Company reystration number: 07771465 Chafity re8iStration nbjmber.. 1144043 Tutor Trust IActywy llmiied by irantee> Annual Report and Flnancl•l Statements for th* 14 Months Ended 31 Au8USt 1022
Tutor Tn Contents Reference and AdmlTrlstratre D*taHs Strategic Report 2to5 Trustees. Repon lincorporating Lrett0. Repofrl 6t07 Staternent olTntstees' Ae5por4sibllfftie5 Independent Audltorf5 Report 9t012 Staternent of Fininciil Acrivities 13 8al4nce Sheet 14 Statemeni of Cash Flgws 15 Notes lo the Financtal Statements 16to26
Tutor Trust Referee and Admlnlstratlve Detslls Trust•es PJ Mclnwe K M August lappointed 7 September 2021 and resi8rd 13 January 20231 L 6hen¢ lappointe(17 Septefflber 20211 LV Cromptorl M G Emmefich M A HantMJry lappolntèd 7 Septembtf 20211 J Uster 26 Ottober 20211 P Lloyd lappjinted 7 September 20211 Murden Ifesigned 30 September 20211 J Nuttall N ogle lapwnted 26 October 1021 H L Pr•iien14pwbnLt¢ 7 5Ypl¥mber 20211 Koy M•nwm•nt P•n4)nn Nlck Benl Ctrltyjnder Chlel Exttutlve oifittr luntll 31 Decémber 20221 Abyll aFArts. Co-lounder and Executive Dirertor Prffidp Of Floor Virythla Housè 7 Great Antoats Stre Manchester WSAD The Chanty is Incorporated in England and wa5. Comp•ny R•lrtraflon Plumbof 07771465 Ch•rlty R•ilstr•tl¢Jn Nwnb•r 1144043 •nk•rs The Co-operail¥e Bank pk PO 8ox 101 l Balloon Slfeei Manchesier Mf4) 4EP Audlt Mftchell Charlesworth {AAll) Lomiied 44 Peter Sireet Manchester M2 5GP Page I
Tutor Trust Strateglc Report for the 14 Months Ended 31 Au8USt 2022 The Twstees. who are diiettors for the wrposes of company law. present their strate8k fepTht for the 14 rnonths ended 31 August 2022. In u>M)nce with s414C ofthe Compan5 Act 2. Achlevernents and Perforniance September 2021 saw us celebTatin8 the ltrh anni¥ers•ry of TutorTrusfs emablishment as a charity and 2021122 was the final year ol our èmbitious Three Year Plan which wès signed off by our Trustees in July 2019. When that plan wès approved, belore the COVID-19 Ndern1t. our aim was io work with at least 4,1 young people per annum by 202V22. Ouf Browth plans were 5i8nifkantty Celerated by the announcement of the National TutorSng Programme In June 2020 and we had already achwed our targws in 2020121 when we were able to support over 6.(m young people. New were set lor 202V22. with an aim to wch ai leasi 6.500 youn8 peoplé in that academic year. Ourlfflport Durin8 the 202V22 acadtmit year. w• ¥thked wrth 6.730 puimls in 198 schools. sprnad across yèars 3 to 11. Th15 wa5 a 7% Increase on the prewious academic year, and, mre importantly. 43% of those youn8 people recwved 12 or rnore hours of tuition. an increase from 20% in the previous year. The findings from our randomlseil conirol tnal. conduaed by the EducJtlon End¢Jwment Foundatlon In 2017. showed that puplls who fecei¥ed 12 hours of our iutonn8 made an addilional ihree monihs. pro8ress in Maths when cornpared io the £ontrol group, and $0 increasin8 ihe number of our tutees who reter¥e at leasi 12 houfs ol tuition helps us to In¢rease our Impart. 66% of the puplls we worked wth were entilled to Pupil Premluffl funding compJred wf(h 61% In the prevlous year, •nd 21% of pupils hod Speci•l Cdu<•t•1 Nttds or Dljabllhles ISCNDI118% 20201211. On •ver•8•, parti¢ipatin8 pu15 attended 78% of ihelr scheduleLI tutor1 sesslons, tornpored 10 73% in 2020121. In summer 2022, we recelved our first set of examlnatl¢)n da in thrte years. We were pleased to see that tyJr disadvantaged Year 11 tutee5 performed significantty better than dlsadvanta8ed pupils both regionally and nationally. ol our disadvantaiéd luttes xhieved a Grade 4 or hher in GCSE Maths tompared with 53% of dl$4dvntao•d pupils In Ert8lnd. Ih En8lish, th li8urs w•r• 66% and 62% r•sp•ttivly, #nd in Sei•nt• thy were 81% and 51%. In SATS, our tutees made siron8 progress from much lower siarting poinis than in Pfevlous yeafs. a¥efa8in8 seven scaled score wnis of pro8fess between the srart and end of iutOfln8. With Ihe national aitainmeni gap between disad¥anta8ed pupils and their peers at Its widest In a decade, we know Ihat tutorin8 is needed more than ever io accelera1• disadvantaièd pupils, Seamine. Following the launch of our Three Year Plan. we were able io secure pledges for the full amount of unfestricted income we needed LIP to the end 012021122. Durin8 2021122 we have continued to esiabllsh relationships wilh new 8rant-makin8 trusts, companies at)d philanthropists who also wani to support our work. preilominantfy thiou8h provNlin8 unrestTlCted fvndin8 but also wth fvndin8 for specific projerts. This includes sUPPOrt from the M0rri50ns Foundation to forrnalty taunch Bradford, making it our fovrth city in the North of EnRland. DvrinK 2020121 we pisoted (line tutorinll in the tity and now offer face.to.face tuit4 lo schoo15 acro 8radtord. We contlnue to reCee vital support from Imwus- this indudes financial suppon, but also consultancy advice frorn our Investment Director. pro bono 5UPPOrt from the lrnpetU5 network. and introductions to other funders. Impetus has a150 SUPPOrted us wth the de¥d¢)pmeni of ouv 2022-2025 Three Year Plan whlch W35 51gned off byour Tntte$ In Juty 2022. Il•tlonol Tuttxlng Progmmme The Nalbonal Tutoring ProgramrTre INTr) was an1nted In Jvne 2020 as a key part of the Governmenvs programme ol funding to support Children and youn8 people to catch up on missed learning caused by COVIO- 19. Tutor Trusi becThe an NTP Tultlon Partner in NO¥nr 2020 and has cOntUed as • Tuition Partner In 2021122. Page 2
Tutor Trust Strateglc Report for the 14 Months Ended 31 Au8USt 2022 The NTP fundln8 subsidtses costs ol tuition for sthools and. in 202V22, sclM)ols could access two fvndln8 5treams- they could Continue to work with Turtion Partner5 a5 thty had done in the 2020121 academit year, wSth 70% 01 the costs being subsidised and paid direct to Tuition Partners through the NTP, but they also received a 5choo14ed tutoring grant whh gave them more flexibility on how they could spend the funds and was subsidised by 75%. We lound most sdN)ols we worked with In 2021122 used the sihool-led tundin8 to cover our costs, For the 2022123 ocatlemic year. all NTP fundin8 is beinÉ paid dirett to schools which subsidSses the Costs ol tuition by E4YA, and11 sthools want to use an extemal tullk+n prder thty have io use an NTP Quallty-Assured Tuition Partner. DurlnR the tirst year of the NTP we participated In a.Mble. randomlsed control trlal IRcn déslgned to tesi how wt can besi support pupils io nta8e With IoI1n8. We fettived the resuns ol thè June 2022 and were dellghted to find that 'Snap Survey,, the interyèntion wè tested. was thè only one ol three interventlons testèd to rneanin8fully increa5t pupil attendancè. W have IntrodUt Snap Survèy into our tutor tralnin8 and it Is now used by all tuttsrs dUNd the initial sess1¢. Alon8side the tuiorin8 services we provide In matnsifeam seitin8s, we also continue to offef more spe¢iJllsed support for Looked After Children. youn8 people ai fisk of e¥clusion, persisieni absentee5 Ind youn8 people Alternative Prowsion 5ettin85 through our Tutoring Plus team. Many ol these pupi15 receive lonBer WO8rammes of tutoring than in our main5trearn offer and. for those in Altern3ti¥e Provision. tuition can mjke up a significant portion ol the time they spend in educallon each week. The Rleht An8le, tyJr coll•bor•tfve proheci lth TLC.. T•lK Usten, Ch•ny whlch pro¥4des both