Charlty numbor: 1071840 MEDESHAMSTEDE EDUCATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
MEDESHAMSTEDE EDUCATION TRU8T CONTENTS Page R•fOr0n and admlnl8tratlve d8tall8 of Ihe Ch•rlty, Its Trustegs and advlsers Trust•, rnport Indèpondent audltorf8 report on the financlal statements ¢onsolkJatod statom•nt irf flnanclal actlvities Comolldated b•lancg sheet 10 Charity balanc8 sh•et ConsolSdated slatemont of cash fl¢xY 11 12 Notss lo th$ fin•n¢lal statsmgnts 13-27
MEDESHAMSTEDE EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trysl¢es B Dunham S K Gordner R M Ever8hed D E Lawren¢e K Dunham R Dunham A Samways Charlty rngi¥ter¢d numbor 1071840 Princlpal offlce Breckland Park SGl¥Jol Ele¢h Centre Turbine Way PE37 7XD Indop•ndent audlior Crw U.IQ LLP Fourth Floor st James House st James Squara Chelienham GL50 3PR Bankers Nation81 We8tminster Bank plc PO BoxNo. 15 Cathedral Sqaure Peterbuough PE11HW P•J¢ 1
MEDESHAMSTEDE EDUCATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Tru8leas of M8deshamstede Education Trust Preserrt their annual r8POrt and audited accounts for the ar ¢ThJed 31st Decembor 2021 and confim) they comply with the requiremnts Of the Charities Act 2011. the Trust d88d, FRS102 and the Chartiies SORP IFRS 1021. The charTtabl¢ oble¢ts of the Trust are the advancement of the eduCatn of chlldren and young people through the proV10n of educatK•n STies and premise$. The objects also include arry other charitable PL¥POS8 for tha benefrt ofthe woddwKie Christian fellowship known as the Plymouth Brethrgn Christian Church. In furtherance of ts objects, th8 Trust provides one premise under fomial lease for an independent school b88ed in Swaffnam. which has been run by Oneschool Global UK IOSGUK). The Trust also provkles grant furxling and other financial support to OSGUK at the disu•tion of th8 Trustees in order to enable OSGUK to provide a well balanced educati al primary and 8econdary level8, ft)r chin and youn9 people whosè parents aPPWate thg Christian ethos. Su¢cess 18 measured in terms of the provisvJn of appropriate facilities to OSGUK whilst minwnising expenditure. This in tum, frges up funds for raising 8larKlards of 8ducatitin for 811 concemed and for the improvement of facilities for pupi18 and staff alik•. The Trustees have referred to thg guKlarKe Contained in the Charty Commi8sion'8 genefal guidance on wbli¢ benefrt and have regard lo it when revI8vn9 their aims and objectNes, and in planning their futura adwities. In particular Ihay consider how pLgnned activits wll contribute to tha £ducalional aims and objecUves they have set. Volunteer8 are an integral part of the communlty etho$ and values of the Trust and there are strong and willing group of volunteers who assist and Supwt the Trust Ihrough)ut the year. lrnctufe nce and Medgshamstede Edu¢ation Trust is constlut8d by a Deed of Trust dated 3103 1998, anend•d 12 08 2008 and is registered vath the Charity Commission for England and Wales. Thé Tru8198s who served during the year and since thè year end are set out on page 1. None of the Tru8tees, any per80n conneded wlth them, rgceThffjd any MUneratIon from tho Trust in Ihe year ended 31st Derember 2021 lye8r andad 31st December 2020 £nil). The power to appoint Tru$tee$ is inve$led in tho existing Trustees 8ubiect to the TrLt Deed requirement. Tw$tees are sewgd according lo their specio1i3m in a p8CuL9r fld and are expected to pursu9 that specialism. New Trustees are in5tru¢thl in the need to ¢ompletdy adhere to t gthos and value8 of the Trust. The Trusl¢es have examined the major strateg. busine88 opgratK>nal risks that the Trust faces. The Trustees are satisfied that the malor risks idenlnled have been adequately mitigated where necessary. It is racogni88d that systems can (lY provide reasonable but not ab801ute assurance Ihat major ri8ks have b8en adoquatsty managed. Acttvltles ThroughoLrt the year the Tru8t has continued lo provide educational premlses In support of the 8duGional twities of OSGUK. The Trust ha8 a wholly tr*ned subsKliary Gompany. Nexu5 Toam Ltd. {COmpY numbgr 07094943) wh undertakes tradlng actwiti68. All proffts chargeable to ¢orporation tax are gfftod to the Tru81 in support of the charliabkn aCtrtIeS of the Tru81. Page 2
