REGISTERED CHARITY NUMBER: 1096922 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL sTATEm￿s FOR THE YEAR ENDED 31 DECEMBER 2020 FOR KEYSTONE EDUCATION TRUST Guakl Thomas Chartered AccountanES 3 New Mill Court Svrnnsea Enterprise Pa Swansea SA7 9FG KEYSTONE EDUCATION TRUST CONTENTS OF THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page Relerence and Admlnlstratlve Detalls Report of the Trustees Independent Examlner's Report statèmènt of Flnanclal Acllvltles Balance Sheet Nol08 to the Fln8nclal Statements KEYSTONE EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 31 DECEMBER 2020 RDglstorod Charily name Keystone Edu¢atlonal Trust Tho ¢harNy Is allilialed lo One&hod Global UK (registered charity number 11813011 and the Oneschool Swansea Campus. Reglslered Ch•rlty number 1096922 Prlnclpal addre$$ Keystone Educallon Trust Sway Road Morilslon Swansea SA6 Trustees R M Nunn - Learning supwt and academ￿ care team N B Ker- Finance D J Gardiner- Safeguarding and chikl protect￿n N Hill- Lead Campus Administrator C Marsh- HR and recruilmenl E Swanson - Communily liwson, communications arnl markets￿eVentS R M Wells - H&S, piemises. faculty and educational wsits The trustee hokling title lo the Property bebrvJing to the during the year was R M Nunn. Independent examlner Gerald Thomas Chartered Accountants 3 Now hAIII Court Swansea Enlerprlse Parf( Swansea SA7 9FG Sollcltors JCP Solicitors Vgnlure Court Walerside Business Park v￿leY Way Enterprise Park Swansea SA6 8QP Bonkor$ Lloyds Bank Ptc 113 High Street Gorseinon Swansea SA44BR Page 1 KEYSTONE EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees prgsent their report with the finar￿la1 slalements of the charity lor the year ended 31 December 2020. The trustees have adopte(S V)e FMOViSK)ns ol Aeeounting and Reporting by Gharitie5= Slalemenl of Re￿mMend￿l Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slan¢Jard atpli¢atAe in the VK and Republic ol Iretand IFRS 1021 lellectNe 1 January 2019}. OBJECTIVES AND AcfiviTIES Obje¢t$ The charitable obiects of the Trust ar8 the advancement ol the education ol children and young peDpIe. The obje¢ls also include any other chariti￿le purpx)se lor the benefit ol the worldwKle Christian fellowship known as the Plymouth Brethren ChTislian Church. The Trust's m￿￿ actiwt￿s are the support ol Brethren schwls and the provislon of grants lo organisations that supp(￿( childr8n and families. Elhos Sludenls allendiro Brelhfen s¢hooLs are encouraged to develop their lull potential and acquire the discipli 0116arniry how lo learn, while upholdiThJ Christian lea¢hings and bèlièfs. The truth and authority of the Holy Bible and slroTNJ lamity vatues underpin the comrnilment of the School lo provide quality in every facet ol education - curriculum. teachers, facilibes, managemènt and discipline - in a sale and caring environment. Value$ The Tnislees are drawr from the Brethren community and the School Is ￿mMItted lo a way ol life that Is governed by the Holy Bible. expecting the conduct of PUFxls and stalf con5iStenlly lo rel￿¢1 Biblical valu8S and the specific values ol the School, which in¢lud8: - Integrity- uprightness, honesty and decorous o)nducl. g0vem￿l by thg Holy &ble; - Care & Compassion - knndness, consideration and gener05ty lo all- Respect- for all peop[8, prwrty, opiniofts and aulhority-, Responsibi1Sty- lor our actions. progress arKI environment: - Commitrnenl- to $g11-dlscSplSne and the Wrsuit ol excellerrE. Slgnlflcant 8ctlvltles In lurth8rance ol its objects the Trust previousty opgialed an Ind8pend8nl se￿)01 based in Morriston, Swansea Ilhe '&hod'l. which educaled pupils from ages 7 to 18. The Iruste8s had. for some time. been rewewing and consNJering the basis on which they oparalgd tha Trust and in undertaking such a revi&w ¢onclud8d that it was prudent to cor￿01[da1e the Trust along wilh other Trusts so that they are operaled by a si￿le chaiitable Trust. On8School Gbbal UK was incorporated