2023-12-31-accounts - The Mereside Education Trust

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Cliarity i'egisli'ation iiuiiibei.: 1058933 The Mereside Education Trust Ti'uslees, Repoi'l and Finaiicial Stateinents for tl)e Year Elided 31 Deceinber 2023 mca Baiibuiy Lid 4 - 6 Tlie Whai'f Ceiitre Whai'f Sii'eet Waiwick Waiwicksl)ire CV34 5LB

Tlhe Mereside Ei ducation Trust Coiitents Refei'ence and Adiniiiislrative Details Ti'uslees, Repoi'l 2105 liidependei)t Auditors, Repoi'¢ 6t09 Coiisolidated Statenient of Finaiicial Activities io Coiisolidaled Balance Slieel Balance Slieet 12 Consolidated Statement of Casli Flows 13 Notes lo Ilie Financial Stalenients 141026

The Mereside Education Trust Reference and Admiiiistr2tive Details Cliief Executive olcer Mr A Wells Tt'llstees Mr M c11adliek Mi. N Siinpson MI. M HLilcl)ins Mi. K Devenisli Mi. M Duiibai. Mi. V Wells Lewis Justin Baldwin Mi. C Lewis Mi. J Haywai'd 1058933 Chat'ity Registi'alion Nuniber Priiicipal Offiee Mereside Educatioi) Trust elo Hartfoi'd Maiioi. Gi'eeiibank Lai)e Nortliwich CW8 IHW Auditoi. nica Banbuiy Ltd 4- 6 The Wliai'f Centre Wliarf Street WaiTrviek Warwickshire CV34 5LB Bankers National Westminstei. Bank plc 23 Stainfoi'd New Road. Allrincll, Chesliii'e WA14 IDB Page I

The Mereside Education Trust Ti'ustees, Report The Ti'iistees present tlieii. repoit witli Ilie financial staleinenls of tlie cliai'ity for Ilie year ended 31 gt Decenibei. 2023. Tlie Ti'iislees have adopted the pi-ovisions of Accounting and Repoi'ling by Chai-ities- Statenient of Reeoiiiniended Pi'actice applicable to el)arities pi'epai-ing theii. accounts in accoi'dance willi the Financial Reporting Siandai'd applicable iii Ilie UK and Republic of li'eland (FRS102) (effective l Januaiy 2019). Objective5 and activities Objecls uiid aiiiis The cl)arilable objects of tlie cliai'ity al'e tl)e advanceiiieiit of tl)e education of cliildi'eii and young people froin Ilic ages five to eig5)leen in pai'licular by assistance lo tlieii. pai'enls lo enable sucli cliildren lo be taugl)t otlici'wise Ilian at scliool as defined in tlie education acts 1944 10 1993. Any oiliei. cliarilable putyose foi. tl)e benefit of Ilie bi'etlii'en. In furiliei'ance of its objects, tlie Ti'ust pi'ovides the preniises undei- foiThal lease for an independent scliool baged in Noi'diwich, o¥vned by its subsidiai'y Hai'lfoi'd Investnienls Ltd (Compaiiy nunibei. 10279969), wliieli has been i'uii by On¢School Global UK (OSGUK). Tlie charity also piovides doiialioii ndIng to OSGUK al tl)e disci'etion of Il)e Tiuslees in ordei. to enable OSGUK to provide a well balanced education at Pk'iiiiaiy and secondaiy levels, for cliildi'en and youiig people wliose pai'enls appreciate Ilie Clii'istian ethos. Success is iiieasui'ed in terms of Ilie pi'ovisioi) of appropi'iale facilities to OSGUK wliilst minin)ising expenditure. Tliis in turn, fl'ees up fui)ds for i'aising standai'ds of education foi- all coiicerned and foi. Ilie iiiipi'ovenient of facilities for pupils and staff alike. Tl)e Ti'uslees l)ave i'efei'red to Ilie guidaiice contained in tlie Cliarity Coinniissioii's general giiidaiice on public benefit and have i'egard lo il wlieii I'evicwing Il)eir aiiiis and objectives, and in plai)nii)g Ilieii. fiitui'e activities. In paiticiilar Il)ey consider Iiow planned activities will contribute to the ediicational aims and objectives Iliey liave sel. Voliinteers are an integi'al pai't of tlie coininuiiity etlios and valiies of the eliai'ity and tliere al'e strong and willing groiip of volunteers who assist and suppoi'l tlie cliarity tlll'oughout the yeai.. Tlie trading activities of tlie cliai'ity's trading subsidiary Quonto Eiitei'pi'ise Lid (Conipany Nuinber 08068645), whicli opei'ates a chain of conveiiieiice sloi'es, are undertaken by volunteei's. Page 2

