Charity registration number: 1046192
Thistledown Education Trust
Trustees' Report and Financial Statements
for the Year Ended 31st December 2025
mca Banbury Ltd The American Barns Banbury Road Lighthorne Warwick Warwickshire CV35 0AE
Thistledown Education Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Auditors' Report | 6 to 9 |
| Consolidated Statement of Financial Activities | 10 to 11 |
| Consolidated Balance Sheet | 12 |
| Balance Sheet | 13 |
| Consolidated Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 to 30 |
Thistledown Education Trust
| Reference and Administrative Details | |
|---|---|
| Trustees | Mr J Diffey |
| Mr J Melvin | |
| Mr W Melvin | |
| Mr M Gill | |
| MrJ Beesley | |
| Charity Registration Number | 1046192 |
| Principal Office | 166 Lovedon |
| Kings Worthy | |
| Winchester | |
| SO23 7NJ | |
| Auditor | mca Banbury Ltd |
| The American Barns | |
| Banbury Road | |
| Lighthorne | |
| Warwick | |
| Warwickshire | |
| CV35 0AE | |
| Bankers | Lloyds |
| 9 High Street | |
| Yeovil | |
| Somerset | |
| BA20 1RN |
Page 1
Thistledown Education Trust
Trustees' Report
The Trustees present their report with the financial statements of the charity for the year ended 31st December 2025. The Trustees have adopted the provisions of 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 (FRS102) (effective 1 January 2019).of Ireland (FRS102) (effective 1 January 2019) .
Objectives and activities
Objects and aims
The charitable objects of the charity are the advancement of the education of children and young people aged five to eighteen in particular by assistance to their parents to enable such children to be taught otherwise than a t school as defined in the Education Acts and any other charitable purpose fos school as defined in the Education Acts and any other charitable pu r pose the benefit of the for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church.
In furtherance of its objects, the Trust provides premises under formal lease for an independent school based in the Hollows, Wilton, Salisbury, SP2 0JE , w, w hich hh as been run by OneSchool Global UK (OSGUK).been run by OneSchool Global UK (OSGUK) .
The charity also provides grant funding and other financial support to OSGUK at the discretion of the Trustees in order to enable OSGUK to provide a well-balanced education at primary and secondary levels, for children and young people whose parents appreciate the Christian ethos.
Success is measured in terms of the provision of appropriate facilities to OSGUK whilst minimising expenditure. This in turn, frees up funds for raising standards of education for all concerned and for the improvement of facilities for pupils and staff alike.
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and have regard to it when reviewing their aims and objectives, and in planning their future activities. In particular they consider how planned activities will contribute to the educational aims and objectives they have set.
Volunteers are an integral part of the community ethos and values of the charity and there is a strong and willing group of volunteers who assist and support the charity throughout the year.
The trading activities of the charity’s trading subsidiary Vista 4 Ltd (Registered Company 06503433), which trading activities of the charity’s trading subsidiary Vista 4 Ltd (Registered Company 06503433) , which operates a chain of convenience stores, are undertaken by volunteers.
Objectives, strategies and activities
Throughout the year the charity has continued to provide educational premises in support of the educational activities of OSGUK.
The charity has a wholly owned subsidiary company, Vista 4 Ltd which undertakes trading activities. All profits chargeable to corporation tax are gifted to the charity in support of the charitable activities of the charity.
Page 2
Thistledown Education Trust
Trustees' Report
Achievements and performance
Financial review
The charity is supported and financed principally by profits from its trading subsidiary Vista 4 Ltd plus other ad hoc donations and those raised by fundraising events and grants from the Grace Trust. The Trustees believe that the charity’s funds are sufficient to mitigate any short to medium term risk of reduced funding.
The charity’s fundraising events principally operate within the Brethren community and professional fundraisers are not used. Neither the charity nor any person acting on behalf of the charity was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or voluntary standard for fund-raising in respect of activities on behalf of the trust.
