IRIS Accounts Production v24.2.0.383 Other Company accounts True false Pounds 1.4.23 31.3.24 31.3.24 FY P A Gallagher W Gibb G A C Miller E Dodds B Beadle K Gibb S Amatt S Miller FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false true iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052649002023-03-31052649002024-03-31052649002023-04-012024-03-31052649002022-03-31052649002022-04-012023-03-31052649002023-03-3105264900ns0:CharitableCompanyLimitedByGuarantee2023-04-012024-03-3105264900ns15:PoundSterling2023-04-012024-03-3105264900ns0:Trustee22023-04-012024-03-3105264900ns0:Trustee12023-04-012024-03-3105264900ns0:Trustee32023-04-012024-03-3105264900ns0:Trustee42023-04-012024-03-3105264900ns0:Trustee52023-04-012024-03-3105264900ns0:Trustee62023-04-012024-03-3105264900ns0:Trustee72023-04-012024-03-3105264900ns0:Trustee82023-04-012024-03-3105264900ns11:FRS1022023-04-012024-03-3105264900ns11:IndependentExaminationCharity2023-04-012024-03-3105264900ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105264900ns11:FullAccounts2023-04-012024-03-3105264900ns11:CharitiesSORP2023-04-012024-03-3105264900ns16:EnglandWales2023-04-012024-03-3105264900ns11:RegisteredOffice2023-04-012024-03-3105264900ns11:CompanySecretary12023-04-012024-03-3105264900ns0:TotalUnrestrictedFunds2023-04-012024-03-3105264900ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3105264900ns0:Activity82023-04-012024-03-3105264900ns0:Activity8ns0:TotalUnrestrictedFunds2023-04-012024-03-3105264900ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-04-012024-03-3105264900ns0:Activity82022-04-012023-03-3105264900ns0:TotalUnrestrictedFunds2023-03-3105264900ns0:TotalRestrictedIncomeFunds2023-03-3105264900ns0:TotalUnrestrictedFunds2024-03-3105264900ns0:TotalRestrictedIncomeFunds2024-03-3105264900ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-03-3105264900ns0:TotalRestrictedIncomeFundsns10:WithinOneYear2024-03-3105264900ns10:WithinOneYear2024-03-3105264900ns10:WithinOneYear2023-03-3105264900ns10:LandBuildingsns10:OwnedOrFreeholdAssets2023-04-012024-03-3105264900ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-3105264900ns10:PlantMachinery2023-04-012024-03-3105264900ns10:MotorVehicles2023-04-012024-03-310526490022023-04-012024-03-310526490032023-04-012024-03-310526490012023-04-012024-03-310526490012022-04-012023-03-3105264900ns0:TotalUnrestrictedFunds2022-04-012023-03-3105264900ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3105264900ns0:Activity8ns0:TotalUnrestrictedFunds2022-04-012023-03-3105264900ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-04-012023-03-3105264900ns10:LandBuildingsns10:OwnedOrFreeholdAssets2023-03-3105264900ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3105264900ns10:PlantMachinery2023-03-3105264900ns10:MotorVehicles2023-03-3105264900ns10:LandBuildingsns10:OwnedOrFreeholdAssets2024-03-3105264900ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3105264900ns10:PlantMachinery2024-03-3105264900ns10:MotorVehicles2024-03-3105264900ns10:LandBuildingsns10:OwnedOrFreeholdAssets2023-03-3105264900ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3105264900ns10:PlantMachinery2023-03-3105264900ns10:MotorVehicles2023-03-31
REGISTERED COMPANY NUMBER: 05264900 (England and Wales)
REGISTERED CHARITY NUMBER: 1108544













Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

GUST Independent School Ltd
(A Company Limited by Guarantee)

GUST Independent School Ltd






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Cash Flow Statement 8

Notes to the Cash Flow Statement 9

Notes to the Financial Statements 10 to 18

GUST Independent School Ltd (Registered number: 05264900)

Report of the Trustees
for the Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).

