Charlty number- 1066592
MEDWAY EDUCATION TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

MEDWAY EDUCATION TRUST
CONTENTS
Page
Reference and administrative detalls of the Charlty. its Trustees and advlsers
Trustees. report
Trust8es' responsibilities statement
Independent auditor's report on th6 finan¢lal statements
Consolidated statement of financlal activities
Consolidated balance sheet
10
Charlty balance sheet
Consolidated statement of cash flows
11
12
Notes to thè financial statements
13-31

MEDWAY EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2021
S Frost
S Bell
J Bruce
S Campbell
T Dupont
Charity regist&rad
number
1066592
Principal office
Oneschool Global UK
Msidstone Campus
Heath Road
Linlon
Maidstone
Kent
ME17 4wr
Chief executlve offlcer
J Bruce
Independent auditor
Crowe U.K. LLP
Fourth Floor
St James House
Sl James Square
Chellenham
GL50 3PR
Bankers
HSBC
Sillingbourne- Digital Serv(ce Branch
115 High Street
Sitlingbourne
Kent
ME10 4AL
Page 1

MEDWAY EDUCATION TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees of Medway Education Twsl present their annual report and audited accounts for the year ended
31st December 2021 and confirm they comply with the requirements of the Charities Act 2011, the Trust deed,
FRS102 and the Charities SORP IFRS 102}.
Ob-ectives and Activities
The charitable objects of the Trust are the advan￿Ment of th& education of children and young people through
the provision of education siles and premises. 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 PTovision of gr8nts lo organisalions that
support children and families.
In furtherance of its objects. the Trust provides one premise under fomal lease for an independent school based
in Heath Road Maidslone Kent ME17 4HT, which has been run by Oneschool Global UK IOSGUKI.
A separate building is also prowded lo Linlon Projects Ltd a Subsidiary Campus Trading company for local
Campus & Co shop under a separate lease.
The Trust also provides grant funding and other financial support lo OSGUK al the discretion of the Trustees in
order lo onable OSGUK lo provide a well balancecl education al primary and secondary levels, for chil(Jren and
young people whose parents appreciate the Christian ethos.
Success is measured in terms of the provision ol appropriate facililies lo OSGUK whilst minimising expenditure.
This in turn, frees up funds for raising standards of eduGation for all ￿ncerned and for the improvement of
facilities for pupils and stsff alike.
The Trustees have referied to the guidance contained in the Charity Commission's general guidance on public
benefit and have regard lo il when reviewing their aims and objectives, and in planning their future aclivilies. In
particular they consider how planned activities will contribute lo the education81 aims and objectives they have
sel.
Volunteers are an integral part of the community ethos and values of the Trust and there are strong and willing
group of volunteers who assist and support the Trust throughout the year.
Structure Governan¢e and Mana
ement
Medway Education Trust is ¢onsliluled by a Deed of Trust dated 08 10 1997, amended 05 01 2005 and is
registered with the Charity Commission for England and Wales.
The TTuslees 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 Trust in the year ended 31st
December 2021 lyear ended 31st December 2020 £nill. The power lo appoint Trustees is invested in the
existing Trustees subje¢t to the Trust Oeed requirement. Truslees are selected according lo their own
specialism in a particular field and are expected lo pursue that specialism. New Trustees are instructed in the
need lo comp￿telY adhere to the ethos and values of the Trijsl.
The Trustee5 have examined the major slralegic, business and operational risks that the Trust faces. The
Trustees are satisfied that the rnajor risks identified have been adequately miligaled where necessary. 11 is
recognised that systems can only provide reasonable bul not absolute assuran¢e that major risks have been
adequately managed.
nifl¢ant Activitigs
Throughout the year the Trust has continued lo provide educational premises in support of the educational
activities of OSGUK.
Page 2

