Charity number: 1067583 OAKHILL EDUCATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
OAKHILL EDUCATION TRUST CONTENTS Page Reference and adminlstrative detaSls of the Charity) its Trusteeg and advisers Trustees. report Trustèès, responsibilities statèment Independent auditor's report on the financial statements Consolidated ststement of flnancial activitles Consolidated balance sheet 10 Charity balance sheet Consolidated statement of cash flow5 11 12 Notes to the financial statemonts 13-30
OAKHILL EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees I Cooper, Trustee K F Gardiner, Trustee O Lynes, Trustee Iresigned 25 May 20211 D Stanley, Trustee Charity registerèd number 1067583 Principal office 101 Sandy Lane South Wallinglon Surrey SM6 9NW Indgpendellt audltor Crowe U.K. LLP Fourth Floor Sl James House Sl James Square Chellenham GL50 3PR Bankers Lloyds Bank plc 40 Woodcole Road Wallin9lDn SM6 ONN Page 1
OAKHILL EDUCATION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 310ECEMBER 2021 The Trustees of Oakhill Education Trust present their annual report and audited accounts for the year ended 3181 December 2021 and confirm they comply wlh the requirements of the Charities Act 2011, the Trust deed, FRS102 and Ihe Charities SORP IFRS 1021. Ob ectivas and Activities The charitable objects of the Trust ara the advancement of the education ol children and young people. The objects also include any other charitable purpose for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church. In furtherance ol ils objects, the Tiusl provides one premise under form21 lease for an independent school based in Little Woodcole Centre, Telegraph Track. Carshallon, SM5 4AZ, which has been run by Oneschool Global UK (OSGUKI. The Trust also provides grant funding and other financial support to OSGUK al the discretion of the Trustees in order to enable OSGUK lo provide a well balanced education at primary and secondary levels. for children and young people whose parent5 appreciate the Christi8n ethos. SLJccess is measured in terms of th6 provision of appropriate facilities lo OSGUK whilst minimising expendrture. This in turn, frees up funds for raising standards of education for all concerned and for the improvement of facilities for pupils Bnd staff alike. The Trustees have referred lo the guidance contsined in the Charity Cornmission'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 educational 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 assisl and support the Twst throughout the year.1 Structure Governancè and Mana ement Oakhill Edu¢ation Trust is constituted by a Deed of Trust dated 17 November 1997 and is registered with the Charity Commission for England and Wales (Registered Number 10675831. The Trustees 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 Ihe Trust in the year ended 31st December 2021 (year ended 31 sl December 2020 £nill. The power lo appoint Trustees is invested in the &xisling Trustees subject lo the Tru51 Deed requirement. Trustees are selected 8¢cording lo their own specialism in a particular field and are expected lo pursue that spe¢ialism. New Trustees are instructed in the need lo completely adhere lo the ethos and values of the Trust. The Trustees hav& examined the major slralegic, business and operational risks that the Trust faces. The Trustees are satisfied that the major risks identified have been adequately miligal8d where necessary. 11 is recognised that systems can only provide reasonable bul not absolute assurance that majoT risks have been adequately managed. nificant Activities Throughout the year the Trust h8s conllnued lo provide support for the 8ducalional activities of OSGUK. The Trust has 8 wholly owned sub8idi8ry company. ATC Enl8rprises Ltd IRegisl&red Number 081509941 which undertakes trading activities. All profits ¢hargeable lo corporation lax are gilled to the Trust in support of the charilsble activities ol the Trust. Page 2
