CHARITY REGISTRATION NUMBER: 1067583 Oakhill Education Trust Financial Statements 31 December 2020 ATHERTON BROOKS LLP Chartered Accountants & Statutory Auditor 9 Cheam Road Ewell Surrey KT17 1SP
Oakhill Education Trust Financial Statements Year ended 31 December 2020 Page Trustees, annual report Independent auditorfs report to the members Statement of financial activities 10 Statement of financlal position 11 Statement of cash flows 12 Notes to the financial statements The followlng pages do not form part of the financlal statements Detailed statement of financial activities 13 25 Notes to the detailed statement of financial activities 27
Page 1 Oakhill Education Trust Trustees. Annual Report Year ended 31 December 2020 The Irustees present their report and the flnancial statements of the charlty for Ihe year ende 31 Decembar 2020. Achlevements and perfomianco We have continued to proviée a Safe, modern and high quality learning environment, Information Technology infraslruclure and facilitie8 that have enhanced the students, leaming experience through enabllng the Self Directed Leamlng methodology, Virtual L¢arning and increased physical exercise. Flnanclal revlew Thè School is supported and financed principally by School Fees and Income from the Trust's trading subsidiary ATC Enterprise9 Ltd. Grants wore, up to the dale of Transfer received from Focus Learning Trust and then Oneschool Global UK. Capex projects are supported by Donation9 and Grants. The lolal Incoming resourceg for the year were £771,42912019 - £1,871,951). The restricted Income consisl mainly of donations from One School Global. Charitable donations generated were £271.985 12019 £325,809) and Other Tradlng Aclivlli8s contributed £3,531 12019 £6,811) to incoming resources. Expenditure on the charltable activities was £611,53712019 - £1,555.9481 and the cost of raising funds and other trading activities was £497 12019 £11,587). Donations of £406,487 to Oneschool Global is the most slgnificanl charitable expenditure. The surplus for the year was £159,395 and will be ullllsed in achleving future and for the maintenance of the building lo ensure continuance of the school. Risk Management The Trustoes have invesllgated major risks lo whlch th8 charlly 18 exposed and have established and reviewed systems to miligale them. The charity continues to revlew its proc8dures and policies to ensure that they are con818tenl with best practices. Intemal financlal controls minimise risks by followlng procedures that requlre all transactions to be correctly authorised and recorded in the accounts of the charity. In the long temi, in order to supplement the reseNes of the charity other means of fund raising have been explored. The Trust recelves profits from its 8ubsidiary trading company ATC Enterprises Ltd. Resgrves 11 is the pollcy of the Trustees to malnlaln unrestrlctsd funds as the free reserves of the Trust, sufficient to cover the operational expenditure for on8 month. Following the transfer lo Oneschool Global, these costs are currently cirGa £18,000, excluding donatlonsl for one month, represenllng 1.4°A of the unreslricled reserves. Donations madè lo OneSchDoI Global are dependent on the amount of Grants received and income received from the subsldiary. The Trust is holding greater reserves than required by the policy on the basi5 that the capital loans will need lo be repald in the future. The total amount of funds held by the charity al 31 December 2020 was £3,530,178 of which £2,242,524 are restricted and are not available for general use of the charlty.
Pago 2 Oakhill Educatlon Trust Truste8s' Annual Report f¢ontlnu8d) Year ended 31 December 2020 Flnanclal revlew (Gontlnu8dJ Investmonts The Trust ha5 a trading subsldiary ATC Enterprises Ltd. Th8 Trustees of Oakhill Education Trust, Mr I Cooper, Mr K Gardiner. Mr D Lynes and Mr D Stanley ar8 persons with significant control of this company and hold the shares in trust for Oakhill Educ81ion Trust. Oblgctlves and activltles Obj8Ct$ The charitable objects of the Trust are the advancement of tho education of children and young people. The oblecls also include any other charitable purpose for Ihe benefit of the worldwde Christian fellowship known as the Plymouth Brethren Christian Church. The trusvs maln activities are the support of Brethren schools and Ihg provbsion of grants to organlsalKJns that support chlldren and famllies Ethos Students attending Brethren school are encouraged lo develop thelr full potential and acquire the discipline of learning how to learn. while upholding Christian teachings and beliefs. The truth and aulhorily of the Holy Bible and strong family valu88 underpin thg commitment of the School lo provide quality in every facet of education - curriculum, leachers, facilities, management and di8cipline- In a safe and caring envlronmont. Values The Trustees are drawn from the Brethren community and the School is commilled to 8 way of Ihfe that is governed by the Holy Blble. expectlng the conduct of pupi18 and staff consistently lo reflect Bibllcal values and the specrfic values of the School, whlch Include.. Inlegrlty uprightness, honesty and decorous conduct, governed by the Holy Bible Carè & Compassion kindness. consideration and generosity to all; Respect- for all people. property, opinions and authority, Responsibility- for our actions, progres$ and environment,, Commitment- lo self-disciplina and tho pur8UIt of excellence.
