Charlty number: 1067583 OAKHILL EDUCATION TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
OAKHILL EDUCATION TRUST CONTENTS Page Reference and Adminlstratlve Detalls of the Charity, its Trustees and Advlsers Trustees. Report Trustees. Rosponslbilities Statèment Independent Auditors. Report on the Financlal Statements Consolidated Statement of Flnancial Actlvities 10 Consolldated Balance Sheet Charlty Balance Sheet Consolidated Statament of Cash Flows Notès to the Flnanclal Statements 12 13 14-31
OAKHILL EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustee5 I Cooper K Gardiner D Stanley Charfty registered number 1067583 Princlpal offlce 101 Sandy Lane S(wlh Wallinglon Surrey SM6 9NW Independent audltors Byrd Link Audit & Accountancy Sorvices Limited Honeybourne Place Jessop Avenue Chellenham GL50 3SH Bankers Lloyd8 Bank PIC 40 Woodcole Road WalSington SM6 ONN Page 1
OAKHILL EDUCATION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their report along with the consolidated financial 51alemenls Df the charsly and rts subsidiary for the year ended 31 December 2022. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. St£lement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (èffective 1 January 20191, the requirements of the Charities Act 2011 and the Trust Deed. Ob 8ctlves and Actlvltle The charitable objects of the ¢harily ale the advancement of the education of children and young people from ages five lo eighteen in particular by assistance lo their parents lo enable such children to be laught otherwise than as al school as defined in tha Education Acts and any other charitable purpose for the beneff( of the worfdwide Christian fellowship known as the Plymouth Brethren Christian Chuieh. The chaTity owns one premise at Little Woodcote Cenlre, Telegraph Tiack, Carshallon SM5 4AZ, whlch is occupied by the charity's trading subsidiary ATC Enterprises Ltd (Registered Number 081509941. which operates 8 convenience store, the operations of which are undertaken by employee8 and volunteers. The charity a180 provides grant funding and other financial support lo OSGUK at the discretion of the Trustees in order lo enable OSGUK lo provide a well balanced education al primary and Sacondary leve18. for children and young people whose parents appreciate the Christian ethos. Success is measured in terms of the provision of appropriate facilities to OSGUK whilst minimising expenditure. Thi5 in turn, frees up funds for raising standards of education for all Conrned and for the improvement of facilities for pupils and staff alike. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit and have regard lo it wh8n reviewing their aims and objectives, and In planning their future activi118s. In particular they consider how planned activities will contribute lo the edu¢ational aims and objectives they have set. Volunteers are an integral part of the community ethos and values of the charity and there are strong and willing group of volunteers who as81sI and support Ihe charity throughout the year. Sl nSflcant Activitie5 Throughout the year the charity has Gonlinued lo provide educational premises in 8UPPOrt of the educational activities of OSGUK. The charity has a wholly owned subsidiary company, ATC Enterprises Ltd. which undertakes trading activilies. All profits chargeable to corporation tax are gifted to the charity in support of the charitable aGlivilies of the charity. Financlal Reviaw The Charity is supported and financed principa15y by profits from ils trading subsidiary, ATC Enterprises Ltd, plus other ad hoc donations and those raised by fundraising evonls and grants from the Grace Trust. In the year ended 31 December 2022, additional funding of £500,000 was received from OSGUK which wa8 ulilised lo repay a103n facility in Oclobar 2022. The Trustees believe that the charity's funds are sufficient lo miligale any short to medium term risk of reduced funding. The charity's fundraising events princlpally operate within the Brethren community. As part of the Trust's commitment lo the highest possible standards ol fundraising. the Trustees lake steps lo ensure that all fundraising 8clivilies were compliant wth legislative. regulatory and best practice standards. During 2022, 811 inlera¢lions with the general public were carried out by volunleers. Pag8 2
