IHALLENGEZ
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR END 31 AUGUST 2023
CHALIENGE PARTNERS
REGISTERED COMPANY NUMBER: 08048330 (England and Wale51
REGISTERED CHARITY NUMBER: 1149266
111
•PL)PA2WC'
11105r2024
COMPANIES HOUSE
*1

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Page
Reference and administrative details
Report of the Trustees
4 to17
Independent Auditorfs Report
18to21
Statemeni of Financial Aciivbties
22
Balance Sheet
23
Statement of Cash Flows
24
Notes to the Financial statements
25to35

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REFERENCE AND ADmINI￿RA￿VE DEfAILS
Registered Company number
08048330 IEnglarbd and Walesl
Registered Charity number
1149266
Registered office
John Keats Primary School
391 Rotherhithe New Road
London.
SE16 3FN
Trustees
Mr Christopher Davi50n
Dr Katherine Chhatwal 08E lex officiol
Mr Arwel Jones
M5 Ali50n Beane OBE
Ms Susanna Eastham
Ms Janine Harion
Ms Vijita Patel
Ms Louise Wolsey
Ms Gulcin Sesli
lappointed 7 December 2022 and ￿Signed 22 November 20231
lappointed 21 September 20221
MrGary Lewis
(appointed 21 September 20221
Ms Lucinda Ingram
lappointed 21 September 2022
Mr Pavandeep Bansal (appointed 21 September 20221
MrGary Handforth
(resigned 21 September 20221
M5 candi￿ Lott
Independent Auditor
Haysmècintyre LLP
10 Queen Street Place.
London
EC4R IAG
Bankers
HSBC UK Ltd
The Helicon
I South Place
London
EC2M 2UP

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REPORT OF THE TRUSTEE5 FOR THE YEAR ENOED 31 AUGVST 2023
The purpose of the Charity
The Charity's Objects I'objects'l are specificalty restricted to the advancement of education for the public
benefit in particular (but wrf(hout prejudice to the generality) by promoting and supportin8 the improvement
of schools ￿gIOnallY, nationally or internationallv.
In reviewing the Charity's aims, and putting them into action. the Trustees have taken account of the Charitv
Commission's guidance on public benefit.
Summary of the main activities 20221231Septembef 2022 to August 2023)
In 2022123 we had 560 schools and 129 trusts in our partnership, with a school renewal rate of 79%.
maintaining high retention levels from the prior year. Following strong growth in the previous year125%
increase), we grew further in 2022123. reaching 369.365 pupi15 across all schools and trusts in our
partnership.
In January 2023, we published a five-year strategy setting out our ambition to enhance and extend our
partnership so that by 2027 we benefrt 5W,IXK) pupils each year. Our commitment to enhancing our digital
strategy was reinforced with the recruitment of a Direcror of Digttal Transfom)ation in July 2023.
A: Network of Excellence
The Challenge Partners, Network of Excellence INOEI serves as a professional learning comrnunity. School
improvement. trust programmes and networks lincludin8 hub51 are the vehicles by which leaders
collabor¥te, challenge and support each otherfs development. contributing to upwards tOAvergence of the
sector a5 a whole.
The NOE knowledge-sharing space brings opportunities to hear about leading practice an(1 find peer support
for susiainable school improvement. It includes access to a programme of inspiring speaker5 from the
education seclor and beyond. addressing topical and enduring themes.
We held three virtual National Network confe￿nCeS in 2022123. which received an average overall
satisfaction rating of 4.65 out of 5, focu55ing on our iheme of human flourishing.
Challenge Partner5 also delivered four Sharing Leader Pratlice events in 2022123, providing both in-person
and virtual opportunities for leaders from all phases to engage with specific excellent practice from other
schools in the network.
The skill of the facilitaiors we ￿cruit, train and quality assure is crucial to the success of Challenge Partners.
programrne5, nelworks and events. We make sure leading knowledge is in the room. so that excellent
practice becomes common practice. This is what drfterentiates Challenge Partners and makes collaboration
in our partnership such an impartFul experience for 311 our schools and trusts. Now in its third year. our
bespoke training provides excellent preparation for practitioners facilitatin8 collaboration and best practice
Sharing ihrough our programmes and networks. School leaders gain powerful CPD and it builds leadership
capacity across the system. In 2022123 we ran our highly rated facilitation training for a total of 34
practitioners, training them to join various programmes as practitioner facilitators.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 l¢ontinued)
Summary of the main activities 2022123 (September 2022 to August 20231 (continuedl
We have also developed our digr(al knowledge exchange offering to fvrther facilitate school collaboration,
with the help of fund5 provided by the David and Elaine Potter Foundation.
In 2022/23 we created a Hub Manager Network to support our hubs in collaborating and sharing best
practice. Thi5 launched with an in-person Senior Partner and Hub Manager Development Day, where all hubs
carried out a self-audit against our Hub Gold Standard. We held four further virtual sessions over the year.
We also piloted a Hub Manager Accreditation proces5 to support Hub Managers and improve consistency
across the hubs. Three Hub Managers achieved accreditation and received a £5￿) stipend to support their
ongoing leadership development in their Hub Manager roles.
Quality Assurance Review
Ourflagship programme, the Quality Assurance Review IQARI. is a th￿e-daY rigorous annLbal peer evaluation
of teaching and learning. curriculum and outcomes. and leadership at all levels. It has a sharp focus on how
schools support the most disadvantaged learners.
2022123 wa5 a record-breaking yearfor u5 as we delivered 413 QAR5. This exceeded our pre-pandemic record
of delivering 388 QARS in a single year. We also maintained extremely high Satisfaction ratings from both
host schools and Teviewers.
Over 95% of host schools reported they were saiisfied or highly Satisfied with their review experience and
97% of reviewers were either satisfied or highly satisfied with their experience.
C-. Growing the Top
The Growing the Top IGThI programme brirw together topperfomiing schools, for individual and shared
school improvementjourneys. drawing expertise frorn edvcation. business and beyond. They collaborate and
drive their schools and the education System to become world class. sharing excellent practice and exploring
challenges.
Thirty-tW0 schools took part in 2022123. 10 secondary. 14 primary and eight special schools. Following
feedback from previous attendees, this year we limited the time out of school for participatln8 leaders by
changing the mid-year event to virtual delivery.
The average feedback score was 4.7 out of 5 for host schools and 4.9 out of 5 for visiting school leaders.

