Charity numb9r: 1066592
MEDWAY EDUCATION TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

MEDWAY EDUCATION TRUST
CONTENTS
Page
Refer&nce and AdmSnlstratlva Detalls of tho Charlty, Its Trustee5 and Advisors
Tru5tees' R¢port
Trustees. Responslblliti85 Statement
Indepgndont Auditors. Report on the Financlal Statem•nts
Consolldated Statement of Flnanclal Actlvltles
10
Consolidatsd Balonca Sheet
Charlty Balance Sheet
Consolldatod Statement of Cash Flows
12
13
Notes to the Flnanclal Statements
14-29

EDWAY EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
S FTOSI
S Bell
J Bruce
S Campbell
T Dupont
J Bruce holds lille to freehold land and buildings at Maidslone Campus, Heath Road. Maldstone, ME17 4HT.
Ex Trustee, C Groombridge, holds title lo freehold land and bulldings al Maidstone Campus, Heath Road.
Maidslone, ME17 4HT
Charlty reglsterod
numbor
1066592
Principal 0ffi¢g
OneSchoolGlobalUK
Maidslone Campus
Heath Road
Linton
Kent
ME17 4HT
Independont auditors
Byrd Link Audit & Accountancy Services Limited
Honeyboume Place
Jessop Avenue
Cheltenham
GL50 3SH
Bankers
HSBC
Sillingboume- Dlgltal servi￿ Branch
115 High Street
Sellingbourne
Kent
ME10 4AL
Page 1

MEDWAY EDUCATION TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The TTUStees present their report, along wllh the consolidated financial statements of Medway Education Trust
Ilhe charity) and ils subsldlary, Linlon Projects Ltd, for the year ended 31 December 2022. The Trustees have
adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice
appllcable lo ¢harilies preparing their accounts in accordance with the Financial Reporting Standard applicable
lo the UK and Republic of Iroland IFRS 102) {effe¢tive 1 January 2019}, the requirements of the Charille8 Act
2011 and the Trust Deed.
Objectives and actlvltlos
The charitable objects of thè charity are the advancement of the edu¢alion of children and young people from
ages flve to eighteen in particular by assistance lo their parents to enable such children lo be laughl otherwise
than as at school as dgfined in the Education Acts and any other charitable purpose for the benefit of the
worldwide Christian fellowship known as the Plymouth B￿thren Christian Church.
In furtherance of ils objects, the Trust provides one premise under formal lease for an independent school
based in Heath Road, Maidslone, Kent. ME17 4HT, which is run by OneSchoolGlobalUK IOSGUK}.
A separate building is also provided to Linlon PTojects Ltd 8 Subsidiary Campus Tradlng company for local
Campus & Co shop under a separate lease.
The charity also provides grant funding and other fin8nclal support lo OSGUK al the discretion of the Trustees
In order to enable OSGUK to provide a well balanced education al primary and secondary levels, for children
and young people whose parents appreclate the Christian ethos.
Success is measured in terms of the provision of appropriate facilities lo OSGUK whllsl mlnimising expenditure.
This in turn, frees up funds for raising slandards of education for all Con￿rned and for the improvement of
facilities ftsr pupils and staff alike.
The Trustees have referred to the guidance contained In the Charity Commission's general guidance on publlc
benefit and have regard to il when reviewing their aims and objectives, and in planning their future activities. In
particular they consKl6r how planned activities will contribute lo the educational aims and objectives they have
set.
Volunteers are an integrdl part of the community ethos and value8 of the charity and there are strong and willing
group of volunteers who assist and support the charity throughout the year.
The trading activities of the charit￿S trading subsidiary Linton Projects Ltd {Reglstered Number 056842961,
which operates a chain of convenience stores, are undertaken by volunteers.
Slgnificant Activltles
Throughout the year the charity has conunuod lo provide educational premises in support of the educational
activllies of OSGUK.
The charity has a wholly owned subsidiary company, LSnton Projects Ltd, which undertakes Iradlng activities. All
proflts chargeable lo corporation lax are gifted lo the charity In support of the charitable acllvilies of the Trust.
Flnanclal Revlew
The charity is supported and financed principally by profits from its trading subsldiary. Linton Projects Ltd, plus
otheT ad hoc donations and those raised by fundraising events and grants from the Grace Trust. The Trustees
believe that the charity's funds are sufficlenl lo miligate any short to medium term risk of Teduced fundlng.
The tharivs fundralsing events prlncipally operate wilhln the Brelhrgn community. As part of the Trust's
commitmenl lo the highest possible standards of fundraising, the Trustees lake steps lo ensure that all
fundfaising 8divities are Compliance with legislative, regulatory and best practice standards. DuTlng 2022, all
interactions with the general public were carried out by volunteers.
Page 2

