2024-08-31-accounts

The Sheiling Special Education Trust Financial Statements Year Ended 31 August 2024

Reference & Administrative Details

08116370 (England and Wales)

Registered company number :

1149264

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 (resigned 14.05.2024) 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

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 Katie Francis, Head of Health & Therapies Heidi Hom Rasmussen, Head of Residential Services

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31/08/24 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 2024. 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 Residential Special School and an Independent Specialist College. 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 are valued and met.

• To promote a nurturing culture where each student 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 to develop functional skills and independence which can then be transferred to the wider community.

• To offer students 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.

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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.

The curriculum, based on the Steiner Waldorf curriculum, is a broad and balanced developmental curriculu m which is grounded in the stages and milestones of child development. The Steiner Waldorf curriculum ai ms to support the individual student’s rounded development – physical, intellectual, moral and spiritual. It includes all the subjects found in the National Curriculum including English, Maths, Science, PHSE&C, Co mputing, Art & Design and PE.

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 pool, gym and 143-capacity hall with stage. Neighbouring the site is Moors Valley Country Park making it a 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 offsite activities and outings.

The school offers the nationally recognised ASDAN qualification 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 counselling, 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, 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 considering all issues regarding safeguarding. The Managers of the different houses work together regularly to assure positive 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 organisations.

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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!

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Strategic Report

Achievement and performance

Key achievements and notable performance during the period included the following:

School

• School numbers remain steady state with 33 on roll. There is a healthy level of referrals of potential new students who the school are assessing.

• Academic achievement across the school remains strong, with excellent progress across all groups as evidenced through progress towards EHCP outcomes, Sheiling Assessment Framework and accreditation.

• The school is extending its offer into Functional Skills qualifications to offer more stretch and challenge for the most able students.

• Student numbers can be increased within our current registered capacity. We are designing and building additional / replacement classrooms in the form of a new double classroom building (Parsifal).

• The curriculum has continued to develop through subjects such as PE, Reading/ Phonics and Mathematics. This gives the curriculum more scope, ensures it is better sequenced and continues to meet the needs of all students within the cohort

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.

• We received a long-awaited (six years since) Ofsted inspection where the college received a strong ‘Good’ grading

• We introduced level 3 and level 4 qualifications for our teaching assistants alongside a pathway to senior teaching assistant posts

• All students achieved their accredited learning outcomes and attended a presentation ceremony for receipt of their certificates

• All students took part in an activity week at the end of term including our own college ‘Olympics’ and craft activities which led to the creation of a willow sculpture and clay totem

Other

• Safeguarding is central to everything we do as an organisation. All trustees and staff 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, provide excellent support to staff and students ensuring that behaviours which challenge are minimised.

• Opportunities are available for staff to develop their skills through external training, liaison with other schools and colleges and through a broad range of in-house staff training.

• The Human Resources 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.

• 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.

• The fee model has continued to be developed to help ensure a robust system for ensuring the

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fees are linked to costs incurred.

• Throughout the year, committee and working group meetings take place for Safeguarding, Finance, Teaching and Learning, 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

• A school education Ofsted inspection took place in November 2024 and was graded ‘Good’

• An Ofsted inspection for the residential element of our special school provision took place in June 2023 and was graded ‘Outstanding’.

• A college education Ofsted inspection took place in May 2024 and was graded ‘Good’.

• A Care Quality Commission inspection occurred in March 2019 regarding the college residential provision and was graded ‘Good’. Remote monitoring from CQC continues and can be viewed on the CQC website under Sheiling Special Education Trust.

Capital Development

Various projects were undertaken during the period to both maintain and develop the site for school and college provision. Fundraising is carried out for the benefit of capital projects with funding applications submitted to external trusts, charities and companies. Significant projects included the following:

• College External Learning Hub £23.5K

• Watchmoor House windows, fascia’s & external paint £70K.

