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2023-08-31-accounts

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

Company No: 00018582 Charity Registration No: 313999

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

INDEX

PAGE
Reference and administrative details 1 – 2
Trustees’ report (incorporating the strategic report) 3 – 36
Report of the independent auditor 37 – 42
Consolidated statement of financial activities (incorporating income and 43 – 45
expenditure account)
Consolidated balance sheet 46 – 47
Charitable company balance sheet 48
Consolidated cash flow statement 49
Consolidated statement of net debt 50
Notes to the financial statements 51 – 96

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE GROUP, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Company registered number 00018582
Charity registered number 313999
Registered and principal office of the Worldwide House
Charitable Group Thorpe Wood
Peterborough
PE3 6SB
Chief executive officer Sir Jon Coles
Company secretary
 Mrs Alison Hussain
Bankers Barclays Bank PLC
One Snowhill
Snowhill Queensway
Birmingham
B4 6GN
Solicitors Hewitsons LLP
Elgin House
Billing Road
Northampton
NN1 5AU
Stone King LLP
91 Charterhouse Street
London
EC1M 6HR
Independent auditor Grant Thornton UK LLP
Statutory Auditor
Chartered Accountants
Victoria House
199 Avebury Boulevard
Milton Keynes
MK9 1AU

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE GROUP, ITS TRUSTEES AND ADVISERS (Continued) FOR THE YEAR ENDED 31 AUGUST 2023

Senior Management team and key Sir Jon Coles, Chief Executive Officer management personnel Mr Ben Antell, Director of Secondary Academies (as at 1 September 2023) Mrs Fiona Boulton, Director of Independent Schools Mrs Kate Bradley, Director of HR Mr Darran Ellison-Lee, Director of Primary Academies Mrs Suzanne Howard, Director of Professional Development Mrs Louise Johnston, Chief Financial Officer Ms Anna Paige, Head of Strategy and Performance Ms Lauren Thorpe, Chief Transformation Officer

Trustees

Dr Stephen Critchley (Chair, resigned 21 November 2023) Zoe Asensio-Sanchez (appointed 1 January 2024) Mr David Brown (appointed 1 January 2024) Mr Benjamin Gordon Mr Richard Greenhalgh (Chair) Mr Neil MacDonald (appointed 30 November 2022) Mr Christie Spurling (appointed 30 November 2022)

Biographies for the Trustees and Senior Management team can be found at www.unitedlearning.org.uk

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Board presents its report together with financial statements for the year ended 31 August 2023.

Constitution and objects

United Learning Ltd (formerly United Church Schools Foundation Ltd) is registered with the Charity Commission (No. 313999) and is constituted as a company limited by shares and registered in England and Wales, governed by Memorandum and Articles of Association, which were last amended in 1996.

The Company is established for charitable purposes and in accordance with its Memorandum of Association; its principal activity is to provide a liberal, practical and general education for children which includes religious instruction in the doctrine and duties of Christianity.

Details of the schools and academies operating within United Learning and its subsidiaries ('the Charitable

Group') are listed later in this report.

Members of the Board (hereafter called "Trustees")

The present membership of the Board is set out under Reference and Administrative Details. All Trustees served throughout the year except where indicated. They are also the Directors of the Charitable Company for the purposes of the Companies Act.

All members of the Board of United Church Schools Trust ('UCST') hold one ordinary £5 share in the Charitable Company each for as long as they are members of the Board. There are five Trustees of UCST who each hold one £5 ordinary share. The Trustees of the Charitable Company also hold 12,984 non-voting shares. The shares have no value.

Appointment of Trustees

Members of the Board of Trustees hold office for three years, and then resign at the end of that period. They may, with consent of the Board, remain in office for a further three years. They may then be re-appointed for a further year upon the proposal of the Chair. At that point, they are subject to annual proposal and reelection.

The Charitable Company may increase or reduce the number of Trustees and determine their rotation. Any casual vacancy arising may be filled by the Board, the person holding office until the next General Meeting.

The training and induction provided for new Trustees is dependent upon their existing experience. Where necessary, induction will provide training on charity and educational legal and financial matters. All new Trustees are given tours of the Charitable Group's schools and academies and the chance to meet with staff and students. They are provided with copies of policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role as Trustees. Induction is tailored specifically to the individual. The Company Secretary works with the Trustees to identify training needs and steps to keep the Trustees updated regarding the regulatory environment.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Trustees' indemnities

In accordance with normal commercial practice, United Learning has insurance in place to protect Trustees and Officers from claims arising from negligent acts, errors or omissions occurring whilst on United Learning business.

Governance of the Charitable Group

During the year, the Board of Trustees of United Learning Ltd held five meetings. Attendance at these meetings was as follows:

Trustee Meetings attended Out of a possible
Dr Stephen Critchley 5 5
Mr Ben Gordon 5 5
Mr Richard Greenhalgh 5 5
Mr Neil MacDonald 2 2
Mr Christie Spurling 2 2

United Learning Ltd has two subsidiary charitable companies, United Church Schools Trust (‘UCST’) which is responsible for running the Charitable Group’s Independent Schools and United Learning Trust ('ULT'), which is responsible for running the Charitable Group’s Academies. The Trustees of UCST and ULT have delegated their powers and functions to a committee of both Boards known as the Group Board. All Trustees from both UCST and ULT are members of the Group Board. The Group Board met for a total of six meetings during the year. Attendance during the year at the meetings of the Group Board was as follows:

Group Board Meetings Out of a possible
attended
Dame Yasmin Bevan 1 1
Sir Jon Coles 6 6
Dr Stephen Critchley 6 6
Ms Karima Fahmy 6 6
Mr Richard Greenhalgh, Chair 6 6
Dame Sue John 3 4
Dame Reena Keeble 5 6
Mr Neil MacDonald 6 6
Dr Rania Marandos 6 6
Mr Christie Spurling 6 6
Mr Ben Gordon 6 6
Dr Rosalind Given-Wilson 6 6
Mrs Melissa Geiger 4 4
The Very Rev Dr John Hall 3 5

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Governance of the Charitable Group (continued)

The Board of Trustees delegates clear responsibilities to the Schools’ Local Governing Bodies (“LGBs”), whose purpose is to provide support and challenge to the school on behalf of the Board. The functions and duties of the LGBs are set out in the LGB Members’ Handbook. The Group Board maintains links with the LGBs through the Company Secretary, and designated Trustees for the schools. The Chairs and Vice Chairs of the LGBs are invited to attend meetings of the Local Governance Forums, which meet three times in the academic year and provide advice on strategy and education, relevant continuing professional development and the opportunity for sharing of best practice with their peers. These meetings further enhance communications between LGBs and the Trustees.

In year the Board carried out a Board skills gap analysis, a review of the link trustee roles and also reviewed Committee terms of reference and cycle of business.

In year the Board updated its processes and procedures including a code of conduct for Trustees which is aligned to the charity governance code. This has provided further clarity of the role of Trustee within United Learning . The board conducted a self-evaluation in February 2023. This consisted of a questionnaire followed by a discussion at the Board away day. The outcome of this evaluation included revising the process for reviewing Trustee performance.

Each Committee has also considered its terms of reference and cycle of business and made any appropriate adjustments.

Board Committees

The Group has four committees, which advise on matters defined by their terms of reference. The Committees are the Finance Committee, the Risk and Audit Committee, the Nominations and Remuneration Committee and the Education Standards and Performance Committee. The minutes of all committees are made available to the Board of Trustees at meetings of the Group Board and any matters of concern are highlighted.

The Finance Committee’s purpose is to:

Dr Stephen Critchley was the Chair of the Finance Committee until November 2023. Mr Neil MacDonald is the current Chair of the Finance Committee. Attendance at meetings in the year was as follows:

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Governance of the Charitable Group (continued) Board Committees (continued)

Committee member Meetings attended Out of a possible
Dr Stephen Critchley 4 4
Mr Ben Gordon 4 4
Mr Richard Greenhalgh 4 4
Mr Mike Litchfield 4 4
Mr Neil MacDonald 1 2

The Risk and Audit Committee for the Charitable Group advises the Trustees and met four times during the year to review the major risks to which the Charitable Group is exposed. The Risk and Audit Committee’s purpose is to:

The Chair of the Risk and Audit Committee was Mr Neil MacDonald until November 2023. Ms Karima Fahmy is the current Chair of the Committee.

Attendance at meetings in the year was as follows:

Committee member Meetings attended Out of a possible
Dr Stephen Critchley 4 4
Mrs Melissa Geiger 3 4
Mr Neil MacDonald 4 4
Mrs Janet Swadling 3 4
Ms Karima Fahmy 3 4

A Group Nominations and Remuneration Committee exists to oversee the appointments of the Group Chair and Trustees and to approve Executive salaries and remuneration. The Committee is chaired by the Chair of the Group Board and it is advised by the Director of HR and the Company Secretary as appropriate. The Nominations and Remuneration Committee regularly reviews the terms of office, skills and attributes of the Board of Trustees. On the basis of this, the Committee plans succession in order to ensure that the Board has available to it the range of skills and experience required to discharge its responsibilities. The Committee makes recommendations to the Board as to the need for new Trustees and leads the process of recruitment of Trustees as required, making recommendations of appointment to the Board. The Committee ensures that appointment is on merit, but also seeks to ensure that the Board reflects the diversity of the communities it serves.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Governance of the Charitable Group (continued) Board Committees (continued)

In considering Executive pay, the Committee takes account of the needs of the organisation for skills, experience and personal capabilities to enable it to achieve its objectives and the price of such skills in the labour market. The Committee considers that in order to attract and retain leaders with the skills to achieve organisational objectives, senior pay must be competitive in the marketplace, taking account of the pay rates of comparably senior and skilled employees in other organisations – particularly in comparable organisations in education, in public service and in the charitable sector, and taking account of the transferability of skills into other sectors. The Committee is also mindful of the need for charities and organisations in receipt of public funding to set pay rates which are publicly defensible and seen to be appropriate.

The Committee considers annual pay in relation to the performance of the organisation, and of individuals against their objectives and in their broader contribution and in any changes to job role.

Ben Gordon is the Chair of the Nominations and Remuneration Committee. Attendance at meetings in the year was as follows:

Committee member Meetings attended Out of a possible
Mr Richard Greenhalgh 4 4
Mr Benjamin Gordon (Chair) 3 4
The Very Reverend Dr John Hall 2 3
Dr Rania Marandos 3 4

The Group Education Standards and Performance Committee’s purpose is to:

Dame Reena Keeble is the Chair of the Education Standards and Performance Committee. Attendance at meetings in the year was as follows:

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Governance of the Charitable Group (continued)

Board Committees (continued)

Committee member Meetings attended Out of a possible
Dame Yasmin Bevan 1 1
Sir Jon Coles 3 3
Dr Rosalind Given-Wilson 1 3
Mr Richard Greenhalgh 2 3
The Very Reverend Dr John Hall 1 2
Dame Reena Keeble (Chair) 3 3
Mr Christie Spurling (appointed 20 January 2023)
3		 3
Dame Sue John 1 2

The Purpose of the System of Internal Control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of the Charitable Company's policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in the Charitable Company for the year from 1 September 2022 to 31 August 2023 and up to the date of approval of the annual report and financial statements.

Capacity to Handle Risk

The Board of Trustees has reviewed the key risks to which the Charitable Group is exposed, together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The Board of Trustees is of the view that there is a formal ongoing process for identifying, evaluating and managing the Charitable Group’s significant risks that has been in place for the year 1 September 2022 to 31 August 2023 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the Board of Trustees.

The Charitable Group has a risk register that identifies the key strategic risks facing the Charitable Group, the actions taken to mitigate those risks and the owners of those actions. Risk control is exercised by the senior management team, which reviews the risk register on a monthly basis. The Risk and Audit Committee considers the risk register at each of their meetings. Its views are reported to the Group Board via the Committee’s minutes and the Chair's reports. Further details of the key risks are shown in the principal risks and uncertainties section on pages 24 to 27.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Risk and Control Framework

The Charitable Company’s system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular, it includes:

The Group employs an Internal Auditor and a Head of Internal Audit who have a direct reporting line to the Chair of the Risk and Audit Committee. The Internal Audit service follows best practice professional standards and guidelines. Internal Audit independently and objectively reviews, on a continuous basis, the extent to which the internal control environment supports and promotes the achievement of the Charitable Group’s objectives, and contributes to the proper, economic, efficient, and effective use of resources.

Internal Audit's role includes giving advice on internal controls and performing a range of checks on the Charitable Group’s core financial systems. An increased level of control checks were carried out in the year including increased testing of school level key controls, covering local governance, procurement, income, cash management, human resources, payroll and fixed assets. Furthermore, testing of non-financial systems and central office functions were conducted, including reviews of the organisation’s safeguarding arrangements, IT technical assurance programmes, payroll, estates projects, absence management, pension arrangements and settlement payment arrangements.

On a quarterly basis, the Head of Internal Audit reports to the Board of Directors through the Risk and Audit Committee on the operation of the systems of control and on the discharge of the Board of Directors' financial responsibilities and prepares an annual summary report to the Committee outlining the areas reviewed, key findings, recommendations and conclusions to help the Committee consider actions and assess year on year progress. The reports include an update on the progress of implementing audit actions and the action plan for any recommendations still to be implemented.

For the year ended 31 August 2023, based on the work undertaken, an internal audit opinion of good assurance was given on the adequacy and effectiveness of the organisation’s risk management, internal control and governance arrangements.

These arrangements can provide only reasonable and not absolute assurance that assets are safeguarded, transactions authorised and properly recorded, and that material errors or irregularities are either prevented or would be detected within a timely period.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Chief Executive

The Trustees delegate the day-to-day responsibility of the running of the Charitable Group to the Chief Executive.

Connected charities

There is a relationship between United Learning Ltd and other charities as set out in note 30.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Strategic report

Objectives, strategies and activities

About United Learning

Founded in 1883 as an educational charity anchored in the Church of England, United Learning manages the operation of a group of Independent Schools within the United Church Schools Trust (“UCST”) charity to provide education for students of different abilities between the ages of 0 and 18. Its admission policies welcome people from all employment, faiths and backgrounds.

In 2001, it created a subsidiary charity, United Learning Trust (“ULT”) to extend its work into some of the most challenging inner-city areas through the City Academy programme, and to this day UCST remains the sponsor of the ULT multi-academy trust. As at 31 August 2023, UCST sponsors 81 state sector academies through ULT.

The overall aim of the Charitable Group is to promote excellent education, providing strong schools which enable all young people to make a success of their lives. The roots of our charity can be traced back 139 years, and over this period, we have founded and developed a large number of schools, focused on the most important social and educational challenges of the day. Our strength as a group of schools lies in the unique collaboration between the state and independent sectors, in our national reach and growing regional clusters and in our dedication to continuous improvement and our pursuit of excellence. Our track record in some of the country’s most challenging schools is based on structures and systems which ensure high expectations, rigour, enthusiasm and breadth.

As of 31 August 2023, United Learning comprises 13 independent schools, 81 state sector academies and a central office function that serves all our schools.

Over the course of the year, we welcomed six schools to our Group:

Operating review

Framework for Excellence

Our ‘Framework for Excellence’ is at the heart of everything we do at United Learning. It sets out the five key principles that we believe are vital to an excellent education for children and young people.

The Best from Everyone

Our aim is to bring out the best in everyone. So, we must expect the best from everyone, all the time. Every child is a special individual, capable of extraordinary things. Who can know the limits of any child’s potential?

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

So, we expect unreasonably – we constantly challenge children to do what they think they can’t, to persist, to work hard and to be at their best.

