Charity iegistration number: 1071840 Medeshamstede Education Trust Tste¢s, Report and Financial Statements for the Year Ended 31 December 2023 mca Banbury Itd 4- 6 The Wharfcentre Wharf Street Warwick Warwickshire CV34 5LB
Medesham5tede Education Trust Contents Reference and Administrative Detsils Trustees, Report 2to5 Independent Auditors, Report 6t09 Consolidated Statement ofFinancial Activities iotoii Consolidated Balance Sheet 12 Balan¢¢ Sheet 13 Consolidated Statement of Ch Flows 14 Notes to the Financia] Statements 15to27
Medeshamstede Edueatlon Trust Reference and Administrative Details Truslees Russell Mark Evershed Myles Cook Dan Lyon Tim Percival Craig Turner 1071840 Charity Registration Number Prlncipal Office Breckland Park School Ecot¢Gh Centre Turbine Way Swaftham PE37 7XD Auditor mca Banbury Itd 4 - 6 The Wharfcentre Wharf Street Warwick WaTwickshire CV34 5LB Bankers National Westminster Bank pl POBoxNo. 15 Cathedral Square Peterborough PEI IHW Page I
Medeshamstede Education Thist Trustees, Report The Trustees present their report with the financial statements of the charity for the year ended 31 st December 2023, The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of R¢¢ommended Practice applicable to charities prepaTing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS102) (effective l January 2019). Objectives and activities Objecis and aims The charitsble objects of the charity are the advancement of the education of children and young people from the ages five to eighteen in particular by assistance to their parents to enable such children to be taught oihenvise than at school as defined in the education acts 1944 to 1993. Any other charitabl¢ pu4)ose for the benefit of the brethren. In furtherance of its objects, the Trust provides one premise under fornMI lease for an independent school based in Swaffliam, which has been run by Oneschool Global UK (OSGUK). The charity also provides donation funding to OSGUK at the discretion of the Tnte¢S in order to enable OSGUK lo provide a well-balanced education at primary and secondary levels, for children and young people whose parents appreciate the Christian ethos. Success is measured in tenns of the provision of appropriate facilities to OSGUK whilst minimising expenditure. This in turn, frees up funds for raising standards of education for all concerned and for the improvement of facilities for pupils and staff alike. The Trustees have refeed to the guidance contained in the Charity Commission's general guidance on public benefit and have regard to it when reviewing their aims and objectives, and in planning their future activities. In particular they consider how planned activities will contribute to the educational 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 assist at)d support the charity throughout the year. The trading activities of the charity's trading subsidiary Nexus Team Ltd {Company number 07094943), which operdtes a chain of convenience stores, are undertaken by volunt¢¢rs. Objeclives, slraiegies and activilies Throughout the year the charity has continued to provide educational pr¢mises in support of the educational aclivities of OSGUK. The charity has a wholly owned subsidiary ¢ompany, Nexu5 Team Ltd which undertakes trading adivities. All profits chargeable to corporation tax are gifted to the charity in support of the charitable activities of the charity. Page 2
Medeshamstede Education Trust Trustees, Report Achievements and performance Fillallcial review The charity is supported and financed principally by profits from its trdding subsidiary Nexus Team Ltd plus other ad hoc donations and those raised by fiujdraising events and grdnts from the Grace Trust. The TTUStees believe that the charity's fiLn(Ls are sufficient to mitigate any short to medium tern] risk of reduced funding. The charity's fundraising events principally operate within the Brethren community and professional fundraisers arc not used. Ncither th¢ Charity nor any person acting on behalf of ihe charity was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, OT voluntary standard for fund-raising in respect of activities on behalf of the tTUSt. In the year ended 31st DecembeT 2023 the Charity reporteda net surylus of £152,334 (2022 surplus of £312,548). The group Teported a net surplus of £76,319 (2022 surplus of £258,682). At the year end the charity had net current assets of £2,501 (2022 net current assels of £89,702). The group had net cuent assets of £288,144 (2022 net current assets of £306,528). The charity's policy is to maintain minimum free reserves al a level which equates to six months, unrestricted expenditure. This is app roximately£7,582. At the year end 2023 the free reseTves of the charity were £1,360,134 (31stDeG¢mber 2022 £1,512,468). After making appropriate enquiries. the TTUStees have a rcasonable cxpectation that the charity has adequate resources to continue Rn operational existence foT the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding thc adoption of the going concern basis can be found in the Accounting Policies. Plans for future perlods Aims andkey objeclivesforfmlureperiods The Trustees plan to continue to support OSGUK to PTovide a quality and deliver a Consistent and high level of educational experience and outcome for all student5 and staff, in accordance with tbe Charity's ethos and values. Page 3
