The Mereside Education Trust
Report and Financial Statements
31 Dec 2020
Charity number.. 1058933

The Mereside Education Trust
Report and Financial Statements
Contents
Page
Legal and administrative information
Report of the Trustees
Report of the Independent Audrior
Group Slalement of Financial Activf(ies
Group analysis of continuing and discontinued operations
10
Charity Statement of Financial Activities
11
Charity analysis of continuing and discontinued operations
12
Group and Charity baknce sheets
13
Group cash flow statement
14
Charity cash flow Statement
15
Notes forming part of the financial statements
Addf(ional information
(does not fomi part of the financial statements)
16-30
31

The Mereside Education Trust
Legal and administrative infomiation
Trustees
Mr L Baldwin
Mr M Ch8dwck
Mr K Devenish
Mr M DLJnbar
Mr J Hayward
Mr M HLrtchins
Mr C Lews
Mr N Simpson
MrA Wells
Mrvwells
Al Trustees hold liue to the investment property, see note 19.
Chief Executive Officer
MrA Wells
Address of Principal Office
Hartford Manor
G￿enbank Lane
Northwich
CW81HW
Department for Education
Registration number
3561S030
Auditor
Dr J R Ayling Bsc FCA
8 TTOUtbeck Avenue
Leamington Spa
CV32 6NE
Accountants
Oldfield SeNiees
Santis House
Curriers Close
Coventry
CV4 8AW
Bankers
Natwesl Bank plc
23 Stamford New Road
Attrincham
Cheshire
WA14 1DB
Solicitors
Rothwell and Evans
3 Claremont Road
Sale
Cheshire
M33 7DZ
Charitres Aid Foundation Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

The Mereside Educatlon Trust
Report of the Trustees for the year ended 31 Dec 2020
The TFuslees of The Mereside Education Trust present their annual report and audrf(￿ financial ststemenls
for the year ended 31 December 2020 and confitm they compty with the ￿qUirements of the Charities Act
2011, the trust deed and the Charities SORP IFRS 102).
structure, governance and management
Th& Mereside Education Trust is constituted by a Deed of Trust dated 7 April 1995, amended 26 August
1996, 20 March 1997 and 18 De￿mber 2008, and is registered wff(h the Charty Commission for England
and Wales.
The Trustees who have served during the year and Sin￿ the year end are set out on page 1. None of the
Trustees, nor any person connected with Ihern, received any remuneration from the Group in the year
ended 31 December 2020 (year ended 31 December 2019.- £nill. The power lo appoint trustees is vested in
the existing Trustees. Trustees are selected according to their own specialism in a needed field, and are
expected lo pursue that specialism. New trustees are instructed in the need to completely adhere to the
ethos of the Trust. The Trustees give of their time freely. All major decisions, including those of a financial
nature, are made by the Board of Twslees 81 their regular meetings.
The Charty has two Whol￿ owned subsidiary companies, Quanto Enterprise Ltd, which undertakes trading
activrf£ies and Hartford Investments Ltd. which owns the school premises in NDrthwich. All dislribulable
profits from Quanto Enterprise Ltd a￿ donated to the Trust. The results of Quanto EnleTprise Ltd and
Hartford Investments Ltd have been consolidated with those of the Trust in order to produce the
consolidated financial ststemÈnls which follow.
The Trust embarked, in eonjunction wrf(h other Plymouth Breth￿n Schools in the UK, to consolidate during
2019 into one new charitable entity, Oneschool Global UK (registered charty number (11813011, OSG"
OSG PTovides advice and guidance to the Trustees and monitor5 expenditure of the funding they provide.
This affiliation supersedes that previously provided by Focus Leaming Trust Iregislered charity number
10997251.
The Trustees have examined the major strategi¢, business and operational risks which the Group faces and
confimi that systems have been established to mrtigale those risks.
Objectives and activities
Objects - The charitable objects of the Trust are the advancement of the education of children and young
people. The objects also include any other charitable purpose for the benefit of the WDrfdwide Christian
fellowship known as the P￿Mouth Brethren Christian Church. The Trust's main actiwties are the support of
Brethren schools and the provision of grants to organisations that support chi5dren and families.
Ethos - Students attending Brethren schools are encouraged to develop their full potential and acquire the
discipline of leaming how lo learn, while upholding Christian teachings and beliefs. The truth and authority of
the Holy Bible and strong family values underpin the commitment Df the School lo provide quality in every
facet of education
urrioulum. teachers, facilities, management and discipline
in a safe and caring
environment.
Values - The Trustees are drawn from the Brethren communty and the School is eommrtted to a way of life
that is governed by the Holy Bible, expecting the conduct Df pupils and staff consistently lo reflect Biblical
values and the specrfic values of the School, whi¢h include".
Integrity- uprightness. honesty and decorous conduct, govemed by the HO￿ Bible.,
Care & Compa5sion- kindness, consideration and generosty to all..
Re5pect- for all people, propety, Dpinions and authority.,
Responsibilty- for our action5, progres5 and environment,.
Commitment- to self4iscipline and the pursuti of eX￿llen￿.

The Mereside Education Trust
Report of the Trustees for the year ended 31 Dec 2020
Objectives and activtties (continued)
Objectives - The key objectives for the year were to ensure that Hartford hllanor was appropriately adapted
for use as a school premises and to pursue the sale of the old school site for the maximum pri￿.
Volunteers are an integral part of the communty ethos and values of the school.
The Trustees have referred to the guidance contained in the Charity Commission's general gtJid8n¢e on
public benefjt and have had regard to il when reviewing their aims and objectives, and in pl8nnirbg their
future 8CtMties.
Achievements and perfomiance
The Trust has supported the Brethren school in Northwich, providing use of the school building and
supporting the education provision provided by OSG.
Pupils who attend the Schwl are expected lo act in accordan￿ wth the doctrines and praetices of the
Brethren, but there is no other academic or financial selection process for admission to the School.
The curriculum is designed lo provide opportunrties for pupils of varied abilities and interests. The subjects
offered are in line wf(h the National Curriculum and cover key learning areas. There is an increasing focus
on encouraging and developing se￿￿Irected leaming principles wlh students.
The aim is lo provide a broad and balanced Cu￿1cUl￿rn which promotes personal development and prepares
students for increasing Independen￿ and responsibilty.
OSG was incorporated for that purpose and, whilst reeognising the responsibilities of each relevant local
communty, rf( is considered that the advantages of providing education through orbe organisation are
onsiderable and that in particular allows..
lal delivery of a single entity lo promde a single employer of school staff.,
{bl delivery of positive leaming outcomes in line with a single, Global vision,. and
(cl maximisation of the benefrts of a UK-wide ecosystem.

