OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-08-31-accounts

REGISTERED CHARITY NUMBER: 1041474

THE AXIS EDUCATIONAL TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2020

THE AXIS EDUCATIONAL TRUST

Contents Page
Legal and administrative information 2
Trustees’ Report
 3 - 10
Accountant’s Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 - 22

1

THE AXIS EDUCATIONAL TRUST

Legal and administrative information

Trustees

H GOKCE - Chair A POLAT S CABUK C KARABEKMEZ S CIFCI E ERMIS

Charity Number: 1041474

Office address

16-17 Grand Arcade, Industrial House Second Floor, London, N12 0EH

Accountants

AA ACCOUNTANCY SERVICES 244 Chase Road London N14 6HH

Bankers

HSBC Bank plc PO Box 1311 The Town Enfield Middlesex EN2 6LD

Solicitors

Russell Wise Solicitors 67A High Road, London N22 6BH

2

THE AXIS EDUCATIONAL TRUST

TRUSTEES’ REPORT

FOR THE PERIOD ENDED 31 AUGUST 2020

The trustees present their annual report along with the audited financial statements of the charity for the period ended 31 August 2020. The trustees confirm that the Annual report and financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 1993 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005.

STRUCTURE, GOVERNANCE AND MANAGEMENT

• Constitution

The Axis Educational Trust is constituted under a trust deed dated 11[th] July 1994 and is a registered charity, number 1041474.

The principle objective of the Trust as described in the Trust Deed is to advance the education of students in the UK with a view to providing them with help and support of all kinds towards their education.

In setting our objectives and planning our activities the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

• Method of appointment or election of trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

• Policies adopted for the induction and training of trustees

New Trustees are inducted into the workings of the charity including Board policy and procedures, by way of electronic updates including, but not limited to, monthly briefings on Trust activities.

• Organisational structure and decision making

The Axis Educational Trust is a registered charity, number / 1041474 and managed by its Trustees.

The Board of Trustees meet at least four times a year to manage the charity.

• Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

OBJECTIVES AND ACTIVITIES

3

The principal objectives of the charity are:

[As described in the Memorandum of Association];

a) Establishing, maintaining and running educational institutions;

b) Awarding to such persons scholarships, maintenance allowances or grants tenable at any university, college or institution of higher or further education;

c) Providing their education, to undertake travel in furtherance of that education or to prepare for entry to an occupation, trade or profession on leaving any educational establishment.

• Strategies for achieving objectives

The Axis Educational Trust will carry out these objectives by opening Supplementary Schools (Saturday Schools, Evening Classes, After-school clubs, Tuition Centres, Holiday Schemes); nurseries; independent and/or free schools; colleges and universities. While doing so, the charity will employ its anti-discrimination, equal opportunity, and inclusion policies so that the whole public could benefit from the charity's provisions, services and activities.

In setting objectives and planning activities, the Trustees have given careful consideration to the Charity Commission`s general guidance on public benefit guidance on advancing education and on fee-charging.

In 2019-2010 academic term, Axis Supplementary Schools charged a subsidised fee of £8 per hour per child on Saturday Schools/Tuition Centres, with an additional 10% to 15% discount (bursary) for disadvantaged children who are entitled for Free School Meals at their own schools as well as crowded families who struggle financially.

• Activities for achieving objectives

The main activities of the Trust during this period have been:

These projects are designed to make a difference to the children and young people who need it most.

ACHIEVEMENTS AND PERFORMANCE

4

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.

• Review of activities

This year ended 31 August 2020 is the 26th year of Axis’ operations and providing educational services for the community.

Over the course of the past year Axis Educational Trust has been continuously providing support, consultation and training to its growing portfolio of supplementary schools/ tuition centres throughout the UK. While four of them are actively run by the Trust itself, the other four operate under the franchise agreement signed with other charities in different regions. Axis Educational Trust has been successfully built a nationwide network of tuition centres which follow the Axis Scheme for raising the literacy and numeracy skills of children living in disadvantaged areas.

