Charity number. 1059448 WHITECROFf EDUCATION TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
WHITECROFT EDUCATION TRUST CONTENTS Page R•f•ff•n¢• and adfflinistraliv• d•t•ils of tho Charity, ils Twsto•s and dvis•rs Trustees. rnport Tru$t•u' rn•pon$lbillties statement Independ1 audltorfs r•port on th• fknanclal %tat•m•nts onsolldat•d itst•m•nt ol fiTr•ncl•l •ctivitl•s onsolldat•d balance ih••t 10 harity balan¢• •h••t 11 Consolld4t•d •tatement al cash Ilow# 12 Not•• to th• fin•n¢lal %t•t•ffl•nt 13-29
YIHITECROFT EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEMBER 2021 Trust••s C HUn¢y. Tw$t D L Tumer. Trustee N Ta0[. Trustee Charlty r¢glstsrnd nurnr 1059446 Principal offt• 45 Chamhill DrNe ManuK*tsffield &istol Wiltshir• &S16 9JR Chknf •x•cutlv• offir C HunlJ•y Ind•p•nd•Tht audltor U.K. LLP Fourth Floor St Jam68 Hou•• St Jam68 Squ8r• Cheftenham GL50 3PR B•nk•r• 25 King8 Hil Avenue Kings Hill West Malling Kent ME19 4JQ Page I
WHITECROFT EDUCATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 OECEMBER 2021 The Trustees of Whrtecroft Education Trust present their annual report and audited accounts for the year ended 31st December 2021 and confirm they comply %Mth the rewirements of the chartts.es Act 2011. the Trust deed. FRS102 and the Chariti&s SORP IFRS 1021. Obi•etivos •nd A¢tivities The charitsbSe objects of the Trust are the athancement of the ethJc81ion of children and young people throu the provision of education sites and premises. The objects also includ¢ any other charitsble purpose for the benefft of the wldwide Christian felloh krffi a$ the Ptymoulh 8rethren Cttfistian Church. In ftsrtheTance of its objects, the Trust provides one premise under fomial lease for an independent school based in Wanswell. Berkeley, Glouce$ter$hire, %thich has been run by OneS¢hool Global UK IOSGUKI. The Twst abo provide5 grant frjnding and other financial support to OSGUK al the dtscretim of Ihe Trustees in order lo enable OSGUK to provide a well balanced educat.on at primary and secondary levels. for children and young people whose parents aPpreate the Christian ethos. Su¢¢oss is measured in terms of the Provision of apprwiate fac4[e$ to OSGUK vthilst minimtsing expendilura. This in turn, frees up fvnds for Taising slandards of edu.9 for all concemed and for the improvement of facilib'es for pupils and 8tsff alike. The Trustees have referred to 1he guidance contaNied in the Chanty Commission's general widance on public benefit and have regard to it wben feviewng their aims and objeclives. and in planning their fiJlure acb"vities. In P8rb¢ular they consider planned actNrties ¢onth"bute to the educational aims and ¢)bJects"ves they have set. VdunteeTr are an integral part of Ihe communÉty ethos and ¥aeS of the Trust and there are stron9 and willing group of YOnteef5 assist and support the Trust throughout the year. Struelure, GovÈm8n¢e and Magenxnt Whitet¢roft Educalion Trust is Constitut by a Deed of Trust dated 25th O¢tobei 1996, and 1$ registered wth the Chanty Commission for England and Wales. The Truslees vkno seNed thjring the year and sin¢e the year end are set out on page 1. None of the Trustees, ncy any person connected Yth them. received any remuneration from the Tfust in Ihe year ended 31st December 2021 lyea¥ ended 31st December 2020 £nill. The power to appoinl Tfustees is invested in th8 existing TrLbStees subje¢t lo the Trust Deed requirement. Trustees are selected according to their o specialism in a pa'cular field and are expe¢ted to pur$ue that specialism. New TrLSStees are instructed in the need to completely athere to the ethos and values ofthe TnJ$t. The Ttee8 have examined tht mapr strategic. jne$S and operational risks that the Trust faces. The Trustees are satisfied that the major risks identiffied have been adewately rngated where necessary. It r recognised that SY6tems can only provide reasonable but not absolute assurance that major risks have been adequatety managed. siy1)ifint Actlvitiès Throughout the year the Tntst has eMtinu•d to provide etional premises in support of tha •dtional activities of OSGUK. On the 31st July 2021 Ihe Trust was i¥fted by Prospect Ethcation Trust the Nthole of the issued share capitsl of Novus Trading Ltd 1064518741 and now holds the shares in Novus Trading Ltd as a ¥tholly owned subsidiary company. vthich undertakes trading activtlies. All proffts ch8rpeable to corporation tsx are gifted to the Trust in support of the caritsbl• adivilies ofthe Trust. P8ge 2
