**Registered number: 06953650 Charity number: 1132122** ## **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE PERIOD ENDED 30 JUNE 2022** ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the charity, its Trustees and advisers**|1 - 2| |**Trustees' report**|3 - 8| |**Trustees' responsibilities statement**|9| |**Independent auditor's report on the financial statements**|10 - 14| |**Statement of financial activities**|15| |**Balance sheet**|16 - 17| |**Statement of cash flows**|18| |**Notes to the financial statements**|19 - 34| **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2022** |**Trustees**|David Ross, Chair of Trustees| |---|---| ||Julie Kirkbride, Vice Chair of Trustees| ||Simon Amess| ||Katharine Birbalsingh (resigned 17 September 2021)| ||David Hall (appointed 28 April 2021)| ||Mohamed Isap (resigned 29 June 2021)| ||Philip Jones| ||Sir Nicholas Weller| |**Company Registered**
**Number**
06953650
**Charity Registered**
**Number**
1132122
**Registered Office**
10 St. James's Place
London
England
SW1A 1NP
**Company Secretary**
Alison Mugunthan (to 15 July 2021)
Teresa Clack (from 16 July 2021)
**Senior Management**
**Team**
Unity Howard, Director (resigned 10 September 2021)
Sophie Harrison-Byrne, Director (appointed 15 September 2021, redundant 30
September 2022)
Alison Mugunthan, Director of Finance & Corporate Services (resigned 7 August
2021)
Teresa Clack, Head of Finance (appointed 28 June 2021)
Daniel Howells, Interim Director of Programmes (resigned 16 July 2021)
Samuel Skerritt, Head of Content and Communications (resigned 12 February
2022)
Emma Gregory, Head of Academy Ambassadors Programme (redundant 6 May
2022)
Samuel Fitzpatrick, Head of Development and Partnerships (resigned 25 February
2022)
Hannah Jackson, Head of School Programmes (transferred 31 March 2022)
**Independent Auditors**
Streets Audit LLP
Chartered Accountants & Statutory Auditor
1 Mark Square
Shoreditch
London
EC2A 4EG
**Bankers**
Lloyds Bank Plc
25 Gresham Street
London
EC2V 7HN|| Page 1 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022** **Solicitors** Charles Russell Speechleys LLP 5 Fleet Place London EC4M 7RD Page 2 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE PERIOD ENDED 30 JUNE 2022** The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of New Schools Network ('the charity' or 'NSN') for the 15 month period 1 April 2021 to 30 June 2022. The accounting reference date has been extended from 31 March to 30 June. Given the extension to the accounting reference date, the comparative amounts presented in the accounts including the related notes are not entirely comparable. The trustees confirm that the Annual report and financial statements of the charity have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Structure, Governance and Management** ## **Constitution** NSN is a charitable company, limited by guarantee, and was set up by a Memorandum of Association on 6 July 2009, with charitable status established on 14 October 2009. It is governed by its Memorandum and Articles of Association, as amended on 18 April 2018. ## **Members' Liability** The liability of each member of NSN in the event of winding up is £1. At 30 June 2022, there were six guarantor members (the trustees) with two leaving and one joining us during this period as noted on Page 1. ## **Organisational Structure and Decision Making** The management of the charity is the responsibility of the trustees who are appointed under the terms of the Articles of Association. Trustees operate three sub-committees – an audit, finance and risk committee, a remuneration committee and an education committee. Only trustees are members of the committees. The day-to-day management of the charity is the responsibility of the Senior Management Team. The members of the Senior Management Team are considered to be the key management personnel. ## **Recruitment and Appointment and Training and Inducation of Trustees** The trustees are the directors of the charitable company in accordance with the provisions of the Companies Act 2006. The appointment of new trustees is made by resolution of the trustees. The policies and procedures adopted for the induction and training of new trustees are tailored to their individual needs, commensurate with their experience, ensuring that they understand their obligations and possess a sufficient knowledge as to how to discharge them. The Trustees meet at least four times a year. They are responsible for directing all major strategic decisions of the charity. During this reporting period, the trustees accepted the resignations of Mohamed Isap and Katharine Birbalsingh. The board wish to thank Mohamed