In the year ended 31st December 2025 the charity reported a net deficit of £690,333 (2024 surplus of £364,962) . The group reported a net deficit of £141,145 (2024 surplus of £374,23 . The group reported a net deficit of £141,145 (2024 surplus of £374,2 3 3) .).
At the year end the charity had net current liabilities of £144,995 (2024 net current liabilities of £307,225). the year end the charity had net current liabilities of £144,995 (2024 net current liabilities of £307,225) . The group had net current assets of £89,794 (202 4 n4 n et current assets of £11,273).current assets of £11,273) .
The charity’s policy is to maintain minimum free reserves at a level which equates to six months’ unrestricted expenditure.
At the year end 2025 the unrestricted reserves of the charity were £4,601,747 (31st December 2024 £5,292,079). £5,292,079) .
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, it continues 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.
Plans for future periods
Aims and key objectives for future periods
The Trading subsidiary company (Vista 4 Limited) stopped trading in the year and is planning to close down in 2026.
Page 3
Thistledown Education Trust
Trustees' Report
Structure, governance and management
Nature of governing document
The Thistledown Education Trust is constituted by a Deed of Trust dated 5th April 1995, and amended 31st May 2023 and is registered with the Charity Commission for England and Wales.
The Trustees who served during the year and since the year end are set out on page 1. None of the Trustees, nor any person connected with them, received any remuneration from the charity in the year ended 31st December 2025 (year ended 31st December 2024 £nil) . .
The power to appoint Trustees is vested in the existing Trustees subject to the charity deed requirement. Trustees are selected according to their own specialism in a particular field and are expected to pursue that specialism. New Trustees are instructed in the need to completely adhere to the ethos and values of the charity.
New Trustees are appointed at charity meetings and training is given by the outgoing trustee being replaced, along with support from fellow Trustees.
Principal Risks
The Trustees have examined the major strategic, business and operational risks that the charity faces. The Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The principal risks to the charity are:
• risk of damage to the property held by the charity (although the property holds pr risk of damage to the property held by the charity (although the property holds pr operty insurance) ; • risk of closure or relocation of the schooling by OneSchool Global risk of closure or relocation of the schooling by OneSchool Global UK (considered unlikely ))
There were no serious incidents relating to the charity over the year to report.
Page 4
Thistledown Education Trust
Trustees' Report
Statement of trustees' responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and 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 the group and of the incoming resources and application of resources of the charitable group for that period. 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;
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make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
03 Jul 2026
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
J.E.Beesley
......................................... Mr J Beesley Trustee
Page 5
Thistledown Education Trust
Independent Auditor's Report to the Trustees of Thistledown Education Trust
Opinion
We have audited the financial statements of Thistledown Education Trust (the 'charitable parent trust') and its subsidiaries (the 'group') for the year ended 31st December 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).Accepted Accounting Practice) .
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and parent charity's affairs as at 31st December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 6
Thistledown Education Trust
Independent Auditor's Report to the Trustees of Thistledown Education Trust
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Charities Act 2011
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent charitable trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial
-
• statements; or
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• the parent charity financial statements are not in agreement with the accounting records and returns; orthe parent charity financial statements are not in agreement with the accounting records and returns; or
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• the parent charity has not kept sufficient accounting records; or• the parent charity has not kept sufficient accounting records; or • • we have not received all the information and explanations we require for our audit.we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 7
Thistledown Education Trust
Independent Auditor's Report to the Trustees of Thistledown Education Trust
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with the applicable laws and regulations.
We asa s sees s seded the suthe s ceptibility of the charity's financial statements to material misstatement, including usceptibility of the charitiy's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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To address the risk of fraud through management bia s s and override of controls, we:override of controls. we:
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Performed analytical procedures to identify any unusual or unexpected relationships;
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Tested journal entries to identify unusual transactions;
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Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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Agreeing financial statement disclosures to underlying supporting documentation.