WHITECROFf EDUCATION TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2021 Financial Review In the year ended 31 st December 2021 the Group rep(ffted a net surplus of £1,752 (2020 surplu$ of £187,071. Al fijnds are unrestricted. The Trust is supported and finan¢ed piincipalty by profts from its trading subsithary Novus Trading Ltd plus s)ther ad hoc donation$ and those raised by fundraising events and grants frorn the Grace Trust. The Trustees believe that the TFU3fs ndS are suffi¢ientto miligats any short to medvjm terni iisk of dUCed funding. The Trust's frjndraising events winc4paly operate *fjlhin the Brethren community and profes$ional fundraiseis are not used. Neither the Trust nor any pefson acting on behalf of the Trust was subject to an undertaking to be bound by any voluntary stheme for regulating fun&raising, or vduntsry standard for fiJn¢&faising in respect of activilies on behalf of the Tnjst. The Truslees. pok'ty 1$ to maintain minimum free re8erves at a kvel ewates lo six month8, unrestricted expendIre. This approximately £7.500. At 31st Decertler 2021 the free reserves of the Tru$1 re £213,915131st December 2020.. £84,828). After m•klng appfoprmte enquiries, the Trustee$ have a reasonable expÈetallon that the ¢haTity h8s adequ8te resources to continue in operational existence for the foreseeable future. For this reason. it conb"nue5 to adopt the gng concern baS in preparing Ihe finan¢ial statemnts. Furlher detwls regarding the adopts'on of the going concem basis can be found in the Accounling Poliues. Plans For Future Period$ The Trustees plan to continue to support OSGUK to ywde a walty and ddiver a ¢on$tstent and high level of educational experience and outcome for all sludents and $tsff, in a¢¢ordan¢e the Trn81's ethos and values. Approve order of the members of the board of Trustees and %gned on their behalf by.. O L Turn•r Trustee Date.. 11 1,12oLI Page 3
WHITECROFT EDUCAnoN TRUST STATEMENT OF TRUSTEES. RESPONSIBiullES FOR THE YEAR ENDED 31 DECEMBER 2021 Thè Trusttes are responsible for PTepaiing the Trustees. report and the financial ststements in accordance v applicable law and Unrted Kingdom A¢counting Standards Iuniled %ingdom Generally Accepted kcounting Pracb'cel. The low appli¢abl• to ¢hanll•s In Endand & Wal•s r•quirgs th• Tru$tse8 to prtpar• fffjandal statements for each financial year Nthich ve a tnJe and fair view ol the stste of affaiis of the Group and the Charty and 01 their incoming resources and application of resources, indutng theii income and expendrture, for that period. In preparing th$e finandal 8tatement8, the Tnffjt•e8 are rewired to.. elect suitable accounting pobi(aes and then aF4y them consistenty., obseNe the methodB and prcApleS of the Chaiitsès SORP IFRS 102)., mak¢ wdgments and cuntINg •¥timate$ that are reasonable and prudent.. tste vknether 8pplicatAe UK Accounting Standards IFRS 102) have be followed, Subject to any molerf41 dtpartures th'sdosed and explained In the finand818tatements'. prepare the finanual stslements on the wing ¢on¢em basis unlem It 18 inapprowlate to presume that the Group 711 continu¢ in bU$in¢. The Tru8tee8 #re r¢8pM$ible for keeping adequat¢ actnIfing [8rdS th•1 are 8uffiuenl lo $h¢>w ond ?xplaln the Group and the Charity's tran8actiong and dtsdost r••softable a¢(raCY at any time the financial position of the Group and the Charity and enable them to ensuTe that Ihe financial ststements comply wrth the Charie8 A¢t 2011, the Ch•rty IA¢¢ounts and Reports) Regulabon8 21J08 and tho prov19 ol the Trust deed. They are 81so r•8ponsible for $afewordlrtg the 98$*ts ol the Group and the Charlty and hence for tIn9 r•asonabl• $lep$ fof lh• kv•vention and deleclion of fraud and oth¢r irr¢wlarities. Approved er of the member8 ofth• bowd ofTru8tées and Blgned on rfs b¢h•lf by". D L Tum•r Trustee Date.. zili12•LS Page 4
WHITECROFf EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITECROFT EDUCATION TRUST Opinion We have aJdited the firsancial statements of Whttèuoft EthcatiM Trnst (the 'parent charitrfl #nd its subsidi8ries lthe 'group'l for the year ended 31 0e¢ember 2021 which comprise the Consolidated statement of fjnancial activilies, the Consolidated balance sheeL the Charity balance sheet. Ihe Consolidated statement of cash flows and the related notes, induding a summary of gnificant accountwig pO"¢IeS. The financial reporting framework Ihat h88 been applied in their preparation is applicable law and United "ngdoM Accounting Standards. induding Finanal Report>ng Standard 102 The Finanaal Rewting Standard appkcable in the UK and Republic of Ireland (United Kingdom GeneTalty Accepted A¢¢wnting Pradice). The financial statements have been prepared in a¢¢ordan¢e Accounting and Reporfing by Charitses preparing theii accounts in a¢¢oTdance the Finanaal Reporbng Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and R•poTbng by Chanbes: Statèmènt of Recommended Pracb"ce i55ued on 1 )ri12005 ¥thi¢h is referred to in the extant regulation5 but has been wthdravm. Thss has been done in order f¢v the acc(n to provide a true and tair view in aco)rdance wllh the Generally Accepted Accounting Practice