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← Stay At School

2025-03-31-accounts

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

Charity Registration No. 1173685

CIO No. CE011224

STAY AT SCHOOL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P Chittick
R House
A Sparkes
P Shah-Singha
F Dunger
G Austin
R Singh KC
R White (Appointed 25 April 2024)
Chair P Chittick
Executive Director K Griffith
Charity number 1173685
CIO number CE011224
Principal address 24 St Thomas Street
Winchester
Hampshire
SO23 9HJ
Independent examiner Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
Bankers Lloyds Bank plc
49 High Street
Winchester
SO23 9BU

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 18

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements 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 constitution, the Charities Act 2011 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 published in October 2019.

Objectives and activities

The charity's principal objective is:

To advance the education of children and young people in Solukhumbu and across Nepal by working with communities to develop and operate infrastructure, facilities, and other educational services. Our goal is to improve attendance, attainment, and well-being among pupils, enabling them to reach their full potential and create opportunities for themselves and their communities.

Stay At School supports remote communities in Nepal by helping them build and manage boarding houses at mountain secondary schools. These educational hubs allow students to remain in school for longer, increasing their chances of living happy, fulfilled, and productive lives. In addition to this, we support students in continuing their education beyond secondary school—whether through Plus Two courses, vocational training, or university—via our Fellowships programme, enabling them to access better work and life opportunities in the future.

Our approach is clear and impactful.

If children spend less time walking to school and more time learning in school - supported by teachers, nutritious meals, and safe lodging - they are far more likely to succeed in school and in life. This simple but powerful principle underpins our work.

The trustees have paid due regard to guidance issued by the Charity Commission on public benefit in determining the charity’s activities.

Achievements and performance

Community Engagement : Developing and Operating Boarding Houses

Since 2017, Stay At School has worked in eastern Nepal with schools and communities to co-develop and sustain boarding facilities for students aged 12–16. These facilities include accommodation for both students and teachers, shared dining and study spaces, and appropriate sanitation infrastructure.

As of 2024–25, we have completed six boarding house projects in the communities of Junbesi, Bhakanje, Lokhim, Nele, Basakhali, and Chheskam. (completed this financial year).

In the past year alone, our partner boarding houses provided safe, reliable accommodation for more than 220 students across six locations. The projects also generated local employment for cooks, gardeners, and teaching staff—helping to support and strengthen local economies.

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

Future projects

Our five-year strategic goal, running through to 2026, is to positively impact the lives of 1,000 young people in remote mountain regions of eastern Nepal. Progress towards this goal continues at both existing and new project sites, with activities focused on areas where the need is greatest.

Fellowships

To ensure children from the most disadvantaged backgrounds can access higher education, we operate a Fellowships programme. These awards are granted to students for whom financial and social barriers would otherwise prevent continued education.

In 2024–25, 62 new Fellowships were awarded, bringing the total to 232 Fellowships since inception, supporting 205 individual students. Our Fellows are currently enrolled in higher education institutions in the regional capital of Salleri as well as Kathmandu.

Safeguarding & Sustainability

The safety and well-being of all children and young people involved in our work is central to everything we do. Our UK and Nepal-based teams work closely to uphold high safeguarding standards, ensuring that all individuals connected to Stay At School are protected and supported.

We are equally committed to sustainability—financial, operational, and social. Our investments are designed to deliver long-term value to communities, well beyond the duration of our direct involvement. The overarching aim remains the delivery of safe, sustainable outcomes for all beneficiaries.

Internships

Stay At School Interns play an important role in both the Fellowships programme and our broader project work in Nepal. Their responsibilities include research, monitoring, and analysis—activities that contribute meaningfully to the charity’s development while offering Interns valuable, hands-on experience.

Interns are encouraged to shape project briefs aligned with both their learning goals and the charity’s mission. By embedding themselves within local communities and engaging closely with students and school staff, they offer essential feedback that informs the future direction of our work.

Financial review

The charity’s total income for the year was £196,455 (2024: £330,202), comprising donations and gifts of £154,171 (2024: £283,484) and grants received of £33,948 (2024: £26,380).

Total expenditure was £274,114 (2024: £299,765), including £194,499 donated to Stay At School Nepal (2024: £176,566).

This resulted in an overall deficit of £77,659 (2024: surplus of £30,437) for the year.

Reserves policy

Stay At School seeks to maintain a minimum level of unrestricted reserves which will be sufficient at all times to discharge fully the charity’s liabilities.

The financial reserves necessary to satisfy the above criteria are determined by scenario modelling (windingdown, worst-case), which are updated on a yearly basis or as required in the event of a material change in Stay At School’s financial situation or outlook. The financial security of Stay At School depends on it being able to fund all activities and to meet ongoing commitments. A sufficient level of financial reserves allows trustees, supporters and beneficiaries to have confidence in the ongoing viability of the organisation.