MEDESHAMSTEDE EDUCATION TRUST TRUSTE&8' REPORT {CONllNUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Flnanci In th8 year ended 313t December 2021 the GTOUP reported a net SluS of £103,918 (2020 as restated defKit of £85,856). All funds are unreslriGl¢d. The Tru¥l is supported and financed principally by profrt8 from its trading subsidh?ry Nexus Team Ltrl. plus other ad hoc donations and those r8ised by fiJndraising event¥ and grants from the Grace Trust. Th8 Trustees bele that the Trusys funds are sufficient lo mitigaie any short to madium temi risk rrf reducwj funding. The Trust's fundraising events principalty OPPTate within Brethren communty 8nd professional furKlral3er8 are not used. Neither the TTUSt nor any per8on acting on behalf of the Trust was Subject to an und¢rtaking lo be bound by any vdunlary $cheme for regulating fijnd-raising, or voluntary 818ndaTd for fiJn&raising in respect of activities on bohalf of tho trust. The Twsteès, polky is to maintsin mlnimum freg r8serves at a level which equates to six months, unrestricted expanditure. This is apprornate £10,Cp)O. Al 31$t Decembar 2021 the free reserves of th6 Trust were £65,376131st December 2020 £47,848}. After meking appropriate enquiries. the Trustees hav& a reasonable exp8clation that the chartty ha$ adequate re8ource8 to continue in operatn81 gxistance for the foreseeable future. For thi$ aSOn. it conlinugs to adopt thè going con¢em basis in pparing the fin)ncial Blatements. Further details feg8rdirvJ the Èdoption of the going oncem basis can be found in thp Accounting Poliri88. Pla The Trustees plan lo continuè to SLbPPOrt OSGUK to provKle a quality and d8lNer a ¢onsisl8nt and high Ie1 of educational exper*nce and outcrxne for am stud6nts and staff. in accordance with the Trust'8 ethos and values. Page 3
MEDESHAMSTEDE EDUCATION TRUST TRUSTEES. REPORT {copillNUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Statement of Trustoes. Res The trustees are responBible for preparing the Annual Report and the financial statements in accordance wlh applicable law and United Kingdom Accounting Standards IUnit¢d Kingdom Generally Accepted Accounting Practice). The law applicable to charilies in England and Wales requires the trustees to preparè financial sialements for exh financial year which gwo a and fair view of the slate of affairs of the charity and the group and of the incoming rosources and applicalitsn of reBources of the charitable group for that period. In preparing these rinancial statements, the trustees arg required to: Sélect 8Uitabl• gccounting polici88 and then appty them consistenuy. observe the metP)ds and prin¢ipleg in the Chorrti8s SORP; make judgements and e8timaltss that are reasonable and prudent: State whether applicable accounting standard8 have been followed, subjeGt to Ony material departur8s dis¢k8ed and explained in the financial statements,. pr8paro the fincial 8tatemnts on the going concem basis unle58 it is Inappropriate to presume that the charity and group wll continu8 in bu8ine88. The twstses are responsible for keeping proper accounting records that disclose with rea30rle accuracy al any lime the financial pO$'0n of the charity and the group and enable tham to ensure that the financial statements c¢)mpty with the Charitie5 Act 2011, the Charity {Account$ and Reports) RegUlatJns 2008 and the provisions of the Trust deed. They are also responsible for safeguording the assets of the charity and the group and honce fortthing reasonable steps for the pre¥antion and detection of frwd and other irregulaikne8. Approved by order of the rrEmb8rs of the board of Truste8s and signed on thélr behalf by.. S K Gardnor Trustee Date. si Iivl£ Page 4
MEDESHAMSTEDE EDUCATION TRUST INDEPENDEKf AUDITOR'S REPORT TO THE MEMBERS OF MEDESHAMSTEDE EDUCATION TRUST Oplnlon Wè have au¢Jrted the fflnan¢ial $tsternents of Medgshamstede Education Trust (the 'p¥enl ¢haritV) and ts subsidiari68 (the group) for the year &nd8d 31 Dgcember 2021 vthich comprise the Consolidated stat&mnt of financial aCtI¥e. the Consolidolgd balance sheet. the Chanty balance sheet. the Consalidal>J statement of cash Ilow$ and the related notes. including a summary of signffunt accounting policies. The financkql PortIng framework that hgs been appligj in their preparati( is applicobb law and United Kingdom Accounting standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United lQngdom GeneraltyAcwled Accounting Practic8). Th8 financ1 statements have been prepare(1 in accordance wlth Accounting and Reporting