Charlty numb•r. 1047219 THE COPSEWOOD EDUCATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 THE COPSEWOOD EDUCATION TRUST COMTEKrs PBge Roforen¢e and admlnlgtrntlve detslls of tho Charlty, Its Trustees and advlseT¥ Trustees. report Indépend&nt audltorfs report on the financl•l statements Consolldated $tatem•nt of financial xllvltle5 Consolldated balonce sheet 10 Charfty balance sheet 11 Consolldated Statemènt of cash 11( 12 Notes to the financlal tststgments 13-30 THE COPSEWOOD EDUCAMON TRUST REFERENCE AND ADMINISTRATtVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEM8ER 2021 Trustees M Bass G Bushnèll J Clarke J D Gales D Shedden S White Charfty reglstered numbèr 1047219 Prlnclpal offlc• Long Street AthgrslDne CV91AE Chlef executlvo offl¢er J Cl&rf(e Ind•pendant auditor Crv*e U.IQ LLP Fourth Fknr St J8mes Houso st James Square Chettenham GL50 3PR Bankers Uoyds Bank Pk Coventry CAF Bank Lid Kings Hill Wesl Malling Kent ME194JQ Page 1 THE COPSEWOOD EDUCATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees of The Copsewood Education Trust present their 8nnud (ewrt and audited ae¢ounts for th8 year ended 31st December 2021 and confimi compty with t￿ requiren*nts of thè Charit￿5 Act 2011, the Trust deed, FRS102 and the Chanties SORP 2019 (FRS 102). and Actlvltles Ob ectlv The charitable objecls of the Trust are the a(fvancement of the educatton of children and young Feople through the prr)wsion of education s(Ées and premises. The objeds a550 indude any other Charitab￿ purpose foT th benefit of the worldwide Chr￿lian felknYshiJ kn￿￿Th 88 the Plymouth Brethren Christian Church. Ir) furtherance of ts objecls, the Trust PTovides Pfemises under fo¥ml lease for an independgnl sch￿1 based in Atherslone, wh￿h has been Nn by Onesthod Gk4>al UK IOSGUK). The Trust also provides grant lurKling and other financLql 5LlPPOrt lo OSGUK * the discretion of the TTus1g&s in order lo enable OSGUK lo provide a well balan¢ed educAth)n at prinHy 8nd 88tt0ndary ￿18, for chiklren and young people whose parents appreciate the Christian th06. Success is measured in terms of the promsion of 8ppropiiate facilitiès to OSGUK whilst minimising expenditure. This in lum. treas up funds M$iThJ staryjards of education for all conc6med and for the improvem8rn1 of facililigs for pupils and staff alike. The Truslaes have referred lo the guijance conloined in the Charity CommbS8¥)n's general guidan￿ on publ benefit and have regard to il when rewewirvj th￿r akns and objectives. and in planning Ihelr future activilie$. In partKular they consider hw planned thjties contribute lo the edu(2tKrf)al aims and objectives they havè sel. Volunteers are an inl8graE part of the community ethos and values ol the Trust and the￿ are strong and wlling group ofvolunteers who assist and sup￿1 the Tru8tthroughouithe year. Go ondm ru rnan na eme The CopS￿￿cK1 Education Trust is constitLrted by a Deed of Tru81 doled 9 May 1995, amended 2 Augu6121Y)4. and is registered vAth the Charity C¢jnmiss￿n for EnglaThJ and Wak%. The Tru8tees who seNed during the year and since Ihe yeaT end are set out on page 2. None of the Trustees, nor any person connected with them, ret*wed any from the Trust in the year endad 318t D8cember 2021 FOR THE YEAR ENDED 31 DECEMBER 2021 nificant Actfvities Throughoul the year th& Trust has ￿ntinUed to education81 premises in support of the &Jucational act1wi￿$ of OSGUK. The Charily has ttvo wholly owned noTrth8rftable sub5K[i8￿5'. Factor 4 UK Llmlted and Baginton Gwn Limited. Factor 4 UK Llmf¢ed undertakes Ir8ding ath(IEs and all pvofits chargeable to corporation tsK are grfted lo the Trust in 8UPPOrt of the charitable a¢livitres of the Trust Baginlon Green Limited was established for the purposes of buikling a new sc1￿1 bu1￿1ng for the Group. The results of Fador 4 UK ￿Mited and Baginlcjn Green Limited have been consolidated wtth those of th6 Trust in order lo produce the Group financial statemènts which folk)w. Flnonclal Re In the year endod 31st December 2021 the Group rèporterj a net defit41 of £209.544 (2020 surplus of £420,63n. Al funds are unrestricl¢d. The Trust is supp(yted