Company reystration number: 07771465 Chafity re8iStration nbjmber.. 1144043 Tutor Trust IActywy llmiied by irantee> Annual Report and Flnancl•l Statements for End JI August 2023
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 16to27
Tutor Trust Referee and Admlnlstratlve Detslls Trust•es PJ Mclnwe K M August (resed 13 Jafiry 20231 L Bananene LV Crompt¢)n M G EmmefKh IreSig 30June 20231 M A Hanbury P Lloyd J Nuttall N Ogle L Pratten A Waikn'n Iknty*n as A l>er5inl lapwjinted l February 20231 K•y M•nwm•nt P•fsonn•l Ed Marsh. Chlef e¢tIVe O[r lfrom 7 February 20231 Nlck Bent, C(trfounder wd Chlel E¥ecuttve Officer lunill 31 December 20221 'gail Shap4ro. Co-fwnder ind ExKutive Director prtndw Offk• Floor Vlilinia House
7 Great Aneoats street Manchesier WSAD The Chadty Is Incorporated In Eniland and Wakn. Comp•n¥ R•¢lstrathn Ilumb 07771465 Ch•rlty Reilstr•tlon Nwnber 1144043 Inkers The Co-opèrati¥* nk pk PO Box 101 l Balloon Slfeet Manche51er Mflj 4EP Audltv Miichell Charlesworth IAthlltl Limired 44 Peter Street Manchester M2 5GP Page I
Tutor Trust Strate8lc Report for the Year Ended 31 Au8USt 2023 The Trustees. who are direttors for the wrposes of company law. present thelr strate8k fepTht for the year ended 31 August 2023. in tornpliarttt with $414C ofthe Companies Aci 2(. Achlevernents and Perforniance 2022123 has been a challen8Jn8 ye•r for sthools. wlth the cosi<J14pln8 ulsls putting intense pressu r budgets at jusi the time when pupils and their lamils are needin8 s£1$ to do ihe mosi alongside reduciion In lundln8 availablt for tutorin8 through the National Tutoring Pro8ramme. In ihis context. Khools, abllity to Invest in tutorln8 ha5 lallen, with initial data ndicatinÉ that. in England. course starts under the National Tutors Proiramme rnay have dropped by as muth as hall In 2022123 compared with the previous veal. Against this bacdiop. while we have not been able to reath ambitious pupil tèrgtl we t•ère alming lof in our 2022-2025 Three Year Wan, we're proud that our Stro reputation and our focus oft 4uality and Impact has ènabled us to siknllicantty outperform the wider tutorlw 5ectLY. Oyrlmpart Durlng the 2022/Z3 audemlc year. we WOTkeil wlth 6.480 puplls In 150 Scho •nd eflucatlon provlders arKI delivered 7.627 tutorin8 pro8rarnmes Iihis measufe reflerts the fact thai some pupils wll iecewe iuliion In more ihan one subject). While the number ol pupils is slhtly lower than In the previous year, the number of tutoring pro8ramme5 delivered 15 hi8her than in any previous year. Given that the lunding available for 5choo15 has decTe35ed. th represented a 8reater inve5trnent from 5choo15 in u51han in previous years. ar we are proud that schools ha¥e chosen to prrItt$¢ Ouf Partnership. 61% of the puplls we worked wlth were entiiled to Pupll Premlum luAdln& and 8wefe eiihet entitled to Pupll Premium fundin8 or attended a sthool servlng a lty-Incomt •re•. On avera8e. lutees tecefved nlnt hours of iutorlng per pr¢wamme. Tutorln8 conisnuts to make a real difference to Ihe youn8 peop we work with. In SATS. Ouf tutees averaied 7.4 stal•d itor• poirtt ol pfo8r•is tompir•d 10 7 sc•l•d £c•r• pointi in 2021122. with l¢)w prior attain•r% showing ihe 8reaiest gains. At GCSE, Pfoyess rnade by tulees in boih En&lish and Maihs w4as considerably higher ihan last year, wilh pupils avera8in8 almost three-quarters ol a grade pro8ress In both subRus, up Irom around twtrthirds of a gfade last year. Thefe was a positive relatlonship beiween the atnount of tutOfln8 sessions attendèd and ihe Ilkdihood ol a pupil %hievin8 a Grade 4 or hi8hef. Durlng 2022123. we have renewed some of our existin8 mutti-yeèr partnerships wlth fvnders, alongside conlinuin8 to establish relationships with new 8fant.ma&in8 trusis, companies and philanthroplsts who a wani io support our WOTk. We were also 8rateful 10 Teceive èddilional unrestrictetl funding from some of our key fund•rn in rectJ8nition of tho impatt that the COSi•of.li¥in8 crisis was hawing on the charities they support. We continue to receive vital 5UPPOrt from ImpetU5- thi5 irKludes linanual sUPPOrt. and a150 ron5ultarKy advice frorn our Inve5trDent tlifector. pro In0 suppwt from the Impetus network. and introdurtion5 10 other funders. The Nalional Tuloring Programme INTPI wès announced th June 2020 ès a kty part ol the Govemmtnt's programme of lundin8 to SUPPOrt children and young people to catch up on missed learnin8 caused by COVIO- 19. Tvtor Trusi became an NTP Tuilion P•rtnef in November 2020 and we have been an accredlted Tuliion Partner in all subsequent years. The NTP lundSn8 subsldi5e5 the costs ol t)n for schoo15 and. in 2022121. the 5ubsh4y was 60% with schc*Jls beinR required to use an accredited Tuition Partner if they wanted to use an external iuitlon provider. The subsidy was due to drop 10 25% in 2023124. the final year ol the NTP. but in May 2023, Ihe Department for Educaiion announced that NTP subsidies would onfv drop 10 50%, Tathef than the 25% inllially envisaged. Page 2
Tutor Trust
Strate8lc Report for the Year Ended 31 Au8USt 2023
We are continuln8 to work vrith p•rtners In the sertor to call for all political parts'es to make a cOmmMent to
long.term T1Ced fundlng l¢ tutori in 5thoDI5.
Tutorlng P5
on8side the servlces we pro¥lde In maIns•M settings, TlyIng Plus team offers ¥ rnn8e of
l..1 pro8rammes des¥ned lor ihose youn8 people who need more intensive suppon. Before 2022123 our
Tutorlng Plvs oller was directed at tarexperitnted young people and those attendin8 Alternative Provlslon.
but in recognltion ol the growing number of others who would benefit from a focused package of Trndt¥ldual
support. we have made our Tutoring Plus Ser¥t available to more young peop who rnay need it. This may
include children experiencing poor menial heatth, Ih05e with low attendae at school, or simply ih05e wtho
would bÉNnellt from bespoke support.