academk interventltsn and thtrapeullc support, ha5 ¢tInued wilh the support of phiianihroplc fvndlng. Wt have worked with lrnpactEd to indepeTrJenlty evaluate The Right Angle. Their report lound thot Efigllsh and Maths GCSE workin8-at trade5 and 5COfts on Intefnal progress asse55rnent5 were hlBher followin8 the programme. and those who completed Cln$•I11n8 made 4nific•ntty ireater pwress In EnWlsh than those who dld not. We launched a new parinershbp in 202V22, which dellbrs'Achieve' untts and qualificJiSon5 from The Prlnce's Trust alon8side iuiilon in either English or Maihs. Thls partnefship offers vulneroble Yn8 people the chance io develop personally and bulld life skllls, and the'A(hieve' units can be shaped by each youn8 perwn's intèresis. The TransStion Project Is a unique programme. funded by the Headley Trust and working wtrh 5èlford City Council. This prolect seeks to support children as they transilion Irom primary into secondary school. Throu8h the project we have provided Maths tutorin8 10 134 Yeat 6 pupils across seven primary schools in Sallord and will continve to SUPPOfl thtse pupils as they move into four local secondary sthools. Wt also held a'transiliori day, iv each Secondary school enablin8 our tvtees to Meet pupils from other Primaries before their fi¥5t day irb Year 7. We are also • delfvery partner of the nitlonal MatM•1 Education lor Scd•l Mobilrty and Excdlence IMESMEI scheme. Developed by Ark. MESME exists io support high-potentbal mathematicians Irom •ll background5. In 202V22 we delivered MESME Maths Circle5 in thirten 5etondary sche4)15 Wlth ntady 150 pupS1s. Ourteom Our staff team ha5 tontinued to grow a5 we increase the nvmbet ol puw15 we support, and we now have alrnost 60 people In our ieam. including 14 Qualsfied Teathers. We have a150 broadened the range of experlence. backgrounds and 8eographie5 on our Board of Trustees, with Six new trustees JoiThing the 8oard in auitsmn 2021. Completing our team are our hard-rkin$ and passion31e tutDrs. Our rfgoroLts applicat process helps us to ideniify candidates who have the Unlo combination ol academic and interpersonal sktlls that we know makes a 8reaE tulof. 412 tutors delivered sessions for us in 202V22. delivering. on average. 84 hours Of iutorin8 and sUprtI 16 pupls. Page 3
Tutor Trust Strateglc Report for the 14 Months Ended 31 Au8USt 2022 Flnancl Re•W These accounts present the finanoal sU$ for the 14 months ended 31 August 2022 and, therefore, the tomparative amounts are not entirely Comparable as they rellect 3 12-moMth per. As our adivitles are $0 £105ely linked to schools, we have decided to extend the current rertIng period by two months to brinB It as closety in line with the academLC year as possible, reflecbn8 how we meosute tyjr Jmpatt. In repo references io'the financial yearf mean the 14 moftths ended 31 Au8usi 2022. As outllntd In tse attrnts. èven after alknwing for tht diffÈrÈni knh$ oltht rèportin8 periods. (x Income has continued to grow with total income of £3.8m12020121". £3.Iml. Income Irom grants and donations has remained steady ai £2.Om. but 2020121 included £4% ol One11 set-up funding for the NTP. cfver 80% of thè Sncomè trom 8rants and donati$ l£1.7ml is unrestricted. Tuition In£ome hès grown to £1.7m12020121.. £1.Iml, repr¢tIng 46% of our total income, up from 35% in the previous year. Cosis were also higher than the previous year1£3.4m compared to £2.Iml but wert in line with expectations. renectln8 the 8Towth In the Charity. Ca5hfl¢)w ha5 been healthy thrOul the period and. at the end of the finantbal year. the b•nk balan was £1.6m12020121-. £1.Jml with total funds 01 £2.Im at 31 August 2022. Poll¢y on se1¥Y5 The reserves policy has been updated durtn8 ihe finjndal yeir, the revised policy adopted by Trustee5 In February 2022, The objettive ol the resetyes policy Is to teiaih a sufficient level ol lufids to allow lor (ashflow trough5, to meet unexpected expenses and to prowde time 10 seek alternative funding in the event of 3 downturn, or to support sChIS with an immediate need for tuition where other funding is not available. The target ranRe ol re5eryes Ikngwn as'the Operattng Reserye'l is three to six months of full operating cost5. The •mount of the Operatin8 Reserye Is at e¥ery Fln•nce and Risk Committee meetlng and feporied to the lollowlng Trvstee mteiing. The balance ol unre5trirted funds held at 31 Au8USt 2022 was £1.95m, of whlch £1.9rn represents free restr¥e5. represent$ 7.8 Mth$ of lull operating costs and the Trustee5 are 5atlsfied that thls 15 above the Sevel ol Operatlng Re5erye required at that p)Int, in line with the agreed reserves polity. The Trustees have plans to reduce the lèvel of free reser¥es to within the urget ranee over th• tours• ol th• ChaiitTrli n•w Thr•• Y•r Pl•n. Prfnclpolrlsks andun¢ertalntles We have developed a risk re8lSter for ihe CharlTr, whkh Is rewlarty re¥lth¥ed and lesed by the Senlor Management Team and the Trustèes. The Finante and Risk Committte takes a close Interest in ihe fisk register, reviewln8 t¢ al each ffleelin8 and reWrtI back lo the lolbowiw Twstee meeting. The CharlWs prlncSpal risks a related to Its partnershlps schoots. with the associated risk io iuitlon Income, and the current COSi4of.lryin8 pSsUre$. which could impaa stafl recrur(ment and retention. The current economic climate. tombined writh reducin8 subsidies through the National Tutorin8 Pro8ramme INTPI, Is putting InCTeased pressure on school bl¥ets whKh may limr( their financial capacity to prowde tutorin8 foT their pupils. We a150 need to secure new 5ch¢)ol partnerships in Order to meet the arnbitlOU5 taT8et5 sel out in our new Three Year Plan. In order to mitiRate the ri51 to the Charity. ¥¥e are fLKUSiDK both on maintaininK our exi5tin8 xhool partnerships and developing new maretin8 plans to attrart new schools to work with us. As 4 chanty. we use our philanthroplc lundift8 to subsidi5e the cost which schools pay lor tUItn aThd we also wwk closely wilh our school partners to help them understand ihe fundlne whKh Is available to them throu8h the NTP. We have taken actSon to 5UPPOrt our employee5 al a time of rapldly growing inflatlon. implementin8 our nnual cosi-of-llving pay increase three months earlier than normal and providing further financial support since the end ol the finantial year. We WFII continue to keep this wrfer review. btsth for our cuNent employees and when recFullin8 lor ntw members of the ttam. Page 4
