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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1072370

REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR

WHINFIELD STUDY TRUST

Treybridge Accountants Statutory Accountant G06 The Bloc 38 Springfield Way Anlaby HU10 6RJ

Page 1

WHINFIELD STUDY TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
Legal and Administrative details 3
Report of the Trustees 4 to 8
Independent Accountant Report 9 to 11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Charity Balance Sheet 14
Consolidated Cash flow Statement 15
Notes to the Financial Statements 16 to 26
Detailed Statement of Financial Activities 27

Page 2

WHINFIELD STUDY TRUST

LEGAL AND ADMINISTRATIVE DETAIL FOR THE YEAR ENDED 31 DECEMBER 2020

Registered charity name Whinfield Study Trust
Charity number 1072370
Principal Office Hornby Park School
Melling Road
Hornby
Lancaster
LA2 8LH
Department of Education number 888 6054
Focus School number 214
Trustees J Simpson
S Whiley
E Fishwick
A Lovell
Accountants Treybridge Accountants
G06 The Bloc
38 Springfield Way
Anlaby
HU10 6RJ
Bankers HSBC Bank plc
1 Forest Green
Off Caxton Road
Fulwood
Preston
PR2 9LJ

Page 3

WHINFIELD STUDY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report and the audited financial statements for the year ended 31st December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (Charities SORP (FRS 102)) in preparing the annual report and financial statements of the charity.

LEGAL AND ADMINISTRATIVE DETAILS

Legal and administrative details are shown on page 1 of the financial statements.

The Governors determine the general policy of the School. The day to day running of the School is delegated to the Head, supported by senior staff. The Headmaster undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day to day administration of both Junior and Senior School is undertaken within the policies and procedures approved by the Governors which provide for only significant expenditure decisions and major capital projects to be referred to the Governors for prior approval.

The Head oversees the recruitment of all educational staff, whilst under delegated authority the bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend Governors' meetings.

THE TRUSTEES

The Trustees who served the trust during the year were as follows:

E Fishwick S Whiley J Simpson A Lovell

TRUSTEE APPOINTMENTS

Trustee nominations are considered by the Trustees as a body and appointments are subject to the unanimous approval of the existing Trustees. The Trustees of the Egerton Trust are responsible for the appointment of new Trustees. Trustees will only be appointed after due consideration is given to eligibility, personal competence and specialist skills. New Trustees, when appointed, are inducted into the working of the charity by existing Trustees with supporting education by attendance at seminars.

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.

Page 4

WHINFIELD STUDY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

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

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 of 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 Hornby, Lancaster, 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 self-directed 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:

Page 5

WHINFIELD STUDY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

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.

Key objectives for the year include providing safe, suitable facilities for educating life-ready students who can learn how to learn. We intend to support OneSchool Global UK to provide a quality and consistent high level of educational experience and outcome for all students and staff, in accordance with the Trust's ethos and values.

Financial Review

The Trust is supported and financed principally by income from 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 principle risk is reducing pupil numbers which would decrease school fee income, however with the move to join Oneschool and work closer with other Campuses, there will be efficiencies and cost savings as a result. Business owners in the community have worked closely with Oneschool and the school trustees to budget for the future and have pledged funds to upholding the current facilities for the foreseeable future.

Future Plans

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.

Page 6

WHINFIELD STUDY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF RESPONSIBILITIES BY THE TRUSTEES

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations 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 group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper 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 the provisions of the trust deed. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE OF INFORMATION TO ACCOUNTANTS

The Trustees who held office at the date of approval of this Trustees Report confirm that, so far as they are each aware, there is no relevant audit information of which the charitable group's auditors are unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the group's auditors are aware of that information.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is governed by the Trustees in accordance with the trust deed executed on 30 June 1998.

Governing Bodies

The school is governed and managed by the Trustees, with help from teachers and volunteers. Focus Learning Trust provides advice and guidance to the Trustees on the formulation of School policies and practices and monitors expenditure of the funding it provides.

