Reglslered number: 06953650 Charfty number: 1132122 NEW SCHOOLS NETWORK (A company Ilmlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 *ADVAZHQX' 3010112025 COMPANIES HOUSE A05
NEW SCHOOLS NETWORK (A Company Ilmited by guarantee) CONTENTS Page Relerence and admlnlstratlve delall8 ol Ihe charltyi Its Truslees and advlser8 Truslees. report Trustees. responslbllltles slatement Independent audilovs report on Ihe flnancial statements Stalemenl ol financial actlvltles Balan¢6 sheel 13 Notes to Ihe flnanclal glalemenls 14-22
NEW SCHOOLS NETWORK {A company Ilmlled by guaraniee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Tru8tee8 Oavld Ross, Chair of Truslaes Julie Kirkbride, Vice Chair of Truslees Simon Amess David Hall Philip Jones Sir Nicholas Weller Company R•glster•d Number 06953650 Charity Reglstered Number 1132122 Regislered Offlce 10 Sl. James's Plac• London England SW1A 1NP Company Secrel•ry David Hall Independenl Audltors Streets Audit LLP Chartered Accountants & Statutory Audilor 1 Mark Squara Shoreditch London EC2A 4EG Bankers Lloyds Bank PIC 25 Gresham Slreel London EC2V 7HN Sollcltors Charles Russell Speechleys LLP 5 Fleet Place London EC4M 7RD Page 1
NEW SCHOOLS NETWORK (A company limited by guaranlee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees (who are also directors of the charity for Ihe purposes ol the Companies Act) present their Annual report together with the audiled financial slatemenls of New Schools Network ('Ihe charity or 'NSN'I for the year ended 30 June 2024. The trustees confirm that the Annual report and financial slalemenls ol th8 charity have been prepared in accordance with the accounting policies set out in note 2 to the accounls and comply wtth the Charities Act 2011 , the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice (Charities SORP) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 (effeclive 1 January 2019}. Slru ure Govarnance and Mana Conslilution NSN is a charitable company, limited by guarantee, and was set up by a Memorandum ol Association on 6 July 2009, with charitable status established on 14 October 2009. 11 is governed by its Memorandum and Articles of Association, as amended on 18 April 2018. Members. Llablllly The liability of each member of NSN in the event ol winding up is £1. AI 30 June 2024, Ihere Vre six guaranlor members (the trustees) as noted on Page 1. Organlsatlonal Slructure and Declslon Maklng The management ol the charity is Ihe responsibility ol the trustees who are appointed under Ihe lerms ol Ihe Articles of Association. Trustees operale two sub-committees - an audil, finance and risk committee and a remuneration committee. Only Iruslees are members ol the committees. The day-to-day management of the charily is the rgsponsibilily of the Iruste8s. NSN rK> longer has any employees. The truslees use the services ol contraclors and service providers vAiere nec8ssary who operate under the control or supervision ol one ol more truslees. Aecrultment and Appointment and Tralnlng and Induction ol Trustees The Irustees are the directors of the charilable company in accordance with the provisions of the Companies Act 2006. The appointment of new Iruslees is made by resolution ot Ihe trustees. The policies and procedures. adopted for the induction and training of new trustees are tailored lo their individual needs, Commensurate wilh their experience, ensuring that they understand their oblualions and possess a sufficient knowledge as to how to discharge them. The Trustees usually meet al leasl twice a y8ar. They are responsible lor directing all strategic decisions of Ihe charity. Page 2
NEW SCHOOLS NETWORK (A company Ilmited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Aelaled Partie• The charily requires all trustees to declare any business interests. Related party transactions are disclosed in the notes to the accounts. Rlgk Management The trustees have assessed the major risks to which Ihe charity is exposed, in particular those related lo the operations, governance, and financ8s of the charity, and are salislled that syslems and procedures are in place to miligale exposure lo the major risks. Ob eclives and Ac Ivllle Oblectlves The objecls of the charity are lo promote, through advice and a5sislance, Ihe advancement of education in mainlained charitable schools (within the meaning of the Education Acts) and academies (established in accordance with th8 Academies Act 2010 and any successor legislation), including by assisting with Ihe creation of new schools of this sort, with a view to improving educational