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 ￿t￿re. 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 rcqul￿d 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 p￿dent- State whether applicable accounting standards have been followed. subject to any material departures disclo￿d 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 i￿egularl17¢$. 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