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← Aspire Foundation

2025-03-31-accounts

Charity registration number 1155305 (England and Wales)

Company registration number 08460624

ASPIRE FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

ASPIRE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 13
Statement of trustees' responsibilities 14
Independent auditor's report 15 - 17
Statement of financial activities 18 - 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 42

ASPIRE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs C Price Mrs J Hunt Mrs L Molnar-Pleydell (Appointed 6 August 2024) Mr B S Bhandal (Appointed 9 September 2025) Dr N Thomas (Appointed 6 May 2025)

Charity number 1155305
Company number 08460624
Registered office Gardners Lane Childrens Centre
Gardners Lane
Cheltenham
Gloucestershire
United Kingdom
GL51 9JW
Auditor Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
Bankers Barclays Bank PLC
Rutherford way
Swindon Village
Cheltenham
Gloucestershire
United Kingdom
GL51 9TS
Solicitors Harrison Clark Rickerbys LLP
c/o Harrison Clark Rickerbys Limited
Ellenborough House
Wellington Street
Cheltenham
Gloucestershire
United Kingdom
GL50 1YD
Senior management team Mr T Larner Executive Head
Mrs M McLoughlin Children's Services Manager
Mrs R Nelson (retired May 2024) Early Years Manager
Mrs S Derbyshire (appointed August 2024) Early Years Manager
Mr J Davies (retired July 2024) Business Manager
Mrs M Hill (appointed June 2024) Business Manager

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

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 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 2019).

Objectives and activities

The charity's purpose is set out in the Articles of Association, and Terms of Reference:

The aim of the charity is to provide good quality pre-school education, family support services, targeted support services, some universal provision, and to work in partnership with other providers, partners and stake holders to deliver holistic community support through our vision of "Aspire and Achieve".

What we do and why

With partners, we offer a range of services across Cheltenham and Tewkesbury and the Cotswolds. Some of these are accessible to all families with children, whilst some are in place to support those with specific needs. Our overall aim is to help the children and families we work with to achieve their potential together through the provision of support, learning and play opportunities.

How we set our priorities

In 2024/25 our organisation is split into the following three main business areas and our priorities are developed to reflect the distinct needs of each business area;

Family Support

As of April 2017, Aspire Foundation were contracted by Gloucestershire County Council (GCC) to deliver a Targeted Family Support Service to the Cheltenham and Tewkesbury Localities. This contract was due to end on 1st April 2022, but was extended until 31st March 2024.

In summer 2023 we submitted a tender to Gloucestershire County Council for the new Children and Family Centre contract for Cheltenham and Tewkesbury locality and Stroud and the Cotswolds locality which replaced the Targeted Family Services contract.

In January 2024 we were advised that our bid for the Cheltenham and Tewkesbury locality contract was successful and we commenced this new contract on the 1st April 2024 for an initial 5-year period with an option to extend for a further 2 plus 2 further years.

This contract details a number of specific performance indicators we are required to meet and report on. We work to a quarterly monitoring timetable set by GCC and our performance is reviewed by GCC at a performance monitoring review meeting once a quarter.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Early Years Education Provision

We currently operate 5 early years centres.

These are;

All our early years centres operate under the following guidelines / regulations:

The above guidance / regulations set out very clearly the "Early Years Curriculum" which sets the priorities / working practices all our settings follow to ensure a high quality of early years education is delivered at all times.

All our settings are inspected by Ofsted which assesses the performance of our early years settings against the above frameworks.

All our settings are rated “good”.

Projects and Grants

During 24/25 we delivered the specific projects / grant funding projects detailed below:

HAF 2024/25

As part of the HAF initiative coordinated by GCC we delivered activities during Summer holidays to children aged between 5 and 8 years of age.

The sessions included a wide range of activities and a healthy lunch option and provided access to much need support to children and families during school holiday periods.

We received approximately £6,500 from GCC to provide these activities.

Household Support Fund

As part of the Government initiative to support families because of the “cost of living crisis” we delivered funding via applications from professionals to families in the Cheltenham area.

We were allocated £17,000 to support this initiative and provided grants to families across a broad range of support which included, food vouchers, supermarket vouchers, household white goods and furniture and essential household products. We received a contribution of £1,000 to support our costs in relation to administering the funding programme.

Thriving Communities

We applied for and were awarded a further £12,765 for 2024 in Cheltenham to continue Young Parents, £Nil in 2025.

Winter Grant

We applied for and were awarded £73,315 for 2025 (2024: £Nil) from Gloucestershire County Council to support families with the cost of living crisis during Winter.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Consultation

Our quality monitoring system includes service user feedback. This feedback enables us to monitor quality standards across Family Support services and address any concerns that may arise and implement any service improvements that may be required.

Work has been carried out with GCC to create a standard closure questionnaire that all Targeted Families receive at the end of their support. This feedback is sent to commissioners as part of our contract monitoring.

Families accessing the Centres have been asked to contribute to the development of services within the Children and Family centres as part of wider Family Hub development and consultation carried out by GCC.

Within Early Years we have undertaken ongoing consultations with parents as part of our commitment to develop the provision. This has included:

• Demand for expanded 30-hour offer.

• Requirement for additional services – wrap around care and holiday care.

We have also held parent / carers meetings which provides opportunities for parents and carers to meet our Early Years team and discuss their child’s progress and any specific issues.

