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← Medway Education Trust

2020-12-31-accounts

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REGISTERED CHARITY NUMBER: 1066592

REPORT OF THE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 "> FOR MEDWAY EDUCATION TRUST

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Friend & Grant Ltd (Statutory Auditors) Bryant House Bryant Road Strood Rochester Kent ME2 3EW

MEDWAY EDUCATION TRUST

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CONTENTS OF[THE][ FINANCIAL][ STATEMENTS] FOR THE YEAR ENDED 31 DECEMBER 2020

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ReportoftheTrustees 1 to 4
Report ofthe Independent Auditors 5 to 7
Consolidated Statement of Financlal Activities 8
Consolidated Balance Sheet 9
Charity BalanceSheet 10
Consolidated Cash Flow Statement 11
Notes tothe Consolidated Cash Flow Statement 12
Notesto the Consolidated Financial Statements 13 to 28
Consolidated Detalled Statement of Financial 29 to 30
Activities

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MEDWAY EDUCATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice appticable to charitlas preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

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Objectives and alms

The charitable objectives of the Trust are the advancement of the education of children and young people. The objects also include any other charitable purpose for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church.

The Trust’s main activities are the support of Brethren schools and the provision of grants to organisations that support children and families.

Ethos | Students attending Brethren schools are encouraged to develop their full potential and acquire the discipline of learning how to learn, while upholding Christian teachings and beliefs.

The truth and authority of the Holy Bible and strong family values underpin the commitment of the School to provide quality in every facet of education - curriculum, teachers, facilities, management and discipline - in a safe and caring environment.

Values

The Trustees are drawn from the Brethren community and the School is committed to a way of life that Is governed by the Holy Bible, expecting the conduct of pupils and staff consistently to reflect Biblical values and the specific values of the School, which include:

Significant Activities

The Trust has supported the Brethren schoo! in Maidstone, providing use of the school building and supporting the education provision provided by OneSchoo! Global! UK.

Pupils who attend the Schoo! are expected to act in accordance with the doctrines and practices of the Brethren, but there is no other academic or financial selection process for admission to the School.

The curriculum is designed to provide opportunities for pupils of varied abiiitiles and interests. The subjects offered are in Sine with the Nationa! Curriculurn and cover key learning areas. There is an increasing focus on encouraging and developing self-directed learning principles with students.

The aim is to provide a broad and balanced curriculum which promotes personal development and prepares students for Increasing independence and responsibility.

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OneSchool Global UK was incorporated for that purpose and, whilst recognising the responsibilities of each relevant local community, it is considered that the advantages of providing education through one organisation are considerable and that in particular allows:

(a) delivery of a single entity to provide a single employer of school staff;

(b) delivery of positive laarning outcomes In line with a single, Global vision; and (c) maximisation of the benefits of a UK-wide ecosystem. ,

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MEDWAY EDUCATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

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Objectives

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit and we have had regard to it when reviewing our aims and objectives, and in planning our future activities. In particular we consider how planned activities will contribute to the educational aims and objectives we have ‘ set.

Ths key objective of the Trust is to further Improve the quality of the space and building rented to OSG UK to facilitate an improved learning environment.

Financial Review

The Trust is supported and financed principally by income from the rental of the Trust's property. CAPEX projects are supported by Donations and Grants. ;

The Trust continues to work closely with OneSchool Global UK to ensure that continued funding received by the Trust, intended to support the education of its students, Is donated to OneSchool Global UK In order to continue those provisions in line with the Trust's charitable objectives.

All CAPEX spend is budgeted for in advance and goes through a rigorous sign off procedure. Pledged donations are secured In advance of any expenditure and if any loans are required the repayment of these within agreed terms is also factored in.

Future Plans

There are plans to further improve the facilitles over the coming years subject to the necessary CAPEX funds being available.

We intend to continue to support OneSchool Global UK 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 Trust's ethos and values.

Going Concern

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. The adoption of this basis of accounting has no significant impact on the financial statements.

FINANCIAL REVIEW

Principal funding sources

The majority of the Trust's income comes from grants from One School Global, who have secured pledges in advance to cover the cost of capital projects in the coming year.

Reserves policy

The Trust maintains a minimum balance of £5,000 in Hs operating account and restricted capital funds are held in a capital account for future capital expenditure.