Some of our Tutorln8 Plus prwammès comblne %ademlc tuiorlng wllh a sècond Intervèntitin that It
Tutor Trust Strate8lc Report for the Year Ended 31 Au8USt 2023 Compleiln8 our team are our tutors. who delNer our hi8h-qua5rty tuitM)n_ Whlle around 85% of oui tuiors are undergraduate and graduaie Sbjdents at I1 uni¥ersitie5, have a growing numbEr ol Qualffied Teathers and experiented professsonals in Oiher fields who wènt to use their skills to give back to loc•1 YOLsn6 people. 307 tutors delivered sessions lor u5 in 2022123, deliverin& on average, 108 hours of tutorlng and supportln8 21 pupils. up from 84 hours and 16 pupils in 2021122. Flnanclal Revlew The previous anntsal rèport to¥èrÉd a 14-month pèrfiod. ertd1 on 31 Au8ust 2022. as a result of dÈtisOon io change Ouf yearnd $0 that our reporting pefiod Is as closety aligned to the academic year as possible.. theOre, the comparative amcwnis inclu(led in ihese accouffjs are not entirety comparable as they cover longei Ihan the 2022123 accounts. The Charltvs income has tontinutd to ptrftrm well, with total IoMe of £3,3m12021122.. £3.8ml, In line wlth the previou5 year after allowing lof the different lenhS ol the reportin8 penod5. Incorne from 8rants and donations was £1.7m, with o¥er 85% 01 this being unrestricted. Tuition irKome ol É1.7rn represented 50% of our total income. up frorn 46% ¢n the previous reFrfKtin8 period. C05t5 have increased to £3.Sm12021122.. £3.4ml refteainB both receni gro In the Charrry and a150 the Imp•a of c95t-of-IMn8 pressures. A n defKbt of £0.2m is bein8 reported, bui ihis reflects a planned reduttn in ihe level of free ieserves. Cashftow has been healthy throughout the period and. at the end ol the ffinancial year, the bank balance wa5 1.5m12021122.. £1.6ml with total lunds gf £1.9rn J131 August 202312021122.. £2.Qml. Pthllry reJerveJ The objective ol the reserves polkry is to ret•ln a sufficlent e1 of funds w •lk)w for cashflow tfou¢hs, to meei unexpected expenses and to pftsvrfle Ilme to seek alternative lundln$ in the event of a downturn, or to 5UPPtsrt schoo15 Wlth an Immedlate need for tuition where other lunding is not avalble. Tht tar8et ringt of reserves Iknown as'the Operating Re5er¥e'l is thfet to 51x months ol lull operating costs. Th• motsTht ol lh• Opwtlft8 1% rtV1•4 •t •v•ty Fihnt •nd & Commltt•• M11)8 nd r•port•d ro the following Trvsiees. meeting. The balance ol unresiricied lunds held at 31 August 2023 was £1.79m. ol which £1.71m repfesents free reserves. Thls rewesents 5A months of lull operatlrq costs whlch Is vAthSn the tar8et range for the Operatin8 Resefve. Since the end ol the financbal year. the Truslee5 have approved an updated reserves ptsliry whl¢h introdvce5 a rninirnum cath at ban Ipvpl to •nsuie the Charity (an meet its 5hort-Iprm financial obliffalions. Thp polcv reouires months, forecast gross cash outhows to be held as cash al and the Trusiees are tisfIed that this requ1Ment was met at 31 Aulust 2023. Prpft¢ip#liwsks I¥+1•neertOIntles We have developed a risk re8151er for the Chafity. whth is re8ully miewed and rvi5*d by the Senior ManaKernent Team and the Tru5tee5. The Finance and Risk Cornmittee take5 a r105e interest in the re6bSter, re¥iewin8 it at each meetin8 and reportin8 bKk to the tollgwiw Trustee5' meetin& The Charitys prlnclpal risks a related to ihe economK dimate which h Is operatin8 Wrthin. The current Etonornic climate. combtned th reducing subsleS through the N•tn#1 Tutoring Prograrnme INTPI, is £ontinuSD8 to put pressure on sthool budgets whith may limrfi schools. financial capacity to provide lutorlng lor their pupils. At the sarne tirne, there ss pressure on the Charity's cost base as a result of the continuing hiBh levels of inflaiion, partlcularly give the high proportion of costs which relate to people. both the stalf team and tutors. where there is a need to en5vre pay remains tompetitive to support both retention and recivltment. In order to mitigate ihe rlsk 10 the Charity, we continue to use philanthropit funding to subsid15e the tost which schools pay for tuS1ion and we also Wofk closely vmth our school partner5 to help them understand the funding which is available to them throu8h the NTP. We have also recfuited our firsi member of staff dedKaTed 10 marketin8 and external communicaiions. and we are iftcreasin8 our fundraisi resource. Page 4
Tutor Trust Strate8lc Report for the Year Ended 31 Au8USt 2023 Plans for Fyiure Pwlods We are continuin8 as an NTP Kcrediied Tuiiion Partnef in 2023124 and. in order to keep our tutoring as afiordable as possible for our partners, we have cut our hourly chaf8e for Schools by 20%. This will absorb the decrease in the NTP subsidv from 60% to 50%. ffleani thai the contrilxrtion reouired Irom schts)I budeets dentical to thai In 2022123. We are continuln8 10 eXOre more ways in which tutorin8 could poteniially make a difference both within and outside the schcrf)15yStem. We will be piloting tutoring in Key Sta8e I, explorin8 how tutors could sUPPOrt children wilh phonics. and ci)niinuing our Wofk io wpport post-16 learners wilh Tutor%nR Plus and colleges. We're also piloting ESOL tutLvina io support chiklfen and Yn& people who are new to En81ish and refining ovr pro8ramme of holiday interventions in partnership ¥th schools and community 8roups. Our Tutoring Plus team will a150 be introducing a new prograrnrne, fime for Me. whKh combines tutorin8 and mentorin8 to 5UPPOrt both pvpi15' attainment and their Confen(¢ at schcd. Time lor Me 15 de5wied to 5UPPOrt both primary and secondary school pupil5. We have 5ecvred fvnding to >upport the next ph•ge ofour di8ital developnwit and are annIng a number of projects over Ihe next two years. The firsi ot these wll be Ihe launch of our new wetyyie. whsch aims io be a much more Inieraaive user-centric site that showcases boih our rrnIh and our prolessionallsm. We wlll Ilso be integratlng our virlous back-end Syslems and devdopin8 our di8iial offer io s¢hools. tutor5 and pupils. We are also keen to explore h¢M generative Al could enh•nce our tutOf6n8 offer and will be part of a proiert to explore how generailve Al could support both teachers and tutors with effectwe lesson planThtn8 and personallsatlon. We'll be coniinuin8 thls work ovei the ne4t ècèdeml£ yeac by 5UPPOrtII)8 and eThcoufa8in8 tutors to ust Al in 5e551¢Ms where appropriate. whSlt ensuring that hlgh quality and 5aftguardin8 Is maintained at all times. We VAII be seeklnl io add new lundèrs io ioln Ouf current supporters to enable us io tontinue to support 5thools at a time ol increasine cosis and fallini subsidits for iuiti¢)n. and will bt dè¥tlopin8 tyjr fundralsinl t¢om i• h¢lp d¢livcr thi$ additional fvndi Th•nk tmul The on8oln8 support of our partner Sd$, funders and other wPpOrte Is essentlal to us lulfillin8 the ChariW5 mlssion. Thank you for hdping us to continu to nk a differew in th* lives of the young people we 5er¥e. The Strat•8lc Report was appfoved by the Trust•es of the Chanty 23 January 2024 •nd $18ned on its behalt bv.. P J Mclntyre Trustee Page 5