The Mereside Education Trust
Report of the Trustees for the year ended 31 Dec 2020
Financial Review
In the year ended 31 December 2020 the Group reported nel expendf(ure of £792,226 12019.. net
expendff(ure of £1,297,996) leaving group funds at 31 December 2020 at a deficf( of £1,566,936 cOMpa￿d
wffch a defi¢it of £Tf4,710 at 31 De￿mber 2019. The Charty reported nel expenditure of £165,384 for the
year compared with nel expenditure of £673,616 for the prior year and had deficrf( funds of £1,276,158 at 31
December 2020 compared wi(h defic1£ funds of £1,110,774 al 31 December 2019. All funds are unreslrided.
Quanto Enterprise Limited made an operating prorr( of £220,287 (year ended 31 December 2019..
£191,988), of which £220,00012019.. £190,000) was donated to The Mereside Education Trust.
As a consequence of the contractual obligations imposed by the transfer of operations to OSG. The
Mereside Education Trust has incurred costs of £229,627 12019.. £132,862) comprising the passing on of
third paty donations and subsidiary inctrme. At 31 December 2020 the Charity had overpaid £4,17312019'.
9,435} to OSG, in respect of these commitments.
The Trust continues lo work closety with OSG to ensure that continued funding received by the TTUSI,
intended lo support the education of ils students, is passed on to OSG in order lo continue those provisions
in line wf(h the Trust's charitab12 objectives.
The Trust is supported and financed principally by donatsons and by grants from OSG. Further net loan5 of
£378,000 have been taken out in 2020 to help offset the reduced grant funding re￿iVed in 2020. Significant
fundraising activfties were not undertaken during 2020 or 2019.
The Group and Charity had nel liabilities of £1,566,936 and £1,276,158, respectNely, at 31 De￿mbe1 2020.
At 31 December 2020 a loan of £100,000 was in breach of its repayment terms. The terms of this loan have
not been formally renegotiated. Following the transfer of principal operations to OSG on 31 August 2019, the
Charty became finanGially dependent on the support of OSG. Despite these conditions, the Trustees
believe that the Charty and Group remain going concerns due to the following opportunities lo raise
additional funds..
A Section 106 agreement for residential planning permission on the old school sV(e in Stockport is expected
to be received from the Local Authority Soon. The Trustees have re￿iVed and accepted an offer to
purchase the propety, wlh residential planning approval, for £2.6m, although no contra￿S have yel been
exchanged. The Hartford Manor sitè comprises the Manor House from which the school operates, an
adjacent de￿liCt cottage 8nd approxim81ely one acre of unused car p8rking area. The Trustees believe that
the disposal of the cottage and l or surplus car park could raise additional funds without causing major
disruption lo the operation of the school, a￿hOUgh no potential bLryer has yel been sought.
The rapid and ongoing nature of the CoMd-19 pandemic means there is signrficanl un￿rtainty about the
housing market and resulting propety valuations. Consequently, the Trustees are un￿rtain when, and rf the
Charity or Group will retum to a positive asset and current asset position. These are Material uncertainties
related lo events or conditions that may cast signrficant doubt on the enlf(ies' abilty to continue as going
cOn￿r￿S, and therefore the Charty and Group might be unable lo realise their assets and discharge their
liabilities in the nomi81 course of business.
Al 31 December 2020 the Charity and Group had substantial deficit funds. The long term aim for the Charity
has been lo hold sufficient reserves to meet one month's oper*ing costs and to have sufficient funds lo
repay f(s loans as required. In the short to medium temi, the Trustees hope that the sale of the old school
sile in Stockport wll help to alleviate the shortfall in funds and the sale of excess land and l or buildings at
the Hartford Manor site is also under consideration. The charity continues to have numerous offers of long
temi loans from 'slakeholders' in the Trust li.e.' ex-sludents and their parents or grandparenlsl which could
be used lo offset other loans requiring repayment. The Trustees hope to return to a net assets position by
31 December 2022.
Plans for future periods
The Trusteès intend to continue to support OSG lo assist them in delivering a high level of educational
experience and outcome for all students and staff, in accordance wf(h the Trust's ethos and values.

The Mereside Education Trust
Report of the TrustÈes for the year ended 31 De¢ 2020
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally
Accepted Accounting Practi￿).
The law applicable to chartties in England & Wales requires the trustees to prepare financial slalements for
each financial period which give a true and fair wew of the state of affairs of the Group and the Charity and
of the incorning reSoUr￿S and application of resources of thè Group and the Charity for that period. In
preparing these financial slalemenls, the trustees are required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP 2019 IFRS 1021.,
make judgements and estimates that are reasonable and PTudenl',
slate whether applicable accounting stsndards have been followed, subject to any material departures
disclosed and explained in the financial statements-
prepare the financial statements on the going concem basis unless it is inappropriate to presume that
the Group or Charty will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose wfth reasonable accuracy
al any lime the financial position of the Group and the Charty and enable them to ensure that the financial
ststemenls comply with thè Charities Act 2011. the Charty (Accounts and Reports) Regulations 2008 and
the provisions of the trust deed. They are also responsible for safeguaiding the assets Df the Group and the
Chanty and hence for taking reasonable steps for the prevention and detectton of fraud and other
irregularities.
The Trustees are responsible for the maintenance and integrity of the Group and the Charity and financial
infomialion included on the Charty's and subsid1a￿S webs(tes. Legislation in the United Kingdom
goveming the preparation and dissemination of financBI statements may differ from legislation in other
Approved by the Trustees and syned on their behaK by..
Simpson, Trustee
Date

Report of the Independent Auditor
To the Trustees of The Mereside Education Trust
Opinion
I have audited the financial slalements of The Mereside Education Trust Ilhe "Parent Charty'j and ils
subsidiaries Ithe Group") for the year ended 31 December 2020, which comprise the Group and Charty
Statements of Financial Activities, the Group and Charity Balance Sheèts, the Group and Ch8rty Cash
FIDW Ststemenls and Group and ChaTity Notes to the financial slalements, including a summary of
significant accounting policies. The financial reporting framework that has been applied iri their
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irgland" (United
Kingdom Generally Accepted Accounting Practice).
In my opinion, the financial slalements:
give a true and fair view of the stste of the Group's and Parent Charity's affairs as al 31
December 2020 and of the Group's and Parent Charity's incoming resources and application of
resources, including its income and expenditure, for the year then ended.,
hsve been property prepared in accordance with United Kingdom Generally At￿pted Accounting
Practice", and
have been prepared in accordance wlh the requirements of the Charrties Act 2011.
Basis for opinion
I conduded my audit in accordance with Sntemalional Standards on Auditing IUKI IISAS (UKII and
applicable law. My responsibili(ies under those standards are further described in the auditorfs
responsibilities for the aud.rt of the financial statements section of my report. l am independent of the
Group and Parent Charity in accordance with the ethical requirements that are relevant to my audit of the
financial statements in the UK, including the FRC'S Ethical Standard, and I have fuKilled my other ethical
responsibilities in accordance wrfih these requirements. I believe that the audit evidence I have obtained
is sufficient and appmpriate lo provide a basis for my opinion.
Material uncertainty related to going concern
I draw attention to note 3 in the financial statements, which indicates that at 31 December 2020 the
Charity and the Group had material net liabilities and material net current liabilities meaning that there
were insufficient funds lo setue balances due to their creditors. Al 31 December 2020 loans of £100,000
were in breach of their repayment tenns. Following a transfer of principal operations to Oneschool Global
UK I OSG") on 31 August 2019, the Charty became financially dependent on the support of OSG.
Uncertainty in thè housing market and resulting property valLJalions has been caused by the rapid and
ongoing nature of the Covid-19 pandemic. As slated in note 3, these conditions and events, along wi(h
other matters as set forth in note 3, indicate that a material uncertainly exists that may cast signrfi¢ant
doubl on the Charitys and Group's abilty lo continue as going concerns. My opinion is not modified in
respect of this matter.
Conclusions relating to going concgrn
In audf(ing the financial statements, I have concluded that the Trustees, use of the going concem basis of
accounting in the preparatron of the financial statements is appropriate.
My responsibiltties and the responsibilities of the Trustees with res￿et to going coneem are described in
the relevant sections of this report.

Report of the Independent Audltor
To the Trustees of The Mereside Education Trust
(continued)
other infomiation
The other informalDn comprises the infomation includèd in the Trustees, annual report, other than the
fin8nckAI ststements and my auditorfs report thereon. The Twslees are responsible for the other
infom?ation contained wthin the annual report. My opinion on the financial statements d￿$ not cover the
other infomiation and. except to the extent othen￿lSe explicitly slated in my report, I do not express any
fom of assurance conelusion Ihereon. My responsibilty is to read the other infomalion 8nd, in doing so,
consider whether the other infonnation is materially inconsislenl wth the financial statements or my
knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If l identfy
such material inconsistencies or apparent material misstatements, l am required lo determine whether
this gives rise to a material misslatemenl in the financial ststements themselves. If, based on the work I
have performed, I conclude that there is a material misstslement of this other infomialion, l am required
to reFJOrt that fact.
I have nothing to report in this regard.
Matters on which l am required to report by exception
I have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and
Reports) Regulations 2008 require me lo report lo you if, in My opinion..
the infomiation given in the financial slalemenls is inconsistent in any material respect wi(h the
Trustees, Report., or
sufficient accounting records have not been kepl-, or
the financial slalements a￿ not in agreement with the accounting records,. or
• I have not received all the information and explanations I require for my audit.
Responslbllltles of Trustees
As explained more fully in the Trustees, Responsibilities Statement sel out on page 5, the Trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true and
fair view, and for such intemal control as the Trustees determine is necessary lo enable the preparation
of financial ststemenls that are free from material misstatement, whether due to fraud or error.
In preparing the financial stalemenls, the Trustees are ffsponsible for assessing the Group's and the
Parent Charivs abilities to Continue as a going concern, dis¢losing, as appli¢able, matters related to
going con￿rn and using the going concern basis of accounting unless the Trustees either intend to
liquidate the Group or the Parent Charity or to cease operations, or have no realistic akematwe but to do
so.