FUTURE PLANS

We intend to continue to support OneSchool Global UK to provide quality and deliver a consistent and high level of educational experience and outcome for all students and staff, in accordance with the trust's ethos and values.

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MEDWAY EDUCATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status

The Medway Education Trust ("The Charity”) Is an unincorporated Association that is registered with the Charity Commission, Reglstration No. 1066592. The Charity is govemed by a Trust Deed made on 8 October 1997.

Trustee appointment, induction and tralning

Persons are appointed as Trustees (and thus members of the Committee) under Ciause 11 of the Trust Deed. The Trustees serving at any time may propose the appointment of additional Trustees (up to a maximum of 13 Trustees serving at any one time) and these would be persons who have relevant experience and interest in the education field. From time to time the Trustees attend development days.

Risk management

The Trustees have a duty to identify and review the risks to which the Charity Is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees conskler that systems continue to be in place to mitigate those risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1066592

Principal address Linton Park School OSG Maidstone Campus Heath Road , Linton Maidstone. Kent ; ME17 4HT

Trustees

D Allen J Anderson $ Lyon S Frost R Worsley us § Bell K Dupont C Groombrkige , P A Alexander . J Bruce S Campbell V G Woodcock T Dupont

Auditors

Friend & Grant Ltd (Statutory Auditors) Bryant House Bryant Road , Strood Rochester Kent ME2 3EW

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MEDWAY EDUCATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS

Bankers HSBC Holdings Plc 87 High Street Gillingham ME7 1BP

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statemenis 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 of the incoming resources and application of resources, including the Income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financlal statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities.

Approved by order of the board of trustees on 29" October 2021 and signed on Its behalf by:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEDWAY EDUCATION TRUST

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Opinion We have audited the financial statements of Medway Education Trust (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 December 2020 which comprise the Consolidated Statement of Financial Activities, the group and parent charity Balance Sheets, the Consolidated Cash Flow Statement, parent charity Statement of Financial activities 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicabis law. Our responsibllities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of ourrapori. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financlal 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 about the group's or parent charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilitles of the trustees with respect to going concem 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 Report of the Independent Auditors 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.

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 materlaily 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 this gives rise to a material misstatement in the financlal statements themselves. lf, 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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEDWAY EDUCATION TRUST

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Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparaiion of the financial statements which 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 group’s and the parent charity's ability to continue as a going concer, disclosing, as applicable, mattars related to going concern and using the going concer basis of accounting unless the trustees efther intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain raasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors thatauditincludesconductedour opinion.in accordanceReasonablewith ISAsassurance(UK) willis aalwayshigh leveldetectof assurance,a material butmisstatementis not a guaranteewhen it thatexists. an 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.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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A further description of our responsibilities for the audit of the financial statements is located on the Financtal Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEDWAY EDUCATION TRUST

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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 fo the charity's trustees those matters we are required to state to them in an auditors’ 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Anthony Friend BSc FCA (Senior Statutory Auditor) for and on behalf of Friand & Grant Lid

(Statutory Auditors) Bryant House Bryant Road Strood Rochester Kent ME2 3EW

Date: 29" October 2021

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MEDWAY EDUCATION TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

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|||||||||| |---|---|---|---|---|---|---|---|---| |2020|2019| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |as|restated| |Notes|£|£|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations and|legacies|2|136,480|39,581|176,061|829,693| |Charitable|activities|5| |Incoming|resources|from|charitable|activities|.|-|-|515,396| |Other trading|activities|3|1,944,683|-|1,944,683|1,282,764| |Investment|income|4|257|:|257|398| |Other income|6|25,000|-|25,000|-| |Total|2,106,420|38,581|2,146,001|2,628,251| |EXPENDITURE ON| |Charitable|activities|7| |Cost of|activities|96,950|11,485|108,435|1,641,933| |Fundraising|1,691,407|-|1,691,407|876,439| |Other|costs|9|416,543|-|416,543|473,121| |Total|2,204,900|11,485|2,216,385|2,691,493| |NET INCOME/(EXPENDIT|URE)|(98,480)|28,096|(70,384)|(63,242)| |Transfers between funds|21|39,581|(39,581)|-|.| |Net movement|in funds|(58,899)|(17,485)|(70,384)|(63,242)| |RECONCILIATION OF|FUNDS| |Total funds|brought|forward| |As previously|reported|4,230,459|447,189|4,677,648|4,567,769| |Prior|year adjustment|13|(173,121)|*|(173,121)|-| |As|restated|4,057,338|447,189|4,504,527|4,567,769| |TOTAL FUNDS CARRIED FORWARD|3,998,439|435,704|4,434,143|4,504,527|

