2020-12-31-accounts - The Copsewood Education Trust

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The Copsewood Education Trust

Report and Financial Statements

31 Dec 2020

Charity number: 1047219

The Copsewood Education Trust Report and Financial Statements Contents

	Page
Legal and administrative information	1
Report of the Trustees	2 - 5
Report of the Independent Auditor	6 - 8
Group Statement of Financial Activities	9
Group analysis of continuing and discontinued operations	10
Charity Statement of Financial Activities	11
Charity analysis of continuing and discontinued operations	12
Group and Charity balance sheets	13
Group cash flow statement	14
Charity cash flow Statement	15
Notes forming part of the financial statements	16 - 31
Additional information (does not form part of the financial statements)	32

The Copsewood Education Trust Legal and administrative information

Trustees

D Barr[1] M Bass[1] G Bushnell J Clarke J D Gates D Shedden S White[1]

1 Trustee holding title to freehold land and buildings at Long Street, Atherstone, North Warwickshire, CV9 1AE

Chief Executive Officer

J Clarke

Campus Administrators J D Gates Resigned July 2021 M Bass S Carvell Appointed June 2021 J Clarke Resigned July 2021 D Cox E Gates Appointed June 2021

Address of Principal Office

The Copsewood Education Trust Long Street Atherstone CV9 1AE

Department for Education Registration number

937/6109

Auditor Bankers Dr J R Ayling BSc FCA Lloyds Bank Plc 8 Troutbeck Avenue High Street Leamington Spa Coventry Warwickshire CV32 6NE CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

The Copsewood Education Trust Report of the Trustees for the year ended 31 Dec 2020

The Trustees of The Copsewood Education Trust present their annual report and audited accounts for the year ended 31 December 2020 and confirm they comply with the requirements of the Charities Act 2011, the trust deed, FRS102, and the Charities SORP 2019 (FRS 102).

Structure, Governance and Management

The Copsewood Education Trust is constituted by a Deed of Trust dated 9 May 1995, amended 2 August 2004, and is registered with the Charity Commission for England and Wales.

The Trustees who have 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 Group in the year ended 31 December 2020 (year ended 31 December 2019: £nil). The power to appoint trustees is vested in the existing Trustees. Trustees are selected according to their own specialism in a needed field, and are expected to pursue that specialism. New trustees are instructed in the need to completely adhere to the ethos of the Trust. The Trustees give of their time freely. All major decisions, including those of a financial nature, are made by the Board of Trustees at their regular meetings.

The Charity has two wholly owned non-charitable subsidiaries: Factor 4 UK Limited and Baginton Green Limited. Factor 4 UK Limited undertakes trading activities and the provision of support services, all distributable profits from which are donated to the Trust. Baginton Green Limited was established for the purposes of building a new school building for the Group. The results of Factor 4 UK Limited and Baginton Green Limited have been consolidated with those of the Trust in order to produce the Group financial statements which follow.

The Trust embarked, in conjunction with other Plymouth Brethren Schools in the UK, to consolidate during 2019 into one new charitable entity, OneSchool Global UK (registered charity number (1181301). OneSchool Global UK provides advice and guidance to the Trustees and monitors expenditure of the funding they provide. This affiliation supersedes that previously provided by Focus Learning Trust (registered charity number 1099725).

The Trustees have examined the major strategic, business and operational risks which the Group faces and confirm that systems have been established to mitigate those risks.

Objectives and activities

Objects - The charitable objects of the Trust are the advancement of the education of children and young people. The objects also include any other charitable purpose for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church. The Trust’s main activities are the support of Brethren schools and the provision of grants to organisations that support children and families.

Ethos - Students attending Brethren schools are encouraged to develop their full potential and acquire the discipline of learning how to learn, while upholding Christian teachings and beliefs. The truth and authority of the Holy Bible and strong family values underpin the commitment of the School to provide quality in every facet of education – curriculum, teachers, facilities, management and discipline - in a safe and caring environment.

Values - The Trustees are drawn from the Brethren community and the School is committed to a way of life that is governed by the Holy Bible, expecting the conduct of pupils and staff consistently to reflect Biblical values and the specific values of the School, which include:

l Integrity – uprightness, honesty and decorous conduct, governed by the Holy Bible;
l Care & Compassion – kindness, consideration and generosity to all;
l Respect – for all people, property, opinions and authority;
l Responsibility – for our actions, progress and environment;
l Commitment – to self-discipline and the pursuit of excellence.

Objectives - The key objective for the year was the maintenance of the aged premises. Careful consideration is made to prioritise projects which benefit the educational provision, whilst ensuring it remains a safe, comfortable learning environment. Volunteers contribute towards this work.

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and have had regard to it when reviewing their aims and objectives, and in planning their future activities.

The Copsewood Education Trust Report of the Trustees for the year ended 31 Dec 2020

Achievements and performance

The Trust has supported the Brethren school in Atherstone, providing use of the school building and supporting the education provision provided by OneSchool Global UK.

Pupils who attend the School are expected to act in accordance with the doctrines and practices of the Brethren, but there is no other academic or financial selection process for admission to the School.

The curriculum is designed to provide opportunities for pupils of varied abilities and interests. The subjects offered are in line with the National Curriculum and cover key learning areas. There is an increasing focus on encouraging and developing self-directed learning principles with students.