The Mereside Education Trust Trustees, Report Acllieveinents aiid performaiice Financial i-evieiy The cliai'ily is supported aiid finaneed prii)cipally by pi'ofils froin its tradii)g subsidiai'y Quaiito Entetyi'ise Lid plus other ad l)oc doiialioiis and tliose raised by fuiidi'aisiiig eveiils and gi'ants froin Ilie Gl'ace Trust. Tlie Ti'iislees believe Ilial tlie cliarity's funds are sufficient lo niiligale any slioi'l lo niediiiin tei-ln risk of reduced fundiiig. The cl)ai-ity's fiindraising events principally opei'ale witliin tlie Bi'edii'en eoniiniinily and pi-ofessional fundi'aisei's al'e not used. Neither the cliai'ity noi. any pei'son aeling on belialf of tlie eliai'ity was subject to ali iindei'laking to be boiind by any voliiiitary scheine foi. regulatii)g fiiiid_i'aisiiig, oi. voluiilai'y slaiidai'd foi. fiiiid_i'aisiiig iii respect of activities on belialf of tlie Tiusl. In the yeai. ended 3 1st Deceiiibei. 2023 the chai'ity I'epoi'led a suiylus of £2,421,757 (2022 defieil of £282,792). The gi'oup i'epoi'led a surplus of £2,454,659 (2022 deficit of £79,622). At Il)e year end tl)e cl)arity liad net eiii'reiit liabilities of £310,613 (2022 net eiirreiil liabilities of £2.732,370). Tlie group l)ad net eui'i'eiit liabilities of £365,364 (2022 nel curi'ent liabilities of £2,820,013). Tlie chai-ity's policy is to Inaiiitain ininiinuiii free i'esei'ves at a level wliicli equates lo six Inontlis, uni'estricted expeiidilui'e. This is appi'oxiinalely £147,368. At the year end 2023 tlie fl'ee I'esei'ves of tlie cliai-ity wei'e £310,613 {31 sl Deceniber 2022 £2,732,370). Tlie Tt'iistees completed on the sale of the old scliool site in Stockpoi't for £2.651n. Tlie Hartford Maiioi. site coinpi'ises the Maiioi- House froin wl)icli Ilie scliool opei'ates. an adjacei)I dei'elict cottage and appi'oxiniately one aere of unused car pai'kiiig ai'ea. Hartfoi-d Manoi. is held at a cai'rying value of £1.504711). Hai'iford Maiioi. has been valued in April 2023 at £3.7m. Tlie Trustees intend lo li?iisfer Hai'tfoi'd Manor up into Ilie Tst at tl)e eai'liesl opporttinity as pai't of tlie stmctui'al siinpliftcalion of tlie Group. Tlie site at Hai'tford Maiioi. includes the Scliool along with a collage and suiplus cai. parlc area. Tlie Trustees believe tliat tlie disposal of Il)e cottage and / or sui'i)lus cai. park could i'aise additional funds wiil)out causiiig Inajor disi'uptioi) lo Ilie opei'ation of tlie scliool, altliougli no potential buyei. S)as yet been sou81it. At 31 Decenibei- 2023 Ilie Tnist ai)d Groiip l)ad 8iibslantial deficit nds. The long-lenn aiin foi. Il)e Ti'usl has beeii to liold siifficient i'esei'ves to Ineel Il)ree inonili's opei'atiiig costs and to Iiave sufficient funds lo repay its loans as requii'ed. lil the shot'l to inediiim tei'm, tlie sale of tlie old school site in Stockport lias helped to alleviate the sl)orifall in funds and tlie sale of excess land and / oi. buildings at the Hartford Manoi. sile i'eniains undei. consideration. Tlie Tiust conliiiiies lo have i)umeroLiS offei's of loiig-lei'in loaii siipporl fi'om 'slakelioldei's" li) tlie TrLlSt (i.e., graduated students and tlieir pareiils oi. gi"gtndpareiils) wliicli could be used to offset oihei. loans requii'ing repayineiit. The TLUStees hope to retui'ii to a iiet assets position by 2024. Aftei. niaki5)g appiopi'iale enquiries, tlie TisteeS liave a i-easot)able expectation that Ilie cl)arity has adequate I'esoui'ces lo continue it) operational existenee for Il)e foi'eseeable futtii'e. Foi. tliis reasoii, il continues to adopt Ilie going concei'n basis in pi'epai'iiig Ilie finaiicial slaleineiils. Fui'tliei. details regarding tl)e ildoption of tl)e going concei'n basis ean be found in Ilie Accouiiting Policies. Page 3

The MeR"eside Ei ducation Ti"ust Ti'ustees, Report Plaiis foi. futui'e pei'iods Aiiiis lliid key objecliiJÉ.sfoi'fiiliii'e ijei'iods Tlie Ti'ustees plan to continue to siippoi't OSGUK to provide a quality and delivei. a consistent and higl) level of educalioi)al cxpei'ience and outcoine for all studetlts aiid staff, iii accord<1nce witl) the cliai'ity's ethos aijd values. Structurey governance and ni8nagement Natiii'e ofgovei'iiiijg doc14111eiit Tlie Mei'eside Education Ti'ust is constituted by a Deed of Ti'ust dated 07 Api'il 1995, aiiiended 26 August 1996, 20 Mai'cl) 1997 and 18 December 2008 and is registered wit]i the Cliarity Comiiiission foi. Eiigland and Wales. The Ti'ustees who sei'ved during the year and since the yeai. end al'e set oiit on page l. None of thc TrLlStees, noi- any pei'son connected with tlieni, I'eceiiied any I'einunei'ation froni Il)e cliai'ity in the yeai. ended 31 sl Deeeniber 2023 (yeai. ended 31 st Decembei. 2022 £iiil). Tlie power to appoint TrLlStees is invested iii tlie existiiig TISteeS subject to tl)¢ cliarity Deed I'equii'einent. Trustees al'e selected aecording to their own specialisni iii a pai'tieular field aiid al-e expected lo pui'sut that 5pecialisni. New TiiTrstees are instructed in Ilie need to conipletely adhei'e lo the etlios and values of tl)e cliaiity- New tiustees al'e appointed at chai'ity nieetings and training is given by tlie outgoing twsiee beiiig replaced, along witl) suppoi't froi)) fellow Ti'llslees. Finaiicial insti'uinents Objeelives aiidpolicies The Trustees liave exan)ined Ilie iiiajoi. strategic, business and operational i'isks tlial Il)e cliarity faces. Tlie TNstees at-e satisfied that Ilie iiiajor i'isks idei)lified liave been adequately iiiitigated wl)ere nece8sai'y. It is reeogiiised Iliat systems can only provide reasonable but iiot absolute assui'aiice that iiiajor risks li&ve been adequately iiianaged. The principal I'isks to tlie chai'ity are: •risk of damage to tl)e property lield by tlie cliai'ity {alil)ougli tlie pi'opei'ly l)olds pioperty insurance). 'risk of closui'e oi. relocation of Ilie scl)ooling by Oneschool Global UIC (considei'ed iinlikely). and 'I'isk of fall iii ti'ading activities ot" the wliolly owiied trading siibsidiai'y, eithei- due to a fall in ciistomei- loyalty oi. a sigiiificant inci'ease in supplier pi'ices {closely inonitoi-ed by tlie li'adiiig subsidiaiy directoi's Milio would tlien take appi'opriate aelioi)). There weit no sei'ious iiicidenls relating to the cliai'ity over Ilie year to I'epoit. Page 4

The Mereside Education Ti'ust Trustees, Report Statement of trustees, responsibilities Tlie tru.qtees are i'esponsible for pi'cparing tlie Annual Report and Ilie financial statements in accordance will) applicable law and United Kingdoin Accounting Siandai'ds {United Kingdom Genei'ally Aecepted Accoiinting Pi'aclice). The law applicable lo chai'ities in England and Wales requires ihe ti'ustees lo pi'epai'e financial statements foi. each finaiicial yeai. whicli give a true and fair view of the state of affairs of the ehai'ity and tlie group aiid of tlie incoming i'esoui'ces aiid application of resouL'ces of the charitable gi'oup for that pei'iod. In pi'epai'ing these financial statenieiils, the trustees are iequired to.. select suitable accounting policie8 and Ilien apply thein cons&slently' obseiwe tlie iiiethods and pi-inciples in the Charities SORP. ma ke judgeinents and estimates that al-e i'easonable and prudent; state whethei. applicable accounting standards have been followed, subject to any malei'ial depai'tui'es disclosed and explaiiied in tl)e financial slatenienls- pi'epare Ilie financial slateinents on Ilie going concern basis unless it is inappi-opriale lo presume that Ilie cliai'ity and group will continue in business. Tlic trustees are I'esponsible for keeping proper accounting recoi'ds that disclose witli reasonable accuracy at any tinie tlie financial position of the chai'ity and the group aiid enable Ilieni lo eiisure tliat the financial statenienl.s Coiiiply with Ilie Cliai'ilies Act 2011, Il)e Charity (Accounts and Reports) Regulations 2008 and Ilie pi'ovisions of the cl)arity deed. They are also i'esponsible foi- safeguai'ding tlie assets of Ilie cl)ai-ity aiid the group and lience for taking i'easonable steps foi. tlie prevention and detection of fi'aud and otliei. irregularities. Tlie annual rep pproved tlie trustees of tlie cliarity on...... . and signed on its belialf by: Mi. K Deveni Trustee Page 5