Report of the Independent Auditor
To the Trustees of The Mereside Education Trust
(continued)
Auditor's responsibilities for the audrt of the financial statements
I have been appointed as auditor under section 151 of the char￿e$ Act 2011 and report in accordance
wtih ￿gulationS made under section 154 of that Act.
My objectives are to obtain reasonable assurance about whether the financial statemerbts as a whole are
free from material misststement, whether due lo fraud or errtsr, and to issue an auditorfs report that
includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS IUKI will always delecl a material misstslement when it exists.
Misslatemenls 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 instsnces of non-compliance wrth laws and regulations. I design
procedures in line wrfch my rèsponsibilities, outlined above, lo delecl material misstatements in respect of
irregularities, including fraud. The exterit lo which my procedures are capable of detecting irregularities,
including fraud is detailed below.
Because of the inherent limrtalions of an audit, there is a risk that I will not delect all irregularitiès,
including those leading lo a material misslatemenl in the financial statements or non-compliance with
regulation. This risk increases the more that compliance wlh a law or regulation is removed from the
events and transactions reflected in the financial slalemenls, as I wll be less likely to become aware of
instances of n0n-c0rnplian￿. The risk is also greater regarding irregularTiies occurring due lo fraud rather
than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of my responsibilities for the audi( of the financial statements is located on the
Financial Reporting Council's websrte at.. www.frc.org.uklaudiiorsresponsibiltiies. This description fomis
part of my aud(tDr's report.
Use of my report
This report is m8de Sole￿ to the Charity's Trustees, as a ￿y, in a￿ordan￿ wi(h Part 4 of the Charf(ies
(Accounts and Reports) Regulations 2008. My audit work has been undertaken so that I might slate to
the Charity's Trustees those matters l am required to state to them in an auditor's report and for no other
purpose. To the fullest extent perniitted by law, I do not accept or sssume respon5ibilty lo anyone other
than the Charity and the Charws Trustees as a body, for my audit work. for this report. or for the
opinions I have formed.
28 October 2021
Dr J R Ayling Bsc FCA, Statutory Auditor
Dr J R Ayling Bsc FCA
8 Troutbèck Avenue
Leamington Spa
Warwickshire
CV32 6NE
Dale
DrJ R Ayling FCA is elwible forappointment as auditorof the Group and the Charty by virtue of rfs
eligibilty forappointment8s auditorof a company undersection 1212 ofthe Companies Act 2006 tself.

The Mereside Education Trust
Group Statement of Financial Activities for the year ended 31 Dec 2020
Grou
Totsl
Total
Restricted Year ended Year ended
funds 31 Dec 2020 31 Dec 2019
Unrestricted
funds
Notss
Income and endowmgnts from:
Donations and legacies
Charitable activities
Other trading actmties
Investments
103,888
131,812
6 1,049,792
74
3,600
107,488
131,812
1,049,792
74
149.835
745,402
771,179
Other
7,677
7.677
3,467
Total
1,293,243
3,600
1,296,843
1,669,891
Expenditure on:
Expenditure on raising funds
Charitable actThrities
834,418
9 1,025,024
834,418
1,025,024
565,307
1,884,385
Other
Oneschool Global UK transfer
226,027
3,600
229,627
132,862
3,442
Sundry
Total
2,085,469
3,600
2,089,069
2,585,9
Net loss on Investments
17,19
381,891
Net expenditure
1792.2261
1792,2261 11,297,996)
Transfers btheen funds
24
Net movement in funds
1792,226}
1792,226} (1,297,996)
Total funds brought forward
24 1774,7101
1774,7101
523,286
Total funds Carried forward
24 {1,566,9361
11,566,936)
1774,7101
There were no recogriised gains and108ses for the Group for the CLTrrenl or prior years other than those
included in the ststement of Financial Activrfties. An analysis of continuing and discontinued activities is
presented on the next page.

The Mereside Education Trust
Group analysis of continuing and discontinued operations for
the year ended 31 De¢ 2020
Grou
Discon-
rotal
Continuiny
tinued 12m ended Continuing
operatiorks operations
31 Dec 20 operations
Discon-
Total
tinued 12m endèd
operations
31 Dec 19
Notes
Income and endowments from..
Donations and legaries
Chsritable actimties
107,488
131,812
6 1,049,792
107.488
138.362
11,473
613,259
12,083
149.835
745.402
131,812
1.049.792
132.143
759,096
Other tracling acti1￿tieS
Investsnents
T11,179
74
74
Other
7.677
7.677
3.467
3,467
Total
1.296.843
1,296,843
1,033,078
636,815
1,669,891
Ex￿n￿lture on=
Rak8ing funds
Charitable 8Ctwities
834.418
834,418
1.025.024
554,367
973.132
10,940
911,253
565,307
1,884,385
9 1.025,024
Othèr
Oneschool Global UK tfr
229,627
229.627
75.000
57,862
132.862
Sundry exp8nses
3,442
3.442
Total
2,089,069
2,089,069
1,605,941
980,055
2.585,996
N8t105s on Fnv8stments
381,891
381,891
Net expenditure
1792,2261
1792,2261
1954,7561
1343,2401 11,297.9961
10

The me￿$[de Education Trust
Charity Statement of Financlal Activities for the year ended 31 De¢ 2020
Chari
Total
Totsl
Restricted Year ended Year ended
funds 31 Dec 2020 31 Dec 2019
Unrestricted
funds
Notes
Income and endowments from:
Donations and legacies
Charitable aclimlies
Other trading activities
Investment income
66,088
121,812
3,600
69,688
121,812
112,035
745.402
17,399
270,572
3,467
290,781
2,677
290,781
2.677
Other
Totsl
481,358
3,600
484,958
1,148,875
Expendlture on:
Expenditure on raising funds
Chartsble actWFties
Other
61,872
258,230
61.872
258,230
63,458
1,240.838
Oneschool Global UK transfer
Sundry
226,027
3,600
229,627
132,862
3,442
Total
546,129
3,600
549,729
1,440,600
Net loss on investments
17,19
100,613
100,613
381,891
Net expenditure
1165,3841
{165,3841
{673,8161
Transfers between funds
24
Net movemenl in funds
1165,3841
(165.3841
1673,6161
Totsl funds brought foward
24 11,110,774)
{1,110,774)
1437.1581
Total funds carried forward
24 11,276,158)
(1,276,158) (1.110,7741
There were no recognised gains and k)sses for the Char¥iy for the current or prior years other than those
included in the statement of Financial Activrfcies. An an81ysis of ¢onlinuing and dis¢onlinued activities is
presented on the next page.

