The Sheiling Special Education Trust Financial Statements Year Ended 31 August 2023 ## Reference & Administrative Details 08116370 (England and Wales) 1149264 **Registered company number** : **Registered charity number** : ## **Principle address and Registered Office:** The Shelling Special Education Trust Horton Road Ashley, Ringwood Hampshire BH24 2EB ## **Trustees** Mr J Freeman Mr N Johnson Mr J Morris (resigned 07.07.2023) Mrs M Rigg (resigned 12.03.2023) Mr J Pyzer Mrs J Kenward Mr D Keeton Mrs J Dampney Mrs A Copp Mr D Lincoln (appointed 05.09.2023) Mrs V North (appointed 16.03.2023) ## **Auditors** Ward Goodman Registered Auditor 4 Cedar Park, Cobham Road Ferndown Industrial Estate Wimborne, Dorset BH21 7SF ## **Solicitors** Wilsons Alexandra House St John’s Street Salisbury SP1 2SB ## **Senior Management Team** Corine van Barneveld, Principal Andy Walters, Head of School Mike Gamble, Head of College Katy Kerr, Head of Finance & Premises Susan Harvey, Head of Residential Services (resigned 26.05.2023) Katie Francis, Head of Health & Therapies Heidi Hom Rasmussen, Head of Residential Services (appointed 01.06.2023) Page | 2 ## 31/08/23 Report of the Trustees (year ended ) The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). The former Trust, the Sheiling School was established in 1951. The current charity, The Sheiling Special Education Trust, commenced its activities on 1 September 2012 when provision was widened to include further education at the Sheiling College. The legal and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Charities Statement of Recommended Practice (FRS102). We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities and are satisfied that The Sheiling Special Education Trust's activities provide public benefit. ## OBJECTIVES AND ACTIVITIES ## Objectives The Sheiling Special Education Trust is an Independent Special School, which is registered as a Children’s Home and an Independent Specialist College. It also provides a supported living service. It specialises in severe and moderate learning difficulties, autistic spectrum conditions and communication difficulties. Its objectives are as follows: - To provide a learning, caring environment where the educational, physical, social, emotional and spiritual needs of the individual student and resident are valued and met. - To promote a nurturing culture where each student and resident receives the support, guidance and care relevant to their individual needs. - To promote positive approaches to behaviour and individual sensory and therapeutic needs. - To support students and residents to develop functional skills and independence which can then be transferred to the wider community. - To offer students and residents a foundation for developing their confidence and their sense of belonging and achievement. - To offer clear rhythms and routines to promote a healthy lifestyle which includes good eating and sleeping habits and an active physical and social lifestyle. Page | 3 ## Activities ## **Education Provision** An individual approach to education and residential provision is offered to both School and College students including: - Day placements – students attend from 9am to 4pm - Weekly boarders – students attend from Monday morning to Friday afternoon. - Termly boarders – students attend for the full 38-week term, including weekends. Education provided ensures the national curriculum is followed and allows for a broad and balanced program which includes English, Maths, Science, ICT, Personal, Health, Social Education and Citizenship (PHSE&C), Art and PE. Horticulture, craft workshops including estate work, garden work, weaving and candle making are all offered ensuring the curriculum extends beyond lessons into life within the houses, enabling learning in school and college to be supported outside of the classroom. The 45-acre site with grassy open areas and woodland mean that learning outside the classroom is an integral part of the curriculum and it also benefits from an on-site swimming pool, gym and 143 capacity hall with stage. Neighbouring the site is Moors Valley Country Park making it great location for walking and cycling. Ringwood is a short walk away and the beaches of Bournemouth, Boscombe, Southbourne and Mudeford are all within easy reach. This helps ensure students benefit from many different on-site and off-site activities and outings. The school offers the nationally recognised ASDAN qualifications and the college offers the Ascentis Entry-1 Personal Progress & the OCR Life & Living Skills Accredited learning