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2021-08-31-accounts

REGISTERED CHARITY NUMBER: 1041474

THE AXIS EDUCATIONAL TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2021

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

X TRUSTEE WITH A DISPENSATION

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

2

THE AXIS EDUCATIONAL TRUST

TRUSTEES’ REPORT

FOR THE PERIOD ENDED 31 AUGUST 2021

The trustees present their annual report along with the audited financial statements of the charity for the period ended 31 August 2021. 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

The Axis Educational Trust is constituted under a trust deed dated 11th July 1994 and as amended on15 January 2021 and is a registered charity, number 1041474.

The principal objective of the Trust is to advance the education of students in the UK.

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

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 is made up of the chair, secretary, treasurer and other trustees and 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

Policies and objectives

3

The objectives of the trust as described in the Memorandum of Association are;

“ The Trustees shall hold the Trust Fund and the income thereof UPON TRUST to pay thereout all proper costs and expenses incurred by the Trustees in establishing and administering the Charity and subject thereto to pay or apply the whole thereof to promote general charitable purposes for the benefit of the public, in particular but not exclusively for the Black, Asian and Minority Ethnic community, and socio-economically disadvantaged groups in the United Kingdom, including but not limited to the following purposes: 1) the advancement of education of children and young people by tackling the inequalities and developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals through establishment of supplementary education opportunities;

2) relieving unemployment by training of those who are unemployed, young adults, adults and women with the aim of increasing their skill level and chances of employability;

3) providing a mentoring and mental health support service to youth particularly through the provision of sports and arts activities;

4) the relief of poverty amongst the residents of London by providing emergency aid, food and equipment especially in the time of crisis;

5) carrying out other activities as considered appropriate in furtherance of the said objectives.”

The Axis Educational Trust carry out these objectives by opening Supplementary Schools (Saturday Schools, Evening Classes, After-school clubs, Tuition Centres, Holiday Schemes) or running community projects for disadvantaged or vulnerable people. While doing so, the charity will employ its anti-discrimination, equal opportunity, safeguarding 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 considered the Charity Commission`s general guidance on public benefit guidance on advancing education and on feecharging.

In 2020-2021 academic term, Axis Supplementary Schools charged a subsidised fee of £12 per hour per child on Saturday Schools/Tuition Centres, with an additional up to 20% discount (bursary) for disadvantaged children who are entitled for Free School Meals at their own schools as well as low-income families who struggle financially.

Since the closure of our tuition centres during lockdowns and restrictions, the trust moved its services and courses online and with help of emergency funding developed systems and invested in technology and training of staff for continuous delivery. During Covid 19 we delivered almost 50% of our online courses free of charge.

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

4

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

ACHIEVEMENTS AND PERFORMANCE

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.

This year ended 31 August 2021 is the 27th 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 practices 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 4 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

5

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 Award for our work in the community. Because 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. We also delivered a special teacher training and centre manager training programme for overseas qualified teachers who are mainly refugees in the UK and created work experience opportunities for them. Our tuition centres are mainly managed by these people.

We are extremely pleased that last year we reached our academic targets with the following results:

Active Minds and HAF– Axis Holiday Learning Programme

We believe that children need a break from formal education but learning and skills development can be offered during fun, quiz, sports and art activities during the school holiday. Trust decided to carry on providing a fun way of learning during the 2021 Easter and Summer holidays in North London, where many disadvantaged kids enjoyed a quality programme. In 2021, we became provider partner of Holiday activity and food program initiated by Famous footballer Marcus Rashford and funded by DfE in Enfield and Barnet boroughs.

This programme has reached a significant interest from the local residents. Axis has also provided half-term and Easter programmes given the demand from public.

Aims

-To provide educational support to children who are most in need during holidays. -To provide a safe, fun and instructive play-scheme for disadvantaged children. --To help removing financial obstacles for those who can't afford.

-To provide hot meals for free school meal receivers

-To provide healthy food and nutritional education to pupils and parents

Impact

Our holiday programmes helped over 400 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

6

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. HAF funded the Free School Meal pupils in Enfield and Barnet.

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

As we could invest in online delivery of our courses last year, we carried on supporting the children and adults in vulnerable communities outside London through online platform Microsoft Teams.

Employability Projects

We delivered GCSE English and Maths courses for overseas qualified teachers, OET (Occupational English Test) Preparation for overseas qualified doctors and nurses, SQE (Solicitor Qualifying Exam) preparation for overseas qualified solicitors and IELTS preparation for overseas qualified academicians to overcome their language barrier and access to professions in the UK. A total number of 96 refugees joined the programme so far. Some of these projects were partly funded by ESFA or crowdfunding campaign. We would like to carry on training and mentoring activities for refugees depending on the funding secured in the future.

• Factors relevant to achieve objectives

Over the past 27 years, the charity established a reputation for excellent academic results, experienced teaching staff, safe school environment and trust. This is borne out in maintaining the number of students re-registered; the longstanding donors both home and abroad who continue to monitor and evaluate our performance and continue to extend their support.

