Company reystration number: 07771465 Chafity re8iStration nbjmber.. 1144043 Tutor Trust IActywy llmiied by i￿rantee> Annual Report and Flnancl•l Statements for End￿ JI August 2023 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 16to27 Tutor Trust Refere￿e and Admlnlstratlve Detslls Trust•es PJ Mclnwe K M August (res￿ed 13 Jafi￿ry 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 cosin research that deepens under5taTrdin8 of the links betwppn power. wwerty and plac•. l)Jr team arp *￿rkIng on three artion resehrch projpus- to loo* at the language cvrren1￿1 used to describe our tutees and the commuThr¢ies we work In,. to look at how we colle feedback from iutees.. and, to etsmine the impatt of our lortni8htiv readin8 group in which staff ffom across the Charity read and discuss materrdl related to po¥wty. cl•ss. place and mar8inalisation. Ovrteum The rnain chanKe in our team thi5 year was the appointment of Ed Marsh a5 our new Chief Executive Officev in February after Nick Bent, our Cg-Founder and CEO. left the Charty at the end of 2022 tg become CEO ot the social mobiltty charity upReach. Nick lounded the Charity alon8 Wlth Abvdail Shaplro. Co-Fwnder and Execuiive Dirertor, 2011. and we are very 8ratefvl to him Iix all ihe things he did to build the Charity. Ed joined us frorn Middlesex University Sludents, Union where he wa5 the Ch￿f Executlve Officer, bringing a wealth of experiefice the hlgher education 5ed¢y and an evideni paSs￿N for our misslon ol transforming Ilves through tutoriThg. After several years ol growth. our staff teaffi has remalned falrty stabbe over the lasi vear with almosi 60 people In our ieam. including 14 Qualified Teachers. Two ol our tfvstees. Dame Kathy Augusi and Mlke Emmertth. stepped down from the Board ofTnJstees durlng the year and we are very grateful to them lor their contributhjns during their time on the 8oard. We were delt8hied io welcome Anna Persin as a irustee. Anna co-founded and ran an executNe search consuitsncy. had pfeviousfy worked with Ihe Chaiity On a PfOPCI via Impetus. Page 3 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 I￿1 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 year*nd $0 that our reporting pefiod Is as closety aligned to the academic year as possible.. the￿Ore, the comparative amcwnis inclu(led in ihese accouffjs are not entirety comparable as they cover longei Ihan the 2022123 accounts. The Charltvs income has tontinutd to ptrftrm well, with total I￿oMe of £3,3m12021122.. £3.8ml, In line wlth the previou5 year after allowing lof the different len￿hS ol the reportin8 penod5. Incorne from 8rants and donations was £1.7m, with o¥er 85% 01 this being unrestricted. Tuition irKome ol É1.7rn represented 50% of our total income. up frorn 46% ¢n the previous reFrfKtin8 period. C05t5 have increased to £3.Sm12021122.. £3.4ml refteainB both receni gro￿￿ In the Charrry and a150 the Imp•a of c95t-of-IMn8 pressures. A n defKbt of £0.2m is bein8 reported, bui ihis reflects a planned redutt￿n in ihe level of free ieserves. Cashftow has been healthy throughout the period and. at the end ol the ffinancial year, the bank balance wa5 1.5m12021122.. £1.6ml with total lunds gf £1.9rn J131 August 202312021122.. £2.Qml. Pthllry reJerveJ The objective ol the reserves polkry is to ret•ln a sufficlent ￿e1 of funds w •lk)w for cashflow tfou¢hs, to meei unexpected expenses and to pftsvrfle Ilme to seek alternative lundln$ in the event of a downturn, or to 5UPPtsrt schoo15 Wlth an Immedlate need for tuition where other lunding is not aval￿ble. 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• Opw*tlft8 1% rtV1•4￿ •t •v•ty Fih*nt* •nd ￿*& Commltt•• M*￿11)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 pol*cv reouires months, forecast gross cash outhows to be held as cash al and the Trusiees are ￿tisfIed that this requ1￿Ment was met at 31 Aulust 2023. Prpft¢ip#liwsks I¥+￿1•neertOIntles We have developed a risk re8151er for the Chafity. whth is re8ul*ly miewed and r*vi5*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 subs￿leS through the N•t￿n#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 eX￿Ore 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 Y￿n& 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 Conf￿en(¢ 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 n￿k* 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 dor4fft*nt The Charity Is governed by its MemoraThJum and Articles ol ASS￿bIt￿n. 