The Board of Trustees monitors the reserves policy at the end of every financial year.

The level of unrestricted reserves held at 31 March 2025 was £80,253 (2024 - £198,360), which is in accordance with the charity's reserves policy.

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a charitable incorporated organisation (charity number 1173685; CIO number CE011224), established and governed by its constitution, dated 5 July 2017, and subsequently amended on 7 September 2017.

Its name was changed from Solu Khumbu Schools Trust to Stay At School by a special resolution dated 13 July 2017.

The trustees who served during the year and up to the date of signature of the financial statements were:

P Chittick R House O O'Neill (Resigned 25 April 2024) A Sparkes P Shah-Singha F Dunger G Austin R Singh KC R White (Appointed 25 April 2024)

The charity is required to have at least three trustees under the terms of the Trust Deed. The trustees are responsible for the recruitment and induction of any new trustees. In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity.

All trustees are made aware of the Charity Commission guidance concerning the responsibilities of trustees.

The Board of Trustees act in an honorary capacity, meeting quarterly to set overall policy and strategy and to scrutinise financial matters relating to the operation of Stay At School. The Trustees administer the charity through the UK Executive Director (a non-Board member). In addition, the Trustees each sit on specialist Task Forces convened on a rolling basis to analyse and oversee critical areas of the charity’s operation and development.

As a charity committed to improving lives through better educational opportunities, Stay At School knows that ensuring the safety of child beneficiaries is integral to the effective operation of the organisation. Led by the Board, keeping all children safe from all types of harm, while upholding their rights, is at the core of the charity’s operations. As part of the defined Safeguarding framework, the Board of Trustees undertake an annual review of Safeguarding policy. In addition, they receive a quarterly Safeguarding update as part of the regular Board meeting, while any significant issues or allegations with respect to Safeguarding are notified to the Board according to the defined response management procedures.

The trustees' report was approved by the Board of Trustees.

.............................. a P Chittick Trustee 9/9/2025 | 11:22 BST Dated: .........................

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STAY AT SCHOOL

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STAY AT SCHOOL

I report to the trustees on my examination of the financial statements of Stay At School (the charity) for the year ended 31 March 2025 which are set out on pages 5 to 18.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Adam Buse, ACA

Fiander Tovell Limited Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS 17/9/2025 | 14:02 BST Dated: .........................

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
126,171
61,948
Other trading activities
4
3,221
-
Investments
5
5,115
-
Total income
134,507
61,948
Expenditure on:
Raising funds
6
23,747
-
Charitable activities
7
228,867
21,500
Total resources expended
252,614
21,500
Net income/(expenditure) for the year/
Net movement in funds
(118,107)
40,448
Fund balances at 1 April 2024
198,360
11,500
Fund balances at 31 March 2025
80,253
51,948		 Total
2025
£
188,119
3,221
5,115
196,455
23,747
250,367
274,114
(77,659)
209,860
132,201		 Total
2024
£
309,864
18,098
2,240
330,202
35,780
263,985
299,765
30,437
179,423
209,860

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

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Current assets
Debtors 12 1,513 6,161
Cash at bank and in hand 136,236 207,503
137,749 213,664
Creditors: amounts falling due within 13
one year 5,548 3,804
Net current assets 132,201 209,860
The funds of the charity
Restricted income funds 14 51,948 11,500
Unrestricted funds - general 73,253 186,850
Unrestricted funds - designated 15 7,000 11,510
80,253 198,360
132,201 209,860

9/9/2025 | 11:22 BST The financial statements were approved by the trustees on .........................

.............................. P Chittick Trustee

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

1 Accounting policies

Charity information

Stay At School is a charitable incorporated organisation (CIO) registered with the Charity Commission in England & Wales. The principal address is 24 St Thomas Street, Winchester, Hampshire, SO23 9HJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Constitution, the Charities Act 2011, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), 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 issued in October 2019, UK Generally Accepted Accounting Practice and applicable charity law. The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 consider it appropriate 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.

Designated funds are set aside by the trustees for specific purposes.

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.

Transfers are made between funds when adequate justification and supporting evidence is provided.

1.4 Income

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.

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

1 Accounting policies

(Continued)

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 tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are recognised when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure is included on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Support costs are allocated to activities in proportion to the staff time spent on each activity. Where support costs are allocated to restricted funds, these are allocated in accordance with the terms of the funding agreements.

Irrecoverable VAT is charged as a cost against the category of expenditure to which it relates.

1.6 Tangible fixed assets

Tangible fixed assets costing more than £1,000 are capitalised.

1.7 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.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

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.

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

1 Accounting policies

(Continued)

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.

1.9 Employee benefits

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.

1.10 Retirement benefits

The charity operates a defined contribution scheme under auto-enrolment. Contributions payable are charged as an expense as they fall due.