The Mereside Education Twst
Charity analysis of continuing and d5sCOn￿nUed operations for
the year ended 31 Dec 2020
Chari
Discon-
Total
nued 12m ended Continuing
operations
31 Dec 20 operations
Discon-
Total
tinued 12m ended
operations
31 Dèe 19
¢ontinuln9
operations
Income and endowments from:
Donath"ons and legaaes
Charitable activ￿8$
69,688
69,688
100.562
11,473
613.259
112,035
745,402
121,812
121,812
132,143
Other trading activities
Investments
5,316
270,572
3,467
12,083
17,399
270,572
3,467
290,781
2,677
290,781
2,6TT
Other
Total
484,958
484,958
512,060
636,815
1,148,875
Expenditure on:
Raising fvnds
Charttable actmties
81,872
258.230
61,872
258,230
52.518
10.940
63,458
1.240.838
329.585
911.2
Other
Oneschool Global UK tfr
229.627
229,627
75.000
57.862
132.862
Sundry expenses
3,442
3,442
Total
549,729
549,729
460,545
980,055
1.440,600
Net loss on investments
100,613
100,613
381,891
381,891
Net expendtture
1165,3841
1165,3841
1330,3761
1343,2401
1673,6161
12

The Mereside Educatlon Trust
Group and Charity Balance Sheets as at 31 Dec 2020
Grou
Char
31 Dec
2020
31 Dec
2019
31 Dec
2020
31 Dec
2019
Notes
Fixed assets
Intangible fixed asset
Tangible assets
Investments
15 1,079,721
16 2.108.505
17
1,619,582
2,232,609
705,673
983,420
1,660,089
3,186,226
3,852,191
1,660,089
1,689,093
Current assets
Stocks
Debtors
Investments
Cash at bank and in hand
99,130
24,361
417,850
429,161
89,513
49,786
417,850
134,090
18
19
5,173
417,850
305,386
31,542
417,850
56,751
970,502
691,239
728,409
506,143
Llabilities
Credrtors.. amounts falling due
wf(hin one year
20 (3,324,084) 12,918,560) {3,160,695) {2,802,0491
Net Current Ilabilities
12,353,582) 12,227,321) (2,432,286} {2,295,906}
Debtors.. amounts falling due
after MO￿ than one year
18
1,895,619
1,895,619
Totsl assets less current liabilities
832,644
1,624,870
1,123,422
1,288.806
Credftors.. amounts falling due
after more than one year
21 12.399.580} (2,399,580) (2,399,580) (2,399,580}
Total net liabtlÈti9$
11,586,936)
1774,710) 11.276,1 S81 11,110,774)
Funds
Restricted
Unrestricted
24
24 11,566,936)
(774,7101
11,276,158) 11,110,774)
11,566,936)
1774,7101 {1,276,158) {1.110,774)
Approved by the trustees and signed on their behalf by..
li
t{10 2011
Mr
pson, Trustee
Date
13

The Mereside Education Trust
Group cash flow statement
forthe year ended 31 Dec 2020
Year ended
31 Dec 2020
Year ended
31 Dec 2019
Cash flows from operdting actNities
Nel expendTture
Adjustments for..
Amortisation charge
Depreciation charge
Loss on transfer of frxed assets to Oneschool Glob81 UK
Losses on current investments
Interest income shown in investing aLlivities
Increase in stocks
Decrease in debtors
Increase l (decrease) in creditors
1792,2261
11,297,996)
539,861
132,978
539,861
116,111
192,879
381.891
181
{14,3701
61,146
1126,916)
(74)
19,6171
25,425
27,524
Net cash used in operating activf(ies
176,129}
1147,402)
Cash flows from investing a¢tivities
Interest and diwdend5
Purchase of tangible fixed assets
74
16,8741
11,289,389)
Net cash used in investing actThiities
16,8001
11,289,381)
Cash flows from financing activities
Repayments of borrowing
Cash inflows from new borrowng
{203.0001
581,000
11,049,200)
1.960,000
Net cash provided by financing activf(ies
378,000
910,80Q
Change in cash and cash equDRlenls in the period
Cash and cash equivalents brought foNard
295,071
134,090
1525,983)
660,073
Cash and cash equivalents carried forward
429,161
134,090
Analysis of cash and cash èquivalents
Cash in hand
429.161
134,090
Changes in net debt
Atstart of
year
At end of
year
Cash flows
Cash
Loans falling due within one year
Loans falling due after more than one year
134.090
12.733,000)
12.399,580)
295,071
1378,000)
429,161
(3,111.000)
(2,399,580)
Total
14,998,490)
(82,929}
(5,081,419)
14

The Mereside Education Trust
Charity cash flow statement
for the year ended 31 Dec 2020
Year ended
31 Dec 2020
Year ended
31 Dec 2019
Cash flows from operating activities
Net expenditu
Adjustments for..
Impairment of fixed asset investment
Depreciation charges
Loss on transfer of fixed assets to Oneschool Global UK
Losses on current investments
Interest income shown in investing activities
Decrease in debtors
Increase I Idecreasel in creditors
1165.3841
(873,6161
100,613
96,067
192,879
381,891
(81
54,160
(126.7981
1741
26,369
646
Net cash used in by operating 8¢ttvthes
{37,8301
{75,4251
Cash flows from investing activities
Interest and dividends
Purchase of investments
Purchase of tsngible fixed assets
74
(71,609}
(80,564)
(1,280,591)
Net cash used in investing activities
(71,535}
(1,361,14n
Cash flows from financing activities
Repayments of borrowirig
Cash inflows from new borrowing
(193,0001
551,000
(1,044,200)
1,960,000
Net cash provided by financing activities
358,000
915,800
Change in cash and cash èquivalents in the period
Cash and cash equivalents brought forward
248,635
56,751
1520,772)
577,523
Cash and cash equivalents carried for•vard
305,386
56,751
Analysis of Cash and cash equivalents
Cash in hand
305,386
56,751
Changes in net dèbt
At start of
year
At end of
year
Cash flows
Cash
Loans falling due within orbe year
Loans falling due after more than one year
56,751
12,683,000)
12,399,580)
248,635
1358,0001
305,386
(3,041,000}
12,399,580}
Total
15,025,829)
1109,3651
15,135,194}
15

The Mereside Education Trust
Notes forniing part of the financial statements
for the year ended 31 Dec 2020
AccountSng policies
{al Basis of preparation
The Mereside Education Trust is a Charity registered in England & Wales. The address of the
registered Offi￿ is given in the Charty infomalion on p8ge 1 of these financial statements. Until 31
August 2019 the Trust operated an independent school based in Stockport. and subsequent
Northwich, which edu¢8tes approximately 150 pupils from 7 to 18 years of age. sin￿ that date rt has
continued to own, via ils wholly owned subsidiary company Hartford Investments Limited, the building
from which the school is operated by another Chartiy, Oneschool GSobal UK IregisteTed Charity number
11813011.
The Charity Constitutes a public benefit entity as defined by FRS 102. The financial stslements and
consolidated financial statements have been prepared in a¢¢ordan¢e with Attounting and Reporting by
Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in
accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of IreEand {FRS
1021 issued in October 2019. the Financi81 Reporting Standard appI￿able in the United Kingdom and
Republic of Ireland IFRS 1021, and UK Generally A¢￿pted Practice. The financial slalements are
prepared on a going concem basis under the historical cost convention. The signfficant accounting
policies applied in the preparation of these financial stslèments a￿ set out below. These policies have
been consistently applied to all years presented unless othe￿ise slated.
Ibl Method of consolidation
The resuEts of The Mereside Education Trust and its wholly owned subsidiaries, Quanto Enterprise
Limf(ed and Hartford Investments Limited, have been consolidated to Produ￿ Group accounts using
the acquisition method.
Unrestricted funds are available for use at the discretion of the trust¢¢s in furtherance of the general
objectives of the Charity, or the Group. and which have not been designated for other purposes.
Designated funds comprise unreslTlCted funds that have been set aside by the trustees for particular
purposes. The aim and use of each designated fund is sel out in the notes lo the financial statements.
Restricted funds are funds whieh are lo be used in accordance with specffic restrictions imposed by
donors or which have been raised by the Ch8rily, or the Group, for particular purposes. The cost of
raising and administering such funds are charged against the specific fund. The aim and use of each
restricted fund is sel in the notes lo the financial slatemenls.
{dl Incorne recognition
All incoming resources are included in the Slalemenl of Financial Activrties ISOFAI when the Charty or
the Group is legally entitled to the income after any perfornian￿ conditions have been met. the amount
can be measured reliably and il is probable that the income will be received.
For donations to be recognised the Charty will have been nolrfied of the amounts and the settlement
date in writing. 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 mel or the
fu￿lIMent of those conditions is within the control of the Charity and f( is probable that they will be
fU￿llEed.
Donated facilities and donated professional services are recognised in income at their fair value when
their econornic benefrt is probable, il can be measured reliably and the Charity, or the Group, h8S
control over the rfLem. Fair value is determined on the basis of the value of the grft to the Charity, or the
Group. For example the amount the Charity, or the Group, would be willing to pay in the open market
for such f8cilities and setvices. A corresponding amount is recognised in expenditure.
Income from trading activities includes income earned from fundraising events and trading actNrties to
raise funds for the Chanty, or the Group. Income is receivecl in exchange for supptying goods and
services in order to raise funds 8nd is re￿gnised when entillemenl has occurred.
Investment income is eamed through trading aetivthes undertaken by the trading subsidiaries, the
profts from whom are donated to the Parent Charity. All income arises in the United Kingdom.
16

