the skills of those delivering PSHE education.

Expenditure in the period stayed level at £1,060,092 (2019: £1,097,118) with increased staffing costs offset by some savings in rent, services, travel and subsistence. The Charity made a surplus in the year of £225,889 (2020: surplus of £259,427).

Reserves Policy

General reserves at the end of the year stood at £913,713 a £667,713 (unrestricted and designated).

It is the trustees’ policy that available general funds should be maintained such that the charity can continue its core business activities for at least a year and that at no time should reserves drop below the level at which a core activity could be maintained for 12 months. Core activity is defined as maintaining our website and administrative function for our members. With this in mind, we aim to keep between 3 and 6 months of operating costs (equating to between £265,000 and £530,000 based on our 20-21 expenditure) in reserve at all times but this policy is kept under continual review. The reserves at 31 March 2021 are within a target level of 3-6 months’ costs based on the 2021-2022 forecast expenditure. The level of free reserves is equal to the net current assets £667,713 (2019: £687,824).

7 THE PSHE ASSOCIATION

Trustees’ report (continued)

For the year ended 31 March 2021

Fundraising note

Since the Charity's income is derived from services provided, it does not undertake fundraising activities; it is nevertheless mindful of the Code issued by the Fundraising Regulator.

Going Concern

The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the charity's ability to do so.

6. STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its income and expenditure during that period. In preparing those financial statements, the Trustees are required to:

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

The Trustees who held office at the date of approval of this Trustees' report confirm that, so far as they are each aware, there is no relevant audit information of which the Charitable Company’s auditors are unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/herself aware of any relevant audit information and to establish that the Charitable Company’s auditors are aware of that information. The Trustees’ Report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

8 THE PSHE ASSOCIATION

Trustees’ report (continued)

For the year ended 31 March 2021

Patricia Bagshaw Chair of the Board of Trustees

9 THE PSHE ASSOCIATION

Independent Auditor’s report

To the members of The PSHE Association

Independent auditor’s report to the members of The PSHE Association

Opinion

We have audited the financial statements of The PSHE Association for the year ended 31 March 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 Trustees’ Report. 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 there is a material misstatement in the financial

10 The PSHE Association

Independent Auditor’s report

To the members of The PSHE Association

statements or a material misstatement of the other information. 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 Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 financial 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.

Auditor’s responsibilities for the audit of the financial 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with

11 The PSHE Association

Independent Auditor’s report

To the members of The PSHE Association

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 financial 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;

Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

Evaluating management’s controls designed to prevent and detect irregularities;

Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

Challenging assumptions and judgements made by management in their critical accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 Auditor's 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.

Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: EC4R 1AG

12 The PSHE Association

Statement of financial activities Incorporating the income and expenditure account

For the year ended 31 March 2021

Notes
Income from
Donations & Legacies
Grants & Donations
2
Other trading activities
Income from Investment
Income from charitable activities
Membership
Workforce Training & Education
Total Income
Expenditure
Expenditure on Charitable activities
Workforce Training & Education
Subject Policy Development
Total Expenditure
3
Net Income
Fund balance brought forward
Fund balances carried forward
11		 2021
£
13,764
604
____
14,368
831,891
439,723
____
1,285,982
____
979,590
80,503
____
1,060,093
____
225,889
____
687,824
____
913,713
____		 2020
£
-
344
____
344
536,166
820,035
____
1,356,545
____
999,420
97,698
____
1,097,118
____
259,427
____
428,397
____
687,824
____

All funds are unrestricted. All of the above results derive from acquired and continuing activities. There are no gains and losses other than those disclosed above. The accompanying notes form an integral part of these financial statements.

13 THE PSHE ASSOCIATION

(Company Number 6551975)

As at 31 March 2021

Balance sheet

Notes
Fixed assets
Tangible fixed asset
7
Intangible fixed asset
8
Current assets
Debtors
9
Cash on deposit and in hand
Creditors:amounts falling due within one year
10
Net current assets
Net assets
Represented by
Unrestricted funds
General fund
Designated fund
11		 2021
£
10,253
56,843
____
67,096
235,283
1,183,770
____
1,419,053
(572,436)
____
846,617
____
913,713
____
667,713
250,000
____
913,713
 2020
£
17,336
-
____
17,336
246,740
956,650
____
1,203,391
(532,902)
____
687,824
____
687,824
____
687,824
-
____
687,824

The accompanying notes form an integral part of these financial statements.