Page 7

WHINFIELD STUDY TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Arrangements for setting pay and remuneration of key management personnel

The Governors consider that the Trustees comprise the key management personnel. The Trustees give of their time freely and the pay and remuneration of the Head and senior staff is set by the Finance Committee and is kept under annual review. A number of criteria are used in setting pay:

Nature of the role and responsibilities Competitor salaries in the region Sector average salary for comparable positions Trends in pay

In recent years, flexible pay in the Academy School Sector has affected the ease of recruitment to certain roles. We intend to be in the upper quartile for pay for senior roles in the independent school sector. The Governors have given delegated authority to the Head to pay higher salaries for exceptional candidates where this is in the interest of the School.

Focus Schools - UK

The school is a member of the Focus Group of Schools, which directs policies and provides technical and operational support including assistance with the selection and training of teaching staff. The focus group is an independent charity and as such the Whinfield Study Trust is not included in the financial statements of the Focus Learning Trust.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finance of the trust, and are satisfied that systems are in place to mitigate the exposure to major risks. The Health and Safety issues have been properly addressed and all systems are inspected by OFSTED of their appointed representatives.

ACCOUNTANTS

Treybridge Accountants G06 The Bloc 38 Springfield Way Anlaby HU10 6RJ S Whiley Signed by order of the Trustees

Simon Whiley Trustee

Date : 29/07/2021

Page 8

WHINFIELD STUDY TRUST

INDEPENDENT ACCOUNTANT REPORT TO THE TRUSTEES OF WHINFIELD STUDY TRUST FOR THE YEAR ENDED 31 DECEMBER 2020

Opinion

We have accounted the financial statements of Whinfield Study Trust (the 'charity') and its subsidiaries (the 'group') for the year ended 31 December 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements including a summary of the significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion, the financial statements:

Basis for opinion

We conducted our account in accordance with International Standards on Accounting (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Accountant's responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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:

Page 9

WHINFIELD STUDY TRUST

INDEPENDENT ACCOUNTANT REPORT TO THE TRUSTEES OF WHINFIELD STUDY TRUST FOR THE YEAR ENDED 31 DECEMBER 2020

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the group financial statements and our Accountant's report thereon. Our opinion on the group 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 group 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.

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 set out on page 2, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 group's and 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 directors either intend to liquidate the group or the charity or to cease operations, or have no realistic alternative but to do so.

Page 10

WHINFIELD STUDY TRUST

INDEPENDENT ACCOUNTANT REPORT TO THE TRUSTEES OF WHINFIELD STUDY TRUST FOR THE YEAR ENDED 31 DECEMBER 2020

Accountant's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Accountant's 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.

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/audit orsresponsibilities.

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 Accountant's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility.

Treybridge Accountants Statutory Accountant G06 The Bloc 38 Springfield Way Anlaby HU10 6RJ

Date: 29/07/2021

Page 11

WHINFIELD STUDY TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME AND ENDOWMENTS
Donations and legacies
3
Other trading activities
4
Total
EXPENDITURE
Charitable activities
5
Depreciation
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
Funds
£
156,013
643,209
799,222
(672,436)
(41,299)
(713,736)
85,487
2,135
87,622
339,634
427,255		 Restricted
Funds
£
-
-
-
-
-
-
-
(2,135)
(2,135)
506,901
504,766		 Year Ended
31.12.2020
Total
Funds
£
156,013
643,209
799,222
(672,436)
(41,299)
(713,736)
85,487
-
85,487
846,535
932,021		 Year Ended
31.12.2019
Total
Funds
£
453,837
549,035
1,002,872
(1,035,059)
(89,436)
(1,124,495)
(121,623)
-
(121,623)
968,157
846,535

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activites.