opportunitl8s for young peop18 and in particular Ihose in necessitous circumstances. In the turlherance of the above objectives, NSN will seek to defend Ihe freedoms which have been a vital enabler of the oulslanding conlribution made by Free Schools and Academies lo improvements in education in England and Iheir ability to innovate to respond lo local educational and skills needs so that Ihey can continue their vilal work. The trustees confirm that Ihey have raferred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charrty's aims and objectives and in planning lulure activities and S8tting the grant making policy lor the pariod. Actlvllles In th8 year 8nded 30 June 2023 the wind down of operating aclivilies conlinued with all employees leaving the organisalion by 31 October 2022. by which lime the activities and ongoing cost base of NSN were low and support was pul in place to develop the next stage of ils aclivilies. It is anticipated that grant giving will commence in 2024125. Golng Concern The charity is transitioning lo a grant making charity, prior lo wind down. The cost base of the charity is now low and future spending commitments are low. The trustees are comlortable thal Ihere are sullicient reserves for the charily lo continue as a going concern for the foreseeable fulure being at least twelve monlhs Irom the approval ol the financial slatements. The trustees continue to adopt Ihe going concern basis in preparing the financial stalemenls. Further datails regarding the adoption of the going concern basis can be found in Ihe Accounting Policies. Page 3
NEW SCHOOLS NETWORK (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Financial Review During the year NSN operated with minimal income. being interest income on cash deposils. and continued to incur a low level ol running costs reflecting ils low level of activity. The charity is now ready lo begin the next stage ol its activity as a grant-making organisation. During the year NSN generated an increase in lunds of £5,094 compared with a reduction in funds of £6,237 in the previous year. As a result, reported net assets are £690,334 as at 30 June 2024 compared with £685.240 as at 30 June 2023. Cash balances al 30 June 2024 were £930,472 {30 June 2023 - £934.293). Cash balances are invested in a range ol bank and Building Society accounts, most of which are interest b8aring at fixed or floating rates. Financial and Risk Mana emenl Objecllves and Pollcles The Iruslees consider risk during their regular meetings and regularly conduct reviews lo ensure that robust syslems are in place to assess and miligale key risks for example, security and valuation of cash balances, and preparalions lor granl-making activities, including the Consideration ol any related parties. Regeryes Pollcy As a grant making charity going forwards, Ihe running costs and working capital requirements of NSN have b8en signifantlY reduced.11 is therefore Ihe Truslees, inlention lo reduce Ihe level ol reserves held by the charrty ovgr time through the issue of grants which will be paKI out in lurtherance ol ils objectives. Investment Policy The charity seeks lo produce the best financial return wilh a minimal level of risk taking inlo account planned lulure cash flows and Ihe need for Ilexibilily. Cash is invested in accounts with a term ol up to 15 months. Plans lor the Future Over the next year the trustees expect to commence making grants to free schools and academy Irusls. An unaccepiable 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 lo envisage a country where every child has an equal chance to succeed in life, irrespective of their background and will continue lo focus its work on ending educational inequality once and for all. In line with Ihe charity's founding mission, the new grant giving will focus on supporting recipients Ihat are: promoting impaclful educational innovation particularly targeted in left behind communities in England; championing causes to ensure Ihat 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 4
NEW SCHOOLS NETWORK (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Provislon of Informatlon lo Audllors Each of the persons who are Iruslees al the tlme when this Truslees, report is approved has confirmed Ihal.. so far as that Iruslee is aware. there is no relevant audit information of which the charitys auditors are unaware, and that Iruslee has taken all Ihe steps that oughl to have been taken as a Irustee in order to be awar8 ol any information needed by the charitls audrtors in conneclion with preparing their report and to establish that the charitvs auditors are aware of that information. In preparing this report, the trustees have taken advantage of the small companies exemptions provided ty section 415A of the Companies Act 2006. Approved by order of the members of the board ol trustees and s¥ned on their behall by.. D•vld Ros$ Chair ol Trustees Date.. 19. 12. IL Page 5