The aim is to provide a broad and balanced curriculum which promotes personal development and prepares students for increasing independence and responsibility.

OneSchool Global UK was incorporated for that purpose and, whilst recognising the responsibilities of each relevant local community, it is considered that the advantages of providing education through one organisation are considerable and that in particular allows:

(a) delivery of a single entity to provide a single employer of school staff;
(b) delivery of positive learning outcomes in line with a single, Global vision; and
(c) maximisation of the benefits of a UK-wide ecosystem.

Financial Review

In the year ended 31 December 2020 the Group reported net income of £420,637 (year ended 31 December 2019: net expenditure of £13,518) leaving group funds at 31 December 2020 at £2,823,134 compared with £2,402,497 at 31 December 2019. The Charity reported net income of £278,001 for the year compared with net expenditure of £11,819 for the prior year and had net funds of £2,585,874 at 31 December 2020 compared with £2,307,873 at 31 December 2019. All funds are unrestricted.

Factor 4 UK Limited made an operating profit of £384,035 (year ended 31 December 2019: £218,979), of which £239,053 (2019: £223,788) was donated to The Copsewood Education Trust. During the year ended 31 December 2020 Baginton Green Limited made a loss of £2,346 (2019: £6,890).

As a consequence of the contractual obligations imposed by the transfer of operations to OneSchool Global UK, The Copsewood Education Trust has incurred costs of £336,959 (2019: £165,474) comprising the passing on of third party donations and subsidiary income. At 31 December 2020 the Charity owed £273,611 (2019: £224,651) to OneSchool Global UK in respect of these commitments.

The Trust continues to work closely with OneSchool Global UK to ensure that continued funding received by the Trust, intended to support the education of its students, is passed on to OneSchool Global UK in order to continue those provisions in line with the Trust’s charitable objectives.

The Trust is supported and financed principally by donations and by grants from OneSchool Global UK. Significant fundraising activities were not undertaken during 2020 or 2019. Grants of £347,754 received in the year have assisted the Trustees to repay all but £30,000 of the outstanding loans.

During the year ended 31 July 2014 Baginton Green Limited invoiced Copsewood Education Trust £810,000 for stage payments in respect of a contract to build new school premises for the Trust. The Charity elected to pay VAT at zero rate on these charges. During the year ending 31 July 2015 Baginton Green Ltd transferred the beneficial ownership of land it had acquired in the prior year to the Charity and the School began charging fees. The Trustees have taken expert advice and consequently do not believe that The Copsewood Education Trust will be liable, as a result of either of these events, to a charge of VAT at the full rate on the stage payments made, and they will vigorously dispute any contrary view taken by HMRC.

The Copsewood Education Trust Report of the Trustees for the year ended 31 Dec 2020

Financial Review (continued)

At 31 December 2020 the Group had net current liabilities of £17,773 and the Charity had net current liabilities of £220,810 meaning that there were insufficient liquid funds to settle balances due to creditors. Following the transfer of operations to OneSchool Global UK on 31 July 2019, the Charity became financially dependent on the support of OSG. On 22 April 2020 a lender requested their loan of £30,000 be converted to a bequest on their death. On 22 September 2021 the Trustees of OneSchool Global UK agreed to waive the right, under Clause 2 of the Transfer Agreement signed by them on the 19 December 2019, to any sums due from The Copsewood Education Trust, which have arisen from their activities prior to 31 December 2020. The Trustees are of the opinion that these two events will enable the Charity to meet its financial obligations as they fall due. Consequently, these financial statements have been prepared on the going concern basis.

The Trustees do not consider that the COVID-19 pandemic will have any significant adverse financial effect on the charity or its ability to operate as a going concern, but an accurate estimate of the impact cannot be made.

At 31 December 2020 neither the Group nor the Charity held free reserves, all net funds being held in the form of freehold property. The Trustees are of the opinion that the ongoing financial support of OneSchool Global UK and the wider Brethren Community will be sufficient to allow it to meet its financial obligations as they fall due. Once the outstanding loan and balance due to OneSchool Global UK have been settled, the Trustees believe that only minimal free reserves will be required.

Plans for future periods

The Trustees intend to continue to support OneSchool Global UK to assist them in delivering a high level of educational experience and outcome for all students and staff, in accordance with the Trust's ethos and values.

The Copsewood Education Trust Report of the Trustees for the year ended 31 Dec 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ 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 & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Group and the Charity and of the incoming resources and application of resources of the Group and the Charity 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 2019 (FRS 102);
· 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 group or 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 group and the charity 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 trust deed. They are also responsible for safeguarding the assets of the group and 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 group and the charity and financial information included on the Charity’s and Subsidiaries' websites. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees and signed on their behalf by:

Mr J Clarke, Chairman

Date

Report of the Independent Auditor To the Trustees of The Copsewood Education Trust

Opinion

I have audited the financial statements of The Copsewood Education Trust (the "Parent Charity") and its subsidiaries (the "Group") for the year ended 31 December 2020, which comprise the Group and Charity Statements of Financial Activities, the Group and Charity Balance Sheets, the Group and Charity Cash Flow Statements and Group and Charity Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’ (United Kingdom Generally Accepted Accounting Practice).