Following the appointment of the Early Years Strategic Lead in August 2024, we continued our review of Early Years staffing and infrastructure and are currently developing business plans for each centre.

Data and Monitoring

Data is a vital tool for us and enables us to monitor our service provision, review quality and put in place management actions to address any areas that have been highlighted as causing concern as well as evaluate potential new business opportunities.

Where possible we have compared specific centre performance data against the locality as a whole and against the county. We have throughout 2024/25 used some of the following data sources:

• Our own performance data which includes: number of users attending the centres, caseload numbers, case closure statistics, nursery attendance numbers.

• The Cheltenham & Tewkesbury Health Profiles, District Profiles, Demographic information, Economic data by area.

• Referral data via the “Front Door” as part of the family referral process tracked by the GCC EHM / Liquid Logic IT system. This has included using direct reports produced by GCC from the EHM system.

How we deliver our aims and public benefit

Following the repositioning of GCC’s Targeted Family Services contract from the 1st April 2017 there was a significant shift in the type of service provision offered by the Foundation. Aspire Foundation were no longer funded to deliver universal provision. Pre-April 2024, we estimate that we were delivering approximately 85% of targeted services and 15% universal services.

In light of the move towards a Family Hub model, there is now a shift back to providing more universal services. In line with the requirements of the new contract issued in April 2024, the Foundation has worked hard to reestablish this provision through the development of Community Support manager posts within the team.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our services in 2024/25 included:

Aspire Foundation has continued to develop strong working relationships with our partners some of whom are based in our centres. These include:

• Health visitors

• Trailblazers

• CCP

• Gloucestershire Young Carers

• Cheltenham Borough Council

• Gloucester Gateway Trust

We also support the delivery of some of the services listed below via our centres,

• Globes / Baps (breastfeeding support) which is a peer-led group where mothers can, for example, meet and share experiences with other breastfeeding mothers and trained peer supporters.

• A Counselling Service which supports parents alongside some of our parenting programmes as well as specific support for those who need this one-to-one work.

• Speech and language therapy.

• Rainbows which is a parent led autism support group.

• Dad Matters Group which is a support group for Dads based at Brockworth and Gardners Lane.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and support.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit in our aims and objectives and in planning for our future service provision.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Fundraising standards

The Trustees confirm that all fund-raising activities are compliant with the recognised standards of the fundraising code of practice and those set out under charity law.

Trustees have signed up to the Fundraising Regulators voluntary regime to underpin their commitment to ensuring all fundraising activities are compliant.

Achievements and performance

Making a difference

During 2024/25 our staff teams continued to be flexible and proactive in their approach to delivering services to ensure that provision reflected users’ needs and where possible delivery methods changed to meet increasing demand. Being able to react quickly to changing needs and requirements is a strength the organisation has developed, particularly as a result of the way we adapted to meet the demands that the recent pandemic placed on all organisations.

Our achievements have been broken down into specific areas and are highlighted below:

Children and Family Centre contract

As part of the Children and Family Centre contract, we have during 2024/25 achieved the following:

A total of 239 referrals for Targeted Support were received.

During the year, our Family Support Team provided one-to-one support, home visits, group work, centre based discussions and support, telephone calls and attended professional meetings such as Team around the Family Meetings. The Team also had to cope with significant increases in demand for services and manage waiting lists in a safe and effective way during the year.

As part of this contract, targets for achieving Supporting Families outcomes with Families are set. Below are the targets and outcomes achieved.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Early Years

As part of the Early Years provision, we have had the following numbers on our roll during the academic years shown below.

During 2024/25 we have continued working with a high number of children with Special Educational Needs and Development (SEND) to ensure they received the necessary support to enable them to achieve.

Aspire Foundation Early Years SEND May 2025

Communication and Interaction continues to be the greatest Area of Need.

Every Child A Talker (ECAT) screening shows a continuing trend with children at delay from risk with speech, language and communication. Our centres at Rowanfield, Hesters Way, Oakwood and Noah’s Ark have all benefitted from taking part in the ELSEC (Early Language Support for Every Child) programme where they have received regular screening visits by Speech and Language Professionals who are now working with staff to upskill them further.

All SENDCos and EY staff liaise with the Reception teachers and SENDCos of receiving schools to support transition for all pre-school children, including those with SEND. This includes opportunities for observation, information sharing and invitations to attend TAC and Review meetings.

During 2024/25 we have also achieved the following:

Our 5 Cheltenham and Tewkesbury Early Years centres took part in the DfE’s Delivering Better Value (DBV) in SEND programme, Enhanced Inclusion Support in the Early Years project. The project ran for 12 months and came to an end in June. As part of this project our centres completed training including:

Dingley’s Promise SEN Inclusion Training Programme (10 modules)

Total Communication Training in the Early Years

Accredited Level 3 SENCO Award

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

We have continued to develop our use of Tapestry this year with Gardners Lane moving to online registers and accident forms. This is rolling out to all of our settings for the September 2025 term.

In addition, we have started to standardise all of our early years settings with all moving to the same opening and closing hours from September. This was in part driven by changes to the funding rules that mean we can no longer have an artificial and chargeable break in the day for children eligible for 30 hours funding. We will be closely monitoring the impact of this on our settings during the year.

We have commenced a plan to improve all of our early years settings with volunteer events during June and July

updating our outdoor areas at Gardners Lane.