As a frontline community organisation our trustees declared Covid-19 Action plan and reviewed health and safety, safeguarding policies and developed new rules and practies for the risk-free safe delivery of services for the utmost safety and wellbeing of its staff and beneficiaries. As a respond to the Covid-19 pandemic and the increasing demands the trustees have agreed to increase budget by streamlining its income spectrum such as grant making, corporate contracts and utilising government incentives to offer more free places and free activities for most vulnerable and disadvantaged children, young people and their families. We have contributed to the coordinated action taken locally by joining network, creating a community helpline, acting as a hub, offering food, ppe, hygiene products and befriending services in the time of crisis in addition to our existing services.

Axis Scheme for the so called Tuition Centres focuses on the two most important aspects of the curriculum, Literacy and Numeracy so that we ensure our supplementary learning has the maximum impact on the child's education without taking up too much time. The scheme improves literacy and numeracy skills of children aged 5-14 as children spend 3 hours of quality time at the weekend (or 2 hours per subject in the weekday evenings) to improve their reading, writing, arithmetic and creative thinking skills. Science lesson has also been implemented to the scheme for GCSE and A-Level students. In addition, the eleven plus course which was added to the curriculum 3 years ago has now grown with the intensive demand from the public.

Pupils of different ages attend the supplementary schools which follow Axis Scheme to get the additional educational support needed in order to succeed in their lessons at school. Our experience has shown that these schools have also played an important role in keeping attending students focused on their learning and away from other temptations that lie outside the classroom, including crime.

They have also been of tremendous benefit in creating an environment where parents can meet other people who share similar values and ethos with regard to society and a commitment to creating a society with and for educated individuals who recognise and appreciate their broader social responsibilities.

We are proud that this model has gained success and popularity by achieving NRCSE (National Resource Centre for Supplementary Education) Special Distinction Award and registering with Ofsted. We have also received the EDUCOM 2015 Education Intervention

5

Award for our work in the community. As a consequence of the ongoing and proven success of the Axis Scheme, a significant number of organisations are still providing supplementary education using this model. We provide the content and the support to these groups based on a franchise fee and they are financially managed by themselves as a charity or an association. Our well established websites (www.axiseducationaltrust.org, www.tuitioncentres.org) are testaments to the popularity of the program.

Axis Educational Trust continued providing guidance service for teacher candidates throughout their PGCE applications this year too and candidates were offered voluntary and paid positions at supplementary schools, so that, the experience they gained through Axis gave them the confidence in their applications and studies as well as the first year in teaching profession.

Axis North Finchley Tuition Centre

Axis opened a new learning centre in North Finchley (London Borough of Barnet) with the financial support (grant fund) of John Lyon’s Charity (£15,000) and Barnet Council (£10,000) to provide English, Maths and Science lessons for local children as well as support for their parents.

Through this new centre, Axis was able to offer supplementary education in the local area of North Finchley with a view to helping those most in need - low income families. The majority of the work took place on Saturdays for pupils from KS1-KS3 with morning and afternoon sessions, usually for a period of 3 hours each session, and with an emphasis on improving academic performance in line with the national curriculum, while also helping to equip our young people with the skills to succeed in life.

The new centre, also catered to pupils in KS4-KS5 who were sitting critical GCSE and A-Level exams in core subjects like English, Maths and Science. We served a minimum of 117 students in our first year (1[st] year target was 60) and the programme successfully established itself with the local community.

This particular project has now expanded our charitable provision into North Finchley/Barnet area and we can cater for pupils from KS1 all the way up to GCSE and A-Levels in this region too. This centre is currently open six days a week and provides our standard programmes alongside 11+ tuition, GCSE and A-Level revisions, and arts classes.

We are extremely pleased that last year we reached our academic targets with the following results: - 100% of our GCSE students got a grade between A*-C (5-9)

Active Minds – Axis Holiday Learning Programme

We believe that children need a break from formal education but, studies show they forget up to 1/3 of what they've learned in summer so our Trust decided to carry on providing a fun way of learning during the 2020 Summer holiday in North London, where many disadvantaged kids enjoyed a quality programme.