NEW SCHOOLS NETWORK (A company limlted by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 The trustees (who are also th8 directors of th8 charity for the purposes of company lawl are r8SF)onsilJe for preparing the Trustees. report and the linancial statemenls in accordance Wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepied Accounting Practice}. Company law requir8s the trus188s lo prepar8 financial slatements for each financial p8riod. Under company law, Ihe trustees must not approve the linancial slalements unless they are satisfied that they give a Irue and fair view of the state of affairs of the charity and ol its incoming resources and application ol resources, including its income and exp8ndilure, lor that period. In preparing these financial stalem8nts. the trustees are required lo.. select suitable accounting pOIleS and then apply them consislenlty; observe the methods and principles of the Charilies SORP {FRS 102). make judgments and a¢¢ounling estimates that are reasonable and prudenl,. slate whether applicable UK Accounting Standards {FRS 102) have been followed, subjecl lo any material departures disclosed and explained in the financial statements., prepare the financial slalements on the going concern basis unless it is inappropriate lo presume Ihat Ihe charity will continue in business. The trustees are responsible for keeping adequate aOuntIng records that are sufficienl lo show and explain the charity's transactions and disclose with reasonable accuracy al any time th8 financial position ol the charity and enabl8 tham lo ensure that the financial slatemenls comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assels of the charity and hence for taking reasonable sleps for Ihe prevenlion and delection of fraud and olher irregularities. Approved by order ol the members ol Ihe board of trustees and signed on ils behall by.. Davld Rosg Chalr of Trustees Oat8'. 19. 12 114 Page 6
NEW SCHOOLS NETWORK (A company Ilmlted by guarantee) INOEPENOEKf AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK Opinion We have audiled the financial slalefflenls of New Schools Network (the 'charitY) lor the year ended 30 June 2024 which comprise the Statement of financial activities, the Balance sheet and Ihe related notes, including a summary ol sonilicanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Rewrting Standard 102 'The Financial Fleporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounling PraCte). In our opinion the linancial slalements.. give a true and fair view ol the stale of the charitable company's affairs as at 30 June 2024 and of its incoming resources and appIallOn ol resources, including rts income and expenditure lor the year then ended; have been proparly prepared in accordance wlh Uniled Kingdom Generally Accepted Accounting Pracltce. arKI have been prepared in accordance with the requirements ol the Companies Act 2006. Basls for oplnlon We Conducted our audit in accordance Yth International Standards on Auditing {UlQ (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitiès lor the audil ol the financial slalements section of our report. We are independent ol 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 lullilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriale to provide a basis for our opinion. Conclusions relallng io golng concern In auditing ihe financial slalemenls, we have concluded that the Iruslees, use ol Ihe going concern basis of accounting in the preparation ol the linancial slalemenls is appropriate. Based on the work we have performed, we have not idenlilied any material uncertainties relating to events or conditions Ihat, individually or collectively, may cast signilicant doubl on the charitable companvs ability to continue as a going concern lor a period of al least e1ve months from when the financial slatements are authorised lor issue. Our responsibilities and Ihe responsibiltlies of the trustees with respect to going concern are described in the relevant sections of this report. Page 7