Recruitment is a huge issue across the early years sector nationally and we have felt the impact of this at Aspire during 2024/25. In April 2025 we closed the centres at Dursley and Stroud. This was due to low levels of children on the roll at both centres and an inability to recruit staff for the Stroud centre. All staff have found new work with one Early Years Educator choosing to commute to our Gardners Lane setting.

Other Achievements

Continued to explore other business and funding opportunities to expand the Foundations business interests. This included:

• Formed a partnership with Gloucestershire Gateway Trust and agreed to deliver the Family Support element of their bid to Gloucestershire County Council for the Children and Family Centre contract into the Gloucester City and Forest of Dean locality.

• Successfully bid and delivered the HAF playschemes during Easter / Summer and Winter 2024 on behalf of GCC at Gardners Lane and Oakwood.

• Continued to support our Young Parents initiative with funding provided by Thriving Communities.

• Worked with Cheltenham Borough Council to successfully deliver in excess of £17,000 financial support to families as part of the Household Support Funding initiative.

• Successfully worked in partnership with “Dads Matters” to support the group in delivering sessions in Brockworth and Gardners Lane.

Adults or children attending Aspire Foundation settings were offered the following services/provisions:

Universal provision

• Mothers in Mind

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Targeted Provision

• Rainbows – Autism Support Group

• Attendance at meetings with professionals e.g. Child Protection Conference

Financial review

Main Funding Streams

The main sources of funding for the Foundation in 2024/25 were:

• Children and Family Centre Contract with Gloucestershire County Council

• Early Years Provision - funding from government grant through Gloucestershire County Council for the provision of Early Years (Not subject to specific time period).

• HAF / Other grants or funding for specific projects from Gloucestershire County Council and Cheltenham Borough Council.

Local Government funding continues to be under significant pressure and with the increasing cost of living pressures, budgets will remain under strain for the foreseeable future, with difficult choices having to be made.

Following the award of the Children and Family contract from the 1st April 2024 for an initial 5-year period with an option to extend for a further 2 plus 2 years, a significant funding stream has been secured which provides certainty for the organisation over the medium term.

However, it is recognised that this contract is required to operate within a tight financial envelope and any inflationary increases will be agreed annually. Should inflationary increases not be awarded then the organisation will need to review how it delivers the contract and consider budget / service reductions to ensure that it is able to operate within the financial envelope available and is still able to take a management fee of between 5% - 10% per year.

In September 2024 Gloucestershire County Council awarded Gloucestershire Gateway Trust, in partnership with Aspire Foundation, the contract for the Children and Family Centre contract in Gloucester City and the Forest of Dean, commencing on 1st April 2025. As part of this agreement Aspire Foundation will receive an annual management fee of approximately £43,000 over the next 4 years. This addition to Aspires income stream and geographical service delivery area will be a positive for the organisation and may lead to further opportunities to develop the portfolio of services delivered by Aspire over the medium term.

The Foundation has a good level of reserves to minimise any impact of a drop-in funding over the short term and will consider the use of some of its reserves to develop new business opportunities as a way to create a sustainable funding base and organisation moving forward.

Directors continue to take a pro-active approach to supporting the business and its charitable aims and objectives and continue to use some reserves to support ongoing projects and initiatives. In 2024/25 this included an investment in the Early Years Outdoor areas and the purchase of iPads to support the Early Years Educators in efficiently carrying out observations whilst in the room.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Through the use of the Charity's unrestricted reserves, the Directors continued to subsidise some elements of both the Children and Family Centre Contract and the Early Years side of the organisation as the funding received was insufficient to continue to meet existing expenditure levels and to ensure that Aspire was able to pass on in full the agreed NJC pay award in 2024/25.

This ongoing support meant that we were able to continue to deliver services that are much valued and needed in the communities we operate in.

The support in 2024/25 amounted to in excess of £100,000.

Income and expenditure 2024/25

The Foundation’s income was relatively stable for the Children & Families Centre contract.

For Early Years provision there was a drop in funding due to reduced number of children attending Aspire Foundation settings and an increase in expenditure due to a number of extended staff sickness absences that needed to be covered by supply staff to ensure service continuity.

The “cost of living crisis” has impacted the organisation, both in terms of increased costs for goods and services and a pay award for all staff in line with the NJC award that was approved by Unions in 2024/25. Directors agreed to implement this pay award in full, even though it resulted in a significant increase in staffing costs. The Foundation's staff are its key asset and Directors felt that the pay award should be awarded in full, to support staff through the current financial difficulties and keep our pay structure in line with Gloucestershire County Council or there was a risk we would lose staff to other organisations. Directors agreed to use reserves to fund these costs if required.

Income and expenditure 2025/26

Following the award of the new Children and Family Centre contract with effect from the 1st April 2024 and our ongoing Early Years provision we are expecting our major streams of income to remain relatively stable over the next few years. There has been a small inflationary increase in the funding we receive via our Early Years provision and the new Children and Family Centre contract has had a 2.91% inflation increase applied. Further increases will be agreed on an annual basis, although there is no guarantee that we will receive any uplift.

With these increases the Foundation has a degree of financial stability for the medium term, although this must be balanced against the continuing upward pressures placed on budgets by the current economic climate.