Pagg 3 Oakhill Education Trust Trustees, Annual Roport (¢oniAnuedJ Year ended 31 December 2020 Objectives and activltles (contlnuvd) Slgnlflcant Actlvlt105 The Trust has supported the Brethren school in Kenley, providing use of th8 school building and supporting the educab'on provision provided by Oneschool Global UK. Pupils who attend the School are oxpecled lo aGI In 8ccordance with the doctrines and practices of the Brolhren, but there is n¢) other academic or financial selection process for admlssion to the School. The currlculum is designed to provide opportunities for pupils of varied abllllias and inleresls. The subjects offered are in lino with the National Curriculum and cover key learning areas. There is an increasing focus on encouraging and dev8loplng self-directed learning principles with students. Oneschool Glob81 UK was Incorporated for that purpos¢ and. whilst r¢cognising the responsibilllies of each relevant local community, il is considered that th8 advantages of providing education through one organisalion are conslderable and that in partlcular allows.. lal delivery of a single entsly to provide a 8inglg 9mployer of school 8laff',{bl delivery of positive l¢arning outcomes in line with a slngle, Global vl8ion,' andlc) maximisalion of the b8nefSts of a UK-wide ecosystem. ObJectSves We have referred lo the guSdance conlalned in th8 Charity Commission's general guidance on publlc benefit and we have had regard to il when rovlewing our aims and objectives, and in planning our future activities. In particular we consider how planned activitie5 will contribute lo the educational aims and objectives we have set. Plans for futura parlods We intend to contlnue lo support Oneschool Global UK to provide a quality and deliver a con8lStent and high level of educational experience and outcome for all students and staff, In accordance with the Trust's ethos and values. structure, govemance and management ststus of the Charfty Oakhill Edu¢alion Trust was conslituled under a Tw$1 Deed on 17 November 1997, and is reglslered wllh the Charity Commission as a charltable Tnjst, Number 1067583.
Page 4 Oakhill Education Trust Trustees. Annual Report IntInOl Year ended 31 Decamber 2020 Structure, governance and management (conelnued) Trustees appolntment, Inductlon and tralnlng There are clear recruilmenl, Induction and training poll¢ies in place for Trustees which are reviewed on a regular basis. A prospective Trustee is interviewed by Iwo or three Trustees before being elected at a Trustees rneellng. The inductlon of a Tru51ee includes studying relevant material and then a period of tralning and support from fellow Trustees before undertaklng their speciflc area of rasponsibility. No Trustees are r8muneraled for th9ir services nor do they recelve any contributions for oul-ol-pocket expenses. Organlsatlonal strurture and dac151on maklng Thore are currently 4 Trustees., Mr lain Cooper, Mr Kenneth Gardlner, Mr Damlan Lynes and Mr Daryl stanley. Reference and adminlstratlve dotalls Reglstered charfty name Oakhlll Education Trust Charity reglstratlon number 1067583 Prlnclpal offlce 101 Sandy Lane South Wallinglon Surrey SM6 9NW Th¢ trustees laln Cooper Kenneth F Gardiner D8mlan Lynes Daryl Stanlgy Subsldlary Compani06: ATC Enterprises Ltd {81509941 Bankers Lloyds Bank plc 40 Woodcole Road Wallinglon SM6 ONN Audltor Atherton Brooks LLP Chartered Accountants & Statutory Audllor 9 Cheam Road Ewell Surrey KT17 1SP
Page 5 Oakhill Education Trust Trustees. Annual Report fcontlnu Year ended 31 December 2020 Events after the end of th• reportlng perlod There are no 8vent8 afler the end of th8 reporting period that need to be included in the Trustees Annual Report except for the effect of tha pandemic of Coronavirus that affected the Charity from March 2020. The Charity is well adapted to online and self-directed learning which has meant that the education of th8 Students has been abl8 lo continue uninterrupted via onllne meeting platforms. After maklng appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operallonal exlslence for thè foreseeable future. For this reason, il continues to adopt the going concern basis In preparing tho financial slalemenls. Further details regarding IhÈ adoption of the going concern basls can be found in the Accounting Policies. The trustees. annual report was approv9d on ..... .... and signed on behalf of the board of Iruslees by.. laln Cooper Trustee
Page 6 Oakhill Education Trust Independent Auditor's Report to the Members of Oakhill Education Trust Year ended 31 December 2020 Oplnlon We have audited the financial slalèmenls of Oakhill Educallon Trust Ilhe 'charill} for the year ended 31 December 2020 which comprise the statement of financial actlvitles, statement of flnancial position, Slalemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applled In their prgparalion is applicable law and United Kingdom Accounting Standards, Including FRS 102 The Financial R8porting Standard appllcable in the UK and Republlc of Ireland IUnSled Kingdom Genérally Accepted Accounting Practlcel. In our opinion the financial statements.. give a true and fair view of the slate of the charitys affairs as at 3108cember 2020 and of its incomlng resources and applieatlon of resourc85, including its income and expenditure, for the year then ended., have been property prgpared Sn accordance with United Kingdom Generally Accepted Accounting Praclic8'. have been prepared in accordance with the requlremenls of the Charllles Act 2011. Basls for opinion We conducted our audit in accordance Inlgrnation81 Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the 8udilor's responsibilities for thé audit of the financial statements section of our report. We are independent of the charily in accordance th the ethical requirements that are relevant lo our audit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbillties in 8ccordance wllh the88 requirements. We believe that the 8udil evldence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial stalements. we hav8 concluded that the Iruslees, use of the going concern basis of accounting in the preparatlon of the financial slalemenls is appropriate. Based on tha work we have pgrfomied, we have not Identified any material uncertalntles relating to events or conditions that, Individually or Go11ectively, may cast significant doubt on the charitls ability lo continue as a going concarn for a period of al least twelve monlhs from when the financial statements are authorised for issue. Our responsibilitios and the responsibilities of the Iruslees th regP8cI lo golng concern are described in the relevant sections of Ihls report.