course. Targeted therapeutic intervention is highly effective and promoted throughout the school and college with an extensive range of therapies including speech and language therapy, occupational therapy, physiotherapy, music therapy, massage therapy, art therapy, eurythmy therapy and colour light therapy. The residential students live on site in large, family-style houses of which there is one for the school age students and two for college students and a fourth available for a mix of upper school and college students. The houses act as extended family groups with each house sharing meals, including a freshly cooked midday meal. Everyone is expected to contribute to the running of the house, for example the setting of tables, taking out the compost and helping with the washing up. Each house functions as an autonomous group under the supervision of a dedicated House Manager. Each student is accommodated in a single room and allocated to a house according to their need, with a mix of gender and ages, carefully taking into account all issues regarding safeguarding. The Managers of the different houses work together regularly to assure outcomes for all students. Where appropriate students have an opportunity for work experience placements in the local community with local businesses and organisations along with supported attendance for specific courses in local colleges. Page | 4 ## Public Benefit The Sheiling Special Education Trust strives to attain the highest standards regarding the aims and objectives, with a view to providing for the charity's beneficiaries. These aims are: - To maximise opportunities in school, college, supported living and beyond to support our students and residents in gaining knowledge, acquiring skills, and developing their personal qualities and confidence. - To provide a safe, inclusive, and uplifting environment which meets the needs of the whole person. - To maximise an inclusive environment to enable each student and resident to discover and realise their full potential. - To promote communication and social skills which support making of relevant choices. Easter fun! Page | 5 ## Achievement and performance ## **Section 172(1) statement** Section 172 of the Companies Act 2006 requires the directors to act in the way they consider, in good faith, would be most likely to promote the success of the charity to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to: The likely consequence of any decision in the long term: We make all key decision in the context of our medium term strategic plans and budgets, including our capital programmes. This strategy is focussed on improving outcomes for our students and is regularly reviewed. The interests of the company’s employees: Our employees are central to our capacity to deliver high quality learning and care to our students and their welfare is a key organisational priority. We invest in high levels of training and support including a 9 day induction programme and access to a range of well-being services (counselling, yoga sessions, etc). The need to foster the company’s business relationships with suppliers, customers, and others: Our relationships with partners and suppliers are key to our effectiveness. We have long term relationships with small local businesses and foster positive relationships with our provider Local Authorities. The impact of the company’s operations on the community and the environment: We recognise our responsibility to care for the environment and aim to minimise our environmental impact in all our activities. We actively manage our 40 acre site and maintain areas of habitat to support wildlife and have recently been awarded a bronze award by the Hedgehog Preservation Society. We encourage all staff and students to participate in initiatives to reduce environmental impacts including for example the promotion of recycling of waste and actions to maximise efficiency in energy consumption. The desirability of the company maintaining a reputation for high standards of business conduct: Our reputation is fundamental to our future success. Our core values inform our recruitment initiatives and training for our employees to ensure that we maintain high standards. The need to act fairly as between members of the company: We continue to work towards a transparent culture providing staff with regular updates through face to face briefings, newsletters and direct communications from the Principal. We aim to be a fully inclusive organisation and we will not unfairly discriminate against our students, staff or any other member of