Charfty numb•r: 1198399 SHIFT-ED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 WELLDEN TURNBULL An Indopendert firm of Chartered Accountants, Chartered Tax Advisers and Statutory Auditors
SHIFf-ED CONTENTS Pag8 Rof•r•nc• and adminl$tratlve detslls of the charfty, Its trust•es and advisers Trusttss. report Ind•p•ndent •nmlnorf• rnport Stat•mont of flnandal actlvltl•s 10 Balanc• sho01 11 Noto• to the flnanclal 8tat•monts 12-18
SHIFT-ED REFERENCE AND ADMINISTRATNe DETAILS OF THE CHARI, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trust• Mr Z Ho8ban, Trustee Mr M O Coombes, Truste8 Mr5 M R Sutton-Matto¢k$. Trusteo Mr l E TaOr, Trustee Dr A C Fi8h. Trustee Charity reglstor numb•r 1198399 Prlnclpal offlc• 127 Highbury Hlll London NS ITA A¢¢ountants Welld8n Tumbull Llmlled Albany House Claremont Lane Esher Surrey KT10 gFQ B¥nk•r8 Tha cov0p8rnY& Bank plc Pagg 1
sH1-E0 TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together th the financial stalemenls for the year 1 September 2023 10 31 August 2024. This report highlights our achievements in that financlal year and our outlook for 2025. 08JECTIVES AND ACTMTIES POLICIES AND 08JECTIVES In setting obJeclNes and annIng for activities, the Trustees have given due consKleration to general guidance publishad by the Charity Cornmission relallng lo public benefit. The Trustees have, for example, reviewed Ihg charivs needs for reserves in line wlh the guidance issued by the Charity Commission and mainlair) Sufficient unreslrlcled funds in order that the charity can run effl¢ienlly and continue lo meet Its aims. As the ¢harlly had no employees or paid volunteers during the year ended 31 August 2024, the charge for our premises was low and the Trustees had agreed not lo claim any day lo day expenses in connection with their aclivilies, the overhewjs required lo run the charity during this period were very low. The fundraising and reserves policy during this perN)d was therefore focused on securing funding and longer term premises from which lo deliver projects. WHAT WE ARE HERE TO DO It Is worth repealing SHIFT-ED'S charitable obleclg as Ihls is what guldes us as Tnjstees: The CIO has be&n established for the publi¢ b8n8fft, to advance the eduGatlon of children and young people under the age of 25 in London and throughout th8 UK. by organising and assisling in the proviSn of facillti8s for Oi8Ct b8s8d learnlng with a focus on the Arts, Hum8nltles and S¢lences. Our lon*lerm ambltlon is lo tranSfM the provision of design education and with il the imaginations, the realive skills, the problem Solving, the p8r$onal growth, community dev81opm8nl and career prospects of thousands of children and young people who wlll lake part In our croalive programmes. With a focus on real-wodd learning, we are dedicateé lo providing ¢hildrenlyoung people with access lo high- quality des@nlmaking proj8cI8. We partner wllh schools in areas of high social deprivation lo provide.. a} education81 programmes IDe85gn & 8uild, Product De$ign and Event & Production) for children aged 8-11, delivered during $chool hourg bul free al the polnl of delivery lo participating schwls and bl after-school programme$, for children aged 10-14. Dellvering our projects from our b8spoke Makerspace in Camden Iwilh over 500/0 FSM elSglbililyl aligns ¥th our misslon of offering free access lo those who need11 most. As we expand. we aim lo offer Real-wodd Pathways Programmes for yOLJng people aged 14-18.. a 10-18 week project 120-30 hours) based on creative se¢lors, Involving industry partnerships and mentoring opportunlties, providing insights into creatlve industry pathways and next steps. We also asplre lo offer spe¢iallsl programmes tsilored lo speclC communilles, such as children with special educational needs and disabilities ISENDI, and ¢hildren at risk. ACHIEVEMENTS AND PERFORMANCE REVIEW OF PROGRESS AND ACHIEVEMENTS The CIO was Incorporated and established by the founders Nlck Turner and Zek Hoeben in 2022. Whlle actlvity in the first accounting porio¢J of the CIO has been minimal, slnce 31 August 2023 we have: in March 2024. found premises on the third Iloor of 8-12 Camden High Street on a lowlno rent basis for the purposes of a meanwhile Makerspace; equipped and fitted out that Makerspace in time to deliver our school programmes from It during the Summer Term 2024. We were fortunate lo receive donations of offe furnilurelsupplies from corporate sponsors.. otherwise our founders and one of our new Trustees designed and hand-built work benches and shelves lo create 8 bespoke Makerspace., txjilt and maintained excellent partnerships with 3 local primary schools in Camden- Richard Cobden, Netley and Primrose Hill for the provision of design and build projects. These schools m881 our FSM eligibility criteria and are mostly wthln 25 minutes vralkiThJ distance of our Makerspace. although not exclusively. Page 2