GUST Independent School Limited was formally known as Get U Started Training Limited.

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activity of the charitable company continues to be the provision of education and training of school age children (6-17 year of age) with learning/social/emotional/behavioural difficulties who have been excluded or are at risk of exclusion from mainstream education. GUST works with pupils to improve their academic, social, moral and personal development well being in order to enhance their life chances within the local and wider communities with a view towards achieving future employment or apprenticeships or further education (College) opportunities.

The broad strategies of improving student personal development and performance, increasing headcount and continuing to develop and enhance the overall provision, remain unchanged.

The main aims of the charitable company are:
1. To develop and encourage personal development by sharing of experiences over time with peers, staff, parents/carers and the local community.
2. To encourage and empower pupils to affect changes in their lifestyle choices, by example from other learners, staff and suitable role models.
3. To create opportunities for employment, apprenticeships or further education through academic and vocational teaching and learning.
4. To utilise the school MIS and safeguarding system to enhance data collection and reporting.
5. To commission services of an independent School Improvement Partner (SIP) to mentor and advise SLT in maintaining/improving Ofsted rating.
6. To commission services of Education Welfare Officer (EWO) through Structured Learning Assistance with Northumberland County Council to legally manage pupil attendance.

Public Benefit
The charitable company's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charitable company's charitable purposes for the public benefit. The trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission and the trustees have paid due regard to this guidance in deciding what activities the charitable company should undertake.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has successfully implemented the enhanced secondary curriculum and introduced a restorative justice system for pupils with the local and wider community. It has developed a developed an alliance with Northumberland School Games, who provide physical education equipment for use by the pupils.

FINANCIAL REVIEW
Financial position
The charity's total income in the year to 31 March 2024 was £953,032 with a total expenditure of £890,453 giving a net surplus for the year of £62,579.

The long term development plan for the School is to achieve a balance between investment back in the School by way of highly skilled personnel, capital improvements, and the maintaining of surplus to ensure reserves for the charitable company.


GUST Independent School Ltd (Registered number: 05264900)

Report of the Trustees
for the Year Ended 31 March 2024


FINANCIAL REVIEW
Reserves policy
The current reserves of £675,030, with unrestricted reserves of £660,800, are in excess of the charitable company's policy which aims to keep reserves sufficient to cover three months (approximately one term) running costs. However, due to uncertainty in the economy these figures will be available to support any future extra expenses. Three months running costs based on the last 12 months is £220,000.

FUTURE PLANS
The plans for 2024 are to implement strategies which will provide growth. These are agreed upon, at the annual trustees A.G.M (Directors) meeting.
The aim of the school is to increase pupil numbers to 45 in the short term and 50 in the medium term.

Principal Risks and Uncertainties
The principal risk and uncertainties affecting the charity relate to a new SEMH school opening in Blyth which could affect staffing and pupil numbers. The charity plan to increase the number of pupils referred out with Northumberland County Council and advertise for teaching and reaching assistant roles.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charitable company is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
GUST was incorporated as a Company Limited by Guarantee on 20th October 2004.

As a Company Limited by Guarantee, there is no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up when he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member. The relevant governing document of the company is the Memorandum and Articles of Association.

Recruitment and appointment of new trustees
New trustees may be appointed by a resolution passed at a special meeting of the trustees, or by statutory powers.

New trustees are reminded of their legal, and other responsibilities and are provided with an induction, which includes familiarisation in the layout, operations, staff and structure of the School in addition to financial, legal and safeguarding matters.
Any subsequent training requirements that are brought to the attention of the Board of trustees are seriously considered and depend on the individual's prior experience and relevance to the charity's objectives and aims.

Organisational structure
Governors of GUST are also the trustees of the charitable company, which currently comprises eight members. The trustees are also appointed directors for the purposes of company law.