The accounts were approved and authorised for issue by the Trustees on 6 October 2021 and signed on its behalf by

Patricia Bagshaw Chair of the Board of Trustees

14 THE PSHE ASSOCIATION

Statement of Cashflows

For the year ended 31 March 2021

2021 2021 2020 2020
£ £ £ £
Cash flow from operating activities
Net cash provided by operating 285,164 496,565
activities (as below)
Cash flow from investing activities
Purchase of tangible fixed assets (1,805) (11,477)
Purchase of intangible fixed assets (56,843)
Investment income – bank interest 604 -
____ ____
Net cash (used in) investing (58,044) (11,477)
activities
____ ____
Change in cash and cash 227,120 485,088
equivalents in the year
____ ____
Cash and cash equivalents at the 956,650 471,562
beginning of the year
____ ____
Cash and cash equivalents at the 1,183,770 956,650
end of the year
____ ____
Reconciliation of net income to net
cash flow from operating activities
Net income (as per the Statement of 225,889 259,427
Financial Activities)
Interest income (604) -
Depreciation 8,888 7,608
Decrease in debtors 11,457 41,290
Increase in creditors 39,534 188,240
____ ____
Net cash provided by operating 285,164 496,565
activities
At 1 April 2020 At 31 March
Analysis of changes in net debt £ Cash flows 2021
Cash at bank 956,650 227,120 1,183,770
____ ____ ____
Total cash and cash equivalents 956,650 227,120 1,183,770

The accompanying notes form an integral part of these financial statements.

15 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

1 Accounting policies

a) Basis of accounting

The financial statements have been prepared in accordance with 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) (Second Edition, effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements and have considered the impact of the coronavirus pandemic on the charity’s operations. The charity has successfully pivoted our services online including our CPD training and annual conference, developed a large suite of home learning materials for schools and membership continued to grow significantly. The only real impact of the pandemic on our income lines was on direct school support (because of the lack of face-to-face delivery) though we started to offer that online from the autumn term. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Financial Instruments

Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation. An equity instrument is any contract that evidences a residual interest in the assets of the PSHE Association after deducting all of its liabilities.

c) Income

All income is included in the Statement of Financial Activities (‘SOFA’) when the charity is legally entitled to the income and the amount can be quantified with reasonable probability. Grant and donation income is deemed to be receivable when the criteria of entitlement and certainty are met and when the income can be quantified with reasonable reliability. Revenue grants are credited to the statement of financial activities in the period in which it is received, or it becomes receivable whichever is earlier. Furlough grants are accounted for in the period for which the claim relates.

d) Expenditure

Expenditure is classified under the principal categories of charitable and other expenditure rather than the type of expense, in order to provide more useful information to users of the accounts.

Charitable activities comprise direct expenditure including direct staff costs attributable to the activity. Support costs have been allocated to activities based on the average staff time spent as shown below. Governance costs are those incurred in connection with the management of the Association's assets, organisational administration and compliance with constitutional and statutory requirements.

16 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

1 Accounting policies (continued)

Workforce Training & Education
Subject Policy Development
Total		 %
92
8
____
100
____

e) Fund accounting

The accounts disclose separately the unrestricted, designated and restricted income, expenditure and accumulated funds of the charity. Unrestricted income may be expended at the trustees’ discretion to fulfil any of the PSHE Association’s charitable objectives. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Restricted funds much only be expended for specific purposes either stipulated by the funder or implicit in the way in which the funds were solicited.

f) Depreciation

Depreciation has been calculated to write off the cost of assets over their expected useful lives as follows:

Database – 3 years (straight line basis)

Computer Equipment – 3 years (straight line basis)

PSHE’s policy is to capitalise assets purchased over £500.

g) Intangible assets

Intangible assets are recognised at cost and are carried at cost or valuation, net of amortisation and any provision for impairment. The assets are amortised over its expected useful life. The amortisation rate in use is as follows:

20% per annum on a straight line basis.

PSHE’s policy is to capitalise intangible assets purchased over £1000.

h) Judgements and estimates

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the valuation of depreciation and amortisation.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The trustees do not consider there to be any material judgement or estimates in the year.

17 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

2 Government grants

Government Grant - Furlough
3 Analysis of expenditure
Direct costs
Staff costs
Consultants
Web Development
Marketing
Other
Support Costs*
Governance
Staff costs
Audit
Other
Other Support costs
Other staff costs (incl recruitment &
training)
Property
Office Costs
IT
Printing
Accountancy
Other
Total		 Workforce
Training &
Education
£
742,457
7,687
1,646
1,951
74,764
20,943
9,393
123
5,700
2,683
49,621
46,873
-
15,316
433
____
979,590
 Subject Policy
Development
£
63,805
-
-
-
3,714
1,800
807
11
490
231
4,264
4,028
-
1,316
37
____
80,503
 2021
2020
£
£
13,764
0
____
____
2021
Total
2020
Total
£
£
806,262
635,547
7,687
16,433
1,646
-
1,951
2,582
78,477
189,878
22,742
23,714
10,200
7,200
134
2,960
6,190
76,848
2,914
5,371
53,886
71,731
50,901
45,728
-
-
16,632
17,052
471
2,075
____
____
1,060,093
1,097,118