SHIFT&D TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Al the end of the Summer Term a113 schools re¢onfirmed their commitment to our provision for the future. Additionally to snIng up for further provision for Ihelr years 5 and 6 in the 2024125 academic year. the schools provided testimony from their pupils 8nd teachers who universally said how much positive impact the projects have had on the children's learning, skills development, engag8menl and motivation., delivered. during the Summer Term 2024, design and making projects to over 140 children from 6 cla$$e8 at our partner schods. The prolS lypica51y lasted 10-12 weeks for each class. following a weekly timetable of 100-120 minutes per se¥sion. The projects were universally praised by children and sch¢)ols', estsblished g)od working relationships wth other Gharilies and gK)vernmenVlocal authority agencles wllhln Camden so as lo promote the services whlch can be offered to their children and young people. Camden has been very receptive lo the work we are dolng. and the presence of many creative businesses in the area offers great polenllal for collaboratlon,. • dev8loped o website. and an onllne dlgilal pr8senc8. Including through the use of Linkedln and IrK8lagram,' both Siles are used lo regularly update our community. includlng the 200 plus followers on Llnkadin,on our children's progress., • raised approxlmalely £45,000 In fundlng from a number of sources, obtsined supportlng pledges to provldfr future funding for projects, enlisted the help of an external fundraiser on a 5hort-lerm basis and further refSned our fundraising guidellnes and management pro¢edure5 Internally. One of our cofoundeTS-Nlck Turner- raSsed over £2,000 from a charity bicycle rlde.. expanded our group of hlghly qu8lWled and molivaled volunteers such that we now have 7 volunteers committed to the next academic year {20241251. They generously offer their lime lo support specific projects, alignitYJ with classe$ and groups of ¢hSldren. Our volunteers are DBS Ghecked and alway5 work und supervision when around chlldren., increased our Trustee body lo Include In 2023 one of our cofounderg Izek Hoebenl and In 2024. Adrlan Flsh {who has experience in Garpenlry, design and IT). We have a150 begun planning for an advlsory board and 8mbass8dor nefv4ork,' oblaln8d pro bono legal advlce through the charlty Lawworks Ilncludlng the support of an honorary o)unsell,'and • added new policles. reviewed and updaled exisllng ones, embedded new systems (e.g. an income Irackerl, reflned fundralsing protocol8 and delegated financelfundralsing functions to committees, in Ilno wllh our Conslitullon. FUNDRAISING ACTIVITIES AND INCOME GENERATION During 2023124. we engaged wllh outside third parties lon a trial basis) lo help with our fundralsing strategy so we could undertake our lulure plans for projects. The Trustees had already identified potential sources of funding and classrfled them, broadly, as high n8t worth individuals, corporates, Iruslsl foundations and government agencies, lo determine how best 10 51ruGture our 8ffort5. Vve undertook a series of meetings wlh their principals and a number of these were successful. We received donations from 3 indlviduals and charitable trusts. Tse were Initlally In th8 fom) of pledges, unlll the time that services could be delivered lo children. The individu81s gave a tol81 of £13K, and the trusts gave a total of £11k. All of this was unre5tri¢led funding, bul the donors stressed that11 should be largely spent on the delivery of projects lo chlldren. We also raised invoices to Hanover Primary School in Islinglon for a lolal of jLtsI over £20k. Much of this related to the cost of materials needed for the piojecl, which wa$ a roof-garden deliVed in the forni of community bulld. This project followed on from a shtftED pilot project Nick Turner delivered at the schocl in the summer temi of 2023. Consistent with our reserves policy, we monitor whether reserves may be necessary (and, if $0, the target level or amount) and will review our policy in May 2025. Page 3