MEDWAY EDUCATION TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
Where the Trust organises fundraislng events and co-ordinate the activities of our supporters In the wider
communily on behalf of the Trust and wider charities. the Trust does not use professlonal fundraisers or involve
commercial participators. The Trusl seeks lo comply with all relevant standards sel out by the Fundraising
Regulator in their Code of Fundraising Practi￿.
As a policy, the TTUSt seeks to respond lo all complaints within 10 days. The mosl seiious Complaints are
escalated lo Trustees so they can consider lessons learnt. There have been no complalnts about fundraising
activity in Ihe year ended 31 De￿mber 2022.
Over the period the Trust conllnued lo undertake significant efforts lo ensure compliance with the General Data
Prolecllon Regulallon IGDPRI. which came in to effect in May 2018. We remain entiTely committed lo protecting
personal information of our supporters and beneficiaries. This work will continue during 2023 and beyond.
In the year ended 31st December 2022 the charity reported a nel surplus of £107.10512021'. deficit of £42.0141.
The group reported a net Surplus £132,25612021-. surplus of £21.728).
Al the year end the charlty had nel current assets of £138.066 {2021.' net current assets of £88,408). The group
had net current assets of £50,15212021'. nel Current assets of £5961.
The charity's policy is lo maintain minimum free reseryes at a level which equates to six months, unreslrlcled
expenditure. This is approximately £5,000. At the year ended 31 De￿mber 2022 the free roserves ol the Trust
were £138,06612D2f.' £88,408).
After making approprlale enquiries. the Trustees havè a reasonable expectation that the charity has 8dequale
resources to continue in operational existen￿ for the foreseeab16 future. For this reason, il continues to adopt
the going concern basis in preparing the financial statements. Further details regardlng the adoption of the
going concern basis Can be found in the Accounting Policies.
Prlnclpal Risks
The Trustees have examined the major slralegic, business and operational risks that the charity faces. The
Trustees are satisfied that the major risks identified have been adequately miligaled where necessary. It is
recognised that systems can only provide reasonable bul not absolute assurance that major risks have been
adequately managed.
The PTinclpal risks to the charity are:
rlsk of damage to the property held by the charity lalthough the propety holds property Insurance).,
risk of closure or r8lo¢alion of the schooling by Oneschool Global UK {considered unlikely)., and
risk of fall in trading activities of the wholly owned trading subsidiary, either due lo a fall in customer loyally or a
slgnificanl increase in suppller prices (closely monitored by the trading subsidiary dlreclors who would then lake
approprSale action).
There were no serlous Incldents relating to the charity over the yeaT lo report.
Plans For Futurn Pariods
The Trustees plan to wnlinue lo support OSGUK to provide a quallly and deliver a consislenl and high level of
educational experience and outcome for all students and staff, in accordanco with the charity's ethos and
values.
structure, Govarnanco and Management
Medway Education Tnjsl Is constituted by a Deed of Trust dated 08 October 1997. amended 05 January 2005
and Ss registered with the Charity Commission for England and Wales.
The Trustees who setved during the year and since the year end are set out on page 1. None of the Trustees,
nor any person conne¢ted with them, received any remuneration from the charity in the year ended 31
Page 3

MEDWAY EDUCATION TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER2022
December 202212021.. £nill.
The power lo appoint Trustees is Invested in the existing Trustees subject lo the charity Deed requirement.
Trustees are selected according to their own specialism in a partlcular field and are expected to Pursue that
specialism. New Trustees are Snstructed in the need lo completely adhere to the elhos and values of the charity.
New Trustees are appointed al charity meetings and Irainlng Is given by the outgolng Trustee being replaced,
along with support from fellow Trustees.
Decision making remains with the Trustees and there are no key management personnel to whom
management is delegated. As such, 8iranyemenls for selling pay and remuneration of key management
personnel are not required at this time.
Approved
by
order
of
the
members
of
the
board
of
and signed on their behalf by:
TTuslees
on
J Brucg
Trustee
Page 4

MEDWAY EDUCATION TRUST
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees are responsSble for PTeparing the Trustees, Report and the financial 8talemenls in accordance
with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepled
Accounting Praclicel.
The law appllcable lo charities in England & Wales requires the Tiuslees lo prepare financial statements for
each financial year which give a true and fair view of the stale of affaiTS Df the Group and the Charity and of their
Incoming resources and application of resources, including their income and expenditure. for that period. In
preparlng these financial slalemenls, the Trustees are requlred to..
sele¢l suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charilles SORP IFRS 1021..
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any
material departures dlsclosed and explained in the financial slatement¥'.
prepare the financial slalemenls on the going concern basis unless It Is Inappropriate lo presume that the
Group will conllnue in business.
The Trustees are responsible for keeplng adequate accounting records that are sufficienl to show and explain
the Group and the Charll*s transactions and disclose with reasonable accuracy al any lime the finan￿al
position of the GTOUP and the Charity and enable them lo ensure that the financial statements comply with Ihe
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 Group and the Charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on ils behalf by.
J Bru¢9
Trustee
Date..
ICt.06 Z
Page 5