• Sheiling House kitchen refurbishment £71K

• Outdoor play equipment £48K

• IT upgrades £33K

• New 9-seater vehicle £23K

• Various bedrooms and communal rooms redecorated in all houses

• Capital spend in the year (including the above) totalled £422K

A lovely day trip to arne nature reserve

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Financial position & review

The financial performance for the year is summarised below:

	2024	2024	2023	2023
	Total - £’000	Excluding capital grants £’000	Total - £’000	Excluding capital grants £’000
Total Income	8,830	8,796	8,811	8,757
Total Expenditure	8,625	8,591	8,061	8,061
Net Income	205	205	750	696

Income has increased marginally by £19K in total compared with the previous year (0.2% increase). Our student numbers decreased to 71 from 76 in the prior year. The increase in income compared to student numbers decreasing is due to a change in the day/residential mix of our students’ packages. The decrease in capital grants and donations is due to funding some of our capital projects from our reserves.

The main source of income is 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% (2023: 100%) of total income excluding capital funding. Overall student numbers decreased on prior year to 71 (2023: 76) with school numbers decreasing from 37 to 36 (3% decrease), college numbers also decreasing from 39 to 35 (10% decrease).

The largest expenditure heading continues to be staffing £6.9M (2023: £6.7M) which equates to 81% of expenditure (2023: 83%). In relation to income, staff costs represent 76% (2023: 76%) of total income excluding capital grants and donations.

Tangible fixed asset additions in the year totalled £422K which related largely to the refurbishment of building facilities & IT upgrades across the site. The net book value of fixed assets remained at £6.93M mostly due to in-year disposals 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 and interest generated from funds under investment which increased the balance from £6.01M at the start of the year to £6.37M as at 31st August 2024. Similarly, the net current assets also increased from £5.62M to £5.83M over the same period.

Total reserves have increased to £12.8M from £12.5M during the year with a £NIL balance (2023: £NIL) on restricted funds, previously being restricted in relation to ESFA and other capital monies received for capital projects that have since been completed.

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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 principle 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 2023/24 100% (2022/23 100%) 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.

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.

Future plans

• Student placements for School (33) and College (36) are as expected going into 2024/2025 with the potential for further placements to be offered later in the academic 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.

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• 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 to maintain the proportion of residential students at 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.

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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 £524,756 (2023: £506,082) for

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the year with employer pension contributions totalling £69,198 (2023: £65,715). 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.

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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.

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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.

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Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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.

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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.

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Statement of Financial Activities

August 2024

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55ET Finbniia Slbtomtnl BAl•n¢e Shpet 31 IQ24 2024 To¢al fvDds 2023 Totyl Unrestii¢t¢d funds Rt￿r￿trd No FIXED ASSETS Ttt8ible aysel¥ 6,933.423 6.933.423 0.9J3.407 CURRENT ASS Deblws CJsh at bank and in har J.Q45.253 6J69.47J 3,045,2SJ 6,369,475 2.548,987 6.014.878 9.414.728 9.414.728 8.563.865 CREDITORS Amounts falling due within one ￿Ar 14 (3.588.599) 13,588.599> 12.942,774 NET CURRENT A&SK 5.826.129 5.826.129 5,621.091 TOTAL ASSPTS CURRENT LIABILITIES 12,759.552 12,759552 12.554.498 NET ASSETS 12.759,552 12,759.5S2 12.554.498 FUNDS Uthresirscled fvndj 16 12.759.552 12.554,498 TOTAL FUNDS 12.759.552 12J54,498 The finofftciil tcnMls wer¢ approv¢d by th¢ Bo8rd of T￿$￿5 4Ni #uihonsed fLY ISS￿ on ..rt,£k¢thÈf....¥.... •nd wtt¢ siy*d On 11$ be￿lf by.. MT J . Tntstr¢ Mt D Ltheoln. fntstee Page | 18

55ET Finbniia Slbtomtnl C•s4 Fkbw St•teNnt for the Year Ended JI August 2024 2024 2023 Noies Csh liowg fr(•tn optradnR artlvllks Cash g¢nent¢d from operntions 511,823 1,042,058 Net cath pr¢)vyAed by operatiO8aCtivitie% 511,823 1,042.058 C•h flows Investlttt Actlvltki Pulthase of iarryible fixed assets S•le of ungibie fixed assrts IN¢resi ￿¢￿Ved (288.264) 2.133 12ri.885 (405.313 1,7SO 38,438 N¢¢ wed in inveslin8 activities (157.226) lJ65,125) Choie l• and ¢vb equlv•le•ts li Ibe rep•rtli¢ p¢rltsd C*Jh Amd c•5h eqYlYAltnts At (he begknnln% of the rryorling period 354J97 676,933 6.014.878 5,J37,945 reportiBE period 6.369.475 6,014.878 Page | 19

