Charity registratioii number: 1058608 Long Leys Education Trust Trustee.%' Report and Financial Statements foT the Year Ended 31 December 2023 m¢a Banbury Ltd 4 - (? Th¢ Wharf Centre Wharf Sir¢et Warwick Warniickshire CV34 5LB
Long Leys Education Thist Contents Reference and Administrative Detsils Trustees, Report 2to5 Independent Auditors, Report 6t09 Consolidated Statement of Financial Activities Ioto 11 Consolidated Balanc¢ Sheet 12 Balance Sheet 13 Consolidated Statement of Cash Flows 14 Notes to the Financial Statements 15to27
Long Levs Education Trust Reference and Administrative Detai15 Trustees Mr B Sellars Mr R Green Mr W Ginnell Mr D Record Mr E Buchner Charity Registration Number 1058608 Principal Office 25 Longedge Lane Wingerworth Chesterfield Derbyshire S42 6PB Auditor mca Banbury Ltd 4- 6 The Wharfcentre Wharf StTeet Warwick Warwickshire CV34 5LB Bankers Barclays Bank plc Leicester LE87 2BB Page I
Long Leys Education Trust Trustees, Report The Trustees present their report wilh the financial statements ot the charity for rhe year ended 31 st December 2023. The Trustees have adopted the provisions ot Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing ibeii. accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic ot"Ireland (FRS102) (eflective l January 2019). Objectives and a¢tivitie5 Obj¢LIs and aim The charilable objecls of the charity are the advancement ot-the education ot"children and young people trom the ages tive lo eighteen in particular by assistance to their parents to enable such children to be raught othenvise than ai school as defined in ihe education acts 1944 10 1993. Any other charttable purpose for the benefit of the brethren. In rtherance of its objects, the Ttust provides one preinise under forn)al lease for an independenl bchool based in Ridgeway Campus, Ridge Way, Scunthotpe. DNI 7 1 BS, which has been run by OneS¢hool Global UK (OSGUKI. The charity also provide5 donalion ndIng to OSGUK 4t the discretion of the Trustees in order to enable OSGUK to provide a well-balanced education at priniary aiid s¢¢ondary levels. for children and young people whobe parents appreciate ihe Christian ethos. Success is measured in tenns of the provision of appropriate facilities to OSGUK whilst minimising expenditure. This in rurn, frees up Thds for raising standards of education for all ¢on¢er]ied and for the improven)ent of facilities for pupils and staff alike. The Trustees have referred to the guidance contained in the Charity Conimissi()n's general guidance on public benefit and have regard to it when reviewing their aims and objectives, and in planning their tt)re activities. In particular they consider how planned a¢livilies will contribute to th¢ ¢ducalional aims and objectives they have set. Volunteers are an inl¢gral part of the community ethos and values of the charity and there are strong and willing group ot volunteers who assist and support Ihe charity throughout the year. The trading activities of the charity's trading subsidiary Edutrade Ltd (Company Number 13312138), which operates a chain of ¢onveni¢n¢¢ stores, are undertaken by volunteers. Objeclives, strulegies aHd aclivilies ThTOUbyhoul the year the charity has continued to provide educational premises in support of th¢ ¢du¢alional activities ofOSGUK. The charity has a wholly owned subsidiary company. Edutrade Lid which undertakes trading activities. All profits chargeable to corporation tux are gifted to th¢ charity in suppori of the charitable activitics of the charity. Pa¥e 2
Long Leys Education Trust Trustees, Report Achievements and perfornianee Fin#n¢ial review The charity is supported and financed principally by profits from its trading subsidiary Edutrade Ltd plus other ad hoc donations and those raised by fuTJdrdising events and grants from the Grace TThst. The Trustees believe that the harity's funds arc sufficient to mitigate any short lo medium terni risk of reduced funding. Thc charily's fundraising event5 principally operate within the Brethren community and professional ndraIserS are ot used. Neithcr thc charity nor any person actTng on behalf of the charity was subjcct to an undertaking to be bound by any voluntary scheme for regulating fund-Tai5ing, or voluntary standard for fund-raising in respect of activities on behalf of the Trus1. In the ycar ended 31 st December 2023 the charity reported a net surplus of £1,674.299 {2022 suryilus of £201.232). The group reported a net surplus of £1,546.984 (2022 surylus of £362,147). At the year end the charity had net Current assets of £182,902 (2022 net Current assets of £149,417). The group had nel current assets of £460,287 (2022 net current asscts of £550,620). The charity's policy is to maintain minimun) free reserves at a level which equates to six monthb, unrestricted expenditure. This is approximately £28.093. At the year end 2023 the free reserves of the charity were £4,307,434 (31 st Deeember 2022 £2.633.135). After making appropriate enquiries, thL Trustees have a rea%ollable expectation that the cliarity hds adequate resouTce8 to continue in operational existence for thc foreseeable tre. For this reason, it continues to ddopl the going conccrn basis in preparing the financial statcmcnts. Further detail8 regarding the adoption of the going concern basis can be found in the Accounting Policies. Plan5 for future perlods Aims and key obje¢tivesfrfprfulurepenods 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. Page 3
