agp - governors for schools · governors for schools report of the trustees year ended 31 march...

GOVERNORS FOR SCHOOLS(FORMERLY SCHOOL GOVERNORS' ONE-STOP SHOP)

31 MARCH 2018

Company Number: 3879854

Registered Chanty Number: 1078330

AGP

Chataered Accountants and Statutoty AuditorsSutton Quays Business Park

Sutton WeaverRun cornCheshire

WA7 3EH

GOVERNORS FOR SCHOOLS

YEAR ENDED 31 MARCH 2018

CONTENTS

I Legal and Administrative Information

2 - 6 Report of the Trustees

7 - 9 Independent Auditors' Report to the Trustees

10 Statement of Financial Activities

11 Income and Expenditure

12 Statement of Financial Position

13 Statement of Cash Flovvs

14 - 21 Notes to the Financial Statements

GOVERNORS FOR SCHOOLSLEGAL AND ADMINISTRATIVE INFORMATION

Trustees who served the charitablecompany during the year

Linda Wilding (Chair) (appointed 17/10/17)lan ArmitageClifford Burroughs (resigned 20/6/17)Deborah Conner (resigned 6/3/18)Sophie Hulm (resigned 17/10/17)Joanna PageMartin Lawrence MBEAnne PunterDavid Rowsell

Company Secretary

Chief Executive

Margaret Cooke MBE

Louise Cooper

Registered Office c/o AGPSutton Quays Business ParkSutton WeaverRuncornWA7 3EH

Principal Office 2"' Floor, 29 Ludgate HillLondonEC4M 7JR

Company Registration number

Charity Registration Number

Auditors

3879854

1078330

AGPChartered AccountantsSutton Quays Business ParkSutton WeaverRuiicoi'I1

WA7 3EH

Bankers Lloyds BankPO Box 1000AndoverBx1 1LT

Solicitors Pinsent Cuttis1 Park rowLeedsLS1 SAB

GOVERNORS FOR SCHOOLSREPORT OF THE TRUSTEES


The Trustees present their anmial report together with the audited financial stateinents for thc year ended31st March 2018 which are also prepared to meet the requirements for a directors' report and accounts forCompanies Act puiposes.

Structure

Governors for Schools is a company limited by guarantee and a registered charity. The company'siMemorandum and Atxiclcs of Association are the primaiy governing documents.

Objectives

We facilitate the recruitment and placement of people with business and inanagenient skills who are willingto act as governors with the aim of strengthening the governing boards of schools. We believe this is ofbenefit to thc public through the advancement of education by making available advice and assistance toall schools.The company reviews its aims, objectives and activities each year ensuring they remain focused on thcstated purpose of the charity. The Trustees refer to thc guidance given by the Charity Commission on publicbenefit during this process and assess how successful each activity has been and what benetits have beenbrought to the groups of people the charity is set up to fielp.

Why do we exist?

Governors for Schools exists to improve educational standards so that children and young people havethe chance to realise their full potential. We believe the key to improving school performance is effectivegovernance. By finding, nurturing ailtl supporting a committed network of governors we help to drivesystematic challge in liow scllools operate.

We estimate that thc English school system needs to tind some 30,000 nev, governors every year. Inaddition we can see that the responsibilities of governors and tmstees are changing as the school systemmoves away from local authority control towards indcpendcnt academies. Accordingly the need for boardsto bring specific skills in areas such as finance, the law, human capital, property and marketing is increasingif schools are to take advantage of the greater autonomy they have been given.

We are committed to providing those responsible for appointing governors, normally the super-busy chair-

person, with the best governor rectxtitment service in the sector.

What is our Theory of Change?

We believe that the main driver of educational outcomes is the quality of the leadership throughout a schoolor group of schools. The appointment of the leader is the responsibility of the Board of Governors in asingle school or the Board of Trustees in a single or multiple academy chain. Better governance leads tobetter outcomes for pupils and the communities each school serves. Where govmnancc is strong,perfonnance tends to be good and the pupils in these schools have better life chances.

What do we believe?

Effective boards require a combination of skills and experience, which can be found in abundance outsidethe schools sector, for example in public and private industry, academia and the professions. Schools arelike many other professional service enteiprises; they share common challenges and oppotxunities.