and financ*d Pri￿paI￿ by proffts from its trading subsidiary F8CtOT 4 UK ￿Mited plus olhor ad hoc donations and Ihose raised by lundraising events plus other ad hoc donations and those funds TaiBed by fundraising ￿ents and grants from the Gr￿ Trust. In 2021 thè Trust ￿￿ed £350,925 in dDnation8 from Factor 4 UK Limited for Wh￿ the TNslees are very graleful. In 2020 th& Trust a180 ￿CeNed £347,754 in grants from the Grace Tru31 for wh￿h the Trustees are likewise very gratefvl. Tho Trust885 ￿lIeVè th&t the Trust's funds are sUff￿￿nI io rnf(wJate any $hc¥i lo rfiedium le￿ rwks ￿ redu￿ funding. The Trust's fundraising events principalty operate within Ike Brothren communty and profepAitsnal fktndraisers are not used. Neither the TnJ$t nor any person actiThJ on behalf of the Trust was subject lo an undertaking lo be bound by any voluntary scheme for reguL*ing funrkaising. or Nduntary Standard for fvnd-raising in respect of actiwlies behalf of the trust. Thè Trustees. poliw ts to maintain minlmum free reserves at a l&vel which equates to monlh8' unrsslricled expenditure. This is approximatety £5,000. Al 31st December 2¢Y21 the freè reseTve8 of the Trust wero £124.794131sl December 2020 ￿190,8(￿1. After making approprkqte enquiries, the Twslees have a ￿aSonable expectation that the charity h8$ adequa resources to Continue in opèrational exislenrA for the f￿e$eeab￿ fLrture. For this reason, il continues to adopt Ihg going concern basis in preparing the financid Statements. Further details regarding the adoption of the going concern basi3 can be found in the A£¢ounling Policies. Plans For Fut rè Pefiod$ The Trustees plan lo continue to support OSGUK in prowd¢ng quallty school buikling faciliti.es to support facilitgte OSGUK in delNering a consislenl and hKJh thl of education81 experience and Ou￿0￿￿ for all OSGUK'S students and staff, in accordan¢e with the Tnjsvs ethos and values. Page 3 THE COPSEWOOD EDUCATION TRUST TRUSTEES. REPORT IcowfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2021 emen of Tru$tèes' Res Th$ Tru3tees are responsib16 for preparing the Truste8s' r4K)rt and the fin8nc￿l 81alemenlg in accordance with appllcable law and United Kingdom ￿£￿untINJ Standards (unit￿ Kingdom Generalfy Accepted Accounting Practice). The law applicablo to chwities In England & Wale8 require$ the Trustees to prepare financial statements for each tinancial year which give a true and fair vlew of the state of affairs of thè Group end the Chartty and of thelr incoming resour¢es and applution of resource5. indudlNd their irJcon)o and expenditure. for Ihal period. In preparing these financval statements. Ihe Tru8lees are ￿qUired lo.. select Suitab￿ accountiny policaes and then app￿ them ￿&Stenty, observe the methods and prinaples in the charit￿ SORP. make judgements and est￿ateS that aro reasonable and prudenl slate whether #pplicable accounbng standards havè fdkmed. Bubject to any malwlal departures disclosed and ewained in the fin8nc¥al statements., preparo the financial statements on the gDing cortem basis unioss rf( 1$ inappropriato to pr&sume that th8 ¢harity and gr(wp continue in bUs1Th￿. nsibl Ities Trustees are responsib￿ for keeplng adequate accounbng records that are suffKiont to $￿tY￿ and explaln the Group and the Charws transactions and disclose with re8s0nabb accuracy at any the financid position of the G¥oup and the Charty and enable them to ensure that the finan¢ial statements compty with Iha Charities Ad 2011, the Charity IAccounls and Reports) Regubtions 2008 and the provisK)ns of the Trust deed. They are altso responsible for safeguarding the assets of the Group and the Charity ar)d hence for taking re8sonablg steps forthe prevention and detection of fraud and other irreguL?nt￿s. order ofthe members ofts ofTNs* and svJned on their bèhalf ty. Jci Truslae Dale.. Page 4 ThE COPSEWOOD EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF THE COPSEWOOD EDUCATION TRUST Opinion We have audited the financbl statements of The CopS￿xI Education Trust Ilhe 'parenl charfV} and its subsidiaries {Ihe 'group? lor the year ended 31 December 2021 whd) comprise the Consolidated