Tlie Mereside Education Ti"ust Indepeiident Auditor's Report to the Members of The Mei'eside Educ2tioii Trust Opinion We liave aiidiled Ilie financial slalenienls of Tl)e Mei'eside Educalioii Tnist {Ihe 'cliai'ltable pRI'ent conipany,) aiid its siibsidiai-ies (tl)e 'gi'oLlP') for tl)e year ended 31 Deeeinbei. 2023, wliich coinprise the Consolidated Statement of Financial Activities, Consolidated Balance Slieet, Balance Slieet, Consolidated Siateinent of Casli Flows and Notes to Ilie Financial Siateii)ents, including a siimmai'y of significant accoiinling polieies. The financial i-epoi'liiig frainewoi'k tl)al lias beeii applied in tlieir pi'epai'atioii is United Kingdom Accouiiliiig Siaiidai'ds, coinprisii)g Clia¥ilies SORP - FRS 102 'The Financial Reporting Slandai'd applicable iti tlle UK aiid Republic of Ireland, and applicable law (United Iciiigdoiii Genei'ally Aceepled Accounting Pi'aclice). li) oui. opinion tlie fiiianeial stateiiienls- give a true aiid fair view of the slate of Ilie group's aiid pat-ent cliarity's affaii's as at 31 Deceiiibei. 2023 aiid of ils incoining i'esoui'ces and application of resoui'ces, including ils incoiiie and expenditure, foi. Ilie yeai- tlien ei)ded. have been pi-operly piepai'ed iii accordaii¢e with United Kingdom Generally Accepted Aecouiitiiig Pi'actice. l)ave been pi'epared in accordance 1111] tlie i'equii'einenls of tlie Coinpanies Aet 2006. Basls foi. opinion We coiiducted our audit iii accordance with Inlematioiial Siandai'ds on Auditing (UIC) (ISAS (UK)) and applicable law. Oui. I'esponsibilities iindei- tliose slandai'ds ale furtliei. dtscribed in tlie audiloi. i-esponsibililies foi. tl)e audit of Il)e financial slateiiienls section of oui. repoi'l. We al'e independent of the gi'oup in accordance with tlie ethical i-equii'emenls that are relevant to oiii. audit of the financial stateinents in tlie UK, ii)cliiding tlie FRC'S Ethical Standard, and we liave fiilfilled out- otliei. ethical i'esponsibilities iii accoi-dance witli these requii'en)ents. We believe Iliat the audit evidence we l)ave obtained is sufficient and appi'opi'iate lo pi-ovide a basis foi. oui- opinioIi. Conclusions relating to going concei'n In auditing tlie financial statemerits, we have concluded tliat the Ii'ustees use of tlie going ¢oncei'n basis of accoiinting in the prepai'alion of tlie financial staleillenls is appropi'iate. Based on tl)e work we liave pei'foi'Iiied, we have not identified aiiy niaterial uncei-laiiities relalii)g lo events or conditions tliat, iiidividually oi. colleetively, Inay cast signifieaiit doubt on the gi'oup's ability to continue as a goii)g eoiicerii for a pei'iod of at least twelve months from wlien tlie origiiial fiiiai)cial stateiiieiils wei'e autl)orised foi. issue. Oui. i'esponsibilities and tl)e responsibilities of tl)e triistees witl) respect to going concern are described in the I'elevant sections ot this i'epoit. Otliei. inforiiiation The trustees 31-e i'esponsible for tlie oiliei. iiifonnalioii. Tl)e othei. iiiformalion coinprises tlie infoi'niation iiicliided iii the annual i'epoi'l, oiliei. tl)an the finaiicial slaleiiienls and our auditoi-'s i'eporl Ihei'eon. Oui. opiiiioii on Ilie financial slaleinenls does i)ot covei. the othel infoi'inalioii and, except to tlie exlejit oilieiwise explicitly slated in oui. i'epoit, we do iiot express any form of assui'ance eoiiclusioii thei'eon. Page 6

The Mereside El ducation Trust Independent Auditor's Repoi't to the Members of The Mei'eside Educatioii Ti'ust In connection witli oiir aiidit of tl)e finaricial slatenients, oiii. i'esi)onsibility is to l-ead tlie oil)ei' iiifot'ination and, in doing so, coi)siilei' wlieiliei. tlie otliei. infoi'inalion is nialei'ially inconsistcnt ivitli the financial statements oi. oiii. knowleilge obiaincd in the audit oi. oihei'ivise appears to be niatei'ially niisstated. If we identify sucli n)atei'ial incoiisislencies oi. apparent iiiatei'ial inisslateineiits, we al-e i'equii'ed to detei'miiie wlieiliei. tliere is a ii)aterial misstatenienl in tl)e fiiiancial stateiiieiils or a Inatei'ial misslateiiienl of Ilie otliei- infoi'tnalion. If, based oli tlie woi'k we liave pei'foi-lned, we coiiclude that Iliei'e is a inalerial misslateinei)l of Iliis oilier iiifoi'iiiaiion, we al-e required lo i'eporl that fact. We l)ave noiliing lo repoi'l ii) Iliis i'egaid. Opinion on otller niattei, presci'ibed by the CoinpAnies Act 2006 In oiii. opinion, based on tlie woi'k undertaken in the coiiise of the aiidit.. the infomiation given in the and Ti-listees, Repoit foi. tlie financial yeai. foi. wliicli the financial stalenients al'e pi'epai'ed is consistent witli tl)e financial slaleiiients. and tlie Tiustees, Repoi't liave been pi-epai-ed in accoi'daiice will) applicable legal requii'eiiiei)Is. Matters oil ivliicl) Ive al'e i'equii'ed to i'eport by exceptlon In tlie light of our kiioivledge and ui)derslandiiig of Ilie gioup and Ilie parent el)arilable coiiipany and ils environiiieiit obtained in tl)e course of Ilie audit, we l)ave iiol ideiitified inatei'ial niisstalei)ienls in the and tlie Trustees, Report. We liave notliiiig to t'epoi't iii respect of Ilie following mattel's wl)ei'e Ilie Companies Act 2006 requii'es us lo report lo you if, iii oui. opinioii.. adeqiiate accounting records l)ave iiot beeii kei)t by the pai'ent ¢hai'itable conipatiy, or i'eturns adequate for out. aiidit l)ave not been i'eeeived fi'oiii braiiclies not visited by us. oi. the parei)t cliaritable ¢oinpany financial slalei)ieiils al'e iiot iii agi'eenient willi Ilie accouiiting recoi'ds and retiiims. or cei'lain disclosures of ti'iistees, reinunei2tion specified by law are not inade. or we liave not received all tS)e infoi'mation and explanations we require for our audi¢. Responsibilitie5 of tj'ustees As explaiiied inore fully in Ilie Stalenieiit of trustees, I'esponsibilitie5 (s¢1 out oil page 5), the ti'ustces al'e i'espoiisible foi. the preparation of Ilie fiiiancial slaleinenls aiid for being satisfied tlial 11)ey give a liwe aiid fail. view, and foi. sucli iiitenial control as tl)e trustees detei'n)ine is necessaiy to enable the pi'epai'ation of finaneial stateinenls that al'e fl'ee ft'oni inaterial ii)isstateinenl, wl)etliei' due to fi'aud oi. ei'i-ot.. In pi'eparing Il)e financial st21einenls, tlie Iriislees are i'esponsible for assessiiig the cliai'ity's ability lo continue as a goiiig coiicem, disclosiiig, as applicable, ii)altei's related to goiiig conceim and using Ilie going concern basis of accoiinting unless the ti'iistees eitlier intend to liquidate tlie cliai'ity or to cease opei'ations, oi. have no realistic altei'native but to do so. Auditoi. i'espoilsibilities foi. the audit of tlie fiiiancial statements Oui- objectives are lo obtain reasonable assurance about wlieihei. the financial statenients as a wliole are fl'ee fi'oiii malei'ial iiiisstatenient, wlletlier due to fi'aud or errol., aiid lo issue ali auditoi s i'eporl Ilial incliides our opiiiioii. Reasonable assui'<ryl)c¢ is a liigl) level of assurance, bul is not a giiai'antee that an audit conducted in accoi-datice with ISAS (UIC) will always delect a inalerial Inisstalement wlieii it exists. Misstateinenls can ai'ise froiii fi'aud or ei'roi. aiid are coiisidei'ed malei'iAI if, individually or in tlie aggregate, they coiild I'easoIiably be expected lo influence Ilie econoiiiic decisioi)s of usei's taken on Ilie basis of Iliese financial slalcnienls. Tlie exleiit to wl)icli out. i)i'oeedui'es air capable of detecliiig ii'i'egularities, includiiig fi'aud is detailed below: Page 7