GOVERNORS FOR SCHOOLSREPORT OF THE TRUSTEES (CONTINUED)


There are many people willing to dedicate their valuable time to helping schools because

~ we all share an interest in giving children and young people excellent education~ many people can see how they can develop their own skills by working as "non-executives" on governing

boards

some wish to influence the way schools integrate with communities and participate m the markets forfutther learning and indeed employment.

To be effective, boards must serve the pupils, parents and the communities they are part of. Boards nccdto understand local context and specific needs and also open themsclvcs up to account. Accordingly whilea candidate's ability, experience, motivation and behaviours are of paramount importance, representationis also vital. Successful boards work with the leadership and staff of schools as well as the parents and the

government which pays for the service.

What do we do?

We work with a growing universe of businesses and universities to encourage their people to becomeschool governors and to provide them with first class induction training so they can start contributing bothquickly and effectively. Secondly we understand schools' needs, paying particular attention to the skillsand experience they want to bring to their boards to make them more effective. We match volunteers toschools on the basis of skills and location.

Our values

~ Excellence~ Integrity~ Collaborative~ Pioneering

What arc our Strategic Priorities?

Deliver excellent customer experience in our core seivices

Increase the mimber of volunteers we recmit and place with schools each year

Better prepare each candidate so that new governors are highly effective as quickly as possible

Measure and report our impact

Broaden the funding base of the charity to allow us to double our scale

Achievements in 2017-18

We recorded 384 I vacancies from 2228 educational establishments. 2402 volunteers registered with us and1673 were placed as governors in schools. The composition of volunteers was both ethnically diverse with

27% from a BAME background and skewed towards young and mid -professionals, with 63% agedbetween 25 and 44. London and the south east contribute 60% of all volunteers which reflects the strongparticipation of firms in London who encourage staff to volunteer for work with schools. Our effortsoutside London and the South East are strongest in the North West where we have built a productiverelationship with the University of Manchester and are nutturing links with businesses. Elsewhere we workclosely with local authorities, individual schools, multi-academy tmsts and of course employers who

supply the talent governing boards need.


YEAR ENDED 31 MARCH 2)H8

Our To Em lo ers;Llo ds Bankin GrouPWCDeutsche BankKPMGDe artment for Education

HSBCNHSAccentureHMRCFinancial Conduct Authorit

Our To UnivcrsiticsManchester Universit

Universit of LeedsUniversit of OxfordUnivcrsit of CoventUniversit of Liver ioolIm erial Colle e LondonKin 's Colle e London

We want our governor volunteers to get up to speed as effectively as possible. In order to achieve this, wehave created a series of elearmng modules winch governors can access from their phones or laptops. The

topics are Induction, Pcrfottnancc data, Finance and Driving School Improvement.

Apart from our core business of rccniiting, placing and supporting volunteers, a big focus of the year has

been changing our name and identity from SGOSS to Goveniors for Schools. With thc suppotX of thebranding agency Someone, we chose an identity which is modcni and bold, and the logo shows the impactthat we want each of our governors to have on the schools they are placed in. We are pleased with the ncwwcbsite and marketing materials, which convey what wc do and the kind of organisation wc are veryeffectively.

Our financial condition at the end of the year is sound. Wc have healthy reserves and a multi-year funding

coinmitment fiom the 80/20 Charitable Fund.

Our thanks for this year go to2402 people who volunteered to become governors1673 people who accepted appointments as governors2228 educational establishments who registraed vacancies with us.50 businesses, universities and other organisations who encourage staff to become school goveniors (seetables above for Top- Business and Universities).KPMG, Allen & Oveiy, and Arbor Education for sponsoring the creation of elearning modules.Lloyds Banking Group for donations to cnsurc we support our governors effectively.

The year aheadWc believe that prospects for Governors for Schools arc very positive, driven by forces affecting schools,businesses, universities, and people across England.We have tangible plans across the whole organisation which will drive both continuous improvement and

in some places a step change in how we do things. We want to double the number of businesses we areworking with actively, and aim to bring another 10 universities on board. In paixicular we want tostrengthen our recruiting activities outside of London to ensure we can meet demand for governors from

schools.