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REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 AUGUSF 2023 {¢ontinuedl
Summary ot the main acti¥itie5 2022123 (September 2022 to August 20231 lcontinuedl
D: Extendin8 Leading Praclice
Extending Leading Practice IELPI is destgned for schools that are keen to make the shift from good to excellent
practice, matching them in trios or quads, with other schoo15 that Share iheir ambition. Schools focus on a
specific in-5chool improvernent initiètive linked to their school development p13n. A struciured programme
of facilitated school vi51ts allows school leaders to observe excellent practice in other schools and create or
co-create solutions to challenges.
In 2022123. there were 12 participating schools. Ifour secondary. five primary and three special schoo151 with
groups matched with a praciitioner facilitator to lead visit days. The average feedback score was 4.7 out of 5
for h05t 5choo15 and 4.8 out of S for visiting leaders.
The ELP and prograrnmes share whole cohort events. enabling wider networking and a greater sharing
of excellence as well as giving participants insights from beyond the education sector.
E: Jubilee Networks
These regional networks enable headteacher5 to build strong connections with peers across their area,
sharing knowledge. experience and different strategie5 for school improvement. A leadership focvs 15
embedded into the network approach. Schools in each network take turns to host all-day meetin85 for ei8ht
to twelve headteachers. showcasing areas of strength alongside areas for development. This provides
inspiration forvisiting headteachers to stimulate improvement in their own schools. The host school benefits
from the feedback, helping them to develop their approach funher.
In 2022123 we Saw a successful shift to pracirtioner-led facilrtation of Jubilee Networks, with trained
practitioners designin8 v￿lt day5 and creatin8 50tial caprtal. supported by Challenge Partners. Central Team.
This change wa5 well received and the average 5at15faction rating was 4.9 out of 5.
We also partnered with BTS Spark. a not-for-profit education practice within BTS. a multi-award-winning
global leadership consultancy. to pilot the delivery of leadership workshops during visit day5. These
successful events were iailored to the leadership development needs of the headteacher5 in each network.
The piloi is being assessed by ImpactEd as part of an independent evaluation of Jubilee Networks.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl
Summary ol the main a¢tivitie$ 2022123 Iseptember 2022 to August 20231 {c¢ntinued}
F: Trust Leader5. Netsvork and Trust Peer Review
Trust Leaders, Network
Our national Trust Leaders. Network (TLNI is an expertly facilitated space where CE05 and other Senior trust
leaders from across England share knowledge and best practice. It provides a supportive space for individual
and trust development aligned with each trust's priorities and context.
Leaders can access a range of artivities, including facilitated trust visit days, an interacttve business webinar
serie5, IdelNered in partnership with the Social Business Trust), a natiorhal Trust Leaders conference and an
optional leadership residential.
2022123 was the third year of the TLN and membership grew to 36trust leaders, seven morèthan in 2021122.
Survey rating5 across all aspects of the TLN saw the residential achieving a IC￿% satisfaction score, visit days
99% and webinar$ 95%.
The TLN was highly effettive in facilitating knowledge exchange between trusts. allowing those in potential
isolèied roles to share best practice and develop their leadership skills. resulting in strongertrusts and schools
for the young people they serve.
Trust Peer Review
This expert-led three-day peer review evaluates a school trust's effectivèness in driving improvement in its
schools and ovtcorne5 for the children and young people it serves. Recently relired CEOS of successful trusts
are trained in Challenge Partner5 methodology and lead a team of peer reviewers drawn from different trusts
across our national network. They work alongside the host trust to explore strengths. areas for development
and next steps.
In 2022123 we delivered 10 Twst Peer Reviews (TPRsl, uslng 40 trust leaders from 21 diffe￿nt trusts as
reviewers. We invited TLN participants to train as reviewers to join a team as a visiting reviewer. Satisfaction
with the programme was high. with 80% of host trust responden15 either satisfied or highly satisfied with
their experience of TPR. In addition. 84% of TPR ￿viewerS said they were highly satisfied with their
experience of the programme.
We piloted a regional model of the TPR for the first time. Four tn15ts in the South West agreed to review each
other in turn. deepening relationship5 over the course of the PTO8ramme. Three of the reviews thi5 yearwere
part of this pilot. This model will continue to be developed over the next year as an additional option for
trusts.
A TPR participant de5¢ribed ihetr experience as:"A valuable professional development opportunity. It was
great to work with other professionals and have the opportunity and time for discussion and reflection."

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGusf 2023 l¢ontinuedl
Future plans 202312024 Iseptember 2023 to Au8USt 2024)
We have an ambitw)us five-year growth ambition to expand in our partnership. so that by 2027 we reach
500,(X)O pupils a year. The sirategic initiatives to enhance our offer and reach and retain more schools,
especially in underserved areas, will progress alongside continuous improvement and innovation in
deliverin8 our current programrne5 and network5.
Our five key strategic initiatives are=
Improving our QAR capacity. systems and processes to build operational resilience as we scale
Enhancing our offer through ongoing innovation in our programmes. networks and subscrtption
models
Reaching and retaining more schools and trusts. especially in underserved areas
Building capacity and capability within our central team
Preparin8 for the future
A: Network of Excellence
We aim to continue providing an ex￿lIent experience for all partners and to maintain a consistently hi8h
retention rate in the years to come.
Retention efforts will also bring improvements in account management. supporting our hubs to achieve our
Gold Standard through..
More systematic and integrated customer care proce55es, $0 that we address issues speedily and
strategically
Extelleni programme and network delivery, including support. training and development of our
practitioner facilitators
• Tailored relationship rnanagement for schools and trusts based on their partnership level
Our Hub Managers Network and promotion of the Accreditation Scheme for Hub Managers
Two of three virtual National Network Conferences have been successfully delivered in 2023124. with an
average overall satisfaction rating of 4.6 out of 5. focu55in8 on our theme of human fk)uri5hing for all. We
have also delivered two out of a total of th￿e Sharing Leadin8 Practice events with an average satisfaction
rating of 4.5 out of 5.
Challenge Partners, continues to empower its facilitators to bring the ri8ht level of leading practice and
challenge into every discussion. whilst also retaining a collegiate environment which ¢5 both safe and
5UPPOrtive. Our knowledge exchange principles remain embedded in the design and delivery of all
programmes and networks. and these are evaluated for impact. We have increased our focus on accrediting
area5 of excellence. using 2023124 to ￿-explore how schools and trusts might directty share leading practice
beyond the structured network and programme events we offer.
Our d￿lta1 knowledge exchange strategy was enhanced in 2023124. with the launch of our new website in
November 2023, allowing our partners to access infomiation more quickly and easily.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl
Future plan5 202312024 (September 2023 to August 2024) Icontinuedl
8: Qualilv Assurance Review
We are on track to deliver another retord number of reviews. 450 revlews in 2023124. Thi5 is our largest
number to date, increasing on the record-breaking nvmber of 413 reviews delivered in 2022123.
Most 5choo15 sign up for the OAR and we a￿ committed to buildin8 capacity, systerns and processes, so that
we can smoothly deliver this programme to our schools and scale it as we grow.
Scheduling has previously been a key challenge to programme delivery. However, the new software rolled
out in Spring 2023 has proved to be a great success. enabling schools to sign up and schedule their review
when they join or renew as a full partner. As a result, we had an unprecedented number of reviews booked
in before the start of the new 2023124 academic year.
Improving our technology and how schools engage with us is an important part of our future development
and digital capital. We plan to develop further functionality to OLtrr subscription and scheduling system5 in
2023124, so schools and reviewers can engage in an efficient and productive way, while reducing the need
for manual intetventKJns by our Central Team.
Improvements include=
IteratNe improvements to the scheduling process
Allowing school leatlers to book themselves onto QARS as reviewers
Improving communication around reviewer commitment and making it easier to identify
opportunities to engage with the OAR in different ways
Growing the number, geographic Sp￿ad and phase expertise of our Lead Reviewer5 to increase our
pool
C: Growing the Top
There are 34 schools participating in GTh for 2023124 (seven secondary, 20 primary and seven special
schools). with practitioner-facilitated visit days hosted by each school. Fifteen of the 34 schools have
previously taken part in the programme.
Participating schoob will benefit from two in-person and one virtual whole-cohort events, alongside ELP
schools. bringing them together for further knowledge sharing and to build social capital. They'll hear from
speakers from the world of education and business on tOPlCS such as wellbeing. policy, diversity and inclusion
and maintain out5tandin8 performance. Following feedback from previous GTh and ELP cohorts, we are
trialling merging the mid-year event with the National Network cOnfe￿nce to ensure high*uality input and
further reduce the time commitment required for school leaders.

