Company registration number 05342164 (England and Wales)
SHACKLEWELL SCHOOL LEGACY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SHACKLEWELL SCHOOL LEGACY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A Verjee
Ms G Juma
Mr P Young
Ms J Miln
(Resigned 11 September 2023)
Ms V J Mirfin
(Resigned 11 September 2023)
Ms S Amirbayat
(Resigned 19 September 2023)
Dr T Ademosu
(Resigned 18 October 2023)
Ms C Shofoluwe
(Resigned 23 October 2023)
Mr J G Newnham
(Resigned 31 December 2023)
Mr Y Tomori
(Resigned 31 December 2023)
Members
Ms D Dalton
Mr R Davies
(Resigned 11 September 2023)
Ms R Hudson
(Resigned 11 September 2023)
Ms G HJuma
Ms T Kilcullen
(Resigned 11 September 2023)
Mr R Mills
(Resigned 11 September 2023)
Ms J Miln
(Resigned 11 September 2023)
Ms V Mirfin
Ms J Shand
Dr M Stewart
Mr Y Tomori
Mr A Verjee
Mr P Young
Company number
05342164
Registered office
Shacklewell School Legacy Trust
33 Cottage Field Close
Sidcup
DA14 4PD
Independent examiner
Caton Fry & Co Ltd
Essex House
7-8 The Shrubberies
George Lane
South Woodford
London
E18 1BD
Bankers
HSBC Bank PLC
34 Broad Wal
Harlow
CM20 1JA
SHACKLEWELL SCHOOL LEGACY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Solicitors
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR
SHACKLEWELL SCHOOL LEGACY TRUST
CONTENTS
Page
Trustees report
1 - 4
Statement of Trustees responsibilities
5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8
Notes to the financial statements
9 - 16
SHACKLEWELL SCHOOL LEGACY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's Memorandum Articles of Association, the Companies Act 2006 and "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).

Objectives and activities

The objectives and activities of Shacklewell School Legacy Trust are to give effect to the requirements of the Commercial Transfer Agreement (CTA) between the Trust and the Community Schools Trust signed on 31 August 2023, approved by the Regional Director (RD), and supported by the Education and Skills Funding Agency (ESFA) and the Department of Education (DfE).

With effect from 1 September 2023, all core activities were transferred as a going concern to Community Schools Trust (Company number: 10337377).

Public benefit

In setting the Trust’s objectives and planning its activities, the Board of Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

 

Equality and diversity

The Trust is aware of its obligations under the Equality Act 2010 and complies with non-discrimination provisions. Where relevant, policies include reference to the importance of avoiding discrimination and other prohibited conduct.

Achievements and performance
Review of activities

The Trust has fully complied with the requirements as laid out in the Commercial Transfer Agreement (CTA), ensuring that all interested parties are fully informed of developments and related financial commitments.

The Trust has co-operated fully with all external authorities and regulators to support their investigations and resolution of claims under their jurisdiction.

In conjunction with its legal team, the Trust continues to give effect to the requirements of the Commercial Transfer Agreement (CTA) while being mindful of their financial expenditure and commitment.

Financial review

As stated above, other than legacy funds of £250,000, the assets and liabilities of the Trust were transferred to Community Schools Trust on 1 September 2023. £49,197 was spent from these funds in the year leaving net assets at the year end as £200,083.

The company does not have a reserves policy as when all outstanding claims have been resolved the balance of funds will be transferred to Community Schools Trust.

Going Concern

The Board of Trustees has assessed the going concern assumption in relation to the Trust. As the core activities, of the Trust are limited by the resolution of the Outstanding Claims the accounts are prepared on a basis other than going concern.

SHACKLEWELL SCHOOL LEGACY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

Investment policy

The Trust recognises the need to obtain best value from any cash balances that it holds. This policy sets out how those balances will be invested in order to achieve best value whilst also ensuring sufficient cash flow to enable the Trust to manage its day to day accounts.

