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2020-12-31-accounts

Registered Charity Number

1071852

SCEPTRE EDUCATION

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

CONTENTS

Registered Charity Number - 1071852

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST DECEMBER 2020

LEGAL AND ADMINISTRATIVE INFORMATION

Status

Sceptre Education is a registered charity (No.1071852).

The charity is an unincorporated organisation governed by its constitution document, a trust deed dated 25th July 1998 and amendment dated 17th October 2006.

Address

The official address of Sceptre Education is OneSchool Global UK Dunstable Campus, Ridgeway Avenue, Dunstable, Bedfordshire, LU5 4QL.

Names and Addresses of Schools operated by the Charity

OneSchool Global UK Dunstable Campus, Ridgeway Avenue, Dunstable, Bedfordshire, LU5 4QL OneSchool Global UK Northampton Campus, 468a Billing Road East, Northampton, NN3 3LF

DfE registration numbers

OneSchool Global UK Dunstable Campus - 820/6019

Oneschool Global UK Northampton Campus - 928/6072

Trustees

The trustees who served on the trust during the year and those appointed since are:

Brendon Tunley Russell Kingston Jake Douglas Alvin Clarke Trust chairman Simon Calder Hans Purdom Edward Remmington

Chief Executive Officer

The Trust Chairman is Alvin Clarke

Name & Address of Trading Limited Company

Pinnacle (EU) Ltd, Beta House, Borough Road, Brackley, Northamptonshire, NN13 7BE

Purpose of Trading Limited Company

To raise funds to support the running of the school, which is an Independent, privately-funded charitable organisation.

Directors

The directors who served on the Trading Limited Company during the year are:

Lee Denny Michael Railton Daniel Wells Ivor Tunley Hans Purdom Owen Lockett Ford Harry Purdom

Auditors

Hillier Hopkins LLP, Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP.

Bankers

National Westminster, Business Centre, 31 George Street, Luton, Bedfordshire.

1

SCEPTRE EDUCATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Sceptre Education Trustees present their annual report and financial statement for the year ended 31 December 2020.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trust’s main activities are the support of Brethren schools and the provision of grants to organisations that support children and families.

Status of the Charity

The Charity is a registered charity and a trading subsidiary, a limited company registered in England and Wales was set up in 2008 and commenced trading on 01.08.08. The shares of the company are held in trust on behalf of the charity, and the profits are covenanted to the charity. The results of the trading subsidiary (Pinnacle (EU) Ltd.) have been consolidated within the group accounts.

Recruitment and appointment of trustees

The management of the charity is the responsibility of the Trustees. Trustees are appointed by the Bidwell Trust on the basis of recommendations received from existing Trustees, or persons connected with the school.

Induction and training of trustees

The Trustees bring their own experience and expertise, which is enhanced by training and seminars organised by OneSchool Global UK. No trustees are remunerated for their services.

Organisational Structure and Decision Making

The structure of the Trust consists of seven Trustees who oversee provision of the school building and support of the education provision provided by OneSchool Global UK. They meet every three to four months.

Relationship with other Charites

The Trust is affiliated to OneSchool Global UK who operate the school as one of its campuses. The Trust is connected to the Bidwell Trust who have the power under the Trust deed to approve the appointment and removal of Trustees. The Trust also owns a trading subsidiary Pinnacle (EU) Ltd, which runs trading projects to raise funds for the Trust.

Risk Management

The Trustees are responsible for the management of the risks faced by the Trust. Four Trustees will generally operate in each area of responsibility within the Trust. Risks are identified, assessed and controls established through the year.

The key controls used by the Trust are:

Through the risk management procedures established by the school, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute assurance that major risks have been adequately managed.

OBJECTIVES AND ACTIVITIES

Objects

The charitable objects of the Trust are the advancement of the education of children and young people. The objects also include any other charitable purpose for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church.

The trust’s main activities are the support of Brethren schools and the provision of grants to organisations that support children and families.

