REGISTERED CHARITY NUMBER: 1057370
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
EASTBROOK EDUCATION TRUST
EASTBROOK EDUCATION TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Reference and Administrative Information | 2 |
| Report of the Trustees | 3 to 5 |
| Report of the Independent Auditors | 6 to 8 |
| Statement of Financial Activities - Consolidated | 9 |
| Statement of Financial Activities - Parent Charity | 10 |
| Balance Sheet - Consolidated and Parent Charity | 11 |
| Cash Flow Statement - Consolidated | 12 |
| Notes to the Financial Statements - Consolidated and Parent Charity | 13 to 25 |
Page 1
EASTBROOK EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022
Registered charity number 1057370
Principle address
7 Eastbrook Road Gloucester Gloucestershire GL4 3DB
Trustees
B Freeman N Freeman (resigned on 24 February 2022) C Haughton G Knappett (resigned on 24 February 2022) D Pomeroy G Tomkins A Trigwell
Auditors
Richards Sandy Audit Services Limited Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
Bank
Lloyds Bank 19 Eastgate Street Gloucester GL1 1NU
Page 2
EASTBROOK EDUCATION TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objects
The charitable objects of the charity are the advancement of the education of children and young people from ages five to eighteen in particular by assistance to their parents to enable such children to be taught otherwise than as school as defined in the Education Acts and any other charitable purpose for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church.
Activities
In furtherance of its objects, the charity provides two premises under formal lease for an independent school based in Eastbrook Road, Gloucester, which has been run by OneSchool Global UK (OSGUK).
The charity also provides grant funding and other financial support to OSGUK at the discretion of the trustees in order to enable OSGUK to provide a well balanced education at primary and secondary levels, for children and young people whose parents appreciate the Christian ethos.
Success is measured in terms of the provision of appropriate facilities to OSGUK whilst minimising expenditure. This in turn, frees up funds for raising standards of education for all concerned and for the improvement of facilities for pupils and staff alike.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and have regard to it when reviewing their aims and objectives, and in planning their future activities. In particular they consider how planned activities will contribute to the educational aims and objectives they have set.
Volunteers
Volunteers are an integral part of the community ethos and values of the charity and there are strong and willing group of volunteers who assist and support the charity throughout the year.
The trading activities of the charity's trading subsidiary Spectrum Products (UK) Limited, which operates a small chain of convenience stores, are undertaken by volunteers.
ACHIEVEMENT AND PERFORMANCE
Significant activities
Throughout the year the charity has continued to provide educational premises in support of the educational activities of OSGUK.
In April 2022 the charity acquired a site at Gloucester Road, Tewkesbury, Gloucestershire on which work is commencing to provide one site on which primary and secondary schooling can take place. It is intended that this site will open in late 2023.
The charity has a wholly owned subsidiary company, Spectrum Products Ltd (Company Registration No. - 06333795) which undertakes trading activities. All profits chargeable to corporation tax are gifted to the charity in support of the charitable activities of the charity.
FINANCIAL REVEW
Principal funding sources
The charity is supported and financed principally by profits from its trading subsidiary Spectrum Products (UK) Ltd (Company Registration No: 06333795) plus other ad hoc donations and those raised by fundraising events and grants from OneSchool Global UK. The Trustees believe that the charity’s funds are sufficient to mitigate any short to medium term risk of reduced funding.
Fundraising policy
The charity’s fundraising events principally operate within the Brethren community and professional fundraisers are not used. Neither the charity nor any person acting on behalf of the charity was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or voluntary standard for fund-raising in respect of activities on behalf of the trust.
Financial position
At the year end the charity had net current liabilities of £158,387 (2021 - net current assets of £194,900). The group had net current assets of £162,597 (2021 - net current assets of £482,678).
Page 3
EASTBROOK EDUCATION TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Principal risks
The trustees have examined the major strategic, business and operational risks that the charity faces. The Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The principal risks to the charity are:
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the risk of damage to the property held by the charity (although the charity holds property insurance);
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the risk of closure or relocation of the school by OneSchool Global UK (which is considered unlikely to occur); and
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the risk of fall in trading activities of the wholly owned trading subsidiary, either due to a fall in customer loyalty or a significant increase in supplier prices (closely monitored by the trading subsidiary directors who would then take appropriate action).
There were no serious incidents relating to the charity over the year to report.
Reserves policy
The charity’s policy is to maintain minimum free reserves at a level which equates to six months’ unrestricted expenditure. This is approximately £1,200,000. At the year end 2022 the group had net current assets of £162,597 (2021 - net current assets of £428,678), following the purchase of the Abbey Rose school in the year. The trustees aim to rebuild free reserves to the required level over the next few years.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.
FUTURE PLANS
The trustees plan to continue to support OSGUK to provide a quality and deliver a consistent and high level of educational experience and outcome for all students and staff, in accordance with the charity's ethos and values.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Eastbrook Education Trust is constituted by a Deed of Trust dated 25th June 1996 and is registered with the Charity Commission for England and Wales.