Tutor Trust Trustees. Report {Incon)oratln8 Dlrectors, Report) fly the Year Ended 31 August 2023 Siry¢fvre. GO¥eMan and Manoymnt Noture of govemln9 dor4fftnt The Charity Is governed by its MemoraThJum and Articles ol ASSbItn. The Company is re84Steretl as a Iharitable company, limited b¥ 8uafantee, reiisteyed charity number 1144043. The Charlty is govtrned by the Trustéès who are elÈrted uAdÈr tèrms of the Charity's rules. The 8oard has two sub-committees. the Finance and Rlsk Committee and the £dat10Th Commirtee, which prIde Trustees wlth Ihe opponunity to mole closely scrutinise and suppon all aspeas of ihe Charity's aciivities. Oay-to-dav management of the Chaiity is delegated to the key management pefs¢yinel and, throuqh them. the nIOr Mana8èmeni Team. RcrUItnTrtOdQppothtmtttr1 TNsteJ Chjr initlal Board of Trustees were recruited informalfy. through our professnal and education network5 In Manchester. Followin8 a formal 8oard rlew, we undertook an open recruitment proce55 and. during 1021122. we welcorned 51x new iru5tee5 ¢othe Board as • re5utt ofth15 prixe55. A fomal inductlon pffjce b In ace for all new TneS lolnin8 Board. whth Includes them being assigned a'budty fvom among the current Tru5tee5 to 5UPPOrt them in gettln8 to know the Charity thelr new role. ASI our Tru5tee5 have an enhanced 085 che Afronqementslwseitlrtq key man•gemtntperjoftrtlfflem¢l0ft Tutor Trv51 has introdured a tomprehen5ive Reward Staternent that summ•rlses the benefits to wryloyees ol working for our CharSty. In¢ludln8 lair and competitlve salaries for the sedor. Sallrles h•ve been benthmarked a8oln5t the rest ol the sector and IndNldual 5al•ries are rtvbtwed ènnualty as Part ol the appra15al yLe5s, In addition to all employees receiving an anrtual cost-ol-living pay Increase. ObJe¢ts 04ryd È7tt1vllles The Charlty operates throu8h a charft•ble company and the Charfty's objects Ire to advarKe the educailon of the pvbllc in the United Kin8dom. Pubmc benefft The Trust¢es confim thèt they hawe complied the requkerner of sealon 4 of the Chadiies Att 2011 to have due re8•rd io the pU1C benefit BuanCe publlshed ty the Charlty Commlswn for England •TrJ Wales. The Char¢5 Att 2011 hlentif$ 13 deserlptlons of charitable purpos* and In our View the work of the Charlty meets the lollowin8= - Relief ol poverty - Advancemeni of edu(atkJn - Advarncement of health - Advancemeni of community development Relief of those need by reason of youih, age, Illthalth, d15abllity, finanthl hardship or dlsadvanra8e. Activitie5 undertaken to lurther tharitable objertives for wblic benefit are dexribed on page 2. All 5eryices are prowded free of charge to beneficiaries. PaKe 6
Tutor Trust Trustees. Report {Incon)oratln8 Dlrectors, Report) fly the Year Ended 31 August 2023 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 uncenainty that afft the carryin8 value of assets held by the Charity. In reachin8 thi5 con<lusion. the Tru5tee5 have ci)n5idered the Charrtrf5 curyent level Lif unre5tritted fund5, the fact that the Charity continue5 to be an NTP Jccredrted Tuition Partner during the 2023124 academK year. and the funding commitments already secured for 2023124 and 2024125. Thus. the Trustee5 ontinue to adopt the goi concern ba5b of accwntlne In prepadn8 the fin(kn1 statements. Dlsc105ufe ol Information to Audltor Each Trustee has taken the steps that Ihty ought io have taken as a Trustee In order io make themselves aware of any relevani audit information and to establlsh that the Chariry's audltof is aware ol that nformation. The Ttysiees conlimi ih•t there Is no relewt inlomiaiion that ihey know of and of whlch they know the auditor is unaware. The annval report was 8ppro¥ed by the TAtee5 olihe Charity on 23 J•nu•ry 2024 and s1¢rd on Its behalf by: P J Milnryre Trustee PaKe 7
Tutor Trust ststement of Trustees, Responslbllftles for the Year Ended 31 Au8USt 2023 The Trustees (who are also the dirertors 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 Prèrticel and 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 a<countin8 pohcles and •ppty 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 financlal 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 23 January 2024 and Silfd oh its behalf by: P J Mclntyre Trust¢e Page 8
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trt for the Year Ended 31 August 2023 Oplnlon We have audited the financial statements of Tutor Trust lthe'chaittsble tompanrf) for the year ended 31 Au¢usi 2023 which tomwise the statement of finantial activities. balante sheet. statement ol cash flows and the related notes. The financial report¢n8 Irarnework that has been applied tn their preparaton15 applicable law and Uniied Kin6dom Accounttn8 Standards. Indudin8 FRS 102 Ihe Financial Reportln8 Standard appllcable in the UK and Republic ol Ireland- (United Ktn8dom Generally Accepted Accountin8 Praciicel. ITh our own5on. tht finantlal statèmènts.. give a true and fair view ol the State of the tharitable wmpan¢5 affair3 as at 31 August 2023 and of its incoming re50Ufces ènd application ot resour$. incwing tlw"r income and e¥penditure lor the year then ended,. have been properfy prepared In a¢cwdènce vlth UTrtted Klrqdtym Genernlty Accepted Accountln8 PrartKe and have been prepafed In accordance wlih ihe requirements ol the Compan5 Act 2006. B•sbs for oplnlo We conducted our audit in attordancè InièrnaiKnal Standards on audllinA IUKI (lS IUKII and applicable18w. Our responsibilities under those 5tandard5 are further described in the Auditor's responsibilities tor the audit ol the financial siatements sertion of our report. We are