The Mereside Education Trust
Notes forming part of the financial statements
for the year ended 31 Dec 2020
Accountlng policles Icontinued}
{el Expendlture recognition
All expenditure is accounted for on an accruals basis and has been classrfied under headings that
aggregate all costs related to the category. Expenditurè is recognised where there is a legal or
constructive obligation lo make payments to third parties, it is probable that the settlement wll be
required and the amount of the obligation can be measured reliably. 11 is calegorised under the
followng headings=
Costs of raising funds includes the costs of fundraising and trading activities
Expenditure on charf(able activities comprises the costs of promsion of education and associated costs
I￿eCoVerable VAT is charged as an expense against the activity for which expenditure arose.
lry Support costs allocation
Support costs are those that assist the work of the Charty, or the Group, but do not dire¢tly represent
charitable activrties and include office costs, governance cos15, and administrative payroll costs. Where
support costs cannot be dirttclly attributed to particular headings they have been allocated lo
expenditure on charitable adivities as raising funds is undertaken on a wholly voluntary basis. The
analysis of these costs is included in note 11.
Igl Intangible fixed assets - goodwill
Goodwill arising on business combinations is capitslised, classtfied as an asset on the balance sheet
and amortised on a straight line basis over its useful life. The period chosen for writing off goodwll is
five years becau* the useftjl economic lrfe cannot be estimated reliably. Provision is made for arby
Impairment.
{hl Tangible fixed assèts
Tangible fixed assets are slated at cost lor deemed costl or valuation less accumulated depreciation
and accurnulat￿ impairment losses. Cost includes costs directly attributable to making the asset
capable of operating as intended.
Depreciation ts provided on all tangible fixed assets, at rates calcuL3ted lo write off the cost, less
estimated residual value, of each asset on 8 Systemati¢ basis over its expected useful lrfe as follows..
Freehold land
No depreciation
Freehold buildings
20/0 straight line
Freehold improvements
13.60A slraighl line
Leasehold improvements
Over the lease term
Fixtures, frtiings & equipment
Non compuier equipment
20.fi straight line
Computer equipment
33ts/D straight line
Assets costing less than £500 are written off to the SOFA in the year of purchase.
{il Investments
Investment properties for which fair value can be me8sured ￿liablY are measured at fair value at each
reporting date with changes in fair value recognised in 'nel gains I Ilossesl on investments, in the SOFA.
Current asset investments are those which are expected to be sold within 12 months of the balance
sh*t date. Fixed asset investments are those held for ongoing use by the Charity-
lil stocks
Stocks comprise finished goods and are stated al the lower of cost and estimated selling price bss
costs to complete and sell. Cost includes all costs of purchase, costs of conversion and Dther costs
incurred in bringing stock to its present location and condrf£ion. CDSt is calculated using the first-in, flrst-
out fomiula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
17

The Mereside Education Trust
Notes forming part of the financial statements
for the year ended 31 Dec 2020
Accountlng policies Icontinued}
{kl Debtors and credteor5
Debtors and credrtors with no staled interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Itl Concessionary loans
Concessionary loans include those payable lo, or receivable from. third parties which are interest free
or below market interest rates and are made. or re￿ived, lo advan￿ Charitable purposes. Where the
loan is repayable on demand within onè year, the loan is measured al cost, less impairment.
{ml Impaimient
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at
each balancè sheet date. If such indication exists, the recoverable amount of the asset, Dr the asset's
cash generating unit, is estimated and compared to the carrytng amoLEnt. Where the carrying amount
exceeds its recoverable amount, an impairment loss is ￿cOgnised in profit or loss unless the asset is
carried at a revalued amount where the impairment loss is a revaluation de¢reaso.
{nl Provisions
Provisions are recc)gnised when the Charty, or the Group, has an obligation at the balants sheet date
as a result of a past event, (( is probable that an OLrfow of economic beneffts will be required in
settlement and the amount can be reliabty estimated.
{ol Employee benefits
Retirement benefits to employees of the trust are Provided by the Teachers, Pension Scheme I'TPS'I.
This 15 a defined benefi( scheme and the assets are held separately from those of the Irusl.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions
over emplciyees, working INes wrf(h the ITUSt in such a way that the pension ¢ost is a substsnlially level
percentage of Current and future pensionable payroll_ The contributions are detemiined by the
Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As
stated in note 14, the TPS is a mulli-employer scheme and there is insufficient inforyn3tion available lo
use defined benefrt accounting. The TPS is therefore treated as a defined contribution scheme for
accounting purposes and the contributions recognised in the period to which they relate.
Ipl Tax
The Charity is an exempt Charity wtthin the meaning of schedLtle 3 of the Charities Act 2011 and is
considered to psss thè lesls set out in Paragr8ph 1 Schedule 6 Finance Act 2010 and therefore il
meets the definition of a Charity for UK corporation tsx purposes.
Iql Going concern
The financial stslements have been prepared on a going concem basis. see note 3.
{r} Judgements and key sources of estimation uncertainty
In the application of the Group's a¢counting policies, the Trustees are required to make judgmerbts,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates. The estimates and underfying assumptions are reviewed on an tsngoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised where the revision
affects On￿ that period, or the period of the revision and future periods where the revision affects both
current and fu[U￿ peri¢xls.
18

The Mereslde Education Trust
Notes forniing part of the financial statements
for the year ended 31 Dec 2020
Oneschool Global UK
On 31 August 2019 the Charty transferred Tts prirnary operations lo Oneschool Global UK, "OSG"
Under the terms of the associated transfer agreement, the 'Agreemenl" The Mereside Education Trust
incurred the following expendi(ure'.
Gn)up & Chari
Year ended
Year ended
31 Dec 2020 31 Dec 2019
Transferral of cash b818nces
Contractual payment of post transfer third paty donations
Contractual payment of post transfer subsidiary income
57,862
9,627
220,000
229,627
75,000
132,862
The contractual payment of post transfer third paty donations includes a reslricled amount of £3,600
12019.. £nill. Prepayrnents and accrued income include £4,173 12019". £9.4351 in rèspect of arnounls
overpaid to Oneschool Global UK during the yèar ended 31 December 2020 see note 18.
From 1 September 2019, under the lem)s of the Agrèement, The Mereside Education Trust has
eharged school fees and collected receipts from parents on an 8gency On￿ basis as follows=
Grou
& Chari
Year ended
Year ended
31 Dec 2020 31 Dec 2019
Balance held a5 agent blf
Funds recewed as agent
Funds paid as agent
Balan￿ held as agent clf
5,281
254,207
1259,4881
5,281
5,281
Going Concern and Covid-19
The Group and Charty had net liabilities of £1.566,936 and £1,276,158, ￿SpeCt￿ely, al 31 De￿rnber
2020. At 31 December 2020 a loan of £100,000 was in breach of its repayment terms. The lems of this
loan have not been formally renegotiated. Followng a transfer of principal operations lo Oneschool
Global UK I OSG") on 31 August 2019, the Charity b8came financially dependent on the support of
OSG. Despite these condrf(ions, the Trustees believe that the Charity and Group remain going concems
due to the followng opportunities to raise addiiTonal funds=
A Section 106 agregment for residential planning permission on the old school site in Stockport is
expected lo be received from the Local Authorty soon. The Trustees have rèceived and at￿pted an
offer to purchase the property, with residential planning approval, for £2.8m, atthough no contracts have
yet been exchanged. The Hartford Manor sV(e comprises the Manor House from which the school
operates. an adjacent derelict cottage and approximately one acre of unused car parking area. The
Trustees believe that the disposal of the cottage and l or surplus car park could raise add(£ional funds
wfchoul causing major disruption to the operation of the school, af(hough no potential buyer has yet
been sought.
The rapid and ongoing nature of the Covid-19 pandemic means there is signrficant uneertainty about
the housing market and resutting propety valuations. Consequently, the TDJStees are Un￿rtaIn when,
and rf the Charity or Group will return lo a positive asset and current asset position. These are material
uncertainties related to events or condi(ions that may cast signrficant doubt on the enlilies, ability to
continue as going concerns, and therefore the Charity and Group might be unable to realise their
assets and discharge their liabilities in the nomial course of business.
19