by Charitse8 preparing their accounts in accordance with tho Financial Reporting Standard$ appli¢able in the UK and Republic of IreL8nd IFRS 102> in proference lo the Accounting and Reporting by Charrties.. Slatament of Recommended Practlce k89ued on 1 April 2005 which kg referred to in the exnt rogulations but has been withdrawn. Thi8 has bgon done in order for the accounts to provide a true and fair Sn accordance wtth the Generalty A¢¢¢pted Accounting Practice effective for reporting p8ri0d5 beginning on or aftar 1 January 2015. In our opinion the financial stal8m8nts'. gi a true and fair vittw ¢)f th8 state of thg Group's and of the p8r8nt chartys affairs a¥ at 31 December 2021 and of the Group's Incoming ra$our¢¢s and application of re8ource8. including it8 incTh and expenditure for the year then erKled.. hav8 been properfy prepared in xcordano wtth United Kingdom Generally Accepl8d Accounting PRdice', and have been pr8pargd in accordCe with th8 requirements of the Charities Act 2011. Basls tor opinion We ¢onduGted our audit in accordance wtth Intemational Stsndards on Auditing (UIQ IISAS IUKII and applubla I. Our re$ponsibilitie8 underthose standards are fvrther dascribad in the Auditors responBibilities for the oudit of the financial statements SeCtn of our report. Wè arg independent of the Group in ateordance with tha gthical requiTements that are rekvant b our oudf( of the finanal ststements in Ihe United Kingdom, including the Financial Reporting Council's Ethul Stand8rd, and we have fulled our other ethi1 responsibilitw in accordance Ihe8e requirements. We believe that the audit evidence Y have obtain8d is sufficient and opprowate to provlde a ba818 for our opin. ConcIlon rolating to golng concorn In auditing the financial 8tatement8, we havo concluded that the Trustees, use of th8 going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work V+P have perform8d, we have not identified any material unc8rtainttes reL8ting 10 everls or Conditions that, individually or collectivety. may ca¥t significant doubl on the Group's or the parent chaTtys abilty lo continue as a gomg concem ft>r a period of at least 1ve months from when the financial stgments are authori8ed for issue. Our wpon¥bi ilities and the wppnsibilitie¥ of the Trustees with respect lo going ¢0M are described in the relevant section8 of this reporL Page 5
MEDESHAMSTEDE EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEKIBERS OF MEDESHAMSTEDE EDUCATION TRUST (coTr¥nNUED) Other Infomiatlon The other informatlon comprises the infonnatK)n induded in th8 Annual report other than th8 financial statements and our Auditorfs report thereon. The Trustees aTe responsib for tha other inf0Mli0n contained within ttr AMu81 report. Our opinion on the financial statements does not cover the other infDrm8tion and, except to th8 extent olhetwse explicitly stated in our report. we do not express any fom of assurance conclusion thereon. Our Tesponsibilty is to rèad the other information and, In doing so. consi(ler whetheT the other infomialK)n is malerialty inconsislenl with the financial statements or our knowledge obtained in the course of th8 audf(, or otherwse appears to be materkllty mi88tated. If we identify Such material inconsistencies or apparent materlal misstalemenls. we are required lo del&miine whether this gNes rise to a material misstatement in the finanaal statements them8efvgs. If, based on the work we have rfOrM¢d, conclude that Ihere is a matarial misstatement ofthis other infomiation. we arn required to report that fact. We have nothlng to rert In this regard. Malt•rs on whlch we arn roqulred to r•port by •xc•ptlon We have nothiNJ to report in resped of thg fomowng matters wh8ra the Charities (A¢¢ounts and R8port8) Regulations 2008 requlres us to report to you rf, in our opinion: the infomalion gNen in the Trustw, rowt ts incon8i5tent in ary malorial sPect wlh the financtal 8tatemenl$', or th8 paranl Charity has nol kept Suificient accounting records or the parent Chanty financial slal8ments are not in agreement with the aCCnting records and relums., or we h8v8 not received 811 the informatlon and explanations we require for our audit. R•*ponsIbilO$ of Iru¥tws A8 explginad more ful in the Trustees. responsibilities slatement, the Tru6te05 are responsible for thè preparation of thé financial ststaments which give a true and fair vigw, and for such intsmal control as the TruBtees detemiine is ne¢essary to enable the preparation of financial statements that are free from material misststwnenl. ether due to fraud or 8Tror. In pr8paring the financial 81atemenl8. the Trustees are re8pon8ibl8 for a8sas$lng the Group's and the parent charws 8bilty to conlinue 8s a going concem, disclosing, as applKable, matters related to going concern and Using the going ¢on¢em basis of accounting unless the Trustees etther intend to liquidats tha Group or the parent charty or to cease operations, or have no realistic ahemative bul to do so. Paga 6