We are looking internally at how we can make the most of our resources and make our processes moreefficient. Measurtng our mipact is a new area for us and we are working closely with Pro Bono Economicsto get robust feedback fiom our volunteers and schools, We also plan to build our profile externally, in

both the education and business sectors. In parallel we are building the relationships to diversify ourfunding.

Reserve Policy

Reseivcs at the end of the year consisted of Restricted Funds 812,820; Designated Fixed Asset Fund (tobe matched against future depreciation charges) f24, 684; Designated Reserve Fund 8129,092; andUnrestricted Funds of f785,216.

The Trustees' current policy is to hold sufficient reserves to provide working capital to meet contractedcommitments and an organised winding down of the company should this be required. These reserves arereflected in the designated reserve fund shown in the accounts. Donations from supporting organisationsare sought early in the financial yeai to provide working capital for the year ahead.

Risk Management

The Company has a comprehensive on-going and up-to-date risk register. The Board formally reviewsstatus at least once per year versus the following criteria: probability, impact, and mitigating action. Awritten version of the agreed updated analysis is signed off by Board meinbers.

The Board takes direct responsibility for management of risk in two business critical areas; these areas arecessation or reduction of funding and the perfotmance of the Chief Executive. The other risks arcdesignated as operational and the Chief Executive is responsible for monitoring changes and alerting theBoard.

Governance and ManagementNew Trustees are recruited to the Board as required in order to ensure that the Board membership has the

proper range of skills and competencies. A skills audit is undertaken regularly to identify gapa in expertisc.

Each Trustee nomially engages for a minimum of three years, with the option to continue if appropriate,up to a maximum of 9 years.

The training and induction provided for new Trustees will depend on their existing experience. Wherenecessary, induction will comprise of training on charity, legal and financial matters. All Trustees areprovided with copies of Company policies, procedures, minutes, accounts, budgets, business plans andother documents that they will need to undertake their role as Trustees. Each new Trtistee will be offeredthe opportunity to meet with/talk with existing Trustees, and all potential new Tmstees are offered the

opportunity to attend a Board Meeting as an obscrvcr prior to signing up.

The Tmstees meet quarterly to monitor progress and to take decisions concerning the strategic direction ofthc charity. The Chief Executive attends all Board meetings. The Board approves the annual BusinessPlan and detailed budget. Thc staff of the Governors for Schools are authorised to work within theframework of the Busmess Plan and budget under the direction of the Chief Executive. The Trusteesreceive reports from the Chief Executive, comprising financial, statistical and other information to enablethem to measure the company's performance against budget, targets and objectives for the year.



None of the Trustees receive remuneration or other benefit from their work with the charity. Anyconnection between a Trustee or senior manager of the charity must be disclosed to the full board ofTrustees. In the current year no such related party transactions were reported, other than as disclosed in

the notes to the accounts.

Trustees' ResponsibilitiesThe Trustees (who are also directors of Governors for Schools for the purpose of Company law) areresponsible for preparing the trustees' report and the financial statements in accordance with applicablelaw and United Kingdom Accounting Standards including Financial Reporting Standard 102: TheFinancial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give atrue and fair view of the state of affairs of the charitable company and of the incoming resources and

application of resources, including the income and expenditure, of the charitable company for that period.In preparing those financial statements, the trustees are required to:- select suitable accounting policiesand apply them consistently; observe the methods and principles in the Charities SORP; makejudgements and accounting estimates that are reasonable and prudent; state whether applicable UKAccounting Standards have been followed, subject to any material departures disclosed and explained in

the financial statements, and prepare the financial statements on the going concern basis unless it isinappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with reasonableaccuracy at any time the financial position of the charitable company and to enable them to ensure that

the financial statements comply with the Companies Act 2006. They are also responsible forsafeguarding the assets of the charitable company and hence for taking reasonable steps for theprevention and detection of fraud and other irregularities.

In so far as the trustees are aware, there is no relevant audit information of which the charitablecompany's auditors are unaware and the trustees have taken all steps they ought to have taken to makethemselves aware of any relevant audit information and to establish that the auditors are aware of thatinformation.