In my opinion, the financial statements:

l give a true and fair view of the state of the Group's and Parent Charity's affairs as at 31 December 2020 and of the Group's and Parent Charity's incoming resources and application of resources, including its income and expenditure, for the year then ended;
l have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
l have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of my report. I am independent of the Group and Parent Charity in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Emphasis of Matter

I draw attention to note 3 in the financial statements, which states that at 31 December 2020 the Group had net current liabilities of £17,773 and the Charity had net current liabilities of £220,810 meaning that there were insufficient liquid funds to settle balances due to creditors. Following the transfer of operations to OneSchool Global UK ("OSG") on 31 July 2019, the Charity became financially dependent on the support of OSG.

On 22 April 2020 a lender requested their loan of £30,000 be converted to a bequest on their death. On 22 September 2021 the Trustees of OSG agreed to waive the right, under Clause 2 of the Transfer Agreement signed by them on the 19 December 2019, to any sums due from The Copsewood Education Trust, which have arisen from their activities prior to 31 December 2020. The Trustees are of the opinion that these two events will enable the Charity to meet its financial obligations as they fall due. Consequently, these financial statements have been prepared on the going concern basis.

My opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or Parent Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditor To the Trustees of The Copsewood Education Trust (continued)

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and my auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

I have nothing to report in this regard.

Matters on which I am required to report by exception

I have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require me to report to you if, in my opinion:

l the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or
l sufficient accounting records have not been kept; or l the financial statements are not in agreement with the accounting records; or l I have not received all the information and explanations I require for my audit.

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement 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 Group's and the Parent Charity’s abilities 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 Group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditor To the Trustees of The Copsewood Education Trust (continued)

Auditor’s responsibilities for the audit of the financial statements

I have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

My 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 my 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that I will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as I will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor’s report.

Use of my 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. My audit work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my audit work, for this report, or for the opinions I have formed.

Dr J R Ayling BSc FCA, Statutory Auditor Dr J R Ayling BSc FCA 8 Troutbeck Avenue Leamington Spa Warwickshire CV32 6NE

27 October 2021

Date

Dr J R Ayling FCA is eligible for appointment as auditor of the Group and the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 itself.

The Copsewood Education Trust Group Statement of Financial Activities for the year ended 31 Dec 2020

Notes £ Income and endowments from: Donations and legacies 4 117,114 Charitable activities 5 347,754 Other trading activities 6 1,372,544 Investments 7 21 Other 7,354 Total 1,844,787 Expenditure on: Raising funds 8 892,043 Charitable activities 9 198,823 Other OneSchool Global UK transfer 2 336,959 Total 1,427,825 Net gain / (loss) on investments - Net income / (expenditure) 416,962 Transfers between funds 21 3,675 420,637 Total funds brought forward 21 2,402,497 Total funds carried forward 21 2,823,134 Net movement in funds Unrestricted Funds		Group	Group
		Restricted Funds £ 3,675 - - - - 3,675 - - - - - 3,675 (3,675) - - -	Total Total £ £ 120,789 105,082 347,754 972,365 1,372,544 816,503 21 62 7,354 915 1,848,462 1,894,927 892,043 501,034 198,823 1,241,937 336,959 165,474 1,427,825 1,908,445 - - 420,637 (13,518) - - 420,637 (13,518) 2,402,497 2,416,015 2,823,134 2,402,497 Year ended 31 Dec 2019 Year ended 31 Dec 2020

There were no recognised gains and losses for the Group for the current or prior periods other than those included in the statement of Financial Activities. An analysis of continuing and discontinued activities is presented on the next page.

The Copsewood Education Trust Group analysis of continuing and discontinued operations for the year ended 31 Dec 2020

		Group	Group
	£ - - - - - Discon- tinued operations	Total £ 120,789 347,754 1,372,544 21 7,354 12m ended 31 Dec 20	£ 93,310 280,355 814,531 62 915 Continuing operations	Total £ £ 11,772 105,082 692,010 972,365 1,972 816,503 - 62 - 915 705,754 1,894,927 3,161 501,034 825,854 1,241,937 56,282 165,474 885,297 1,908,445 (179,543) (13,518) Discon- tinued operations 12m ended 31 Dec 19
1,848,462	-	1,848,462	1,189,173
	- - -	892,043 198,823 336,959	497,873 416,083 109,192
1,427,825	-	1,427,825	1,023,148
420,637	-	420,637	166,025

The Copsewood Education Trust Charity Statement of Financial Activities for the year ended 31 Dec 2020

Notes £ Income and endowments from: Donations and legacies 4 109,514 Charitable activities 5 347,754 Other trading activities 6 1,682 Investments 7 239,064 Other 7,354 Total 705,368 Expenditure on: Raising funds 8 - Charitable activities 9 94,083 Other OneSchool Global UK transfer 2 336,959 Loan provision 18 - Total 431,042 Net gain / (loss) on investments - Net income / (expenditure) 274,326 Transfers between funds 21 3,675 278,001 Total funds brought forward 21 2,307,873 Total funds carried forward 21 2,585,874 Net movement in funds Unrestricted Funds		Charity	Charity
		Restricted Funds £ 3,675 - - - - 3,675 - - - - - - 3,675 (3,675) - - -	Total Total £ £ 113,189 105,082 347,754 972,365 1,682 1,972 239,064 223,821 7,354 915 709,043 1,304,155 - 3,161 94,083 1,137,339 336,959 165,474 - 10,000 431,042 1,315,974 - - 278,001 (11,819) - - 278,001 (11,819) 2,307,873 2,319,692 2,585,874 2,307,873 Year ended 31 Dec 2020 Year ended 31 Dec 2019

There were no recognised gains and losses for the Charity for the current or prior periods other than those included in the statement of Financial Activities. An analysis of continuing and discontinued activities is presented on the next page.