MEDESHAMSTEDE EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDESHAMSTEDE EDUCATION TRUST ICONTINUEDI Audltorfs rnBpon81bllltlos for th8 audlt of the Ilnan¢l•l gtatements We have be6n appointsd as audiior und8r section 151 of the CharTkne$ A¢t 2011 and report in accordanee wf(h lh• Act and rethnt rnguLqlions made or having effed theraunder. Our objectNes are to obtain reasonab assurance about whether the financial statements as a Who are Irep from material mi5slatem8nt. whether due to fraud or eTror. arwj to issue 8n Auditorfs report that indude$ our opinK)n. Reasonable assuran¢8 is a high lev81 of assuronce. bul is not a guarantee Ihal an audit conducted in accordance Vith ISA8 {UK) wll afvrnys detect a ma19rial mis$tatement whgn it aSt8. Misstatements can aris6 from fraud or error and are considered mrial rf. Individuty or in the aggregote. they could reasonabty be expected to infiuerKe the eCornIC dfjcisions of us6r8 taken on the ba818 of these finan¢ial $tatement8. Irregutarities. including fraud, are Instances ¢)f non4ompliance with la4V8 and regulation& We design procedurn5 in line wilh our responsibilitw. outline(1 8bovo. lo detect mateiial mlsslalements in respect of irregularities, induding fraud. The extent to which our pr¢xedures are capable of detecting irregularities, including fraud is detsiled beknv.. We obtained an understanding oftho legal and regulakny frameworks within which the charity operates, focuslng on thoselows and regulations that have a direct effect on the delèminatbon of material amounts and disclosur88 in Ihe financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and the Chariti&s SORP IFRS 1021. We assessed the required compliance with these law8 and regulations as part of our audit procedures on the rekted fmancial statement rtems. Auditing $landards limrt th8 r8quir&J audit procedu$ to idenlfy non-compliance with these laws and regulations to 8nquiry of the Trustees and other managem&nl and inspection of regulatory and legal correspondence. rf any. We identified the greatest risk of material impact on the financial statemerrts from irregularitigs, induding fraud. to bg within the override of controls by management Our aLKIit procedur8s lo respond to these risks induded enquiries cl managemen( and the Trustees aboul thaiT own identification and 868888menl of th8 risks of irregularthes, sample tssting on the posting of jouma18, reviewing accounting 961imates for bi88e8 and wwwirwJ regulatw corresponden. ling to the inherent limitatN)ns of an audit, there is an unavoidable risk that we may not have detec some m*rial misstatements in the financial statements. even though we have PrLw8 pLgnned arKI performed our audit in accordance Iwth auditing stsndards. For axampk. the fvrther removed non-compliance wth laws and ulation$ (Irregulare$> is from the events and Ironsactions refiectgj in the financial statements, the less likely the inherently limited pr(edureS required by •uditsng standards woukl Klentfy ((. In addr(ion, as with any audit. there remained a higher risk of nQn4¢te¢tn of irreguloriti8s. a8 thes8 may invofve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal controls. We ara not responsibbe for preventing nor ¢ompliance and cannot be expected to dett non-compliance with all laws and regulations. A further description of our responsibilities for the 8Jit of the financial statements is Icted on the Financial ReportlrvJ Council's Vlte at.. w•M.frc. nsibil. This descrfptlon forn part of our AuditofB report. Page 7
MEDESHAMSTEDE EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDESHAMSTEDE 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: 31 October 2022
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