Tutor Trust Strateglc Report for the 14 Months Ended 31 Au8USt 2022 Plans for Future Perlods Otsr2022.2025 Three YeorPlan Our new Three Year Plan, approved by our Board ol TnISe$ In Juty 2022. is amtI$ and we want to double our pupil reach by 2025. In 2021122. we exceeded our pupil target and worked with jusl over 6.7(Kl pupils: In 2024125 we want to serve at least 13,Cts)_11 we achieve our aim, then, over the nert three years. more than 30.(LY) youn8 people will benefii from the support ol a lantastK lutof. In 202V23. wè aft almlfig to dteptn our prÈseAtè in ihè arèas that we alra(ty sÈTh. fotusln8 our expanslon on those schools that Pflmarily serve lower income communities across Greater Manchester. Merseyslde and Leeds-8radford. We are not seeking io expand to any new city regions in ihe lirsi yeaf of Ouf plan but remain open to explorin8 the possibSlf(y ol launthin8 Trn new cities in 2023124 or 2024125. WÈ arè tontlnualty lookin8 to dévt our offer to thiklrtn and young ptople. Aftèr a pllot In 2021122 where we developed 5pecifi¢ trainin8 for tutors working with youn8w pupils, we art now able to offtr tutorln8 in Math5 and Reading to Year 3 and Year 4 children. We also have a v¢5ion to expand the support we can ofler through our Tutoring Plus team. and. through developin8 new partnership5, we want to ensure that the 5ecgnd Inierventton. In ad¢ltknn to tutoring. addresses the needs and Iniefests of ihe particlpani. whether thls Is individul ihefapeutic support, lamily ihefapy, develwna pr1(al skn"Ils, or creatwe e¥wession. Cfver the next three years, we 11 also be devekjping our dlt31 presence to reflect our professionalism and the Scale of our ambition. This will be supported through external fundin8 which will enable u5 to develop gur digital oller to schools, tutors and pupi15. and we have rKruited • th8rtal Produrt Mana8er to oversee our Ji ambltlous plans wlll also requlfe us to undertake slgnifkant fundraisln8. partitulaily given the thallen8es sthools are fatln8 with IncreèsSn8 tosts and lallin8 sub51dit5 lor tuitn, and bt Seek4 th add new lunders to join our current suppjrters. Shortly alter the end of the flnoncial year we announced that Nlck Beni, our Co-Foundef )nO CEO. would be leaving the Charity at ihe end of 2022 to become CEO of ihe w¢ial Mo"11ty charity upReèch. Nic lounded the Charlty alon& wlth AbSgail Shaplro, Co.Founder and Executive Dire¢tOf, In 2011. and we are very 8faieful to him for all the things he has done io build the Charity and lor his unwavering eommiim•nt. Followin8 a recruitment process 5UPPQrted by an executi¥e search lirrn speciali5ing in the third Sector, education and rnernbprshlp spctors. wp. afe dplighted ihat Ed Marsh will b(b. joini u5 as our new Chief Expcijtivp in earlv 2023. Ed joins us Irom Middlese/ Vni¥ersity Students. Union where he was ihe Chief Executive oifbcer, and the Tnjstees, Abigail and the $1 ol the team look forward to welcomin8 him to Tutor Trusi. One of our iiustees. Oame Kathy Au8U5t, has also stepped Ll¢)wn from tht Board since the end of the financial year, and we are very 3ppreciatwe of her contribution to Tuto¥ Trust durin8 her time on the Board. Th•nk The work that we do woukl not be possible without the owlw4 SUPPOrt of our partner xhools. fvnders and other supporters. Thankyou helpire us to continue'transFom)in8 li¥es thrrwh tutonn8' acro lh• North of England. The Strateglc Rert was appro¥ed by thè Trustees of the Charlty on 31 January 2023 and slgned on bèhalf by- P J Melntyre Trustee Page 5
Tutor Trust
Trustees, Report {Incorporatin8 Dlrectorf Report) for the 14 Months Ended 31 August 2022
The Trustees. who are diredors for the purposes of company l•w, present the annual report 108ether wlth the
fIn(la1 ststements and audrtorfs ol the Chtable Company for the 14 months ended 31 August 2022.
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Tutor Trust Trustees, Report {Incorporatin8 Dlrectorf Report) for the 14 Months Ended 31 August 2022 Golnl Co+Kem The Trustees consider that there a no material uncertalnties aboui the Charity's ability to continue as a oin8 ioncern nor any si8nificant areas of uncertainty that afft the carryin8 value of assets held by the Charity. In reaching thss corKlusknn. the Trustees haveconsidered the impart that the COVID-19 pandemlc has had on the activlties and flnarcial poglion of the Charity over ihe lay two years. The Charity was quickly able io adapt its processe5 tts enable turtion io be deli¥ered remotely and wa5 appointed as a tuition partner under the Nrp n November 2020. The Charity continued Js an NTP tuition partner during the financ¢al year and wlll also be an NTP quality-approved tuith)n partner durSn8 the 2022123 academic year. The mechanism for lunding NTP has changed for the 2022123 academic year and all lundln81s paid direct sthools. who mtsst Use a qualltv- approved iuiilon partner11 they wani to use •n external oryanlsation to prvAde turtloo. Slnce the end ol the finan¢ièl yew. Ihe Charrty has alreth secured 8rnnts and donaon5 w meet Its fuodl tar8et lor the flrst year of its newThree Year Plan. The Operatin8 Aeser¥e Fund also remains above the target ran8e ol three to six months, full operaiini cosis. Thus, the Trustees continue to adopt the 8oinR Concern bèsSs of actountin8 In Prepar1 the financ1 staiements. D15¢1owr of Inlorm4llon to A Each Trustee has taken the steps that they ou8th io ha¥e token as a Tfusiee In order io make theMsee$ aware of any relevani audit infofmaiion and io establish thai the Charity's avditor is aware ol that Information. Tht Tnjstees confim) thai there Is no rean1 informaiion that they know of and of which they The •nDual report Wa5 •ppro¥ed by the Tlustees ofthe Charity on 31 J•nu•ry 2023 and si8ned on tts behalf by: P J Mclntyr¢ Trustee PaKe 7
Tutor Trust ststement of Trtsstees, Responslbllltles for the 14 Months Ended 31 Au8USt 2022 The Trustees (who are also the dSfertors of Tutor Trust l<w the purposes of company lawl are fesponsible for preparlng ihe Trustees. rEport lincorporating the 'rectorS, report) and the finantial statemehts In actordance wlth ihe UAlted Kingdom Attountin8 siandards Iunited Kingdom Generally kcepted Atcountin8 Pradicel ènd applicaNè law and regulations. Company law requires ihe Trustees io prepafe financtal statements for eath financ¢al year. Under company law the Tfusiees musi not appfovt the financial statements unless they are satlsfled that they give a true and labr view ol the state of allalrs of the charitab Cornpany and of its incoming resources and applicaiion of resources. including lis income and expenditufe. for that period. In preparlng these financlal statements. The Trustees are required to.. selea suiiable accountin8 pohcles and appty them consisienity,. observe the methods and principles In the chartr SORP.. make lud8ements and estima ihai are reasonable and prudent: state whether applicable UK Ac(ountin8 51andards hwe been folknwed. subiea io material departures disclosed and eXaIned in the finatrKial staiemenis.. and prepare ihe flnanclal statements on the 8oln8 concern b•sls unless It Is In•pproprlate to presume that the Charitsble Company will continue In business. The Trustte5 art ré5ptsnble lof keepir adequatt ¥¢ountlt¥ records that are suflkièni to show and explain the Chariiable Company's trarbsaulons and diKlose with reasonable accuracy at any time the financl•l positlon of the Charitable Company and enable them to ensure ihat the flnancial staiements comply with the Companles Att 20C6. They ale also responsible for sale8uardini ihe assets ol ihe Chafltable Company and henct fof takini ftasonablt stw for the prtventh)fi and dettth of Iraud and Oth Irriularrtis. Approved by the Trustees of ihe Charity on 31 January 2013 and Silfd oh its behalf by: P J Mclntyre Trust¢e Page 8