The Copsewood Education Trust Charity analysis of continuing and discontinued operations for the year ended 31 Dec 2020

		Charity	Charity
	£ - - - - - Discon- tinued operations	Total £ 113,189 347,754 1,682 239,064 7,354 12m ended 31 Dec 20	£ 93,310 280,355 - 223,821 915 Continuing operations	Total £ £ 11,772 105,082 692,010 972,365 1,972 1,972 - 223,821 - 915 705,754 1,304,155 3,161 3,161 825,854 1,137,339 56,282 165,474 - 10,000 885,297 1,315,974 (179,543) (11,819) Discon- tinued operations 12m ended 31 Dec 19
709,043	-	709,043	598,401
	- - - -	- 94,083 336,959 -	- 311,485 109,192 10,000
431,042	-	431,042	430,677
278,001	-	278,001	167,724

The Copsewood Education Trust Group and Charity Balance Sheets as at 31 Dec 2020

Notes Fixed assets Tangible assets 15 Investments 16 Current assets Stocks 17 Debtors 18 Investments 16 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 19 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Funds Restricted 21 Unrestricted 21 Total net assets	31 Dec 2020 31 Dec 2019 £ £ 2,840,907 2,888,198 - 67,500 2,840,907 2,955,698 107,104 93,007 58,267 22,120 67,500 - 212,004 170,092 444,875 285,219 (462,648) (638,420) (17,773) (353,201) 2,823,134 2,602,497 - (200,000) 2,823,134 2,402,497 - - 2,823,134 2,402,497 2,823,134 2,402,497 Group	Charity
	31 Dec 2020 £ 2,840,907 - 2,840,907 107,104 58,267 67,500 212,004 444,875 (462,648) (17,773) 2,823,134 - 2,823,134 - 2,823,134 2,823,134	31 Dec 2020 31 Dec 2019 £ £ 2,806,680 2,860,254 4 67,504 2,806,684 2,927,758 - - 2,869 5,470 67,500 - 28,405 110,469 98,774 115,939 (319,584) (535,824) (220,810) (419,885) 2,585,874 2,507,873 - (200,000) 2,585,874 2,307,873 - - 2,585,874 2,307,873 2,585,874 2,307,873

Approved by the trustees and signed on their behalf by:

Mr J Clarke, Chairman

Date

The Copsewood Education Trust Group cash flow statement for the year ended 31 December 2020

Net income / (expenditure) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest income shown in investing activities Increase in stocks (Increase) / decrease in debtors Increase in creditors Net cash provided by operating activities Cash flows from investing activities Interest and dividends Purchase of fixed assets Net cash used in investing activities Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Net cash used in financing activities Change in cash and cash equivalents in the period Cash and cash equivalents brought forward Cash and cash equivalents carried forward Analysis of cash and cash equivalents Cash in hand Analysis of changes in net debt Cash Loans falling due within one year Loans falling due after more than one year Total Cash flows from operating activities	At start of year £ 170,092 (340,000) (200,000) (369,908)	Year ended Year ended £ £ 420,637 (13,518) 67,529 95,290 - 89,143 (21) (62) (14,097) (20,893) (36,147) 95,547 89,228 81,930 527,129 327,437 21 62 (20,238) (30,801) (20,217) (30,739) (465,000) (450,000) - - (465,000) (450,000) 41,912 (153,302) 170,092 323,394 212,004 170,092 212,004 170,092 Cash flows At end of year £ £ 41,912 212,004 265,000 (75,000) 200,000 - 506,912 137,004 31 Dec 2019 31 Dec 2020

The Copsewood Education Trust Charity cash flow statement for the year ended 31 December 2020

Net income / (expenditure) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest income shown in investing activities Decrease in debtors Increase in creditors Net cash provided by operating activities Cash flows from investing activities Interest and dividends Purchase of fixed assets Net cash provided by / (used in) investing activities Cash flows from financing activities Repayments of borrowing Cash inflows from new borrowing Net cash used in financing activities Change in cash and cash equivalents in the period Cash and cash equivalents brought forward Cash and cash equivalents carried forward Analysis of cash and cash equivalents Cash in hand Analysis of changes in net debt Cash Loans falling due within one year Loans falling due after more than one year Total Cash flows from operating activities	At start of year £ 110,469 (295,000) (200,000) (384,531)	Year ended Year ended £ £ 278,001 (11,819) 53,574 85,728 - 89,143 (11) (33) 2,601 54,290 48,760 66,478 382,925 283,787 11 33 - (17,701) 11 (17,668) (465,000) (430,000) - - (465,000) (430,000) (82,064) (163,881) 110,469 274,350 28,405 110,469 28,405 110,469 Cash flows At end of year £ £ (82,064) 28,405 265,000 (30,000) 200,000 - 382,936 (1,595) 31 Dec 2020 31 Dec 2019

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

1 Accounting policies

{a} Basis of preparation

The Copsewood Education Trust is a charity registered in England & Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. Until 31 July 2019 the Trust operated an independent school based in Atherstone which educates approximately 160 pupils from 7 to 18 years of age. Since that date it has continued to own and maintain the building from which the school is operated by another charity, OneSchool Global UK.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements and consolidated 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 applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

{b} Method of consolidation

The results of The Copsewood Education Trust and its wholly owned subsidiaries, Factor 4 UK Limited and Baginton Green Limited, have been consolidated to produce group accounts using the acquisition method.