Long Levs Education Trust Trustees, Report Structure, governance and management Nature ofgoverning docunienr Long Leys Educafion Trust is constituted by a Deed of Trust dated 17 September 1996 and is registered with the Charity Commission for England. The Trustees who served during the year and since the year end are set out on page l. None ot.the Trustees, nor any person connected with them. received any reniuneration trom the charity in the year ended 31 st December 2023 (year ended 31 st December 2022 £nil). The power to appoint Trusteets is invested in the exisling Trustees subject to the charity Deed requirement. Trustee8 are selected a¢¢ording lo their own specialism in a particular field and are expected to pursue that specialism. New Truste¢s are instructed in the need to completely adhere to the erl)os and values of the charity. New Trustees are appointed at charity meelingb and training is given by Ihe outgoing trustee being replaced. along with support from fellow Trnstees. Finaneial instruments The Trustees have examined the major strategic, business and operational risks that the chariry faces. The Trnstees are satisfLed that the major riskb" 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 ar¢- risk of dan]age to the property held by the charity (although the property holds propeny insurance). risk of closure or relocation of the schooling by Oneschool Global UK {considered unlikely}- and risk ot 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 subbidiary directors who would then take appropriate action). There were no serious incidents relating to the charity over the year to report. Page 4
Long Levs Education Trust Trustees, Report Statement of trustees, responsibilities The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United KingdoTn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applie8blc to charitie.s in En(rland and Wales requires the trustces lo prcpare financial statemenls for each financial ycar which give a true and fair view of the state of affairs of thc charity and thc group and of the incoming resources and application of resources of the charitsble gTOUP for that period. In preparing these financial statements, th¢ trusi¢¢s arc rcquld to- select suitable accounting policies and then apply them consistently. ' observe the methods and principles in the Charities SORP: make judgement5 and estimates that are reasonable and pdent- State whether applicable accounting standards have been followed. subject to any material departures disclod and explained in the financial statements,. prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity id group will continue in business. The trustees are responsible tor keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to en4ure that the financial slalemenls comply with the Charities Act 201 l. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity deed. They are also responsible for sat-eguarding the assets of the charity and the group and hence for taking rcasunable step8 for the prevention and detection of fraud and otheT iegularl17¢$. The annual report was approved by tlie trustees of the charity on....... ...... .... Mr Warwick Ginnell TNstee Page 5
Long Leys Education Trust Independent Auditor's Report to the Members of Long Leys Edueation Trust Opinlon We h<ive audited the tinancial statements Ot. Long Leys Edueation Trust (the 'charitable parent company,) and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Stiltemcnt of Financial Activities. Consolidated Balance Sheet. Balance Sheet, Consolidalcd Sialement of Cash Flowb (Ind Notcs to the Financial Statements, including a sumrnary ot"signilicant accounting policies. The t-Lnancial reporting frILmework that ha5 been applied in their preparation 15 United Kingdom Accounting Standards, comprising Ch<ititiLs SORP liRS 102 'The Trinancial Reporting Standard applicdblc in the UK and Republic of Ireland, and applic£Lblc law (United Kingdom Generally Accepted Accounting Practice). In our optnion the financial ytateTnents'. give a true and fair view of the state of