Recruitment and appointment of trustees
The power to appoint trustees is invested in the existing Trustees subject to the charity Deed of Trust requirement. Trustees are selected according to their own specialism in a particular field and are expected to pursue that specialism. New Trustees are instructed in the need to completely adhere to the ethos and values of the charity.
New trustees are appointed at charity meetings and training given by the outgoing trustee being replaced, along with support from fellow trustees.
Holding Trustees
The freehold property is held in the names of all of the current trustees of the charity (including 2 trustees who resigned in the year).
The shares of the charity's subsidiary Spectrum Products (UK) Limited are held in the names of B Freeman and G Knappett.
Page 4
EASTB OK EDUCATION TRUST EPORTOF THE STEES ORTH YEAR ENDED 31 DECEMBER 2022 TRUSTEES, RESPONSIBILITIES ThÈ Iruslees. are responsible for preparing the Reporf of the Trustees and the f#18ncial sl8temÈnls in accord8nce gppllcable Law 8nd United Kingdom Accounting Slanderds (Unrted Kingdom Generally Accepted AcGounling Practic81. The law applicable lo charities in England Wales. Ihe Charities Act 2011. Ch8rlly (Accounts Raportsl Regu181ions 2008 and the provrsions of lh& charity deed. requires the Irusiees lo prepare financial slalemenis for each fiTrancial yèar which give 3 Irue and fair of Ilie slate of affairs of Ihe charily 4nd the group and of Ihe Int19 resOUrS and application of resources. including the incLNre and expenditure. of the Gharity forthat period. In preparing Ihose financial slaiemenls, Ihe Iruslees ate required lo.. sélÈcl suitable 3ccounling policlas and th8n apply them consislentty", obsetve Ihe melhods alld princip5 ID Ihe charl1$ SORP IFRS 1021., makejudgemenls and accounting eslimaies that arè reasonable and wudenl". slate whether applicab UK accounting Standards have been followed, subiecl to any material departures disclosed and axpbined In the lin8ncial sl8lemenls'. prepare the finan1 slatsmenls on the goi concern basis unkss il is in8ppropriale lo wesum8 Ihai the Charity11 continue in business. The truslees arè fesponslble for keèpSng proper accounting records which dls¢lose Mlh reasonable accur8cy al any Ilme the financlal position of the charrfy and to enabl& them to Ènsure Ih81 the fi'nancial slalem&nts mplY with th8 Charrfies Aci 2011. Charity (Accounts and Reporf51 Regulations 2008 and the provisions of the charily deed. They are also responsible for safeguarding the 85591s of the charily and henc8 for taking reasonable steps forth8 prevenllon and deleGtion of fraud and olhEI iiregularilles. STATEMENTS AS TO DISCLOSURE TO OUR AUDITORS In sofar as the trustees are aw8re al Ihe lime of 8tprovlng our Iruslees, annual report.. Iheie is no ielevanl information, belng infomalK)n needed by the avdilor in connection with preparing Iheir report, of which the group's auditor is un8ware, and the Iruslee5. havin9 made enquiries of fallow Iruslees and th8 group's auditor that Ihey ought to have indlvidualty taken, have each iaken all steps Ihal helshe is oblrged lo take as a frusiÈe in order to makè themselve5 aware of gny relevant audil information and lo establish thai Ihe auditor is &warÉ of Ih81 informelion. Approved by orderef IhÈ Board ofTrustees on ... 16:& ZQZS.... sNJned on ils lJ8haifby'. BFre ee Page 5
EASTBROOK EDUCATION TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EASTBROOK EDUCATION TRUST FOR THE YEAR ENDED 31 DECEMBER 2022
Opinion
We have audited the financial statements of Eastbrook Education Trust (the 'parent charity') and its subsidiary (the 'group') for the year ended 31st December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group's and the parent charity's affairs as at 31st December 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 24 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any other material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 6
EASTBROOK EDUCATION TRUST
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF EASTBROOK EDUCATION TRUST FOR THE YEAR ENDED 31 DECEMBER 2022
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group is complying with the legal and regulatory framework; and
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inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011 (and related legislation).
We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included reviewing the financial statement disclosures.
Significant laws and regulations effecting the group that may have an indirect impaction on the financial statements are the Food Standards Act 1999 (and related legislation), the Licensing 2003 Act (and related legislation) and the Data Protection Act 2018 (and related legislation). We have confirmed that the group has registered with the Food Standards Agency for all store that it operates, holds premises licences for all locations where it sells alcohol and is registered with the Information Commissioner's Office.
Because of the inherent limitations of an audit, there is a risk that we 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 we 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 our 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 our Report of the Independent Auditors.