In terms of expenditure, we are anticipating budgets to be significantly impacted by the ongoing “cost of living” crisis both in terms of increased costs for goods and services and further potential pay awards where we expect the trend of increases above 5% to continue this year. Directors are keen to implement pay awards to ensure staff are rewarded appropriately and that salaries keep in line with competitors and recognise the pressures on families’ budgets although this ambition will have to be balanced against affordability.

In view of the stability of funding over the medium term the Directors are of the view that the Foundation remains a going concern.

A business plan is now in place that confirms the Directors “vision” for the organisation and sets out the highlevel strategic objectives. The business plan also includes service specific objectives over the medium term along with some key organisational objectives that will position Aspire moving forward to ensure that it is in the best possible position to grow and develop and meet the high-level strategic objectives set by the Board of Directors. The plan identifies the need to continually review the structure, processes, internal operations and systems within the organisation in order to identify cost savings and efficiencies that will help to positively impact the financial position of the organisation.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Reserves Policy

At the end of financial year 2024/25 the Foundation is holding unrestricted funds (reserves) of £1,196,764.

The Directors consider a reserve level of £1,000,000 to be appropriate for financial year 2024/25, which would enable sufficient funds to be available to meet the identified risks / investment opportunities outlined below.

The Directors have reviewed the charity’s requirement for reserves in light of the main risks to the organisation. The reserves are required to meet the following:

Directors will consider how the deployment of remaining reserves can be used to support growth and development opportunities as and when they may arise, to be discussed on a case-by-case basis.

Risk Management

On behalf of the Directors the Senior Leadership Team undertakes a Risk Management review on a regular basis and has developed a Business Recovery / Continuity Plan and Risk Register.

The charity is aware of the vulnerability posed by reliance of a single funder (Gloucestershire County Council) and will after a period of consolidation explore new business opportunities to minimise this risk.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with Health and Safety for staff, volunteers and visitors to the Centres. Safeguarding and Safer Recruitment procedures are fully adopted as outlined by Gloucestershire County Council and Gloucestershire Safeguarding Board policy statements.

The financial management of the Children and Family Centre contract is reviewed by Gloucestershire County Council. Furthermore, the Foundation as a whole is subject to an annual audit under Charity SORP requirements by an independent firm of auditors, which provides an additional level of external scrutiny.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Future plans and priorities

After securing the tender for the provision of Children and Family Centre contract in Cheltenham & Tewkesbury in 2024; undergoing a significant staff restructure; recruiting to key posts in the senior leadership team and expanding our board of directors, the organisation has looked to consolidate practice and review its infrastructure in order to be able to identify its capacity to move forward and expand in the future.

2024/25 has seen Directors shape the vision of the organisation for the next 5-10 years and identify the direction of travel; aspirations for expansion and review the current aims and vision.

Aspire Foundation are still committed to its core functions of:

These aims have continued to be met in 2024/25 through its Children & Family Centres and Early Years Settings.

A full business plan has been developed through consultation with Directors and Senior leaders; shared with staff across the Foundation and published for all stakeholders in 2025/26. This outlines the priorities in the short term to maintain high quality service in each of the areas of business; the development of infra-structure needed as the organisation enters a new phase of development and the long-term aspirations of the organisation to meet the needs of the communities it serves.

ASPIRE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management Governing document

The organisation is a charitable company limited by guarantee, incorporated on 25 March 2013 and registered as a charity on 13 January 2014. The company was established under a Memorandum of Association which established the objectives and powers of a charitable company and is governed under its Articles of Association.

In the event of the company being wound up members are required to contribute an amount not exceeding £10.00.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs C Price Mr C J F Ray (Resigned 4 February 2025) Mr C Welsh (Resigned 6 May 2025) Mrs J Hunt Mrs L Molnar-Pleydell (Appointed 6 August 2024) Mr B S Bhandal (Appointed 9 September 2025) Dr N Thomas (Appointed 6 May 2025)

The Board of Directors ensures that the processes and systems are in place to enable the charity to deliver its objectives and acts as the decision-making body. The Board of Directors delegates strategic planning and oversight to the Executive Head and Senior Management Team.

A system of delegated powers is operated to enable the implementation of the overall strategy and day to day responsibility for the provision of the services rests with the Executive Head Teacher and Senior Management Team.

Aspire Foundation's Senior Management Team are responsible for ensuring that the charity delivers the services specified and that the key performance indicators are delivered. In 2024/25 the Family Support Strategic Lead, Early Years Strategic Lead, and Business Manager had the responsibility for the day to day operational management of the Centres, individual supervision of the staff teams and also ensuring that the teams continue to develop their skills and working practices in line with good practice.

The organisations’ structure has undergone significant change during the first 6 months of 2024, and operational management arrangements will change to reflect the new structure and operational responsibilities.

Recruitment and Appointment of Directors

The directors of the company are also the charity trustees for the purpose of charity law and under the company’s Articles are known as Members of the Management Committee.

All Members of the Management Committee give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed are set out in the accounts.

The Management Committee delegates the strategic planning and oversight of the charity to named members of the Senior Management Team.

The membership of the Board of Directors is broad with the skills, experience and understanding of education, social care, family education and partnership working. A skills matrix is used to support recruitment and ensure a balance of skills is maintained. An induction pack and induction training are provided on appointment.

The recruitment drive that began in Summer 2024 has already been successful in identifying two new directors that have joined the team in 2025/26.

The Board of Directors approves appointments.