and Katharine for their services to NSN. David Hall was appointed to the board on 28 April 2021. Page 3 ## **NEW SCHOOLS NETWORK (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022** ## **Arrangements for Setting Pay and Remuneration of Key Management Personnel** The remuneration committee recommends the Director's remuneration as well as monitoring remuneration policies generally. The Director is not a trustee. ## **Related Parties** The charity requires all trustees and key management personnel to declare any business interests. Related party transactions are disclosed in the notes to the accounts. ## **Risk Management** The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. ## **Objectives and Activities** ## **Objectives** The objects of the charity are to promote, through advice and assistance, the advancement of education in maintained charitable schools (within the meaning of the Education Acts) and academies (established in accordance with the Academies Act 2010 and any successor legislation), including by assisting with the creation of new schools of this sort, with a view to improving educational opportunities for young people and in particular those in necessitous circumstances. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the period. ## **Activities** Between 1 April 2021 and 30 June 2022, the charity continued to be the only charitable organisation providing free, high-quality targeted advice and support to open and approved free schools. Between 1 April 2021 and 31 March 2022, it delivered the Department for Education’s free schools support service contract. It also continued to deliver the Academy Ambassadors programme on behalf of the Department for Education up until 31 March 2022. During the period between 1 April 2021 and 31 March 2022, NSN’s work consisted of two parts: - Supporting pipeline free schools to achieve the necessary milestones to open successfully, as well as providing support to new open free schools during their first years of operation to help them to be as successful as they can be; and - Recruiting and appointing executive leaders from businesses and the professions as trustees and members on the boards of academy trusts, with a focus on trusts in ‘high need’, through the Academy Ambassadors programme. NSN’s Department for Education funded free school services this year included: events at critical points during pre-opening; opportunities to share and learn best practice through a facilitated online professional network, virtual visits to thriving free schools and networking opportunities; a dedicated question-and-answer service via telephone and email, as well as tailored surgery sessions for open schools on issues such as education, governance, finance and staff recruitment; free intensive media and spokesperson training for all open free schools; a regular e-newsletter; and a library of online resources and tools. Page 4 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022** NSN’s Delivery Programme continued to offer intensive, paid-for support services to trusts with free schools in pre-opening. These focused on ensuring that free schools were prepared to undertake the rigorous pre-opening process and successfully open their school. NSN’s Department for Education funded Academy Ambassadors Programme provided a free, bespoke recruitment service to academy trusts looking to strengthen their boards. It recruited high-calibre executive leaders from business and the professions with skills in areas such as finance, law, audit, turnaround, risk, education leadership, HR, change and growth management and introduced these candidates to trusts as potential members, trustees, or non-executive directors. The programme provided onboarding and induction support to non-executive directors. The programme received in-kind support from a range of partner organisations including KPMG, Lloyds Banking Group, Northern Powergrid, PwC, Rolls-Royce, Barclays, Vodafone and Santander. Between 1 April 2022 and 30 June 2022, the charity worked with the Department for Education to manage a smooth and orderly exit and transfer of its two departmental service contracts, which each terminated on 31 March 2022. The external support service to the free schools programme contract transferred to Premier Advisory Group (the new service provider) and the trustee recruitment contract (the Academy Ambassadors programme) transferred to the Department for Education. Funding from the Department for Education, which made up most of the charity’s income, ceased on 31 March 2022. Between 1 April 2022 and 30 June 2022, the trustees undertook a formal consultation with the charity’s