independent of the charitable cornpany tn accordance with ihe ethical feouiremenis that are relevant io our audit of the financial statements in the UK. slding th• FRC'S Ethical Standard and we have lulfilled ouf other ethical responsibilities in accordance wrth these requirements. We believe that the audit tvidence we have obtained 15 sufflcleni •nd apprwate to Pro¢ • b•sls tr our opInk. Con¢luslons rel•tlft¢ to nCern In auditlng the financial stateffleDts. we have cwKluded that the Trustees. use of the loin8 concern b•sis of a¢countin8 In the Pfepar•iion ol the financl•l staiements is apprJpriate. Bajed oft the work we h•¥t performed. we hove not Idenilfled ony maieflal urcert•lMieJ reloilTr8 to eventj or tondltlon5 that. IndSwdually or ttllectively, may casl en1cant doubt on the charitable company'5 ability t continue as a 8oln8 concern lor • perlod of ai least twel4 mth5 fr(Mn rtn the ftnjnclal statements ir auihorised for iss¢Je. Ouf responslbi111Ses and the responbIlIt$ of ihe Trusiees wlth respect io ioini concern are descrlbed In the r•lvant i•ttions of th1£ rport. l)ther Informatlon The oiher information crrfnprise5 the Infornli induded in ihe annual fepofl other lh the finoncial starements and our audtiorfs report ihereon. The Tfusiees (who afe also ihe directors ol ihe charitable ompany lof the purposes olcompany lawl afe pOnSible lor the other informaiion. Our ownion on the linancial siatÈmenr% doos not cover ihe othef informatmm and. pxcept io ih? ?pfi1 othep*ise explicltlv stated in OUT rept. we do not txprtss any lomi ol aswrance tu$l0 tfi. In connection with our audit ol the financial state[rts our rt5ponsibilrty is to read the other informatlon and, in doin8 $0. cor¢5rfer whether the other infom)ation 15 materially incoThsisteTht th the financlal statements or our knovled8e obtained in the audit or othewse èppears to be materially misstaied. If we identifv such material inconsistencie5 or aDparent material mi55latements. we ale reouired to determine whether there is a material misstatement in the financval statements Of a rnaterial rnisstatement of the other information. 11, based on the work we perfomed. we condude that there is a matersal misstaiement of this other infoTmatir)n. we ale rryuiTed to report thai lart. We have nothing to report In ihis regard. PaKe 9
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trt for the Year Ended 31 August 2023 Matters on whkh we are requlfed to report by exwtlon We have nothing to report In respect of the Idlowing matter5 In relation to which the Charftits IAttounts and Reports) Re8ul3tions 2008 requife us to report to you if, in our Opinn.. the inlofmation 8iven ID the tfjnancial statements Is Inconsistent in any maierfjal respect with the tfUStees' report.. or the tharitable company has not kept adeguate attounting records: oi the Ilnantial statements are not in agreement with tht a£countin8 retords and retums.. or we have not receNed all the infovmation and exPlatIonS requlre forour audit. R•ipoiiilbllStl•s of Trns As explained more lulty in the Trusiees. Aesponsibilitits Statemeni set out on page B. the Tfustees (who are Iso the directors of the charitable company fof the purposes of company lawl a responsible for the pfeparation of the financial statements and for beln8 Satisfied that they 8lVt a true and fabr vlew. and lor such internal control a5 the Trustees determine is necessary to enable the prewatth ol fftnanclal stattments that free from maierlal m155tatement. whethtr due tts friud or error. In Prepan8 the fln4n¢i•l slatements. the Tnte¢S are re5pgnsible tor as5e551n8 the charltable compani1% abllity io continue as a Boing concern, dlKlostn& •$ •pplKable, matiefs rdated to 8oln8 concern and usln8 the 8oln8 concern basès ol accouniin8 Unless the Trusiees either Intend w IJaie the charttsbbe company or to cast operations, or have no realisiit alternatNe but to dr SO. Audltor'¥ rewnbIlItIeS (of the •udlt d the fin•rd•l st•tements We have been appointetl a5 audiror untlei section 151 of the Chafiiles Act 2011 and report In xeordance wfjih 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. whether due io Iraud oi error. and to issue an auditor's rèport that includes ovr oplnion. Reasonable assurance is a high level ol a55urance. but Is not a guarantee that an audst condurted in accordance with ISAS IUKI wlll always deie(t a material misstaiemeTrt when rt exists. M%ssiarernents can ar15e Irom fraud or effor and are consKlefed material rf. Indmdually or in ihe 488re8ate, they could reasonably be e¥pe£ted to Influence the economic de(isions ol users taken on the basis ol these financbal 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 io whkh (w wocedures •re Clble of dthectlng irre8ul•rltles, Includin6 fraud, Is detailed below. lletause of the Inherent Ilmttations of an audli, the Is a rlsk that we wlll I1 detett all INegularrtles. Includlng those leadlng io a materlal mSsst•tement in the lfjnantial staiernents or non<omplian¢e with regulatlon. This rSsk increases the more that compliance wilh a law or reBulatitin 15 removed from the event5 and transactions reflected In the financial stalerrnts. as we will be less likety lo become aware ol instances of non<ompliance. The risk Is also yeater regardl irre&ularitios wcurrin8 due to fraud raiher than error. as fraud in¥ol¥es ITrtentn concealmefti, lor8ery, collusion, omls¥on or mtsrepreSenutn. Exint to whlch the a11 was consldofod tapable of dotertln8 Irrelularltbes. Includln8 fraud We identify aThd as5es5 the risks ol material mis5taternent ol the linancial siaiemenis. 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 Trt for the Year Ended 31
August 2023
Id•ntlfyln8 and asses1 potenWal rlsks rel•ted to Itre8ularlVes
In identifying and 35se55ing r15ks of material mstatement In respect of irrryularitie5. indudlng fraud arLd 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 identihcation and 355e$5nxnt of the fi5k5 of
irregularitles..
any matters we identTrfied havln8 obtsirttl and the tharitsble compatys documentaiSon of their
policies and procedures relailv4 to..
ideniifyin& evaluaiin8 and ith laws and re8uLitlons and wthethef they were aware of anv
Instantès of non-ttsrnpliante..
detecting and reswnding to the risks of fraud and thelher they have knowledge of •ny adual. suspected
gr alleged fraud..