SHIFf-ED TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS We are continuing to actively seek funding from a range of sources for the 2024125 academic year Including from corporates, high-nel-worth indivlduals. trus15 and foundations, as well as local and national government grants. We have been especially focused on prospectiv& sponsors of individual projects e.g. Mighty Motors, design arml making prolect for a class of 30 pupils (aged 9-111 which offers a fun and engaging way to leam about basic mechanics, Glrcuils and forces through the childn designing and making a motoriseo loy Gar to win a race. We have also secured some fvnds through coMmunY fundraising events and conlribubons from high- nel-worth individuals to sUPPOrt our programmes through to January 2025. We remain proactive In our fundraising efforts. understanding that not all applications may succeed. Our priority when fundralsing for the next academlc year- 202412025- Is to establish a secure nerk of primary schools (especially those that meet our FSM Grilerlal and lo develop our after-school offerings for children aged 10-14. During the Autumn Term 2024 we have adopted a new model of six-week programmes consi51ing of three-hour sesgions. We plan lo ¢onlinue with Ihls model Into 2025 as il has been highly 5ucce85ful in the first haLf term.we aim to deliver al least 15 proleds in the 2024125 academic year, representing 60Vo of our programme goals. Thls largel Is ambillous given our current finance$ and the demands of charlty admlnlslrallon. facilty management and programme delivery. Securing longer-term premlses fTOrn which lo deliver prolecls in 2025 remains a priority. We have been proaclivo In Idenirfwng suitable venues, recogn55ing that a move may n6cessilate a temporary pause in some operations (unless it occurs durlng the school vacations.) However, we believe that existing partner schoo15 would remabn commilled to our programmes, ensuring continued participation and impact, even if il required travel. Additionally, we have already Identified schools close lo prospectiv8 new locations and will market our services to them once we have made further progress in securing a long-lerm venue. We also alm to pilot our after- 3chool programme lo build a cohort of ¢hlldren interested in learning outside school hours. Onc8 we have 8ecured long-term premlses, we plan lo approach existing high-net-worth individual IHNWII funders who have previously pledged support contlngent on a slable location. PRINCIPAL RISKS AND UNCERTAINTIES The maln rlsks broadly fall Into three categories.. R•putatlonal, Financlal and Physlcal risk$. R•putatlonal rlskg: These relate lo the good governance of the CIO and of ils activllles. Durlng the year th8 Trustees held meetSngs {al least 51 to miligale these risks and additional meetlngs were held by the fundraislnglfinance committees. Aso, the considerable expertise and experience of our co-founders as servlce providers, the prlor professional experience of our Trustees and the use, during 2024, of specialist lawyers lon a pro bono basis),aGcountanls and a fundraiser lo support our Trustees. aids the mili9alion of these risks. We have also formed a fundraising committee to streamline discussion5 wlh prospective funders and lo make the process more efficient. As regards our aclSvilies we alm to measure success using the followng key perfomiance indicators (KPlsl'. Co$t-Effecliven8ss- ensuring that the cost per chikl provides good value compared lo market rates.. Demogr8phics.' tracking the number of schools we work with that have economically disadvantsged puplls (FSM data) and those wlh high learning needs linduding SENDI., School Engagement: monitoring the number of schools attending and thelr rebooklng rates lo demonslrale demand for our seNices", Qualilallve Feedback.. collecting feedback from childrenlyoung people on their attitude and motivation for learning, creallve thinking and problem-solving skills and interest in pursuing creative sector pathways., and Long-Term Impact.. in the future, tracking alumni progress into post-14 and 16 qualificalions. work experi8nces, or careers in the creative industries, building a nerk of alumni. Page 4