MEDWAY EDUCATION TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2021
The Trust has a wholly owned subsidiary company, Linton Proiects Ltd 05684296 which undertakes trading
aclivilies. All profits chargeable lo ¢orporalion tax are gifted lo the Trust in support of the charitable activities of
the Trust.
Financial Review
In the year ended 31 sl December 2021 the Group reported a nel surplus of £21,72812020 deficii of £117,393).
All funds are unreslricled.
The Trust is supported and finan￿ principally by profits from ils trading subsidiary Linlon Projects Ltd
05684296 plus olhei ad hoc donations and those raised by fundraising events and grants from the Gra￿ Trust.
The Trustees believe that the Trust's funds are sufficient to mitigate any short to medium term risk of red￿￿d
funding.
The Trust's fundraising events principal￿ operate wlhin the Brethren community and professional fundraisers
are not used. Neither the Trust nor ar)y person acting on behalf of the Trust was subject lo an undertaking to be
bound by any voluntary scheme for regulating fund-raising. or voluntary standard for fund-raising in respe¢t of
activities on behalf of the trust.
The TTUStees' policy is lo maintain minimum free reserves al a level which equates lo six months, unreslricled
expenditure. This is approximately £10,000. At 31st December 2021 the free reserves of the Trust were
£88,410131 sl December 2020 £fj39,0581.
After making appropriate enquiries, the Trustees have a reasonable expe¢lalion that the charity has adequate
resources lo continue in oper81ional existence for the foreseeable future. For this reason, il ¢onlinues to adopt
the going concern basis in preparing the financial slalemenls. Further details reg8rding the adoption of the going
concern basis can be found in the Accounting Poliues.
Plans For Future Pariods
The Trustees plan lo continue to support OSGUK lo provide a quality and deliver a consislenl and high level of
educational experience and outcome for all students and staff. in accordan￿ with the Trust's ethos and values.
Appro
order of the members of the board of Trustees and 8igned on their behalf by..
J Bruce
Trustee
Date:
31.C)I,L3
Page 3

MEDWAY EDUCATION TRUST
STATEMENT OF TRUSTEES, RESPONS181LITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
The Truslees are responsible for preparing the Trustees. report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally A¢cepled Accounting
Praclicel.
The law applicable lo charities in England & Wales requires the Trustees lo pfftpare financi81 statements for
each financial year which give a true and fair view of the slate of affairs of the Group and the Charity and of their
incoming resources and application of resources, including their income and expenditure. for that period. In
preparing these financial slalemenls, the Trustees are required lo..
select suitable accounting policies and then apply them consislenlly..
obseNe the methods and principles of the Charities SORP {FRS 102).,
make judgments and a¢¢ounling eslimales that are reasonable and prudent.,
slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any m81erial
departures disclosed and explained in the financial slalemenls.,
prepare the financial slalemenls on the going concern basis unless il is inappropTiale lo presume that the
Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group and the Charills transactions and disdose with reasonable accuracy at any lime the financial position
of the Group and the Charity 8nd enable them lo ensure Ihal the financial slalemenls comply with the Charities
Act 2011, the Chaiily IA¢¢ounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are
also responsible for safeguaiding the assets of the Group and the Charity and hence for taking reasonable steps
for the PTevenlion and detection of fraud and other irregularities.
y order of the members of the board of Trustees and signed on ils behalf by..
JBr
Trustee
Dale..
31.OK.IS
Page 4

MEDWAY EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
Opinion
We have audited the financial statements of Medway Education Trust Ithe 'parenl charity'l and ils subsidiaries
Ilhe 'group'l for the year ended 31 De￿mber 2021 which comprise the Consolidated statement of financial
activities, the Consolidated balance sheet, the Charily balance sheet, the Consolidated slalemenl of cash flows
and the related notes, including a summary of significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including
Financial Reportin9 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, (United Kingdom Generally Accepted Accounting Prad1￿1.
The financHI slalemenls have been pr8pared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordan￿ with the Financial Reporting Standards applicable in the UK and Republic
of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charilies.. Slalemenl of Recommended
Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has beon withdrawn.
This has been done in order for the accounts lo provide a true and fair view in accord8n¢o Wrth the Generally
Accepted Accounting P¥aclice effective for reporting periods beginning on or after 1 January 2015.
In our opinion Ihe financial slalements..
give a true and fair view of the slate of the Group's and of the parent charills affairs as al 31 December
2021 and of the Group's incoming resources and application of resour￿8, including ils 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 Charities Act 2011.
Basis for oplnlon
We conducted our audit in accordan¢e with International Standards on Auditing {UKI (ISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorfs 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 United Kingdom, including the
Financial Reporting Council'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 lo provide a basis for our opinion.
Conclusioris relating to going concern
In auditing the financial slalemenls. wa have concluded thal the Trustees, use of the going concern basis of
accounting in the preparation of the financial slalemenls is appropriale.
Based on the work we have perfomied. we have not identified any material uncertainties relating lo events or
conditions that, individually or collectively. may c881 significant doubl on the Group's or the parent charitls ability
to continue as a going ¢oncern for a period of al least twelve months from when the financial slalements are
aulhorised for issue.
Our responsibilities and the responsibililEs of the Trustees with respect lo going concem are described in the
relevant se¢lions of this report.
Page 5