lor this purpose and, whilst r8cognisiry the responsibililies of each relevant local ¢ommunity, it is constdered that the advantWJ8s of such consolidation are Considerable and that in particular it will allow- lal Delivery ol a single entity to provKle a single empbyer ol school staff.. Ibl Delivery DI positive learning outcomes in line with a sing￿, Glow vision; and Icl Maximtsalion ol the benefiis ol a UK-wde ecosystem. Page 2 KEYSTONE EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 OBJECTIVES AND ACTIVITIES Significanl activities- continued The consolidation was undertaken on 31 Decem￿1 2019 by means ol the transfer ol the 0￿ratIonS ol the Trust to On8School Global UK. The impact ol ihe consolidation on the financial stateTllents is a Iransler ol the non-woperty fixed assets lo OneS¢hool Global UK which o¢¢urred on 31 December 2019. The Trust remained responsi￿e lor the collection ol the current assets and sethement ol the Ivabilitles present as at 31 Decembgr 2019. The Trusfs 8mploye8s were Iranslèrred lo On8SLhool Global UK uThler a TUPE agreement as al 31 D8cember 2019 and Ihe 0￿￿[alK)n ol the Schoofs aclNities were undertak8n by On$S¢h(x)l Glob UK from 1 January 2020. The revised activities ol the Trust from 1 Jariuary 2020 are the Provision ol the property under a short term lease Its Oneschool Global UK, so as to enable the owoing operation ol the S¢hool's a¢livilies al the Swansea campus. The Trust ￿s0 suptM)rts the educational provision at Ihe School by donating surplus reseNes lo Oneschool Glob￿ UK to be utilised al the Swansea &4mpus. The Irustees have oblalned agreement from the Charity CommissKM that the revised actiwties are within the scope ol the Trust's charitable objects. Oblectlv&s We have referred lo Ihe guidance contained in IhB Charity Commission's general guidance on public benelil and we have had regard lo (( vthen reWe￿ng our aims and obje¢lives, and in planning our lulure activities. In particular we conspjer how ￿anned aclmties will contritr*rte to the educational aim5 objectwes we have sel. Focus Learnlng Trust l Oneschool Global UK Up until 31 May 2019, Th8 Trust wa5 affiliated lo Fixus LeamlThJ Tnjsl Iregislered charrty numbgr 10997251, whi¢h provided edu¢alional, op8ration￿ and financial supporl to the Trust and to a number ol similar Charities operating Schools linked with the Plymouth Brethren Chri%tian Church. From 1 June 2019 the Trust became affiliated lo OneSch¢)ol Glob￿ UK Iregister9d charity numbgr 11813011, which provided educational. operational and linancid support lo the Trust ar￿ lo a number of slmilar chadlles operallng Schools Ilnked with the Plymoulh Brethren Chrtslian Church. Oneschool Global UK'S activitie5 are the advancemenl ol education and in particular, by the wovision and conduct o15chools lor th8 edu¢alion ol boys and girls In ac¢ordan¢e wilh the relvJious ethos of the Plymouth Brethren Chrislian Church and other associated aCtI￿tieS lor the beneltt ol the comrnunty. As noted above the operalM)rh ol School's actIV￿9$ wgr8 transferred lo On8S¢hfX)l Gbb81 UK Irom 1 January 2020. Volunteer contribution Prlor lo the transfer ol the School's a¢livtties to Oneschool Gk)bal UK from 1 January 2020. the School was run by volunte8r executives, somg ol whom were parents of pupils. Pa￿ll1 and other volunteers also provided SUp￿rt to the school in varfous wayE, such as ddving ￿h0o1 buses and assisting wth IUr￿ht$me supervision. school exwrsions, charity fundraising and olher extra-curricular activities in which the school eng￿ed. Deslgnated funds The trustees have internally de￿gnat￿l a separate fund, which aims lo segregab thè i1￿0m1nU and outgoing resources, assets and liabilities that Telate to the School's land aThJ lyjiklings and fixtures and fittings. Page 3 KEYSTONE EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW Flttancial position The unrestricted deficit lo¥ the yaar was £6,203 which represents the Irwm& generalfjd from Ihe