From every adult we expect the same: that they are at their best, expect unreasonably of themselves, are determined and resilient and pass those expectations on to the children in all they do. We act with the utmost love, care and good faith – the highest standards come with the greatest attention to the wellbeing of all.

Powerful Knowledge

Our most important purpose is to teach young people things they would not learn outside school, which free them to think and act more powerfully in their lives. Words and numbers are our most powerful ways of representing the world. Mastery of language and fluent mathematical skills are therefore our top priority. We aim to prepare young people to make a success of their lives: a core entitlement to subject-based learning; the development of talents; an understanding of work and society.

Worthwhile learning is often hard. Inspiring teaching is what gives access to difficult concepts and the thrill of intellectual discovery. Powerful knowledge is not static or backward-looking. It includes the ability to critique, challenge the status quo, think and learn.

Education with Character

Academic success is very important. Exam passes are an important aspect of that. But there is more to a good education. Our schools also aim to develop character, compassion and service. Young people are expected to contribute to their school and to society; to try things which they think they cannot do; to persist in the face of difficulty; to become resilient in overcoming obstacles; to manage themselves; to work independently on things which challenge them; to work with others and in teams; to be courageous and caring; to lead.

We want young people to look back on a joyful schooling which has inspired and challenged them, given them wide opportunity and prepared them for the ups and downs of life.

Leadership in Every Role

Our children are leaders of the future. We expect them to start today – taking advantage of structured opportunities to lead and taking responsibility for themselves and others. Every adult in the school is a leader. In every word, tone and gesture, they set direction and expectation. We expect every adult to take responsibility and the initiative to do what is right for the children.

All those in formal leadership positions create the climate in which others work. They demand the highest standards, build a performance culture, develop their teams and create the space for others to lead. All leaders listen, grow relationships, act with integrity and care and expect the best from themselves and others in building a happy, confident school.

Continuous Improvement

However good we are, we can be better. We constantly look for improvements and implement them with pace. We look for ideas for improvement inside the organisation and out; we observe one another; we steal good ideas with pride and look to make them better; we work together to improve.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

We always look at the evidence and are rigorous in evaluating impact. We stop or change things which aren’t working; we improve things which are. We aim for high leverage: high impact for low effort and low cost. We constantly look to have more impact for less cost and effort and to spend every pound wisely.

Long-term strategy

We continue to follow our five-year 2021-2026 strategy in line with these principles. We have agreed the following four strategic aims for this period:

Each strategic aim is supported by detailed delivery plans which enable us to ensure adequate human and financial resources are available to achieve the aims over the strategy period. The Charitable Group has a number of performance indicators against which it assesses its success and progress in delivering this strategy. The key indicators are:

  1. All schools to improve their academic performance within the year.

  2. All schools to improve pupil attendance within the year and to reduce incidences of suspension and exclusion.

  3. All schools to recruit and retain high quality staff, including high quality trainee teachers.

  4. All staff to receive high quality professional development.

  5. To achieve it’s in year budget.

  6. To deliver an impact beyond our schools, including through community hubs and reducing carbon emissions.

Progress against our key indicators is set out below.

Academic Performance

KS1 and KS2

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

At Key Stage 2 results showed a slight improvement on those achieved in 2022:

GCSE

Across our academies, 7,927 students sat GCSEs. 67% of students achieved a grade 4 or above in both English and maths and 49% achieved a grade 5 or above. 16% of students achieved a grade 7 or above in these core subjects.

In six of our secondary academies over two-thirds of pupils achieved a grade 5 or above in both English and maths (Newstead Wood School, Glenmoor Academy, The Hurlingham Academy, Winton Academy, The Totteridge Academy and Parkside Community College).

Eight of our secondary academies achieved a progress 8 (P8) score of +0.8 or above:

At GCSE, across our independent schools:

Notable performances included:

A Levels

Across our academies, 1,728 students took a total of 4,695 A Levels. Headline results are:

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

Notable performances included:

Across the nine secondary independent schools, there were 491 pupils entered for A Level entries. Headline results are:

Notable performances included:

Inspection outcomes

In total, 25 of the Charitable Company’s academies were inspected by Ofsted over the course of the year. Just over half of these (13) were graded inspections.

Of the graded inspections:

During the year eight of the Charitable Group’s independent schools (Coworth Flexlands School, St Ives School, AKS , Embley School, Surbiton High School, The Royal School, Tranby and Lincoln Minster School) were inspected by ISI. All were judged to be compliant. Where a full inspection took place, all received ‘excellent’ judgements.

Education with Character in Action

Schools delivered extensive enrichment and extracurricular programmes to broaden our students’ horizons and introduce them to new experiences. These included a number of Groupwide events and initiatives such as the annual International Art Competition, the StorySLAM creative writing competition, Student Leadership Programme and MUSICFest.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

Annual Surveys

Each year we carry out pupil, parent and staff surveys.

Our annual surveys for pupils, parents and staff provide robust feedback on our progress towards our goals. They enable us to identify schools in need of support, and schools able to provide it. We encourage a ‘you said – we did’ strategy allowing any staff, parent, or pupil survey to maximise benefit and bring about positive change.

Headline findings from our pupil surveys across the Group’s schools conducted in November 2022 include:

Headline findings from our parent surveys across the Group’s schools conducted in November 2022 include:

Successful Staff Engagement

To determine staff attitudes towards the Group, we carried out our annual staff survey in Autumn 2022. The overall ‘engagement’ score rose to 80%, well above relevant benchmarks.

Key findings of our staff survey include:

United Learning remains committed to professional development and to ensuring that its schools are Great Places to Work. Investment in staff development supports individuals to have a greater impact on young people’s learning and achievement; it also ensures that staff are well prepared to progress into new roles through internal promotion.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

Leadership

In 2022-23, the United Learning internal Leadership Development Programmes (“LDPs”) were once again delivered with great success. One external participant voiced the view of many in saying: “The course was exceptionally well-designed… The insightful sessions… compelled me to share them with colleagues in my own professional setting. This course highlighted the exemplary practices undertaken by United Learning in schools nationwide”.

All LDPs are facilitated by United Learning school and central office leaders. They are research-informed, flexible, webinar-based courses whose curricula support talented aspiring and recently appointed leaders to improve their personal effectiveness and refine their leadership values and behaviours.

In all, 92 staff completed the Middle Leadership Programme, 72 completed the Senior Leadership Programme and 15 completed the Aspiring to Headship Programme.

The reformed NPQ programmes were delivered in partnership with Ambition Institute. In 2022-23, 186 United Learning staff successfully completed an NPQ and our Teaching School Hubs supported an additional 210 external candidates through one of the nine programmes. The average pass rate was 98% which exceeded the national target of 90%, with 93.9% of participants reporting that they would recommend the programmes to colleagues.

United Teaching

In the year, 168 trainees completed United Learning’s initial teacher training scheme, United Teaching. All trainees successfully 'passed' and were recommended for Qualified Teaching Status. As we approached the 2023/24 academic year, a further 235 trainee teachers have been recruited and participated in our Summer Institutes in July and August.

In January 2023, United Teaching was judged to be an Outstanding teacher training provider by Ofsted. The inspectors reported that United Teaching “offers the highest quality of education and training”, with trainees “exceptionally well prepared for the rewards and challenges of the teaching profession”.

Early Careers Teachers (“ECT”)

Support of ECT staff continues to be strong with 90% of early career teachers and mentors engaging well with the programme; retention of year 1 ECTs into year 2 has remained consistently high. All ECT mentors were offered training in instructional coaching which contributed not only to their professional development but to the overall experience for ECT staff. Further to this, a common independent school programme for ECTs was established, with great feedback from participants and induction coordinators alike.

Apprenticeships

United Learning Apprenticeships delivers apprenticeships for both support staff and teachers, with courses tailored for colleagues working in the education sector. Our provider delivers three Level 3 courses: Teaching Assistant, Early Years Educator and HR Support. Our Level 6 Teacher apprenticeship (delivered via United Teaching) launched in September 2021.

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

In October 2022, 39 apprentices were studying a Level 3 apprenticeship: 23 as teaching assistants, 9 as early years educators and 7 as human resources support staff. An additional 155 apprentices were enrolled to study Level 6 teaching apprenticeships.

Key measures of success indicate high levels of learner engagement and 90% of apprentices expressed satisfaction with the programme and support they received. As a result, apprentice retention rates remain high.

In October 2022 Ofsted carried out a first monitoring visit following the establishment of United Learning Apprenticeships. The apprenticeship provider was found to be making reasonable progress in all areas.

In the year the United Learning professional development offer grew to include a new School Business Manager (“SBM”) programme. This programme supported 23 SBMs to develop in their current roles and provided invaluable opportunities for networking between colleagues in comparable roles across United Learning. In all, more than 80% of enrolled participants engaged with the complete programme and 100% of participants agreed that the programme helped to develop their knowledge of leading support services across a school.

Inclusion, Diversity and Equality

To meet our aim for all our schools to be great places to work, we have a commitment to inclusion and fairness; we encourage all our staff to aspire, learn, progress and succeed in their career and ensure they are rewarded for doing so. This year, the Group continued to build on its work on inclusion, through:

Our median Gender Pay Gap decreased from 18.2% in 2022 to 18.0% in 2023 (below the national education sector pay gap of 25%). We have also assessed our Ethnicity Pay Gap in 2023 and calculated a 10.3% median and 5.7% mean gap in our schools. We have continued to take steps to improve the racial diversity of our staffing profile so that it becomes more representative of the communities we serve – particularly at more senior levels. At the end of August 2023 5% of our heads, 10% of our senior leaders and 9.2% of our middle leaders were from ethnic minority backgrounds, compared to 13.5% of our staff as a whole.

Public benefit

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing United Learning’s aims and objectives and in planning future activities for the year.

United Learning aims to make a great contribution beyond the group, having a positive impact on our local communities beyond the school, on the national education system and on the wider world. Throughout the year staff across our Group, including Head teachers and members of our senior leadership team have provided support and expertise to working groups, research teams and national fora across the sector including in EdTech, curriculum reviews, qualification and exams.

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Objectives, strategies and activities (continued)

Community Hubs

In the year we introduced a framework to support schools to strengthen their relationships with, and make great contributions to, their local communities. This work included the development of five community hubs which provide tailored and targeted support to the communities they serve. This year our hubs:

United Curriculum and Continuity Oak

As part of our role and moral purpose to contribute towards the improvement of education generally across the country, we have made available our United Learning Curriculum to schools outside the Group. Schools can now have access to the Group’s tried and tested curriculum and benchmarking analysis tools for end-of-year assessments.

Going concern

After making appropriate enquiries, including full consideration of the impact of the current economic climate, the Board of Trustees has a reasonable expectation that the Charitable Group has adequate resources to continue in operational existence for the foreseeable future.

The financial results for the year were underpinned by strong pupil numbers and the overall growth of the Charitable Group, and whilst pay inflation impacted trading results, strong cash reserves were maintained. The current year also started positively ahead of budget. However, again continuing cost inflation has led to higher implemented pay awards than originally budgeted which reduce the expected operating surplus. The Charitable Group is nevertheless in a strong position and able to absorb this level of surplus reduction for the year, but a full review continues to identify efficiencies and savings to be made with the aim of bringing the 2024/25 budget back to targeted surplus levels.

Various cash flow scenarios have been modelled for the period to 28 February 2025. The worst-case scenario uses pessimistic assumptions including for UCST potential pupil number reductions resulting from high costs of living, and the model builds in higher levels of inflation and increased costs. However, even in these scenarios the Charitable Group continues to have adequate cash reserves to meet its liabilities as they fall due during the forecast period. In preparing these forecasts, management have considered the different levers available to them, such as operating cost savings and the timing of capital expenditure, which can improve working capital at the lower points in the headroom available, notwithstanding that these remain positive throughout. The Charitable Group has available to it a wide range of contingency measures which it could use to reduce costs and/or realise funds should that prove necessary.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

Going concern (continued)

Bank loans were renewed in March 2023 and will now mature in March 2026 at the earliest. The bank rolling credit facility ends in February 2025 and renewal options are under review, the base case and worst case are not reliant on renewal of this facility. Management have also considered the impact of the base and worst-case scenarios on debt covenants and concluded that these will not be breached. The headroom in the different cash flow models and the levers available to the Charitable Group have enabled management to conclude that there is no material uncertainty in management’s going concern assessment.

Therefore, based on the current financial position and latest forecasts, the robustness of cash flow management and the level of financial reserves available in the cash flow scenarios, the Board of Trustees are confident that the Charitable Group has adequate resources to continue to operate for the foreseeable future, being at least twelve months from the date of approval of these financial statements. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Financial Review

During the year, most of the Charitable Group's income was obtained from the DfE and ESFA in the form of grants for ongoing running expenses and for fixed asset expenditure and also from parents paying independent school fees. The total surplus for the year amounted to £168.5m (2022 surplus £171.1m). Included within these results was an actuarial gain on defined benefit pension schemes of £17.5m (2022: gain of £176.2m), and a further £2.7m (2022: £23.3m) of FRS 102 adjustments on the same LGPS schemes.

The Charitable Group is not liable to pay corporation tax.

As a result, and as detailed in the going concern review and the following funds and reserves sections, the Charitable Group continues to be in a financially secure position.

The independent schools operated by the Charitable Group during the year were as follows:

AKS Ashford School Banstead Preparatory School Coworth Flexlands School Dunottar School Embley Guildford High School Lincoln Minster School Rowan Preparatory School St. Ives (Haslemere) Surbiton High School The Royal School Tranby

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

UCST is the sponsor of ULT. ULT's aim is to found and manage a group of academies under the government initiative. Academies opened/joined to date are:

Manchester Academy September 2003 The Elms (formally known as Lambeth Academy) September 2004 Northampton Academy September 2004 Salford City Academy September 2005 Barnsley Academy September 2006 Paddington Academy September 2006 Sheffield Park Academy September 2006 Sheffield Springs Academy September 2006 Walthamstow Academy September 2006 North Oxfordshire Academy September 2007 William Hulme's Academy September 2007 Swindon Academy September 2007 Stockport Academy September 2007 Accrington Academy September 2008 Midhurst Rother College January 2009 Kettering Buccleuch Academy September 2009 Shoreham Academy September 2009 The Regis School January 2012 Southway Primary School January 2012 Beacon View Primary Academy January 2012 Hanwell Fields Community School February 2012 The Cornerstone Academy April 2013 Corngreaves Academy June 2013 Timbertree Academy June 2013 Nova Hreod Academy January 2013 Winton College September 2013 Wye School September 2013 Glenmoor School September 2013 The Victory Primary Academy September 2013 Grange Primary Academy September 2013 Abbey Hey Primary Academy December 2013 Silverdale Primary Academy January 2014 Cravenwood Primary Academy April 2014 Seahaven Academy April 2014 Goresbrook School September 2014 Richard Rose Central Academy September 2014 Richard Rose Morton Academy September 2014 The Hurlingham Academy January 2015 High Hazels Academy January 2015 Walthamstow Primary Academy September 2015 Langford Primary January 2016

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

The Totteridge Academy November 2016 Hunningley Primary Academy June 2017 Worsbrough Bank End Academy June 2017 Hill View Primary School October 2017 Newstead Wood School October 2017 The Hyndburn Academy November 2017 Bacon’s College March 2018 Castle View Academy March 2018 Orchard Meadow Primary School September 2018 Pegasus Primary School September 2018 Windale Primary School September 2018 Dukesgate Academy February 2019 Irlam and Cadishead Academy February 2019 Marlborough Road Academy February 2019 The Albion Academy February 2019 Longshaw Primary Academy April 2019 Salisbury Manor Primary Academy April 2019 Whittingham Primary Academy April 2019 Winston Way Academy April 2019 Avonbourne Boys’ Academy August 2019 Avonbourne Girls’ Academy August 2019 Cambridge Academy for Science and Technology September 2019 Coleridge Community College September 2019 Parkside Community College September 2019 Trumpington Community College September 2019 The Galfrid School September 2019 The John Roan School September 2019 Ham Dingle Primary School September 2019 Sedgehill Academy September 2019 Marsden Heights Community College November 2020 The Lowry Academy March 2022 Avonwood Primary March 2022 Fulham Primary November 2022 Queen’s Manor Primary November 2022 Sulivan Primary School November 2022 Holland Park School January 2023 Ernest Bevin Academy March 2023 Huish Episcopi Academy June 2023

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

Funds

Unrestricted funds were mainly derived from school fees receivable for the independent schools, other educational related activities, investment income, other donations and from gift aid payments from the trading subsidiaries, ULT Trading Company Limited and The Church Schools Trading Company Limited. The surplus for the year on unrestricted funds (before transfers between funds) was £13.075m (2022: £16.382m).

