Chai-ity registi'ation numbei.: 1047219 The Copsewood Education Trust Trustees, Report and Financial Statements for the year ended 31 st December 2023 mca Banbury Ltd Unit 4-6 Tl)e Wharf Centre Whai"f Street Waiwick CV34 5LB
The Copsewood Education Trust Contents Refei'ence and Adininisti'ative Details Trustees, Report 2to5 Independent Auditors, Report 6t09 Consolidated Statement of Financial Activities Consolidated Balance Sheet 12 Balance Sheet 13 Consolidated Statement of Cash Flows 14 Notes to Ihe Financial Statements 15to27
The Copsewood Education Trust Reference and Administrative Details Trustee5 Mr Mai'cus Clarke Mi- Ronnie Mitchell Mr Guy Douglass Mi. Ross Ellis Mr Garth Bushnell Mr Laurie Mitcliell Charity RegÈstration Number 1047219 Principal OffIce Long Street Atherstone CV9 IAE Auditor mca Banbury Ltd Unit 4-6 The Whai'f Centre Whai'f Street Warwick CV34 5LB Bankers Lloyds Bank PIC Coveiitry CAF Bank Ltd Kiiigs Hill West Malling Kent ME19 4JQ Page I
The Copsewood Education Trust Trustees, Report The trustees present theii. annlial i-eport togelhei. with the financial statenienls and auditoi's, I'epoit of the charity for the year ended 31 December 2023. The Trustees have adopted the pi'ovisions of Accounting aiid Repoiling by Charities.. Statement of Recoininended Practice applicable to chai-ities prepai'ing tl)eir accounts in accoi'dance with the Financial Repoitii)g Standard applicable in the UK aiid Republic of Ireland (FRS102) (effective l January 2019). Objectives and activitie5 Objecls nii¢l Iiiiiis The chai'itable objects of the chai'ity are the advancemenl of the education of children and young people from the ages five to eighteen in particulai. by assistance to theii- pai'ents lo enable such childi'en to be taught otherwise than at school as defined in the education acts 1944 to 1993. Any other chai'itable purpose foi. the benefit of the brethren. In furtherance of its objects, the Trust pi'ovides pi'emises iindei. formal lease for an independent school based in Long Sti'eet, Atherstone, CV9 IAE which has been run by Oneschool Global UK {OSGUK). The chai-ity also pi-ovides donation flinding to OSGUK al the disci'etioii of the Trustees in order to enable OSGUK to provide a well balanced education al primary and secondary levels, for children and young people whose pai-ents appreciate the Christian ethos. Success is measured in tei'ins of the provision of appi'opi'iate facilities to OSGUK whilst minimisiiig expendittire. Thi5 in turn, fi'ees up funds foi. raising standards of education for all Concerned and for the improvement of facilities for pupils and staff alike. Tlie Ti'ustees have referi'ed to the guidance contained in the Charity Coinmi55ion's genei'al guidance on piiblic benefit and have I'egard to it when reviewing theii. aims and objectives, and in planniiig their futui'e activities. In particular they coiisider how planned activities will contribute to the educational aims and objectives they have set. Volunteers al'e an integi'al part of tlie commiinity etlios and values of the charity and there are strong and willing group of volunteers who assist and support the charity througlioiit the yeai.. The trading activities of the chai'ity's trading subsidiary Factor 4 UK Limited (06434882), which operates a cliain of conveiiieiice stol'es, are llndertakeii by volunteers. Page 2
The Copseivood Education Trust Trustees, Report Finaneial review The cl)ai'ity is supported and financed principally by profits from its ti'ading subsidiary Factoi- 4 UK Limited plus other ad hoc donations and those raised by fundi'aising events and gi-ants from the Gl'ace Tiust. The Ti'ust also wholly owns Baginton Gi'een Liniited (06668857) which was established foi. the purposes of building a new school building foi. the Gi'oup. The Trustees believe that the charity's funds are sufficient to mitigate any shoi'l to medium term risk of reduced fui)ding. The chai'ity's fundraising events pi'incipally opei'ale within tlie Brethren community and pi'ofessional fundraisei's are not used. Neither the chai'ity nor any pei'son acting on behalf of the chai'ity was subject lo an undeitaking to be bound by any voluntary scheme for regulating fund-raising, or voluntaiy standai'd for fund-raising in I'espect of activities on behalf of the ti'ust. In the yeai. ended 3 1st Deceniber 2023 the cliarity repoi'led a net surplus of £64,034 (2022 surplus of £91,718). The gi'oup repoited a net surpliis of £70,194 {2022 surplus of £80,053). At the year end the chai'ity had net current assets of £161,054 (2022 net current assets of £170,105). The group had net ciirrenl assets of £296,011 (2022 net curi'ent assets of £301,617). The chai'ity's policy is lo maintain niinimum fl-ee resei'ves at a level which equates to six months, unrestricted expenditure. This is appi'oximately £57,153. At the yeai. end 2023 the fl'ee reserves of the charity were £2,875,583 (3 1st December 2022 £2,939,617). After making appi'opriate enquii'ies, the Trustees have a reasonable expectation that the charity has adequate resoiii'ces to continue in operational existence foi. the foreseeable futui'e. Foi. this reason, it continues lo adopt the going conce17] basis in prepai'ing the financial statements. Fuithei. details regai-ding the adoption of the going concern basis can be foiind in the Accounting Policies. Plans for future periods Aiiiis (iiicl key objeclivesforfiiliireperiocls The Ti'LlStees plan to coiitiiiue to support OSGUK to pi'ovide a quality and delivei. a consistent and higli level of educatioiial experience and outcome foi. all students ai)d staff, in accordance with the chai'ity's ethos and values. Page 3