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Enquiring of management as to actual and potential litigation and claims. litigation and claims:
There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
As part of an audit in accordance with ISAs (UK), we exercispart of an audit in accordance with ISAs (UK) , w e professional judgement anexercise professional ju d maintain gement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of acappropriateness of the trustees' use of the going concern basis of a c ounting and, based oncounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the charity to cease to continue as a going concern.
Page 8
Thistledown Education Trust
Independent Auditor's Report to the Trustees of Thistledown Education Trust
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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We define materiality as the magnitude of misstatement in the Financial Statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning and in the scope of our audit work and in evaluating the results of our work.
We communiccommunic ate with those charged with governance regarding, among other matters, the planned scope and with those charged with governance regarding, among other matters the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in ternal control that of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
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 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the group'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.
...................................... Martin Cox (Senior Statutory Auditor) For and on behalf of mca Banbury Ltd, Statutory Auditor
The American Barns Banbury Road Lighthorne Warwick Warwickshire CV35 0AE 13 Jul 2026
Date:.............................
Page 9
Thistledown Education Trust
Consolidated Statement of Financial Activities for the Year Ended 31 December 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income Other income Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other income Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward 5 |
Unrestricted funds £ 80,000 10,000 8,583 2,038,955 2,137,538 (1,918,920) (359,763) (2,278,683) (141,145) (141,145) 4,977,678 4,836,533 Unrestricted funds £ 252,826 7,500 2,839,681 3,100,007 (2,638,706) (282,578) (2,921,284) 178,723 142,672 321,395 4,656,283 |
Restricted funds £ - - - - - - - - - - 52,838 52,838 Restricted funds £ 275,000 - - 275,000 - (79,490) (79,490) 195,510 (142,672) 52,838 - |
Total 2025 £ 80,000 10,000 8,583 2,038,955 |
|---|---|---|---|
| 2,137,538 | |||
| (1,918,920) (359,763) |
|||
| (2,278,683) | |||
| (141,145) | |||
| (141,145) 5,030,516 |
|||
| 4,889,371 | |||
| Total 2024 £ 527,826 7,500 2,839,681 |
|||
| 3,375,007 | |||
| (2,638,706) (362,068) |
|||
| (3,000,774) | |||
| 374,233 - |
|||
| 374,233 4,656,283 |
The notes on pages 15 to 30 form an integral part of these financial statements. Page 10
Thistledown Education Trust
Consolidated Statement of Financial Activities for the Year Ended 31 December 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Total funds carried forward 17 |
Unrestricted funds £ 4,977,678 |
Restricted funds £ 52,838 |
Total 2024 £ 5,030,516 |
|---|---|---|---|
All of the group's activities derive from continuing operations during the above two periods.
Vista 4 Ltd, the group’s trading subsidiary, ceased trading during the year; however, as the
subsidiary does not constitute a major line of business under FRS 102 Section 5, the cessation is not treated as a discontinued operation.
The funds breakdown for 2024 is shown in note 17.