slalement of linanaal activf(ies. the consolidat￿ balance sheet, ctwty balance sheet, the Con&olidaled ststement of cash lows and the related notes. including a summary of s¥Jnfficanl a(tounting policie$. The fin8ncial reporting framework th81 has been applied in their prepar8t1(￿ is q)plicable and Uniied Kingdom Accounting Standards, includlng Financial Reporbny Standard 102 Tr FIr￿Ck81 Reporttng Standard applicable in the UK and Republic ol Ireland, (Unw Kingdom Generalty A￿pted Aecounting Pr8Cticèl. The financial $tatem8nts have been preparejj in awdance with A¢countirvJ and Reporting by charit￿S preparfng their accoullls in a￿ordanCe the Financial Reporting Standard$ appSicaN& in the UK and Republlc of Ireland IFRS 1021 in preference to the Aco)unling and Reporting by Charrties.. Statement of Recommended Praclico i&8ued on 1 AFYII 2005 vthich referr8d to in the extant regulations but has been withdrawn. This has been done in ordèr for Bccount8 to pro¥Kle a true and fair vivw In a¢￿dance with the Generalty A•d Accounllng practi￿ effectNe for reF￿[￿g perttrJ$ Winning on orafter 1 January 2015. In oui opinion tho financial staiwrnnts: glve a true and fair vw of the state of the Group'8 and of the parent ¢hariW$ aff8irs as at 31 Decembor 2021 and of the Group's incoming resourceB arKI app1￿11)n of fesourcè5. knduding its Income and exp&nditure for Ihe ye8rthen entsj.. have been property prepared in accord8nc¢ V*ith Unknd lfjngdcTh Gen¢raty A¢eepted Accounting Practice: and have been propared in acCorda￿e with the requirements ofthe Charitie$ Act 2011. Bas1$ for oplrtlon We conducted our audil Sn 8C¢Ordan￿ wlth Ir)ternabonal Standards on Auditing IUKI IISAS IUK)) and 8pplicabl& law. Oltr rèsponsibilities under thtsso Standards are further desCri￿d in the Auditorfs Tesponsbililies for the audit of the financial slalemnis sedion ofour report. We are independent of the Group in aC￿dan￿ with the ethical requirements that are relevant lo our audit of thè financial statements in thè Uniled Kinydom, including the Financial Reporting Council's Ethical Starhdard. and we have fu￿1118￿ our other 8thical responsibilities In secordan￿ with these requirements. We belwg that the audit evtdence we have obtained is sulficiènl And appropriate lo provKl¢ a basis for rAJr winion. Concluslons relatlng to g)n of financd statement8 that ar8 free from material misstalemenL whelher due to fraud or enDr. In preparing th9 finanr#8151alements, Ihe TDJStees a￿ responsible for assessing th8 Group's and the pargnt ¢harilWs ability to continue as a going concem. ￿l$ClosIng, as applicab￿. matters related lo going concem and using the going coneem ba5k4 of accounting unless the Trustees either intend to Iyuhlale the Group or th& pargnl ch8rity or to ￿aStr OkWatK)ns, or haw no alt&malNe but to do so. Page 6 THE COPSEWOOD EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE COPSEWOOD EDUCATION TRUST ICONTINUEDI Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are InStan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misstalemenls in respect of irregularities, including fraud. The exlenl lo which our prO￿dureS are capable of delecling irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slatemenls. The laws and regulations we considered in this context were the Charities Act 2011 and the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. Auditing standards limit the required audit procedures lo identify non-complian￿ with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal corresponden￿, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the override of controls by management. Our audit procedures to respond lo these risks included enquiries of management, and the Trustees about their own identification and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting eslimales for biases and reviewing regulatory correspondence. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstalemenls in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial slalemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected lo delecl non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditor's report. Page 7 ## **THE COPSEWOOD EDUCATION TRUST** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE COPSEWOOD EDUCATION TRUST (CONTINUED)** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and Its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 24 October 2022 Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8 THE COPSEWOOD EDUCATION TRUST CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 310ECEMBER 2021 Unrestrktad funds 2021 Total funds 2021 Total funds 2020 Ino)me from". Donations and legacies Charitable activities other trading activiti Inve8lmenls 276,844 {3.663) 1,609.831 120,789 3S5.108 I,J72.544 21 (3,663) 1,60>￿31 Total incorne 1.883018 1,883.018 1,848.462 Expenditure on: Raising funds Charitable activities Oneschool Global UK Transfer 1,174A93 498.981 1.174,493 498,981 892,043 198.823 336,959 10 Total expenditure 1,673A74 1,673,474 1,427,825 Nel movemnl in fund6 209,544 209.544 420,637 RecOn￿lIal￿)n of funds.. Tolal funds broughl forward Nel movement in fundg 21 21 2.823,134 2.823,134 209,544 2,4LY2,497 420.63Y Total funds carried forward 3,032.678 3,032,678 2.823, Y34 The Consolklaled Statement of Financial ActM1￿$ indudes all gains and tr)sses recognised In the year. The noles on pages 13 10 30 fonn part of these financial st*oments. Page 9 THE COPSEWOOD EDUCATION TRUST CONSOUDATED BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Nots Fixed assets Tangible a$s8ls 14 2.785,364 Z840.907 2.785A64 1840,907 Cuttenl 88sets Stocks Debtors 16 17 18 128mO 36.661 67.500 136,333 107. 104 58.267 67.5LX) 212,004 Investments Cash al bank ond in haNI 369,374 444.875 Creditors.. amounts falling due within ong year 19 1122.0601 (462,648) Nel current assets I ￿lliteS 247.314 (17,773) Total assets18ss cuffenl li8bilites 3.032,678 2,823. 134 Total net asset8 3.032,678 2.823,134 Charity fund8 Unr861ricted funds 21 3.031678 1823,134 To181 ￿ndS 3.032.678 2,823.134 financial statem￿ V•we approved and authorised for tssue by the Twslees and B￿nad on their t)ehalf ty. arko Trustee Date: 10 Thg notes on pages 13 to 30 fom) port of thèse finarrAal state￿nts. Page 10 THE COPSEWOOD EDUCATION TRUST CHAWTY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assets Tangible assèts Invesknenls 14 15 2,753.106 2806.680 2,753,108 2.806,684 Curr8nt a55ets Debtors Investsnents Cash at bank and In hand 17 167 2,869 67,5C 28,405 67.$00 66.833 133 98.7T4 Creditors.. amournls falling due within one year 19 138,7101 (319,584) Net cuThent assets I liabllile8 94.790 f22Q8qO) Total a58et$ lèss cunBnt Irabilities 2.847,898 2.585,874 Total nel osset8 2,847,898 1585,874 Ch8rity funds unrestr￿ed funds 21 2,847.898 2,585,874 Totsl fund8 2,847,898 2,585,874 anciai tatements were approved and authorised for issue by the Tru8lees and Sign￿ on their behaw by.. Trustee io The notes on P￿e8 13 to 30 fomi part of IheBe fin8ncio1 slatements. Page 11 THE COPSEWOOD EDUCATION TRUST CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 Cash flows from operating activitEs N61 income l expenditur Adjuslmentg lor.. 209.644 420.637 Depreciation charges Interest income shthvn in investiryd Increase in stocks {IncTease} I decwse in debtors Increase In creditor8 69,453 67,529 (21) (14,097) (36,147) 89.228 121,7881 21,616 1296,5901 Nel cash used in c*)erating ￿tI 116,7691 527.129 Cosh ffvws Itom investing ￿tIv1he$ Interest and dMd8nds Purchasg of r￿ed assets 21 (20,238) {13,908) Nel cash ptovided by lliveBting actmttes Cash from financing 8CtNkles Repaym&Thls of borrc)wing 145.0001 (46&0LXI) Nel cash in financing ￿tI￿￿&S {45,0001 1465,000) Change In cash and ¢aBh ￿￿NalentS in Ihe Cash and cash equNalgnts at the beginning ofthe yèar 175.671 212.004 41,912 170,092 Cash and cash equivalents 81 the end of the year 136,333 212,OQ4 The notes on pages 1310 30 form part of these financial 8taterf￿lS P8ge12 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General information The Copsewood Education Trust is a charity registered in England & Wales. The address of the registered office is given in the charity information page 1 of these financial slatemenls. Until 31 July 2019 the Trust operated an independent school based in Atherslone which educates approximately 160 pupils from 7 10 18 years of age. Since that date il has continued lo own and maintain the building from which the school is operated by another charity, Oneschool Global UK. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. 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 departLJre has involved following the Charities SORP IFRS 1021 PLJblished in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has Sin￿ been withdrawn. The Copsewood Education Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Inilialty reC(￿niSed al historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities ISOFAI and Consolidated balance sheet consolidate the financial statements of the Charity and ils 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 lo 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. 2.2 Going concern The Trustees are of the opinion that there is sufficient funding in place to continue activities of the charity. Therefore, the accounts have been prepared on a going COn￿M basis. Page 13 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 A¢cDuntlng pollcl8s {contlnued) 2.3 Income l income is recognised th& Charity has en1￿￿￿fit to the income. it is probabb that the inCc￿eWll be receNed and the amount of income receivable can bg measured reliab￿. The ￿gnit￿n of Income from legoaes is dependerrt on establishing entitlement. the prc4)ability ol receipt and the abilty to estimate with sufficienl acLur3cy Ihe 8mounl recèThiable. Evidence of enlitlemenl to a leg8¢y exists when the Charity ha5 sufficient &v¥Jence that a gift has beèn left to them Ilhrough knu*fedge of the exisl8nce of a valkl wll and the dèath of th8 benefactor) and th• executor is Satisfied that the property in questK)n wll not b2 required lo solisfy claims in the &Blate. Rece4pI ol a legacy must be Tecognised when r( is prcbatAe that il will be r8ceNed and the fair value of the amount r￿Vab￿, wh￿h wll gweratly bÈ the expected cash omounl lo be distrfbuted to the Chanty. can bo rell8bty measured. Gran15 are Included in the Consolidated $tBlernent of financk81 actwiti&s on a receNable basls. The balance of income r8¢8ived 5pecffic PU￿19eS tArt expendeil during the period is shown in the rdevant funds on Ihe Bal8nL% sheeL Where income is receThied in advan￿ of entidement of receipt. Its recognition Ls deferred and induded in ¢redrtors as deferred ir￿me. Where enlitlemenl occurs before in¢onR is receNed, the income is accrued. IncorrE lax rewvwalAe in rektKJn to inve51ffwl incomo ￿ rwnwd at the time the Investment Income Is receivable. 2A Expendlture Expenditure is recogni5￿1 once there is a legal or constmtive obligalion to transfer economic benefll 10 2 third party, kt is probable that a Irdnsfvr of economic bènèfrts WAI be required ir selllement and the amount of the obligation can ￿ measured reliably. Eypendilure is dassthed by actNity. ExFenditure on charftable actNiknes is ir￿Ul￿d on direLlly undertakln9 the whth fvrther the Grcyjp's objectives. as well as any asstxiated support costs. All e>￿ndIture is induslve of irrecovwabkVAT. 2.5 Interest rec&l¥able Interèst on fvnds hekl on deposit B indudwl ¥then receThrnb￿ end the amount can ￿ moasured r911ab￿ by tho Group.. this i% norn￿1￿ uw)n notif¢catK)n of the interest paid or ptyable by the inslilulion with whom the funds are depo8th1. 2.6 Tanglble fixed assets and d•pr8clation Tangible fixed a8sels costing £NIL or mre are capitalised and recognw when luiur& econ¢)mic benefits are proballe and the cost (y v￿ue ofthe asset can be measur￿1 reliably. Tangible fLxed assets 81è intbalty rwJnis&J * cost. After recognition, under the cost mcdel, tangib fixed assets are measured al cost less aLumukled dèpreciati￿ and any accumulated impairment ltssses. All ¢osls incurred lo bring a tsngit4e r￿ed asset into its intended worklng ccmdit*Jn 8houkl be Included in the measurement ofcosl. Page 14 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Ac¢tsuntlng policles l¢ontlnuedl 2.6 Tangiblè fixod assats and depre¢l#tlon Icontlnued> Depre¢ialKJn is