the group'% and parent charity's affairs as at 31 December 2023 and of its incoming resources and appliLation ot Tesourccs. including its incom¢ and expenditure, for the year then ¢nded; have been properly prepared in &¢¢ordan¢e with United Kingdom Generally Accepred A¢¢ounting Practice: ad have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducred our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further desLTibed in the auditor responsibilities tor the audit ot the financial statemenls section of our report. We are independent ot.the group in &CLordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Siandard. and we have fulfilled our otlier ethical responsibilities in accordance with these requirements. We believe thar the audit evidence we have obtained is sutricient and appropriate to Provide a b&L8iS for our opinion. Conclusions relating to going concern In auditing the tinancial statements, we have concluded that the trustees use of the going concern basis ot"accounting in the preparation ot- the tinancial statements is appropriale. Based on the work we have perfornied, we have not identified any materlal uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the orlginal financial statements were authori5ed foT Issue. Our responsibilities and the responsibilities of the trustees with respect to going concen) are described in the relevant sections of this report. Other information The tru51ees are responsible for the other inforniation. Thc oihei inforniation comprises the infom]ation included the annual report, other than the financial statCTncnts and ()ur auditor's report thereon. Our opillion on tlie financial statcmcnts docs nnt cover the other information and. except to the extent otherwise explicitly stated in our report. we dv not express any form of &ssurance conclusion Lh¢reon. In conncction with our audit of thc financial stalcments. our responsibility is to read the other infoTmation and. in doing 80, considcr whether thc ()ther information is materially inconsistent with the financial statcmcnts or our knowlcdge oblained in the audit OT Othcrwise appears to be materially niisstated. If we identifv such material inconsistencies or apparent material misstatements, we are required to deterniine whether Ih¢r¢ is a mal¢rial misstatement in the financial siaremenrs or a maierial inis5tat¢m¢ni of the other infonnation. If. based on Ihc work we have perfomied, we conclude that there is a nmierial misstat¢m¢nt of this other infonTAation, we are required to report that fact. Page 6
Long Leys Education Trust Independent Auditor's Report to the Members of Long Leys Education Trust We have nothing to report in this regard. Opinion on other matter preserlbed bv the Companies Aet 2006 In our opinion. based on the work undertaken in the course of the audit: the inforn]ation given in the and Trnstees, Report tor the financial year for which the financial slatements are prepared is consistent with the fJnan¢ial statements- and the Trnstees, Report have been prepared in accordance wilh applicable legal Tcquiiements. Matters on whieh we are required to report bv exception In the light of Dur knowledge and undeT8tanding of the group and the parent charitable company and its environment oblained in the course of the audit. we have not identified material misstaternents- in ihe and the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kcpt by the parent chaTitable company. or returns adequate for our audit have not been received from branches not visited by us- or the parent charitable company financial slalements are not in agreement with the accounting records and returns. or certain disclosures of trustees. remuneration specified by law are not made- or we have not received all the inforniation and explanations we require for our aiidit. Responsibilities of trustees As explained more fully in the Statement of trustees, responsibilities (set out on page 5). the trustees are responsible for the preparalion of the financial statemenrs and for being satisfied that they give a true and fair view. and for such internal control as the trustees detennine is necessary to enable the preparation of financial stalemenls that are free from material misstatement. wheiher due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing ihe 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 eitlier intend to liquidatc the chaTity or to ceasc operations. or have no realistic alternalive but to do so. Auditor rcsponsibilities for the audit of the finan¢i21 statement5 Our objectives are to obtain reasonable assurancc about whether tlie financial statements as a whole are tree frorn material misstatement, whether due to fraud or error, and to issue an auditoi'.%' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that audit conducted in accordance with JSAS (UK) will always detect a material mis.4tatcmenl when it exisL8. Misstalcments can arise from fraud or eor and are considered material if, individually or in the aggregate, thcy could reasonably be expected to influence the economic decT8ions of uscrs takcn on thc basis of these financial siatements. The extent tv which our procedures are capable of detecting )egUlarities. including fraud is detailed below: The engagcment partner ensured that the engagemcnl leam collectively had the appropriale competence. capabilities and skills to identify or recognise non-compliance with the applicable laws and regulalions. We assessed the susceptibility of the company's financial slalemenls to material misstatement. including obtaining an understanding of how fraud might occur. by: Page 7
Long Leys Education Trust Independent Auditor's Report to the Members of Long Leys Education Trust Making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual. suspected and alleged traud; and Considering the internal controls in place to mitigate risks of traud and non-compliance with laws and regulations. To address the risk of fraud rhrough management bias and override of controls. we: Performed analytical proceduTes to identify any unusual or unexpecied relationships. Tested journal entries to identify unusual transactions: Assessed whether judgements and assumptions madc in dctctmining the accounting estimates were indicative of potential bias. and Investigated ihe rdtionale behind significant or unusual transactions. In response to the risk of irregularities and non-complianrc with laws and regulations, we designed procedures which included. but were nor limited to: Agreeing financial statement disclosures to underlying supporting documentation Enquiring of management as to actual and potential liligation and claims. There are inherent limitations in OUT audit procedures described above. The more renioved those laws and regulations are from tinancial iransactions. the less likely it is thal we would become aware of non-¢omplian¢e. Auditing slandards also limit the audit pro¢edur¢s required to identify non-compliance with laws and regulations to enquiry ot.the directors and other management. Material niisstatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or Collusion. As part of an audil in accordance with ISAS (UK). we exercise professional Judgement and maintain Professional scepticism throughoul the audit. We also: Identify and assess the risks of material misstatement of the tindncial slatemenls, whether due to fraud or error. design and perfoml audit procedures responsive to those risks. and obiain audit evidence that is sutficient and appropriate to provide a basis for our opinion. The risk of not d¢tecling a material inissratement resulting from fraud is higher than for one r¢suliing from error. as traud may involve collusion, forgery, illtelltional omissions, misrepresentations. or the override of internal control. Obtain an understanding of tntemal conlrol relevant to the audit in order to design iiudit procedures that are appropridte in the cirLunistrdnces, bul not t.or the purpose of expressing an opinion on th¢ ¢tTe¢tiVCnCbs of the conipdny's intLYndl Lontrol. EvaludtL the appropriatLncs% of accounting policies used and the [¢£0n&blelleSs of accounting estimates (ind rclatL"d di%Llo4urets mddL by thL" direLiors'. Conclude on Ihe dpproprialenes5 Ot" the directors, use of the going concern basis of accounting Éind. babed on the udit evidence obtained, whether a material uncertainty exists related to events or c()nditions thiit may cast significant doubt on the charity'b ability to continue as a going concern. If we conclude that a m&tcridl uncertainty exists. we are required io draw attention in our Report ot the Auditors to the related disclosures in the financial statements or. if such disclosures are inadequate. to modify OUT opinion. Our conclusions are based on the audit evidence obtained up to the dat¢ of our R¢port of the Au(litors. How¢v¢r. futur¢ ¢v¢nlts or conditions may cause the conipany ro Cease to Continue as a going conLern. Evaluate the overall Presentation. slructure and content of the ffftancial statements. including the disclosureb. dnd whether the finanLial statements represeni ihe undeilying transactions and evenls in a manner that achieveb fair PT¢s¢ntatiun.
Long Leys Education Trust
Independent Auditor's Report to the Members of Long Leys Education Trust
- We define materiality as the magnitude of misstatement in the Financial Statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning and in the scope of our audit work and in evaluating the results of our work.
We 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.