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.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
126,171
28,000
Grants
-
33,948
126,171
61,948
For the year ended 31 March 2024
237,934
71,930		 Total
2025
£
154,171
33,948
188,119		 Total
2024
£
283,484
26,380
309,864
309,864

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

4 Other trading activities

Unrestricted Total Total
funds 2025 2024
£ £ £
Fundraising 3,221 3,221 18,098
Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 5,115 2,240
Raising funds
Unrestricted Total Total
funds 2025 2024
£ £ £
Fundraising costs 7,051 7,051 18,587
Support costs (see note 8) 16,696 16,696 17,193
Total fundraising costs 23,747 23,747 35,780
For the year ended 31 March 2024 35,780 35,780

6 Raising funds

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

7 Charitable activities

Donations to Stay at School Nepal
Travel expenses
Nepal donor trip expenses
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds - general
Restricted funds		 2025
£
194,499
3,463
-
197,962
50,088
2,317
250,367
228,867
21,500
250,367		 2024
£
176,566
2,860
30,771
210,197
51,581
2,207
263,985
174,140
89,845
263,985

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

8 Support costs

Support
costs
Governance
costs
£
£
Staff costs
49,775
-
Nepal internships
4,250
-
Insurance
447
-
Rent, rates and other premises costs
5,849
-
Office costs
2,946
-
Travel and subsistence
177
-
Website and online costs
604
-
Professional fees and subscriptions
726
-
Bank charges and interest
263
-
Sundry expenses
1,747
-
Independent examination
-
2,317
66,784
2,317
Analysed between
Fundraising
16,696
-
Charitable activities
50,088
2,317
66,784
2,317		 2025
£
49,775
4,250
447
5,849
2,946
177
604
726
263
1,747
2,317
69,101
16,696
52,405
69,101		 2024
£
50,316
200
511
10,185
2,685
551
898
1,517
828
1,083
2,207
70,981
17,193
53,788
70,981

Support costs are allocated to activities in proportion to the staff time spent on each activity. Support costs are allocated to restricted funds in accordance with the terms of the funding agreements.

Governance costs include costs of the independent examination of £2,317 (2024- £2,207).

9 Trustees

During the year, G Austin, a trustee invoiced the charity for management of the internship programme. Fees of £4,250 (2024 - £200) were payable by the charity, of which £260 was accrued at the year end (2024 - £nil). All transactions were conducted in accordance with the charity's constitution and on an arm's length basis.

No expense payments were made to trustees during the current or prior year.

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

10 Employees

Number of employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Employees 3 3
Employment costs 2025 2024
£ £
Wages and salaries 48,876 49,406
Pension costs 899 910
49,775 50,316

There were no employees whose annual remuneration was £60,000 or more.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Debtors

12
Debtors
Amounts falling due within one year:
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Accruals and deferred income		 2025
£
1,513
2025
£
869
2,103
2,576
5,548		 2024
£
6,161
2024
£
882
715
2,207
3,804

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

14 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 Transfers Balance at
1 April 2024 resources expended 31 March 2025
£ £ £ £ £
Waterloo Foundation 11,500 - (11,500) - -
St James Place - 5,000 (5,000) - -
Guernsey Overseas Aid Commission - 9,000 - - 9,000
CAF Canada - 19,948 (5,000) - 14,948
Project 7 - Second Home - 10,000 - - 10,000
Fellowships Programme - 18,000 - - 18,000
11,500 61,948 (21,500) - 51,948
Movement in funds
Balance at Incoming Resources Transfers Balance at
1 April 2023 resources expended 31 March 2024
£ £ £ £ £
Bhakanje Boarding House 21,693 - (21,693) - -
Nepal donor trip 2023 2,700 23,050 (30,772) 5,022 -
Waterloo Foundation - 12,500 (1,000) - 11,500
Coles Medlock - 10,000 (10,000) - -
St James Place - 5,000 (5,000) - -
Brian Murtagh Trust - 19,280 (19,280) - -
Souter Charitable Trust - 2,100 (2,100) - -
24,393 71,930 (89,845) 5,022 11,500

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

14 Restricted funds

(Continued)

Bhakanje Boarding House - Bhakanje Boarding House is Stay At School’s second project site providing accommodation and support to students from across the Bhakanje valley.

Nepal donor trip fund - Funds provided by donors for the annual support trek in Nepal to view the charity's activities.

Waterloo Foundation - Funds provided to cover the salary of the Regional Coordinator in Nepal, working across all the operational boarding houses managed by Stay At School Nepal.

Coles Medlock - These funds contributed to the construction of the girls dining area and study block at the boarding house at the sixth Stay At School boarding house, providing facilities for girls aged 12-16 in the Chheskham community.

