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2024-03-31-accounts

•p4 NoR￿00D Taking on life together NORWOOD SCHOOLS LIMITED (A Charitable Company Limited by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 March 2024 Patron HM King Charles Ill. Registered Charity No. ioS9050 Registered Company Number: 0051690? e1Gccnf￿￿t FUNDFIAISI REGULATOR EMPLUYE

Contents Page Charity Information Trustees, Annual Report (incorporating the Strategic Report) 4-16 Independent Auditor's Report 17-20 Statement of Financial Activities 21 Balance Sheet 22 Notes to the financial Statements 23-37

Charity Information Trustees and Directors The directors of the charity are its trustees for the purpose of charity law. The trustees that served during the financial year and since the year end are Miles Webber, Ben Freeman and Tim Isaacs Senior LeadershipTeam Chief Executive Officer Naomi Dickson Director of Finance and Corporate Services Patrick Murphy (to 31.10.23) Robert Morton (Interim) (from 21.11.23 to 31.5.24) Heather Lees (Interim) (from 17.6.24) Director of Fundraising. Communications and Community Engagement Liz Jessel Director of Services and Development Hannah Barnett Director of Children and Family Service5 Emma Gray (from 22.4.24) Director of Human Resources Steve Bennett (to 16.6.23) Director of Peopleand Culture Steve William5 (Interim) (from 1.8.23 to 19.1.24) Tarrance Ryder-Downes (from 27.11.23) Director of Risk and Compliance Phi lippa Shirtcliffe Director of Major Projects Caroline Taylor Company Secretary Patrick Murphy (to 1.10.23) Nick Bernstein (from 1.10.23) Auditors Haysmacintyre LLP Investment Managers CCLA Investment Managementand Sarasin & Partners Bankers Barclays Bank plc Principal and Registered Office Broadway House, 80-82 The Broadway, Stanmore, HA7 4HB

Trustees, Annual Report (incorporating Strategic Report) The trustees are pleased to present their annual report and audited financial statements for the year ended 31 March 2024. These statements comply with the Charities Act 2011 and the Charitie5 (Protection and Social Investment) Act 2016, the Companies Act 2006, the Memorandum and Article5 of Association, and the 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 - FRS102 (effective 1 January 2019). About Norwood Norwood empowers Jewish people of all ages with neurodiversity or neurodevelopmental di5abilitie5, along with their families, to lead fulfilled lives in communities that value them. Founded in 1795, Norwood is the oldest Jewish charity in the UK and although the ways we work continually evolve, our motivation remains the same: to do everything we can to help the people we Support live thei r best possi ble live5. Our Services Each year, Norwood supports the needs of more than 2,500 people, including some of the Jewish community's most vulnerable children, adults and families. Oursector-leading services celebrate our Jewish culture and have Jewish valuesat their heart butare open to all who need our support. Children & Family Services The entry point to our services, where we continue to offer advice, support and signposting to the community IS through our advice line. Ourchildren and Family provision is based in Northwest London. We offer short break facilities for families of children with complex needs, and a range of therapeutic services. Our group work is aimed at the whole family, including parenting programmes and support groups forsiblings and parents of children with learning disabilities. We are proud to run a range ofsupport Groups including Parenting Courses, Key worker support to provide cohesive, holistic Support for the child and their family, Unity our Short breaks holiday provision, and Inbetweeners, our Sunday recreational transition group for young adults aged 16-25 years with learning disabilities. Our broader group support and courses include Rainbow (for the parents of primary school-aged children with a range of need). Rainbow Plus(for the parents of secondary school-aged children with a range of need). Exploring Autism (a 6-week parenting programme for parents and carers of children with an early diagnosis of autism)" 2Gether Group (parenting drop in). Twins and More (multiple birth drop in)" and Afternoon Homework Club (expert support for schoolchildren who are struggling to complete their homework independently). Our Psychotherapy and Counselling service delivers individual and group psychotherapy for children/young people, in schools or in the community. individual psychotherapy for young adults (18-25) with learning disabilities and autism- psychotherapeutic parenting support- adult counselling- and a range of groups designed to build resilience and increased Social and emotional competence- and sessions to enable children with ongoing difficulties to explore their experiences in a safe and non-judgemental space.

Adult Services Our work with adults with learning disabilities and autism is core to our service. It is geared to providing the individual care and support that each person need5 either through residential care or supported living accommodation services. in London and in Berkshire. Residential Care 15 for people who have a local authority-funded care package to provide person- centred 24/7 specialist care combined with support in a residential care setting. Supported Living Accommodation provides for independent tenancy agreements separate from an individual's care arrangement, paying rent funded from a variety of benefits and local authority provision which support their living requirements. Beyond accommodation. our adult services include the provision of Assistive Technology, promoting independence and enhancing day to day living using technology. This takes the form of telecare systems to alert nighttime support staff to a resident's health risks without the need for intrusive nighttime check5, Augmentative and Assistive Communication devices to help people communicate and control aspects of their environment, Eye Gaze technology to enable people with barriers to communication to access environmental control systems, as well as to use laptops, music systems, toy5 and many otherdevices, and devicesto help facilitate communicate and support early screen engagement skills" Complementaryservices- promoting good physical and mental wellbeing through education and access to health services including equine and hydrotherapy- Transition services, providing information, guidance, and advocacy for parents of 16-25 year-old5 With a learning disability and/or autism, to help them navigate the supportand policy landscape- Benefits and welfare advice- and Jewish cultural activities. Our Highlights, Challenges and Achievements in the year Values, Strategy and Governance We completed a review of Nonvood's valuesthrough a consultation which included staff, volunteers, people we Support and their families. We are proud of our new values which reflect our foundations and behaviour: Kindness. Respect. Belonging and Empowerment A Series of interactive sessions with our staff have enabled discussions about the application of each value to our work supporting people with learning disabilities and autism across the range of our services. We are committed to embodying our values across our front line and support services, and beyond through use of photos, videos, devices, group and one to one discussions to ensure that our approach remain5 fully inclusive. We embarked upon an ambitious review of our strategywhich enabled us to clarify our vision, mission and activities and give us plans for the three years ahead, seeking the views of a range of stakeholders from acrossthe organisation.as well asservice users, family membersand supporters. Our new strategy will take Norwood on its future journey, ensuring that we have a clarity of mission and excellent quality services which are designed around the needs of the community we support. We conducted a full-scale review of our governance with support from Bayes Business School, the recommendation5 of which will be implemented in 2024/5. New Supported Living Service We successfully reopened and recommissioned our supported living facility Sarah Ronson House, for three young autistic men.

