2021-12-31-accounts - Thistledown Education Trust

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ReferenceandadministrativedetailsoftheCharity,itsTrusteesandadvisers
Trustees’report
Trustees'responsibilitiesstatement
Independentauditor'sreportonthefinancialstatements
Consolidatedstatementoffinancialactivities
Consolidatedbalancesheet	10
Charitybalancesheet	11
Consolidatedstatementofcashflows	12
Notestothefinancialstatements	13 -30

	THISTLEDOWNEDUCATIONTRUST
REFERENCEAND	ADMINISTRATIVEDETAILSOFTHECHARITY,ITSTRUSTEESANDADVISERS
	FORTHEYEARENDED31DECEMBER2021
Trustees	MrTWBarter,Trustee(resigned31May2022)
	MrRTuffin,Trustee(resigned31May2022)
	MrCPavey,Trustee
	MrJDiffey,Trustee(appointed31May2022)
	MrJAris,Trustee(appointed31May2022)
	MrBFowler,Trustee(appointed31May2022)
	MrJHooper,Trustee(appointed31May2022)
Charityregistered
number	1046192
Principaloffice	38WraxhillRoad
	Yeovil
	BA202JUX
Chiefexecutiveofficer	MrCPavey
Independentauditor	CroweU.K.LLP
	FourthFloor
	StJamesHouse
	StJamesSquare
	Cheltenham
	GL503PR
Bankers	Lloyds
	9HighStreet
	Yeovil
	Somerset
	BA20 1RN

THISTLEDOWN EDUCATION TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THISTLEDOWN EDUCATION TRUST (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR

Date: 26 January 2023

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

	THISTLEDOWNEDUCATIONTRUST	THISTLEDOWNEDUCATIONTRUST
CONSOLIDATEDSTATEMENTOF		FINANCIALACTIVITIES
	FORTHEYEARENDED31	DECEMBER2021
		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
	Note	£	£	£
Incomefrom:
Donationsandlegacies	3	977,983	977,983	79,532
Charitableactivities	4	7,915	7,915	5,000
Othertradingactivities	5	1,218,837	1,218,837	-
Totalincome		2,204,735	2,204,735	84,532
Expenditureon:
Raising funds	6	1,227,906	1,227,906	-
Charitableactivities	7	313,484	313,484	140,330
Totalexpenditure		1,541,390	1,541,390	140,330
Netmovementinfunds		663,345	663,345	(55,798)
Reconciliationoffunds:
Totalfundsbroughtforward	18	4,047,719	4,047,719	4,103,517
Netmovementinfunds	18	663,345	663,345	(55,798)
Totalfundscarriedforward	18	4,711,064	4,711,064	4,047,719

	Unrestricted	Total
	funds	funds
	2021	2021
	£	£
Donations	55,168	55,168
Legacies	5,000	5,000
AllbrookEducationTrust	142,871	142,871
Vista4Limited	774,944	774,944
	977,983	977,983
	Unrestricted	Total
	funds	funds
	2020	2020
	£
Donations	79,532	79,532
Incomefromcharitableactivities
	Unrestricted	Total
	funds	funds
	2021	2021
	£
Rentalincome	7,915	7,915
	Unrestricted	Total
	funds	funds
	2020	2020
	£
Rentalincome	5,000	5,000

			Unrestricted
			funds	Total
			2020	2020
			£	£
Charitable	activities		140,330	140,330
Analysis	ofexpenditurebyactivities
		Activities
		undertaken	Support	Total
		directly	costs	funds
		2021	2021	2021
		£	£	£
Charitable	activities	269,136	44,348	313,484
		Activities
		undertaken	Support	Total
		directly	costs	funds
		2020	2020	2020
		£	£	£
Charitable	activities	98,742	41,588	140,330

		Total
	Activities	funds
	2021	2021
	£	£
Depreciation	96,535	96,535
Donation	162,569	162,569
Repairsandmaintenance	10,032	10,032
	269,136	269,136
In2021donationsweremadetoOSGUK.
		Total
	Activities	funds
	2020	2020
	£
Depreciation	96,264	96,264
Repairsandmaintenance	2,478	2,478
	98,742	98,742

			Total
		Activities	funds
		2021	2021
		£	£
Audit	andaccountancy	6,560	6,560
Loan	interest	36,000	36,000
Bank	charges	174	174
Legal	andprofessionalfees	1,614	1,614
		44,348	44,348
			Total
		Activities	funds
		2020	2020
		£	£
Audit	andaccountancy	4,260	4,260
Loan	interest	37,227	37,227
Bank	charges	101	101
		41,588	41,588
Staff	costsarenil,theThistledownEducationTrustisrunwhollybyvolunteers.