staff. Following its conclusion, and careful consideration of options and alternatives available, the trustees concluded that there was no viable alternative to winding down the charity's activities. Trustees have therefore resolved to commence the orderly wind down of the charity with most staff leaving the organisation during the period. The Trustees have considered possible wind down options and determined that redistributing NSN’s remaining cash assets as a grant-making organisation over the medium-term is in the best interests of NSN and the furtherance of its objects. The charity concluded its remaining work with its Delivery Programme clients in this period too. Post-period end the wind down of activities has continued with all employees leaving the organisation by 31 October 2022, by which time the ongoing cost base of NSN will be low and support will be in place to develop the next stage of its activities. The trustees would like to thank all of the staff for their work for NSN and for their contribution to improving educational opportunities in England. ## **Achievements and Performance** Between 1 April 2021 and 31 March 2022, via its Academy Ambassadors programme, the charity: - Appointed 263 non-executive directors to the boards of academy trusts, 63% of which were to boards defined as ‘high need’. These are trusts which have experienced significant governance or financial challenges and are referred to the programme directly by the Department for Education. This is a 19% increase on the previous year of appointments to ‘high need’ trusts. - Recruited non-executive directors across England, with particularly strong performance in regions including the South West, West Midlands, East Midlands, and the Humber; across the year 76% of appointments were outside London. - Focused on increasing the diversity of non-executive directors on academy trust boards: - By 31 March 18% of candidates recruited identified as being from a BAME background; and, - Over the course of the year, the proportion of male / female appointments increased by 11% - from 31% female appointments by June 2021 to 42% female appointments by March 2022. (This is above the success of the FTSE100 which has achieved 38% of women on boards by 2022 according to The Parker Review Committee). Page 5 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022** Between 1 April 2021 and 31 March 2022, via its free schools support, the charity: - Worked directly with over 100 free schools, helping headteachers to navigate the challenges of their first few years. - Delivered a series of events including 18 webinars, and eight virtual events delivered in partnership with the Department for Education – five for free schools opening in September 2022, and three for open free schools. Across all 26 events, 100% of attendees found the events ‘useful’, ‘very useful’ or ‘extremely useful’. - Engaged and supported 73% of new and inexperienced free school trusts, supporting the development and success of their new schools. - Grew its networking platform for free school leaders (“the Hub”), through which free school senior managers could connect with one another and access tailored content for new free schools. As of February 2022, the Hub had 173 free school leaders on the platform – 94% growth on the previous year. Member retention and contribution rates have been ‘excellent’ and ‘good’ respectively. Since its founding in 2009, the charity has: - Appointed over 2,000 non-executive director, trustee, and member matches to academy trust boards. These Ambassadors - all volunteers - have brought their independent expertise, perspectives and insights from business, the professions and education to academy trusts. They have provided nonexecutive support at the highest level and supported executive leaders to provide the best education for their pupils through strong governance and a shared moral purpose. - Supported the creation of 610 schools which otherwise wouldn’t exist, as well as over 200 that are still in the pipeline. During that time, NSN has supported every wave of the free schools programme, working with hundreds of groups wanting to set up free schools. There is now a thriving free schools community right across the country, which brings innovation and academic excellence to the system. - Built a network of schools across England totalling over 4,500 schools, including some of the highest performing schools and academy trusts. ## **Going Concern** Funding from the Department for Education, which made up most of the charity’s income, has now ceased and the charity is transitioning to a grant making charity, prior to wind down. The cost base of the