55ET Finbniia Slbtomtnl Notes to the Cth Flow Staiemenl f•r the Ye•r Ended 31 A￿￿$¢ 2024 RECONCIUATION OF INCOMK TO NET CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Nel lllcomp for the repDrtlni (•• per Si•lefftEol uf Aellvltlesl Adj￿6¢1￿nI$ for: t)epteriali(￿ charges Ltssg,IprYJfil) oth dispo￿1 of fixed assets IMere$i ie¢eived IMer¢si paid (1ntreaselldecre￿ IA deb¢oTS Incrt98¢ldecre8se) In creth.lors 205.1154 749.927 293.369 131,119 (128,8851 34.918 (496.2661 471.814 251.461 11,1341 138.438 108.605 128 J63) Nel c•th provlded by •p¢rtlo 511.823 1.041058 ANALvsig OF IN NET FUNbS At 1.9.23 eath ilow At 31.8.24 Nrt cash C￿h ai bank amd in hand 6,014.878 354,597 6,369.475 6,014.878 354.Y)7 6.369.475 &014.878 354.597 6.J69.475 Page | 20

55ET Finbniia Slbtomtnl No•eJ • the Fln•afknl fw lthe Ymr JI AyKsl 2•24 Tth¢ Sh¢i]ins sPEth.￿ Trw •¥ • ¢hrabltr e¢My•y. linMt¢d by Wmted in W•TrJ v•J Wlu. Tr reaithred oftlce is OTh p8e 10. ACCOiINTING POLlCtES Tr fimnci•l of chnt8ble wnpny. whKh 15 1 bfii thI￿Y FKS 102. hve been rywed in a¢¢ord•n¢ with tht th•ritte4 SOBP IFRS 102) 'AttouMio8 Reportio$ by Cbariiiu. S¢&tel￿nt of Rec￿￿1%11￿¢d Prndi¢¢ f4Wi¢8bk 10 ¢lwniitS &ry•M8 the¥ ac¢owKs in a¢¢￿￿nce wlth Ihe Rep￿U￿8 StsThl¥d 1ppli¢ible in the UK kq>ublic of bel•r•J (FRS 102) (effe¢live l 2019),. FIr4ti¢￿l R¢pxisn8 Sillryjwd 102 Tr FiiwKi•l RfsKJrfin8 Sththnl •pplK4blr in ih¢ UK Republ￿ of Ird4rKf the Crylbes Ad 2(1)6. Tr fift￿￿1•1 smenis h￿£ bescts and li&bilitirs me i Rh'ty JWXEnt Ikom oilT The•e ¢8tiff•s ind 48x￿￿￿ 45WVi(w bawd M hi¥lNical exper￿% •TrJ ￿kner pre ider¢d to be r¢l¢v•nL The ¢inxi¢i ••d wderly￿S •JJWDpli0￿ we r¢viewd w an b•sis. Revi5iC4U COWllith¥ le<o￿l￿d in ihe in which tk 15 mi5cd if the •fr￿ts <YJly ihai period. w in the puiod of the reV￿bOn ind periods if the ffvtiion affects both •rAI peri<yh. Tr folknwwa art th t ￿m￿red tt) be k¢y xw¢es of thimiii¢m w<¢n8irAy. we Ji8wficmi The ttLWrni¢ us¢fiJl life of118ibk fixed 15xts aNJ expe¢tsd r¢sithl valut is e￿lmid by Tn¢S b•d their kMwAt41ge id AII ulcowff L8 recolni￿1 in tk state￿￿rt ol FwwnC￿i Actsvi¢xs th¢ cknrity lths ent1￿￿¢￿1 io ibt It is obpbk ihi the itKM)e will be received ArA1 an￿u￿ c4n b¢ nx•yurcd r¢liAbly Where are in •jva￿¢, irome 1$ deferred unlil iht perithl to which li r¢ls. ikne dekn¢d n¥X•￿ art ihe b•loKe within uedilor: fallin¢ wth'n W Jvr. Cwtsl 8rAnts are recov￿0 therc is entirferrK¥Ji rrt deferrryj tr¢ life of the asty on whK ilrty are eAped¢d. un￿1 oU￿s0f eapitsl &r￿t tre retletthd * tk balrte ith tht rethKted tlprtal fijn T¥adt Md drkn ￿ rc£o8nllcd * thr JdtltrtrrA aftet aoy trdE oflertd. Alu¢d onxwnt rry•id net ofAny dixrrt•ts E4￿￿1￿ye L4•bilMw w¢ rt¢ogth￿j 1$ ¢xp¢odiThY¢ ¥ soc as 1$ • 1¢8al w ¢¢WknXlive obliVKMI ¢OllbThl¢in8 the ¢hrity that eXp￿di￿￿, it IE prohbie i￿1 a trmyfer Of ffDTKJmic bentfits will be r4￿re￿ in seiilertrA and the Amourtl ofih¢ obwion rn be rtlsbly. Exp•YjiN￿ bs •¢¢￿￿ed f(Y on an •unL•ls b•si$ I￿1 hs Ix¢n ¢￿ssif￿a Dder lh￿ oggwtyK all cost reljied 10 ihv uiegory. WI￿re canN)I be dweLtly •NribuKd w p•niru)or Trodin81 tky hvt been ￿l(￿l[¢d to •cti¥itsCi i buis ccmi#eftt with the uie of Tinllble fiAe4 •Meti Derye£iwi li wovideo •1 ihe followijs rn5 in rydrr to vnire off e( tAinled life. FK¢hold IV•On CO91 Page | 21