ASPIRE FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Induction and Trdining Directors are familiar with the work undertaken by the tharity and are en(x)uraged to regularty parfiLipale in training to- . Know and undersland the obligalK)n of being a Dffe(kn. . Monslor and evaluate the perfom)ance of the dHrity. - Understand and know the impact of the charity. Respond to thanges in ￿giSlation. . Ensure safeguarding praCtI￿S are folk)wed and understood by all rnernbe￿ and employees. Key Management Remuneration Foundation pay is in line wrth the SUp￿t stafflexeultive reward b*HJ grading structures. Members of stsff receive an annual WK%ement unless there are perfrnian￿ issues or rf Ily have reac1￿ the top of the pay Staff Development Aspire FoundatN)n is Gomm51ted to support the continuous professional development of its staff and produces a raining programme" annualty that reflects the organisalional needs and the professional developrnenl needs of stsff. These needs are identified via annual perfomiarKe monitoring and then prioritssed against available resources as part of the budget ￿mId pn)cess. The training programme is also inffom)￿ by the Wellbeing- strategy and the Staff Wellbeing Group to ensure that the Federation provides resources to ffleet the needs Klenlified. Related Parlnetships In so far as it is o)mplimentary to the charl￿S obiedives. the charily is guwjed by both rkitional and local policies and arrangements. At a National level the guidan￿ and (MAI￿rnes ae based ￿ the Earty Years Foundalion Stage / Ofsted Statutory Framework. At a local level Ihe guidance and obpthves are provided by GIOu￿sterShIre County Counal Comrnissioners. Cheltenham Communty Partnership. Local Healih Ault￿ty and Community and Voluntary A5￿c￿all0nS. The representstion of local organisalions and parlicipalm in k)r21 parlner5hips has pmved Inva￿able to the tharity in establishing improved Imks with in the o)mmunty. Disclosure of infommtion to auditor Eath of the trustees has confirmed that there is no inforn￿ of which they are aware whith is ￿levant to the audit. bui of which the auditor is unaware. They have furlher confirmed thal they have laken appropriate steps to identify such relevant infonnation and lo establish thal the authtor is aware of infonnthn. The truslees. report was approved by the Board of Tnjstees. C Price Trustee 13-

ASPIRE FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of Aspire Foundation for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ASPIRE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE FOUNDATION

Opinion

We have audited the financial statements of Aspire Foundation (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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:

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 Auditor's responsibilities for the audit 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 is sufficient and appropriate to provide a basis for our opinion.

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 charity’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 contained within the annual report. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ASPIRE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ASPIRE FOUNDATION

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' 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:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ASPIRE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ASPIRE FOUNDATION

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; Reviewing minutes of meetings of those charged with governance;

Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial 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 instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Katherine Parkin (Senior Statutory Auditor) For and on behalf of Azets Audit Services, Statutory Auditor Chartered Accountants

Epsilon House The Square Gloucester Business Park Gloucester GL3 4AD

22 December 2025

ASPIRE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
24,146
122,300
Charitable activities
4
2,920,736
-
Other trading activities
5
14,539
-
Investments
6
5,184
-
Total income
2,964,605
122,300
Expenditure on:
Raising funds
7
-
-
Charitable activities
8
2,833,177
77,999
Total expenditure
2,833,177
77,999
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
131,428
44,301
Other recognised gains and losses
Actuarial loss on defined benefit pension
schemes
-
-
Other gains and losses
(502,000)
-
Net movement in funds
(370,572)
44,301
Fund balances at 1 April 2024
1,567,336
40,829
Fund balances at 31 March 2025
1,196,764
85,130		 Total
2025
£
146,446
2,920,736
14,539
5,184
3,086,905
-
2,911,176
2,911,176
175,729
-
(502,000)
(326,271)
1,608,165
1,281,894		 Total
2024
£
93,216
2,621,675
14,454
3,873
2,733,218
4,064
3,088,290
3,092,354
(359,136)
(35,000)
-
(394,136)
2,002,301
1,608,165

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ASPIRE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
24,146
69,070
Charitable activities
4
2,621,675
-
Other trading activities
5
14,454
-
Investments
6
3,873
-
Total income
2,664,148
69,070
Expenditure on:
Raising funds
7
4,064
-
Charitable activities
8
2,925,372
162,918
Total expenditure
2,929,436
162,918
Net income/(expenditure) for the year/
Net incoming/(outgoing) resources
(265,288)
(93,848)
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
(35,000)
-
Net movement in funds
(300,288)
(93,848)
Fund balances at 1 April 2023
1,867,624
134,677
Fund balances at 31 March 2024
1,567,336
40,829		 Total
2024
£
93,216
2,621,675
14,454
3,873
2,733,218
4,064
3,088,290
3,092,354
(359,136)
(35,000)
(394,136)
2,002,301
1,608,165

ASPIRE FOUNDATION BALANCE SHEEr AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 13 19,313 Current assets DebtOT5 Cash at bank and in hand 14 236.272 1,143.003 159,979 1.251.519 1.379.275 1.411,498 Creditors: amourts falling due within one year 15 {116.694) {305.333) Net current assets 1.262.581 1.1[￿.165 Total assets less cu￿nt liabililies 1.281.894 1.1￿.165 Net assets excluding pension Oiabilityvsurplus 1.281.894 1.106.165 Defined benefft pension (liabilityy sufjAus 16 502,Crf)O Net assets 1.281.894 1.608.165 Income funds Restrided funds 19 85.130 40.829 General unrestrided fvnds Pension reseNe 1.196.764 1,1%5.336 502.IXM) 1,196,764 1.567.336 1,281.894 1,608,165 These financial statements have been wepared in accordan￿ with the provisions applicable to companies subject to the small companies regime. The finanlial staternents were approved by the Truslees on ..... .. Mrs C Price Trustee Company Registration No. 08460624 -20.

