The Sheiling Special Education Trust Financial Statements Year Ended 31 August 2025 ## **Reference & Administrative Details** **Registered company number** : **Registered charity number** : 08116370 (England and Wales) 1149264 ## **Principle address and Registered Office:** The Shelling Special Education Trust Horton Road Ashley, Ringwood Hampshire BH24 2EB ## **Trustees** Mr J Freeman Mr J R Blake (appointed 20 December 2024) Mr J Pyzer Mrs J Kenward Mr D Keeton (resigned 24 July 2025) Mrs J Dampney (resigned 31 January 2025) Mrs E Peachey (appointed 6 January 2025) Mrs A Copp Mr D Lincoln Mrs V North ## **Auditors** Saffery LLP Midland House, 2 Poole Road Bournemouth BH2 5QY ## **Solicitors** Forbes Solicitors Buckingham House, Glovers Court Preston PR1 3LS ## **Senior Management Team** Corine van Barneveld, Principal Andy Walters, Head of School Mike Gamble, Head of College Katie Francis, Head of Health & Therapies Katy Kerr, Head of Finance & Premises Heidi Hom Rasmussen, Head of Residential Services Page | 2 ## **Report of the Trustees (year ended 31/08/25)** 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 2025. 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. 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. The curriculum, based on the Steiner Waldorf curriculum, is a broad and balanced developmental curriculum which is grounded in the stages and milestones of child development. The Steiner Waldorf curriculum aims to support theindividual student’s rounded development – physical, intellectual, moral and spiritual. It includes all the subjects found in the National Curriculum including English, Maths, Science, PH SE&C, Computing, 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 more recently started, through Pearson Education, Entry Level 1 & 2 Maths qualifications. The college offers 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. 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. **Maypole dancing in the sunshine!** Page | 5 ## **Strategic Report Achievement and performance** Key achievements and notable performance during the period included the following: ## School - The school has been rated Good with features of Outstanding in Nov 2024 by Ofsted, with continued celebration of the strengths of the school in Personal Development and Behaviour and Attitudes. - All 4 2024-25 leavers achieved their ASDAN Personal Development awards and the school also celebrated 6x Entry 1 and 2x Entry 2 Maths Functional Skills qualifications achieved. - 2x leaders have achieved NPQH and the Head of School is currently enrolled on the NPQ SEN CO Award program also. - Many improvements are being undertaken to the premises, including updated changing facilities in the swimming pool and improvement to the entry to Briery. - Parsifal double classroom building project has been completed and this allows the capacity of the school to grow. Student numbers remained steady at 35 students in 2024-25 and have now grown to 42 in 2025-26. This is enabling the school to support more students and their families and the new classroom facilities are a very valuable asset to support complex needs and ensure an excellent continuing standard of education. ## 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. - All students achieved their accredited learning outcomes and attended a presentation ceremony for receipt of their certificates. - In the Summer Term, 7 students completed their Bronze Duke of Edinburgh's Award and received their certificates in July. - 5 students completed their Silver Duke of Edinburgh expedition in September 2025. - The build for a new college double classroom started in August 2025. - Following our Level 3 and 4 qualifications for our TAs, we now have 5 senior TAs. ## 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. Page | 6 - 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 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: - Parsifal- New school double classroom build £807K - Resurfacing of main car parks £86K - House bathroom upgrades £61K - Swimming pool upgrades £29K - IT upgrades £69K - Two 9-seater vehicles £36K - Various bedrooms and communal rooms redecorated in all houses - Capital spend in the year (including the above) totalled £1.24M **Our new double classroom – Parsifal** Page | 7 ## **Financial position & review** The financial performance for the year is summarised below: **----- Start of picture text -----**
2025 2024
Total - Excluding Total - Excluding
£’000 capital £’000 capital
grants grants
£’000 £’000
Total Income 10,099 10,069 8,830 8,796
Total 9,225 9,195 8,625 8,591
Expenditure
Net Income 874 874 205 205