The notes on pages 15 to 30 form an integral part of these financial statements. Page 11
Thistledown Education Trust
Consolidated Balance Sheet as at 31 December 2025
| Note Fixed assets Tangible assets 11 Current assets Stocks 13 Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the group: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 17 |
2025 £ 4,799,577 - 58,103 604,571 662,674 (572,880) 89,794 4,889,371 52,838 4,836,533 4,889,371 |
2024 £ 5,019,244 349,107 46,464 393,863 |
|---|---|---|
| 789,434 (778,162) |
||
| 11,272 | ||
| 5,030,516 | ||
| 52,838 4,977,678 |
||
| 5,030,516 |
03 Jul 2026
The financial statements on pages 10 to 30 were approved by the trustees and authorised for issue on .................... and signed on their behalf by:
J.E.Beesley
......................................... Mr J Beesley Trustee
The notes on pages 15 to 30 form an integral part of these financial statements. Page 12
Thistledown Education Trust
Balance Sheet as at 31 December 2025
| Note Fixed assets Tangible assets 11 Investments Current assets Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current liabilities Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 17 |
2025 £ 4,799,578 2 4,799,580 357,071 60,992 418,063 (563,058) (144,995) 4,654,585 52,838 4,601,747 4,654,585 |
2024 £ 4,877,196 774,946 |
|---|---|---|
| 5,652,142 | ||
| 80,000 132,662 |
||
| 212,662 (519,887) |
||
| (307,225) | ||
| 5,344,917 | ||
| 52,838 5,292,080 |
||
| 5,344,918 |
03 Jul 2026
The financial statements on pages 10 to 30 were approved by the trustees and authorised for issue on .................... and signed on their behalf by:
J.E.Beesley
......................................... Mr J Beesley Trustee
The notes on pages 15 to 30 form an integral part of these financial statements. Page 13
Thistledown Education Trust
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
| Note Cash flows from operating activities Net cash (expenditure)/income Adjustments to cash flows from non-cash items Depreciation 6 Investment income Working capital adjustments Decrease/(increase) in stocks 13 (Increase)/decrease in debtors 14 (Decrease)/increase in creditors 16 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets 11 Sale of tangible fixed assets Net cash flows from investing activities Cash flows from financing activities Repayment of loans and borrowings 16 Repayment of capital element of finance leases and HP contracts Net cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
2025 £ (141,145) 224,109 (8,583) 74,381 349,107 (11,639) (205,280) 206,569 8,583 (71,241) 66,797 4,139 - - - 210,708 393,863 604,571 |
2024 £ 374,233 226,375 - |
|---|---|---|
| 600,608 (78,078) 33,724 9,456 |
||
| 565,710 | ||
| - (146,348) 45,970 |
||
| (100,378) | ||
| (292,058) (44,807) |
||
| (336,865) | ||
| 128,467 265,396 |
||
| 393,863 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 15 to 30 form an integral part of these financial statements. Page 14
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
1 Charity status
Thistledown Education Trust is an unincorporated charity (no: 1046192) registered in England and Wales. The registered address is 166 Lovedon, Kings Worthy, Winchester, S023 7NJ.
2 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard app licable in the UK and Republic of Ireland (FRS 102)licable in the UK and Republic of Ireland (FRS 102 ) ) (i (is s sued in October 2019) ued in October 2019) - (Charities SORP (FRS 102) SORP (FRS 102 ) ) , the Financial Reporting Standard applicable in the UK and Republic of, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charit es Act 2011.ies Act 2011.
Basis of preparation
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Thistledown Education Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Basis of consolidation
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has also taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a Charity only statement of cash flows and certain disclosures about the Charity's financial instruments within the consolidated financial statements.
No separate SOFA has been prepared for the Charity alone.
Going concern
The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.
Page 15
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
Income and endowments
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy clcl aims in the estate. Receipt of a legacy must be recognised when it is probable that it will bein the estate, Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Consolidated sta ement of finaare included in the Consolidated s t atement of fi n ancialcial activities on a receivable basis. The balance ofactivities on a receivable basis, The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Expenditure
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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Page 16
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
Tangible fixed assets
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation and amortisation
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Assets costing less than £500 are written off to SoFA in the year of purchase.
Asset class Depreciation method and rate Freehold property 2% Straight Line Plant & Machinery 20% Straight Line Leasehold property 10% Straight Line
Fixed asset investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ’Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Trade debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Fund structure
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group 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 b een raised by the Group for particular purposes. The costs of rais ng and admin stering such fundseen raised by the Group for particular purposes, The costs of ra i sing and adm i nistering 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.
