Charity registration number: 1058933
The Mereside Education Trust
Trustee' Report and Financial Statements
for the Year Ended 31 December 2024
mca Banbury Ltd 4 - 6 The Wharf Centre Wharf Street Warwick Warwickshire CV34 5LB
The Mereside Education Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Auditors' Report | 6 to 9 |
| Consolidated Statement of Financial Activities | 10 to 11 |
| Consolidated Balance Sheet | 12 |
| Balance Sheet | 13 |
| Consolidated Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 to 26 |
The Mereside Education Trust
Reference and Administrative Details
Trustees Mr M Hutchins Mr K Devenish Mr Lewis Justin Baldwin Mr Nigel Roberts Mr Sean McGrath Charity Registration Number 1058933 Principal Office Mereside Education Trust c/o Hartford Manor Greenbank Lane Northwich CW8 1HW Auditor mca Banbury Ltd 4 - 6 The Wharf Centre Wharf Street Warwick Warwickshire CV34 5LB Bankers National Westminster Bank plc 23 Stamford New Road, Altrincham, Cheshire WA14 1DB
Page 1
The Mereside Education Trust
Trustees' Report
The Trustees present their report with the financial statements of the charity for the year ended 31st December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
Objects and aims
The charitable objects of the charity are the advancement of the education of children and young people from the ages five to eighteen in particular by assistance to their parents to enable such children to be taught otherwise than at school as defined in the education acts 1944 to 1993. Any other charitable purpose for the benefit of the brethren.
In furtherance of its objects, the Trust provides the premises under formal lease for an independent school based in Northwich, owned by its subsidiary Hartford Investments Ltd (Company number 10279969), which has been run by OneSchool Global UK (OSGUK).
The charity also provides grant funding and other financial support to OSGUK at the discretion of the Trustees in order to enable OSGUK to provide a well-balanced education at primary and secondary levels, for children and young people whose parents appreciate the Christian ethos.
Success is measured in terms of the provision of appropriate facilities to OSGUK whilst minimising expenditure. This in turn, frees up funds for raising standards of education for all concerned and for the improvement of facilities for pupils and staff alike.
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and have regard to it when reviewing their aims and objectives, and in planning their future activities. In particular they consider how planned activities will contribute to the educational aims and objectives they have set.
Volunteers are an integral part of the community ethos and values of the charity and there are strong and willing group of volunteers who assist and support the charity throughout the year.
The trading activities of the charity’s trading subsidiary Quanto Enterprise Ltd (Company Number08068645), which operates a chain of convenience stores, are undertaken by volunteers.
Page 2
The Mereside Education Trust
Trustees' Report
Achievements and performance
Financial review
The charity is supported and financed principally by profits from its trading subsidiary Quanto Enterprise Ltd plus other ad hoc donations and those raised by fundraising events and grants from the Grace Trust. The Trustees believe that the charity’s funds are sufficient to mitigate any short to medium term risk of reduced funding.
The charity’s fundraising events principally operate within the Brethren community and professional fundraisers are not used. Neither the charity nor any person acting on behalf of the charity was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or voluntary standard for fund-raising in respect of activities on behalf of the Trust.
In the year ended 31st December 2024 the charity reported a surplus of £154,323 (2023 surplus of £2,421,757). The group reported a surplus of £2,747,695 (2023 surplus of £2,454,659).
At the year end the charity had net current assets of £1,925,734 (2023 net current assets of £1,906,218). The group had net current assets of £166,681 (2023 net current assets of £182,402).
The site at Hartford Manor includes the School along with a cottage and surplus car park area. The Trustees believe that the disposal of the cottage and / or surplus car park could raise additional funds without causing major disruption to the operation of the school, although no potential buyer has yet been sought.
At 31 December 2024 the Trust had deficit funds. The long-term aim for the Trust has been to hold sufficient reserves to meet three month's operating costs and to have sufficient funds to repay its loans as required.
The Trust continues to have numerous offers of long-term loan support from "stakeholders" in the Trust (i.e.; graduated students and their parents or grandparents) which could be used to offset other loans requiring repayment. The Trustees hope to return to a net assets position by 2025.
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Plans for future periods
Aims and key objectives for future periods
The Trustees plan to continue to support OSGUK to provide a quality and deliver a consistent and high level of educational experience and outcome for all students and staff, in accordance with the charity's ethos and values.
Page 3
The Mereside Education Trust
Trustees' Report
Structure, governance and management
Nature of governing document
The Mereside Education Trust is constituted by a Deed of Trust dated 07 April 1995, amended 26 August 1996, 20 March 1997 and 18 December 2008 and is registered with the Charity Commission for England and Wales.
