CHARITY REGISTRATION NUMBER 1206625
COMPANY REGISTRATION NUMBER 12121987
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A Blench
J Fox
J Ward-Capes
M Thomas
(Appointed 24 January 2024)
Chair
A Blench
CEO
D Warman
Secretary
R Staniforth
Charity number
1206625
Company number
12121987
Registered office
The Quadrant
99 Parkway Avenue
Sheffield
South Yorkshire
S9 4WG
Independent examiner
M Mealing BSc FCCA
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Bankers
Co-operative Bank plc
PO Box 250
Skelmersdale
WN8 6WT
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
CONTENTS
Page
Trustees' report
1 - 8
Independent examiner's report
9
Statement of financial activities
10
Balance sheet
11 - 12
Notes to the financial statements
13 - 21
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
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 charity's governing document, 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 objects of the charity are:

To act as a resource for young people up to the age of 25 who are not able to engage effectively in mainstream educational setting living within the city of Sheffield and South Yorkshire by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:

a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

b) advancing education;

c) relieving unemployment;

d) providing recreational and leisure time activity in the interest of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.

The trustees have given due regard to the Charity Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant and are pleased to report on the achievements and performance of the organisation in line with the organisation’s charitable objectives for public benefit.

Achievements and performance

Chair of Trustees Comments:

I am proud to be the chair of trustees at Shaped. We have had a challenging but successful year, the highlights from the year are reflected in this report.

When reading the numbers we could be tempted to think 'well that's not a lot of young people'. One thing we are mindful of in Shaped is the network of relationships which sit behind every young person we work with. Most of our young people come to us from situations where key relationships have broken down and trust has been broken or lost with the adults in their lives. Whether that be with parents/carers, teachers or other professionals working with the young person and their families. At Shaped our unique curriculum helps to rebuild the young person. Many come to Shaped feeling that they have no hope for the future and leave us with hope. In that sense the numbers don't tell the story. The impacts into the future are far more than only 18 young people who have accessed our learning centres.

I love the tale of the starfish. The young girl believes in the potential of what she is doing and so do we. We hope from reading this report that, like the old man in the tale, you would want to join in with us. Some practical ways in which you can do this is by volunteering or becoming a regular donor. Please speak to one of the team for more details. Thank you for your support in 2023/2024 and we look forward to all that 2024/2025 has to hold for us.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

 

The Tale of the Starfish

It all started when….

A young girl was walking along a beach upon which thousands of starfish had been washed up during a terrible storm. When she came to each starfish, she would pick it up, and throw it back into the ocean. People watched her with amusement.

She had been doing this for some time when a man approached her and said, “Little girl, why are you doing this? Look at this beach! You can’t save all these starfish. You can’t begin to make a difference!”

The girl seemed crushed, suddenly deflated. But after a few moments, she bent down, picked up another starfish, and hurled it as far as she could into the ocean. Then she looked up at the man and replied,

“Well, I made a difference for that one!”

The old man looked at the girl inquisitively and thought about what she had done and said. Inspired, he joined the little girl in throwing starfish back into the sea. Soon others joined, and all the starfish were saved.

Mr Andrew Blench

Review of the Year:

The year ending 31 August 2024 saw Shaped reach its 5th anniversary as an organisation providing Alternative Education Provision to young people in crisis in Sheffield. It was also a milestone year as Shaped gained charitable status in January 2024 from the Charity Commission.

During this year the extraordinary dedication and passion of our staff at Shaped has enabled us to successfully navigate challenges and continue enriching the lives of young people we work with. Our team’s unwavering commitment to each young person has been evident throughout the year, enabling our young people to experience our core values of C.A.R.E. (Commitment, Attentiveness, Responding in the best way & Empowerment).

This year also saw us develop new areas of work in Sheffield. Starting a specific Mentoring provision working with young people who were struggling to access any mainstream education or Alternative Provision. This work is targeted towards helping young people become unstuck, and take small steps towards re-engaging with education. This has enabled us to develop a positive working relationship with the Virtual School in Sheffield (part of the local authority that has responsibility for the education of all children in the city who are Looked After), who have referred a number of young people to this service.