Page 12

WHINFIELD STUDY TRUST

CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Stock
12
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within
one year
14
NET CURRENT ASSETS/(LIABILITES)
TOTAL ASSETS LESS
CURRENT LIABILITIES
PROVISION FOR LAIBILITES
NET ASSETS
FUNDS
Unrestricted funds
15
Restricted funds
15
TOTAL FUNDS		 2020
£
52,211
3,873
54,229
110,313
(838,443)		 £
1,660,151
(728,131)
932,021
-
932,021
427,255
504,766
932,021		 2019
£
38,739
91,214
103,535
233,488
(1,083,059)		 £
1,696,107
(849,573)
846,535
-
846,535
339,634
506,901
846,535

The financial statements were approved by the Board of Trustees and authorised for issue on 29-Jul-2021 and were signed on its behalf by: S Whiley

….............................…..................... Mr S Whiley - Trustee

The notes from part of these financial statements

Page 13

WHINFIELD STUDY TRUST

CHARITY BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
FIXED ASSETS
Tangible assets
10
Investements
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within
one year
14
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
15
Restricted funds
15
Total Funds		 Unrestricted
Funds
£
1,122,260
3
1,122,263
62,045
9,336
71,381
791,250
(719,869)
402,392
402,392		 Restricted
Funds
£
500,832
-
500,832
-
3,934
3,934
-
3,934
504,766
504,766		 2020
Total
Funds
£
1,623,094
3
1,623,097
62,045
13,270
75,315
791,250
(715,935)
907,159
907,159
402,393
504,766
907,159		 2019
Total
Funds
£
1,658,030
4
1,658,034
164,638
71,874
236,512
1,058,697
(822,185)
835,849
835,849
328,948
506,901
835,849

The financial statements were approved by the Board of Trustees and authorised for issue on 29-Jul-2021 and were signed on its behalf by: S Whiley

….............................…..................... Mr S Whiley - Trustee

The notes from part of these financial statements

Page 14

WHINFIELD STUDY TRUST

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Net Cash inflow from operating activities
16
Investing activities
Purchase of fixed assets
10
Net cash used in investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the end of
the reporting period
Cash and cash equivalents at the end of year
Relating to :
Cash at bank and in hand		 Year Ended
Year Ended
31.12.20
31.12.19
£
£
(43,960)
(123,730)
(5,346)
(51,126)
(5,346)
(51,126)
(49,306)
(174,856)
103,535
141,755
54,229
103,534
54,229
103,534

The notes from part of these financial statements

Page 15

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

Reduced disclosure exemption

In accordance with FRS 102, the charity has taken advantage of the exemptions from the following disclosure requirements in respect of its individual financial statements. These disclosures are given on a consolidated basis:

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Page 16

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES - CONTINUED

Going Concern

The Trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the trusts ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The net current liabilities principally reflect the unsecured personal loans. To the extent that these would need repaying, the trustees have identified additional sources of funding as required.

Included within creditors due within one year are unsecured personal loans of £900,000 given to the trust by the parents and guardians of current pupils. The loans are often given when a pupil joins the school and are generally repaid upon the pupil leaving the school. The loans are therefore technically repayable on demand but the nature is that some will not be repaid within one year. After taking account of the regular donations and grants received and the unsecured loans detailed above, together with the availability of other sources of funding, the Charity's financial projections indicated that it will continue to operate for at least the next twelve months.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Property - 2% on cost Improvements to prope- 2% on cost Fixture and fittings - 20% on reducing balance Computer equipment - 33% on cost

Pension costs

The trust does not operate a pension scheme. Pension costs are payments to teachers' superannuation scheme. The trust has no liability beyond payments already made.

Page 17

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES - CONTINUED

Taxation

The charity is exempt from tax on its charitable activities.

2 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the trusts' accounting policies, the Trustees are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

Legacies

The Trustees are aware of a potential legacy of approximately £150,000. However, they do not consider this to have met the recognition criteria, therefore this has not been recognised in the SOFA.