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The notes form part of these financial statements

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MEDWAY EDUCATION TRUST

CONSOLIDATED BALANCE SHEET 31 DECEMBER 2020

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2020|2019| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |as|restated| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible assets|14|«4,023,197|435,704|4,458,901|4,359,505| |CURRENT|ASSETS| |Stocks|290,252|-|290,252|210,763| |Debtors|16|140,282|-|140,282|396,426| |Prepayments|and|accrued|income|9,394|-|9,394|-| |Cash|at bank and|In hand|275,560|275,560|329,655| |715,488|-|715,488|936,844| |CREDITORS| |Amounts|falling due|within|one|year|17|(607,430)|-|(607,430)|(753,366)| |NET CURRENT ASSETS|108,058|:|.108,058|_183,478| |TOTAL|ASSETS|LESS CURRENT| |LIABILITIES|4,131,255|435,704|4,566,959|4,542,983| |CREDITORS| |Amounts|falllng due after more than one|year|19|(44,167)|-|(44,167)|-| |ACCRUALS AND DEFERRED INCOME|20|(88,649)|-|(88,649)|(38,456)| |NET ASSETS|3,998,439|435,704|4,434,143|4,504,527| |FUNDS|21| |Unrestricted|funds|3,998,439|4,057,338| |Restricted funds|435,704|447,189| |TOTAL FUNDS|4,434,143|4,504,527|

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The financial statements were approved by the Board of Trustees and authorised for issue on 29" October 2021 and were signed on its behalf by:

The notes form part of these financial statements

MEDWAY EDUCATION TRUST

CHARITY BALANCE SHEET 31 DECEMBER 2020

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||||||||| |---|---|---|---|---|---|---|---| |2020|2019| |Unrestricted|Restricted|Total|Total| |funds|funds|tunds|funds| |as|restated| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|14|3,650,644|435,704|4,086,348|4,119,996| |Investments|15|2|-|2|2| |3,650,646|-|4,086,350|4,119,998| |CURRENT ASSETS| |Debtors|16|209,157|-|209,157|361,418| |Prepayments|and|accrued|income|514|-|514|-| |Cash|at bank and|in hand|251,612|-|251,612|263,680| |461,283|-|461,283|625,093| |CREDITORS| |Amounts|falling due within one year|17|(85,377)|:|(85,377)|(415,114)| |NET CURRENT ASSETS|375,906|:|375,906|209,979| |TOTAL ASSETS LESS CURRENT|.| |LIABILITIES|4,026,552|435,704|4,462,256|4,329,975| |ACCRUALS AND|DEFERRED INCOME|20|(28,113)|-|(28,113)|(32,806)| |NET ASSETS|3,998,439|435,704|4,434,143|4,297,171| |FUNDS|2i| |Unrestricted|funds|3,998,439|3,849,982| |Restricted|funds|435,704|447,189| |‘TOTAL FUNDS|4,434,143|4,297,171|

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The financial statements were approved by the Board of Trustees and authorised for issue on 29" October 2021 and were signed on its behalf by:

J Bruce — Trustee

P Alexander - Trustee

The notes form part of these financial statements

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MEDWAY EDUCATION TRUST

CONSOLIDATED CASH FLOW STATEMENT FOR THE THE YEAR ENDED 31 DECEMBER 2020

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|||||||| |---|---|---|---|---|---|---| |FOR THE THE|YEAR|ENDED|31|DECEMBER|2020|.| |2020|2019| |as|restated| |Notes|£|£| |Cash|flows|from|operating|activities|.| |Cash generated from|operations|1|239,266|216,047| |Interest paid|(11,711)|(5,683)| |Net cash|provided|by operating|activities|227,550|210,364| |Cash|flows from|investing|activitles| |Purchase of|tangible|fixed|assets|(281,907)|(165,125)| |Interest|received|257|398| |Net cash used|in|Investing|activities|(281,650)|(164,727)| |Change|in|cash|and|cash|equivalents| |In|the|reporting|period|(54,095)|45,637| |Cash|and|cash|equivalents|at the| |beginning of the reporting|perlod|329,655|284,018| |Cash|and|cash|equivalents|at the end| |of the reporting|period|275,560|329,655|