18 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

Prior Year
Direct costs
Staff costs
Consultants
Marketing
Other
Support Costs*
Governance
Staff costs
Audit
Other
Other Support costs
Other staff costs (incl recruitment &
training)
Property
Office Costs
IT
Printing
Accountancy
Other
Total		 Workforce
Training &
Education
£
568,856
16,433
2,582
185,386
21,225
6,444
2,649
68,784
4,807
64,204
40,929
-
15,263
1,857
____
999,420
 Subject Policy
Development
£
66,961
-
-
4,492
2,488
756
311
8,064
564
7,527
4,798
-
1,789
218
____
97,698
 2020
Total
£
635,547
16,433
2,582
189,878
23,714
7,200
2,960
76,848
5,371
71,731
45,728
-
17,052
2,075
____
1,097,118

19 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

4 Net income for the year

This is stated after charging:

Auditor’s remuneration (excluding VAT)
- audit services		 2021
£
8,500
 2020
£
7,200

5 Taxation

The PSHE Association is a registered charity and as such its income and gains are exempt from corporation tax to the extent that they are applied to its charitable objectives. There is no corporation tax charge for the year.

6 Staff costs and employees

Staff costs during the year amounted to:
Wages and salaries
Social security costs
Employer’s pension contributions		 2021
£
728,765
63,885
34,939
____
827,589
 2020
£
634,447
65,511
29,863
____
729,821

One employee had earnings in the range £70,000-£80,000 (2020: one). The PSHE Association made contributions to a defined contribution pension scheme of £34,939 (2020: £29,863) in respect of those employees.

The actual number of employees during the year was 17 (2020: 16.4 {headcount}).

The total employee benefits including pension contributions of the key management personnel comprising of the CEO, Deputy CEO and Principal Subject Specialist, Operations Manager and Head of Marketing and Communications were £244,003 (2020: £237,498).

20 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

7 Tangible Fixed Assets

Cost
1 April 2020
Additions
31 March 2021
Depreciation
1 April 2020
Charge for the year
31 March 2021
Net book value
31 March 2021
31 March 2020
8 Intangible Fixed Assets
Cost
1 April 2020
Additions
31 March 2021
Depreciation
1 April 2020
Charge for the year
31 March 2021
Net book value
31 March 2021
31 March 2020		 Computer
Equipment
£
31,908
1,805
____
33,713
____
14,572
8,887
____
23,459
____
10,253
____
17,336
____
Database
£
35,240
56,843
____
92,083
____
35,240
-
____
35,240
____
56,843
____
-
____		 Total
£
31,908
1,805
____
33,713
____
14,572
8,887
____
23,459
____
10,253
____
17,336
____
Total
£
35,240
56,843
____
92,082
____
35,240
-
____
35,240
____
56,843
____
-
____

The capital commitment at the 31[st] March 2021 was £145,677 (2020: £ nil).

21 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

9 Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
149,980
2,743
82,560
____
235,283
 2020
£
187,248
4,046
55,446
____
246,740

10 Creditors: amounts falling due within one year

Trade creditors
Social security
Net Wages
Other creditors
Accruals
Deferred income
Deferred income brought forward
Released in the year
Deferred in the year
Deferred income carried forward		 2021
£
23,702
19,060
14,607
3,245
35,129
476,693
____
572,436
____
458,893
(458,893)
476,693
____
476,693
 2020
£
42,252
20,356
0
3,402
8,000
458,893
____
532,902
____
317,143
(317,143)
458,893
____
458,893
11 Funds
2021
Fund balance
brought forward
£
Unrestricted funds
General
687,824
Designated – Digital
Development Fund
-
____
Total funds
687,824
 Income
£
1,285,982
-
____
1,285,982
 Expenditure
£
(1,060,093)
-
____
(1,060,093)
 Transfer Fund balance
carried forward
£
£
(250,000)
663,713
250,000
250,000
____
____
-
913,713

Digital Development Fund

This designated fund is for the development of a new CRM, CMS and further digital capabilities in 2021-2022.

22 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2021

11 Funds (continued)

2020
Fund balance
brought forward
£
Unrestricted funds
General
428,397
____
Total funds
428,397
 Income
£
1,356,545
____
1,356,545
 Expenditure Fund balance
carried forward
£
£
(1,097,118)
687,824
____
____
(1,097,118)
687,824

12 Analysis of Net Assets between Funds

Fund balances at 31 March 2021 are represented by:

General fund Designated fund
£
£
Tangible Fixed Assets
10,253
-
Intangible Fixed Assets
-
56,843
Current assets
1,225,896
193,157
Current liabilities
(572,436)
-
____
____
Total net assets
663,713
250,000
____
____
Prior Year
General fund
£
Tangible Fixed Assets
17,336
Intangible Fixed Assets
-
Current assets
1,203,391
Current liabilities
(532,902)
____
Total net assets
687,824
____		 Total
£
10,253
56,843
1,419,053
(572,436)
____
913,713
____
Total
£
17,336
-
1,203,391
(532,902)
____
687,824
____

13 Related Party Transactions

The Trustees did not receive any remuneration during the year (2020: £nil). Expenses reimbursed to nil (2020: 3) Trustees in the year equalled £nil (2020: £835).

No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2020: None).

There is no ultimate controlling party (2020: none).

23 THE PSHE ASSOCIATION