MEDWAY EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
ICONTINUEDI
Other information
The otheT information comprises the information included in the Annual feport other than the financial statements
8nd our Auditor's report thereon. The Trustees are responsible for the other information contained within the
Annual report. Our opinion on the financial slalemenls does not cover the other inforrnalion and, except lo the
extent otherwise explicitly staled in our report, we do not express any form of assurance Conclusion Ihereon. Our
responsibility is lo read the other information and. in doing so, consider whether the other information is
materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or
othenmise appears lo be materially misslaled. If we identify such material inconsistencies or apparent materia
misstalewenls. we are required lo determine whether this gives rise lo a material misst81emenl in the financial
statements theMSe￿e$. If. based on the work we have perfom)ed. we conclude that there is a material
misslalemenl of this other information, we are required lo report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports)
Regulations 2008 requires us to report lo you if, in our opinion..
the information given in the Trustees, report is inconsistent in any material respect with the linanclal
slalernenls., or
the parent Charity has not kept sufficient accounting records., or
the parent Charily financial statements are not in agreement with the accounting records and reluin8', or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees, responsibilities slalemenl, the Trustees are responsible for the
preparation of Ihe financial statements which give a true and fair view, 2nd for such internal Control as the
Trustees determine is necessary lo enable the preparation of financial slatemenls that are free from material
misslalemenl. whether due lo fraud or error.
In preparing the linanaal slalemenls, the Trustees are responsible for assessing the Group's and the parent
charills ability lo ¢onlinue as a going con¢em, disclosing, as applicable, matters related lo going concem and
using the going concern basis of a¢¢ounling unless the Trustees either intend lo Iiquidalo the Group or the
parent charity or lo cease operations, or have no realisti¢ allernalive bul lo do so.
Page 6

MEDWAY EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
ICONTINUEDI
Audito¢s responsibilities for the audlt of the flnancial statgments
We have been appointed as auditor under se¢lion 151 of the Charities Act 2011 and report in accordance with
the Act and relevant regulalions made or having effed Ihereunder.
Our objectives are lo obtain reason8ble assurance about whether the linancial slalements as a whole are free
from material misslalemenl, whether due lo fraud or error. and lo issue an Auditor's report that includes our
opinion. Reasonab￿ assurance is a high level of assLJrance, bul is not a guarantee that an audit conducted in
accordan￿ with ISAS IUKI will a5ways detect a ma16ri81 misslalemenl 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 lo influence the economic deusions of users taken on the basis of these financial slatemenls.
Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design pro¢edures
in line with our responsibilities, outlined above. lo delecl material misslalemenls in respect of irregularities,
including fraud. The exlenl lo which our procedtjres are capable of delecling irregularities, including fraud is
detailed below..
We obtained an understanding of the legal and regu1810ry frameworks within which the charity operates. focusing
.on those laws and regulations that have a direct effect on the determination of material amounts and disclosures
in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011
and The Charities and Trustee Investment {Sco118ndl Act 2005 together with the Charities SORP IFRS 1021. We
assessed the required compliance with these laws and regulations as part of our audit procedures on the related
financial slalemenl items.
Auditing standards limit the required audit procedures to identify non-complian￿ with Ihese18ws and regulations
lo enquiry of the Trustees and other management and inspe¢lion of regulatory 8nd legal correspondence. if any.
We identified the greatest risk of material impact on the financial slalements from irregularities, including fraud,
lo be within the override of controls by management. Our audit procedures lo respond to these risks induded
enquiries of management, and the Trustees about their own identifi¢ation and assessment of the risks of
irregularities, sample lesling on the posting of joumals, reviwing accountlng estimates for biases and reviewing
regulatory correspondence.
Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even Ihough we have prop&rly planned and performed our
audit in accord8n¢& with auditing standards. For example, the further removed non-¢ompliance with laws and
regulalions lirregularili8sI is from the events and transactions refleded in the financial slalements, the less likely
the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit,
there remained a higher risk of non-delection of irregularities, as these may involve collusion, forgery, intentional
omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventing non-
compliance and cannot be expected lo delecl non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the linancial ststemenls is located on the Financial
Reporting Council's website al.. www.frc.or
.uklauditorsres
onsibililies. This description forms part of our
Auditorfs ieport.
Page 7