SHIFT*D TRUSTEES. REPORT {contInu} FOR THE YEAR ENDED 31 AUGUST 2024 Financlal Rl8ks: Prlm8rlly these are around Ihe good and safe manag8menl of the CIO'S furnls. The use of 8 transparent accounllng system has aided this process. QuickBooks'. All money in and out of shfftED is logged In QuickBcM)ks, along with all paperwork. This means that al any point, QuickBooks can be examined and all invoices. receipts and payments can be viewed in full. Each of these18 allocated a category, and If necessary a sub category, so that a full picture of costs can be seen and understood. The bank account is regularly reconciled in QuickBooks, and invoices from shiflED (for example project malerlal coslg to schools) are gen&rated wlhin QuiGkBooks. All paperwork is logged before any payTnenls are made. The prlnclpal areas of Income are restricted anEI unrestricted donations lo enable shlftED lo njn ils deslgn and maklng projects for children free al the point of delivery to schools {allhough our school agreements do allow us to invoice for any consumable material cos15 that are incurred in projects.) We have a simple invoSclng systeni wlth schools whereby we charge for the project costs at the end of the project, but Issue a creéil note for each ses51on the schools allend, thereby incentivisin9 them lo allend all sessions and lo commll to the project in full. Feedback from headleachers has been that Ihis is a falr and reasonable request. So far, we have not had to Invoice schools for any project costs as they have commilled lo all sessions. Physlcal rlskg: This centres around the safeguarding of ¢hlldren and young people through approprlate supervision by qUaIled/hlghIY trained and DBS checked edv¢alional professionals. Our co-founders, Trustees and volunteers affj required lo be DBS checked {Enhancedl and we have detailed child protectlon, supervision, safeguarding and volunteer management poli¢les which are Subject to annual review. At$0 there Is the maintenance, security and upkeep of the CIO'5 premises, especially durfng project actlvllles. As lo the premSses, we have. for 2024, taken out Insurance cover for our Camden Makerspace and prepared and followed delai18d rlsk assessment, management and HSE policieslprocedures. We have separate risk assessments for workshop tools, model-making and adhesiveslpaint. Vve remain focused on securing the long- term rent81 of premlses for our Makerspace. GOING CONCERN The Trusleè8 take the view that Ihe level of cash held is acceptable {given Ihe current 8conomlc cllmale In which the charity is operalingl. The Trustees have a reasonable expectation that there are adequate resources lo continue in operational existence for the foreseeable future. We believe that there are no material uncertainlles or liabilities that call into doubt th8 charity s ability lo continue and the account$ have therefore bean prepared on the basis that the ¢harily is a going conGern. STRUCTURE, GOVERNANCE AND MANAGEMeNT CONSTITUTION Con8tltutlona5 8tructurn SHIFT-ED. was registered as a charity on 28 March 2022, Charity No 1198399 and Is Incorporated as Charitable Incorporalgd Organisation {ClO). Charitable Object8 and Public 8•ndlt The Trustees confirm that they have complied wlh the duly in Section 4141 of the Charities Act 2011 by referring lo the Charity Commission's g8n8ral guIdare on public benefit when reviewlng lh8 aSms and objectives of the Charity and in planning its future activitie5. The objects of the CIO ar9 for Ihp public b8nefft, lo 8dv8nce the education of children and young people under the age of 25 in London and throughout the UK, by organising and 8s$lsling in the provision of facilities for oiec¢ bas&d leaming with a focus on the Arts, Humanities and scn$. Board of Trustees Our Trustees have ultimate re5ponsibilily for directing and managing our charity. ensuring that it is solvent, well- run. and delivering the Charitable outcomes for the benefit of the children for which it has been sel up. Page 5
SHIFT-ED TRUSTEES. REPORT {continu•d FOR THE YEAR ENDED 31 AUGUST 2024 Slat•m•nt of TrusteO8' mponslbllltles Trustees perfomi their duties, and make decisions. in accordance wllh the leS of our constitution whlch also provides for functions to be delegated to a commlttee le.g. for fundrai5ingl provided that at least one member of the committee is a Trustee and no expenditure is Incurred which 1$ not in accordance wth an approved budget. Initially Trustees were allocated tasks rather than roles but as the CIO became more established during 2023 certain of the Trustees were nomlnaled for more discrete roles such as fundraising, data prole¢tlon and complaints (as documented in the CIO'S poliae51. ORGANISATION The Trustees who have served during the year and slnc6 the year end are sel out on the CIO'S legal and adminislralive informatlon page. Truste0$ are appointed by the board of Iruslees and are appointed {for a period of 3 years) in accordance with Charity guldelin85. New Iruslees, rf required. would be recruited on a 'skllls required, basis and woulé be inducted and trained by attendlng Trustee méètlngs. The TnJstee8 meet regularty and, in any event, al least 4 limas a year. As long as there are not less than 8 quorum of trustee8, decislons at meetings can be made by a majority of the Trustees and any action or de¢i$lon of that majority becomes valld and effectlve. KEY VOLUNTEERS SHIFT-ED encourages appropriately qualffied and suitable volunteers to help wlth the day-104ay operation and support of our co-founders and Trustees. Volunteers must adhere lo a code of conduct las delalled in our policies on volunteer managemenll, @specially as regards the supeNision of children. The Tru$lees greatly appreclale the lime, conlrlbullon, and effort of volunteers In sacurlng the development and aspiratlons of our children and young people. Page 6