Page 7 Oakhill Education Trust Independent Auditorfs Report to the Membars of Oakhill Education Trust (contlnuedl Year ended 31 December 2020 Other Informatlon The other informatlon comprises the Information included in the annual report, olher than the financial slalemenls and our auditor's report thereon. The trustees are responsiblg for the other information. Our opinion on the financial statements does not cover the other information and, oxcept to the exl8nt olheMis8 explicilly staled in our report, Wg do not axpress any form of assurance con¢lusion thereon. In connection with our audit of the financial stal6menls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slatemgnls or our knowledge obtained in the audit or othenthse appears to be materially misslaled. If we identify such matèrial Inconsistencies or apparent material misstatements, we are required lo determine whelhgr there is a material misstatement in the financial statements or a mat8rial misstatement of the other infoTmallon. If, based on the work we have performed, we conclude that therè is a material mlsstalemenl of this olhgr information. we are required to report that fact. We have nolttlng to report in this regard. Matters on whlch we ore requlrèd to report by excgptlon In the light of the knowledge and underslandlng of the chartly and Ils envlronmenl obtained in Ihe course of the audit, we have not identified material mlsslatements in the IruslÈes' report. We have nothlng lo report In respect of thè followlng matters In relation to whi¢h the Charities Act 2011 requlrès us to report to you If. In our oplnion: the Informatlon given in the trustees, report Is Inconslstent in any materlal respect with the financial statements., or adequate accountlng records have not been kept. or the flnancial statements are not in agreement wSth the accounting records and returns,. or we have not received all the Information and explanations we require for our audll. Responslbllltles of trustees As explalned more fully in the Irust8es' responsibllitles statement, Ihe trustees are responsible for the prgparalion of the financial statements and for belng satlsfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are froe from Mate81 misstatement, whelher due lo fraud or error. In preparing the fin8nclal slalemenls, the Iru8tees are responslble for assessing the charitls ability to conllnue as a going concern, discloslng, as applicable, matters rglalerl to going concern and using the going concern basis of accounting unless the trustees either intend to liquldale the charity or to cease operation8, or have no realisllc allernatlv8 bul to do so.
Page 8 Oakhill Education Trust Independent Auditor's Report to the Mombers of Oakhill Education Trust (cotjllnuedj Year ended 31 December 2020 Audltor's responslbllltl¢s for the audlt of the flnanclal statements OUT objeclives are lo obtain reasonable assurance about whether the financial Statements as a whole are free from material mlsslalemenl, whether due lo fraud or error, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihal an audll conducted in accordance with ISAS {UKI wlll always delect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influencg the econornic decislons of users taken on the basis of thèse flnanclal ststements. Irregularities, including fraud, are Instances of non-compliance wlth laws and regulations. We design procedures in line with our re8ponsibililles, outllned above, lo delecl material misstalemenls in respect of irregularities, including fr8ud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Ag part of an audll In accordance wlth ISAS, we exercis8 professional judgment and malntaln professional scepliclsm throughout the audit. W¢ also.. •identlfy and assess the risks of material mlsslatement of the financial statements, whether due lo fraud or error, design and perform audit proceduTes responsive lo those risks, and obtain audll 8vid8nce that is sufficient and approprlate lo provide a basls for our opinlon. Thè risk of not delecling a material misslalernent resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misreprgsentalions, or the override of intemal control. •obtain an undèrstanding of internal control relevant lo the audll In order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effecthveness of the Company's internal control. •evalu8te the appropriateness of accounting pollcies used and the reasonableness of accounllng estimates and related disclosuras made by management. •conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audil evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companls ability lo continue as a going concern. If wo conclud8 that a material uncertainly exlsls, we are required lo draw attention In our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our oplnion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future ovgnts or conditions may cause the Company lo cease to continue as a going concern. We communicate wth those charged wtth governance regarding, among other matters. the planned scope and limlng of the audit and significant audit findlngs, Including any significant deficiencies In internal control that we identify during our audit.