{c} Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity, or the Group, and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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, or the Group, for particular purposes. The cost 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.

{d} Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity or the Group is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised, the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

1 Accounting policies (continued)

{d} Income recognition (continued)

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the Charity, or the Group, has control over the item. Fair value is determined on the basis of the value of the gift to the Charity, or the Group. For example the amount the Charity, or the Group, would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

Income from trading activities comprises income earned from trading activities to raise funds for the Charity, or the Group. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through trading activities undertaken by the trading subsidiaries, the profits from whom are donated to the Parent Charity.

All income arises in the United Kingdom.

{e} Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds comprise the cost of trading activities
Expenditure on charitable activities comprises the costs of provision of education and associated costs

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

{f} Support costs allocation

Support costs are those that assist the work of the Charity, or the Group, but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities as raising funds is undertaken on a wholly voluntary basis. The analysis of these costs is included in note 10.

{g} Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land No depreciation Freehold buildings 2% straight line Fixtures and fittings: General furniture & equipment 25% reducing balance Computer equipment 33% straight line

Assets costing less than £500 are written off to the SoFA in the year of purchase.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

1 Accounting policies (continued)

{h} Investments

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA. Current asset investments are those which are expected to be sold within 12 months of the balance sheet date. Fixed asset investments are those held in order to achieve the maximum sale price at some future, as yet unknown, date.

{i} Stocks

Stocks comprise finished goods and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, firstout formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

{j} Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

{k} Concessionary loans

Concessionary loans include those payable to third parties which are interest free or below market interest rates and are made to advance charitable purposes.

{l} Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

{m} Provisions

Provisions are recognised when the Charity, or the Group, has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

{n} Employee benefits

Retirement benefits to employees of the trust were provided by the Teachers’ Pension Scheme (‘TPS’). This is a defined benefit scheme and the assets are held separately from those of the trust.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 14, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

1 Accounting policies (continued)

{o} Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes.

{p} Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements and believe that the budgeted income and expenditure is sufficient with the level of reserves for the Charity, and the Group, to be able to continue as a going concern.

{q} Judgements and key sources of estimation uncertainty

In the application of the Group's accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or the period of the revision and future periods where the revision affects both current and future periods.

2 OneSchool Global UK

On 31 July 2019 the Charity transferred its primary operations to OneSchool Global UK (registered charity number 10763413), "OSG". Under the terms of the associated transfer agreement, the "Agreement", The Copsewood Education Trust incurred the following expenditure:

Transferral of cash balances Contractual payment of post transfer third party donations Contractual payment of post transfer subsidiary income	Group and Charity
	31 Dec 2020 31 Dec 2019 £ £ - 56,282 97,906 12,028 239,053 97,164 336,959 165,474

Other creditors comprise a net balance of £273,611 (2019: £224,651) due to OSG in respect of these costs, see note 19.

From 1 August 2019, under the terms of the Agreement, The Copsewood Education Trust has charged school fees and collected receipts from parents on an agency only basis as follows:

Balance held as agent b/f Funds received as agent Funds paid as agent Balance held as agent c/f	Group and Charity
	31 Dec 2020 31 Dec 2019 £ £ 29,909 - 303,216 29,909 (31,849) - 301,276 29,909

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

3 Going Concern

The Trustees do not consider that the COVID-19 pandemic will have any significant adverse financial effect on the Charity or its ability to operate as a going concern, but an accurate estimate of the impact cannot be made.

Gifts and donations - associated income tax refunds Waived loan interest Donations and legacies	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 105,506 70,378 735 4,019 14,548 30,685 120,789 105,082 Group	Charity
	Year ended 31 Dec 2020 £ 105,506 735 14,548 120,789	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 97,906 70,378 735 4,019 14,548 30,685 113,189 105,082

4 Donations and legacies

Included within gifts and donations, for the Charity and the Group, is restricted income of £2,940 (2019: £16,448). The associated income tax refunds include £735 (2019: £4,019) in respect of these donations. All restricted donations and legacies are in respect of the Restricted Atherstone fund (see note 21).

Waived loan interest comprises the Trustees' estimate of the benefit arising from concessionary loans (see note 20). The interest charges which would have been payable if the loans had been made on a commercial basis are included within finance costs (see note 10).