Page 7
ST8 FTHE OR THEYEAR END Use of our rnport Th repcrt is made solety IO the tntstees. as 8 y. in accordance Part 4 of Chol8$ (A¢nts 8Thd Reports) R6gulaticffls 2006. 1)Jr auditw(x h•$ bÈen uThJertaken so that m¥Jht state lo the charWs Iruslees thnse mattws are required lo state to them in qud. r5, rep 8rKI for no c41w w1[e. To the fumesl extent pernrtted by Iw. do not a¢¢ept or a$sle respon6ibilty lo Bnyo than lh¢ ¢harty and the charws tW8tee5 as 8 tKty. for our 8udrt wth. lor Ihis rnptsrt, or for lh8 ions wa haw fo Nicholas Paul Santy FCA (Se ior Statutory ALKJtr) For And thaff of RKhBrds andy Art SeThi¥ Lj Auditors) Eh91b to aca as an in terns Se(lIc 1212 ol1 21bJ6 Thom Houso 25 88rboum• Ro Werce818r 1 1RU D•lo'. P&3e 8
EASTBROOK EDUCATION TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note INCOME FROM: Donations and legacies 2 Charitable activities 3 Other trading activities 4 TOTAL INCOME EXPENDITURE ON: Raising funds 6 Charitable activities 7 - Property management - Grants issued to OneSchool Global UK TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS TOTAL FUNDS Brought forward Carried forward 21 |
Unrestricted Fund £ 311,289 10,000 2,178,106 2,499,395 1,739,738 307,952 359,812 2,407,502 91,893 3,938,907 4,030,800 451,056 4,481,856 |
Restricted Fund £ 3,012,284 - - 3,012,284 - - - - 3,012,284 (3,938,907) (926,623) 926,623 - |
Year Ended 31 December 2022 Total Funds £ 3,323,573 10,000 2,178,106 5,511,679 1,739,738 307,952 359,812 2,407,502 3,104,177 - 3,104,177 1,377,679 4,481,856 |
Year Ended 31 December 2021 Total Funds £ 25,279 5,000 2,081,388 2,111,667 1,674,187 212,373 174,094 2,060,654 51,013 - 51,013 1,326,666 1,377,679 |
|---|---|---|---|---|
Page 9
EASTBROOK EDUCATION TRUST
INDIVIDUAL PARENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note INCOME FROM: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investment income 5 TOTAL INCOME EXPENDITURE ON: Charitable activities 7 - Property management - Grants issued to OneSchool Global UK TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS TOTAL FUNDS Brought forward Carried forward 21 |
Unrestricted Fund £ 249,705 10,000 42,038 330,179 631,922 303,440 359,812 663,252 (31,330) 3,938,907 3,907,577 138,895 4,046,472 |
Restricted Fund £ 3,012,284 - - - 3,012,284 - - - 3,012,284 (3,938,907) (926,623) 926,623 - |
Year Ended 31 December 2022 Total Funds £ 3,261,989 10,000 42,038 330,179 3,644,206 303,440 359,812 663,252 2,980,954 - 2,980,954 1,065,518 4,046,472 |
Year Ended 31 December 2021 Total Funds £ 1,604 5,000 - 290,594 297,198 207,487 174,094 381,581 (84,383) - (84,383) 1,149,901 1,065,518 |
|---|---|---|---|---|
Page 10
EASTBROOK EDUCATION TRUST CONSOLIDATED BALANCE SHEE OR T AR ENDED 31 DECEM8ER 2 Group 2022 Group 2021 Parent 2022 Paienl 2021 Note FIXED ASSETS Tangible fixed assets Investments 14 fj5 5,319,259 895,QOI 5.204,857 870.616 5,319.259 895.001 5.204,859 870.618 CURREIQT ASSETS Stocks Oeblors Cash ai bank and in 16 17 278,353 294,854 551 310 1,124.317 176,068 169,658 419,981 765,707 60,423 481481 541,904 5.957 295,571 301,528 LIABILITIES Amounts falling due within on& yÈar 18 1961.7201 1283.0291 1700.2911 I1[.626) NET CURRENT ASSETS 162597 158 387 194 900 TOTAL ASSETS LES5 CURRENT LIABILrriES 5 481856 1377 679 5 046 472 lo518 LIABILITIES Amounts falling due aftermo¢ than one year 19 11.000.000) If,000.0001 NET ASSETS 4 481 B56 1377 679 4 046 472 1.065 518 FUNDS UnreslriclÉd Fundy Resiiicled FU5 21 4,48q,856 451.056 926,623 1377 679 4,046.472 138.895 926,623 4 481856 4 046 472 The financial È14temenls wer proved by the Board of Trusleas on........................... and were signed by on 115 behaWby.' r8 Page 11
EASTBROOK EDUCATION TRUST
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes to the consolidated cash flow statement Cash flows from operating activities: Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities: Purchase of tangible fixed assets Sale of tangible fixed assets Net cash used in investing activities Cash flows from financing activities: New other loans New concessionary loans received Concessionary loans repaid Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 2 NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
Group 2022 £ 3,669,458 3,669,458 (4,629,888) 78,000 (4,551,888) 993,759 1,521,000 (1,501,000) 1,013,759 131,329 419,981 551,310 |
Group 2021 £ 225,434 225,434 (138,540) - (138,540) - - - - 86,894 333,087 419,981 |
|---|---|---|
1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the year (as per the statement of financial activities) Adjustments for: Solicitor fees relating to new other loans deducted from amount received Interest on other loans unpaid at year end Depreciation charges (Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities |
Group 2022 £ 3,104,177 6,241 6,986 149,882 (102,285) (124,996) 629,453 3,669,458 |
Group 2021 £ 51,013 - - 152,818 15,658 (113,780) 119,725 225,434 |
|---|---|---|
2 ANALYSIS OF CHANGES IN NET DEBT
| Cash at bank and in hand Concessionary loans New other loans |
At the start of the year £ 419,981 (20,000) - 399,981 |
Cash flows in the year £ 131,329 (20,000) (993,759) (882,430) |
Non-cash transactions - (22,252) (13,227) (35,479) |
At the end of the year £ 551,310 (62,252) (1,006,986) (517,928) |
|---|---|---|---|---|
3 MAJOR NON-CASH TRANSACTIONS
Capitalised expenditure totalling £22,252 (2021 - £nil) have been paid for by third parties on behalf of the charity as part of the provision of concessionary loans received by the charity.