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trust for the 14 Months Ended 31 August 2022 Oplnlon We have audited the financial statements of Tutor Trust lthe.chalttsb tompanrf) for the 14 months ended 31 August 2022 which £ompTi5e ihe statement ol finantial activilies, balance sheet. statement of cash flows and the related notes. The financial reporting Iramework that has been applied in thesr preparation ¢1 ppllcable law and United Kin8dom cOuntin8 Stsndards, indudin8 FRS 102 Ihe Financlal Reportln8 Standard applicable in ihe UK and RepublK ol Ireland- (United Kin8dLYm General{ Accepted Accountin8 PracUcel. In our oplnlon. the fir+ancSal statements.. Rive a true and laif wew of the state of the charitable wnpan¢5 affairs a5 at 31 AuRUSt 2022 and of ¢ts Incomin8 resources and applicaiion of resources. Includin8 their income and expenditu for the 14 months then ended. have beefi ptoperty prepared in accordance ¥h Vnated Kln8dom Generally Ac<epted Accwniln8 Pradlce have been prep¥ed in •ccordance wlth the re9uirementsot the Cornpan Act 21. Basls lor oplnlo We condurted our audil In accNdante wlth Intèmatitinal Standards ¢)n audlting IUKI IISAS IUKII and applicable law. Our re5ponsibilitie5 under those 5taTrdards are lurther de5¢ribed in the Auditorfs responsibilities for the audit ol the financial siaiements section of our report. We are independent of ihe charltae company in accordance with the ethical requirements that art relevani to our audit of the linaKlal 5titemeDtS In the UK. including the FRC'5 Ethical Standard and we have lulfilled our other eihKal responslbllities In accordance wilh these requlrernents. We belle¥e ttst ihe au¢lt evklence we hive c4)tilned is svflicieni and appropriate to prowde • basis for our wnion. Con¢luslons relatlrq to concern In atsditin8 ihe financial st3tements. we h•ve Cw•clIed tt the Trustees. we of the ithng concern ba5 of Kcountln8 In ihe prep•ratlon of the fin•ncl•l siatements Is apprate. Based on th• work we have pèrformed. we not hkniilltd any m•iertal unttrtalniies rdallng to tvtnts or conditions that. Indjvidually or collective, may cast significant doubt on the charitable cornpan¥l5 a'11t¥ to contlnue as a 8oln8 concern for a perl¢)d of at least twelve months from then ihe flnancièl staternents are •uthorised for issue. . Ir r•sp¢nsllylltli artd th r•spwbilrt of lh• Ttust•w with r•%p•rt to ¢¢)rKm ar d•#crI in ¢h• relevant $tn5 of thi5 reF- Othef Inlorm•tlon The oiher inlofmation comprlses ihe informaiion included in the annuèl repon, other than ihe financial statements and our audtiorfs report ¢hereon. The TStee5 Iwho are also the dirKtor5 of the charitable company lor rhe purpo of company lawl ale rpsponsibk for thp othw information. Otsf opinion on ih financial siatements does not cover the othef infomlatfi and. except to the eent otheiSe explieitly stated in our report. we do nol express any form ol assurance conclusion thereon. In connettlon wrth ¢)yr audit of the financlal statements our resFrfJnslblllty is to the gther Informatlon and, in doing so. Conser whetherthe other infomvtion is materially inconssstent with the financial statements or our knowledRe obtained in the avdrt or othenwse aDDE•f5 to be materiallv mi$5tated. If we identsfy such material inconsi5tencie5 or apparent material misstaternents. we are required to determine wheiher there is a malerial misstatement In the financial statemenis or a Material misstatement ol the other informatiofi.11. based on the work we have performed. wt Cond* that therE 15 a matenal mi55tatem?nt of Ihis other informatii)n. we are requTrred to repDrt thai fart. We have nothi4 to report In thi5 re8ard. PaKe 9
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trust for the 14 Months Ended 31 August 2022 Matters on whkh we are requlfed to report by exwtlon We have nothing to report In respect of the Idlowing matter5 In relation to which the Charities (Attounts and Reports) Re8ul3tions 2008 require us io report io you rf, in our opinn. the inlofmation 8iven ID the tfjnancial statements Is Inconsistent in any maierfjal respect with the tfUStees' report.. or the tharitable company has not kept adequate actounting rtttrds.. or the Ilnantial statements are not in agrtement with the actountin8 retords and rttums,. or we have not recelved all the infovmation and explawwtions requlre forour audit. R•ipoiiilbllStl•s of Trns As explained more lulty in the Trusiees. Aesponsibilitits Statemeni set out on page 8, the Trustees (who are Iso the directors of the charitable company fof the purposes of company lawl a responsible for the pfeparation of the financial statements and for beln8 Satisfied that they 8lVt a true and fabr vlew. and lor such internal control a5 the Trustees deterrnirte is reSSary to enable the prep•ratknn of fin•nd•l statements that free from maierlal m155tatement. whethtr due tts friud or error. In prepadng the finJnciJl statements. the Tw5tees Jre fespoftsible for •53e5slng the charitable company's abllity io continue as a Boing concern, dIsclost as applKable, matiefs rdated to 8oln8 concern and usln8 the 8oln8 concern basès ol accouniin8 unless ihe Trusiees either Intend to I$dIle the charttable company or to cast operations, or have no realisiit alternatNe but to dr SO. Audltor'¥ rewnbIlItIeS (of the •udlt d the fin•nd•l st•tements We have been appointetl a5 audiror untlei 5ert&on 151 of the Charits Aci 2011 and report In •CCOfd•nce ¥Ath reeulatlons mode under stttlon 154 of that Atl. Our objertfves to obtain reasonable assurance ab whether the financk?I statements as a whole are free from materlal mlsslattmtnt. whethw due to fvaud or error. and to issue an auditor's itkh)rt thai includès our oplnion. Reasonable assurance is a high level of assuran. but is not a evarantee that an audit condurted In accordance with ISAS IUKI wlll always deie(t a material misstaiemeTrt ¥then it exisis. Misstatements can arlse Irom fraud or effor and are consKlefed material rf. Indmdually or in ihe a88re8ate. they could reasonably be e¥pe£ted to Influence the economic de(isions ol users taken on the basis ol these financial statemenis. Irre8ulafities. IlUdIng fraud, are In5tanrgs of non<cffipllanc¢ l•ws and regulations. We d851gn procedures in line with our responsibilities. wtllned above. to detect rnaterial misstatements In respert of lrye8ularllies. Trnclutlin8 fraud. The ertent (w wocedures •re Clble of dthectlng iffe8ul•rft6es, Includin6 fraud, Is detailed below. lletause of the Inherent Ilmttations of an audli, the Is a rlsk that we wlll noi detett all INegularrtles. Includlng those leadlng io a materlal mSsst•iement In the financial siatemenis or ntsn<omplian¢e with regulatlon. This rSsk increases the more that compliante with a law or regulatn is removed from the event5 and Iran5aCtions reflected In the financial stalerrnts. as wé will be less likety lo become aware of tnstances of non<ompliance. The risk Is also yeater regardl irre&ularitios wcurrin8 due to fraud rather than error. as fraud involve5 ITrtentn concealmefti, lor8ery, collusion, omls¥on or mtsrepreSenutn. Exint to whlch the a11 was consbdored ¢apable old•tert1 Irr¢ulafftSts, Indudlng fraud We identify aThd as5es5 the risks ol material mis5taternent ol the financial siaiements. wheiher dve to fraud or error, and then desiRn and perform audrt procedures fesponsive io ihose fisks, includin£ obiaining audit evldence thai Is sUfficnt and approwfjaie to yo¥Sde a bas6 fof our oplnfjon. Pa8e 10
