OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Company Information

The PSHE Association

Financial Statements

for the year ended 31 March 2023

Company number: 06551975 Charity number 1127056

Company Information

Company registration Number 6551975
Registered Charity Number 1127056
Board of Directors
P Bagshaw (resigned 14 September 2022)
A Cooper (resigned 5 July 2022)
M Holness
S Rushton
T Thomas (appointed Chair 14 September 2022)
P Williams
S Wheeldon (appointed 30 August 2022)
K Reddy (appointed 30 August 2022)
J Tillin (appointed 30 August 2022)
V Pearce (appointed 30 August 2022)
Michael Belkin (appointed 15 February 2023)
Weyinmi Guate (appointed 15 February 2023)
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

Trustees report (continued) For year ended March 2023

1. FINANCIAL STATEMENTS

The Trustees present their report and financial statements for the year ended 31 March 2023.

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 and 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 by increasing children and

young people’s knowledge about vital aspects of their physical and mental health and developing skills that support them to stay healthy.

High quality PSHE education provides effective:

2 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

The Trustees confirm that they have given due consideration to the Charity Commission’s general guidance on public benefit. These requirements are addressed in this report.

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, to ensure child and young person receives high quality PSHE education. 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 rising inflation, resulting in real terms 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). 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 and transactions, and cover arrangements for staff sickness.

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.

3 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

CEO and senior management team salaries are determined by the Board in consultation with external experts. A salary benchmarking exercise took place in March 2022. The senior management team are

4. REVIEW OF ACTIVITY 2022-2023

Summary

Following two years of disruption caused by the Covid-19 pandemic, schools continued to face considerable pressures in 2022-2023 with fast rising inflation. The year also saw large scale industrial action across public services, including education, with many teachers striking for four days across February and March 2023. Whilst schools and young people suffered less direct disruption from Covid-19 as the pandemic abated, they continued to experience ongoing after effects, including in terms of pupil mental health and absence. In this challenging context, the Association has continued to monitor impact on school budgets and teacher workload, and worked diligently to expand its support to schools in implementing high quality PSHE education and meeting the statutory requirements for Relationships, Sex and Health education. During this period the Association also improved its ability to establish the needs of our members (and potential members) and meet these needs with an improved membership offer.

Key activity

1. Membership development

Our members are the heart of the organisation. They are what differentiates the PSHE Association from other charity or commercial providers. Our members are advocates for PSHE and a field force in schools, promoting and practising high quality PSHE education. All of our activity – including developing resources for other organisations, training and our policy and public affairs work, continuously improving the relevance and value of membership, increasing our profile and highlighting PSHE education’s value - ultimately improves our ability to support and grow our membership.

We have continued to develop our membership offer through digital development including our new website and CRM. This prioritised improving the user experience, increasing access to our resources and services and harnessing our powerful new system to improve our use of data to establish and meet the needs of members and potential members.

Developing and integrating a new Learning Management System has enabled the provision of on-demand online courses, thereby diversifying our CPD offer and creating a platform that enables expansion of our on-demand training/membership offer in the coming years.

We provided new guidance to ensure our members can respond appropriately to pressing and emerging issues such as toxic influencers and sexual harassment, and supported a series of webinars with the Chartered College of Teaching covering a wide range of issues relevant to PSHE teachers.

4 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

2. Research

To support teachers and schools in understanding the changing world young people are growing up in, in the reported period we have led and participated in research into a variety of aspects of young people’s lives, alongside solutions to key issues that emerge from this research. This includes:

We also supported local teacher communities with free materials for school network meetings and increased our understanding of schools’ needs through research and relationship building at a regional level, particularly across the North of England. This lays the ground for expansion of our regional partnership work, including raising the profile and uptake of our services.

3. PSHE resources and services – lessons, planning, assessment and support

To provide high quality PSHE in their schools, it is critical that teachers have access to up to date lesson plans, as well as the planning tools and Programme of Study we provide for our members. We want to ensure our members have access to materials that cover the breadth of PSHE education. Working with partner organisations is therefore a key part of our work as we can marry their subject matter expertise with our expertise in curriculum planning, lesson development and PSHE pedagogy. As well as continuing to work with a range of organisations – such as the Environment Agency – to produce new resources, we produced numerous suites of lessons and teacher guidance of our own, including on:

Our Quality Assurance process also plays a critical role in ensuring teachers have access to resources which meet principles of best practice in PSHE. In 2022-2023 we quality assured new resources from a broad range of organisations

5 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

including the Office of Health Improvement and Disparities, the University of Exeter, University of Bristol, University of Greenwich, NHS Barts, Cifas, NSPCC and Internet Matters.