Small Company ProvisionThis report has been prepared in accordance with the provisions applicable to companies entitled to thesmall companies exemption.

Th ~rt fthi 1'

pp d bt/154 dig d bhlf fth b d fch 1

by:

LINDA WILDING

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF GOVERNORS FORSCHOOLS THE YEAR ENDED 31ST MARCH 2018

Opinion

We have audited the financial statements of Governors for Schools for the year ended 31"March 2018which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the

Statement of Financial Position and notes to the financial statentents, including a summary of significantaccounting policies. The financial reporting framework that has been applied in their preparation is

applicable law and United Kingdom Accounting Standards mchiding Financial Reporting Standard 102:The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kmgdom

Generally Accepted Accounting Practice).

This report is made solely to the Charity's trustees, as a body, in accordance with section 144 of the

Charitics Act 2011 and thc regulations made under section 154 of that Act. Our audit work has been

undertaken so that we might state to the Charity's trustees those matters we are required to state to them in

an auditor's repott and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than thc Charity's trustees as a body, for our audit work, for this

report, or t'or the opinions we have fortued.

In our opinion the financial statements:

~ give a true and fair view of the Charity's state of affairs as at 31"March 2018 and of its income

and cxpcnditure for the year then ended;~ have been properly prepared m accordance with United Kingdom Generally Accepted Accounting

Practice; and~ have been prepared in accordance with the Companies Act 2006.

Basis for opinion

Wc. conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under tfiose standards are further described in the Auditor's

responsibilities for thc audit of the tinancial statements section of our report. We are independent of thc

Charity in accordance with thc 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 requireinents. 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 have nothing to report in respect of the following matters in relation to which the ISAs (UK) require

us to report to you where:

~ the trustee's use of the going concerti basis of accounting in the preparation of the financial

statements is not appropriate; or~ the trustee has not disclosed in the financial statements any identified material uncertainties that

may cast significant doubt about the Charity's ability to continue to adopt the going concern basis

of accounting for a ptniod of at least twelve months from the date when the financial statements

are authorised for issue.

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF GOVERNORS FORSCHOOLS THE YEAR ENDED 31ST MARCH 2018 (CONTINUED)

Other information

The tmstees are responsible for the other information. The other information comprises the infortnationincluded in the annual report, other than the financial statements and our auditor's report thereon. Ouropmion on the financial statements does not cover the other information and, except to the extent otherwiseexplicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, considei whether the other infortnation is materially inconsistent with the financialstatements or our knowledge obtained in the audit or. otherwise appears to bc materially misstated. If weidentify such material inconsistencies or apparent material misstatements, wc arc required to detertninewhether there is a material misstatement in thc financial statements or a material misstatement of the otherinformation. If, based on the work we have perfortned, wc conclude that thcrc is a material misstatementof this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

ln the light of the knowledge and understanding of the Charity and its environment obtained m the courseof the midit, we have not identified material niisstatements in the Trustee's Annual Report.

We have nothing to report m respect of the fogowing matters in relation to which the Charities Act 20 I I

requires us to report to you if, in our opinion:

~ adequate accounting records have not been kept, or reiurns adequate for our audit have noi beenreccivcd from branches not visited by us; or

~ the financial statements are not in agreement with the accountmg records and returns; or~ we have not received all the information and explanations we require for our audit; or~ the directors were not entitled to prepare the financial statements in accordance with the sniall

companies regime and take advantage of the small companies' exemptions in preparing thedirectors' report and from the requirement to prepare a strategic report.

Responsibilities of the trustees

As explained more fully in the trustcc's responsibilities statement, the trustees are responsible for thepreparation of the financial statements and for being satisfied that they give a true and fair view, and forsuch internal control as thc trustee determines is necessary to enable the preparation of financial statementsthat are fi.ee from material misstatcmcnt, whether due to fi.aud or ertor.