our community ## Strategic Report ## **Achievement and performance** Key achievements and notable performance during the period included the following: ## School - School numbers have increased with time to 37 students at the beginning of 2022-23. The overall increase is due to additional day placements. All school leavers progressed onto the college. - Academic achievement across the school remains strong, with students making excellent progress. - Development and updates to the curriculum has taken place this year to ensure it meets the needs of the widening range of abilities including those with complex sensory needs. - Better recognition and achievement of attainment for school students through more accurate assessment, target setting, planning and ongoing monitoring has been implemented. Page | 6 ## College - Each student’s co-created study programme forms their bespoke curriculum, this degree of person-centred focus enables stretching and meaningful outcomes for our students both at college and thereafter. Last year we hosted a very successful achievement ceremony for all students and their families in Tobias Hall for the first time since the pandemic; it was a packed and emotional event giving our leavers a great send off. - Community integration work is integral to all study programmes. This includes students working closely with two local railway stations to maintain flower beds and general upkeep of the station, as well as a recent very successful Duke of Edinburgh expedition. - Last academic year saw a record number of leavers from college and all leavers reached suitable destinations in terms of living and daytime activities from volunteer work to structured recreational activities. - This year college is holding parent training on Deputyship concurrently with our second Transition Event bringing together students, families and providers. ## Other - Safeguarding is central to everything we do as an organisation. All Trustees, staff and vocational workers continue to be trained in safeguarding and abuse prevention, recognition and reporting. This is backed up by a close relationship with the local children and adult safeguarding teams. - Our strong positive behaviour support team, linking in with Speech and Language Therapy and Occupational Therapy, provides excellent support to staff ensuring that behaviours which challenge are minimised. - Opportunities are available for staff to develop their skills through liaison with other schools and colleges to share good practice along with a broad range of in-house staff training. - The HR department continues to strengthen employment protocols and processes to ensure robust systems for Safer Recruitment of staff. - Further development of the Staff Recruitment and Retention Strategy has been undertaken focussing on terms and conditions, working patterns, benefits, wellbeing and recruitment advertising. - The fee model has continued to be developed to help ensure a robust system for ensuring the fees are linked to costs incurred. - Robust induction and training programmes have been strengthened for all new and existing staff throughout the year. - Mandatory INSET days continued to be developed and are well attended. This is part of an ongoing development of staff via extensive training both in-house and via external trainers. - Throughout the year committee and working group meetings take place for Safeguarding, Finance, Teaching and Learning and Equality, Diversity & Inclusion and Parent Forum. - Regular review and updating of policies by the Senior Management Team, including Trustee involvement, continues to ensure policies and procedures remain robust. ## Quality Assurance - The Ofsted Care inspection for our Residential Special School provision took place in June 2023 and was graded ‘Outstanding’. - A school Ofsted inspection took place in November 2021 and was graded ‘Good’ with outstanding Behaviour and Attitudes and Personal Development. - A Care Quality Commission inspection occurred in March 2019 regarding the college residential provision and was graded ‘Good’. - A college Ofsted inspection took place in February 2018 and was graded ‘Good’. Page | 7 ## Capital Development Various projects were undertaken during the period to both maintain and develop the site for school and college provision. Larger projects and site development are being driven by the 5 year Property Strategy (2020 – 2023) document previously approved by the Board. Fundraising is carried out for the benefit of capital projects with funds being requested from external trusts, charities and companies. Although works had to pause during the COVID-19 lockdown. Significant projects included the following: - Albion Building Refurbishment incl. Windows £37k - Sheiling House Windows £12k. - Outdoor Play Equipment £21.5k - Martin & Feirefis Refurbishment £33k - Site wide external lighting installed £16K - - Various bedrooms and communal rooms redecorated in all houses. - Capital spend in the year (including the above) totalled £135K A lovely day trip to Arne nature Reserve Page | 8 ## Financial position & review The financial performance for the year is summarised below: ||**2023**|**2023**|**2022**|**2022**| |---|---|---|---|---| ||Total -