3 DONATIONS AND LEGACIES

Donations and legacies
Grants received
INCOME FROM TRADING ACTIVITIES
Other incoming resources
Grants received		 Year Ended
31.12.2020
£
6,613
149,400
156,013
Year Ended
31.12.2020
£
116,727
526,483
643,209		 Year Ended
31.12.2019
£
12,160
441,677
453,837
Year Ended
31.12.2019
£
191,603
357,432
549,035

4 INCOME FROM TRADING ACTIVITIES

Page 18

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5 EXPENDITURE

Direct
Costs
Support
Costs
Wages
934
Public transport costs
(2,400)
Study materials
5,248
Premises
29,894
Donations paid
188,180
Shop support costs
-
Repairs and renewals
239
Sundries
7,519
Distribution costs
-
Legal fees
750
Accountancy fees
6,025
Interest payable
43,361
Shop expenditure
392,685
Corporation tax
Profit/loss on sale of Investment
1
393,619
278,817		 Total
2020
934
(2,400)
5,248
29,894
188,180
-
239
7,519
-
750
6,025
43,361
392,685
-
1
672,436		 Direct Costs
519,364
-
-
-
-
-
-
-
-
-
-
-
216,575
-
-
735,939		 Support
Costs
-
18,237
30,938
92,133
76,675
7,144
-
12,971
-
1,095
12,437
47,489
-
-
-
299,120		 Total 2019
519,364
18,237
30,938
92,133
76,675
7,144
-
12,971
-
1,095
12,437
47,489
216,575
-
-
1,035,059

6 NET INCOME FOR THE YEAR INCLUDES :

This is stated after charging:

Year Ended
Year Ended
31.12.2020
31.12.2019
£
£
Depreciation on owned assets
41,300
89,436
Interest payable
43,361
47,489
Accountants remunera�on:
-
Audit of the financial statements
1,250
8,400
-
Other services
-
4,000

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WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7 STAFF COSTS

Wages and social security
Other pension costs
Particulars of employees:
The average number of employees during the year was as follows:		 Year Ended
31.12.2020
£
-
934
934
Year Ended
31.12.2020
-		 Year Ended
31.12.2019
£
458,004
61,360
519,364
Year Ended
31.12.2019
22

8 TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees 'expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the period ended 31 December 2019.

9 TAXATION

The Trust is a registered charity and is therefore exempt from tax on income and gains to the extent that these are applied to its charitable objects.

The trading subsidiaries are subject to corporation tax and the charge in the year is detailed in note 5 to the financial statements.

Page 20

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10 TANGIBLE FIXED - ASSETS - GROUP

COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
Improvements
Fixture &
property
to property
Fittings
£
£
£
1,051,164
836,679
32,131
-
-
4,336
-
-
-
1,051,164
836,679
36,466
174,362
40,433
10,671
19,023
16,734
4,613
-
-
-
193,385
57,167
15,284
857,779
779,513
21,183
861,785
811,264
21,460		 Computer
equipment
£
2,400
1,010
-
3,410
802
931
-
1,733
1,677
1,598		 Plant &
Machinery
£
44,256
-
-
44,256
44,256
-
-
44,256
-
-
Total
£
1,966,630
5,346
-
1,971,976
270,524
41,300
-
311,824
1,660,151
1,696,107

Page 21

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10 TANGIBLE FIXED - ASSETS - CHARITY

COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
Eliminated on disposal
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
Improvements
Fixture &
property
to property
Fittings
£
£
£
1,035,705
836,679
-
-
-
555
-
-
-
1,035,705
836,679
555
173,920
40,433
-
18,714
16,732
46
-
-
-
192,634
57,165
46
843,071
779,515
509
861,785
796,247
-		 Computer
equipment
£
-
-
-
-
-
-
-
-
-
-		 Total
£
1,872,384
555
-
1,872,939
214,353
35,492
-
249,845
1,623,094
1,658,030

Included within the cost of Freehold Property is £100,000 (2019 - £100,000) in respect of freehold land which is not being depreciated.

During the year, all fixtures, fittings and computer equipment were donated at £Nil profit/loss to OneSchool.

11 INVESTMENT IN SUBSIDIARY COMPANIES

The charity owns the whole of the issued share capital of The Wenning Company Limited and did own Academy Distribution EUK Limited, both companies incorporated in England. The subsidiaries are used for non-primary purpose trading, namely the sale of goods through its shop. All activities have been consolidated on a line by line basis in the SOFA The subsidiaries donate their taxable profits to the charity each year by gift aid.