Educational Services Following an extensive reviewon ourfuture Children & Family service provision, a decision wastaken not to renew the current Statutory and private educational services beyond the end of the 23/24 academic year. Staff Remuneration A new pay strategy improved our frontline staff pay to above the National Living Wage The Board of Trustees approved a recommendation by the Senior Leadership Team to maintain this position for 24/25, and in April 2024 hourly rates were increased by a further 8.50h, keeping frontline wage rates ahead of the National Living Wage. Additionally, we have demonstrated our commitment to supporting our non-frontlinestaff atthischallenging timeand to ensuring thattheirsalaries reflect their hard work by increasing these salaries by 3 %. Our commitment to increasing pay come5 at a very challenging time for charities and forfundraising. We have worked throughout the year to streamline pay for support workers and have also increased the rate paid for sleep-ins. These measures. along with improved induction and professional development opportunities, are designed to ensure that Norwood becomes an employer of choice and that our staff retention rate improves to reflect this, particularly amongst our support worker cohort. Not only have these measures improved both recruitment and retention and supported staff with the cost-of-living crisis, but they have also enabled us to considerably reduce the amount of agency staff Used in our services, Saving almost £1m in the year. Fee renegotiation program We reviewed the care packages of all our residents and have embarked on an ambitious three-year fee review, due to be completed in 2025/6. This is to ensure that we are receiving a fair fee for the support we offer for each of the people we support from each of the 56 Local Authoritie5 we work with. In 2023/24 it resulted in an additional £4m of income for the charity. Staff Satisfaction Over the past year several activities have continued to focus on enhancing staff satisfaction and retention. We enhanced our benefits, including increasing sleep-in ratesand accesstothe Blue Light Card discount scheme. We focused on delivering mental health first aid, wellbeing and resilient training for managers and refreshed long-service awards to recognise outstanding commitment and loyalty. We also recently launched a new management development programme. Norwood achieved a 610/0 average positive response rate in the Birdsong Charity survey. The results enabled u5 to benchmark where we stand against other organisations in the sector, as well as highlighting some key areas that we can collectively work on to improvethe organisational culture at Norwood. Future prioritie5 include a review of our pay and reward approach to help put in place an effective and competitive policy- further enhancing our benefit and recognition scheme. to include an increase to Support Worker annual leave entitlement and new staff awards" Integrating new organi5ational values and behaviour5 Wlthin our recruitment and onboarding.

Ravenswood Village We expect that the process and negotiations to engage with a third-party provider who is interested in taking over the operation of services at the Village will take some months to progress and we are continuing to keep both staff and families of people supported at the Village updated. In the meantime, we remain fully committed to providing the highest Standard5 of care for the residents at Ravenswood Village. We welcomed two new residents into the Village in 2023/24, with others expected during 24/25. We continue to review the needs and care plans of existing resident5 on an ongoing basis, as part of our commitment to providing person-centred care and to maximise capacity in the future. Ravenswood Village held its annual Summer Fete in May which was a celebration of it5 service5 and a chance for Staff, families and residents to come together. Our Strategic Priorities and Focus for 2024/2025 The implementation of the Strategic and governance reviews will form part of the 3-year strategy that will support Norwood in developing a bold plan to support our vision. The work on the strategy will commence fully from January 2025 and will see Norwood building on its strengths and enhancing its offerto meetthedemand identified in our research and outreach.we will focuson improving ourfront door entry point to service5, broadening our holistic offerto children and families, strengthening the transition pathways between children and adults, and enhancing our offer to adults in relation to residential and wider provision. Wewill focusonthe need to improve and grow our estate5 to provide the most appropriate accommodation for the people we support. To underpin the delivery of the strategy we will strengthen our organisational foundations- the culture, infrastructure, systems and policies that make Norwood the most dynamic. well led organisation it can be. The strategy will be delivered over the next three financial years. The strategy also includes the commitment of the Board of Trustees to continue to engage with a third-party provider who is interested in taking over the operation of the 5ervice5 at Ravenswood Village. The governance review will change the committee structure that supports the Board of Trustee5 and the scheme of delegation, and ensure that we are working to best practice, in line with the Charity Commission Code of Governance. Statement on s.172(1) of The Companies Act 2006and s.17 of The Charities Act 2011 During the course of their duties, the trustees have had full regard for their obligations in promoting the success of the organisation. Norwood'5 detailed charitable objects are contained within its memorandum and articles and in keeping with these, the Trustees set strategic priorities ensure that the charity's activitie5 are carried out for the public benefit. The Trustees also confirm that they have had full regard to thecharitycommission'sgeneral guidance on public benefit, 'Charitiesand Public Benefit" This has been further clarified in the following sections of this report: Our Services Our Highlights, Challenges and Achievements in the year Employee Engagement Ourvolunteers Business Relationships Energy Efficiency Measures Undertaken

Employee Engagement We carried out an inaugural staff engagement survey in March 2023. The results enabled us to benchmark where we stand against other similar organisations and identify areas that we can improve. As a result, we upgraded our intranet to ensure that we provide helpful online advice and information, as part of our commitment to empowering staff to perform their roles. The review of our organisational values engaged all stakeholders including staff across the organisation to determine the valuesthat wesubscribeto in ourcollective goal to enablethe people wesupportto livetheir best lives. We also reintroduced long-service awards early in 2024 to show our appreciation for the many staff members who have chosen and continue to choose to remain with Norwood. Further steps taken by the organi5ation toward improving staff wellbeing include training and introducing a cohort of Mental Health First Aiders- a vital initiative that equip5 employee5 Wlth the knowledge and skills to recognise and respond to mental health concerns among their colleagues. We launched a'Love to Manage People, Programme to support our line managers to continue their professional developmentand to undertakethefull rangeof peopleengagement responsibilities Wlth more confidence, as part of a wider 18-month People Transformation strategy. This includes offering managers the opportunity to undertake resilient managers training, delivered by trainers from St. John's Ambulance. We inevitably have work to do to improve how information is communicated across the organisation to help connect our staff with organisational and departmental updates. but we recognise how important our staff are to the charity. Our Volunteers By the end of the 2023/24 financial year, we had 173 volunteers actively engaged in supporting service and cultural activity delivery to the people Norwood supports across adult, children and family services, in addition to 99 individual enquiries from new potential volunteers. Of these enquiries, 55 volunteer5 were successfully recruited and placed in suitable opportunities. Overall, the number of active volunteers decreased during this period, largely due to service c105ures in particular the last two remaining charity shops which closed in January 2024, and which were largely staffed by volunteers. number of corporate volunteering days were organised across adult services in London and Berkshire, with organisation5 including National Grid. Wickes, BD UK, Carbonxgen and Johnson & Johnson, and further to a corporate volunteering activity that was successfully run with B&Q in the previous financial year. a grant of £10,000 was received. 100 volunteers were recruited to support at the annual Norwood Carnival in May, with a further 15 volunteers supporting at Norwood Night in December. in addition to regularJewish cultural activities being delivered in our homes by a team of 71 volunteers recruited from local synagogues and communities. We are so grateful to all our volunteers for the time that they give up and for all that they do for us and for the people we support.