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trust for the 14 Months Ended 31 August 2022 Id•ntlfyln8 and asses1 potenWal rlsks rel•ted to Itre8ularlVes In identifying and 35se55ing r15ks of material mstatement In respect of Irrwlarityes. irKlvdin8 fraud afd non. compliance with laws and regulaiions. we considered the fdlowing= the nature of the sertor. control environment and charitable tompany's perlormance., results of our enquiries of rnanaBernent abwt their own identification and a55t55nt of the ri5k5 of irregularitles.. any matters we identTrfied havln8 obtsirttl and the tharitsble compatys documentaiSon of their policies and procedures relailv4 to.. ideniifyin& evaluaiin8 and ith laws and re8uLitlons and her they were aware of anv Instantès of non-ttsrnpliante.. detecting and reswnding to the risks of fraud and thelher they have knowledge of •ny adual. suspected gr alleged fraud.. the internal conlrols e5tab115hed to mitl8ate risks of fraud or non<ompllance wlth law5 and re8ulatlons' and the matters dlscussed among the audit engagement team re8ardin8 how and where fraud ml8ht occur In the Ilnandal slatemtnts and any tentV41 bndbtors of fraud. As a result of these procedures. we considered the opportunities in(entwe5 th mayexist within the Ofganisation for Iratjd and Ideniifd the 8reatest potential lor fraud in relaiion to the limin8 of the recognition ol Sncomè. In common with èll audits undw ISAS IUKI. wè aft also requlred io pèrform speclfl¢ wocedures to respond to the risk of management override aThd we identified a rlsk in relation to the post1 of unusu•l lowLS aThJ the manipulation of Kcountbng estimates. We a150 Dbtaintd an vnderstanding of the le8al and regulatory framework5 thal the charlt•ble company operates In, focu51nB on provisions of those laws and regulations that had a direct effect on the deterrninatSon of materlol amount5 and disc105ure5 in the financial Statements. The kry law5 and re8ulations we tOn5idered In thls ttsntext included the roportlng requlreiiitnts of the Charfty CommlssbDn re8ulatlon5. In addition, we considered pro¥islon5 of other law5 znd re8uktii)n5 thal do not have a dlrert effect on the flnancial siatemenis tyui compllance wlth thlch fnay be lund•menial to the chartuble CompY'S •blllty to opefaie or io avoid è material penèltv. A respon io rbsks Identllbed In addition to the above. our procedures io rtsptsnd to risks idèntrfd int1led th followin¢'. reviewin8the financial statement di5c105ure5 and t¢5ting to 5UPPQrtinKd¢xumentat)ll to asse$5 compliance wilh relevdnl14w5 iexulélwns desuil)e(l •bDve ds h•¥ing o direLt eeLl ihe find11 sts1tle1S,. enquinn8 of m•n•6emeni and membefs of the Board of Twstees concernin8 artual and potenil•l litl8•tion and clalms,. performlni •natytlcal procedures to klentlfy Unusu or unexpecied reloilonshipsihat may Indkate risks of maierial misstaiemeni due to fraud.. ading minutes of meetings of ihosecharged wlth 80venHe and rvdewlna corre5pmdence with relevant duLhviiiles whwe rnaiieis lfleniifd $18nificéni- in addressing the risk of Iravd ihrough management overyide of controls. testing the app¥opnatehe55 of journal entrSes and other adlu5tmtnts', assessing wheiher the lud$tments made In makin8 accountln8 estlrnates are Indicatlve ol a potential ts•.. and evaluatin8 the business ratbjnale of any signiflcant transactlons that are unusual QrWtse the nornwl course of buynes We aljo communlcated rele¥•ni Identifled lawj and re6ul•tiOnJ and poientiol Irotsd rlJ*J to oll en6a8ement team members and rernalned alert to any Indltatlons of Iraud or non<ornpl1an with laws and regulations throughout the audS1. A further descrfpith of our responsibilit5 lor the avdit ol the financlal statements Is located on the Financlal Reporting Countil's website at.- www.Ir£.ory.uVauditorsresponsibilltiÈs. This destription forms part of Our uditorfs report. Pa8e 11
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trust for the 14 Months Ended 31 August 2022 Us• of our report This report 15 made solety to the tharlvs trustees. as a bLyfy. In acrordante vlth Part A of the Charities (Accounts and Reportsl Regulations 2C¥)8. Our audit work has been undertaken $0 that we might state io the charitable company's trustees those matters we are required to state to thèm in an aud¢torf5 report and lor no other purpose. To ihe fullest extefii permitted by law. Twe do not accept or assume responslbillty to anyone other ihan the chariiable iompany and the ¢haritable companvs trustees as a body. lor J1 audit work, lor thls report, or lor ihe oplnlons we have lormed. 3110112023 Alison Buckley. Senior Statutory Auditor For and behalf of Mrtchell Charle5WLYth IAuditl timited 3rd Floor 44 Peter Street Manchester M2 SGP Date.. Mitchll Charlesworth LLP Is •118lble to act as auditor In tern of Sttkn11212 of the Companles Act 2(1 Pa8e 12
Tutor Trust Statement of Flnancial Actlvlties for the 14 Months Ended 31 August 2022 (Including Income and Expenditure Account and Statement of Total Recognised Galns and Losses) Total 14 month5 Endtd 31 Augusr 2022 Unrestrkttd Rèstrirt•d lunds funds Incom• and Endo¥rn•nts from: Donations and legacies Charitable activitie5 1.663.268 1,740.299 358.35B 2.021,626 1.740,299 Total income 3,403,567 358,358 3.761925 Expendrturo on: Charitable 3rti¥rtits 2.973.OS4 426.4221 3.399,4761 Total expenditure 2.973.054) 426.4221 13.399.476) Net Inwmellexpendiiurel 430,513 168.064 362,449 Net movement In fu41ds 430,513 168.0641 362,449 ft•condll•tlon ollunds Total funds brought forward 1.518.176 173.250 1.691,526 Total lunds caryled forward 1,948,789 105,186 2.053,975 Tot•1 Yur Ended JO June 2021 Unrestrlrt•d funds R•rtrkn•d fvnds Income •nd End•wments from: Donations and legacies Chiritablt actr¥itl•s 1.081.279 425.573 909.189 654.788 1.9XJ,468 I.0,361 Total Sn¢om• 1.506.8S2 1,563.977 3.070,829 Exp•ndlwrn on: Charitable activitl•s 1575.1371 1.526,7461 12.101.883) Total expendllure 1575.137 1.526.746 12.101.8831 Net IncomellexpdliUr*j 931,715 37,231 968,946 Net movement In funds 931,715 37,231 ,946 fte¢ondll•tkn ot lund5 Total funds brought forward 586.561 136.019 722,580 Total funds caled forward 18 1.518.276 173.250 1.691,526 All of the Charity's Klivitbe5 derive from continuiaopera1lonS during the abry4e two peri¢)ds. ComparatNe aMnts are for the 12 months ended 30June 2021. The not on Se5 16 to 26 form an intey41 part ofthese financial statements. Pa8e 13
Tutor Trust IRe8lstratlon number: 07771465) Balance Sheet as at 31 August 2022 30Jun• 2021 2022 Flxed assets Intangible assets T3n8ible assets 12 13 41.147 32.495 55.607 21.960 n.642 77,567 Curreni •59ets Debtors Cash at bank and in hand 14 15 554.937 1,638.781 554,391 I,3(,986 2,193.718 1,861.377 Cr•dltors: Amwits lalln8 du• wllhln one y••r 16 213,385 247.418L N•t curr•nt M•ts 1,980.333 1613.959 N•t •sMts 2,OS3,975 1,691,526 Funds ofth• C11.. Ilt5trlcted funds Unrestricted funds 18 105,186 1,948,789 173,250 l.S18,276 Tot41 fvnds 2,053,975 1,691,526 For the period ended 31 Au8ust 2022 the (l¥nnY w•5 entl¢led to exempt)n from audtt under s¢c¢lon 477 of the Companie5 Act 20( relat1 to small cornpaniu a5 this tnY is 4 ¢h¥ity. it is subject to audit under ihe Charitles Act 1011. The rnember5 have not rewlred the coryany to obtain an audit in atttydance with 5ectitin 476 of the Companles Act 2006. The difectors acknowledge thelf reSPS{bIlIty For complyln8 Vrith the requlrements of the Comp•nSes Art 26 with respect to accounting records and the preparation of ac(ount5. These accounts have been prepared In accordance wrth the prO¥ts1( appllcable to compank5 subjert 10 the sm•H companles rellme. The finarKial Statements on pag¢5 13 to 16 apprThYd by the Trustees. •nd authorised for i59ye on 31 January 2023 and si8ned on tsir behalf by. P J Mclntyre Trustee The notes on pa8es 16 to 26 torm an inte8fal part ol these financial statements. Pa8e 14