The restricted general funds were mainly derived from grants from the DfE in relation to the academies. The surplus for the year (before transfers between funds) was £5.787m (2022: £9.500m).

The restricted fixed asset fund forms part of the restricted fund, these were derived mainly from DfE capital grants and academy fixed assets transferred from other charities and on conversion. The surplus for the year (before transfers between funds) was £136.535m (2022: deficit of £10.829m).

The restricted pension fund (before transfers between funds) shows a surplus for the year of £13.129m (2022: £156.070m).

There was no movement in the endowment fund during the year (2022: £nil).

At 31 August 2023, the net book value of tangible fixed assets was £998.042m (2022: £859.627m) and movements in tangible fixed assets are shown in Note 13 to the financial statements.

The Charitable Group held £100.610m (2022: £88.704m) of cash at bank and in hand, with net current assets of £40.563m (2022: £14.133m).

The Charitable Group held fund balances of £1,033.618m (2022: £865.093m) comprising £841.200m (2022: £693.834m) of restricted fixed asset funds, a restricted pension fund deficit of £6.969m (2022: deficit of £20.098m), £24.806m (2022: £29.851m) of other restricted funds, an unrestricted pension fund deficit of £0.809m (2022: deficit of £1.125m) and £175.113m (2022: £162.354m) of other unrestricted funds.

The fund balances are adequate to fulfil the obligations of the Charitable Group. To achieve the development plan objectives and for other major capital projects for the academies, the Charitable Group remains dependent on the provision of additional capital grants from both the DfE and any sponsors. The restricted funds can only be used for the specific purpose for which they have been given to the Charitable Group.

Fundraising

As we increase the work our schools are doing with their local communities - as part of our strategic aim to make a great contribution beyond the group - we are moving from a 'soft' fundraising approach to one in which we expect more actively to fundraise. United Learning schools raised £136k in 2022-23 (largely in the form of small grants, including from Active Partnerships, North Northamptonshire Local Authority, Tesco and Caterlink). We are exploring options for increasing revenue from fundraising into the future, including through seeking professional fundraising advice.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives, strategies and activities (continued)

We also work with partners and suppliers from time to time to offer fundraising packages for specific events and programmes such as our annual student and staff award ceremony and group-wide performances. Our schools occasionally fundraise for themselves or charities via events such as performances, non-school uniform days, and school fairs. We have not engaged third-party fundraisers to carry out fundraising activities on our behalf in 2022-23.

Occasionally, the Group is approached by trusts or individuals who are interested in working with us and we will provide them with programme and funding information in order to explore funding opportunities that meet both parties' objectives and ethos. In prior years, United Learning has received large donations from individuals in this way. Likewise, in prior years, we have submitted joint bid applications to trusts and funding bodies, such as the DfE and the Careers and Enterprise Company along with other charities. We have not approached individuals for donations in 2022-23. We are members of the Fundraising Regulator Fundraising Preference Service to monitor our fundraising complaints. We did not receive any complaints this year.

Plans for future periods

In the next twelve months, United Learning will continue to grow primarily in its existing cluster locations. So far this year, the Group welcomed Campion School and Language College on the 1st September 2023 (previously a single academy trust), Glebe Primary School (previously a local authority maintained school) on the 1st November 2023 and four secondaries (George Eliot Academy, Hartshill Academy, Heath Lane Academy and Nuneaton Academy) on the 1st December 2023 (transferring from the Midland Academy Trust). In addition, Chilmington Green school (a Free School) opened to its first Year 7 cohort on 1[st] September 2023.

The Charitable Group will continue to strive to improve the levels of performance of its students at all levels and will continue its efforts to ensure its primary students are well prepared for their secondary education and its secondary students are able to get jobs or a place in further or higher education once they leave its schools.

Funding

The Trustees are satisfied that the Charitable Group's assets attributable to each of its individual funds are available and adequate to fulfil its obligations in relation to those funds.

Fixed assets

The Board is of the opinion that in aggregate the market value of the land and buildings, the precise amount of which is not quantified, exceeds the book value of the assets.

Principal risks and uncertainties

During the year under review, the Trustees and Senior Executives have formally identified, and documented, the major risks to which the Charitable Group is exposed. Those risks have been reviewed by the Risk and Audit Committee and risk management strategies have been implemented. Risk management is embedded in the day to day processes of the Charitable Group.

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Principal risks and uncertainties (continued)

Principal risk areas for the Charitable Group are the protection of pupils and employees, and of assets and data. Procedures and governance to minimise these risks are constantly being reviewed and updated.

The Charitable Group’s strategic risk register also covers risks relating to data protection, procurement, occupational health and safety, fraud, increasing cost of living, major incidents, growth, school performance and business continuity. Over the course of the year, the Charitable Group has amended its assessment of risk to reflect: the impact of the rising cost of living on its staff, families and communities; the potential for poor mental health and wellbeing to impact pupil and staff engagement; effective management of our future growth strategy; and a broader interpretation of the risks relating to governance.

The principal risks and uncertainties include:

Safeguarding

To ensure that pupils are safe, feel safe and are fully supported in this respect by their school, and to reduce the likelihood of child protection issues the Charitable Group has Safeguarding and Child Protection policies in place. These policies, which are available online, also provide a framework for its schools to develop secure processes for identifying and supporting pupils at risk of abuse. The implementation and effectiveness of these policies and procedures, which adhere to Department for Education guidelines on safeguarding and child protection, are regularly monitored and reviewed.

Information security

In order to reduce the likelihood of data breaches and loss of access the Group has Information Security policies in place, supported by regular training (including at induction and annual refreshers) and guidance for staff. Specific software, practices and processes are mandated across all the Charitable Group’s schools to reduce opportunities for security breaches and mitigate the impact of any loss. The implementation and effectiveness of the approach are regularly monitored and reviewed, including through periodic stress testing.

People

The Charitable Group depends on the recruitment and retention of high-quality teachers and support staff to achieve its objectives, but currently operates in a challenging recruitment market. To mitigate this risk the Charitable Group’s pay agreements for all staff are competitive within the sector (recognising current increased cost pressures), United Teaching is increasingly delivering a supply of quality teachers, and the Group-wide recruitment and retention handbook includes policies and advice for schools, including in relation to promoting diversity and inclusion. The Charitable Group invests in the development of its staff, including through provision of bespoke leadership development programmes and apprenticeship programmes for support staff, delivered through our own training provider.

Financial Pressures

The Charitable Group is reliant upon Government funding. An economic downturn could have a direct impact on the levels of funding available. The political landscape is currently uncertain, government instability, a potential recession and possible changes in VAT and business rate rules could have a significant impact on the cost base of the Charitable Group. Senior management and the Trustees aim to keep abreast of proposed changes to funding streams and these are taken into account when preparing medium term financial forecasts for each school.

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Principal risks and uncertainties (continued)

Financial risk management objective and policies (continued)

The Charitable Group is reliant upon the parents paying its school fees promptly and an economic downturn could have a direct impact on parents' ability to pay their fees. Senior management and the Trustees therefore aim to keep abreast of the economic conditions both in the UK and abroad. Overheads are carefully monitored to ensure that resources are used effectively.

The markets in which the Charitable Group's schools operate are highly competitive. Consequently, the schools constantly review their processes to ensure that their pupils receive a first-class education that helps them to perform to their full ability in all aspects of school life.

A large proportion of the Charitable Group's costs relate to staff costs which are relatively fixed each year. There is a risk that a significant drop in income or further increases in pension contributions may lead to an inability to cover such costs at one or more of the schools or academies.

To mitigate these financial risks senior management closely monitor all costs, including increased pension contributions, against budgets on a monthly basis. Variance analysis is undertaken to consider the impact of varying income and costs when budgets are being prepared and through monthly management accounts and reforecasts, and action plans are prepared and implemented to address any adverse impacts.

Pensions

The Charitable Group also belongs to the Local Government Pension Scheme ("LGPS") run by the relevant Local Authority for non-teaching staff. Under the application of FRS 102, the contributions made by the Charitable Group to these funded defined benefit schemes currently results in pension deficits recorded in the Statement of Financial Activities. Under FRS 102, the Charitable Group is required to account for the retirement benefits when it is committed to provide them, even if the actual provision will be many years into the future. Whilst FRS 102 may be seen as a better reflection of the obligations of the employer to fund pension promises to employees, it does not reflect the actual accounting arrangements of the Pension Fund. It requires the Charitable Group to recognise the total value of all pension obligations that have accumulated (including deferred pensions) as at 31 August each year.

A better reflection of a pension fund's actual position comes from the more detailed triennial assessment made by the fund actuary. This assesses and examines the ongoing financial position of the Pension Fund. The actuarial valuation can differ considerably from the FRS 102 valuation. It is the triennial actual valuation that is used to review contribution rates to the Fund from the Charitable Group, to ensure that existing assets and future contributions will be sufficient to meet future pension payments, and thus creates a risk in terms of increased contribution rates.

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Principal risks and uncertainties (continued)

Pensions (continued)

With regards to the LGPS risk senior management review the accounting reports prepared annually by the respective schemes’ actuaries, and Parliament has agreed that in the event of an academy or multi-academy trust closure, any outstanding LGPS liabilities would be met by the DfE.

Financial risk management objectives and policies

The Charitable Group uses various financial instruments including loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Charitable Group's operations.

The main risks arising from the Charitable Group's financial instruments are liquidity risk and interest rate risk, and compliance with the facilities covenant tests.

Liquidity and cash flow risks are managed through the appropriate and carefully managed use of financial instruments with our principal bankers.

Financial risk management is managed by the central office finance department who act as the Charitable Group's treasury function ensuring that surplus funds are deposited so as to maximise interest receivable. In addition, it uses the Charitable Group's facilities in the most efficient manner.

Those facilities are designed to ensure that the Charitable Group has sufficient available funds for day to day operations and for planned expansion and capital expenditure.

The Charitable Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities.

The maturity of borrowings is set out in Note 18 to the financial statements. In addition to these borrowings the Charitable Group has access to undrawn committed borrowing facilities of an additional £1.0m (2022: £1.0m).

The Charitable Group finances its operations through a mixture of retained surpluses and bank borrowings. The Charitable Group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating rate facilities.

The Charitable Group is exposed to price risk in terms of fees but is content that these are in line with those in the sector, and budgets accordingly. The principal credit risk for the Charitable Group arises from its debtors. Strict payment terms are enforced by the Charitable Group's credit control department and debt collection is outsourced as necessary. Credit risk is further managed through regular contact with any families in financial difficulty in an effort to assist.

Covenant tests are reviewed monthly based on the latest management accounts and cash flow forecasts to ensure compliance in advance of the reporting periods.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Financial risk management policies and objectives (continued)

Reserves

The Charitable Group’s reserves policy is to maintain restricted general reserves and unrestricted reserves at a level to support the Group’s strategic five-year goals and to cover any unforeseen circumstances including those covered by the Group’s risk management processes. To achieve this each school is set an in year budget target which ensures adequate resources including for estates and digital infrastructure investment as per their individual five-year plans.

The Trustees have set a target level of reserves after undertaking a thorough assessment of the Charitable Group's needs and have concluded that a level of six weeks of non-DfE funded expenditure is prudent. At 31 August 2023 there were free cash reserves of £100.6m (2022: £88.7m) plus undrawn committed borrowing facilities of £22.0m (2022: £22.0m) which in total exceed the required needs.

Total reserves as at 31 August 2023 are £1,033.618m (2022: £865.093m) made up of retained restricted and unrestricted reserves, comprising free reserves of £184.363m (2022: £149.809m), restricted fixed asset funds of £841.200m (2022: £693.834m), a restricted pension fund deficit of £6.969m (2022: deficit of £20.098m), an unrestricted pension fund deficit of £0.809m (2022: deficit of £1.125m) and an Endowment fund of £0.277m (2022: £0.277m). Retained restricted and unrestricted reserves increased during the year due to well managed budgeting and financial controls ensuring the aims of the Charitable Group were met. During the year, £10.831m (2022: £7.411m) was transferred from the restricted DfE general fund to the restricted DfE fixed asset fund as part of a 5 year plan to refresh technology and maintain the Academies’ estate.

The Directors plan to use reserves during the financial year to 31 August 2024 to invest in school buildings and IT infrastructure, and to fund strategic initiatives such as pupil mental health counselling support. Directors consider the current level of reserves, taking into consideration this planned Group-wide expenditure, to be appropriate and in line with this policy.

Restricted fixed assets are all held for use by existing academies. The purpose of the restricted funds is set out in Note 22.

Investment policy

Cash reserves, with the exception of ULT’s, are used to set-off against borrowing to minimise interest charges to the group.

ULT cash balances are invested with Brewin Dolphin, the Central Board of Finance of the Church of England and a small number of other banks. Brewin Dolphin manage medium to long term investments, the aim of the investment is to generate a total return ahead of inflation and to generate income from the portfolio to grow over time. Investment managers integrate environmental, social and governance aspects into their decision making on behalf of the Charitable Company.

During the year the investment strategy produced returns in line with the Charitable Group’s expectations and market rates.

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TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Financial risk management policies and objectives (continued)

Access policy

The Charitable Group works very hard to offer education to as many pupils as possible throughout England. Through its bursary policy it widens the number of pupils attending UCST schools. By setting up, sponsoring and working very closely with ULT, pupils in state funded academies enjoy the same educational resources available throughout United Learning’s schools. All the Group’s schools can access United Hub which enables teachers at any of the schools in the Group to collaborate, share resources and challenges, all positively impacting on workload.

Bursary policy

The ability to offer education to children of families who would not be able to afford the school fees is very important to United Learning. As a result of the desire to help children in this way the Charitable Group continued to operate its schemes of means tested financial assistance and its separate schemes of scholarships and family discounts, where parents have more than one child at one of our schools.

Means tested assistance is available to those who would not otherwise be able to afford the fees and, equally importantly, in cases of hardship where pupil’s education or future prospects might be at risk. Bursaries range in value from 5% to 100% of the school fee. During the year UCST granted £0.8m (2022: £0.8m) to pupils attending its schools under means tested assistance. This equated to 0.6% of gross fees received (2022: 0.7%). Further details of our bursary policy and how to apply are on our website.

In addition during the year, UCST granted £0.307m (2022: £0.326m) of discounts and £0.004m (2022: £0.058m) of payment deferrals from the £4m Hardship Fund originally set up in lockdown to support those families at our independent schools who found themselves unable to pay school fees as a result of the pandemic.

Environmental policy

United Learning recognises that good environmental management must be an integral and fundamental part of its corporate business strategy and good educational practice. The Charitable Group therefore aims to ensure that its work is sustainable and seeks to avoid negative impact on the environment and climate. It is committed to reducing the carbon emissions associated with its operations, towards a goal of carbon neutral.