£’000|Excluding
capital
grants
£’000|Total -
£’000|Excluding
capital
grants
£’000| |Total
Income|8,811|8,757|8,908|8,829| |Total
Expenditure|8,061|8,061|7,752|7,752| |**Net**
**Income**|**750**|**696**|**1,156**|**1,077**| Income has decreased by £97K in total compared with the previous year (1% decrease). Our student numbers increased to 76 from 72 in the prior year. The decrease in income is due to a change in the mix of our students’ packages, with a (planned) lower proportion of students on residential placements. The decrease in capital grants and donations is due to funding our some of our capital projects from our reserves. The main source of income are student fees received from Local Authorities with an element received directly from the Education Skills Funding Agency (ESFA) for College students - these fees equated to 100% (2022: 100%) of total income excluding capital funding. Overall student numbers increased on prior year to 76 (2022: 72) with school numbers increasing from 33 to 37 (9% increase), college numbers remained consistent at 39. The largest expenditure heading continues to be staffing £6.7M (2022: £6.6M) which equates to 83% of expenditure (2022: 76%). In relation to income, staff costs represent 76% (2022: 74%) of total income excluding capital grants and donations. Tangible fixed asset additions in the year totalled £405K which related largely to the refurbishment of building facilities & IT upgrades across the site. The net book value of fixed assets increased from £6.78M to £6.93M (2% increase) at the end of the accounting period. The 'Cash at bank and in hand' figure increased during the year, largely due to tighter credit control measures which increased the balance from £5.33M at the start of the year to £6.01M as at 31st August 2023. Similarly, the net current assets also increased from £5.02M to £5.62M over the same period. Total reserves have increased to £12.5M from £11.8M during the year with a £NIL balance (2022: £NIL) on restricted funds, previously being restricted in relation to ESFA and other capital monies received for capital projects that have since been completed. Page | 9 ## Risks & Uncertainties A risk register is maintained to identify risks, assess their likelihood of occurring and quantify the potential impact. Outlined below is a description of the key principal risk factors which may affect the Charity. Other factors besides funding sources may also adversely affect the Charity and are detailed within the risk register itself. ## Principal funding sources The Charity is, in effect, solely reliant on continued government funding, whether this comes directly to us from the Education and Skills Funding Agency (ESFA) or via individual Local Authorities. In 2022/23 100% (2021/22 100%) of revenue was ultimately publicly funded. There can be no assurance that central government and Local Authority policy and practice, will continue at the same levels or on the same terms. Whilst the current government continues its plans to address the issue of public sector debt this will have a significant impact on available funding within the sector and how the limited funding is distributed to providers. The risk is mitigated in a number of ways including: - Ensuring we deliver high quality care and education in order to remain a preferred provider for Local Authorities whilst providing 'value for money' to students and Local Authorities. - Focus and investment placed on maintaining and managing key relationships with various funding bodies and local authorities. - Regular dialogue with ESFA, Local Authorities, NASS, NATSPEC and other networking partnerships. - Tight control over staff and non-pay costs. - Regular review of our fee structure to ensure our fees remain competitive whilst allowing us to provide the necessary high quality care and education. Inclusion, where appropriate, on the various Local Authority Provider Frameworks. ## COVID-19 