OAKHILL EDUCATION TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Financial Review The Financial slalemenls lor the YE 2020 were not nsoldated bul have now been consolidated for the YE 2021 to fully incorporate the impact of ATC Enterprises Ltd. Tol81 Funds as al 31 st December 2020 before restatement were £3.530,178 and after reslalemenl were £3,857,797. In the year ended 31st December 202fj the Group ported 8 net delicil of £206,11012020 surplus of £239,917). All funds are unreslricled. The Trust is supported and financed principally by profits from ils trading subsidiary ATC Enlerprsses Lld {Regislered Number 081509941 plus other ad hoc donations and those raised by fundraising events and grants from the Grace Trust. The Trustees believe Ihal the Tiusl's funds are sufficient lo miligale any short lo medium lem risk of reduced funding. The Trust's fundraising events principally operate within the Brethren community and professional fundraisers are not used. Neither the Trust nor any person acting on behalf of the Trust was subject lo an undertaking lo be bound by any voluntary scheme for regu181ing fund-raising, or voluntary standard for fund-raising in respect of activities on behalf of the trust. The Trustees. policy is lo maintain minimum free reserves al a level which equates lo six months, unreslricled expenditure. This is approximately £15,000. Al 31st December 2021 the free reseNes of the Trust were £-183,411131 st December 2020 £-198,9991. After making appropriate enquiries, the Trustees have a reasonable expeclalion that the charity has adequate resources to continue in operational exislen¢e for the foreseeable future. For this reason, il continues lo adopt the going Concern basis in preparing the financial statements. Further details regarding the adoption of the goin9 concem basis can be found in the Accounting Policies. Plans For Future Periods The Trustees plan lo continue lo support OSGUK lo provide a quality and deliver a consislenl and high levol of educational experience and oulcom$ for all students and staff, in aOrdanCe with the Trust's ethos and values. The land and buildings leasecj lo OSGUK are all in the name of'The Croydon and District Education Twsl, and the plan remains for the land and buildings lo be transferred over lo Oakhill Education Trust at the earliest opportunity. Approved by order of the members of the board of Trustees and signed on their behalf by. K F Gardlner Trustee Dale., Page 3
OAKHILL EDUCATION TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees are responsible lor preparing the Trustees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted A¢counling Pracli¢el. The law applicable lo charities in England & Wales requires the Trustees lo prepare financial slalemenls for each financi81 year which give a true 8nd lair view of the slate of affairs of the Group and the Charity and of their incoming resources and applicallon of resources. including their income and expenditure, for that period. In preparing these financial slalemenls, the Trustees are required lo.. select suitable a¢¢ounling policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 102)., make judgments 8nd ac¢ounling eslimales that are reasonable and prudent., 8181e whether applicable UK Accounting Slandards IFRS 1021 havo been followed, subject to any material departures disclosed and explained in the financial slalerllenls", prepare the financial statements on the going concern basis unless il is inappropriate lo pr&sume that the Gioup will continue in business. The Trustees are responsible for keeping adequate accounting récords that are sufficient lo show and explain the Group and the Charity's Iransaclions and distlose with reasonable accuracy al any lime the financial position of the Group and the Charity and enable them lo ensure that the financial slalemenls comply wlh the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the proifjsions ol the Trust deed. They are also r¢spDnsible lor safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevanlion and deleGlion of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on ils b&half by.. K F Gardiner TTUSte Dale.. Page 4
OAKHILL EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKHILL EDUCATION TRUST Oplnion We have audited the financial slalements of Oakhill Education Trust Ilhe'parent charilll and ils subsidiaries {Ihe 'group'l for the yéar ended 31 December 2021 which comprise the Consolidaltsd slalemenl of financial aclivilies, the Consolidated balance sheet, the Charity balance sheet, the Consolidated slalemenl of cash flows and Ihe Telaled 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 Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ire18nd' Iuniled Kingdom Generally Accepted Accounting Praclicel. The financial slalemenls have been prepared in accordance wfth Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities". Slalemenl of Recommended Practice issued on 1 April 2005 whi¢h is referred lo in the extant regulations bul has been withdrawn. This has bèen done in order for the accounts to provide a true and fair view in accordan with the Generally Accepted Accounting