Medeshamstede Education Trust Trustees, Report Structhre* governance and management Ivature ofgoiJ¢rniAg document Medeshamstede Education Tnt is constituted by a Deed of Trust dated 3103 1998, amended 12 08 2008 and is registered with the Charity Commission for England and Wales. The Trustees who served during the year and since the year end are set out on page l. None of the Trustees, nor any person connected with them, received any remuneration from the charity in the year ended 315t December 2023 fyear ended 3 1st December 2022 £nil). The power to appvint Trustees is invested in thc cxisting TnleeS subject to the charity Deed requiremenl. Trustees aTe seleded accoTding to thcir own spccialism in a particular field and are expected to pursue that specialism. New Trustees are instructed in the n¢cd to compl¢t¢ly adh¢r¢ to th¢ ethos and values of the Charity. New Trustees are appointed at charity meetings and training is given by the outgoing trustee being replaced, along with support from fellow Trustees. Page 4
Medeshamstede Edueation Trust Trustees, Report Statement of trustees, responsibilities The Trustee5 are responsible for preparing the Annual Report and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the TTUStecs to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming rcsourccs and application of resources of the charitable group for that pcriod. In prq)aring these financial statcmcnts, the Tnte¢S are required to: select suitable accounting policies and then apply them con51Stently- ' observe the methods and principles in the Charities SORP. ' make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have b¢¢n followed, subject to any rnaterial departures disclosed and explained in the financial statements. prepgtt the f]nancial staten)ents on the going concern basts unless it is inappTopriate to presume that the charity and group will continue in business. The Trustees are responsible for keeping prop¢r accounting records that disclose with reasonable accuracy at any time the fmancial position of the charity and th¢ group and enable thern to ensuTe that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity deed. They are also responsible for safeguarding the assets of the charity and the gTOUP and hence for taking reasonable steps for ihe prevention and detection of fraud and other irregularities. The annual report was approved by the tTUStees of the charity on. ... . and signed on its behalf by: Dan Trust¢e on Page 5
Medeshamstede Education Trust Independent Auditor's Report to the Members of Medeshamstede Education Trust Oplnlon We have audited the financial slatements of Medeshamstede Education Trust (the 'charitable parent company) and its subsidiaries (the 'group') for the year ended 31 December 2023, which ¢omprise the Consolidated Statement of FinanLial Activities. Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements including a sumnwy of significant accounting policies. The financial reporting framework that has bcen applied in their Preparation is United Kingdorn Accounting Standards, comprising Charitie5 SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicabl¢ law (United Kingdom Generdlly Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and parent charity's affairs as at 31 D¢cember 2023 and of its incoming resouTce5 and appli¢ation of resources, including its incotlle and expenditure, for the year then have been properly prepared in accoTdance with United Kingdom Generally Ac¢¢pted Accounting Practice" have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinfion W¢ conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. OUT responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial 5tatement5 section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have lfilled 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 OUT opinion. Conclusion5 relating to going ¢on¢¢rn In auditing the finCial statcmcnts, we have concluded that the trustees use of the going concern basis of accounting in thc prepdration of the financial statements is appropriate. B&8cd on the work we have perfornied, we have not identified any material uncertainties Telating to events or conditions that. individually or collectively, may cast signtficant doubt on the group's ability to continue a8 a going concern for a period of at least twelve months from when the original financial statements werc authoriscd for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other fjnformation The twslees are responsible for the other inforniation. The other inforniation comprises the inforniation iD¢luded in the annual r¢po¢ oth¢r than the financial statements and our auditor's report thereon. Our opinion on the financial statement5 do¢s not ¢ov¢r the other inforniation and, except to th¢ extent otherwise explicitly stated in our report, w¢ do not express any forni of assurance conclusion th¢reon. Page 6