Business Relationships Norwood values the relationships it has with all the local authorities around the UK and its suppliers, holding multi-year contracts with key suppliers. Norwood reports its performance and practices in line with reporting requirements. Financial Review The operating surplus for the 2023124 financial wa5 £03m (2023: £0.4m), before recognising unrealised revaluation losses of £0.2m (2022: losses £0.4m). This included a £5.3m grant (2023: £9.om) received from the parent company Norwood Ravenswood which operates as the fundraising arm of the group of charities. At the end of the financial year, Norwood Schools generated £23.1m (2023: £18.6m) income from its core charitable activities and expended £28.9m (2023: £28.Om) on core services, reflecting a funding shortfall of £5.8m (2023: £9.4m). Whilst some of the charity's activities are chargeable and funded by commissioning authorities such a5 the adults learning disability care and aut15m service5, the charity relies on voluntary donations to deliver it5 children and families support services and meet the funding gap in statutory services. Whilst Norwood Schools. statutory funding gap for adult social care persists, the charity made significant progre55 in improving the fees its commissioning authorities pay through a Structured fee renegotiation programme. The uplift in fees offered by the local authorities generated an additional £4m. Without significant annual increases to fees to cover increases to frontline staff wages and other inflationary pressure5 the funding gap is expected to continue to grow. We continue to work c105ely with commissioning authorities to rectify this. Norwood will continue to pursue operational efficiencies and maximise limited resources. As previously disclosed Norwood took the decision in 2021 to close its retail operations. The cessation of retail activities was completed in January 2024 with the c105ure of the two remaining shops. These two Shops generated income of £0.2m (2023: £0.2m). Income Total income generated in the year was £29.8m (2023: £28.8m). a £1.Om increase on the prior year, substantially due to successfully securing annual increase5 from most local authoritie5. 77010 (£22.8m) of the charity's income came from Adults Learning Disability Services through its supported living and residential accommodation services. 20% (£6.om) came from donations and grants largely from the parent company while the remaining 3% came from Children and Families Services, investment and other income including our retail shops. Expenditure Total expenditure in the year was £29.5m (2023: £28.4m) of which 870/0 (£25.6m) was expended on Adults Learning Disability Services. 11 % (£3.1m) wa5 expended on Children and Families Service5, and the remaining 20/0 on generating voluntary, trading, and investment income. Included in the cost of services is £5.2m (2023: £4.7m) support and governance costs. Staff costs (£21.6m' (2023: £20.4m), representing 730/0 of the expenditure, remains the largest Spend of the charity. Efficiencies in staffing structures were achieved to counter the cost of agency staff which grew to £2.7m (2023: £3.6m). Going Concern These financial statements have been prepared on a going concern basis. The majority of Norwood Schools. income is secure as it arises from statutory sources. However, we have modelled a 40/0 and 6010 reduction in statutory income due to attrition rates. with 6% being an extreme case. The

forecasting performed and 5UPPOrt in the form of an intercompany grant from the parent charity endorses the accounts being prepared on a going concern basis. Norwood Ravenswood intends to support Norwood Schools Limited for at least 12 months from the date of approval of the statutory financial statements for the year ended 31 March 2024 and has the liquidity to do so. The trustee5 considerthis uncertainty notto be material and hence do not consider the charitiesability to continue as a going concern to be at risk forat least12 months from the signing of the accounts. Accordingly, the trustees have prepared these accounts on a going concern basis. Reserves Policy An important role for trustees is to manage the long-term sustainability of the charity. Norwood Schools, reserves policy sets out the basic principles that should- demonstrate to beneficiaries, commissioners, funders and the public, Norwood School'5 resilience and capacity to manage unforeseen financial difficulties. give voluntary funders an understanding of why funding is needed to undertake various projects especially where there are restrictions as to the application of funds. give assurance to lenders and creditors that Norwood School can meet its financial commitments. give confidence to funders and commissioners by demonstrating good stewardship and active financial management. manage the risk to Norwood's reputation of holding substantial unspent funds at the year- end without an explanation or insight into its capital commitments. The trustees calculate the free reserves at Group level due to how the parent and subsidiary entities operate. Norwood Schools Limited acts as the operating entity within the Group structure which the parent company, Norwood Ravenswood, generates voluntary income to meet the funding gap and support the operations of the charity undertaken through Norwood Schools. The Group'5 free reserve5 IS the unrestricted income fund that is freely available after taking account of the restricted funds that have been donated and earmarked for specific project5. Understanding the nature of the funds allows trustees to identify unrestricted funds which can be spent on the core activitie5 of the charity. As at 31 March 2024, unrestricted reserves were £27.9m whi15t the free reserve5 of Norwood Schools was £2.7m. However, the free reserves for the Group was £9.4m (2023: £5.3m). Free Reserves for Norwood Schools Limited 31-Mar-24 31-Mar-23 £m £m Group net asset5 (Total reserves) Less restricted funds 33.4 33.2 (5.5) 27.9 (6.0) 27.2 Unrestricted funds Less unrestricted fixed assets (18.5) (6.7) (19.3) (7.0) Less Investment property Free Reserves io

Free Reserves for the Group 31-Mar-24 31-Mar-23 £m £m Group net assets (Total reserves) Less endowment funds 46.1 42.9 (2.0) (5.6) (1.9) (6.0) Less restricted funds Unrestricted reserves 38.5 35.0 Less unrestricted fixed assets (18.7) (10.4) (19.7) (10.0) Less Investment property Free Reserves The trustees have set a target range of free reserves for the Group of 3 months or more of its annual expenditure, being £7.4m. Free reserves are over the target set, in addition two thirds ofthe charity's income is from statutory sources and Norwood has sufficient liquidity within its investment portfolio of £10.2m to meet its working capital requirements for the foreseeable future. Investment Policy and Performance Norwood Schools holds investments to generate income for the furtherance of its charitable activities. As part of the trustees, diversification strategy. two fund managers are appointed to manage it5 investment portfolio. The trustees understand that to generate returns, in the longer term, in excess of the rate of inflation and net of the total costs associated with managing and operating an investment fund, it will be necessary to expose the portfolio to a degree of risk. The trustees, risk appetite for all funds IS medium risk and the charity's investment policy mandates that any decision5 taken by its investment managers are consistent with its social care policie5. The Board of Trustees has delegated the regular monitoring of investment performance and ethical objectives to the group's Investment Committee. At the end of the financial year, Norwood Schools portfolio was valued at the 31 March 2024 at £1.6m (2023: £1.4m).