**----- End of picture text -----**
Income has increased by £1.2M in total compared with the previous year (14% increase). Our student numbers have been maintained at 71. The increase in income is due to a change in the day /residential mix of our students' packages. The main source of income is student fees received from Local Authorities with an element received directly from the Department for Education (DfE), formerly the Education Skills Funding Agency (ESFA) for college students - these fees equated to 100% (2024: 100%) of total income excluding capital funding and donations. Overall student numbers remained at 71 (2024: 71) with school numbers decreasing from 36 to 35 (3% decrease), college numbers increased by the same, going from 35 to 36 (3% increase). The largest expenditure heading continues to be staffing £7.6M (2024: £6.9M) which equates to 83% of expenditure (2024: 81 %). In relation to income, staff costs represent 76% (2024: 79%) of total income, excluding capital grants and donations. Tangible fixed asset additions in the year totalled £1.24M which related largely to the construction of a new school double classroom (Parsifal), £807K. The net book value of fixed assets increased to £7.77M largely due to the addition of Parsifal. The 'Cash at bank and in hand' figure decreased from £6.37M at the start of the year to £5.51M largely due to the cost of Parsifal being funded from reserves. However, net current assets increased from £5.83M to £5.87M over the same period due to a smaller creditors balance £586k (2024: £3.59M) Total reserves have increased to £13.6M from £12.8M during the year with a £31K balance (2024: £34K) on restricted funds, being restricted in relation to DfE (previously ESFA) for capital projects that have since been completed. ## **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. Page | 8 ## **Principal funding sources** The Charity is, in effect, solely reliant on continued government funding, whether this comes directly to us from the DfE, (formerly ESFA) or via individual Local Authorities. In 2025, 100% (2024: 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 relationships with bodies including DfE, Local Authorities, National Association of Special Schools, National Association of Specialist Colleges, Independent Schools' Bursars Association and other networking partnerships. - Tight control over staff and non-pay costs to ensure they do not exceed fee income. - 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** - The Principal's latest overarching Strategic Plan 2025, approved by the Board of Trustees, details the future plans for the estate, its buildings and new building projects over the next 3-5 years. There will be a significant focus on preparing the estate for the next 25 years of education, from a workforce which continues to be trained and knowledgeable within the Sheiling's ethos and delivers excellence in the provision we offer, alongside a portfolio of modern and progressive buildings. - Student placements for school (43) and college (35) are as expected going into 2025-26 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. - 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. Page | 9 - 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 have remained stable with a sustainable mix of day and residential. 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 a key operational challenge; in particular, the potential reduction in availability of overseas staff due to a reduction in immigration quotas. - Potential changes to government policy around SEND funding is potentially impactful and remains a central consideration. - In addition to focus on the management of the above risks, trustees continue to provide strategic support and guidance to ensure the provision of high-quality care and education and, through monitoring, planning and challenge, help drive improvements across all areas of provision. ## **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. Page | 10 ## **Decision making** The Board of Trustees meets at least 5 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 from across a broad range of professions to ensure a wealth of experience. The current Board of Trustees includes experience and expertise within Business, SEND Schools/Colleges, Care and Finance. 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 1. 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 £575,581 (2024: £524,756) for the year with employer pension contributions totalling £79,164 (2024: £69,198). 