Page 2

Ethos

Students attending Brethren schools are encouraged to develop their full potential and acquire the discipline of learning how to learn, while upholding Christian teachings and beliefs.

The truth and authority of the Holy Bible and strong family values underpin the commitment of the School to provide quality in every facet of education – curriculum, teachers, facilities, management and discipline - in a safe and caring environment.

Values

The Trustees are drawn from the Brethren community and the school is committed to a way of life that is governed by the Holy Bible, expecting the conduct pupils and staff consistently to reflect Biblical values and the specific values of the school, which include:

Significant Activities

The Trust has supported the Brethren school in Luton, Watford, Northampton and Banbury, providing use of the school building and supporting the education provision provided by OneSchool Global UK.

Pupils who attend the School are expected to act in accordance with the doctrines and practices of the Brethren, but there is no other academic or financial selection process for admission to the School.

The curriculum is designed to provide opportunities for pupils of varied abilities and interests. The subjects offered are in line with the National Curriculum and cover key learning areas. There is an increasing focus on encouraging and developing selfdirected learning principles with students.

The aim is to provide a broad and balanced curriculum which promotes personal development and prepares students for increasing independence and responsibility.

OneSchool Global UK was incorporated for that purpose and, whilst recognising the responsibilities of each relevant local community, it is considered that the advantages of providing education through one organisation are considerable and that in particular allows:

Objectives

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and we have had regard to it when reviewing our aims and objectives, and in planning our future activities. In particular we consider how planned activities will contribute to the educational aims and objectives we have set.

FINANCIAL REVIEW

The Trust is supported and financed principally by income from its trading subsidiary and the rental of the Trust's property. CAPEX projects are supported by Donations and Grants.

The Trust continues to work closely with OneSchool Global UK to ensure that continued funding received by the Trust, intended to support the education of its students, is donated to OneSchool Global UK in order to continue those provisions in line with the Trust’s charitable objectives.

The charity wholly owns a trading subsidiary company: Pinnacle (EU) Ltd

The year produced a surplus of £11,496 which was added to reserves. The trading company produced a profit of £292,241 of which £275,933 was donated to the Trust. The Trust has adequate reserves, including a healthy cash balance, to fund its ongoing program.

The Trust continued to collect School Fees until 31 August 2020, and donated £523,130 to OneSchool Global UK to fund the school's operating costs.

Reserves policy

The Trustees have established a reserves policy which aims to maintain an adequate general reserve to cover future expenditure. The policy is reviewed annually.

Page 3

Investment policy

The Trustees have established an investment policy. The Trust invests in low risk investment such as bank deposits. The Trust holds an investment in its trading subsidiary Pinnacle (EU) Ltd. This is limited to the initial share capital invested. The policy is reviewed annually.

FUTURE PLANS

The Trust is committed to a continuous improvement plan to upgrade and update the fabric and structure of the school to fit in with our Self-Directed framework.

The Trustees are currently working on variations of plans to achieve this goal which we hope will see some tangible upgrades within the next 6-18 months.

We intend to continue to support OneSchool Global UK to provide a quality and deliver a consistent and high level of educational experience and outcome for all students and staff, in accordance with the Trust's ethos and values.

GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustee's report and the financial 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosures to the auditor:

a) so far as the Trustees are aware, there is no relevant audit information of which the auditors are unaware, and

We have taken all steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant b) audit information and to establish that the auditors are aware of that information.

For and on behalf of the Trustees

28.10.2021 Jake Douglass Date 30.10.2021 Alvin Clarke Date

Page 4

Independent Auditor’s Report to the Trustees of Sceptre Education

Opinion

We have audited the financial statements of Sceptre Education (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31[st] December 2020 which comprise the Group Statement of Financial Activities, Group and Parent Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity 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 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

.

the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

.

the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or parent charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

Independent Auditor’s Report to the Trustees of Sceptre Education (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' report 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 taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 6

Independent Auditor’s Report to the Trustees of Sceptre Education (continued)

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hillier Hopkins LLP, Statutory Auditor Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP

Date

Hillier Hopkins LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 7

STATEMENT OF GROUP FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020

Notes
INCOMING RESOURCES
Incoming resources from generated funds
Voluntary income
Legacy
Donations - general gifts
Donations - capital
Gift aid reclaimable
Activities for generating funds
School Fees
Grants and contributions
4
Fund raising
Rental income
Trading
Investment income and interest
Other incoming resources
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Cost of generating funds
Fund raising expenses
Trading
Taxation
Charitable activities
School operating costs
Governance costs
TOTAL RESOURCES EXPENDED
5
NET INCOMING
6
RESOURCES BEFORE TRANSFERS
Transfers between funds
NET MOVEMENT IN FUNDS
Funds at 1st January 2020
TOTAL FUNDS AT 31ST DECEMBER 2020
15		 Unrestricted
Funds
£
2,000
6,387
163
-
332,541
38,236
-
5,000
2,587,617
5
-
7,986		 Restricted
Funds
£
-
80		 Total funds
2020
£
2,000
6,387
-
163
-
332,541
38,236
-
5,000
2,587,617
85
-
7,986		 Total funds
2019
£
-
29,221
430
100
-
517,558
1,019,003
-
1
2,123,956
239
-
9,855
2,979,935 80 2,980,015 3,700,362
-
2,323,408
7,600
-
626,557
10,955		 -
2,323,408
7,600
-
626,557
10,955		 -
1,791,036
4,570
-
2,087,169
20,667
2,968,520 - 2,968,520 3,903,442
11,416 80 11,496
-		 (203,080)
-
11,416 80 11,496 (203,080)
1,246,025 135,012 1,381,037 1,584,116
1,257,441 135,092 1,392,533 1,381,037

The charity has no recognised gains or losses other than the net incoming resources for the year.

The reconciliation of movement in total funds is shown in note 15 to the accounts.

Page 8

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
FIXED ASSETS
Tangible Fixed Assets
9
Investment in Subsidiary
CURRENT ASSETS
Stock
Debtors and Prepayments
11
Cash at Bank and in Hand
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Sundry Creditors
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR
13
NET ASSETS
CAPITAL AND RESERVES
Unrestricted funds
Restricted funds
Total Funds
15
For and on behalf of the Trustees
Jake Douglass
Alvin Clarke		 GROUP
2020
2019
£
£
1,214,357
1,246,730
1,214,357
1,246,730
194,780
164,277
130,768
418,377
466,724
161,199
792,272
743,853
346,000
599,050
346,000
599,050
446,272
144,803
1,660,629
1,391,533
(268,096)
(10,496)
1,392,533
1,381,037
1,257,441
1,246,025
135,092
135,012
1,392,533
1,381,037
Date
Date
28.10.2021
30.10.2021		 GROUP
2020
2019
£
£
1,214,357
1,246,730
1,214,357
1,246,730
194,780
164,277
130,768
418,377
466,724
161,199
792,272
743,853
346,000
599,050
346,000
599,050
446,272
144,803
1,660,629
1,391,533
(268,096)
(10,496)
1,392,533
1,381,037
1,257,441
1,246,025
135,092
135,012
1,392,533
1,381,037
Date
Date
28.10.2021
30.10.2021		 CHARITY
2020
2019
£
£
1,100,638
1,171,176
2
2
1,100,640
1,171,178
-
-
128,408
491,169
133,792
114,041
262,200
605,210
15,042
423,775
15,042
423,775
247,158
181,435
1,347,798
1,352,613
1,392,533 1,347,798
1,352,613
1,257,441
135,092		 1,212,706
1,217,601
135,092
135,012
1,392,533 1,347,798
1,352,613
Date
30.10.2021
Date

Page 9

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

1 ACCOUNTING POLICIES

1.1 Basis of Preparation

The financial statements have been prepared under the historical cost convention, and in accordance with The Charities (Accounts and Reports) Regulations 2015, the Statement of Recommended Practice 'Accounting and Reporting by Charities' and with applicable accounting standards.