Use of our report
This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Hab Co Martin Cox (Senior Statutory Auditor)
For and on behalf of mca Banbury Ltd, Statutory Auditor
4- 6 The Wharf Centre Wharf Street Warwick Warwickshire CV34 5LB
Date: .12/09/2024
Page 9
Long Leys Education Trust Consolidated Statement of Fillaneial 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 2023 Nots Income and Endowments from: Donations and legacies Charitable activities Investment income Other income 483.296 4.167 561 3.046.516 483,296 4.167 561 3.046.516 Total income 3.534.540 3.534.540 Expenditure on: Raising tunds Charitable activities (2.684.832) 697,276 (2.684.832) 697.276 Total expenditure (1.987.556} {1.987.556) Nel income E.546.984 1.546.984 Net movement in fund5 1.546,984 1.546.984 Reconciliation of funds Total funds brought t"onvard 2.827.262 2.827,262 Total funds carried forward 18 4.374.246 Unrestricted funds 4.374.?46 Total 2022 Note Ineome 2nd Endowments from: Donations and IcgaLiCS Charilable activities Investment income Other inLome 614,055 4.167 l7 2.807.353 614.055 4.167 17 2.807.353 ToliLI in¢omc 3.425.592 3.425.592 Expenditure on: Raising funds Charitable acltvitieb {2.214.139) (849.306) (2.214.139) {849.306) Total expendilure {3.063.445) (3.063.445) Net income 362.147 362.147 Net movement in funds 362,147 362.147 The notes on pages 15 to 27 forn) an Inteal part ot"thebe financial statementb. Pa¥e 10
Long Leys 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 fund5 Total 2022 Note Reconciliation of funds Total funds brought fonvard 2.465.115 2.465,115 Total funds carried forward 18 All of the group's activities derive from Continuing operations durii)g the above two periods. The funds breakdown for 2022 is shown in note 18. Thc notes on pages 15 to 27 fomj an integryal part of these financial statements. Pagre I I
Long Levs Education Trust Consolidated Balance Sheet as It 31 December 2023 2023 2022 Note Fixed assets T]gible assets 12 4.504.323 3.174.506 Current assets Stocks Debtors Cash at bank and in hand 14 15 296.015 79.697 295.014 245.370 59.848 454.480 670.726 759.698 Creditors: Amounts falling due Ivithin one ve*r 16 (210.439) (209.078) Net Current assets 460.287 550,620 Total asset5 less current liabilities 4.964.610 3.725.126 Creditors: Amoullts falling due after more than one vear Net assets 17 (590.364) {897.864) 4.374.246 2.827,262 Funds of the group: Unrestricted in¢om¢ funds Unrestricted funds 4.374.246 2.827.26? Total funds 18 4.374.246 2,827.262 The tindncial statements on pages 10 to 27 were approved by the trustees. and authoritsed tor issue on . and signed on their behalf by.. Mr Wanvick Ginnell Trustee The notes on pag¢s 15 to 27 tonn un integral part of Ihebe financial slaiements. Pa¥e 12
Long Levs Education Trust Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible &ssets Investments 12 4.334.250 380.646 3.000.936 380.646 4.714.896 3.381.582 Current a$sets Debtors Cash at bank and in hand 15 80.000 139.175 45.500 189.106 219.175 234.006 Credltors: Amounts falling due within one vear 16 (36.273) (85.189) Net current assets 182.902 149.417 Total assets less current liabililfies 4.897.798 3,530,999 Creditors: An]ounts falling due after more than one year 17 (590.364) (897.864) Net asset5 4.307.434 2.633.135 Funds of thc charity: Unrestricted income funds Unrestricted fiJnd.s 4.307.434 2.633.135 Tolal funds 18 4.307.434 2.633.135 The fmancial statements on pages l O to 27 were approved by the tru51ees. and authorised tor issue on . and signed on their behalf by- Mr Wanvick Ginnell TTUStc The notes on pages 15 to 27 form an integral part of these financial statements. Page 13
Long Leys Education Trust Consolidated Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Note Cash flows from operating activities Net c&sh income 1.546.984 362.147 Adjustments to eash flows from non-casb items DepreciatÉon Investment inLome (1.286.438) (561) 388.207 (17) 959.985 750.337 Working Capital adjustments In¢reasc in Stocks Increase in debtors Increase in Creditors Decrease in provisions 14 15 16 (50.645) {19.849) 58.861 (80.452) (9,957) 17.663 (17.852) Net Cash flows from operaling activities 248.352 659.739 Cash flows from investing activities Interest receivable and simil{ income Purchase of tangible fixed assets Sale ot"tangible fixed assets 561 (49.177) 5.798 17 (270.106) 12 Nct Ldsh tlows from irvesting activities (42.818] {270.089} Cash flows from financing activities Repaynient of loanb and bom)wings 16 (365.000) (395.985) Net decrease in cash and cash equivalents Cash and cash equivalents at l January Cash and cash equivalents at 31 December (159.4661 (6,335) 460.815 454.480 295.014 454.480 All ot.the cash tlows are derived from continuing operations during the above two periods. Th¢ not¢s on pages 15 to 27 t.omi an integFral part ot th¢s¢ tinancial statements. PagFe 14