Page 9 Oakhill Education Trust Independent Auditor's Report to tho Members of Oakhill Education Trust l¢onlinued) Year ended 31 December 2020 A further doscriplion of our responsibllllles for the aud51 of the financlal statements is located on the Financial Reportlng Council's websile al www.frc.org.uklaudltorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the charills members, as a body, in accordance with section 144 of the Charitles Act 2011 and regulations made under section 154 of that Act. Our audit work ha5 been undertaken so that we might slato to the charity's member5 Ihose mallers we are requlred lo stale lo them in an auditor's report and for ng Other purpose. To the fullest exlenl permilled by law, we do not accep r as9ume respons lily lo anyone other than the charity and the charity's members as a body, for ou dit work. for this ort, or for the opinions we have formed. Sundry Sundaran (Senior Slatulory Audllorl For and on behalf of Atherton Brooks L LP Chartered Accountants & Slatulory Audllor 9 Cheam Road Ewell Surrgy KT17 1SP
Page 10 Oakhill Education Trust Statement of Financial Actlvities Year ended 31 December 2020 2020 Reslricled funds Total funds Tot81 funds 2019 Unreslricled funds Noto Income and endowments Donations and legacies Charitable activities other Iradlng activities Investment Income 17,443 271.985 3.531 252.942 225,528 242,971 271,985 3,531 252,942 771,429 1,237.940 325,809 6.811 301,391 1,871,951 Total Income 545,901 225,528 Expendlture Expenditure on raising funds.. Costs of raislng donations and 18gaci85 Cost8 of otheT tradlng activities Expenditure on charitable activities Total expenditurè 455 42 425,502 425,999 455 42 611,537 612,034 4,466 7,121 1.555,948 1,567.535 10,11 186,035 186,035 Net Income and net movom•nt In funds 119,902 39,493 159,395 304,416 Reconclllation of funds Total funds brought fomard Total funds carrled forward 1,335,004 1,454,908 2,035,779 2,075,272 3,370,783 3,530,178 3,066,367 3,370,783 The statement of financial activities Includes all gains and1058es recognised in the year. All income and expenditure derlve from continuing activities. Th• notos on pag8s 13 to 23 ftsrm part of thèse finan¢l•l stat•mènts.
Page 11 Oakhill Education Trust Statement of Flnancial Position 31 Dacembar 2020 2020 2019 (rest8ledl Noto Flxed assets Tangible fixed assets 16 3,729,177 3,898,931 Current assets Debtors Cash al bank and in hand 17 9,452 298,009 307,461 256,670 48,845 305,515 Credltors: Amounts falllng dué wlthln one year Net Current assets Total assets less CUTrent Ilabllltles 18 6,460 301,001 4,030,178 333,663 (28,1481 3,870.783 Credltors.. Amounts falling due after more than one year Net assets 19 500,000 3,530.178 500.000 3,370.783 Funds of the Charlty Reslricled funds Unreslricled funds 2,075.272 1,454,906 22 3,530,178 2,035.779 1,335,004 3,370,783 Total charlty lunds These financial 51atem8nls ware approved by the board of Iruslees and authorised for issue on la....aC.,..&i..., and are Signed on behalf of the board by.. lain Cooper Trustee The not•s on pag08 13 to 23 form part of thès• financlal 8tat•monts.
Pagg 12 Oakhill Education Trust statement of Cash Flows Year ended 31 December 2020 2020 2019 (rostaled) Cash flows from operatlng actlvltles Net income 159.395 304,416 Adjustments for.. Dapreciation of tangible fixed assets Dividend8, interest and rents from investments Olher interest receivable and similar incom8 Accrued income Delerrad income 186,034 212,749 (252,7881 1301,2521 (1541 11391 16,O87} 121,4341 (30,667) Changes in.. Trade and other debtors Trade and other creditors Cash ganeraled from oper8Uong 247,218 1321,116) 12,502 1199,8801 {11,429) 147,6361 Interest received Nel cash Iroml{used Inl operating acllvitios 154 139 12,656 147,4971 Cash flows from Investlng actlvltiés Dividends. interest and rents from investments Purchase of langiblg aysels Proceeds from sale ol tangib19 assets Net cash fromllu8ed inl investing activities 252,788 301.252 116,2801 1620,1011 154.462 236,508 1164,387) Net Increaselldecreasel in cash and cash equlvalents Cash and cash equivalents at beglnning of year Cash and cash equlvalents at end of yoar 249,164 48,845 1211,884) 260,729 48,845 298,009 The notes on pag•s 13 to 23 form part ol these Ilnanclal $tat•mènts.