effective for Teporting periods begnning C or after 1 January 2015. In L)ur oixnion the fin•n¢ial statements: gNe a true and fair of the state of the GTOUP'S of the parent charivs affairs as al 31 Decemb 2021 and of the Group¥ incoAn9 resour and apF4i¢atsM of resourc, In¢an9 its income and expendibjre for the year then ended., have been properly prepared in aCc(danCe Uniled Kingjom Gener81ty A¢¢epted Accounting Practice,. and have been prepwed in accordance Vilh the rewirements ofthe Chaiilies Act 2011. Basis for opinion We conthjcted our autht accordance V•ilh Internalional Standards on Ating IUKI IISAS (UK)) and applicable law. Our responsibile¥ under those 3tsndards are lurther described in the Auttorfs respon$ibilrtses for the audit of the finanaal statements seth.on of our report. We are independent ol the Group in a¢¢ordance vthh the ethical requirements that are relevant to cyjr audt of the ffinan¢ial Ststements in the United Kingdom, induth'ng the Financial Repofb"ng Council's Ethical Standard, and have fijlfilled our other ethical fesponsibilities in accordance yti these requirements. We believe that the au¢t evidèn¢e we have obtsTned 18 sufficient and appropriate to pr¢)vide a basis for our opirdon. Con¢lusions rnl•ting to going ¢¢n¢em In audrflng Ihe financial statements. we have conduded that the TNstees' use of the w4ng ¢oncem basis of a¢counting in the preparation of the finanoal statements is appropriate. 8ased on the wvrk we h•ve performed. have not identified any mattrial Lm¢ertaiftt5 relalmg to events or conditi.ons that, individually or collectivdy, may cast SIlficant doubt on the Group's or the parent charivs abilty to Continue as a going ¢oneem tor a period of at least Iwefve months from then Ihe financial $tstements are authorised for issue. Our responsibilities and the fesponsbilib¢s of the Twstees with Itspect to gng concem are d$eribed in the relevant sections of this report. Page 5
WHITECROFT EOUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITECROFT EDUCATION TRUST (CONTINUED) Other inf0mtIon The other information comprises the information induded in the Annual report tsther than the ffinancial ststements and our Auditorfs report thereon. The TrteeS are responsible for th• other Infomation ¢ontained Trmthin the Annual report. Our opinion the financial statements does not cover the other infofmation and. exp1 to the extent otherwi8e explioty ststed in our report. do not express any form of assurance ¢ondusion thereon. Our responsibility r6 to read tho other information and, in d'ng so, consiller Nthethei the other informatson materially inconsistent th the financial statements or our knOedge obtained in the course of the aiJ(lil, or otheThM3e appears to be materially misstated. If identify such material in¢onsi$len¢ies or apparent material mi8statements, we ale required to detèrmine whether this gives rise to a matelial misstatemènt in the financial statements themsefves. If, based on the work we have performed, V• ¢on¢lude thal IheTe is a material misststement of this other infom)8tion. we are required to report that la. We have nothing to report in this regard. Matters on which we are wuired to Rport by ex¢eptKn We have nothing to report ill respect of the follov•ing matters ¥knere the Charibes IA¢¢ounts and Reports) Regulations 2008 require$ u$ to rewt to you rf. in our Op)n. the information uiven in the Trustees. report is inconsistent in any material respect lIh the financial ststements., or the parent Chaiity has nol kept sufficaent acctyjnling reccds: or the parent Charity finanual statements are not Én agreement bwth the accounting records and reknms.. or we have not re1Ve all the informath)n and explanations rewire for our audil. Responsibil•ti•s of Irusts¢s explained more in the Trustees. reSsibI1rt1eS ststemert the Trustees are responsible for the preparation of the finanual statements Vthich gr4e a true and fair ew, and for $uch internal control as the Tfustees determine is necessary to enable the preparalion of ftn8nual statements that are free from materi81 mi5Statement, Yknether e to fraud Of error. In prepafing the finan(aal statements, the Trustees are responsible for assessing the Group's and the parent ariV$ abilty to contmue as a going concem, disdosing, as applICae, matters related to going concern and using the going concern basis ol acwjnting unless the Trustees inlend lo liwidale the Group or the parent Charity or to cease op¢rth"ons, or have no realistic attemative but to do so. Page 6