Long Levs Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 I Charity status The Long Leys Education Trust is an uninco0[ted charity {no: 1058608) registered in England and Wales. The registered address is 107 Stockbridge Road. Elloughton. Brough, HUI 5 1 HW. 2 Accounting polieies Statement of compliance The financial statement5 h<tvc bccn prepared in accordance witb ALcL)unting and Reporting by Charities.. Statemcnt of RecoLnmended Practice (applicable to charities Preparing their accounts in e0rdance with the Fitwicial Reporting Staiidard applicable in the UK and Rcpublic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (b RS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charity Aet 2011. Basis of preparation The financial statement5 have been prepared to give a 'true and fair. view and have departed froni the Charities (Accounts and Reports) regulation.5 2008 only to th¢ ¢xtent requircd to provide a 'true and fair, view. Thi5 departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting Cliarities: Statement ot Recommended Practice eftective from l April 2005 which has since been witl)drawn. Long Leys Education Twst meets the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recognised at hisiorical cost or transaction value unless oihenvise stated in the relevant accounting policy notcs. Bas1$ of eonso]idation The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. Thc results of the subsidiary are consolidated on a line-by- ine basis. The Charit! has also taken advantage of the exemption available to a qualitytng entity in FRS 102 frorn thc requirement to prescnt a Charity only statemcnl of cash flows and certain disclosures about the Charity's financial instruments within the consolidated financial %tatements. No separate SOFA has been prepared for the Charity alone. Going concern The twstees consider ihat there are no material uncertainties aboul the group's ability to continue as a going concern nor any significanl areas of uncertainty Ihat affect the carrving value of assets held by the group. Page 15
Long Leys Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Income and endowments All incomc is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of incoTne receivable can be measured reliably. The recognition ot" incomc from Icgaeics is dcpcndent on cstablishing entitlemenL the probability of receipt and the ability to estimatc with sutliciLnt aLLuracy thc amount receivable. Evidence of entitlement to a legacy cxists when the Charity has sutficient cvidcncc that a gift hds bccn Icft to them (through knowledge of the exi%tence of a valid will and the death of the benefactor) and the execulor is satisfied that the property in question will not bc ICqUlfLd lo satisfy claims in the estate. RecLipI of a legacy musi be rccognised when it is probable that it will bc rLccivcd the tair value of ihe amounl rcccivable. which will generally be the expected cash amount to be distribut¢d to thc Chdrity. can bc rcliably mcasured. Grants are included in thc Consolidated statcmcnt of financial activities on a receivable basis, The balance of income received for specific purposes but no( expended during the period is shown in tlie relevant fid$ on thc Balance sheet. Where income is received in advance of enlitlemenr of receipt, its recognition is deferred and in¢lud¢d in Creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Incom¢ tax recoverable in relation to investnient income is recognised at the lime the investment income is receivable. Olher iiicome Inl¢rest on funds held on deposit is included wheT] receivable and th¢ amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or p&yabl¢ by the institution with whom the funds are deposited. Expenditure Expenditure is r¢¢ognised onc¢ ther¢ is a legal or constructive obligation to transfer economic benefit t4) a third parry. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can b¢ measured rcliably. Expenditure is classified by activity. Expenditure on charitable activities is in¢urr¢d on dir¢ctly undertaking the activities which further the Group's objectives, as well ats any associatcd 5UPPOrt costs. All expendIre is inclusive of irrecoverable VAT. Tangible fixed assets Tangible fixed assets Costing £5(10 or more are capitali5ed and rccogniscd whcn tllrC CCOllOTnic bencfils are probablc and thc cost or value of the asset can b¢ mcasurcd rcliably. Tangible fixed ass¢ts are initially r¢¢ognis¢d al cost. After recognilion. under the cost model, langible fixed assets are measured al cost less a¢cumulaled deprecialion and any accumulated impaimient losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 16