OAKHILL EDUCATION TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Where the Trust organises fundraislng events and cOrdInate the acliwlies of our supporters in the wder community on behalf of the Trusl and wider charities, the Trust does not use professional fundraisers or involve commercial participators. The Trust seeks lo comply wrth all the relevant standards sel out by the Fundraising Regulator in their Code of Fundraising Practi. As a policy the Trust seeks lo responded to all complaints wthin 10 days. Most serious complaints are escalated lo Trustees so they can consider lessons leaml. There have boon no complaints about lundraising activity in the year ended 31 December 2022. Over the period. the Trust continued lo undertake significant efforts to ensure compliance with the new General Data Proledion Regulation IGDPRI, which came into effect in May 2018. We remaln entirely Committed lo protecting personal infomation of our supporters and benefiaaries. This work will continue during 2023 and beyond Irb the year ended 31 December 2022. th& Group reported a nel SLJrplus of £344,24712021." deficit of £206,110). The Trust reported a net surplus 01 £382,93712021: deficit of £170,446}- At the year end, the Group had nel current assets of £425,171 12021.. nel current liabllrties of £21,437). The Trust had nel ¢urrenl assets of £274,54512021: nel ¢urrenl liabilities of £183,414). The Trustee's policy is to maintain minimum free re8erves al a level which equates lo six months, unreslricled expenditure. This is approximalgty £32,000. Al the year end 2022, the free reseNes of the Trust were E274.545 12021.. 4183,4141. After making appropriate enquiries. the Trustee8 have a reasonable expectation that the charity has adequate Tesour¢es to continue in operational existence for the foreseeable future, For this reason. il continues lo adopt the going ncern basis in preparing the financial statements. Further details regarding the adoption of the going Concern basis can be found in the Accounting Policios. Prlncl al Risk$ The Trustees have examined the major strategic, business and operational Tisks that the charity faces. The Tnjslees are satisfied that the major risks idenlrfied have been adequately mitigated where necessary. It is recoonised that Systems can only provide reasonable bul not absc4ule assurance that major risks have been adequately manBged. The pnncipal risks lo the charY are.. risk of damage lo the property held by the charity {allhough the property holds property insuTance}', risk of closure or relocation of the schoolin9 by Oneschogl Global UK lconsidered unlikely)., and risk of fall in trading activities ol the wholly owned trading subsidiary, either due lo a fall in customer loyally or a significant increase in supplier prices (closely monitored by the trading subsKliary directors who would Ih8n tske appropriate aCtnI. There wer8 no serious incidents relating lo the charity over the year lo rewrt. Future Plans The Trustees pian lo continue lo support OSGUK lo provide a quality and deliver a consislenl and high level of educational experience and outcome for all students and staff, in accordance with the charitys ethos and values. The land and buildings leased to OSGUK are all in the name of'The Croydon and District Education Trust. and the plan remains for the land and buildings lo be transferred over lo 08khill Educallon Trust al the earliesl opportunity. Page 3
OAKHILL EDUCATION TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 structure Governance and Mana ement Oakhill Educallon Trust is constituted by a Deed of Trust dated 17 November 1997 and is registered with the Charity Commission for England and Wales. The Trustees who served during the year and Sin the year end are sel out on page l. None of the Trustees, nor any person connected with them, received any remuneTalion from th8 charily in the year ended 31 Decembei 2022 {2021,' £nill. The power lo appoint Trustees is invested in Ihe existing Trustees subject to the Trust Deed requirement. Trustees are selected according lo their own specialism a particular field and are expected lo pursue that specialism. New Trustees are instructed in the need to completely adhere to the ethos and values of the charity. New Trustees are appointed al charity meetings and training is given by the outgoing Trustee being feplaced, along wilh support from fellow Trustees. Decision making remain5 with the Trustees and there are no key management personnel to whom management is delegated. As such, arrangements for setting pay and remuneration of key management personnel are not required al this lime. Approved by order ofthe members of the board of Trustees and signed on their behalf by. K Gardinor Trustee Dale.. Page 4
OAKHILL EDUCATION TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees are responsible for preparing the Trustee8' Report and the financial slatemenls in a¢¢ordan with applicable law and United Klngdom Accounting Standards {Uniled Kingdom Generally Accepted A¢counting Practicel- The law applicable lo charilies in England & Wales requires Ihe Trustees to prepare financial statements for each financial year whlch give a true and fair view of the stste of affairs of the Group and the Charity and of their incoming resources and Epplicalion of resourcos. including their income and expenditure, for that period. In preparing these financial stalemenls. the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting eslimales that are reasonable and prudent; stsle whether applicable UK A¢¢ounting Standards (FRS 1021 have been followed. subject to any material departures disclosed and explained in the financial stalemenls,. prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the Group will conlinue in business. The Tnjslees are responsible for keeping adequate accounting records that are sufficient lo show and explaln thè Group and the Charills transaclions and disclose with reasonable accuracy al any Ilma the financial position of the Group and the Charity and enable them to ensure th81 the financlal stslemenls comply with the Ch8ri1ies Act 2011, the Charity (Acwunts and Reports) Regulallons 2008 and the provisions ol the Trust deed. They aro also iesponsible for safegu8rding the ass&ls of the Group and the Charity and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Approved by order of the membors of the board of Truslogs and signed on ils behaw by". K Gardiner Trustoe Dale,. Page 5