Tutor Trust Statement of Cash Flows for the 14 Months Ended 31 August 2022 14 months Ended 31 Auyst 21)22 Year Ended 30June 2021 Cash flows frorn optratln8 aCtlvltl•s Net cash income 362.449 968,946 Adlu5tments to cash fkM5 Ir¢Jm nfjnh itemi Amortisation Depreciation 37.928 15.876 21.530 S,841 416.253 996.317 Wgrklni upltal adjustments ncrease In debtors IDecre•sellincrease In creditors 14 16 15161 134,0331 1195.0131 173.875 Net C45h fls)w5 from oper•tin8 381.674 975.179 C•ih Ilows Irom In¥•$t1 artl¥ttl•s Purchase of intaniible fixed assets Purchase of tangible fixed assets Iz 13 123,4681 26,4111 1fj1.2071 123.4391 t4et cash flows from In¥ests"n8 actNII*s N•t Inci•as• In cash and cash •qulval•nts 331,79S S.533 Cash and cash equlvaleftts at l Juty 1.306,986 416,453 Cash and cash •qui¥alents at 31 Au8USt11021: 30 Junel 1,638,781 I,3L.9s6 All ol the cash flow5 art derNed from cffitinuinl operations durine tht al)o¥e two periods. A net debt reconcillation has not been presented as Iht Charity does not have net dEbl. Compafaiwe amounts are for the 12 months ended 30 June 2021. The notes on page5 16 to 26 form an ffite8ral part ol these finandal statements. Pa8e 15
Tutor Trust Notes to the Flnandal Ststements for the 14 Months Ended 31 AUgt 2022 th•rity 5t•tus The Charity 15 Iimitetl by guarantee. incorporated in Eneland and Wales, and consequentty does not have share cap¢tal. Each of the Trustees is liable to contribute an amount not exceedn8 EIO towards the as5et5 of the Chafity in the event of liquidath. The address Df its registered office is: 3rd Floor Virginia House 5-7 Great Ancoats Street Manchester M4 SAD Ac£Ount1 po15cSes summary of 518nlfkant auountlnl polkles and key auounting e51imt•5 The principal accountin8 policies applied in the preparation of these financial 5tatem?nt5 are set out below. These polves have been consistentty aPpld to all thear5 presented. unles5 Otherwise Stated. St•ternent of c¢xnpH•nce The financl•l statements have been prepared In acccKdance wlih Accountln8 and ReportlAg by Charitles,. Staternent of Recornrntnded Practice aPp1Kab to charities prepaflng their attounts in accordance wlth th Financlal Rporting Standard applitable in the UK and Repul of Ireland IFRS 1021 Itflecllve l January 20191 - Icharities SORP IFAS 10211, the Financial Repurtin8 Standard applk•ble In ¢he UK Jnd Republic ol Ireland IFRS 1021 and the Companies Aci 2Q)6. Bash ol prep•r•tlon Tutor Trust meets the delinilion ol a publk benefit entity under FAS 102. Assets Ind Ilabililles are Intliallv retoenised at hlstorital cost or transaction vèlut Unless otherwise stated irt the relevant èttouniing pollty notes. The linancial statements are prepared in sierlin& which is the lunctional currènty of the tharity. Monetary amounts in these financh?l statements are rthjnded to nearèst E. L•nith olth• r•portlni p•vknd The reportln8 period Is a 14-month period endin8 on 31 Au8usI 2022. As the Chadivs attltieS are Ilnked to sthools, during the process fov devetopin8 their ntxl Thrèe Year Plan. the Tfusteès agreed to brin8 th• repJrtin8 period a5 c105ely in line with the academic year as P055ible, reflecting how the CharitV5 impart targets are set. This resulted in exrending the current reporting perd by months, as permitted by $392 of rhe Companies Aci 2C¥)6. As • result. the comparatlve arnoun presenied In the accounts. Indudln8 the related notes, are not entirely comparable as they refiect a 12.month F)eriod. GOI coKern The Trustte5 consider that there art no material uncertainties abo the Charity'5 abillty to ctsntirtut as a 8olng concern nor any sKinificant areas of untertainty thai affect the carrylng value ol a55et5 held by the Chority. In reachin8 this CtyKluslon. the Tfustees h•¥econsMlered the Imp•rt th•t the COVID-19 p4ndeml¢ has had on the activliies and financial positl¢)n of the Charity ¢)ver ihe lasi two years. The Charity w•$ Quickty able io adapt t5 protesses to enable tuttn io be dell¥ered remtety and was appointed as a tultion partner under the NTP In Novèmber 2020. Thè CharTrty contlnutd a5 an NTP tuition partntr during the financlèl year and wlll also be an fvITP qv31ity-approved tUiiWJn p3rtrer 4yyrin8 zhe 2022123 academ¢ year. The me¢har*ism for fvnilins NTP has ¢han8ed for the 2022123 academic year and all lunding is pèid dire to schools. who musi use a oualllV- approved tuitlon partner If they wani io use an extemal of8anlsation to provide tuition. Py16
Tutor Trust Notes to the Flnandal Ststements for the 14 Months Ended 31 AUgt 2022 Sinie the enij of the financial year, the Chartty ha5 already secured yant5 and donation5to meet it5 lundinB tavget lor the first year of it5 new Three Year Plan. The Operating Re5erye Fund also remains above the target range of three to six months, full operating costs. Thus. the Tntee& cmtinue to adopt the going u>ncern basis of accountln8 in Prepari the financial staternents. Att•UnnI ludtemtnts The Trustees have considered the Èmptyntnt ststus of thè iutors and ¢ontluded thai they arè to bè classtd as selt-employed for both employment law and tsx purpo. All Intome is recoRnlsed tsnct thè Charity has Èniitkmeni tts income. It Is probable that the Income w511 bè recelved and the amount of the irKome receivable can be measyred reliabty. l>onotknJ ond I¢•$ Donaiions are recogn¢sed wthen the Chwity been natlfied in wrfiin8 ot both the amount and settlement Oate. Ir& the event thai a donation is subieci to condittofts thai require a level of pertormance by the Chorlty before the Charity is eniiileil io the funds. rhe income t5 deferred and not recognised until ether those conditlons are lulty mei. or the fU11mt of those conditions is w11¥ wiihsn the control ol the Charfty and It is probablt that th•s tonditions wlll bt fuffilled in tht rewtin8 ptr60d. Grants r¢celvqlJle Grènts are recognised when the Charity hos an entitlement to the funds and any cor+diiions linked to the 8raDt5 have been met. Whett performance conditions are attathed to the grant and •Te yel to be met. the income 15 recognised a5 a Ilability and included on the balae shvt a5 deferred Income to be rèleased. Ctsrltoble4¢tlvltleJ Inccrfne frorn charitable acttvities Is 5choDI tutorlrya bKome •nd is recoqnlsed wlth the delivery ol the servlce and when the re¥enue can be rellably rneasured. E¥pendhure All expenditure Is recoqnlsed once ihere Is a leyl or constNctl¥e obli8ailon io ihai empendlture. li ts probable settlemènt is rquired and amount can bt masurd réliably. All costs ère alltrtated to th• appli£able expendiiure headin8 that a88regate similar costs to thai teOry. Where costs cannot be directly attributed io pariicvlar headin4s ihey have been allocated on a basis consisteni with ihe use of resources, wilh rentral stalf cosis allocated on ihe basis ol ilme speni, and dePlatIOn char8es a1Cated on the portion ol the assei's use. Other support costs art allocated based on ihe spread 015ff c05t5. Churituble 47rt1vities Charitable expenditure c¢ry)ri5es those costs iwirred by the Charity in the delNery of its a¢tNi¢ies and service5 lor its beneficiaries. It include5 both costs that can be 4FI(KJted dirertty to such activltie5 and those 0Sts of an indirKt naiwe rSsary to supwt ihern. Support ¢0sts Support C05t5 include central lunttion5 aNI are albvcated to the actifft to which they relate on a time ba515. Governance costs These Include the costs attributable lo the Charily's coMlan wlth c(tstitutlon•l and statutory requiremefit. irt¢ludihg audit. •trate8iC manastment and Trusteotr.. Meetin and reimbursed eKpeY4 Pw17