Pra¢lice effective for reporting periods beginning on or after 1 January 2015. In our opinion the flnancial 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 resources, including its income and expenditure for the year then ended., have been properly prepared in accordance th United Kingdom Generalty Accepted Accounting Practice., and have been prepared in ac¢ordance with the requirements of Ihe Charities Act 2011. Basis for opinio We condvcled our audit in 8ccordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditols responsibilities for the aLJdil ol the financial sl8lemenls section ol our report. We are independent of the Group in accordance with the ethical requirements Ihal are levant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethal Standard, and we have fulfilled our other elhi¢al responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo promde a basis lor our opinion. Conclusions relating to golng concern In auditing the financial slalements, we have concluded that the Trustees. Ljse of the going concem basis of accounting in the preparation of the fi'nancial statements is appropriate. Based on the work we have perfoimed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the Group's or thè parent charity's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page S
OAKHILL EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKHILL EDUCATION TRUST (CONTINUED) Other informatlon The other information comprises Ihe information included in the Annual report other than the financial slalemenls and our Audilorfs report Ihereon. The Trustees a responsible lor the other information contained within the Annual report. Our opinion on the financial slalemenls does not cover the other information and, exp1 lo the extent otheiSe explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilrty is lo read the other information and, in doing so, consider whether the other Information Is materially inconsislenl with the financial slalemonts or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether this gives rise lo a material misslalemenl in the financial sl8tements themselves. If, based on the work we have perforrned, we conclude that there is a material nii8slalement of this other information, we are r$quired lo report th21 fact. We have nothing lo 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 IA¢¢ounls and Reports) Regulations 2008 requires us to report lo you if, in our opinion., the information given in the TTuslees' report is in¢onsislenl in any material respect with the financial slalernenls., or the parent Charity has not kept sufficient a¢¢ounling re¢ords', or the parent Charity financial slalemenls are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responslbllitles of trustees As explained more fully in the TDJslees' responsibilities slalemenl, the Trustees are responsible for the preparation of the financial slalemenls which give a true and fair view, and lor such internal control as Ihe Trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible lor assessing the Group's and the parent charills ability lo continue as a going concern, disclosing, a5 applicable, mallers related lo going concern and using thè going concern basi5 of 8¢counting unless the Trustees either intend to liquidate the Group or the parent charity or lo cease operations, or have no realistic allernalive bul lo do so. Page 6
OAKHILL EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKHILL EDUCATION TRUST ICONTINUEDI Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under Section 151 of tha Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objeclivos are to obtain reasonable assLJrance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conduoled in accordance with ISAS IUKI alw8ys delecl a material misslalemenl when il exists. Misslalerllenls can arise from fraud or error and are considered material il. indiwdually or in the aggre9ale, they could reasonably be expected to Influence the economi¢ decisions of users taken on the basis of these financial slatemenls. Irregularities, includlng fraud. are instanS of non-compliance with laws and regulalions. We deslgn prOdre5 in line with our responsibilities, outlined above, lo delecl material misslalements in respect of irregularities, including fraud, The extent lo which our Procedures are capable of deleGling irregularities, including fraud is detailed below.. We obtained an underslanding of the legal and regulatory frameworks within which the charity operates. focusing on those laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slalemenls. The