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REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 AUGUST 2023 l¢onlinuedl
Future pl•ns 202312024 (September 2023 to August 2024) Icontinuedl
D: Extending Leading Pradice
Now in its third year of delivery. the ELP programme Invo￿eS 17 schools in 2023124 Ifwe secondary, six
primary aAd six special schools).
Alongside the Grr cohort, ELP schools will benefit from two in-person and one virtual whole-cohort event5.
Lookin@ ahead. our challenge for both GTh and ELP will be to scale both programmes by marketing the
progrèmmes to the wider partnership. as well a5 new lead5. We will a150 be working to embed effective
internal systems to support delivery to a larger number of school5.
E.. Jubilee Networks
Secondary jubilee Nelworks continue in the Midlands and South-central regions in 2023124. The Primary
Jubilee Network in the Midlan(Js also continues. In addition. we have launched a new Primary Jubilee
Network in the South-central re8ion. This year all Jubilee Networks are facblitated by practitioners. who are
takin@ a more direct role in designing visit days and liaising with iheir groups, with support from the Central
Team.
This year, we are continuing to partner with BTS Spark to deliver leadership workshops during Jubilee
Network vi51t days and are monitoring the value of these inputs. We are working with ImpactEd to evaluate
the impact of Jubilee Networks and gain insights to support their growth and developments.
There are opportunities io grow MO￿ Jubilee Networks in areas of the country where we are
underrepresented, where budgets are constrained andlor schools or sponsors are looking for valuable ways
for leaders to benefit from knowledge exchange and leadership development.
F: Trust Peer Review and Trust Leaderf Network
Trust Peer Review
We have innovated our TPR framework for 23124 by bringing it into line with the Confederation of School
Trusts, ICSTI Strong Trust5 A5sur8nce Framework. which Challenge Partners contributed to. We continue to
improve TPR operaiions and Quality by bringing key processes and quality assurance in Ibne with approache5
used for our flagship QAR.
We are building on the succe55 and impact of our South-west group TPR by offering this model as an
alierrbatwe to participation in our national TPR programme.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl
Future plans 202312024 Iseptember 2023 10 August 2024) {tontinued)
F: Trust PeeT Review and Trust Leaders, Network {continuedl
Trust Leaders, Network
The TLN has grown to 41 members in 2023124. with 20 of these returning members. This year we have
introduted two practitioner facilitators to facilitate trust visits. working closely with h05t trusts to design the
agenda, with support from Challenge Partners.
In 2023/24, we will facilitate five tTUSt visits and three business webinars in partnership with the Social
8usiness Trust. Network members can train as Trust Peer Reviewer5 and join the two-day Trust Leaders.
Residential. They will also have the opportunity to recerve executNe coaching from BTS Spark. The Trust
Leaders, Conference will take place in July 2024 and this year we are partnering with the CST.
G: SEND Developmental Peer Review
In January 2024, we launched our special educational needs and disability ISENDI pilot programme with 37
schools. Schools paid a fee of £2,000 each to take part and two local authorities sened up a number of their
schools.
The pro8Tarnme aims to improve provision and outcomes for SEND students attending mainSt￿8M schools.
Participating schools self-evaluate their SEND provision. then receive honest and insightful feedback from
peers in expert-facilitated days. It enables schools to leam from each otherfs strengths and collaborate on
solutions to common challenges. supporting each other to improve and deliver the best for their pupils with
SEND.
Our next steps are to evaluate the pilot and prepare to scale the programme for the future by improving our
internal 5y5tems. We are seeking funding for an external evaluation in 2024125 and to disseminate findings
in the wider education sector.
H: Middle Leaders Quality Assurance Review
This hub-led programme was rolled out to the network in Autumn 2023, following a successful pilot and
independent evaluation. Drawing on principles from our QAR programme. the Middle Leaders Qualpty
Assurance Review IMLQARI is designed to support School improvement at a hub level through developing
middle leadership in schools. Challenge Partners ran virtual training for senior leaders to become Lead
Facilitators and lead one- day MLQARS. We also provided hubs with a programme pack of resources that
support the coordlnation of reviews and video training for middle leaders.
Eight hubs have signed up to the MLQAR. We will evaluate the roll out through focus groups and case studies,
with the aim of expanding the number of hubs participating in 2024125.
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REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 AUGUST 2023 (continued)
Financial Review
Challenge Partners receive(J £2.9fmill"ion ol income-in'-the-year ending-3..￿Aug￿$t-2O23,.Wrth.OUtg0irI8S
totalling £2.95 million. delivering a surplus of £0.01 million 12022: £0.15 million). The Trustees and
Management had agreed to increase spending in 2023 in order to facilitate future growth. While this did
increase costs. the investment was essential to increase skills. knowledge and expertise. to enable ourgrowth
ambition of enhancing the outcomes for 5LK).OQK) pupils a year by 2027.
The principal sources of funding for the year were=
£2.63 million from the NOE, primarily partnership subscriptions. These funds are used to support
schools In improving at a rate above the national average
£0.29 million from the grant incorne, gifts and donations. £0.08 million of which came in the form of
a gift in kind as business consulting
Reserves held a5 at the end of the year omounted to £429,19812022 £417,359). The reserves were splil as
follows:
unrestricted reserves £429,19812022 £417.3591
restricted reserves £012022 £01
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REPORT OF THE TRUSTEES FOR TTrIE YEAR ENDED 31 AUGUST 2023 Icortlnuedl
Financial Review Icontinuedl
The Trustees adopted è Cash Reserves policy durin8 the year. with a requirement for the tharity to retain
between three and nine month5 of expenditure as cash available at bank at any one time. A RAG status has
been adopted to report to the Trustees in a timely manner to ensure that cash reserves remain strong to
support the charity during this period of 8rowth. Cash reserves at the end of the year were at RAG status
Green, with no concerns highlighted for the twelve months forecast from the end of the month. Cash. income
and expenditure forecasts are updated on a monthly basis as a matter of course with Trustees. The ChJir of
the Finance and Audit Committee IFACI is consulted with if there is a deviation from agreed budgets and
plans. none of which have occurred in the months to Signing of the account5.
Fundraising
In order to achieve our ambitlOUS growth strategy. Challenge Partners appointed it5 first in-house FundraisinB
Lead during the Summer of 2023. This is a pivotal role enabling Challenge Partners to innovate and grow its
support for even more Schoo￿ to enhance outcomes for their pupils.
Challenge Partners actively raises funds from trusts. foundations. corporates and other fundinB
organisations. We are focus5ing on raisin8 unrestricted funds to cover core costs. however restricted funds
are also being sought to develop and grow our digital infrastructure to enhance the back-office technologies
surrounding Finance & Human Re50urce5 and implement technology improvements to erbable 8reater
efficiency and ease of use for QAR scheduling for all parties. Restricted funds. if granted. will a150 allow
further innovations to enhance our offering in the changing and challenging education environment.
We continue to benefit from the generosity of individual donors. trusts and foundations. and remain
extremely grateful for their support. During the financial year. Challenge Partner5, operations were funded
by:
Social Business Trust
Permira Foundation
Garfield Weston Foundation
Barr3tt Foundation
David and Elaine Potier Foundation
rx Markets
Our overall fundraising objective is to diversify our sour￿5 of fundin8 and 5UPPOrt innovation and
improvement in our partnership. Over the comin8 year. our priorities are.. to steward our existing
relationships with a view to securing further long-term grants. build ￿latIOnShipS and develop bids with new
trusls. foundations and corporates, and assist school trusts to access funding from the TfiJSt Capacity Fund
to spend with us.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 l¢ontinuedl
Cash Reserves Policv
Challenge Partners. cash reserves policy is to maintain a minimum three months staffing costs plus £50,000
to cover for contingency ir7 case of substantial loss of revenue where the company needs to cease
trading. We a150 rnaintain a level of contingency fund for opportunit￿5 that foster and promote the mission
of the charity. The unresiricted cash reserves required to meet three months staffing costs and cover for
contit)gency are £305.79512022.' £285.7991.
Unrestricted cash reserves as at 31 August 2023 amounted to £l,727.487 12022.. £1,341.0361. These cash
reserves allow Challenge Partners to address and financialty manage the consequences of any unforeseen
events or to take advantage of fresh opportunities that further Challenge Partners, aims and objectives.
Trustees periodically review the cash reseryes policy to ensure il meet5 the requirements of the charity.
Principal Risk5 and UncertaiDlies
Aisk management is central to Challenge Partners, ability to deliver its mission and objectives. Challenge
Partners applies multiple ways of identifying and managing risks through the Leadership Team ILTI, the FAC
and the Board.
The organisational risk register is a shared tool through which we record financial. strategic and operational
risks and strategies to mitigate these risks. The Board leads on the review and approval of the or8ani5ational
risk register. This process helps Challenge Partners to identify and assess potential risk5 and to develop
effective mitigatton strategies.
Financi81 risk management is implemented through rigorous budget control and monthly cash flow
mana8ement which ensures only secured funds are spent. The LT interacts with the FAC and implements the
scheme of delegation on i55ues ih3t need ￿pOrting to the FAC. Monthly management accounts discussions
are held at a senior management level and at the FAC. The management accounts are also presented to the
Board. The FAC review5 risks. challen8e5 and key financial management policies and assumptions. The FAC
enSU￿S that the annual budget is adequately funded and makes Tecommertdatiofis to the Board for
adoption.
Strategic risks are identified bythe LT. who lead on managing these risks and notifyingthe FAC and the Boar(l.
Operational risk is identrfied and bespoke mitl8Otions are undertaken by the delivery tearns. who review
programme activities as part of the regular prograrnme monitoring activities.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AVGVST 2023 Icontinuedl
Prin¢ipal Risks and Uncertainties Iconlinued)
Challenge Partners identrfied and mitigated for the following key risks in 2022-2023..
Major risk
Mitigations
Financial Sustainability and income diversrfication
l. Grant application5, 5w)nsorship and
fundraising plans
2. Diversifying income streams through long
term partnerships
3. Maintaining clear budgeting and monitoring
pmcesses
4. Raising income through growth. fundraising
and further price increa5e5
l. Lack of breadth to our income source and
an over reliance on donations
Inflationary pressures on budgets
Internal staffinglcapatitylsystems challenges
l. Ongoing development opportunities
internally to Stretch. develop and grow our
own
2. Two months, notice period allows a long
ad in time for handover
3. Regular revTrew of staffing ensuring the right
people are in the right role5
Reflections around what worked/didn't
around operatbonalisation of offer
5. Looking to where we can further automate
to support delivery
6. Further staff training to develop skills and
drill into where responsibilities lie
Key personnel leave the organisation
Internal infrastructurelprocesses do not
keep up with our Inc￿a51n8lY complex
offer
3. Insufficient skillslcapacity for
innovationlother projects
Changes to the sector impacting our relevance and
perceived value for schoo15
l. Continue to demonstrate and communicate
the benefits of external challenge and
support
2. TPR and TLN to increase in profile and
significance to support trusts
3. Flexibility of trust package
4. Use of technokngy to support collaboration
virtually
l. Increase in school trusi si2e and capacity
making them less likely lo look to extemal
organisations for collaboration and support
2. Recruitmentlretentionlfunding pressures
mean schools could be less open to outside
of sthool collaborative work
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl
sTRU￿URE. GOVERNANCE AND MANAGEMENT
Challenge Partners was incorporated 05 a Company Limited by Guarantee on 27 April 2012. It was registered
as a Charity Istandard registration) governed by its ArtKles of Association 9 October 2012. Challenge Partner5
is a charity registered in England and Wales111492661 and is regulated by the Charity Commi5SiOn.
We are a nationwide network of schools working together to improve education outcomes for all. Our goal
is to reduce educational inequality and improve the life chances of all children. Through collaboration.
challenge and leadership development, we are working io ensu￿ every school community can benefit from
the combined wisdom of the whole System.
Challenge Partners has a Board of Trustees committed to manage the business of the Charity and mav
exercise all the powers of the Charity unless they are subject to any restrkCtion5 imposed by the Companies
Acts, the Articles or any Special Resolution. The number of Trustees shall not be les5 than three and lunle55
otherwise determined by the Trustees) there shall be no maximum. The Trustees shall ensure that there are
always sufficient Tru51ees so ihat the busbness of the Charity is adequately governed. The Chief Executive
shall be a Trustee ex officio. Any individual who become5 a Trustee will automaticalty be deemed to have
been appointed as a member al the same time.
The term of office for all Trustee5 Isave for the Chief Executive) is three years. Trustees a￿ eligible for
reappointment at the end of their term up to a total maximum of three consecutive terrn5, following which
they will not be eligible for appointment aEain for one year. In exceptional circurnstance5 and where it is in
the inierest ol the Charity to do so. Trustees may agree by Special Resolution to reappoint a Trustee for a
further specified temi of no more than one year. folbowing which they will not be eligible for appointment
again for one year.
The 8oard of Tru5tee5 also ha5 a separate committee=
Finance. Risk and Audit= to monrtor and review audit aclNit*s, the risk and control
Framework. along with ihe 5talutory actounts/annual report
The Board of Trustees delegate the responsibility for the day-to-day management of Challenge Partners to
the LT Policy, strate8ic and implementation plans are prepared by senior management for consideration and
approval by the Board of Trustees. In 2022123 the LT was comprised of the following members..
Chief Executive
Executive Director
Managing Director
Director of Finance and Operation5 lioined April 20231
Head of Finance and Operations Iresigned January 20231
Director of Partnership Development
Head of Strategy and Innovation
Head of Programmes. Networks and Evaluation
• Director of Digital Transformation O'oined Juty 2023)
16