YIHITECROFT EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITECROFT EDUCATION TRUST (CONTINUED) Audit(>rfs respoTrsibiliti•s forthe •udit of the financial statements We have been appoinled as auditor under seoion 152 of the Charibes Act 2011 and report in a¢¢ordance ilh the Act and relaTrt regulations made or havin9 effect thereunder. Our obJeetive$ are to obtr reasonable assurance abrrtrt wthether the ffinanaal $latements as a %thole are free from material mi¥ststement, vknether due to fraud or error, and to r6sue an Audrtorb report that indudes our opinion. Reasonable assurance is a hith level of assurance, bul is not a guarantee that an audit conducted in aecordane& Mth ISAS IUKI will aayS dètect a matsfi.al miBstalement when rl exists. Misstatemènts Can arise from fraud or error and are considwed Material if, inthvidualty or in the aggregate, they could reasonably be expected to inlluence the economic decision$ of users taken the basis of theBe finanal statements. Ifrewlaritses, induding fraud. are instsnces of nOn-¢oance ilh laws and iegulation8. We desi proce18 in line YAth our responsibilities, tyjllined above, to detect material mi5SMements in respect of wregularib"es, including fraud. The extent lo vthich our wocethre5 afe capable of deteding irregulerilies, includtsng fraud detailed beloNY. We obtsined an understsnthng ofthe legal and rewlatory fraMrkS Wittwn the charity operate$, fo¢u$ing on those laws and regulations that have a threct effect on the determin•tion of material arnounts and disclosuies in the ffinancAal statements. The LgY+E and regulatsorts we considered in this context were the Chariknes Act 2011 and the Charriie5 SORP IFRS 102}. We assessed the required compliance WTth thesè la and regulations as part of our audit procethres on the rdated financial slatement ite. Auditing standards limTI the required audit procethjres to identify non-comlanCe wth these and regulations to enquiry of the Trustees and othef management and irtspection of regulatory and legal correspondence, il any. We identified the grealesl risk of malwial impact on the finantyal statements from irregularities, Including fraud, to be rythIn the override of controls by management. Our audit procedures to respond to these risks included enquirie5 of management. and the Trustees about their identiffication and as$es$mer¢l of the risks of irregUlare$, sample testing on the posts'ng of iwrnals. revievAng ae¢ounlin9 estimates for bÉases and reviewing regulalory correspondence. Chmng to the inherent limitstions of an audiL there an un•voidable risk that we may not have deteeted some matellal misstatements in the ffinancial statements, even though we have propèrly planned and performed our audit in accordance audtling stsndards. For example. the fvjrther removed nOn-Comlance la%¥s and regulalions lirregularitiesl is from the events and transactions reflected in the financAal statements. the less likely lh8 inherenty limited procedures required by aud"ng standards would iden*"fy it. In addthon, as vath any au¢Jlt, theie Temained a higheT lisk of non4ele¢b"on of irrewlarities, as Ihese may involve collLtsion. forgery, intentional ornissions, misrepresentations. or the override of inlemal controb. We are not responsibbe for prev¢nting non- ¢OrlIance and ¢onnot be expected to detéct non-co110Ce blith all and rewlotions. A fijrther descrytion of our responsiblllies for the autht of the financial ststements r& located on the Financiol Reporbng Council's website at.. VhY4V.frc.or .uaUdIto[sreS nsitiilr This des¢ription forms part of our Auditor's report. Page 7
WHITECROFT EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITECROFT EDUCATION TRUST (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 27 January 2023
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
Y4HITECROFf EOUCATION TRUST CONSOUDATED STATEMENT OF FINANCIAL ACTMnES FOR THE YEAR ENDED 31 DECEMBER 2021 Restricted Unrestri¢tsd funds lunds 2021 2021 Total funds 2021 Total fvnds 2020 Income from: Donatitsns and legaties Charitable active8 Olher trading adivilies OtheT income 268,598 249,474 527,560 $27,580 172 Total income 801,156 801,156 254.646 Expgnditurn on: Raising tunds Charitable aclivrbes 486,084 313,321 313321 67,575 Total expdIre 799,405 799,405 67,575 Net incorn? Transfers betr4een (und 1,751 2.006,308 1.751 187,071 16 12m6.308) Net movement in funds {2,006,308) 2,1)08,059 1,761 187.071 Reconcilialw)n of funds: Total fund3 broutht forward Net movement in fund5 16 16 2,006,308 12.006.308) 2JJ06.308 1,7J1 1.819,231 187,071 2,008,059 Total funds carried fonward 2.008.059 2,IX18.059 2,0(, 308 The Consolidated Statement of Finan(ial Activrbes indudes all gains and losses recognised in the year. The notes on pages 13 to 29 form part ofthese financial statements. Page 9