The Trust will not place cash assets in stocks and shares or other such investment schemes. Cash assets will only be invested in interest bearing accounts available through its normal bank. Cash flow and investments shall be managed by the Chief Financial Officer using the following principles:

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr A Verjee
Ms G Juma
Mr P Young
Ms J Miln
(Resigned 11 September 2023)
Ms V J Mirfin
(Resigned 11 September 2023)
Ms S Amirbayat
(Resigned 19 September 2023)
Dr T Ademosu
(Resigned 18 October 2023)
Ms C Shofoluwe
(Resigned 23 October 2023)
Mr J G Newnham
(Resigned 31 December 2023)
Mr Y Tomori
(Resigned 31 December 2023)

Constitution

Shacklewell School Legacy Trust is a company limited by guarantee and an exempt charity as defined by the Academies Act 2010 and listed in Schedule 3 of Charities Act 2011. The charitable company’s articles of association are the primary governing documents of Shacklewell School Legacy Trust.

The Trustees act as the Trustees for the purposes of charity law and are also the directors of the charitable company for the purposes of company law.

 

Method of recruitment and appointment or election of Trustees

Trustees are recruited and appointed in accordance with the articles of association. Trustee positions are filled following a skills, experience and diversity audit and an open recruitment process.

 

 

SHACKLEWELL SCHOOL LEGACY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

Members’ liability

Each member of the Trust undertakes to contribute to the assets of the Trust in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

 

Trustees’ indemnities

The Trust has purchased trustee indemnity insurance; the level of cover is £5 million.

 

Organisational structure

The Shacklewell School Legacy Trust has a suite of policies that outline the principles by which the Trust is managed. Approval of policies by Trustees occurs in board meetings at defined intervals.

The staffing structure of the Trust is reviewed at Board of Trustee meetings and approved as required, but at least annually, by Trustees along with the budget for the future year.

In summary, the management of the Shacklewell School Legacy Trust is through the Board of Trustees. This Board is supported by the Advisor to the Chair of Trustees, the Advisor is also the Accounting Officer and Chief Financial Officer. The Chair and Advisor meet on a regular basis.

 

Arrangements for setting pay and remuneration of key management personnel

The Board of Trustees scrutinise and approve changes to overall pay scales and remuneration; employee salaries are in line with National Pay Scales.

Connected organisations, including related party relationships

Shacklewell School Legacy Trust is not part of a formal network or federation of schools.

 

Principal risks and uncertainty

The principal risks to the Trust are identified in the Risk Register which is reviewed and updated as required at each Trust Board meeting.

To mitigate staffing risks, the Chair meets with the Advisor at least fortnightly and the Board of Trustees regularly reviews staffing levels and retention.

To mitigate financial risks Trustees are provided with a Statement of Financial Activity monthly and all payments or transfers are approved in line with the Financial Management Policy which is reviewed and approved annually by Trustees. Trustees review and approve the Budget in response to operational or strategic events and at least annually.

Plans for the future

In 2024-2025 the Trust will:

SHACKLEWELL SCHOOL LEGACY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Small company exemptions

This report has been prepared and delivered in accordance with the provisions in Part 15 of Companies Act 2006 applicable to companies subject to the small companies' regime.

The Trustees report was approved by the Board of Trustees.

Ms G Juma
2 December 2024
SHACKLEWELL SCHOOL LEGACY TRUST
STATEMENT OF TRUSTEES RESPONSIBILITIES  
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

The trustees, who are also the directors of Shacklewell School Legacy Trust for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

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

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SHACKLEWELL SCHOOL LEGACY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SHACKLEWELL SCHOOL LEGACY TRUST
- 6 -

I report to the trustees on my examination of the financial statements of Shacklewell School Legacy Trust (the company) for the year ended 31 August 2024.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements 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 the company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I draw your attention to Note 1.2 to the financial statements which explains that the Trustees intend to wind up the company and distribute its funds to the Community Schools Trust once outstanding matters have been resolved. I therefore do not consider it appropriate that the going concern basis of accounting in preparing the financial statements be adopted. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2.

Other than the above I confirm that no other matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 other 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 financial statements to be reached.