Medeshamstede Education Trust Independent Auditor's Report to the Members of Medeshamstede Education Trust In connection with our audit of the fu]c1a1 slatements, our responsibility is to Tead the other inforniation and, in doing so, consider whether the other infornmtion is n)aterially inconsistent with the fanCIal statements or our knowledge obtained in the audit or otherwise appears to be materially misstat¢d. If we id¢ntify such material inconsistencies or apparent material misslalements, we ar¢ requir¢d to detennine whether theTe is a material misstatement in the financial statements or a material misslatement of the other inforn]ation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforn)ation, we are required tt> report that fact. We have nothing to report in this regard. Opinion on other matter prescrlbed by the Companies Act 2006 In our opinion, based on the Work undertaken in the course of the audit: the inforniation given in the and Trustees, Report for the financial year for which the fancial statements are prepared is consistent with the financial sta*ments- and the Tte¢s, Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exeeption In the light Of our knowledge and understanding of the group and the parent charitable company and its ¢nvironment obtained in the course of the audiL we have not identified material rnisstatements in the and the Truslees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequatc accounting re¢ords have not been kept by the parent charitable company, or returns adequate for our audit have not been Teceived from branches not visited by us. or the parent charitable company financial statements are not in agreement with the accounting records and ertain disclosures of trustees. remuneration specified by law are not made. or we have not received all the inforniation and explanalions we require for our audit, Responsibllltle$ of trustees As explained more thlly in the Statement of trust¢es' responsibilities (set out on page 5), the trustee5 are responsible for the preparation of the funcial slatements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the prepardtion of financial statements that are free from material misstatem¢nL wheth¢r due to fraud or eTror. In preparing the financial statements, Ihe trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related io going concern and using the going concern basis of accounting unless the tStee8 either intmd to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audlt of the flnan¢ial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditOT'S Teport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are Considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Th¢ extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Page 7
Medeshamstede Education Trust Independent Auditor's Report to the Members of Medeshamstede Education Trust The engagen]ent partner en5UTed that the engagement team collectively had the appropriate Competence, capabililies and skills to id¢ntify or recognise non-compliance with the applicable laws and Tegulations. We assessed the sus¢eptibility of the ¢ompany's financial statements to material misstatement, including obiaining an understanding of how fraud might occur, by: Making enquiries of management as to where they considered thcrc was $usccptibility to frau¢ their knowledge of actual, suspected and alleged fraud; at)d Considering the internal controls in place to mitigat¢ risks of fraud and non-compliance with law5 and regulloDS. To address the risk of fraud through management bias and override of controls, we.. Perfom]¢d analyti¢al pro¢edure5 to identify any unusual or unexpected relationships; Tested journal entries to Èdentify unusual transactions. Assessed whether judgem¢nt5 and assumptions made in detennining the accounting estimates were indicative of potential bias. and Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-cornpliance with laws and regulations, we designed procedures which included, but were not limited to: Agreeing financial statement dis¢losures to underlying supporting documentation Enquiring of management to actual and potential litigation and claims. There are inherent limitations in our audit Procedures described above. The more removed those laws and regulations are from financial transactions, Ihe less likely it 15 that we would become aware of non-compliance. Auditing standards also limit the audit Procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management. Material misstatements that arise due to fraud can b¢ harder to d¢t¢ct than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in a¢cordan¢¢ with ISAS (UK), we exercise professional judgement and mairAtain professional s¢epti¢ism throughout the audit. We also". Identify and assess the risks of material misslatement of the financial statements, whether due to fraud or error, design and perfoml audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion, The risk of not detecting a material misslatement resulting from fraud is higher than for one resulting from eOr, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the OVaTide of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the puryose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting poli¢ies used and the reasonableness of accounting estimates and relatd disclosures made by the diTector5. Conclude on the appropriateness of the directors, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a malerial uncertainty exists related to events or conditions that may cast significant doubt on the Charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Rq)ort of the AuditOTS to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or ¢onditions may cause the c¢Jrnpany to cease to continue as a going concern. Page 8
Medeshamstede Education Trnst Independent Auditor's Report to the Members of Medeshamstede Educatlon Trust Evaluate the overall presentation, structure and content of the fmancial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair PTe8entation. We define materiality as the magnitude of misstafrment in the Financial Stat¢ments that makes il probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use mat¢riality both in planning and in the scope of our audit work and in ¢valualing ihe r¢sults of our work. We communicate with thosc charged with governance regarding, among other matters, the planned scope and timing of the audit Mnd sigmificant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This TCPOrt is made solcly to thc charitable parent company's tntees. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. OUT audit work has been undertaken so that we might state to the group's tn]stees those rnatters we arc rcquired io state to them in an auditor's report and for no other purpose. To the fullest extent p¢rn)itted by law, w¢ do not accept or assume responsibility to anyone other than the charitable parent company and its trStC¢S as a body. for audit worL for this report, or for the opinions we have forn]ed. Martin Cox (Senior Statutory Auditor) For and on b¢half of m¢a Banbury Itd, Statutory Auditor 4- 6 The Wharfcentre Wharf Street Warwick Warwickshire CV34 5LB 12109124 Page 9
Medeshamstede Edueation Trust Conso]idated Statement of FinaDclal Activities for the Year Ended 31 December 2023 (Including Consolldated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted fund$ Total 2023 Note IDcome and Endowments from: Donations and legacies Charitable activities Other in¢ome 575 5,1)00 2258,759 575 5,000 2,258,759 Total incon]e 2264,334 2,264,334 Expenditure on: Raising funds Charitable activities (1,966,789) (376,403) (1,966,789) (376,403) Total expenditure (2,343,192) (2,343,192) Net expenditure (78,858) (78,858) Net movement in funds (78,858) (78,858) Reconciliation of funds Total funds brought forward Total funds caTried forward 1,873,941 1,873,941 17 1,795.083 Unrestricted fiwds 1,795,083 Total 2022 Note Income and Endowments from: Donations and legacies Charitable aLtivitie Other income 377,452 2,767 1,891,151 377,452 2,767 1,891,151 Total income 2,271,370 2,271,370 Expenditure on: Raising fimiL8 Charitable activities (1,704,017) (308,671) (1,704,017) (308,671) Total expenditure (2,012.688) (2,012,688) Net in¢ome 258,682 258,682 Net movement in funds 258,682 258,682 Reconciliation of funds Tota] funds brought forward Total fimds carried forward 1,615,259 1,615,259 17 1,873,941 1,873,941 The notes on pages 15 to 27 forn] an integral part of these financial statements. Page 10
Medeshamstede Education Trust Consolidated Statement of Finaneial Activltles for the Year Ended 31 December 2023 (Ineludlng Consolidated Income and Expendlture Account and Statement of Total Recognised Gains and Losses) All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 17. The notes on pages 15 to 27 forni an integrnl part of these financial statements. Pagell
Medeshamstede Educatlon Trust Consolidated Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible &ssets 11 1,506,939 1.567.413 Current a55ets Stocks Debtors Cash at bank and in hand 13 14 15 197.835 39.783 221,408 183,476 31,770 259,959 459,026 475,205 Credltors: Amounts falling due within one year 16 (170.882) (168,677) Net eurrent assets 288.144 306,528 Net assets Funds of the group= Unrestricted income funds Unrestricted funds 1.795.083 1,873,941 Total funds 17 ncial statements on pages 10 to 27 were approved by the Trustees, and authorised for issue on lo'.¥dnd signed on theiT bchalf by: yon Trustee The notes on pages 15 to 27 fonn an integral part of these financial slatements. Page 12