IITECROFT EDUCATION TRUST CONSOUDATED BALANCE SHEET AS AT 310ECEMBER 2021 2021 2020 Fixed assets Tangble assets 1M57,485 1, 921.4eAJ 1.857,485 1, 927,480 Current assets Stocks Debtors Cash al bank and in hand 13 14 132,876 17,698 110,962 64.2 24.812 261.335 89.057 Creditors.. amounts falling the *Thlhin one year 15 {110,761) (4,229) Net current assets 160,674 84. 828 Total assets less cumt liabiliti 2,1)08,059 2, 006.308 Total net assets 2.IX18,0$9 2,008, 308 Charity funds Restricted fvjnds Unrestricted bJnd$ 16 16 2,0,308 2,008,069 Total fvnd$ 2,008,059 2.006.308 The financial ststements yre approved and authorised for issue by the Trustees and signed on their behalf by-. DLTUM Trustee Date.. The not¢s on pages 13 to 29 form part olthe5e finan1 51atements. Pege 10
IAHITECROFT EDUCATION TRUST CHARITY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Flxed assets Tangible assets Investments 1.818.868 197.Fr9 1,921, 480 12 2,016,247 1.921,480 Currnnt ass•ts Debtors Casl) at bank in hand 14 64.245 24,812 2298 22098 89.057 Creditors: omounts falling thje within one year 15 16.562) (4.229) N•t eurr•nt asséts 16J36 84, 828 Total ass•ts less current liabilities 2.032,583 2.0(k8,308 Total net ass&ts 2.032,583 2, 006,308 Charity funds Restricted fvnds Unrestricted frjnds 16 2,OOS.308 16 2,032,583 Total funds 2,032,583 2 006.308 The ffinanoal s ments were apwo¥ed and aLrthwsed foT tssue by the Twslees and signed on their behalf by.. D L Turner Trustee Date.. ¥?/, lit)Ll The note8 on pages 13 to 29 form part of these finaNaal statements. Pag•11
WHITECROFT EDUCATION TRUST CONSOUDATeo STATEMENT OF CASH FLOWS FOR THE YEAR ENOEO 31 DECEMBER 2021 2021 2020 Note Cash flows from oprating I¢¥1110$ Net cash used in operating activities 19 204,423 16,490 Cash flows from investing activities Purchase of tsngible fixed assets Sale ol tangible fixed assets Transfer of fixed assets on a¢qu8iknon of subsithary ff5,084) 951 (43.1891 N•t cash lus¢d inyprovidad by Investkng activiti 1118,2731 951 Cash fk>ws from fiThan¢ing a¢tivities Net cash prov•J•d by fmancing a¢ti¥ilies Change in cash and cash equlvants in the year Cash and ¢ash equivalents al Ihe begnning ol the year 86,150 17.441 24,812 7,371 Cash and cash equivalents at th• end ofthe year 110,962 24,812 The notes cffi pages 13 to 29 form part ofthese finanal statements Page 12
IITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 G•n•rnl inlormatw)n The Whitecroft Edu¢atiM Trtt an uninccffporated charrty {no'. 1059446) fegistered in England and Wales. The r&kistered adtheBS 45 Chamhill Drive. Manwtsfield, Bristol, Wiftshlre, 8S16 9JR. Accounting policies 2.1 Basis of preparation of financial ststemthts The finan¢ial $tstemen15 have been prepared in accordance the chareS SORP {FRS 102) - Accounting and Reporling by chares.. Ststement of Recommended Practice applicable lo charities preparing their accounts in accordance vAlh the Financial Reports'ng Standard applicable in the UK and Repubbc of Irdand IFRS 1021 (effeclive 1 January 20191, Ihe Finanaal RepO"ng Standard applicable in the UK and Republic of Irdand IFRS 102) and the Charilies Act 2011. The finanLyal statements have btrèn wepared to gve a ue and fairf View and have departèd from the Charities (Accounts and Reports) Rewlab"ons 2(W)8 onty to the extent required to provide a Inje and fairf view. This depafl¥Jre has involved follwng the Charities SORP IFRS 1021 published October 2019 rather than the Accounting and Reportsrig by Chares.. Statement of Recommended F¥aclice effective from 1 April 2005 vthith has since been thdra. Whitec¥oft Educatioll Trust meets the definrtion of a public benefft enb.ty under FRS 102. Assets and lia$eS are rtiallY recognised at historical cost or transaction value unless othewse stated in the relevant a¢¢ounting policy. The Consolidated ststement of anC9a1 acliwlie5 {SOFAI and Consolidated balance sheel con50tsdate the finan¢ial stslements of the Chafity and its subsidiary undertaking. The results of the subsidiary are con801idated on a &'ne by line basis. The Charrty has also tsken advantage of the exenytion available to a qualifying entity in FRS 102 for the requirement to present a Charity onty stslement of cash flows and certain disdosLtres about tho chariV5 finanaal instruments hithin the conSldated ffinanual statements. No $eparal¢ SOFA has en prepared forthe Charity alone. 22 Going conctrm The Tnjstees are of the opinion ihat there i£ sufficient fijnding in place to continue a¢Jlvlb'e$ of the charity. Therefore. the accounts have been prepared on a going cmcem basi5. Page 13
YHITecROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACcoUntg lICIt$ (continued) 2J lTrcom• Al income is recognised once the Chality h#$ enbuement to the income, it is probable that the income V+ill be received and the amount of income receivable can be measured reliably. The recognrbon of income from lega¢ies is Lkpendenl on estsblishing enlillefflent, the probablity of receipt and the ability to estimate vrilh sufficient accuracy the amount receivable. Evidence of eIement to a legacy exists when the Charity ha8 ¥uffiaent evidence that a gift has been left to them Ithrough knovAedge of the existence of a va5hl Ylil and the death of the benefactor) and the executor is satisfied that the property in question wtll not be required to salisfy Claims in the estate. Receipt of a legacy must be recognised vA)en it is probable that it V+ill be received and the fair value of the amounl receivable, wthich vdll g&neralty be the expected Cash amount lo be di$tribute¢J to the Charity, can be reliably measured. Grants are included in the Cons01idat•d statement of finanual activities on a Teceivable basi$. The balance of income receNed for speuffic wrposes bth not expended during the period is shown in the relevant fijnds on the Balance sheet. Where income is feceived in advance of enb"lJement of receipt. its recognits.on is deferred and induded wi rAedrtors a$ deferred income. Where entrtlement occurs before income is received, Ihe income aryxued. 2.4 Expendilurn Expenthiure 1$ f¢¢ognised once there ts a legal or ¢StructiVe obligati¢)n lo transfer economic benefft to a third party, r¢ is probable that a transfei of economic benefits wil be reqsjired in selyement and the amount of the obligation can be measured reliabty. Expendttufe is dassified by aclwity. Expenditure on raising fvnd$ indudes all eXpenthre incutred by the Group lo false fvnds for its charitablè Purposes and indudes costs of all thjndraising aeti¥ati"es events and non-charitable trading. Expenditure on charitable aclivitie5 is 1njrred on direc1Jy undertaknng the aclNities which lurther the Group's objectives, as well as any associated support costs. l expenditure B indusive of ire¢overat4e VAT. Page 14
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 A¢eountMIg policies (continued) 2.5 Tangibk red ass•ts and dèprnciation Tanble fixed assets costing £5fM) Of mNe are ¢apitalised and re¢ogmised Ythen ftrture &¢onomi¢ benefits are Probable and Ihe cost ( value of the asset be measured reliabty. Tani¥ble fixed assets are inFtiaUy reeowised at cost. After r•¢Ognlb. under the cost mod&l, tsngible xed assets are measured at cost less actwmulaled depreaab.on and any acfjjmulaled impairment losses. costs inujrred to bring a tangkye ed asset into its intended worknng condition Should be included in the measurement of cost. Depreation is tharged 80 as to glocate Ihe cost of twgile ffixed astsets less their residual value over their eslimated usefvl INes. . Depreuaticffj is prowd•d M the fdlthhing basis.. Freehdd property Plant and machinery Fixtures and fith"ng8 Office equipment 2% stratght line 10% straight line 100/0 straKJht line 18% redueing balance The a&8ets' residual values. usefvl thves dew¢c4ation methods are reviewed, and adjusted prospectivety rf appropriate. or If Ihere i8 an Inth'cation of a signthcant thange since the last reporting Gains and losses on disposals are deterrywned by comparing Ihe proceed5 V*ilh the carywng amount and are recognised in the Consolidated statement of fman¢>al adivities. 2.6 Inv•slmonts Fixed asset investments are a fomi of financial instrument and are inilialty Tecognised at their transactirgn Cost and subsequenty meayued at fair vatue at the Balance sheet date, unless the value annot be measured reliabty in whi¢h case it is measured at cost less impairment. Investment gains and losses. vthether realised or unrealised, are combined and wesented as 'Gainsl{Losses} on investments, in the Consolidated statement of financaal aetsvbtses. Investments in subsidiaries are ¥abJed at ¢o$t less provisson kn impairment. 2.7 stocks Stocks a valued at the lower of cost and net realisalle ¥alu• after making due allowance for obsolele and slow-moving stocks. Cost indudes all threct costs and an appropriate propo0 of ffix&d and varbable overheads. 2A Debto Trade and other debtors are recowised at the setttement amount after any trade discourtrt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in haDd Cash at bank and in hand indudes cash and short-terrn hbghly liquid investments with a short maturty of three months or 5tsss from the date of acqui.0 or opening of the deposit or simlar account. Pag• 15