OAKHILL EDUCATION TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF OAKHILL EDUCATION TRUST Opinion We have audited the financial statements of Oakhill Education Trust {the 'parenl charill) and ils subsidiaries Ilhe 'group') for the year ended 31 December 2022 which comprise the Consolidated Statement of Financi81 Aclivilie5, the Consolidated Balance Sheet, the Charity 8alance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial slalements have been prepared in accordan wlth Accounting and Reporting by Charilios Preparing their accounts in accordance with the Financial Reporting Standard5 applicable in the UK and Republic of Ireland IFRS 102) in preference lo the Accounting and Reporting by Ch8rities'. Slalement of Re¢ommend8d Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effectDie for reporting periods beginning on or after 1 January 2015. In our opinion the fin8nciBI stalemenls.. give a true and fair view of the slate of the Group's and ol the parent charity's affairs as at 31 December 2022 and of the Group's incoming resources and application of resources, including ils income and expenditure for the year then ended-. have been properly prepared in accordance with United Kingdom Generally Acceptad Accounting Practice. and have been prepared in a¢cordance wilh the requiTemenls of the chariti Act 2011. 8a5is for opinion We conducted our audit in accordancg with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the AuditOTS' responsibilities for the audit of the financial slalemenls section of our report. We are independent of th& Group in accordance with the elhic81 requirements that are relevant to OUT audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Concluslons rèlatlng to going concern In auditing the financi81 statements, we have conduded that tho Trustees, use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have pgrformed, we have not identrfied any material uncertaintles relating lo evenls or conditions that. Individually or collectively. may cast significant doubl on the Group'8 or the parent charity's ability lo continue as a going concem for a period of al least tW8lve months from when the financial 51alemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wrth respect to going concern are described in Ihg relevant sections of this report. Page 6
OAKHILL EDUCATION TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF OAKHILL EDUCATION TRUST ICONTINUED) Other informatlon 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 inlomialion containèd within the Annual Report. Our opinion on the financial slalements does not cover the olher Snfomation and, exp1 lo the extent olhenNi8e explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, In dn9 so, consider whether the other inlomalion is materially inwnsislenl with the financial slalemenls or our knowledge obtained in Ihe course of the audit, or olhewise appears lo be materially misslaled. If we Kjenlify such material inconsistencies or apparent material misslalemenls, we a required to determine whether this gives Tise to a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that Ihere is a material misstatement of this other infoimalion, we are required to report that fact. We have nothing to report in this regard. Matters on whl¢h we are rgquired to r•port by exceptlon We have nothing lo report in respect of the foll¢)wlng mallers where the Charities {Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our ¢Jpinion'. the information given in the Trustees, Report is inconsislenl in any material respect with the financial slalemenls.. or the parent Charity has not kept sufficient accounting records. or the parent Ch8rrty financial slalemenls are not in a9reernenl wrth the ac¢ounling records and relurng.. or we have not received all the inf0mtiOn and explanations wo requiie for our audit. Responsibllltles of trustees As explained more fully in the Trustees, Respansibilitles Ststement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the pieparalion of financial slal8ments that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are Tesponsible for assessing the Group's and the parent charitys ability lo continue as a going concern, disclosing. as applicable, mallers related to going con¢em and using the going conrn basis ol accounting unless the Trustee8 either intend to liquidalo the Group or the parent charily or to cease operations, or have no reaSistiG alternative but lo do so. Page 7