NEW SCHOOLS NETWORK (A company Ilmiled by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK {COfrnlNUED) Other Informatlon The other information comprises the inlomation included in Ihe Annual report other than the financial statements and our Auditor's report ther8on. Thè trustees ara responsible lor the other information contained within Ihe Annual Teport. Our opinion on the linancial statements does not cover the other inlormalion and, except to the extent olherwise explicitly staled in our report, we do not express any form of assuranca conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl wlh Ihe financial statements or our knovledge 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 determina whether this gives rise lo a material misslatemenl in Ihe financial slatemenls Ihemselves. 11, based on the work we have performed. we conclude that there is a material mis5talement of Ihis other inforrnation, we are required lo report that lact. We have nothing to report in this regard. Oplnlon on other matters prescribed by Ihe Companles Acl 2006 In our opinion, based on the work undertaken in the course of Ihe audil.. the information given in the Trustees, report lor Ihe linancial period for which the linancial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Malters on which we are required to report by exceptlon In the light ol our know18dg8 and understanding ol the charitabfe company and its environment obtained in the course of the audit, we hava not identilied material fflisstatements in the Truslees. report. We have nothing lo raport in respecl of the following matters in relation lo which Companies Act 2006 requires us to report to you il, in our opinion= adequate accounting records have not been kept, or r8lurns adaquale for our audit have nol been received from branches not visited by us., or the financial statements are not in agreement with Ihe accounting records and relums. or certain disclosures of trustees, ramuneralion specified by law are not made; or we have not received all the information and explanalions we require for our audil,. or the trustees were not enlitled to prepare the financial statemenls in accordance blith the small companies regime and lake advantage ol the Small companies, exemptions in preparing the Truslees, report and from the requirement lo prepare a Strategic report. Page 8
NEW SCHOOLS NETWORK (A company Ilmlted by guaranlee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK {coKfiNUED) Aesponslbllitie¥ ol trustees As explained more fully in the Trustees. responsibilities statement, the Irust88s (who are also the directors of the charitable company lor the purposes ol company law} are responsible lor Ihe preparation of Ihe financial statements and lor being satisfied that Ihey give a true and fair view, and lor such internal control as the truslees determine is nec8ssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or èrror. In preparing ihe fi'nancial slatemenls, the trustees are responsible for assessing ihe charitatde companvs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concern basis of accounting unless the Irustees either intend lo liquidat8 the charitable company or lo cease operations, or have no realistic allernalive but to do so. Audilor's responslbllltles lor the audit of the flnancial statements Our objectives are lo obtain reasonable assurance about whelher th8 financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an Auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance, bul 15 not a guarantee Ihal an audit conducted in accordance wilh ISAS (UK) will abways delect a material misslatement when il exists. Missialemenls Can arise from fraud or error and are consKlered material il. 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. Irregularilles, Kicluding fraud, are instance5 of non-compliance with lavts and regulalions. We design procedures in line with our responsibilities, outlined above, lo detecl material misstatemenls in respect of irregularities, including fraud. The extent to which our pro¢edur8s are capable of detecting irregularities, including fraud is detailed b810w.' Our approach lo identilwng and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulalions, was as follows: the engagement partner ensured that the engagemenl leam collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance wilh applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions th Ihe trusteas and other management and from our commercial knowledge and experience of the charity and saclor in which il operal8S', we focused on specific laws and regulalions whrch we considered rnay have a direct material effect on the financial statements or the operations of the charity including ihe Companies AGt 2006 and charity and taxation legislation., we assessed Ihe extenl of compliance with Ihe laws and regulations idenlilied 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 lo ItanCeS of non.compliance Ihroughoul the audit. We assessed the susceptibility of the charills financial statements lo material misstatement, including obtaining an understanding of how fraud might occur, by-. making enquiries of management as lo wher8 they consKlered Ihere was susceptibility to fraud. Iheir knowledge ol 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 9