Page 17
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
3 Income from donations and legacies
| Gifts and Donations Total for 2025 Total for 2024 |
Unrestricted funds General £ 80,000 80,000 252,826 |
Restricted funds £ - - 275,000 |
Total funds £ 80,000 |
|---|---|---|---|
| 80,000 | |||
| 527,826 |
- 4 Income from charitable activities
| Rental Income Total for 2025 Total for 2024 |
Unrestricted funds General £ 10,000 10,000 7,500 |
Total funds £ 10,000 |
|---|---|---|
| 10,000 | ||
| 7,500 |
Page 18
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
5 Income from other trading activities
| Trading Income - Vista 4 Ltd Total for 2025 Trading Income - Vista 4 Ltd Total for 2024 |
Unrestricted funds General £ 2,038,955 2,038,955 Unrestricted funds General £ 2,839,681 2,839,681 |
Total funds £ 2,038,955 |
|---|---|---|
| 2,038,955 | ||
| Total 2024 £ 2,839,681 |
||
| 2,839,681 |
Page 19
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
6 Expenditure on raising funds
a) Costs of trading activities
| Note 8 Costs of goods sold Total for 2025 Total for 2024 7 Expenditure on charitable activities Charitable Activities Total for 2025 Total for 2024 |
Note Unrestricted funds General £ 359,763 282,578 |
Unrestricted funds General £ 1,918,920 1,918,920 2,638,706 Restricted funds £ - 79,490 |
Total funds £ 1,918,920 |
|---|---|---|---|
| 1,918,920 | |||
| 2,638,706 | |||
| Total funds £ 359,763 |
|||
| 362,068 |
Page 20
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
8 Analysis of support costs
Support costs allocated to charitable activities
| Charitable Activities Charitable Activities Charitable Activities Charitable Activities |
Governance costs £ 53,953 Governance costs £ 12,275 |
Finance costs £ Administration costs £ 140 750 Finance costs £ Administration costs £ 55,138 9,926 |
Premises costs including depreciation £ 174,920 Premises costs including depreciation £ 184,729 |
Other support costs £ 130,000 |
|---|---|---|---|---|
| Total 2025 £ 359,763 |
||||
| Other support costs £ 100,000 |
||||
| Total 2024 £ 362,068 |
Other support costs are donations made to OSG.
Staff costs are nil. Thistledown Education Trust is run entirely by volunteers.
Page 21
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the group during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
10 Auditors' remuneration
| 10 Auditors' remuneration | ||
|---|---|---|
| All other non-audit services Fees to auditors The auditing of accounts of the charity Auditfees of the subsidiary |
2025 £ 2,000 2,250 3,250 7,500 |
2024 £ 2,000 2,750 2,000 |
| 6,750 |
Page 22
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
11 Tangible fixed assets
Group
| Cost At 1 January 2025 Additions Disposals At 31 December 2025 Depreciation At 1 January 2025 Charge for the year Eliminated on disposals At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 Charity Cost At 1 January 2025 Additions At 31 December 2025 Depreciation At 1 January 2025 Charge for the year At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 |
Land and buildings £ 5,767,394 22,193 (33,242) 5,756,345 998,357 102,054 (16,948) 1,083,463 4,672,882 4,769,037 |
Plant and equipment £ 540,746 3,393 (544,139) - 418,318 75,318 (493,636) - - 122,428 Land and buildings £ 5,734,152 22,193 5,756,345 984,733 98,730 1,083,463 4,672,882 4,749,419 |
Fixtures & Fittings £ 153,985 45,655 - 199,640 26,208 46,737 - 72,945 126,695 127,777 Fixtures & Fittings £ 142,672 45,655 188,327 14,895 46,737 61,632 126,695 127,777 |
Total £ 6,462,125 71,241 (577,381) |
|---|---|---|---|---|
| 5,955,985 | ||||
| 1,442,883 224,109 (510,584) |
||||
| 1,156,408 | ||||
| 4,799,577 | ||||
| 5,019,242 | ||||
| Total £ 5,876,824 67,848 |
||||
| 5,944,672 | ||||
| 999,628 145,467 |
||||
| 1,145,095 | ||||
| 4,799,577 | ||||
| 4,877,196 |
Page 23
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
12 Fixed asset investments
Charity
Shares in group undertakings and participating interests
| Cost At 1 January 2025 Impairment At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 |
Subsidiary undertakings £ 774,946 (774,944) 2 2 774,946 |
Total £ 774,946 (774,944) |
|---|---|---|
| 2 | ||
| 2 | ||
| 774,946 |
The trustees have reviewed the carrying value of the charity’s investment in its subsidiary undertaking at the year end. Vista 4 Limited ceased trading during the year and is expected to be closed down in 2026. As a result, the trustees consider that the carrying value of the investment is impaired and an impairment provision has been recognised to reduce the carrying value down to the share capital amount.