Page 13 Oakhill Education Trust Notes to the Flnancial Statements Year ended 31 December 2020 General Informatlon The charity Is a publ1¢ benefit enllly and a regist¢red charity in England and Wales and is unincorporated. The address of the principal offlce is 101 Sandy Lane South, Wallington, Surrey, SM6 9NW. Statement of compllan¢e These financial statement$ have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Rgpublic of Ireland,, the Statement of Recommended Practlce applicable to chalieS pr8parlng thelr accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021 IChariti8s SORP IFRS 10211 and the Charllies Act 2011. Accountlng pollcles Basls of preparatlon The financial statements have been prepared on the historlcal cost basls, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which Is the functional currency of the entsty. Golng concern There are no material uncertaintles about the charills ability lo continue. Con$olidatlon The charity 1$ not required lo prepare consolldated accounts in accordance with the Chorlties Act 2011. Judgemonts and koy souvces of estlmatlon unGortalnty The preparation of the flnancial statements requires management lo make judgements, eslimateg and assumptions that affect the amounts reported. Th9se estimates and ludgemenls ara continually reviewed and are based on experience and olh8r factors, including expectstions of future events that are believod to be reasonable under th8 circumstances. There are no ludgemenls made in the pro¢es8 of applying the entitys accounting policles that have a significant effect on tho amounts recognised in the financial statements. Fund accountlng Unrestricted funds are available for use at the dlscretlon of thg Iruslees lo further any of th8 charills purposes. Oesignaled funds are unrestrlcled funds earmarked by the trustees for particular future project or commitment. Restrlcted funds are subjècted to restrictions on Ihely expendllure declared by the donor or through the terms of an appeal, and fall into one of I0 sub-classes.. re5trfcted income funds or endowmènt funds.
Page 14 Oakhill Education Trust Notes to the Financial Statements (eonNnuorf1 Year ended 31 December 2020 Accountlng pollcles (conllnued) Incomlng resources All income is included in the statement of financial activitles when entitlement has passed lo the charity, il is probable that the economic beneflls assoclated with the transaction wll flow to the charity and the amount can be rellably measured. The following specific policies are applied to partlcular categories ol income.. income from donations or grants is recognised when thero is evidence of entitlement to the gift, receipt is probable and its amounl can b8 measurod reliably. Grants relating to performance are recognised as the Charity earns the rlght to consideratlon by ils performance. legacy income is racognised when receiptlg probable and enlSllemenl is establishad. incorne from donated goods Is measured at the fair value of tho goods unless Ihls Is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilllies and services ar8 recognised In the accounts when received if the value can be reliably measured. income from fundraising ev8nts is recognisod when it is received. School fees are recognlsed in tha period lo whlch the feas relate. Dislribuliong recelved from subsidiary undertakings are shown as "Income from group undertakings and only the amounts act4Jally feceSved aT9 recorded In the financial statements. Contribution of general volunteers is valued at the total number of hours given to the charity al the minimum wage rate for 25 years and over. Resources expended Expenditure is recognised on an accruals basis as a liability Is incurred. Expendlture includes any VAT which cannot be fully recovered, and is classified under headlngs of the slalement of financial activities lo whlch It relates: expenditure on raising funds Includes the costs of all fundralsing acllvilies. events, non- charitable trading actlvi118S, And the salg of donated goods. expenditUTO on charllable acllvities indudes all costs incurred by a charity Sn undertaking activitles that further Its charitable aims for th8 benefit of Its beneficl8ries, including those support costs and Gosts relating to tho governance of the charity apportioned lo charitable aclivilies. other expenditure Incjudes all expenditure Ihal Is neither related to ralsing funds for the charity nor part of Ils expenditure on charitable activitles. All costs arg allocated lo expenditure categorles reflecllng Ihe use of Ihg rèsource. Dlrecl costs allribulable lo a single activlly are allocated directly lo that acllvlly. Shared costs are apportioned between the activities they contribute lo on a reasonable, luslifiable and consistent basis. Tanglble assets Tangible assets are Initially recorded at cost, and subsequently slated al cost less any accumulated depreciation and Impairment losses. Any tangible assets carried al revalued amounts are recorded at Ihe fair value al the dale of revaluation less any subsequent accumulated depreclalion and subsequent accumulated Impairment losses.