NEW SCHOOLS NETWORK (A company Ilmited by guaranlee) INDEPENDENT AUDITOR'S AEPOAT TO THE MEMBERS OF NEW SCHOOLS NETWORK (CONTINUED) To addrgss the risk of fraud through management bias and override of controls, performed analytical procedures to identify any unusual or unexpected relationships. tested journal enlries to identity unusual Iransactions., reviewed the eligibility to funding., agreed a sample ol employees on the charity payroll lo existènce and agreed Ihe 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-cOmlance with laws and regulaltons, we designed procedures which included, but W8re not limiled to.. agreeing financial statement disc105ures to underlying supporting documentation: reading Ihe minutes of meetings ol thos8 charged wilh governance-, enquiring of management as to actual and potential litigation and claims., and reviewing any correspondence with HMRC. relevant regulators and th8 charity's legal advisors. There are inherènt limitations in our audit procedures descrId abov8. The more removed Ihal laws and regulations are from linancial Iransaclions, the less likely it is that We would become aware ol non-compliance. Auditing standards also limil the audit procedures required lo identify non.complianc8 with laws and regulations lo enquiry of the Trustees and olher managemenl and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to delecl than those that arisa from error as they may involve deliberate concealmenl or collusion. A further description ol our responsibililies for the audit of the financial statements is located on the Financial Aeporling Council's website at: www.frc.or .uklau This description forms part of our Auditor's report. Page 10
NEW SCHOOLS NETWORK (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW SCHOOLS NETWORK (CONTINUED) Use of our report This rewrl is made solely lo the charilable company's members, as a body, in accordance wilh Chapter 3 01 Part 16 01 the Companies Act 2006. Our audit work has been undertak8n so that w8 might slate lo the charitable companys members those matters we are required to slate lo them in an Audilorfs report and for no othar purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility io anyone other than the charitable company and its members, as a body, for our audit work, for Ihis report, or for Ihe opinions we have formed. Robert Anderson {SenSor gtalutory audltor) for and on behalf of Streets Audil LLP Charlered Accountants & Slalulory Auditor 1 Mark Square Shoredilch London EC2A 4EG Dale.. 24 January 2025 Page11
NEW SCHOOLS NETWORK (A company limlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) For the year ended 30 June 2024 Unrestricled funds 2024 Tolal funds 2024 Tolal lunds 2023 Note Income from: Investments Income from other activili8s 25,560 25,560 8. 184 115 Total Income 25.560 25,560 8,299 Expendlture on: Charitabl8 activitl8S 20.466 20,466 14,536 Total expenditure 20,466 20,466 14,536 Net movernent In funds 5,094 5,094 (6,237) Reconclllatlon ol lund•: Total funds brought forward Net movomenl in funds 685,240 5,094 685,240 5,094 691.477 {6,237) Tolal funds carrled lOard 690,334 690,334 685,240 The Statement of financial activities includes all gains and losses recognised in Ihe year. The note5 on pages 14 to 22 form part ol these financial stalemenls. Pag8 12
NEW SCHOOLS NETWORK (A company limiled by guarantee) REGISTERED NUMBER: 06953650 BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Nole Current assets Debtors Cash al bank and in hand 250 930.472 934,293 930,472 934,543 Creditors- amounts falling due within one year 10 <240,138) (249,303) Net currenl aJset• 690,334 685,240 Total assets less current Ilabilities 690,334 685,240 Net assets excludlng ponslon agset 690,334 685,240 Total nel agsetg 690,334 685,240 Charfiy lunds Restricted lunds Unreslricted lunds 690,334 685,240 Tolal lunds 690,334 685,240 The truslees acknowledge their responsibilities for complylng with the r8quiremenls of the Act wilh respect to accounting records and preparation ol tinancial statements. Th8 linancial stalemenls have been prepared in accordance 4Mth the provisions applicable to entities subjecl lo the small companies regime. The financial statements were approved and authorised for issue by Ihe truslees and sKJned on Iheir behalf by.. Davld Aoss Chalr of Truslees Date.. 19 12 11 The noles on pages 14 to 22 form part of these financial statements. Page13