MEDESHAMSTEDE EDUCAnoN TRUST CONSOLIDATED STATEMEPU OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 As r8sfated Total Unrostrlct•d funds 2021 Total funds 2021 2020 Notg Incom& from: Donations and Wcies Charitable adivities Other trading actiwties Other income 57.069 1,665,819 1.665,819 1.338.219 23t,846 Total Income 1,680.354 1,68OA64 1,627,134 Expgndlturg on: Raising fvnds Charitable activitie8 1,394,211 182,228 1.394,211 1B2,225 1,160,912 551,87T Total expendllure 1,57V36 1,676N36 1,711789 Net movement in funds 103,918 103,91B (85.655) R•con¢illatlon of funds: Total funds brought forward Net movement in funds 18 18 1.621J41 103,918 1,521.341 103,918 1,606,996 (8&655J Total funds carrled foThvard 1,625.259 1.625.259 1.521,341 The Con801idat•d Statem•nt of Fin8ncHI Activrti8s include8 all gains and losses recognised in the year. The note¥ on page¥ 13 to 27 fo part these fin8naal 81atement8. P*Je 9
MEDESHAMSTEDE EDUCATION TRUST CONSOUDATED BALANCE SHEET AS AT 31 DECEMBER 2021 As restat8d 202Q 20 Flxod ass&ts Tangibl8 asoet6 13 1,303.n7 1,306,811 1,303,727 1,306,811 Current ass•ts stocks D8btOf8 Cash at bank and in hand 15 16 147.381 146,553 52,544 13&560 268,330 419.411 334.657 Cr8ditoTr.' amounts falling due within one 17 197.8791 ft20,127) N•t curr•nt assets 321,532 214.530 Total wss¢ts18s6 current liablllll•s 1,62S,2S9 t.521.341 Total net assots 1.621259 1.521,341 Charlty funds Unrestricted fvnds 18 1,625.269 1.521.341 Total lund$ 1,626,269 1.521,341 The financial statement5 were approved and authorised for issue by Trustees and slgnad on their behalf by. S K Gardngr Trusteo D*.. 31 11¢121 The notes an pag68 1310 27 forn pat of the8e financial StatnIS. Page 10
MEDESHAMSTEDE EDUCATION TRUST CHARITY BALANCE SHE AS AT 31 DECEMBER 2021 As Trstsled 2021 Fixod assets Tangib19 assets Investrnents 13 14 1,144643 1, 188,781 1,1d4,545 1, 188,763 Current assets Debtors Cash at bank and in hand 16 {21.n31 93,369 9,929 52,fj59 71,636 6Z588 CredOr3. amounts falling due within one 17 16,%21 (14.742) Nèt curr•nt assots 65,374 47.846 Total assets less curvgnl Ilabllltl•s 1,209,919 1,236,609 Total net assots 1,209.919 1,236,609 Charlty funds UnT8slrit•d fund5 18 1309,919 1.236.609 Total funds 1209,919 1,236,609 The financial slatemnts were approved and aLrthori8ed for i58ue by the Trusta8s and signed on their behaw ty. S K Gardn•r Tru8tee Date.. 3111% 1£ The note8 on page5 13 to 27 fomi part ofthese ffinanctal 8tal8ments. Page11
MEDESHAMSTEDE EDUCATION TRUST CONSOUDATED STATEMENT OF CASH FLOWS FOR TrIE YEAR ENDED 310ECEMBER 2021 As tated 2020 2021 CAgh flow5 from oper•ting actlviil•s Not cash in operating a¢tiviti8$ 210,939 38.829 Cash flow8 from Invesling actlvltles Purchase of tangible frAed assets Correction to 2020 cash flow (78,1691 (57,979) 19.884) Met cash US In Investlng aGtlvftlgs (78.1691 (67,863) Cash flows from flnanclng actlvhlos N•t cash provlded by Ilnanclng actlvib•s Change In catsh and cash ¢qulvalerrtfj In th• year Cash and cash equTV8lents at the beginning of the year 132.770 {29.0341 164.594 135,560 Cash and cash •qulvalonts at the ènd of th• yur 268.330 135.560 The notes on pa988 13 to 27 fomi part of these finanGi818tatement8 Page 12
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Genoral Inforniatlon Th8 Mede8hamslede EdLtstion Trust 15 an unincowrated tharity (no.. 1071840) registered in England and Wabs. The registered •Jdre$s is Breckland Park School, Ecolech Centre. Turbine Way. Swaffham, PE37 7XD. AGGountlng pollcl 2.1 Basls of pr9paratlon of flnanclal slatements The financial statoments have b8en prepared in eOrdanCB wlh the Ch8ritie8 SORP IFRS 102) - Accounting and Reporting by Chariti8s.' Statement of Re¢ommended Practice applicable lo thariiè8 preparing their 8cGounts in accordancts with the Financial Reporting Standard applicablg in the UK and Republic of Ireland (FRS 102) loffective 1 January 2019), the Financial Rewrting Standard applKable in the UK and Republic of Ireland IFRS 102) and the Charth88 Act 2011. The fin•nual statements have been prepared to gNe a and faif Vie4V and have departed ftom the Charities (Account8 and R8pDrtB} RegulatKTrns 2008 oll to thg extent required to PrOde a Irue and fair vw. Thi8 departure ha$ involved folkjwng the Charities SORP IFRS 12) published in O¢tobeT 2019 rather than the Accounting 8nd Reportin9 by Charitigs: Ststement of Recommered Practice offaCtr from 1 April 2005 whth has since been thdraWn. Medeshamstede Education