 

Alternative Education Provision (AP)

Throughout the academic year 2023/2024 we continued to provide Alternative Education Provision from our 3 centres (Steel Inn, Spa View & Yew Lane). Working with, in total, 18 young people over the year; nine in Y11 and nine in Y10.

 

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

All student places at Shaped are commissioned directly by our partner schools with a Service Level Agreement put in place to cover the placement; and this year we worked with 5 different partner schools from the city. Over the year we have continued to build positive working relationships with each school, which has enabled us to support the young people, and their families is the best way possible.

Our approach to teaching and learning (our pedagogy) relies on a number of fundamental core beliefs:

Our priority as we invite young people into Shaped, is to create a sense of belonging and acceptance, inviting them to be part of the Shaped community, where we all learn and grow together. Without prioritising this, our students won’t be ready to learn. This sense of community is the foundation of the learning environment needed to allow space for learning and growth.

As a student’s confidence around learning grows we seek to support them to access formal assessments such as Functional Skills and GCSE’s. In June 2024 all nine Y11 students with us sat their Maths and English Language GCSE’s, we had 100% attendance at the exams and of the 9 students 8 of them passed both subjects achieving an average grade 2. All 9 Shaped students said that they would not have attended their exams if they had not been hosted at Shaped.

Current Learner case studies:

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

Across all our centres within the full cohort of the AP students we saw positive engagement, with an average attendance across all centres of 85% over the full year. Each student has a story of success over the year, and the monitoring of students wellbeing (using WEMWEBS) over the year showed a 20% increase in students wellbeing whist at Shaped. We’ve seen students grow in confidence, resilience, self awareness, self control, social skills, cultural capital, and positive life skills through their time at Shaped and we know that this prepares them for the next stage of life (post 16: college, training and the world of work).

As part of our offer this year we partnered with another small organisation Cmpound Music to help deliver an Alternative Provision offer focused around music and lyric writing. Cmpound Music is an organisation led by brothers Conor and Stefan Merrison, they have developed through working in schools, a programme based around lyric writing and music production that enables young people to have discussions around key PSHE topics such as role models, hopes and aspirations, relationships, social media, crime etc. At Shaped we were able to support this project with our safeguarding expertise and training alongside our experience in running an Alternative Provision group. The Cmpound project ran for a whole term with a group of 4 young people all of which successfully engaged in the work.

 

Mentoring

In September 2023 in response to observations from our team and our partner schools, we launched a mentoring service focused on working 1-to-1 with students who had become disengaged from any formal education. Since the COVID-19 pandemic a growing number of young people had found it challenging to return to mainstream school, and had become ‘stuck’. Once out of the system it was clearly more and more difficult to return as the gap between them and their peers grew wider and increasing levels of anxiety could been seen by many young people. It is also observed that young people not attending education are at an increased risk of becoming involved in criminal or sexual exploitation.

Over the academic year 2023/2024 year we worked with 8 young people on the mentoring service all of whom had become disengaged from mainstream education and were not able to access school, or Alternative Provision. Our bespoke mentoring approach responds to the needs of each individual young person and is focused on slowly building up a positive trusting relationship. From this place the mentor is able to introduce the young people to new situations, new people and into new learning environments. This helps build confidence, resilience in the young person.

Of the 8 students we will continue to work with 4 of them into the next academic year building on the positive engagement made in this first year.

Mentoring Case Study

Across both the AP and mentoring work the cohort of students included:

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

Adults with Learning Difficulties

Since Shaped began in 2019 we have successfully run a day care group for adults with learning difficulties. The unique aspect of this group is that we have found a way to run both a school aged Alternative Provision and the adult group alongside each other, supporting all those attending to be part of a community where each of them feels valued, giving them a sense of belonging and ultimately helping them to learn and grow. Over the academic year 2023/2024 this ran on a Tuesday, Wednesday, and Friday at our Spa View centre.