Medeshamstede Education Trust Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assets Tangible assets Investments 1,357,631 1,422,764 1,357,633 1,422,766 Current assets Debtors Casb ai bank and in haj 14 15 3.443 96,278 25,964 25.9(A 99.721 Creditors: Amounts falling due within one year 16 (23,463) (10,019) Net current Assets 2,501 89,702 Net assets 1.360,134 1,512,468 Fullds of the charity: Unrestricted ineome funds Urrestrfficted funds 1,360,134 1,512,468 Total fuDds 17 1,360.134 1,512,468 anvial statements on pages 10 to 27 were approved by the Trustees, and authorised for issue on signcd on th¢ir b¢half by: on Tntee The notes on pages 15 to 27 forn] an integral part of these fmancial stat¢m¢nts. Page 13
Medeshamstede Educatlon Trust Consolidated Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Nots Cash flows from operating activities Net cash (expenditureyincome (78,858) 258,682 Adjustments to cash flows from non-cash items Depreciation 126,353 87,927 47,495 346,609 Working capital adjustments In¢T¢ase in stocks Incr¢as¢ in debtors In¢rease in creditors 13 14 16 (14,360) (8,0131 2,206 (36,115) (38,050) 70,798 Net cash flows from operating activities 27,328 343,242 Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets li (78,406) 12,527 (351,613) Net cash flows from investing activities {65,879) (351,613) Net de¢rease in cash and cash equivalents Cash and cash equivalents at l January Cash and cash equivalents at 31 December {38,551) 259,959 (8,371) 268,330 221,408 259,959 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 15 to 27 forni an integral part of these financial statements. Page 14
Mede5hamstede Education Trust Notes to the Financial Ststements for the Year Ended 31 December 2023 I Charity status The Medeshamstede Education trust is an unincorporated charity (no.. 1071840) registered in England and Wales. The registered address is Breckland Park School, Ecotech Cenlre, Turbine Way, Swaffliam, PE37 7XD. 2 AccountiDg policies Summary of significant accounting policies and key accounting eslimates The principal accounting policies applied in the PTepaTation of these financial slatements aTe sel out below. These policies have been consistently applied to all the y¢aTS presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statemenl of Rewmmended Pradice (applicable to charities preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of lTeland (FRS 102)} (issued in October 2019) (Charities SORP {FRS 102)), th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Aci 2006. Basls of preparation Medeshamstede Education Trust meets the definition of a public benefit entity under FRS 102. Assets Imd liabilities are initially recognised at histori1 wst or transaction value unless otherwise stated in the relevant accounting policy notes. Basis of consolidation The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidatc thc financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary arc consolidatcd on a line-by-line basis. Th¢ Cl]arity has also taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a Charity only statement of cash flows and c¢rtain disclosures about the Charity's financial instruments within the consolidatsd financial stst¢m¢nt$. No separate SOFA has been prepared for the Charity alon¢. Going concern The trustees consider that there ar¢ no material uncertainties about the group's ability to continue as a going ncern nor any significant areas of unc¢rtainty that aff¢¢i th¢ Carrying value of assets held by the group. Page 15
Medeshamstede Educatlon Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Income and endowments All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of incorne reeeivable can be measured reliably. The recognition of income from legacics is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficieut accuracy thc amount receivable. Evidence of entitlement to a legacy exists when the ChaTity h&s sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of thc benefactor) and the executor is satisfied that the propety in question will not be rquired to satisfy claims in thc estst¢, Reccipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Consolidated .8tsfrmcnt of financial activities on a receivable basis, The balance of income received for specific pU)05¢S but not expendcd during the period is shown in the relevant funds on the Balance sheet. Where income IS received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred Income. Where entitlement occurs before income is received, the income is accNed. Income tax recoverable in relation to inveslment income is recognised ai the time the investment income is rCivable. Expenditsre All ¢xp¢nditure 15 r¢cogni5ed once there is a