In preparing the financial statements, the trustees are responsible for assessing the Charity's ability tocontinue as a going concern, disclosing, as applicablc, matters related to going concern and using the goingconcern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations,or has no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF GOVERNORS FORSCHOOLS FOR THE VEAR ENDED 31ST MARCH 2018 (CONTINUED)

Our responsibilities for the audit of the financial statements

The trustees have elected for the financial statements to be audited in accordance with the Chartties Act2011 rather than the Companies Act 2006. Accordingly, we have been appointed as auditor under section144 of the Charities Act 2011 and report in accordance with the regulations made under section 154 of thatAct.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report that includesour opinion. Reasonable assurance is a high level of assurance but is not a guarantcc that an audit conductedin accordance with ISAs (UK) v, ill always detect a material misstatement when it exists. Misstatementscan artsc fiom fiaud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence thc economic decisions of users taken on the basis of these financials'tatcmcll ts.

A furiher description of our responsibilities for ihe audit of the financial statemcnis is located on theFinancial Reporting Council's websiteat lvlviv tic oi uk;iuiiiioisicsponsibiliiicw This description formspart of our auditor's report.

Sutton Quays Business ParkSutton WeaverRuncornWA7 3 EH

AGP Chartered Accountantsand Statutoty Auditors

29 August 2018

AGP Chartered Accountants are cligiblc to act as an auditor in terttis of section 1212 of the CompaniesAct 2006.


STATEMENT OF FINANCIAL ACTIVITIESFor the year ended 31"March 2018

Note Un-Restricted

Funds

RestrictedFunds

TotalFunds

2017/2018

TotalFunds

2016/2017

IncomeIncome fi'om CharitableActivities:

Grant- DfEDonationshlvcstnlcnt laconicOther IncomeTotal Income

859,071261

859,332

94,333 953,404261

228,7611,124,000

166600

94,333 953,665 1,353,527

Expenditure

Expenditure on CharitableActivities:Rcclxfiting & Placement ofSchool GovcmorsOtherTotal Expenditure

68.087167,914

709,325

61,397106,517

677, 122 624,22032,203783,639 93,600 877,239 692,307

Net Income / (Expenditure)for the Year BeforeTransfersTransfers between Funds:

75,693

18,733

733 76.426

(18,733)

661,220

Net Income / (Expenditure)for the Year

94,426 (18,000) 76,426 661,220

Other Recognised Gainsand Losses

Net Movement in Funds 94,426 ~10000 76,426 661,220

Reconciliation of FundsBalances brought forward at1 Apri12017

844,566 30,820 875,386 214, 166

Balances carried fomvardat 31 March 2018

938,992 12,820 951,812 875,386

The statement of financial acuvilics mcludcs all gains and losses and losses recognised m the year.All income and expenditure derives from continuing activities.

10


INCOME & EXPENDITUREFor thc year ended 31"March 2018

TOTALNote 2017/2018

TOTAL2016/2017

IncomeDfE Grants RestrictedOther RestrictedDonations UnrestnctedOther Umcstricted

ExpenditureSalariesOther Operational ChargesDepreciation

Surplus ofIncome/Expenditure

556Total Income

10

TotalExpenditure

094,333

859,071261

953,665

560,919306,566

9,754

877,239

76,426

228,76124,000

1,100,600166

1,353,527

412,824272,879

6,604

692,307

661,220

Net Transfer to/from Funds

Restricted fund

Designated Fixed Asset FundUnrestricted Fund

13 (18,000)10,20484,22276,426

(26,326)1,718

685,828661,220

11


STATEMENT OF FINANCIAL POSITIONAs at 31"March 2018

Note 2017/2018 2016/2017

Fixed AssetsTangible fixed assets 10 24&684 14,480

Current AssetsDebtors & PrepaymentsCash at bank and in hand

11 480,213476,653956,866

28,829871,497900,326

LiabilitiesCreditors falling due within one year

Net Current Assets

Total Assets less Current Liabilities

Net Assets

12 29,738

927,128

951&812

39,420

860,906

875,386

951 812 8&5 386

FundsRestricted FundDesignated Fixed Asset FundDesignated Reserve FundUnrestricted Fund

1310

12,82024,684

129,092785,216951,812

30,82014,480

129,092700,9948&5 386

The directors are satisfied that the company is entitled to exemption from the provisions of the CompaniesAct 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, andthat no member or members have requested an audit pursuant to section 476 of the Act. However, thecharity is required to be audited under Charities Act 2011.