The Trustees who served during the year and since the year end are set out on page 1. None of the Trustees, nor any person connected with them, received any remuneration from the charity in the year ended 31st December 2024 (year ended 31st December 2023 £nil).
The power to appoint Trustees is invested in the existing Trustees subject to the charity Deed requirement. Trustees are selected according to their own specialism in a particular field and are expected to pursue that specialism. New Trustees are instructed in the need to completely adhere to the ethos and values of the charity.
New trustees are appointed at charity meetings and training is given by the outgoing trustee being replaced, along with support from fellow Trustees.
Financial instruments
Objectives and policies
The Trustees have examined the major strategic, business and operational risks that the charity faces. The Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
The principal risks to the charity are:
•risk of damage to the property held by the charity (although the property holds property insurance);
•risk of closure or relocation of the schooling by OneSchool Global UK (considered unlikely); and
•risk of fall in trading activities of the wholly owned trading subsidiary, either due to a fall in customer loyalty or a significant increase in supplier prices (closely monitored by the trading subsidiary directors who would then take appropriate action).
There were no serious incidents relating to the charity over the year to report.
Page 4
The Mereside Education Trust
Trustees' Report
Statement of trustees' responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charitable group for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed
-
and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
-
charity and group will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on 16 Sep 2025 and signed on its behalf by:
Kalvin Devenish
......................................... Mr K Devenish Trustee
Page 5
The Mereside Education Trust
Independent Auditor's Report to the Members of The Mereside Education Trust
Opinion
We have audited the financial statements of The Mereside Education Trust (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and parent charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 6
The Mereside Education Trust
Independent Auditor's Report to the Members of The Mereside Education Trust
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities (set 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 7
The Mereside Education Trust
Independent Auditor's Report to the Members of The Mereside Education Trust
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with the applicable laws and regulations.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls. we:
-
Performed analytical procedures to identify any unusual or unexpected relationships;
-
Tested journal entries to identify unusual transactions;
-
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-
Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
Agreeing financial statement disclosures to underlying supporting documentation
-
Enquiring of management as to actual and potential litigation and claims:
There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going 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, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... Martin Cox (Senior Statutory Auditor) For and on behalf of mca Banbury Ltd, Statutory Auditor
4 - 6 The Wharf Centre Wharf Street Warwick Warwickshire CV34 5LB
[17 Sep 2025] Date:.............................
Page 9
The Mereside Education Trust
Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Other income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Gains/losses on investment assets Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 Note Income and Endowments from: Donations and legacies 3 Other income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted funds £ 246,200 1,870,110 2,116,310 (1,698,073) (335,726) (2,033,799) 2,665,184 2,747,695 2,747,695 (365,354) 2,382,341 Unrestricted funds £ 233,978 1,849,990 2,083,968 (1,698,088) 2,068,779 370,691 2,454,659 2,454,659 (2,820,013) (365,354) |
Total 2024 £ 246,200 1,870,110 |
|---|---|---|
| 2,116,310 | ||
| (1,698,073) (335,726) |
||
| (2,033,799) 2,665,184 |
||
| 2,747,695 | ||
| 2,747,695 (365,354) |
||
| 2,382,341 | ||
| Total 2023 £ 233,978 1,849,990 |
||
| 2,083,968 | ||
| (1,698,088) 2,068,779 |
||
| 370,691 | ||
| 2,454,659 | ||
| 2,454,659 (2,820,013) |
||
| (365,354) |
All of the group's activities derive from continuing operations during the above two periods.
The notes on pages 15 to 26 form an integral part of these financial statements.
Page 10
The Mereside Education Trust
Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
The funds breakdown for 2023 is shown in note 17.