Solicitor fees relating to new other loans totalling £6,241 (2021 - £nil) were deducted by the solicitor from amount received by the charity.
Interest on other loans unpaid at year end of £6,986 (2021 - £nil) has been accounted for as a major non-cash transaction.
Page 12
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES
Charity information
Eastbrook Education Trust is an unincorporated charity registered with the Charity Commission for England and Wales.
The registered office and principal activities of Eastbrook Education Trust are set out in the Report of the Trustees.
Basis of preparation
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The accounts are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1.
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.
Group financial statements
These consolidated financial statements incorporate the accounts of Eastbrook Education Trust and its wholly owned subsidiary Spectrum Products (UK) Limited on a line by line basis. Both entities prepare their individual entity financial statements adopting accounting policies not considered different from those of these consolidated financial statements and prepared to a year end of 31 December 2022. All intra-group transactions and balances are eliminated on consolidation.
The charity is exempt from disclosing Cash Flow Statement for the individual parent charity's results as the individual parent charity is a qualifying entity.
Going concern
At the time of approving these financial statements, the trustees have a reasonable expectation that the group and parent charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. The trustees continue to adopt the going concern basis of accounting in preparing these financial statements.
Incoming resources
All income is recognised once the group has entitlement to the funds, it is probable that the income will be received and the
amount can be measured reliably.
Donation and grant income is recognised when the group has been notified of the amounts. 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.
Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has passed to the buyer (usually on delivery of the goods) and the amount of turnover can be measured reliably.
Rental income is recognised on a straight line basis over the lease period.
Page 13
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES (Continued)
Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the group to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
The cost of generating funds indicates only those costs directly related to fundraising activities.
Charitable activity costs relate to those costs that directly relate to the running of the school.
Support costs are costs incurred to facilitate an activity. Unlike direct costs, which result directly from undertaking the activity, support costs do not change directly as a result of the activity undertaken. Support costs include property maintenance costs, including rates and utilities costs, depreciation of tangible fixed assets and legal and accountancy fees.
The irrecoverable element of Value Added Tax is included with the item of expenses to which it relates.
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete stock and slow moving items.
Tangible fixed assets
Tangible fixed assets, other than freehold and leasehold property, are stated at cost less depreciation. The trustees have reviewed the value of the freehold property and leasehold agreement and have made an appropriate impairment provision for any change in circumstances.
Depreciation of other assets are provided at rates calculated to write off the excess cost over the estimated residual amount evenly over the estimated useful economic life of each class of asset as follows:
| Used for charitable activities | |
|---|---|
| Freehold property | : not depreciated |
| Freehold improvements | : 25% reducing balance |
| Leasehold improvements | : 25% reducing balance |
| Motor vehicles | : 20% reducing balance |
| Fixtures, fittings and equipment | : 20% on cost |
| Used for trading activities | |
| Leasehold improvements | : 20% reducing balance |
| Fixtures, fittings and equipment | : 25% on cost |
Freehold property is not depreciated on the basis that its residual value is not expected to be materially lower than its original cost.
If there is an indication that any tangible fixed assets is impaired, then such assets are then written down to their value in use, considered to be the present value of the asset’s remaining service potential plus the net amount that will receive from its disposal.
Social investments in property
Property is classified as a social investment in property only when it is held specifically to enable a third party to undertake particular activities using the property that contribute to the charity’s charitable purposes.
Social investment in property is measured at cost and is not depreciated on the basis that its residual value is not expected to be materially lower than its original cost.
Investments in subsidiaries
Investments in subsidiaries in the parent charity's individual balance sheet are measured at cost less impairment.
Taxation
The charity is exempt from tax on income and gains falling within section 505 of the taxes Act 1988 or section 252 of the Taxation of chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Page 14
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES (Continued)
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Donated services
Where services or use of premises are donated (provided free of charge), the donated service is measured at fair value, unless it is impractical to measure this reliably. The gain is recognised as income from donations and a corresponding amount is included in the appropriate expenditure category.
The charity benefits from volunteers' time and organisations donating use of their facilities for free. The value to the charity of such donations is not quantifiable and is therefore not included within the financial statements.
Operating leases
Rentals payable and receivable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Financial instruments
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.
Concessionary loans
Concessionary loans are measured at cost.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are charged or credited to the Statement of Financial Activities.