Page 15 Oakhill Education Trust Notes to the Flnancial Statemants (¢ontlnue¢rfJ Year ended 31 December 2020 Accountlng policies (conllnuttd) Tangible assets (Conllnued) An Increase in the carrying amount of an asset 88 a result of a revaluation, is recognis8d in other Tecognised gains and losses, unless11 reverses a charge for impairment that has previously been recognlsed as expenditure wllhin the statement of financial aclivilies. A decrease in Ihe carwng amount of an assgt as a result of revaluallon. is recognised In other roGognised gains and losses, except to which it offsets any previous revaluation galn, In which case the loss is shown within other recognised gains and losses on the statement of flnancial activitie5. Doprociatlon All asse1$ purchasod over £500 are capitalised and depreciation is provided on all capilalised assets from the capital fund as bglow. Freehold property Long leasehold property Fixtures. fillings and equipment Equipment Portacabin straight line lo the year ended 31 December 2038 250/0 reduclng balance 330h straight Ilne 25•h redu¢lng balance No depreciation Is provided on the freehold land and bulldings and leasehold buildings. The Improvements to the Kenley Gampus are belng depreciated over the estsmaled useful life, whlch Is expected to end on 31 December 2038. Impairment of fixed assets A reeW for Indicator8 of impairment is carried out al each reportlng date, with the recoverable amount belng estimated where such indlcators exist. Where the carrying value exceeds the recoverable amount, the asset Is impaired accordingly. Prlor Impairménts are also reviewed for possible revers81 at e8ch reporting dale. For the purposes of impaimient tegting, when it Is not posslble lo estimate the recoverable mount of an Individual asset, an estimate Is mad¢ of the recoverable amount of the c8sh- generatlng unil to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash Inflows that largely independent of the cash inflows from other ass91s or groups of assets.
Page 16 Oakhill Education Trust Notes to the Financial Statements (conllnued) Year ended 31 December 2020 Accounting poll¢los (eontlnuedl Flnanclal Instrumonts A financial asset or a financial liabillty Is recognised only when the entlty becomes a party lo the orslraclual provisions of the Instrument. Basic financial instruments are initially re¢ognised at the amount receivable or p8yable including any related Iran5aGllon cogls, unless th8 arrangement constilules a financing transaction. where it is recognised al the present value of the future payments discounted at a market rate of Inter@st for a simllar debt inslrumenl. Current 8ssets and current liabllllies are subsequently measured al the cash or other consid8ration ¢xpecl8d lo be paid or received 8nd not discounted. Debt instruments ar8 subsequently measured al amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting dale. If there is oblecllve evidence of impairment, an impalrmenl Ioss 18 recognlsed under the appropriate heading in the statement of financial activities in which the Inillal gain was recognised. For all equity instNm8nts regardless of significance, and other financial assets that are individually signiflcanl, these aro assessed indlvldually for impairment. Other financial assets are either assessed indivldually or grouped on the ba51s of slmllar credit risk characlerislics. Any reversals of impairment are recognised immediately. to the extent that the reversal does not r6suII in a Carrying amount of the financial asset that exceed8 what the carrying amount would have been had the impairment not prevlously been recognisad. Donatlons and legacles Unrestricted Funds ReslriGl8d Total Funds Funds 2020 Donatlons Donallons Donated seNices 1.182 8,592 1,182 8,592 Grants Focus grants SEN grants 225,528 225,528 7.669 7,669 17,443 225,528 242,971 Unrestricted Funds Restrlcled Total Fsjnds Funds 2019 Irestaled) Donatlons Donations Donated getViCgS 276,255 64,920 276,255 64,920
Page 17 Oakhill Education Trust Notes to the Financlal Stataments leonllnuod) Year ended 31 December 2020 Donatlons and legacles iwnilnu8dJ Unrestricted Funds Restricted Total Funds Funds 2019 freslatèdj Grants Focus grants SEN grants 685,714 36,275 1,063.164 174,776 860,490 36,275 1,237,940 174.776 Charltablè actlvltlas Unrestricted Total Funds Unreslricled Total FLJnds Funds 2020 Funds 2019 (rnsta¢edJ Fees received Other income 271,046 939 271,046 939 317,387 8,422 325,809 317,387 8,422 325,809 271,985 271.985 other tradlng actlvitles Unrestricted Funds Restricted Total Funds Funds 2020 Fundraislng events Miscellaneous Rental income 1.148 2,383 1,148 2.383 3,531 3,531 Unrestricted Funds Restricted Total Funds Funds 2019 (rqslatedj Fundraising events Miscellaneous Rental income 851 1,093 4,367 6,311 500 1,351 1,093 4,367 6,811 500 Investment Incomo Unreslrlcled Total Funds Unreslrlcled Total Funds Funds 2020 Funds 2019 (réslated) Income from group undertakings Bank interest receivable 252,788 154 252,788 154 301,252 139 301,252 139 252,942 252,942 301.391 301,391