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:

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.

7

The principal funding source of the charity is that of tuition fees and rental income. However, this year we saw a decrease in the tuition fees which was subsidised by grant funding because of Covid 19 pandemic.

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 2021-22 academic year, Axis Educational Trust will carry on expanding network of supplementary schools in a rented venue from schools or community centres during weekend or after school hours and provide support, consultation and training. Where the potential grows then we may consider 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.

We would like to grow in online provision to increase our impact geographically and increase the variety of our free community projects involving sports and coaching activities to cater for a wider community.

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.

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

9

taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

Approved by the Chair of trustees on behalf of the board of trustees.

X TRUSTEE WITH A DISPENSATION Chairman of the Board of Trustees

Date: 28 June 2022

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 2021 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.

AA ACCOUNTANCY SERVICES Chartered Certified Accountant 244 Chase Road, London, N14 6HH

Date: 28 June 2022

11

THE AXIS EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2021

Unristricted
Notes
Funds
INCOME AND EXPENDITURES
£
INCOMING RESOURCES
Incoming resources from generated funds:
Voluntary income
2
206834
Activities for generating funds
3
12000
Investment income
4
147300
Incoming resources from charitable activities
5
121663
Other incoming resources
6
2111
TOTAL INCOMING RESOURCES
489908
RESOURCES EXPENDED
charitable Activities
7
350150
Governance Costs
8
46014
Other resources expended
9
0
TOTAL RESOURCES EXPENDED
11
396164
NET INCOMING/(OUTGOING) RESOURCES
before transfers
21
93744
Transfersbetween funds
-
NET MOVEMENT IN FUNDS FOR THE YEAR
93744
Total Funds at 1 September 2020
1800180
Prior Year Adjustment (Note 20)
0
Total Funds at 31 AUGUST 2021
1893924
=====		 Restricted
Funds
£
57147
0
0
0
-
57147
40038
7200
0
47238
9909
-
9909
-273
0
9636
=====		 2021
Total
£
263,981
12000
147300
121663
2111
547055
390188
53214
0
443402
103653
-
103653
1799907
0
1903560
=====		 2020
Total
£
113,671
9073
202500
118916
12459
456619
295642
57235
0
352877
103742
-
103742
1696165
0
1799907
=====

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

12

THE AXIS EDUCATIONAL TRUST

BALANCE SHEET AS AT 31 AUGUST 2021

Notes
2021
₤
15
15097
Programme related investments
16
2886026
2901123
Debtors
17
22550
167845
190395
18
(83794)
19 (1104164)
1903560
=====
21
9636
21
1893924
1903560
=====
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		 2020
₤
13909
2886026
2899935
116062
139581
255643
(169613)
(1186058)
1799907
=====
-273
1800180
1799907
=====

The notes on pages 16 to 24 from part of these accounts. Approved by the Board of Trustees on 28 June 2022.and signed on its behalf byX TRUSTEE WITH A DISPENSATION, Trustee.

X TRUSTEE WITH A DISPENSATION Chairman

13

THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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 2021

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
£
109184
97650
206834
Unristricted
Funds
£
12000
12000		 Restricted
Funds
£
0
57147
57147
Restricted
Funds
£
-
0		 2021
Total
£
109184
154797
263981
2021
Total
£
12000
12000		 2020
Total
£
18171
95500
113671
2020
Total
£
9073
9073

15

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

4. INVESTMENTINCOME
Unristricted
Funds
£
Rental Income
147300
5. INCOMING RESOURCES FROM CHARITABLE
Unristricted
Funds
£
Educational Activities
121663
6. OTHER INCOMING RESOURCES
Unristricted
Funds
£
Other incoming resources
2111
7. EXPENDITURE BY CHARITABLE ACTIVITY
SUMMARY BY FUND TYPE
Unristricted
Funds
£
Investment Income
33112
Educational Activities
317038
350150
SUMMARY BY EXPENDITURE TYPE
Staff
Costs
£
Investment Income
0
Educational Activities
201696
201696		 Restricted
2021
Funds
Total
£
£
0
147300
ACTIVITIES
Restricted
2021
Funds
Total
£
£
0
121663
Restricted
2021
Funds
Total
£
£
0
2111
Restricted
2021
Funds
Total
£
£
0
33112
40038
357076
40038
390188
Other
2021
Costs
Total
£
£
33112
33112
155380
357076
188492
390188		 2020
Total
£
202500
2020
Total
£
118916
2020
Total
£
12459
2020
Total
£
73911
221731
295642
2020
Total
£
73911
221731
295642