The statement of financial activities and balance sheet consolidate the financial statements of the charity and its subsidiary undertaking Pinnacle (EU) Ltd. The results of the subsidiary are consolidated on a line by line basis.

1.2 Grants

Grants are recorded in full in the Statement of Financial Activities in the financial period for which they were received.

1.3 Donations and fundraising

Donations and fundraising income are recorded in the financial period in which they are received. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of donation.

1.4 Legacies

Income from legacies is recognised when there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

1.5 Fixed assets

Furniture, fittings and equipment are stated at cost less depreciation calculated at 25% on a straight line basis. £750,000 of the cost of premises has been attributed to buildings. These are depreciated at 2.5% on a straight line basis. Building work necessary to bring the premises to a suitable standard and building extensions have been capitalised and are being depreciated on a 20% straight line basis. The cabins and ground work for the primary school at Northampton has been depreciated on a 20% straight line basis.

1.6 Fund Accounting

The unrestricted fund comprises the accumulated surplus which the charity may use for its purposes at its discretion. Designated funds are set up where the Trustees consider it prudent to provide reserves for specific purposes.

Restricted funds are set up where donors specify the purposes for which their donations can be used, and expenditure in respect of these purposes is specifically allocated to these funds.

1.7 Taxation

The charity's surpluses are derived from, and are applied towards, the maintenance of charitable activities and as such are not subject to taxation.

1.8 Resources expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Expenditure has been classified under headings that aggregate all costs related to the category.

1.9 Governance and support costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and costs related to statutory requirements. Governance and support costs are allocated to charitable activities on the basis of costs incurred.

2 Trustees’ remuneration and expenses

No Trustees received any remuneration or other benefits from an employment with the charity and Trustees were reimbursed for any expenses incurred.

Page 10

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

3 DONATIONS

Voluntary income comes from voluntary donations and giving.

4
GRANTS AND CONTRIBUTIONS
Focus Learning
OneSchool Global UK
Other
5
TOTAL RESOURCES EXPENDED
School Operating Costs
Teaching costs
Other educational support costs
Student transport
Educational books
Other classroom supplies and equipment
Rent, rates, insurance and other costs
of premises
Postage, stationery and administrative
expenses
Grants to Other Trusts
Sale of Fixed Assets
Bad Debts
Governance Costs
Interest payable
Insurance
Legal and professional costs
Audit/Accountancy fee
Cost of Generating Funds
Fund raising expenses
Trading costs
Taxation
Total resources expended		 Staff
costs
£
3,908
-
-
-
-
-
-		 UnrestrictedRestricted
£
£
-
38,236
GROUP		 UnrestrictedRestricted
£
£
-
38,236
GROUP		 2020
Total
£
-
-
38,236		 2019
Total
£
472,649
546,354
-
38,236 - 38,236 1,019,003
Other
costs
£
(4,909)
262
-
-
-
28,461
-
5,167
-
523,130
-
-
-		 Depreciation
£
-
1,898
-
-
-
68,640
-		 2020
Total
£
(1,001)
2,160
-
-
-
97,101
5,167
-
523,130
-
-
-		 2019
Total
£
1,442,178
35,011
204,985
1,833
18,052
208,665
33,913
-
107,515
33,142
1,875
-
3,908 552,111 70,538 626,557 2,087,169
-
-
-
-		 -
-
175
10,780		 -
-
-
-		 -
-
175
10,780		 -
-
6,447
14,220
- 10,955 - 10,955 20,667
-
-
-		 -
2,271,575
7,600		 -
51,833
-		 -
2,323,408
7,600		 -
1,791,036
4,570
- 2,279,175 51,833 2,331,008 1,795,606
3,908 2,842,241 122,371 2,968,520 3,903,442

Page 11

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

6 NET INCOMING RESOURCES

This is stated after charging:
Depreciation
Auditor's remuneration
Audit services		 2020
£
122,371
7,300		 2019
£
105,539
11,700

7 TAXATION

The charity is exempt from corporation tax on its charitable activities.