55ET Finbniia Slbtomtnl rfA thtr Yo•r Ehded 31 2•14 ACCOUNI'ING POUCIES- ooMtlttu•4 Pl¥ii athl nmehintry Fixttyes fiiiin¥s 20fy ttduciffl8 ￿l￿nce 2￿• on iedii¢im8 iNJlan¢e 25• (ffl weduring 33% OA ¢osI Incbjjed wmhin the FredKbld PfOWry •y%I ¢lHss i¥ £l.n fftillion of laThl whith is Mi dqJff¢wtrd. T11￿1( Cl￿ ￿ ex¢nV fr(m ¢OryOrnl)n on lis ¢h•ritsbl¢ •¢11￿11￿. nd •¢conlllli ikniibcied fimds ¢•n in w￿h the t￿n1#bIt objeclivts * tht dithiLm ofthe tsuees. Re#ri¢ied fvndg Ln only Ik• wtd for prticulv wiilxn the ￿Je￿IS o( the dwiry. Resirkiions •1 ¥h£n 4¢ifd by ik dort>r LW we r•i%d fcrf pWtK￿II TC51ri¢d pwp>gCS. Fwther explinx ofihe •nd pwp)9e of e4ch fi¥bd is I￿1￿kd in th¢ rt¥ to thr fmwill Pe#yl•n ¢Onbrnl1m￿ts The chHfity O￿lat¢S peAsbon ¥hen¥s. A defi￿1 wn1r1￿1iOrt sYts' workinR liveg with ¢1on'iy in a I￿Y th Ihe CO￿ li a substw#￿IlY level Pette￿2t of xnd fu￿￿¢ PeAs￿ble pDymll. we dd¢rnii￿d by AcThw ￿ tbe b&%ig or qwMqueTrthil waluaiioTh¢. The TPS is a mdiithewoyu iThl the d￿ty is uNble 10 ithixify lis thar¢ of lh¢ urderlying1ss￿¥ li4bili1ie$of4￿ on a ¢M$tsi¢rf f¢8¥on•ble b•¥i¥. The TPS ￿ iILu¢for¢ I[¢￿ •s a defi•)ed ￿1￿￿￿. C47Nril￿.Oa5 P￿&ble ￿ thESf s(hE¥￿ ¢kn￿￿d to iht Sil￿￿ of F•w¢￿1 Arfivit ￿TIOd to rel41¢. tK)NATIONS AND LECACIPS 2024 2Q23 8252 J3.7Sy 6.962 47.188 42,( 54.150 Gr•rtJ ￿¢0¥*0. i•clthled in the abobt. ue ai foklo%rd'. 2024 2023 ESFA c4>itrl y4 33,757 47.188 Page | 22