NEW SCHOOLS NETWORK (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 General information New Schools Network (the charity) is a company limiled by guaranle8 incorporated in England and Wales and a registered charity. The charity's registered oflice is at 10 St. James's Place, London, England, SW1A INP. The charitls principal activity is to improve the quality ol education, particularly for the most deprived. by increasing the number ol independent, innovalive schools and by giwng grants to academies and schools within the stale sector in line with ils objeclives. Accountlng pollcles 2.1 88$18 ol preparallon of flnanclal stalemenls The financial statements have been prepared in accordance wfth the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Slalement ol Recommended Practice applicabl8 lo charities prepwing their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland {FRS 102} (effective 1 January 2019), the Financial Reporting Standard applicable in thg UK and Republic of Ireland {FRS 102> and the Companies Act 2006. New Schools Network meets the definition of a public benefit entity under FFIS 102. Assets and liabililies are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The chartiable companys luncllonal and presentational currency is GBP. 2.2 Golng concern The trustees assess whether the use ol going concem is appropriate, i.e. whether Ihere are any material uncertainlies related lo events or condilions Ihal may cast significanl doubl on the ability of the charity to continue as a going conern. The Iruslees make this assessment in respecl of a period of at least one year from the dale ol aulhorisalion lor issue of the financial stalements and have concluded that the charity has adequale resources lo 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 Ihe 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 ol income receivable can be maasured reliably. Granls are included in the Slalement of financial aclivilies on a receivable basis. The balance of income received lor specific purposes bul not expended during the period is shown in the relevant funds on Ihe Balance sheel. Where income is received in advance of entitlement ol receipi, its recognilion is deferred and included in credrtors as deferred income. Where enlillemenl occurs before income is received, the income is accrued. Other income is recognised in the period in vthich it is receivable and to the exlent the goods have been provided or on completion ot the service. Page 14
NEW SCHOOLS NETWORK (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 Accounting pollcles (conllnued) 2.4 Expenditure Expendilure is recognised once there is a legal or conslruclive obligation to transler economic benelit to a third party, it is probable that a Iransler of economic benefits will be required in settlement and the amount of the obligation can be measured r&liably. Expendilura is classified by acliwty- The costs of each actwity are made up of direct costs. Direcl cosls atlribulable to a single aclivity are allocated directly to that aclivily. Expenditure on charitable activities is incurred on dY8Ctly undertaking the activities vthich further the charitys objeclives, as well as any associated support costs. All expenditure is irKlusive of irrecoverable VAT. 2.5 Intere81 recelvable Interest on funds hald on deposit is included when r8ceivable and the amount can be measured reliably by the charity. this is normally upon nolilicalion of the interest paid or payable by the institution with whom the funds are doposited. 2.6 Deblors Prepayments are valued at the amouni prepaid net ol any irade discounts due. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid inveslmenls with a short maturity of eighteen months or less from the date ol acquisition or opening of the deposil or similar accounl. 2.8 Llabllllle8 Liabilities are recognised when Ihero is an obligation al the Balance sheet dale as a result of a past event, il is probable that a Iranster ol economic benefit will be required in settlement, and Ihe amount of the settlement can be estimated reliably. Liabilities are recognised al the amount Ihal the charity anticipates it will pay to settle the debt or the arnount it has received as advanced payments lor the goods or services il must provide. 2.9 Flnanclal Instruments The charity only has linancial assels and financial liabililies of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al Iransaction value and subsequently measured at their settlement value. 2.10 Fund aceounling General funds are unrestricted funds which are available for use al the discretion of the Iruslees in furtherance of the general objeiveS ol the charity and vthich have r1 been designaled lor other purposes. Page 15