The Copsewood Education Trust Trustees, Report Structure, governance and managenient The Copsewood Education Trust is constituted by a Deed of Trust dated 9 May 1995, amended 2 August 2004, and is regislei'ed with the Charity Cornmission for Eiigland and Wales. The Ti'ustees iiaines are set out on page l. None of the Ti'ustees, nor any pei'son connected with them, I'eceived any remuneration from the chai'ity in the yeai. ended 31 st Deceinbei. 2023 {yeai' ended 31 sl Decembei. 2022 £nil). The powei. to appoint Ti'ustees is invested in the existing Trustees subject to the charity Deed reqiiii'ement. Ti'LlStees are selected according to their own specialism in a parliculai. field and are expected to piii'sue that specialism. New Trustees are instructed in the need to Completely adhere to the ethos and values of Ihe chai'ity. New Trustees are appointed at chai'ity meetings and training is given by the outgoing trLlStee being replaced, along with suppoit from fellow Trustees. Principal Risks The Ti'ustees have examined the niajor sti'ategic, business and opei'ational risks that the cliai'ity faces. The Trustees al'e satisfied that the inajor i'isks identified have been adequately mitigated whei'e necessary. It is recognised that systems can only provide reasonable but not ab501ute assurance that major risks have been adequately Inanaged. The principal i'isks lo the charity are.. risk of damage to the property held by the charity (ald)ougli the pi'opei'ty holds property insui7nce),' risk of closure or relocation of the schooling by Oneschool Global UK (considei'ed iinlikely); and risk of fall iii trading activities of the wholly owned trading subsidiaiy, either due to a fall in custoiner loyalty or a significant inci'ease in suppliei. pi'ices (closely n)onitored by the ti'ading subsidiary dii'eclors who woiild then take appi'opriate action). There were no serious incidents relating lo the charity over the yeai. to repoit. Page 4
The Copsewood Ei ducation Trust Trustees, Report Statement of trustees, responsibilities The triistees are responsible for pi'epai'ing the Annual Report and the financial statements in accordance with applicable law and United Kiiigdom Accounting Standai'ds (United Kingdom Geiierally Accepted Accoiinting Practice). The law applicable lo charities in England and Wales i'equires the trustees to prepai'e financial statements for each financial year which give a Iriie and fail- view of the state of affairs of the charity aiid tlie group and of the incoming resoui'ces and application of resoiii-ces of the chai-ilable group for that period. In preparing these financial statements, the ti-ustees are required to.. select Suitable accounting policies and apply them consistently. obsei've the methods and principles in the Charities SORP- make judgements and estimate5 that are I'easonable and pi'udent; state whether applicable accounting standai'ds, subject to any Inaterial depaitui'es disclosed and explained in the financial statements. and pi'epare Ihe financial stateineiits on the going concern basis iinless il is inappropi-iate to presume that the parenl charitable company will continue in business. The trLlStees are responsible for keeping pi-opei- accounting records that disc105e with i'easonable acciiracy at any lime the fiiiancial position of the charity and the gi'oup and enable them to ensure that the financial statemeiits Coniply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity deed. They are also responsible for safeguarding the assets of the cliai'ity aiid the group and hence for taking i'easonable steps foi. the prevention and detection of fi'aud and other ii-regularities. The annual i'eport was approved by the trustees of the charity on... Mi. Lalli'ie Mitchell Tiiistee Page 5