8 STAFF COSTS AND NUMBERS

STAFF COSTS AND NUMBERS
Staff costs were as follows:
Salaries and wages
Employers NIC
Pensions		 2020
£
3,908
-
-
3,908		 2019
£
1,146,416
104,918
168,513
1,419,847

No trustee received any remuneration. Trustees were reimbursed for any expenses incurred.

Remuneration paid to key management personnel amounted to £0 (2019: £231,508)

The number of employees receiving emoluments in the following bands were:-

s in the following bands were:-
£60,001 - £70,000 0 0
£70,001 - £80,000 0 0
£80,001 - £90,000 0 1

The average monthly number of employees during the year was 0 (2019 - 39).

9 FIXED ASSETS

FIXED ASSETS
Cost
At 1st January 2020
Disposals/Fully Written Off
Additions
At 31st December 2020
Depreciation
At 1st January 2020
Disposals/Fully Written Off
Charge for year
At 31st December 2020
Net book value
At 31st December 2020
At 31st December 2019		 Leasehold
Premises
£
336,707
-
36,664
373,371
305,968
-
19,412
325,380
47,991
30,739		 Freehold
Premises
£
1,949,181
-
-
1,949,181
783,427
-
68,640
852,067
1,097,114
1,165,754		 Group
Motor
Vehicles
£
-
-
-
-
-
-
-
-
-
-		 Fixtures &
Equipment
£
133,819
(7,181)
56,925
183,563
83,582
(3,590)
34,319
114,311
69,252
50,237		 Total
£
2,419,707
(7,181)
93,589
2,506,115
1,172,977
(3,590)
122,371
1,291,758
1,214,357
1,246,730

Page 12

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

9
FIXED ASSETS (Cont)
Cost
At 1st January 2020
Disposals/Fully Written Off
Additions
At 31st December 2020
Depreciation
At 1st January 2020
Disposals/Fully Written Off
Charge for year
At 31st December 2020
Net book value
At 31st December 2020
At 31st December 2019		 Leasehold
Premises
£
295,721
-		 Freehold
Premises
£
1,949,181
-
-
1,949,181
783,427
68,640
852,067
1,097,114
1,165,754		 Charity
Motor
Vehicles
£
-
-
-
-
-
-		 Fixtures &
Equipment
£
33,077
-
-		 Total
£
2,277,979
-
-
295,721 33,077 2,277,979
295,721 27,655
-
1,898		 1,106,803
-
70,538
295,721 29,553 1,177,341
- 3,524 1,100,638
- 5,422 1,171,176

10 INVESTMENT IN SUBSIDIARY

On 22.07.08 The Charity formed a subsidiary company registered in England and Wales, number 6652678. The investment represents the two subscriber shares of £1 each. This subsidiary company commenced trading on 1.08.08.

11 DEBTORS

DEBTORS
Debtors
Gift Aid income tax recoverable
Prepayments and accrued income		 GROUP
2020
2019
£
£
101,912
387,321
5,292
5,130
23,564
25,926
130,768
418,377
130,768 418,377
CHARITY
2020
2019
£
£
123,116
484,069
5,292
5,130
-
1,970		 CHARITY
2020
2019
£
£
123,116
484,069
5,292
5,130
-
1,970
128,408 491,169

12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loans
Taxation and social security
Other creditors
Accruals and deferred income		 GROUP
2020
2019
£
£
80,000
40,000
23,734
43,565
223,636
126,372
18,630
389,113
346,000
599,050
CHARITY
2020
2019
£
£
-
-
-
28,255
2,352
21,891
12,690
373,629		 CHARITY
2020
2019
£
£
-
-
-
28,255
2,352
21,891
12,690
373,629
15,042 423,775

13 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Loans
Deferred Tax		 GROUP
2020
2019
£
£
250,000
-
18,096
10,496
268,096
10,496
CHARITY CHARITY
2020 2019
£ £
- -
- -