NEW SCHOOLS NETWORK (A company Ilmited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 30 June 2024 Investment income Unreslrlcled lundg 2024 Tolal funds 2024 Total lunds 2023 Bank interest 25,560 25,560 8, 184 Tola12023 8. 184 8, 184 Income Irom other actlvltles Unrestrlcted funds 2024 Tolal funds 2024 Total funds 2023 Other income 115 Tota12023 115 115 Analysls of expendlture on charltable actlvllle8 Summary by fund type Unreslrlcled fund$ 2024 Tolal 2024 Total 2023 Charitable activities 20,466 20,466 14,536 Tota12023 14.536 14,536 Page16
NEW SCHOOLS NETWORK {A company limlled by guaranlee) NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 30 June 2024 Analysls ol expendlture by 8Ctlvllle$ Aclivitie3 undertaken d1Cl1Y 2024 Total funds 2024 Tolal funds 2023 General administrative costs 20,466 20,466 14,536 Tolal 2023 14.536 14.536 Page17
NEW SCHOOLS NEfwoRK (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 Analysis of expendllure by actlvllles (contlnued) Analysig of dlrect costs Tolal fund$ 2024 Total lunds 2023 Offtce costs Other direct costs Governance costs Over provision ol prtor year restructuring provis¢on 1.219 18.951 4.800 (10,434) 15,666 4,800 20,466 14.536 Audltor's remunerallon 2024 2023 Fees payable to the charit18 auditor for the audit of the charity's annual accounts 4,800 4.800 Fees payable to the charity's audilor in respect of.. All non-audit seNices not included ak>)ve 8,679 6.225 Trustees. remunerallon and expenses During the year. no trustees receiv8d any remuneration or other b9nefits {2023 - £NIL). During the period ended 30 June 2024, expenses totalling £47 vKre reimbursed or paid directly to 1 trustee (2023 - £246). The trustee was reimbursed lor Companies House filing lees. Debtors 2024 2023 Due within one year Prepayments 250 250 Page 18
NEW SCHOOLS NETWORK {A Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 10. Credltors: Amounls lalllng due wllhln one year 2024 2023 Accruals and deferred income 240,138 249,303 2024 2023 Deferred Income Deferred.income at 1 Juty Resources delerred during the year Amounls released from previous periods 232,393 232,393 Deferred Income at 30 June 232,393 232,393 Income deferred at the year end relates to the Barclays Development Programme where funding is to be applied in lulure periods. Page 19
NEW SCHOOLS NETWORK (A company limiled by guaranlee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 11. Slatement of funds Stalemenl of funds - current year Balance at 30 June 2024 Balance al 1 July 2023 Income Expendllure UnreSlrled Funds General Funds 685,240 25,560 {20,466) 690,334 Unreslrlcled Funds Gèneral Funds ar8 resources avallable lor use towards Ihe fulfillmenl of any ol Ihe charitys charitable obieclives al Ihe discrets'on ol the Trustees. Stalemenl of lund8 - prlor perlod 8alance al 30 June 2023 Balance al l July 2022 Income Expendilura Unreslrlcted Funds General FurKIs 691.477 8,299 (14,536) 685,240 Page 20
NEW SCHOOLS NETWORK (A company Ilmlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 Juno 2024 12. Summary of lunds Summary ol lunds- currenl year Balance at 30 June 2024 Bal•nce at 1 July 2023 Income Expendllure General funds 685,240 25,560 (20,466) 690.334 Summary of funds- prlor year Balance al 30 June 2023 galance al l July 2022 Income Expenditu General funds 691,477 8,299 (14,536) 685,240 13. Analysis of net assets between funds Analysis ol net assets between funds - current perlod Unrestricted lunds 2024 Total funds 2024 Current assels Creditors due within one year 930,472 930,472 {240,138) {240,138) Tolal 690,334 690,334 Analysls of nel assets between funds- prlor perlod Unrestricted lunds 2023 Tolal lunds 2023 Current assets Creditors due within one year 934,543 934,543 (249.303) (249.303) Total 685,240 685,240 Page 21
NEW SCHOOLS NETWORK (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2024 14. Related party transactions There were no relaled paty transactions during the year. other than those disclosed in Note 8. Page 22