Income from charitable activities School fees Career Advantage Program Grant income	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 254,742 - 12,667 347,754 704,956 347,754 972,365 Group	Charity
	Year ended 31 Dec 2020 £ - - 347,754 347,754	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 254,742 - 12,667 347,754 704,956 347,754 972,365

5 Income from charitable activities

The Career Advantage Program income is restricted.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

6 Other trading income Other trading activities	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 1,372,544 816,503 Group	Charity
	Year ended 31 Dec 2020 £ 1,372,544	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 1,682 1,972

Income from subsidiaries Bank interest Investments	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - - 21 62 21 62 Group	Charity
	Year ended 31 Dec 2020 £ - 21 21	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 239,053 223,788 11 33 239,064 223,821

7 Investments

Raising funds Trading costs	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 892,043 501,034 Group	Charity
	Year ended 31 Dec 2020 £ 892,043	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 3,161

8 Raising funds

9 Tutoring costs Student transport Fee relief Other direct costs Donations made Total direct costs Support costs Expenditure on charitable activities	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 529,055 - 42,790 - 46,667 891 18,934 - 222,286 891 859,732 197,932 382,205 198,823 1,241,937 Group	Charity
	Year ended 31 Dec 2020 £ - - - 891 - 891 197,932 198,823	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 529,055 - 42,790 - 46,667 891 18,934 - 222,286 891 859,732 93,192 277,607 94,083 1,137,339

Included within fee relief charges for the year ended 31 December 2019 is a restricted amount of £12,667 relating to the Career Advantage Program.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

10 Allocation of support costs

All support costs are allocated to the sole charitable activity of the Charity and the Group, being the advancement of education of children and young people from the ages of seven to eighteen.

Premises costs Administrative costs Depreciation and loss on disposals Professional charges Finance charges Governance costs Support cost	Group Charity £ £ 74,250 19,504 21,014 268 67,529 53,574 3,141 653 27,353 14,548 4,645 4,645 197,932 93,192

11 Trustees’ expenses and remuneration

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2019: £nil). Expenses paid to the trustees in the period totalled £nil (2019: £nil). Further related party transactions are disclosed in note 24.

12 Net movement in funds for the year

The net movement in funds for the year is stated after charging:

Depreciation of tangible fixed assets Audit fees	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 67,529 95,290 4,645 4,845 Group	Charity
	Year ended 31 Dec 2020 £ 67,529 4,645	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 53,574 85,728 4,645 4,845

No other fees were paid to the auditor (2019: £nil).

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

Staff costs The staff costs were: Wages and salaries Social security costs Pension contributions (see note 14) Other staff costs (inc agency staff)	Group & Charity
	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 424,489 - 43,316 - 58,721 - 526,526 - 93,804 - 620,330

13 Staff costs

Agency staff were used for teaching purposes when the Trust has been temporarily unsuccessful in recruiting a teacher for specific subjects. The number of employees whose employee benefits (including holiday pay accruals under FRS102) exceeded £60,000 was:

£60,001 to £70,000	Group & Charity
	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ No. No. - 2

The average weekly number of staff employed during the period was:

Teaching staff Non teaching staff	Group & Charity
	Year ended Year ended 31 Dec 2020 31 Dec 2019 No. No. - 17 - 4 - 21

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

14 Teachers' pension scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in part-time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Not less than every four years the Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

Employer contribution rate set at 23.6% of pensionable pay from 1 September 2019 (16.4% to 30 August 2019) (including a 0.08% employer administration charge);
Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million;
An employer cost cap of 10.9% of pensionable pay will be applied to future valuations;
The assumed real rate of return is 2.8% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return is 4.45%.

Until 1 September 2019 the employer contribution rate was 16.4% The TPS valuation for 2016 determined an employer rate of 23.6% from September 2019, which will be payable during the implementation period until the next valuation as at March 2020, whereupon the employer contribution rate is expected to be reassessed and will be payable from 1 April 2023.

The pension costs paid to TPS in the period (including holiday pay accruals under FRS102) amounted to £nil (2019: £63,534).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The charity has set out above the information available on the scheme.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

15 Tangible fixed assets At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 Cost Cost		Group
	Freehold land & buildings £ 3,068,655 - 3,068,655 208,401 53,574 261,975 2,806,680 2,860,254	Total £ £ 48,299 3,116,954 20,238 20,238 68,537 3,137,192 20,355 228,756 13,955 67,529 34,310 296,285 34,227 2,840,907 27,944 2,888,198 Charity Fixtures, fittings & equipment
	Freehold land & buildings £ 3,068,655 - 3,068,655 208,401 53,574 261,975 2,806,680 2,860,254	Total £ £ - 3,068,655 - - - 3,068,655 - 208,401 - 53,574 - 261,975 - 2,806,680 - 2,860,254 Fixtures, fittings & equipment

Included within freehold land and buildings for the Charity and the Group is land of £390,000 (31 December 2019: £390,000) which has not been depreciated.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

16 Investments Fixed asset investments Investment in Factor 4 UK Ltd Investment in Baginton Green Ltd Investment property Current asset investments Investment property	31 Dec 2020 31 Dec 2019 £ £ - - - - - 67,500 - 67,500 67,500 - Group	Charity
	31 Dec 2020 £ - - - - 67,500	31 Dec 2020 31 Dec 2019 £ £ 2 2 2 2 - 67,500 4 67,504 67,500 -

The Charity owns 100% of the share capital of Factor 4 UK Limited, a company registered in England and Wales. Factor 4 UK Limited undertakes general trading in order to raise funds for the Charity. The following results for Factor 4 UK Limited have been included in the consolidated financial statements of The Copsewood Education Trust:

Trading income Trading costs Bank interest Support costs Operating profit Donation to The Copsewood Education Trust (note 7) Assets Liabilities Capital and reserves	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ 1,370,862 814,531 (892,043) (497,873) 10 29 (94,794) (97,708) 384,035 218,979 (239,053) (223,788) 144,982 (4,809) 31 Dec 2020 31 Dec 2019 £ £ 374,733 189,277 (143,045) (102,571) (231,688) (86,706) - -