-(HALLENGEZ
.pllt21fj14Et2S
CHALiENGE PARThERS
REPORT OF THE TRUSTEES FOR THE YEAR ENOEO 31 AUGUST 2023 l¢ontinued)
TRusfEES' RESPONSIBILITY STATEMENT
The Trustees (who are also the directors of Challenge Partners for the purposes of company lawl are
responsible for preparin8 the Report of the Trustees and the financhil statements in accordarbce with
applicable law and United Kingdom Accounting Standar(ls (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 the income and expenditure of the
charitable company for that period. In preparing ih05e financial statements, the Tmstees are required to..
select suitable accounting policies and then apply them consistently:
obseThe the methods and principles in the Charity SORP,.
make judgement5 and estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards have been followed, 5ubje¢t to any dep8rtures
disclosed and explaifted in the financial statements..
prepare the financial siaiements 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 posilion of the charitable company and to enable thern to ensure that the f￿nancIal
statements comply with the Companies Act 2006. They are also responsible for 5afeEuarding the assets of
the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and
other Ir￿gUIar1ties.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the Trustees are aware. there is no relevant information las defined by Section 418 of the Companies
20061 of which the charitable company's auditors are unaware, and each trustee has taken all the steps
that they ouBht to have taken as a trustee in order to make them aware of any audit information and to
establish that the charitable company's audiior$ 3re aware of that information.
AUDITORS
The auditors. Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the
Companies Act 2006.
This report has been prepared in accordance wi(h the special provisions of Part 15 of the Companies Act 2ts
relating to small companies.
Approved by order of the Board of Trustees on 7 May 2024 and signed on its behalf by".
Christopher Davison- Chair of Trustees
17