4. Training – Continuous Professional Development

The quality of PSHE education in schools is dependent on the teachers who deliver it. Ensuring access to training on PSHE pedagogy and best practice is therefore central to our work. In 2022-2023 we invested in our training offer with new staff and courses, training over 1400 teachers. To ensure new teachers can enter the profession with a strong understanding of PSHE pedagogy we have developed our Initial Teacher Education offer, supporting a network of ITE providers, creating an ITE PSHE curriculum map and launching a free ‘Introduction to PSHE education’ online course for trainee teachers. Our two online conferences during this period attracted over 600 sign-ups each and demonstrated the significant support for the subject from individuals and organisations such as the Children’s Commissioner, Ofsted and Laura Bates.

5. Organisational development

A new business strategy was implemented in April 2022 which included a re-structure of the organisation into two Directorates and a focus on six core pillars of activity. This has driven greater integration of our membership, communications and policy functions, supported the implementation of new project governance processes and systems and led to the development of two new oversight groups, the Curriculum Review Group and the Strategy Review Group. A Climate Working Party has also been established to support the Association in developing a new Carbon Reduction Plan, looking at emissions reductions, climate disclosures pensions, policy advocacy and curriculum opportunities. The Association joined the ‘Climate Perks’ scheme, offering up to two days paid travel time to staff who choose to go on holiday by train or boat rather than flying.

6. Raising profile and influencing policy

To help ensure the policy environment is supportive of PSHE teachers and schools, the Association has continued to influence national policy and remain at the forefront of tackling current and emerging issues. This includes ensuring that schools and wider society see the link between these issues and the solutions that PSHE education (and by extension the Association) provides. To this end, activity we have undertaken includes:

6 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

5. FINANCIAL REVIEW

The Board is pleased with the organisation’s financial performance in 2022-23. The Association has continued to prudently manage and optimise available resources and maintain steady income streams in almost all areas.

During the year ending 31 March 2023, the total income of the Charity was £1,554,414 (2022: £1,370,537). This increase in income was as a result of strong performance from school support, training, quality assurance and conferences. All income areas support our key objective of supporting and enhancing the skills of those delivering PSHE education.

Expenditure in the period increased to £1,510,938 (2022: £1,226,672) largely as a result of an increased staff base and investment in digital development. The Charity generated a surplus in the year of £43,476 (2022: surplus of £145,865).

Reserves Policy

Net Assets at the end of the year stood at £1,103,054 (all unrestricted), with general reserves standing at £806,380 and £296,674 in a designated fund representing the net book value of fixed assets.

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 £400,000 and £800.000 based on our 23-24 budgeted expenditure) in general reserves at all times but this policy is kept under continual review. The level of free reserves are £806,380 (2022: £789,062), just above the top end of our reserve policy. The trustees have approved additional reserve spend during 2023-24 which will further reduce the available free reserves.

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.

7 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

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 are 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.

Tim Thomas Chair of the Board of Trustees Date: 3 October 2023

8 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

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 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework 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 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:

9 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

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 charity’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 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, health and safety regulations and safeguarding, 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, 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:

10 THE PSHE ASSOCIATION

Trustees report (continued) For year ended March 2023

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting 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) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date:

10 Queen Street Place London EC4R 1AG

11 THE PSHE ASSOCIATION

Statement of financial activities Incorporating the income and expenditure account

For the year ended 31 March 2023

Notes
Income from
Donations & Legacies
Grants & Donations
Investments
Income from charitable activities
Membership
Workforce Training & Education
Total Income
Expenditure
Expenditure on Charitable activities
Workforce Training & Education
Subject Policy Development
Total Expenditure
2
Net Income
Fund balance brought forward
Fund balances carried forward
10		 2023
£
100
77
____
177
850,659
703,578
____
1,554,414
____
1,419,164
91,774
____
1,510,938
____
43,476
____
1,059,578
____
1,103,054
 2022
£
-
126
____
126
810,653
561,758
____
1,370,537
____
1,149,700
76,972
____
1,226,672
____
145,865
____
913,713
____
1,059,578

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.