The trustees are responsible for setting general policy. To fulfil these requirements the Board of trustees, comprising up to ten members, meets each term to administer the charitable company. They appoint a Head of School to manage the day-to-day operations of the charitable company.
The management and day to day running of the School is delegated to the Head of School, Jonathan Blower (who is also a trustee and director) and her senior staff.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05264900 (England and Wales)

Registered Charity number
1108544


GUST Independent School Ltd (Registered number: 05264900)

Report of the Trustees
for the Year Ended 31 March 2024

Registered office
1 Haldane Street
ASHINGTON
Northumberland
NE63 8SF

Trustees
P A Gallagher
W Gibb
G A C Miller
B Beadle
K M Gibb
S Amatt - resigned 28 April 2023
S Miller
S E Henderson
M E Henderson - appointed 11 January 2024

Company Secretary
P A Gallagher

Independent Examiner
Simon Hook, FCCA
Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
DURHAM
DH1 1TW

Bankers
Barclays Bank
Unit 50
Manor Walks Shopping Centre
Cramlington
NE23 6QP

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 25 September 2024 and signed on its behalf by:





W Gibb - Trustee

Independent Examiner's Report to the Trustees of
GUST Independent School Ltd

Independent examiner's report to the trustees of GUST Independent School Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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








Simon Hook, FCCA
The Association of Chartered Certified Accountants

Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
DURHAM
DH1 1TW

25 September 2024

GUST Independent School Ltd

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 March 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 - 4,200 4,200 1,200

Charitable activities 4
Training 946,748 - 946,748 883,646

Other income 5 2,084 - 2,084 11,218
Total 948,832 4,200 953,032 896,064

EXPENDITURE ON
Raising funds - - - -

Charitable activities 6
Training 766,769 4,626 771,395 742,454

Other 119,058 - 119,058 104,779
Total 885,827 4,626 890,453 847,233

NET INCOME/(EXPENDITURE) 63,005 (426 ) 62,579 48,831


RECONCILIATION OF FUNDS
Total funds brought forward 597,795 14,656 612,451 563,620

TOTAL FUNDS CARRIED FORWARD 660,800 14,230 675,030 612,451

GUST Independent School Ltd (Registered number: 05264900)

Balance Sheet
31 March 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 312,890 1,757 314,647 303,243

CURRENT ASSETS
Debtors 13 63,791 - 63,791 62,427
Cash at bank and in hand 306,811 12,473 319,284 271,971
370,602 12,473 383,075 334,398

CREDITORS
Amounts falling due within one year 14 (22,692 ) - (22,692 ) (25,190 )

NET CURRENT ASSETS 347,910 12,473 360,383 309,208

TOTAL ASSETS LESS CURRENT
LIABILITIES

660,800

14,230

675,030

612,451

NET ASSETS 660,800 14,230 675,030 612,451
FUNDS 15
Unrestricted funds 660,800 597,795
Restricted funds 14,230 14,656
TOTAL FUNDS 675,030 612,451

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


GUST Independent School Ltd (Registered number: 05264900)

Balance Sheet - continued
31 March 2024

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


The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2024 and were signed on its behalf by:





W Gibb - Trustee

GUST Independent School Ltd

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 92,869 73,271
Net cash provided by operating activities 92,869 73,271

Cash flows from investing activities
Purchase of tangible fixed assets (45,856 ) (78,043 )
Sale of tangible fixed assets 300 200
Net cash used in investing activities (45,556 ) (77,843 )

Change in cash and cash equivalents in
the reporting period

47,313

(4,572

)
Cash and cash equivalents at the
beginning of the reporting period

271,971

276,543
Cash and cash equivalents at the end of
the reporting period

319,284

271,971

GUST Independent School Ltd

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net income for the reporting period (as per the Statement of Financial
Activities)

62,579

48,831
Adjustments for:
Depreciation charges 34,040 29,132
Loss/(profit) on disposal of fixed assets 112 (180 )
Increase in debtors (1,364 ) (14,038 )
(Decrease)/increase in creditors (2,498 ) 9,526
Net cash provided by operations 92,869 73,271


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 271,971 47,313 319,284
271,971 47,313 319,284
Total 271,971 47,313 319,284

GUST Independent School Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Get U Started Training Limited is a charitable company Limited by guarantee, registered in England and Wales. The charitable company's registered numbers and registered office address can be found in the Report of the Trustees (page 2).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011. The financial statements have been prepared under historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 15-25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at costs less accumulated depreciation and impairment.