charity is now much reduced and future spending commitments are low. The trustees are comfortable that there are sufficient reserves for the charity to continue as a going concern for the foreseeable being at least twelve months from the approval of the financial statements. The trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. ## **Financial Review** For the first 12 months of the period NSN continued to operate broadly in line with the prior year albeit with significantly reduced levels of Government contract income largely due to the impacts of the pandemic. In the final three months NSN operated with minimal revenue and continued to incur running costs and non recuring restructuring costs as it commenced an orderly wind down of its activities. Overall, during the 15-month period NSN generated a reduction in funds of £261,208 mainly due to closure costs compared with a reduction in funds of £9,176 for the year 2020/21. As a result, reported net assets are £691,477 as at 30 June 2022 compared with £952,685 as at 31 March 2021. Cash balances at 30 June 2022 were £1,075,391 (31 March 2021 - £503,227). Cash balances increased over the period due to the collection of receivables which had built up at the start of the period and other working capital movements, offset by wind down costs some of which will not be paid out until after 30 June 2022. Page 6 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022** ## **Financial and Risk Management** ## **Objectives and Policies** The trustees consider risk during their regular meetings and regularly conduct reviews to ensure that robust systems are in place to assess and mitigate key risks – for example, the pandemic, changes in government policy and the pressure on donors’ charitable giving in the current economic climate. ## **Reserves Policy** As a grant making charity going forwards, the running costs and working capital requirements will be significantly reduced. It is therefore the Trustees’ intention to reduce the level of reserves held by the charity through the issue of grants which will be paid out in furtherance of its objectives. ## **Investment Policy** The charity seeks to produce the best financial return with a minimal level of risk taking into account planned future cash flows and the need for flexibility. ## **Plans for the Future** Over the next year the charity will focus its resources on transitioning from a charity providing services to schools and academy trusts to a charity which makes grants to schools and academy trusts. An unacceptable number of children continue to fail to reach their potential because they lack access to an excellent education. Too often, a child’s background dictates their destination in life, entrenching inequality and impacting communities for generations to come. NSN continues to envisage a country where every child has an equal chance to succeed in life, irrespective of their background and will continue to focus its work on ending educational inequality once and for all. In line with the charity’s founding mission, the new grant giving will focus on supporting recipients that are: - promoting impactful educational innovation particularly targeted in left behind communities in England; - • championing causes to ensure that every child – no matter their background, income, or geography – can access an excellent education - advocating for young people, breaking the barriers of disadvantage and encouraging innovation in the sector. Page 7 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2022** ## **Provision of Information to Auditors** Each of the persons who are trustees at the time when this Trustees' report is approved has confirmed that: - so far as that trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and - that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any information needed by the charity's auditors in connection with preparing their report and to establish that the charity's auditors are aware of that information. In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Approved by order of the members of the board of trustees on 11 October 2022 and signed on their behalf by: ## **David Ross Chair of Trustees** Page 8 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 30 JUNE 2022** The trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial period. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of trustees on 11 October 2022 and signed on its behalf by: ## **David Ross Chair of Trustees** Page 9 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK** ## **Opinion** We have audited the financial statements of New Schools Network (the 'charity') for the period ended 30 June 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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: - give a true and fair view of the state of the charitable company's affairs as at 30 June 2022 and of its incoming resources and application of resources, including its income and expenditure for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Page 10 **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The trustees are responsible for the other information contained within the Annual 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' report for the financial period for which the financial statements are prepared is consistent with the financial statements. - the Trustees' report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our 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. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. Page 11 **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with the trustees and other management and from our commercial knowledge and experience of the charity and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity including the Companies Act 2006 and charity and taxation legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. Page 12 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK (CONTINUED)** To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - reviewed the eligibility to funding; - agreed a sample of employees on the charity payroll to existence and agreed the accuracy of their pay; - assessed and reviewed the appropriateness and effectiveness of the key systems and controls; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing any correspondence with HMRC, relevant regulators and the charity’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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. Page 13 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK (CONTINUED)** ## **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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Robert Anderson (Senior statutory auditor)** for and on behalf of **Streets Audit LLP** Chartered Accountants & Statutory Auditor 1 Mark Square Shoreditch London EC2A 4EG 9 November 2022 Page 14 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 30 JUNE 2022** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Income from other activities
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net expenditure**
Transfers between funds
15
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**Period ended**
**30 June**
**2022**
**£**
**-**
**-**
**2,424**
**41,468**
**43,892**
**298,890**
**298,890**
**(254,998)**
**12,125**
**(242,873)**
**934,350**
**(242,873)**
**691,477**|**Restricted**
**funds**
**Period ended**
**30 June**
**2022**
**£**
**-**
**1,187,500**
**-**
**-**
**1,187,500**
**1,193,710**
**1,193,710**
**(6,210)**
**(12,125)**
**(18,335)**
**18,335**
**(18,335)**
**-**|**Total**
**funds**
**Period ended**
**30 June**
**2022**
**£**
**-**
**1,187,500**
**2,424**
**41,468**
**1,231,392**
**1,492,600**
**1,492,600**
**(261,208)**
**-**
**(261,208)**
**952,685**
**(261,208)**
**691,477**|_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_7,680_
_2,020,998_
_2,823_
_62,010_
_2,093,511_
_2,102,687_
_2,102,687_
_(9,176)_
_-_
_(9,176)_
_961,861_
_(9,176)_
_952,685_| |---|---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 19 to 34 form part of these financial statements. Page 15 ## **NEW SCHOOLS NETWORK (A company limited by guarantee) REGISTERED NUMBER: 06953650** ## **BALANCE SHEET AS AT 30 JUNE 2022** |**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**|**4,024**
**1,075,391**
**1,079,415**
**(387,938)**|**30 June**
**2022**
**£**
**-**
**-**
**691,477**
**691,477**
**691,477**
**691,477**|_759,665_
_503,227_
_1,262,892_
_(316,685)_|_31 March_
_2021_
_£_
_6,478_| |---|---|---|---|---| |||||_6,478_
_946,207_| |||||_952,685_| |||||_952,685_| |||||| |||||_952,685_| Page 16 ## **NEW SCHOOLS NETWORK (A company limited by guarantee) REGISTERED NUMBER: 06953650** ## **BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2022** |**Note**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**30 June**
**2022**
**£**
**-**
**691,477**
**691,477**|_31 March_
_2021_
_£_
_18,335_
_934,350_| |---|---|---| |||| |||_952,685_| The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the trustees on 11 October 2022 and signed on their behalf by: ## **David Ross Chair of Trustees** The notes on pages 19 to 34 form part of these financial statements. Page 17 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2022** |**Note**
**Cash flows from operating activities**
Net cash from / (used in) operating activities
19