The Copseivood Education Trust Indepeiident Auditor's Report to the Members of The Copsewood Educatlon Trust Opinion We have audited the.financial statements of The Copsewood Education Ti-ust (the 'chai'itable pai'elit coinpany,) and its siibsidiaries {Il)e 'groiip') foi. the year ended 31 Decembei- 2023, which compi'ise the Consolidated Statement of Finai)cial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes lo the Financial Statements, including a siiininary of significant accounting policies. The financial repoitiiig fi'ainework that has been applied in their preparalion is United Kingdom Accounting Standards, compi'ising Charities SORP- FRS 102 'The Fii)an¢ial Reporting Standard applicable in the UK and Republic of Ii-eland, and applicable law (United Kingdom Geiiei-ally Accepted Accounting Practice). In our opinion the financial slateinents: give a ti'ue and fair view of the stale of the group's and pai'ent charity's affairs as at 31 December 2023 and of its incoming resources and application of i'esources, including its income and expenditiire, foi. the year then ended. have been properly pi'epared in accordance with United Kingdom Generally Accepted Accounting Pi'actice. and have been pi-epared in accoi'dance with the requirements of the Companies Act 2006. Basis for opinion We conducted oiir audit li) accordance with Iiitei'national Staiidai'ds on Auditing (UK) (ISAS (UK)) and applicable law. Our i-esponsibilities under those standards are furthei. described in the auditor i'esponsibilities for the audit of the financial statements section of our report. We are independent of tlie gi'oup in accoi'dance with the ethical requirements that are relevant to oui. audit of tlie financial statements in the UK, iiicluding the FRC'S Ethical Slandai'd, and we have fulfilled our oihei. ethical i'esponsibilitie5 in accordance with these requireinenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern lii auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the pi'eparation of the financial statement5 15 appropriate. Based on the work we have pei-formed, we have not identified any material unceilainties relating to events or conditions that, individually oi. collectively, Inay cast significant doubt on tlie gioup's ability to continue as a going coiiceim for a period of at least twelve n)onths fi-om when the original financial stateinents wei'e aulhorised foi. issiie. Our i'esponsibilities aiid the I'espoiisibilities of the trustees with respect lo going concei-n al-e described in the relevant sections of this i-epoi't. Other information The ti'ustees al'e i'esponsible for the other infoiination. The othei- informatioii coinpi'ises tlie information included in the annual report, other than the financial statements and our auditoi s repoit thereon. Our opinion on the financial statenients does not cover the other information and, except to tlie extent otlieiivise explicitly stated in our report, we do not express any fom) of assurance conclusion ihereon. Page 6
The Copsewood Education Trust Independent Auditor's Report to the Members of The CopseTrvood Ei ducation Trust In connection with our audit of the financial statements, oui. I'espoiisibility is to read the other information aiid, in doing so, consider wl)elher Ilie other infoiination is niaterially inconsistent with the financial statements oi. our knowledge obtained in the audit oi. othei-wise appears to be matei'ially misstated. If we identify sucli material inconsistencies oi. apparent Inaterial niisstatemenls, we are requii'ed to detei'mine whelhei. there 15 a niatei'ial misstatement in the financial stateinents or a matei-ial mi5Statement of the other informatioii. If, based on tlie woi-k we have perforn)ed, we conclude that tliere is a Inatei-ial misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Matters on which ive are required to report by exception We have Iiothing to repoit in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to i-epoit to you if, in our opinion: the infoiination given in the Ti'iistees, report is inconsistent in any material respect with the financial statements; or the parent charity financial stateinents al-e not in agreeinent with the accoiinting records and returns. or the pai'ent chai'ity has not kept sufficient accouiiting recoi'ds; oi- we have not i-eceived all the infoi'mation and explanations we I'eqiiire for our audit. Responsibilities of trustee5 As explained moiE fully in the Statement of trustees, responsibilities (set oiit on page 5), the ti'ustees are responsible foi. the pi'eparation of tlie financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detei'mine is necessaiy to enable the pi'eparalion of financial statements that are fl'ee rrom Inatei'ial misstateinent, whether due to fraud or eri-or. In preparing the financial statements, the trustees al'e i'esponsible for assessing the chai'ity's ability lo continue as a going conceiTh, disclosing, as applicable, matters I'elaled to going concern and using tlie going concei'n basis of accoiinting unless tlie trustees eithei. inteiid to liquidate the charity or to cease operatioiis, or have 110 realistic alternative but to do so. Auditor responsibilitie5 for the audit of the financial statevnents Our objeclives are lo obtain reasonable assui'ance about whethei. the fiiiancial statenieiit5 as a whole are fi'ee fi'om material misstateinent, whethei. due to fi'aiid or ei'i'or, and to issue an auditor's I'epoit tliat includes oui. opiIiion. Reasonable assiii'aiice is a high level of assurance. But is not a gua17ntee that an audit conducted iii accoi-dance with ISAS (UK) will always detect a material misstatement whei) it exists. Misstatements can arise fi'om fi'aud or eiTOI' and are considered matei'ial if, individually oi. in the aggregate, they could I'easonably be expected to influence the economic decisions of usei's taken 011 the basis of these financial statements. The extent to which olli. procedures are capable of detecting irregularities, including fraud is detailed below.. The engagenient paitnei- ensui'ed that the engagement teain collectively had the appi'opriate competence, capabilities and skills to ideiitify oi. recognise non-coinpliance with tlie applicable laws and i'egulation5. We assessed the susceptibility of the coinpany's financial stateiiieiits to inatei'ial misstatement, including obtaining an understanding of how fi'aiid Inight occur, by.. Page 7