Trust meets the dgfinriion of a public benefft enlty under FRS 102. Assets and liabilities are initialty recognised at historical cost or transaction value unless otheThvis stated the relevant accounting policy. The Consokndated slatement of financial actsvits8s {SOFA) and Consolidated b8nCe she•l cons0lidal¢ the financial statements of the Charty and its subsidiary undertaking. The re8uIi8 of the subsidiary ¢on80lidated on a line by line ba81$. The Charity has #Iso taken adtage of the exempth)n available to a qUalI.ng enlty in FRS 102 from the rgquirement to present a Charity only statement of cash flows and certain di$c108ures #l)out the chaiiW6 financial instruments wilhin the con801idated finan¢bxI statements. No separate SOFA h85 boon prepared for th¢ Charity alorbe. 2.2 Golng concorn The Trustsès arn of iniOn that there is sufficient funding in to conitnue aGtNtss of the harity. TherefoT8 thé xcounts have been prepareLI on the g9 concem basis. Page 13
MEDESHAMSTEDE EDiJCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcles Icontlnugd) 2.3 Income AJI income 18 reCOgned on¢0 the Charity has enlitlom•nt to the income. it is Tble that the Income will be recgived and the amount of income receivable can be measured 111. Granls are included in the ConsLqidated stalernonl of finanaal aCti¥e8 on a receivablg basis. Tho balancè of income recerved for SPe¢ff purposes but not expended durin9 the period is shown in the relevant fund8 Oll the Balance sheet. Where income is Thied in advance of entitlement of receipt, its recognition is deferred and included in credf(ors as deferred in¢om&. Where entitlement occurs before income is received, thé income is accrued. other income 18 recognised in the period in which it is rar¥able and to the extent the gotyJ$ have been provided or on completion ofthe seNce. 2.4 ExpgndltUT¢ Expenditure is recognised once there 18 a legal or constructivo obligation lo transfer economic benefft to a third party, it is probable that a transfer of economic beneffts will be required in settlement and the amount of th8 obligation ¢an be m8a8ured relably. Expenditure is classified by actwty. Expenditure on charitable actN((w is incurrgd on directty undert8kirg the actNities wlmch furthgr th8 Group'$ objectives. as w811 as any a88oci*ed support costs. l exper5diture 1$ in¢lu$ive of irrecoverable VAT. 2A Tanglble flx•d ass•ts and doprnclatlon Tanglble fLxed assets costing £500 or more ara ¢apitali8ed and recognised whgn futurg economic beneffts are probabl8 and the cost or valug of the asset can be measured reliabty. Tangibk fixed assets a inithqlly recognlsed at cost. Aftor reGognitw)n. underthe ¢o$l nd61. tangible fixed assets are measured at ¢o$l lè$s accumulated depreryation and any accumulatod impairment k)sses. All costs incurred to bmg a tangible fixed asset into its intended W<Mking ¢ondition should be Included in the measurement of cost. Evrall0Th is charged Go as to allo10 tha G051 of tangible f1 assets les8 their residual value overtheir e81imat8d useful IW . Depreciation is pr(Ivided on the followirrfj bases.. Freahold property OffiGe equipment 2% and 10% straight line 15% and 25% reducing balance 2.6 Invostsnents Investments in subsidiaries are valued al cost less prow5n for impaimient. 2.7 Slocks stc¢ks are vald at the lThYer of cost and net rnali8able valu• after making due allowance for obsolete and 8Iow4noving sto¢k$. Cost include8 all direct Costs and an appropriate proportion olfixed and variable overttsads. Page 14
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng policlw {ry>ntlnu•d} 2.8 Dobtorg Trade and other debtor8 are recognised at the settlement amount aftar any tradè dt8counl offered. Prepayment8 are valued ut the arUnt prepaid nel of anytrade di%ounts due. 2.9 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tsn highty liquid investments with a short maturity of thw months or less from the datg DI acquisrbon or opening of the deposit or $imilar accoLtnt. 2.10 LIabIllti •nd provlslons LiabltieS aTe Twnised when there is an obloalion at the Bakqnc• shael date as a result of a pa8t event, it 1$ probable that a transfer of economic benefft wil be required li settlement, and the amount of the settlement ¢an ba estimated reliabty. Liabilities are recognised ot the anounl that thg Charity anticipates it Ythll pay to Settle the debt or thg aMCftt r( has receNed as adCed payments for the goods or s8rvices it must provide. 