OAKHILL EDUCATION TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF OAKHILL EDUCATION TRUST ICONTINUEDI Auditors. responsibilities for the audit of the financlal statements W& have been eppoinled as auditor under section 151 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect Iher¢under. Our object5ves are to obtain reasonable assllran about whether the financial statements as a whole are free from material mi8slalemenl, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 8 guarantee that an audit conduclgd in accordan with ISAS (UKI will always delecl a maleiial misslalemenl when il est$. Misslalemenls can aris8 from fraud or error and are considered material if, individually or in the aggregate. they Could Teasonably be expected lo influence the economlc deasions of users taken on the basis of Ihese financial slalements. Irregularities, including fraud. are instances of non-compliance wrth laws and regulations. We design procedures in line wilh OUT responsibilities, outlined above, to delecl material misslalemenls in resped of irregularities, Including fraud. The extent lo which oui procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of the charity, the group and ils financial operations, we have considered the inhial risk of non-compliance with UK regulators, the Charity Comrnission. HM Revenue & Customs, Charities Act 2011 and Companies Act 2006 (for the subsidiary ¢omp8ny)- We have assessed the impact of bre8ches in such laws and regvlalions and considered whether any such findings have a material impact on these financial stal8menls. We have consKlered the risk of management override of internal controls and the opportunity for financial manipulation of these financial slalemenls. We have considered the effect of key a¢counling estimates included within these financi8181alemenls and the effect this has on the audit opinion. Our audit procedures, tr8elher with our assessment of risks identified at planning were transparent to th8 charily and have been communi¢aled lo the Truste8s throughout the audit as well a3 the audit engagement team, and this includes such matters as fraud and irregularity. Howevei, due lo their nature. audit predureS have limitations as we can only WO on a sample of f1nan¢ial Iransaclions. Ullimalely. il is the responsibility of the Trustees for the prevention and detection of fraud 2nd non-compliance. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web¥ile at.. rc.OT .uklauéitorsres onsibilities. This description form8 part of our Auditors, Report. Poge 8
OAKHILL EDUCATION TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF OAKHILL EDUCATION TRUST ICONTINUEDI Use of our report This report is made solely lo the charfly'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 lo the chariws Trustees those matters we are required lo slalo lo them in an Auditors, Report and for no other purpose. To the fullest exienl permilled by law, we do not accept or assume responsibility to anyone other than the charity and ils Iruslees, as a body, for our audit woth, for this report, or for the opinions we have fomied. Byrd Llnk Audlt & Accountancy SeNlces Limited (Statutory Audltor} Honeybourne Place Jessop Avenue Cheltenham GL5Q 3SH Dale.. 20 July 2023 Byrd Link Audit & Accountancy Services Llmiled arg eligibte lo act as audi(ors in terms of section 1212 of the Companies Act 2006. Page 9
OAKHILL EDUCATION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Total funds 2022 To181 funds 2021 Note Incom8 from: Donations and18gacies Charitable activities Other trading activities Investments 535,382 5.546 2.003,576 32 635,382 95,545 6,292 1. 761.294 33 2.003.576 32 Total Income 2.544,536 2,544,536 1,863,164 Expendlture on: Raising funds.. Other raising funds Charitable activities 1,782,S73 417,716 1,782,573 417.716 1,541,874 527,400 Total eXndItUre 2,200,289 2.200,289 2.069,274 Net movement in funds 344.247 344,247 (206, 110) Reconclllatlon of funds.. Total funds brought forward Net movement In funds 3,651,688 344,247 3.651.687 344,247 3,857, 797 (206, 1IOJ Total funds Carrled forward 3,995,935 3.995.935 3,651,687 The Con801id8led Slalement of Financial Adiwlies includes all gains and losses reeogni8ed in the year. The notes on pages 14 10 31 fom part of these financial 8lalement8 Page 10
OAKHILL EDUCATION TRUST CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Fixed assets Tangible assets 13 3,570.764 3.673,125 3,570,764 3,673, 125 Currgnt assets Stocks Debtors Cash al bank and in hand 15 16 175.106 47,310 357,511 154,050 32, 155 422,448 579,927 608,653 Creditors., amounts falllng due within one year 17 {154,7561 1630.090J Net current assets I Ilabllltes 425,171 (21,437) Totsl assetsless current IlabSlltlo$ 3,995,935 3,651,688 Net assets oxcluding ponsion asset 3,995,935 3,651,688 Totsl nel assets 3,995.935 3,651, 688 Charlty funds Restricted funds Unrestricted funds 18 18 3.995,935 3.651,688 Total funds 3,995,935 3,651.688 The flnancial statements were approved and aulhorised for issue by Ihg Trustees and signed on their b&half by.. K Gardlner Trustee Dale: The notes on pages 14 to 31 fomi part of these financial slalemenls. Page 11