The impact of the pandemic has continued to be felt, especially during the autumn/winter months where cases are higher. We have remained consistent in our offer despite significant levels of absence due to Covid-19. ## Reserves policy The Trustees monitor and review the level of reserves held by the charity in line with the guidance set out by the Charity Commission and this also forms the basis of our own Reserves Policy document which is reviewed every two years. The Trustees consider that the aim should be to build up the free reserves of the charity, represented by working capital, to equate between two to four months' expenditure. This has been built into the three-year financial plan which will be achieved via control of our future surplus and capital investment decisions. During the course of the past two financial years, we have built up sufficient reserves to enable us to fund capital projects and progress with development of the site to align with our new strategic plans. We are therefore holding reserves to fund this capital programme. In addition, whilst the reserves levels currently sit above our suggested policy levels, Trustees consider this prudent given the significant risks posed by the current economic climate. Page | 10 ## Future plans - Student placements for School (37) and College (34) are as expected going into 2023/2024 with the potential for further placements to be offered later in the year. - Close liaison and working with Local Authority commissioners to ensure placements for students whose needs can be best met by an environment such as The Sheiling Ringwood. - Close liaison with funding bodies and Local Authorities to ensure we can plan and react to national or local changes in funding, policies or procedures. - Continue to ensure close working between all departments of The Sheiling Special Education Trust. - Continue to improve links with other schools and colleges to work collaboratively with regards to positive behaviour support and data collection. - Continue to improve close links with those who can provide work experience and work placements within the local area. - Continue to strengthen the ethos of the Sheiling via staff training sessions. - Continued tight financial control over staff and non-pay costs to ensure spending is kept within budgets. - To keep under review the Terms and Conditions of staff including review of pay scales, pension review as well as holiday entitlements. - Continue to find ways to recruit adequate support staff via recruitment strategy and thus minimising the use of agency staff. - Continue to appoint new Trustees, with relevant experience, to support all areas of education, care and administration. - Continue to develop and improve our estate, including site security. - Continue to implement the Property Strategy. - National and local marketing drive to improve awareness of The Sheiling Special Education Trust. ## Overview - Overall student numbers remained stable under the new registration; however, due to staffing constraints the proportion of residential places offered was lower. It is intended for the proportion of residential students to increase back to around 40% of overall student numbers subject to appropriate staffing being available. - Recruitment and retention of staff remains the greatest operational and strategic challenge. The focus of Trustees continues to be the development of care and education provided through monitoring, planning and challenge to help maintain and drive improvements across all areas of provision. Page | 11 ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The company was established on 22 June 2012 under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. ## **Decision making** The Board of Trustees meets at least 4 times a year. Regular meetings are held and minutes taken with Trustees chairing committees for Finance and Safeguarding. In addition there are working groups for Equality, Diversity and Inclusion, Teaching and Learning and Parent Forum. ## **Induction and training of new trustees** Trustees are selected across a broad range of professions to ensure a wealth of experience. The current Board of Trustees include experience within Business, SEN Schools/Colleges, Care, Finance, Personal Relations/Marketing. Trustees may appoint a person who is willing to act to be a Trustee, either to fill a vacancy or as an additional Trustee. All Trustees are suitably assessed through DBS and, if appointed, shall hold office for 3 years but are eligible for reappointment at the end of that period. All trustees