laws and regulations we considered in this ¢onlex( were the Charities Act 2011 and Th8 Charities and Trustee Investment Iscolland) Act 2005 log&lher with the Charities SORP IFRS 1021. We assessed the required compliance wllh these laws and regulations as p8rt of our audit pro¢edures on the related financial slalemenl items. Auditing standards limit the requlred audit procedu$ lo identify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection ol regulatory and legal correspondenc8, if any. We identified the grealesl risk of material impact on the financial slalemenls from irregularities, including fraud, lo be within the override of controls by management. Our audit procedures lo respond lo these risks included enquiries of man8uemenl, and th8 Trustees about their own idenlificalion and assessment of the risks of irregularities, sample lesling on the p081ing ol journals, revièwing accounting eslimales for biases and reviewing regulatory correspondence. Owlng lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalernenls in the financial statements, even Ihough we have properly planned and performed our audit in accordance with audiling standards. For example, the further removed non.compliance with laws and regulations lirregularitiesl is from the events and transactions reflècted 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-delection ol irregularities, as these may involve ¢ollusion, forgery. intentional omissions, misrepresenlalions, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expe¢ted lo delecl non-compliance with all laws and regulations. A further descripllon of our re8pon8ibililies lor Ihe audit of the financial slalemenls is located on the Financial Reporting Council's website at.. vow,frc.or .uklauditorsres onsibilities. This description foThs part of our Audilorfs report, Page 7
OAKHILL EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKHILL EDUCATION TRUST (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 30 January 2023
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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OAKHILL EDUCATION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 As r8slglsd Total ful& 2020 Unrestrlcted funds 2021 RestriGtèd funds 2021 Total funds 2021 Note Income from.. Donations and legacies Charitable activities Other Ir8ding activities Investments 95,54S 6,292 1,761,294 33 95,545 6,292 1,764,294 33 242,971 275,516 1,521,841 154 Total Income 1,863,164 1,863,164 2,040,482 Expenditure on- Raising funds.. Cost of raising donations and legacies Costs of other trading activiliets Other raising funds Charitable activities 455 42 1. 188,S31 611,537 4,541,874 527.400 1,541,874 527,400 Total expenditure 2,069,274 2.069,274 1,800,565 N8t lexpendlturellincome Transfers between funds 1206,1101 2,075,272 1206,1101 239,917 19 12,075,272> Net movement in funds 1,869,162 12,075,272) 1206,1101 239,917 R&cDnciliatlon of fund5-. Total funds brought forward Nel movement in funds 19 1,782,525 1,869,162 2,07S,272 12,075,272) 3.857.797 1206.1101 3,617,880 239,917 19 Total funds carried forward 3,651,687 3,6S1,687 3.857,797 The Consolidated Slalement ol Financial Aclivilies includes all gains and losses recognised in the year. The notes on pages 13 10 3Q form part of these financial statements. Page 9
OAKHILL EDUCATION TRUST CONSOUDATED BALANCE SHEET AS AT 31 DECEMBER 2021 As r6s18led 2020 2021 Note Fixed assets Tangible assets 13 3,673,125 3,88t,667 3,673.125 3.881.667 Current assets Stocks Debtors Cash al bank and in hand 154,050 32,155 422,448 152, 735 43,477 361, 644 16 608,653 557,856 Creditors.. amounts 1811ing due within one year 17 1630,0911 (81,7261 Not current liabllities l assets 121,4381 476,130 Total assets less currènt liabilities 3,651,687 4,357,797 Creditors.. amounts falling due after mor& than one year 18 (500,000) Total net assets 3,651,687 3, 857,797 Charity funds Reslricled funds Unreslricled funds 19 2,075,272 1, 782,525 19 3.6S1,687 Total funds 3,651,687 3,857, 797 The financial siatemenls were approved and authorised for issue by the Trustees and signed on their behalf by. K F Gardiner Trustee Dale.. -7 The notes on pages 13 10 30 form part ol these financial slalemenls. Page 10