55ET Finbniia Slbtomtnl f•r th• Y¢•r E￿d 31 A4iws¢ 1•24 OTHER TK4DING AcfiviTIFS 2024 2023 14,04J .387,623 53244 1.726 8.616.68J 38,704 8.454,912 .637.113 INV&SIMENT INCOME 2014 23 58.364 27&.385 59.0 38.438 rwii #co￿t irtere 33:.749 9&121 CHARITAIILI A￿1VrT1ES COSTS Dircd ¢05ts Toty15 8528.685 95.931 1624.616 svppoKr COSTS FIN Td•li 38,924 57.007 93931 NET INCOMEIwlu8 on dyosal of fixed •u¢ 29J.371 1)1.819 6,6LK 4,957 2SI.439 11.lJ4) 6J64 4,753 AudilNs fix ALTr•udil Sthie Page | 23

55ET Finbniia Slbtomtnl N•te4 to Ihe S¢¥lmtots- ¢•llMtd f•r Ihe Yeiv Edthl 31 Ay•g12024 TRUSTEES. REMU.Y£RATION AND BENEFrts Thut wre renW￿¢10n ￿ oiki benefits fw ibv year tftdtd 31 Auyt 2024 the ycw erthd JI Au8utt 2023. iiDB thE YEW. trI¢ w•5 IT￿rI ￿t￿￿￿)datIo￿ of£274 (YJ23'. £1341 srAFF Clkwrs 2024 2023 $967.2JJ 529.884 447.696 5.797.228 494.044 388.776 Soci41 SttWLry COS (Xh¢r kNion cosu &944.813 6,680.0411 Tr nxrtNy ** foll[￿. 2023 249 Eryloye¢s 2J7 The rnwnbet abykJ>v benefilslex¢lwIi￿ peNion corts) EAKcdrd £6Q(th rt. 2024 202J to.001- no.c £70.¢JOI . £80.f £90.001- £1ty).( Thc yenMJr rnoH•BemEni •m ￿￿1Ved ofU24.750 (2023: £46R057). COMPARAT1VES FOR THE STATIMENf OF FINANCIAL ACTIVITIES UThT¢llr¢￿d fund5 Restricttd f¥ThJs Totsi INCOME AND eyDOWMENTS FAOM $4,1SQ 54.130 ieiiviii 8.6S?.I IJ 98,121 1.134 &057.113 98.121 Oth¢r i¢orne 8.810J18 8.810.518 EXPENDETURE OY Ed￿￿1 1060,591 I.{￿,591 Page | 24

55ET Finbniia Slbtomtnl f•r Enl•d JI 2•24 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES. co•¢lA•ed ReAtyiCi T￿ll1 NET INCOME 749.927 749.927 RECONCILIATI(Y4 OF FUNDS Totd fimds forwa IIJ04J71 11.8Cbl571 TOTAL FufiDS CARRIED FORWARD 11554.498 IL534.498 12. TANGIBLE FIXED ASSETS Frttknld er Plmi •Jd ptopeny A131 Aw2024 443.528 21.421 NfT K)OK VALiIE At Jl A4wsi 2024 3,799.211 99.031 8,313 At 31 A4usi 2023 J,97&372 9.447 Page | 25