legal or constructive obligation to ihat expenditure, it is probable settl¢ment is required and tbe amount can be measured reltably. All costs are allocated to the applicable ¢xp¢nditure heading that aggregate similar costs to that category. Wh¢r¢ costs cannot be directly attributed to particular h¢adings th¢y have been allo¢at¢d on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Oth¢r support costs are allocated based on the spread of staff costs. Support costs Support costs include central functions and hav¢ becn allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating prop¢ty costs by floor areas. or per capita, staff costs by the time Spent and other costs by their usage. Governance eosts These include the costs attributable to the charily's compliance with constitutional and statutory requireTT]ents. including audit, strxtegic managemenl and trustees. meetings and reimbursed expenses. Tangible fixed assets Tangible red assels costing £500 or more are capilalised and reCOlSed when fiJtUTe econom7c benefits are probabl¢ and thc cosl or valu¢ of ihe ass¢t can b¢ m¢asur¢d reliably. Tangible fed assels are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less a¢cumulat¢d depreciation and any accurnulated impairnient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 16
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Depreciation and amortisation Depreciation is charged so as to allocate the Cost of tangible f]xed assets less their residual value over their estlmated useful lives. Assets costing less than £500 are written off to the SOFA in the year of purchase. Asset cla FTeehold PToperty Plant & Machinery t£asehold propety DepreeAation method And rats 20/0 Straight Line 200/. Straight Line IOO/. Straigbt Line Current asset investments Fixed asset investments are a forni of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairnient. Investment gains and losses, whether realtscd or unrcalise are combined and presented as 'Gainsl(Losses) on inv¢stments' in the Consolidated statement of fmancial activities. tnvestments in subsidiaries are valued at cost less pmvision for impainnent. Stock Stocks aTe valued at the lower 4)f cost and nel realisable value after making due allowance for obsolete and slow-movtng stocks. Cost includes all direct costs and an appropriate pmportion of fixed and variable overheads. Trade debtors Trad¢ and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Liabilities and provisions Liabiltties are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlevnent, and the amount of thc scttlement can be estirnated reliably. Liabilities are recognised at the amount that the Charity anticipates It will pay lo settle the debt or th¢ amount it has received as advanced payments for th¢ goods or services it must provide. Conces$ioDary loans Concessionary Irpans include those payable to third parties which ar¢ interest free or below market interest rates and are Jjmde to advance charitable puLTroses. Page 17
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Fund strllethre General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specifi¢ restrictions imposed by donors or which havc b¢en raised by the Group for particular purposes, The costs of raising and administering such funds are charged against the specific fund. Th¢ aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate f4md. Finaneial Instruments Classificatson Financial assets alld financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrumcnt. Financial liabilities and equity instrumcnts are classified according to the substance of the contractual arrangements entered into. An cquity instrument is any contract that evidences a residual interest in the assets of the group after deduclillg all of its liabilitics. 3 IDcon)¢ from donation5 and legacies Unrestricted funds General Total funds Gifts and donations 575 575 Total for 2023 Total for 2022 4 Ineome from charitable artivities Ullrestrlcled funds General Total funds Rental Income 5,000 Total for 2023 Total for 2022 Page 18
Medeshamstede Education Trust Notes to the Finr4ncial Statements for the Year Ended 31 December 2023 5 Income from other trading activities UDrestricted fuDds General Total funds Trading Income - Nexus Team Limited 2,258,759 2,258,759 Total for 2023 Total for 2022 6 Expenditure on raising fvnds a) Costs of trading activities Unrestrlcted funds General Total funds Notr Trading costs - Nexus Team Limited 1,966,789 1,966,789 Total for 2023 789 Total for 202Z 1.104.017. 7 Expenditure on Charitable activities Unrestrieted funds General Totsl funds Note Charitable Activities 376,403 376,403 Total for 2022 08 Page 19