The Mereside Education TR'USt liidependent Auditor's Report to the Membei's of The Mei'eside Educatioii Trust Tlie cngagement partner ensui-ed tliat Ilie eiigagemeiit teain collectively Iiad the appropi'iate coinpetcnce, capabilities at]d skills to identify 01 i'ecognise non-coinpliance willi Ilie applicablc laws and i'eglilations. We assessed Ilie susceptibility of the coiiipaiiy's fiiiancial stateiiieiils to material Iiiisstalenieiit, iiicludiiig obtaining an unde13tandiiig of liow fraud iiiiglit occui., by.. Making eiiqiiiries of niailageient as lo wliei'e Iliey considei'ed tliei'e was susceptibility lo fraud, Il)eii' kiioivledge of actual, suspeeled and alleged fi'aud., aiid Considei'iiig Ilie intei'nal controls In place lo Initigale i'isks of fi'aud and non-conipliance witli laws and re<sLilations. To addi'ess Ilie i'isk of fi'aud througl) nianagenient bias and overi'ide of controls, we.. Pei'foi'iiied aiialylical piocedui'es lo identify any uiiusual or uiiexpected I'elalionsliips. Tested joui'nal enli'ies lo identify uniisiial Iraiisaclions. Assessed whetlier judgeineiits and assuinptions Inade iii delekniining tlie accountiiig estiniales wei'e indicative of potential bias. aiid Investigaled tl)e I'alioiiale bel)iiid significant or unusual ti'ansactions. In respoiise to tlie I'isk of ilTegulai'ilies and non-conipliance with laws and i'cgulations, we designed pi'ocedui'es wliich included, but wei'e not limited to.. Agreeing fiiiancial stateiiient disclosui'es to undei'lying suppoi'tiiig docu5neiitalion Enquii'ing of inaiiageiiient as to actual and potential litigation and clainis; Tliei-e al'e inherent IiiDitations in oiir audit pi'ocediiies desei'ibed above. Tl)e niore removed tliose laws and I'egiilations al'e Irom finaiicial Ii'aiisactions, tl)e less likely it is that we woiild beconie aware of non-coinpliance. Auditing standai'ds also likntl tlie aiidit pi'ocedures I'eqiiii'ed lo ideiitify non-coiiiplianee with laws and i'egiilations lo enguiiy of Ilie dii'ecloi's and oilier inanagenienl. Matet'ial inisslaleineiits tlial ai'ise due to fi'aud cali be liai'dei. to delect tlian Iliose Iliat -Ise fi'oiii ei'roi. as they ii)ay ii)volve deliberate concealiiienl or collusion. As pai'l of an audit in accordan¢e willi ISAS (UK), we exercise professional judgeinent and Inaintain professional scepticisni throughout the audit. We also.. Ideiitify and assess tlie risks of Inalerial niisstaleinent of Il)e fiiiancial slaleinenls, whetliei. due lo fi'aud oi. ei'ror, design and pei'forni audit pi'ocedureb responsive lo those i'isks, and obtain audil evidence tliat is sufficient and appropi'iate lo provide a basis foi. oui. opinion. The risk of not detecting a niaterial misslatement i-esulting fi'om fi'aud is liigliei tlian foi- one i'esiiltints fi'oni ei7'01', as fi-aiid inay involve collusion, foi'geiy, intentional oinissions, niisrepi'esentatioiis, oi. tl)e ovei'i'ide of inlei'nal conti-ol. Obtain an uiidei'slaiiding of intei'i)al coiili'ol i'elevant to tlie audit in ordei. to design audit procedui'es that are appropriate in tlie circunislances, but not for the pw'pose of expi'essiiig at) opiiiion on the effectiveness of tl)e company's inlei'iial coiilrol. Eiialuale Ilie appropi'ialeness of accounting policies used and Ilie I'easonableness of accounting estiniales and i'elated disclosures Inade by t]ie direcloi's. Concliide on tlie appi'opi'iateiiess of the directoi's, use of the going concei'n basis of accounting and, based on Ilie aiidit evidence obtair)ed, wlieiliei. a nialerial uneei'lainty exists i'elated to events oi- conditions tlial inay cast sigiiificanl doubt on Il)e ehAI'ity's ability to coiiliniie as a goiiig Coiicei-ii. If we conclude that a iiiatei'ial uncei'lainty exists, we are required lo di'aw attention iii our Repoi'l of tlie Auditois to Ilie i-elated disclosures in tlie finaiicial slateiiienls or, if such disclosures al'e inadequate, 10 Inodify our opinion. Oui. coiiclusions al'e based on Ilie audit eiTidence obtained up lo the date of oui. Report of the Aiidiloi's. Howevei., fiitui'e events oi. coiiditioiis ii)ay caiise Ilie Coinpaiiy to cease to coiitinlle as a goiiig concern. Page 8

The Mereside Education Trust

Independent Auditor's Report to the Members of The Mereside Education Trust

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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, ,ve 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.