-CHALLENGEZ
.PARTNERS
CHALLENGE PARTNERS
Independent auditorfs rep)rt to the members of Challenge Partners
Opinion
We have audited the financial statements of Challenge Partners for the year ended 31 August 2023 which
¢ornprise the Statement of Financial ActNlties. the Balance Sheet. the Statement of Cash Flows and notes to
the financial statements. including a summary of signrficant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standords, including Financial Reportin8 Standard 102 The Finqnci(Jl Reporting Stondord opplicoble in the UK
ond Republic of Irelond (United Kingdom Generalty Accepted Accounting Practice).
In our opinlon, the finanaal statements:
give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of the
chaTltable company'5 net movement in funds. including the income and expenditure, foi 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 Companie5 Act 2(X)6.
Basis for apinton
We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the ALbditols
responsibilities for the audil of the financial statements section of our report. We are independent of the
charity 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 15 sufficient and
appropriate to proV￿e a basis for our opinion.
Conclusions relating to going contem
In auiliting the financial statements. we have concluded that the tmstees, use of the going concern basis of
accovnttng in the preparation of the financial 5taternents is approprlate.
Based on the work we have performed. we have not identified any material uncertairbties relating to events
or conditions that. individually or collectivety. may cast significant doubt orb the charbtable company's abilitv
to continue as a going concern for a period of at least twelve months from when the financial statement5 are
authorised for issue.
Our re5pon5ibilitie5 and the responsibilities of the trustees with ￿SpeCt to going concern are described in the
relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Report of the Trustees. Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explKitly stated in our report. we do not express any form
of assurance conclusion thereon.
18

CHALLENGEZ
.ptxt21ffrJEt2S
CHALLENGE PARTNERS
Independent auditovs report to the members of Challenge Partners Continued
Other informatlon Contlnued
In connection with our audrt of the financial statements, our responsibility is to read the other information
and, in doing so. consider whether the other information 15 rnaterially inconsistent with the financial
statements or our knowledge obtained in the audit or othe￿1$e appear5 to be materialty misstated. If we
identify such material inconsistencies or apparent material misstatements. we are required to determine
whether there is a material misstatement in the financial statement5 or a material misstatement of the other
information. If, based on the work we have performed. we contlude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regar(l.
Opinions 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 Tru5tee5 Iwhich includes the strategic report and the
directors. report prepared for the purposes of company lawl for the financial year for which the
financial statements are prepared is con515tent with the financial Statements. and
the strategic report and the (lirectors. report included within the Report of the Trustee5 have bee
prepared in accordance with applicable legal requirement5.
Matters on whlch we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtairbed in
the course of the audit. we have not identified material missiatements in the Report of the Trustees Iwhich
irbcorporates the strategK report and the directors. report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if. in our opinion=
adequate accountln8 records have not been kept by the charitable company.. or
• the charitable company financial statements are not in ￿reernent with the accounting records and
returns- or
certain distlosures of trustees, remuneration specified by law are not made,. or
we have not received all the information and explanations we require for Ouf audit.. or
the trustees were not entitled io prepare the financial statements in accordance with the Small
companies. regime and take advantage of the small companies. exemptions in preparing the
trustees, report and from the requirement to prepare a strategic report.
Responsibilities of trustees for the financial statements
As explained more fully in the tru5tee5' responsibilities statement set out on page 17 the trustees Iwho are
also the directors of the charitable company for the purposes of company lawl are ￿Sponsible for the
preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for
SLtch internal control as the tru5tee5 determine is necessary to enable the preparation of financial statements
Ihat are free from material misstatement. whether due to fraud or error.
19