12 THE PSHE ASSOCIATION

Balance sheet As at 31 March 2023

(Company Number 6551975)

Notes 2023 2022
£ £
Fixed assets
Tangible fixed asset 6 12,607 17,415
Intangible fixed asset 7 284,067 253,101
____ ____
296,674 270,516
Current assets
Debtors 8 207,256 185,910
Cash on deposit and in hand 1,158,486 1,072,190
____ ____
1,365,742 1,258,100
Creditors:amounts falling due within one year 9 (559,362) (469,038)
____ ____
Net current assets 806,380 789,062
____ ____
Net assets 1,103,054 1,059,578
____ ____
Represented by
Unrestricted funds
General fund 806,380 817,467
Designated fund 296,674 242,111
____ ____
10 1,103,054
____		 1,059,578
____

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

The accounts were approved and authorised for issue by the Trustees on 3[rd] October 2023 and signed on its behalf by

Tim Thomas

Trustee

13 THE PSHE ASSOCIATION

Statement of Cashflows

For the year ended 31 March 2023

2023 2023 2022 2022
£ £ £ £
Cash flow from operating activities
Net cash provided by operating 174,733 110,467
activities (as below)
Cash flow from investing activities
Purchase of tangible fixed assets (5,686) (7,162)
Purchase of intangible fixed assets (82,828) (214,759)
Investment income – bank interest 77 (126)
____ ____
Net cash (used in) investing (88,437) (222,047)
activities
____ ____
Change in cash and cash 86,296 (111,580)
equivalents in the year
____ ____
Cash and cash equivalents at the 1,072,190 1,183,770
beginning of the year
____ ____
Cash and cash equivalents at the 1,158,486 1,072,190
end of the year
____ ____
Reconciliation of net income to net
cash flow from operating activities
Net income (as per the Statement of 43,476 145,866
Financial Activities)
Interest income (77) 126
Depreciation 62,356 18,500
(Increase)/decrease in debtors (21,346) 49,373
Increase/(increase) in creditors 90,324 (103,398)
____ ____
Net cash provided by operating 174,733 110,467
activities
At 1 April At 31 March
Analysis of changes in net debt 2022 Cash Flows 2023
Cash at bank 1,072,190 86,296 1,158,486
____ ____
_____
Total cash and cash equivalents 1,072,190 86,296 1,158,486

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

14 THE PSHE ASSOCIATION

Notes to the accounts (continued) For the year ended 31 March 2023

3. Accounting policies

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. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

a) 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.

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.

Workforce Training & Education
Subject Policy Development
Total		 %
93
7
____
100
____

15 THE PSHE ASSOCIATION

Notes to the accounts (continued) For the year ended 31 March 2023

Accounting policies (continued)

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:

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 £1,000.

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 & amortisation charges for tangible / intangible 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.

16 THE PSHE ASSOCIATION

Notes to the accounts (continued) For the year ended 31 March 2023

4. 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
Accountancy
Other
Total		 Workforce
Training &
Education
£
917,210
78,167
9,533
1,129
242,887
37,645
10,151
1,659
9,125
4,370
68,630
18,635
17,405
2,618
____
1,419,164
 Subject Policy
Development
£
73,097
-
-
-
5,110
3,000
809
132
727
348
5,470
1,485
1,387
209
____
91,774
 2023
Total
£
990,307
78,167
9,533
1,129
247,997
40,645
10,960
1,791
9,852
4,718
74,100
20,120
18,792
2,827
____
1,510,938
 2022
Total
£
806,893
43,270
49,121
9,135
129,732
23,184
10,680
3,777
8,463
3,954
99,731
21,874
16,758
100
____
1,226,672

17 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2023

Prior Year
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
Accountancy
Other
Total		 Workforce
Training &
Education
£
742,259
43,270
49,121
9,135
125,521
21,327
9,899
3,501
7,785
3,665
92,441
20,275
15,533
93
____
1,143,825
 Subject Policy
Development
£
64,634
-
-
-
4,211
1,857
781
276
678
289
7,290
1,599
1,225
7
____
82,847
 2022
Total
£
806,893
43,270
49,121
9,135
129,732
23,184
10,680
3,777
8,463
3,954
99,731
21,874
16,758
100
____
1,226,672
 2021
Total
£
806,262
7,687
1,646
1,951
78,478
22,743
10,200
134
6,190
2,914
53,885
50,901
16,632
470
1,060,093

18 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2023

3. Net income for the year

This is stated after charging:

Auditor’s remuneration (excluding VAT)
- audit services		 2023
£
12,420
____		 2022
£
10,680
____

4. 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.

5. Staff costs and employees

Staff costs during the year amounted to:
Wages and salaries
Social security costs
Employer’s pension contributions		 2023
£
894,109
95,200
41,644
____
1,030,953
 2022
£
719,932
70,830
35,489
____
826,251

One employee had earnings in the range £70,000-£79,999 (2022: one) and one employee had earnings in the range £60,000-£69,999 (2022: one). The PSHE Association made contributions to a defined contribution pension scheme of £7,095 (2022: £6,728) in respect of those employees.