OAKHILL EDUCATION TRUST CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Flxed assets Tangible assets Investments 13 14 3,468,121 3,543, 143 3,468.124 3,543, 146 Current ass8tS Debtors Cash at bank and in hand 16 2,458 287.018 3,271 323.310 289,476 326,581 Creditors.. amounts fBlling due within one year 17 114.9311 (509.995) Nat current assets I Ilabllltes 274,545 (183,414) Total assets less current liabllltles 3,742.669 3,359. 732 Net assets excludlng penslon asset 3.742,669 3,359, 732 Total net assets 3,742.669 3,359, 732 Charity funds Rtrted lunds UnreStrted funds 18 18 3,742.669 3,359, 732 Total funds 3,742,669 3,359,732 The Charslvs net movement in funds for Ihe year was £382.937 (2021- £(170,446)). The financial statements were approved and aulhorised for Issue by the Trustees and signed on their behaw by.. K Gardiner Trustee Dale.. The notes on pages 14 to 31 fomi part ol these financial statements. Page 12
OAKHILL EDUCATION TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Cash flows from operating activltias Nel cash used in operating activities {42,958) T5.648 Cash flows from investing activities Interest Received Purchase of tangible fixed assets Profill loss on sale of tangible fixed assets 32 123.1591 1,148 33 (14,877) Net cash used In Snv8stlng activities {21.9791 114,844) Cash flows from financlng actlvltlg$ Net cash provlded by financlng activitle$ Change in cash and cash equivalents In the year Cash and ca8h equivalents at the beginning of the year 164.9371 422,448 60,804 361,644 Cash and cash equlvalgnts at the end of the year 357,511 422,448 The notes on pages 14 10 31 form part of these financial slalements Page13
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General Infomiation Oakhill Education frust is an unincorporaled Charity (ragistered number 10676831 registered in England and Wales. The registered address is 101 Sandy Lane South, W811ington, SM6 9NW. Accountlng pollcSes 2.1 Basis of preparatlon of financial statements The financial slalemenls have boen prepared in acwrdance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing Ihoir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir&land IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard appllcablè in the UK and Republic of Ireland (FRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fairf view and have doparted from the Charities {Accounts and Reportsl Regulations 2008 only to the extent required to provid8 a 'lrue and fail view. This departure h8s involved following th8 Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effactive Irom 1 April 2005 whlch has slnee been withdrawn. Oakhill Education Trust meets the d8finilion of a public benefit enlily under FRS 102. Assets and li8bi5ities are initially recognised al historical cost or transaction value unlgss otheiSe slated in the relevant a¢counling policy. The Consolidated Statement of Financial Activies ISoFA} and Consolidated B818nee She81 consolidate the finance statements of the parent charity and 118 subsidiary undgrt8king. The Tesulls of the subsidiary are consolidated on a line by line basis. The Charity has also taken advantage of the exemption availabl& lo a qualifying entity in FRS 102 from the requirement lo present a Charity only statement of cash flows and certain disclosures about the charills financial instruments within the consolidated accounls. No separate SOFA h88 been prepared for the Charity abne. 2.2 Golng concern The Trustees are of the opinion th81 there is sufficient reserves and fvnding in place to continue the a¢tivrties of the charity. Therefore, the accounts h8ve been prepared on 8 going concern basis. Paga 14
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles Icontlnuedl 2.3 Income All income is recognised On the Charty has enlitlemanl lo the income. il is probable that the in¢ome will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with suff1cienl accuracy the amount receivable. Evidence of entillemenl to a le9a¢y exists when the Charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of Ihe bgnefaclor) and the executor is satisfied that the property in question will not be Tequired to satisfy Claims in the estate. Receipt of a legacy must be recognised when il is probable that il will be received and the fair value ol the amount receivable. which will generally be the expected cash amount lo be distributed lo the Charity, can be reliably measured. Grants are in¢luded in the Consolidated Slalemenl of Financial Aclivllies on a Tecelvable 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 enlillement of receipt, its recognition is deferred and included in creditors as deferred income. Where entillemenl occurs before income is received. the income is accrued. Income tsx recoverable in relation lo investment income Is recognised al the lime the investment income is receivable. 2.4 Expenditure Expenditure 18 recognlsed once there is a legal or conslruclhie obligation to transfer economic benefit lo a third party. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obli9alion can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Diiecl costs allribulable to a single activity are allocated directly lo that activity, Shared costs which contribute to more than one activity and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on tho basis of time spent, and depreciation Charges allocated on the portion of the asset's use. Expenditure on charrtable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any a8sociated support costs. All expenditure 18 inclusive of iirecoverable VAT. 2.5 Interest recelvable Inlaresl on funds held on deposit is included when receivable and the amount C8n be measured reliably by the Group; this is normally upon notification of the interest P8id or payable by the inslilulion with whom the funds are dgposiled. 2.6 Glft Ald In the case of 8 Gift Aid paymenl made within the Group, income is accrued when the payment is payable lo the PanI Charity under a legal oblig81ion. Measurement is al the f8ir value receivable, which will normally be the transaction value, Where the right lo re1ve Gift Aid has been esiabllshed, the amount receivable is recDJnised as investment income in the Consolidated Slalemenl of Financial Aclivilies. Page 15
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles Icontlnuedl 2.7 Tangibl& fixed assets and depreciation T8ngible fixed assets costing £500 or more are capilalised and re)gnised when future economic benefits are probable and the Cost or value of the asset con be measured Teliably. Tangible fixed assets are lnilla1 recognised al cost. After recognllion. under the cost model, tsngible fixed assets are measured al Cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils inlended working condition should be included in the measurement of cost. Depreciation is Charged so as lo allocale the cost of tangible fixed assets less their residual value ovei their estirnaled useful lives, either on a straight line and reducing balance where appropriate. DeprerAation 18 provided on th8 following basis.. Freehold property Property Improvements Plant and machinery {parent charilyl Plant and Machinery Isubsidi8ry1 Office equipment (parent charilyl Office equipment {subsidiary) Other red assets 2% slraighl line 20% reducing balance 25Yo stsaiohl line 250A reducing balance 250A straight line 25tyA reducing balance 1% slraighl line The assets. residual values. useful lives and depreciation methods are feviewed, and adjuslfjd prospaclively if appropriate, or if there is an indication of a significant change since the last reporting dale. Gains and losse8 on disposa18 are delemilned by comparing the proceeds with the carrying amount and are recognised in the Consolidated Slalement of Financial Aclivilies. Trust8es revw the useful life and residual values of fixed assets on an annual basis and these are updated where necessary in accordance with FRS 102 to ensure they reflect the nature of the assets. The depreciation rale applied lo freehold property has been reviewed and amended in the year ended 31 December 2022, from 4°/¢ slraighl line to 2QA slraighl line which Tru51eas believe better rellecls the useful economic life of the freehold propety since 25 yeafs was deemed lo be loo k considering the current nature of the asset. The impact of the change In accounting policy is a reduction in the depreciation expense ljy £94,594 when applying the 20A rate as opposed lo 4%. This has been applied prospectively from the dale of change, 1 January 2022. 2.8 Investmants Invgslmenls in subsidiaries are valued at cost less provision for impairment. 2.9 Stocks stocks are valued al the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Cost include all direct G08ts and an appropriate proportion of fixed and variable ovarheads. Page 16
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Iconilnuedl 2.10 Debtors Trade and olher debtors are rècognised 8t the settlement amount after any trade discount offered. Prepaymen18 ar8 valued al the amoLJnl prepaid nel of any Irada discounts due. 2.11 Cash at bank and irb hand Cash at bank and in hand includes cash and short-lerm highly Ilquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Llabilities and provlslons Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charty anticipates il will pay lo sgllle the debt or the amount il has received as advancgd payments for the goods or SeNiS il musl provide. 2.13 Flnancial instruments The Group only has financial assets and financial liabilities of a kind that qualify a8 basic financial inslrumenls. Basic financial instruments are iniliBlly re¢ognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest m8lh(Kl. 2.14 Oparating leases Rentals paid under operating leases are charged lo the Consolidated Slalemenl of Financial Activities on a slr8ighl-line basis over the lease term. 2.15 Penslons The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. 2.16 Fund accountlng General funds are unreslricled funds which are available for use al the discrellon of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purp¢)8es. 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 su¢h funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial slatemenls. Page 17