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The notes form part of these financial statements

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MEDWAY EDUCATION TRUST

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

1. RECONCILIATIONOFNETINCOMEEXPENDITURE)TONETCASH
ACTIVITIES		 RECONCILIATIONOFNETINCOMEEXPENDITURE)TONETCASH
ACTIVITIES		 RECONCILIATIONOFNETINCOMEEXPENDITURE)TONETCASH
ACTIVITIES		 FLOW FROM
2020		 OPERATING
2019
as restated
£ £
Net Income/(expenditure) for the
StatementofFinancla! Activities)		 reporting period (as perthe (70,384) (63,242)
Adjustments for:
Depreciationcharges
Interestreceived
Interestpaid		 198,556
(257)
11,711		 199,236
(398)
5,683
Donation ofassets - 173,121
, Stockmovement
(Increase)/decrease in debtors		 (79,489)
38,013		 (92,792)
(12,615)
(Decrease)/increase in creditors 141,116 7,054
’ Netcash providedbyoperations . 239,266 216,047
2. ANALYSISOFCHANGES INNETFUNDS FUNDS
At 1/1/20 Cash flow At 31/12/20
£ £ £
Net cash
Cash atbank and inhand 329,655 (54,095) 275,560
329,655 (54,095) 275,560
Debt
Debts fallingduewithin 1 year
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Debts fallingdue ingreaterthan 1 year		 (382,500)
“		 (76,000)
(44,167)		 (458,500)
(44,167)
(382,500) (120,167) (502,667)
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Total (52,845) (174,262) (227,107)

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MEDWAY EDUCATION TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of preparation The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102)', the Financlal Reporting Standard 102 ‘The Financlal Reporting Standard applicable in the UK and Republic of Irelanc' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

No material uncertainties that may cast doubt about the ability of the charity to continue as a going concern have been identified by the trustees.

Basis of consolidation

The group financial statements consolidated the financial statements of the charity and its subsidiary undertaking, Linton Projects Ltd, on a line-by-line basis.

; Recognition of Income Income is included in the Statement of Financial Activities when the charity becomes entitled to the resource, it is more likely than not that the trustees will receive the resources; and the monetary value can be measured with sufficient reliability.

Income is recognised at fair value, derived from ordinary activities and net of sales taxes and any trade discounts.

Donations

Donations are included in the Statement of Financial Activities when the general income recognition criteria are met.

Volunteers’ contribution

The contribution from volunteers has not been included In the Statement of Financial Activities as the value of their contribution cannot be reliably quantified in financial terms.

Gift Ald

Gift Aid receivable is included in income when there is a valid declaration trom the donor. Any Git Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Expenditure and Ilabilities

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settiement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs All support costs are allocated directly to the Charitable Activities which they support. Whilst a minimal amount of support costs could be allocated to governance costs. lt Is not considered appropriate tor such an allocation to be made due to the cost involved in doing so and since there would be no impact on the true and fair view of the accounts produced. .

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MEDWAY EDUCATION TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

  1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation Is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - 2% on cost and 10% on cost

Fixtures and fittings ~ 20% on reducing balance

Fixed assets costing less than £200 are not capitalised but are treated as expensed in the year of purchase.

Tangible fixed assets are stated at cosi less accumulated depreciation. Cost includes costs diractly attributable to making the asset capable of operating as intended.

The part of the depreciation which relates to assets paid for with restricted funds is charged to the restricted fund.

Regular impairment reviews are carried out to ensure that fixed assets are recorded in the financial statements at no more than their recoverable amount. Any resulting impairment loss is measured and recognised on a consistent basis.

Stocks

Stocks are valued at the lower of cost and net realisabie value, alter making due allowance for obsolete and slow moving items.

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Related party exemption

The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.

Taxation

The charity is exempt from tax on its charitable activities.