The average number of employees during the year was 22 (2022: 19).

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 £244,121 (2022: £243,686).

19 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2023

6. Tangible Fixed Assets

Cost
1 April 2022
Additions
31 March 2023
Depreciation
1 April 2022
Charge for the year
31 March 2023
Net book value
31 March 2023
31 March 2022		 Computer
Equipment
£
51,486
5,686
____
57,172
____
34,071
10,494
____
44,565
____
12,607
____
17,415
 Total
£
51,486
5,686
____
57,172
____
34,071
10,494
____
44,565
____
12,607
____
17,415

20 THE PSHE ASSOCIATION

Notes to the accounts (continued)

For the year ended 31 March 2023

7. Intangible Fixed Assets

7. Intangible Fixed Assets
Cost
1 April 2022
Additions
31 March 2023
Depreciation
1 April 2022
Charge for the year
31 March 2023
Net book value
31 March 2023
31 March 2022
8. Debtors
Trade debtors
Prepayments and accrued income		 Database
£
296,230
82,828
____
379,058
____
43,129
51,862
____
94,991
____
284,067
____
253,101
____
2023
£
139,630
67,626
____
207,256
 Total
£
296,230
82,828
____
379,058
____
43,129
51,862
____
94,991
____
284,067
____
253,101
____
2022
£
105,200
80,710
____
185,910

8. Debtors

21 THE PSHE ASSOCIATION

Notes to the accounts (continued) For the year ended 31 March 2023

9. Creditors: amounts falling due within one year

9. Creditors: amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
Accruals
Deferred income
Deferred income brought forward
Released in the year
Deferred in the year
Deferred income carried forward		 2023
£
43,954
24,083
817
22,008
468,500
____
559,362
____
360,435
(360,435)
468,500
____
468,500
____		 2022
£
48,298
21,626
16,983
21,696
360,435
____
469,038
____
476,693
(476,693)
360,435
____
360,435
____

Deferred income was received for membership and projects which ran into 2023-24.

10. Funds

2023
Fund balance
brought forward
£
Unrestricted funds
General
817,467
Designated – Fixed Asset Fund
242,111
____
Total funds
1,059,578
 Income
£
1,554,414
-
____
1,554,414
 Expenditure
£
(1,448,582)
(62,356)
____
(1,510,938)
 Transfer Fund balance
carried forward
£
£
(116,919)
806,380
116,919
296,674
____
____
-
1,103,054

Fixed Asset Fund (formerly Digital Development Fund)

This designated “Digital Development Fund” has been renamed the Fixed Asset Fund upon completion of the first phase of digital development and a transfer made to match the amounts capitalised. Expenditure during the period represents the total depreciation / amortisation in the period.

22 THE PSHE ASSOCIATION

Notes to the accounts (continued) For the year ended 31 March 2023

11 Funds (continued)

2022
Fund balance
brought
forward
£
Unrestricted funds
General
663,713
Designated – Digital
Development Fund
250,000
____
Total funds
913,713
 Income
£
1,372,537
-
____
1,372,537
 Expenditure
£
(1,218,783)
(7,889)
____
(1,226,672)
 Transfer Fund balance
carried forward
£
£
-
817,467
-
242,111
____
____
-
1,059,578

11. Analysis of Net Assets between Funds

Fund balances at 31 March 2023 are represented by:

Tangible Fixed Assets
Intangible Fixed Assets
Current assets
Current liabilities
Total net assets
Prior Year
Tangible Fixed Assets
Intangible Fixed Assets
Current assets
Current liabilities
Total net assets		 General fund Designated fund
£
£
12,607
-
284,067
1,365,742
-
(559,362)
-
____
____
806,380
296,674
____
____
General fund
Designated fund
£
£
17,415
-
10,990
242,111
1,258,100
-
(469,038)
-
____
____
817,467
242,111

 Total
£
12,607
284,067
1,365,742
(559,362)
____
1,103,054
____
Total
£
17,415
253,101
1,258,100
(469,038)
____
1,059,578

23 THE PSHE ASSOCIATION

Notes to the accounts (continued) For the year ended 31 March 2023

13 Related Party Transactions

The Trustees did not receive any remuneration during the year (2022: £nil). Expenses totalling £360 (2022: nil) were reimbursed to 5 Trustees in the year.

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 (2022: none).

There is no ultimate controlling party (2022: none).

24 THE PSHE ASSOCIATION