charged so as to alkx¥te the cost of tangible fixed assels less their Tesidu81 valw over Ih8ir estimated us&ful INes. Asse15 costing less than £500 ara wlltten off the lo SOFA in the year of purchase. . Depreciation 18 provid&J on th8 folkmng basi5'. Freehold propety Long-term leasehokl propwty Fixtures and fillings Office eqU￿￿￿￿t 2% stravJht Itn 25% reAl￿￿ng balance 33% strwghl line 2.7 Investments Fixed 8ssel iiwestments are a form of financial instnnnenl and are Inittalty rwntBed al their transa¢lK>n cost and subsequenuy mea8uied * fair value al th& BaL8nee Sheet dale, unlèss the valuè cannol be measur&l rellabty in whth case it is measured al cost l&ss impairmonl. Investment gains and losses, ￿ether redised or unrealiged, are combined and presen￿ as 'GainsllLossesl on inveGtments' in the Con8olKlaled slatewil of financial ￿tMtIe$. lnve5lnw￿s in subwdiaries are valued at CLXI less ptOMSiDn for impaim*nL 2.8 stocks stcds are valued at the kfyver of ¢x*t and net realis8Lle value after rnaking due alowance for obsolete and BlovM)wng $t¢xks. Cost indudes 911 direct Djsts and an appropiiate PTOPOttion ol fixed and variable overheads. 2.9 Debto Trade 8nd other debtor5 are recognised at the Settlenwnt amount after any trad& discount offered. PrepayTrents a￿ valued al the arrK*unt prepaid net ofany tradg diSr￿Unt8 due. 2.10 Conctsslonary k>a cOn￿$SkIn8ry bans i1￿￿Ude those payabb to third which are interest free or bebw market Inter98t rates and are made to advance charitable purrx)ses. 2.11 Llabllltlos and proviBionb LIabIl￿e5 a￿ recognised V*then there is an oblig8l1)n at the Balance sheet date as a resuA of a pa$1 event, il is probable that a transfer of economic benefft w￿[ bg requwed in $8tUemènt, and the amount of the settlement can be estimated reliabty. abilities are recognlsed al the arn￿rrt that the Charity anti¢ipates il wll pay to sethe debt or the amount (t has recewed as Ethane*d paynents for the goods or semces it musl provide. P8ge15 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 Accountlng pollcles {Conilnu￿I 2.12 Flnan¢lal Instruments The Charity On￿ has financ*1 assets and firian(xal lithlthes of a kitKI that qualty as basic financial Instruments. Basic financial instruments are Initial￿ recognised 81 transaction value and subsequEntty measured al Ihelr setuement vdue. 2.13 Fund accountlng Gsnèral ￿ndS are unrestrKted fiJnd5 are av8lL9big for uso at the discreticm of the TruBlees Iri fUrttter8n￿ of the general object￿$ of the Gffjup ar*J which have not been deSWJnal￿ for other purposes. Restricted funds are funds which are lo be used In a￿[dance with $pecrfic reglrictions imposed by donors or which have been raised by the Group for particukr purposes. The costs of ralsing and administerityJ such fvnds are charged against the Spe￿fitt ft￿. The gim and use ol ￿ch restrict￿1 fund is sel out in the notes lo the financi81 statements. Investment i￿Ome. gains 8ThJ k)5ses are alk￿8￿ to the appwriate fund. Oneschool Global LFK On 31 Juty 2019 the Chwity translerred Its primary opgrations lo On&School Global UK {reglstered charlty number 10763413), "OSG". Under the lems of the associated transfer agr89menl. the'Agre8rnenl" The Copsthvotsd Education Trust incurred expenditure on beha￿ of the charty. On 22 September 2021 th& Trustee5 of Oneschool Glob81 UK agreed to tho right, under Clause 2 of the Transfer Agreement signed by them on thè 19 DeCeM￿r 2019. to any sums dua from The Copsewood Education TJu8t, which arise ftDm their 8¢ts'vities prior to 31 December 2020. hs at the batance sheet dale. olhar creditors mprise 8 nel balance of £Nil12020.' £273.611) due to OSG in respect of theso costs. Page16 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Incomg from donations and legacles Restrlcted Unre6trtcted funds funds 2021 2021 Total funds 2021 Gifts and donations OSG Write off 3,233 273.611 3,233 273,611 276,844 276.844 Reslricted Unrnsfvled lunds 2020 Tol&l fvnds 2020 2020 Gffls ond donaknons - 8$s￿lated income refunds Waived loan interest 1615 101.831 735 14,548 105.506 735 14,548 3.675 117,114 120,789 Waved loan interest txJmprise6 the