Provisions
Provisions are recognised with the group as a legal or constructive obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amounts of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Agency accounting
Amounts collected by the group as agent of OneSchool Global UK have not been accounted for as income of the group.
Page 15
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Significant judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These 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 in the period of the revision and future periods where the revision affects both current and future periods.
The setting of depreciation policies for tangible fixed assets (which are stated in the accounting policies) are considered a significant judgement. In addition significant judgement is considered to be applied in the review for impairment of tangible fixed assets. The net book value and movements in the year of tangible fixed assets are disclosed in note 14 of the financial statements.
Freehold property held by the charity rented to OneSchool Global UK solely to further the objects of the charity (as defined by the charity’s Deed of Trust) have been accounted for within tangible fixed assets, in accordance with Charities SORP accounting treatments regarding social investments in property (land and buildings). Any financial return obtained is not a primary reason for owning the freehold property.
2 DONATIONS AND LEGACIES
| Donations Grants received from The Grace Trust |
Group 2022 £ 3,073,868 249,705 3,323,573 |
Group 2021 £ 25,279 - 25,279 |
Parent 2022 £ 3,012,284 249,705 3,261,989 |
Parent 2021 £ 1,604 - 1,604 |
|---|---|---|---|---|
Donated services
The subsidiary Spectrum Products (UK) Limited was last year provided free use of building space used by some of its stores, as well as a delivery van. However, no reliable estimate of the market value can be made of the value of the waived lease costs, and as such no provision for income and relating rental costs have been made.
Spectrum Products (UK) Limited also benefits from the volunteers who run the convenience stores.
3 INCOME FROM CHARITABLE ACTIVITIES
| Building service charge income | Group 2022 £ 10,000 10,000 |
Group 2021 £ 5,000 5,000 |
Parent 2022 £ 10,000 10,000 |
Parent 2021 £ 5,000 5,000 |
|---|---|---|---|---|
4 INCOME FROM OTHER TRADING ACTIVITES
| Convenience store sales Commission income Fundraising events Rental income |
Group 2022 £ 2,090,814 54 42,038 45,200 2,178,106 |
Group 2021 £ 2,027,533 5,105 - 48,750 2,081,388 |
Parent 2022 £ - - 42,038 - 42,038 |
Parent 2021 £ - - - - - |
|---|---|---|---|---|
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EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5 INVESTMENT INCOME
| Gift aid distributions received from subsidiary SING FUNDS EXPENDITURE Convenience store stock purchases Rent Rates and utilities Equipment hire Insurance Telephone Property maintenance Bad debts Bank and card charges Depreciation Loss on disposal of tangible fixed assets Sundry Direct costs (see note 8) Grants issued (see note 9) Support costs (see note 10) ARITABLE ACTIVITIES COSTS |
Group 2022 £ - - Group 2022 £ 1,564,038 46,299 41,402 5,216 2,429 4,685 8,576 - 5,463 21,518 18,000 22,112 1,739,738 Group 2022 £ 71,745 359,812 236,207 667,764 |
Group 2021 £ - - Group 2021 £ 1,530,248 43,577 35,261 4,916 4,554 3,857 11,059 159 8,599 15,849 - 16,108 1,674,187 Group 2021 £ 64,317 174,094 148,056 386,467 |
Parent 2022 £ 330,179 330,179 Parent 2022 £ - - - - - - - - - - - - - Parent 2022 £ 71,745 359,812 231,695 663,252 |
Parent 2021 £ 290,594 290,594 Parent 2021 £ - - - - - - - - - - - - - Parent 2021 £ 64,317 174,094 143,170 381,581 |
|---|---|---|---|---|
6 RAISING FUNDS EXPENDITURE
7 CHARITABLE ACTIVITIES COSTS
8 DIRECT COSTS
| Property management activities Rent Building insurance Vehicle leasing costs Transport costs Sundry |
Group 2022 £ 54,382 14,415 - 106 2,842 71,745 |
Group 2021 £ 53,500 5,709 2,178 459 2,471 64,317 |
Parent 2022 £ 54,382 14,415 - 106 2,842 71,745 |
Parent 2021 £ 53,500 5,709 2,178 459 2,471 64,317 |
|---|---|---|---|---|
Page 17
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9 GRANTS ISSUED
| Grants issued to OneSchool Global UK | Group 2022 £ 359,812 359,812 |
Group 2021 £ 174,094 174,094 |
Parent 2022 £ 359,812 359,812 |
Parent 2021 £ 174,094 174,094 |
|---|---|---|---|---|
10 SUPPORT COSTS
| Accountancy fees Depreciation Rates and utilities Property maintenance Legal and professional fees Other loan interest |
Group 2022 £ 22,459 128,364 38,565 11,935 27,898 6,986 236,207 |
Group 2021 £ 11,087 136,969 - - - - 148,056 |
Parent 2022 £ 17,947 128,364 38,565 11,935 27,898 6,986 231,695 |
Parent 2021 £ 6,200 136,970 - - - - 143,170 |
|---|---|---|---|---|
11 NET INCOME / (EXPENDITURE) CHARGES
Net income / (expenditure) per the Statement Of Financial Activities is stated after charging / (crediting):
| Group | Group | Parent | Parent | |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Operating lease income | (45,200) | (48,750) | - | - |
| Operating lease expenditure | 105,897 | 104,171 | 54,382 | 55,678 |
| Depreciation | 149,882 | 152,818 | 128,364 | 136,970 |
| Loss on disposal of tangible fixed assets | 18,000 | - | - | - |
| Bad debts | - | 159 | - | - |
| Other loan interest | 6,986 | - | 6,986 | - |
| Auditor's remuneration - audit fee | 10,400 | 7,200 | 7,200 | 4,800 |
| Auditor's remuneration - other services | 5,000 | 500 | - | - |
12 STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES
Staff costs
There were no employees in either the current or comparative years.