-CHALLENGEZ
.PARTNERS
CHALiENGE PARTNERS
Independent auditorfs report to the members of Challenge Partners Conilnyed
Responsibilities of truslees for the financial statements continued
In preparing the financial statements. the trustees are responsibk for assessing the charitable companrfs
ability to continue as a going concern. disclosin& 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 rbo realistic alternative but to do so.
Auditorfs 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 mi55tatement. whether due to fraud or error, and to issue an auditorfs report that includes
our opinion. Reasonable assurance is a high level of assurance. but 15 not a 8uarantee that an audit conducted
in accordance with ISAS IUKI 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 a￿TeBate, they could
reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial
5taiemenis.
Irregularities, bncludin8 fraud, #re instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above. io detect materi31 misstatements in respect of
irregularities. including fraud. The extent to which our procedures are capable of detecting Irregularit￿5.
including fraud is detailed below=
Based on our understanding of the charitable company and the envrronment in which it operates. we
identified that ihe principal risks of non-compliance with laws and regulations related and we considered the
extent to which non-cornpliance might have a material effect on the financial statements. We also considered
those law5 and regulations that have a direct impact on the preparation of the financial 5taternents such as
the Companies Act 2(X)6 arbd the Charities Act 2011 and consider other factors such as payroll tax and 531e5
tax.
We evaluated management's incentives and opportunitie5 for fraudulent manipulation of the financial
statements (including the risk of override of controls). and determined ihal the principal risks were related
to the completeness and cut-off of subscription and grant income. Audit procedures perfom)ed by the
engagement team included:
Inspecting correspondence with regulators and tax authorities,.
Discussions with management including consideration of known or suspected instances of non-
compliance with laws and regulation and fraud..
Evaluating management's controls designed to prevent and detect irregularities,.
Identifying and testing journals. in particular journal entries posted with unusual account
combinations. postbngs by unusual users or with unusujl descriptions- and
Challenging assumptions and judgements made by management in their critical accounting
estimate5. in particular ihe recognition of grarbt and subscrbption income.
20

CHAILENGEZ
CHALLENGE PAIITNERS
Independent auditorfs report to the Members of Challen8e Partner5 Continued
Auditorfs responsibilities lor the audit of the financial statement5 continued
Because of the inherent limitations of an audit, there is a risk that wewill not detect all irregularities. including
those leading to a material misstatement in the fi.nancial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements. as we will be less likely to become aware of in5tance5 of non-
compliance. The risk is also greater regarding irregularities occurrin8 due to fraud rather than error. as fraud
inVo￿e$ inientional concealment. forgery. collusion. omission or misrepresentation.
A furtherdescription of our responsibilities forthe audit of the financial statements is located on the Financial
Reporting Council'5 website at.. www.frc.or
audrtorsres
nsibililies. Thbs description forms pan of our
auditorfs report.
Use of our report
This report is made solely to the tharitable company's members, as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work ha5 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 permilted by law. we do not accept or assume responsibilily to anyone
other than the charitable company and the charitable company's members. as a body, for OLbr audit work. for
this report, or for the opinions we have formed.
Vikram Sandhu (Senior Statutory Auditor)
10 Queen Street Place. London, EC4R IAG
For and on behalf of Hay5macintyre LLP. Statutory Auditor
London
Date.. 9 May 2024
21

-CHALLENGEZ
-PARTNERS
CHALLENGE PARTNERS
STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 AUGUST 2023
Note
Vnrestrirted Restricted Total Funds Unrestricted Restrirted Total Funds
Funds
Fund5
2023
Funds
Funds
2022
Income from..
Charitable xtivities
Excellence for Everyone
Network of Excellence
Sirategic Business Development 2
Getting Ahead London
Other income
Total income
16,482
46.850
46,591
52,860
80,000
26,933
25,005
1 214 928
16.482
2.395.208
46.591
132,860
51,938
2 643 079
2.811.685
39.288 2,850.973
76.128
76.128
2.348.358
35,678
2 847 363
35.678
115 416 2 962 779
Expenditure on:
Charitable activities
Excellence for Everyone
Network of Excellence
16,482
46.850
46.591
86.148
16,482
2,240,865
46.591
139.008
51.938
2,835.524
39.288 2,874.812
76.128
76.128
2.194.015
Strategic Business Development 3
Getting Ahead London
Other Expenditure
52.860
26.933
25.C#)5
Total empenditure
2 835 524
115 416 2 950 940
2 273 808 221076
2 494 884
Net movement in lunds
11.839
11.839
417.359
154.343 16.1481
263.016
6.148
148.195
269,164
Total funds brought forward
417.359
Total funds carried lorward
13
429 198
429 198
417 359
417 359
The Statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure arise from continuing operations.
22

CHALLENGEZ
CHAILENGE PARTNERS
BALANCE SHEEf AS AT 31 AUGUST 2023
Registered Company number.. 08048330
Note5
2023
2022
FIXED ASSET5
Intangible assets
Tangible a5setS
10,225
16,218
io
24,580
26.443
24,580
CURRENT ASS￿5
Debtor5
li
16.436
105,833
Cash at bank and in hand
1.750.607
1.341.036
1,767,043
1,446.869
CREDITORS: amO￿t$ falling due within one year
12
11,364,288)
11.054.090)
NET CURRENT ASSETS
402,755
392.779
NEf ASSErs
14
429 198
417 359
FUNDS:
Unre5tritted funds
14
429.198
417.3S9
Restricted funds
13.14
429 198
417 359
The financial statements were approved by the Board of Trustee5
on behalf by..
and were signed on its
CJ
Christopher Davison- Chair of Trustees
7 May 2024
23

(HALLENGEZ
@PA
CHALLENGE PARTNERS
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023
2023
2022
Cash Ilows from operating artivities:
Nei cash provided by I (used in) 4)perating acti¥ities
423.196
1341.364}
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash used in investing activities
113.6251
(13.625}
116,3711
116.3711
Increaselldecreasel in cash and cash equN3lents in the
year
409.S71
1357.7351
Cash and cash equivalents at beginning of year
1.341.036
1.698,771
Cash and cash equivalents at end of year
1341036
RECONCILIATION OF THE NET INCOME TO NET CASH FLOW FROM OPERATlhlG ACTIVITIES
2023
2022
Net income per SOFA
Adjustments for:
Depreciation
Decrea5ellincrea5el in debtors
Increa5e/ldecrea5el in creditors
Net cash provided by l {used in) operating activities
11.839
148.195
11,762
89.397
8.193
166.1681
1431.5841
310.198
423 196
Analysis of cash flow and net debt
I September
2022
C•shflow
31 August
2023
Cash at bank and at hand
1.341.036
1341 036
409.571
1.750,607
1750 607
Total
24