55ET Finbniia Slbtomtnl li TAN(JBLE FIXED ASSM • e•Atkn•od Fixfw Mo ¥¢kn'¢l¢s Coiiycr uy)ni COST At I 2023 Athlilioni DNp05DIs 1.51)9.446 254.518 210.195 23.420 I&IRo) 57&542 49,58 8.711.181 427.359 1151,713 Ai JI 2024 1.763,964 225.235 626.122 8.986,827 DFTrRECIATION Ai I 2023 for year ots th'spo￿l 745.116 I r2.295 93,261 32.56J (7.7081 510.418 ¥1.508 .777.774 293J71 (17.741) Ai 31 Au￿1 2024 917.411 120.116 550.926 2,053.41M Nrf BOOK VALU Atjl Aw2024 846J53 105.119 75.196 6,933,423 J l Awt 2023 764.330 114.9J4 66.124 6.933.407 DEBTORS: AMOVM FALLIPIG DUE wrrHIN ONE YL4R 2024 2023 TT*¢k drirto hei debt 2.716.676 32.(JCKI 2¢)6.577 t385,￿1 32,63J 130.451 3.045,253 2J48,￿7 Page | 26

55ET Finbniia Slbtomtnl the FIBAnthl StlemE￿. ¢￿IlD￿￿ ror ih Ytsr Eadtd JI 2•24 14. CREDITORS: AMOUNTS FALUNG DUE wmiiN ONE YEAR 2024 2023 TThdv c¥edityJ So¢?•1 ￿￿rity •NI othEr thx Other LTcditorx Acsnjds ind dBf¢Th¢d 305.478 113.477 72.995 3,090,649 274874 99J36 S7.161 2,511,403 3.511.599 2.912.774 i& LEASING AGREiJIEriis Mithn*m k••e p•yrnews uNkf ￿￿￿4￿¢111bko￿Y11in8 l¢&yH foll •% followy.. 2014 Withj'n on¢ BeThveen one ald ytsr 8.J46 14.505 8.354 22.973 22.151 31.327 16. N¢1 Al 1.9.23 in fuThls 31.8.24 Gertrnl fi4¥J Caph•l 12.554.498 205.054 12.(K￿.0)0) 2,(I]O,oxi 10.759,552 2,OW,WI 12.554.498 205.OJ4 12.739,552 T(YfAL FUNDS 12.554.49 205,054 12.?59,552 in fi)r•Js. IKluded li ihe •lw)ve as follow5.. in fiM(ts G¢n¢MI 11 8.795.913 1590.859) 205.054 R¢ilrfe¢ed IMnd• ESFA fimdi¥ 33.757 133.7571 TOTAL FUIIDS 29,670 18,624.6161 205.054 Page | 27

55ET Finbniia Slbtomtnl N•¢M to the Fln¥N¢l•l SileM¢nls. fw the Year EDded 31 2014 MOVEMENT IN FUNDS- c•n¢lwwd Conyr•llvN l•r IA Al 31.8.23 1.9.12 in hjneé Ure￿rki¢l f¥Dds IIJW571 749.927 12.554.498 TOTAL FUNDS 11.804.571 749.927 12.554,498 convr￿j¥c ￿ aweffleni in fvnds. InC￿¢d io thc d)ove ￿ 1$ hllowB: Incoming Rewure¢s Moverncrt In fiumts UNreJlrkied fthls Gen¢rAI fijfyj 8JIQ318 (8.(4SOJ91) 749.¢f27 T(yfAL FUP4DS 8,110.518 (8.060.591) 749.927 A ye•r 12 wior year12 ITh￿1￿$ ¢onined poNliim i¥ as folloK: TT•rrsfe betwteTr At 31.8.24 Ai 1.9.22 In fvnds UDmtrk¢ed at￿ra1 Fur1 C4>1￿1 fiANI 11.804.571 9￿.981 (2.[￿.(￿ 2.(￿,(￿￿¥ lQ.739.552 2,000.OCI) 11,8Q4.571 954.981 12.759.S52 TOTAL FUNDS I IW.571 954,981 12.759.5S2 Page | 28