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from donatlons and legacies Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donations Legacies Grants 535.382 535.382 57,304 16,348 21.893 535,382 535,382 95,545 To1812021 95,545 95.545 Income from charitable activities Unrestrlcted funds 2022 Total funds 2022 Tolal funds 2021 Other income Rental in¢cffie 546 5,000 546 1,292 5,000 5,546 5,546 6,292 Total 2021 6,292 6,292 A lease is in place for the rental of the building OSGUK for 5,000 p.a. The lease is in place until 31 December 2027. Page 18
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from other trading activities - ATC Enterprlses Ltd Income from non charitable trading act5vliies Unrestrlcted funds 2022 Total funds 2022 Tol81 funds 202q Sales Other income 1,941,689 61.887 1,941.689 61,887 1,702, 631 58,663 2,003,576 2.003.576 1, 761.294 Total 2021 1. 761,294 1, 761,294 Investment income Unrestrlcted funds 2022 Total funds 2022 Total lunds 2021 Bank interest receivable 32 33 Tot812021 33 33 Page 19
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Expendlture on ralslng funds Other trading expenses- ATC Enterprises Ltd Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Cost of sales Administration expenses Adminislralwjn staff costs Adminislralion depCIall0n 1.522,910 170,307 58,618 3Q,738 1,S22,910 170,307 58,618 30,738 1,295,368 155,525 53,596 37.385 1,782,573 ,782,573 1,541,8T4 Tot812021 1.541,874 1.541,874 Analysis of expgnditure on charitable activltle8 Summary by fund type Unrestricted funds 2022 Total 2022 Tol81 2021 Charitable aclivilie8 417,716 417,716 527,400 Total 2021 527,400 527.400 Page 20
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2Q22 Analysis of expenditure by activitles Actlvities und8rtaken dlr¢¢tly 2022 Support costs 2022 Total funds 2022 Tol81 funds 2021 Charit8ble activities 259,6S3 158,023 417,716 527.400 To1812021 267,260 260, 149 527,400 Analysis of direct costs Total funds 2022 Total funds 2021 Donations lo OSGUK 259,693 267,260 Analys1$ of support costs Total funds 2022 Total funds 2021 Depreciation Legal & Professional Premises Costs Administration Costs Other Expenses Govemance Costs 93,635 45,390 1,878 186,034 68,821 (287) 12,120 5,000 80 4490 158,023 260, 140 The deprecialitsn rale applied to freehold property has been reviewed and amended in the year ended 31 December 2022, from 4°h straight line lo slraighl line. See accounting policy 2.7 for more detail. Page 21
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Audltors. remuneratSon Fees payable lo the Charills audrtor and its assoclales in connection with the Charil*s pension schemelsl In respect of.. Fees payable lo the charilS auditor for the audit SeICeS Non-audil services 4.525 2,525 5,000 2,250 11. Stsff costs Group 2022 Group 2021 Wages and salaries Social security costs Contribution lo defined conlributlon pension schemes 52,800 5,046 773 47,920 4,850 826 58,619 53,596 The average number of persons employed by the Charity during the year was as follows.. Group 2022 Group 2021 No. Employees No employee received remuneration amounting to more than £60,000 in either year. Staff wsts are nil within the Charity. Oakhill Education Trust is run wholly by volunteers. 12. Trustees. remunération and expenses During the year. no Trustees received any remuneration or other benefits (2021- £NIL). During the year ended 31 December 2022. no Trustee expenses have been incurred (2021- £NIL). Page 22
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Tangible fixed assets Group Freehold land and buildings Plant and maehlnery Office Other flxed equipment ass01$ Total Cost or valuation Al 1 January 2022 Additions Disposals 4,765,489 18,817 101,369 4,150 12,2601 40,822 192 31,867 4,939,547 23.159 2.260) At 31 December 2022 4,784,306 103,259 41,014 31.867 4.960,446 Depreclatlon Al 1 January 2022 Gharge for the year On disposals 1.178,101 102.S98 41,089 15,419 11,1121 16,049 6.270 31,183 1,266,422 124,373 11,1121 Al 31 December 2022 1,280,699 55.396 22,325 31,263 1,389,683 Ngt book value At 31 December 2022 3.503,607 47,863 18,689 604 3,570,763 At 31 December 2021 3,587,388 60,280 24, 773 684 3,673, 125 Page 23
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Tangible fixed assets {continuedl Charity Freehold Other fixed property assèts Total Cost or valuation Al l January 2022 Additions 4.700,486 18.613 31,867 4,732,353 18,613 Al 310ecember 2022 4,719,099 31,867 4.750,966 D&preciation Al 1 January 2022 Charge for the year 1,158,027 93,555 31,183 1.189,210 93.635 At 31 December 2022 1,251.582 31,263 1,282,845 Net baok valu8 At 31 December 2022 3A67.517 604 3,468,121 At 31 Dec8mbgr2021 3,542,459 684 3,543, 143 Page 24