United Learning seeks to engage all members of the school community in developing a sustainable approach to their work and activities so as to help it achieve its aims. The Charitable Group’s commitment includes the environmentally prudent management of its buildings and operations, collaboration with suppliers to improve its indirect environmental impacts, and environmental programmes and education for its employees and pupils.

United Learning has set a target to remove 50,000 tCO2e a year by 2029/30. Key activities and initiatives include:

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Financial risk management policies and objectives (continued)

Environmental policy (continued)

Streamlined Energy and Carbon Reporting

Consumption (kWh) and Greenhouse Gas emissions (tCO2e) Totals

The following figures show the consumption and associated emissions for this reporting year for the Charitable Group’s operations, with figures from the previous reporting period included for comparison.

Scope 1 consumption and emissions relate to direct combustion of natural gas, and fuels utilised for transportation operations, such as company vehicle fleets.

Scope 2 consumption and emissions relate to indirect emissions relating to the consumption of purchased electricity in day to day business operations.

Scope 3 consumption and emissions relate to business travel. There is currently no practical way of separately identifying business travel emissions, therefore they are included in scope 1 transport fuel. Alternative reporting methods are being investigated with the aim of reporting separately in the future.

Totals

The total consumption (kWh) figures for energy supplies reportable by the Charitable Group are as follows:

Utility and Scope 2022/23 2021/22
UK Consumption (kWh) UK Consumption (kWh)
Grid-Supplied Electricity (Scope 2) 37,592,667 37,485,046
Gaseous and other fuels (Scope 1) 64,725,921 66,493,979
Total 102,318,588 103,979,025

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Streamlined Energy and Carbon Reporting (continued)

The total emission (tCO2e) figures for energy supplies reportable by the Charitable Group are as follows. Conversion factors utilities in these calculations are detailed in the reporting methodology:

Utility and Scope 2022/23 2021/22
UK Consumption (tCO2e) UK Consumption (tCO2e)
Grid-Supplied Electricity (Scope 2) 7,784.47 7,248.86
Gaseous and other fuels (Scope 1) 11,856.99 12,160.76
Transport fuel 2,714.04 N/A
Total 22,355.50 19,409.62

Intensity Metric

An intensity metric of tCO2e – Total number of pupils per the October census has been applied for the annual total emissions of the Charitable Group.

The methodology of the intensity metric calculations are detailed below, and results of this analysis are as follows:

Intensity Metric 2022/23 2021/22
UK Intensity Metric UK Intensity Metric
tCO2e/Number of pupils (excl. transport) 303.65 316.61
tCO2e/Number of pupils (incl. transport) 345.61 N/A

Reporting Methodology

Scope 1 and 2 consumption and CO2e emission data has been calculated in line with the 2019 UK Government environmental reporting guidance. The following Emission Factor Databases consistent with the 2019 UK Government environmental reporting guidance have been used, utilising the current published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for reporting year 1 September 2022 to 31 August 2023.

Estimations undertaken to cover missing billing periods for properties directly invoiced to United Learning Trust were calculated on a kWh/day pro-rata basis at meter level. These estimations equated to 5% of reported consumption.

Intensity metrics have been calculated using total tCO2e figures and the number of pupils across the Charitable Group’s schools.

Total number of pupils per October census 64,685 (2021/22: 61,305).

The Charitable Group’s reported intensity metric (excluding transport fuel, which was not included in the 202122 calculation) has decreased between 2021-22 and 2022-23. With emissions from transport fuel included, it has increased between 2021-22 and 2022-23 (the impact of this inclusion is to raise the intensity metric by 41.96 kgCO ₂ e per pupil).

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Streamlined Energy and Carbon Reporting (continued)

Reporting Methodology (continued)

The Charitable Group has focused on carbon reduction initiatives as stated in the Environmental Policy above. As a result, despite an increase in the number of schools covered by the reporting (with six new schools having joined the Charitable Company during the year), overall consumption of gas decreased by 2.7% between 2021-22 and 2022-23. There was a small (0.3%) increase in consumption of electricity.

We note that the grid’s electricity emission intensity (the amount of CO ₂ e associated with a kWh of electricity consumption increased by 7.3% between 2021-22 and 2022-23 (there has also been a marginal increase in gas emission intensity). Had the emissions intensity remained stable between 2021-22 and 2022-23, we estimate that the Charitable Group’s intensity metric (excluding transport) would have reduced to 295.39.

It should also be noted that there has been an increase from 2021-22 to 2022-23 in the proportion of the supply that has had to be estimated (from 7% to 13% of reported consumption). This has primarily been caused by issues with obtaining accurate consumption data from suppliers. It is not possible at this point to state whether this estimation has the effect of increasing or decreasing reported consumption. Measures are being taken to further improve data collection for future reporting and efforts will be made to re-state previous emissions as more data becomes available.

Pay policy for key management personnel

Details of the pay policy in respect of key management personnel is included on pages 6 and 7 and in note 10.

Equal opportunities

The Trustees recognise that equal opportunities should be an integral part of good practice within the workplace. The Charitable Group aims to establish equal opportunities in all areas of its activities, including creating a working environment in which the contribution and needs of all people are fully valued.

Employee involvement and the employment of the disabled

Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management. Regular meetings are held with staff in our schools to brief them on major issues and discuss local issues. Each school also ensures that all staff are kept fully briefed through a variety of mechanisms, including notice boards, newsletters and the school Intranet. In addition, staff have the ability to access the United Learning website and intranet, United Hub, for more information.

All new staff joining United Learning are fully inducted and annually the Group runs two induction programmes, lasting two days, for all teachers new to United Learning. United Learning carries out exit interviews for all staff leaving the organisation and has adopted a procedure of upward feedback for senior management and the Trustees.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Employee involvement and the employment of the disabled (continued)

United Learning has implemented a number of detailed policies in relation to all aspects of personnel matters including:

United Learning has in place a National Recognition Agreement with the main teaching and support unions. Regular joint meetings of the Joint Negotiating Committee (‘JNC’) are held with this group where matters of mutual interest are discussed and agreed upon.

The union members of the JNC report back to their members through locally appointed representatives.

In addition, local meetings are held in the school where the Head meets with the local representatives to discuss and agree any local issues. Each school also ensures all staff are kept fully briefed by using a variety of methods including staff meetings and newsletters.

In accordance with United Learning’s Equal Opportunities policy, United Learning has long established fair employment practices in the recruitment, selection, retention and training of disabled staff. Full details of these policies are available from United Learning’s offices.

Details of the United Learning’s Gender Pay report can be found on its website at unitedlearning.org.uk.

United Learning Trust trade union facility time

The tables below set out ULT’s trade union facility time data for the period from 1 April 2022 to 31 March 2023.

Relevant Union Officials

Total number of the Academy Trust employees who were relevant union officials during the relevant period (1 April 2022 to 31 March 2023).

Numberofemployees Fulltime equivalent employeenumber
60 56.4

Percentage of time spent on facility time

The percentage of their working hours that relevant unions’ officials spent on facility time is as follows:

Percentage oftime Numberofemployees
0% 12
1%-50% 48
51%-99% -
100% -

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Percentage of pay bill spent on facility time

Percentage of the total pay bill spent on facility time 0.03%

Paid trade union activities

As a percentage of total paid facilities time hours, the amount of time spent by relevant trade union officials during the relevant period on paid trade union activities.

Time spent on trade union activities as a percentage of total 12% paid facility time hours

Section 172 Statement

The Trustees fulfil their duty to promote the success of the Charitable Company and Group under Section 172 of the Companies Act 2006 (the Act) and consider the interests of United Learning’s key stakeholders when making decisions as follows.

United Learning has a clear purpose which is to promote excellent education, providing strong schools that enable all young people to make a success of their lives. This requires the Board, senior leadership team and other employees to maintain an approach to strategic, financial and operational decision making that is values based and sustainable in approach, and therefore aligned to the requirements and expectations of Section 172. Our long-term success relies upon our delivering the strategic objectives described in the Trustees’ report above through our talented and committed employees; close working relationships with regulators and suppliers, providing benefits to both the pupils in our schools and the wider school community.

In the light of our purpose and strategy as set out in the Trustees’ Report our Trustees take steps to understand the needs and priorities of each stakeholder group and do so in a number of ways, including by direct engagement through school visits and discussions with employees; parent and pupil surveys; and via committees and forums. Day to day engagement and fostering of relationships with pupils and parents is delegated to school management. A range of tools are provided to assist with this, including our Parental Engagement Handbook.

Strategic priorities are discussed with the Board at the start of each year. These are informed by our long-term vision and strategy, the outcomes for pupils and other key performance measures from the previous year and the outcomes of our stakeholder surveys. The Board sets key performance indicators and targets relating to these priorities and monitors performance against these at each Group Board meeting.

At Board meetings, the Trustees receive reports summarising the current status of each of our schools and highlighting any notable successes or concerns. Sub-committees, as described in the Governance Statement, meet to enable scrutiny of a wider range of data and reports and to review progress against the strategic objectives.

The Board has designated a named Trustee to act as the key link between the Board and LGBs, and with the education teams, across primary and secondary and academies and independents. The Board has also identified link Trustees for safeguarding, people, health & safety, finance and risk management. Link Trustees attend relevant meetings of the executive and speak regularly with relevant key employees to provide regular oversight and ensure they understand the key issues facing the organisation and how these are being tackled.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Section 172 Statement (continued)

All Directors are invited to visit schools on a regular basis. These visits are generally scheduled alongside education teams so that they are able to observe the way in which Regional Directors and Education Directors engage with senior school staff in pursuing improvement priorities. Their notes of visits are shared with the Executive and with the Board.

United Learning is regulated by the Charity Commission and has due regard to the Commission’s guidance. United Learning is regulated by the Information Commissioner’s Officer (“ICO”), and policies and procedures are in place to ensure compliance with General Data Protection Regulations, which have been shared with the ICO. ULT is regulated by the Department of Education (“DfE”) and has due regard to the provisions of its funding agreements and the Academy Trust Handbook. Regular returns are submitted to the DfE and the Education and Skills Funding Agency ("ESFA"), and we have regular senior contact with both.

The Directors consider relationships with suppliers through the oversight of the Group procurement policy and Modern Slavery statement. The group procurement strategy describe how the Group will manage its suppliers based on criticality, how it deals with performance issues and how it works with suppliers to continually improve performance and identify new and better ways of delivering services. The impact of the Charitable Group’s operations on the community is referred to in the Environmental Policy in the Directors’ report.

Our intention is to foster good supply arrangements which benefit both the Charitable Group and the suppliers we utilise. Our aim is to be supplied with the goods and services we need at the best value and at the time required, through suppliers being offered fair, open and transparent ways to bid and provide these goods and services. We engage in regular dialogue with key suppliers and publish an annual Modern Slavery Act statement.

The outcomes of this engagement with our stakeholders informs Board decision making as described in the Trustees’ report above.

Statement of Trustees’ (collectively known as the Board) responsibilities

The Trustees (who are also directors of United Learning Ltd for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the Strategic 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 statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and Group and of its incoming resources and application of resources, including the income and expenditure, of the Charitable Company and Group for that period.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

TRUSTEES' REPORT INCORPORATING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Statement of Trustees’ (collectively known as the Board) responsibilities (continued)

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company and Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Group’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ Report (incorporating the Strategic Report), was approved by order of the board of Trustees, as the Company Directors, and signed on the Board's behalf by: 4/3/2024

Mr Richard Greenhalgh, Trustee

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED LEARNING LTD

Opinion

We have audited the financial statements of United Learning Ltd (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2023, which comprise Consolidated Statement of Financial Activities (incorporating the Income and Expenditure Account), the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Cash Flow Statement 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 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s and the parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED LEARNING LTD

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the group’s and parent charitable company’s business model including effects arising from macro-economic uncertainties such as high inflation, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the group’s and parent charitable company’s financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED LEARNING LTD

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees’ Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ (collectively known as the Board) responsibilities set out on pages 35 and 36, 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 as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED LEARNING LTD

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

− Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED LEARNING LTD

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNITED LEARNING LTD

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.

Stephen Dean

Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London, Finsbury Square

Date: 4/3/2024

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income
Income from donations
Voluntary income
5
Net assets transferred to
or from other charities
and on
conversion
7
Income from charitable
activities
School fees receivable
2
Other educational related
activities
3
Grants from Department
for Education
4
Rents and lettings
Other income
Income from other
trading activities
Trading income
Income from
investments
Investment income
6
Other income
Gains/(losses) on
disposals of
tangible fixed assets
Total income		 Unrestricted
Restricted
funds
funds
£'000
£'000
4,348
-
965
122,960
116,329
-
22,893
-
-
459,847
503
-
42
9
5,385
-
2,304
-
(2,722)
-
150,047
582,816		 Unrestricted
Restricted
funds
funds
£'000
£'000
4,348
-
965
122,960
116,329
-
22,893
-
-
459,847
503
-
42
9
5,385
-
2,304
-
(2,722)
-
150,047
582,816		 Endowment
funds
£'000
-
-
-
-
-
-
-
-
-
-		 Total
2023
£'000
4,348
123,925
116,329
22,893
459,847
503
51
5,385
2,304
(2,722)		 Total
2022
£'000
4,295
4,086
106,731
20,212
380,484
468
53
4,561
593
240
521,723
150,047
582,816		 - 732,863
Acquired operations
Continuing operations
Discontinued operations		 1,573
148,474
-
142,065

440,751

-		 -
-
-		 143,638
589,225
-		 -
516,437
5,286

The notes on pages 51 - 96 form part of these financial statements.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Expenditure
Expenditure on
raising funds
Trading expenditure
Expenditure on
charitable activities
School and academy
operating costs, project
management and
finance costs
Total expenditure
8		 Unrestricted
funds
£'000
1,258
135,584		 Restricted
funds
£'000
-
444,747		 Endowment
funds
£'000
-
-		 Total
2023
£'000
1,258
580,331		 Total
2022
£'000
1,538
524,330
525,868
136,842 444,747 - 581,589
Acquired operations
Continuing operations
Discontinued operations		 -
136,482
-		 21,650
423,097
-		 -
-
-		 21,650
559,939
-		 -
525,868
-

The notes on pages 51 - 96 form part of these financial statements.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Net incoming/
(outgoing) resources
before investment
gains and transfers		 Unrestricted
funds
£'000
13,205		 Restricted
funds
£'000
138,069		 Endowment
funds
£'000
-		 Total
2023
£'000
151,274		 Total
2022
£'000
(4,145)
Acquired operations
Continuing operations
Discontinued operations		 1,573
11,632
-		 120,415
17,654
-		 -
-
-		 121,988
29,286
-		 -
(9,431)
5,286
Net (losses) on
Investments
Transfers between
funds
Net income/(outgoing)
resources before
other recognised
gains and losses
Actuarial gains on
defined benefit
pension schemes
28
Net movement in
funds for the year		 (256)
1		 (12)
(1)		 -
-		 (268)
-		 (929)
-
(5,074)
176,197
171,123
12,950
125		 138,056
17,394		 -
-		 151,006
17,519
13,075 155,450 - 168,525
Acquired operations
Continuing operations
Discontinued operations		 1,573
11,502
-		 120,415
35,035
-		 -
-
-		 121,988
46,537
-		 -
165,837
5,286
Funds brought forward
at 1 September 2022
Funds carried forward
at 31 August 2023		 161,229 703,587 277 865,093 693,970
865,093
174,304 859,037 277 1,033,618

The notes on pages 51 - 96 form part of these financial statements.