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Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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Restricted funds can only be used for particular restricted purposes within the objects of the charlty. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Financial instruments

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Basic financial assets / liabilities including trade and other receivable / payables and cash and bank balances, are initlally recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of tima) where the transaction is measured at present value of the future recelpts discounted at a market rate of interest. Such assets / liabilities are subsequently carried at amortised cost using the effective interest method.

Fixed asset investments

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Investments in subskdiary undertakings are recognised at cost.

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MEDWAY EDUCATION TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

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2, DONATIONS AND LEGACIES
2020 2019
as restated
£ £
Grants and otherdonations 173,187 815,236
Legacies
Taxrecovered		 -
2,874		 8,404
6,053
176,061 829,693
3. OTHERTRADING ACTIVITIES
2020 2019
as restated
£ £
Uniform sales - 13,027
Otherincome
Subsidiarytrading income		 — 5,000
1,939,683		 13,717
1,256,020
. 1,844,683 1,282,764

Lessor commitments ; ’ At the year end the charity have leased owned assets in regards to rental of a freehold property which is caplialised within the balance sheet. The amounts committed to be received during the rented term are listed below:2020 2019 as restated £ £ Within 1 year 5,000 ; - 1-5 years 20,000 - More than 5 years 10,000 - . 35,000 - 4. INVESTMENT INCOME ‘ 2020 2019 ; ; as restated £ £ Deposh account interest 257 398 5. INCOME FROM CHARITABLE ACTIVITIES 2020 . 2019 as restated Activity £ £ incoming resources from charitable School fees activities - 515,396

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MEDWAY EDUCATION TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

  1. OTHER INCOME
2020 2019
as restated
£ £
Governmentgrants 25,000 -
e000
CHARITABLE ACTIVITIES COSTS
2020 2019
as restated
£ £
Cost of acthvities
Wages - 896,959
Employers N.!. - 81,991
Pansions “ 119,533
Council rates . 13,396
Cleaning andjanitorial - 47,168
Telephone, light and heat and other utilities - 43,192
Postage and stationery - 8,026
Premises expenses . 51,879
Examination fees - 24,658
Classroom materials - 24,406
Staff recruitment - 2,005
Motor and travel expenses - 67,420
Staff training - 793
School trips - 2,927
Eventexpenses - 9,382
Canteen costs - 17,295
Virtual classroom costs - 4,589
Uniform purchases - 10,137
Professional fees - 2,849
Other costs - 12,656
Bankcharges
Depreciation
Interestpayable
Auditors’ remuneration
Auditors’ remuneration fornon auditwork		 ; 1,502
$2,275
5,058
5,400
4,200		 2,798
181,673
-
16,200
:
108,435 1,641,933
  1. CHARITABLE ACTIVITIES COSTS

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MEDWAY EDUCATION TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

7. CHARITABLE ACTIVITIES COSTS - continued

,

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||||||||| |---|---|---|---|---|---|---|---| |2020|2019| |;|£|as|restated£| |Fundralsing|costs| |Rent|.|2,752|-| |Council|rates|§,016|7,536| |Insurance|2,560|1,602| |Telephone,|light and|heat and|other|utilities|;|38,546|17,121| |Postage and|stationery|2,605|1,366| |Premises expenses|15,035|1,135| |Advertising|§,637|259|.| |Motor and|travel expenses|3,864|-| |Subscriptions|4,006|405| |Purchases|1,464,936|805,208| |Other|costs|.|1,574| |Bank|charges|27,866|16,289| |Depreciation|106,281|17,563| |Interest payable|6,653|5,683| |Auditors’|remuneration for non|audit work|5,600|698| |1,691,407|876,439|

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  1. SUPPORT COSTS

;

Charitable activities

Support costs £ 15,200

.

Activity Basis of allocation Governance costs _ All support costs are allocated to charitable activities.

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|
----- End of picture text -----

Support costs, included in the above, are as follows:

.