-CHALLENGEZ
.PARTNERS
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
I. ACCOUNTING POUCIES
Basis of preparing the financial sLitements
The financial statements of the charitable company, which is a public benefit entity under FRS 102. have been
prepared in accordance with the Charities SORP IFRS 1021'Accounting and Reporting by Charities.. 5talement
of Recommended Practice applicable to charities preparing their accounts irb accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191,,
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland. and the Companies Act 21]06. The financial statements have been prepared under the historical cost
convention.
Having reviewed the funding facilities available to the charity togetherwith the expected demand and proven
high renewal rates across the network and the resvlting projected cash flows, the Board of Trustees have no
material uncertainties with ￿SpeCt to the going Con￿[￿ status of the organisalion and have a reasonable
expectation that the charity has adequate resources to continue its activities for the foreseeable future.
Accordingly. they continue to adopt the going concem basis in preparing the financial statements.
Income
All income is ￿CogniSed in the Stalement of Financial Activities ISOFAI in the period to which it relates to.
and that it is probable that the income will be received and the amount can be measured reliablv.
Subscription fees that have been paid in full and specifically relates to the next financial year have been
deferred.
Expenditure
Liabilities are recognised as expenditure as soon a5 there is a legal or constructNe obligation committing the
charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement
and the arnounl of ihe obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis
and has been classified under headings that aggregate all cost ￿lated to the category. Where tosts cannot
be directly attributed to particular headings they have been allocated to activities on a basis consistent with
the Use of resources.
Allocation and apportionment of costs
Support Costs are expendilure incurred directly in supporting charitable activities and are allocated to
activities in proportion to the use of central services. Governance costs comprise costs involvinE the public
accountability of the charity and its cornpliance wbth regulation and good practice.
Pensions
Defined contribution pension plan
A defined contribution plan is operated for its employees. A defined contribution plan is a pension plan under
which Challenge Partners pays fixed contribution5 into a separate entity. Once the contributions have been
paid, Challenge Partners has no further payment obligations.
The contributions are recognised as an expense in the 50FA when they fall dve. Amounts not paid are shown
in accrvals as a liability in the Balance sheet. The assets of the plan are held separately from the Challenge
Partners in independently administered fund5.
25

. CHALLENGEZ
Di
CHALLENGE PARTNERS
140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl
I. ACCOUNTING POUCIES Icontinuedl
Intangible assets
Intangible assets are initialty recogni5ed at cost. After retognition. under the cost model. intangibles assets
are measured at cost less any accumulated amortIsat￿Tr and any accumulated impairrnent105ses.
The estimated useful lives range as follows:
Website Development
3 years straight line
At each reporting date an assessment is rnade as to whether there is any indication of impairment. If such
in(lication exists, the recoverable amount of the a55et is determined which is the higher of it5 fair value le55
costs to sell and its value in use. An impaimient loss is recognised where the carrying amount eX￿ed5 the
recoverable amount.
The assets residual valves. useful lives and omortisation method5 are reviewed and adjusted prospectively if
appropriaie, or if there is an indication of a signrficant change since the last reporting date.
Tangible fixed assets
Tangible fixed a55ets are stated at cost less accumulated depreciation and accumulated impairment1055es.
Depieciation is provided at the following annual rates Trn order to write off each tangible fixed asset over its
estimated useful life.
Fixtures and fittin85 and equiprnent
4 years stra4ght line
The a55ets' residual value5, Useful lives and depreciation methods are reviewed and adjusted prospectivelv
if appropriate, or if there is an indication of a significant change since the last reporting date.
The capitalisation policy is to capitali5e all individual assets which cost MO￿ than £500.
Fund accounting
Unrestricted fund5.' General funds are available for use at the discretion of the Trustees in furtherance of the
charitable objectives of the charity. Designated funds represent funds set aside by the Trustees in order to
fund specrfic projects.
Restricted funds are to be used in accordance with the specific restrictions imposed by ihe donors. The aims
and use of restricted funds are set out in the notes to the financial statement5. Income is recognised against
related expenditure as it is realised.
H•re purchase and leasing cornmitments
Renta15 paid under operating leases are charged to the SOFA on a strai8ht-line basis over the period of the
lease.
26

CHALLENGEZ
.PAG21fNEt2S
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl
I. ACCOUNTING POLICIES l¢Mtlnued)
Jud8ments in applying accounting policies and key sources ol estimating un¢ertainty
In the application of the accounting policies. the Trustees are required to make judgements, estimates and
assumptions about the tarrying value of assets and liabilities that are not readily apparent from other
sources. The estimates and underlying assumptions are based on historical experience and other factors that
are considered to be relevant. Actual resuk5 rnay differ from these estimates.
The estimates and urhderlying assumptions a￿ rev*wed on an ongoing bas￿. Revisions to accounting
estimates are recognised in the period in which the estimate is revised rf the revision affects only that period.
or in the period of the revision and future periods if the revision affected current and future periods. The
main items wiihin the financial statements where judgements ond estimates have been made is in relation
to the valuation of gifts kind Jnd provisions with respect to trade debtors.
27

. CHALLENGEZ
pllt21ffriE61S
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued)
2. INCOME FROM CHARtTABL£ ACTIVITIES
SubsEription
intome
Grant
Donated
Other
income
2023
Total
income
senfflces
Network of Excellence
Strategic Business Development
Other income
2.632.685
218.288
2.850.973
76.128
35,678
2 962 779
76.128
35,678
Total income
2 632 685
Sub5CriPtion
income
Donated
services
Other
2022
Total
income
income
Excellence for Everyone
Network of Excellence
16.482
46.850
25.206
80.0(K)
25,(K)S
193 543
16,482
2,395.208
46.591
132.860
51,938
2 643 079
2,348.358
Strategic Business Development
Getting Ahead London
Other income
21.385
52.860
26,933
Total income
CHARrrABLE ACTIVITIES COSTS
Governance
Oirect costs Support costs
costs
2023 Totsl
Network of Excellence
2,439,423
76,128
15,983
405.406
14,000
2,858,829
76,128
15,983
Strategic Business Development
Other expenditurelpilot pro8rammes
Total charitable artivities expenditure
2 531 534
2 950 940
Governance
Dirert costs Support costs
C05t5
2022 Total
Excellence for Everyone
Network of Excellence
13.186
1.894.461
46,591
86.148
3.296
334,854
16,482
2,240,865
46.591
11,SSO
Strategic Bu5ine55 Development
Getting Ahead London
Other expenditurelPilot programmes
Total charitable activities expenditure
52,860
10,388
139.008
41,550
2 081936
51.938
2 494 884
28

CHALLENGEZ
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl
SUPPORT COSTS
2023
2022
Gr05s salarie5
246.010
29,375
9,416
6.857
3.836
3.103
3,274
4.711
26.206
31.270
9.405
11.538
3.748
11,762
4.895
233,464
29,631
10.023
5,483
2,882
3,011
2,358
1,149
26.498
34.856
5.918
7,575
3,190
8,193
5,873
21,294
401398
Employer'5 natiorbal insurance
Pension
Health insurance
Insurance
Telephone
Postage. printing and stationery
Sundries
Rent
IT costs
Subscriptions
Accountancy
Marketing and design
Depreciation
Travel costs
Recruitment
Total support costs
Gros5 Salaries, Employers, national insurance and Pension costs have been rèstated in 2022.
GOVERNANCE COSTS
2023
2022
Auditor's remuneration
29