MEDWAY EDUCATION TRUST
INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
Opinion
Wg have audited the financlal slalemenls of Medway Education Trust Ilhe 'parenl chaiity,) and its subsldiarles
(the 'group'l for the year ended 31 December 2022 which comprise the Consolidated Slalement of Financial
Aclivilies, the Consolidated Balan￿ Sheet, the Charity Balance Sheet. the Consolidated Slalemenl of Cash
Flows and the Telaled notes, including a summary ol significant accounting policles. The financial reportlng
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally A¢￿pted Accounting Praclicel.
The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charitles
preparing their accounts in accordance with the Financial Reporting Standards appliGable in the UK and
Republic of Ireland IFRS 102) in p￿ference lo the Accounting and Reporting by Charities.. Stslemenl of
Recommended Practi￿ issued on 1 April 2005 which is referred to in the extant fegulalions bul has been
withdrawn.
Thls has b&en dong in OTder for the accounts to PTovide a true and fair view in accordance with the Generally
Accepted Accounting Practi￿ effective for reporting periods beginning on or after 1 January 2015.
In our opinion the fJnanclal 8tstements'.
give a true and fair view of the state of the Group's and of the parent charivs affairs as al 31 December
2022 and of the Group's incorning resources and application of resources, including its income and
expenditure for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice,. and
have been prepared In accordance with the requirements of the Charities Act 2011.
Basis for oplnSon
We conducted our audit in accordance with Inlemational Standards on Auditing IUKI {ISAs IUKI) and applicable
law. Our responsibilities undei those standards are further described in the Auditors, re5ponsibililies for the audit
of the financial slalemenls section of our report. We are independent of the Group in accordance with the
ethical requirem8nls that are relevant lo our audit of the financial statements in the United Kingdom, including
the Financial Reporting Council's Ethical Stsndard. and we have fulfilled ou¥ other ethical responsibilllles In
accordan￿ with these reqU1￿MentS. We believe that the aud￿1 evidence we have obtained is sufficient and
appropriate lo provide a basis for our opinion.
Concluslons ralatlng to golng concern
In auditing the financial slatemenls, we have concluded that the Trustees, use of the going concern basls of
accounling in the preparatlon of the financial statements is appropriate.
Based on th8 work we have performed, we have not identified any material Un￿rtaInlieS relating to events or
conditions that, indivldually or collectwely, may cast significant doubl on the Group's or the parent charitys ability
lo continue as a going con¢ern for a period of at least twelve months from when Ihe financial statements are
aulhorised for issue.
Our responslbililies and the re8pon8ibililies of the Trustees ￿th respect lo going concern are described in the
relevant secllon8 of this report.
Page 6

MEDWAY EDUCATION TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
ICONTINUEDI
Other Infomiatlon
The other information comprises the information included in the Annual Report other than the financial
slalemenls and our Auditors, Report Ihereon. The Trustees are responsible for the other infDrmalion contained
within the Annual Report. Our opinSon on the financial statements does not cover the other information and.
except lo the exlenl olheTwise explicitly staled in our report, we do not express any form ol assLJrance
conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the
other inforrnalion is materially Inconsistent with the financial stalemènls Dr our knowledge obtained in the course
of the audit, or otherwise appeaTS lo be materially misstated. If we identify such mal&rial inconsislencles or
apparent rnalerial misslalements. we are required to delermlne whether this gives rise to a material
misslalemenl in the financial slalemenls Ihemsebves. If, based on the work we have p&rformed, we conclude
that there is a material misstatement of this other Informallon, we are required to report Ihal fact.
We have nothing lo report in this regard.
Matters on which we are roquired to report by exception
We have nothing lo report In respect of the following maller8 wheie the Charities (Accounts and Reports}
Regulations 2Q08 requires us to report lo you if, in our opinion..
the information given in the Trustees, Report is inconsistent in any matertal respect with the financial
slalemenis-, or
the parent Charity has not kept sufficlenl accounting records,. or
the parent Charity financial slalemenls are not in agreement with the accounting records and returns. or
we have not received all the infomation and explanations we requlre foy our audit.
Rasponslbilities of tmstees
As explalned More fully in the Trusl8es' Responsibilities Stalemonl, the Trustees are responsible for the
preparation of the financial slalements which give a true and fair view, and for such intemal control as the
Trustees determine is necessary to enable the pveparation of financial stslemenls th8t are free from malerlaS
misslalemenl, whether due to fraud or error.
In preparlng the f1nancial stalemenls, the Trustees are responsSble for assessing the Group's and the parent
charills abllity to continue as a going COn￿r￿, dis¢losing, as applicable, matters related lo going ¢oncem and
using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the
parent charity or to cease operations, or have no realistic alternative bul lo do so.
Page 7