Martin Cox (Senior Statut01y Auditor) For and on behalf of mca Banbmy Ltd, Statutory Auditor

4 - 6 The Wharf Centre Wharf Street Wmwick Wmwickshire CV34 5LB

Date: 12/09/2024

Page 9

The Mereside Educatioii TR'USt Consolidated Stateinent of Financial Activities foi. the Yeai. Ended 31 Deceinbei" 2023 ncludiiig Consolidated Income and L4 xpenditure Account aiid Statement of Total Reeognised Gaiiis and Losses) Uiiresti'lcted funds Total 2023 Note Iiicome and E< iidoivnients from: Donations ai)d legacies Otlier inconie 233,978 1,849,990 233,978 1,849,990 Total inconie 2,083,968 2,083,968 I xpeilditui'e oil: Raising fi]nds Cliaritable activities (1,698,088) 2,068,779 (1,698,088) 2,068,779 Total expendituit 370,691 370,691 Net inconie 2,454,659 2,454,659 Net iiiovenient in funds 2,454,659 2,454,659 Recoiiciliation of funds Total funds bi'oughi fonvai'd (2,820,013) (365,354) (2,820,013) (365,354) Total 2022 Total funds can'ied forwai'd 18 Uiii'estj'lcted funds Note Incoine and Endoivnients froiii: Donations ai)d legacies Otlier income 172,154 1,787,785 172,154 1.787,785 Total ii)come 1,959,939 1,959,939 Expenditui'e oil: Raising funds Charitable activities (1,389,116) (650,445) {1,389,116) {650,445) Total expenditure (2,039,561) (2,039,561) Nel expenditui'e (79,622) (79,622) Net moveiiient it) funds (79.622) (79,622) Reconeiliation of funds Total funds bi'oughl forward Total funds cairied forward (2,740,391) (2,740,391) (2,820,013) 18 (2,820,013) All of tlie gi'oup's activities derive fi'oin coiitiiiuing opei'ations duriiig tlie above two pei'iods. Tlie funds bi'eakdown foi. 2022 is showi) in iiote 18. Tlie notes oil pages 14 to 26 forin an iiilegi'al part of tliese financial slaleineiils. Page 10

The Mereside Education Trust Consolidated Balance Sheet as at 31 December 2023 2023 2022 Note iixed assets Taiigible as8ets 10 2,522,979 2,377,889 Cui'i'ent asset5 Stocks Debtors Investments Casli at bank and in hand 12 13 14 15 170,306 91,754 182,228 81,909 417,850 125,754 303,540 565,600 807.741 Ci'editol's". Amounts fallxng due Ivithin oiie yeai. 16 (383,198) (3,874,043) Net cllri'ent assetsl(liabilities) 182,402 {3,066,302) Total assets less current liabilities 2,705,381 {688,413] (2,131,600) Ci'editors: Amounts falling due aftei- more than one year 17 {3,070,735) Net liabfillties (365,354) {2.820,013) Fullds of the group: Uiji'cstricted fincome funds Uni'estricled funds (365,354) (2,820,013) {2,820,013) Total funds 18 (365,354) The fin nc al statements on pa .and lied on tl)eir es 10 10 26 were appi'oved by tlie listeeS, and auiliorised for issue o elialf by.. Mr K Devenish Trustee The notes on pages 14 to 26 foi'm an iiitegi'al parl of these finaiicial statements. Pagell

The Mereside Education Trust Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tai)gible assets Iiiveslinenls 10 735,567 202 497,646 202 735,769 497,848 Curreiit assets Debtors Inveslinenls Casli at bank and in liand 13 14 15 1,895,619 ,897.104 417,850 85,760 183,528 2,079,147 2,400,714 Creditoi's: Amounts falling due ivithln one yeai. 16 (172,929) {3,559,3321 Net current assets1(liabilities) 1,906,218 (1,158,618) Total assets less current liabilities 2,641,987 (660,770) (2,071,600) (2,732,370) Ci'editors: Amounts falling due after more than onc year Net liabilities 17 {2,952.600) (310,613) Funds of the cliarity: Uiirestricted inconie funds Uni'estricted funds (310,613) (2,732,370) (2,732,370) Total funds 18 (310,613) Tlie fin nci stateinenls on pages 10 to 26 were approved by tlie tIsteeS, and autliorised for issue on .ands ed on their belialf by.. Mr IC Dev Trustee sli The iiotes on pages 14 to 26 forin an integi'al part of these financial slaleineiils. Page 12

The Mereside ducation Ti"ust Coiisolidated Stateinent of Cash f4 lows foi. the Yeai. Ended 31 Decembei" 2023 2023 2022 Note Casli tloivs from operating actilTitie$ Net cash in¢oiiiel(expendituie) 2,454,659 (79,622) Adjustinents to casli floivs fi'oin iloii-casli item$ Depi'ecialioii {139,365) 200,715 2,315,294 121,093 Working eapital adjustinent5 Decreasel(inci'ease) in stocks Iiicrease in debioi (Decrease)linciease in credilot Deci'ease in provisions 12 13 16 11,922 (9.845) (114,845) (82,6141 (41,653) 237,406 (4,969) Net easli flows fi'om operatiiig Activities 2,202,526 229,263 CAsli floivs fi'om iiivesting activitles Pui'cllase of tangible fixed assets Sale of tangible fixed assets Sale of inveshiienls 10 (48,668} 42,943 417,850 (439,396) 5,867 Net casli flows fi'om iiivcstiiig activities 412,125 (433,529) Cxsli flows from finaiiciiig activities Repayinenl of loans and boi'rowings 16 (2,436,865) 49,000 Net increasel(deci'ease) in easl) and cash eqiiivalents 177,786 (155,266) Casli aiid cash equivalei)ts at l J211uaiy Casl) and casli eqLiivalenls at 31 Deceinber 125,754 281,020 303,540 125,754 All of the cash flows are dei'ived fi'om conlinuii)g opei'alions dui-ing the above ttvo periods. Tlie notes on i)ages 14 10 26 foi'ni ali iiitegi'al parl of Iliese fiiiaiicial slmteiiienls. Page 13