The directors acknowledge their responsibility for complying with the requirements of the Act with respectto accounting records and for the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companiessubject to the small companies' regime.

These fina 1 statemepts were approved by the directors on 29 August 2018 and are signed on theirbehalf b

LINDA WILDINGCHAIR

12


STATEMENT OF CASH FLOWSAs at 31u March 2018

Cash flows from operating activitiesNet income

2017/2018 2016/2017

76,426 661,220

d dj ustinents for:Depreciation of tangible fixed assetsOther interest receivable and smiifar mcomeGains on disposaf of tangible fixed assetsAccmied (income)/expenses

9,754(261)

(2,941)

6,604(166)(600)

3,114

Changes in:Trade and other debtorsTrade and other creditors

(451,384)(6,741)

14,6307,891

Cash generated fi'om operations

Interest received 261 166

(375,147) 692,693

Net cash (used in)/from operating activities (374,886) 692,859

Cash flows from investing activitiesPurchase of tangible assetsProceeds from sale of tangible assets

(19,958) (8,322)600

Net cash used in investing activities (19,958) (7,722)

Nct (decrease)/increase in cash and cash equivalentsCash and cash equivalents at beginning of year

(394,844)871,497

685, 137186,360

Cash and cash e&luivalents at end of year 476,653 871,497

13

GOVERNORS FOR SCHOOLSNOTES TO THE ACCOUNTS

I General information

The charity is a private company lumted by guarantee, registered in England and Wales and aregistered charity in England and Wales. The address of the registered office is Sycamore House,Sutton Quays Business Park, Sutton Weaver, Runcorn, Cheshire, WA7 3EH.

2 Statenient of compliance

These financial statements have been prepared in compliance with FRS 102, 'Thc FinancialReporting Standard applicable in the UK and the Repubhc of Ireland', the Statement ofRecommended Practice applicable to charitics preparing their accounts in accordance with thcFinancial Reporting Standard applicable in thc UK and Repubhc of Ireland (FRS 102) (ChariticsSORP (FRS 102)) and the Charities Act 2011.

3 Accounting Policies

3, 1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by therevaluation of certain financial assets and liabilities and investment properties measured at fairvalue through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

3.2 Going concern

There are no material uncettainties about the charity's ability to continue.

3.3 Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgcmcnts, estimatesand assumptions that affect thc amounts reported. These estimates and judgements arc continuallyreviewed and are based on experience and other factors, including expectations of future eventsthat are believed to be reasonable under the circumstances.

3.4 Fund Accounting

~ Uniestricted funds are available for use at the discretion of the trustees in furtherance ofthe general objectives of the charity.

~ Designated funds are umestricted funds eartnarked for particular purposes.~ Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

14

GOVERNORS FOR SCHOOLSNOTES TO THE ACCOUNTS (Continued)

3.5 Recognition of Income

All incoming resources are included in the statement of financial activities when the charity is entitled tothe income and the amount can be quantified with reasonable accuracy. Incoming resources received forspecific purposes are included in the statement of financial activities, The balance of income received forspecific purposes but not matched to relevant expenditure during the period is shown in the RestrictedIncome Fund and Balance Sheet.

~ Income from charitable activities and donations is reccivcd by way of grants, sponsorshipand donations and is included in fiill in the Statement of Financial Activities when

receivable. Grants, where entitlemcnt is not conditional on thc delivery of a specificperfomiance by the charity, are recognised when the charity becomes unconditionallyentitled to the grant.Intangible income represents services and facilities donated by third parties and is mcludedat the value to Governors for Schools where this can be quantified by the Board and whereprovided at a cost to the third party.

3.6 Exptniditure

All payments are recognised in the accounts in the year to which they relate. Expenditure is

recognised on an acciuals basis as a liability is incuned.~ Charitable expenditure comprises those costs incurred by the charity in the dehvery of its

activities. It includes both costs that can be allocated directly to such activities and thosecosts of an indirect nature necessaiy to suppott them.