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DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Intangible assets
12
Tangible assets
13
Investments
11
Current assets
Stocks
14
Debtors
15
Cash and cash equivalents
25
Creditors: amounts falling due
within one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
17
Net assets excluding pension
liability
Defined benefit pension scheme
liabilities
28
Total net assets		 £'000
117
66,889
100,610		 2023
£'000
1,756
998,042
11,318		 £'000
127
49,533
88,704		 2022
£'000
2,055
859,627
11,200
1,011,116
40,563		 872,882
14,133
167,616
(127,053)		 138,364
(124,231)
1,051,679
(10,218)		 887,015
(634)
1,041,461
(7,778)		 886,381
(21,223)
1,033,683 865,158

The notes on pages 51 - 96 form part of these financial statements.

Page 46

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023

Note
Capital
Called up share capital
19
Capital funds
Endowment fund
20
Income funds
Restricted funds
Restricted general funds
22
Other restricted funds
22
Pension reserve
22
Unrestricted funds
21
Pension reserve
21
Designated funds
21		 £'000
865,117
889		 2023
£'000
65
277
859,037
174,304		 £'000
722,796
889		 2022
£'000
65
277
703,587
161,229
866,006
(6,969)		 723,685
(20,098)
172,718
(809)
2,395		 159,674
(1,125)
2,680
1,033,683 865,158

The financial statements were approved by the Board and authorised for issue on and 4/3/2024 signed on its behalf by:

Mr Richard Greenhalgh, Trustee

The notes on pages 51 - 96 form part of these financial statements.

Page 47

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CHARITABLE COMPANY BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Tangible assets
13
Investments
11
Current assets
Debtors
15
Cash and cash equivalents
Creditors: amounts falling due
within one year
16
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
17
Net assets
Capital
Called up share capital
19
Capital funds
Endowment fund
20
Income funds
Restricted funds
22
Unrestricted funds
21
Designated funds
21		 £'000
-
-		 2023
£'000
170,605
696		 £'000
169
3		 2022
£'000
176,193
702
171,301
(44,797)		 176,895
(55,003)
-
(44,797)		 172
(55,175)
126,504
(10,000)		 121,892
(431)
116,504 121,461
65
277
767
115,374
21		 65
277
773
120,325
21
116,504 121,461

The Charitable Company generated a deficit for the year of £4.957m (2022: £2.239m).

The financial statements were approved by the Board and authorised for issue on and 4/3/2024 signed on its behalf by:

Mr Richard Greenhalgh, Trustee

The notes on pages 51 - 96 form part of these financial statements.

Page 48

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

Note
Cash flows from operating
activities
Net cash provided by operating
activities
24
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from the sale of tangible
fixed assets
Proceeds from the sale of intangible
fixed assets
12
Purchase of investments
11
Proceeds from the sale of investments
Dividends and interest received from
fixed asset investments
ESFA capital grants received
Net cash used in investing
activities
Cash flows from financing activities
Repayment of borrowings
Repayment of finance leases
Interest paid
Net cash used in financing
activities
Change in cash and cash
equivalents in the year
Cash and cash equivalents brought
forward
Cash and cash equivalents carried
forward
25		 £'000
(36,419)
-
5,720
-
(3,183)
2,834
2,304
20,547		 2023
£'000
24,963
(8,197)
(5,177)		 £'000
(21,348)
-
223
22
(3,507)
3,434
593
12,777		 2022
£'000
31,571
(7,806)
(7,396)
(4,432)
(2)
(743)		 (6,933)
(22)
(441)
11,589
71,403		 16,369
55,034
82,992 71,403

The notes on pages 51 - 96 form part of these financial statements.

Page 49

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

CONSOLIDATED STATEMENT OF NET DEBT FOR THE YEAR ENDED 31 AUGUST 2023

Cash and cash equivalents
Overdraft facility repayable on
demand
Debt due within one year
Debt due after one year		 At
1 September
2022
£'000
88,704
(17,301)
(14,434)
(431)
Cash
flows
£'000
11,906
4,115
-
2		 Other
movements
£'000
-
-
9,571
(9,571)		 Repayment
of bank
loans
£'000
-
(4,432)
4,432
-		 At
31 August
2023
£’000
100,610
(17,618)
(431)
(10,000)
72,561
56,538 16,023 - -

The notes on pages 51 - 96 form part of these financial statements.

Page 50

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

1

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies

1.1 Basis of preparation of financial statements

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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

United Learning Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Consolidation

The Charitable Group financial statements consolidate those of the Charitable Company and of its subsidiary undertakings as disclosed in note 11. Acquisitions are accounted for under the acquisition method. The results of the Charitable Company's subsidiaries have been incorporated on a line-by-line basis. Surpluses or deficits on intra group transactions are eliminated in full. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.

In the 12 months following acquisition, fair values are reassessed and adjusted for such matters as increased liabilities and provisions that may emerge during that period.

United Learning Trust has been consolidated as a 100% subsidiary undertaking on the basis that it operates as a wholly owned subsidiary and the control of all day-to-day activities is held by United Learning Ltd via United Church Schools Trust.

The Charitable Company has taken advantage of the disclosure exemption permitted by Section 1.11 of FRS 102 from the requirement to prepare a company Cash Flow Statement, by virtue of the fact that consolidated financial statements are prepared.

1.3 Income

All income is recognised once the Charitable Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of meeting any performance-related conditions or there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met.

General Annual Grant is recognised in full in the Statement of Financial Activities in the period for which it is receivable and any abatement in respect of the period is deducted from income and recognised as a liability.

School fees receivable are accounted for in the period during which the service is provided, and are stated after the deduction of bursaries, remissions and other allowances granted by the Charitable Group.

Page 51

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

1.3 Income (continued)

Donated services or facilities are recognised at fair value when the Charitable Group has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charitable Group of the item is probable and that economic benefit can be measured reliably.

Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended. Unspent amounts of capital grant are reflected in the balance in the restricted fixed asset fund.

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

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Charitable activities are costs incurred in the Charitable Group's educational operations. Governance costs are those incurred in connection with administration of the Charitable Group and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the Charitable Group's educational operations, including support costs and costs relating to the governance of the Charitable Group apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

Exceptional items are material items of income and expenditure which by virtue of their size and nature are separately disclosed to assist in the better understanding of the Charitable Group's performance. This includes non-recurring costs arising from the closure of a school.

Page 52

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

Restructuring costs are recognised once there is a legal or constructive obligation to undertake restructuring activities, which includes redundancy payments.

All resources expended are inclusive of irrecoverable VAT.

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Group and which have not been designated for other purposes

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. The pension reserve funds relate to the deficits arising on valuation of the various Local Government Pension Schemes in which the Group is a participating employer and other unfunded pension obligations. Pension reserve funds arising from the Charitable Group’s academy schools are restricted by virtue of the fact that these are funded by restricted grant income from the Department for Education. All other pension reserves are unrestricted funds.

Endowment funds are funds which are held as capital. They represent the cost value of tangible fixed assets.

1.6 Company status

The Charitable Company is a company limited by share capital, incorporated in England and Wales (No. 00018582), registered with the Charity Commission (No. 313999) and regulated by its Memorandum and Articles of Association.

1.7 Going concern

The Trustees assess whether the use of going concern is appropriate, considering whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charitable Group to continue as a going concern. The Trustees make this assessment in respect of a period at least one year from the signing date of these financial statements. The Trustees have considered the effects of the current economic and political climate in reaching their conclusions, preparing an annual budget and monitoring performance against it with forecasts for the balance of the financial year and beyond, and preparing a range of cash flow forecast scenarios. The Charitable Group maintains reserves to meet unexpected obligations and forecast models indicate that, even allowing for the rising costs of inflation including wage inflation and interest rates, the Charitable Group has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis as discussed in the Trustees’ Report on pages 19 and 20.

Various cash flow scenarios have been modelled for the period to 28 February 2025. The worst-case scenario uses pessimistic assumptions including potential pupil number reductions resulting from high costs of living, and the model builds in higher levels of inflation and increased costs such as pay. However, even in this scenario the Charitable Group continues to have adequate cash reserves to meet its liabilities as they fall due during the forecast period.

Page 53

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

Management have also considered the impact of the base and worst-case scenarios on debt covenants and concluded that these will not be breached. The headroom in the different cash flow models and the levers available to the Charitable Group have enabled management to conclude that there is no material uncertainty in management’s going concern assessment.

1.8 Intangible fixed assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment. Amortisation begins when the intangible asset is available for use, and is charged straight line over the useful economic life of 8 – 10 years.

1.9 Tangible assets and depreciation

Tangible assets are carried at cost, net of depreciation and any provision for impairment. Valuation relates to tangible fixed assets donated to the Charitable Group which are capitalised based upon either an independent valuation or a members' valuation following consultation with a professional valuation firm which then represents the deemed historic cost of the asset.

Long term leaseholds on academy conversion are included in the Balance Sheet at cost on signature of the lease assignment, representing the point at which the Charitable Group takes over the risks and rewards associated with ownership. Cost is determined with reference to available third-party valuations conducted by the Education and Skills Funding Agency. Where these are not made available, other suitably reliable measurement methods including deemed replacement cost and market appraisals conducted by appropriately qualified experts are utilised.

Where tangible assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. Where there are specific conditions attached to the funding requiring the continued use of the asset, the related grants are credited to a restricted fund in the Statement of Financial Activities and carried forward in the Balance Sheet. Depreciation on the relevant assets is charged directly to the restricted fund in the Statement of Financial Activities.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicated that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use. Borrowing costs are not capitalised.

Page 54

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

Depreciation is provided at rates calculated to write off the cost of fixed assets excluding freehold land and investment properties, less their estimated residual value, over their expected useful lives on the following bases:

Freehold buildings - 50 years Long term and short term leasehold improvements - Term of the lease Motor vehicles - 4 years Fixtures and fittings - 10 years Computer equipment - 3 years

Freehold land is not depreciated .

1.10 Investments

Listed fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.

Investments in subsidiaries are measured at cost less accumulated impairment.

1.11 Goodwill

Goodwill, arising on the acquisition of a subsidiary (whether positive or negative), represents the excess of the fair values of the consideration given over the fair values of the identifiable net assets acquired and is capitalised and then amortised on a straight-line basis over its useful economic life. It is tested for impairment and written off when it is impaired.

1.12 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Financial Activities.

1.13 Interest receivable

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

1.14 Operating leases: the Charitable Group as lessee

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

The Group has five academies with buildings under Private Finance Initiative (PFI) contracts.

Page 55

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

The Transfer Agreement does not transfer the ownership of the new school built by the Contractor to the Local Authority until the end of the Project Agreement. Whilst the PFI agreement remains between the Local Authority and the Contractor, ULT makes an Academy Contribution to the unitary charge via the Schools Agreement to cover the service element of the charge.

The Trustees have considered the risks and rewards associated with the agreements and consider that these represent operating lease agreements, as risks and rewards associated with the PFI buildings are not transferred to the Trust until the end of the contract and it does not control the assets during this period. Accordingly, the Academy Contributions are recognised as operating charges in the Statement of Financial Activities on a straight-line basis over the life of the contract.

At the end of the PFI contract, the risks and rewards will transfer to the Local Authority and then to the Charitable Group as part of a long lease at which point the buildings will be capitalised.

1.15 Finance leases: the Charitable Group as lessee

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charitable Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance cost element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.16 Taxation

The Charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.17 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due .

1.18 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 56

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

1.19 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.20 Financial instruments

The Charitable Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Charitable Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.21 Pensions

The Charitable Group makes contributions to a number of defined contribution pension plans for non-teaching staff and the pension charge represents the amounts payable by the Charitable Group to the fund in respect of the year.

Retirement benefits to teaching staff are provided by the Teachers' Pension Scheme ("TPS") and to certain non-teaching staff by the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Charitable Group in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 28, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

Page 57

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

The LGPS is a funded scheme and assets are held separately from those of the Charitable Group in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.

Actuarial gains and losses are recognised immediately in other recognised gains and losses.

1.22 Conversion to academy trust and transfer in of existing academies and schools

The conversion from a state maintained school to an academy or the transfer into the Group of an existing academy or school involve the transfer of identifiable assets and liabilities and the operation of the school for £nil consideration and has been accounted for under the acquisition accounting method.

The assets and liabilities transferred on conversion or transfer from each school to the Group have been valued at their fair value and recognised on the Balance Sheet at the point when the risks and rewards of ownership pass to the Group. Their fair value is determined in accordance with the accounting policies set out for the Charitable Group. The amounts have been recognised under the appropriate Balance Sheet categories, with a corresponding amount recognised in voluntary income as net income in the Statement of Financial Activities and analysed under unrestricted funds and restricted funds.

1.23 Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charitable Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts and liabilities within the next financial year are discussed below.

Actuarial valuations for Local Government Pension Schemes

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost/(income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 28, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation has been used by the actuary in valuing the pensions liability at 31 August 2023. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

Page 58

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

2

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Accounting Policies (continued)

1.23 Judgements in applying accounting policies and key sources of estimation uncertainty (continued)

Unfunded pension obligations

The Charitable Group has also made provision for unfunded pension obligations. The key assumptions made in computing this provision comprise mortality assumptions and discount rates, with the total obligation arising as a result having been disclosed in note 28. Any changes in these assumptions would impact the carrying amount of the liability.

Conversion of academies joining the group and transfer in of donated assets

When new schools convert to academy status and join the Charitable Group, existing academies or schools join the Charitable Group or assets are donated to the Charitable Group, estimates are made in respect of the fair value of assets and liabilities transferred, using available information as well as in-house expertise.

Buildings occupied under PFI Agreements

At five of its academies, the Charitable Group occupies buildings under PFI agreements with the local authority and has applied judgement in determining that these buildings should not be capitalised on the balance sheet. In making this judgement, the Charitable Group considers the risks and rewards associated with the buildings and to what extent it has control over these and for what period. In making this assessment, judgement is also applied in determining what substance the arrangements take between the Charitable Group and the respective Local Authorities.

The Charitable Group has concluded that the arrangements represent an operating lease on the basis that only the services elements are charged to the Charitable Group and it does not control the assets and has neither the rights of rewards from ancillary use of the building nor the risks associated with maintenance, insurance and replacement during the life of the agreement which also is not substantially all of the assets' useful economic life.

Value of land

The Charitable Group includes the value of the academy properties on the balance sheet but has applied judgment that the land carries no value due to the restrictions and covenants applied to it.

School fees receivable

The fees and surplus on ordinary activities are attributable to the operation of schools under the Charitable Group's individual Charitable Company objects.

Gross fee income receivable
Scholarships, bursaries and reduced fees
Catering income
Net fee income receivable		 2023
£'000
124,750
(10,387)		 2022
£'000
114,723
(9,945)
114,363
1,966
116,329		 104,778
1,953
106,731

Page 59

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

3

4

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Other educational related income

Accounting services to other schools
Pupil registration fees
Charges for additional classes
Income from Government’s Coronavirus Job Retention Scheme
Trip income
Other miscellaneous school income		 2023
£'000
4
361
1,557
-
3,640
17,331		 2022
£'000
652
331
1,112
8
2,817
15,292
22,893 20,212

Other miscellaneous school income comprises revenue generated from activities ancillary to the provision of education at each individual school or academy in the Charitable Group.

Grants from DfE

5

Grants from Department for Education:
Capital grants for new buildings
Revenue grants for operating costs of existing academies
COVID-19 additional funding
Voluntary income
Other sponsorship and donations received
Gift aid – COVID-19 donations		 2023
£'000
45,722
414,125
-		 2022
£'000
10,961
365,812
3,711
459,847 380,484
2023
£'000
4,348
-		 2022
£'000
4,294
1
4,348 4,295

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Investment income

Investment income comprises income from:

Listed investments
Bank deposits		 2023
£’000
295
2,009		 2022
£'000
291
302
2,304 593

7 Net assets transferred to or from other charities and on conversion

On the dates referred to below, Fulham Primary School, Queen's Manor Primary School and Sulivan Primary School joined ULT from the existing Brightwells Academy Trust. Holland Park School and Huish Episcopi Academy also joined ULT on the dates referred to below.