Tutor Trust Notes to the Flnandal Ststements for the 14 Months Ended 31 AUgt 2022 Go¥•rnment 8r•nts Govefnment 8rants are reco8nised based on the accrual model and are measured at ihe lair value of the asset received or receivable. Grants are classified as relating erther to revenue or 85sets. Grants relatin8 to revenue are recognised in income over the period in which ihe relaied costs are recognised. Grants relatinR to asseis are reCniSed over the expected useful life of the asset. Wheie part of a 8rani felaiin6 10 an asset l5 defefred, it is reco8nised as deferred Sncome. Taxatlon The Chartty is constdered to pass the tests set out in Paragraph l. Sthedule 6 of the Finance kt 2010 and Iherefore it meets ihe definitlon of a Charitab comparty for UK COfpoiJion tax purposes. Aicordin8lyi the Charity 15 Potentially exempt from toxation in respect of income or capital gains receNe(I within cateKorie5 covered by Chapter 3 Part 11 ol the Corporation Tax Act 2010 or Section 256 01 the Taxation ol Chargeab Gabns Act 1992. to the extent that such irKome orgain5 are aPPld exdu5i¥eJy to charitable purposes. Intsnoble Ilxed assets Intangible f1xed assets ar InlalIV recordtd at cost Amortls•tlon Amortisation Is provlded on ffltsn81b red assets so as io off ihe cosi orvalu•tkn ovef their expecied useful economic Ilfe as follows.. Asmt da Software AmWl0n melhod •nd r•t• stral8ht.llne basls over J years T•n11b njred •ss•ts Tan8ible lixed ass5 are InItty recorded at cost. Depr•(lat5¢>n Depre(iation 15 provlded oft t•nsibk fixed s>ets $0 •J to wrltt off the rost or v4u•lion,1•ss •ny e3tim•ted residual value. over their expected useful economlc life as folw5.. AM•1 da Computers and equlpment Straight-line b3515 over 3 years Tr•d• d•btors Tr•de debtors are amounts due customers for ser¥lces performed In wdlnary course of bUne$S. Tride debtors are reco8nlsed Initk•lty ai the transadion prlce. They are sub5equentty measured at amortlsed tost using the effective iniere5t method, less proviSn for impairmenl. A provislon lor the impairment ol trade debtor515 establlshed when there Is objtttive evidence thal the Charitzble Company wlll not be ab to tollett all amtsunts due tading to thè ori8lnal itms ol ihè retelvAbirt. C•sh •nd equlvalents Cash and Cash eoul¥alents comprise cash on hand and tall deposits. and other short-temi hi8thly1Sould investments that are fèadity convertlble io a known amount ol cash and afe subject to an insignifKant risk of thange in valuè. Tr•d• credltors Trade creditors a oblations to pay lor 8dS seThices that have been acquired in the orditsary course of busines5 from Suppliers. Accounts payabk are dassified as current liabilities il the Charity does rt have an uncondittonal rsght, at the end of the reporting period. io defef settlement of the creditor for at leos1 rwelve months after the reporting date. If there is an uncondi(ional right to defer settlement for at least twefve months after the reportin8 dote, they afe presented as non<u*rent liabilrties. Py18
Tutor Trust Notes to the Flnandal Ststements for the 14 Months Ended 31 AUgt 2022 Trade creditor5 recognised Tnitially at the tr3n5acbon piice and 5ub5equently measured at amortised cost using the effective interest methc¥J. Fund stNctur• UDr05tTlrtod intom4 lunds ar• 84h•Yal fvJnd% that ar• alIab for us• at th• 7utt••t' dl6crntiOn In furtherance of the obJecb'¥es of the Charity. Restricted income funds are those donated lor use In a partl¢ular area or for SlfIC purposes. the use ol which is restricted to thai area or purpose. nslons and othr retSrtmefit ¢)bll¢atk)ns The Charity operates a delined contribution pension scheme whkh Is a pensknn plan under whlch Ilxed contributi¢)ns are pald into a pensK¥n fund and the Chartty ha5 no le8al or uJnstructNe obligation to pav lurther contributions even 11 the fund does not hold suffithnt assets to all employees ihe benefits relating to employee seryice in the current and prior Peri5. Contrlbutions to defined contributton plans are recognised in the Siatement of Finanool Actmties when thev are tlue. 11 Contribution payments txceed ihe contrlbution due fof sefwce, the excess is feco8nlsed as a prèpayment. Fln•ncl•l kn5trumerrts Financlal 3s5et5 and financlal Ilabilrties are reco¥n15ed when the Chafrty betomt5 a party to the contr4rtu•l provisions of the instru11t. FiThanclal liabilities and equity instruments are classified accordin8 to the Substance ol the contrèctual rrangernents entefed into. An equity instrurnent is any contract that ¢vKlenc¢s • r¢sMlual interest In the assets of the Charity after deduct1 all of tts Ilabllitles. All linantial assets and liabililits are inilially measured èt transartion prKé lincludin8 iransadion tostsl, txtept for those financial assets clas5iliod at lair value through profit or105s, which are tnitially rneasur at lair value Iwhich is rbormally rhe Efansaaion price excluding transallk cosisl. unless ihe Jrransemeni constitutes a financin8 iransactlon. 11 an arrènaemeni consiiiutes a FinancinR iranc11n, the flnancial assei or financial Iiablllty Is measured ai the present value ol the futufe payments d15tounied at a rnafkei rate of Iniere51 lor a similar debt instrument. Financial 455et5 and l1almlil are <)nty of15ei in the Statement of Fin¢ial Posii)n vthen. and only when there exists a leB3lly enforceable ri8ht to set off the recognixd amounts and Ihe Charity intends either 10 settle on a net basi5, or Io fea1Tr5e Ihe a5sel and settle the lialylity 5irwltaneou5ty. Financlal assets ore dereco8nised when and only when al the contrattual ri8hts to the cash fiows from the financial a55et expire or are settled, bl the Chartty transfers to another party Substantially all of the r15k5 and reward5 of ownership of the financial asset, or cl the Charity, despite having retained some. but not all. Sl8nificant rlsks and rew4fd5 01 0hl. has transltrred conir(A ofth¢ asset to anOtr party. FirtJn¢iJl liabillties ale dert¢ognised only when the liblwn spetsf*d ill the eontra¢t Is dixharged, ¢ah¢elled or explres. Py19
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 Unrrtrkt•d funds Gefier•l Totsl 14 Month5 Ended 31 August 2022 fvryls DDnations and legades: Donation5 Gift Aid Gran¢s. includin8 capllal gfants.. Grants from other thartties 865.755 2.513 865,755 2,513 358.358 I.IS3,358 1.663.268 358,358 2.021,626 ilnre5trirt•d nds Genernl Total Y••r Ended JO June 2021 fvnds DonatIc5 and lewles: Donations Grants. includlne capiial 8rants'. Grants from other charlties 586.279 606,279 495.1 889.289 1.384,189 1.081.279 3.189 1.99J,468 Unrestrkted fundi Gener•1 Total 14 Mryiths Ended 31 Auiust 2022 Restrkled funds School tutorlnl 1.740,299 UnfStred funds Gener•1 Total Y*r End 30 June 2021 fvnds School iutorlne 425,573 654,788 1.080,361 txp•ndftur• on tharSiablt attl¥ttl•s Aclivlty undertaken dlre(tty Artl¥ity 5UPPOrt Totsl 14 Month5 Ended 31 August 2022 School tutorln8 2.348.049 1,051,427 3.399,476 Tot•1 Year Ended ao June 2021 Uhdertakn dlreclty support School tutorln¢ 1,445,495 656,388 2.101,883 £2,973.05412021- £575.1371 of the al)m expenditure was attrtbutsbk to unrestrirted funds and £426.422 12021- EI,526.7461 to restritted fun(ts. Page 20