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||||||| |---|---|---|---|---|---| |Govemance costs|2020|2019| |as|restated| |£|g| |Auditor's|remuneration|5,400|16,200| |Auditor's|remuneration|for|non-audit work|9,800|698| |15,200|16,898|

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' MEDWAY EDUCATION TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

  1. OTHER COSTS
2020 2020 2019
as restated
£ £
Donations toOneSchool Global 416,543 173,121
TRUSTEES’REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the yearended ended 31 December 2020 nor for
the yearended 31 December2019.
Trustees' expenses
Duringtheyearended 31 December2020thetrusteeswere re-imbursed £Nil (2019: £8,515) in relation
to expenses.
STAFFCOSTS
2020 2019
as restated
£ £
Wages and salaries : - 896,959
Social security costs - 81,991
Pension costs - 119,533
- 1,098,483
The average monthly numberof employees in the year was:
2020 2019
as restated
£ £
Teaching staff - 18
Support staff ; : 7
: 25
The number of employees who received emoluments (excluding pension contributions) in excess of
£60,000, shown in bands of £10,000, are as follows:
2020 2019
as restated
£ £
Between£60,000and£70,000 - i
  1. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

11. STAFF COSTS

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;

:

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|||||||| |---|---|---|---|---|---|---| |12.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL|ACTIVITIES| |Unrestricted|Restricted|Total| |;|funds|funds|funds| |,|£|£|£| |INCOME AND|ENDOWMENTS FROM| |Donations and|legacies|829,693|-|829,693| |Charitable|activities| |Incoming resources|from|charitable|activities|515,396|-|515,396| |Other trading|activities|1,282,764|-|1,282,764| |Investment|income|398|-|398| |Total|2,628,251|-|2,628,251| |EXPENDITURE|ON| |Charitable|activities| |Cost of|activities|1,630,448|11,485|1,641,933| |Fundraising|876,439|-|876,439| |Other|costs|173,121|-|173,121| |Total|2,680,008|11,485|2,691,493| |NET INCOME/(EXPENDITURE)|(51,757)|(11,485)|(63,242)| |RECONCILIATION|OF|FUNDS| |Total funds|brought forward|4,109,095|458,674|4,567,769| |TOTAL FUNDS CARRIED FORWARD|4,057,338|447,189|4,504,527|

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ae

13. PRIOR YEAR ADJUSTMENT

Fixed assets that were donated to OneSchool Global during the year ended 31 December 2019 were incorrectly included in other debtors in the financial statements for that year. The 31 December 2019 financlal statements have been restated to correct this error. The effect of the restatement on the financial statements is summarised below.

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||||||| |---|---|---|---|---|---| |Effect|on| |2019| |£| |Increase|in|donations|paid|,|173,121| |Increase|in|net expenditure|173,121| |Decrease|in other|debtors|-|173,121| |Decreases|in|unrestricted funds|173,1 21|

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"Amounts owing to OneSchoo! Global in relation to school fees were incorrectly classified as deferred income in the 31 December 2019 financial statements. The financlal statements of 2019 have been restated to correct this error. The effect of the restatement on those financial statements ls summarised below.

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|||||| |---|---|---|---|---| |Effect|on| |2019| |£| |Decrease|in|deferred|income|325,927| |Increase|in|other creditors|325,927|

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i

.

.

44. GROUPTANGIBLE FIXEDASSETS
Fixtures
Land and and
buildings
£		 Fittings
£		 Totals
£
COST
At 1 January2020
Additions
Disposals		 §,098,313
233,542
:		 107,832
64,410
:		 5,206,145
297,952
:
At31 December2020 §,331,855 172,242 5,504,097
DEPRECIATION
At 1 January2020
Charge foryear		 809,064
171,623		 37,576
26,933		 846,640
198,556
Eliminatedondisposal : : :
At 31 December2020 980,687 64,509 1,045,196
NET BOOKVALUE
At31 December2020 4,351168 107,733 4,458,901
At 31 December2019 4,289,249 70,256 4,359,505
14. CHARITYTANGIBLE FIXED ASSETS :
Land and
buikdings
£
COST
At 1 January2020
Additions		 . 4,929,060
58,627
At 31 December2020 4,987,687
DEPRECIATION
At 1 January2020
Charge for year		 ; 808,064
92,275
At31 December2020 901,339
NET BOOKVALUE
At31 December 2020 4,086,348
At31December2019 4119,996

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |15.|CHARITY|FIXED|ASSET|INVESTMENTS| |Shares|In| |,|undertakinggroup| |£| |COST|LESS|IMPAIRMENT| |At|1|January 2020.and|31|Decamber 2020|2| |NET BOOK VALUE| |At|31|December 2020|.|2| |At 31|December 2019|2|

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There were no investment assets outside the UK.