The Mereside Education Trust
Notes fomiing part of the financial statements
for the year ended 31 Dec 2020
Donations and legacies
Group
Charity
Year ended
Year ended
Year ended
Year ended
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Gffts and donations
107,488
149,835
69.688
112,035
Included wi(hin gifts and donations for the Group and the Charity is £3,60012019.. £10.8531 relating to
the restricted Capital fund, see note 24.
Gifts and donations for the Group include £37,800 (2019.. £37,800} in respect of premises occupied
free of charge by the trading subsidiary, Quanlo Enterprise Ltd. The sum of £37,800 is the Trustees,
estimate of the rental charge5 the company would incur if rent was charged at the full commercial rate.
The Group premises costs {nole 111 inclLtde £37,800 in respect of these waived charges.
Income from charitable activities
Group
Charity
Year ènded
Year ended
Yearended
Yearended
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
School fees
Career Advantage Program
Grant income
246,280
22.000
477,122
745,402
246,280
22,000
477,122
745,402
131,812
131,812
121,812
121,812
InclLtded Mlhin grant income for the Group and the Charity is £nil (2019.. £38,600) relating to restricted
funds, see note 24. The ca￿er Advantage Program income was also restricted.
Other trnding activities
Group
Chartty
Year ended
Year ended
Year ended
Year ended
31 Dec 2020 31 De¢ 2019 31 Dec 2020 31 Dec 2019
Fundraising income
Other Ir8ding income
5,316
765,863
771,179
5,316
12,083
17,399
1.049,792
1,049,792
Investment income
Group
Charity
Year ended
Year ended
Year ended
Year ended
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Income from subsidiaries
Bank interest
290,707
74
290,781
270,584
74
74
270,572
20

The Mereside Education Trust
Notes forming part of the financial statements
for the year ended 31 De¢ 2020
Expenditu￿ on raisin9 funds
Group
Year ended
Year ended
31 Dec 2020 31 Dec 2019
Charity
Year ended
Year ended
31 Dec 2020
31 Dec 2019
Trading costs
Invèstment management costs
772,546
61,872
834.418
512,789
52,518
565,307
10,940
52,518
63,458
61,872
61,872
Expenditure on charltable
activitiès
Group
Charity
Year ended
Year ended
Year ended
Year ended
31 DK 2020 31 Dec 2019 31 Dec 2020
31 De¢ 2019
Tutoring costs
Student transport
Fee relief
Other direct costs
Totsl direct costs
Support costs
44,110
525,129
39,139
86,076
38,165
688.509
1.195.876
1,884,385
44,110
525,129
39,139
86,076
38,165
688,509
552,329
1,240,838
44,110
980,914
1.025,024
44,11Q
214,120
258,230
Included wfthin tutoring costs for the Group and the Charity are restricted costs of £nil12019.' £14,025}.
Included within fee relief Charges for the Group and Charty for the year ended 31 December 2019 Is a
restricted amount of £22,000.
10 Trustees, expenses and remuneration
The Trustees all give freely their time and expertise without any forni of remuneration or other benefft in
cash or kind (year ended 31 De￿rnber 2019.. £nil}. Expenses paid lo the Trustees in the year lolalled
£nil 12019.. £nill. During the year, Trustees made donations of £nil (2019.. £nil}. Related paty
transactions are di%closed in note 26.
11 Allocation of support costs
All support costs are allocated lo the sole charitable activity of the Charity and the Group, being the
advancement of education of Children and young people from the ages of five to eighteen.
Support cost
Group
Charity
P￿rnIses costs
Adminislraliv& costs
Amgrbsalion of goodwill
Depreciation and loss on disposals
Finance costs
Professional charges
Governance costs
64,955
17,416
539.861
132,978
204,775
9,441
11,488
980,914
211
5,105
196,333
3,138
9,333
214,120
Premises costs for the Group include £37,800 in respect of waived rental costs, see note 4
21

The Mereside Educatlon Trust
Notes fomiing part of the financial statements
forthe year ended 31 Dec 2020
12 Net movement in funds for the year
The net movement in funds for the year is slatgd after ¢harging'.
Group
Charty
Year ended
Year ended
Yearended
Yearended
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Amortisation of goodwill
Depre¢ialion of tangible fixed assets
Audit fees
539,861
132,978
5,450
539,861
116,111
5,350
96,067
5,350
S,450
No other fees were paid lo the auditor (year ended 31 December 2019.. £nill.
13 Staff costs
Group & Charity
Year ended
Year ended
31 Dec 2020 31 Dec 2019
The staff costs were..
Wages and salaries
Social security costs
Pension contributions
Temiination costs
29,687
3,294
7,029
4,100
44.110
421.069
41,307
56,684
15,050
534,110
59,400
593,510
Other staff costs linc agency slaffi
44,110
Agency staff were used for leaching purposes when the Trust has been temporarily unsuccessful in
recruf(ing a teacher for specrfie subjects. The number of empk)yees whose empk)yee benefrts
(including holiday pay accruals under FRS1021 exceeded £60,000 was.
Yearended
Yearènded
31 Dec 2020 31 Dec 2019
No.
No.
£80,001 to £70,000
The Charity and Group employed one member of leaching staff for the period 1 January 2020 to 31
August 2020. The average weekly number of leaching and support staff employed during the year
ended 31 December 2019 was 13.
Included wthin termination payments are statutory redundancy payments of £nil 12019.. £9,450) and
other payments of £4,10012019.' £5,600).
14 Teache￿. pension Scheme
The Teachers. Pension Scheme (rpsi ES a statutory, contributory, defined benefft scheme, govemed by
the Teachers, Pensions Regulation$120101 and, from 1 April 2014, by the Teachers, Pension Scheme
Regulations 2014. Membership is automatic for full-lime lea¢hers and, from 1 January 2007, aulomatrc
for teachers in part4ime employrnent follomring appointment or a change of contract. atthough they are
able lo opt out.
The TPS is an unfunded scheme and members contribute on a 'pay as you go, basis
these
contributions along with those made by employers are Credited lo the Exchequer. Ret1￿ment and other
pension beneffts are paid by public funds provided by ParliamenL
22