SHIFT*D TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES, RESPONS181LITIES STATEMENT Thè Trustees are responsiblo for preparing the Tnjslees, report and the financlal statements in accordance with applicable 18w and United Kingdom Accounting Stsndards (United Klngdom Generally Accepted Accountrng Praclicèl. The law 8pplicable to charldes England & Wale8 r8quir8s the Trustees to pr8pare financial statements for each financial year whlch give a tru8 and falr view of the stste of affair5 of the charity and of the Incoming resources and application of resources of the charity for that period. In preparing the$e financial statements, the Trustees 8re requirod lo.. select suitable accountlng pollclgs and then apply them nsIstentIy', obgerve the methods and principles in the Charities SORP: make judgments and accounting estimates that are reasonable and pNdent', slate whether applicable UK Accountin9 Standards have been followed, subject to any rnalèrial departures disclosed and explained in th8 financial sialemenls; prepare the financial statements on the going concern basis unl888 11 Ss inappropriate to pr8sume that the charity will continue in operatlon. The Trusl8es are rggpon81ble for keeping proper 8ccounting r8cord8 that are sufficl8nl to sh¢)w and explain Ihg charills Irans8Ctions and disclose wllh reasonable ac£ur8cy al any Ilm8 th& financial positlon of the chorily 8nd enable them lo ensure Ih8t the ftnancial 51alements compfy with the Charitios Act 2011, the Charity (Accounts and Reports) RegulalDns 2008 and the provlslon8 of Ihe Conslitulion. They aré 8180 responsib for $8feguarLllng the assets of the charlty and hance for taklng r88son8ble steps for the preventton and delectlon of fraud and other irregularfties. This report was approved by th8 Trustees, on and slgnod on thelr b8haW by.. Mr Z Hoeben, Trustee Chalr of tho Trust••s Page 7
SHIFT-ED INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHIFf-ED1tho'charity') I report to the charity Trustees on my examination of the account$ of the charlty for the year eNled 31 August 2024. This report is made solely to the charivs Trustees, as a body, In accordance with Part 4 of the Charitles (Accounts and Reports) Regulallons 2008. My work has been undertaken so that I might sL7te to the charitys Trustees those matters l am requlred lo slal8 lo them in an independent examinerfs report and for no other purpose. To the fullest exlenl pernillled by law, I do not accept or assume responsibility to anyone other than the charity and the charltys Trustees as a body, for my work or for thi5 report. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charlty you are sponSible for the preparation of the accounts in accordan¢e wlth the requirements of the Charlties Act 2011 I'lhe 2011 Act'l. I report in respect of my examlnation of the charitys 8ccoun15 carrled out under section 145 of the 2011 Act and In carrying out my examSnalion I have followed all the applicable DifectvJns given by the Charity Commission under s8clion 14515llbl of tha 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attenllon 1$ drawn to the fact that the charlty has prepared Ihe accounts in accordance with Accounting and Reporting by Chartties.. Statement of Recommended Practice applicable to Gharilies preparing their accounts accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} In preference lo the Ac¢ounllng and Reportiry by Charitles.. Slatem&nl of Recomm8nded Practlce Issued on 1 Aprll 21)J5 whlch is referred lo in the exlanl regulations but has been withdrawn. l understand that this has been done In order for the accounts lo provide a twe and fair view in a¢¢ordance wllh the Generally Accepted Accountlng Pradl¢e effective for reportlng periods beginning on or after 1 January 2015. I hav8 Completed my 8xaminatlon. I can ¢onflrni that no mallers have come to my attention In connection with the examln*lon glving me cause lo belleve that In any material respect-, accounllng records were not kept Sn respect of the charity as required by section 130 of the 2011 Act- or th& accounts do not accord wlh tho$e records," or the accoun15 do not comply the applicable requiremenls concerning the form and content of accounts sel out In the CharilEs {Accounts and Reports) R8gulalions 2008 other than any requirement that th8 accounts give a 'tru& and fair. view which 1$ not a matter considered as part of an independent examinatn. Page 8