Our innovative approach of bringing the two groups together has needed a great deal of experience, attentiveness, and commitment to ensuring the needs of all who attend are met. The outcome of managing this successfully has been a vibrant community of young people and adults with learning difficulties supporting each other, and breaking down barriers to inclusion, and providing an accepting, loving environment for young people and adults to learn and grow.

We started the year with 5 adults as part of this group, and in the spring term 2 new adults joined the group, so at the end of the year there were 7 adults attending regularly across the week, all of whom will return in 2024/2025.

Comment from one adults carer:

They love coming to Shaped. It’s a homely, friendly provision, with a great team who are caring and provide for everyone’s needs. Although they go to other provisions Shaped is the one they talk about the most and say they have the most friends at. We never struggle to get them up and ready on a Friday, Shaped is absolutely somewhere they feel safe and able to be themselves.

 

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
Financial review

 

Shaped’s key financial objective is to ensure we maintain financial stability, continued solvency and robust financial systems and governance procedures year on year, so that we can sustain delivery of our charitable objectives both currently and into the future.

Shaped’s turnover this year has increased to £303,990 (2023: £275,184). The majority (75%) of this income came through the delivery of the AP services to schools and prices for the service were increase in September 2023 in response to the increased running costs of Shaped (linked to inflationary pressures and staff salary increases). Other significant income was generated from the new mentoring offer (£13,840 – 5% of income), the adult learner group at Spa View (£24,960 – 8% of income).

Gaining charity status in January 2024 enabled us to look into applying for funding to develop some of our new work outside of the AP offer. In June 2024 we were granted £2,500 from the KFC Foundation to support the new mentoring work, this was used to fund staff salaries associated with this work. Alongside this funding we also received a number of donations from individuals over the year, and gift aid was claimed on those which are eligible, totalling a further £15,973 (inc. gift aid). We are very grateful to all those who have donated to the work of Shaped this year.

Expenditure in the year was £303,490 (2023: £284,107), resulting in a surplus of £500 for the year (2023: £8,923 deficit). This reflects an increase in the costs associated with supporting our charitable activities and in particular increased salary costs. In the work we provide, our staff are our greatest asset and the heart of everything we do. Due to this staff costs make up the greatest share of our expenditure, at £251,704 (2023: £239,268) this equates to 83% of total expenditure over the year.

The balance sheet shows a long term interest free loan taken out by Shaped in August 2021, trustees agreed to start repayment of this and by the end of this year £1,000 had been repaid. Trustees are committed to the ongoing repayment of this loan as funding allows.

Going concern

 

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

The trustees recognise the need to diversify our funding base and raise unrestricted income. This is a long-term strategy to ensure the financial sustainability of the charity.

Reserves policy

 

In the year 2023/2024 Shaped did not have a written reserves policy in place. The trustees are aware that a reserves policy is recommended by the Charity Commission and therefore they have been working to develop a policy to have in place in 2024/2025. The agreed aim is to have a minimum of three months operating costs of reserves in the bank account at all times.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

Funds in deficit

 

Shaped faces a deficit in our funds amounting to £21,467. This shortfall primarily arose due to increased operational costs and the decision to take out a long term 0% interest loan to invest in the organisation.

Specifically:

 

To address the deficit, the organisation has taken the following steps:

 

Shaped remains committed to its mission of acting as a resource for young people and is taking proactive measures to ensure financial stability and sustainability in the future.

 

Risk Review

 

The trustees are in the process of setting up a risk management strategy which comprises of: ·

The risk register will be formally reviewed by the Board on an annual basis and focuses on five key themes/areas of risk: Governance, Financial, Operational, Strategic, Reputational and Compliance. The risk register has likelihood and impact assigned to each item to give a weighting for each identified risk, which identifies the major risks, enabling management to focus their attention on critical factors and ensure appropriate systems and procedures are in place. The trustees believe that the systems and procedures in place will mitigate the risks.