The trustees undertake an annual impairment review which considers the written down value of assets and the appropriateness of the depreciation policy.

Taxation
The charity is exempt from taxation in respect of income or capital gains received to the extent that such income or gains are applied exclusively for charitable purposes. The charity is not exempt from Value Added Tax. Irrecoverable Value Added Tax is included in the cost of those items to which it relates.

Fund accounting
Restricted funds relate to amounts received which have been specified for a particular use by the donor. All other funds are unrestricted funds which the charity may use for its charitable purposes at its discretion. Within unrestricted funds, the charity may designate certain funds for specific purposes.


GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Critical accounting estimates and areas of judgement
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.

Critical accounting estimates and assumptions:
The charitable company 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 of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement:
Depreciation - Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the economic life of that asset. An estimate of the useful life of assets is detailed in the depreciation accounting policy. The value of depreciation charged during the year was £34,040.

Government Grants
Revenue grants are recognised in the profit and loss account in the period to which they relate.

3. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations and grants 4,200 1,200

Income from donations and grants totalled £4,200 (2023: £1,200), which was restricted in the current and previous year.


GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Training fees Training 946,748 883,646

Income from charitable activities totalled £946,748 (2023: £883,646) which was unrestricted in the current and previous year.

5. OTHER INCOME

2024 2023
£ £
Government grants 2,084 11,218
2,084 11,218

Other income received totalled £2,084 (2023: £11,218) which was unrestricted during the current and previous year.

6. CHARITABLE ACTIVITIES COSTS

Training 2024 2023
£ £
Staff costs 657,867 619,890
Workshop costs 4,772 6,864
Learners fees 7,359 6,925
Learner rewards 8,059 10,304
Training resources - -
Leisure activities 6,159 12,574
Premises costs 37,671 40,245
Learner transport 4,958 7,834
Catering expenses 10,398 9,046
Depreciation 34,040 29,132
Loss on sale of tangible fixed asset 112 (180 )
771,395 742,454

Expenditure on charitable activities totalled £771,395 (2023: £742,454) of which £766,769 was unrestricted (2023: £740,718) and £4,626 was restricted (2023: £1,736).


GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. SUPPORT COSTS

Support costs 2024 2023
£ £
Staff costs 18,272 22,077
General 75,904 70,091
Governance 24,882 12,611
119,058 104,779

Expenditure on support costs totalled £119,058 (2023: £104,779) and was unrestricted in the current year and previous year.


Governance costs 2024 2023
£ £
Independent examination fee 2,000 2,000
Bank charges 327 332
Other legal and professional 22,554 10,279
24,882 12,611

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 34,040 29,132
Independent examination fee 2,000 2,000

9. TRUSTEES' REMUNERATION AND BENEFITS

During the year to 31 March 2024 the following trustees were paid a salary:

P A Gallagher was paid a salary of £22,583 (2023: £33,375) and a pension of £3,028 (2023: £850) for his services as Proprietor.

S Amatt was paid a salary of £4,369 (2023: £55,650 and a pension of £734 (2023: £2,964) for his services as Deputy Headteacher and Deputy DSL.

K Gibb was paid a salary of £64,583 (2023: £65,100) and a pension of £8,806 (2023: £3,192) for her services as Head of School.

GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

No trustees expenses were paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

10. STAFF COSTS

2024 2023
£ £
Wages and salaries 420,038 555,967
Social security 145,166 50,106
Pension costs 95,452 24,942
660,656 631,015

The average monthly number of employees during the year was as follows:

2024 2023
Charitable objectives 15 16
Management and administration 1 1
Sessional workers 2 2
18 19

There was one employee (2023: One) receiving total employee benefits between £60,000 and £70,000.