SHIFf-ED INDEPENDEKf EXAMINER'S REPORT {continuod) FOR THE YEAR ENDED 31 AUGUST 2024 I have no concems and have rrE acoss no other matters in connection the examination to which attents.on shoukl te drawn in thLry rEpNt In order to enthe a prgFer uThJerytarKJiro of the accounts to be reed. Trat.. 25 February 2025 Rthn John, FG4 CTA WELLDEN TURNBULL LIA Abany Hou8e Claret Lana Surrey Kr10 9FQ P¥Je 9
SHIFT-ED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 UnreStred funds 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Donations and Educational services 46,514 46,514 200 TOTAL INCOME 46,514 46.514 200 EXPENDITURE ON: Raising funds Charitable actlvllles 2,683 30,507 2,683 30,507 TOTAL EXPENDITURE 33,1J 33,190 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 13,324 13,324 13,324 13,324 RECONCILIATION OF FUNDS: Total fund8 brought forward 200 200 13,524 13,524 200 TOTAL FUNDS CARRIED FORWARD The notes on pages 12 10 18 form part of these flnancial statements. Page 10
sHIFTD BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash al bank and In hand 2,448 12.927 200 13,326 200 CREDITORS: omounts f8lllng due wtlhin one year 12,2501 NET CURRENT ASSETS 11,076 200 NET ASSETS 13,524 200 CHARITY FUNDS Unréstricted funds 10 13,524 200 TOTAL FUNDS 13,524 200 The flnanclal ststem8n18 were approved by the Trustees on I b)i£ and signed on their behall, by.. Mrz Hoeben Trusts Mr$ M R Sutton-mattocks Trustoe Th8 notes on pages 12 to 18 form part of these financial 51alernents. Page11
sH1-E0 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES 1.1 Basis of preparation of financlal •tatom¢nts The financial statements have been prepared lo give a 'lrue and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a 'true and fair, view. This depArture has involved following the Charities SORP IFRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charitles.. Stat8menl of Recommended Practice effective from 1 April 2005 which ha5 since been withdrawn. The financial sl818menls have been prepared under the historl¢al cost Convention with ilems recognised at cost or transaction value unless otherwise slated In the relevant notes lo these accounts. The financial statements have been prepared in a¢¢ordance with the Stalemènl of Recommended Practice.. Accountlng and ReFX)rtlng by Charllles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 Issued on 16 July 2014 and Financial Reporting Standard appllcable In the United Kingdom and Republic of Ireland IFRS 1021 and Ch8rilies Act 2011. SHIFT-ED constllules a public beneflt enllty a8 defined by FRS 102. The flnancial slalemenls are presented In sterling whlch is the functional currency of the charity an rounded lo the nearest £1. 1.2 Incomo All in¢oma 18 recognised once the charlty h88 ents'llement to the income. il Is probable that th8 Income w511 be received and the amounl of Income recelvable can be measured rellably. For legacies, enlillernent15 taken 88 the earller of the date on whlch either- the charity is aware that probate ha5 been granted, the eslale has been flnalised and noliflcalion has been made by the executorl51 lo the Trust that a distribution wlll be made, or when a dislribullon is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charlty has been notified of th8 execulorfs intention to make a dislributlon. Where legacies have been notled lo the charity, or the charity is aware of the granting of probate. and the criteria for Income recognlllon have not been met, then the legacy Is treated as a contingent asset and disGlos8d K material. Gift5 in klnd donated for distribution are included al valuation and re¢ognised as Income when they are distributed lo the projects, Grfls donated for resale are included a$ Incom8 when they are sold. Donated facilities are included al the value to the charity where this Can be quantified and a third party is bearing the ¢osl. No amounts are included in the flnancial statements for servicas donated by volunteers. Donated servlces or fa¢ililps are recognised ¥then the charity has ntrol over the itèm, any conditions associated with the donated item have been mel. the receipt of economic benefit from the U88 of the charity of the ileffl is probable and that economic benefit can be measured reliably. In accordancé with the Charities SORP IFRS 1021. the general volunteer lim8 of the Friends is not recognised and refer lo the Trustees, report for more infomallon about th8ir ¢ontrlbution. On receipt, donated professional services and donated fa¢ililies are recognised on the basis of the value of the grft lo the charity which is the amount the Charity would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Investment Irome is accounted for in the perlod in which the charty is enliled lo receive it. Pagg 12
SHIFTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES {¢ontlnued) 1.3 Expendlture Expenditure is recogni3ed onc8 there Is a legal or ¢on$truclive obligation to transfer economic benefll to a third paty, It is probable that a transfer of economic b8nefi15 wll be required in setuemenl and the amount of th8 obligation can be measured reliably. Expenditure is classified by activity. Fundraislng c08ts are those incurred In seeklng voluntary ¢ontrlbutlons and do not include the costs of dis5eminaling information In support of the charitable acllville5. Support costs afe those costs incurred dIreCY In support of expendlture on the objects of the charity. Governance costs are those incurred in connectlon with adminislratlon of the charity and compliance with constilutlonal and statutory requirements. Costs of generallng fund8 are costs Incurred in allracllng voluntary in¢ome. and those Incurred in trading aclSvilie8 that raise funds. Charitable actlvitios and governance costs are c08ts Incurred on the charitys operations, Indudlng support costs and ¢ts relating to the governan¢e of the charity apportioned lo charitable activlties. Gran19 payable arè charged In the year when the offer is made except In Ihoge cases where the offer 18 condllional, such grants being recognlsed as expenditure when the conditions attaching are fulfilled. Grants offered subject lo condllions which have nol been met at the year end are noted a3 Commitment. tsjl not accrued as expenditure. l expendlture Is Sncluslve of Irrecoverable VAT. 1.4 Tanglbl• flx•d 888Ot8 and d•proclatlon Tanglble flxed assets are carried at cost or valuation, net of depreciallon and any provlslon for mpairmenl. Depre¢lallon is provlded at rates calculated to wrilg off the cost or valuation of flxed assels,188S their estimated residual value, over their expected useful live$ on the followng bases.. Plant and tools Fixtures and fittings Computer equipment 2SVu p.a straight line 250/u p.a straight line 25% p.a straight Ilne 1.5 Intorest rwlvable Interest on funds held on deposit is irtcluded when receivable and the amount can be measured reliably by the charlly,. thls is normally upon nollrication of the interest paid or payable by the Bank. 1.6 Stocks Stocks are valued al the lower of cost and nel realisable value after maklng due allowance for obsolete and 51ow-moving stocks. 1.7 Debtors Trade and other debtors are recogni$ed at the selllement amount after any trade dls¢ount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Page 13
SHIFT-ED NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (contlnued) 1.8 Cash at Bank and in hand Cash al bank and In hand Includes cash and short term highly liquid inveslm8nls wth a short maturlty of three months or le8$ from the dale of acquisition or opening of the deposit or similar account. 1.9 Crodltors and Provlslons Cre¢Jitors and provisions are recognlsed where the charlty has a present obligation r8sulling from a pa51 event that wlll probably result in the transfer of funds lo a third party and the amount due lo settle the obligallon can be measured or eslima18d reliably. Creditors and provislons are nomally recognlsed al thelr 98lllement amount after allowing for and trade discounts due. 1.10 Crodltors and provl8lon8 Llabilities are recognised when there is an obligallon al the balance sheet date as a result of 8 past event, it Is probable that a transfer of economlc benefit will be required in settlement, and the amount of the setuemenl can be eslimaled reliably. Liabilities are recognised al the amount that the charity anticipates il wlll pay lo sellle the debt or the amount it ha$ received as advanced paymen18 for the goods or servlces It must provKle. Provlsions aro measured al the b8sI estimate of the amounts required lo sellle the obligalion. Where the effect of the lime value of money Is material, the provi8lon Is based on the present value of those amounts, discounted 81 the pre•t2x dlscount rale that reflects the rlskg sp8cffic to the Ilabilily. The unwinding of the discount is recognised wlhin inleresl payable and slmilar charges. 