Trustees remuneration and expenses
The trustees were not paid nor received any other benefits from employment with the charity or its subsidiary during either the current or previous years.
The trustees were not reimbursed any expenses during either the current or previous years.
Page 18
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
13 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - CONSOLIDATED
| Unrestricted Notes Fund £ INCOME FROM: Donations and legacies 2 25,279 Charitable activities 3 5,000 Other trading activities 4 2,081,388 TOTAL INCOME 2,111,667 EXPENDITURE ON: Raising funds 6 1,674,187 Charitable activities 7 - Property management 75,403 - Grants issued to OneSchool Global UK 174,094 TOTAL EXPENDITURE 1,923,684 NET INCOME/(EXPENDITURE) 187,983 TRANSFERS BETWEEN FUNDS - NET MOVEMENT IN FUNDS 187,983 TOTAL FUNDS Brought forward 263,073 Carried forward 21 451,056 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - PARENT CHARITY Unrestricted Notes Fund £ INCOME FROM: Donations and legacies 2 1,604 Charitable activities 3 5,000 Investment income 5 290,594 TOTAL INCOME 297,198 EXPENDITURE ON: Charitable activities 7 - Property management 70,517 - Grants issued to OneSchool Global UK 174,094 TOTAL EXPENDITURE 244,611 NET INCOME/(EXPENDITURE) 52,587 TRANSFERS BETWEEN FUNDS - NET MOVEMENT IN FUNDS 52,587 TOTAL FUNDS Brought forward 86,308 Carried forward 21 138,895 |
Restricted Fund £ - - - - - 136,970 - 136,970 (136,970) - (136,970) 1,063,593 926,623 Restricted Fund £ - - - - 136,970 - 136,970 (136,970) - (136,970) 1,063,593 926,623 |
Total 2021 £ 25,279 5,000 2,081,388 2,111,667 1,674,187 212,373 174,094 2,060,654 51,013 - 51,013 1,326,666 1,377,679 Total 2021 £ 1,604 5,000 290,594 297,198 207,487 174,094 381,581 (84,383) - (84,383) 1,149,901 1,065,518 |
|---|---|---|
Page 19
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14 TANGIBLE FIXED ASSETS - GROUP
| COST At 1 January 2022 Additions Disposals At 31 December 2022 DEPRECIATION: At 1 January 2022 Charge for the year Disposals At 31 December 2022 NET BOOK VALUE: At 31 December 2022 At 31 December 2021 TANGIBLE FIXED ASSETS - COST At 1 January 2022 Additions At 31 December 2022 DEPRECIATION: At 1 January 2022 Charge for the year At 31 December 2022 NET BOOK VALUE: At 31 December 2022 At 31 December 2021 |
Freehold Assets under property construction £ £ 370,000 - - 4,462,605 - - 370,000 4,462,605 - - - - - - - - 370,000 4,462,605 370,000 - PARENT CHARITY Freehold Assets under property construction £ £ 370,000 - - 4,462,605 370,000 4,462,605 - - - - - - 370,000 4,462,605 370,000 - |
Freehold improvements £ 986,454 - - 986,454 (502,848) (120,909) - (623,757) 362,697 483,606 Freehold improvements £ 986,454 - 986,454 (502,848) (120,909) (623,757) 362,697 483,606 |
Leasehold improvements £ 498,243 60,578 - 558,821 (497,602) (1,158) - (498,760) 60,061 641 Leasehold improvements £ 498,044 - 498,044 (498,044) - (498,044) - - |
Fixtures, fittings & equipment £ 456,119 128,957 (78,000) 507,076 (415,365) (27,815) - (443,180) 63,896 40,754 Fixtures, fittings & equipment £ 376,128 - 376,128 (359,118) (7,455) (366,573) 9,555 17,010 |
Total £ 2,310,816 4,652,140 (78,000) 6,884,956 (1,415,815) (149,882) - (1,565,697) 5,319,259 895,001 Total £ 2,230,626 4,462,605 6,693,231 (1,360,010) (128,364) (1,488,374) 5,204,857 870,616 |
|---|---|---|---|---|---|
Freehold property is held by the charity for the purpose of renting it to OneSchool Global UK to be used by them as school premises, in order to directly further the objects of the charity (as defined by the charity’s Deed of Trust).
Assets under construction relate to the purchase of Abbey Rose School, which at the year end was in the process of undergoing major refurbishment and restructuring work which need to be completed such that the property can then be made available for be rented out to OneSchool Global UK.