trading subsidiary and other donations less amounts donated to Oneschool Global UK. The amount received frot the subsidiary during the year was £93,338 compared lo £106,168 n) 2019. Donations lo Oneschool Global UK during the year were £105.068. The designaled Ca￿'tal Teserve repv)rted a de1￿￿t of £75,795. Designated fund rosults fluctuate depending upon the amount ol catilal grants received from Oneschool Global UK and the level ol expenditure required to rnaintain Ihe property. In the current year. the Trust recewed a grant of £49,750 which was unspent as al th& balance sh8È1 dale. Thè d8signated fund expenditure during the year was mainly depreciation charges and this is the reason lor the deffcrt. Deficits are likely to be reported in lulure years due lo the depreclallon charges, however il S￿)￿1￿ be noled thal those are not a cash de[￿lts. Al the balance sheet date the unreslricted reserves are £362.486. and designated reserves arè £Z33,243. Thè r8POrt8d dgbtors and cr&Jilors IvJures per the bdance sheel indude lund equalisation balanc85 01 £251.745, these amounts are accounting adjustments only whth are required lo balance the unrestricted and designated funds. Prlnclpal lundlng sour¢eg In Ihe prior period the School was financed Wir￿1PaI￿ by school lees. grants from Focus Learning Trustl Oneschool Global UK, and income Irorn thè Trusys l¥adiThJ subsidw Magna Trading knmiled. As noted above the op8rat#)n ol the Schwfs aclNities IransleThed lo Oneschool Global UK from 1 January 2020. Frorn 1 January 2020, the Trust's prI￿1paI in(x)me source is th& donallons Irom the Irathng subsldlary Magna Trading Limited. The Tnjsl dso receives capital grants and seNice chaTgp incorne from Oneschool Global UK. Reserves pollcy Thè charitys curront pjlicy is to mainl&n reserves sulficienl to fund any projected capital projects and futurè buikliThJ maintenance and costs and to meet all known liabiif(ies as Ihey lall due. The total reserves al the Peri￿ ènd 01 £595.729. w*th cash b￿ar￿S held of £127.018. This is sufficient to sati8ly the reserves pollcy. Going concern Th& Truslaès assèss that charity has adequate resources to continue in operational existence lor the lorgseeable fvture and a¢Jopt the going wicern basis in sygpartng th8 financial stslements. FUTURE PLANS We intend to conlinue lo supwrt Oneschool Global UK lo prowd81d81iver a quality, consisl8nl and hSgh18vg1 ol educational experience and outcome lor all students ar¥J staff. in accordance with the Trust's ethos and values. The Trust wll continuo as a propety holding Trusl to pmwde suitable wemises lor the education ol the students. Page 4 KEYSTONE EDUCATION TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 STRUCTURE, GOVERNANCE AND MANAGEMEt¥r Group slruclure The group consists ol the parent charity, Keyslong Education Twst. and its whowy owned trading sL*)sldia¥y, Magna Trading Limited. Governlng document The Trust is an unincorporated assocotion that is registered as a charity by the ChaTity Commlssion by a trust deed dated 30 Dec8mbef 2002. The subskllary L8 a limit￿1 company, Ir￿Orporated on 13 July 2007 In England and Wales. Recrultment and appolntment of new Irustee5 The Trust aims to maintain a Board ol Trustees WFK) have SUff￿ent skills to ensure the ellectNe running ol the charity and ar8 not ramunffiated. Where addiiK*nal or replacement trustees arè identified as needed. the existing Board will identrfy potential candidates from vthhin Ihe Brelhren community and invite these ca)Klidatgs lo apply lo the Board. Organlsatlonal struclUTe The trustees are each as&gned inthvidual areas ol resrKJnsibilily lor which they are accounlable lo the Board ol Trustèes. The trustees delegate decisions on trading and lurxlraising lo the rnanagernent personnel ol the subsidiary. Inducllon and Iralnlng of Irustees New trustees are inducted arKI trained by including the candKJale in Trust meetings and by shadowlng other Irusleels lor them lo learn