Tlie Mereside Education Trust Notes to the Finaiicial Stateinents for the Yeai. Elided 31 Decembei. 2023 I Cliai'ity status Tlie Mei'eside Education Ti'ust is an unincoiyoi'ated cl)ai'ily (registered nuimbei. 1058933) regislei'ed in England and Wales. Tlie I'egi5tei'ed address is Hai'tford Manor, Gi'eenbank Lane, Noi'tliwich, CW8 I HW. 2 Aceountiiig policies Statemeiit of coiiipliance Tl)e financial slaleinenls l)ave been pi'epared in accoi'darkcc With Aecountiiig and Reporting by Cliarities.. Statement of Reeon)Inei)ded Pi'actice (applicable to cl)arities pi'epai'ing tl)eir accout)Is in aceordance witli the Financial Reporting Standard applicable in the UK and Rei)ublic of Ireland (FRS 102)) (issued in Octobei- 2019) (Charities SOIiP (FRS 102)), the Finaiicial Repoitiiig Standai'd applicable in the UK aiid Republic of Ireland (FRS 102) and tlie Cl)arily Act 2011. Basis of prepai'atioii Tlie fii)ancial staleinents liave been prepai'ed to give a 'true and fail view aiid liave depai'led fi'oin tlie Chai'ities (Accounts and Repoi'ts) i'egulatioiis 2008 only lo tlie exteiit I'eouii'ed to provide a 'liue and fail view. Tliis departui'e has involved folloiving Ilie Cliai'ities SORP (FRS 102) publislied in Octobei. 2019 1.ail)ei' tl)aii tlie Accounting and Reporting Cliai'ilies.. Siateiuei)l of Recoiiiinei)ded Pi'actice effective froin l Api'il 2005 whicli lias since been witlidrawn. TSie Meresidc Educatioii Ti'LisI nieels tlie definitioii of a public benefit entity under FRS 102. Assets aiid liabilities al'e iiiitially recognised at l)istoi'ical cost oi. li'ansa¢tion value Linless otl)erwise slated in Ilie I'elevanl accounting policy notes. Basis of consolidation Tl)e Consolidated statenient of fiiiaiicial activities {SOFA) and Coiisolidated balance slieel coiisolidate tlie fiiiaiieial slateineiits of the Chai'ity aiid its subsidiaiy uiiderlakiiig. Tl)e i'esulis of Ilie subsidiary al'e coiisolidat¢d on a line-by-line basis. The Chai'ity has also taken advantage of tlie exei)Iption available lo a qualifyiiig eiitity in FRS 102 froiii the i'equii'ement lo pi'esent a Cliai'ity only stateillenl of easli flows and certain diselosui'es about Ilie Cliarity's financial iiislivineiits witliiii tlie consolidated financia5 statements. No sepai'ale SOFA lias been pi'epared for tlie Chai-ity alone. Goiilg concern Tl)e trustees consider Iliat tliere are no iiiaterial ui)cei'lait)ties about Ilie group's ability to continue as a going conceni nor any sigi)ificanl ai'eas of uncerldinty that affect tlie cai'iyii)g value of assets l)eld by Ilie group. Page 14

The Mereside Education Trust Notes to the Fiiiancial Statemeiits for tlie Year Ended 31 December 2023 liicoiiie Aiid eiidoivmeiits All iiiconie is I'ecognised once tlie Cliai'ity l)as eiilitleiiient to Ilie incoine, it is pi'obable Ilial tlie ii)coine will be i'eceived and tl)e ainolint of incoine receivable can be Ineasiii'ed i'eliably. Tl)e i-ecognition of income fi'oin legacies is dependent on establishing entitlenienl, tlie probability of i'eceipt and the ability to esliniate witli sufficient accui'acy tlie aii)ount i'eccivable. Evidence of entitlemeiit lo a legacy exists Ivhei) Ilie Cl)arity lias sufficient evidciice tliat a gift lias beeii left lo Iheiii (tlirougli knowledge of Ili¢ existence of a valid will and Ilie death of the benefacloi.) and tlie executoi. is satisfied tliat the pi'opei'ly li) question will iiol be i'equii'ed lo satisfy clainis in tlie estate, Receipt of a legacy Inust be recognised wlieii it is pi'obable that it will be received aiid the fair value of Ilie ainounl receivable, which will generally be Ilie expected casli ainoiint lo be disli'ibuted to Ilie Cliarity, can be reliably ii)easui'ed. Gi?nls al'e included in tlie Coi)solidated slateiiien¢ of fiiilliicial activities on a i'eceivable basis, Tl)e balance of iiicoine received for specifi¢ piiiposes bul i)ot expeiided dui'iiig the pei'iod is shown ii) tlie relevant funds oil tl)e Balaiice slieet. Wliei'e incoine is received iii advance of enti15einent of receipt, ils recogiiilioi) is defei'ied and incliided in crediloiE as deferred iiiconie. Wliei'e enliileiiient occurs befoi'e incoine is i'eceived, Ilie iiiconie is aeei'ued. Iiicome tax i'ecovei'able in relation to investment incoine is I'ecognised at Ilie tinie tlie investment incoiiie is receivable. Okliei, ineonie Intei'est on fiii)ds l)eld 011 deposit is included wlien receivable and tlie aiiioiint can be Ineasured reliably by Ilie Gi'oup. tliis is normally upon nolifi¢atioii of Il)e ii)terest paid oi. payable by tlie institution will) wlioin tlie ftinds al'e deposited. Expenditure Expeiiditui-e is i'ecogniscd oiice tliei'e is a legal oi. eonsli'uctive obligatioii to transfei. cconoinic beiiefit to a tliii'd pat'ty, il is pi'obable Iliat a ts'ansfer of econoiiiic beiiefits will be i'equii'ed in settleineiil and Ilie amouiit of tlie obligation cali be Iiieasui'ed i'eliably. Expenditui'e is classified by activity. Expeiidittjre on cliai'itable activities is incuri'ed oil directly undertaking tlie activities wliicli fui'tlier the Gi'oup's objectives, as well as any associated suppoi't costs. All expenditure is inclusive of iri-ecoverable VAT. TangRble fixed assets Taiigible fixed assets costiiig £500 01. Inore are capilalised and recogi)ised wlien future econoniic beiiefils are probable and Ilie cost or valiie of Ilie asset can be iiieasured reliably. Tangible fixed assets are initially recognised at cost. After I'ecognition, undei. the cost Iiiodel, tangible fixed assets al'e measiii'ed at cost less accuniulaled depreciation and any aeciimiilated impaii'menl losses. All costs incued lo bl'ing a tangible fixed asset into its intended workiiig condition should be included in the IiieasureiDent of cost. Page IS