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 and the Principal 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 Page | 11 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. ## **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. Page | 12 ## **AUDITORS** The auditors, Saffery, will be proposed for re-appointment at the forthcoming Annual General Meeting. ## **Independent Auditors’ Report to the Board of Trustees** ## **Opinion** We have audited the financial statements of The Sheiling Special Education Trust for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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 2025 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. Page | 13 ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 Trustees' Annual Report which includes the Trustees' Report and Strategic Report for the financial year for which the financial statements are prepared are consistent with the financial statements; and - the Trustees' Annual Report which includes the Trustees' Report and Strategic Report 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 Trustees' Annual Report and Strategic Report. 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. Page | 14 ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement set out on page 11, the trustees (who are also 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 to do so. ## **Auditors' responsibilities for the audit of the financial statements** We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 an auditor's report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales. The company is subject to other laws and regulations where non-compliance could have a material effect on amounts or disclosures in the financial statements, through significant fine, litigation or restrictions on the charity's operations. We identified the most significant laws and regulations to be those monitored by Ofsted and the Care Quality Commission. Audit response to risks identified: Page | 15 We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** 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 auditor's 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. Page | 16 ## **Statement of Financial Activities** **For year ended 31 August 2025** Page | 17 55ET Finbniia Stbtomtnl Balance Sheet For the yt•r ended 31 August 2025 2025 2024 Note Flzed ¥ssets Tangible assets 12 7,766,906 &933,423 Current assets Debtors Cash at bank and In hand 13 893,520 5,509,476 6.402.996 3.045,253 6,369,475 9.414.728 Crediiors: amounts fallin8 due within one year Net currentassets 536.320 3.588.S99 5.866.676 5.826.129 Net assets 13.633.582 12,7S9.552 Charlry fvnds 16 Restrirted fvnd5 Unrestrirted funds 13.633,582 12,759.552 Total funds 13 633 582 12.7S9,552 The financlal statements were approved and authorlsed for Issue by the Tn￿tee5 and Si￿ed on their behalf by: l Freem•Tr {Chair of Truste¢5) Date.. 0511212025 Page | 18 55ET Finbniia Stbtomtnl Statement ofcash Flows Forthe year ended 31 August 202S Note 2025 2024 C*sh flows from operatltt8 •dlvldes Netcash used In operating artiviues 171.037 Sll.823 C•sh flows from Inve$dD8 activitles Purchase oftsngible r￿ed as5¢15 Sale oftangible r￿ed assets Interest recelved Inter￿ paid Netcash provlded by InvestlDgartlvldes (1,186.2S41 41,052 132.190 18.024 1.031.036 (288.264) 2,153 I28￿85 IS7.226 Change In L3sh and ash equlvalents ltt the year Ca%h and cash equivalenrs at the beginning of the ye¥r Cash and cash equlyalenls at the end ofthe year (859.999) 6.369,475 5.509.476 3S4.597 6.014,878 6,369 475 Page | 19 55ET Finbniia Stbtomtnl Note5 to the Statement ofCa5h Flow5 For the year ended 31 Au8urt 2025 Rec(tynclllatloD ofnet Income w ne¢ ￿$h flow from operndn8 acdvldes 2025 2024 Net In￿rne forthe reportlttg perlod (as perth• S¢atem*nt of Flnandal Adlvltles Adjustments for: Depr¢¢iatson charges (Profit)Iloss on disposal of fixed a55ets Interest received Interest paid (Increaselldecrease in debiors In¢reasel(decre3se) in ¢redltors 874,030 205.054 332,297 (20.578) (132,190) 18.024 2.151.733 (3.OS2.279) 293.369 131.819 1128.885) 34.918 1496,266) 471.814 Nei Cash provlded byoperadon$ 171.037 511.823 Analyd$ of thang¢s In n¢¢ fvDds Balan¢¢ at I September 2024 Balancè at 3 1 Aii8USt 2025 Cash Ilow Net cash Cash at bank and in hand 6,369.475 (859,999} 5,509,476 Totsl 6.369.475 {859.999) 5.509.476 Page | 20 55ET Finbniia Stbtomtnl Noles to the Flnandal Slatements Forthe year ended 31 August 202S General Informatlon The Shelling Special Educatlon Trust Is a charitable company, Ilmlted by guarantee. Incory)or4red Sn En￿and and Walek Its rtgtsrtred office and prlndpal place ofbuslness ts The Sheulng Rln8wood Horton Road, Ashley, Rln8wood. HampshiTr. BH24 2E Accoundn8 poll¢ies 2.1 B￿1$ of pr¢paratlon of IIDandal ststements The finandal s￿lements ofthe Charitable company. which is a public benefit entity under FILS 102, have been