This programme happened for the third time this year with a significant interest from the local residents. Axis has also provided half-term and Easter programmes given the demand from public.

Aims

6

Impact

Our holiday programmes helped over 300 children so far from low-income families improve their academic skills a minimum of one sub-level up to close the gap with their peers in a short term. In addition, children with low aspirations, low self-esteem and lack of self-confidence had additional time to have access to better facilities and a fun way of learning which helped them reach their potential, develop their emotional intelligence and have a better career and life expectations for the future.

The funding

John Lyon’s Charity has made a grants of £4,000 each this year for half-term and Easter projects however we couldn’t secure a grant fund for the bigger summer project and thus had to charge a subsidised school fee from all attendants and supported the project budget through Axis Educational Trust’s own reserves.

Cycling Project

We have helped more than 180 young people get trained for safely riding and maintaining bikes with a 3 year project funded by WGLC.

Online Tuition

£22600 funding by London Community Response Fund helped us transform our tuition services online, investing in digital equipment, resources and training of our staff and offering free places to 120 children and young people from disadvantaged backgrounds in London. Again with a secured funding from NationalLottery Community Fund we have increased our capacity and offered free Literacy, Numeracy and Coding classes to 96 children for 12 weeks.

FINANCIAL REVIEW

Governance and internal control

The trustees are responsible for the governance of the organisation, and to provide reasonable assurance that:

The system of internal control is designed to provide reasonable, but not absolute assurance against material misstatement or loss. They include:

7

In addition, the trustees will consider the guidance for directors of public listed companies contained within the Turnbull Report of 2000. Although it is not mandatory for the charity, it should, as a public interest body, adopt the guidelines as best practice.

• Reserves policy (and management of risks)

The principal funding source of the charity is that of school fees.

The Axis Educational Trust aims to provide educational provisions and better facilities at supplementary schools for students, parents and teachers. In order to achieve this, the charity has been looking for new suitable premises for tuition centres which will operate 7 days a week.

Trustees’ responsibility in relation to the financial statements

The charity's trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees’ are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

8

The trustees confirm that so far as they are aware, there is no relevant audit information of which the charity’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

PLANS FOR THE FUTURE

• Future Developments

Throughout the UK during 2019-20 academic year, Axis Educational Trust will carry on expanding network of supplementary schools / Tuition Centres and provide support, consultation and training. We aim to carry on providing these services at full-time supplementary schools called ‘Tuition Centres’ rather than limiting our services in Saturday Schools. Therefore, after careful research on national statistics and ward profiles and evaluation of the demand with public surveys we will continue piloting our provision in new areas with small projects and then convert them into full-time tuition centres when the necessity of a bigger project is proven and relevant funding is secured. In this context, we will also close some of the small scale Saturday Schools if the project life-span has ended or if they are not self-sustained financially.

Axis has received NRCSE Special Distinction Award through Ponders End Centre. We believe this will help us raise our standards, go under a self-check, share the good practice with our other centres as well as its possible contribution to promote our services.

In order Axis to initiate new projects and manage the expansion activities smoothly new qualified and experienced personnel will be needed. To this end, new part-time people will be recruited to help with the run of new Axis North Finchley Centre; Pangea Maths Competition project we will be launching in September 2018; and managing and moderating the new online www.PrivateTutors.agency website Axis will launch to support families who need trustworthy tutors for the education of their children as well as schools and organisations who need teachers in their institutions for different purposes and positions.

In addition to the above appointment, Axis has rented its building at 336 Philip Lane address due to the fact that the premises is no longer responding the needs of the trust and the fund generated through its rent income will be used to open other tuition centres in the most needed areas as well as a nursery which is very much requested by the supporters of the trust and a potential Language Centre which is demanded by the newly arrived immigrant parents.

Axis is planning to expand its current franchise system to other institutions that would like to use the Axis Scheme at their supplementary school projects so that new franchisees can both help people we cannot currently reach and help us generate more income for the charity’s running costs.