Principal Risks The Board of Trustees believe that the principal risks impacting the charity at the current time are as follows: Risk Title Existing Treatment and Mitigating Actions Uncertainty over the future of Raven5wood Village Maintaining close engagement with potential partners Working collaboratively with regulators and local authorities where appropriate Continue with a 'busine5s as usual, approach across the site to ensure safe, high-quality services and ensuring property is maintained appropriately Failure to recruit or retain staff New people and culture strategy included within transformation plan Carrying out staff satisfaction surveys and acting on the results Providing pay rise5 to ensure that existing Staff wish to stay with the organisation and to attract new joiners Fundraising income lower than required New Fundraising committee established New Trustee appointed with wide experience of fund raising External consultant appointed to develop fundraising strategy Commissioned fee income is insufficient Fee recovery project established in 2023-24 raised additional £4m in statutory fees for commi55ioned care hours from local authorities Project is continuing in 2024/25 Wider project commenced to review operational efficiency and reducing central overhead costs Adequate fire prevention and evacuation in the event of an incident Fire risk assessments developed Carry out regular fire evacuation tests People we support have individual Person Emergency Evacuation Plans Built environment regularly checked to compliance with regulations ensure Compliance and Operational Risk Management Riskis inherentin ouroperationsand thedecisions made in pursuitof ourcharitable goals. The Board 15 responsibleforthe nature and extentof the principal risks that we are willing to take. It reviews the principal risks to the organisation and ensures that risks are effectively managed through our governance structure. We have a comprehensive risk management framework to identify and manage financial, strategic, operational, and regulatory risks that may impact our ability to meet Norwood's objectives. Our risk management procedures are benchmarked against best practice found within social care providers 12

and other not-for-profit organisations. In 2023-24 we have been reviewing our corporate and departmental risk registers and will be working with RSM, our internal auditors to ensure Norwood is fully identifying, analysing and managing any uncertainties as we operationalise our new strategy. These risks are managed on a day-to-day ba515 by the Senior Leadership Team and over-seen by the Audit and Risk Committee on behalf of the board. Quality and Compliance By the end of the financial year 2023-24 all our services were rated 'Good' or 'Outstanding' by the CQC. We had two inspections under the former CQC inspection framework, our London Supported Living services retained its 'Good' rating and our residential home Carlton Avenue, obtained an 'Outstanding' rating from CQC with the inspector highlighting the positive and inclusive culture within the service and the use of a5515tive technology that empowers people to live their best live5. The report specifically highlighted.'The service continuou51yexplored, introduced. and used various digit31 communication tools to enable people to be more involved and to be more included in making decisions about their care. This ensured thatpeople live in an inclusive environmentand were able to clearly communicate their needs with staff and others. For example, the service purchased an alternative and augmentative (enhancing) communication (AAC) App. This supported people who cannot speak or who have unclear speech to communicate more clearly and tell staff what help they required. The service introduced 'OrCam' which is asslstive technology which can be used bypeople who were visually impaired to identify objects that they had difficulty seeing, reading or recognising. This helped one person in particular and had a big impact on the person becoming le55 anxious and being more involved in the day to day running of the service. As CQC have launched their new single assessment process we are supporting managers to prepare for inspection under the new approach. The launch of the electronic care records project in 2024 has seen the roll out of care planning software 'Nourish' to our Adult Services. This has been fully embraced by our staff and with the project due to complete in the Autumn of 2024, wewill be seeking to develop understanding and use of the system to capture outcomes and feedback from the people we Support, families and staff. Safeguarding In 2023 we commissioned the Ann Craft Trust to carry out a strategic review of our safeguarding processes. This involved meeting with staff, volunteers, people we support and trustees and visiting services across London and Berkshire. The report highlighted the work that had been undertaken in the previou5 years to make safeguarding personal and developing an open and transparent culture. and the recommendations will be enacted during 2024-25. There have been no notifications to the charity commission in 2023-24 in relation to safeguarding and we continue to track and report all concerns and share themes and trends with Trustees via the Safeguarding Group. Health and Safety In 2024, the Senior Leadership Team all completed the IOSH safety for executives and director5 to ensure that we integrate top level safety management into the wider organi5ation. Health and Safety remains a high priority and considerable work has been carried out during 2023 and continue5 in 2024 on Fire Safety and Norwood Fire Strategy. All health and safety incident5 continued to be tracked and monitored during 2023-24 and themes and trends reported to the board and committees as appropriate. 13

Data Security and Data Protection In 2023 Norwood successfully completed the Data Security and Protection Toolkit and submitted as 'Standards met,. We have fulfilled our legal responsibility throughout 2022/3 in terms of data protection and security in line with the Information Commissioners Code of Practice. There has been no requirement to report to the ICO during 2023-24. The team plan to work toward cyber essentials certification during 2024-25. Streamlined Energy and Carbon Report (SECR) Norwood Ravenswood are required to report under the Streamlined Energy and Carbon Norwood is required to report under the Streamlined Energy and Carbon Reporting (SECR) framework, underthe Companies (Directors, Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This report cover5 the SECR requirement for Norwood. The tabulated energy use and carbon emi5sionscan be found below. Thi5 covers the 12 months ending 31 March 2024 reflecting the financial year of Norwood. Norwood has reviewed and agrees with all report inclusions and any exclusion5 where relevant. Methodology Norwood's footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol and Environmental Reporting Guidelines- Including streamlined energy and carbon reporting guidance. Scope This report includes U K energy use, and the associated GHG emissions, that relate to: Activities for which Norwood is responsible involving the combustion of gas, or consumption of fuel for the purposes of transport. and The purchase of electricity by the company for its own use, including for the purpose of transport. SECR Dashboard Energy Consumption Ikwhl Scope l Ener8y Consumption Scope 2 Energy Consumption energy Consumptlon 4.S37.316 L349.934 887.310 4.131,164 L439.330 5.570.494 6.Clll.297 2.IS9. &2CO.603 Carl>on Emisslons ItCO2el Stope l Emissions 2. L0(a￿ort Based {L81 Scope 2- Market kned IMBI Total Cwbon- LB ItC021 Total Carbon- MB ItC021 839 762 .26Y. 278 .54% 203 376 624 .67% L747 L7 -41% Intensity Ratio ItC02elHe4d(ountl L5 L7 17 1Sropes l- Z EM￿￿OnSI 14

Energy Efficiency Measures undertaken by the charity Work to upgrade ourenergy efficiency during the year has included: LED lighting has been installed across theestatewhere previous lighting ha5 failed, oradditional lighting was required. There have been upgrades to the thermostatic controls at sites and lagging on hot water pipes has been replaced. Where boilers have been replaced, these have been replaced with new more efficient systems: using A-rated systems (Energy-Related Products Directive) for both hot water and heating efficiency. Trustees, Responsibilities Statement The trustees (who are a150 directors of Norwood Schoo15 Limited for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the State of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement5- The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial posltion of the company and enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible for safeguarding the as5et5 of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees confirm that: so far as each trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware" and the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. 15

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and di55emination of financial statements may differ from legislation in otherjurisdictions. MILei Webbet Miles Webber Director/Chair Ben Freeman Director/Joint Treasurer 27 September 2024 16

Independent auditor's report to the members of Norwood Schools Limited Opinion We have audited the financial statements of Norwood Schools for the year ended 31 March 2024 which comprise Trustees, Annual Report (incorporating Strategic report), Statement of Financial Activities, Balance Sheet, and notes to the financial statements, including a summary of 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 UKand Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of the charitable company's net movement in funds, including the income and expenditure, forthe year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing (U K) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statement55ection of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to 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 bas15 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 month5 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 trustees are responsible for the other information. The other information comprises the information included in the Trustees, 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. In connection with our audit of the financial statements, 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 theaudit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are 17

required to determine whether there is a material mi55tatement in the financial statement5 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report (which includes the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report (which incorporate5 the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept by the charitable company" or the charitable company financial statements are not in agreement with the accounting record5 and returns: or certain disclosures of tru5tees' remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements A5 explained more fully in the trustees, responsibilities Statement set out on page 19, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matter5 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 50. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetherthe 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 itexi5ts. Misstatementscan arisefrom fraud orerrorand areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with lawsand regulations. We design procedures in line with our responsibilitie5. Outlined above, to detect material mi55tatements in 18

www.frc.org.uk/auditorsresponsibilities.