On 1 March 2023 Ernest Bevin Academy converted to academy trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to ULT from Wandsworth Borough Council for £NIL consideration.

The following table sets out the fair values of the identifiable assets and liabilities transferred and an analysis of their recognition in the Statement of Financial Activities.

Brightwells Academy Trust (joined 1 November 2022)
Tangible fixed assets
Current assets
Current liabilities
Defined benefit pension scheme liabilities
Net assets
Holland Park School (joined 1 January 2023)
Tangible fixed assets
Current assets
Current liabilities
Net assets		 ULT
£'000
12,252
1,300
(473)
(975)		 Total
£'000
12,252
1,300
(473)
(975)
12,104 12,104
74,068
4,463
(861)		 74,068
4,463
(861)
77,670 77,670

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Net assets transferred to or from other charities and on conversion (continued)

Huish Episcopi Academy (joined 1 June 2023)
Tangible fixed assets
Current assets
Current liabilities
Defined benefit pension scheme liabilities
Net assets
Ernest Bevin Academy (converted 1 March 2023)
Tangible fixed assets
Current assets
Defined benefit pension scheme liabilities
Net liabilities
Total net assets transferred from other charities
and on conversion
Total net assets from above transferred and on
conversion
Brightwells Academy Trust
Holland Park School
Huish Episcopi Academy
Ernest Bevin
Net assets		 Unrestricted
funds
£000
-
965
-
-		 ULT
£'000
19,000
1,481
(899)
(381)		 Total
£'000
19,000
1,481
(899)
(381)
19,201
12,766
2,203
(19)
14,950
123,925
Total
funds
£000
12,104
77,670
19,201
14,950
123,925
19,201
12,766
2,203
(19)
14,950
123,925
Restricted
funds
£000
12,104
76,705
19,201
14,950
965 122,960

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Analysis of total resources expended

Expenditure on raising funds
Trading expenditure
Total expenditure on raising
funds
Charitable activities
Direct costs
Schools operating costs:
Education costs
Technology
Administration and other costs
Support costs
Support staff pay costs
Depreciation
Premises costs
Catering
Marketing
(Profit)/loss on disposals
of tangible fixed assets
Other support costs
Bank interest and charges
Governance costs
Group secretarial costs
Audit and accountancy fees –
Auditor’s remuneration
Audit and accountancy fees –
Component auditor
Other governance costs
Members’ meetings and travel
expenses
Total expenditure on
charitable activities
Total resources expended		 Staff
costs
£’000
414		 Other
costs
£’000
764		 Depreciation
and
amortisation
£’000
80		 Total
2023
£’000
1,258		 Total
2022
£’000
1,538
414 764 80 1,258 1,538
330,187
10,060
303
41,669
-
12,835
609
1,069
-
15,194
-
310
-
-
-
-		 32,231
7,809
11,144
-
-
46,083
19,010
1,661
-
15,695
951
43
393
11
20
2		 -
-
-
-
33,045
-
-
-
(3)
-
-
-
-
-
-
-		 362,418
17,869
11,447
41,669
33,045
58,918
19,619
2,730
(3)
30,889
951
353
393
11
20
2		 338,301
16,272
9,381
35,393
27,527
49,618
15,574
1,991
18
28,714
680
309
318
13
219
2
412,236 135,053 33,042 580,331 524,330
412,650 135,817 33,122 581,589 525,868

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Analysis of total resources expended (continued)

Exceptional costs incurred in school closures, mergers, acquisitions and disposals during the year ended 31 August 2023 amounted to £428k (2022: £873k).

All exceptional costs noted above are net after deducting associated exceptional income, and certain costs such as exceptional fee discounts, are set directly against income in the financial statements.

Total resources expended include:

Auditor's remuneration – audit of the Charitable Company
Auditor's remuneration – audit of the accounts of subsidiary undertakings
Auditor's remuneration – other assurance fees
Auditor's remuneration – all non audit services not covered above
Subsidiary auditor’s remuneration – component auditor
Depreciation:
Tangible fixed assets, owned
Tangible fixed assets, financed
Loss on sale of fixed assets
Amortisation
Operating lease rentals		 2023
£'000
21
282
42
48
11
32,826
-
2,719
299
2,073		 2022
£'000
19
224
38
37
13
27,307
17
18
301
1,710

Subsidiary auditor’s remuneration – component auditor in the period is payable to a different firm than the statutory group auditor.

Deficit for the financial year

The Charitable Company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Statement of Financial Activities in these financial statements. The Group deficit for the year includes a deficit of £4,957m (2022: £2.239m) relating to United Learning Ltd which is dealt with in the financial statements of the Charitable Group.

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9

10

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Net interest

On bank loans and overdrafts payable
Interest payable on Local Government and Unfunded Pension Schemes
On bank deposits receivable		 2023
£'000
743
81
(2,009)		 2022
£'000
441
2,976
-
(1,185) 3,417

Members and employees

Staff costs during the year were as follows:

Wages and salaries
Social security costs
Other pension costs
Supply teacher costs
Staff restructuring costs		 2023
£'000
306,696
31,229
61,913		 2022
£'000
272,094
27,864
72,347
399,838
10,899
1,913		 372,305
7,911
1,020
412,650 381,236

The average number of employees during the year was 9,675 (2022: 9,144).

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Members and employees (continued)

The emoluments of the higher-paid employees fell within the following ranges:

2023 2022
Number Number
£60,001 to £70,000 320 235
£70,001 to £80,000 123 98
£80,001 to £90,000 56 38
£90,001 to £100,000 27 26
£100,001 to £110,000 13 12
£110,001 to £120,000 22 14
£120,001 to £130,000 6 4
£130,001 to £140,000 6 10
£140,001 to £150,000 4 6
£150,001 to £160,000 6 1
£170,001 to £180,000 1 1
£180,001 to £190,000 1 2
£190,001 to £200,000 2 4
£200,001 to £210,000 1 -
£230,001 to £240,000 1 -
£250,001 to £260,000 - 1
£260,001 to £270,000 1 -

During the year, the following amounts were paid to higher paid employees as shown above:

2023 2022
£'000 £'000
Pension contributions to defined contribution, Teachers'
Pension Scheme and Local Government Pension Scheme 9,346 7,155

During the year, 50 higher paid employees (2022: 39) participated in defined contribution schemes, 497 (2022: 380) participated in the Teachers' Pension Scheme (operated by the Teachers' Pension Agency), 16 (2022: 17) participated in the Local Government Pension Scheme and 27 (2022: 16) did not participate in any scheme.

None of the Trustees received any remuneration in the year (2022: None).

Expense reimbursements paid to 2 (2022: 1) Trustees of Group entities was £1,604 (2022: £1,933) and all related to travel and subsistence costs.

The remuneration for Key Management Personnel; as defined in the Reference and Administration details, totalled £1,676k (2022: £1,363k). This remuneration was recorded as an expense in UCST.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Fixed asset investments

The Charitable Group
Valuation
At 1 September 2022
Additions
Disposals
Loss on revaluation
At 31 August 2023		 Listed
investments
and
investment
funds
£'000
11,200
3,183
(2,834)
(231)
11,318

Listed investments are stated at their bid price as at the Balance Sheet date.

The Charitable Group did not hold any investments in individual securities that represent more than 5% of the fund value.

The Charitable Company
Valuation
At 1 September 2022
Loss on revaluation
At 31 August 2023		 Investment
funds
£'000
702
(6)
696

The Charitable Company did not hold any investments in individual securities that represent more than 5% of the fund value.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Fixed asset investments (continued)

United Learning Trust has been consolidated as a 100% subsidiary undertaking on the basis that it operates as a wholly owned subsidiary.

At 31 August 2023, the Charitable Company held more than 20% of the following:

Cost of
Investment
Proportion held
Class of Nature
Company share of
number capital held £ Directly Indirectly business
United Church Schools
Trust
(Limited by Guarantee) 02780748
-		 - 100% - Education
The Church Schools Trading
Company - School lettings,
Limited 02724038 Ordinary £1 2 100% uniform shops
United Learning Trust
(Limited by Guarantee) 04439859
-		 - - 100% Education
ULT Projects Limited 04717890 Ordinary £1 100 - 100% Dormant
ULT Trading School lettings,
Company Limited 06791313 Ordinary £1 100 - 100% uniform shops
St. Ives (Haslemere) Limited
(Limited by Guarantee) 00724728
-		 - - 100% Dormant
Regis Community Arena
Limited
(Limited by Guarantee) 07879081
-		 - - 100% Dormant
Priory School (Banstead)
Trust Limited
(Limited by Guarantee) 00346881
-		 - - 100% Dormant
Bacon’s College Community
Services Limited
(Limited by Guarantee) 05321174
-		 - - 100% School Lettings

Regis Community Arena Limited and St Ives (Haslemere) Limited were dissolved post year end on 2[nd] January 2024.

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11 Fixed asset investments (continued)

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

The summary financial information prior to consolidation adjustments of the charitable subsidiaries of the Charitable Company is set out below:

Incoming
resources
Expenditure
(Loss)/gain on
investments
Actuarial
gains
Net
surplus/(deficit)
Assets
Liabilities
Net assets		 2023
£’000
144,154
(140,199)
(6)
125		 UCST
2022
£’000
130,332
(123,929)
(3)
1,065		 2023
£’000
602,950
(451,652)
(256)
17,394		 ULT
2022
£’000
400,527
(410,419)
(891)
175,132		 Bacon’s College
Community Services
Limited
2023
2022
£’000
£’000
167
65
(179)
(183)
-
-
-
-
(12)
(118)
1,302
1,299
(913)
(898)
389
401		 Bacon’s College
Community Services
Limited
2023
2022
£’000
£’000
167
65
(179)
(183)
-
-
-
-
(12)
(118)
1,302
1,299
(913)
(898)
389
401
4,074 7,465 168,436 164,349 (12) (118)
95,991
(63,384)		 88,216
(59,683)		 937,757
(52,084)		 771,902
(54,665)		 1,302
(913)		 1,299
(898)
32,607 28,533 885,673 717,237 389 401

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11 Fixed asset investments (continued)

The summary financial information prior to consolidation adjustments of the material trading subsidiaries of the Charitable Company is set out below:

Regis Community
Arena Limited
2023
2022
£’000
£’000
Turnover
-
861
Cost of sales,
administration and
other costs
-
(890)
Retained
profit/(loss) for
the year
-
(29)
Assets
-
17
Liabilities
-
(17)
Net assets
-
-		 Regis Community
Arena Limited
2023
2022
£’000
£’000
Turnover
-
861
Cost of sales,
administration and
other costs
-
(890)
Retained
profit/(loss) for
the year
-
(29)
Assets
-
17
Liabilities
-
(17)
Net assets
-
-		 Regis Community
Arena Limited
2023
2022
£’000
£’000
Turnover
-
861
Cost of sales,
administration and
other costs
-
(890)
Retained
profit/(loss) for
the year
-
(29)
Assets
-
17
Liabilities
-
(17)
Net assets
-
-		 The Church Schools
Trading Company
Limited
2023
2022
£’000
£’000
1,389
1,245
(241)
(197)
1,148
1,048
1,344
1,341
(196)
(276)
1,148
1,065		 The Church Schools
Trading Company
Limited
2023
2022
£’000
£’000
1,389
1,245
(241)
(197)
1,148
1,048
1,344
1,341
(196)
(276)
1,148
1,065		 ULT Trading
Company Limited
2023
2022
£’000
£’000
3,926
2,625
(835)
(438)
3,091
2,187
3,942
3,189
(829)
(977)
3,113
2,212		 ULT Trading
Company Limited
2023
2022
£’000
£’000
3,926
2,625
(835)
(438)
3,091
2,187
3,942
3,189
(829)
(977)
3,113
2,212
- (29) 1,148 1,048 3,091 2,187
-
-		 17
(17)		 1,344
(196)		 1,341
(276)		 3,942
(829)		 3,189
(977)
- - 1,148 1,065 3,113 2,212

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Intangible fixed assets

The Charitable Group

Cost
At 1 September 2022
Disposals
At 31 August 2023
Amortisation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book amount at 31 August 2023
Net book amount at 31 August 2022		 Software
development
£’000
2,995
-
2,995
940
299
1,239
1,756
2,055

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13 Tangible fixed assets

The Charitable Group
Cost
At 1 September 2022
Additions
Disposals
Transfers from other charities
Transfers on conversion
Transfers between categories
At 31 August 2023
Depreciation
At 1 September 2022
Provided in the year
Disposals
At 31 August 2023
Net book amount at
31 August 2023
Net book amount
at 31 August 2022		 Total
£’000
1,132,301
61,594
(10,904)
105,320
12,766
-		 Freehold
land and
buildings
£’000
302,410
1,273
(8,655)
-
-
1,351		 Long term
leasehold
property
£’000
713,043
27,306
(3)
104,571
12,766
-		 Short
leasehold
improvements
£’000
2,198
2
-
-
-
-		 Fixtures
and fittings
£’000
59,947
25,790
(1,643)
749
-
-		 Computer
equipment
£’000
51,563
387
(409)
-
-
-		 Motor
vehicles
£’000
1,198
112
-
-
-
-		 Assets
under
construction
£’000
1,942
6,724
(194)
-
-
(1,351)
1,301,077 296,379 857,683 2,200 84,843 51,541 1,310 7,121
272,674
32,826
(2,465)		 42,135
5,679
(458)		 144,027
17,355
-		 1,000
-
-		 36,113
9,352
(41)		 48,346
358
(1,966)		 1,053
82
-		 -
-
-
303,035 47,356 161,382 1,000 45,424 46,738 1,135 -
998,042 249,023 696,301 1,200 39,419 4,803 175 7,121
859,627 260,275 569,016 1,198 23,834 3,217 145 1,942

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13 Tangible fixed assets (continued)

All of the tangible fixed assets were used for charitable purposes.

The net book value of assets held under finance lease, included above within fixtures and fittings is £Nil (2022: £13k).

Included in freehold land and buildings is land with a carrying value of £13.821m (2022: £15.481m) on which depreciation has not been provided.

Included within the total carrying value of £998.042m (2022: £859.627m) are the following assets which are restricted fund assets paid for by the Government and held by ULT on its behalf so that ULT can operate its academies within the buildings to which the figures relate. The Charitable Group is unable to secure any borrowings against these assets.

The Charitable Group Long term Assets
Freehold land leasehold Fixtures Computer under
Total and buildings property and fittings equipment construction
£'000 £'000 £'000 £'000 £'000 £'000
Net book amount at 31 August 2023 823,530 85,735 700,810 - 36,895 -

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13 Tangible fixed assets (continued)

The Charitable Company
Cost
At 1 September 2022
Additions
Disposals
Transfers between categories
At 31 August 2023
Depreciation
At 1 September 2022
Depn on disposals
Provided in the year
At 31 August 2023
Net book amount at 31 August 2023
Net book amount at 31 August 2022		 Total
£'000
216,616
6,735
(8,885)
-		 Freehold
land and
buildings
£'000
212,785
11
(8,655)
1,351		 Short
leasehold
improvements
£'000
325
-
-
-		 Fixtures
and fittings
£'000
1,503
-
(36)
-		 Computer
equipment
£'000
61
-
-
-		 Assets
under
construction
£'000
1,942
6,724
(194)
(1,351)
214,466 205,492 325 1,467 61 7,121
40,423
(469)
3,907		 39,096
(458)
3,794		 325
-
-		 941
(11)
113		 61
-
-		 -
-
-
43,861 42,432 325 1,043 61 -
170,605 163,060 - 424 - 7,121
176,193 173,689 - 562 - 1,942

All tangible fixed assets were used for charitable purposes.