The Mereside Education Trust Notes to the Fiiiancial Stateinents for the Year Ended 31 Decembel" 2023 Depreciation aiid amoi'tisation Depi'eciation is cl)ai'gcd so as to allocate Il)e cost of tangible fixed assets less tlieir i'esidual value over Ilieii. estimated useful lives. Assets costing less Ilian £500 al'e written off to SOFA in the year of PLlI-¢liase. Asset elass Fi-eel)old propei'ty Plaiit & Macl)ineiy Leaseliold Propeity Depi'eciation iiiethod and l'ate 2 % Sii?ighi Lii)e 20 % Siraigl)t Luie 10 % Siraiglit Line Curi'eiit asset iiivestiiieiits Fixed asset investments are a toi-ni of financial insli'unient and al'e initially recognised at tlieir liansaclion cost and subsequently nieasui'ed al fail. valiie at tlic Balance slicet date, unless the valiie cannot be iiieasiii'ed i'eliably in wliicli case il is ineasured at cost less iinpai11nent. Invesliiient gaiiis and10sses, wliethei. i'ealised oi. uiii'ealised, al'e coiiibined aiid PL'esented as 'Gainsl(Losses) oil investnienls. iii Ilie Coi)solidated staleiiienl of financial activities. Investnienls iii subsidiai-ies are valued at cost less provision foi. iinpaii'iiient. Stock Stock8 are valued at 11)e lower of cost and net I'ealisable value aftei. iiiaking due allowai)ce foi- obsolete and slow-nioving stocks. Cost ine5udes all direct costs and an appropi'iate piOPOI'tion of fixed and variable ovei'lieads. Trade debtors Ti'ade and oihei. debtoi's al'e i'ecognised at tlie settleinent aniount after any h'ade discoiint offered. Prepayiiients ai'c valued at tlie aiiioiiiil pi'epaid iiet of any tt-ade discounts due. Fund sti'ucture Genei'al 1]dS w'e unk'esti'icted fuiids which are available foi. use at the disci'elion of the Tiuslees in furthei'aiice of the genei?l objectives of Ilie Group and whicl) l)ave i)ot beeii designated for othei. puiyoses. Reslricted 1]d5 al'e funds wliicl) al'e 10 be used in accordanee thiiil) specific restrictions imposed by donors or wliicli liave been I'aised by tl)e Group foi. parliculai. putposes, Tlie costs of raising and adiiiini8tei.ing such funds are cliarged against Ilie specific fund. Tlie aitn and use of eaeli resti'icled fund is set out iii the notes to the financial slatei)ients. Investmei)t iiicoine, gaiiis and losses are allocated lo the appiDpriate fui)d. FlnanciAI instruillents Clussificalioii Financial assets and fiiiancial liabilities al'e reeognised when tl)e EI'OUP becomes a pai'ty to Ilie conli'actual provisioi)s of tlie instruiiieiit. Fiiiaiicial liabilities ai)d equity insti'unients al'e classified accoi'ding to Il)e siibslai)ce of Ilie coiitractulll ai'raiigciiienls eiilered into. An equity instruiiiei)l is aiiy conlract tlial evidences a residual inlei'est in Ilie assels of tlie LTroup after deducting all of its liabilities. Page 16

The Mei'eside ducation Trust Notes to the Finaiicial Statements for the Yeai" Elided 31 Decembei. 2023 3 Jiicoine fi'oni dojiatioiis and legacies Uni'esti'icted fuii(Is Geiieral Total luiids Gifts and Donatioiis 233,978 233,978 233,978 Total for 2023 233,978 Total foi. 2022 172,154 172,154 4 Incojne fi'om othei. trading aetivities Unresti'lcted funds General Total funds Trading Incoi)ie- Quaiito Eiiterpi'ise Ltd TotAI foi. 2023 1,849,990 1,849,990 1,849,990 1,849,990 S Expenditui'e on raising funds a) Costs of tl'2ding aetivities Unrestricted funds Geiieral Total funds Note Ti'ading costs- Quanto Enterprise Ltd & Hai'iford Inveslinents Ltd Total foi. 2023 1,698,088 1,698,088 1,698,088 1,698,088 Total for 2022 1,389,116 1,389,116 6 Expenditure on charitable 2ctivities Uni'estricted runds Geiiei'al Total fuiid5 Note Chai'itable Activities {2,068,779) (2,068,779) 650,445 Total foi. 2022 650,445 Page 17

The Mereside Education Ti"ust Notes to the Fiiiancial Statemeiits for the Yeai. Ended 31 December 2023 7 Aii*lysis ol suppol't costs Support costs allocated to cliaritable activities Pi'eiiiises Costs Adniinisti'ation iiicluding cost5 dei)I'eeiation Othei. support costs Govei'nanee costs Finance Costs Charitable Acliiiities 24 000 Total 2023 Charitable Activities Preniises costs Adii)iiilsti'ation ineluding costs depi'eeiation Othei. suppoi't costs Govei'iiaiice costs Finance costs Chai'ilable Aelivilies Total 2022 Cliai'itsble Activities Othei suppoi'l eosls are donatioiis niade lo OSG. Staff costs al-e nil. Tlie Mereside BdLicalion Trust is run entirely by voluiiteeiB. Dui'iiig Ilie yeai. Mei'eside Education INSI adjusted Il)eii' depi'eciation policy wliicli lias led lo an adjustiiieiit to the depi'eciation recorded ii) the year. Page 18

Tlie Mereside Education Ti"iist Notes to the Financial Statements foi. the Yeai" Elided 31 December 2023 8 Trustees reiiiunei'atioii and expenses No trustees, iior any pei'sons connected willi Iliein, liave received any I'einiineralioii fi'oni Ilie group dui'ing Ilie year. No trustees have i'eceived any i'einibuiBed expeiises fi'oiii Ilie cliai'ily dui'ing Ilie year. 9 Auditors, i'eniuiiei'Atioii 2023 2022 Otliei. fees to auditors Tl)e auditing of accounts of aiiy associate of the eliarity All otliei. non-audit sei'vices 4,000 2,000 4,000 2,000 00 00 Page 19

The Mei'eside Ei ducation Ti'ust Notes to the Fiiiaiicial Statemeiits for the Yeai. Ended 31 Decembei" 2023 J O Tangible fixed assets Group Laiid aiid buildiiigs Furnitui'e aiid equipnieilt Total Cost At l January 2023 Additions Disposals At 31 Decenibei. 2023 2,477,996 48,668 {46,377) 317,719 2,795,715 48,668 (46,377) 2,480,287 317,719 2,798,006 Depreciatioii At l January 2023 Cliarge foi. the year Eliiiiiii&led on disposals 354,432 (198,729) (3,434) 63,394 59,364 417,826 (139,365) {3,434) At 31 Deceniber 2023 152,269 122,758 275,027 Net book value At 31 Deceiiibei. 2023 2,328,018 194,961 2,522,979 At 31 Deceniber 2022 2,123,564 254,325 2,377,889 Cliaj'ity Land and buildiilgs Total C05t At l Januaiy 2023 Additions Disposals At 31 D¢ceiiibei' 2023 806,543 48,668 {46,377} 806,543 48,668 (46,377) 808,834 808,834 Depi'eciation At l January 2023 Chai-ge for the ye. Eliiiiinaled oil disposals 308,897 308,897 {232,196) {232,196) (3,434) (3,434) At 31 Deceniber 2023 73,267 73,267 Net book value At 31 Decen)bei' 2023 735,567 735,567 At 31 Deceiiibei. 2022 497,646 497,646 Page 20