OAKHILL EDUCATION TRUST CHARITY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assets Tangible assets Inveslmenls 13 14 3,543,143 3, 729, 177 3,543.146 3, 729. 180 Current assets Debtors Cash al bank and in hand 16 3,271 323,310 g,452 298,009 326,581 307,461 Creditors.. amounts falling due within one year 17 1509,9951 {6,463J Net current liabllltles l assets 1183,414> 300,998 Total assets less current liabilities 3,3S9.732 4,OJO. 178 Creditors.. amounts falling due after more than one year 18 (500,OOOJ Total net assèis 3,359,732 3,530, 178 Charity furtds Reslricled funds Unrestricted funds 19 19 2,075,272 1,454,906 3,359,732 Total funds 3,359,732 3,530. 178 The financial slalemenls were approved and aulhorised for Issue by the Trustees and signed on their behalf by. K F Gardiner Trustee Dale.. The notes on page$ 13 10 30 form part of these flnancial stalemenls. Page11
OAKHILL EDUCATION TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 As stated 2020 2021 Note Cash flows from operatlng activities Nel cash used in operating activrties 22 75,648 397,160 Cash flows from investing activities Interest received Purchase of tangible fixed assets 33 (14,8771 1148, 150J 154 Net cash used in investlng activities 114,8441 1147,9961 Change in cash and cash equivalents In the year Cash and cash equivalents al the beginning ol the year 60,804 249,164 112,480 361.644 Cash and cash equivalents at the end of the year 23 422,448 361,644 The notes on pages 1310 30 form part of these financial slalemenls Page12
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General informatlon The Oakhill Education Trust is an ullincorporaled charity Iregislered number 10675831 registered in England and Wales. The registered address is 101 Sandy Lane South. Wallinglon. SM6 9NW. Accountlng policies 2.1 Basis of preparatlon of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement ol Recomrnended Practi applicable lo charities preparing their accounts in accordanoe with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Charities Act 2011. The financi81 statements have been prep8red to grie a 'lrue and fairf view and have departed from the Charities IAccounls and Reports) Regulations 2008 only lo the extent required lo 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.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Oakhill Education Trust meets the definition of a public ben8fil enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction valu6 unless otherwise slated in Ihe relevant accounting policy. The Consolidalecl slalement of financial aclivilles ISOFA) and Consolidated balance sheet consolidate the financial slalemenls of the Charity and ils subsidiary undertaking. The results of the subsidlary are consolidated on a line by line basis. The Charity has also taken advantage of the exemption available lo a qualifying enlily in FRS 102 from tha requirement to PTesenl a Charity only slalemelll of cash flows and certain disclosures aboul the charity's financial instruments within the ¢onsolidaled accounts. No separate SOFA h88 been prepared for the Charity alone. 2,2 Going concèrn Thg Trustees are of the opinion that there is sufficient funding in place lo continue activities of the charity. Therefore, the accounts have been prepared on a going con¢em basis. Page 13
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng policies {continuedl 2.3 Income All income is recognised once the Charity has enlillemenl lo the income, il Is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies Is dependent on eslahlishing entillemenl, the probability of receipt and the ability lo estimate with sufficient accuracy thè amount receivable. Eviden¢e ol enlillemenl lo a legacy exists when the Charily has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that Ihe property in question will not be required lo satisfy claims in the eslale. Receipt of a legacy musl be recognised when il Is probable that il will be received and the lair value of the amount receivable, which will generally be the expected cash amount lo be distributed lo the Charity, can be reliably measured. Grants are included in the Consolidated slalement of financial activities on a receivable basis. The balarn of income received for spe¢ifi¢ purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of enlillfjmenl of receipt, its recognition is deferred and included in creditors as deferred income. Where enlillement owurs before income is received, the income is accrued. Income lax recoverable in relation lo investment income is recognised al the lime the investment in¢ome is re1vable. 