Included in freehold land and buildings is land with a carrying value of £13.821m (2022: £15.481m) on which depreciation has not been provided.

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Stocks

Finished goods and goods for resale The Charitable Group
2023
2022
£’000
£’000
117
127		 The
2023
£’000
-		 Charitable
Company
2022
£’000
-

15 Debtors: amounts falling due with one year

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 The Charitable Group
2023
2022
£’000
£’000
35,967
32,039
-
-
25,541
12,466
5,381
5,028
66,889
49,533		 The Charitable Group
2023
2022
£’000
£’000
35,967
32,039
-
-
25,541
12,466
5,381
5,028
66,889
49,533		 The
2023
£’000
-
-
-
-		 Charitable
Company
2022
£’000
9
160
-
-
66,889 49,533 - 169

16 Creditors: amounts falling due within one year

Bank loans
Bank overdrafts
Trade creditors
Amounts owed to group undertakings
Social security and other taxes
Other creditors
Accruals and deferred income
Amounts due under finance leases		 The Charitable Group
2023
2022
£'000
£'000
431
14,432
17,618
17,301
16,153
8,498
-
-
7,967
7,069
22,556
21,688
62,328
55,241
-
2
127,053
124,231		 The Charitable Group
2023
2022
£'000
£'000
431
14,432
17,618
17,301
16,153
8,498
-
-
7,967
7,069
22,556
21,688
62,328
55,241
-
2
127,053
124,231		 The
2023
£'000
431
17,618
182
25,264
-
-
1,302
-		 Charitable
Company
2022
£'000
14,432
17,301
198
22,988
3
-
253
-
127,053 124,231 44,797 55,175

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

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16

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Creditors: amounts falling due within one year (continued)

The terms and conditions attached to bank and other loans are disclosed in note 18.

Deferred income
Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from prior year
Deferred income at 31 August 2023		 2023
£'000
40,417
44,545
(40,417)		 2022
£'000
36,930
40,417
(36,930)
44,545 40,417

Deferred income relates to income received in the year specifically relating to the following financial year including fees billed in advance for Autumn term, Universal Infant Free Schools Meals funding, nursery funding, sports partnership funding and payments in advance for music tuition.

17

Creditors: amounts falling due after one year

Bank loans
Other creditors		 The Charitable Group
2023
2022
£'000
£'000
10,000
431
218
203
10,218
634		 The Charitable Group
2023
2022
£'000
£'000
10,000
431
218
203
10,218
634		 The
2023
£'000
10,000
-		 Charitable
Company
2022
£'000
431
-
10,218 634 10,000 431

The terms and conditions attached to bank and other loans are disclosed in note 18.

Page 76

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

18

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Borrowings

Borrowings are repayable as follows:

Within one year
Bank overdrafts, bank loans and other
loans
Amounts due under finance lease
After one and within five years
Bank loans and other loans		 The Charitable Group
2023
2022
£'000
£'000
18,049
31,733
-
2
10,000
431
28,049
32,166		 The Charitable Group
2023
2022
£'000
£'000
18,049
31,733
-
2
10,000
431
28,049
32,166
The
2023
£'000
18,049
-
10,000		 Charitable
Company
2022
£'000
31,733
-
431
28,049 32,166 28,049 32,164

The bank loans are secured by fixed and floating charges over all the assets of United Learning Ltd, United Church Schools Trust and The Church Schools Trading Company Limited.

Annual commitments for bank loans repayable by instalments amount to £431k. Interest is charged at fixed rates on top of the Bank of England Base Rate of between 0.88% and 1.91%. A facility with year-end balance of £10 million matures in March 2026. All outstanding balances fall due for repayment at maturity.

Long term bank loans are repayable by equal instalments over the remaining term to July 2024.

19 Share capital

Authorised ordinary shares of £5 each
Allotted, called up and fully paid
ordinary shares of £5 each		 2023
£'000
100		 2022
£'000
100
65 65

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20

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Endowment fund

The Milton Mount Foundation endowed Wentworth Milton Mount Limited (which became part of Bournemouth Collegiate School) with £277,000 as part of the arrangement by which Wentworth College took over the education of Milton Mount School pupils. The amount was returnable should the Charitable Group be wound up.

When Wentworth College became a part of the United Learning Ltd, this arrangement was modified so that the endowment would only become repayable if the school should cease to function on the current site.

Page 78

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Current year
The Charitable Group
Unrestricted funds
Pension reserve
Designated funds
Embley
Other school funds
Total designated funds
Total unrestricted funds
The Charitable Company
Unrestricted funds
Designated funds
Embley
Total unrestricted funds		 At
1 September
2022
£'000
159,674
(1,125)
21
2,659		 Incoming
resources
£'000
150,349
-
-
(302)		 Expenditure
£'000
(137,046)
191
-
13		 Transfers
£'000
(3)
-
-
4		 Gains
and losses
£'000
(256)
125
-
-		 At
31 August
2023
£'000
172,718
(809)
21
2,374
2,680 (302) 13 4 - 2,395
161,229 150,047 (136,842) 1 (131) 174,304
120,325
21		 335
-		 (5,286)
-		 -
-		 -
-		 115,374
21
120,346 335 (5,286) - - 115,395

The Embley designated fund is an amount set aside for the specific future major building maintenance work at Embley. Other school funds are accumulated surpluses from prior years designated for use by the school that generated the funds. In response to the impact of the COVID-19 pandemic UCST transferred £4 million of general funds to designated funds during 2020 to be used in support of those families at our independent schools who found themselves unable to pay school fees as a result of the pandemic. These are included within other school funds above. Transfers between unrestricted funds represent the in year designation of accumulated surpluses for particular purposes for use by the school that generated the funds.

Page 79

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

21 Unrestricted funds (continued)

Previous year
The Charitable Group
Unrestricted funds
Pension reserve
Designated funds
Embley
Other school funds
Total designated funds
Total unrestricted funds
The Charitable Company
Unrestricted funds
Designated funds
Embley
Total unrestricted funds		 At
1 September
2021
£'000
144,144
(2,212)
21
2,894		 Incoming
resources
£'000
137,023
-
-
(322)		 Expenditure
£'000
(120,565)
22
-
47		 Transfers
£'000
(40)
-
-
40		 Gains
and losses
£'000
(888)
1,065
-
-		 At
31 August
2022
£'000
159,674
(1,125)
21
2,659
2,915 (322) 47 40 - 2,680
144,847 136,701 (120,496) - 177 161,229
122,529
21		 2,563
-		 (4,767)
-		 -
-		 -
-		 120,325
21
122,550 2,563 (4,767) - - 120,346

The Embley designated fund is an amount set aside for the specific future major building maintenance work at Embley. Other school funds are accumulated surpluses from prior years designated for use by the school that generated the funds. In response to the impact of the COVID-19 pandemic UCST transferred £4 million of general funds to designated funds during 2020 to be used in support of those families at our independent schools who found themselves unable to pay school fees as a result of the pandemic. These are included within other school funds above. Transfers between unrestricted funds represent the in year designation of accumulated surpluses for particular purposes for use by the school that generated the funds.

Page 80

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

22 Restricted funds

Current year
The Charitable Group
Sponsorship fund
DfE funds – revenue
DfE funds - fixed assets
Pension reserve
Other restricted funds
Scholarship and prize funds
Appeal funds
Other donated funds
Other sponsorship funds
Total restricted funds		 At
1 September
2022
£'000
11,515
17,447
693,834
(20,098)		 Incoming
resources
£'000
-
420,383
163,808
(1,375)		 Expenditure
£'000
-
(414,584)
(27,273)
(2,890)		 Transfers
£'000
-
(10,832)
10,831
-		 Gains
and losses
£'000
-
(12)
-
17,394		 At
31 August
2023
£'000
11,515
12,402
841,200
(6,969)
702,698 582,816 (444,747) (1) 17,382 858,148
363
53
444
29		 -
-
-
-		 -
-
-
-		 -
-
-
-		 -
-
-
-		 363
53
444
29
889 - - - - 889
703,587 582,816 (444,747) (1) 17,382 859,037

Total restricted funds

The scholarship and prize funds comprise the Centenary Fund and other prize funds which were donated to give scholarships to pupils who attend the schools operated by UCST. The sponsorship fund has been formed to gather together the external donations received towards the Charitable Group's charitable support for the academies of ULT. The government capital grants are made under the funding agreements between the Secretary of State and ULT for the construction of buildings for the academies together with equipment within them.

The other DfE grants are receivable either directly from the DfE or through the Local Education Authority to cover the operating expenses of the academies administered by the Charitable Group. These General Annual Grants are agreed prior to each academic year with the DfE.

Transfers from DFE revenue funds to DFE fixed asset funds represent fixed asset expenditure that has been funded by assets or income from outside of the fixed asset fund.

Page 81

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Previous year
The Charitable Group
Sponsorship fund
DfE funds – revenue
DfE funds - fixed assets
Pension reserve
Other restricted funds
Scholarship and prize funds
Appeal funds
Other donated funds
Other sponsorship funds
Total restricted funds		 At
1 September
2021
£'000
11,515
15,358
697,252
(176,168)		 Incoming
resources
£'000
-
369,868
11,058
4,096		 Expenditure
£'000
-
(360,327)
(21,887)
(23,158)		 Transfers
£'000
-
(7,411)
7,411
-		 Gains
and losses
£'000
-
(41)
-
175,132		 At
31 August
2022
£'000
11,515
17,447
693,834
(20,098)
547,957 385,022 (405,372) - 175,091 702,698
363
53
444
29		 -
-
-
-		 -
-
-
-		 -
-
-
-		 -
-
-
-		 363
53
444
29
889 - - - - 889
548,846 385,022 (405,372) - 175,091 703,587

The scholarship and prize funds comprise the Centenary Fund and other prize funds which were donated to give scholarships to pupils who attend the schools operated by UCST. The sponsorship fund has been formed to gather together the external donations received towards the Charitable Group's charitable support for the academies of ULT. The government capital grants are made under the funding agreements between the Secretary of State and ULT for the construction of buildings for the academies together with equipment within them.

The other DfE grants are receivable either directly from the DfE or through the Local Education Authority to cover the operating expenses of the academies administered by the Charitable Group. These General Annual Grants are agreed prior to each academic year with the DfE.

Transfers from DFE revenue funds to DFE fixed asset funds represent fixed asset expenditure that has been funded by assets or income from outside of the fixed asset fund.

Page 82

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Current year
The Charitable Company
Scholarship and prize funds
Sponsorship fund
Appeal funds
Other donations
Previous year
The Charitable Company
Scholarship and prize funds
Sponsorship fund
Appeal funds
Other donations		 At 31 August
2022
£'000
757
6
6
4
Incoming
resources
£'000
-
-
-
-		 Expenditure
£'000
-
-
-
-		 Transfer to
other charity
£'000
-
-
-
-		 Gains and
losses
£'000
(6)
-
-
-		 At 31 August
2023
£'000
751
6
6
4
773 - - - (6) 767
At 31 August
2021
£'000
792
6
6
4
Incoming
resources
£'000
-
-
-
-		 Expenditure
£'000
-
-
-
-		 Transfer to
other charity
£'000
-
-
-
-		 Gains and
losses
£'000
(35)
-
-
-		 At 31 August
2022
£'000
757
6
6
4
808 - - - (35) 773

Under a scheme agreed with the Charity Commission, the above scholarship and prize funds for the Charitable Company were transferred from UCST on 1 September 1998. These funds have been donated over a number of years. They are utilised to give scholarships to pupils who attend the schools operated by the Charitable Company's subsidiary.

The sponsorship fund has been formed to gather together the external donations received towards the Charitable Group's support for the academies of ULT.

Page 83

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

23

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Analysis of net assets between funds

The Charitable Group - current year

Investments
Intangible assets
Tangible assets
Current assets
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year
Defined benefit pension liability
Unrealised losses on investments included
above
The Charitable Company – current year
Tangible assets
Investments
Current assets
Creditors: amounts falling due within
one year
Creditors: amounts falling due after
more than one year
Unrealised gains on investments included
above		 Unrestricted
funds
£'000
10,622
1,756
174,387
83,098
(84,467)
(10,218)
(809)		 Restricted
funds
£'000
696
-
823,378
84,518
(42,586)
-
(6,969)		 Endowment
fund
£'000
-
-
277
-
-
-
-		 Total
£'000
11,318
1,756
998,042
167,616
(127,053)
(10,218)
(7,778)
1,033,683
(268)
Total
£'000
170,605
696
-
(44,797)
(10,000)
174,369 859,037 277
(256) (12) -
Unrestricted
funds
£'000
170,257
-
-
(44,797)
(10,000)		 Restricted
funds
£'000
71
696
-
-
-		 Endowment
fund
£'000
277
-
-
-
-
277
-
115,460 767 116,504
- (12) (12)

Page 84

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

23

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Analysis of net assets between funds (continued)

The Charitable Group – previous year

Unrestricted Restricted Endowment
funds funds fund Total
£'000 £'000 £'000 £'000
Investments 10,498 702 - 11,200
Intangible assets 2,055 - - 2,055
Tangible assets 178,599 680,751 277 859,627
Current assets 63,867 74,497 - 138,364
Creditors: amounts falling due within one
year (91,966) (32,265) - (124,231)
Creditors: amounts falling due after more
than one year (634) - - (634)
Defined benefit pension liability (1,125) (20,098) - (21,223)
161,294 703,587 277 865,158
Unrealised gains on investments included
above 856 450 - 1,306
The Charitable Company – previous year
Unrestricted Restricted Endowment
funds funds fund Total
£'000 £'000 £'000 £'000
Tangible assets 175,916 - 277 176,193
Investments - 702 - 702
Current assets 101 71 - 172
Creditors: amounts falling due within
one year (55,175) - - (55,175)
Creditors: amounts falling due after
more than one year (431) - - (431)
120,411 773 277 121,461
Unrealised gains on investments included
above - 450 - 450

Page 85

DocuSign Envelope ID: 88468B46-8695-4BA4-B12F-0039BD29427B

24

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustment for:
Depreciation
Amortisation
(Loss)/profit on disposal of fixed assets
Profit on disposal of investments
Dividends and interest received on fixed assets investments
Unrealised loss on investments
Decrease in stock
Increase in debtors
Increase in creditors
LGPS pension cost less contributions
Net assets transferred from other charities and on conversion
ESFA capital grants received
Interest paid
Net cash provided by operating activities		 2023
£'000
151,006
32,826
299
2,719
-
(2,304)
231
10
(17,356)
16,523
2,699
(116,711)
(45,722)
743		 2022
£'000
(5,074)
27,324
301
(222)
(168)
(593)
761
58
(260)
914
23,136
(4,086)
(10,961)
441
24,963 31,571

25 Analysis of cash and cash equivalents

Cash at bank and in hand
Bank overdrafts
Total cash and cash equivalents
26
Capital commitments
Contracted for but not
provided in these financial statements		 The Charitable Group
2023
2022
£'000
£'000
779
5,639		 2023
£'000
100,610
(17,618)
82,992

Page 86

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

27 Contingent liabilities

The Charitable Group

There were no contingent liabilities at 31 August 2023 or at 31 August 2022.

The Charitable Company

There were no contingent liabilities at 31 August 2023 or at 31 August 2022.

28 Retirement benefits

The total pension cost to the Charitable Group during the year ended 31 August 2023 was £61,913k (2022: £72,347k) of which £44,723k (2022: £39,698k) relates to the TPS, £15,484k (2022: £30,992k) relates to LGPS and £1,706k (2022: £1,657k) relates to defined contribution pension schemes. Employee and employer contributions payable to the schemes at the Balance Sheet date amounted to £5,756k (2022: £5,871k) and are included within creditors.