The Wenning Company Limited is exempt from audit by virtue of S479 of the Companies Act 2006.

Academy Distribution EUK Limited was dissolved 28 January 2020 and was exempt from audit by virtue of S479 of the Companies Act 2006.

Page 22

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

The charity holds investments in subsidiary undertakings held at a cost of £3 (2019 - £4).

Details of the subsidiary companies are disclosed below:
The Wenning Company Limited
Company number: 07904700
Assets
Liabilities
Capital & reserves
Turnover
Other Income
Expenditure
Profit/(Loss)
Academy Distribution EUK Limited
Company number: 09655547
Dissolved 28 January 2020
Assets
Liabilities
Capital & reserves
Turnover
Expenditure
Profit/(Loss)
12
STOCK
Finished goods
13
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
Trade debtors
Other debtors and prepayments		 2020
£
133,657
(108,794)
24,863
526,483
4,018
(430,697)
99,804
2020
£
-
-
-
-
-
-
2020
£
52,211
2020
£
2,519
1,354
3,873		 2019
£
111,651
(100,962)
10,689
357,432
-
(250,266)
107,167
2019
£
1
-
1
-
-
-
2019
£
38,739
2019
£
88,825
2,389
91,214

Page 23

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CHARITY
Trade debtors
Other debtors and prepayments
14
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP
Trade creditors
Taxation and social security
Other creditors
Accruals
Personal loans - unsecured
Corporation Tax
CHARITY
Trade creditors
Taxation and social security
Other creditors		 2020
£
445
61,600
62,045
2020
£
13,068
1,276
26,807
12,293
785,000
-
838,443
2020
£
-
-
791,250
791,250		 2019
£
88,038
76,600
164,638
2019
£
16,023
3,800
1,516
161,720
900,000
-
1,083,059
2019
£
2,105
-
1,056,592
1,058,697

Included within creditors due within one year are unsecured personal loans of £785,000 (2019 - £900,000) given to the trust by the parents and guardians of current pupils. The loans are often given when a pupil joins the school and are generally repaid upon the pupil leaving the school. The loans are technically repayable on demand but the nature is that some will not be repaid within one year.

Page 24

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15 MOVEMENT IN FUNDS

Balance at
1 January
2020
£
Unrestricted funds
General fund
339,634
Restricted funds
Restricted fund
506,901
TOTAL FUNDS
846,535
Analysis of net assets between funds:
Tangible assets
Investments
Current assets
Creditors: amounts falling due within one year
Provisions for liabilities		 Incoming
resources
£
799,222
-
799,222		 Outgoing
resources
£
(713,736)
-
713,736
-
Unrestricted
general
funds
£
1,159,319
-
106,379
(838,443)
-
427,255		 Transfers
£
2,135
(2,135)
-
Restricted
general
funds
£
500,832
-
3,934
-
-
504,766		 Balance at
31 December
2020
£
427,255
504,766
932,021
Total
£
1,660,151
-
110,313
(838,443)
-
932,021
16
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2020
£
Net Income
85,487
Tax
-
Depreciation
41,299
Profit/loss on fixed assets disposals
-
Change in stock
(13,471)
Change in debtors
87,341
Change in creditors
(244,616)
(43,960)		 2019
£
(121,623)
-
89,436
-
(5,247)
(91,941)
5,645
(123,730)

Page 25

WHINFIELD STUDY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17 SUBSEQUENT EVENTS

Academy Distributions EUK Limited ceased trading at 31 December 2018 and was subsequently dissolved on 28 January 2020.

This has been a loss making company and therefore will not have a significant impact on the group accounts going forward.