1.11 Gov•mm•nt grant• Government grants relating lo langlble fixed asset5 are Irealed as deferred Income and released to the statement of flnanclal activities over the expected useful lives of the assets concerned. Other grants are ¢dted lo the slatem8nl of flnancial activities as the related expenditure Is Sncurred. 1.12 Fund accountlng General funds are unreslricled funds which are available for use al the discretSon of the Trustees in furtherance of the general objectlves of the charity and which have not been deslgnaled for other purposes. Deslgnated funds comprise unrestricted funds that have been sel aslde by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the linancial slal8ments. Restri¢led fund8 are funds which are lo be L¢sed in a¢¢ordance with specffic restrictlons Imposed ty donor5 or which have been raised by the charity for particular purposes. The costs of raising an administering such funds are charged against the spgGifiG fund. The aim and use of each reslricled fund is s8t out in the notes to the financial slalemenls. Investment income, gains and losses are allocated lo the appropriate fund. 1.13 Taxatlon SHIFT-ED is recognised as a charity by HMRC and benefits from exemption on IOme and gains lo the extent they are applied for Charitable purposes. Page14
SHIFT-ED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (continued) 1.14 Flnanclal in$trument8 The charity only has financial assets an(1 flnancial liabilitie5 Qf a kind that qualify as basic financial inslrumenls. Basic financial instrum&nls are initially recognised al transaction value and subsequently measured al their settlement value, INCOME FROM DONATIONS AND LEGACIES AND GRANTS UnregtrScted fund$ 2024 Total funds 2024 Total funds 2023 Oonatlons Edu¢allonal ServSces 25,474 21,040 25,474 21,040 200 Total donatlons and legacles and grants 48,514 46,514 200 Total 2023 200 200 DIRECT COSTS Total 2024 Total 2023 Project costs Educallonal prolocl costs 27,075 27,075 SUPPORT AND GOVERNANCE COSTS Total 2024 To181 2023 Governance Actlvitiès Support and govemance costs 1,500 1.116 2,616 GOVERNANCE COSTS Unrestricted funds 2024 Total funds 2023 Support C05ts - governance 08pr8ciation 1,500 816 2,316 Page 15
SHIFf-ED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 NET INCOMEI{EXPENDITURE) This is slated after charging: period 31 August 2023 31 Augusl 2024 Depreciatlon of tanglble flxed assets.. - owned by the charity Independent Examlnerfs fees 816 During the year, no Trustees Tec8ived any remuneralion12023- £NIL). During the year, no TnJstee8 received any benefits in kind12023 - £NILI. Durlng the y8ar, no Trustee8 received any relmbursemenl of expense8 {2023 - £NIL). TANGIBLE FIXED ASSETS Flxtures and fittings Plant and tools equipment Tot81 Co•1 Al 1 September 2023 Additions 1.922 851 491 3,264 Al 31 August 2024 1,922 851 491 3,284 Dopr•¢latlon Al 1 September 2023 Charge for the year 213 123 816 Al 31 August 2024 213 123 816 Not l)ook valu• Al 31 August 2024 1,442 638 368 2,448 Al 31 August 2023 DEBTORS 2024 2023 Debtors Other debtors 308 91 399 Page 16
SHIFT-ED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CREDITORS.. Amounts falllng duo wlthln one year 2024 2023 Other loans Accruals and deferred income 750 1,500 2.250 10. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR 8818nce at 1 September 2023 Balanc8 al 31 Expendlture Aust 2024 Irme Unre8trl¢tod fund• General Funds- all fvnds 200 48,514 (33.1901 13,524 STATEMENT OF FUNDS- PRIOR YEAR Balance at 28 March 2022 Balance al 31 Expandllure August 2023 Income General Funds - all funds 200 200 Total of funds 200 200 SUMMARY OF FUNDS-CURRENT YEAR Balance al 1 Saplember 2023 Balance at 31 Exp8nditure Augu812024 Income General funds 200 46,514 (33,1901 13,524 SUMMARY OF FUNDS - PRIOR YEAR Balance at 28 March 2022 Balan at 31 Expenditure August 2023 In¢ome General funds 200 200 l asset5 and liabil((ies within the CIO are allocated as below. Pagg 17
SHIFTID NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDeo 31 AUGUST 2024 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET A8SETS BETWEEN FUNDS- CURRENT YEAR Unrestricted funds 2024 Tangible fixed as$818 Current ass81s Creditors due within one year 2,448 13,326 12,250) 13,S24 ANALYSIS OF NET ASSETS BETWEEN FUND3- PRIOR YEAR Unrestricted fund8 2023 Gurrerst a88els 200 200 12. RELATED PARTY TRANSACTIONS During the year, coD8ultancy costs of £9,000 and £3,000 were paid lo Mr N Tumer and Mr Z Hoeben respectlvely. There were no related party transacllons other than dlsd05ed in the notes to the a¢¢ounts. 13. CONTROLLING PARTY There is no ultimate ¢onlrolling party. Page18