2.11 Flnanci•l Instruments The GroLP onty has financial assets and financial liabilrfiRs of a kind that qualfy as bas finan¢ial instruments. Basic financial irb8truments aro iniiially re¢ognised at transaction valug and subsaquonlty measured at th&ir settlement value. 2.12 Oporatlng l•ases Ren1818 paid urKler opgrating18ases are charged to the Consdidated st*ement of financial on a slraigh14ine basks ovar the lease term. 2.13 Fund accounllng General fund8 a unrestricted fvnds which are avalabl& for use at thg dlscrthn of the Trustees in furtherance of the gemral objectives of th8 Group and which have not been desijnated for other purposes. Incomo from donatlons and legaGI Unrestrlct funds 2Q21 Total funds 2021 Donations 9,535 Pag015
MEDESHAMSTEDE EDUCATION TRUST MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBeR 2021 Incomg Irom donatlons and leg•cles Icontlnuedl As r8s18fed Total lund$ 2020 UnTrslii¢t¢d funds 2020 Donation$ Grant¥ 42,534 14,535 42.534 14,535 57,069 57,069 Income from charltable actlvlti¢s Unr•strlcl•d funds 2021 Total funds 2021 funds 2020 ReTrtal income 5,000 A lease is in place for the rental of the building to OSGUK for £5.000 p.a. Tlease is in place until 31st December 2027. Inc¢)mè from other tradlng actfvitl•s Income from non charltable tradlng actlvltlo¥ Unr05tricted funds 2021 Total funds TRding income- Nexus Team Ltd 1.665.819 1,665.819 As rnstated As r8StateLI UnTrstNcled nds 2020 Tradirvj income- Nexus Team Ltd 1.338.219 1,334219 Page 16
MEDESHAMSTEDE EDUCAMON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 In¢¢xne from olher tradlng actlvltles Icont]nued) Income from non charftable tradlng actlvlllos (contlnued other Incomlng Msources 2021 Other in¢ome As restated As rgstaled Unrnsti7Cted Tot81 nds 2020 2020 other income Sch1 fees 44,174 187,672 44,174 187,672 231,846 231,846 Expgndllure on rJlslng fvnds Other tradlng oxp•ns•s Unreslrfctod funds 2021 Tolal funds Cost of Sales Administration w>ense8 Administration depreciation 1,197,148 166.314 30,749 1.197.148 166,314 30,749 1,394,211 1,394,211 Pagg 17
UEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Exp¢ndlturo on ralslng funds Icontlnugd) Other tradlng èxp¢nu8 {contlnuedl As restated As Trslated Unwstncted funds 2020 2020 Cost of 8a Administration expen8e8 Administration depreciation I,IXXI,022 146.245 t4,645 1,(kJO,tr22 146,245 14.645 1,160,912 1. 160.912 Analysls of exp•ndllur• on ¢harftable actlvltl¢s Summary by fund typ• Unr•strlctgd funds 2021 Total 2021 Charitable Activities 182.225 182,226 As mstated Unrestricted AS Trstat8d funt Total 2020 2020 Charitable ActNities 551,57T 551,877 Page18
MEDESHAM8TEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analy$ls of expondlture by acUvlll•s Activitlfrs undertaknn dlrecty 2021 Support costs 2021 Total funds 2021 Charitabl8 Activf(ies 176.165 6,060 182225 As Trstated Activibes undertaken ditscty 2020 As restatsd Support ClS 2020 fvnds 2020 Charitable 498,834 551.877 Included within direct Costs in 2021 are donaliDn8 of £98,025 to OSGUK. Staff costs are £nil in 2ty21. The Medeshamstede Education trust is run volunteers. Analy$h of support costs Totftl funqls 2021 Tot funds 2020 Finance costs Govemanca costs 1,060 s,000 15,983 37.060 6,060 53.043 10. Audltots r•muneratlon The auditorf$ remuneration amounts b an auditor fe8 of £5,000 (2020- £4,990), and nowudf(8ervices of£2,250 {2ff20- £ -1. Page19
MEDESHAM8TEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Staff costs Group 2021 Gmup 2020 Charfty 2021 Ch8dfy 2020 Waggs and salar Operating costs of defined bgnefft pension Schemes 2g6 296 2. 796 2,796 The average number of per80ns nploYed by the Charity during the yearwas nil in 2021 2020. No eryloyee recei¥&S remun6ration amounting to mre than £60.000 in either year. 12. Trustees. remuneratlon and expens•9 Durirvj the year. no Trustses received any remuneration or other benerrts (2020- £NIL). DurIj th¢ year ended 31 December 2021, no TrLtee expenw have been incurred (2020- £NIL). Pwje 20
MEDESHAMSTEDE EDUCATI(4 TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 13. Tanglble rd assets Group Long4erm lfrasehold pety equlpm•nt Freohold proprty Total At 1 J8nuary2021 Additions 1.792,633 51,772 26.743 65,980 15,358 26,397 78,1fA At 31 Dernb•r 2021 1,844A05 26.743 92.377 1.963,625 Dgprnclatlon At 1 JaNary 2021 Charge for the year 552.096 678.545 81,253 30,749 At 31 December 2021 602,600 57,198 659,798 Not ljook value Al 31 December 2021 1,241,805 26.743 36,179 1,303,n7 At 31 D8c8mb6r 2020 1,240,537 26,743 39,531 1,306.811 The broum forward cost balance on freehokl propgty has been wtated. Page 21