MEDWAY EDUCATION TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
{CONTINUEDI
Audltors. responsibilitles for the audit of the financlal ststsments
We have b&en appc>inled as audllor under sedion 1 $1 of the Charities Act 2011 and report in accordance ￿th
the Act and relevant regulations made or having Qffecl Ihereunder,
Our objectives are to obtain reasonable assurance about whether the flnancial slalements as a whole are free
from material misstatement, whether due to fraud or eTror, and lo issue an Audllors, Report that includes our
opinion. Reasonable assurance is a hlgh level of assurance, bul is not a guarantee that an audit condu¢led in
accordan￿ wllh ISA8 IUKI will always detect a material misslaternenl when il exists. Misstatements can arise
from fraud Dr error and are considered material if. individually or in the aggregate, they could reasonably be
expected lo Influence the econornic decisions of users taken on the basis of these financial statements.
Irregularities. including fraud, are Instances of non-compliance wslh laws and regulations. We des￿￿
procedures in line with our responsibilities, outlined above, lo delect material misstslements in respect of
irregularities, including fraud. The extent lo whlch our procedures are capable of detecting irregularities.
induding fraud is detailed below..
We obtained an understanding of the legal and regulatory frameworks wllhln which the charity and the group
operates, focusing Dn those laws and regulations that have a direct effect on the delerminalion of material
amounts and disclosures in the finan¢iaS statements. The law8 and regulations we considered in this context
were the Charity Commission, Charities Act 2011, HM Revenue & Customs and the Companies Act 2006 {for
the subsidiary company). We have assessed the impact of breaches in such laws and regulations and
consldered whether any such findings have a rnalerial impact on the financial $18lements. Audit prO￿d￿reS
Gonducted including making enquiries with Trustees and mat)agemenl as well as revlewing Correspondenco and
legal expenditure.
We have considered the risk of management override of controls. Our audll procedures to Tespond to this risk
Included enquiries of management, and the Trustees about their own identification and assessment of the risks
of irregularities, samplg lesling on the posllng of journals, reviewing accounting estlmales for biasès and
reviewng regulatory corresponden￿.
Another area of risk is the risk of fraud within revenue iecognilion. Our procedures to respond to this risk
included sample testing of income streams from source and agreelng through to the financial system and bank
slalemenls.
Our audit procedures, toeglher with our assessment of risks identified at planning were transparent to the
charity and have b8en communicated lo the Trustees as well as the engagement team. Owing to the nature of
an audit, where we can only work on a sample of financial transaction8, there is an unavoidable risk that we
may not have detected some material misstatements the financial slalemenls, even though we have properly
planned and porformed our audit in accordan￿ with audlling standards. For example, the further removed non-
compliance wlth laws and regulations lirregulariliesl are from the events and transactions reflected in the
financial slalemenls. 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-deleclion of irregularities, as these
may involve collusion, forgery, intentional omissions. misrepresentations, OT 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 regulalitsns. Ultimalely, 11 is the responsibllily of the Trustees for the prevention and detection of fraud
' 8nd non-compllance.
A further description of our re5ponsibililies for the audit of the financial statements is IDcaled on the Financial
Reporting Council's website al: www.frc.o
.uklaudilorsres
This de8criplion lorms part of our
Auditors, Report.
Page 8

MEDWAY EDUCATION TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MEDWAY EDUCATION TRUST
ICONTINUEDI
Us• of our report
This report is Made solely to the charills Trustees. as a body, in accordance with Part 4 of the Charltie8
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the
charity's Trustees thos8 mallers we aTe reqUI￿d to slate lo them in an Auditors, Report and for no other
purpose. To the fullest extent permilled by law, we do not a¢￿p1 or assume responsibility ID anyone other than
the charity and ils Trustees, as a body, for our audit work. for this report, or for the oplnions we have forrned.
yrd Llnk Audlt & Accountancy Servl¢&s Llmltsd
Honeyboume Place
Jessop Avenue
Chellenham
GL50 3SH
Dale.. 20 July 2023
Byrd Link Audit & Accountancy Services Limited are eliglble to o¢1 as auditors in temis of section 1212 of the
Companies Act 2006.
Page 9

MEDWAY EDUCATION TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestricted
funds
2022
Totsl
funds
2022
Tolal
lunds
2021
Note
Income from:
Donations and legacies
ChaTilable acllvities
Other trading aclivllies
Investments
235,358
14,167
2,726.646
18
235.358
14,167
2,726,646
18
193,520
17,000
2.434,541
io
Total Income
2.976,189
2,976,189
2,645,071
Expenditure on:
Raising fLJnds
Charitable activities
2,341.513
502,420
2,341,513
502,420
2.095.799
527.544
Total expenditure
2,843.933
2,843,933
2,623,343
Net movernont In fund$
132,256
132,256
21,728
Reconclllatlon of funds:
Total funds brought fomard
Nel movement in funds
4,455,871
132,256
4,455,871
132,256
4,434, 143
21,728
Total funds carrled forniard
4,588.127
4,588,127
4,455,871
The Consolidated Slalement of Financial Activit￿$ includes all gains and losses recognised in the year.
The notes on pages 14 to 29 fomi part of these financial stalemenls.
Page 10