Page 18 Oakhill Educatlon Trust Notas to thé Flnancial Statements (¢ontlnu•dJ Year ended 31 December 2020 Costs of ra181ng donatlons and legacies Unreslricled Total Funds Unreslricled Total Funds Funds 2020 Funds 2019 (rnslotodl Costs of Yaising donations and legacles Donations 455 455 4,466 4,466 Costs of other tradlng actlvltlgs Unrestricted Totsl Funds Unrestrlcted Total Funds Funds 2020 Fund8 2019 (rest•l8d) Costs of other trading aotlvllles Operating Irading company 42 42 7,121 7,121 10. Expendlture on charltable a¢tlvltles by fund type Unr9slricled Fund5 Restricted Total Funds Funds 2020 School costs Support Gosls 425,21Q 292 186,035 611,245 292 425,502 186,035 611.537 Unreslricled Funds Re51ricled Total Funds Funds 2019 (réstal8dJ School costs Support costs 1,174,229 14,508 1.188,737 367,211 1,541.440 14.508 367.211 1,555,948 11. Expenditure on charftable actlvltles by actlvlty type Aclivlti88 undertaken direGlly Ssjpport costs Total funds 2020 Total fund 2019 School costs Governance costs 611,245 611,245 292 1,541,440 14,508 1,555,948 292 611,245 292 611,537
Pagg 19 Oakhill Educatlon Trust Notes to the Financial Statements (eontlnued) Year onded 31 December 2020 12. Net Income Net income is stated after charglngl(credlling)'. 2020 2019 {rèsiét8d) Depreciation of tangible fixgd assets 186,034 212,749 13. Audltors remuneratlon 2020 2019 {rest8ted) Fees pay8blo for the audit of the financial statements 4,512 9,024 Fees payable to the charitys audltor and ils a8so¢Sates for other services.. other assurance seNice8 Other non-audil services 2.178 1.080 1,080 2,178 Th8 Trust has entered into a general limitation of Ilability agreement WTth the auditors on 18th February 2019 which reslricls the clr¢umslances in whlch the auditors can be held responslble for losses, surcharges, penalties, Interest or addllional lax Ilabililies, Those circumslanc8s include the supply of incorrect or Incomplete information. or failure to supply any information or lo act on the auditors advice or respond promptly lo communications from the auditor. 14. Staff costs Tho lotal staff costs and employee benefits for th8 reportlng period are analysed as follows: 2020 2019 (rnstal8d) Wages and salari88 Social socurily Costs Employer contributions lo pgnsion plans 694,857 56,622 64,514 815.993 The average head count of employees durlng the year was Nll12019.' 231. No employee recelved employee benefits of more than £60,000 during the year12019'. NIII. 15. Trustee remuneration and expgnsès No Trustee received any Muneration or recelved any other benefils from employment wllh theSr charity or related enlily. All related party transactions are at arm8 length and are detailed in Note 25 of the Financlal Statements. No Iruslees expenses havg bggn Incurred duTing the year.
Page 20 Oakhill Education Trust Notes to the Financial Statements {conllnuèdJ Year ended 31 December 2020 16. Tanglble fix•d assets Land and buildings Portacabin Total Cost At 1 January 2020 las restaled) Addltlons 4,684,206 16,280 4.700,486 31.867 4.716,073 16,280 4.732,353 At 31 Decomber 2020 31,867 Depreclatlon At 1 January 2020 Chargg for the year At 31 December 2020 786,641 185,693 972.334 30,501 341 817.142 186,034 30,842 1,003,176 Carrying amount At 31 December 2020 3,728,152 3,897,565 1,025 3,729,177 3,898,931 At 31 December 2019 1.366 Th8 nel book value of land & buildings as al 31 st December 2020 Is made up of ttte following properties.. 2020 2019 Freehold premises Kenley sile refurbishment- long term Freehold land Primary school improvements Primary school ground improvements Total net book value as at 31 st DeGember 715,415 3,127,548 54,600 715,415 2,798.289 54,600 3,897,565 3,568,306 17. Debtors 2020 2019 (résta18dJ Trade debtors Prepayments and accrued income Other debtors 8,223 1,229 250,531 3.592 2,547 256,670 9,452 18. Credltors: Amounts falllng due wlthln one year 2020 2019 (rest8t8d) Trade creditors Accfuals and deferred Income 868 5,592 6,460 23,086 310.577 333,663