The Copseivood Education Trust Independent Auditor's Report to the Members of The Copsewood Education Ti"ust Making enquiries of Inanagement as to where they considered there was susceptibility to fi'aud, their kiiowledge of actual, suspected and alleged fraud. and Considering the internal conts'ols in place to mitigate risks of fraud and non-compliai)ce with laws and i'egulations. To address the risk of fraud tlii'ough Inanagenient bias and override of conti'o15, we: Perfoiined analytical procedures to identify any unusual oi. unexpected relationships. Tested journal enti-ies to identify unusual transactions. Assessed whethei. judgements and assumptions made in determining the accounting estiniates ivei'e indicative of potential bias. and Investigated the 17tionale behind significant or iinllsiial transactions. In response to the risk of iri'egulai-ities and non-compliance with laws and i'egulations, we desigiied procedures which included, but wei'e not limited to: Agreeing fiiiancial statenient disclosiires lo llndei-lying supporting documentation Enquii'ing of management as to actual and potential litigation and claims. Thei-e al'e inherent liniitatioi)s in our audit procedures desci-ibed above. Tlie more removed those laws and I'egulations al'e fi-om finaiicial transactions, the less likely it is that we would becoine aware of non-compliance. Auditing standai'ds also limit the audit pi'ocedures requii'ed to identify non-compliance with laws aiid regulations to enquii'y of the direcloi's and othei. managemei)t. Material misstatements that arise due to fraud cali be hardei. to delect than those that ai-ise fi-om error as they may involve deliberate concealment oi. collusion. As part of an audit in accordaiice with ISAS (UK), we exercise pi'ofessional judgement and maintain pi-ofessional scepticisin throughout the audit. We also.. Identify and assess the i'i5ks of material misstatement of the fmaiicial slatenients, whether due to fraud or errol., design and perfoi'in audit procedures i'esponsive to those i-isks, and obtain audit evidence that is sufficient and appropriate to piDvide a basis foi. our opinion. The risk of not detectiiig a inatei'ial misstateinent I'esulting froin fraud is highei. than for one resulting from eiTOI', as fraud may involve collusion, forgery, intentional omissions, Inisrepresentatioiis, oi. the override of internal control. Obtain an undei-standing of internal coiiti'ol relevant lo the audit in ordei- to design aiidit procedui-es that are appropi'iate in the cii-cuiiistances, but not for tlie puipos¢ of expi-essing an opinion 011 tlie effectiveness of tlie company's internal control. Evaluate the appi'opriateness of accounting policies used and the reasonableness of accouiiting estimales and IElated disclosures made by the dii'ectors. Evaluate the appi'opriateness of accounting policies used and the reasonableness of accounting estimates and related disclosui'es made by the directoi's. Concliide on the appropriateness of the directors, use of the going concern basis of accounting and, based on the audit evidence obtained, whethei- a matei-ial uncertainty exists i'elated to events oi. conditions that may cast significant doiibt on tlie chai'ity's ability to continue as a going concern. If we conclude that a Inalerial iincertainty exists, we are reqiiired to di'aw attention in our Repoit of the Allditois to the i'elated di5closui.es in the financial statements oi., if such disclosiii'es are iiiadequale, lo modify our opinion. Oui. conclusions al'e based on the audit evideii¢e obtained up to the date of oui. Repoit of the Auditois. However, future eveiits or coiiditions may cause the company to cease to continue as a going coiicern. Page 8
The Copsewood El ducation Trust Independent Auditor's Report to the Members of The Copsewood Education Trust Evaluate the ovei'all pi'esentation, sti'iieture and content of Ihe financial statements, including the disclosures, and whether the financial statements I'epi'esent the underlying ti'ansactions and events in a Inannei. that achieves fair presentation. We define materiality as the magnitude of misstaternent in the Financial Statements that makes it pi'obable that the econo)nic decisions of a I'easonably knowledgeable persoii would be changed oi. influenced. We iise materiality both in planning and in the scope of oiir audit woi'k and in evaluating the I'esults of our work. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We cominunicate with those chai'ged with govei'nance regarding, aillong othei. Inattei's, the planned scope and timing of tlie audit and significant audit findings, including any significant deficieiicies iii intei'nal control that we identify diiring our audit. A fuither description of our responsibilities is available on Il)e Financial Reporting Council's website at.. www.fi'c.org.uklauditoi'si'e5ponsibilities. This description forms part of our auditor'5 I'eport. Use of our report This repoit is made solely to the cliarity's ti'ustees,, as a body, in accordance with Pai't 4 of the Charities (Accoiints and Reports) Regiilations 2008. Oui. audit woi'k lias been undertaken $0 that we might state to the group's trustees those matters we al'e i-equii'ed to state to thein iii an aiiditor's repoit and for no othei. purpose. To the fullest extent permitted by law, we do not accept or assume i-esponsibility to anyone other than the charity and it5 tt-ustees as a body, for our audit work, for this report, or for the opinions we have foiined. Martin Cox {Senior Statutory Auditoi.) For and on behalf of Inca Banbuiy Ltd, Statutoiy Aiiditor Unit 4-6 The Wharf Centre Wliarf Street Warwick CV34 5LB Date.. 1210912024 Page 9
The Copseivood Ei ducation Trust Consolidated Statement of Financial Activities for the Year Ended 31 December 2023 (Including Consolidated Income and Ei xpenditure Account and Statement of Total Recognised Gains and Losses) Uni'estrieted fund5 Total 2023 Note Intome and Endowments from: Donations and legacies Charitable activities Investnient income Othei. income 154,449 3,439 117 1,702,747 154,449 3,439 117 1,702,747 Total income 1,860,752 1,860,752 Expenditure on: Raising funds Charitable activities {1,445,389) (485,557) (1,445,389) (485,5571 Total expenditui'e (1,930,946) (1,930,946) Net expenditure (70,194) (70,1941 Net movement in funds (70,194) (70,1941 Reconciliation of funds Total funds brought foiward 3,113,016 3,113,016 Total funds cai'ried foiward 18 3,042,822 Unrestricted funds 3,042,822 Total 2022 Note Income and Endoivments from: Donations and legacies Charilable activities Investment in¢oine Othei. incoine 129,732 5,000 56 1,630,962 129,732 5,000 56 1,630,962 Total income 1,765,750 1,765,750 Expenditure on: Raising fi]nds Chai'itable activities (1,379,837) (305,862) (1,379,837) (305,8621 Total expenditure (1,685,699) (1,685,699) Net iiicome 80,051 80,051 Net movement in funds 80,051 80,051 The notes on pages 15 10 27 form an integral part of these financial statements. Page 10
The Copseivood Education Trust Consolidated Statement of Financial Activities for the Year Ended 31 December 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2022 Note Reconciliation of funds Total funds bi'ought foiward 3,032,965 3,032,965 Total funds cari'ied forward 18 All of the groiip's activities derive fi-om continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 18. The notes on pages 15 to 27 form an inlegi'al pail of these financial stateinents. Page 11
The Copsewood Education Trust Consolidated Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible assets 12 2,746,811 2,811,399 Curreiit asset5 Stocks Debtors Investments Cash at bank and in hand 14 124,108 88,405 67,500 157,009 109,423 49,724 67,500 212,808 15 16 437,022 439,455 Creditors.. Amounts falling due ivithin one year 17 (141,011) (137,838) Net current assets 296,011 301,617 Net assets 42 Funds of the group: Unrestricted income funds Unrestt'icted funds 3,042,822 3,113,016 Total funds The financial slateinents on pages l O to 27 were approved by the trustees, and authorised for issue on and signed on their behalf by: Mr Laurie Mitchell Trustee The notes on pages 15 to 27 foi'in an integi?I part of these financial statements. Page 12
The Copsewood Ei ducation Trust Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assets Tangible assets Investments 12 2,714,525 2,769,508 2,714,529 2,769,512 Current assets Debtoi's Investments Cash at bank and in hand 15 16 16,586 67,500 63,410 67,500 129,089 147,496 196,589 Creditors: Atnount5 falling due Ivithin oiie year 17 13,558 (26,484) Net current a55ets 161,054 170,105 Net assets 2,875,583 2,939,617 Funds of the eharity.. Unrestricted income funds Unirstricted funds 2,875,583 2,939,617 Total funds 18 2,875,583 2,939,617 The financial slalements on pages l O to 27 wei'e approved by the trustees, and authoi'ised for issue on and signed on their behalf by.. aurie Mitchell Trustee The notes on pages 15 to 27 forni an integral pal't of these finaiicial statenients. Page 13