The Charity owns 100% of the share capital of Baginton Green Ltd, a company also registered in England and Wales. Baginton Green Limited's role was to develop an appropriate site for a combined Primary and Secondary school in the Coventry area. This plan was cancelled in January 2017 and now the objective is for the Company to maximise the potential sales proceeds of the land at Baginton, Warwickshire which had been purchased by the Group for the purpose. The following results for Baginton Green Limited have been included in the consolidated financial statements of The Copsewood Education Trust:

Support costs being net loss Assets Liabilities Capital and reserves	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ (2,346) (6,890) 31 Dec 2020 31 Dec 2019 £ £ 5,595 7,947 (375,019) (375,025) 369,424 367,078 - -

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

16 Investments (continued)

The investment property comprises land in Baginton, Warwickshire, for which planning permission for a school building has been obtained. At 31 December 2019 the intention of the Trustees was to hold the property in order to achieve the best price at some point in the future. At 31 December 2020 the property was being actively marketed for sale and so has been reclassified as a current asset investment. The carrying value is based on a valuation by an independent professionally qualified valuer with recent experience in the location and class of the investment property being valued.

Carrying value at the beginning and end of year

Year ended 31 Dec 2020 £ 67,500

17 Stocks Finished goods for resale	31 Dec 2020 31 Dec 2019 £ £ 107,104 93,007 Group	Charity
	31 Dec 2020 £ 107,104	31 Dec 2020 31 Dec 2019 £ £ - -

18 Debtors Trade debtors Prepayments and accrued income Other debtors	31 Dec 2020 31 Dec 2019 £ £ 50,672 8,789 7,565 13,001 30 330 58,267 22,120 Group	Charity
	31 Dec 2020 £ 50,672 7,565 30 58,267	31 Dec 2020 31 Dec 2019 £ £ 1,699 976 1,153 4,437 17 57 2,869 5,470

During the year ending 31 December 2019 The Copsewood Education Trust made an interest free loan to Baginton Green Limited of £10,000. The loan was unsecured and repayable on demand with 30 days notice. At 31 December 2020 and at 31 December 2019 the carrying value of this loan was £nil, the cost of impairment being shown as a separate item in the Charity's Statement of Financial Activities for the year ended 31 December 2019.

No debtors are due after more than one year.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

19 Creditors: amounts falling due Concessionary loans Trade creditors Accruals and deferred income Taxation & social security Other creditors within one year	31 Dec 2020 31 Dec 2019 £ £ 75,000 340,000 63,211 51,053 14,645 14,845 36,181 7,871 273,611 224,651 462,648 638,420 Group	Charity
	31 Dec 2020 £ 75,000 63,211 14,645 36,181 273,611 462,648	31 Dec 2020 31 Dec 2019 £ £ 30,000 295,000 - - 14,645 14,845 1,328 1,328 273,611 224,651 319,584 535,824

Other creditors comprise net amounts due to OneSchool Global UK under the Agreement, see note 2.

Creditors: amounts falling due Concessionary loans after more than one year	31 Dec 2020 31 Dec 2019 £ £ - 200,000 Group	Charity
	31 Dec 2020 £ -	31 Dec 2020 31 Dec 2019 £ £ - 200,000

20 Concessionary loans At 1 January 2020 Loans repaid At 31 December 2020	Group Charity £ £ 540,000 495,000 (465,000) (465,000) 75,000 30,000

Concessionary loans comprise borrowing which has been made on an interest free basis or at below commercially available interest rates. All loans are unsecured.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

21 Summary of fund movements

		Group
£ 2,402,497 - Fund balance b/f	Income £ 1,781,770 63,017	£ (1,427,825) - Expenditure	Transfers Fund balance c/f £ £ 66,692 2,823,134 (63,017) - 3,675 2,823,134 (3,675) - - 2,823,134
2,402,497	1,844,787	(1,427,825)
-	3,675	-

2,402,497	1,848,462	(1,427,825)
		Charity
Fund balance b/f £ 2,307,873 -	Income £ 642,351 63,017	£ (431,042) - Expenditure	Transfers Fund balance c/f £ £ 66,692 2,585,874 (63,017) - 3,675 2,585,874 (3,675) - - 2,585,874
2,307,873	705,368	(431,042)
-	3,675	-

2,307,873	709,043	(431,042)

The Atherstone funds were established for the purpose of acquiring new premises for the school and the associated refurbishment costs. The Restricted Atherstone fund is used to receive funds where the donor has specified that their gift should be used specifically to finance the purchase and renovation of the new school at Atherstone. Where the Trustees understand the donor had in mind to financially support the development, the income has been included within the Designated Atherstone fund.

The fund transfers are in respect of costs associated with the purchase of tangible fixed assets which have been made from restricted or designated funds but are held for general use.