2.4 Expenditure Expenditure is recognised On there is a legal or conslru¢tive obligation to Iransler ewnomic benefit to 8 third party, il is probable that a transfer of economic benefits will be required in selllemenl and Ihe amount of Ihe obligation can be measured reliably. Expenditure is classified by activity. Expenditure on raising funds includes all expenditure incurred by the Group lo raise funds for its charitable purposes and illcludes costs of all fundraising activities ovenls and non-charilable trading. Expenditure on charitable aclivilie5 is incurred on directly undertaking the aclmlies which further the Group's objectives. as well as any associated support ¢osls. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on depos11 is included when receivable and the amount can be measured reliably by the GroLJP', this is normally upon notification of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Tanglble fixed assets and depreciation Tangible fixed 8ssels costing £500 or more are capilalised and recognised when future economlc benefits are probable and the cost or value of the assot can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognilion, under the cost model, tangible fixed assets are measured at C051 less a¢cumulaled depreciation and any ac¢umulaled impairment losses. All c051s in¢urred ID bring a langiblo fixed asset into ils intended working condition should be in¢luded in the measurement ol cost. Page 14
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng policies Icontinuedl 2.6 Tangible flxed assets and depreciatlon Icontinuedl Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis,. Freehold property Plant and machinery Office equipment Other fixed assets 40A slraighl lille 25Q/o slraighl line 250A slraighl line 1°A straight line 2.7 Invgstments Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Stocks are valuad al the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.9 Debtors Trade and other debtors ar8 recognised at the selllement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and In hand Cash al bank and in hand SncSudes cash and short-lerm highly liquid Investments with a short maturity of three months or less from the dale ol acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, il is probable that a transfer of economic ben$fil will be required in selllemenl, and the amount of the 8elllemenl can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay lo sellle the debt or the amount il has received as advanced payments for the goods or services it musl provid6. 2.12 Flnancial instruments The Group only has financial assets and financial liabilllies of a kind Ihal qualify as basic financial inslrumenls, Easic financial insliumenls are Iriilially re¢ognised al transaction value and subsequently Measured al their selllen)enl value. Page 15
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting pollcies IGontSnuedl 2.13 Fund accountlng General funds are unreslricled funds whlch are available lor use al the discretion of the Trustees in furtherance of the general objeclwes of the Group and which have not been designated lor other purposes. Restricted 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 slatemenls. Income from donations and lega¢l8s Unrestrl¢t8d Re5trl¢ted funds funds 2021 2021 Total funds 2021 Total funds 2020 Donations Legacies Grants Similar incoming resources 57,304 16,348 21,893 57,304 16,348 21,893 1. 182 233, 197 8,592 95,545 95,545 242,971 Tolal 2020 17,443 225,528 242,971 Income from charitablè activitles As r8Staled Total funds 2020 Unrestricted fuiid5 2021 Total funds 2021 Fees received Other income Rental incom8 Mlscellaneous 271,046 939 2,383 1, 148 1,292 5,000 1,292 5,000 6,292 6,292 275,516 Page 16
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income from charitable activitles lcontinuedl A lease is in place for the rental of the building lo OSGUK for £5,000 p.a. The lease is in place until 31st December 2027. Income from other trading activities Income from non charitable trading actlvltles As restaled Total fui?ds 2020 Unrestricted funds 2021 Total funds 2021 Trading income- ATC Enterprises Ltd 1.761,294 1,761,294 1,521,841 Investment income As restaled Tol81 funds 2020 Unrestricted funds 2021 Total fund5 2021 Bank interest receivable 33 33 154 Expenditure on raislng funds Costs of raising voluntary income As restated To181 funds 2020 Unrestricted fLJnds 2021 Total funds 2021 Operating trading company Donations 42 455 497 Page 17
