Company reystration number: 07771465 Chafity re8iStration nbjmber.. 1144043 Tutor Trust IActywy llmiied by i￿rantee> Annual Report and Flnancl•l Statements for th* 14 Months Ended 31 Au8USt 1022 Tutor Tn Contents Reference and AdmlTrlstratr￿e D*taHs Strategic Report 2to5 Trustees. Repon lincorporating L￿rett0￿. 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 Refere￿e and Admlnlstratlve Detslls Trust•es PJ Mclnwe K M August lappointed 7 September 2021 and resi8r*d 13 January 20231 L 6￿￿hen¢ 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 wa￿5. 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 {A￿All) 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 Compan￿5 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 pu￿15 attended 78% of ihelr scheduleLI tutor1￿ sesslons, tornpored 10 73% in 2020121. In summer 2022, we recelved our first set of examlnatl¢)n d*a 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 h*her in GCSE Maths tompared with 53% of dl$4dv*ntao•d pupils In Ert8l*nd. Ih En8lish, th* li8ur*s w•r• 66% and 62% r•sp•ttiv*ly, #nd in Sei•nt• th*y were 81% and 51%. In SATS, our tutees made siron8 progress from much lower siarting poinis than in Pfevlous yeafs. a¥efa8in8 seven scaled score wnis of pro8fess between the srart and end of iutOfln8. With Ihe national aitainmeni gap between disad¥anta8ed pupils and their peers at Its widest In a decade, we know Ihat tutorin8 is needed more than ever io accelera1• disadvantaièd pupils, Seamine. Following the launch of our Three Year Plan. we were able io secure pledges for the full amount of unfestricted income we needed LIP to the end 012021122. Durin8 2021122 we have continued to esiabllsh relationships wilh new 8rant-makin8 trusts, companies at)d philanthropists who also wani to support our work. preilominantfy thiou8h provNlin8 unrestTlCted fvndin8 but also wth fvndin8 for specific projerts. This includes sUPPOrt from the M0rri50ns Foundation to forrnalty taunch Bradford, making it our fovrth city in the North of EnRland. DvrinK 2020121 we pisoted (￿line tutorinll in the tity and now offer face.to.face tuit4￿ lo schoo15 acro￿ 8radtord. We contlnue to reCe￿e vital support from Imwus- this indudes financial suppon, but also consultancy advice frorn our Investment Director. pro bono 5UPPOrt from the lrnpetU5 network. and introductions to other funders. Impetus has a150 SUPPOrted us wth the de¥d¢)pmeni of ouv 2022-2025 Three Year Plan whlch W35 51gned off byour Tn￿tte$ In Juty 2022. Il•tlonol Tuttxlng Progmmme The Nalbonal Tutoring ProgramrTre INTr) was an1￿￿nted 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 bec￿The an NTP Tultlon Partner in NO¥￿n￿r 2020 and has cOnt￿Ued 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 wh￿h 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 pr￿der 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 I￿oI1n8. 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 dU￿Nd 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 Cl￿n$•I11n8 made 4nific•ntty ireater pwress In EnWlsh than those who dld not. We launched a new parinershbp in 202V22, which dellb*rs'Achieve' untts and qualificJiSon5 from The Prlnce's Trust alon8side iuiilon in either English or Maihs. Thls partnefship offers vulneroble Y￿n8 people the chance io develop personally and bulld life skllls, and the'A(hieve' units can be shaped by each youn8 perwn's intèresis. The TransStion Project Is a unique programme. funded by the Headley Trust and working wtrh 5èlford City Council. This prolect seeks to support children as they transilion Irom primary into secondary school. Throu8h the project we have provided Maths tutorin8 10 134 Yeat 6 pupils across seven primary schools in Sallord and will continve to SUPPOfl thtse pupils as they move into four local secondary sthools. Wt also held a'transiliori day, iv each Secondary school enablin8 our tvtees to Meet pupils from other Primaries before their fi¥5t day irb Year 7. We are also • delfvery partner of the nitlonal Mat￿M•1￿ Education lor Scd•l Mobilrty and Excdlence IMESMEI scheme. Developed by Ark. MESME exists io support high-potentbal mathematicians Irom •ll background5. In 202V22 we delivered MESME Maths Circle5 in thirte*n 5etondary sche4)15 Wlth ntady 150 pupS1s. Ourteom Our staff team ha5 tontinued to grow a5 we increase the nvmbet ol puw15 we support, and we now have alrnost 60 people In our ieam. including 14 Qualsfied Teathers. We have a150 broadened the range of experlence. backgrounds and 8eographie5 on our Board of Trustees, with Six new trustees JoiThing the 8oard in auitsmn 2021. Completing our team are our hard-*￿rkin$ 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 sUp￿rtI￿ 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 $0 £105ely linked to schools, we have decided to extend the current re￿rtIng period by two months to brinB It as closety in line with the academLC year as possible, reflecbn8 how we meosute tyjr Jmpatt. In repo references io'the financial yearf mean the 14 moftths ended 31 Au8usi 2022. As outllntd In t￿se attr￿nts. èven after alknwing for tht diffÈrÈni kn￿h$ 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 One￿11 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 thrO￿ul 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 sCh￿IS 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 M￿th$ 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 le￿sed 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 p￿SsUre$. which could impaa stafl recrur(ment and retention. The current economic climate. tombined writh reducin8 subsidies through the National Tutorin8 Pro8ramme INTPI, Is putting InCTeased pressure on school b￿l¥ets whKh may limr( their financial capacity to prowde tutorin8 foT their pupils. We a150 need to secure new 5ch¢)ol partnerships in Order to meet the arnbitlOU5 taT8et5 sel out in our new Three Year Plan. In order to mitiRate the ri51 to the Charity. ¥¥e are fLKUSiDK both on maintaininK our exi5tin8 xhool partnerships