## **MEDWAY EDUCATION TRUST** 


## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDWAY 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 GLS0 3PR Date: 31 January 2023 

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 8 



MEDWAY EDUCATION TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
As resl8led
Total
funds
2020
Restricted Unrestricted
funds
funds
2021
2021
Total
funds
2021
Note
Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
193,520
17.000
2,434,541
io
193.520
17,000
2,434,541
10
90,456
5.000
9,917,631
257
Total income
2,645,071
2,645.071
2,013.344
Expenditure on:
Raising funds
Charitable activities
2,095,799
527,544
2,095,799
527,544
1,605, 759
524,978
Total gxpenditure
2.623.343
2.623.343
2. 130, 737
Net incomel{expendlturel
Transfers between funds
21,728
435,704
21,728
(117,393J
18
1435,7041
Net movement In funds
1435,7041
457,432
21.728
(117,393)
Reconciliation of funds..
Total funds brought forward
Nel movement in fL>nds
18
18
435.704
1435,7041
3,998,439
457,432
4,434,143
21,728
4,551,536
fl 17,393)
Total funds carried forward
4.455.871
4.455,871
4,434, 143
The Consolidated Slalement of Financial Aclivilies includes all gains and losses recogniged in the year.
The notes on pages 13 to 31 form part of these financial slalements.
Page 9

MEDWAY EDUCATION TRUST
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2021
As reslaled
2020
2021
Note
Flxed assets
Tangible assets
12
4.506,227
4,458,901
4,506,227
4,458,901
Current assets
Stocks
Debtors
C8sh at bank and in hand
14
231,657
23,782
430,688
290,252
121,023
304,213
86,127
715,488
Creditors". amounts falling due within one
year
18
168S.531)
(696,079)
Net current assets
596
19,409
Total assets less cur￿nt liabilities
4,S06,823
4,478,310
Creditors.. amounts falling due after more
than one year
17
{50,9521
{44, 167)
Total net assets
4,455,871
4,434. 143
Charity funds
Restricted funds
Unreslricled funds
18
435, 704
3,998,439
18
4,455,871
Total funds
4.455,871
4.434, 143
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
JBr
ce
Trustee
Dale,.
The notes on pages 13 to 31 fomi part of these financial slalemenls.
P8ge10

MEDWAY EDUCATION TRUST
CHARITY BALANCE SHEET
AS AT 31 DECEMBER 2021
As restated
2020
2021
Note
Fixed assets
Tangible assets
Invesimenls
12
13
4,094,982
4.086,348
4,094,984
4,086.350
Current assets
Debtors
Cash at bank and in hand
15
514
94,626
934
251,612
95.140
252.546
Creditors.. amounts falling due within one
year
16
16,7321
(113,490J
Net currènt assets
88,408
139,056
Total assets less current liabilities
4.183,392
4,225,406
Total not assets
4,183,392
4,225,406
Charlty funds
Restricted funds
Unreslricled funds
18
18
435,704
3. 789. [02
4,183,392
Total funds
4.183,392
4,225,406
The financial slalomenls were approved and aulhorised for issue by the Trustees and signed on their behalf by..
uce
Truslee
Dale..
3I.OK.I
The notes on pages 13 to 31 fomi part of these financial statements.
Page11