The Copsewood Education Trust Consolidated Statement of Cash Flows for the Year li nded 31 December 2023 2023 2022 Note Cash floiys from operating activlties Nel cash (expeiiditui'e)lincome (70,194) 80,051 Adjustments to cash floivs from non-cash items Depreciation Investment income 74,564 (117) 73,475 (56) 4,253 153,470 Working Capital adjustments (Increase)Ideci'ease in stocks Inci'ease in debtors Inci-ease in creditors 14 15 17 (14,685) (38,681) 3,173 19,467 (13,073) 26,064 Net cash flows froin operating activitie5 (45,940) 185,928 Cash flows from investing activitie5 Interest receivable and similar income Pui'chase of tangible fixed assets 117 (9,976) 56 (99,509) 12 Net cash flows from investing activities (9,859) (99,453) Ca511 flows from finaneing activities Repayment of loans and bori-owings 17 (i o,000} Net (decrease)liiici'ease iii cash and cash equivalents (55,799) 212,808 76,475 Cash and cash equivalents at l Jaiiuaiy Cash and cash equivalents at 31 Deceniber 136,333 157,009 212,808 All of the cash flows are derived from continuing operations diiring the above two periods. The notes on pages 15 to 27 forni an integral part of tliese financial staleineiits. Page 14
The Copsewood Education Trust Notes to the Financial Statements for the Year E4 nded 31 December 2023 l General Information The Copsewood Education Trust is a charity registered in England & Wales. The address of the registered office is given in the charity inforniation withii) these financial stalenients. Until 31 July 2019 the ti-ust operated an independent school based in Athei'stone which educates approximately 160 pupils from 7 to 18 years of age. Since that date it has continued to own aiid Inainlain the buildiiig from which the school is operated by another chai'ity, Oneschool Global UK. 2 Accounting policies Statenient of compliance The financial statements have beeii pi'epai'ed in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pi'actice (applicable to chai-ilies prepai'ing their accounts in accordance wilh the Finaiicial Reporting Standard applicable in the UK and Republic of Irelaiid (FRS 102)) (issiied in Octobei. 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standai'd applicable in the UK and Republic of li'elaiid (FRS 102) aiid the Chai'ity Act 2011. Basis of preparation The fiiiancial statements have been prepared to give a 'tt'ue and fair, view and have departed froin the Chai-ities (Accounts and Repoits) regiilations 2008 only to the extent requii-ed to provide a 'true and fail view. This depaiture has involved following the Charities SORP (FRS 102) published in Octobei. 2019 rather than the Accounting and Reporting Charities.. Statement of Recommended Practice effective from l April 2005 which has siiice been withdrawn. The Copsewood Education Trust meet5 tlie definition of a public benefit entity under FRS 102. Assets and Siabilities are initially recognised at historical cost or Ii'ansaction value iinless otherwise slated in the i'elevant accoiinting policy notes. Basis of consolidatio Tlie Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Cliarity and ils subsidiary undertakii)g. The results of the subsidiaiy are consolidated on a line-by- line basis. The Charity has also taken advantage of the exemption availab5e to a qualifying entity in FRS 102 from the i'equirement to present a Cliarity only statement of cash flow5 and certain disclosures about the Charity's fiiiai)cial instruments within the consolidated financial statenients. No separale SOFA has been prepared for the Cl)arity alone. Going concern The trustees considei. that there al'e no malerial uncertainties about the group's ability lo continue as a going concern noi. any significaiit ai'eas of unceitainty that affect tlie cai'iying value of assets lield by the group. Page 15
The Copsewood Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Income All income is recognised once the Chai'ity has entitlement to the incoine, it is probable that the iiicome will be received and the amount of incoine receivable can be Ineasui'ed I'eliably. The I'ecognition of income from legacies is dependeiit on establishing entitlement, the probability of receipt and the ability to estimate with siifficient accui'acy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to tliem (through knowledge of the existence of a valid will and the death of the benefactoi.) and the executor is satisfied that the property in question will not be required to Satisfy claims in the estate, Receipt of a legacy must be recognised wheii il is probable that it will be received and the fair V81iie of the ainount receivable, which will generally be the expected cash amount to be disti'ibllted to the Charity, can be reliably measured. Grants are included in the Consolidated statement of financial activities on a receivable basis, The balance of incoine received for specific purposes but not expended dui'ing the period is shown iii the relevant ftinds on the Balance sheet. Where incoine is I'eceived in advance of entitlement of receipt, its recognitioii is defeii'ed and incliided in ci'editors as deferred iiicome. Where entitlenieiit occui's before income is I'eceived, the income is acci'ued. Income tax recoverable in relation to investnient income is recognised at the time tlie investtnent income is receivable. oilier iiieoiiie Interest on funds held on deposit is included when i'eceivable and the amount can be measui'ed reliably by the Group. this is normally upon notification of the iiitei'est paid or payable by the institution with whom the fuiids are deposited. Expenditure Expenditiire is I'ecognised once there is a legal or constt-uclive obligation