MEDWAY EDUCATION TRUST
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
2021
Noto
Flxod assets
Tanglble assets
12
4.575,928
4,506,227
4,575.928
4.506,227
Current assets
Stocks
Debtors
Cash al bank and in hand
260,880
189,187
245.737
231,657
23, 782
430,688
14
695.804
686. 127
Creditors.. amounts falling due within one
yeai
1645,652}
(685,531)
Net CUTrent assets
50,152
5g6
Totsl assets less current Ilabllltle$
4,626,080
4,506,823
Creditors.. amounts falling due after more
than one year
16
(37,9621
(50,952)
Net assets excludlng penslon asset
4,588,118
4,455,871
Total net asgets
4,588,118
4,455,871
Charlty fund5
Restricted funds
Unreslricled funds
17
General funds
17
4,588,118
4,455.871
Total unrestricted funds
17
4,588,118
4,455,871
Total funds
4,588,118
4,455,871
The financial ytslemenls were approved and
orised for issue by the Trustees and signed on their behalf by..
J Bru¢
Trustee
Dale..
The notes on pages 14 to 29 form part of Ihese financial slalemenls.
Page11

MEDWAY EDUCATION TRUST
CHARITY BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
2021
Note
Flxed assets
Tangible assets
Investments
12
4,059,929
92,502
4,094,982
4,152.431
4,094,984
Current ass•ts
Debtors
Cash al bank and In hand
14
38.185
111,516
514
94.626
149.701
95,140
Creditors.. amounts falllng due within one
year
15
{11,635}
(6,732)
Not current assets
138,066
88,408
Total a$sgts less current Ilabilitigs
4.290.497
4, 183,392
Net assets ex¢luding penslon asset
4,290,497
4, 183,392
Total ngl assets
4.290.497
4, 783,392
Charlty funds
Restricted funds
Unrestricted fund8
17
17
4,290,497
4, 183.392
Total funds
4,290,497
4. 183,392
The Charitys net movement In funds for the year was £107.105 (2021- £(42,014)}.
The financial statements were ap
Joved and authorised for
issue
by the Trustees on
and signed on Ihelr behalf by-.
The nolos on pages 14 to 29 form part of these financial slalements.
Page 12

MEDWAY EDUCATION TRUST
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Cash flows from operatlng activities
Nel cash used in operating actlvities
116.117
365.699
Cash flows from Investlng actlvities
Purchase of tangible fixed asset
Interest received
Disposal of tangible tixed asset
1233.187)
(202,879)
io
1,019
Net cash used in Investlng o¢t&vltles
{233,178} 1201.B501
Cash flows from financing actlvltles
Repayments of borrowing
New finance leases
Repayments of finance leases
(64,0001
(60,OQOJ
22.626
13,890)
Net Cash u$ed in finan¢lng activities
167,890)
{37,3741
Change in cash and ¢a$h equlvalents In the year
Cash and cash equivalents at the beginning of the year
1184,951>
430,688
126.475
304,213
Cash and cash ¢quivalents at the end of the year
245.737
430,688
The notes on pages 14 10 29 form part of those financial slalements
Page 13

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
G8noral infomiation
Medway Education Trust is an unincorporated ¢haTily (registered number 10665921 registered in England
and Wales. The regislered address is OneSchoolGlobalUK. Maidslone Campus, Heath Road, Linlon,
Maidslone. Kent. ME17 4HT.
Accounting poll¢l&s
2.1 Basis of preparatlon of financial Statements
The financial slalements have been prepared in accordance ¥￿th the Charities SORP IFRS 102}-
Accounllng and Reporting by Charities.. Slalemenl ol Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reportins Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financtal Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the CharS1ies AGI 2011.
The financial statements have been prepared to glve a 'lru8 and fairf view and have dgparted from
the Charities (Accounts and Reports} Regulations 2008 only to the exlenl required to provide a 'lrue
and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charities= Slalement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
The finan¢ial statements have been prepared lo give a 'lrue and fair VIBW and have departed from
the Charities {Accounls and Reports) Regulations 2D08 only lo the extent required lo provide a 'true
and fairf 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
Practice effe¢live from 1 April 2005 which has Sin￿ been withdrawn.
Medway Education Trust meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognlsed at hislorical cost or transaction value unless otherwise staled in the
relevant accounting policy.
The Consolidated $181emenl of financial activities ISOFAI and Consolidated balance sheet
consolidate the financial slalements of the Charity and its subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
The Charsty has also taken advantage of the exemption availabl8 to a qualifying entity in FRS 102
from the Tequiremenl tts present a Charity only statement of cash flows and certaln disclosures about
the charills financial instruments within the consolidated accounts.
No separate SOFA has been prepared for the Charlty alone.
2.2 Golng concorn
The Twstees are of the opinion that there is sufficlenl funding in place lo continue acllvllles of the
charity. Therefore, the accounts have been prepared on a golng concern basis.
Pagg 14

