2023-12-31-accounts

Charity registration number.. 1096922 Iceystone Education Trust TrUst￿S, Report and Financial Statements for the year ended 3 1st December 2023 mca Banbury Ltd. Unit 4-6 The Wharf Centre Wharfstreet WaTwick CV34 5LB

Keystone Educatioll Trust Content5 Reference and Administrative Details Trustees, Report 2to5 Independ¢llt Auditors, Report 6t09 Consolidated Statement of Financial Activities Iotoll Consolidated Balance Sheet 12 Balance Sheet 13 Consolidated Statement of Cash Flows 14 Notes lo the Financial Statements 15to28

Keystone Education Trust Reference and Administrative Details Chief Executive Officer Mr N Hill Trustees MrNHill Mr G M Siins Mr S A Rusling Mr M J Donner MrD P Robins Charity RegistrAtion Number 1096922 Prlnclpal Offiee 3 l Ystrad Road Swansea SA5 4BT Audltor m¢a Ballbury Ltd Unit 4-6 The Wharf Centre Wharf Street Wan¥i¢k CV34 5LB Bankers Lloyds Bank pl 113 High Street Gorseinon Swansea SA4 4BR Page I

Keystone Education Trust Trustees, Report The Trustees present their report with the financial statements of the charity for the year ended 3 1st Decanber 2023, The Tr￿slee8 have adopted the provisions of Accountins and R¢porÉing by Cbarities: Statement of Recommellded Practice appliGable to charities prepaiing their accounts in accordance with the Financial Reporting Standard applicable in the UK attd RepubliG of Ireland (FRS102) (effe¢tiv¢ l January 2019). Objectives and activities Objects andaittfs The charilable objects of the charity are the advan¢¢m¢nt of the education of Children arld young people from ages five to eighteen in particular by assistance to their parents to enable guch children to be taught ortxerwise than as school as defLned in the Education A¢ts and any other charitable purpose for th¢ benefit ofthe worldwide ehTlStian fellowship known as the Plymouth Brethren Christian Church. In furtherance of its objects. the Trust provides ihe premise under forn]al lease for an independent school b&sed in Sway Road Morriston Swansea which has been Lun by Oneschool Global UIC (OSGUK), The charity also provides donation funding to OSGUIC at the di$ci'etion of tFLe Trustees in order to enable OSGUK to provide a well-balanced education at prinwy and secondary levels. for Ghildren and youllg people whose parents appreciate th¢ Christian ethos. Suocess is tne￿ured in tem)s of the provision of appropriate fa¢iliti¢s to OSGUK whilst. minimising exp¢nditurg. This in turt], fr¢es up funds for raising standards of education for all concerned and for the improvement of facilities for pupils and stV4ff alike. The Trustees bave ref¢rr¢d lo the guidance contained in the Chatity Commission's general guidance on publi¢ benefit and have regard to it when reviewing their aims and objectives, and in planning their future activities. tn partioular diey conskder how planned activities will contribute to tbe educational aims and objectives they huve sgt. Voluiiteers are an integral part of the community ethos and values of the ¢harÈty and there are strong and willing group of volunt¢¢rs who asslst and support the charity thrOU￿]0Ut the year. The trading activities of the charity's trading subsidiary Mwa Trading Ltd, {registered company number.. 0631152), which operates a convenience store, are undertaken by volunteers. objeck1v￿, strategles ttnd aellvldes ThrOU￿boUt th¢ ygar the charÉty has continued to provide educational premises in support of the educational activities of OSGUK. Page 2