Axis Educational Trust will provide guidance service for more teacher candidates throughout their PGCE applications next year and the promising candidates will be offered part-time positions at tuition centres, so that, the experience they will have gained through Axis will give them the confidence in their applications and first year in teaching profession.

• Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

9

that the charitable company's auditors are aware of that information.

Approved by the trustees and signed on their behalf:

H GOKCE Chairman of the Board of Trustees

Date: 16 April 2021

10

THE AXIS EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT TO TRUSTEES OF THE AXIS EDUCATIONAL TRUST

I report on the accounts of the charity for the year ended 31 August 2020 which are set out on pages 12 to 22

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention other than disclosed below

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations

  3. to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

MR A AYDEMIR , FCCA AA ACCOUNTANCY SERVICES Chartered Certified Accountant 244 Chase Road, London, N14 6HH

Date: 16 April 2021

11

THE AXIS EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2020

Unristricted
Notes
Funds
INCOME AND EXPENDITURES
£
INCOMING RESOURCES
Incoming resources from generated funds:
Voluntary income
2
52951
Activities for generating funds
3
9073
Investment income
4
202500
Incoming resources from charitable activities
5
118916
Other incoming resources
6
12459
TOTAL INCOMING RESOURCES
395899
RESOURCES EXPENDED
charitable Activities
7
255307
Governance Costs
8
36847
Other resources expended
9
0
TOTAL RESOURCES EXPENDED
11
292154
NET INCOMING/(OUTGOING) RESOURCES
before transfers
21
103745
Transfersbetween funds
-
NET MOVEMENT IN FUNDS FOR THE YEAR
103745
Total Funds at 1 September 2019
1696435
Prior Year Adjustment (Note 20)
0
Total Funds at 31 AUGUST 2020
1800180
=====		 Restricted
Funds
£
60720
0
0
0
-
60720
40335
20388
0
60723
-3
-
-3
-270
0
-273
=====		 2020
Total
£
113,671
9073
202500
118916
12459
456619
295642
57235
0
352877
103742
-
103742
1696165
0
1799907
=====		 2019
Total
£
57,350
2435
121890
255927
9090
446692
297798
34719
0
332517
114175
-
114175
1581990
0
1696165
=====

The notes on pages 12 to 22 form part of these accounts.

12

THE AXIS EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 AUGUST 2020

Notes
2020
₤
15
13909
Programme related investments
16
2886026
2899935
Debtors
17
116062
139581
255643
18
(169613)
19 (1186058)
1799907
=====
21
-273
21
1800180
1799907
=====
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Cash at bank and in hand
Restricted funds
CHARITY FUNDS
Unrestricted funds
CREDITORS:Amounts falling due
within one year
Total assets less current liabilities
Net current assets / (liabilities)
CREDITORS:Amounts falling due
more than one year		 2019
₤
13762
2886026
2899788
65838
118333
184171
(213236)
(29065)
(1174558)
1696165
=====
-270
1696435
1696165
=====

The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 16 April 2021.and signed on its behalf by H GOKCE, Trustee.

H GOKCE Chairman

13

THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), 'Accounting and Reporting by Charities' published in March 2005 and applicable accounting standards.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.3 Incoming resources

All incoming resources are included in the Statement of financial activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable No income is recognised where there is no financial cost borne by a third party.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable

1.4 Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled, Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

14

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES (continued)

1.5 Tangible fixed assets and depreciation

All assets costing more than £ 500 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and fittings 25% reducing balance

1.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

1.7 Programme related investment

Programme related investments are stated at the cost of investment.

2. VOLUNTARY INCOME
Donations
Grants
Voluntary Income
3. TRADING ACTIVITIES
Charity trading income
Charity trading income-Domestic
Net income from trading activities		 Unristricted
Funds
£
18171
34780
52951
Unristricted
Funds
£
9073
9073		 Restricted
Funds
£
0
60720
60720
Restricted
Funds
£
-
0		 2020
Total
£
18171
95500
113671
2020
Total
£
9073
9073		 2019
Total
£
33850
23500
57350
2019
Total
£
2435
2435