Sufficient resources are held in an appropriate form to enable the funds to be applied in accordance with the restrictions.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

Analysis of net assets by fund Fixed assets Current assets Current liabilities Fund balance Fixed assets Current assets Current liabilities Fund balance		Group
	Unrestricted Funds £ 2,840,907 444,875 (462,648) 2,823,134	Restricted Funds Total £ £ - 2,840,907 - 444,875 - (462,648) - 2,823,134 Charity
	Unrestricted Funds £ 2,806,684 98,774 (319,584) 2,585,874	Restricted Funds Total £ £ - 2,806,684 - 98,774 - (319,584) - 2,585,874

22 Analysis of net assets by fund

23 Provisions for liabilities and charges

On 3 September 2008 The Copsewood Education Trust entered into a contract with Baginton Green Ltd for the Company to provide new and complete school premises for the Charity. Freehold land was acquired by Baginton Green Ltd during the year ended 31 July 2014 at a cost of £550,000 for the purpose of fulfilling this contract. During the same year stage payments of £810,000 were charged to The Copsewood Education Trust by Baginton Green Ltd in respect of this contract. The Charity elected to pay VAT at a zero rate on these charges, in accordance with VAT notice 708, as the proposed building was intended to be used solely for a “relevant charitable purpose” as defined by VAT notice 708. On 3 January 2017 the Trustees of The Copsewood Education Trust and the Directors of Baginton Green Limited agreed to cancel the contract.

The Trustees do not believe that The Copsewood Education Trust will be liable to a charge of VAT at the full rate on the stage payments made in the year ended 31 July 2014. However, it is possible that Her Majesty’s Revenue & Customs may take a different view. If VAT were to be charged at the full rate on the stage payments made in the year ended 31 July 2014, then the Charity would be liable to a charge of £162,000. No provision has been for this amount in these financial statements.

At 31 December 2020 there was an ongoing dispute with a previous member of staff. No provision for compensation of loss of office has been included in these financial statements as recommended by legal advice taken by the Trustees. However, the amount of any final settlement is unknown.

The Copsewood Education Trust Notes forming part of the financial statements for the year ended 31 Dec 2020

24 Related party transactions

Included in grant income for the Group and the Charity (note 5) is funding of £nil (year ended 31 December 2019: £449,601) from the Focus Learning Trust (Registered Charity number 1099725) and £347,754 (2019: £255,355) from OneSchool Global UK Ltd (registered charity number 1181301). Both Focus Learning Trust and OneSchool Global UK, in addition to providing financial assistance, have provided technical support and are therefore in a position to advise upon and influence policies adopted by The Copsewood Education Trust. Staff costs include £nil (2019: £148,630) in respect of an employee who was seconded by the Charity to Focus Learning Trust. In return the Charity received income of £nil (2019: £148,630) which has been disclosed within grant income.

No fee discounts, including deductions made under the Career Advantage Program were awarded to Trustees, or their immediate family members, in the year ended 31 December 2020. Such discounts were made during the year ended 31 December 2019 as follows: Mr J Clarke: £1,260, Mr J Gates: £667, Mr S White: £3,460, Mr D Shedden: £2,484, and Mr D Cox (Campus Administrator): £1,333.

Donations received by The Copsewood Education Trust from Trustees and their related parties during the year totalled £66,890 (2019: £30,000).

Unsecured loans, with below market interest rates, have been provided to the Charity by the Trustees (including their immediate family and / or business interests) as follows:

Trustee Mr D Ellis Mr J Gates Mr B Jenkin Mr D Shedden	Bal b/f £ 220,000 60,000 75,000 40,000 395,000	Advanced £ - - - - -	Repaid Bal c/f £ £ (220,000) - (60,000) - (75,000) - (40,000) - (395,000) -

The loan repayment for Mr J Gates comprised a waiver of the loan balance. Gifts and donations (note 4) include an amount of £60,000 in respect of this waiver.

25 Post balance sheet event

On 22 September 2021 the Trustees of OneSchool Global UK agreed to waive the right, under Clause 2 of the Transfer Agreement signed by them on the 19 December 2019, to any sums due from The Copsewood Education Trust, which arise from their activities prior to 31 December 2020.

26 Controlling party and ultimate controlling party

The controlling party and ultimate controlling party of the Charity and the Group is the Board of Trustees of The Copsewood Education Trust.

The Copsewood Education Trust Additional information for the year ended 31 December 2020

(Does not form part of the financial statements)

1 OneSchool Global UK

On 31 July 2019 the Charity transferred its primary operations to OneSchool Global UK (registered charity number 10763413), "OSG". Under the terms of the associated transfer agreement, the "Agreement", the Charity and the Group incurred the following expenditure:

Transferral of cash balances Contractual payment of post transfer third party donations Contractual payment of post transfer subsidiary income	Year ended Year ended 31 Dec 2020 31 Dec 2019 £ £ - 56,282 97,906 12,028 239,053 97,164 336,959 165,474

Included within other creditors at 31 December 2020 is £273,611 (2019: £224,651) due to OSG under the terms of the Agreement. This is made up as follows:

Net book value of fixtures, fittings & equipment at date of transfer Transferral of cash balances Post transfer net school fee income attributable to OSG Gross fees invoiced 428,478 Fee waivers (68,353) CAP deducted (27,000) Contractual payment of post transfer subsidiary income Contractual payment of third party donations Contractual payment of post transfer school uniform profits Uniform sales 7,382 Uniform purchases (2,186) Less payments made by The Copsewood Education Trust Net creditor The net creditor comprises the following: Amounts held on balance as agent (note 2) Net amounts due to The Copsewood Education Trust relating to non fee activities	£ (89,143) 56,282 333,125 336,217 109,934 5,196 (478,000)
	273,611
	£ 301,276 (27,665)
	273,611