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 £d￿at10Th Commirtee, which pr￿Ide 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. R*crUItn￿TrtO￿dQppothtmt￿ttr1 TNst*eJ Chjr initlal Board of Trustees were recruited informalfy. through our profess￿nal and education network5 In Manchester. Followin8 a formal 8oard r￿lew, 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 Tn￿e*S 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•gemtntperjoftrtl￿ffl￿em¢l0ft Tutor Trv51 has introdured a tomprehen5ive Reward Staternent that summ•rlses the benefits to wry*loyees 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 yL*e5s, 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 pU￿1C benefit Bu￿anCe 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 aff￿t the carryin8 value of assets held by the Charity. In reachin8 thi5 con 4blllty to opefaie or io avoid è material penèltv. A￿￿￿ respon￿ io rbsks Identllbed In addition to the above. our procedures io rtsptsnd to risks idèntrf￿d int1￿led th* followin¢'. reviewin8the financtal statement diKlosyre5 and testing t9 511PPQrtin8 dwumentation to assess compliance wilh relevdnl14w5 iexulélivns desullJe(l •bDve ds h•¥ing o direct e￿eLl ihe findnclal sts1t￿le￿1S,. enquinn8 of m•n•6emeni and membefs of the Board of Twstees concernin8 •aual •nd potential litl8atlon 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 go¥ernarKe and relewlng correspondence wlth relevant duLhviiiles whwe rnaiieis lfleniif￿d $18nificéni- in addressing the risk of Iravd ihrough management overrid* of controls. testing the app¥opriatene55 of journal entrSes and other adlu5tmtnts,' aSSes￿n8 whetlw the judgements made in maklng atcountlng estlrnates are Indicatlve ol a potential ts•￿.. and evaluating the bu51ness ratlonale ol aThy si8nlficant transactlons that are unusual QrWts￿e the nornwl course of buynes* We aljo communlcated relevont lawj and re8Ulat￿?nj •nd poientiol froud rls*J to oll eThsa6ement team members and rernalned alert to any Indltatlons of Iraud or nono¥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. n￿eS 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 exceed*n8 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 e51im*t•5 The principal accountin8 policies applied in the preparation of these financial 5tatemEnts ore set out below. These polves have been consistentty aPpl￿d to all the￿ar5 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 R*porting 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 5*nifKant 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 coMmi￿ents 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 self*mpbyed lor both employment law and tax wiposes. Income and endowrnents All income is recognI5ed once the Charity has entit￿rnent 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 nobf*d 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 performar￿e 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 rep￿Ing 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 0￿e there is a belal or (￿stru￿1¥e obli8ation to that expenditure, it is probable setilement Ss requifed and the amouni can be measured reliably. All costs are all￿ated 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 a￿￿11t1eS and those costs of an SndSrect natu￿ nttessary to support ihem. Support costs Support costs include central lunctions and alh￿ted to the to whlch ihey relaie on a ilme ba515. These include the costs attributable to the Charity's com￿lanCe with con5titut*Mal and statutory rtquirements. in¢ludin8 audit. strate8i¢ Mina￿￿￿￿1 and Trusttes, mtrtings and rennburs*d expenses. Go￿rnMent 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 eli￿1 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 a￿t 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 a9￿4ed 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 an￿rtISed. Tanglbk nmed assets Tanlitsle lixed assets are Inttièlty re￿rded 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 perfOrn￿d In the ordinary course of buslne5 Trade debtco •re reco8nlsed Initialty •t the tranucl￿n 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-t*mi 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 iOL*Js 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 peric*J. 