MEDWAY EDUCATION TRUST
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
As fpslaled
2020
2021
Note
Cash flows from operating activities
Nel cash used in operating activities
20
365,699
256,208
Cash flows from investlng a¢tlvlties
Purchase of tangible fixed assets
Interest received
Disposal of tangible fixed assets
{202,8791 (281,907)
10
257
1,019
Net cash used In Investing activities
1201.8501
1281,6501
Cash flows from financing actlvltles
Repayrllenls of borrowing
New finance leases
160.0001
22.626
Net cash lused Inllprovided by finan¢lng actlvities
(37,3741
Change In cash and cash equivalents In the year
Cash and c88h eouivalÈnls al the beginning of the year
126,475
125,4421
329, 655
304,213
Cash and cash equivalents at the end of the year
21
430.688
304,213
The notes on pages 13 to 31 form part of these financlal slalemenls
Page 12

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
General Informatlon
Medway Education Trust is an unincorporated chaiily (registered number 10665921 registered in England
and Wales. The registered address is OSGUK Maidslone Campus, Heath Road, Linlon, Maidslone, Kent,
ME17 4HT.
Accountlng policies
2.1 Basis of preparation of financial statements
The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities
preparing Iheir accounts in accordan￿ with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011.
The financial slalemenls have been prepared lo give a 'true and faiv view and have departed from
the Charities (Accounts and Reports) Regulations 2008 only lo the extent reqUI￿d lo provide a Irue
and fair, view. This departure has involved following the Charities SORP IFRS 102) published in
October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended
Pracliee effective from 1 April 2005 which has since been withdrawn.
Medway Educalbn Trust meets the definition of a public benefit entity under FRS 102. Assets and
I￿￿bIlItIeS are initially recognised al historical cost or transaction value unless olhoNise slated in the
relevant accounting policy.
The Consolidated stslemenl of financial actDiilies (SOFA) and Consolidated balance sheet
consolidate the financial statements of the Charity and ils 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 enlily in FRS 102
from the requirement lo p￿sent a Charity only slalemenl of ¢ash flows and ￿rtain disclosures about
the charity's financial instruments within the consolidated accounts.
No separate SOFA has been prepared foi the Charity alone.
2.2 Going concern
The Trustees are of the opinion that there is suffKient funding in place lo continue activities of the
ch8rily. Therefore. the accounts have been PTepared on a going concern basis.
2.3 Income
All income is recognised once the Charity has entitlement lo the income. il is probable that the
income will be received and the amount of income receivable can be measured reliably.
Grants are included in rhe Consolidated statement of financial actiwlies on a receivable basis. The
balance of income received for specific purposes bul not expended during the period is shown in the
relevant funds on the Balance sheet. Where inoome is received in advance of enlillement of re￿ipt,
ils recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs
before incorne is ￿CeIVed, the income is a¢trued.
Income tax recoverable in relation lo investment income is recognised al the lime the investment
income is receivable.
Page 13

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies Icontinuedl
2.4 Expenditure
Expenditure is recognised once thera 18 8 legal or conslructr've obligation lo transfer economic benefi'l
lo a third party, il is probable that a transfer of economic benefits will be required in selllemenl and
the amount of the obligation can be measured ieliably. Expenditure 18 classified by activity.
Expendrture on charitable activities is incurred on directly undertaking the activities which further the
Group's objectives, as well as any associated support costs.
All expendiluTe is inclusive of irrecoverable VAT.
2.5 Interest receivablè
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Group- this is nomally upon notification of the interest paid or payable by the institution
with whom the funds are deposited.
2.6 Tangible fixed assets and dapraciatlon
Tangible fixed assets costing £500 or more are capitalised and recognised when fulLire economic
benefits are probable and the cost or value of the 8ssel can be measured reliably.
Tangible fixed assets are initially recognlsed al cost. After recognition, under the cost model, tangible
fixed assets are measured al Gosl less accumulated depreciation and any accumulated impairment
losses. All costs in¢urred lo bring a tangible fixed asset into ils intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allctale the cost of tangible fixed assets less their residual value
over their estimated useful lives,
Depre¢ialion is provided on the followng basis..
Freehold property
Motor v8hicles
Fixtures and fillings
20A straight line
250/0 Straight line
200A reducing balance
2.7 Investments
Investments in subsidiaries are valued al cost less proMsk)n for impairment.
2.8 Stocks
Stocks are valued at the lower of cost and nel realisable value after making due allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and 8n appropriate proportion of fixed
and Variab￿ overheads.
2.9 Debtors
Trade and other debtors are recognised al the selllemenl amount after any liade discount offered.
Prepayments are valued al the amount prepaid nel of any trade discounts due.
Page 14