~ Governance costs include those costs associated with meeting the constitutional andstatutory requirements of the charity and include the audit fees and costs linked to thestrategic management of the charity.

~ All costs are allocated between the expenditure categories of the SoFA on a basis designedto reflect the use of the resource.

~ Costs relating to a particular activity arc allocated directly; others are apportioned on an

appropriate basis.

3.7 Fixed Assets and Depreciation

Purchases are capitalised where the expected useful life of the items exceed one year and wherethe cost of acquisition exceeds 2500 including VAT. Assets are depreciated over their expecteduseful life by the straight line method. The classes and standard asset lives are reviewed annually.The depreciation rates applied to the main categories of assets are as follows:

Class ofAssct

Computer Equipment & Furniture

Standard Useful Life

3 ycal's

3.8 Debtors

Trade and other debtors are recognised at the settlement amount due afler any trade discounioffered. Prepayments are valued at the amount prepaid after taking account of any trade discountsClue.

15


3.9 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from

a past event that will probably result in the transfer of funds to a third party and the amount due tosettle the obhgation can be nieasured or estimated reliably. Creditors and provisions are normally

recognised at their settlement amount after allowmg for any trade discounts due.

3.10 Taxation

The company is a registered charity and as such is exempt from Income and Corporation taxesunder the provision of the Income and Corporation Taxes Act 1988. The cost of Value Added Taxincurred by the company has been mcludcd in thc Income and Expenditure Account.

3.11 Financial Instruments

The charity only has tinancial assets and financial liabilities of a kind that qualify as basic financialinstmmcnts. Basic tinancial instruments are initially rccogniscd at transaction value and

subsequently measured at the carrying value at their settlement value with the exception of banksloans which are subsequently measured at amortised cost using the effective interest method.

3.12 Pensions

Contributions to defined contribution plans are recognised as an expense in the period in which therelated service is provided. Prepaid contributions are recognised as an asset to the extent that the

prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled vvhogy within 12 months of the cnd of the

rcporting date in which thc cmployecsrendcr thc rclatcd service, the liability is measured on adiscounted present value basis. The unwinding of the discount is recognised as a tmancc cost in

profit or loss in thc period in which it arises.

3.13 Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownershipremain with the lessor are charged agamst profits on a straight line basis over the period of the

lease.

4 Limited by guarantee

The company is limited by guarantee and does not have a share capital. The liability of the

members is limited in the event of the company being wound up to such amount as may be requirednot exceeding one pound.

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5 Donations

Attwood Education Foundation

Lindsay Dibden

City Of London

KPMG

Arbor Education

Lloyds Bank

Bank Of England

80:20 Charitable Tmst

Allen & Oveiy

lan Armitage

Tenzing

MyDonate

2017/2018

10,000

10,000

7,000

7,500

10,000

4,000

864,833

5,000

61

35,000

10

953,404

2016/2017

19,000

1, 100,000

5,000

1,124,000

6 Investment Income

2017/20188

2016/2017

Bank Interest 261

261

166

166

7 Other Income

2017/2018 2016/2017

Sale of Fixed Assets 600

600


8 Charitable Activities

MarketingConference & ExhibitionWebsite & Databasee-Leaniing

Support CostsSalaries & ExpensesAdministration

Occupancy CostsDepreciationOffice EquipmentLegal & ProfessionalTender Project

Governance CostsAuditors' Remuneration - Audit Fee

2017/2018

93,6564,723

43,29626,239

167,914

582,04835.05375, 103

9,754841

1,9060

704,705

4,6204,620

2016/2017

22,562837

17,21827,47068,087

432, 11075,57288,6166,6041,0081,858

13,952619,720

4,5004,500

9 Remuneration

The Board Chairman & Directors

The Chairmmi & Directors did not receive any rxnnuneration for their sctviccs. Expcnscsamounting to 81,406 werc paid during thc year to onc trustcc, thcsc cxpcnscs related to travel andsubsistence.