Trustees. estimate of the bènefit arising frtTh u)ncessionary loans. The Inlewsl charges which woukl have ￿en payable if the loans had been made on 8 comme￿181 basis are included wlhin finan￿ cnst Income from charitable acllvltlgs Unr•strE¢ied funds 2021 Total fund5 2021 Schooi fees Rental incomè 18,6631 18,6631 5.000 (3,663) 13.663) Page 17 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 Incomo from charftsblo acdvltles Icontlnuedl Unrestricted funds 2020 TolAI 2020 Grant Income Rgnial income 347.754 7,354 34T,754 35& 108 355,108 Other tradlng In¢ome Income from nt)n charltsbb trading actfvftios Unrestrlcted funds 2021 Total fund$ 2021 Olh&r tTading Inc¢yne 1,609,631 1.609,831 Unrestrlcl8d funds 2020 Total fvnds 2020 Other trading incc 1.372,544 1,372.544 Page 18 THE COPSEWOOD EDUCAIK)N TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Investment In¢ome Unrestrl¢ted funds 2021 Total funds 2021 Bank interest un￿S1￿cled funds 2020 Tot81 runds 2020 Bank inleTest 21 21 Expendknre on rnlslng funds othar tradlng Unrestrtcted fund$ 2021 Total funds 2021 Trading costs 1.174.493 1.174,493 Page 19 THE COPSEINOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Expendlture on ralslng funds Icontlnugd) other tradlng expèn$8s {condnuedl Unrns￿ted funds rotsl funds 2020 Trading costs 892,043 892.043 Analy$ls of èxpendlture on charitoblo actfvltles Summary by lund type Unrestdcted funds 2021 Total 2021 Charitable &livitleg 498.981 498,981 Unr9StrKted fiJTrYs 2020 2020 charitab￿ thit 198,823 198,823 Page 20 THE COPSEWOOD EDUCATIOM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Other ttxpendlture Total funds 2021 oth9r èxpendiluro On 31 Juty 2019 th& Charity transferred it$ prirrory oper8tK)n$ lo One School Global UK Iregislered charity number 107634131. 'OSG" Under the tom￿ of the as8ocAaled transfer agreement, IF "Agreement". The Copsgwood Educath￿ Trust incurreA the fO￿Thj expondilure.. Unrestricted funds 2020 Tot81 fvnds Contractual payment of post transfer third party donat￿nS Contraclual paym$nt of post transfer subsidrary irw 97,906 239.053 97,9Q6 239.053 336,959 336.959 11. Anatysl$ of •xpendliurè by actlvltles Support co$ts 2021 Total funds 2021 charitab￿ &11￿1￿8 498,981 498,981 Aclniiitres und&rtaken directly 2020 Support costs 2020 Total funds 2020 Charitable aclMI 891 197,932 198,823 Page 21 THE COPSEWOOD EDUCATION TRUST NOTÉS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Anatysls of expenditure by •¢tl¥ltigs Icontlnu8d) An3ty$ls of dirn¢t costs Totsl lunds Total funds 2020 Other dlr8¢t costs 891 Analy$16 of support ¢osts Totsl funds 2021 Tolal funds 2020 Premises costs Administrative co8t8 oepreci81￿n and1088 on disposa Professlonal ¢haryeB Fin8n¢e charges Governonce costs Donations 65.670 21.882 69,453 5,553 11,826 6,647 319.250 74.2 21.014 67,529 3,141 27,353 4.645 498,981 19T,932 In 2021 dOna￿on5 were made to OSG. Staff costs are nil. The Copsewoc#J EducalKJn Trusl ￿ wn ￿til0￿ by volunteers. Page 22 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. AudltDf6 remuneratSoll 2021 2020 Ftss payabte to the Charity8 auditor for the audit sgrvices payable lo the Chaiitls audits in Tespect of. Non-audil seN 5.000 4,645 13. Trust•8s' remunèratlon and expens8s During th8 year, ￿ Twstees re¢ONed any reMu￿rat￿)n or other beneffts (2020- £NIL). During th& year end&1 310acember 2ff21, Th) Trustee 8xpenses have bo8n I￿Ul￿ed (2020- £NIU. 14. Tanglble fixed assets Group Freehold Flxtures. land & fittings & bulldings equlpment Tt)tal Cost or valuatlon At 1 January 2021 Additions 3m8MS 6B,$37 13,9D8 3,137,192 13,908 At 31 December 2021 3,068,666 82A45 3,151,100 D•preclatlon Al 1 January 2021 Charge for the year 261,976 S3￿74 34.310 15.877 296,285 69.451 At 31 Decembèr 2021 315,549 60,187 366,736 Net b)ok valuo At 31 December 2021 2.753,106 32,258 2.786 ￿64 Al 31 Decemb&r2020 2.806,6 34,227 2.840.907 Page 23 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Tanglblè flxed a￿•ts (continued) Charlty Freehold land & bulldlnys Ctrst or valuatlon At 1 January 2021 3,068.655 At 31 December 2021 3,068,655 Depr8clatlon At 1 January 2021 Charge for the year 