ASPIRE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
24
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash (used in)/generated from
investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
£
(93,599)
(20,101)
5,184
(14,917)
-
(108,516)
1,251,519
1,143,003		 2024
£
£
(92,021)
-
3,873
3,873
-
(88,148)
1,339,667
1,251,519

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Aspire Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Gardners Lane Childrens Centre, Gardners Lane, Cheltenham, Gloucestershire, GL51 9JW, United Kingdom.

The charitable company's registered number can be found on the Legal and Administrative Information page.

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements where required.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Income from government and other grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees' Annual Report.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Irrecoverable VAT is charged against the category of resources expended for which it is incurred.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes to the financial statements.

1.6 Tangible fixed assets

Tangible fixed assets costing £1,000 or more are capitalised and are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 5 years ICT equipment 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.11 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes and defined benefit schemes treated as defined contribution schemes, are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

(Continued)

Key sources of estimation uncertainty

Defined benefit pension scheme

Until 31 March 2024 the Foundation was a full member of the Local Government Pension Scheme. The present value of the Local Government Pension scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in the Retirement benefit schemes note, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 was used by the actuary in valuing the pensions liability at 31 March 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would have impacted the carrying amount of the pension liability.

The present value of the defined benefit obligation was less than the fair value of plan assets as at 31 March 2024 and therefore the defined benefit plan was in a surplus position. An entity can only recognise a plan surplus to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. The plan surplus was therefore restricted as seen in the Retirement benefit scheme note.

Total 2024 £ 69,070 24,146 12,765 12,250 13,000 24,703 4,294 - 2,058 69,070
Restricted funds 2024 £ 69,070 - 12,765 12,250 13,000 24,703 4,294 - 2,058 69,070
Unrestricted funds 2024 £ - 24,146 - - - - - - - -
Total 2025 £ 122,300 24,146 - 27,348 - 6,507 14,509 73,315 621 122,300
Restricted funds 2025 £ 122,300 - - 27,348 - 6,507 14,509 73,315 621 122,300
Unrestricted funds 2025 £ - 24,146 - - - - - - - -
Donations and legacies Grants receivable Donated goods and services Grants receivable for core activities Thriving Communities - GCC Cheltenham Household - CBC Tewkesbury Household - TBC HAF - GCC DAF - GCC Winter Grant - GCC Other
3

Total 2024 £ 1,214,063 1,407,612 2,621,675
Early Years
Other facilities		 Provision
& services		 2024
2024		 £
£		 1,114,262
99,801		 -
-		 1,114,262
99,801
Targeted Family Support 2024 £ - 1,407,612 1,407,612
Total 2025 £ 1,590,670 1,330,066 2,920,736
Early Years
Other facilities		 Provision
& services		 2025
2025		 £
£		 1,474,432
116,238		 -
-		 1,474,432
116,238
Children and Family Centre 2025 £ - 1,330,066 1,330,066
Charitable activities Sale of goods Services provided under contract
4

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Non-charitable trading activities 14,539 14,454
6 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 5,184 3,873
7 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Trading costs
Other trading activities - 469
Support costs - 3,595
- 4,064

Total 2024 £ 2,277,593 5,052 6,381 15,425 51,082 - 10,714 6,982 23,367 75,087 379 215 2,472,277 598,005 18,008 3,088,290
Other
Steps		 facilities &
Ahead		 services 2024
2024		 £
£		 120,854
87,432		 3,993
-		 600
-		 -
548		 22,976
544		 -
-		 3,829
473		 1,357
-		 -
1,050		 -
-		 314
65		 215
-		 154,138
90,112		 43,689
-		 807
-		 198,634
90,112
Early Years Provision 2024 £ 959,335 531 3,326 1,752 26,127 - 5,870 5,625 6,310 75,087 - - 1,083,963 245,033 5,817 1,334,813
Targeted Family Support 2024 £ 1,109,972 528 2,455 13,125 1,435 - 542 - 16,007 - - - 1,144,064 309,283 11,384 1,464,731
Total 2025 £ 1,985,016 1,176 7,662 14,235 119,525 517 8,688 10,163 - 48,202 - - 2,195,184 699,352 16,640 2,911,176
Other facilities & services 2025 £ 19,944 - - - - - - - - - - - 19,944 73,526 16,640 110,110
Children
Early Years		 and Family
Provision		 Centre 2025
2025		 £
£		 840,971
1,124,101		 789
387		 4,451
3,211		 13,341
894		 40,977
78,548		 266
251		 1,736
6,952		 9,110
1,053		 -
-		 -
48,202		 -
-		 -
-		 911,641
1,263,599		 477,987
147,839		 -
-		 1,389,628
1,411,438
8
Charitable activities		 Staff costs Recruitment advertising Training Travel Equipment Printing & stationery Catering & hospitality Other Professional fees Agency staff costs Rates & utilities Hygiene, refuse & cleaning Share of support costs (see note 9) Share of governance costs (see note 9)