to t17nsfer economic benefit to a third party, it is probable that a transfer of econoinic benefits will be I'equired in settlement and the amount of the obligation can be Ineasui'ed i'eliably. Expenditure is classified by activity. Expenditiire on charitable activities is incui-i-ed on dii'ectly undertaking the activities which furthei- the Group's objectives, as well as any associated suppoi't costs. All expenditui'e is inclusive of irrecovei-able VAT. Tangible fixed assets Tangible fixed assets costing £500 or mol'e are capitalised and i'ecognised wlien future economic benefits are pi'obable and the cost or valiie of the asset can be measui'ed reliably. Tangible fixed assets al'e initially recognised at cost. Aftei. recognition, linder the cost Inodel, tangible fixed asse15 al'e Ineasiired at cost less accumulated depi'eciation and any accumulated impaiiThent losses. All costs incurred to bring a tangible fixed asset into its intended woi-king coiidition should be incliided in the measui-ement of cost. Page 16
The Copsewood Education Trust Notes to the Financlal Statements for the Year Ended 31 December 2023 Depreciation aild amoi'tisation Depreciation is charged so as to allocate the cost of tangible fixed assets less theii. I'esidual value ovei. Iheii. estiinated useful lives. Assets costing less than £500 al'e wi'itteii off to SOFA in the year of pui'chase. Asset class Freehold pioperty Plant & Machinery Leasehold property Depi-eciation method and rate 20/0 Straight Line 20 % Straight Line I 00/0 Sti'aight Line Current asset investments Fixed asset investinen15 al'e a forni of financial instrument and are initially i'ecognised at their transaction cost and subsequently Ineasured al fair value al the Balance sheet date, Iinless the value cannot be measured reliably in which case it is measured at cost less iinpairment. Investment gains and losses, wheihei. i'ealised oi- uni'ealised, are coinbined and presented as 'Gainsl(Losses) on investments, in the Consolidated statement of financial activities. Investments in subsidiai-ies are valued at cost less provision for impairnient. Stocli Stocks are valued at the lower of c05t and nel realisable value after making due allowance foi. obsolete and slow-moving stocks. Cost includes all dii'ect Costs aiid an appropriate pi'opoition of fixed aiid variable overheads. Trade debtors Trade and other debtors are recognised at the settlen]ent ainount after any li?de discount offered. Prepayments al'e valued at the amount prepaid net of any trade discounts due. Fund sti'ucture General funds al'e uni'esti'icted fiinds which at'e available for use at the disci'etion of the Trustees in furtherance of the gene171 objectives of the Gi'oup and which have not been desigiiated for otlier pui'poses. Resti'icted funds are funds which al'e to be used in accordaiice with specific restrictions imposed by doiiors or which have been I'aised by the Group foi. paiticulai- pui-poses, The costs of raising and administei'ing such funds are chai-ged against the specific fund. The aim and use of each i-estt-icted fund is set oiit in the Iiotes to the financial statements. Investment income, gaiiis and losses are allocated to the appropi'iate fuiid. Financial instruinents Clussificalioii The Cliai-ity only has financial assets and financial liabilities of a kind that qualify as basic finaiicial instrumeiits. Basic fiiiancial instt'uments are initially recognised at tran5actioii value and subseqiiently illeasui'ed at theii. settlement value. Page 17
The Copsewood Education Trust Notes to the Financlal Statements for the Year Ei nded 31 December 2023 3 Income from donations And legacies Unrestricted funds General Total funds Gifts and donations 154,449 154,449 154,449 Total for 2023 154,449 Total for 2022 129,732 129,732 4 Income from charitable activities Unrestricted funds Geiieral Total funds Rental Income 3,439 3,439 Total for 2023 3,439 3,439 Total for 2022 5,000 5,000 5 Income from other trading activities Unrestricted funds General Total funds Trading Income Total for 2023 1,702,747 1,702,747 1,702,747 1,702,747 Total for 2022 1,630,962 1,630,962 6 Investment incorne Unrestricted funds Genei'al Total funds Bank Iiiterest 117 117 Total for 2023 117 117 Total for 2022 56 56 Page 18
The Copsewood Education Trust Notes to the Financial Statements for the Year Ei nded 31 December 2023 7 Expenditu re on raising funds a) Costs of trading activities Uni'estricted funds Genei'al Total funds Trading Costs 1,445,389 1,445,389 Total for 2023 144538 Total for 2022 83 8 Expenditure on charitable activities 2023 2022 Charitable activities 48 Page 19
The Copsewood li ducation Trust Notes to the Financial Statements for the Year Ended 31 December 2023 9 Analysis of support costs Support costs allocated to charitable activities Premises costs including Other support Governance Adinini5tration Total costs costs depreciation Costs 2023 Chai'itable Activities 29 Premises costs Administration including costs depreeiation Other support costs Governance costs Finance costs Chai'itable Activities Total 2022 Cliai'itable Activities Other suppoits costs al'e donations niade to OSG. Staff costs are nil. The Copsewood Education Trust is run entii-ely by volunteers. During the year the Copsewood Education Trust adjiisted their depreciatioi) policy which has led to an adju5tiiient to the depreciation I'ecorded in the year. Page 20