The charity's investments at the balance sheet date in the share capital of companies include the following:

Linton Projects Ltd.

Registered office: OneSchool Global Maidstone Campus, Heath Road, Maidstone, Kent, ME17 4HT Nature of business: Retail

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||||| |---|---|---|---| |%| |Class|of|share:|holding| |Ordinary|100|

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The investment in the subsidlary, Linton Projects Ltd represents 100% of the company’s share capital. A summary of the trading results is shown below.

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||||| |---|---|---|---| |Profit &|loss|account|2020| |£| |Income|2,050,288| |Expenditure|(1,691,407)| |Net|profit|;|358,881| |Balance|sheet|2021| |£| |Fixed|assets|372,553| |Current|assets|462,942| |Current|liabilities|{791,326)| |Non-current|liabilities|(44,167)| |Net assets|2|

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There ara no investments that fall outside of the group.

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16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

;

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Charity| |2020|2019|2020|2019| |as|restated|as|restated| |£|£|£|£| |Trade|debtors|110,986|376,274|420|361,413| |Other debtors|29,296|20,152|208,737|-| |140,282|396,426|208,157|361,413| |17.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN|ONE YEAR| |2020|Group|2019|2020Charity|2019| |asrestated|as|restated| |£|£|£|£| |Bank|loans|and|overdrafts|5,833|-|-|-| |Trade|creditors|102,280|24,456|377|3,142| |Taxation and social|security|18,988|12,902|-|-| |Other creditors|480,329|716,008|85,000|411,972| |607,430|753,366|85,377|415,114| |18|Loans| |An|analysis|of the|maturity|of the|loans|is|given|below:| |Group|Charlty| |2020|2019|2020|2019| |as|restated|as|restated| |£|£|£|£| |Amounts|falling due|within|one|year| |on|demand:| |Other loans|-|488,500|382,500|85,000|85,000| |Amounts|falling|due|within|one|year| |repayable|by|instalments:| |Bank loans|'|5,833|:|-|-|

----- End of picture text -----

18 Loans

.

|

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19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020 Group 2019 2020 Charity 2019
as restated as restated
£ £ £ £
Bank loans 44,167 : : -
Amounts failing due in more than fiveyears years
Repayable by instalments
Bankfoansmorethan5 yrby instal		 4,167 , : : :
ACCRUALSAND DEFERRED INCOME
Group Charity
2020 2019 2020 2019
as restated as restated
£ £ £ £
Accrualsand deferred Income 88,649 38,456 28,113 32,805
88,649 38,456 28,113 32,806

20. ACCRUALS AND DEFERRED INCOME

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |-| |21.|MOVEMENT|IN|FUNDS| |Prior|Net|Transfers| |year|movement|between|At| |At|1/1/20|adjustment|in funds|funds|31/12/20| |£|£|£|£|ra| |Unrestricted|funds| |General fund|4,230,459|(173,121)|(98,480)|39,581|3,998,439| |Restricted|funds| |Restricted| |||447,189|.|28,096|(39,581)|435,704| |TOTAL FUNDS|4,677,648|(173,121)|(70,384)|-|4,434,143| |Net|movement|in|funds,|included|in|the above|are|as|follows:| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds|,| |General|fund|2,106,420|(2,204,900)|(98,480)| |Restricted|tunds| |Restricted| |89,581|(11,485)|©|28,096| |TOTAL FUNDS|2,146,001|(2,216,385)|(70,384)|

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

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||||||||| |---|---|---|---|---|---|---|---| |21,|MOVEMENT|IN|FUNDS-|continued| |Comparatives for|movement|In funds| |Net| |movement|At| |At|i/i/19|in|funds|31M2N9| |£|£|£| |Unrestricted|funds| |General|fund|4,109,095|(51,757)|4,057,338| |Restricted|funds| |Restricted| |458,674|(11 485)|447,189| |TOTAL FUNDS|4,567,769|(63,242)|4,504,527| |Comparative|net movement|in funds,|included|in|the|above are|as follows:| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |General fund|2,628,251|(2,680,008)|(51,757)| |Restricted|funds|;| |Restricted| |-|(11,485)|(11,485)| |;|TOTAL FUNDS|2,628,251|(2,691,493)|(63,242)|

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22. RELATED PARTY DISCLOSURES

During the period, total Key management personnel compensation of £Nil (2019: £67,706) was paid.