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. Richard Weaver Senior Statutory Auditor for and on behalf of Haysmacintyre LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG 27 September 2024 20

Continuing Operations Continuing Operations Discontinued Operations Discontinued Operations
Unrestricted Restricted Total Unrestricted Total
Funds Funds
Funds		 Funds Funds Funds Total Total
Total
2024 2024 2024 2024 2024 2024 2023
Notes Notes
£'000		 £'000 £'000 £'000 £'000 £'000 £'000
Income from:
Donations and legacies 2 5,300 764 6,064 - - 6,064 9,502
Charitable activities 3 23,068 - 23,068 - - 23,068 18,574
Trading activities 4 - - - 168 168 168 231
Investments 5 480 - 480 - - 480 463
Total income 28,848 764 29,612 168 168 29,780 28,770
Expenditure on:
Raising voluntary income and
marketing		 6a 516 - 516 - - 516 224
Trading activities 6a - - - 79 79 79 177
Charitable activities 6a 27,799 1,080 28,879 - - 28,879 28,003
Total cost 28,315 1,080 29,395 79 79 29,474 28,404
Operating surplus/ (deficit) 533 (316) 217 89 89 306 366
- - -
Net gains /(losses) on investments 10 131 - 131 - - 131 (57)
Net (losses)/gains on revaluation of
investment properties		 10 (310) (310) - - (310) (386)
Net income/ (expenditure) 354 (316) 38 89 89 127 (77)
Transfers between funds 14 132 (132) - - - - -
Net movement in funds 486 (448) 38 89 89 127 (77)
Reconciliation of funds:
Total funds brought forward 18 27,426 5,987 33,413 (148) (148) 33,265 33,342
Total funds carried forward 27,912 5,539 33,451 (59) (59) 33,392 33,265

All income and expenditure derived from continuing operations is shown separately from discontinued trading operations. The comparative figures for each fund are shown in the notes to the financial statements (Note 18). The accompanying notes on pages 23 to 37 of this report form an integral part of these accounts.

There were no gains or losses other than those included in the Statement of Financial Activities.

2024 2023
Fixed Assets Notes £'000 £'000
Intangible fixed assets 8 177 151
Tangible fixed assets 9 19,894 20,880
Investments: Managed investment portfolio 10a 1,577 1,446
Directlymanagedproperty 10b 6,660 6,970
Total fixed assets 28,308 29,447
Current Assets
Debtors 11 11,038 10,971
Cash at bank and in hand 982 554
Total current assets 12,020 11,525
Liabilities
Creditors: amounts falling due within one year 12a (3,940) (4,312)
Net current assets 8,080 7,213
Total assets less current liabilities 36,388 36,660
Creditors: amount falling due after one year 13 (2,996) (3,395)
Total net assets 33,392 33,265
Funds
Including cumulative revaluation gains of £1.7 m (2023: £1.9m)
Restricted funds 14,15 5,539 5,987
Unrestricted funds 15 27,853 27,278
Total Fund 33,392 33,265

The accompanying notes on pages 23 to 37 of this report form an integral part of these accounts.

Miles Webber

Ben Freeman

Notes to the Financial Statements for the year ended 31 March 2024 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows- Basis of preparation The financial statements have been prepared in accordance with 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 UKand Republic of Ireland (FRS 102) (effective 1 January 2019)- Charities SORP (FRS 102) and the Companies Act 2006. Norwood Schools Limited is incorporated in the United Kingdom and meet5 the definition of a public benefit entity under FRS 102. The financial statements are presented in Sterling (£), rounded to thousands. b) Preparation of the accounts on a going concern basis These financial statements have been prepared on a going concern basi5. The majority of Norwood Schools, income is secure as it arises from statutory sources. However, we have modelled a 40/0 and 60/0 reduction in statutory income due to attrition rates. with 6 % being an extreme case. The forecasting performed and 5UPPOrt in the form of an intercompany grant from the parent charity endorses the account5 being prepared on a going concern ba515. Norwood Ravenswood intends to support Norwood Schools Limited for at least 12 months from the date of approval of the statutory financial statements for the year ended 31 March 2024 and has the liquidity to do so. The trustees considerthis uncertainty notto be material and hence do notconsiderthecharitiesabilitytocontinue a5 a going concern to be at risk for at least12 months from the signing of the account5. Accordingly, the trustees have prepared these accounts on a going concern basis. Estimates The preparation of financial statements requires management to make estimates, judgement5 and assumptions that affect reported assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recogni5ed in the financial statements: Financial instruments Derivative5 are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the income and expenditure account under finance costs or income as appropriate. Fair value of investment properties Directly managed investment properties are periodically valued on the basis of fair value in accordance with the RICS valuation and relevant accounting standards, With desktop valuation5 conducted in the interim (where there has been no significant change to the underlying a55et), with any change recognised in the Statement of Financial Activities. A special assumption that the office element of the property, occupied by Norwood. was sold on a long leasehold basis for a term of 999 years, at a peppercorn. The purpose of this special assumption is so that we can provide an opinion of Fair Value of the Supermarket element of the property, in isolation. 23

Accounting policies (continued) Estimates (continued) Other significant estimates and assumption5 Significant estimates and assumptions in these Financial Statements require the exercise of judgment and are used for. but not limited to, allowance for doubtful clients and local authoritie5, account, estimates of future cash flows and other assumption5 associated with asset impairment tests, including the reversal of previous impairments, useful lives for depreciation, determination of discount and other rate assumptions for contingencies. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. There are no 5ignificantjudgements. d) FRS 102 Cash flow exemption applied In line with Financial Reporting Standard 102, a qualifying entity may take advantage of certain disclosure exemptions, including the preparation of a cash flow statement. Norwood Schoo15 Limited is a qualifying entity as it is a member of a group where the parent company, Norwood Ravenswood, prepares publicly available consolidated financial statements which are intended to g ive a true a nd fai r view of its assets, liabilities, financial p051tion and profit or1055. Income recognition All income is accounted for when Norwood has entitlement, there is probability of receipt and the amount is measurable. If income relates to a future period or event and the purpose of that income 15 to support the costs and activities in the future, the income is deferred and recognised in the appropriate period. Gifts in kind Donated goods and Services are included as income within the Statement of Financial Activities (with an equivalent amount in expenditure) at the estimated value to Norwood, where this 15 reasonably quantifiable, measurable and material. Volunteers The charity benefits from the involvement and enthusiastic support of its volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts. Grants Grant income is recognised in the statement of financial activities when received or when Norwood becomes entitled to receipt. Grants that have been received will be treated as deferred income where there are5pecific requirement5 in the terms of the grant thatthe income recognition is dependent on certain activities being completed in a future accounting period. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by Norwood which is usually upon notification of the interest paid or payable by the Bank. 24