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 All linancial assets and liabilities afe inliially measured oi transartion Pfice lincluding transactioo costs). except for those flnar*cial 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 tranSact￿n, the f*nancial asset or financial liabllity Is measured at the present Wal￿ ol the future payments discounted it a rnark￿ rate of interest for • slmllar debt instru￿nt. 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 ar*other 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 (￿a￿n specified in the tontract ￿ di5thar8ed, cancelltd or expire5. Py19 Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 Unr*rtrkt•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 tharli*s 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 DonatIc￿5 and lewles: Donations GIftA Grants. Including upl¢al yants.. Gronts from other charl1￿5 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,$88 Totsl 14 Month5 EThled 31 August 2022 fvnds School tutortnl 1,740,299 1.740,299 Toi*l Year Ended 31 Au¢uM 2023 funds Intere51 on bank deposlts 9.424 9,424 Total 14 Month5 Ended 31 Auiust 2022 funds Gener•1 Interesi on bank depos6ts Page 20 Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 6 fxptndibJre on th•ritablo atti¥its Totsl Yelr Ended 31 August 2023 undertaken SUPPOrt Sthool tutoring 2.322.9)> 1.204.730 3.527,639 rot•l 14 Month5 Ended 31 August 2022 undertaken diredty support School tutorln¢ 2.348,049 1.051.427 3.399,476 £3,262.￿Yo{lo22- £2.973,0541 olihe above expendllure was attrlb￿able to UnreStr￿ted funds and £265.139 12022- £426.4221 to restritted lunds. Analysts ofio¥ernw and wpport costs Supwt costs •llw•ted to ch•rllable •rtbvS1 Tot•1 Year Ended 31 Auiust 202J Sup Staff Costs Premises expenses Oftice cosis TechnoIC￿ costs Amortisation Depiecl4Livn Prolesslonal I￿$ 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 Depr￿latIon of lang11￿e lixed a$5ets Operatin8 leases 10,8C 29.C 18.878 35.ix 10,2t)) 37,928 15,876 31,345 Trusteu rernynerntlw •nd ew No Trusteos, nor any persons connected with them. have recei¥pd any remunvatign Irom the Chadty durln8 the cuirent perlod w the prevlous period. No Trusiees have recelved an¥ relmbursed expenses or any oihef I)er￿￿t5 Irryn the Ch¥iiy durlni the curreni perl¢xl or the prevlous period. 10 Staff t¢>sts The 388regate payroll c05t5 were as fotlDWS.' Yw ended 31 Awst 2023 14 Months Ended 31 August 2022 Wages and salaries SocSal security costs PensK&n cosis 1.857.662 189.478 48.745 1.699.030 170.438 40,144 2.095.885 1.909.612 Page 12 Tutor Trust Notes to the Flnancial Statements for the Year Ended 31 Au8USt 2023 The average number of pEr50n5 linduding the 5enKJr manaBement team) empkjyed bythe Charitv during the peric4J wa5 a5 follow5.. Y¢ar Ended 11 Awst 2023 14 Months Ended Il Au•uSt 2022 Adrninislration. 8o¥ernance and d￿ritable adivllies Head count Adminisiraiion, governance and ctsartta￿e Klryitie5 Full time equivalent 50 53 46 The number ofemployees whose ern0￿Ments fdl wlthln the lollowin8 band5 Wa5: Ye•r £nded 31 Aiyst 2023 No 14 Months Ended 31 Auwst 20Z2 No E£0.(￿j1 . E?o.ofAI E70.C*)1. £80,IX £ioo.coi . £iio.c The total employee benefits of the key mana8ement pers￿￿1 ofthe Chariry were £172,32212022- £180,B221. 11 Audltor F••s Yw End•d 31 AU￿$t 2023 14 Monthi End•d JI A4usi 2011 Audit ol thè flnancial stai•m*nts 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 Septemb*r 2022 Addition> 103.792 103.792 55.440 5S.440 Al 31 Auiust 1023 103.792 55,440 159,232 Am¢¥rtls*tlon At I September 2022 Charge lor the perlod 62,645 29.C04 62.645 29,(￿4 At 31 Au8USt 2023 91,649 91,649 boo*v• 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 Prépayff*nts 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 nongy lund- To fund organis•tional and tech￿￿￿ develow￿l 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 lui1￿n in M•f$8ysid•. The Ri8ht Angle fund- To SUPb)Ort The Rlght Angle project (com￿ned t￿1*)￿ and th•fapeutic Supp￿ for vulnerable pupilsl. Morri50ns FoUndat￿n- To launch a face-l￿1¥(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 ira1n1￿4 and research projert. CAST- To fund the tlme. partlcipation and t￿lIng 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 liabl1￿leS .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 pe￿0d. Page 27