Medeshamstede Education Trust Notes to the Finanelal StP4tements for the Year Ended 31 Deceniber 2023 8 Analysis of support costs Support costs allocated to cbaritable aetivfitles Premises costs Governance Admitiistration including costs costs depreciation Other support costs Totsl 2023 Charitable Activities 722 20 Premises C05t5 Governance AdmiDlStration including costs depreciation Other 5upporl costs Total 2022 Charitable Activities 400 -058 Other support costs are donations made to OSG. Staff costs are nil. The Medeshamsrede Education Trust Is run entirely by volunteers. During the year The Medeshamstede Education Trust adjusted their deprecialion policy which has led to an adjustment to the depreciation recorded in the year. Page 20
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 9 Trustees, remllneratlon and expenses No tNstees, nor any persons connected with them, have re¢¢ived any remuneration from the group during the year. No trustees have ¢¢1y¢d any T¢imbursed expenses from the charity during the year. 10 Auditors. remuneration 2023 2022 Other fees to auditors The auditing of accounts of any associate of the charity All other non-audit services 4,000 2,000 4,000 2,000 Page21
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 11 Tangible fixed assets Group Land and buildings Furllithre and equfipmenl Totsl Cost At l January 2023 Additions Disposals 2,220,187 69,008 (12,527) 94,952 9,398 2,315,139 78,406 (12,527) At 31 December 2023 2,276,668 104,350 2,381,018 Depreclatlon At l January 2023 Charge for ihe year 686,617 123,715 61,109 2,638 747,726 126,353 At 31 December 2023 810,332 63,747 874,079 Net book value At 31 December 2023 1,466,336 40,603 1,506,939 At 31 December 2022 1,533,570 33,843 1,567,413 Charity Land and buljdlngs Total At l January 2023 Additions Disposals 2,077,685 58,738 (12,527) 2.077,685 58,738 (12,527) At 31 December 2023 2,123,896 2,123,896 Depreciation At l January 2023 Charge for the year 654,921 111,344 654,921 111,344 At 31 December 2023 766,265 766,265 Net book value At 31 December 2023 1,357,631 1,357,631 Ai 31 December 2022 1,422,764 1,422,764 Page 22
Medeshamstede Education Trust Notes to the Finallcial Statements for the Year Ended 31 December 2023 12 Fixed a55et iDvestments Charity Shares in group undertakings and partlelpating intsrests Subsidiary undertakings Total Cost At l January 2023 At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 Details of undertakings Details of the investments in which the clwity holds 2(/0 or more of the nominal value of any class of share capital are as follows- Country of incorporation PropordoD of votiDg rights Principal and share5 held activity Undertaking 2023 2022 Subsidiary undertakings Nexus Team Limited United Kingdom IIK)Q/o Sale Retails goods 13 Stock Group Charity 2023 2023 2022 Stocks 14 Debtor5 Page 23
Medeshamstede Educatlon Trust Notes to the Financial Statements for the Year Ended 31 DeceD]ber 2023 Group Charity 2023 2022 2023 2022 Trade debtors Prepairynents Oth¢r debtors 30,771 6,011 3,001 10,489 3,000 18281 3,443 15 Cash and cash equivalents Group Charfity 2023 2022 2023 2022 Cash at knk 25. 16 Creditor5: amounts falling due withln one year Group Charity 2023 2022 2023 2022 Trade creditors VAT grant repayable Other creditors AcCalS 105,321 9,953 13,172 42,436 133,871 958 24,848 9,000 (10.252) 320 (i) 33,396 4,435 833 4,750 -882 Page 24
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 17 Fund$ Group Balance at31 December 2023 Balance at I January 2023 Incoming resources Resources expended Unrestricted funds General B2laD¢e 2t31 December 2022 Balance at I January 2022 Intoming resourees Resources expended Unrestricted ndS General J.7.0 88 Charity Balance at31 December 2023 Balance at I January 2023 Incoming resources Resources expended Unrestricted funds General 1512469 Balan¢¢ at 31 December 2022 Balance at I January 2022 Incoming resources Resources expended Unrestricted funds General 1512468 Page 25
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 18 Analysis of net assets between funds Group Unrestricted fund5 General Total funds at 31 December 2023 Tangible fixed assets Current &ssets Current liabilities 1,506,939 459,026 (170,882) 1,506,939 459,026 (170,882) Total net assets Unrestricted fund5 General Totydl funds at 31 December 2022 Tangible fed assets Current assets Current liabilities 1,567,413 475,205 (168,677) 1,567.413 475,205 (168,677) Total net assets Page 26
Medeshamstede Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Charity UDrestri¢ted funds General Total funds at 31 December 2023 Tangible fixed &s8ets Fixed asset investtncnts Current assets cllent liabilities 1,357,631 1,357,631 25,964 (23,463) 25,964 (23,463) Total net assets Unrestritted funds General Total funds at 31 December 2022 Tangible fixed &ssets Fixed &sset investments Current ass¢ts Current liabilities 1,422,764 1,422,764 99,721 (10,019) 99,721 (10.019) 1512468 Total net assets 19 Related party traDsa¢tions Charity As stated in Note 12, Nexus Team Limited was a wholly owned subsidiary undertaking of the Charity. £218.493 was received by the Charity from the subsidiary under gift aid. Page 27