Accounting policies (continued) Fund accounting Restricted, designated and unrestricted funds are separately disclosed, as set out in Note 15. Restricted funds are resources donated, the uses of which are subject to specific restrictions imposed by the donors or by the nature of the appeal. Designated funds are unrestricted fund5 Set aside at the discretion of the Board for specific purposes. All other type5 of fund5 which are not restricted or designated funds form part of general funds. General funds are available to spend at the discretion of the Board, in furtherance of the charitable objectives of the charity. Transfers to and from designated funds are recognised as and when the Board designates or undesignates funds. g) Expenditure Expenditure is recogni5ed 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. Cost of raising funds The costs of raising funds comprise of costs associated with charitable expenditure including fundraising, trading costs and publicity. Irrecoverable VA T Irrecoverable VAT is charged as a cost to the Statement of Financial Activities, being allocated on the same basis as the underlying expenditure to which it relates. Support costs Support costs are allocated to the different categories of activities. This is based on different apportionment bases as identified in Note 6 of the financial statements. Support costs include financial management, information systems. central managemenL human resources, property and facilities management, Jewish culture, volunteering and risk and assurance. Governance costs Governance costs, other than those disclosed specifically in the notes to these accounts, are included within support costs and allocated on the same basis across services, as per Note 6. Governance costs relate to costs associated with the governance arrangements of the Norwood. These costs will normally include internal and external audit fees, legal advice for trustee5 and costs associated with constitutional and statutory requirements. for example the cost of trustee meetings and preparing statutory accounts. Also included within governance costs are any cost5 associated with the Strategic as opposed to day-to-day management of the charity's activities. An appropriate proportion of the central management support costs have also been attributed as governance c05t5 to reflect the cost of Norwood's employees involved in meetings with the trustees and the cost of all administrative support provided to the trustees. Grant5 payable Grant5 to individuals are recognised on paymentand grants to institutions are recogni5ed when there 15 a constructive obligation to make the payment. 25

Accounting policies (continued) h) Intangible and tangible fixed assets Intangible fixed assets Intangible assets are measured at cost less accumulated amortlsation and any accumulated impairment losses(if applicable). Software developmentcostsare recognised asan intangibleasset when all of the following criteria are demonstrated- The technical feasibility of completing the software so that it will be available for use. The intention to complete the software and use. The ability to use the software. The 50ftware will generate probable future economic benefits. The availability of adequate technical, financial and other resources to complete the developmentand to use the software. The ability to measure reliably the expenditure attributable to the software during its development. Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amorti5ed over the following useful economic lives- Software costs -4to7years Tangible fixed assets Operational assets are held at depreciated cost. Expenditure relating to tangible fixed assets is expected to be used over several years and where the combined value of the asset or group of assets exceeds £1,000 they are capitalised at cost and depreciated over their estimated useful economic lives on a straight line ba515. Depreciation is provided on tangible fixed assets in order to write off their cost to their estimated reali5able values by annual instalment5 over the following expected useful lives- Freehold land Freehold buildings Long leasehold land and buildings Freehold and leasehold improvements Motor vehicles Furniture, fixture5. fittings and equipment not depreciated - 50 years 50 years or length of lease if shorter - 10 years - 10 years - 10 years Where there are indicationsthatassetsare or may be impaired in value or use, an impairment review is undertaken to establish the net realisable value and thevalue in use. The carrying amount of the assets is reduced by any excess over the higher of these valuations. In the course of capital projects where costs are incurred for payments on account and asset5 under construction or installation of equipment. they are not subject to depreciation until they are reclassified after their completion and available for use. 26

Accounting policies (continued) Financial instruments Norwood operates basic financial instruments in terms of its assets and liabilities. Financial asset5 Financial asset represents financial resources available to the charity and include financial investments in equities, debtors, intercompany debtor5, cash and accrued income. Financial assets are carried at fair value and changes in fair value are recognised in the Statement of Financial Activities. Fair value of financial instruments is established by the open market value of the asset. Financial liabilitie5 Financial liabilities are recognised on the date on which Norwood becomes a party to the contractual provision5 of the instrument giving rise to the liability. These include trade creditors, other creditors, loan, accruals and intercompany creditors. Financial liabilities are initially recogni5ed at fair value plus transaction costs and are no longer recognised when the contractual obligations are discharged, cancelled or expire. The bank loan shown in creditoramountfalling due afterone year is recognised at its principal amount advanced less capital repayments. i) Investments Investmentproperties Investment properties are revalLJed annually by the trustees and periodically by independent Chartered Surveyors on a fair value basis. Gains and losses are recognised in the Statement of Financial Activities account for the period. Therefore no depreciation is provided on investment properties. Equityinve5tments Equity investments are stated at fair value. Changes in fair value are recorded in the Statement of Financial Activities. Unrealised gains and losses are calculated based on the carrying value of the investments in the Balance Sheet. Investment management fee5 Norwood investments are held within collective investment schemes and managed by fund managers. The investment income is reported net of investment management costs. The investment management fees are disclosed in the Statements of Financial Activitie5. There are no 'investment management costs, to report in respect of the COI F Fund holdings. This is because there are no costs netted off investment income as costs are to the Fund. k) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. i) Cash at bank and in hand Cash at bankand in hand includes cash and shortterm highly liquid investment5 Wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 27