the role and responsibilities. Additionally, n8w trustees are provided with literature from the Charity Comrnissitin as lo Ih9ir resrxjnsibilities. Trustees are en¢J)uraged lo attend appropriate tr￿nIng seminars. which are circulated from timtr to b"me. Key rnanagement remuneratlon Key management personnel are consklered to be those personnel who are not trustees bul sit wtlhin key Dperational and strategic ioles. Remuneration ol key managemenl ￿[SOnnel is sel broadly in Iln8 wllh current slate pay scales. Relaied partle8 Delalls tsl related party transactions are skswn in the noles to the financial statemnts. Rlsk management In compliance wth the Charities SORP, the major risks to which the Chartty IS 8XPD58d, as idèntified by trustees, have been remewed arKF sy3tems have bo8n established to manage those risks. including Teviews at board me8liroJs. Th8 consolSdalion into OSG IUKI means that Keystone Edu￿tiOn T￿￿1 has essentially become a property trust Tecewing a Servi￿ charge from OSG IUKI. Property and compliance risk management is considered on a regular basis. Approved by dero the rd ol tnjstees on ....... . and signed on its behalf by.. NBKtrr-Tr lee Page 5 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEYSTONE EDUCATION TRUST Independent examIne￿S report to the trustees ot Keystone Educatlon Trust I report to charity Irustees on my &xamInal￿n ol the acc(KJnls ol Keyslone EdUCa￿On Trust Ilhe Trust} for the year ènded 31 Decembèr 2020. Responslbllllles and basls of report As Ihe charity Iruslees ol the Trust you are reswJnsl￿e lor the preparath)n of the accounts in accordance with the requirements ol the Gharities Act 2011 {Ihe Acr}. I report in respect ol my examinatson of the Trusfs accounts carried oul und&r seclion 145 01 thè Act and in carrying out my examination I have followed all appluble DirectKsns gNen by the Charity Commission under section 14515llbl ol the Act. Independent examlner's Statement I have completed my examination. I confim Ihal rK) material matters have come lo my attention In connectlon with Ihtr examination giving me Cause lo believe that in any Materi￿ rBspect.' accounliThJ recolds were not kepl in respect of the Trust as required by section 130 01 the Act" or tho accounts do not accord with those records., or the accounts do not compty the appI￿able requiiements concerning the lomi and contenl of accounts set out in the Charitles (Accounts and Reports) Regulations 2tX)8 olhw than any requirement that thè accounts give a In￿ and lair view wh￿h is not a matter conshlered as part ol an independent exarninalion. I have no concerns and have o)me across I￿) other matters in connection with the exarnination lo which attention should be drawn in this repK*rt in order to erthle a proper understanding ol the ac(x)unls to bè reached. Rachel Doyle ACA FCCA lor and on behalf ol Gerakj Th￿)8$ Chartered A¢¢ounlants 3 New Mill Court Swansea Enterprise Pa Swansea SA7 9FG Date.. 26110121 Page 6 KEYSTONE EDUCATION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 Total funds 2019 Total funds Unreslrthd Designated funds funds Notes INCOME AND ENDOWMENTS FROkl Donations and legacies 3.163 49.749 52.912 432,154 Ott)er trading aCtMt￿S Investrnent income 93,801 106.222 39 98.3n Totsl 101.501 49.788 151,289 632,177 EXPENDITURE ON Raising funds 12,452 Charltsblg acdv1119S Sch￿1 107,704 125,583 233,287 755,117 Totsl 107.704 125.583 233,287 767,569 NET INCOMEI{EXPENDrruRE) {6,203} (75,7951 181,9981 1135,3921 RECONCILIATION OF FUNDS Total lunds brought fonyard 309,038 677,727 813,119 TOTAL FUNDS CARRIED FORWARD 233.243 595,729 677.727 The notes form part ol thgse finanriat slatements Pag8 7 KEYSTONE EDUCATION TRUST BALANCE SHEET 31 DECEMBER 2020 2020 Total funds 2019 Totsl furK15 Unrestricted De￿gnated funds lunds FIXED ASSETS Tangible assets Investments 12 13 562.971 562,971 681.103 562.971 562,974 681,106 CURFIEwf ASSETS Debtors Cash al bank and in hand 14 360,543 5.000 360,543 