Assets under construction with total net book value of £4,462,605 (2021 - £nil) have been pledged as security for liabilities (see note 20).
Page 20
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
15 FIXED ASSET INVESTMENTS - PARENT CHARITY
Shares in subsidiary £
| COST At 1st January 2022 and 31st December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
2 2 2 |
|---|---|
Spectrum Products (UK) Limited
Spectrum Products (UK) Limited operates a small chain of convenience stores.
All of the issued share capital of Spectrum Products (UK) Limited (company number 06333795) is held by holding trustees of Eastbrook Education Trust.
The registered office of Spectrum Products (UK) Limited is 7 Eastbrook Road, Gloucester, Gloucestershire, GL4 3DB.
At the year end Spectrum Products (UK) Limited had assets and liabilities as follows:
| Tangible fixed assets Stocks Debtors Cash at bank Creditors Issued share capital Retained earnings ctrum Products (UK) Limited had trading results for the year as follows: Turnover Cost of sales Administrative expenses Other operating income Net profit Gift aid distribution to the parent charity Net movement in retained earnings |
2022 £ 114,402 278,353 234,231 69,829 (261,429) 435,386 2 435,384 435,386 2022 £ 2,090,562 (1,564,038) (180,213) 107,092 453,403 (330,179) 123,224 |
2021 £ 24,385 176,068 163,702 124,410 (176,403) 312,162 2 312,160 312,162 2021 £ 2,032,640 (1,530,248) (148,828) 72,425 425,989 (290,594) 135,395 |
|---|---|---|
Spectrum Products (UK) Limited had trading results for the year as follows:
16 STOCKS
| Convenience store goods held for resale BTORS: AMOUNT FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments |
Group 2022 £ 278,353 278,353 Group 2022 £ 189,566 63,448 41,640 294,654 |
Group 2021 £ 176,068 176,068 Group 2021 £ 138,255 - 31,403 169,658 |
Parent 2022 £ - - Parent 2022 £ - 58,966 1,457 60,423 |
Parent 2021 £ - - Parent 2021 £ - - 5,957 5,957 |
|---|---|---|---|---|
17 DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR
Page 21
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
18 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR
| Other loans Trade creditors Social security and other taxation Gift voucher creditor Concessionary loans Accruals |
Group 2022 £ 6,986 498,325 - 323,107 62,252 71,050 961,720 |
Group 2021 £ - 208,376 20,791 20,333 20,000 13,529 283,029 |
Parent 2022 £ 6,986 333,250 - 300,000 - 60,055 700,291 |
Parent 2021 £ - 99,335 - - - 7,293 106,628 |
|---|---|---|---|---|
Concessionary loans are interest free and repayable on demand.
| 19 CREDITORS: AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR Group 2022 £ Other loans 1,000,000 1,000,000 20 SECURED DEBTS Group 2022 £ Other loans Amounts falling due within one year 6,986 Amounts falling due after more than one year 1,000,000 1,006,986 |
Group 2021 £ - - Group 2021 £ - - - |
Parent 2022 £ 1,000,000 1,000,000 Parent 2022 £ 6,986 1,000,000 1,006,986 |
Parent 2021 £ - - Parent 2021 £ - - - |
|---|---|---|---|
Other loans are secured by way of a legal mortgage over the Abbey Rose School (see note 14).
Other loans consists of a capital element of £1,000,000 (2021 - £nil) repayable in full in 2027 and an interest element of £6,986 (2021 - £nil) payable every 3 months in arrears. Interest on other loans is charged at Bank of England base rate plus 3.5%.
21 MOVEMENT IN FUNDS - GROUP
| Unrestricted funds General fund Restricted funds Capital fund Abbey Rose School fund |
As at 1 January 2022 £ 451,056 451,056 926,623 - 926,623 1,377,679 |
Incoming resources £ 2,499,395 2,499,395 220 3,012,064 3,012,284 5,511,679 |
Resources expended £ (2,407,502) (2,407,502) - - - (2,407,502) |
Transfer between funds £ 3,938,907 3,938,907 (926,843) (3,012,064) (3,938,907) - |
As at 31 December 2022 £ 4,481,856 4,481,856 - - - 4,481,856 |
|---|---|---|---|---|---|
Page 22
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
21 MOVEMENT IN FUNDS (continued)
Movement in funds for the comparative year was as follows:
| As at 1 January 2021 £ Unrestricted funds General fund 263,073 263,073 Restricted funds Capital fund 1,063,593 1,063,593 1,326,666 VEMENT IN FUNDS - PARENT CHARITY As at 1 January 2022 £ Unrestricted funds General fund 138,895 138,895 Restricted funds Capital fund 926,623 Abbey Rose School fund - 926,623 1,065,518 |
Incoming resources £ 2,111,667 2,111,667 - - 2,111,667 Incoming resources £ 631,922 631,922 220 3,012,064 3,012,284 3,644,206 |
Resources expended £ (1,923,684) (1,923,684) (136,970) (136,970) (2,060,654) Resources expended £ (663,252) (663,252) - - - (663,252) |
Transfer between funds £ - - - - - Transfer between funds £ 3,938,907 3,938,907 (926,843) (3,012,064) (3,938,907) - |
As at 31 December 2021 £ 451,056 451,056 926,623 926,623 1,377,679 As at 31 December 2022 £ 4,046,472 4,046,472 - - - 4,046,472 |
|---|---|---|---|---|
MOVEMENT IN FUNDS - PARENT CHARITY
Movement in funds for the comparative year was as follows:
| Unrestricted funds General fund Restricted funds Capital fund |
As at 1 January 2021 £ 86,308 86,308 1,063,593 1,063,593 1,149,901 |
Incoming resources £ 297,198 297,198 - - 297,198 |
Resources expended £ (244,611) (244,611) (136,970) (136,970) (381,581) |
Transfer between funds £ - - - - - |
As at 31 December 2021 £ 138,895 138,895 926,623 926,623 1,065,518 |
|---|---|---|---|---|---|
RESTRICTED FUNDS
Capital Fund
This fund relates to donations received to be used for the purchase and maintenance of the charity's assets.