prepared in accordan¢e with the Charities SORP [FRS 102)'AccountinB and Reporting by Chanties: Statement of Recommended Practice applicable to charities prepariftg theiraccounLS in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effertive I january 2019).. Financial Reportin8 S￿ndard 102 The Financial Reporting Standard applirable in the UK 3nd Republic of Ireland. and the Companies Art 200& The finandal statemenLS havebeen prepared under the hlstorlcal costconventlo The financial statemenrs are prepared in strrlin& whlch is tht functlonal currtnLy of the company. Monetary amounts in these financial statements are rounded to the nearest & Z2 Goln8 coocern At the tlme ofappmvlng the finan¢lal statements. the trustees have a reasonable expectation that the harity has adequate resources to continue In operational existence and meet its liabilin'es as they fall due for the foreseeable future, being a per5od ofat least 12 months from the datt these flnanclal srarements were approyed. Acc¢)rdln8ly. theyconiinue to adopr thegoing concern basts In preparln8 the financlal statement& 2J Income All income is reco8nised in the Statement of Financial Artivities once the charlry has entltlement to the funds. It is probable that the income will be received and the amount can be measured rellably. Where fees are raised in advance. the In¢om¢ ts deferred unril the period to which it relates. these deferred amounrs are shown on the balance shert ¢redltor: amounts faulng due within one year. Caplral grants are recognlsed when there is enlltlement and are notdeferred over the life rjf the asset on which they are expended Unspeni amounts ofcapital grant are retle(ted in the balance in the restricthl ¢apital fund. 2A Expendfture Expenditure fis accounted foron an accruals basts and has been ¢lasslfied underheadln8s that a8gre8ate all cost related to the ote80ry. Where costs canrtot be dlrectly attrlbuted to partlwlar headings they have been allorated to a¢tivities on a basts conslstent wlth the use ofresourtt& Page | 21 55ET Finbniia Stbtomtnl Notes to the Flwcial S¢•l¢rn¢uts [￿ntInU*￿) For tht yearetsded 31 Au8USt 202S 2S Tan8ible tlxed assets Depreciation is provlded at the followfjngannual rates In order to %thte off Vdch asser over itsesumafed usefvl lift Freehold property.. Plant and machinery. Fixfures and rtriin8S-. Motorvehide5'. ComDUter tQUiDment l%oncost 20% on redudng balance 20% on reduting balance 25% on reducinl balance 33% on cost Induded wlEhln th¢ Freehold Property a5S¢t class is £1,780.00012024.. £1.780.000) of land whith is not depredated 2￿ Ta¥atlon The tharity ts txtmpt frorn eorporatfjon rax on Its chadtsble ¥tivitie> unrys￿l¢Lrd (unds can be ustd irt accordanct with the Charl￿ble obje(tivtS dt the discrtLioAofthe trusi¢¢& Re5trirted fi]nds can only be used for particu13r restrirted purposes Within the objerts of the charity. Restrittions arise wh¢n specified by the donoror when funds are raised for partIC￿ar restricted purpos¢& Further explanation of the naturtand purpose of eath fund is irtcluded in the noies to the financial srarement& 2.8 PeDsloA conuDltmeDts Pension commilments The charfty operates tsvo pension schemes. A defined corttribution scheme in accordance with Natbonal Employment SavingsTA￿l IN￿) and a defined benefiischeme in relation to the Teachers, Pu￿10n Scheme (TPSI. TheTPS is an unfunded scheme artd o)ntributiOrts are ¢alcuja￿d so as w spread the ￿$t ofthe pensions ov¢r ernployees. working lives with the charity in such a way thaithe pension cost Is a substantially level percenrageofcurrentand future pensionable payroll. Conrribuiion5 are deterniined bythe Government Artu¥ry on ihe basls of qulnquenntal valu3Don> The TPS Is a mulU-eMployerschemeand thecharlfy Is unable to idenilfy Its share olthe underlying assers and liabllities ofthe scheme on a consis*nt and reasonable b3si& TheTPS is therefore treated as a defined contrihution stheme. Contrlbutlons payable w these Schemes are d)arged w the Statement of Flnanclal Artlvitles In the perlod to which they relate. Flnandal Instruments Thecharftyhas elected toapply Secttons 11 and 12 of FIL$ 102 In respect of flnandal InstrnmertLE Flnanclal assets and finandal153billtles are recognised when thecharlty becomes party to the contracwal provisions of the instrurnenL Finartcial liabllities and equbty Instrnments areclasslfied accordin8 to the substantt of the contractual arrangements entered into.An equity Instrumeni is any contrart that evidtnces a residual interest in the assets of the charity after dedurting all of its Ilabllittes. Page | 22 55ET Finbniia Stbtomtnl Notes to the Finandal Icotttlttutd) Forthey*•r 31 Auzust 2025 2.9 Flnandal Instr¥meNts (