	Freehold
	landand	Property	Plantand	Motor	Fixtures
	buildings	improvements	machinery	vehicles	andfittings	Total
	£	£	£	£	£		£
Costorvaluation
At 1January2021	5,610,834	-	-	-	-	5,610,834
Additions	12,363	13,162	-	13,495	33,339	72,359
Onacquisitionof subsidiaries	392,093	31,888	3,638	105,895	583,352	1,116,866
Disposals	-	-	(3,638)	-	-	(3,638)
At31December
2021	6,015,290	45,050	-	119,390	616,691	6,796,421
Depreciation
At 1January2021	593,837	.	-	-	-	593,837
Chargefortheyear	101,676	4,813	-	28,698	139,739	274,926
Onacquisitionof
subsidiaries	12,347	1,534	-	4,598	55,426	73,905
At31December
2021	707,860	6,347	-	33,296	195,165	942,668
Netbookvalue
At31December
2021	5,307,430	38,703	-	86,094	421,526	5,853,753
At31December
2020	5,016,997	-	-	-	-	5,016,997
						Page	22

	NOTESTOTHEFINANCIALSTATEMENTS
	FORTHEYEARENDED31DECEMBER2021
12.	Tangiblefixedassets(continued)
	Charity
		Freehold
		property
		£
	Costorvaluation
	At1January2021	5,610,834
	Additions	12,363
	At31December2021	5,623,197
	Depreciation
	At 1January2021	593,837
	Chargefortheyear	96,449
	At31December2021	690,286
	Netbookvalue
	At31December2021	4,932,911
	At31December2020	5,016,997

			Group	Group
			2021	2020
			£	£
Stock			255,912	-
Debtors
	Group	Group	Charity	Charity
	2021	2020	2021	2020
	£	£	£	£
Duewithinoneyear
Tradedebtors	39,577	-	2,917	-
Amountsowedbygroupundertakings	-	-	80,000	-
Otherdebtors	22,838	-	-	-
Prepaymentsandaccruedincome	3,150	-	-	-
	65,565	-	82,917	-

16.	Creditors:Amountsfallingduewithinoneyear
		Group	Group		Charity	Charity
		2021	2020		2021	2020
			£	£	£		£
	Otherloans	1,000,000	1,000,000		1,000,000	1,000,000
	Tradecreditors	41,094	-		-	-
	Netobligationsunderfinancelease	16,573	-		-	-
	Othercreditors	1,028	-		-	-
	Accrualsanddeferredincome	41,522	4,260		5,005	4,260
		1,100,217	1,004,260		1,005,005	1,004,260
	Theloanissecuredbyafixedandfloatingcharge	overtheassetsoftheCharity.
	Interestischargedontheloanat3.5%perannumabove		baserate,payable		inquarterly	instalments.
	Thereisnofixedmaturitydate,howeverthelendermayrequirerepaymentof				theloanbynotlessthan
	sixmonths'priorwrittennotice.
17.	Creditors:Amountsfallingdueaftermorethan	one year
					Group
					2021
					£
	Otherloans				452,093
	Netobligationsunderfinancelease				63,383
					515,476
						Page	26

19.	Summaryoffunds
	Summaryoffunds-currentyear
						Balanceat
		Balanceat	1			31
		January				December
		2021		Income	Expenditure	2021
			£	£	£	£
	Generalfunds	4,047,719		2,204,735	(1,541,390)	4,711,064
	Summaryoffunds-prioryear
						Balanceat
		Balanceat				31
		1January				December
		2020		Income	Expenditure	2020
			£	£	£	£
	Designatedfunds	-		79,532	(79,532)	-
	Generalfunds	4,103,517		5,000	(60,798)	4,047,719
		4,103,517		84,532	(140,330)	4,047,719
20.	Analysisofnetassetsbetweenfunds
	Analysisofnetassetsbetweenfunds	-currentyear
					Unrestricted	Total
					funds	funds
					2021	2021
					£	E
	Tangiblefixedassets				5,853,753	5,853,753
	Currentassets				525,312	525,312
	Creditorsduewithinoneyear				(1,100,217)	(1,100,217)
	Creditorsdueinmorethanoneyear				(515,476)	(515,476)
	Provisionsforliabilitiesandcharges				(52,308)	(52,308)
	Total				4,711,064	4,711,064