**Cash flows from investing activities**
Purchase of tangible assets
**Net cash provided by/(used in) investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
20
The notes on pages 19 to 34 form part of these financial statements|**Period**
**ended**
**30 June**
**2022**
**£**
**572,164**
**-**
**-**
**572,164**
**503,227**
**1,075,391**|_Year ended_
_31 March_
_2021_
_£_
_(388,787)_
_(3,640)_
_(3,640)_
_(392,427)_
_895,654_
_503,227_| |---|---|---| Page 18 **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **1. General information** New Schools Network (the charity) is a limited company by guarantee incorporate in England and Wales and a registered charity. The charity's registered office is at 10 St. James's Place, London, England, SW1A 1NP. The charity's principal activity is to improve the quality of education, particularly for the most deprived, by increasing the number of independent, innovative schools and by giving grants to academies and schools within the state sector in line with its objectives. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. New Schools Network meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going conern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future, for the reasons set out in the Trustees' Report, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. ## **2.3 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 19 **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of direct costs. Direct costs attributable to a single activity are allocated directly to that activity. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: - Furniture and equipment 25% Straight Line ## **2.7 Debtors** Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.8 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 20 **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **2. Accounting policies (continued)** ## **2.9 Liabilities** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **2.10 Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **2.11 Pensions** The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. ## **2.12 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 21 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
Donations
-
_Total 2021_
_5,000_
**Income from charitable activities**
Government contracts / grants
_Total 2021_|**Restricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
-
_2,680_
**Restricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
1,187,500
_2,020,998_|**Total**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
**-**
_7,680_
**Total**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
**1,187,500**
_2,020,998_|_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_7,680_| |---|---|---|---| ||||_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_2,020,998_| ||||| ## **4. Income from charitable activities** Contract / grant income relates to funding received from the Department for Education. Page 22 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **5. Investment income** |Bank interest
_Total 2021_
**6.**
**Income from other activities**

Delivery of services
_Total 2021_|**Unrestricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
2,424
_2,823_
**Unrestricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
41,468
_62,010_|**Total**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
**2,424**
_2,823_
**Total**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
**41,468**
_62,010_|_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_2,823_| |---|---|---|---| ||||_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_62,010_| ||||| Page 23 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
Charitable activities
298,890
_Total 2021_
_(840)_|**Restricted**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
1,193,710
_2,103,527_|**Total**
**Period**
**ended**
**30 June**
**2022**
**£**
**1,492,600**
_2,102,687_|_Total_
_Year ended_
_31 March_
_2021_
_£_
_2,102,687_| |---|---|---|---| ||||| ## **8. Analysis of expenditure by activities** |Support to open and approved free schools and Academy
Ambassadors programme
_Total 2021_|**Activities**
**undertaken**
**directly**
**Period**
**ended**
**30 June**
**2022**
**£**
1,492,600
_2,102,687_|**Total**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
**1,492,600**
_2,102,687_|_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_2,102,687_| |---|---|---|---| ||||| Page 24 **NEW SCHOOLS NETWORK (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Depreciation
Office costs
Other direct costs
Governance costs|**Total**
**funds**
**Period**
**ended**
**30 June**
**2022**
**£**
**990,866**
**3,278**
**44,300**
**446,656**
**7,500**
**1,492,600**|_Total_
_funds_