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Country of | Proportion of voting rights | Proportion of voting rights | Principal | Principal | ||
|---|---|---|---|---|---|---|
| Undertaking | incorporation | Holding | and shares held | activity | ||
| 2025 | 2024 | |||||
| Vista 4 Limited | United Kingdom | Ordinary | 100% | 100% | Sale of goods |
retail |
| 13 Stock | Group | Charity | ||||
| 2025 | 2024 | 2025 | 2024 | |||
| £ | £ | £ | £ | |||
| Stocks | - | 349,107 | - | - |
14 Debtors
Page 24
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
| Trade debtors Prepayments VAT |
2025 £ 1,370 1,000 55,733 58,103 |
Group 2024 £ 42,664 3,800 - 46,464 |
2025 £ - - 60,992 60,992 |
Charity 2024 £ - - 80,000 80,000 |
|---|---|---|---|---|
15 Cash and cash equivalents
| Group | Charity | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Cash at bank | 604,571 | 393,863 | 357,071 | 132,662 |
Page 25
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
16 Creditors: amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security VAT Other creditors Accruals |
Group 2025 £ 2024 £ 550,000 550,000 10,077 215,976 5,829 - - (37,639) 43,625 6,974 6,200 572,880 778,162 - |
Charity 2025 £ 2024 £ 550,000 550,000 10,029 5,642 - - - (41,955) - - 3,029 6,200 563,058 519,887 |
Charity 2025 £ 2024 £ 550,000 550,000 10,029 5,642 - - - (41,955) - - 3,029 6,200 563,058 519,887 |
|---|---|---|---|
| 519,887 |
Page 26
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
17 Funds
Group
| Group | |||
|---|---|---|---|
| Unrestricted funds General Restricted funds Total funds Unrestricted funds General Restricted funds Total funds Charity Unrestricted funds General Restricted funds Total funds |
Balance at 1 January 2025 £ Incoming resources £ Resources expended £ Balance at 31 December 2025 £ 4,977,678 2,137,538 (2,278,683) 4,836,533 52,838 - - 52,838 5,030,516 2,137,538 (2,278,683) 4889,371 Balance at 1 January 2024 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 December 2024 £ 4,656,283 3,100,007 (2,921,284) 142,672 4,977,678 - 275,000 (79,490) (142,672) 52,838 4,656,283 3,375,007 (3,000,774) - 5,030,516 Balance at 1 January 2025 £ Incoming resources £ Resources expended £ Balance at 31 December 2025 £ 5,292,080 444,374 (1,134,707) 4,601,747 105,676 - - 105,676 5,397,756 444,374 (1,134,707) 4,707,423 |
Balance at 31 December 2025 £ 4,836,533 52,838 |
|
| 4889,371 | |||
| Balance at 31 December 2024 £ 4,977,678 52,838 |
|||
| 5,030,516 | |||
| 4,707,423 |
Page 27
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
| Unrestricted funds General Restricted funds Total funds |
Balance at 1 January 2024 £ 4,979,955 - 4,979,955 |
Incoming resources £ 452,031 275,000 727,031 |
Resources expended £ (282,578) (79,490) (362,068) |
Transfers £ 142,672 (142,672) - |
Balance at 31 December 2024 £ 5,292,080 52,838 |
|---|---|---|---|---|---|
| 5,344,918 |
Page 28
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
18 Analysis of net assets between funds
| Group Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 4,799,577 609,836 (572,880) 4,836,533 |
Restricted funds £ - 52,838 - 52,838 Unrestricted funds General £ 5,019,244 789,434 (778,162) 5,030,516 |
Total funds at 31 December 2025 £ 4,799,577 662,674 (572,880) 4,889,371 Total funds at 31 December 2024 £ 5,019,244 789,434 (778,162) 5,030,516 |
|---|---|---|---|
Page 29
Thistledown Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2025
| Charity Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 4,799,578 2 365,225 (563,058) 4,601,747 |
Restricted funds £ - - 52,838 - 52,838 Unrestricted funds General £ 4,877,196 774,946 212,662 (519,887) 5,344,917 |
Total funds at 31 December 2025 £ 4,799,578 2 418,063 (563,058) 4,654,585 Total funds at 31 December 2024 £ 4,877,196 774,946 212,662 (519,887) 5,344,917 |
|---|---|---|---|
19 Related party transactions
Charity
As stated in Note 12, Vista 4 Limited is a wholly owned subsidiary undertaking of the Charity. £345,791 (2024: £191,705.01) was received by the Charity from the subsidiary under gift aid in the year.