Keystolle Educatlon Trust Trustees, Report Fiiiancial review The charity is supported and financed principally by profits from it8 irading subsidiary Magna Trading Limited, plus other ad hoo don&tions and those raised by fiindraising events and grants from the Grace Trust. The Trustee5 belleve that the ¢harity's fi￿d5 aiE sufficient to ￿ltIgate short to medium terrn risk of reduced funding. The charity's fundraising events principally operats withi'n the Br¢thren community and prof¢ssional fundraisers are not LLsed, Neither the ch￿lty nor any person acting on behalf of the charity wa8 subject to an und¢rtaking to be Ix)und by any voluntary gcherne for regulating fimd-r&ising, or voluntary standard for fund-raising in respect of activities on behalf of tbe tll￿t. In the year ended 3 1st Decembet 2023 tbe cEwity r¢Frf)rted & net deficit of £252,493 {2022 deficit of £109,394). The group reported a net deficit of £162,740 (2022 d¢fiGil of £113,461), At the year end the charity bad net current assets of £44,632 (2022 net ¢urrellt assets of £177,209). The group had net CULTent assets of £144,655 (2022 net current assets of £168,894). The charity's policy is to maintain minimum fre¢ reserves at a level which equates to six month8, unrestricted expenditure. This is approximately £10.679. At the year cnd 2023 the free res¢rv¢s of the chartty were £146,998 {31st December 2022 £399,491). After making appropriate enquiries. the Trustees have a Teasonable expectation that the charity has adequate re3ource5 to continue in operational existence for the foreseeable futLLYe. Forthis reason. it continues to adopt the goittg concern basis tn pr¢paring the financial statements. Further details regarding the adoption of the going concern b&8is can be found in the Accounting Policies. Plans for fulure periods Altt￿ oRd kéy (Jbjettivasforfukureperlodg The Trustees plan to cO￿tinue to support OSGUK to providg a quality L￿d deliver a consistent and high lev¢1 of educational experience and outcome for all students and staff, in ￿CordanCe with the charity's ethos and values. Structure? governance And manAgeffjent Keystone Education Trust is ¢onstituted by a I)eed of TnLSt dated 30 December 2002 and is registsred with the Charity Commission for England Wales. Tb¢ Trustees who served during the year and since the year end are set OUÉ on page l. None of the Trustees. nor any person connected with thern, received any retnun￿￿tIoll from the charity in the year ended 3 1st December 2023 (year ended 31 st Deceinber 2022 £nil}. The power to appoint Trustees is invest'ed in the existing Tru51ges Subject to the charity Deed requirement. Trustees are selected according to theirown specialism in a partiGular fi¢ld and are expected to pursue that specialism. New Trustees are inslructsd in the need to ¢ompl¢lely adhere to the ethos and values of the charity. New Trustees are appointed at charity meetings and training ts given by the outgoing trustee being replaced, along with support from fellow Trustees. Page 3

Keystone Education Trust Trusteesl Report Prlncfipal Risks The Trustees have examin¢d the major strategic, businesg Aiid opei'ational risks that the charity faces. The Trustees are satisfied that the major risks id¢ntifi¢d h&v¢ been adequately nitig&ted wher¢ ne¢essary, It is recognised that systems can only provide reasonabl¢ but not absolute assurance that major risks have been adequately Inanaged. The principal risks lo the charity are.. risk of damage to the propety held by the charity (although the property holds property insuran¢e)' risk of ¢losure or rcloGation of the schooling by Onesohool Global UIC land ris1< of fall in trading activities of the wholly owned trading substdiary, either due to a fall in customer loyalty or a significant increase in supplierprices (closely tnonitored by the trading subsidiary directors who would then taic¢ appropriato ￿tIon), There were no serious incidents relating to the charity over the year to report Pag¢ 4

Keystone Education Trust Trustees, Report Statement of truste&4' respollsibilities Th¢ Irust¢es arc responsible for prepanng the Annual Report and the financial stateinents in accordance with applicabl¢ law and United Kingdom Accounting Standards. (United Kingdom Generally Accepted Accounting Pra¢ti¢e). The law applicable to charities in England and Wales requ&r¢s the trustees to prepar¢ finan¢Lal stat¢menls for each financial year which give a tyue and fair view ofthe state of affairs of the charity and the group and of the incoming resources and application of resou￿¢$ of the charitsble group for that period. In preparing these financial statements, the trustees are required to.. select Sultable accounting policies and apply them consistently, observe the methods and principles irt th¢ Clwit1¢8 SORP; make judgements and estimatss that ar¢ reasonabl¢ and pr[￿entr, State whether applicable a¢¢ounting standards, subject to any n]aterial departures disclosed and expl)ined in the financi￿ Statements,. and ptrpare the financial statements on the going concern basis unless it is tllappropriate to presume that the parent Charitable company will continue in bu5Lness. The truste¢s responsible for keeping proper accounting records that disclose with re2L8onable accurdcy at iny titn¢ the financial position of the charity alld the gtDup and enable them to ensure tILat tkne financial statetnents comply with tlLe Chartties Act 201 l. the Charity (Accounts and Reports) Regulatiolls 2008 and the provisions of the ¢harity deed. They arg also ￿spOnsIbLe for safeguarding the assets of the charity and the group and hence for talcing re&80nable Steps for the pr¢venl(on and detection of fraud and other irregularities. The anniial report was approved by tlie trustees of the charity on..... . ...... .... signed on its behalf by: rN Chief executiv¢ offi¢er and truste¢ Page 5