Long Levs Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Depreciation and amortisation Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated usefijl lives. Assets costing less than £500 are written off to SOFA in the year of purchase. Asset cla Freehold propety Plant & M&chincry Leasehold Property Deprecfiation method and rate 20/ Straight Line 20D/o Straight Line I OO/. Straight Line Current asset investments Fixcd assei invcstments are a forni of financial instrument and are initially recognised at their transaction cost and 5ubscqucntly mcasured at fair value at the Balance sheet date, unless ihe value cannot be measured rcltably in which case it is measured at cost less impairn]ent. Investment gains and losses, whether realised or unrealiscd, are combined and presented as'Gainsl(Losses) on investments, in the Consolidated statement of financial actTVities. Investments in subsidiaries are valued at cost less provision for impaimient. Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow-rnoving stocks. Cost is deterniined using the first-in, first-oul (FIFO). Trade debtors Trade and other debtors are recognised at the %etilement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Fund structure General funds ar¢ unrestricted funds which are available for use at the discrrtiun of the Trusiees in furtherance of the general objcctives of the GTOUP and which havc not been designated for other purposes. Restricted funds are funds wliich are to be uscd in accordance with Sp1[]¢ restrictions imposed by donors or which have becn raised by the Group for particular PUTPOSCS. The costs of raising and administering such funds are charged against tILe sp¢cific fund. The aim and use of each Tcstricted fund 15 set out in the noles to the financial statements. Investment income, gaiT]s aTJd losses are allocated to the appropriate fund. Finaneial instruments Classificution The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslruments. Ba51C Iinan¢ial instruments are initially recognised at Iransaclion value and subsequently nieasured at their settlement value. Page 17
Long Ley5 Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 3 Income from donations and legacie5 Ullrestrieted funds General Tot21 funds Gifts and donatiuns 483,296 483.296 Total for 2023 483,296 483.296 Total for 2022 614,055 614.055 4 Income from charitable activities Unrestricted funds General Total funds Rental Income 4.167 4.167 Total for 2023 4.167 4.167 Total for 2022 4.167 4,167 S Income from other trading aclivities Unrestrieted fuDds General Total funds Trading incume. Edutrad¢ Humber Ltd 3,046,516 3.046,516 Total for 2023 3.046.516 3.046.516 Total for 2022 2.807.353 2.807.353 6 Investment kn¢ome Unrestricted funds General Total funds Bank Interest 561 561 Total for 2023 561 561 Total for 2022 17 17 Page 18
Long Levs Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 7 Expenditure on raising funds a) Costs of trading activities Unrestricted funds General Total funds Note Trading Costs- Edutrade Humber Ltd 2.684.832 2.684.832 Total for 2023 Total for 2022 1214AL9 2.214 139 Total costs 8 Expenditure on charitable activities Unrestricted funds General Total funds Iyote Charitable activitie8 {697.276) (697.2761 Total for 2022 849 306 Page 19
Long Leys Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 9 Analvsis of support costs Support costs allocated to charitable activities Premises costs Administration including costs depreciation Other support costs Governance costs Finance costs Charitable Activities 14&4 434 200 Total 2023 Chariiable Aciivities 697 276 Premi$¢s costs Administration Including costs depreciation Other support Costs Governance costs Finance costs Charitable Activities -J51.226 40 Totgl 2022 Charitable Activities 9.36 Other support costs are donations made lo OSG. Staff costs are nil. The Long Leys Education Trust l5 run entiT¢ly by volunteers. During the year the Long Leys Education trust adjusted their depreLiatiun policy which has led to an adjustment to the depreLiation recorded in the year. Pa¥e 20
Long Leys Education Trust ote5 to the Financial Statements for the Year Ended 31 December 2023 10 Trustees remuneration aDd expenses No trustees. nor any persons connected with them. have received any remuneration from tlie group during the year. No trustces havc received any reimbursed expenses trom the charity during the year. 11 Auditors, remuneration 2023 2022 Other fees to auditors The auditing of accounts of any associate of the charity All other non-audit services 4.000 2.000 4.000 2.000 Pa¥e 21