write a pen portrait as part of their selection process which helps identify suitability and any potential conflicts of interest. Trustees are expected to undertake induction training within their first three months in role although mandatory safeguarding training (covering Child Protection and Adults at Risk training) must be attended within one month of appointment. Bespoke training is also arranged, as required, and can be informed by analysis of the Trustees Skills Audit, which is undertaken periodically. Members of the charity guarantee to contribute an amount not exceeding £1 to the charity in the event of winding up. ## **Charity Governance Code** Trustees fully understand the importance of good governance and see it as vital to the success of the organisation. Trustees have all seen the Charity Governance Code and are aware of the 7 sections contained within it including Organisational Purpose, Leadership, Integrity, Decision Making, Risk & Control, Board effectiveness, Diversity and Openness and accountability. Trustees see the Code as a tool which will be used to help drive continuous improvement for good governance. ## . **Key management remuneration** The Trustees consider the Board of Trustees, Principal, Head of School, Head of College, Head of Residential Services, Head of Finance and Premises and the Head of Health & Therapies to comprise the key management personnel of the charity as listed on page 9. All members of the Board of Trustees give their time voluntarily and receive no financial benefits from the charity. Remuneration of key management personnel during the year, other than the Trustees, totalled £506,082 (2022: £486,885) for Page | 12 the year with employer pension contributions totalling £65,715 (2022: £62,776). Key management personnel (excluding Trustees) are referred to as the Senior Management Team (SMT). A Pay & Remuneration Policy, approved by the full Board, is used by Trustees to help determine pay for the SMT which is based around benchmarking data for the sector whilst also considering affordability. ## **Related parties** The charity continues to maintain informal links with The Lantern Community, The Ringwood Waldorf School and Sturts Farm. The charity devolved fully from The Sheiling Trust on 13 July 2015. ## **Risk management** The charity continues to develop and embed a system of internal control, including financial, operational and risk management which is designed to protect the charity’s assets and reputation. A Risk Register is available which identifies specific risks and assesses their likelihood of occurring and potential impact regarding financial, operational and reputational areas. Risks are scored using a consistent scoring methodology and are regularly reviewed by the Senior Management Team and Trustees. The Risk Register identifies the controls in place to help mitigate risks to an acceptable level. Page | 13 ## STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees (who are also the directors of The Sheiling Special Education Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently - observe the methods and principles in the Charity SORP - make judgements and estimates that are reasonable and prudent - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## AUDITORS The auditors, Ward Goodman, will be proposed for re-appointment at the forthcoming Annual General Meeting. Page | 14 ## Independent Auditors’ Report to the Board of Trustees ## **Opinion** We have audited the financial statements of The Sheiling Special Education Trust (the 'charitable company') for the year ended 31 August 2023 on pages eighteen to thirty-one. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Page | 15 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees Responsibilities set out on page thirteen, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page | 16 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page | 17 ## **Statement of Financial Activities August 2023** Page | 18 55ET Finbniia Slbtomtnl Bxlxnce She¢l 31 A￿l￿st 2023 2023 2022 Total fuiids UntE.slri¢r¢d fiiiids Reslricted rutids fund5 Noies FIXED ASSET Tangible assets 12 6,933,407 6,933,407 6,780,169 CUIIRENT ASSETS r)chtot5 Lash ai bank and in hand 13 2,54¥,987 6,014,878 2.548,987 6.014,878 2,657,592 5.1.37,945 8,563.865 .563,865 7,995,537 CREDITORS Aniounts f811ing due wiihin one year 14 (2,942.774) (2.942,774) (2.971.135) NET CURRENT ASSETS 5.621.091 5.621.091 5,024.402 TQTAI, ASSCITS LESS CURRENT LIABILITifiS 12,554,498 12.554.498 11,804,571 NEI. ASSETS 12,554.498 12.554,498 11,804.571 riJNDS