Raymond David Chaplin FCCA
Caton Fry & Co Limited
Essex House
7-8 The Shrubberies
George Lane
South Woodford
London
E18 1BD
Dated: 2 December 2024
SHACKLEWELL SCHOOL LEGACY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
-
-
-
-
214,322
214,322
Charitable activities
4
-
-
-
-
10,489,722
10,489,722
Other trading activities
5
-
-
-
342,544
-
342,544
Interest receivable
-
-
-
63,176
-
63,176
Insurance claim
-
-
-
-
1,705,100
1,705,100
Total income
-
-
-
405,720
12,409,144
12,814,864
Expenditure on:
Charitable activities
6
49,197
-
49,197
270,000
13,730,065
14,000,065
Total expenditure
49,197
-
49,197
270,000
13,730,065
14,000,065
Net expenditure
(49,197)
-
(49,197)
135,720
(1,320,921)
(1,185,201)
Exceptional items
11
(1,709,720)
(26,058,079)
(27,767,799)
-
-
-
Transfers between funds
-
-
-
(681,000)
681,000
-
Other recognised gains and losses:
Actuarial gains on defined benefit pension schemes
-
-
-
-
64,000
64,000
Net movement in funds
7
(1,758,917)
(26,058,079)
(27,816,996)
(545,280)
(575,921)
(1,121,201)
Reconciliation of funds:
Fund balances at 1 September 2023
1,959,720
26,058,079
28,017,799
2,505,000
26,634,000
29,139,000
Fund balances at 31 August 2024
200,803
-
200,803
1,959,720
26,058,079
28,017,799

The company has no recognised gains or losses other than those shown above.

 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

 

SHACKLEWELL SCHOOL LEGACY TRUST
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
-
26,057,518
Current assets
Debtors
13
-
894,856
Short term deposits
-
2,500,000
Cash at bank and in hand
203,878
53,425
203,878
3,448,281
Creditors: amounts falling due within one year
14
(3,075)
(1,488,000)
Net current assets
200,803
1,960,281
Total assets less current liabilities
200,803
28,017,799
The funds of the company
Restricted income funds
15
-
26,058,079
Unrestricted funds
200,803
1,959,720
200,803
28,017,799

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 2 December 2024
Ms G Juma
Company registration number  (England and Wales)
SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
1
Accounting policies
Charity information

Shacklewell School Legacy Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Shacklewell School Legacy Trust, 33 Cottage Field Close, Sidcup, DA14 4PD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the company's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The company is a Public Benefit Entity as defined by FRS 102.

 

The company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

On the 1 September 2023, other than a legacy fund of £250,000, the assets and liabilities of the Petchey Academy were transferred to the Community Schools Trust. The legacy fund of £250,000 will fund ongoing matters which once resolved the directors intend to wind up the company. On this basis the directors do not deem it appropriate to adopt the going concern basis and have therefore prepared the financial statements on a basis other than going concern. After making appropriate enquiries the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence until it is wound up.

 

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income

All income is recognised when the company has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

1.5
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.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 10 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
3
Income from donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£
Donations and gifts
-
149,000
Capital grants
-
65,322
-
214,322
4
Income from charitable activities
Restricted
Restricted
funds
funds
2024
2023
£
£
General Annual Grant (GAG)
-
9,308,772
Pupil Premium
-
527,048
Other DfE/ESFA grants
-
66,988
Local authority grants
-
444,466
Covid 19 recovery premium
-
142,448
-
10,489,722
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Hire of facilities/lettings income
-
160,000
Catering income
-
172,796
Miscellaneous income
-
9,748
-
342,544
SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
6
Expenditure on charitable activities
2024
2023
£
£
Direct costs
Staff costs
33,886
8,023,000
Legal costs
11,294
101,044
Educational costs
-
4,898,367
Other costs
4,017
-
Depreciation costs
-
977,654
49,197
14,000,065
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's independent examiner:
- for the independent examination of the charity's financial statements
510
-
- for other assurance services
2,100
-
Depreciation of owned tangible fixed assets
-
976,827
Fees payable to previous auditor - statutory auditor
-
21,000
Fees payable to previous auditor - other services
-
5,000
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the company during the year.
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
1
140
Employment costs
2024
2023
£
£
Wages and salaries
30,880
6,128,000
Social security costs
3,006
667,000
Other pension costs
-
1,228,000
33,886
8,023,000
SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Employees
(Continued)
- 13 -
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,001 - £70,000
-
8
£70,001 - £80,000
-
2
£80,001 - £90,000
-
1
£90,001 - £100,000
-
3
£100,001- £110,000
-
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
30,880
530,238
10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11
Exceptional items