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Fixed asset investments Investments in subsidiary companies Charity Cost or valu8tlon At 1 January 2022 At 31 December 2022 Princlpal subsidlarlos The followlng was a subsidiary undertaking of the Charity.. Reglstered officè or prlncipal Prfnclpal activity place of businass Name Company number ATC Enterprises Ltd 08150994 7 Oakwood House, 7 Victoria Way, Burgess Hill. RH15 9NF Sale of retail go¢xls The financi81 results of the subsidiary for the year were.. Name Income Expendlture ProfiUILoss} I Surplusl (Deflcitl for the year ATC Enterprises Ltd 2,003,575 11.782,5741 221,001 Net assets 253,267 Page 25
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Stocks Group 2022 Gup 2021 Finished g(K)ds and goods for resale 175,106 154,050 16. Debtors Group 2022 Gmup 2021 Charity 2022 Charity 2021 Due withln one year Trade debtors Prepayments 44,800 2,510 28, 198 3,957 1.229 1,229 2,042 1,229 47.310 32, 155 2.4S8 3,271 17. Credltors.. Amounts falling due within one year Group 2022 Group 2021 Charity 2022 Charity 2021 othei loans Trade creditors Other taxation and social security Other creditors Accrua18 89,649 8,737 35,434 20.936 77,164 10, 737 29, 190 12, 999 5,230 492 9,701 9,500 154,756 630, 090 14,931 509,995 Repayment of the loan was made in full in October 2022. Pagè 26
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. Statement of funds Statement of funds - current year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestrlcted funds General Funds 3,651.688 2,544,536 12,200,289) 3.995,935 Statement of funds- prior year Balance al 31 8alance al q January 2021 Transfers in/oul December 2021 Incomo Exp8nditur8 Unrestrict8d funds General Funds 1.782,525 1,863, 165 (2,069,274) 2,075,272 3,651.688 Reytricted funds Capital fund 2,075,272 (2.075.272) Total of funds 3,857. 797 1,863. 165 (2,069,274) 3,651,688 Following a review of funds held and clarificallon from The Grace Trust, £2,075.272 of restricted funds was transferred to unreslricled funds in line with the objectives of the Charity in the year erbded 31 December 2021. Page 27
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 19. Summary offvnds Summary offunds- currentyear Balance at 31 December 2022 Balanca at I January 2022 Income Expenditure General lunds 3,651,688 2,544,536 12,200,289) 3,995,935 Summary of fund$- prior year Balance al 31 Decembei 2021 Balance al l January 2021 Transfers in/oul Income Exp&nditu Gener81 funds Restrleled funds 1, 782,525 2.075,272 1.863, 165 (2,069,274) 2,075.272 (2,075,272) 3,651,688 3,857, 797 1, 863, 165 (2,069,274J 3,651, 688 Page 28
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 20. Analysis of net assets between funds Analysls of not assgts between funds- current year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors du8 within one year 3,570,784 3.570.764 579,927 579.927 {154,756) 1154,7561 Total 3.995.935 3.995,935 Anatysis of net assets between funds- prior y8ar unStricted funds 2021 Total fun(ts 2021 Tangible fixed assets Current assets Creditors due within one year 3, 673, 125 3,673. 125 608,653 608,653 (630,090) {630.090J Total 3,651,688 3,651,688 Page 29
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Raconciliation of net movement in funds to nat cash flow from operating actlvltles Group 2022 Group 2021 Nel incomelexpendilure for th8 year (as per Statemenl of Financial Activities) 344.247 (206, 110) Adjustments for.. Depreciation charges Other interest receivable and similar income Decreasellincr88sel in stocks DecreasellinGre8sel in debtors Increasel{deuease) in credbtors 124,373 1321 121,0561 115,1551 1475,3341 223,419 (33) (1,315) 11,322 48,365 Net cash provldod byllused In) operatlng activities 142.9571 75.648 22. Analysls of cash and cash equivalents Group 2022 Group 2021 Cash in hand 357.511 422,448 Total ¢a$h and cash oquivalents 357,511 422,448 23. Analysls of changes In net debt At1 January 2022 Cash flow8 At31 Dernber 2022 Cash 81 bank and in hand Debt due within 1 year 422.448 (500.0001 164,9371 500,000 357,511 177,5521 435,063 357.511 Page 30
OAKHILL EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Penslon commltments The group operates a defined c0nttibulj pension scheme. The assets of the schemo 8re held separately from Ihose ol the group in an independently administered lund. The pension cost charge represents contributions payable by the group lo the fund and amounted to £773 {2021'. £826) of which £nil12021'. £nill were payable lo the fund at the balance sheet dale. 25. Operating laase commitmonts At 31 December 2022 the Group and the Charity had commitments lo make future minlmum lease payments under non-cancellable operating leases as follows". Group 2022 Group 2021 Nol18ter than 1 year 11,110 6,510 26. R8lated party transactions As staled in note 14, ATC Enterprise Ltd was a wholly owned subsidiary undertaking of the Charity. £259,89312021.' 255.0841 was received by Oakhill Education Trust from ATC Enterprises Ltd undei gift aid. I Cooper, Trustee. donated £0 {2021' £2501 lo Oakhill Education Trust during the year. The donation In the year anded 31 December 2021 was for the ActitY Centre. Page 31