the internal conlrols e5tab115hed to mitl8ate risks of fraud or non
Tutor Trust Independent Audltorfs Report to the Members of Tutor Trt for the Year Ended 31 August 2023 Us• of our report This report 15 made solety to the chartvs trusttes. as a b(th, In xtordance with Part 4 of the Chartties (Accounts and Reportsl Regulation$ 2C¥)8. Oui audil work has been undertaken so that we Might slate to the charitable company's trustees those matters we are required to state to thern in an auditorfs report and for no other purpose. To ihe fullest extefii permitted by law. Twe do not accept or assume responslbillty to afjyone other ihan the chariiable iompany and the ¢haritable companvs trustees as a body, lor Ouf audit work, for thls report, Of lor ihe oplnlons we ha¥e formed. Alison Buckley. Senior Statutory Auditor For and behalf of Mrtchell Charle5WLYth IAuditl timited 3rd Floor 44 Peter Street Manchester M2 SGP Date.. 23 January 2024 Mltchell Charlesworth IA1) Llmrted Is eh8iblE to ¥t a5 auditor lrt ttrm5 01 1212 of the Conw•nl4s Pa8e 12
Tutor Trust Statement of Flnanclal Actlvftles for the Year Ended 31 August 2023 (Including Income and Expenditure Account and Statement of Total Recognised Galns and Losses) Total Y•ar Ended JI AU8U5T 2023 Unrestrkttd Rèstrirt•d lunds funds Incom• and Endo¥rn•nts from: Donations and legacies Charitable activTtie5 Investrnent inco 1.422.091 1.674,588 9,424 232. 1.654,497 1.674.$88 9.424 Total incorne 3.106.103 232. 3.338,$09 Expendire on: Charitable activities 3.262.5CQI 265.1391 13.527.639) Total expenditure 13.262.SLKII 1265.1391 13,527.6391 Net expenditure 156.397 32,733 189,130 Net movement In lunds 1156.3971 132.7331 1189.1301 At¢11110n of lunds Total lunds broulht fgrword 1.948.789 105,186 2.053,975 Total lunds caffied forward 19 1,792.392 72,453 1.864,845 Tot•1 Reslrkned 14 months Ended nds 31 Auiust 2022 Unremrkted fvnth Income and Endowrnents Irom: Donaitons and le8acies Charltabte a¢tlVFt*es 1.663.268 1.740,299 358.358 2,021,626 1.740,299 Total in¢orn• 3.403.567 358.358 3.761,925 fxperrflllure on: Charitable activities 12,973.0541 1426,4221 13,399,476) Total expendlture 2,973.0541 1426.422 3,399,476) Net IrQme/(eXpQfidttUre1 430.513 168. 362,449 Net rnovement in funds 430.513 362,449 Il•tondllatSon olfunds Total lunds bfouaht forward 1.518,276 173.250 1.691,526 Total lunds caftitd forward 19 1.948.789 105.186 2.053,975 All of the Charlty's Income derfvts from contlnulng operations during th2 above two perltras. Comparative amounts are for the 14 months ended 31 Au8USt 2022. The notes 011 Pa8e$ 16 to 27 form an Inte8rnl part of these finanoal Statements. Pa8e 13
Tutor Trust IRe8lstratlon number: 07771465) Balance Sheet as at 31 August 2023 31 Au8U 2023 JI Au8USI 2022 Flxed assets Intangible assets T3n8ible assets 13 14 67.583 25.514 41,147 93,097 73,642 Curreni •59ets Debtors Cash at bank and in hand 15 16 461.675 1.511.121 554,937 1,638,78J 1,972,796 2.193,718 Cr•dltors: Amwits lalln8 du• wllhln one y••r 17 201,0481 N•t curr•nt *M•ts 1.771,748 L980,333 N•t •sMts 1.864,845 2.OS3,975 Funds ofth• C11.. Ilt5trlcted funds Unrestricted funds 19 72.453 1.792.392 105,186 1,948,789 Tot41 fvnds 19 1,864,84S 2,053,975 For the year ended 31 Au8YSt 2033 the company entitled to exernption from audr( under 5ertlon 477 of the Companie5 Act 20( relat1 to small cornpaniu a5 this tnY r$ 4 ¢h¥ity. it is subject to audrt under ihe Charitles Act 1011. The rnember5 have not rewlred the cofflpany to obtain an audlt in accordance wlth SeCtn 476 of tht 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 accounts. These account5 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 27 apprThYd by the Trustees. •nd authorised for i59ye on 23 January 2024 and si8ned on tsir behalf by. P J Mclntyre Trustee The notes on pa8es 16 to 27 torm an inte8fal part ol these financial statements. Pa8e 14
Tutor Trust ststement of Cash Flows for the Year Ended 31 August 2023 Year Ended 31 A¥ust 2023 14 month5 Ended 31 Auoust 21)12 Cash flows from oPeranI acllvltSes Net lexpenditurellincome lor the peric41 1189.1301 362.449 Adlu5tmentslor: Amortisation DeprKiation Investment incomt Oecrea5ellincrea5el in debtors Oecrea5e In creditor5 29.ClJ4 18.878 19,4241 I.886 12,337 37.928 15.876 15461 34,033 Net cash fl¢)ws fr¢yn oper•tin8 ac¢r¥itie5 62,123 381.674 C•ih Ilows Irom OrN•rtl actl¥ttl•s Interest Purchase ol intangible fixed ossets Purchase of tangible fixed assets 13 14 155.41401 11.8971 123,4681 126,4111 N•t cash flows Irom iThveslinK artwili•s 65.537 49,879 Net Id•cr•as•lhnueas• In cash •nd cash gur¥•ntS 1127,6601 331.795 Cash and cash équlvaltnts ai i Sepiembtf12022.. 1 Jutyl 1638.781 1,306.986 C•5h ind cash equlvalents Jt 31 Au¢ust 1,511,121 1,638.781 All ol th cash flows ar* deiNed Irtyn tMtlnuin8 optratitins durine tht at>o¥t two perlodk A nét debt rtt¢)ntiliaiion hès not en presented as iht Charity tloes not have any debL compara1¢ amounts are for the 14 rnnths en(led 31 Awst 2022. neS on pages 16 to 27 fomi an inte8fal part ofthese financial statements. Pa8e 15
Tutor Trust Notes to the Flnandal Statements for the Year Ended 31 Au8USt 2023 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 addre55 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 5tatemEnts ore 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 Reportln8 by Charltles.. Staternent of Recornrntnded Practice aPp1Kab to charities prepaflng their attounts in accordance wlth th Financlal Rporting Standard applitable in the UK and Republ ol Ireland IFRS 1021 lelfectivt l January 20191 - Icharities SORP IFAS 10211, the Financial Repurtin8 Standard applk•ble In ¢he iIK 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?I siatements ale rounded to tht nearest £. L•nith olth• r•portlni p•vknd The reportln8 period Is a year eDdin8 on 31 Au8USt 2023. In 2022. as the Char$ au+w"ties are Ilnked to sthools, the Trustees è8reed to brin8 the reportin8 period as clt)stfv in line with the academSc year as possible, rellectln8 how the Chariws impart tar8ets are set. This resulted in extendlng the