Abbey Rose School Fund
This fund relates to donations received to assist with the purchase of Abbey Rose School property.
Page 23
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
21 MOVEMENT IN FUNDS (continued)
TRANSFER BETWEEN FUNDS
The net book value of both tangible fixed assets and social investment in property held within the capital fund of £870,616 has been transferred to unrestricted funds, on the basis that there is no longer considered to be a restriction in use over how the charity uses such assets.
On purchase of Abbey Rose School Property, which has been capitalised as a social investment in property, the balance on the restricted capital funds of £3,068,291 (being less than the purchase price of the property) has been transferred to unrestricted funds.
NET ASSETS HELD BY EACH FUND - GROUP
| Tangible fixed assets Stocks Debtors Cash Creditors - due within 1 year Creditors - due after 1 year |
2022 Unrestricted funds 5,319,259 278,353 294,654 551,310 (961,720) (1,000,000) 4,481,856 |
2022 Restricted funds - - - - - - - |
2022 Total funds 5,319,259 278,353 294,654 551,310 (961,720) (1,000,000) 4,481,856 |
2021 Unrestricted funds 24,385 176,068 169,658 363,974 (283,029) - 451,056 |
2021 Restricted funds 870,616 - - 56,007 - - 926,623 |
2021 Total funds 895,001 176,068 169,658 419,981 (283,029) - 1,377,679 |
|---|---|---|---|---|---|---|
NET ASSETS HELD BY EACH FUND - PARENT CHARITY
| Tangible fixed assets Fixed asset investments Debtors Cash Creditors - due within 1 year Creditors - due after 1 year |
2022 Unrestricted funds 5,204,857 2 60,423 481,481 (700,291) (1,000,000) 4,046,472 |
2022 Restricted funds - - - - - - - |
2022 Total funds 5,204,857 2 60,423 481,481 (700,291) (1,000,000) 4,046,472 |
2021 Unrestricted funds - 2 5,957 239,564 (106,628) - 138,895 |
2021 Restricted funds 870,616 - - 56,007 - - 926,623 |
2021 Total funds 870,616 2 5,957 295,571 (106,628) - 1,065,518 |
|---|---|---|---|---|---|---|
22 LEASING ARRANGEMENTS
Minimum lease receipts under non-cancellable operating lease fall due as follows:
| Within one year Between one and five years Mote than five years |
Group 2022 £ 5,000 20,000 - 25,000 |
Group 2021 £ 5,000 20,000 5,000 30,000 |
Parent 2022 £ 5,000 20,000 - 25,000 |
Parent 2021 £ 5,000 20,000 5,000 30,000 |
|---|---|---|---|---|
Minimum lease payments under non-cancellable operating lease fall due as follows:
| Within one year Between one and five years |
Group 2022 £ 39,715 1,083 40,798 |
Group 2021 £ 21,916 2,048 23,964 |
Parent 2022 £ 29,167 - 29,167 |
Parent 2021 £ - - - |
|---|---|---|---|---|
Page 24
EASTBROOK EDUCATION TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
23 RELATED PARTY TRANSACTIONS
Transactions with trustees
During the year the group received convenience store income from trustees totalling £66,556 (2021 - £75,364). At the year end the group had convenience store trade debtors due from trustees totalling £6,156 (2021 - £1,196).
Transactions with companies in which at least one of the trustees has an interest in
During the year the group received from such companies convenience store income totalling £80,375 (2021 - £75,195) and other income totalling £81,700 (2021 - £6,904). At the year end the group had trade debtors due from trustees totalling £15,121 (2021 - £11,799).
During the year the group paid costs to such companies totalling £4,596 (2021 - £2,877). At the year end the charity owed these companies a total of £382 (2021 - £nil).
During the year the charity received donations from such companies totalling £449,000 (2021 - £nil) for the purpose of assisting with the purchase of Abbey Rose School.
24 FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR AUDIT OF SMALL ENTITIES
In common with many other entities of our size and nature the charity uses its auditors to assist with the preparation of the financial statements and also to prepare and submit returns to the tax authorities for Spectrum Products (UK) Limited.
Page 25