15

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

4. INVESTMENTINCOME
Unristricted
Funds
£
Rental Income
202500
5. INCOMING RESOURCES FROM CHARITABLE
Unristricted
Funds
£
Educational Activities
118916
6. OTHER INCOMING RESOURCES
Unristricted
Funds
£
Other incoming resources
12459
7. EXPENDITURE BY CHARITABLE ACTIVITY
SUMMARY BY FUND TYPE
Unristricted
Funds
£
Investment Income
73911
Educational Activities
181396
255307
SUMMARY BY EXPENDITURE TYPE
Staff
Costs
£
Investment Income
0
Educational Activities
88996
88996		 Restricted
2020
Funds
Total
£
£
0
202500
ACTIVITIES
Restricted
2020
Funds
Total
£
£
0
118916
Restricted
2020
Funds
Total
£
£
0
12459
Restricted
2020
Funds
Total
£
£
0
73911
40335
221731
40335
295642
Other
2020
Costs
Total
£
£
73911
73911
132735
221731
206646
295642		 2019
Total
£
121890
2019
Total
£
255927
2019
Total
£
9090
2019
Total
£
48491
249307
297798
2019
Total
£
48491
249307
297798

16

THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. GOVERNANCE COSTS
Unrestricted
Funds
£
Governance- Accountants fees
1500
Governance - Other expenses
Governance - Premises costs for head office
2595
Governance - telephone
Governance expense - computer expenses
0
Governance expense - wages and salaries
30000
Governance expense - NI
0
Governance - depreciation - tangible fixed assets
2752
36847
====
9. OTHER RESOURCES EXPENDED
Unrestricted
Funds
£
Loss((profit) on disposal of fixed asset
0
====
10. DIRECT COSTS
Basis of Investment
Allocation
Income
£
Educational supplies
Direct
0
Bursaries and scholarships
Direct
0
Staff training and welfare
Direct
Premises
Direct
Insurance
Direct
Consultancy fees
Direct
Professional fees
Direct
Printing, Postage and Stationary
Direct
Equipment Hire
Direct
Student Related costs
Direct
Telephone
Direct
Travel and substance
Direct
Repairs and Renewals
Direct
Bank Charges
Direct
Credit Card Charges
Direct
Subscriptions
Direct
Miscellaneous
Direct
Advertising
Direct
Interest
Direct
73911
Computer costs
Direct
Wages and salaries
Direct
Pension
Direct
National insurance
Direct
73911
====		 Unrestricted
Funds
£
1500
2595
0
30000
0
2752		 Restricted
Funds
£
20388
20388
====
Restricted
Funds
£
0
====
Educational
Activities
£
3254
15000
1000
80372
7660
4250
2303
3370
280
1796
2629
0
125
469
2367
1400
361
2952
0
3038
88809
109
187
221731
====		 2020
Total
£
1500
0
2595
0
0
50388
0
2752		 2019
Total
£
1500
0
15479
490
0
15000
650
1600
36847
====
Unrestricted
Funds
£		 57235
====
2020
Total
£		 34719
====
2019
Total
£
0
====
2020
Total
£
3254
15000
1000
80372
7660
4250
2303
3370
280
1796
2629
0
125
469
2367
1400
361
2952
73,911.00
3038
88809
109
187		 0
====
2019
Total
£
6909
0
900
57819
4765
0
23736
1795
0
502
2460
0
0
456
0
0
163
3947
43726
0
149058
0
1562
73911
====		 295642
====		 297798
====

17

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Staff Costs
Depreciation
Other Costs
2020
£
£
£
£
Investment Income
0
0
73911
73911
Educational Activities
88996
0
132735
221731
Charitable activities
88996
0
206646
295642
Governance
50388
2752
4095
57235
Loss on disposal of fixed assets
0
0
0
0
139384
2752
210741
352877
12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES
Activities undertaken
Total
Directly
Support Costs
2020
£
£
£
Investment Income
73911
0
73911
Educational Activities
221731
57235
278966
Total
295642
57235
352877		 2020
£
73911
221731		 2019
£
48491
249307
295642 297798
57235
0		 34719
0
352877 332517
Total
2019
£
48491
284026
352877 332517

13. NET INCOMING RESOURCES

This is stated after charging:

13. NET INCOMING RESOURCES
This is stated after charging:
2020 2019
£ £
Depreciation of tangible fixed assets: owned by charity 1600 1600
Auditor's remuneration 0 0
Governance Accountant fees 1500 1500

During the year, no Trustees received any remuneration (2019 -£NIL). During the year, no Trustees received any benefits in kind (2019 -£NIL).