and developing new mar*etin8 plans to attrart new schools to work with us. As 4 chanty. we use our philanthroplc lundift8 to subsidi5e the cost which schools pay lor tUIt￿n aThd we also wwk closely wilh our school partners to help them understand ihe fundlne whKh Is available to them throu8h the NTP. We have taken actSon to 5UPPOrt our employee5 al a time of rapldly growing inflatlon. implementin8 our nnual cosi-of-llving pay increase three months earlier than normal and providing further financial support since the end ol the finantial year. We WFII continue to keep this wrfer review. btsth for our cuNent employees and when recFullin8 lor ntw members of the ttam. Page 4 Tutor Trust Strateglc Report for the 14 Months Ended 31 Au8USt 2022 Plans for Future Perlods Otsr2022.2025 Three YeorPlan Our new Three Year Plan, approved by our Board ol TnIS￿e$ In Juty 2022. is am￿tI￿$ 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 alr*a(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 pr￿1(al skn"Ils, or creatwe e¥wession. Cfver the next three years, we ￿11 also be devekjping our d￿lt31 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 tuit￿n, 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 ￿$1 ol the team look forward to welcomin8 him to Tutor Trusi. One of our iiustees. Oame Kathy Au8U5t, has also stepped Ll¢)wn from tht Board since the end of the financial year, and we are very 3ppreciatwe of her contribution to Tuto¥ Trust durin8 her time on the Board. Th•nk The work that we do woukl not be possible without the owlw4 SUPPOrt of our partner xhools. fvnders and other supporters. Thankyou helpire us to continue'transFom)in8 li¥es thrrwh tutonn8' acro￿ lh• North of England. The Strateglc Re￿rt was appro¥ed by thè Trustees of the Charlty on 31 January 2023 and slgned on bèhalf by- P J Melntyre Trustee Page 5 Tutor Trust Trustees, Report {Incorporatin8 Dlrectorf Report) for the 14 Months Ended 31 August 2022 The Trustees. who are diredors for the purposes of company l•w, present the annual report 108ether wlth the fI￿n(la1 ststements and audrtorfs ol the Ch￿table Company for the 14 months ended 31 August 2022. Struany and the Charity's objert5 are to advarKe the education of Ihe publlc In UnRed Klnqdom. The Trustee5 conlSTm thèt they have complied with the reqviremefits of secth)n 4 of the Charlties Art 2011 to have due regard io the public benefit 8u¢dance published by the Chaflty Commi5sK>n lor England and Wales. The Ch3rStles Act 2011 identlfie$ 13 descrlptlrms of charitable purpose and In our View the work of the Charlty meeis rhe lollowin£'. - Relief of poverty - Advar*cement of educatlon Advancemeni of heèlth - Advancemeni Of eommunity oe¥ey*meni - Aelief of those In need by reason of youth. a8e,111.health, tsaknlty, financial hardship or dlsadvantage. Activitie5 undertaken lo further tharitable obiertbves ft>r public ljenefrt Ire (le5cribed on page 2. services Ire pr￿Ide￿I free of charge lo beneft￿rIeS. PaKe 6 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 aff￿t 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 flnar*cial 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 dona￿on5 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 financ￿1 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 theMse￿e$ 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 re￿an1 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 lncern basis of accountln8 in Prepari￿ the financial staternents. Att•Un￿nI 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 e*ther those conditlons are lulty mei. or the fU￿11m*￿t of those conditions is w￿11¥ 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 bala￿e 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 r*quired and amount can bt m*asur*d réliably. All costs ère alltrtated to th• appli£able expendiiure headin8 that a88regate similar costs to thai ￿te￿Ory. 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 deP￿latIOn char8es a1￿Cated on the portion ol the assei's use. Other support costs art allocated based on ihe spread 015￿ff 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 r￿Ssary 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 coM￿lan￿ 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 AUg￿t 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 reC￿niSed 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 COfpoiJ*ion 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 aPPl￿d exdu5i¥eJy to charitable purposes. Intsnoble Ilxed assets Intangible f1xed assets ar* In￿lalIV recordtd at cost Amortls•tlon Amortisation Is provlded on ffltsn81b￿ r￿ed assets so as io off ihe cosi orvalu•tkn ovef their expecied useful economic Ilfe as follows.. Asmt da Software AmW￿l0n melhod •nd r•t• stral8ht.llne basls over J years T•n11b￿ njred •ss•ts Tan8ible lixed ass￿5 are InIt￿ty recorded at cost. Depr•(lat5¢>n Depre(iation 15 provlded oft t•nsibk fixed *s>ets $0 •J to wrltt off the rost or v4u•lion,1•ss •ny e3tim•ted residual value. over their expected useful economlc life as fol￿w5.. AM•1 da Computers and equlpment Straight-line b3515 over 3 years Tr•d• d•btors Tr•de debtors are amounts due customers for ser¥lces performed In wdlnary course of bU￿ne$S. Tride debtors are reco8nlsed Initk•lty ai the transadion prlce. They are sub5equentty measured at amortlsed tost using the effective iniere5t method, less proviS￿n 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 ￿ta*ding to thè ori8lnal i*tms 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￿ obl*ations to pay lor 8￿dS ￿ seThices that have been acquired in the orditsary course of busines5 from Suppliers. Accounts payabk are dassified as current liabilities il the Charity does r￿t 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 nonlt oper•ilrrf le•ses are a5 lollows. 31 Auiyrt 2022 30 Jun• 2021 l￿d 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 Il*strlrted 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 T￿*1 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