Tlie Mereside Education Ti'ust Notes to the Fiiiaiicial Stateineiits for the Yeai. Ended 31 December 2023 I l Fixed asset investmeiits Cliarity Shal'es in gt'oup uiidei'takiiigs and pai'ticipatiiig intei'ests Subsidiai'y undei-takiiigs Total Cost At l Januai'y 2023 202 202 At 31 Deceniber 2023 202 202 Net book value At 31 Decenibei. 2023 202 20 At 31 Decembei. 2022 20 Details of undei'tal(ings Details of tlie investnienls in wl)ieli tlie charity liolds 200/0 oi. Inoi'e of tlie iioininal value of any class of sl)are capital are as follows: Country of ineoi'poi'ation Propoi'tion of votiiig rlghts Principal and sliai'es lield aetii'ity Undei'takiiig Holding 2023 2022 Sub$ldiary undei'takliigs Sale of i'etail goods Letting and operatin own rea estate Quanlo Entetyi-ise Lid United Kingdom Hai'tfoi'd Investments Ltd United Kiiigdoiii IOO/o 12 Stock Gi'oup Chai'ity 2023 2023 2022 Stocks 06 Page 21

The Mei'eside Education Trust Notes to the Fiiiancial Statements for the Year Ended 31 Decembei. 2023 13 Debtoi-s Group Ch%i'ity 2023 2022 2023 2022 Ti'ade debtors 71,745 8,009 12,000 61,258 8,651 12,000 Pi'epayiiienls Oihei. debtoi's 1.485 1,895,619 1,895.619 14 Curi'ent asset liivestijients Group Chai'ity 2023 2022 2023 2022 Propei'ties lield for sale 850 Page 22

The Mereside Education Trust Notes to the Fiiiaiicial Statements for the Year Elided 31 Decembei. 2023 Ciiri'ent inveslinenls con)prise land at Tes)iiyson Close and Ilie old scliool premises of Didsbui'y Road, boil) iii Siockpoi'l. During Ilie yeai- ended 31 Decenibei- 2019 11)e scliool relocated fi'oni Ilie Didsbui'y Road sile ai)d tlie decision was taken to ii)ai'kel it for sale. Iii ol'der lo inaxiinise tl)e sales i-evenue foi. tlie Ti'usl, tlie Ti"ustees Inade planning applicalioi) foi. i'esideiitial iise, Ilie land iii Teiinyson Close foi'iiiiiig pai't of Iliat applicatioii. Tlie cari'ying valiie is based on a valualioii by an independent pi'ofessionally qualified value willi recei)t expei-ieiice in Ilie location and classification of Ilie investnient propei'ty being valued. Tlie cariying value of Tennyson Close, Stockport is £20.000 and tl)e cai'iying valiie of DidsbuLy Road, Stockpoi't is £397,850. Dui'iiig the yeai- Ili¢ cliai'ity conipleled tlie sale of the land and the old scliool preinises for £2.65m. 15 Cash and cash equivalents Gi'oup Chai'ity 2023 2022 2023 2022 Casl) on haiid Casli at bank 206 125,548 206 85,554 303,540 183,528 16 Ci'editors: amouiits falling due ivitliiii one yeai. Group Cl)Ai'ity 2023 2022 2023 2022 Loans Ti'ade ei'editoi's VAT gi'aiil repayable Oilier ci'editors Acci'uals 3,376,000 95,553 (28,800) 168,066 263,224 3,326,000 3,163 79,168 5,955 125,435 172,640 3,210 (324) 23,999 146,044 19,268 210,901 383 74 17 Ci'editoi's: amounts falliiig due aftei. one yeai. Gi'oup Cliarity 2023 2022 2023 2022 Loans Page 23

The Mei"eside Education Trust Notes to the Finaiicial Statements for the Yeai" Ended 31 Decembei. 2023 18 Funds Group Balaiiee at 31 Deeeiiibei. Balaiice at I Januai-y 2023 Inconiiiig i'esoui'ces Resoui'ces expended 2023 Uiii'e5ti'icted funds Genei'al 35 Balaiice at 31 Deeembei. Balaiice at I Januai'y 2022 Ineoining resoui'ces Resoui'ce5 e¥peiided 2022 Uni'estrlcted funds Geiieral 61 013 Cliarity Balance at JI Deceiiibei. Balance at I January 2023 Incoming resoui'ees Resoiii'ces expeiided 2023 Uni'estricted fuiids 352 31 13 General Balance at 31 Decenibei. 2022 Balance at I January 2022 Incoming resoui'ces Resoui'ces expended Uni'estricted funds General 78 446 Page 24

Tlie Mei"eside Education Ti"ust Notes to the Finaiicial Statements for the YeaR' Ended 31 Deceillber 2023 19 Analysis of net assets betiveeii fuilds Gi'oup Unvesti'icted fuiids General Total funds at 31 Decenibei. 2023 Tangible fixed assets Curi'ent assets Cui'i'eiit liabilities Ci'editors over l year 2,522,979 565,600 (383,198} (3,070,735) 2,522,979 565,600 (383,198) (3,070,735) Total nel assets 36 Uni'esti-icted fuiids Genei'al Total fuiids at 31 Decenibet. 2022 Tangible fixed assets Curi-ent assets Cui'i'eiil liabilities Ci'editoi's ovei. l ye. 2,377,889 807,741 {3,874,043) (2,131,600) 2,377,889 807,741 {3,874,0431 {2,131,600) 13 Total iiet assets Page 25

The Mereside Ei ducation Ti"ust Notes to the Fiiiaiicial Statemeiits for the Year Ended 31 Decembej. 2023 Cliarity Uni'esti'icted funds Genei'al Total funds at 31 Decenibei. 2023 Tangible fixed assets Fixed asset ii)veslinenls Curi'ent assets Cui'i'ent liabilities Ci-editoi's over l year 735,567 202 2,079,147 {172,929) (2,952,600) 735,567 202 2,079,147 (172,929) {2,952,600) Total net assets 31 613 Unre5ti'ieted fuiids GeiierAI Total funds at 31 Deeeinber 2022 Tangible fixed assets Fixed asset investiments Cuiyent assets Cuii'ent liabilities Crediloi's ovei. l yeai- 497,646 202 2,400,714 (3,559,332) (2,071,600) 497,646 202 2,400,714 {3,559,332) (2,071,600) Total net assets 20 Related party ti'aTisa¢tioiis Cliarity As sta(ed in Note 14, Quanto Entei'prise Lid was a wl)olly owned subsidiaiy undei'taking of tlie Cliai'ity. £119,000 was i'eceived by tlie Charity fi'oiii Ilie subsidiary uiider gifi aid. Loans owed by The Mei'eside Ediication Ti'ust fioin Trustees and Ilieii. I'elated parties diii'ing the yeai. loLqled £2,952,600. Page 26