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting policies lcontinuedl
2.10 Cash at bank and in hand
Cash al bank and in hand includes cash and short-tem highly liquid investments with a short matUr￿lY
of three months or less from the dale of acquisition or opening of the deposit or similar account.
2.11 LiabllSties and provisions
Liabilities are Tecognised when there is an obligation al the Balance sheet date as a result of a past
ovent, il is probable Ihal a transfer of e¢onomi¢ benefit will be required in selllement. and the amount
of the s&ltlemenl can be eslimaled reliably.
Liabilities are recognised at the amount that the Charity anticipates il will pay lo sellle the debt or the
amount il has received as advanced payments for the goods or services il musl provide.
Provisions are me88ured al the best estimate of the amounts required to settle the obligation. Where
the eflecl of the lime value of money is material, the provision is based on the present value of those
amounts. discounted at the PTe-lax discount rate that reflects the risks specific to the liability. The
unwnding of the discount is recognised in the Consolidated slalemenl of financial activities as a
finance cost.
2.12 Flnanclal instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial
inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently
measured al their settlement value.
2.13 Fund accountlng
General funds are unreslricled funds which are available for use al the discretion of the Trustees in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Reslricled funds are funds which are lo be used in accordance with specific reslriclions 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 reslricled
fund is sel out in the notes to the financial statements.
Income from donatlons and legacies
Restricted Unrestricted
funds
funds
2021
2021
Total
funds
2021
Donations
Grants
47,240
146,280
47,240
146,280
193,520
193,520
Page15

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Income from donations and legacles {continuedl
As resl8led
Total
funds
2020
RestrKled Unreslricled
fuiids
funds
2020
2020
Donations
39,581
50,875
90,456
Income from charitable activities
Unrestricted
funds
2021
Total
funds
2021
Rental income
17,OIX)
17,000
As ￿sta1￿￿
Tol81
funds
2020
Unreslricled
lunds
2020
Rental income
5,QOO
5,000
Page 16

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Income from other tradlng activities
Income from non charitable tradlng actlvlties
Unrestrictad
funds
2021
Total
funds
2021
Trading income- Linlon Projects Ltd
2,434,541
2,434,541
As resl8l&d
Tolal
funds
2020
Unrestricted
funds
2020
Trading income- Linlon Projects Ltd
1,917,631
1,917,631
Investment income
Unrestricted
funds
2021
Totsl
funds
2021
Interest income
10
10
Page17

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Investment income Icontinuedl
un￿sIr1¢[@d
funds
2020
Tolal
funds
2020
Interest income
257
257
Expendlture on raising funds
Other tradlng expenses - Linton Prolects Ltd
Unr8strlcted
funds
2021
Total
funds
2021
Cost of sales
Adminislralion expenses
Interest payable
Administration depreciation
1.815,824
210,374
8,239
61.362
1.815,824
210.374
8,239
61,362
2.095,799
2.095,799
Page18

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Expenditure on raislng funds Icolltinuedl
other trading expenses - Linton Projects Ltd Icolltinuèdl
As restaled
Total
funds
2020
Unreslricted
funds
2020
Cost of sales
Adminislr81ion expenses
Interest payable
Administration depreciation
1.444,586
127,637
6,603
26,g33
1,444.586
127,637
6.603
26,933
1,605. 759
1,605, 759
Analysis of expenditure on charltable activ5ties
Summary by fund type
Unyestrlcted
funds
2021
Total
2021
Charilable activities
527,544
527,544
Res(ricled Unrestricted
funds
funds
2020
2020
Total
2020
Charitable activities
11.485
513,493
524,978
Page19