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2021 Accounting policies {continu8d) 2.10 LÈabilitie5 Liabil"e$ are recosmised lIeft there i% an obllgalion at the Balance sheet date a5 a resutt of a past evenl, it is probable that a trar¢sfer of eOrni¢ benefft wll be required in setuement, and the amount of the setllement can be estimated reliabty. Lialylthes are recognised at the amount that the Charity antiopates it 11 pay to settle the debt or the amount (( ha3 received 88 athanced payments for the goods or services 5t must provide. 2.11 Flnancial instruTrnts The Group only has finanoal assets and financ4al liats.1es of 8 kn.nd thal qualify as basic financial instruments. Basic finanual instrLtments are InitilY recognised at transaction value and subsequently measured at their settlement value. 2.12 Fund 4¢¢ounting General fvnd5 are unreslricted fijnds vA)ith a avalable for use at the discretion of the Trustees in hjrtherance of the genttal obiecbves of the Group and leh have not been designated fof olhèr purposes. Designated fijnds comprise unrestricted fvnds that have been set a$ide by the Trustees for parbcular purposes. The atm and use of each desiated tund is set oul in the notes to the financial statements. Restricted funds are fund5 vhich ale to be used in accordance WTth $peafic restriclions imposed by donors or vthich have been raed by the Group lor parb¢ular pU0$eS. The costs of raising and administering such ndS art ¢haiged against the spe¢ific fund. The aim and use of each restn'cted nd is sel out in the notes to the financial ststements. Page 16
YHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 lTrcomo from donations and 10gaci•s R•strkt¢d Unrnstri¢tod funds fvnds 2021 2021 Total lunds 2021 Donation$ Grants Prospect EdurAtion Tnt Novus Trading knrrrited 2.721 so.000 18,300 197.577 2,721 50,000 18,300 197.677 268,598 268,598 Resthded funds 2020 Total fvnds 2020 Donations 74,474 iO.OL 165,OCQ 74, 474 10, 000 165,C¥)O Legacies Grants 249,474 249. 474 Income Imm charitsb *tiviti Unrestricted funds 2021 Total funds 2021 Rent income 4,998 4,998 Unrostn'¢t&d fvnds 2020 Total fvnds 2020 Rent income Page 17
YIITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR E140E0 31 DECEMBER 2021 Incomè from other trading activities Income from non charitabl• trading xliviti•s Un¥estricted funds 2021 Totsl funds 2021 Total fvnds 2020 Trading income- Novu$ Trading Limited 527,560 527.560 Expend61 on raising lunds Costs of raising voluntary income Total funds 2021 Total fvnds 2020 funds 2021 Trading $ts- Novu5 Trading knmtted 486,084 486,084 Analysis of exr*ndiiurè on ¢haritsbk activili•s Summary by fund type funds 2021 Total 2021 Charrtable acbvibes 313,321 313.321 Page 18
HITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysl$ of •xpgndrlur• on charilable activili•s {continuedl Summary by fund type l¢onlinued) Unrestricted funds 2020 Total 2020 Charitsble a¢tivilies 67.575 67.575 Analysis ol expenditure by a¢tivils Adiviti•$ undertaken directly 2021 Support eosts 2021 Total funds 2021 Charitsble activrfies 304,717 8,604 313.321 AdF"vitse$ undertaken dir&cly 2020 Support costs 2020 Total fund$ 2020 Charitabk aclivilies 64,117 3,458 67,575 Page 19
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysis of expendire by activities (conled) Anatysis of dire¢t eosts Total funds 2021 Activities 2021 Depreciatic Donations 174,472 130.245 174.472 130.245 304,717 304.717 A review of depreciation rates took place in the year and this has been refflecte¢J in Ihe year to 31 Deeèmbef 2021. In 2021, included N¥7th donan$ are £66.000 of donalions to OSGUK. Total nds 2020 Activrties 2020 Depreciation S4.117 64,117 Page 20
WHITECROFT EDUCATION TRUST NOTES TO TME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEM8ER 2021 Analys of exp•nditur¢ by activilies l¢ontinued) Analysis of support costs Total funds 2021 Activit••s 2021 Audit and accountsncy Bank ¢har9e$ Legal and professional fees 6,708 6.708 1,800 8,604 8,604 Total funds 2020 A¢tsvilffjs 2020 Legal and Pfofe55ional fees {ProfftlAoss on disposal of fixed assets 3,189 278 3,180 218 3,458 3,458 Staff costs are nil. The Whitecroft Education Tw$t is run wtholty by volunteers. Auditorfs r•munoration 2021 2020 Fees payable to the Charitys auditor for the audr¢ $erw¢es Fees paYae to the Chall$ auditor in respect ot. Non-audit service5 2.2EQ 3, 120 10. TNstees' rnnuneration and exp$•$ During the year, no Trustees received any reThwneration or other beneffts (2020- £NIL). During the year ended 31 December 2021. no Trustee expense¥ have been incurred (2020- £NIL). Page 21
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Tanglble fixed as*•ts Group Fr••hold Fixtyrns and prop•rty firtlngs Offi¢• •quipm•nt T¢)tal Cost or valuation At 1 January 2021 Additions On acquisl0n of subsi(tiaries 2,088,748 71.660 224,030 2,398 70.893 2.309,778 70,084 75,827 1.026 4.934 At 31 December 2021 2.157.408 297.321 2.460.689 D•prn¢lation At l Jan¢Jary 2021 Ch8rue for the year On a¢qui$iJon ol 8ubtsldi•riei 301.731 86.867 144,702 388.298 182,268 667 32.638 At 31 December 2021 338.740 281,869 2,606 603.204 N•t book va• Al 31 De¢ember 2021 1,818.688 35,462 3.366 1,867.486 At 31 December 2020 1 T84.OIT 13T.463 1.921,480 Page 22
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Tangible ftKed assets {¢ontinu4d) Charity Frnehold Fixtyres and property fittings Total Cost or valuati¢n At 1 January 2021 Addibons 2.085.748 71.660 224,030 2J09.778 71,660 At 31 December 2021 2.157.408 224,030 2J81.438 At 1 January 2021 Charge for the year 301,731 37,009 86,567 137,463 388,298 174,472 At 31 December 2021 338,740 224,030 562,TlO N•t book value At 31 December 2021 1018,668 1018,668 At 31 Decemb8r 2020 1, 784,017 137,463 1.921,480 Page 23
WHITecROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. Flxed asset lTrv•stments Investments in subsidiary ompanies Charity Cost or valuation Ad¢thb"ons On acquisition of subsidiaries 197,577 At 31 December 2021 197,579 N•t book valuo At 31 Decembef 2021 197,F19 Principal subsidiaii•$ The follthiing o subsidiary undertaking oflhe Charity: Ctynpany RegIStrr offKe or principal Principal activity number pla¢e of Lw5iness Novus Trading Limtted C6451874 200 The Quadrant, Ash Ridge Road. 8ristol. BS32 4QA Retail Sales The ffinancial rewjlts of the subsidiary for the 5 month period were". Name IncThne Expèndirn ProfrtllLoss) I Surplusl (Deficit) for the 5 rnonth Net assgts Novus Tradln9 Ltmited 552.084 24.524 173,053 Page 24
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Stocks Group 2021 Group 2020 Sto¢k 132.675 14. DÈbtors Group 2021 Group 2020 Charity 2021 Chanty 2020 Du¢ wilhin year Trade dèbtors Other debtors 16.083 10 64,245 64,245 Prepayments and acc¥ued income 1.60S 17,698 64 245 64, 245 15. C¥•ditors: Amounts falling due within one y•ar Gnwp 2021 Gp 2020 Charity 2021 Charity 2020 Trade erethtors 47,049 6,512 1,680 1, 680 Other taxation and social setyjrity Other crethtor5 Accruals and deferred income 42.150 5,002 2, $49 110,761 4.229 6,562 4,229 Page 25
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THe YEAR ENDED 31 DECEMBER 2021 18. Statsm•nt of lunds Stat•m•nt of funds- curr•nt y•ar Balanc• at Balone• at 1 January 2021 31 Tr*nsf•rs D•mr inlout 2021 Incom¢ Expenditijre Unrnstrfct•d fvnds General Fund8 801,156 (799,405) 2,006,308 2,008,059 R•strl¢t•d fvndl 8erkel8y Fund 2,006,308 12,1)06.31)81 Totsl olfvnd• 2,006,308 a01.151 1799,405) 2,008,009 Ftslowng a rewew ol fijnds held and darification from Th• Gia¢e Twsl, £2,OC6,308 of r•$trlcted fvnd8 have been transferred to unrestricted fvnds in hne Vlith the obiectiv•s ol the Charity. S14tom•nt of fundi - prlor y••r Balance at 31 D8¢gmb•r 2020 8alanc• at 1 January 2020 Incom• Exp8nditure Re•trl¢t•d fvnds Berkdey Fund 1.819.237 254,646 (67,575) 2,006,308 Page 26
ITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2021 17. Summary of funds Summary of funds . current year 8alance at 31 Translers Decernbei inlout 2021 Bal8ne¢ at 1 Jwuary 2021 Income Expendire General fvnds Restn"cted thjnds 801,158 1799N05) 2,006,308 12,006,308) 2,008,069 2.006.308 2,006.308 801,156 1799,4061 2,008,059 Following a rewew of fvnds held and darification from The Grace Trust, £Z,IJ06,308 of re$tri¢ted funds have been transferred to unrestricted fijnds in line Vlith the obiectrve5 ofthe Charity. Summary fund$ - prior year Balance at 31 December 2020 Balance at l January 2020 Income Expdrtre Restricted thJnds 1. 819.237 254.846 (6T,575) 2.006.308 18. Analysls of net ass•ts belw•¢n funds Analysis of net assets between fvnds - curv•nt year unStricted funds 2021 Total funds 2021 Tangible ffixed assets Current assets CTedrtors due wthin one year 1,857.485 261.335 {110.761) 1,857,485 261,335 1110.7611 Total 2,008,059 2.008.059 P8ge 27
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. Analysls ol net assets belween funds (continued) Analysis of net a$t$ beteft furbds- pri*x year Restricted funds 2020 Total fvnds 2020 Tangible fixed assets Currenl assets Creditor$ wlthin Me year 1,921,480 89.05T f4,229) 1,921,480 89.057 (4,229) Total 2,CQ6.308 2,006.308 19. R•con¢iliation of net movement in funds lo net ¢ash flow from operating activiti•s Group 2021 Group 2020 Net income for the year (as per Statement of Finanaal ActNrti"esl 1,751 787.071 Adjuslments for: Depreciab"on tharges Decreasellincrea$el in ¥to¢ks Decreasellincrease) in dèbtLWS In¢reasel(decreasel credito 182.268 {132.6751 46.547 106.532 03,444 (50. 705) (183,320) Net ush provided by operating activities 204.423 16, 490 20. Analysis of cash and cash equivalents Group 2021 Gmup 2020 Cash in hand 110,962 24,812 Total cash and cash •quh•lonts 110.962 24.812 Page 28
WHITECROFT EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 21. An41• of chang•s In n•t d•bt At1 January 2021 Cash flows At31 D¢¢ombo1 2021 Cash al bank and in hand 24M12 86,160 110,962 24112 86.160 110,962 22. Op•ratlng l••i• commSlm•nts At 31 Decerter 2021 the Group and the Charity had ctsmmthents to make jre minlmum 1è88e payments Ltnder non-¢anlIablfr operating leases a$ I10- Qrnup 2021 Group 2020 Nol later Ihan 1 year 13,680 23. R•l•t•d party tT•n•xt•ons As 8t•ted In note 12, Novus Tr•¢Jng knmlled a %¥tholly owned subsldiary undertaking of Ihe Charfty from 31 July 2021. £66,000 was received by the Charity from the 8ubdiary under gift aid. Page 29