_Year ended_
_31 March_
_2021_
_£_
_1,185,645_
_7,697_
_204,819_
_697,026_
_7,500_| |---|---|---| |||_2,102,687_| **9. Auditor's remuneration** ||**Period**|| |---|---|---| ||**ended**|_Year ended_| ||**30 June**|_31 March_| ||**2022**|_2021_| ||**£**|_£_| |Fees payable to the charity's auditor for the audit of the charity's annual||| |accounts|**7,500**|_5,000_| |Fees payable to the charity's auditor in respect of:||| |All non-audit services not included above|**20,156**|_13,872_| Page 25 **NEW SCHOOLS NETWORK** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **10. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**Period**
**ended**
**30 June**
**2022**
**£**
**826,071**
**82,539**
**82,256**
**990,866**|_Year ended_
_31 March_
_2021_
_£_
_982,826_
_99,097_
_103,722_| |---|---|---| |||| |||_1,185,645_| Wages and salaries includes £27,956 of redundancy payments. In addition, accrued closure costs include £14,163 of redundancy payments. The average number of persons employed by the charity during the period was as follows: |Management and Advisory
Administration|**Period**
**ended**
**30 June**
**2022**
**No.**
**15**
**3**
**18**|_Year ended_
_31 March_
_2021_
_No._
_28_
_3_| |---|---|---| |||| |||_31_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**Period**|| |---|---|---|---| |||**ended**|_Year ended_| |||**30 June**|_31 March_| |||**2022**|_2021_| |||**No.**|_No._| |In the band £60,001|- £70,000|**2**|_1_| |In the band £80,001|- £90,000|**-**|_1_| The 2022 disclosure is based on the 15 month period. Key Management Personnel, being the Senior Management Team listed on page 1, received aggregate remuneration of £490,880 (2021 - £406,742). There were a number of appointments to and resignations from the Senior Management Team during the year. Page 26 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **11. Trustees' remuneration and expenses** During the year, no trustees received any remuneration or other benefits _(2021 - £NIL)_ . During the period ended 30 June 2022, expenses totalling _£_ 158 were reimbursed or paid directly to 1 trustee _(2021 - £NIL)_ . The trustee was reimbursed for travel expenses. ## **12. Tangible fixed assets** |**Cost or valuation**
At 1 April 2021
Disposals
At 30 June 2022
**Depreciation**
At 1 April 2021
Charge for the year
On disposals
At 30 June 2022
**Net book value**
At 30 June 2022
_At 31 March 2021_
**13.**
**Debtors**
**Due within one year**
Accrued income
Prepayments|**30 June**
**2022**
**£**
**-**
**4,024**
**4,024**|**Office**
**equipment**
**£**
**10,971**
**(10,408)**
**563**
**4,493**
**3,278**
**(7,208)**
**563**
**-**
_6,478_
_31 March_
_2021_
_£_
_758,646_
_1,019_
_759,665_| |---|---|---| Page 27 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **14. Creditors: Amounts falling due within one year** |Other taxation and social security
Other creditors
Accruals and deferred income
**Deferred income**
Deferred income at 1 April
Amounts released from previous periods
**Deferred income at 31 March**|**30 June**
**2022**
**£**
**19,919**
**-**
**368,019**
**387,938**
**30 June**
**2022**
**£**
**232,393**
**-**
**232,393**|_31 March_
_2021_
_£_
_54,493_
_16,708_
_245,484_
_316,685_
_31 March_
_2021_
_£_
_235,073_
_(2,680)_
_232,393_| |---|---|---| Income deferred at the year end relates to the Barclays Development Programme where funding is to be applied in future periods. Page 28 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **15. Statement of funds** ## **Statement of funds - current year** |**Unrestricted Funds**
**Designated Funds**
Contingency Fund
**General Funds**
General Funds
**Total Unrestricted Funds**
**Restricted Funds**
Government Contracts / Grants
Other Restricted Donations
**Total of Funds**|**Balance at 1**
**April 2021**
**£**
**863,677**
**70,673**
**934,350**
**6,210**
**12,125**
**18,335**
**952,685**|**Income**
**£**
**-**
**43,892**
**43,892**
**1,187,500**
**-**
**1,187,500**
**1,231,392**|**Expenditure**
**£**
**-**
**(298,890)**
**(298,890)**
**(1,193,710)**
**-**
**(1,193,710)**
**(1,492,600)**|**Transfers**
**in/out**
**£**
**(863,677)**
**875,802**
**12,125**
**-**
**(12,125)**
**(12,125)**
**-**|**Balance at**
**30 June**
**2022**
**£**
**-**| |---|---|---|---|---|---| ||||||**691,477**| ||||||**691,477**| ||||||**-**
**-**| ||||||**-**| ||||||**691,477**| Page 29 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **15. Statement of funds (continued)** ## **Statement of funds - prior year** |**Unrestricted Funds**
**Designated Funds**
Contingency Fund
**General Funds**
General Funds
**Total Unrestricted Funds**
**Restricted Funds**
Government Contracts / Grants
Barclays Development Programme Grant