Unre5ti'ieted fvnds 16 12,554,498 11,804.571 TOTAL FUNDS 12.554,498 11,8(M,-$71 The linanci81 siAlemenl$ W¢Te appiDved by the Board of Twsl¢¢s and authorised for issue on nd were signed on ils behalf by.. CQ11212023 Mr N K Johnsot) - Trustee Mr J Freen￿￿ - Trusiee Page | 19 55ET Finbniia Slbtomtnl c.a.sh Vk¥w Si4tcrnent for th¢ Y¢ar Eud¢d JI August 2023 2023 2022 Nol Cxsh from oper*ii112 i¢llvilles Cash grncraied from operalions Intcresl paid 1,042,058 2,036.194 {1591 Net C45h provided by opernlinE artivities 1,042,058 2,036,035 Cash flojys from imvfsting #cllvllles Purchase of tangiblu fixcd as5cIS Sale of tungible fixed ass¢ls Interes( received (405.313) {406.1301 1.600 2.346 38,438 N¢t cash used in invcsling activities (36fj,125) 1402.184) Cgsh noiv5 frorn financing ietivilles Loan repayments in year (67.916) Nel cash provided byl(us¢d iii) financiiig aclivilies 167.916) ClixDgt cxyh and eAsh equlval¢nts In thc repurtinx ptrio CAsh a￿d cash equivRlenls •t Ihe beglniilng 91 the reporling per1￿1 676,9J3 1,565.935 5,337,945 3,772,010 Cash and Nsh eqiilvNlents Jt ilie Qnd of the reporting perloo 6,014,878 5,337,945 Page | 20 55ET Finbniia Slbtomtnl Notes to tlie Casl> Floiv Statemenl rDI' the Year Ei)ded 31 A￿gUSt2023 RECONCILIATION OF NET INCOME TO f4ETCASH FLOW FROM OPERATING A￿1VITIEs 2023 2022 NLI iiiLomc fol. the reporttng p¢riod (as per the St#teniciil ol Finaneiil ALtivili¢s) Adjuslmcnts for: D¢pr¢¢iilfion Cha￿e5 Prnfir nf fixp,d ￿$￿e,1 Iiitei'esi received Inleiest paid Decrease in debtOl"S Ikcicasc in crcdilor5 749,927 ,155.346 251,461 (1 134) (38,438) 107,889 (1,243} (2.346} 159 876.966 (160.577) 108,605 (28,163) Net lish proyideil by operotions 1.042,058 2,036,194 ANALYSIS OF LHANGES IN NET FUNDS At 1.9.22 Cash flow At31.8.23 riel cash (ash ai bank and iii hand 5,337,945 676.933 6,014,878 3,3J7.945 670,933 6,014,878 Tolal 5,337,945 676,933 6,014,878 Page | 21 55ET Finbniia Slbtomtnl lor Ihr Yr*r 31 Avius121I23 LECAL FOIiM The Slieiling Special Edu¢ari(ffl Tru$r 15 a ¢haNiabie ElknPmy, limhrd by gu&i•ot¢e, InLI)rw&tL.d in EiiglaiNI aNI Wilcs.'IM¢ 1*W￿¢red oifi¢L is ￿01￿1 on PA&1¢ 10. ACCX)ur4'riNCv voI.IfiF.S T?￿ fina￿111 of Ihc iomFwny. which ts a publiL bcnrfli ethlhly iind¢i FR$ 102, have bccn Ix¢yaird in 4Lcordance willi Ihc LJia¥ilits SORP IFRS 1021 'Accwiikiig aTrd RwMin4 1)y ('hWrt1￿- Stalcmcnt of R¢comm¢ndLJ pl￿11L£ ￿pPI￿li Ne io LlIAriiie% piLyiin& Ilicbr Kcoiii)i% iry acu)rdancc wjih the I'iiiaiicial R¢rorting SIANlaid aN)li¢4bl¢ in ihc IJK thnd Ilt￿blIC Ihar peiiTrJ, or Ihc puwd of the rcvi5th lutyre peri¢xl$ illhe reviswrt ty)th current ￿ fIrt￿re perl¢MIs. IIK r()Ilowinth irt ueas thttt are corJsid¢red w be k¢y $(trur¢&s or uiKtitsinty, th¢rc 0]￿1r1¢￿il Judgements 10 Dole. I7￿ t¢LN￿1nl￿ usefvl Ilf¢ of I￿81111e fixed 855cts ind the ex￿lEd ¥*h* diw5tt1 i% &iimal￿ by Ihc•me *nd deblors All ire will be rer¢tved and ihe ht Th￿&%￿red relU￿lY. ft¢s raised in 1vdn¥¢. the Iiiconw is dof¢riYd until the WIKI to i¥hKh rt TElatC5. thrse thfrtred amLwni$ *e ihowi on bRlance shed within c￿li10r.. amowrts falliDE due wiihln ono year. Cwithl gra￿1$ •¥r ￿ogni5Cd when ¢h¢r¢ T4 ¢lliIilt*￿l are JH)t JefLir&J OVLr lifc vl'ilK aswl Ihry are expcnded. (jn5￿￿1 a5nuut515 of wii&l graiit ￿¢ Jrfleatl ITh tho blonre in lh¢ rtstri¢*d ¢wrtul tknid. Ti>d¢ and t)Ih¢r d¢btots are ￿t0&ni%￿d the xiilemeni aiiyJiiiLI ￿￿¢ [ift￿ afty Ir&d¢ discothni olTvg I*cpo)Tn¢iits arr valurd M th¢ aixwiil pr¢paid ¥*t ol'&n)' tnde di4¢i>uiit% d￿. E¥ieNrfiluT I.￿billI1¢8 r¢￿8￿1¥£1 a5 CX￿ThIrtilr￿ 115 •5 I1￿¢ is ll1¢8al oi. con3itwli￿ obliyioTh conunitting* the cl￿rity to that exrMdiluTe, li is prob&)k t]*1 o irniislw of ecnn4)ffliL henefit% will k requktrd ID Kiiktti¢tht Jnd tl* am¢unt of ihe obli8aliorL be mea$urtd reliably fr.xwdiiiirc is *CLOLinld Iw in b*8i$ aThl b¢en clAs%11ied un¢k¥ Ilcgdinxj ap£tf84te Bll 105t ttl*ed to category. Wliere coms ¢anMt IK dJr¢city thlyjted to particulir headings have be￿1 all¢xaied w )aivi11¢3 oll o ba5jS fOll5i4¢nl witb tlx w ofr¢%uuryxs_ rJtyir¢ialiun k5 prv¥idcd ￿ ilir followin8 anrtu•l ratsj in ¢Ad¢r ￿ writc tsff eAeh wei ovef its éYiirnlllLd ￿tfUl life. r¥tehold pro 1% ￿ cos( Page | 22 55ET Finbniia Slbtomtnl Not¢¥ lo th¢ I'l￿#￿¢￿11 Sf*tements- eontlAlltd lor tlié E*ded 31 A￿£1￿1 2OL Accouf4TING PVLICIIQS- co41inutd fixed as*l8 Plint mochintry Fixlur¢s ￿nd fliibngs M¢)liir behick5 C'thnpukr etpiptncDI 20% 011 ltdu¢1￿ balunrr 20% on feduLii¥ bJlhn¢¢ 25% un red￿1￿ balante 33% cost T•xJtM)h "Fhc cli4rity is exothtK ¢OfpOrn1￿ thx its ch•riMblc activi¢ies. UIiiEslrici¢d liiii¢Js iaii ￿ usr41 in ibU(PFdaNc with Ihc