St James Place - Funds provided to contribute to the salary and training costs of the Fellowships Programme Co-ordinator in Nepal. The co-ordinator is responsible for the delivery of the Fellowships Programme.

Brian Murtagh Trust - These funds contributed to the construction of Stay At Schools’ sixth boarding house, providing facilities for 12-16 year olds in the Chheskham community.

Souter Charitable Trust - These funds were used to purchase vegetable seeds and gardening equipment for the kitchen garden and greenhouse in the grounds of the sixth boarding house in Chheskham.

Guernsey Overseas Aid Commission - Funds provided for the development of of a Study Block at Basakhali Boarding House, allowing students to study safely in a well-supported environment, giving them the best opportunity to succeed in their secondary education.

CAF Canada - Funds provided to support the operational costs of Project 5, in the small mountain community of Basakhali. Specifically, it enables the support to be extended to 24 boys within the community each school year.

Project 7 - Second Home - With Second Home, we are creating an inspiring educational hub in Salleri, the district capital, offering academic, pastoral and skills support to post-secondary stage students. This will help them excel in their Plus 2 (A-level equivalent) exams and build the confidence and skills needed for further studies, such as bachelor’s courses locally, in Kathmandu and beyond. Our goal is to reach as many students as possible, maximising the positive impact on each individual. Second Home will offer a supportive environment to develop confidence, academic skills and success, in combination with key factors including the right location, good management, engaging programmes, affordability, community and fun.

Fellowships Programme - Our Fellowships programme, incorporating scholarship and mentoring support, enables children from the very poorest backgrounds to complete their education and proceed to higher learning opportunities. Awards are made to students where the difficulties posed, both financially and socially, would otherwise prohibit them from extending their learning and achieving their full potential.

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

15 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2024 resources expended 31 March 2025
£ £ £ £
Project 5 - 2,000 (2,000) -
Project 6 11,510 5,000 (16,510) -
Fellowships Programme - 5,000 - 5,000
Project 7 - Second Home - 2,000 - 2,000
11,510 14,000 (18,510) 7,000
Movement in funds
Balance at Incoming Resources Balance at
1 April 2023 resources expended 31 March 2024
£ £ £ £
Project 4 65,500 4,800 (70,300) -
Project 5 40,000 - (40,000) -
Project 6 - 56,130 (44,620) 11,510
Fellowships Programme - 43,500 (43,500) -
105,500 104,430 (198,420) 11,510

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

15 Designated funds

(Continued)

Project 4 - This is a project for the construction of a fourth boarding house, in Nele.

Project 5 - This is a project where Stay At School were asked to take over the operational management of an existing girls boarding house in the community of Basakhali. Initially built by another NGO but without provision for ongoing development, the boarding house was not meeting the needs of students and was therefore largely empty and unused. Stay At School provided funding for some further capital works to bring the physical project up to standard and has introduced our full operating model to ensure the facility is now able to offer care and support at maximum capacity to girls in the community.

Project 6 - The Chheskam Hostel Project aims to improve the education quality of the children of remote mountain village of Chheskham and surrounding areas by building a good standard hostel facility for Shree Chheskam Secondary School (SCSS). The hostel will accommodate 24 girls, 24 boys and 5 staff in separate blocks. There will also be a communal kitchen/dining area and separate WASH blocks for boys and girls. After completion, Stay At School will provide financial and technical support to SCCS for at least 5 years.

Fellowships Programme - Our Fellowships programme, incorporating scholarship and mentoring support, enables children from the very poorest backgrounds to complete their education and proceed to higher learning opportunities. Awards are made to students where the difficulties posed, both financially and socially, would otherwise prohibit them from extending their learning and achieving their full potential.

Project 7 - Second Home - With Second Home, we are creating an inspiring educational hub in Salleri, the district capital, offering academic, pastoral and skills support to post-secondary stage students. This will help them excel in their Plus 2 (A-level equivalent) exams and build the confidence and skills needed for further studies, such as bachelor’s courses locally, in Kathmandu and beyond. Our goal is to reach as many students as possible, maximising the positive impact on each individual. Second Home will offer a supportive environment to develop confidence, academic skills and success, in combination with key factors including the right location, good management, engaging programmes, affordability, community and fun.

16 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 March 2025 are represented by:
Current assets/(liabilities)
80,253
51,948
80,253
51,948
Fund balances at 31 March 2024 are represented by:
Current assets/(liabilities)
198,360
11,500
198,360
11,500		 Total
£
132,201
132,201
209,860
209,860

17 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:

2025 2024
£ £
Within one year - 733

Docusign Envelope ID: 12DD3B42-27F8-4E62-9E87-4A4584F0619C

STAY AT SCHOOL

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

17 Operating lease commitments

(Continued)

18 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate remuneration 25,379 25,090

Transactions with related parties

Donations totalling £44,504 were received from trustees and other related parties during the year (2024 - £70,800).