(Continued) 2,925,372 162,918 3,088,290
- 90,112 90,112
125,828 72,806 198,634
1,334,813 - 1,334,813
1,464,731 - 1,464,731
2,833,177 77,999 2,911,176
110,110 - 110,110
1,411,033 405 1,411,438
1,312,034 77,594 1,389,628
Charitable activities Analysis by fund Unrestricted funds Restricted funds
8

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Support costs allocated to activities

Staff costs
Depreciation
Repairs & maintenance
Rent, rates & uttilities
Hygiene & refuse
IT & telephone
Insurance
Agency staff costs
Recharged wages & salaries
Pension finance cost
Professional fees
Marketing & other
Governance costs
Analysed between:
Fundraising
Children and Family Centre
Early Years Provision
Other facilities & services
10
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
Operating lease charges
11
Trustees		 2025
£
408,509
788
47,943
47,351
12,753
25,953
23,453
26,834
33,201
690
71,875
2
16,640
715,992
-
477,987
147,839
90,166
715,992
2025
£
788
7,629		 2024
£
349,069
-
16,960
67,421
11,470
49,104
18,605
9,164
47,439
(41,000)
72,479
772
18,125
619,608
3,595
320,667
250,850
44,496
619,608
2024
£
-
5,862

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year other than those disclosed in the Related party transactions note.

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:
Teachers & Early Years
Community Family Support
Management, Admin & Finance		 2025
Number
55
23
20
98		 2024
Number
41
30
21
92

The number of persons employed, expressed as a full time equivalent, was as follows:

Teachers & Early Years
Community Family Support
Management, Admin & Finance
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
42
18
15
75
2025
£
2,068,929
166,084
158,512
2,393,525		 2024
Number
31
24
16
71
2024
£
2,155,404
171,776
299,482
2,626,662

Included in the above are total redundancy costs for the year of £Nil (2024: £247,826), of which £Nil relates to pension strain costs (2024: £114,679).

There were no employees whose annual remuneration was £60,000 or more (2024 - None).

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13
Tangible fixed assets
Leasehold
improvements
ICT equipment
£
£
Cost
At 1 April 2024
152,405
83,280
Additions
2,725
17,376
At 31 March 2025
155,130
100,656
Depreciation and impairment
At 1 April 2024
152,405
83,280
Depreciation charged in the year
-
788
At 31 March 2025
152,405
84,068
Carrying amount
At 31 March 2025
2,725
16,588
At 31 March 2024
-
-
14
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
111,751
Other debtors
-
Prepayments and accrued income
124,521
236,272		 Total
£
235,685
20,101
255,786
235,685
788
236,473
19,313
-
2024
£
9,623
108,000
42,356
159,979
15
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals		 2025
£
35,793
19,478
61,423
116,694		 2024
£
41,763
15,158
248,412
305,333

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme with Royal London Mutual Insurance Society Ltd for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the SoFA in respect of defined contribution schemes was £98,488 (2024: £84,742).

Defined benefit schemes treated as defined contribution schemes

From 1 April 2024 the Foundation were admitted to the Local Government Pension Scheme (LGPS) using a "pass-through" approach. Under this agreement the underlying assets and liabilities of the LGPS reside with Gloucestershire County Council and a fixed % contribution is payable to the scheme by the charity in respect of employees who remain in the scheme. For these reasons the LGPS is being accounted for as a defined contribution scheme. The scheme is closed to new entrants and all eligible new employees of the charity are enrolled in the Royal London defined contribution scheme.

The charge to the SoFA in respect of defined benefit schemes treated as defined contribution schemes was £60,024 (2024: £Nil).

Defined benefit schemes

Until 31 March 2024 some of the charity's employees belonged to a defined benefit pension scheme, the Local Government Pension Scheme (LGPS). It was a multi-employer defined benefit scheme.

The latest actuarial valuation of the LGPS related to the period ended 31 March 2022.

Contributions amounting to £Nil were payable to the scheme at 31 March 2025 (2024: £2,381).

Funding policy

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered - funds. The total contribution made for the year ended 31 March 2025 was £Nil (2024 £31,000), of which - - employer's contributions totalled £Nil (2024 £Nil) and employees' contributions totalled £Nil (2024 £31,000).

Key assumptions

Key assumptions
2025 2024
% %
Discount rate n/a 4.85
Expected rate of increase of pensions in payment n/a 2.75
Expected rate of salary increases n/a 3.25

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16
Retirement benefit schemes
Mortality assumptions
The assumed life expectations on retirement at age 65 are:
Retiring today
- Males
- Females
Retiring in 20 years
- Males
- Females
Amounts recognised in the profit and loss account:
Current service cost
Net interest on defined benefit liability/(asset)
Total costs
Amounts taken to other comprehensive income:
Actual return on scheme assets
Less: calculated interest element
Return on scheme assets excluding interest income
Actuarial changes related to obligations
Effects of changes in the amount of surplus that is not recoverable
Total costs		 (Continued)
2025
2024
Years
Years
n/a
21.4
n/a
24.7
n/a
20.9
n/a
25.6
2025
2024
£
£
-
100,000
-
(41,000)
-
59,000
2025
2024
£
£
-
(543,000)
-
229,000
-
(314,000)
-
(194,000)
-
543,000
-
35,000