Several businesses run by the charity's trustees provided goods or services to the charity at arms length during the prior year as listed below:

Trustee Business oftrustee
.		 Business oftrustee
.		 Business oftrustee
.		 Cost of
goods /services
provided
2020
£		 Cost of
goods /services
provided
2020
£		 Costof
goods /services
provided
2019
£		 Costof
goods /services
provided
2019
£		 Costof
goods /services
provided
2019
£
VWoodcock Muttifix SupplyCo - 323
S$ Bell Thermo Group - 1,619
J Bruce CapellaSolutions - 198
T Dupont RVTGroup - 300
- 2,440
FINANCIAL INSTRUMENTS
Group
2020
as		 2019
restated		 Charity
2020
as		 2019
restated
£ £ £ £
Financial assets
Financial assets that are debt
instruments measured at amortised
cost 715,488 936,844 461,283 625,093
715,488 936,844 461,283 §25,093
Financial liabliities
Financial liabilities measured at
amortisedcost		 740,246 791,822 113,490 447,920 Ol
; 740,246 791,822 113,490 447,920

23. FINANCIAL INSTRUMENTS

Financia! assets measured at amortised cost comprise trade debtors, other debtors, and cash and cash equivalents.

Financial \labilities measured at amortised cost comprise trade creditors, other creditors, other loans, bank loans and VAT.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020

24. GOVERNMENT GRANTS

Govemment grants received were as follows:

----- Start of picture text -----
,
2020 Group 2019 2020Charity 2019
as restated as restated
£ £ £ £
Covid 19 rates support 25,000 , - - -
----- End of picture text -----

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CONSOLIDATED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
as restated
£ £
INCOMEAND ENDOWMENTS
Donationsand legacies
Grantsand other donations
Legacles
Tax recovered		 173,187
-
2,874		 815,236
8,404
6,053
176,061 829,693 ,
Othertrading activities
Uniform sales . - 13,027
Otherincome
Subsidiarytrading income		 5,000
1,939,683		 13,717
1,256,020
1,944,683 1,282,764
investment Income
Depositaccount interest 257 398
Charitable activities
School fees - 515,396
Other Income
Government grants 25,000 -
Total Incoming resources 2,146,001 2,628,251
EXPENDITURE .
Charitable activities
Wages - 896,959
Employers N.I. - 81,991
Pensions
Rent
Council rates		 :
2,752
§,016		 119,533
-
20,932
Insurance
Cleaning andjanitorial
Telephone, lightand heatand other utilities
Postageand stationery
Premisesexpenses
Advertising		 2,560
-
38,546
2,605
15,035
§,637		 1,602
47,168
60,313
9,392
53,014
259
Examination fees - 24,8658
Classroom materials - 24,406
Staif recruitment ‘ - 2,005
Motorandtravel expenses 3,864 67,420
Stafftraining - 793
School trips - 2,927
Event expenses - 9,382
Canteen costs - 17,295
Virtual classroom costs - 4,589
Uniformpurchases . 10,137

This page does not form part of the statutory financial statements

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:

CONSOLIDATED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2020|2019| |as|restated| |£|£| |Professional|fees|-|2,849| |Subscriptions|4,006|405| |Trading|subsidiary purchases|1,464,986|805,208| |Other costs|-|14,230| |Bank charges|29,368|19,088| |Depreciation|198,556|199,236| |Interest payable|11,711|5,683| |,|1,784,642|2,501,474| |Other|costs|;| |Donations|416,543|473,121| |Support|costs| |Governance|costs| |Auditors’|remuneration|5,400|16,200| |Auditors’|remuneration|for non|audit work|9,800|698| |15,200|__|16,898| |Total|resources expended|2,216,385|2,691,493| |Net iIncome/(expenditure)|(70,384)|(63,242)|

----- End of picture text -----

This page does not form part of the statutory financial statements

.

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