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Expanditure on raising funds Icontinuedl other tradlng expenses - ATC Enterprises Ltd As restated TolBI fui)ds 2020 Unrestricted funds 2021 Total funds 2021 Cost of sales Adrllinislralion expenses Adminislralion staff costs Adminislralion depreciation 1,295,368 155,525 53,5 37.385 1,295,368 155,525 53,596 37,385 1,024,639 111,719 28,716 23,457 1,541,874 1,541,874 1, 188.531 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2021 Restricted funds 2021 As restated Total 2020 Total 2021 Charitable acllvilie8 527,400 527,400 611,537 Total 2020 as restated 425,502 186,035 611,537 Analysis of expenditure by actlvities Activities undertaken directly 2021 As restated Total funds 2020 Support costs 2021 Total funds 2021 Charitable aclwilies 267,260 280,140 527,400 611,537 Total 2020 as stale0 406,487 205,050 6t1,537 Page18
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of expenditure ljy activitles l¢ontinuedl Analysis of direct costs As Trslated Total funds 2020 Total funds 2021 Donations 267,260 406,487 Donations were made lo OSGUK. Analysis of support costs As fftslaled Tolal rui?ds 2020 Total fund5 2021 Depreciation Legal and profession81 fees Premises costs Adminislralion costs Learning resources Other expenses Donated services Governance costs 186,034 68,821 12871 386,035 5,383 90 145 80 4,513 8,592 292 5,490 260,140 205,050 Page19
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Auditols remuneration 2024 2020 Fees payable to the Charitls auditor for the audit services Fees payable lo the Charity's auditor in respect of.. Non-audil seNi¢es 5,000 4,512 2,250 1.Q80 11. Staff costs Gn)up Group As restated 2021 2020 Wages and salaries Contribution lo defined contribution pension schemes 52,770 826 28,169 547 53,596 28, 716 The average number of persons employed by the Group during the year was as follows.. Group Group As reslaled 2021 2020 No. No. Employees No employee received remuneration amounting lo more than £60.000 in either year. Staff costs are nil within the Charity. Oakhill Education TTUSI is run Whol by volunl8ers. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2020- £NILJ. During the year ended 31 December 2021, no Trustee expenses have been incurred {2020- £NILJ. Page 20
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Tangible fixed assets Group Freehold property Plant and machinery Office Other fixed equipmènt assets Total Cost Al fj January 2021 Additions 4,763,144 2.34S 91,196 10,173 38,463 2,359 31,867 4,924,670 14,877 Al 31 December 2021 4,785,489 101,369 40,822 31,867 4,939,547 D&preciation Al 1 January 2021 Charge for the year 981,297 196.804 22,569 18,520 8,295 7,754 30,842 341 1,043,003 223,419 Al 31 December 2021 1,178,101 41,089 16,049 31.183 1,266,422 Net book value Al 31 Dember 2021 3,587,388 60,280 24,773 684 3,673,125 A131 Dec8mb8r 2020 3, 781,847 68, 627 30,168 1,025 3,881,667 The prior year balance8 have been reslaled lo consolidate the subsidiary results. As a result the brought fonNard balances have been reslaled. Page 21
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Tangible flxed assets Icontinuedl Charlty Freehold Other fixed property assets Total Cost or valuation Al 1 January 2021 4.700,486 31,867 4,732,3S3 Al 31 December 2021 4,700,486 31.867 4,732,353 Dèpreciation Al 1 January 2021 Charge lor the year 972,334 185,693 30.842 341 1,003,176 186,034 At 31 December 2021 1,158,027 31,183 1,189,210 Net book value Al 31 December 2021 3,542,459 684 3,543,143 Al 31 December 2020 3, 728, 152 1,025 3, 729, 177 Page 22
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Flxed asset Investments Investments in subsidiary companies Charity Cost or valuation Al 1 January 2021 Al 31 December 2021 Prln¢ipal subsldlarles The following was a subsidiary undertaking of the Charity.. Name Company number Règisterèd dffice or principal Principal activity place of business ATC Enterprises Ltd 08150994 7 Oakwood House, 7 Victoria Way, Burgess Hill, Wesl Sussex, RH15 gNF Sale of retail goods The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiVILoss} I Surplusl ID#ficill for the year Net assets ATC Enterprises Ltd 1,761.294 1,796.958 135.6641 291,958 Page 23
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 15. Stocks Gn)up Group As reslalecl 2021 2020 Slock 154,050 152, 735 16. Debtors Group Group As restated 2021 2020 Ch&rily Charity As restated 2021 2020 Due within one year Trade debtors Other debtors Prepayments 28,198 36,857 1, 125 5,495 2,042 8.223 3,957 1,229 1,229 32,155 43,477 3,271 9,452 17. Creditors- Amounts falllng due within one year Group Group As reslated 2021 2020 Chgrily Charity As r8slated 2021 2020 Other loans Trade creditors Other laxalioll and social security Other ¢redilors Accruals 500,000 77,164 10,737 29,190 13,000 soo,000 492 51,343 1,020 21,921 7,442 868 9.500 5,592 630.091 81,726 509,995 6,463 Repayment of the loan in full was made in Oclob6r 2022. P8ge 24