During the year, no Trustees received any reimbursement of expenses (2019 -£NIL).

14. STAFF COSTS

Staff costs were as follows:

Wages and salaries
Social security costs
The average monthly number of employees during the year was as follows:		 2020
£
139197
187
139384
2020
No.
8		 2019
£
164058
2212
166270
2019
No.
10

No employee received remuneration amounting to more than £60,0O0 in either year.

18

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

15. TANGIBLE FIXED ASSETS

15. TANGIBLE FIXED ASSETS
Cost
At 31.08.19
Additions
At 31.08.20
Depreciation
At 31.08.19
charge for period
At 31.08.20
Net book values
At 31.08.20
At 31.08.19		 TOTAL
£
95921
2899
98820
82159
2752
84911
13909
13762

16. PROGRAMME RELATED INVESTMENT

Market Value
At 1 September 2019
and 31 August 2020
At 31 August 2019		 336 Philip
Lane
£
733552
733552		 337 Fore
Street
£
1434256
1434256		 4 Glasgw
Road
£
467265
467265		 Alterations to
Premises
£
250953		 Total
£
2886026
250953 2886026

Programme related investments enable other charities to further their charitable objectives as well as ours in advance of furthering the education of students throughout the UK.

Total bank loans at the year end of £1183010 (2019: £1226150) are owed in relation to the Programme Related Investments held.

19

THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17. DEBTORS

Due after more than one year
Other Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2020
£
0
109750
6312
0
116062		 2019
£
0
54110
6312
5416
65838

18. CREDITORS: Amount falling due within one year

2020
£
Bank loans and Overdraft
71953
Other Loans
0
Trade creditors
23869
Other taxation and social security
2692
Other creditors
334
Accruals and deferred income
70765
169613		 2019
£
76592
50000
6356
1113
4175
75000
213236

19. CREDITORS: Amount falling due after one year

Bank loans
Other creditors		 2020
£
1161058
25000
1186058		 2019
£
1149558
25000
1174558

Creditors include amounts not wholly repayable within 5 years as follows:

2020 2019
£ £
Repayable by instalments 800284 822150

Bank loans are secured by way of a charge over the freehold buildings of the charity.

20

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

20. PRIOR YEAR ADJUSTMENT

There is no prior year adjsutment this year

21. STATEMENT OF FUNDS

Designated Funds
General Funds
General Funds-all funds
Total Unrestricted funds
Restricted funds
Restricted funds-all funds
Total of funds
SUMMARY OF FUNDS
General Funds
Restricted funds		 Brought
Forward
£
1696435
1696435
-270
1696165
Restated
Brought
Forward
£
1696165
0
1696165		 Incoming
Resources
£
395899
395899
60720
456619
Incoming
Resources
£
395899
60720
456619		 Resources
Expended
£
(292154)
(292154)
(60723)
(352877)
Resources
Expended
£
(292154)
(60723)
-352877		 Transfers
In/Out
£
0		 Carried
Forward
£
1800180
0 1800180
0 -273
0 1799907
Transfers
In/Out
£
0
0		 Carried
Forward
£
1799910
-3
0 1799907

21

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Programme related investments
Debtors due after more than 1 year
Current assets
Creditors due within one year
Creditors due in more than one year		 Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
13909
0
13909
13762
2886026
0
2886026
2886026
0
0
0
0
255643
0
255643
184171
(169613)
0
(169613)
(213236)
(1186058)
0
(1186058)
(1174558)
1799907
0
1799907
1696165

23. RELATED PARTY TRANSACTIONS

There was not any related party transaction with any of the trustees this year and last year.

22