Pagg 21 Oakhill Education Trust Notes to the Financial Statements {¢ontlnued) Year ended 31 December 2020 19. Credltows: Amounts falllng due after moré than onè year 2020 2019 (reslaied) Oth8r creditor8 5DO,000 500,000 The directors of Central GH Trusl waived interest on the loan with effect from 1 st April 2020 loan. Repayment is not being sought on thls loan before March 2022 when repayrnenl of the loan will bg reassgssed. 20. D8ferr¢d Income 2020 2019 (ro$t*¢ed) At 1 January 2020 Amount released to Income Amount deferred in year At 31 December 2020 298,898 1298,898) 298,898 298,898 21. Pensions and other post retlrem•nt benellts Deflned contrlbutlon plan# The amount recognlsed In Income or expenditure as an expense in relation to defined contribution plans was £Nil (2019.. £84,514). 22. Analysls of charltable funds Unrestricted funds At 1 January 202 At 31 December 2020 Income Expenditure General funds 1,335,004 545,901 {425,9991 1,454,906 Al 1 January 201 At 31 December 2019 Income Expenditure General funds 838,653 1,696,675 (1,200,324) 1,335,004
Page 22 Oakhill Education Trust Notes to the Financial Statements (¢onllnu¢d) Year ended 31 December 2020 22. Analysls of charltable funds (¢onllnued) Restrlcted funds At 31 December 2020 1 January 202 Income Expenditure Capital fund 2,035,779 225,528 (186,0351 2,075.272 Al 1 January 201 Al 31 December 2019 Income Expenditure Capital fund 2,227,714 175,276 1367,2111 2,035,779 23. Analysls of net assets between funds Unroslricled Funds Restdcted Total Funds Funds 2020 Tanglble fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net asset$ 3,729,177 3,729,177 307,461 16,4601 16,460) 1500,0001 (500.000) 3,222,717 3,530,178 307,461 307.481 Unreslricled Funds Restricted Total Funds Funds 2019 Tanglble fix8d assets Current ass8ls Creditors less than 1 year Creditors greater than 1 year Net assets 3,898,931 3,898,931 305,515 1333.6631 1333,663) 1500,0001 1500,0001 3,065,268 3.370,783 305,515 305,515 24. Prlor year adjustments A reslatemenl has been made to the 2019 (prior yearl Statement of Financial Position Inole 18.. Credilors.. Amounts falllng due after ona year) lo reclassify £298,898 from Other creditor8 to Accruals and deferred Income. The amount of £298,898 h88 been released lo Fee income in tho Statement of Flnanclal actimlies in the current year. Fee income Is disclosed wllhin note 5 (Charitable acliviliesl.
Page 25 Oakhill Education Trust Detailed Statement of Financial Activities Year ended 31 December 2020 2020 2019 Income and endowments Donatlons and legacles Donations Donated services Focus grants SEN grants 1,182 8,592 225,528 7,669 276,255 64,920 860,490 36,275 242,971 1,237,940 Charltable activities Fees received Other income 271,046 939 317,387 8,422 271.985 325,809 Other trading actlvltles Fundralsing events Miscellaneous Rental Income 1,351 1,093 4,367 1,148 2,383 3.531 6,811 Investment Income Income from group und8rtakings Bank interest receivable 252,788 154 301,252 139 252,942 301,391 Total Income 771.429 1,871,951
Page 26 Oakhill Education Trust Detailed Statement of Flnancial Actlvities (contlnuedl Year ended 31 December 2020 2020 2019 Expenditure Costs of raislng donations and legacles Wageslsalarles 455 4,466 Costs of othar tradlng a¢tlvltlès Premises costs 42 7.121 ExndIture on charltable actlvltles Wages and salaries Employels NIC Pension costs Other establishment Other molorllravel costs Legal and professional fees Depreciation Premises costs Administration Learning Tesources Relocallonexpenses Other expenses Oonaled services Grants paid lo UK charlliès Charitable éonalions pald lo One School Global Redundancy costs Staff unlforms 694,857 56,622 64.S14 154,463 41,390 14,345 212,749 132,453 22,691 27,402 24,140 24,083 64,949 200 292 186,035 5,383 145 4,513 8,592 406,487 21,037 53 611,537 1,555,948 Total expendlture 612,034 1,567,535 Net Income 159,395 304,416
Page 27 Oakhill Education Trust Notes to the Detailad Statement of Flnanclal Activitias Year ended 31 Dacember 2020 2020 2019 Cost5 of ralslng donations and legacles Costs of raising donations and legacles - Donatlon$ Fundraising - other 455 4,466 Costs of ralslng donatlons and laga¢les 455 4.466 Costs of other tradlng actlvltles Costs of other tradlng actlvltles . Operatlng tradlng company Uniform purchases 42 7,121 Costs of othor Iradlng activltles 42 7,121 Expenditure on ¢harltable actlvltles School costs A¢tiviti•s undertakén dlrectly W8geslsalarles Employerfs NIC Pension costs Donated assets Transport cost Depreciation Premises cost Adminislralion Learning resources Relocation expenses other expenses Donated services Grants pald lo UK charitles Charitable donations pald to One Schts)l Global Redundancy ctssls Staff uniforrns 694,857 56,622 64,514 154,463 41,390 212.749 132,453 22,528 27,402 24,140 24,083 64,949 200 186,035 5,383 90 145 4,513 8,592 406,487 21,037 53 611,245 1,541,440 Govomancè costs Audit fees Legal and other professional fees School inspection costs 292 10,592 3,753 163 292 14,508 Expendlture on charltable actlvltles 611,537 1,555,948