Unrestricted Restricted Total Total
Funds Funds 2024 2023
£'000 £'000 £'000 £'000
Donations - 763 763 495
Grant from parent entity 5,300 - 5,300 9,000
Grants - 1 1 7
Total 5,300 764 6,064 9,502
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£'000 £'000 £'000 £'000
Statutory income from Local Authorities 21,582 - 21,582 17,156
Gross fee income 103 - 103 233
Rental income 1,320 - 1,320 1,146
Other income 41 - 41 21
Government Grant 22 - 22 18
Total 23,068 - 23,068 18,574
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£'000 £'000 £'000 £'000
Adults services 22,816 - 22,816 17,698
Family services 99 - 99 46
Children services 145 - 145 691
Support services 8 - 8 139
Total 23,068 - 23,068 18,574
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£'000 £'000 £'000 £'000
Tradingincome 168 - 168 231
Total 168 - 168 231
Restricted
Unrestricted Income Total Total
Funds Funds 2024 2023
£'000 £'000 £'000 £'000
Bank deposit interest 39 - 39 64
Rental income from investmentproperties 441 - 441 399
Total 480 - 480 463
Direct
Staff Costs		 Other
Direct
Costs		 Other
Direct
Costs
Reallocated
Support
Cost		 Total
2024		 Total
2024
Total
2023
£'000 £'000 £'000
£'000		 £'000 £'000
£'000
Cost of generating voluntary income 130 139 139
247		 516 516
224
Cost of trading - discontinued 73 (13) (13)
19		 79 79
177
Charitable expenditure:
Adults services 16,900 4,785 4,785
3,953		 25,638 25,638
24,353
Family services 707 104 104
393		 1,204 1,204
1,168
Children & educational services 471 912 912
560		 1,943 1,943
2,482
Other - 94 94
-		 94 94
-
Total cost of charitable expenditure Total cost of charitable expenditure
18,078		 5,895 5,895
4,906		 28,879 28,879
28,003
Total resources expended 18,281 6,021 021
5,172		 29,474 474
28,404
Support costs Adults Family Children Fund- Total Total
Total
(basis of apportionment) services services services raising Trading 2024 2023
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Financial Management
(percentage of staff)		 796 50 111 40 4 1,001 765
Information Systems
(number of PCs)		 703 162 108 104 4 1,081 1,039
Assistive Technology
(equipment and time spent)		 66 14 14 - - 94 68
Human Resources
(percentage of staff)		 923 58 128 39 5 1,153 966
Property and Facilities
(percentage of staff)		 633 40 88 27 3 791 713
Central Management
(percentage of staff)		 445 22 59 21 2 549 676
Jewish culture
(percentage of staff)		 47 5 5 2 - 59 62
Risk and Assurance 63 3 9 3 - 78 73
(percentage of staff)
Volunteering
(number of volunteers)		 21 23 2 - - 46 65
Governance
(percentage of staff)		 256 16 36 11 1 320 310
Total 3,953 393 560 247 19 5,172 4,737
Total Total
Total
2024 2024
2023
£'000 £'000
£'000
External audit and related costs: Fees payable to the charitable company's auditor Fees payable to the charitable company's auditor
30		 30
39
for the audit of the charitable company's annual
accounts
Depreciation of owned fixed assets 1,567 1,567
1,578
Interest payable 209 209
122
Operating lease rentals: Plant & machinery 116 116
183
Properties 267 267
146
Trustees’ indemnity insurance premiums Trustees’ indemnity insurance premiums 7 7
7
Gains/(losses) on disposal of fixed assets Gains/(losses) on disposal of fixed assets 313 313
(54)
2024 2024
2023
£'000 £'000
£'000
Direct staff expenditure:
Wages and salaries 16,581 16,581
14,600
Social security costs 1,475 1,475
1,373
Pension costs 449 449
431
Total direct staff costs 18,505 18,505
16,404
Other Staff expenditure:
Agency costs 2,665 2,665
3,553
Other staff costs 456 456
501
Total staff expenditure 21,626 626
20,458
2024 2024
2023
£'000 £'000
£'000
Statutory redundancy payments 122 122
7
Payments in Lieu of notice period 13 13
45
Compensation for loss of office 228 228
88
Totalpayments on termination included above 363 363
140
Staff employed Staff employed
2024 2024
2023
Number Number
Number
Fundraising 17 17
6
Adults’ Services 583 583
517
Children and Family Services 62 62
82
Education and Support 1 1
15
Support Services 57 57
59
720 720
679

The number of employees who earned more than £60,000 during the year was:

2024 2024
2023
Number Number
Number
£60,001 - £70,000 3 3
3
£70,001 - £80,000 4 4
4
£80,001 - £90,000 1 1
1
£90,001 - £100,000 2 2
2
£100,001 - £110,000 1 1
2
£110,001 - £120,000 1 1
-

Contributions made to the pension scheme for the twelve (2023: twelve) employees who earned more than £60,000 amounted to £42,000 (2023: £55,000).

The trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. Trustees received no remuneration and were not reimbursed any expenses in either year.

The total employee benefits of Key Management Personnel of the group were £890,000 (2023: £884,000).

Norwood operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the charity. Contributions payable in respect of the year were £411,000 (2023: £431,000) of which £239,000 was outstanding at 31 March 2024.

Computer
Software		 Total
£'000 £'000
Cost
At 1 April 2023 2,870 2,870
Additions 94 94
Disposals (27) (27)
At 31 March 2024 2,937 2,937
Depreciation
At 1 April 2023 2,719 2,719
Charge for the year 68 68
Impairment - -
Disposals (27) (27)
At 31 March 2024 2,760 2,760
Net Book Values:
At 31 March 2024 177 177
At 31 March 2023 151 151
Fixtures,
Freehold Freehold
Leasehold		 Motor Furniture &
properties erties
properties		 vehicles Equipment Total
£'000 £'000
£'000		 £'000 £'000 £'000
Cost
At 1 April 2023 32,441 32,441
2,565		 675 8,851 44,532
Additions 275 275
1		 9 416 701
Disposals (25) (357) (140) (129) (651)
At 31 March 2024 32,691 32,691
2,209		 544 9,138 44,582
Depreciation
At 1 April 2023 15,734 15,734
1,268		 481 6,169 23,652
Charge for the year 833 833
95		 45 528 1,501
Disposals (13) (206) (137) (109) (465)
At 31 March 2024 16,554 16,554
1,157		 389 6,588 24,688
Net Book Values:
At 31 March 2024 16,137 16,137
1,052		 155 2,550 19,894
At 31 March 2023 16,707 16,707
1,297		 194 2,682 20,880
10a.
Investments - managed investment portfolio
Market Value 2024 2023
£'000 £'000
Market values at 1 April 1,446 1,503
Disposals in the year - -
Net investmentgains/(losses) 131 (57)
Market value at 31 March 1,577 1,446
Historical Cost for comparison 2024 2023
£'000 £'000
Historical cost at 31 March 1,288 1,288
Cumulative revaluation gains (investment portfolio) 289 158
The underlyinginvestments mayalso be analysed as follows:
Equity Investments by type 2024 2023
£'000 £'000
Multi-asset Investment Funds 1,577 1,446
Cash - -
Market Value at 31 March 1,577 1,446
Market Value 2024 2023
£'000 £'000
Valuation at 1 April 6,970 7,380
Net investment (losses)/gains - unrealised (310) (380)
Provision for Capital expenditure - (30)
Carrying values at 31 March 6,660 6,970
Historical cost at 31 March 5,200 5,200
Cumulative property revaluation gains for the year 1,460 1,770

The investment property relates to the ground floor of the building at 80-82 The Broadway, Stanmore leased to a third party. In April 2024, an independent valuer, Cluttons LLP, undertook a valuation of the investment property.

Market Value 2024 2023
£'000 £'000
Net (losses)/gains on investments: managed portfolio 131 (57)
Net (losses)/gains on financial instruments: interest rate cap - (6)
Net (losses)/gains on investments: directly managed property (310) (380)
Net(losses)/gains on investments (179) (443)

The Interest Rate Cap arrangement, which had been valued by J.C. Rathbone Associates Limited, a financial institution authorised and regulated by the Financial Conduct Authority, ended in February 2023.

