The trustees present their annual report and financial statements for the year ended 31 August 2025.
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).
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).
* To note: The Education and Skills Funding Agency (ESFA) closed on 31 March 2025. All activity has moved to the Department for Education (DfE).
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.
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.
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. As at the start of the 2024/25 financial year the balance of the retained fund was £200,083. There was a net spend of £44,926 from these funds in the year leaving net assets at the year-end as £155,887.
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.
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:
Regularly monitor cash flow and current account balances to ensure immediate financial commitments can be met.
The Trust will always seek to avoid its current account going overdrawn.
Open a Deposit Account bearing an interest rate and transfer funds or receipts into this account.
Where long term surpluses can be identified, these may be invested in other banking products such as fixed term notice accounts; and
Annually review interest rates and compare with other investment opportunities.
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:
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.
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 2025-2026 the Trust will:
Continue to manage the requirements of the Commercial Transfer Agreement (CTA) to a mutually agreed resolution, supporting external investigations as required;
Continue to ensure all expenditure is managed effectively and represents value for money.
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.
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.
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 2025.
Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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:
accounting records were not kept in respect of the company as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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 financial statements 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.
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 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.
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.
On the 1 September 2023, other than a legacy fund of £250,000, the assets and liabilities of the Trust 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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
All income is recognised when the company has entitlement to the funds, the receipt is probable and the amount can be measured reliably.
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.
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.
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, 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, 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
On 1st September 2023, other than retaining £250,000 of legacy funding, the remaining assets and liabilities of the Trust were transferred to Community Schools Trust.
There were no disclosable related party transactions in the year.
As noted in the Trustees' Report on 1 September 2023, the activities, assets and liabilities of the Trust 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 13 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 2025-26.
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.