Long Leys Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 12 Tangible red assets Group Land and buildings Furniture and equipment Total Cost At l January 2023 Additions Dispo%als 4.962.836 37.877 119.929 11.300 (22.818) 5.082.765 49.177 122.818) At 31 December 2023 5.000,713 108.411 5.109.124 Depreciation Ai l January 2023 Charge for the year Elimindled on disposals 1.857.794 (1.306.705} 50.465 20.267 (17.020) 1,908,259 (1,286.438) 117.02U) At 31 DeLembei 2023 551.089 53.712 604.801 Net book value At 31 D¢¢¢mb¢r 2023 4.449,624 54,699 4.504.323 At 31 December 2022 3.105.042 69,464 3.174,506 Charitv Land and buildings Total Cost At l January 2023 4.847.654 4.847.654 Al 31 December 2023 4.847.654 4.847.654 Depreciation Ai l January 2023 Charge for the year 1,846,718 1.846.718 (1,333,314) (1,333.314) At 31 December 2023 513.404 513.404 Net book value At 31 December 2023 4.334,250 4.334 ?50 At 31 December 2022 3.000.936 3,000,936 Page 22
Long Leys Education Trust l¥Jotes to the Financial Statements for the Year Ended 31 December 2023 13 Fixed asset investments Charitv Shares in group undertakings and participating interests Subsidiary undertaldngs Total Cost At l January 2023 380.646 380.646 At 31 December 2023 380.646 380.646 Net book value At 31 Decen]ber 2023 At 31 December 2022 646 8Q46 Details of undertakings Details of the investments in which the charity holds 200/0 or more of the nominal value of any class of share capital are as follows.. Countrv of incorporation Proportion of voting rights Principal and shares held activitv Undertaking Holding 2023 2022 Subsidiarv undertakings IOOO/o Sale of retail good5 Edutrade Humber Ltd United Kingdom IOO/o 14 Stock Group Charity 2023 2023 2022 Slocks Pdge 23
Long Leys Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 15 Debtors Croup Charity 2023 2022 2023 2022 Trade debtors Prepayments Other debtors 73.525 6.172 40,119 11.512 8.217 80.000 45.500 8QOIIO 16 Creditors: amounts falling due within one year Group Cht4rAty 2023 2022 2023 2022 Loans Trade creditors V AT grant repayable Other creditors Accruals 18.000 124.186 4.459 37.691 26.103 75.500 54.861 7.319 41.079 30,319 18.000 5.541 {3.366} 102 15.996 75.500 18.024) {2.?22) 102 19.833 2E0439 16223. 17 Creditors: amounts falling due after one year Group Charity, 2023 2022 2023 2022 Loans Pa¥e 24
Long Levs Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 18 Funds Group Balance at 31 December 2023 Balance at I January 2023 Intoming resources Resources expended Unrestricted funds General 2 827 262 4 374 246 Balance at31 December 2022 Balance at I Janu%rv 2022 Incoming resour¢¢s Resources expended Unrestricted funds General 262 Charity Balance at31 December 2023 Balance at I January 2023 Incoming resources Resources exp¢nded Unrestricted funds General 77 024 a97 275 4 307.4L4 Balance at31 December 2022 Balance at I January 2022 Incoming resources Rcsources expended Unrestrieted funds General So.9 849 307 Page 25
Long Leys Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 19 Analysis of net assets between funds Group Unrestricted funds General Total funds At 31 December 2023 Tangible fixed asscts CuenT assers Current lidbilities Creditors over l year 4.504.323 670.726 (210.439) (590.364) 4.504.323 670.726 {210,439) (590.364) Total net &ssers 146 4.374.24 Unrestricted funds Cencral Total funds at 31 December 21122 Tangible tixed assets Current assets CUellt liabilities Creditors over l year Total net asseis 3.174.506 759.698 (209.0781 (897.864) 3.174,506 759.698 (209.0781 1897.864) 2 827262 2,827 262 Page 26
Long Leys Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Charity Unrestricted funds General Total funds at 31 December 2023 Tangible fIxed assets Fixed asset inveqtments Current assets Current liabilities Creditors over l year 4.334.250 380.646 219.175 (36.273) {590.364) 4.334.250 380.fv16 219.175 (36.273) 1590.364) Total net assets 4 3.QL414 4 307 434 Unrestricted funds General Total fund5 at 31 December 2022 Tangible fixed assets Fixed asset inveslments Current assets Cuent liabilities Creditors over l year 3.000.936 380.646 234.606 (85.189) (897.8641 3.000.936 380.646 234.606 (85.189) (897.864) Total net assets 2 633 135 20 Related partv tran$A¢tions Charity As stated in Note 13. Edutrade Humber Limited was a wholly owned .%ubsidiary undertaking of the Charity. £489.000 was received by the Charity from the subsidiary under gift aid. Page 27