prevw5 reporting period bv o rnonihs, as permitted by $392 of ihe Companies Art 2(. As a result. the comparatNe amounts presenied In the accounts, Indudln8 the rdaied notes, are not en¥rely comparable as tliey refieu a 14-month period. GOI coKern The TnJstee5 tOn$tr that there are no material uncertainties abo the Charity's ability to contlnue Is a 8olng concern nor are there any 5nifKant are•5 01 uncertainty th•t affett the £arryn8 value of a55tts held by the Charity. In re•¢hin8 this conclusion. the Trustees h•v considered the Charitvs currefit level tyf unrestricted lunds. the fact that the Charity continues to be an NTP accredited Tuition Partner durln8 the 2023124 acadernic year. and ihe lundin8 coMmients already secured for 2023124 and 2024125. Thus. Ihe Trustees tontlnue to adopt the 8oing toneem basts of •ccounting in pfep•rin8 the ftnancial statemefits. Accoun lud8oments The Trvstees h3ve ¢ons5dered the employment ststus ol the tutors and Conduded that they are to be dassed as selfmpbyed lor both employment law and tax wiposes. Income and endowrnents All income is recognI5ed once the Charity has entitrnent to t inc(xne. it 15 probable that the iDccthe will be received and the amount ol the income receivab can be measured feliabty. Py16
Tutor Trust Notes to the Flnandal Statements for the Year Ended 31 Au8USt 2023 Donotions ondlegocies Donations are recoETr15ed when the Char¥ty has been nobfd in writing of t)th the amount and Settlement date. In the event that a donation is subject to conditions that requlre a level of performare by the Char before the Ch3rity is enililed to the funds. the Inco is deferred and not reco8nlsed until either those ctsrtditlons a• lully mot, 0¢ th• fvlfilm¥n¢ ol thos• tortdrtiO¥% IÉ wholly wthin th• control ol th• Charity and It is probable that these condiiwns wlll be fulfilled in the repIng pernd. Gmnts recelvoble Grants are recognised vthen the thartty has an entltlement to the fvsnds and any condltlons Ilnked to the 8rants have been met. Whefe performance conditions are attached to the grant and afe yel io be met. the income Is rÈcoenisÈd as a Ilabllity and Indudtd on ihè balantt sheét as dèferred Incomè to be rèleased. Chffrltableartlvltks Income frorn charitable aaivities 15 school tuiorir iKome and 15 recognised wlth the ddfvery of the servlce nd when ihe revenue can be reliably measured. Investfflent Income Investmtni income Is Interest relatin8 to bank deposlis and Is recognlsed when interest Is eamed. Expondltsv• All expenditu is reco8ni5ed 0e there is a belal or (stru1¥e obli8ation to that expenditure, it is probable setilement Ss requifed and the amouni can be measured reliably. All costs are allated io the opplicable expendltufe heading that aB8reBate 51milaf Costs to thai tate80ry. Where cos15 cannot be directly attributed to particular headin8s they have been allLKated on a basis con51Stent with the use of resources, with central stalf costs allocated on the bas15 of time spent. and depreciation charge5 allocated on th¢ portton of the asset's Use. Other SLtpport costs are allKated based on the spread of stall costs. Chorltobleartlvltles Charitable expenditufe coryrlses thgse costs incurred by the tharity in the delNery of Its acti¥lties and servltes lor Its beneliclaries. li Includes tKJih cosis that can be •lK•ted dlrectly io wch a11t1eS and those costs of an SndSrect natu nttessary to support ihem. Support costs Support costs include central lunctions and alhted to the to whlch ihey relaie on a ilme ba515. These include the costs attributable to the Charity's comlanCe with con5titutMal and statutory rtquirements. in¢ludin8 audit. strate8i¢ Mina1 and Trusttes, mtrtings and rennburs*d expenses. GornMent 8rants Government grants are recognlsed based on the accrual model and are measured at the lalr value ol the asset recelved or rvtelydble. Grants dre C¢assSffj as felaifjn8 eli1 io revenue or asseis. Giants relatln¥ LO ievenue are recognised in income over the period in which the relaied costs are reco8ni5ed. Grants relating to assets ère recognised over the expected useful lite ol ihe asset. Where part ol a Irani relaiin£ io an at is delerred, It is re¢o8nised as delerred income. Tautlon The Ch•rity 1> ¢on>bdered to p•>> thc te>tJ xt out in Porw•ph l. &hedU 6 ol the fin•n£e AGt 2010 C4nd Iherelore it meets the definitson of a cha¥[Eab company fcK UK corporèiion tai purposes. ACcordinR, the ChaTity 15 Potentialty e¥empt from taxation in re5pett ol income or capttal gains received within categories covered by Chapter 3 Part 11 ol the Corporation Tax Art 2010 or Section 256 01 the Taxation of Chargeabb? Gains Act 1992. to the extent that such incorne or gains are a94ed exclusively to charitable purpose Pw17
Tutor Trust Notes to the Flnandal Statements for the Year Ended 31 Au8USt 2023 Intantlble fixed assèts Intangible fixed as5et5 are initially rtcNdtd at cost. Amortisation * pmthd•d on intan8lbl• ffix•d $0 as to writ• off th• tost tsrvaluatlon Ov4f th•ir •xp•ct4d uselul economic1Sfe as fdlows.. Assot dass Software Amwtlsatlon ffieth and rat• Straieht-line basi5 over 3 years Assets Undw Constructton are ntst anrtISed. Tanglbk nmed assets Tanlitsle lixed assets are Inttièlty rerded at cosL Depred•rlon eprKiaiion is prowded on tangible fixed as5et5 50 a5 to write off the cost or valuation, less any e5tirnated fesidual valu. over their expected useful economic life as follows.. A55•t dam Computers and equipment straight.line basis over 3 years Tr•d• d•btorn Trade debtors are amount5 due from cu5tom?r5 for Services perfOrnd In the ordinary course of buslne5 Trade debtco •re reco8nlsed Initialty •t the tranucln prke. They ire subsequentty me•sured •t 4mort15ed C05t usin8 the effective intere5T method. less provishin for impairment. A provision for the impairment ol trade debtors Is establlshed when there Is objective e¥ldence that the Charitsble Company wlll not be abk to collect all amounts due according to the oriynal tefms of the recelvable5. C•th •nd c•sh •qulvahnts Cash and cash tquivalents comprise tash on