Page 13

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

14 ANALYSIS OF NET ASSETS BETWEEN FUNDS

14
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Tangible fixed assets
Stocks
Debtors and prepayments
Cash at bank and in hand
Creditors due in one year
Creditors due in more than one year
Net assets at 31st December 2020
15
MOVEMENTS IN FUNDS
15.1 Current Year
Unrestricted funds:
General funds
Restricted funds:
Building/capital funds
Total funds
15.2 Prior Period
Unrestricted funds:
General funds
Restricted funds:
Building/capital funds
Total funds		 At
31/12/2019
£
1,246,025
135,012		 Incoming
Resources
£
2,979,936
80		 Unrestricted
Funds
£
1,214,357
194,780
130,768
331,632
(346,000)
(268,096)		 Restricted
Total
Funds
Funds
£
£
-
1,214,357
-
194,780
-
130,768
135,092
466,724
-
(346,000)
-
(268,096)
1,257,441 135,092
1,392,533
Outgoing
Resources
£
(2,968,520)
-		 Transfers
At
31/12/2020
£
£
-
1,257,441
-
135,092
1,381,037 2,980,016 (2,968,520) -
1,392,533
At
31/12/2018
£
1,428,662
155,454		 Incoming
Resources
£
3,675,133
25,229		 Outgoing
Resources
£
(3,903,442)
-		 Transfers
At
31/12/2019
£
£
45,671
1,246,025
(45,671)
135,012
1,584,116 3,700,362 (3,903,442) -
1,381,037

The building fund is used for donations given for capital purposes.

16 TRANSACTIONS WITH RELATED PARTIES

There were no related party transactions for the year ended 31 December 2020.

Page 14

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

17 CONTRACTS AND COMMITMENTS

There were no significant capital commitments at the 31st December 2020

18 Full comparison of Statement of Financial Activities

INCOMING RESOURCES
Incoming resources from generated funds
Voluntary income
Legacy
Donations - general gifts
Donations - capital
Gift aid reclaimable
Activities for generating funds
School Fees
Grants and contributions
Fund raising
Trading
Investment income and interest
Other incoming resources
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Cost of generating funds
Fund raising expenses
Trading
Taxation
Charitable activities
School operating costs
Governance costs
TOTAL RESOURCES EXPENDED
NET INCOMING
RESOURCES BEFORE TRANSFERS
Transfers between funds
NET MOVEMENT IN FUNDS
Funds at 1st January 2019
TOTAL FUNDS AT 31ST DECEMBER 2019		 Unrestricted
Funds
£
-
29,221
25
-
517,558
994,503
-
2,123,956
15
-
9,855		 Restricted
Total funds
Funds
2019
£
£
-
29,221
430
430
75
100
517,558
24,500
1,019,003
-
2,123,956
224
239
9,855
3,675,133 25,229
3,700,362
-
1,791,036
4,570
-
2,087,169
20,667		 -
1,791,036
4,570
-
2,087,169
20,667
3,903,442 -
3,903,442
(228,309)
45,671		 25,229
(203,080)
(45,671)
-
(182,638) (20,442)
(203,080)
1,428,662 155,454
1,584,116
1,246,025 135,012
1,381,037

Page 15

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020

19 PINNACLE (EU) LTD

The charity owns the whole of the issued share capital of Pinnacle (EU) Ltd (formerly Sceptre Trading), a company registered in England and Wales, number 6652678.

The subsidiary carries out trading activities to raise funds for the Trust.

All activities have been consolidated on a line by line basis in the SOFA. Most of the net profit is gifted to the Charity. A summary of the results of Pinnacle (EU) Ltd is shown below.

Turnover
Cost of Sales
Gross profit
Administrative expenses
Profit on ordinary activities
Gift to the Trust
Taxation
Retained profit for the year		 2020
Total
£
2,587,617
2,058,366
529,251
229,410
299,841
275,933
7,600
16,308		 2019
Total
£
2,123,956
1,619,048
504,908
153,246
351,662
338,093
4,570
8,999

The aggregate of the assets, liabilities and funds was:

Assets
Liabilities
Funds		 744,117
(699,383)
44,734		 354,256
(325,830)
28,426

Page 16