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountlng pollcles {contlnuedl
2.3 Incomg
All income is recognised once the Charity has enlillemenl to the income, il 18 probable that the
income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Consolldaled Statement of Financial Activities on a receivabl8 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 income is received in advance of entillemenl of receipt,
its recognition is deferred and included in creditors as deferred in¢ome. Where entillemenl occur8
before income is received, the income Is accrued.
In￿me lax recoverable In relation to investment Income is recognised at the lime the investment
Income is receivable.
2.4 Expanditure
Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic
benefit lo a thSr4J party, it is probable that a transfer of economic benefits will be required in
setllernenl and the amount of the obligation can be measured reliably. Expenditure is classified by
actlvity.
Expenditure on ¢harilable activities is incurred on directly undertaking the aclNilies which further the
Group's objecttves, as well as any associated support costs.
All expenditure is inclusive of Irrecoverable VAT.
2.5 Intorest recgivable
Interest on funds held on deposit Is Induded when receivable and the amount Can be measured
reliably by the Group., this is normally upon notification of the interest pald or payable by the
institution with whom the funds are depDSlted.
2.6 Tanglble flxod a$$ots and depTeciatlon
Tangible fixed assets ¢osling £500 or more are capilalised and recognised when future economlc
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognlsed al cost. After recognition, under the cost model.
tangible fixed assets are measured al cost less accumulated dgp¥ecialion and any accumulated
impairment losses. All costs incurrèd lo bring a tangible fixed asset into its intended working
condition should be included in the measurement of cost.
DepTecialion Is charged so as to allocate the cost of tangible fixed assets less their resSdual value
over their estimated useful Ilves,
Depreclallon is provided on the following basis..
Freehold property
Property improvements- Linlon
Projects Ltd
Motor vehld8S
Fixtures and fillings
2% straight line
1 OYO straight line
25Dh straight line
20Yo reducing balance
Page15

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
A¢¢ounting policies Icontlnuedl
2.7 Invostmgnts
Investments in subsidiaries are valued ot cost less provision for impairment.
2.8 Sto¢k$
Stocks are valued al the lower of Cost and nel realisablè value after rllaking due allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of
fixed and variable overheads.
2.9 Dgbtors
Trade and other debtors are recognised al the selllement amount after any trade discount offered.
Prepayfftenls are valued at the amount PTepaid nel of any trade discount8 due.
2.10 Cash at bank and in hand
Cash al bank and in hand Includes cash and short-temi high5y liquld investments with a short
maturity of three months or less from the dale of acquisition or opening of the depos11 or similar
account.
2.11 Llabilltios and provisions
Llabilities are Tecognised when there Is an obligation at the Balan￿ Sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in selllemenl, and the
amount of the selllemenl can be ests'mated reliably.
Liabilities are recognised al the amount that the Charity anticipates il wlll pay to settle the debt or the
amount il has received as advanced payments for the goods or 8ervlces il mtjst provide.
Provisions are measured at the best estimate of the amounts required to sellle the obligation. Where
the effed of the Ilme value of money Is material. the provision is based on the present value of those
amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability. The
unwindlng of the discount is recognised in the Consolidated Slalemenl of Financial Activities as
finance cost.
2.12 Financlal Instruments
The Group only has financial assets and financial liabllilies of a kind that qualify as basic financial
instruments. Basic flnancial instruments are initially re¢ognised al transaction value and
subsequently measured al their settlement value.
2.13 Fund accountlng
General funds aTe unreslricled funds whlch are available for use al the discretion of the Trustees in
furtharance of the general objedives of the Group and which have not been designated for other
purposes.
Restricted funds are funds which are lo be used in accordance with specific reslrlclions imposed by
donors or which have been raised by the Group for particular purposes. The costs of raising and
adminlslering such funds are chBrged against the specific fund. The aim and use of each reslricled
fvnd is sel oul In the notes to the financial statements.
Page 16

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Income from donatlons and l•gacles
Unrestricted
funds
2022
Total
funds
2022
Tot81
funds
2021
Donallons
Other Donallons and Grants
129,626
105,732
129,626
105.732
47,240
146,280
235,358
235,358
193,520
Total 2021
193,520
193,520
Income from charltablg actlvlties
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Rent81 Income
14,167
14,167
17,000
Total 2021
17,000
17,000
Income from other Irading activitie$ - Llnton ProJ8cts Ltd
Income from non charltablè tradlng actlvltles
Unrestricted
funds
2022
Total
funds
2022
Tofal
funds
2021
Sales
Other income
2,622,570
104,076
2,622.570
104,076
2,372,3g5
62,146
2,726,646
2.726,648
2,434,541
Total 2021
2,434,541
2,434,541
Page 17

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Investment Income
Unrestrlcted
funds
2022
Total
funds
2022
Total
funds
2021
InleTesl income
Interest receivable
10
18
18
10
Total 2021
10
10
Expgnditure on tradlng activitles - Llnton Projects Ltd
Other trading exponses
Unr&strlcted
funds
2022
Total
funds
2022
Total
funds
2021
Cost of sales
Administration expenses
5nteTesl payable
Depreciation
2,031,283
269,009
13.541
27,680
2.031,283
269.009
13,541
27,680
1,815.824
244,792
8,239
26.944
2,341.513
2,341.513
2,095,799
Tolal 2021
2,095,799
2,095.799
Page18