261,975 53,574 At 31 Dwmber 2021 316,649 Net book value Al 31 December 2021 2,753,106 At 31 lknemher2LT20 2,806.680 lI￿luded within fr8&hokl tand aThJ buiklings for the Charity arhj the Group is bnd of £390.OtrJ 12020.. £390,000) which haB not been depreciated. Paye 24 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 IS. Flxed asset Investmonts Invostments subsldiary ¢omp•nles Charfty Cost or valuatlon Al 1 January 2￿21 Disposa15 (21 At 31 December 2021 Prlnclpal $ubsId￿rIeS The ftAkywing w88 a subsKlw und&rtaknNJ ofthe Ch￿1￿. Namo Company Registsrad offlce or prfnclpal Principal actlvlty numbor pla¢• of buslne Wekome House, FalkLgnd C1088, Sale of fetall good$ CharterAvènue Industrial Estate. Coventy. CV4 &4U F8Ctor4 UK Ltd The financial results ofthe subsidiaries forthe ￿r*￿Ie. Income Expenditure ProfftllL05sI Net assèts I Surplusl (Deficlt) for the year Factor 4 UK Ltd 1.600.D41 11.298,S671 3D1.474 182,237 Page 25 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16. Stocks Group 2021 Group 2020 Stock 128.890 107,104 17. Dobtor Group 2021 Gnxjp 2020 Charlty 2021 Chwity 2020 Dug T•Athln one year Trade debtors Other debtors Prep8ymenl8 and accruod incomo 36,140 511 1,672 30 167 7,565 1,1 ,661 58.267 167 2.869 No debtors are due after more than (￿e year. 18. Currnnt ats•t Inveslmgnts G¥oup 2021 Group 2020 Charlty 20 Ch8rfty 2020 Inveslment propety 67.500 6T, 67,SOO 67.500 19. CredStors: Amounts falllng due wthln one y•ar Group 2021 Group 2020 Charlty 2021 Charity 2020 Concessionary loans Trade credrtors Other taxatnn and swal Becurity Olhef creditors A¢cruals and deferred Inwne 30.000 66,041 2.311 18,70 75,OC(I 63,211 36.181 273.611 14,645 30,000 30,000 62 1.328 273,611 14,645 S,OOD 122,060 462,648 38,710 319,584 Page 26 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. Con¢8sslonary loans Group Comp8ny At 1 January 2021 Loans repaid 75.000 146,000) At 31 December 2021 30.000 30,000 21. Statemènt of funds Statement of funds- current yèar 8&18nce at 31 De¢omber 2021 Balance at 1 January 2021 Incom8 Expendlture Unrestrkted funds General Funds 2,V23.134 1.883.018 {1,673A741 3,032,678 Page 27 THE COPSEWOOD EDUCATK)N TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 21. Statement of funds I￿ntInU￿) Stat•ment of funds- prforyèar Balance al 31 T￿nsI￿r$ Decemb 2020 Balan￿ al l January 2020 Inl￿￿ Exw?dilu Unrpstrlcted lunds Deslgnated funds Designated fund$- Atherstone Gengral funds 63.017 (63.017) General Funds 2.￿,497 f,781,m (1.427,825) 66.692 2,823.134 Total Unrestrlcied I￿ndS I￿￿.497 1,844.r87 (1.427,825) 3,675 2,823, 134 Restrlcted funds R￿triCt￿ Fund 3,675 (3.675) Total ol funds 2,402.497 1,848.462 (1,427.825) 2.823,134 Summary of funds Summary of funds- curr•ntyear Balance at 31 DBcember 2021 Balan¢• at January 2021 Incom8 Exp•nditur• Genergl funds 2,823.134 1.883,018 11.673.474) 3,032,678 Page 28 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 22. Summary of funds Icontlnuedl Summary of funds- prior year Bal8nc8 01 31 Transfe￿ Dtrcemb&r i￿out 2020 881aThx al l January 2020 Expendltur8 Designaled funds General ILsn¢Y$ Restricted ￿rt￿$ 63,017 1.78t.r70 (1.427,825) 3.675 (63.017) 66.692 (3.675) 2.4Lf2.497 2.823, 134 1402.497 1.844462 (1,427.825) 2,823. 134 Analyslg of net assets bol¥AYon fundB Analysls of net a¥sots fvnds- current y￿r Unrestrfcted funds 2021 Total fund$ 2021 Tangible flxed assets Current assets Creditors due within one year 2.785,364 2,785.364 369.374 369,374 (122.0601 1122,0601 Total 3.032,678 3,032.678 An*lysls of nèt a$69ts between fvnds- prloryèar Unrestricted funds 2020 Total fvnd8 2020 Tanglble fixed assets Current assets Creditors due wthln one year 2,840,907 1840.907 444.875 444,875 (462.648) (462,648) 2.823, 134 2.823,134 Total Page 29 THE COPSEWOOD EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2021 24. Related party tmnsactlo Included in grant income for Ihe Group tho Charity is frjndirvd ol Ènil 12020.. £347.754) from Oneschool Global UK Ltd Iregislered (*arity number 1181301). Donations rece￿1 by The Cops&vc*KI TtU81 Trustees and their Telaled pkns during the year IG4alled £nil (2020.. £66.890). Page 30