The key management personnel of the charitable company comprise the trustees. The total employee benefits of the key management personnel of the charity, including employer's pension and national insurance contributions, totalled £116,424 (2023: £166,772).

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies - 1,200 1,200

Charitable activities
Training 883,646 - 883,646

Other income 11,218 - 11,218
Total 894,864 1,200 896,064

EXPENDITURE ON
Raising funds - - -

Charitable activities
Training 740,718 1,736 742,454

Other 104,779 - 104,779
Total 845,497 1,736 847,233


GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£    £    £   
NET INCOME/(EXPENDITURE) 49,367 (536 ) 48,831


RECONCILIATION OF FUNDS
Total funds brought forward 548,428 15,192 563,620

TOTAL FUNDS CARRIED FORWARD 597,795 14,656 612,451

12. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 181,964 65,140 106,455 51,450 405,009
Additions - 20,756 25,100 - 45,856
Disposals - - (535 ) - (535 )
At 31 March 2024 181,964 85,896 131,020 51,450 450,330
DEPRECIATION
At 1 April 2023 13,946 16,265 53,348 18,207 101,766
Charge for year 3,640 8,057 14,032 8,311 34,040
Eliminated on disposal - - (123 ) - (123 )
At 31 March 2024 17,586 24,322 67,257 26,518 135,683
NET BOOK VALUE
At 31 March 2024 164,378 61,574 63,763 24,932 314,647
At 31 March 2023 168,018 48,875 53,107 33,243 303,243

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 61,218 59,210
Prepayments and accrued income 2,573 3,217
63,791 62,427


GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,028 5,611
Social security and other taxes 10,924 10,670
Other creditors 6,740 6,909
Accrued expenses 2,000 2,000
22,692 25,190

15. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General income fund 597,795 63,005 660,800

Restricted funds
Restricted assets fund 14,180 (426 ) 13,754
Restricted income fund 476 - 476
14,656 (426 ) 14,230
TOTAL FUNDS 612,451 62,579 675,030

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General income fund 948,832 (885,827 ) 63,005

Restricted funds
Restricted assets fund - (426 ) (426 )
Restricted income fund 4,200 (4,200 ) -
4,200 (4,626 ) (426 )
TOTAL FUNDS 953,032 (890,453 ) 62,579


GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General income fund 548,428 49,367 597,795

Restricted funds
Restricted assets fund 14,716 (536 ) 14,180
Restricted income fund 476 - 476
15,192 (536 ) 14,656
TOTAL FUNDS 563,620 48,831 612,451

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General income fund 894,864 (845,497 ) 49,367

Restricted funds
Restricted assets fund - (536 ) (536 )
Restricted income fund 1,200 (1,200 ) -
1,200 (1,736 ) (536 )
TOTAL FUNDS 896,064 (847,233 ) 48,831

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.22 in funds 31.3.24
£    £    £   
Unrestricted funds
General income fund 548,428 112,372 660,800

Restricted funds
Restricted assets fund 14,716 (962 ) 13,754
Restricted income fund 476 - 476
15,192 (962 ) 14,230
TOTAL FUNDS 563,620 111,410 675,030

GUST Independent School Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General income fund 1,843,696 (1,731,324 ) 112,372

Restricted funds
Restricted assets fund - (962 ) (962 )
Restricted income fund 5,400 (5,400 ) -
5,400 (6,362 ) (962 )
TOTAL FUNDS 1,849,096 (1,737,686 ) 111,410

The restricted asset fund represents grant income for the specific purpose of capital expenditure. The closing balance represents the book value of assets acquired with the aid of specific grants, £2,230 (2023: £2,656), plus unspent capital grants of £12,000 (2023: £12,000).

The restricted income fund included grants received towards specific revenue costs of the charity less the costs incurred to date associated with those activities.

The unrestricted funds represent unrestricted resources available for the general work of the charitable company.

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.