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER2022
Analysls of oxpandlturo on charitabl• activltlas
Summary by fund type
Unrestricted
funds
2022
Total
2022
Tot81
2021
Charitsble Activities
502,420
502.420
527.544
Total 2021
527,544
527,544
Analysls of expondltur• by actlvitigs
Activitles
undortaken
diTectly
2022
Support
costs
2022
Total
funds
2022
Total
funds
2021
Charitable activities
398,914
103,506
502,420
527,544
Totsl 2021
412,430
115,114
527,544
Analysls of direct costs
Total
funds
2022
Total
funds
2021
Activltles
2022
Donations
398.914
398.914
412,430
Total 2021
412,430
412,430
Donallons were made lo OSGUK.
Page19

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysls of gxpanditure by activities {contlnuèdl
Analysis of support co$t$
Total
funds
2022
Tol81
funds
2021
Activities
2022
Deprecialiorb
other costs
Finance charges
Professional fees
Premises costs
93.964
93.964
93.173
(t,087)
1,415
ii,ioi
10,512
102
102
6.329
3.111
6,329
3.111
103,506
103,506
115,114
Tol812021
115,114
115,114
Staff costs are nil. Medway Educatlon Trust is run wholly by volunteers.
10. Audltors. rgmuneFation
The audilor8' remuneration amounts lo an auditor fee of £4,525 (2021 £5,000), and and non audit
services of £2.S251202f - £2,250}.
11. TTUStees' r&mungration and expenses
During the year. no Trustees re￿iVed any remuneration or other benefits (2021- £NIL).
During the year ended 31 De￿mber 2022. no Trustee expenses have been incurred (2021- £NILJ.
Page 20

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12. Tangible flxed ossots
Group
Freehold
property
Motor Flxtures and
vehicles
fittlng$
Total
Cost or valuatlon
Al 1 January 2022
Additions
5,500.385
176,014
25.500
180,071
57,173
5.705,956
233,187
At 31 December 2022
5,676.399
25,500
237,244
5,939,143
D9preciatlon
Al 1 January2022
Charge for the year
1.108.276
135.806
3,825
6.375
87,628
21.305
1.199.729
163.486
At 31 December 2022
1.244,082
10,200
108,933
1,363,215
Net book valuè
Al 31 December 2022
4,432,317
15,300
128.311
4,575.928
Al 31 Decembgr 2021
4,392, 109
21,675
92.443
4,506,227
Page 21

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12. Tanglblo fixed assets Icontinuedl
Charity
Freehold
property
Cost or valuatlon
Al 1 January 2022
Additions
5,089,494
58,909
At 31 De￿mber 2022
5,148,403
Dapreciatlon
At 1 January 2022
Charge for the year
994.511
93,963
Al 31 December 2022
1,088,474
Net bookvalue
Al 31 December 2022
4,059,929
Al 31 Dec8mber 2021
4,094,982
Page 22

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.
FSxed asset InvgStment5
Invèstmonts
In
Subsidiary
ompanies
Charity
Cost or valuation
At l January2022
92,502
Al 31 December 2022
92.502
Net book value
At 31 De¢ember 2022
92.502
At 31 December2021
92,502
Principal subsidiaries
The following was a subsidiary undertaking of the Charity..
Regi5tsred offlc• or princlpal Prlncipal actlvlty
place of business
Name
Company
number
Linlon Projects Ltd
055684296 OSGUK Maidstone Campus,
Heath Road, Maidstone. Kent,
ME17 4HT
Sale of retail goods
Included In
consolldatlon
Yes
The financial results of the subsidiary for the year were=
Nam$
Incom•
ProfiUILoss}
I Surplusl
(Deficitl for
the year
Not a$sats
Linlon Projects Ltd
2.725,605
384,093
390,124
Page 23

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14. D•btors
Group
2022
Group
2021
Charity
2022
Charity
2021
Due wlthln one year
Trade debtors
other debtOT8
Prepayments and accrued income
Tax re¢overable
132,364
1.453
d,729
50,641
18.769
1,096
3,917
3,000
514
514
34.671
189.187
23,782
38,185
514
15. Creditors: Amounts falling duè within one year
Group
2022
Group
202f
Charlty
2022
Charity
2021
Bank loans
Other loans
Trade crediloTS
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other Creditors
Accruals and deferred income
10,000
354,500
193,541
10,000
408.500
198,283
10,492
2.235
1. 733
4,941
42,341
40,329
5,841
26,903
25,512
9.400
4,999
645.652
685.531
11,635
6, 732
16. Creditors: Amounts falllng due after more than ong year
Group
2022
Group
2021
Bank loans
Net obligations under finance lease and hire purchase contracts
24,167
13,795
34,167
16,785
37.962
50,952
Page 24