chrithbk ihe di￿￿111￿n of IrLk5tees_ Rtsiri¢itAI br ox¢41 fijr pllrti¢ul*r puiposes within the obje¢ts o( the dwity. Ro￿TidiO179 lie whcn srrtified by th¢ rJono¢ or whell ful￿$ are Ixisd ntsiri¢4¢d purposcy. Fuiih¢t ¢xpl8nalNin (Fri￿ ond puwpo-4c ofry¢h fvThd Li incli￿¢{1 ii) the lu ilir fthaiicial statrments. P¢DSiOll wmwli*ents I'IIL clw ily vrKiu1¢5 Iwv Pu￿1￿n sLJ)unc& A dcril￿d c(ffliiibwiioii S¥lieii* iji aLLotdanir wlih Nlltlonttl EMplOyn￿ I'rum INLS ri and a defil￿d benefit scheme ill r¢lati1￿ io th¢ T¢¥h¢rs P811sitM,Sc￿rn￿ ITPS). The TPS i* iiiif,IlKI& SCI￿1￿ arwj c4)rilriburi￿ts we caicuknted so &$ ro the (051 of th¢ ￿1￿j15 uv¢r emp1u￿s. working lives with ihe ¢h4rtty iii such thjt tk pEry51￿ ￿8£ is a SU￿1811t1811Y level peruyiia¥e or curiEnl and MIviT p?i?Fi(M)Nble payroll. C(M*irybutioDg ￿*bI¢ bfvsi5. 'fhe I'PS is Iliei¢fi>rr IT¢yicd ds 4 £kfllrd wnwibulion xhETh¢. I'￿￿rIt￿JI￿Ths payablL¥ 10 th¢x¢ yche•Nes ftfe char¥d Si•iaM*t of FinwKi81 Activit￿ sn (he wiod io whkh thcy rrl&l¢. DONATIONS AND LVL*Af.IFS 2023 2ts22 6.Y62 47.181 26.256 51.575 fji'hnts 54,150 77,831 fji*nts rtc¢ived, Iii¢luda In the Jkn Drr as followJ'. 2023 2022 &SFA eapiial 8r4111 "Kaltr￿1 Villabc TTU SbliD I'iirlnLrthip Nincych Ti'usi Th¢ SheilLfi8 RIn8w0￿ LtillcB8 47.IB8 31,825 iJ,( 2.51KJ 2.0 250 47.118 S1.S75 Page | 23 55ET Finbniia Slbtomtnl for Ike Ye*r JI A4Eust 2023 O'I'11￿.￿ IIiADlfiL ACIIVI'F'IK5 20ZS 2022 FuFbthi5in8 ¢%rhts Fr¢¥ Ojkr ,721) X.616,683 38.7fy1 1.010 &741. .Cb57.113 8,8(W.447 INW'F.S'IMF.NT IYCOML 2023 22 I￿t5 Ircciv¢il J)¢rMil lrteregt 39.6K3 38.418 1fy8¥1 2J46 98.121 19234 CHARI'IABI.F ArfiviTILS COS15 SLwpon Dire¢1 (Ax<¥ no¢c 7) 7,905.ts70 153.321 a60,191 SUPPORT Lyisrs arKc CDs19 Educ*lon 3.8J6 131,b83 155.i21 PikT JYCOMFJIF.XPKNDITiIKI) Nel inrorn¢M44x*lllure) is gtated after th￿1n￿(cr¢OlIin¥j". 2O2J IX'preL¢tsiiiiii- ￿￿¢1$ ¥uiylus on di8pD5HI ol'fLKtd Audikny$ itmun¢r4titiTr Ajr ludil setTricei 251,459 167 11,243) 9,-100 9,954 Page | 24 55ET Finbniia Slbtomtnl fDr Ilic I'i'*r 31 A4Ewt 2•23 1"RIIgTFffi.* ￿￿￿1￿11)ERATION AND BF.NRFITS Ilfft. InLNttI T¢miiiieraiiofi (* ￿￿er b¢n¢fiis fiTrr the >Thr cthl 31 Aw41 2(r29 N)1 fcy lh¢ )w ￿deA I I Augu41 2022. Trty$itU' ¢ilW115es t)LYhry ihe veol.. on¢ InJ¥ke ￿&th￿sed irnvel eXpLaI￿ o(£154 (2022.. Enil). srAVF C.O¥VS 2Q23 2022 W*4Bes wlwies S()f4al sccuriD' cnsLS Lnhw ￿nSion (X)bts -I,P)7.128 4IM,044 388,776 s,p)12( 6S,X37 .1S3JSR 6.680,(kll 6.612.625 Tlie aiitrage n￿thhIT Ofcmpk)Y¢￿ yew u8 fo1104¥S.' 2023 241) Cryl(Tr)'LEs 239 Yht thfempl(y'e&4 hnetlls {&¥¢ludi￿ crthls) exK<*dtyJ £6￿,0￿ I¥w.' 2023 2022 .001 . £yoD £SO,ODI - £POJK K9(1.1￿1 - 1100.O(M) lThe ffl•r•rr￿ iw¢l￿d of£46L057 (21ll2.. £4W*￿). C.J)MPARA TIVFS FOR THE STATLMli%T OF ITINAliCIAL ACtIYlTLU Unr¢Jiixx R¢S￿￿1£d rwnds 'rnihs ¢omL)ined po3ition is a5 follow l ￿l￿r￿S DVEtnen¢ Ai 31.1.23 At 1.9.21 In t￿￿J$ UBrtitrk.ttyl (kE￿￿al furKI C'.()VII>IY 9,741.044 1,858,448 955.006 {S(M).0￿} 12.554.49B 1.151.rf48 455,0t 12.554.498 RE5trlEted ftsxds isrA Lapiial ftsiKlnE College doubk Olhcr <8pithl prvJelay ¢quipJ*rkt ¥nd hall Lknw5. Page | 29 55ET Finbniia Slbtomtnl MUVEMEIYT IN FIINDS- tonllmued r¢t¢iv¢d w lill￿ the s¢nsory 8ar41¢n pr￿j￿1 al th¢ Shriling prcniise5, Illi5 pMj¢¢I has tK¢n Oela>'¢d due 10 thr Fthmic but ig n(Trth' ¢(IniiTrldc41. 17. RELATLD I>ARI'Y DIS1-.W%IJIIF.4 Durlng the year. Sheilin8 Special 'fnbf Wrtha5ed 1S(K) (2022.. QJOQI from a Juppli¢f in ich a tswstee kns c￿1￿1>111n￿￿ intu￿. Page | 30 55ET Finbniia Slbtomtnl De¢aSled Sla¢enKlll ol FI#4￿511 Aellwlll roT the Yc*r Fn(Itd 31 Auiust 2023 202] 2022 INC.OME Af*l) F.NIX)WMF,NV• #ttd ki*¢ I")￿￿¥1￿17$ GrAnts 6,W>2 47,188 26256 54,150 77,¥31 Oilier iridlni *cilvltks drais￿8 e¥eJ l.'¢es Odi¥V 1.726 8.610.083 38,704 1,010 8,741,504 1,657.113 8,8D9,447 Imytslmemt iDroThe IiI'iLts" m'l*L,d ￿¢￿11 •¢counl int¢i¢st 16,U88 2J46 38.4J8 IJS.121 19,231 Othtr IvAov Gain on sale L>fi&nglble Ilx¢d as* 1,134 1,243 Tot•1 IM¢•mlihg r¢swr¢eJ &810.518 8,907,755 EXPENDITIIRE CkMi'itAbk. xliwili¢5 W#g¢s StKiHI s￿￿Tty Peii$i(Mi$ Adwerti$in8 5,797,228 494.n44 388.776 5,9J I 47.88 179,434 741).2a 251,461 5,793200 4CJ5.¥37 383,588 7,231 21,923 140294 frfi7.544 167,1¥9 139 Utiliiic5 and rwining c4J5t5 rx'pi%ciJlil)fi lif tingible fixed Bank loam intre4 7,903.07 7.613.065 S4vrA>ri Bank ¢har8¢5 3,836 Page131 55ET Finbniia Slbtomtnl 2023 2022 Flnin¢e GotJ'¢riiiii¢e ¢wts y Ind legal k¢J 151,685 138.744 Totsl reyyirces exp¢iided 7,7$2.4( 74Y,Y27 1,15S,346 Page | 32 The Sheiling Ringwood Horton Road, Ashley, Ringwood Hampshire BH24 2EB 01425 477488 www.thesheilingringwood.co.uk Page | 33