55ET Finbniia Slbtomtnl N•th ts dbt Flwjafjclil S￿emeNts- for the Ye•r 31 AugM8t 2024 16. MOVLMW IN FUPIDS. ¢milM•¢4 A )rw 12 4nd pnor l? coal)ined Ki in wlwkd in lh¢ awe • foll exprnded In fimds Vnwlrkl¢d GcDtAI fw 17.006.431 116.651.450) 9$4.981 R•rtrlrttd ESFA c4prtRJ fimdi 33.757 (33.757) TOTAL FUNDS I7.6￿.78# {16.6152Q7) 954,911 Capir81 knnt of m¥¢s deyiJw¢￿l fi¥Mls 4 pl•Aned of c•pital to be I￿1￿[1•k<￿. R￿Tk¢¢I tSFA t41￿1 to ketp lLooI ￿lIdIn￿ conditM)n learn tin a ¥fe Thd ¥ITe¢¢ive ertvirnnmert. C4>ithl is •llry•d frryTh thE ESFA li ¥pwfi¢ colk8r c•pithl prr¥ects. the iur. 4 transftt of fi￿$ wis ¢ompleied from 8atal io a deswmted Cap1￿1 the or Imsltff wish ** ￿¢08￿ * gel level of rr9yves uthJEh are kn fmible 4 p1sW￿ y08rn￿ of e&p￿41 io be 17. EMPLOYEE BENEF￿ OBLIGATI( The ctwity Iwo pv45iDo • d¢fin￿ conkn'iwjknon •r•l i dcfiKd baKfil [￿rinK the yet. th¢ ehwity nwLe con1thiw1th￿ w the defi￿1 Xh¢￿ or £267.065 (202J'. ￿42. J581 •￿1 eorttriyutions ￿ ibe defAK4J benefii xtrLeme of £1 ￿.631 (2023.. £146.4161. ￿•111￿ £J2288 12023." £31.5251 ¥Te p8yble to the c£oribthion £21.61812023.. £16,981) PyAble to tk d2ftt￿d ¢rrtfit ￿hIr￿ li Ibp IMl•nrt K¢i aAd i￿￿41¢4 oilKr ¢r¢dilQ I& RELATED PARTY D￿LoSUREs Durtni tht yer. The s￿Illn1 Swill Tntst put¢kn•d imi of l*il12Q2J: UOO) • gupplier in has cothrollin￿ In￿1¢$1. Page | 29

55ET Finbniia Slbtomtnl l•r th¢ Y¢•r fwde4 31 Arywi Jn4 2024 23 INCDME AND ENIX)WMENTS Dow11￿ •nd lry•¢l DornTh¢XS Grtt IJ52 33.757 6.962 47.118 42.(x)g 54.150 Oth•r ¢rdl#8 •dI￿lI•j Fwdr4isiD¥ evenlB 14.045 lJ87.62J 53.244 1.726 8.616.68J J8.704 8,454.912 8,657,113 Res eived Deposit iniettsx 58J64 274.383 59.683 J8,433 332.749 98.121 Oth•r G•1• on s•le of tswble fixed &ssa8 T•￿ rewv¢es 8,129.670 8,810,518 EXPENDITiIRE Cbrlble Wi8tS &xial swwity P¢nslons Ad%trti5iO8 Jries Tc•chu¥ rn&teri&ls 4nd tglXPTW Utyhii¢3 nnNini co UThleqMid lax on psion conirthi( ¢fthnKibl¢ fixed Lo&$ on salt of tsn8ibk f￿¢0 ait¢ts S.967233 529.884 447,696 7.535 29.931 180.259 765.908 175,051 293,369 131.819 5,797228 494.(M4 388,770 5.951 47.888 179.434 740288 251,461 8.528,085 7.90S.Q70 B•nk ¢hv8 Carded fonmrd 18J6 1836 Page | 30

55ET Finbniia Slbtomtnl Drtlled •f Fln¢lal A¢llvl¢les (w the Ye•r E￿I¢d 31 ATps12124 2024 2023 FlnM¢t Brou8ts fomrd IN¢r¢sl w1￿bk 3.836 J4.918 38.924 3,836 S7.￿)? ISIMS Toi*l extthltd 8.624.616 8.060J91 r4ei IwKome 205.054 749.927 Page131

The Sheiling Ringwood Horton Road, Ashley, Ringwood Hampshire BH24 2EB 01425 477488 www.thesheilingringwood.co.uk

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