2024 2024
2023
£'000 £'000
£'000
Trade debtors and Local Authorities' debts 1,560 1,560
874
Amount due from group undertakings 8,810 8,810
9,489
Other debtors 308 308
214
Prepayments 360 360
347
Accrued income - -
47
Total debtors 11,038 038
10,971
2024 2024
2023
£'000 £'000
£'000
Trade creditors 1,059 1,059
1,454
Accruals and deferred income 1,532 1,532
1,770
Bank loan repayable within one year 349 349
346
Other creditors 377 377
253
Other taxes and social security costs 623 623
489
Total creditors due in less than oneyear 3,940 940
4,312
2024 2024
2023
£'000 £'000
£'000
Opening balance at 1 April 647 647
702
Amounts released in year (647) (647)
(631)
Amounts deferred in year 580 580
576
Closing balance at 31 March 580 580
647

Deferred income relates to fee income invoices raised at the year-end which pertain to future periods.

2024 2023
£'000 £'000
Bank loan repayable within two to five years 1,437 1,421
Bank loan repayable after fiveyears 1,519 1,924
2,956 3,345
Provision for Dilapidation - 50
Rental Deposit 40 -
Total creditors due in more than oneyear 2,996 3,395

Bank loan: In October 2007 Norwood purchased Broadway House in Stanmore with a 25 year loan taken from RBS of £6.68m. Capital repayments commenced after 60 months of loan issue (first 5 years is interest only). The bank loan is secured by a charge over the property and is repayable in 240 monthly instalments from November 2012. The final payment will be in October 2032.

~~14._RestrictedFunds~~ Note 1 April
2023		 Incoming
resources		 Outgoing
resources		 Transfer
between
funds		 Transfer
between
funds
31 March
2024
£'000 £'000 £'000 £'000 £'000
£'000
JCoSS PSRP Fund i 701 - (284) - -
417
JAPH ii 25 - - - -
25
Somers Court & Residential Fund iii 177 - (17) - -
160
Somers Court (ex Daniel Ct.) 308 - - - -
308
Supported Living Properties Fund: iv 7 22 - - -
29
11 Highview Gardens 602 - (15) - -
587
Holmbury Avenue 320 - (17) - -
303
Greenwood Road 163 - (6) - -
157
The Grange Fund v 143 - (11) (132) (132)
-
Phyllis Somers Capital & Service Fund vi 2,466 - - - -
2,466
Assistive Technology Fund vii 251 - (10) - -
241
Lyonsdown Road Rear Garden viii 30 2 (3) - -
29
Heads Up Kids ix 27 8 (35) - -
-
Rochelle & Alan Bernard Fund x 58 - - - -
58
Capital Projects xi 502 250 (158) - -
594
Binoh SEND Fund xii 35 - (4) - -
31
Lyonsdown minibus operational costs xiii 28 14 (13) - -
29
Braude Trust for Staff Training xiv 33 - (33) - -
-
Autism Services xv 23 - - - -
23
Transformational Change Management xvi - 40 - - -
40
Unity xvii - 53 (53) - -
-
Under £20k 88 375 (421) - -
42
Total 5,987 764 (1,080) (132) (132)
5,539

Restricted funds:

Unrestricted
Fund		 Designated
Fund		 Restricted
Fund		 Total Fund
£'000 £'000 £'000 £'000
2024
Fixed assets 18,527 - 1,544 20,071
Investments 8,237 - - 8,237
Net current assets/(liabilities) 4,085 - 3,995 8,080
Liabilitydue after oneyear (2,996) - - (2,996)
Total net assets 27,853 - 5,539 33,392
2023
Fixed assets 19,311 - 1,720 21,031
Investments 8,416 - - 8,416
Net current assets/(liabilities) 2,946 - 4,267 7,213
Liabilitydue after oneyear (3,395) - - (3,395)
Total net assets 27,278 - 5,987 33,265

The future minimum payments under non-cancellable operating leases are:

Leased
Properties
2024		 Leased
Properties
2024
Other
2024		 Other
2024
Leased
Properties
2023		 Leased
Properties
2023
Other
2023
£'000 £'000
£'000		 £'000
£'000		 £'000
£'000
Within one year 240 240
116		 116
302		 302
101
Between one and five years 961 961
320		 320
961		 961
-
Over five years 2,536 2,536
-		 -
2,776		 2,776
-
3,737 737
436		 436
4,039		 039
101

Group companies:

In the year, there were related party transactions between the charity and members of the group.

Norwood Schools Limited paid for expenditure of £15,000 (2023: £99,000) on behalf of The Hope Charity. The Hope Charity repaid to Norwood Schools £207,000 (2023 £nil) At the year-end Norwood Schools Limited was owed £810,000 (2023: £1,001,000) by The Hope Charity.

Norwood Schools Limited received income of £5,300,000 (2022: £9,470,000) from Norwood Ravenswood. Norwood Schools Limited incurred expenditure of £3,725,000 (£2023: £1,210,000) on behalf of Norwood Ravenswood. At the year-end Norwood Schools Limited was owed £7,947,000 (2023: £8,486,000) by Norwood Ravenswood.

Norwood Schools Limited accounts are consolidated into Norwood Ravenswood, the parent company. Norwood Ravenswood is a registered charity limited by guarantee, registered in England and Wales with charity registration number 1059050 and company registration number 03263519. The principal and registered office for Norwood Ravenswood is Broadway House, 80-82 The Broadway, Stanmore HA7 4HB.

Key management personnel compensation:

In line with paragraph 33.6 of FRS102 Related Party Disclosures, compensation paid to key management personnel in respect of services provided to the reporting entity is disclosed in Note 7.

Continuing Operations Continuing Operations Continuing Operations Discontinued Operations Discontinued Operations
Unrestricted Restricted Total Unrestricted Total
Funds Funds funds Funds Funds Total Total
Total
2023 2023 2023 2023 2023 2023 2023
2022
£'000 £'000 £'000 £'000 £'000 £'000 £'000
£'000
Income from:
Donations and legacies 9,004 498 9,502 - - 9,502 9,502
9,371
Charitable activities 18,556 18 18,574 - - 18,574 18,574
19,031
Other trading activities - -
-		 -
-		 -
231		 231 231 231
321
Investments 463 - 463 - - 463 463
414
Profit on disposal of property - -
-		 -
-		 -
-		 - - -
-
Total income 28,023 516 28,539 28,539
231		 231 28,770 28,770
29,137
Expenditure on:
Raising voluntary income 224 - 224 - - 224 224
170
Trading activities - - - 177 177 177 177
151
Charitable activities 26,904 1,099 28,003 - - 28,003 28,003
28,378
Total cost 27,128 1,099 28,227 177 177 28,404 28,404
28,699
Operating surplus/(deficit) 895 (583) 312 54 54 366 366
438
Net gains on investments (443) - -
(443)		 - - (443) (443)
1,204
Netincome/(expenditure) 452 (583) (131) 54 54 (77) (77)
1,642
Reconciliation of funds:
Total funds brought forward 26,974 6,570 33,544 (202) (202) 33,342 33,342
31,700
Total funds carried forward 27,426 5,987 33,413 33,413
(148)		 (148) 33,265 33,265
33,342