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. Creditors- Amounts falllng duè after more than one year Group Group As reslaled 2021 2020 Charity Charity As Trsl&18d 2021 2020 Other loans 500.000 500,000 Page 25
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Statement of funds statement of funds- cutTent year Balance at 31 December 2021 Balance at 1 January 2021 Transfers inlout Incomo Expenditure Unrestricted funds General Funds 1,782,52S 1,863,164 12,069,274 2,075,272 3,651,687 Restricted funds Capital Fund 2,075,272 12,075,272) Total of funds 3.857,797 1,863,164 12,069,274> 3.651,6B7 Following a review ol funds held and clarification from The Grace Trust, £2,075.272 of restricted funds hava been transferred lo unreslricled funds in line with the objectives of the Charity. Statgmfynl of funds- prlor year As rgslaled Balance 81 31 December 2020 As reslatgd Balance al ? January As restated As tss18led 2020 Income Expeftdilur& Unrèstricted funds General Funds 1,542,608 2,040,482 (1,800,565) 1, 782,525 Restrlcted funds Capital Fund 2,035. 779 225,528 1186,035) 2,075,272 Total of funds 3.518,387 2,266,010 (1,986.600) 3,857, 797 Page 26
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. Summary offunds Summary of funds- current year Balance at 31 December 2021 Balance at 1 January 2021 Transfers inlout Income Expenditurè General funds Fieslricl8d funds 1,782,525 2,075,272 1,863.164 12,069,274) 2,075,272 12,075,272) 3,651,687 3.857.797 1,863,164 12,069,274) 3,651,687 Following a review of funds held and clarification from The Grace Trust, £2,075,272 of restricted funds have been Ir8nslerred to unreslricled funds in line with the obje¢lives of the Charity. Summary of funds- prior year As reslaled Balai?ce al l January As reslaled As reslal8d 2020 Income Expenditur8 84l&nce 81 31 December 2020 General funds Reslricled funds 1,542,608 2,035, 779 2.040,482 (1,800,565) 225.528 (186,035) 1, 782,525 2,075,272 3.578,387 2,266,010 11,986,600) 3,857, 797 21. Analysis of net assets between fund$ Analysis of net assets between funds - current year Unrestrlcled funds 2021 Total funds 2021 Tangible fixed assets Curr8nl assets Creditors due within one year 3,673,125 3,673,125 608.653 608.6S3 1630.091) 1630,0911 Total 3,651,687 3,651,687 Page 27
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATENIENTS FOR THE YEAR ENDED 31 DECEMBER 2021 21. Analysis of net a550ts b&tw&èn funds Icontinuedl Analysis of net assets between funds - prlor year {restatedl U1?strICted fui?ds 2020 Reslricled funds 2020 Total funds 2020 Tangible fixed assets Current 8ssels Creditors due within one year Creditors due in more than one year f,306,395 557,856 (81, 726) 2,575,272 3,881,667 557,856 (81, [26) [0,000) (500,OQOJ Total 1, 782,525 2,075,272 3,857,797 22. Reconciliation of net movement In funds lo net cash flow from operatlng actlvities Group Group As r8stat&d 2021 2020 Nel incomelexpendilure for the year las per Slalemenl of Financial Acliviliesl 1206,1101 259,917 Adjustments for: Deprecialion charges Other interest receivable and similar incomg In¢rease in stocks Decrease in d&blors Increaselldecreasel in credilors A¢¢rued income Reslatemenl of prior year compar81iv&s 223,419 133 11,3151 11,322 48,365 209.491 (154) 153,826) 270,830 (233.4861 (6,087) (29,525) Net cash provided by operating activitiOS 75,648 397.160 Page 28
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 23. Analysis of cash and cash equlvalents Group Group As resl8led 2021 2020 Cash in hand 422,448 361.644 Total cash and cash equivalents 422,44B 367,644 24. Analysis of changes In nèt debt At1 January 2021 Cash flows At31 December 2021 Cash al b8nk 8nd in hand Debt due within 1 year Debt due after 1 year 361.644 60.804 422,448 1500,0001 1500,0001 500,000 1500,0001 1138,3561 60,804 {77.5521 25. Operating lease cornmitments Al 31 Dember 2021 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follow8.. Group Group As restated 2020 2021 Not later than 1 year Later than 1 year and not later than 5 years 6,510 24.000 6,510 26,000 Page 29
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 26. Related party transactlons As slated in note 14, ATC Enterprises Ltd was a wholty owned subsidiary undertaking of the Charrty. £255,084 (2020.. £252, 788) was received by the Charity from the subsidiary under gift aid. I Cooper, Trustee, donated £250 to Oakhi11 Education Trust during the year. The donation was for the Activity Centre. Page 30