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Tanglble fixed ass•ts Icontlnued} Charfty Freehold property At 1 January 2021 Additions 1,74057 6286 At 31 December 2021 1.747,143 Oeproclatlon At 1 January 2021 Charge for the year 602,096 At 31 December 2021 602,600 Not book valu• At 31 December 2021 1,144 At 31 Decemb&r2020 1, 188.761 Paga 22
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Flxed asset Invostments Invgstmgnts In ¥ubskll•ry companl•s Charlty Cost or valuallon At 1 January 2021 At 31 Decemb8r 2021 Prfnclpal subtsidlarl•s The following w88 a 8ub5Klrary undertaking of the Charity. Nam& Company numbor Reglstsred offlcè or prlnclpal Prfnclpal acthlty plac• of buslnKs Nexu8 Team Ltd 07094943 The Old School. Witton Lane, Litue Plumslgad, Norwich, Norfolk, NR13 5DL Sal6 of r&tsil good8 The ffinancial results of tho subsidiary for the yearwere.. Name Incomo Exponditur• Profltl{L05s) Net assets I Surplusl {Deflcitl for the year Nexu5 Team Ltd 1.665,819 1,535,211 130,608 415,342 23
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS POR THE YEAR ENDED 31 DECEMBER 2021 16. Stocks Gr(M Group A8 RSt8ted 2021 2020 147.381 146,553 16. Debtors Gft)up Group As rBst8ted 2021 2020 Charity Charlty As restated 2021 2020 Duo wlthin one year Tradè d•btors other debtor8 PPaents and accrued income {10,2631 13,845 128 30.7QI 16,441 4402 {31,8801 9,999 128 9,929 3,720 52,544 (21,733) 9,929 17. Crodllors: Amounts falllng dua wlthin one yoar Gmup Group As o$laled 2021 Charity Charlty As wdtat6d 2021 2020 Tmde ¢redlors Other taxation and social 8e¢urity Other CTeditor8 AccTual8 and def6rffjd ineome 64,270 1N12 20,997 11,200 63,042 1,935 54.831 319 {4,740) 14.742 11.0 97,879 120, 127 6,262 14,742 Page 24
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 18. Statement of fvnds Stat•ment of funds - Gurrent y•ar Balancè al Balance at 1 January 2021 31 DKgmber 2021 Income Expenditure Unrestrlcted funds Genoral Funds 1 1,521,341 1,680,354 (1,576.436) 1,625,259 Statsment of funds- prlor yèar As restated As restated Balance at Bal8nGe at 31 l January As restated As rnststed December 2020 Inccrn Expenditure 2020 Unrestrlcted funds General Fund$ 1,606,996 1,729. 110 (1,814.765) 1,521,341 All fund8 ar8 urwe8tricted and weré tran$forred from wtriGted to unre8titted funds in the prioryear. 19. Analysis of net assets between fund• Analys18 of net ets betW¢9n funds. current yr Unrostrlcted fvnd5 2021 Totsl funds 2021 Tangible fixed assets Current assets Creditors due within one year 1.303,727 419,411 197,879) 1.303,727 419,411 (97,879) Tt)tal 1,625,259 1,62S.259 Page 25
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2021 19. Anatysls of Th6t assets between funds (Gontlnuadl Analysls of ngt as8•ts b81• funds. prfor ya•r funds 2020 2020 Tangible fixed assets Current assets Credknr5 due vAhin ono year 1,306,811 1,306,811 334.05T 334,657 (12Q, 127) (IXI, 127) Total 1.521,341 1,521,341 R•coneiliatlon of net movom9nt In funds to noi cash flow from operating a¢tMtI Group Group As restated 2021 2020 Net incomeloxpenditure for year {as per Statement of Financial 103,918 (85,655J AdJu¥tmgnts for. Depweciation charge8 Increase in stocks Decrease in debtors tkcrease in creditors 81,253 56,707 1808) (24,690) 48,824 326,497 122.248) (234,030) cash prOvId by operatlng actlvltlés 210,939 38.829 21. An•tysls of cash and cash oqulval•nts Group Group 20 2020 Cash in hand 264330 IK5&9 Total cuh and equlvalgnts 268,330 135,560 Page 26
MEDESHAMSTEDE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 22. Analysh of changgs In net debt At1 January 2021 Calh flows At31 December 2021 Cash at bank and in hand 135,560 132,770 8.330 135,560 132,770 Opgratlng lusè tommStments At 31 December 2021 the Group and the Charity had commitments Iv make future minimum lease payment$ under nonanc8llable c4)erating leases as fdlows: Group 2021 Group 2020 Not than 1 yéar 29AOO 24. Relatod party trnnsactlon8 The Charty has not entsred into Y Telalad paty transaction during the T, nor ere there any outstanding balance$ owing betrn lated parties and thg Charity at 31 Decemb8r 2021. Pag• 27