On 1st September 2023, other than retaining £250,000 of legacy funding, the remaining assets and liabilities of The Petchey Academy were transferred to Community Schools Trust.

12
Tangible fixed assets
Leasehold buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
35,522,660
3,455,218
1,237,784
51,926
40,267,588
Transferred to Community School Trust
(35,522,660)
(3,455,218)
(1,237,784)
(51,926)
(40,267,588)
At 31 August 2024
-
-
-
-
-
Depreciation and impairment
At 1 September 2023
11,054,123
2,088,210
1,015,811
51,926
14,210,070
Transferred
(11,054,123)
(2,088,210)
(1,015,811)
(51,926)
(14,210,070)
At 31 August 2024
-
-
-
-
-
Carrying amount
At 31 August 2024
-
-
-
-
-
At 31 August 2023
24,468,537
1,367,008
221,973
-
26,057,518
SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Tangible fixed assets
(Continued)
- 14 -

 

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
5,934
Other debtors
-
393,586
Prepayments and accrued income
-
495,336
-
894,856
14
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
465
-
Trade creditors
-
808,911
Other creditors
-
216,089
Accruals and deferred income
2,610
463,000
3,075
1,488,000
15
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 September 2023
Incoming resources
Resources expended
Transfers
Transferred to Community School Trust
At 31 August 2024
£
£
£
£
£
£
Fixed asset fund
26,058,078
-
-
-
(26,058,078)
-
SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
15
Restricted funds
(Continued)
- 15 -
Previous year:
At 1 September 2022
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 August 2023
£
£
£
£
£
£
General annual grant (GAG)
838,000
9,309,000
(9,755,000)
-
(392,000)
-
Other DfE/ESFA grants
-
669,000
(669,000)
-
-
-
Other grants
-
2,281,000
(2,281,000)
-
-
-
Pension reserve
(19,000)
-
(45,000)
-
64,000
-
Fixed asset fund
25,815,000
150,144
(980,065)
681,000
392,000
26,058,079
26,634,000
12,409,144
(13,730,065)
681,000
64,000
26,058,079
16
Related party transactions

There were no disclosable related party transactions in the year.

 

The following related party transactions took place during the previous year:

Victoria Mirfin - A member and Governor of the Petchey Academy was the Director of Programmes and Partnerships of the Jack Petchey Foundation throughout the year.

Gemma Juma - A member and Governor of Petchey Academy was the Chief Executive Officer of the Jack Petchey Foundation throughout the year.

The Academy was in receipt of restricted grants from the Foundation relating to the period equal to £145,211 and £73,480 for capital projects on successfully applying to the Foundation's Board of Trustees via a grant bid process.

The Petchey Academy received £2,700 from The Jack Petchey Foundation through its Achievement Award Programme and other sponsorship programmes that are available to all schools.

17
Post-balance sheet events

As noted in the Trustees' Report on 1 September 2023, the activities, assets and liabilities of the Academy were transferred as a going concern to Community Schools Trust (company registration number 10337377).This transfer was in accordance with a legal deed of transfer.

 

As referred to in Note 18 below there are outstanding claims against the charity. Once these have been resolved the Trustees will commence the winding up of the company in accordance with the schedule of activities set out in the Transfer Agreement with the Community Schools Trust. This is expected to take place in 2025.

SHACKLEWELL SCHOOL LEGACY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
18
Contingent liability

Recognition of a contingent liability pursuant to Charities SORP FRS 102 10.84 was made on the basis that outstanding claims against the charity might result in a possible but uncertain financial obligation.

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