9.1 Employees

9.2 Analysis of Eniployees

Average NumberOf Employees

2017/2018

Average NumberOf Employees

2016/2017

Category of EmploymentChief Executive

Administration

Business Development

I

2

18

21

1

2

ll14


9.3 Analysis of Staff Costs

Total staff costs for the year were

Salaries

SalariesEmployer's PensionEmployer's NIC

Total2017/2018

504, 1499,029

47,741

560,919

Total2016/2017

376,407650

35,767412,824

The amount recognised in the Statement of Financial Activities as an expense in relation to definedContribution pension plans was f9,029.

The number of employees whose emoluments (salaries, wages and benefits in kind) fell within thefollowing band:

j:60,000 - f69,999870,000 - f79,999During the year pension

10 Fixed AssetsAnalysis of Fixed Assets

2017/2018 2016/20178'000 f.'000

1

1

contributions of f5,245 were paid for this member of staff.

Computers& Furniture

Total2017/2018

Total2016/2017

Costas at I April 2017Purchased m yearDisposal of equipment

Cost as at 31"March 2018

Depreciationas at 1 Apri)2017Charge for the yearDepreciation on Disposalas at 31st March 2018

94,04919,958

(58,433)55,574

79,5699,754

(58,433)30,890

94.04919,958

(58,433)55,574

79,5699,754

(58,433)30,890

93,5048,322

~77.77794,049

80,7426,604

(7,777)79,569

Net Book Valueas at 1 April 20 I 7as at 31st March 2018

14,48024,684

14,480 12,76224.684 14 488


11 Assets

Debtors & Prepayments

Sundiy DebtorsPrepayments

Total2017/2018

464, 83315,380

480,213

Total2016/2017

20,7348,095

28,829

12 Liabilities

Creditors falling due within one year Total2017/2018

Total2016/2017

f

CreditorsAccrual s

24,8184,920

29,738

31,5597,861

39,420

13 Restricted Funds

City of London

Arbor Education

Allen & Overy

KPMG LLP

80:20 Charitable Tnist

Lloyds Bank

BalanceI/4/2017

f19.000

Incoming Expenditure,Gains, Losses

dr Transfer

12,463

Total2017/2018

6.537

5,000

6,820

5,000

7.000

10,000

13,820

0 64.833

10,000

72, 123 (7,290)

10,000

0 7.500 3,927 3,573

30,820 94,333 112,333 12,820

Included in the expenditure, gains, losses and transfers dunng the year is f 18,733 transferred to unrestrictedfunds. The transfer of restricted funds covers the fixed assets purchased fiom thc Developminit grant andhas transferred to the fixed asset fund on the Statcmcnt of Financial Position.

Restriction

City of LondonRestricted donation to be spent on the agreed 'Driving employability outcomes through schools' project.

Arbor EducationRestricted donation to be spent on the Performance Data e-learning module.

20


Allen & OveryAllen & Overy funding was provided to support the developinent of the Driving School Improvement e-learning module for governors.

KPMGRestricted donation to support focussed regional recruitment initiatives based in KPMG's offices acrossEngland and to support developinent of the Fmance e-learning module for governors.

80:20 Charitable TrustRestricted donation to be spent on development costs such as the rebrand and new Governors for Schoolswebsite. Thc restricted funds were in deficit at the year end as thc Charity has incurted expensesoutstanding to be reimbursed by the grant provider.

Lloyds BankRestricted donation to be spent on training and support for Gov)n nors.

14 Analysis of Net Assets Between Funds

Tangible Fixed AssetsCunent AssetsLiabilities

UnrestrictedFunds

24,684944,046(29,738)938,992

Restricted

12,820

12,820

Total2017/2018

24,684956,866~29,738)951,812

15 Related Party Transactions

During the year the charity received f864,833 from the 80:20 Charitable Trust which is exchisively funded

by the Armitage family. Mr lan Armitage was the Chair and isa Trustee of Governors for Schools. At the

year end, there was an amount of f464, 833 due to be received from the 80;20 Charitable Trust.

lan Atmitagc is also a Director of The Key Support Services Limited who invoiced the charity for servicesamounting to f72,572. As at tbe year cnd, thc charity owed an amount of 819,440 to the company.

No further transactions with related parties were undertaken such as are rctluircd to bc disclosed.

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agp - governors for schools · governors for schools report of the trustees year ended 31 march...

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