Page 30
Issuer
Issuer mca Business Ltd Document generated Wed, 24th Jun 2026 15:41:39 BST Document fingerprint 7bc0f639f3e160bca18fd1738abf4ef3
Parties involved with this document
Document processed
Party + Fingerprint
Fri, 3rd Jul 2026 13:26:49 BST Mr John Beesley - Signer (c12cbb3abb7573c81d2c62591b2d5abc) Mon, 13th Jul 2026 13:42:28 BST Martin Cox - Signer (15935a2c22712d6d6ed0a2fbd47f6f26)
Audit history log
Date Action Wed, 24th Jun 2026 15:41:39 BST Envelope generated with fingerprint 641747cb2edafb925deb937b32857ada (18.133.63.166) Wed, 24th Jun 2026 15:41:39 BST Document generated with fingerprint 7bc0f639f3e160bca18fd1738abf4ef3. (18.133.63.166) Wed, 24th Jun 2026 15:41:39 BST Document generated with fingerprint 5daacb4eaab0a1c57d2186c972f1839f. (18.133.63.166) Wed, 24th Jun 2026 15:41:39 BST Document generated with fingerprint 1880c66398b1156db2207a85c2dfa925. (18.133.63.166) Wed, 24th Jun 2026 15:41:39 BST Mr John Beesley has been assigned to this envelope. (18.133.63.166) Wed, 24th Jun 2026 15:41:39 BST Martin Cox has been assigned to this envelope. (18.133.63.166) Wed, 24th Jun 2026 15:42:08 BST Document emailed to party email Mon, 29th Jun 2026 16:06:16 BST Sent Mr John Beesley a reminder to sign the document. (18.133.63.166) Mon, 29th Jun 2026 16:06:19 BST Document emailed to party email Wed, 1st Jul 2026 20:55:59 BST Mr John Beesley viewed the envelope (193.237.68.188) Fri, 3rd Jul 2026 7:40:25 BST Mr John Beesley viewed the envelope (51.155.134.146) Fri, 3rd Jul 2026 13:26:07 BST Mr John Beesley viewed the envelope (51.155.134.146) Fri, 3rd Jul 2026 13:26:50 BST Mr John Beesley signed the envelope (51.155.134.146) Fri, 3rd Jul 2026 13:26:50 BST Sent the envelope to Martin Cox for signing (51.155.134.146) Fri, 3rd Jul 2026 13:26:52 BST Document emailed to party email Mon, 13th Jul 2026 13:42:16 BST Martin Cox viewed the envelope (94.125.132.161) Mon, 13th Jul 2026 13:42:28 BST Martin Cox signed the envelope (94.125.132.161) Mon, 13th Jul 2026 13:42:29 BST This envelope has been signed by all parties (94.125.132.161)
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