The Mereside Education Trust
Notes fomiing part of the financial statements
for the year ended 31 Dec 2020
14 Teachers. pension scheme {contSnuedl
Not less than every four years the Government Actuary, using normal actuarial principles, conducts a
formal actuarial review of the TPS in accordanc& wrf(h the Public Service Pensions (Valuations and
Employer Cost Capl Directions 2014 published by HM Treasury. The aim of the review is to specify the
level of future contributions. Actuarial scheme valuattons are dependent on assumptions about the
value of fLrture costs, design of benefits and many other factors. The Latest actuarial valuation of the
TPS was carried out as at 31 March 2016 and in accordance wi(h the Public Service Pensions
Ivaluations and Employer Cost Capl Directions 2014. The valuation report was published by the
Department for Education on 5 March 2019. The key elements of the valuation and subsequent
consullalion are..
Employer contribution rate set at 23.60/0 of pensionable pay from 1 Sèptember 2019 116.40A to 30
August 20191 (including a 0.08Q/o employer administration charge).,
Total scheme liabilitiès (pensions currently in payment and the estimated cost of future benefits) for
service to the effectwe date of £218,100 million, and notional assets leslimaled future contributions
together wrf(h the notional investments held al the valuation date) of £196,100 million, gThfing a notional
past service defici( of £22,000 million.,
An employer cost cap of 10.9 % of pensionable pay will be applied lo future valuations..
The assumed real rale Df return is 2.8 % in excess of prices and 20A in excess of earnings. The rate of
real eamings grosrth is assumed lo be 2.20/0. The assumed nominal rale of return is 4.45QA.
Until 1 September 2019 the employer Contribution rate was 16.4/0 The TPS valuation for 2016
determined arb employer rale of 23.6'/ts from September 2019, which wll be payable during the
implementation period until the next valuation as al March 2020, whereupon the empk)yer contribution
rale is expected lo be reassessed and will be payable from 1 April 2023.
The pension costs paid lo TPS in the period (including holiday pay accruals under FRS1021 amourbted
10 £7,029 {2019.' £56,684).
A copy of the valuation report and supporting documentation is on the Teachers, Pensions wèbsite.
Under the definrbons set out in FRS 102, the TPS is a multiemployer pension schème. The charty has
accounted for ils contributions to the scheme 88 rf (( were a defined contribution scheme. The charty
has set out above the information available on the scheme.
15 Intangible fixed asset- goodwill
The carrwng amounts for goodwll arising on the purchase of the entire share capitsl of Hartford
Investments Ltdlsee note 171 is as follows..
Group
Chartty
Cost
At 1 January 2020 and 31 December 2020
Amortisation
At 1 January 2020
Charge for year
At 31 December 2020
2,699,304
1,079,722
539,861
1,619,583
Net book value
At 310ecember 2020
1,079,721
At 31 De￿rnber2019
1,619,582
23

The Mereside Education Trust
Notes fomiing part of the financial statements
for the year ended 31 Dec 2020
16 Tangible fixed assets
Group
Leasehold
improve-
ments
Freehold
land &
buildings
Freehold
improve-
ments
Fixtures,
fittings &
equipment
Total
Cost
At 1 Jan 2020
Transfer
Additions
At 31 Dec 2020
1,485,713
780,789
1738,884)
27,157
2,293,659
738,884
902
739,786
5,972
33,129
6,874
2,300,533
1,485713
41,905
Depreciation
At 1 Jan 2020
Transfer
Charge for year
Al 31 Dec 2020
5,943
44,555
(33,2111
8,380
19,724
10,552
61,050
33,211
100,613
133,824
17,829
23,772
6,156
16,708
132.978
194.028
Net book value
Al 31 Dec 2020
1,461,941
1,479,770
605,962
22,181
736,234
16.421
16,605
2,106.505
2,232,609
At 31 Dec 2019
Charity
Leasehold
improve-
ments
Freehold
land &
buildings
Freehold
improv&-
ments
Fixtures.
fittings &
equipment
Total
Cost
Al 1 Jan 2020
Transfer
Al 31 Dec 2020
738,884
738,8841
738,884
1738,8841
Depreciation
At 1 Jars 2020
Transfer
At 31 Dec 2020
33,211
133,2111
33,211
133,2111
Net book value
At 31 Dec 2020
At 31 Dec 2019
705,673
705,673
The leasehold improvements for the Charty al 1 January 2020 comprise the repurposing and
refutbishment costs of Hartford hAanor which is owned by the trading subsidiary Hartford Investments Ltd.
These costs had been bome by The Mereside Education Trust w(th a view to occupying the premises
under a deemed lease agreement by wrtue of its parent I subsidiary relationship with the Company. On 1
January 2020 Hartford Investments Ltd entered into a lease agreement for Hartford Manor wf(h
Oneschool Global UK, effectroely ceasing ts deemed lease with The me￿$Ide Education Trust. As a
sull of these events, The Mereside Education Trust's interest in these kasehold improvements has
been transferred to its investment in Hartford Inveslrnenls Ltd, See note 17, as Hartford Investments Ltd
has benefrtted from the improvements made to thè property.
For the Group, the caprtalised costs of repurposing and refurt)ishment have transfeThed from leasehold
improvements to freehold improvements. This transfer represents the assets initially being associated
with the leasing arrangement, through The Mereside Education Trust, and subsequentty being attributed
to the freehold premises owned by Hartford Investments Ltd.
Lending of £2,399,580 at 31 December 2020 and 31 December 2019 has been secured on Hartford
Manor, see note 22.
24

The Mereside Education Trust
Notes forming part of the financial statements
for the year ended 31 Dec 2020
17 Fixed asset investments
Charity
Hartford
Investments
Ltd
Quanto
Enterprisg
Ltd
Totsl
Cost or valuation
At 1 Jan 2020
Transfer
Additions
At 31 Dec 2020
Impaimient
At 1 Jan 2020
Charge for year
At 31 Dec 2020
2.397,343
705,673
71,609
3,174,625
2,397,345
705,673
71,609
3,174,627
1,413,925
1QO,613
1,514,538
1,413,925
100,613
1,514,538
Carrying amount
At 31 Dec 2020
1,660,087
1,660,089
At 31 Dec2019
983.418
983,420
The Charity owns 100DA of the share capitsl of Quanlo Enterprise Limited, a company registered in
England and Wales. Quanto Enterprise Limited undertakes general trading in order to raise funds for
the Charity. The followng results of Quanlo Enterprise Limff(ed have been consolidated wrth those of
The Mereside Education Trust-.
Year 9nded
Year ended
31 Dec 2020 31 D9¢ 2019
Trading income
Trading costs
Other income
Support costs
Operating profil
Donation lo Mereside Educat￿n Tnjst
Nel proff(
1.049,792
IfK2,5461
10,000
66,959
220,287
220.000
287
753,780
1501,8491
59,943
191,988
190,000
Assets
Liabilities
Net assets
280,311
164,826
115485
231,209
116,011
115198
C311ed up share capital
Retsined earnings
Capital and reserves
115,483
115485
115,196
115 198
25

The Mereside Education Trust
Note5 forming part of the financial statements
for the year ended 31 Dec 2020
17 Fixed asset investments Icontinuedl
The charty owns 1000/0 of the Sha￿ capital of Hartford Investments Limited, a company registered in
England and Wales which owns 14artford Manor in Northwi¢h. The carrying value is based on a
valuation by an independent professionally qualified valuer w(th recent experience in the location and
class of the investment propety being valued.
The transfer lo fixèd asset investments comprises the Chariws net book value of leasehold
irnprovernents al 1 January 2020, see note 76.
The followng results of Hartford Investments Limited have been consolidated w((h those of The
Mereside Education Trust:
Year ended
Yearended
31 Dec 2020 31 Dec 2019
serV￿e charge income
Supportcosts
Net loss
5,000
17.829
Assets
Amount due lo The Mereside Education Trust
Other liabilities
Nel liabil¢(ies
1,484.762
11,895,619}
1,480,823
11,895,619)
500
415296
Called up share capital
Reserves
Capitsl and reserves
200
432,057
431857
200
415,496
415296
18 Debto
Grou
Char
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Due within one year.
Trade debtors
Other debtors
P￿payMents 8nd a￿rUed income
7,820
85
16,456
24.361
21,066
754
27,966
49,786
20,645
5,173
5,173
10,897
31,542
Prepayments and accrued income include £4,173 12019-. £9,435) overpaid lo Oneschool Global UK
under the transfer agreement, see note 2.
Grou
Chari
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Due after more than one year:
Amounts due from subsidiary co.
1,895,619
1,895,619
Amounts due from subsidiary companies after more than one year comprrse an interest free loan made
by The Mereside Education Trust to Hartford Investments Ltd under the terms of a share purchase
agreement on 21 September 2018. Additions to Hartftsrd Investments Ltd (note 171 include £70,707
12019.. £80,564) in Tespecl of concessionary interest on this loan.
26