16

THE AXIS EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

8. GOVERNANCE COSTS
Unrestricted
Funds
£
Governance- Accountants fees
1500
Governance - Other expenses
656
Governance - Premises costs for head office
5190
Governance - telephone
556
Governance expense - computer expenses
583
Governance expense - wages and salaries
30000
Governance expense - NI
4255
Governance - depreciation - tangible fixed assets
3274
46014
====
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
33112
Computer costs
Direct
Wages and salaries
Direct
Pension
Direct
National insurance
Direct
33112
====		 Unrestricted
Funds
£
1500
656
5190
556
583
30000
4255
3274		 Restricted
Funds
£
7200
7200
====
Restricted
Funds
£
0
====
Educational
Activities
£
12367
5700
7864
46714
5585
18750
7890
3081
33
1222
5011
2653
3069
551
945
4141
5907
18624
0
5250
201696
23
0
357076
====		 2021
Total
£
1500
656
5190
556
583
37200
4255
3274		 2020
Total
£
1500
0
2595
0
0
50388
0
2752
46014
====
Unrestricted
Funds
£		 53214
====
2021
Total
£		 57235
====
2020
Total
£
0
====
2021
Total
£
12367
5700
7864
46714
5585
18750
7890
3081
33
1222
5011
2653
3069
551
945
4141
5907
18624
33,112.00
5250
201696
23
0		 0
====
2020
Total
£
3254
15000
1000
80372
7660
4250
2303
3370
280
1796
2629
0
125
469
2367
1400
361
2952
73911
3038
88809
109
187
33112
====		 390188
====		 295642
====

17

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

11. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE

Staff Costs
Depreciation
Other Costs
2021
£
£
£
£
Investment Income
0
0
33112
33112
Educational Activities
201696
0
155380
357076
Charitable activities
201696
0
188492
390188
Governance
41455
3274
8485
53214
Loss on disposal of fixed assets
0
0
0
0
243151
3274
196977
443402
12. ANALYSIS OF RESOURCES EXPENDED BY ACTIVITIES
Activities undertaken
Total
Directly
Support Costs
2021
£
£
£
Investment Income
33112
0
33112
Educational Activities
357076
53214
410290
Total
390188
53214
443402		 2021
£
33112
357076		 2020
£
73911
221731
390188 295642
53214
0		 57235
0
443402 352877
Total
2020
£
73911
278966
443402 352877

13. NET INCOMING RESOURCES

This is stated after charging:

13. NET INCOMING RESOURCES
This is stated after charging:
2021 2020
£ £
Depreciation of tangible fixed assets: owned by charity 3274 1600
Auditor's remuneration 0 0
Governance Accountant fees 1500 1500

During the year, no Trustees received any remuneration (2020 -£NIL). During the year, no Trustees received any benefits in kind (2020 -£NIL).

During the year, no Trustees received any reimbursement of expenses (2020 -£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:		 2021
£
238896
4255
243151
2021
No.
10		 2020
£
139197
187
139384
2020
No.
8

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 2021

15. TANGIBLE FIXED ASSETS

15. TANGIBLE FIXED ASSETS
Cost
At 31.08.20
Additions
At 31.08.21
Depreciation
At 31.08.20
charge for period
At 31.08.21
Net book values
At 31.08.21
At 31.08.20		 TOTAL
£
98820
4462
103282
84911
3274
88185
15097
13762

16. PROGRAMME RELATED INVESTMENT

Market Value
At 1 September 2020
and 31 August 2021
At 31 August 2020		 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 £1148419 (2020: £1183010) 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 2021

17. DEBTORS

EBTORS
2021 2020
£ £
Due after more than one year
Other Debtors 0 0
Due within one year
Trade debtors 22550 109750
Other debtors 0 6312
22550 116062

18. CREDITORS: Amount falling due within one year

2021
£
Bank loans and Overdraft
69255
Trade creditors
9562
Other taxation and social security
3318
Other creditors
144
Accruals and deferred income
1515
83794		 2020
£
71953
23869
2692
334
70765
169613

19. CREDITORS: Amount falling due after one year

2021 2020
£ £
Bank loans 1079164 1161058
Other creditors 25000 25000
1104164 1186058
Creditors include amounts not wholly repayable within 5 years as follow
2021 2020
£ £
Repayable by instalments 770250 800284

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

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 2021

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
£
1800180
1800180
-273
1799907
Restated
Brought
Forward
£
1799907
0
1799907		 Incoming
Resources
£
489908
489908
57147
547055
Incoming
Resources
£
489908
57147
547055		 Resources
Expended
£
(396164)
(396164)
(47238)
(443402)
Resources
Expended
£
(396164)
(47238)
-443402		 Transfers
In/Out
£
0		 Carried
Forward
£
1893924
0 1893924
0 9636
0 1903560
Transfers
In/Out
£
0
0		 Carried
Forward
£
1893651
9909
0 1903560

21

THE AXIS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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
2021
2020
£
£
£
£
15097
0
15097
13909
2886026
0
2886026
2886026
0
0
0
0
190395
0
190395
255643
(83794)
0
(83794)
(169613)
(1104164)
0
(1104164)
(1186058)
1903560
0
1903560
1799907

23. RELATED PARTY TRANSACTIONS

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

22