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
17.
statement of funds
statement of funds- Current year
Balance at
31
December
2022
Balanca at I
January
2022
Income Expendltur•
UnTestri¢ted funds
General Funds- all funds
4,455.871
2,976,180 12,843.933) 4,588,118
statement of funds- prior year
B81ance al
31
D8cenJber
2021
8alanc8 al
l January
2021
TTrnsfers
inloul
Income Expenditure
Unrostrlcted funds
G8neTal funds
3,998,439
2.645,071 (2,623.343)
435, 704
4,455,871
Rostrictad funds
Reslrlcted funds
435, 704
(435. 704)
Total of lunds
4,434, 143
2,645,071
(2,623,343)
4.455,87f
Followlng a review of funds held, and clarifi¢alion from The Gra￿ Trust, £435.704 of restricted funds
were Iransferred lo unrestricted funds in Ilno with the objectives of U)e Charity in the year ended 31
De￿mber 2021.
P8ge 25

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Summary offunds
Summary offunds- currentyear
Balance at
31
D•comber
2022
Balan¢0 at 1
January
2022
Incomè Expendltur8
General funds
4.455,871
2.976,180
12,843,933) 4,S88,11B
Summary of funds- prloryoar
Balance 8t
31
December
2021
Balgnce al
1 Jsnuary
2021
Transfers
in/oul
InGomg Expendllure
General funds
Restricted funds
3,998,439
435,704
2.645,071
(2,623,343)
435,704
(435, 704)
4,455.871
4,434, 143
2,645,071
f2,623.343)
4,455.871
19. Analysi5 of net assets betwagn funds
Analysis of net ass8ts between funds - current year
Unrestricted
funds
2022
Total
funds
2022
Tangible fixed assets
Current assets
CTedilors due within one year
Creditors due in more than one year
4.575,928
4.575,928
698,637
698.637
1648.485) 1648,485)
137,9621
137,962)
Total
4.588,118
4,588.118
Page 26

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
19. Analysls of net assets betwegn funds {¢ontinuedl
Analysis of net assets between funds - prlor year
UnrestriGted
fvnds
2021
Total
funds
2021
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one yeaT
4,506,227
4,5Q6,227
686,127
686, 127
(685.531) (685,531)
(50,952)
(50,952)
Total
4,455,871
4,455.871
20. Reconclliatlon of net mov•ment In funds to not cash flow from operatlng actlvltSes
Grovp
2022
Group
2021
Nel income for the year {as peT Slalement of Financlal Activities)
132.256
21,728
Adjustrnent$ far:
D8precialion charges
Interest received
Decreasellincreasel In stocks
DeueasellIn¢￿aseI in debtors
Increasel{decreas8} in creditors exd. loans and HP
163.486
91
129,2231
1168.2361
17.843
154,534
(io)
58,595
97,241
33,611
Net cash provldod by operating actlvltles
116,117
365,699
21. Analysls of cash and cash equivalents
Group
2022
Group
2021
Cash in hand
245,737
430,688
Total cash and cash equlval8nts
245,737
430,688
Page 27

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER2022
Analy$ls of changes In net debt
At1
January
2022 Cash flows
At31
December
2022
Cash al bank and In hand
Debt due within l year
Debt due after 1 year
FInan￿ leases
430.688
1418.5001
134,167}
122,6261
(184,951}
54,000
10.000
3,890
245,737
1364,5001
124,1671
118,736)
23. Opgrating lèas8 commltmants
At 31 December 2022 the Group and the Charity had commitments lo make future mlnimum lease
payments under non-cancellable operating leases as follows..
Group
2022
Group
2021
Not late¥ than l year
Later than 1 year and not later than 5 years
Later than 5 years
12,000
48.000
12,000
48.000
12,000
60,000
72,000
Page 28

MEDWAY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
24. Relatgd party transactions
As stated note 14, Linton Prolects Ltd was a wholly owned subsidiary undertaking of the Charity.
£360,00012021.. £275,000) was received by the Charity from the subsidiary under gift aid.
Unsecured loans, interest free, have been provided lo Linlon Projects Ltd by Immediate family membels
of the Directors of Linlon Projects Ltd and immediate family members of a Trustee of Medway Educallon
Trust. Year end related party loan balances are as follows..
2022
2021
A Campbell
A Ware & L Ware
C Mumford & C Mumford
G Mumford & E Mumford
H Mumford
J Ware
W Bruce
15,000
10,000
15.000
10,000
5,000
to,000
5,000
10,000
20,000
10,000
10.000
20,000
65,000
75.000
Loan balances owng to C & C Mumfor(l and H Mumford at 31 Decernber 2021 have been repaid during
the year ended 31 December 2022.
Payments totalllng £455.71 were made lo Woodville Consulting, of which S Bell is Sole Properielor. for
the supply of door, architraves, ironmongery and kitchen items. This is included within Medway Education
Trust's expenditure for the year ended 31 December 2D22.
Donations totalling £12,880 were received from Trustees and their Glose family members during the year
ended 31 December 2022. No donations were reslricled.
Page 29