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of expendilure by activities
Activities
undertaken
directly
2021
Support
costs
2021
Total
fund5
2021
Charitable activities
412,430
115,114
527,544
Activities
undertakgn
directly
2020
Support
costs
2020
Total
funds
2020
Costs of activities
416,543
108,435
524,978
Analysis of direct costs
Total
funds
2021
Total
funds
2020
Donations
412,430
416,543
Donations were made to OSGUK.
Page 20

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of expenditurè by activities Icontlnuedl
Analysis of support costs
Total
fund$
2021
Tolal
funds
2020
Depreciation
Other costs
Finance charges
Professional fees
Premises cost
93,173
11,0871
1,415
11,101
10.512
92,275
6,560
9,600
115,114
108,435
Staff costs are nil. Medway Education Trust is run wholly by volunt¢grs.
10. Auditor's remuneration
The auditor's remuneration amounts lo an auditor fee of £5,000 (2020 - £5,400), and non audit services
of £2,25012020- £9,800).
11. Trustees, remunèration and expenses
During the year. no Trusle8s received any remuneration or other benefits (2020- £MIL}.
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020- £NILJ.
Page 21

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12. Tangible fixed assets
Group
Freehold
property
Motor Flxtures and
vehicles
fittings
Total
Cost or valuation
Al 1 January 2021
Additions
5,331,855
168,531
172,242
8,848
11,0191
5,504,097
202,879
11,0191
25.500
Disposals
Al 31 De￿mber 2021
5,500,386
25.SOO
180.071
5,705,957
Depreclatlon
Al 1 January 2021
Charge for the year
980,687
127,590
64.509
23,119
1,045,196
154,534
3,825
Al 31 December 2021
1,108,277
3,825
87.628
1.199,730
Net book valua
Al 31 December 2021
4.392.109
21,675
92,443
4.506.227
At 31 De¢ember 2020
4,351, 168
107, 733
4,458,901
Page 22

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12. Tangible fixed assets {continuedl
Charlty
Freehold
property
Cost or valuation
At 1 January 2021
Additions
4,987,687
101,807
At 31 December 2021
5,089,494
Depreciation
At 1 January 2021
Charge for the year
901.339
93.173
Al 31 December 2021
994,512
Net book value
Al 31 December 2021
4,094,982
At 31 December 2020
4,086,348
Page 23

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
13.
Fixed asset investments
Principal subsldlaries
The following was a SubS￿lary ¢Jndertaking of the Charty..
Name
Company
number
Registered office or prlnclpal Principal activity
place of buslness
Linlon Projects Ltd
055684296 OSGUK Maidslone Campus,
Heath Road, Maidstone, Kent,
ME17 4HT
Sale of retail goods
The financial results of the subsidiary for the year were..
Name
Income
Expendlture
ProfilllLossl
I Surplusl
IDeficitl for
the year
Net assets
Linlon Projects Ltd
2.434,541
2,370,799)
63,742
272,481
Page 24

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 34 DECEMBER 2021
14. Stocks
Gmup
Group As restated
2021
2020
Stock
231,657
290,252
15. Dobtors
Group
Group As reslaled
2021
2020
Ch&rily
Charity As ￿sta1&d
2021
2020
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
18,769
1,096
3,917
110,986
643
9,394
420
514
514
23.782
121,023
514
934
16. Creditors- Amounts falllng due wlthln one year
Group
Group As reslaled
2021
2020
Ch8ri(y
Charity As reslaled
2021
2020
Bank overdrafts
Other loans
Trade creditors
Other laxalion and social security
Obligations under finance lease and hire
purchase ¢onlracls
Other creditors
Accruals and deferred income
10,000
408,500
198,283
10.492
5,833
458,500
102,280
18,988
85,000
377
1,733
5,841
26,903
25,512
21,829
88,649
4,999
28.113
685,531
696,079
6.732
113,490
Page 25

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
17. Crèditors.. Amounts falling du6 after more than one year
Group
Group As reslaled
2021
2020
Bank loans
Nel obligations under finan￿ lease and hire PLJrchase conlrads
34,167
16,785
44. 167
50,952
44, 167
Page 26