127.018 426,754 105,394 122,018 122,018 487.561 532,148 CREDITORS Amounts falling due withln one year 15 {3,060) {251.7461 1254,8061 1335,5271 NET CURRENT ASSETS 362.483 129,728 232.755 TOTAL ASSETS LESS CURRENT LIABILITIES 362.486 433,243 795.729 877,727 CREDITORS Amounts falling due after more than one year 16 1200,000) 1200.0001 {200,0001 NET ASSETS 362,486 233.243 595,729 677 727 FUNDS Unrgslrlcled funds Designated funds 18 362,486 233,243 368,689 309,038 TOTAL FUNDS 595,729 677,727 The financial slalements were approved by the Board ol Twstees aThJ a￿horISed for issue on . an¢J were signed on sts beham by.. The notes fomE part of these finan(aal stalements Page 8 KEYSTONE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2020 ACCOUNTING POLICIES Basls of preparlng the fln¥nclal st•tement8 The financial ststements ol the charity, which is a public benefit enlily under FRS 102, have been prepared accordance wlh the Charrties SORP {FRS 1021 'Accounting and Reporting by Charities.. Statement ol Recommended PraCt￿e appliCa￿e to charities preparing their accounts in accordance th the Financial Reporting Standard appI￿able in Ihe UK atNY Ropublic ol Ireland IFRS 1021 lemective l January 20191,. Financial Reporting Standard 102 The Financkql ReportiFVJ Standard applicable in the UK and Republic ol Ireland and the Charities Act 2011. The financial stalements have been prepared unde¥ the historic￿ (ul convenlK)n, with the exception ol investments which ate Included al market valuo. The flnanclal slalemgnts are presented in Sterling (£1. Going concern The trustees are confident that future incoming rgsourcgs wll be suff ￿lent lo covfjr th8 operation costs ol the charily. There are no material uncertainties about the charity's ability to continue as a going concem. The Iruslees have considered any potential risks to gotThJ concem in relation to the coronavirus pandemic. The Trusfs actNtties as a property hokling trust have not been S￿nifICant1Y atf6eled by th8 pandemic. The School operations. as undertaken by one*h￿l Global UK, have been carried out rernotely Ihroughout the par￿MiC relaled lockdowns. The truslees therefore have a reasonable expeclallon that the chatlty wlll have adequale resou¥ces lo nlinue in operational existence lor the loreseeable fulure. A(xordingly, the Iruslees continue lo adopl the going conc¢rn basis in prepari￿ the financial siatements. Crltlcgl accountlng ludgements and key sources of esllmation uncertainty The truslees make estimates and assumptions concerning the lulure. The reSU￿ng accounting 8slimales will, by definition. sek1om equal the related actual results. The estimates and assumptions that have a significant Tlsk ol causing a material adjuslmgnt to thg ¢arWng amounts ol assets and liabllitlgs within the next year are addressed below- {1) Impalrment revtews The tsustees carry out annual reviews of fixed assets lo assess whether there aro any indi￿110n$ ol Impalrmgnt. Whgrg Indlcalions ol imwrnienl exist. the trustees Cons￿er Ihe r￿0Verable arnount ol the relevant asset, basecl upon either value in use or net realisa￿e value, dèpsndiThJ uwn tho lun¢lion ol the assèt in quostmin. Impairnient provisions are Tecognised in the slalement of financial actiwties, within the relevant cosl category to which the ass81 relates. 1111 Useful economlc Ilves of tanglble Ilxed ossets The annual d&precialK>n ¢harg8 for tangible lixed assets is sensitive to charoes in the estimated useful economic INe5 01 the assets. The useful economic livtrs are reassessed annually and aro amended when necessary lo Teflect cu￿ent estimates ol economK utilisation and physical condition ol the assets. Page 9 continued... KEYSTONE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES- contlnuod Income recognltlon All income is recognised in the Statement of Financial Activities once the charity has entitletnenl lo the lunds, il Is probable Ihal the income wll be receNed and the amount can be measurod