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 Anatysis of gOVern•T and support costs SUP ¢45ts •lkKat•d to tharltabl• acd¥iii Total 14 Months Ended 31 Au8ust Z022 Staff costs Premises expenses Office costs Technology costs Amortisation Depreciation Prole55ional fees Governance cost5 636.852 94.859 95.647 115,899 37.928 15.876 41.166 636,852 94,859 95,647 115,899 37,928 15,876 41,166 13,2C 13.20) 13.ILKI 1.038.227 1.051,427 Totsl Ye•r Ended 30 Junt 1021 Staff cgsts Prernises expenses Office Costs Technology costs Amortisatlon fetiation Professional feès Govèrnance costs 427.829 55.113 29.329 85.012 21.530 5,841 13.543 427,829 55,113 29,329 85,012 21,530 5,841 13,$43 18,191 638,197 656,388 Total 14 Month5 Ended 31 Auiust Zl)U funds Audli lees Audir of ihe financial 5t•ternents Trusiee recruitment costs 10,21X) 10,2Q) I3,?cl Totsl Year Ended June 2021 funds Iielit fp#< Audit of the finantial statements Oiher fees paid io auditors Trustee recruitment costs 2.591 2,591 18.191 18,191 Page 21
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 Net lrtcomintloutioing rosou Net incomin1001g) re50urce5 lor ihe perlLNI lnthde: 14 Month5 Ended 31 Au$ust Z02Z Year Ended 30 June 2021 Aud¢t fees AmortisJtion of intanAible fixe(l assets Depreciation of tan8ible lixed assets Operatin8 leases 10.2 37.928 15.876 31.345 7800 21,530 5.841 28,7C Tntstees r•rnyner•tlon and •xpenses No Trusiees, nor any perwns connected wrth Ihern, have received any MUneratIon from the Charity durin8 the cuirent per*od or the previous period. No Trustees have recelved any feimbursed expenses or •nv othef benefits from the Chaflty during the curreni peric4J or the previous period. Staff cg5ts The a88re8ate payroll costs wert as folknws.. 14 Months Ended 31 Auyst 2022 Year Ended JO June 2011 Wage5 3nd 5alartes Social security costs Pen5ign cosls 1.699.030 170.438 40.144 1.050,756 89.816 23,324 1.gJ9.612 1.163.896 The monthfy averw number of persons lindud14 the senSN management i•aml empboyed by the Charmi durSn8 the perlod was 15 follow5-. 14 Pknnths End•d 31 Awst 2022 No Y••r Ended 30June 20ZI No Adrnlnisiration, 8ovemint• and d1111+ artpiillts- Head count Admlnisiraiion, 8o¥ernante and charilat attfr4ltbes- Full tbme equNalent 35 The nurnber of employ who¥e emoluments fell within the fo11V& bands was.. 14 Months Ernl•d 31 AupJst 2022 Y••r Ended 30 June 2021 £60.)1- E70.OLKI £70,CKJI- £80,(KM) Éioo,coi- £iio,¢ The total ernployee benefit5 of the key management personnel of the Charity £180.82212021- E137.9361. Page 12
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 10 Audit¢)r Ftts 14 Months Ended JI August 2022 Y•ar End•d 30 June 2021 Audit of the flnancial statements 10,200 7.800 Fees payable to the Tndtpottdent •udlt¢ All other non-audSt servlces 2.591 11 T•x•thn The Charity Is a registered charity and is therefore exempt from taX•llon on tts charitable artivfjties. ifflanilbh Ilx•d asmts Cost At l July 2021 Addrtions 80.324 23.468 At 31 Auiull 2022 103.792 Amortls•tlon At l July 2021 Char6e lor the perk 24,717 37,928 Al 31 Au£ust 2022 62.645 N•t book ¥ah At 31 Auiust 2022 41,147 At 30 lune 2021 55.607 13 T¥nilble fixed •55•ts Computer5 •nd eqylpment C05t At l July 2021 Addrilviis 35.829 26,411 At 31 Auiu5t 2022 62,240 O•pr•cl•llon At l July 2021 Charee for the perlod I569 15.876 At 31 August 2021 29.745 Net book va AI 31 Au8USt 2022 32.495 At 30 June 2021 21,960 Page 13
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 14 Dtbtors JI Auwjst 2022 30Jun• 2021 rrade debtors Prepayfftnt5 and xtrutd int4)mt 351.740 203.197 214,206 340,185 554.937 554.391 IS Cash •nd c•sh equ4¥•lents 31 A$t 2022 30 Jun• 1021 Cash ai bank 1,638,781 1,306,986 16 Cr•dltorn: •mounts f•11 due Tlthkn y•w 31 Auyst 2022 30 Jun• 2021 Trade credltors Other taxation and s111 uTIty Ac¢rua15 and deferred irKome 88,013 50.352 ?5,020 39.274 34.024 174,120 213.385 247 418 17 Obll8•tloni und•f l••s•s and hh purth•s• £ontr• Oper•ilni le•se ¢ommments Toial fulurt minimuin lease pa¥nnts under non(ellIt>lt oper•ilrrf le•ses are a5 lollows. 31 Auiyrt 2022 30 Jun• 2021 ld and bulldln 67.543 63.150 Other Between one and fr¥e years Page 14
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 18 Funds galance at I luty 2021 Incomi Re50ur(¢s 8aiance at 31 Aulust 1022 Unrestrirted funds Geneml Genefol 1518.276 3.403.567 12.973.054) 1,948.789 Ilstrlrted funds Stichting Benevolenlia Technology lund The Edutatlon Endo¥mient Foundation Shaplng Futiires The Ri8ht Anole fund Morrlsons Foundauon The Headley Trust frAESME The UnSverslty of Manchester 22.305 135.046 9.323 122.3051 1108.4181 186.2671 26.628 76.944 6,576 16,5761 I80,() I32.5) 150.D)JI 140.3561 97,SC 65,OCrf) 43,914 io,c 3,SS8 10,000 T1 r•sirkted funds 173,250 3S8,358 426.422 105.186 Tot•1 lunds 1.691,526 3,761.925 3,399,476 2,053.975 O•tsnce •t I Juty 2020 In¢omlnt Aesour<es 8•l•n¢e Jt 30 June 2021 Unresirkted fvnds Gefterol General 586.561 I,.852 1575.1371 1.518.276 Re5trkted fvndj ol¥enon Tfust fr4onhern Powerhouse Stichtine Benevolentia Impetus Technology fund HG Foundation The Educaiwi EndowTnent Foundation Shapln8 Fvre5 16,019 io,cts) iio.s)J) 116,0191 lio,() 198.0221 183.3341 170.9541 Iicx).w)I 11,134,9931 10,327 83,334 22.305 135.046 1.144,316 9,323 20,1)J) 13,424 6.576 T¢)tal restrkted lunds 136.019 1.563,977 1.526 7461 173,250 Total lunds 722.580 3M70A29 2.101.883 1.691.526 The speclfic purposes lor whlch the funds afe io be are as folknws.. (luertOn Trust- To fund a National *lot of online tutoring. Northern Powerhouse- To prowde laptops for pupils fri)m dadVanted bOroUnd5 with no acce5S to technology. 5tithting BenevOntia- fo SUPPL¥t The Rht We project (combined tuition and therapputic support for vulnerable pupils). Impetus-To fund a Natbonal Pl1 of online tutori. Page 15
Tutor Trust Notes to the Financial Statements for the 14 Months Ended 31 August 2022 Technology fund- To fund organisan01 and tethnology dEVeloptt0 increase the numberof children benefiting from tuition. HG Foundation- To fund a Hybrid Toring Project lin person and online tuittonl. The Education Endowment Foundation- To subSide the costs of tuition delivefed as part ol the Natthal Tutorin8 PrO8r3mm• and to lufid %F)¥Cifte NTP Tuttiofi Partiwr S•t up and partlcipation tts%ts. ShapinB Futures- To fund l..1 online tuition in Merseyside. The Right An8 lund-To Sup[ The Right AnBle project (comne0 and theraptutic Supp for vulnerable pupils). Morrisons Foundatlon-To launch a tsce-itrface tvtorlng serylce In BradltNd. The Headley Trust- To support ihe tiansiifjon of pupils Irom prlmary schoot to secondary schod in Salford. MESME- To lund the delivery ol MESME Maths fjrcles. The Uni¥erslty of M3nchesteT- To lund a Pgverry and Pjace tralnlry and rwarch prolert. 19 An•fys15 d nrt •ss•ts belwetn funds Unreslrkted fvnds Total funds •t 31 Auiust 2022 lynd5 Intan8iblt fixed asseis Tangible fixed assèts Current assets Curfent Ilabllltle5 14.519 32.495 2.115.160 213.385 26,628 41.147 32,495 2,193.718 213,385 78,558 Total net assets 1.948.789 105.186 2.053.975 Lknrestrkted funds Gtneril Total funds at 30Jun* 2021 RestArted funds Intanglble fixed assets Tangible limed assets Current a$SS Current liabilltie5 21,961 21.960 1,721.773 1247.418 33.646 55.607 21,960 1,861.377 247.4181 139,flM Toial nel asse 1.518.276 173,250 691.526 20 ftel•ted party ir•ns•rtlo There were no rdated party iT•nsxu3 in the or In the previous pedod. Page 16