-CHALLENGEZ
PARTNERS
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 Icontinuedl
NET EXPENDITURE
2023
2022
Net expenditure is stated after charging-.
Auditor's remuneration
14.(V)
11.762
26.206
11.550
8.193
26,498
Depreciation
Operating leases- rent and service charge
TRUSTEES, REMUNERATION ANO BENEFITS
Dr Katherine Chhatwal 08E was paid a salary in respett of her role as Chief Executive and serves as a tTU5tee
ex officio. Remuneration £120,LKK) £130.(KKJ 12022.. £110,(M)0 - £120,0(K)l. The payments have been
authori5ed in accordance with the charivs governing document.
Trustees. expenses
Two Trustees We￿ reirnbLTrrsed travel expenses of £24912022 - £446, three Tru5tee51 during the year.
STAFF COSTS
2023
2022
Wages and salaries
Social security costs
Pension costs
1.101,744
122,442
49.178
1 273 364
905,585
106,327
41.886
1053 798
The total remuneratiorb of key mana8ement personnel in the year was £623,39012022= £623.4201.
Key Management Personnel comprise..
Chief Executive
Executive Director
Managing Director
Director of Finance and Operations
Head of Finance and OperatK)ns
Director of Partnership Development
Head of Strateby and Innovation
Head of Programmes. Networks and Evaluation
Direttor of Digital Transformation
-oined Juty 20231
(J'oined April 20231
IresEned January 20231
30

CHALLENGEZ
CHALLENGE PARThIERS
NOTES TO THE FINANCIAL STATEMETrU5 FOR THE YEAR ENDEO 31 AUGUST 2023 Icontinued)
STAFF COST5 (conlinuedl
The average monthly number of employees durin8 the year was as follows..
2023
2022
No.
No.
Head count
25
24
Full time equivalent employees
24
23
The nuwnber of employees whose employee benefits exceeded £60,ThXI, with employer national
insurance contributions of £46.59112022.' £45,6431=
2023
2022
No.
No.
£60.001- £70,000
£80,001- £90,000
£90.001- £100,(XKJ
£IIO.C4JI - £120.QKKI
£120.001- £130.￿0
Dr Katherine Chhatwal OBE was paid pension contributions in respect of her role as Chief Executive and
serves as a trustee ex officio.
INTANGIBLE ASSETS
Website
Developmenl
COST
Opening balance I September 2022
Addilion5
10,225
At 31 August 2023
OEPRECIATION
Opening balance I September 2022
Charge for the year
At 31 August 2023
NET BOOKVALUE
At 31 August 2023
At 31 August 2022
31

-CHALLENGEZ
TME
•)
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontinued
io.
TANGIBLE FIXED ASSETS
.Fixtures fittings and
equipment
COST
Opening balance I September 2022
Additions
47.025
3.400
At 31 August 2023
DEPRECIATION
Opening balance I September 2022
Charge for ihe year
At 31 August 2023
22.445
11.762
NET BOOK VALUE
At 31 August 2023
At 31 Au8USt 2022
ii.
DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR
2023
2022
Trade debtor5
1,488
2.953
11.995
100,072
Other debtor5
Prepayments
5.761
105 833
32

CHALLENGEZ
CHALLENGE PARTNERS
NOTES TO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 AUGUST 2023 Icontinuedl
12. CREDITORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR
2023
2022
Trade creditors
34.660
80,707
Social security and other taxes
215,861
289,951
Other creditors
24,390
10,597
Deferred income
1,037,132
578.648
A¢¢fue(J expenditure
52.245
94,187
1054 090
13. RESTRICTED FUNDS
I September
2022
31 August
2023
Incorne
Expenditure
Network of Excellence
Strategic Business Development
Total
39,288
76.128
115 416
139,2881
176.1281
115 416
I September
2021
31 August
2022
Income
Expenditure
Network of Excellence
46,850
16.482
46.591
146.8501
116,4821
146,5911
186.1481
125.0051
Excellence for Everyone
Strategic Busine55 Development
GettingAhead London
Other
6.148
80.000
25.005
214 928
Total
33

-CHALLENGEZ
.PARTNERS
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 l¢ontinuedl
13.
RESTRICTED FUNDS (Continued)
2022123
Network of Excellence:
The Permira Foundation provided funding via their 2021122 Lrferaft (tranche two) grant. for expert speaker5
at our Naiional Network meetings and for initiating an independent evaluatbon of our Jubilee Networks.
The David and Elaine Potter Foundation provided fvnds to facilitate school collaboration via dvdital
transfoTrnaiion within Challenge Partners.
The Social Business Trust provided funds to enable the digital transfomiation of the Challenge Partners
booking interface with schools and trusts.
Strategic Busine55 Development:
This fund relates to the development and 8rowih of Challenge Partners and was 5UPPOrted by The Social
Business Trust.
2021122
Network of Excellence..
The Dulverton Trust provided resources for Knowledge Exchange as part of our Network of Excellence offer
and enabled Challenge Partners to shine a brighter spotlight on disadvantage at o time when this has been
needed most.
Excellence lor Everyone:
FundTrng from The Permira Foundaiion Lrferaft fund allowed Excellence for Everyone resources to be
Tepackaged as an online toolkii and made available free of charge for those in our network.
StrateBiC Business Development:
This fund relates to the development and growth of Challenge Partners and was supported by The Social
Business Tru51.
Getting Ahead London (London Leadership Pool}:
Provided a bespoke pro8ramme to aspiring head teachers in London in orderto better equip them to become
future head teachers.
34

CHALLENGEZ
.ptJt2fNEt2S
CHALLENGE PARTNERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 lcontinuedl
14.
ANAiYSIS OF NEf ASSETS
Unrestrirted
Restrirted
Total 2023
Funds 2023
Funds 2023
Fixed assets
26.443
26,443
1.767,043
11,364,288)
429 198
Current assets
1.767.043
11.364.288)
429 198
Current liabilities
Net assets
Unre5trirted
Rertri¢ted
Total 2022
Funds 2022
Funds 2022
Fixed asset5
24,580
1,446,869
11,OS4.0901
417 359
24.580
1.446,869
11.054.090)
417 359
Current a55et5
Current liabilities
Net a55et5
Within unrestricted funds there is £127.82912022.. £nill of designated funds, relating to a grant from the
PeTmira Foundation. where funds have been set aside to directly cover resource5 allocated to innovation and
digital transformation in 2023124. $0 enhancing the value and impact of our offering and ensuring our
internal 5ysiems can support our future growth.
Is.
RELATEO PARTY DISCLOSURE5
During the year, Challenge Partners received funds of £2.58012022= £4.7101 from STEP Academy Trusi for
annual subscriptions. Dr Katherine Chhatwal OBE was a trustee of STEP Academy Trust until July 2023.
During the year, Challenge Partners re￿iVed funds of £28.58912022.. £14.9781 from Lighthouse Schools,
Partnership for annual subscrbptions and services. Mr Gary Lewis is the Chief Executive Officer and a trustee
of Lighthouse Schools. Partnership.
No other related party transartions took place during the year.
Dr Katherine Chhatwal OBE was paid a salary in respect of her role as Chief Executive and setves as a trustee
ex officio. Further detai15 can be seen in note 7 of the financial statements
i&
CHARITY STATUS
The charity 1$ 3 prbvate company limited by guarantee and consequently does not have a share capital. Each
member 15 liable to contribute arb amount not exceedin8 £1 towards the assets of the charity in the event of
Ibquidation.
35