The notes on pages 15 to 26 form an integral part of these financial statements. Page 11
The Mereside Education Trust
Consolidated Balance Sheet as at 31 December 2024
| Note Fixed assets Tangible assets 10 Current assets Stocks 12 Debtors 13 Cash at bank and in hand 14 Creditors: Amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 16 Net assets/(liabilities) Funds of the group: Unrestricted income funds Unrestricted funds Revaluation reserve Total unrestricted funds Total funds 17 |
2024 £ 5,187,260 169,315 90,587 340,620 600,522 (433,841) 166,681 5,353,941 (2,971,600) 2,382,341 (282,843) 2,665,184 2,382,341 2,382,341 |
2023 £ 2,522,979 170,306 91,754 303,540 |
|---|---|---|
| 565,600 (383,198) |
||
| 182,402 | ||
| 2,705,381 (3,070,735) |
||
| (365,354) | ||
| (365,354) - |
||
| (365,354) | ||
| (365,354) |
The financial statements on pages 10 to 26 were approved by the trustees, and authorised for issue on [16 Sep 2025] and signed on their behalf by:
Kalvin Devenish
......................................... Mr K Devenish Trustee
The notes on pages 15 to 26 form an integral part of these financial statements. Page 12
The Mereside Education Trust
Balance Sheet as at 31 December 2024
| Note Fixed assets Tangible assets 10 Investments Current assets Debtors 13 Cash at bank and in hand 14 Creditors: Amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 16 Net liabilities Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 17 |
2024 £ 819,374 202 819,576 1,895,619 265,578 2,161,197 (235,463) 1,925,734 2,745,310 (2,901,600) (156,290) (156,290) (156,290) |
2023 £ 735,567 202 |
|---|---|---|
| 735,769 | ||
| 1,895,619 183,528 |
||
| 2,079,147 (172,929) |
||
| 1,906,218 | ||
| 2,641,987 (2,952,600) |
||
| (310,613) | ||
| (310,613) | ||
| (310,613) |
The financial statements on pages 10 to 26 were approved by the trustees, and authorised for issue on 16 Sep 2025 and signed on their behalf by:
Kalvin Devenish
......................................... Mr K Devenish Trustee
The notes on pages 15 to 26 form an integral part of these financial statements. Page 13
The Mereside Education Trust
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Depreciation 5 Working capital adjustments Decrease in stocks 12 Decrease/(increase) in debtors 13 Increase/(decrease) in creditors 15 Net cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets 10 Sale of tangible fixed assets Sale of investments Net cash flows from investing activities Cash flows from financing activities Repayment of loans and borrowings 15 Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
2024 £ 82,511 100,841 183,352 991 1,167 50,643 236,153 (99,938) - - (99,938) (99,135) 37,080 303,540 340,620 |
2023 £ 2,454,659 (139,365) |
|---|---|---|
| 2,315,294 11,922 (9,845) (114,845) |
||
| 2,202,526 | ||
| (48,668) 42,943 417,850 |
||
| 412,125 (2,436,865) |
||
| 177,786 125,754 |
||
| 303,540 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 15 to 26 form an integral part of these financial statements. Page 14
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Charity status
The Mereside Education Trust is an unincorporated charity (registered number 1058933) registered in England and Wales. The registered address is Hartford Manor, Greenbank Lane, Northwich, CW8 1HW.
2 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charity Act 2011.
Basis of preparation
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Mereside Education Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Basis of consolidation
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has also taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a Charity only statement of cash flows and certain disclosures about the Charity's financial instruments within the consolidated financial statements.
No separate SOFA has been prepared for the Charity alone.
Going concern
The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.
Page 15
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
Income and endowments
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate, Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Consolidated statement of financial activities on a receivable basis, The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group’s objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Tangible fixed assets
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 16
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
Depreciation and amortisation
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Assets costing less than £500 are written off to SoFA in the year of purchase.
Asset class Depreciation method and rate Freehold property 2% Straight Line Plant & Machinery 20% Straight Line Leasehold Property 10% Straight Line
Stock
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Trade debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Fund structure
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes, The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
- 3 Income from donations and legacies
| 3 Income from donations and legacies | ||
|---|---|---|
| Gifts and Donations Total for 2024 Total for 2023 |
Unrestricted funds General £ 246,200 246,200 233,978 |
Total funds £ 246,200 |
| 246,200 233,978 |
Page 17
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
4 Income from other trading activities
| 4 Income from other trading activities | ||
|---|---|---|
| Trading Income- Quanto Enterprise Ltd Total for 2024 |
Unrestricted funds General £ 1,870,110 1,870,110 |
Total funds £ 1,870,110 |
| 1,870,110 |
5 Expenditure on raising funds
a) Costs of trading activities
| a) Costs of trading activities | ||
|---|---|---|
| Note Trading costs - Quanto Enterprise Ltd & Hartford Investments Ltd Total for 2024 Total for 2023 6 Expenditure on charitable activities Note Charitable Activities 7 Total for 2023 |
Unrestricted funds General £ 1,698,073 1,698,073 1,698,088 Unrestricted funds General £ 335,726 (2,068,779) |
Total funds £ 1,698,073 |
| 1,698,073 1,698,088 Total funds £ 335,726 |
||
| (2,068,779) |
Page 18
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
7 Analysis of support costs
Support costs allocated to charitable activities
| Charitable Activities Charitable Activities Charitable Activities Charitable Activities |
Governance costs £ 5,774 Governance costs £ 5,768 |
Finance Administration costs costs £ £ 72,889 9,240 Finance costs £ Administration costs £ 246,183 4,339 |
Premises costs including depreciation £ 30,273 Premises costs including depreciation £ (2,444,069) |
Other support costs £ 217,550 Total 2024 £ 335,726 Other support costs £ 119,000 Total 2023 £ (2,068,779) |
|---|---|---|---|---|
Other support costs are donations made to OSG.