Safeguarding

 

Work with young people can carry considerable risk in terms of child protection and safeguarding issues. The trustees have ensured that Shaped has a safer recruitment policy and that staff involved in recruitment receive safer recruitment training. Shaped is registered with the Disclosures and Barring Service for vetting staff, trustees and volunteers. In addition, personal references and enhanced DBS checks are followed up for those staff and volunteers who are in direct supervision of, or work with young people.

Shaped’s Designated Safeguarding Lead and the trustee with responsibility for Safeguarding meet on a regular basis and present an annual self-assessment and action plan to the Board.

During the year there were no safeguarding incidents reported in the relation to Shaped’s work, and a thorough annual review of the organisations safeguarding policy was conducted.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Structure, governance and management

The charity is established as a company limited by guarantee, without a share capital, and is registered as a charity with the Charity Commission. The affairs of the charity are governed by its Memorandum and Articles of Association. The liability of the Members in the event of the company being wound up is limited to a sum not exceeding £1. Charitable status was achieved on 19 January 2024.

The trustees meet formally, approximately every two months with the CEO and Business Manager, to ensure compliance with the stated objectives. During the year, The Board of Trustees met formally 6 times.

The trustees are involved in major strategic decisions and have ultimate responsibility for the conduct and financial stability of Shaped. They seek to support the CEO in a culture of mutual confidence and trust. The Board of Trustees delegates all day to day operations of the charity to the Chief Executive.

Commitment from the trustees remains high and areas for future investment of time include Risk Management and Safeguarding.

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:

A Blench
J Fox
J Ward-Capes
M Thomas
(Appointed 24 January 2024)

Prospective trustees are recruited based on their skills and suitable character, alongside their interest in the work that Shaped does in its work with young people. Prospective trustees informally meet with both a member of the trustee board and the Chief Executive prior to appointment, and due diligence is taken on their suitability via a personal declaration of suitability, skills audit and a satisfactory enhanced DBS check. Trustees are requested to familiarise themselves with the work of the charity and to read the Charity Commission publication, ‘The Essential Trustee: What you need to know’, alongside undertaking basic safeguarding training to inform their role.

During the year we appointed a new trustee Maria Thomas who brings experience in safeguarding and SEND to the trustee board. This appointment brought the board up to 4 members.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

A Blench
Trustee
29 January 2025
- 9 -
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD

I report to the trustees on my examination of the financial statements of Sheffield Alternative Provision for Education Ltd (the charity) for the year ended 31 August 2024.

Responsibilities and basis of report

As the trustees of the charity (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 charity 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 charity’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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, 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 that in any material respect:

1

accounting records were not kept in respect of the charity 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 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.

M Mealing BSc FCCA
UHY Hacker Young
Chartered Accountants
Dated: 29 January 2025
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
(As restated)
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
18,473
3,643
Charitable activities
4
285,517
271,541
Total income
303,990
275,184
Expenditure on:
Charitable activities
5
303,490
284,107
Net incoming/(outgoing) resources before transfers
500
(8,923)
Net income/(expenditure) for the year/
Net movement in funds
500
(8,923)
Fund balances at 1 September 2023
(21,967)
(13,044)
Fund balances at 31 August 2024
(21,467)
(21,967)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 11 -
(As restated)
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
247
1,442
Current assets
Debtors
11
245
119
Cash at bank and in hand
2,641
432
2,886
551
Creditors: amounts falling due within one year
12
(14,800)
(23,960)
Net current liabilities
(11,914)
(23,409)
Total assets less current liabilities
(11,667)
(21,967)
Creditors: amounts falling due after more than one year
13
(9,800)
-
Net liabilities
(21,467)
(21,967)
Income funds
Unrestricted funds
(21,467)
(21,967)
(21,467)
(21,967)
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 12 -

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 29 January 2025
A Blench
Trustee
Company registration number 12121987
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Charity information

Sheffield Alternative Provision for Education Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is The Quadrant, 99 Parkway Avenue, Sheffield, South Yorkshire, S9 4WG.