Page 26

WHINFIELD STUDY TRUST

DETAILED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Other trading activities
Other incoming resources
Trading company
Total incoming resources
EXPENDITURE
Purchase
Wages
Public transport costs
Study materials and support costs
Premises
Donations
Shop support costs
Repairs and renewals
Sundries
Distribution costs
Legal Fees
Accountancy fees
Interest payable
Profit/loss on sales of Investment
Carried forward
Brought forward
Depreciation
Freehold property
Improvements to property
Plant and machinery
Fixture and fittings
Computer equipment
Tax on profit on ordinary activities
Net (expenditure)/income		 £
6,613
149,400
116,727
526,483
392,685
934
(2,400)
5,248
29,894
188,180
-
239
7,519
-
750
6,025
43,361
1
18,714
17,043
-
4,613
931		 Year Ended
31.12.20
£
156,013
643,209
799,222
672,436
126,786
126,786
41,300
85,486
-
85,486		 £
12,160
441,677
191,603
357,432
216,575
519,364
18,237
30,938
92,133
76,675
7,144
-
12,971
-
1,095
12,437
47,489
-
18,714
17,004
3,599
10,239
39,880		 Year Ended
31.12.19
£
453,837
549,035
1,002,872
1,035,059
(32,186)
(32,186)
89,436
(121,623)
-
(121,623)

Page 27

Issuer

TreyBridge Accountants

Document generated Wed, 28th Jul 2021 14:17:41 BST

Document fingerprint c28f0b9af748ce715d73bd1b1b60cf62

Parties involved with this document

Document processed

Party + Fingerprint

Wed, 28th Jul 2021 14:19:12 BST Wed, 28th Jul 2021 14:19:12 BST Wed, 28th Jul 2021 14:19:12 BST

Mr Simon Whiley - Signer (87e51a5a641635599ff7807f07e0ff5e) Mary Murray - Copied In (0d6d069cdb8264fbde5bb1cfe3274bd5) Hannah Page - Copied In (c156b6e12a074655d45bbaec3d67e642)

Audit history log

Date

Action

Wed, 28th Jul 2021 14:19:12 BST Wed, 28th Jul 2021 14:19:12 BST Wed, 28th Jul 2021 14:19:12 BST Wed, 28th Jul 2021 14:19:12 BST Wed, 28th Jul 2021 14:18:34 BST Wed, 28th Jul 2021 14:17:52 BST Wed, 28th Jul 2021 14:17:43 BST Wed, 28th Jul 2021 14:17:43 BST Wed, 28th Jul 2021 14:17:43 BST Wed, 28th Jul 2021 14:17:43 BST Wed, 28th Jul 2021 14:17:43 BST Wed, 28th Jul 2021 14:17:43 BST

Wed, 28th Jul 2021 14:19:12 BST The envelope has been signed by all parties. (78.33.241.170) Wed, 28th Jul 2021 14:19:12 BST Sent a copy of the envelope to Hannah Page . (78.33.241.170) Wed, 28th Jul 2021 14:19:12 BST Sent a copy of the envelope to Mary Murray . (78.33.241.170) Wed, 28th Jul 2021 14:19:12 BST Mr Simon Whiley signed the envelope. (78.33.241.170) Wed, 28th Jul 2021 14:18:34 BST Mr Simon Whiley viewed the envelope. (78.33.241.170) Wed, 28th Jul 2021 14:17:52 BST Document emailed to party email (3.8.161.197) Wed, 28th Jul 2021 14:17:43 BST Sent the envelope to Mr Simon Whiley for signing. (3.10.227.217) Wed, 28th Jul 2021 14:17:43 BST Hannah Page has been assigned to this envelope. (3.10.227.217) Wed, 28th Jul 2021 14:17:43 BST Mary Murray has been assigned to this envelope. (3.10.227.217) Wed, 28th Jul 2021 14:17:43 BST Mr Simon Whiley has been assigned to this envelope. (3.10.227.217) Wed, 28th Jul 2021 14:17:43 BST Envelope generated. (3.10.227.217) Wed, 28th Jul 2021 14:17:43 BST Document generated with fingerprint c28f0b9af748ce715d73bd1b1b60cf62. (3.10.227.217) Wed, 28th Jul 2021 14:17:41 BST Envelope generated with fingerprint f0b21071b2bff5a0021391422be42e17 (52.56.255.147)