The Copsewood Ei ducation Trust Notes to the Financial Statements for the Year Ended 31 December 2023 10 Trustees, i'emiiiieration and expenses No ti'ustees, nor any persons connected with them, have I'eceived aiiy remunei'ation fi'oin the group during the year. No trustees have received any i'eimbui'sed expenses or any other benefits from the charity during the year. I l Auditors, reTnuneration 2023 2022 Other fees to auditors The auditing of accounts of any associate of the charity All other noii-audit services 4,000 2,000 4,000 2,000 Page21
The Copsewood Education Trust Notes to the Financlal Statements for the Year Ended 31 December 2023 12 Tangible fixed assets Group Land and buildings Furnilure aRid equipment Total Cost At l January 2023 Additions 3,139,101 111,508 9,976 3,250,609 9,976 At 31 December 2023 3,139,101 121,484 3,260,585 Depreciation At l January 2023 Chai'ge foi. the year 369,593 54,983 69,617 19,581 439,210 74,564 At 31 December 2023 424,576 89,198 513,774 Net book value At 31 Deceinber 2023 2,714,525 32,286 2,746,811 At 31 Deceinbei. 2022 2,769,508 41,891 2,811,399 Charity Land and buildiiigs Total Cost At l January 2023 3,139,101 3,139,101 At 31 DeCeIber 2023 3,139,101 3,139,101 Depreciation At l January 2023 Charge foi- the year 369,593 54,983 369,593 54,983 At 31 December 2023 424,576 424,576 Net book value At 31 Decembei. 2023 2,714,525 2,714,525 At 31 December 2022 2,769,508 2,769,508 Page 22
The Copsewood Education Trust Notes to the Financial Statements for the Year Ei nded 31 December 2023 13 Fixed asset investments Chai'ity Shares in group undertakings and participating interests Subsidiary undei'takings Total C05t At l January 2023 At 31 Decembei- 2023 Net book value At 31 Decembei. 2023 Details of undertakings Details of the investments in which the charity holds 200/0 oi. niore of the nominal value of any class of share capital are as follows: Country of incorporation Propoi-tion of voting rights Priiicipal and sliares held aetivity Undei'taking Holding 2023 2022 Subsidiary undertakings Sale of retail goods Development of buildimg projects Factoi. 4 UK Ltd United Kingdom loo% loo% Baginton Green Ltd United Kingdom 14 Stock Group Charity 2023 2023 2022 Stocks Page 23
The Copsewood li ducation Trust Notes to the Flnancial Statements for the Year Ended 31 December 2023 IS Debtors Group Charity 2023 2023 2022 Trade debtors Prepayments Otlier debtors 68,970 2,840 16,595 47,730 1,994 16,586 16 Current asset investments Group Charity 2023 2022 2023 2022 Unlisted other shares 500 17 Creditors: amounts falling due Ivithin one year Group Charity 2023 2022 2023 2022 Bank loans Trade creditois Othei. loans VA T grant repayable Other creditors Acci'uals 37,500 69,296 (17,500) 12,974 25,464 13,277 83,142 20,000 7,448 12,770 14,478 1,942 (17,500) 1,735 20,000 (i) 4,750 2,000 141 13 Page 24
The Copsewood Education Trust Notes to the Financial Statement5 for the Year Ended 31 Decembei. 2023 18 Funds Group Balance at31 December 2023 Balance at I January2023 Inconiing resoui'ces Resources expended Unrestricted funds General 3 042 822 Balance at 31 Deeember 2022 Balance at I January 2022 IncoJn ing resoui'ces Resources expended Uni'estricted fuiids Genei'al 85 Charity Balanee at31 December 2023 Bolaneeat I Januai'y 2023 Incoming resources Resources expended Unrestricted funds Gener01 Balance at 31 Deceniber 2022 Balance At I January 2022 Incorning resources Resources expended Unrestricted funds General Page 25
The Copsewood Education Trust Notes to the Financial Statements for the Yeai" Ei nded 31 December 2023 19 Analysis of net assets betiveen funds Group Unrestricted funds General Total funds at 31 December 2023 Tangible fixed assets Cui'reiit assets Cui'i'ent liabilities 2,746,811 437,022 (141,011) 2,746,811 437,022 (141,011) Total net assets Uni'estricted funds General Total funds at 31 December 2022 Tangible fixed assets Current assets Current liabilities 2,811,399 439,455 {137,838) 2,811,399 439,455 (137,838) Total net assets 113 Page 26
The Copsewood Ei ducation Trust Notes to the Financial Statements for the Year Ei nded 31 December 2023 Charity Unrestricted funds Genei'al Totk]I funds at 31 Deceniber 2023 Tangible fixed assels Fixed asset investsnents Current assets Current liabilities 2,714,525 2,714,525 147,496 13,558 147,496 13,558 Total net asset5 Unrestricted funds General Total funds at 31 December 2022 Tangible fixed assets Fixed asset investments Cui-i'ent assets Current liabilities 2,769,508 2,769,508 196,589 (26,484) 196,589 (26,484) Total net assets 20 Related pai'ty transactions Charity As stated in Note 14, Facloi. 4 Ltd was a wholly owned subsidiary undeitakiI)g of the Chai'ity. £263,519 wa5 i'eceived by the Chai'ity fi'on) the subsidiai'y under gift aid. Page 27