 

The company was incorporated on 25 July 2019, and in March 2023 the directors agreed to action an application to the Charity Commission for charitable status for the organisation. The application was submitted in July 2023 and the directors were informed the application was successful in December 2023. The organisation became a registered charity on 19 January 2024.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, 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 charity is a Public Benefit Entity as defined by FRS 102.

 

The charity 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 charity. 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

Despite having a negative fund balance at the balance sheet date, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. To arrive at this conclusion the trustees have reviewed the budgets for 2024/2025, and based on the expectation that income will increase, due to price increases, new income streams and offers, the charity is expecting to have a surplus in the following year. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

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

Restricted funds, if any, are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are recognised in full in the year in which they are receivable. All grants are allocated between the income categories of the Statement of Financial Activities on a basis designed to reflect the use of the income.

Incoming resources from charitable trading activities are accounted for when earned.

1.5
Resources expended

Resources expended are recognised in the year in which they are incurred and include irrecoverable VAT.

Charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and their costs of an indirect nature to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The charity 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 charity's balance sheet when the charity 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

 

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

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

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’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.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
3
Donations and legacies
(As restated)
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
15,973
3,643

Grants

2,500
-
18,473
3,643
Grants receivable for core activities
KFC Foundation
2,500
-
2,500
-
4
Charitable activities
(As restated)
2024
2023
£
£
Services provided under contract
285,517
271,541
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
5
Charitable activities
(As restated)
2024
2023
£
£
Staff costs
251,704
239,268
Depreciation and impairment
1,195
1,195

Direct costs

18,406
10,403

Rent

17,611
17,952

Property repairs and maintenance

272
397

Computer running costs

2,142
2,485

Motor running costs

2,460
2,814

Legal and professional

3,969
3,562

Bank charges

473
276

Insurance

2,286
2,047

Printing and stationery

326
365

Telecommunications

453
413

Sundry

1,653
2,930
302,950
284,107
Share of governance costs (see note 6)
540
-
303,490
284,107
6
Support costs
Support costs
Governance costs
2024
£
£
£
Audit fees
-
540
540
-
540
540
Analysed between
Charitable activities
-
540
540

Governance costs includes payments to the auditors of £540 (2023 (As restated): £nil) for independent examination fees.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

A Blench donated £4,400 (2023: £nil) and J Fox donated £nil (2023: £1,500) to the charity during the year.

8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Employees
12
12
Directors/ trustees
4
3
Total
16
15
(As restated)
Employment costs
2024
2023
£
£
Wages and salaries
234,511
223,734
Social security costs
12,426
11,056
Other pension costs
4,767
4,478
251,704
239,268
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
10
Tangible fixed assets
(As restated)
Computer equipment
£
Cost
At 1 September 2023
3,623
At 31 August 2024
3,623
Depreciation and impairment
At 1 September 2023
2,181
Depreciation charged in the year
1,195
At 31 August 2024
3,376
Carrying amount
At 31 August 2024
247
At 31 August 2023
1,442
11
Debtors
(As restated)
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
100
-
Prepayments and accrued income
145
119
245
119
12
Creditors: amounts falling due within one year
(As restated)
2024
2023
£
£
Borrowings
4,566
12,000
Other taxation and social security
3,875
3,493
Trade creditors
2,603
4,161
Other creditors
-
1,868
Accruals and deferred income
3,756
2,438
14,800
23,960
SHEFFIELD ALTERNATIVE PROVISION FOR EDUCATION LTD
T/A SHAPED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
13
Creditors: amounts falling due after more than one year
(As restated)
2024
2023
£
£
Other creditors
9,800
-
14
Related party transactions

There were no disclosable related party transactions during the year (2023: none).

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
61,669
61,125
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