Staff costs are nil. The Mereside Education Trust is run entirely by volunteers.
During the year Mereside Education trust adjusted their depreciation policy which has led to an adjustment to the depreciation recorded in the year.
Page 19
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
8 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the group during the year.
No trustees have received any reimbursed expenses from the charity during the year.
9 Auditors' remuneration
| 9 Auditors' remuneration | |
|---|---|
| Other fees to auditors The auditing of accounts of any associate of the charity All other non-audit services |
2023 £ 4,000 2,000 |
| 6,000 |
Page 20
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
10 Tangible fixed assets
| Group Cost At 1 January 2024 Revaluations Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Charity Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Land and buildings £ 2,480,287 2,665,184 99,938 5,245,409 152,269 46,594 198,863 5,046,546 2,328,018 |
Furniture and equipment £ 317,719 - - 317,719 122,758 54,247 177,005 140,714 194,961 Land and buildings £ 808,834 99,938 908,772 73,267 16,131 89,398 819,374 735,567 |
Total £ 2,798,006 2,665,184 99,938 |
|---|---|---|---|
| 5,563,128 | |||
| 275,027 100,841 |
|||
| 375,868 | |||
| 5,187,260 | |||
| 2,522,979 | |||
| Total £ 808,834 99,938 |
|||
| 908,772 | |||
| 73,267 16,131 |
|||
| 89,398 | |||
| 819,374 | |||
| 735,567 |
11 Fixed asset investments
Charity
Page 21
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
Shares in group undertakings and participating interests
| Subsidiary | ||||||
|---|---|---|---|---|---|---|
| undertakings | Total | |||||
| £ | £ | |||||
| Cost | ||||||
| At 1 January 2024 | 202 | 202 | ||||
| At 31 December 2024 | 202 | 202 | ||||
| Net book value | ||||||
| At 31 December 2024 | 202 | 202 | ||||
| At 31 December 2023 | 202 | 202 | ||||
| Details of undertakings | ||||||
| Details of the investments | in which the charity | holds 20% or more of the nominal value of any | class of share | |||
| capital are as follows: | ||||||
| Country of | Proportion | of voting rights | Principal | |||
| Undertaking | incorporation | Holding | and shares | held | activity | |
| 2024 | 2023 | |||||
| Subsidiary undertakings | ||||||
| Quanto Enterprise Ltd | United Kingdom | 100% | 100% | Sale of retail goods |
||
| Letting | and | |||||
| Hartford Investments Ltd | United Kingdom | 100% | 100% | operating own |
of real |
|
| estate | ||||||
| 12 Stock | ||||||
| Group | Charity | |||||
| 2024 | 2023 | 2024 | ||||
| £ | £ | £ | ||||
| Stocks | 169,315 | 170,306 | - | |||
| 13 Debtors |
Page 22
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
| Trade debtors Prepayments Other debtors 14 Cash and cash equivalents Cash at bank |
Group 2024 £ 2023 £ 71,063 71,745 7,524 8,009 12,000 12,000 90,587 91,754 Group 2024 2023 £ £ 340,620 303,540 |
Charity 2024 £ 2023 £ - - - - 1,895,619 1,895,619 1,895,619 1,895,619 Charity 2024 2023 £ £ 265,578 183,528 |
|---|---|---|
15 Creditors: amounts falling due within one year
| Group 2024 2023 £ £ Trade creditors 119,520 79,168 VAT grant repayable 1,732 5,955 Other creditors 132,317 125,435 Accruals 180,272 172,640 433,841 383,198 16 Creditors: amounts falling due after one year Group 2024 £ 2023 £ Loans 2,971,600 3,070,735 |
2024 Charity 2023 £ £ 44,004 3,210 (1,858) (324) 33,000 23,999 160,317 146,044 235,463 172,929 Charity 2024 £ 2023 £ 2,901,600 2,952,600 |
|---|---|
16 Creditors: amounts falling due after one year
Page 23
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
17 Funds
Group
| Unrestricted funds General Unrestricted funds General Charity Unrestricted funds General Unrestricted funds General |