reliably. Grft AKI reclaims are recognised in the same period that the gilt or donation was made, subject lo the overridlng inctsme recognition Kxjlicy. Donated goods and facilf(ies are only reTr)gnised as incorning resources when the benefit lo the charity can be reasonably quantified or measured and is considered material lo the charily. Expendlture Liabilities are re¢wis￿l as e￿n￿rtUre as soon as Ihere is a legal OT constru¢tNg obligation commitbng the charity to Ihat expenditure. r( is probable that a transfer ol economic benefits will be required in setdemgnl and the amount ol the obligation can be rneasured reliably. Expe￿lI￿re is a¢counted loi on an accruals basis and has been classified under headings that aggregate all ¢osl related lo the cal&gory. Where costs cannol be directly attributed to part￿ular h6adings they have been allocated to actwities on a basis consi8tent wth the use ol resourw. Grants offered subject lo corKlilK)n5 whi¢h have mt been rnel at the year end dale are nolgd as a commklmenl but not accrued as expenditure. Charllable activities Expenditure classithed as Charitab￿ acltvities expenditure COTnprise$ those costs incurred by the charity in the delwery ol its actiwties swwcgs lor ils beneficiaries. 11 indudes both costs that ¢an be allocale¢J dirtrctly to such acliMlies and those costs ol an irmjirect rEature necessary lo support the activities. Governan¢e and support ¢o$ts Support cosis are those functions that assist the wort( ol the thariiy bul do not direclly relate lo CharIta￿e activthes. SuppKTrrt costs have been allocated between governance costs and other supporl costs. Governance costs cornprise dl costs inVo￿l￿g the publtc accountability ol Ihe charity and 115 cotnplian¢e wlh r&gulat￿n and good Pract￿e. These costs in¢lud8 ¢osts relatir4J to indeFend8nt examination and legal fees. togethei wtth an a¥4)0￿onmenI ol ovethead and support Costs. Tangible tixed as$et$ Tangible lixed assets ¢osting more than £2CKJ are capita16sed at purchase cost. Deprgciation is provided at the lolbwing annual iale8 in order to wrtl8 ott each asset over its estifflaled usglul lil8. Freehold property Freehold property improv8mgnts Ovgr 25 ygars Over 7 years Impairment revi8ws afe carr￿1 out rf evenis or charvJe5 in urcum81ances indrale that the carrying amount ol the lixed a55el may not be w0vara￿e through use (for a55ets in uso by the charity} or Ihrtsugh sde Ilor surplus assetsl. Taxatlon The charty is exempt from tax on ils charitable activities. Irrocovgrable VAT I￿eCOverable VAT is Charged agaiNst the category ol experKJituTe for whth rt was incurred. Page 10 continued... KEYSTONE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES- ¢ontlnued Fund accounting Unreslric1ed funds ¢an be used in accordance wth thts charitable objectives at Ihe discretion ol the trustees. Restricted funds can only be usad lor parbcular reslricled purpK>S8S within the objects ol the charity. ReStrit￿n$ arLse when SFeufied by the donor or when lunds are raised for partlcular restricted purposes. Designate(S funds relate lo funds set aside lor Irxed assets. The Iruslèès consider Ihat designated funds should bB dearly dillerenlialed from other unrestricted funds on the factr ol th6 Slalement ol Financoal Aclvrties and Bala￿￿ Sheel, in order lor the acLxxJnts to show a true and I￿r view. Hire purchase 8nd leasing commitments Rèntals paid under operating leases are charged lo the Statement of Fina￿al AdvStSos on a slraight line basis over the period ol the lease. Panslon costs and other post-retSrement bgnoffts The charity operated a defined contribution pension scheme. Conlributions payatrA8 to Ihe charity's pension scheme were charged to Ihe Statement ol Financi￿ Acttvilies in the period lo which they related. Investments Fixed asset investments are value7695?@AB9CDB36>7BE7@78>C>?B8>78;A6?F78G7 >>?F5?GBB88? � � � � �� �� - 84546789H34>?B87?B @?8? 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