The Charitable Group operates defined contribution schemes for the benefit of its employees. The assets of the schemes are managed and held externally on behalf of the scheme members in funds independent from those of the Charitable Group.

The Charitable Group operates two defined benefit pension schemes: the Teachers' Pension Scheme for England and Wales (TPS) for academic and related staff, and the Local Government Pension Scheme (LGPS) for non-teaching staff.

Provisions for unfunded pensions included within the total defined benefit pension scheme liability amounted to £809k (2022: £1,125k). The current service cost amounted to £nil (2022: £nil) and actuarial gains recognised through other comprehensive income amounted to £195k (2022: £234k). Benefits paid during the year amounted to £121k (2022: £114k).

The current mortality assumptions in respect of unfunded pensions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on the retirement age of 65 are between 1921 years. The discount rate applied in calculating the obligation is 5.40% with future pension increase and inflation being 2.90%.

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28

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Retirement benefits (continued)

Teachers' Pension Scheme (TPS)

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2024.

The employer's pension costs paid to TPS in the year amounted to £44,723m (2022 - £39.698m).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx ).

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charitable Group has accounted for its contributions to the scheme as if it were a defined contribution scheme as the Charitable Group is unable to identify its share of assets and liabilities. The Charitable Group has set out above the information available on the scheme.

Page 88

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28

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Retirement benefits (continued)

Local Government Pension Scheme (LGPS)

The Charitable Group is one of several employing bodies included within the Local Government Pension Scheme (LGPS).

The LGPS is a funded defined benefit scheme, with the assets held in separate trustee administered funds. Contributions to the schemes are determined by qualified actuaries on the basis of triennial valuations using the projected unit method.

The agreed contribution rates for the year ended 31 August 2023 were from 7.4% to 11.7% for employees and from 15.1% to 33.4% for employers.

The principal actuarial assumptions used by the actuary and expressed as weighted averages were as follows:

2023
%
Discount rate for scheme
5.33
Rate of increase in pensions in payment
2.85
Rate of increase in salaries
4.02
Inflation assumption
2.80
The amounts charged in the Statement of Financial Activities are as follows:
2023
£'000
Current service cost
15,252
Net interest cost
81
Past service cost
21
Administration expenses
81
Total
15,435		 2023
%
Discount rate for scheme
5.33
Rate of increase in pensions in payment
2.85
Rate of increase in salaries
4.02
Inflation assumption
2.80
The amounts charged in the Statement of Financial Activities are as follows:
2023
£'000
Current service cost
15,252
Net interest cost
81
Past service cost
21
Administration expenses
81
Total
15,435		 2022

%

4.25

2.98

4.04

2.93
2022
£'000
31,142
2,976
30
64
15,435 34,212

Total

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28

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Retirement benefits (continued)

The amounts recognised in the consolidated Balance Sheet in respect of the LGPS and unfunded pension obligations are as follows:

Fair value of plan assets
Present value of funded and unfunded retirement benefit obligations
Unrecognised asset
Net liability		 2023
£'000
270,705
(240,587)
(37,896)		 2022
£'000
247,097
(250,276)
(18,044)
(7,778) (21,223)

The amounts (charged) or credited to other comprehensive income in respect of both LGPS and unfunded pension obligations are as follows:

Actuarial gains/(losses) and return on assets less interest recognised
in SOFA		 2023
£'000
37,371		 2022
£'000
176,197

The major categories of LGPS plan assets as a percentage of the total plan assets are as follows:

Equities
Bonds
Property
Cash
Other
Total market value of assets		 2023
£'000
166,366
49,836
28,771
7,374
18,358		 2022
£'000
149,654
43,057
28,836
7,165
18,385
270,705 247,097

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28

UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Retirement benefits (continued)

The actual return on LGPS plan assets was as follows:

2023 2022
£'000 £'000
Actual return on LGPS plan assets 1,607 (6,137)

Changes in the present value of the LGPS and unfunded defined benefit obligation are as follows:

Changes in the fair value of LGPS plan assets are as follows:
Opening defined benefit liabilities at 1 September 2022
Current service cost
Past service cost
Interest cost
Actuarial gains
Contributions by plan participants
Acquired on business combinations
Benefits paid
Benefits paid – unfunded obligations
Closing defined benefit liabilities at 31 August 2023		 2023
£'000
250,276
15,252
21
11,019
(46,702)
3,832
12,081
(5,071)
(121)		 2022
£'000
425,279
31,142
30
7,107
(204,509)
3,329
(8,064)
(3,924)
(114)
240,587 250,276
Opening fair value of plan assets at 1 September 2022
Return on assets less interest
Interest on assets
Contributions by employer
Contributions by plan participants
Acquired on business combinations
Disposed of on business combinations
Administration expenses
Benefits paid
Closing fair value of LGPS plan assets at 31 August 2023		 2023
£'000
247,097
(9,331)
10,938
12,615
3,832
-
10,706
(81)
(5,071)		 2022
£'000
246,899
(10,268)
4,131
10,962
3,329
(3,968)
-
(64)
(3,924)
270,705 247,097

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

29 Leasing commitments

At 31 August 2023, the total of the Charitable Group's future minimum lease payments under noncancellable operating leases was:

In one year or less
Between one and five years
In five years or more		 2023
Total
£'000
3,180
5,615
5,859		 2022
Total
£'000
2,683
4,221
5,244
14,654 12,148

At 31 August 2023, the total of the Charitable Group's future minimum contractual payments under non-cancellable contracts was:

In one year or less
Between one and five years
In five years or more		 2023
Total
£'000
6,326
25,306
33,192		 2022
Total
£'000
6,087
24,347
38,377
64,824 68,811

30 Relationship with related parties and other charities

United Learning Ltd is the sole member of United Church Schools Trust (Limited by Guarantee) (UCST).

At the reporting date, United Learning Ltd owed £25,264k (2022: £22,988k) to UCST in respect of cash balances due. This balance can be seen within amounts owed to group undertakings due within one year.

There have been no other transactions with related parties that require disclosure under either FRS 102 Charities SORP (FRS 102) (effective 1 January 2019).

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

31 Agency arrangements

United Learning Trust (“ULT”); a subsidiary of the Charitable Company, acts as an agent distributing 16-19 bursary funds from the Education and Skills Funding Agency ("ESFA"). Payments received from the ESFA and subsequent disbursements to students are excluded from the Statement of Financial Activities as the Charitable Company does not have control over the charitable application of the funds. The Charitable Company can use up to 5% of the allocation towards its own administration costs and this is recognised in the Statement of Financial Activities.

In the year ended 31 August 2023, ULT received £531k (2022: £455k) and disbursed £808k (2022: £399k) from the fund. An amount of £598k (2022: £875k) is included in other creditors relating to undistributed funds that are repayable to the ESFA if not disbursed.

ULT acts as an agent distributing bursary funds from the former National College for Teaching & Leadership ("NCTL") which has now been subsumed into the Department for Education. Payments received from the NCTL and subsequent disbursements to students are excluded from the Statement of Financial Activities as ULT does not have control over the charitable applications of the funds.

In the year ended 31 August 2023, ULT received £773k (2022: £805k) and disbursed £695k (2022: £800k) from the fund. An amount of £36k is included in other debtors (2022: £113k) relating to funds that are owed by the Department for Education if not disbursed.

32 Post balance sheet events

United Learning Trust welcomed Campion School and Language College on 1 September 2023 (previously a single academy trust), Glebe Primary School (previously a local authority maintained school) on 1 November 2023 and four secondaries (George Eliot Academy, Hartshill Academy, Heath Lane Academy and Nuneaton Academy) on 1 December 2023 (transferring from the Midland Academy Trust). In addition, Chilmington Green school (a Free School) opened to its first Year 7 cohort on 1 September 2023.

33 Financial instruments

Financial assets
Financial assets measured at fair value
Financial asssets measured at amortised cost
Financial liabilities
Financial liabilities measured at fair value
Financial liabilities measured at amortised cost		 2023
£'000
11,317
155,271		 2022
£'000
11,199
129,269
166,588 140,468
-
135,200		 -
125,525
135,200 125,525

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

34 Consolidated statement of financial activities for the year ended 31 August 2022

Note
Income
Income from donations
Voluntary income
5
Net assets/(liabilities) transferred
to or from other charities and on
conversion
Income from charitable activities
School fees receivable
2
Other educational related
activities
3
Grants from Department
for Education
4
Rents and lettings
Other income
Income from other trading
activities
Trading income
Income from investments
Investment income
6
Other income
Gains on disposals of
tangible fixed assets
Total income		 Unrestricted
Restricted
funds
funds
£'000
£'000
3,843
452
-
4,086
106,731
-
20,212
-
-
380,484
468
-
53
-
4,561
-
593
-
240
-
136,701
385,022		 Unrestricted
Restricted
funds
funds
£'000
£'000
3,843
452
-
4,086
106,731
-
20,212
-
-
380,484
468
-
53
-
4,561
-
593
-
240
-
136,701
385,022		 Endowment
Total
funds
2022
£'000
£'000
-
4,295
-
4,086
-
106,731
-
20,212
-
380,484
-
468
-
53
-
4,561
-
593
-
240
-
521,723		 Endowment
Total
funds
2022
£'000
£'000
-
4,295
-
4,086
-
106,731
-
20,212
-
380,484
-
468
-
53
-
4,561
-
593
-
240
-
521,723
136,701
385,022		 -
Acquired operations
Continuing operations
Discontinued operations		 -
-
136,701
379,736
-
5,286		 -
-
-
-

516,437

5,286

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

Note
Expenditure
Expenditure on raising
funds
Trading expenditure
Expenditure on charitable
activities
School and academy
operating costs, project
management and
finance costs
Total expenditure
8		 Unrestricted
funds
£'000
1,538
118,958		 Restricted
funds
£'000
-
405,372		 Endowment
funds
£'000
-
-		 Total
2022
£'000
1,538
524,330
525,868
120,496 405,372 -
Acquired operations
Continuing operations
Discontinued operations		 -
120,496
-		 -
405,372
-		 -
-
-		 -
525,868
-

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

34 Consolidated statement of financial activities (continued)

Note
Net incoming/ (outgoing)
resources before
investment gains and
transfers		 Unrestricted
funds
£'000
16,205		 Restricted
funds
£'000
(20,350)		 Endowment
funds
£'000
-
Total

2022

£'000

(4,145)
Acquired operations
Continuing operations
Discontinued operations		 -
16,205
-		 -
(25,636)
5,286		 -
-
-
-

(9,431)
5,286
Net (losses) on
investments
Net income/(outgoing)
resources before other
recognised
gains and losses
Actuarial gains on defined
benefit
pension schemes
28
Net movement in
funds for the year		 (888) (41) -
(929)

(5,074)

176,197

171,123
15,317
1,065		 (20,391)
175,132		 -
-
16,382 154,741 -
Acquired operations
Continuing operations
Discontinued operations		 -
16,382
-		 -
149,455
5,286		 -
-
-
-

165,837
5,286
Funds brought forward
at 1 September 2021
Funds carried forward
at 31 August 2022		 144,847 548,846 277
693,970

865,093
161,229 703,587 277

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UNITED LEARNING LTD (FORMERLY KNOWN AS UNITED CHURCH SCHOOLS FOUNDATION LTD) AND ITS SUBSIDIARY UNDERTAKINGS

The following pages are unaudited and do not form part of the statutory financial statements

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UNITED LEARNING LTD AND ITS SUBSIDIARY UNDERTAKINGS

UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES – UNITED LEARNING LTD FOR THE YEAR ENDED 31 AUGUST 2023

Incoming resources
Incoming resources from generated funds
Investment income
(Losses)/gains on disposals of tangible fixed assets
Incoming resources from charitable activities
Rents
Other income
Total incoming resources
Resources expended
Charitable activities
School and academy operating costs, project
management and finance costs
Total resources expended		 Unrestricted
funds
£'000
759
(2,722)
2,256
42		 Restricted
funds
£'000
-
-
-
-		 Endowment
funds
£'000
-
-
-
-		 Total
2023
£'000
759
(2,722)
2,256
42		 Total
2022
£'000
459
240
1,811
53
335 - - 335 2,563
5,286 - - 5,286 4,767
5,286 - - 5,286 4,767

Charitable activities School and academy operating costs, project management and finance costs Total resources expended

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UNITED LEARNING LTD AND ITS SUBSIDIARY UNDERTAKINGS

UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES – UNITED LEARNING LTD FOR THE YEAR ENDED 31 AUGUST 2023

Net (outgoing)/incoming resources before transfers
Net (outgoing)/incoming resources before other
recognised gains and losses
Other recognised gains and losses
Investment revaluation losses
Net movement in funds for the year
Funds brought forward at 1 September 2022
Funds carried forward at 31 August 2023		 Unrestricted
funds
£'000
(4,951)		 Restricted
funds
£'000
-		 Endowment
funds
£'000
-		 Total
2023
£'000
(4,951)		 Total
2022
£'000
(2,204)
(4,951)
-		 -
(6)		 -
-		 (4,951)
(6)		 (2,204)
(35)
(4,951) (6) - (4,957) (2,239)
120,346 773 277 121,396 123,635
115,395 767 277 116,439 121,396

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UNITED LEARNING LTD AND ITS SUBSIDIARY UNDERTAKINGS

STATEMENT OF NET DEBT – UNITED LEARNING LTD FOR THE YEAR ENDED 31 AUGUST 2023

Cash and cash equivalents
Overdraft facility repayable
on demand
Debt due within one year
Debt due after one year		 At
1 September
2022
£'000
3
(17,301)
(14,432)
(431)
Cash
flows
£'000
(3)
4,115
-
-		 Other
movements
£'000
-
-
9,569
(9,569)		 Repayment
of bank
loans
£'000
-
(4,432)
4,432
-		 At
31 August
2023
£'000
-
(17,618)
(431)
(10,000)
(28,049)
(32,161) 4,112 - -

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UNITED LEARNING LTD AND ITS SUBSIDIARY UNDERTAKINGS

UNAUDITED CASH FLOW STATEMENT – UNITED LEARNING LTD FOR THE YEAR ENDED 31 AUGUST 2023

Note
Cash flows from operating activities
1
Cash flows from investing
activities:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Financing
Repayments of borrowing
Interest paid
Interest received
Net cash (used in) financing
activities
Change in cash and cash
equivalents
Cash and cash equivalents brought
forward
2
Cash and cash equivalents carried
forward
2		 £'000
(6,735)
5,694		 2023
£'000
5,137
(1,041)
(4,416)		 £'000
(2,331)
240		 2022
£'000
1,631
(2,091)
(6,916)
(4,432)
(743)
759		 (6,933)
(442)
459
(320) (7,376)
(17,298) (9,922)
(17,618) (17,298)

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UNITED LEARNING LTD AND ITS SUBSIDIARY UNDERTAKINGS

UNAUDITED NOTES TO THE CASH FLOW STATEMENT – UNITED LEARNING LTD FOR THE YEAR ENDED 31 AUGUST 2022

1

2

Reconciliation of net movement in funds to net cash flow from operating activities

Changes in resources before transfers and revaluations
Depreciation
Loss on disposal of fixed assets
Surplus on property sales
Revaluation of investments
Interest paid
Interest received
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Bank overdrafts
Total cash and cash equivalents		 2023
£'000
(4,957)
3,907
2,722
-
6
743
(759)
169
3,306
5,137		 2022
£'000
(2,239)
4,025
-
(240)
35
442
(459)
(27)
94
1,631
2022
£'000
3
(17,301)
(17,298)
2023
£'000
-
(17,618)
(17,618)

Page 102