The Mereside Education Trust
Notes forming part of the financlal statements
for the year ended 31 Dec 2020
19 Current investments
Current investmènts Comprise land at Tennyson Close and the old school premise5 on Didsbury Road,
both in Stockport. During the year ended 31 December 2019 the school relocated from the Didsbury
Road sile and the decision was taken to market it for sale. In order to maximise the sales revenue for
the Trust, the Trustees made a planning application for residential use, the land in Tennysorb Close
fonming part of that application. The carrying value is based on a valuation by an independent
professionally qualrfied valuer wrf(h recent experien￿ in the location and class of the investment
propety being valued.
Charity & Group
Didsbury
Road.
Stockport
Tennyson
Close,
Stockport
Total
Carrying value al 31 Dec 2020 and 31 Dec 2019
20,000
397,850
417,850
20 CredFtors: amounts falling due
within one year
Grou
Cha
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Loans (see note 22)
Trade creditors
Amounts Owed to group undertakings
Accruals and deferred income
Taxation and soci81 securty
Other Creditors
3,111,000
63,543
2,733,000
89,650
3,041,000
2,963
2.437
113,886
2,683,000
39,142
118,835
8,749
21,957
3,324,U84
77,847
74,298
18.083
2,918,560
409
3,160,695
5,609
2,802,049
21 Creditots: amounts falling due
after more than one year
Grou
Char
31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019
Loans (see note 22}
2,399,580
2.399,580
2,399 580
2,399,580
22 Loans
Group
Charty
At 1 January 2020
Loans advanced
Loans repaid
Al 31 December 2020
5.132,580
581,000
{203,0001
5,510,580
5,082,580
551,000
{193,0001
5.440,580
Loans due after more than one year comprise a non cOn￿SsiOnary loan secured on the Group's
premises, Hartford Manor. All other loans were concessionary, unsecured loans with either zero or
below market rate interest charges.
At 31 December 2020 ban5 of £100,000 were in breach of their repayment temis. The terms of these
loans have not been fom)ally renegotiated.
27

The Mereside Education Trust
Notes forming part of the financial statements
for the year ended 31 Dec 2020
23 Deferred income
Group
Charity
At 1 January 2020
Amounts released lo income
At 31 December 2020
2,818
2,8181
2,818
12,8181
Deferred income at 31 De￿mber 2019 comprised payments on account from students, parents of
£2,818. There was no deferred income at 31 Decernber 2020.
24 Summary of fund movements
Group
Fund
balance
blf
Fund
balance
¢lf
Loss on
investments
Income
Expendlture
Unrestricted funds
General fund
Restricted funds
Capital fund
1774,7101
1,293,243
{2,085,4691
11,566,936)
3,600
(3,6001
Totsl funds
74,710
1,296,843
2,089,069
1,566,936
Charity
Fund
balance
Fund
balan¢e
Lo$$ on
investments
Income
Expenditure
Unrestricted funds
General fund
Restricted fvnds
Capital fund
11,110,774)
481,358
1548,129}
1100,6131
11,276,158)
3,600
(3,6001
Totsl funds
1,110.774
484,958
549,729
100613
1276.158
The Capital fund is used to collect and spend funds obtained for capital purposes.
28

The Mereside Educatlon Trust
Notes forming part of the financial statements
for the year ended 31 Dec 2020
25 Analysis of net assets by fund
Group
Restricted
Funds
Unrostricted
Funds
Total
Fixed assets
Current assets
Current liabilities
CredTtors due after more than one year
Fund balance
3,186,226
970,502
13,324,084)
2,399,580)
1,566,936
3,186.226
970.502
(3,324,084)
2,399,580)
1,566,936}
Charity
Restricted
Funds
Unrestrlcted
Funds
Total
Ftxed assets
Current assets
Current liabilities
Debtors due aftèr more than one year
Creditors due after more than one year
Fund balance
1,660,089
728,409
13,160,695)
1,895,619
12,399,580
{1,276,1581
1,660,089
728,409
13,160,695)
1,895,619
12,399,580)
11,276,158)
26 Related party transactions
Included in grant income for the Group and the Charty {nole 51 is funding of £nil (year ended 31
December 2019.. £330,954) from the Focus Learning Trust IRegistered Charty number 1099725) and
£113,36912019." £132,143) from Oneschool Global UK Ltd. Both Focus Leaming Trust and Oneschool
Global UK, in addition to providing financial assistance, have provided technical support and are
therefore in a posrtion to advise upon and Influen￿ policies adopted by The Mereside Education Trust.
No fee discounts, including deductions Madè under the Career Advantage Program were awarded lo
Trustees, or their immediate family and l or business interests in the year ended 31 December 2020.
Such discounts were made during the year ended 31 De￿rnber 2019 as follows.. Mr L Baldwin.. £1,884,
Mr C Lew5.' £1,332, Mr M Chadwck.. £3,192 and Mr N Simpson.. £4,986.
Unsecured loans, wf(h below rnarket interest rates, have been provided to the Charty by the Trustees
(including their immediate family and l or business interests} as follows..
Bal blf at
l Jan 2020
Advanced
in the year
Repaid in
the year
Bal clf at 31
Dec 2020
Trustee
MT K Deveni5h
Mr M Dunbar
Mr J Hawrd
hitr M Hutchins
Mr C Lewis
Mr N Simpson
MrA Wells
Mrvwelis
39,000
25.000
20,000
100.000
50,000
50,000
450,000
100,000
834,000
30,000
69,000
25,000
20,000
100.000
45,000
65,000
450,000
100,000
874,000
45,000
15,000
150,0001
90,000
(50,0001
Group loans include an addi(ional unsecured balance of £10,000, advanced in the current year, which
is attributable to Mr M Hutchins.
29

The Mereside Educatlon Trust
Notes forming part of the financial slatements
for the year ended 31 Dec 2020
27 Controlling party and ultimate controlling party
The controlling paty and uttimate controlling party of the Charty and the Group is the Board of
Trustees of The Mereside Education Trust.
30

The Mereside Education Trust
Additional infomiation
for the year ended 31 Dec 2020
(Does not fon77 part of the financial statements)
l On9School Global UK
On 31 August 2019 the Charty transferred ils primary operations lo Oneschool Global UK {registered
charty number 107634131, "OSG Under the terms of the associated transfer agreement, the
"Agreement" The Mereside Education Trust, "MET, incurred the followng expenditure..
Year ended
Year ended
31 Dec 2020 31 Dec 2019
Transferral of cash balances
Contractual payment of post transfer third paty donations
Contractual payment of post transfer subsidiary income
57,862
9,627
220,000
229,627
75,000
132,862
Included within prepayments and accru￿ income is £4,173 overpaid to OSG under the temis of the
Agreement. This is made up as follows..
Nel book value of fIxtu￿s, fittings & equipment al date of transfer
192,879
Transferral of cash balan￿S
157.8621
Post transfer net school fee income attributable to OSG
Gross fees invoiced
Fee waivers
CAP deducted
Agency debtor adjustment
(411,5971
71,785
39,000
30,487
(270,325)
Contractual payment of post transfer subsidiary income
(295,000)
Contractual payment of post transfer third party donations
(15,227)
Other adjustments
Costs incurred by MET to be recharged to OSG
Costs incurred by OSG to be recharged to MET
Income received by MET lo be refunded lo OSG
Income received by OSG to be refunded lo MET
29,015
110,8571
116,5631
8,173
9,768
Payments made by MET lo OSG
439,940
OverpayTnent to carry forward at 31 December 2020
4,173
31