Other Restricted Donations
**Total of Funds**|_Balance at_
_1 April 2020_
_£_
_863,677_
_-_
_863,677_
_81,914_
_-_
_16,270_
_98,184_
_961,861_|_Income_
_£_
_-_
_69,833_
_69,833_
_2,020,998_
_2,680_
_-_
_2,023,678_
_2,093,511_|_Expenditure_
_£_
_-_
_840_
_840_
_(2,096,702)_
_(2,680)_
_(4,145)_
_(2,103,527)_
_(2,102,687)_|_Balance at_
_31 March_
_2021_
_£_
_863,677_| |---|---|---|---|---| |||||_70,673_| |||||_934,350_| |||||_6,210_
_-_
_12,125_| |||||_18,335_| |||||_952,685_| Page 30 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **16. Funds detail** ## **Unrestricted Funds** The Contingency Fund was previously set up to ensure the continuity of operations given the variable nature of donations. As the charity has now transitioned to be a grant-making charity, the designated fund has been released. General Funds are resources available for use towards the fulfillment of any of the charity's charitable objectives at the discretion of the Trustees. ## **Restricted Funds** Government Contracts / Grants represents funds received from the DfE to support free school proposers and the Academy Ambassadors programme. This funding has now ceased. Other Restricted Donations included donations received where the donor has specified which part of the charity's activities are to benefit, or where funds have been raised as part of a specific fundraising campaign aimed at a specific part of the charity's activities. Approval has been received to release unspent donations to General Funds. Barclays Development Programme Grant represents funds donated by Barclays Bank plc to be used towards the "Development Programme". Page 31 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **17. Summary of funds Summary of funds - current year** |Designated funds
General funds
Restricted funds|**Balance at 1**
**April 2021**
**£**
**863,677**
**70,673**
**18,335**
**952,685**|**Income**
**£**
**-**
**43,892**
**1,187,500**
**1,231,392**
_Balance at_
_1 April 2020_
_£_
_863,677_
_-_
_98,184_
_961,861_|**Expenditure**
**£**
**-**
**(298,890)**
**(1,193,710)**
**(1,492,600)**
_Income_
_£_
_-_
_69,833_
_2,023,678_
_2,093,511_|**Transfers**
**in/out**
**£**
**(863,677)**
**875,802**
**(12,125)**
**-**
_Expenditure_
_£_
_-_
_840_
_(2,103,527)_
_(2,102,687)_|**Balance at**
**30 June**
**2022**
**£**
**-**
**691,477**
**-**| |---|---|---|---|---|---| ||||||**691,477**| ||||||_Balance at_
_31 March_
_2021_
_£_
_863,677_
_70,673_
_18,335_| |**Summary of funds - prior year**|||||| |Designated funds
General funds
Restricted funds|||||| ||||||_952,685_| ## **18. Analysis of net assets between funds Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**30 June**
**2022**
**£**
Current assets
1,079,415
Creditors due within one year
(387,938)
**Total**
691,477|**Total**
**funds**
**30 June**
**2022**
**£**
**1,079,415**
**(387,938)**| |---|---| ||**691,477**| Page 32 **(A company limited by guarantee)** ## **NEW SCHOOLS NETWORK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **18. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior period** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_31 March_
_2021_
_£_
_268_
_1,250,767_
_(316,685)_
_934,350_|_Restricted_
_funds_
_31 March_
_2021_
_£_
_6,210_
_12,125_
_-_
_18,335_|_Total_
_funds_
_31 March_
_2021_
_£_
_6,478_
_1,262,892_
_(316,685)_
_952,685_| |---|---|---|---| ## **19. Reconciliation of net movement in funds to net cash flow from operating activities** |Net expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Loss on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
**20.**
**Analysis of cash and cash equivalents**
Cash at bank
**Total cash and cash equivalents**|**Period**
**ended**
**30 June**
**2022**
**£**
**(261,208)**
**3,278**
**3,200**
**755,641**
**71,253**
**572,164**
**30 June**
**2022**
**£**
**1,075,391**
**1,075,391**|_Year ended_
_31 March_
_2021_
_£_
_(9,176)_
_7,697_
_-_
_(359,619)_
_(27,689)_
_(388,787)_
_31 March_
_2021_
_£_
_503,227_
_503,227_| |---|---|---| Page 33 ## **NEW SCHOOLS NETWORK** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022** ## **21. Analysis of changes in net debt** ||**At 1 April**||**At 30 June**| |---|---|---|---| ||**2021**|**Cash flows**|**2022**| ||**£**|**£**|**£**| |Cash at bank|**503,227**|**572,164**|**1,075,391**| ## **22. Pension commitments** During the year, the employer pension contribution cost relating to the defined contribution scheme amounted to £82,256 (2021 - £103,722). Of this amount, £nil (2021 - £16,708) was payable at the year end. ## **23. Related party transactions** During the year £nil (2021 - £5,000) was donated by the Trustees or related entities upon which no conditions were attached. Page 34