Balance at 1 Other Balance at 31 January Incoming Resources recognised December 2024 £ resources £ expended £ gains/(losses) £ 2024 £ (365,354) 2,116,310 (2,033,799) 2,665,184 2,382,341 Balance at 1 Incoming Resources Balance at 31 December January 2023 £ resources £ expended £ 2023 £ (2,820,013) 2,083,968 370,691 (365,354) Balance at 1 Incoming Resources Balance at 31 December January 2024 £ resources £ expended £ 2024 £ (310,614) 490,050 (335,726) (156,290) Balance at 1 Incoming Resources Balance at 31 December January 2023 £ resources £ expended £ 2023 £ (2,732,370) 352,978 2,068,779 (310,613) |
Balance at 1 Other Balance at 31 January Incoming Resources recognised December 2024 £ resources £ expended £ gains/(losses) £ 2024 £ (365,354) 2,116,310 (2,033,799) 2,665,184 2,382,341 Balance at 1 Incoming Resources Balance at 31 December January 2023 £ resources £ expended £ 2023 £ (2,820,013) 2,083,968 370,691 (365,354) Balance at 1 Incoming Resources Balance at 31 December January 2024 £ resources £ expended £ 2024 £ (310,614) 490,050 (335,726) (156,290) Balance at 1 Incoming Resources Balance at 31 December January 2023 £ resources £ expended £ 2023 £ (2,732,370) 352,978 2,068,779 (310,613) |
|---|---|---|
Balance at 31 December 2024 £ (156,290) |
||
Balance at 31 December 2023 £ (310,613) |
Page 24
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
18 Analysis of net assets between funds
Group
| Group | ||
|---|---|---|
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 5,187,260 600,522 (433,841) (2,971,600) 2,382,341 Unrestricted funds General £ 2,522,979 565,600 (383,198) (3,070,735) (365,354) |
Total funds at 31 December 2024 £ 5,187,260 600,522 (433,841) (2,971,600) |
| 2,382,341 Total funds at 31 December 2023 £ 2,522,979 565,600 (383,198) (3,070,735) |
||
| (365,354) |
Page 25
The Mereside Education Trust
Notes to the Financial Statements for the Year Ended 31 December 2024
Charity
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 819,374 202 2,161,197 (235,463) (2,901,600) (156,290) Unrestricted funds General £ 735,567 202 2,079,147 (172,929) (2,952,600) (310,613) |
Total funds at 31 December 2024 £ 819,374 202 2,161,197 (235,463) (2,901,600) |
|---|---|---|
| (156,290) | ||
| Total funds at 31 December 2023 £ 735,567 202 2,079,147 (172,929) (2,952,600) |
||
| (310,613) |
19 Related party transactions
Charity
As stated in Note 14, Quanto Enterprise Ltd was a wholly owned subsidiary undertaking of the Charity. £243,850 was received by the Charity from the subsidiary under gift aid.
Loans owed by The Mereside Education Trust from Trustees and their related parties during the year totaled £2,901,600.
Page 26
Issuer
mca Business Ltd
Document generated Wed, 3rd Sep 2025 14:09:49 BST
Document fingerprint 3496e3d8e2ed20b864ac77524a6758dd
Parties involved with this document
Document processed
Party + Fingerprint
Tue, 16th Sep 2025 15:04:18 BST
Mr Kevin Devenish - Signer (6428a95106a9c786d1b45eb11bb8b260)
Audit history log
Date
Action
Wed, 3rd Sep 2025 14:09:49 BST
Wed, 3rd Sep 2025 14:09:49 BST
Wed, 3rd Sep 2025 14:09:49 BST Wed, 3rd Sep 2025 14:10:06 BST Wed, 3rd Sep 2025 14:10:06 BST Wed, 3rd Sep 2025 14:10:07 BST Tue, 16th Sep 2025 15:03:13 BST Tue, 16th Sep 2025 15:04:18 BST Tue, 16th Sep 2025 15:04:18 BST
Envelope generated with fingerprint c23346c9ddc31dae1cfd1863c80174fa (35.176.231.177)
Document generated with fingerprint 3496e3d8e2ed20b864ac77524a6758dd. (35.176.231.177)
Mr Kevin Devenish has been assigned to this envelope. (35.176.231.177) Envelope generated
Sent the envelope to Mr Kevin Devenish for signing Document emailed to party email
Mr Kevin Devenish viewed the envelope (157.231.115.242) Mr Kevin Devenish signed the envelope (157.231.115.242) This envelope has been signed by all parties (157.231.115.242)