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
18. Slatement of funds
Statement of fvnds - current year
Balance at
31
December
2021
Balance at 1
January
2021
Transfers
inlout
Income Expendlturè
Unrestricted funds
General Funds - all funds
3,998,439
2,645,071
12.623,343)
43S.704
4,455,871
Restricted funds
Reslricled Funds- all funds
435,704
1435,7041
Totsl of funds
4,434,143
2,645,071
12,623,343)
4,455.871
Following a review of funds held and clarbfication from The Gra￿ Trust, £435,704 of restricted funds
have been transferred lo unreslricled funds in line with the objectives of the Charity.
Page 27

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
18. Statement of funds Icontinueill
Statement of funds - prlor year
Balance al
31
December
2020
Balance 81
l January As r8slaled As resl&led
2020
Income Expendilure
TTrnsfe
in/oul
Unrestricted funds
General Funds- all funds
4, 104,347
1,973, 763 (2, 119, 252)
39,581
3,998,439
Restrlcted funds
Restricted Funds- all funds
447. 789
39,581
(11,485)
{39,581J
435. 104
Total of funds
4.551,536
2.013,344
{2, 130, 737)
4,434. f 43
19. Analysis of net assets betrwèen funds
Analysls of net assets between funds - current year
Unrestricted
funds
2021
Total
funds
2021
Tangible fixed assets
Currenl assets
Credilois due within one year
Creditors due in more than one year
4.506,227
4,506,227
686,127
686,127
1685,5311 1685,5311
150,9521
150,9521
Total
4,455,871
4,455,871
Page 28

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
19. Analysls of net assets betweèn funds Icontinuedl
Analysis of net assets between fund5 - prior year
R8slricted un￿s1￿cled
funds
funds
2020
2020
Tol81
lunds
2020
Tangible fixed assets
Current assets
Creditors dLJe within one year
Creditors due in more than one year
435, 704
4,023, 197
4.458,901
715,488
715,488
(696,OT9) (696,079)
(44, 107)
(44, 167)
Total
435, 704
3,998,439
4,434. 143
20. Reconciliation of net movement In funds to net ¢a$h flow from operating activities
Group
Group As reslal8cI
2021
2020
Nel incomelexpendilure for the year {as per Slalemenl of Financial
Actimlies)
21,728
f7 17,393)
Adjustments for:
Depreciation charges
Interest received
Decreasellincreasel in stocks
De¢rease in debtors
Increase in creditors
Prior year adjuslmenl lo net income
154,534
1101
58.595
97.241
33,611
198,556
(257)
(79,489)
38.013
141,116
75, 662
Net cash provlded by operatlng activlties
365,699
256,208
Page 29

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
21. Analysls of cash and cash equivalents
Group
2021
Group
2020
Cash in hand
430.688
304,2t3
Total cash and ¢ash equivalents
430,688
304,213
22. Analysis of changes in net debt
At1
.January
2021 Cash flows
At31
December
2021
Cash al bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year
Finance leases
304.213
15,8331
1458,5001
144.1671
126,475
14,1671
50,000
10,000
122,6261
430,688
110.0001
1408,5001
134,1671
122.6261
1204,2871
159,682
144,6051
23. Operaling lease commitments
Al 31 December 2021 the Group and the Charity had commff(menls lo make future minimum lease
payments under non-cancellable operating leases as follows..
Group
2021
Group
2020
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
12,000
48,000
12,000
12.000
48,OQQ
24,000
72,000
84,000
Page 30

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
24. Related party transactions
As slated in note 14, Linton Projects Ltd was a wholly owned subsidiary undertaking of the Charity.
£275,000 (2020.. £307,500) was received by the Charity from the subsidiary under grft aid.
Unsecured loans, interest free, have been provided to Linton Projects Ltd by immediate family members
of the Directors ol Linton Projects Ltd and immediate family members of a Trustee of Medway Education
Trust. Year end related party loan balan￿S are as follows..
2021
2020
A Campbell
A Ware & L Ware
C Mumford & C Mumford
G Mumford & E Mumford
H Mumford
15.000
10.000
5,000
10,000
5,000
10,000
20,000
15,000
5,000
10,000
J Ware
W Bruce
20,000
75.000
55.QOO
Page 31