hand ènd tall dèposils. and other shtsrt-tmi highly liquid investments Ihat are readily (Vert)le ¢0 a known Jmount of ush arKI afe subiert lo an insignifK•nt risk of change in Value. Tr•de uodttors Trade creditors are obliytions to pay lor iOLJs or sèryices that have bten acquired in the ordinary tourse ol busine55 from 5upplier5. Accounts Payab ave classified as current liabilities il the Charity does not have a unconditional right, at the end of the reporting pericJ. to defei settlement of the creditor for at least twelve rnonths after the reporting date. If there is an unconditional right to defer settlement for at least twelve rnonths after the rewrtin8 d•te. they ale presenied as non<ufreni liaknlilies. Trade credrtors are reco8nised initially at the trar&)aion fv and $tJbsequently measured at amortised cost Using the effectwe interest method. Fund 5tru(ture Unfestricted (ncome funds are 8eneral fvnds that are avallawe for use at the Trustees. dlxrelion In furtherav4¢e of the objectives of the Charity. Restricted income funds are those donated for use In a partkular area OT for Specific purp05e5. thè use of which Is resffirted to that area or purpose. Py18
Tutor Trust Notes to the Flnandal Statements for the Year Ended 31 Au8USt 2023 Ptnslons •nd other post.retirEmnt oblipiiorts The Charjty operates a defined contribution pen5•3n 5th?me 15 a pension plan underwhich fixtd contributions are Pa into a pension fund and the Charity ha5 legal or constructive obligation to pav fvrther contnbuttons even Ilthe fund does not hold sufficient assets to pay all employees th¢ benefits relatin8 to mploy•• S•Vvl¢• tho Curn•Trlt and PYIOY Pwiods. ContrlbutlOll5 to defintd tontrilmrtitin plansarè rtcognised in tht Stattment of Flnantial Actlvitie5 when tl re due. 11 contdbution payments exceed thewntrltmrtion duo for s¢. the excess is reco8nlsed a5 prepaymenL FlrtantSal knstruments f inancial assets and financial Ilabilities are recryanlsed vthen the Clty becomes a party 10 the contrartual provisions of the +nstrument. Financlal liabillties and equity instruments are cla5sffied accoryling to the substance olthe contrartual arran8emenis entefed into. An equity instnimeni is any contiart ihai evNlences a resNl¢Jal interest in the assets of the Charity after dtdurtlng all of its Ilats'liti¢> All linancial assets and liabilities afe inliially measured oi transartion Pfice lincluding transactioo costs). except for those flnarcial assets classified at fil¥ valut through profit or loss, whith are initially measured at fair value Iwhlch is Thormally the Iransartion wice excluding transartion costsl, unless the arrangement constltute5 a financing transaction. 11 an arrangement constitute5 a financing tranSactn, the fnancial asset or financial liabllity Is measured at the present Wal ol the future payments discounted it a rnark rate of interest for • slmllar debt instrunt. Flnanclal assets and liabilltles ale onty offset In the Statement of Fin•nclal Posltlgn ¥then. and only then there exists a legally enfofceable rlghi to set off ihe reco8nised amouDis and ihe Ch•rlty Intends elther io settle on a net basis, of to realise ihe asset and settle the1Sabllity slmultaneousty. Finan£lal asset5 art dtrecognised when and only when èl ctsntrartual rights to the o5h flows frorn the flnancial assei expire or are settled, bl ihe Chariiy transfus to arother party subsiantially all ol the fisks and fewafds ol ownefshlp ol the financlal assei, or cl Ihe Chariiy, despite having fetained some, but not all. sl8nlflcant rlsks and reward5 of ownership, has iranslerred conirol ol ihè asset to another party. Financial lia)11*$ avt derecoinis4d onty when ihe (an specified in the tontract di5thar8ed, cancelltd or expire5. Py19
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 Unrrtrkt•d funds Gefier•l Totsl Yelr Ended 31 August 2023 fvryls DDnations and legades: Donation5 Gift Aid Gran¢s. includin8 capllal gfants.. Grants from other tharlis 718.5gl 3.751 718,5 3,751 699.750 232.406 932,IS6 1.4Z2,091 232.406 1.654,497 ilnre5trirt•d nds Genernl Total 14 Month5 End•d 31 August 2022 fvnds DonatIc5 and lewles: Donations GIftA Grants. Including upl¢al yants.. Gronts from other charl15 86S.755 2.513 865,7SS 2,513 795.(O) 358.358 1.153.358 1.663.268 358.358 2.021,626 Total Year Ended 31 Auiust 2023 funds School tutorl 1.674.588 1,674,$88 Totsl 14 Month5 EThled 31 August 2022 fvnds School tutortnl 1,740,299 1.740,299 Toi*l Year Ended 31 Au¢uM 2023 funds Intere51 on bank deposlts 9.424 9,424 Total 14 Month5 Ended 31 Auiust 2022 funds Gener•1 Interesi on bank depos6ts Page 20
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 6 fxptndibJre on th•ritablo atti¥its Totsl Yelr Ended 31 August 2023 undertaken SUPPOrt Sthool tutoring 2.322.9)> 1.204.730 3.527,639 rot•l 14 Month5 Ended 31 August 2022 undertaken diredty support School tutorln¢ 2.348,049 1.051.427 3.399,476 £3,262.Yo{lo22- £2.973,0541 olihe above expendllure was attrlbable to UnreStrted funds and £265.139 12022- £426.4221 to restritted lunds. Analysts ofio¥ernw and wpport costs Supwt costs •llw•ted to ch•rllable •rtbvS1 Tot•1 Year Ended 31 Auiust 202J Sup Staff Costs Premises expenses Oftice cosis TechnoIC costs Amortisation Depiecl4Livn Prolesslonal I$ Governan¢e costs 777.889 87.109 85.479 145.413 29,¢X 18.878 45,534 777,889 87,109 85,479 145,413 29,(X)4 18,878 45,534 15,424 15.424 IS,424 1,189,3 1.204,730 rotal 14 Month5 End 31 Auiust 2022 Supp(¥i costs Staff costs Prerni5es expenses OffKe costs Technolo8y costs Arnmisatlon p¥eciation Profe55ional lee5 Governance c05ts 636.852 94.859 95,647 115.899 37.928 15.876 41,166 636,852 94,859 95,647 115,899 37,92B 15,876 41,166 13,2C¥) I3.2) 1.038.217 1.031 427 Page 21