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16
Retirement benefit schemes
The amounts included in the balance sheet arising from the charity's
obligations in respect of defined benefit plans are as follows:
Present value of defined benefit obligations
Fair value of plan assets
Deficit/(surplus) in scheme
Restriction on scheme assets
Total liability/(asset) recognised
Movements in the present value of defined benefit obligations:
Liabilities at 1 April 2024
Exit of scheme
At 31 March 2025
The defined benefit obligations arise from plans which are wholly or partly funded.
Movements in the fair value of plan assets:
Fair value of assets at 1 April 2024
Exit of scheme
At 31 March 2025
The actual return on plan assets was £- (2024 - £543,000).
The fair value of plan assets at the reporting period end was as follows:
Equity instruments
Property
Cash
Bonds		 (Continued)
2025
2024
£
£
-
3,978,000
-
(5,343,000)
-
(1,365,000)
-
863,000
-
(502,000)
2025
£
3,978,000
(3,978,000)
-
2025
£
5,343,000
(5,343,000)
-
2025
2024
£
£
-
3,472,950
-
641,160
-
106,860
-
1,122,030
-
5,343,000
2025
£
-
-
-
-
-

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 General unrestricted funds

Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2023 resources expended 1 April 2024 resources expended 31 March 2025
£ £ £ £ £ £ £
Unrestricted
funds 1,271,624 2,664,148 (2,870,436) 1,065,336 2,964,605 (2,833,177) 1,196,764

18 Pension reserve

The income funds of the charity include the following pension reserve which has been set aside out of unrestricted funds by the trustees:

Balance at
1 April 2023
£
Pension reserve
596,000
596,000		 Resources
expended
Actuarial gains
and losses
Balance at
1 April 2024
£
£
£
(59,000)
(35,000)
502,000
(59,000)
(35,000)
502,000		 Other gains
and losses
31
£
(502,000)
(502,000)		 Balance at
March 2025
£
-
-

A pension asset of £502,000 was recognised at the end of the prior year in respect of the Charity's participation in the Local Government Pension Scheme (LGPS). From 1 April 2024, although a number of the Charity's employees remain within the LGPS, the charity's share of the underlying assets and liabilities in the scheme have reverted to Gloucestershire County Council under a "pass-through" arrangement, and as a result the pension asset has been derecognised. In accordance with FRS 102, this has been recognised as a loss through Other Comprehensive Income.

Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Balance at
Incoming
Resources
Balance at		 1 April 2023
resources
expended
1 April 2024
resources
expended
31 March 2025		 £
£
£
£
£
£
£		 Thriving Communities
15,855
12,765
(15,855)
12,765
-
(9,081)
3,684		 Cheltenham Household
-
12,250
(11,693)
557
27,348
(26,905)
1,000		 HAF
18,046
24,703
(23,565)
19,184
6,507
(23,728)
1,963		 Tewkesbury Household
888
13,000
(8,249)
5,639
-
(5,639)
-		 DAF
3,745
4,294
(5,740)
2,299
14,509
(12,241)
4,567		 Steps Ahead/Community Development
90,112
-
(90,112)
-
-
-
-		 GCC Winter Grant
-
-
-
-
73,315
-
73,315		 Other restricted funds
6,031
2,058
(7,704)
385
621
(405)
601		 134,677
69,070
(162,918)
40,829
122,300
(77,999)
85,130
19

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2025
2025
£
£
Fund balances at 31
March 2025 are
represented by:
Tangible assets
19,313
-
Current assets/(liabilities)
1,177,451
85,130
Provisions and
pensions
-
-
1,196,764
85,130		 Total Unrestricted
funds
Restricted
funds
2025
2024
2024
£
£
£
19,313
-
-
1,262,581
1,065,336
40,829
-
502,000
-
1,281,894
1,567,336
40,829		 Total
2024
£
-
1,106,165
502,000
1,608,165

21 Financial commitments, guarantees and contingent liabilities

Other than operating lease commitments referred to below, the charitable company has no other financial commitments, guarantees or contingent liabilities (2024 - £nil).

22 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
3,844
4,486
8,330		 2024
£
1,006
20
1,026

23 Related party transactions

Charles Welsh, a former trustee of the charity, was also Executive Headteacher of Gardners Lane Primary School until August 2023. During the prior period, the charity made a payment to Gardners Lane Primary School of £12,185 in connection with reimbursement of part of his salary, given the services and time he provided to the charity.

The charity recharged costs totalling £52,698 (2024 - £47,790) to Oakwood Primary School in respect of - Business Team and other services provided. Purchases totalling £3,503 (2024 £4,323) were made from Oakwood Primary School in respect of IT and other services. At the year end the balance owed by Oakwood Primary School to the charity totalled £283 (2024 - £Nil).

ASPIRE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 Cash generated from operations 2025 2024
£ £
Deficit for the year (326,271) (359,136)
Adjustments for:
Investment income recognised in statement of financial activities (5,184) (3,873)
Depreciation and impairment of tangible fixed assets 788 -
Difference between pension charge and cash contributions - 59,000
Non cash pension movement 502,000 -
Movements in working capital:
(Increase) in debtors (76,293) (11,972)
(Decrease)/increase in creditors (188,639) 223,960
Cash absorbed by operations (93,599) (92,021)
25 Analysis of changes in net funds

The charity had no material debt during the year.