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 Total Year Ended 31 Au8USt 1023 fvnds Audst fees Audit of the Ibnantial 5t•ttments Oiher lees paid to auditors 10.8L¥) 4,624 10,8D) 4,624 15.424 15,424 Totsl 14 Month5 Ended 31 Ayiust 2022 funds Audit fees Audit of the Ibnanclal 5taternents Trustee recruitment costs 10.2CO 10,21 13.2C 13,2Cty) Net Incomin8llouwoin81 resources for the 0d Incbude: Ye•f Ended 31 A$1 2023 14 Months Ended 31 August Z02Z Audli f•os Amortisation of Sntan8ible fixed asséis DeprlatIon of lang11e lixed a$5ets Operatin8 leases 10,8C 29.C 18.878 35.ix 10,2t)) 37,928 15,876 31,345 Trusteu rernynerntlw •nd ew No Trusteos, nor any persons connected with them. have recei¥pd any remunvatign Irom the Chadty durln8 the cuirent perlod w the prevlous period. No Trusiees have recelved an¥ relmbursed expenses or any oihef I)ert5 Irryn the Ch¥iiy durlni the curreni perl¢xl or the prevlous period. 10 Staff t¢>sts The 388regate payroll c05t5 were as fotlDWS.' Yw ended 31 Awst 2023 14 Months Ended 31 August 2022 Wages and salaries SocSal security costs PensK&n cosis 1.857.662 189.478 48.745 1.699.030 170.438 40,144 2.095.885 1.909.612 Page 12
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 The average number of pEr50n5 linduding the 5enKJr manaBement team) empkjyed bythe Charitv during the peric4J wa5 a5 follow5.. Y¢ar Ended 11 Awst 2023 14 Months Ended Il Au•uSt 2022 Adrninislration. 8o¥ernance and dritable adivllies Head count Adminisiraiion, governance and ctsarttae Klryitie5 Full time equivalent 50 53 46 The number ofemployees whose ern0Ments fdl wlthln the lollowin8 band5 Wa5: Ye•r £nded 31 Aiyst 2023 No 14 Months Ended 31 Auwst 20Z2 No E£0.(j1 . E?o.ofAI E70.C)1. £80,IX £ioo.coi . £iio.c The total employee benefits of the key mana8ement pers1 ofthe Chariry were £172,32212022- £180,B221. 11 Audltor F••s Yw End•d 31 AU$t 2023 14 Monthi End•d JI A4usi 2011 Audit ol thè flnancial stai•mnts F••5 wy•bk to th• hKlep•nd•nl •wlltor510r: All other non-audit services 4.624 12 T•x•tlon The Charity is a relistered charity and is therèfore exèmpt Irom tsxation M it5 thariiablt artivf(ièS. Page 13
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 13 Intan8lblt fixod assets Assets Und•r Trt Cost At I Septembr 2022 Addition> 103.792 103.792 55.440 5S.440 Al 31 Auiust 1023 103.792 55,440 159,232 Am¢¥rtlstlon At I September 2022 Charge lor the perlod 62,645 29.C04 62.645 29,(4 At 31 Au8USt 2023 91,649 91,649 boov• At 31 Au8ibSt 2023 12.143 55,440 67,583 At 31 Au8USt 2022 41,147 41.147 14 T•nilbl• Ilx•d •u•ts Computers •nd gqulpm•nt C05t At I September 2022 Add¢tlons 62.240 11.897 Al 31 Auiust 2023 74.137 At I September 2022 Ch•r8e lor the perlod 29.745 18.878 At 31 Au8ust 2023 48.623 Net bogk v•h•e At 31 Au8USt 2023 25.514 At 31 Au8u5t 2022 32.495 15 Debtors 31 Au8usI 31 Aulust 2022 Trade debtors Prépayffnts and accrued irtomè 354.376 107.299 3SI.740 203.197 461.675 554.937 Page 14
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 16 Cash and cash e4ui*•lonts 31 August 2023 31 Auiust 2022 Cash ai bank and in hand 1,511.121 1.638,781 17 Crtdlton: •mounts tsll due wlthkn one yew 31 Auiust 2013 31 Auiiist 2022 Trade Cfeditors Other taxation aTrd securbty Accrua15 and defefred income 11,307 60,234 129.S07 88,013 50,352 75,020 201.048 213,385 18 Obll8atlons under le•stt and hh purtham toTrtr•¢ts Opeiatlni le•se ¢ommltments Total future minimum lease paymenis under non<ancellable operailre leases are as follows.. JI Auwst 2023 31 Au¥1 1021 Ld •rrtl l)ulklnp Wlthin one year Between one and l¢¥e years 12,981 19,S92 35,CO) 32,543 •n onè and flvè y•ars 19 Fundi B•l•n¢e •t 31 A$t 2023 tember 2022 Unr•llrlrt•d fvnds Gefteml Genefal 1,918,789 3,106,103 I3.262.S) 1,792,392 Aeitrkted funds Technology fund The Right An8le fvnd Morrlson5 Foundation The Headley Trust MISMI The UnNerslty of •Aanchester CAST 26.628 154.1751 22.453 165.iXXII 150.C£¥JI io, 12,4061 Tot•1 restrkted lunds 105.186 232.406 1265.1391 72,453 Total funds 2.053.975 3.338.509 3.527.639 1.864,845 Page 15
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 8•l•nc at I July 2021 Intoml •N£+ at 31 August 2022 expendtd Unrestrlrted fvfids G•n•ml Genern 1.518.276 3.403.567 12.973.054) 1,948.789 R•strkted funds Stichting Oenevolentla TeChnoY fund The Educat6on End¢)wmient Foundation Shaping Future5 The Right Anale fund Morrisons Foundail The Headley Trust MESME The Universlty of Manchest•r 22.305 135.046 9.323 122.3051 1108,4181 186.2671 26,628 6.576 16.5761 I80.1) 132.51 97.SLXI 65.000 43,914 io,co) 140,3561 3.558 10.000 Totsl r•strkt•d funds 173.250 358,358 426,422 13.399.476 105.186 Total funds 1.691.526 3.761,925 2.OS3.975 The spe¢ifi¢ purpmes lor whl¢h the fvnds •re to be •pplied •r¢ •$ follows.. Technol¢>gy lund- To fund organis•tional and tech develowl to Increase the number ol children benefitin8 from lultS0n. The Educaiion Endowment Foundation-To subsldi5e the costs of tuition delivefed as pan ol the Natthol TuioYln8 Progrèmme and io fvnd specific NTP Tuition Partner set up and partklpatlon costs. Shapln8 FutUf•S- To fund l..1 oftline lui1n in M•f$8ysid•. The Ri8ht Angle fund- To SUPb)Ort The Rlght Angle project (comned t1) and th•fapeutic Supp for vulnerable pupilsl. Morri50ns FoUndatn- To launch a face-l1¥(e Bradford. The Headley Trust- fo support ihe ifansrtion of puptls fr(*n prlm•ry schod to secondary sthool In lf0rd. MESME- To lund the delivery ol MESMÉ Maths O"tcles. The Unryer5Ity of Manchester- To fvnd a Poverty and PL4ce ira1n14 and research projert. CAST- To fund the tlme. partlcipation and tlIng costs for partkipatlon In a propd to embed a dl8ltal 5kllls Iramework In the Charlty and its cvrrent workin8 practKes. 10 Analysts gt net ass•ts b•knn lund5 iknrestrkted fvnds Genffal Total funds at 31 Auiu5¢ 2023 Resirkted funds Intangib fixed a55els Tangible hxed assets Current assets Cunent liabilities 61.797 25.514 I.6.]29 1201.048 5.786 67,583 25.514 1.972,796 1201,0481 66.667 Toial net assets 1.792.392 72,453 1,864,845 Page 16
Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 T4)tal fund5 •t 31 AuEust 2022 fvnd5 lund5 1otats8lb lix4d ass•t% Tangible fixed assets Current assets Current liabl1leS .sio 32.495 2.IIS.160 1213.385 41,14? 32.495 1193.718 213.3851 78.S5B Total net assèts 1.948.789 105.186 2,053,975 zi Itèlatèd party transattkn There were no rdaied party uansadions In ihe or In ihe prevfjous pe0d. Page 27