Keystone Education Trust Independent Auditorls Report to the Members of I<eystone Education Trust Opinioll W¢ have audited the fillan¢ial st&tem¢nts of K¢ystone EduG&tion Trust (the 'Gharitable parent company,) &nd its 5ubsidiari¢s (the 'gi'oup') for th¢ year end¢d 31 December 2023, which comprise tho Consolidated Staternent of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statetnent of Cash Flows and Notes lo the Financial Ststernents, including a sutnmary of signifLcant accounting policies. The financial reporting fraLll¢work that has b¢¢n applied in th¢ir preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ittland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stateinents: give & true and fair view of the state of the group's and par¢nt ¢h&rity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its incom¢ and ¢xp¢nditure, for tb¢ year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been preparcd in aG¢ordance with the requirement8 of the Companies Act 2006. Basis for opinion W¢ Gottduct¢d our audit tn aGcordallce with International Standards on Auditing (UK) USAS (UK)) and applicable law. Our respon8ibilities under those stsTrdards are further described in the auditor responsibilities for the audit of the financial stat¢ment5 section of our report. We are independent of the group in accordance with the ethical requirements that ar¢ relevant to our audit of the financial statements in the UK, including tbe FRC'S Ethical Standard, and we Ftave thlfilled our other ethical responsibilities in accordance with these requll'emenl's. We believe tknat the audit evidence we have obtained is sufficient and appropriate to provide & basis for our opinion. Emphasis of matter The fLnancial Statements of the trLLSt for the year ended 3 1st D¢G¢mb¢r 2022, were not audited. We have obtained SLfficient appropriate audit evidence on tbe comparatives presented in the financial $tat¢tn¢nts for all material items, in accordance with the International Standards of Auditing (ISAS). Our audit opinion on the finartcial statements for the year wa8 therefor¢ unmodifked. Collelu510J15 relating to going concern In auditing the financtal statem¢nts, we hav¢ wnGlud¢d that thg trustees use of th¢ going concern basis of ac¢ounttng in the preparation of the fLnanGial stst¢LD¢nts is appropriate. Bas¢d on the work we have perfoNned, we have not identifEed any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the Origin￿ financial statements were auth0ri8ed for issue. OUT responsibilities and th6 responsibilities of the trustees with respect to going concern ￿e described in the relevant sections of this report. ..QthRrinlOrmatio￿.....................-...........-....... __.... ..__.......... ........................... The trustees are responsible for Ihe other infotThation. The other infomiation cornprises the infonllation included in th¢ annual l'ep0￿ other thatk thc fiiianrial stat¢m¢nl5 and our auditor's report th¢reon. Our opinion on the finan¢Éal statements does not Cover the oth¢r inforniaÉion and, except to the extent otherwise explicitly statsd in our report, we do not express any form of assurance conclusion thereon. Pa￿6

Keystone Educatloll Trust Independent Auditor's Report to the Members of Keystone Edueation Trust In conn¢ction with our audit of the financial statements, our responsibility is to read thg other information and, in doing so, ¢onsider wheth¢r the other infornlation 15 mat¢rially inconsistent with th¢ financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify su¢h material inconsistenoies or apparent material misstatenient5, we arc required lo determin¢ whether there is a material is$tatem¢lll in tIL¢ financial statements Ok. a material misstatement of the other illformation. If, based on the work we have perfonned, we Collclude that there is a material misstatetnent of this other infortnation, we are required to report that fact. We have nothing to report in this regard. Matter$ on whieh we are required to report by exeeptioll We have nothing to report in respect of the followillg matters where the Charities (Accounts and Reports) Regula¢ions 2008 requires us to report to you if, in our opinion- the infonnation given in the Trustee5' report. is mconsistent in material respect with the financial slat¢m¢nts' or the parent charity finatkGial statements are not in agreement with the accounting records retums, or th¢ parent charity has not kept sufficient accountiftg records. or we have not r¢G¢ived all th¢ infonnation and explanations we require for our audit. Responsibilities of trustee As explailled Lnor¢ fully in ihe Statement of tTUStees' responsibilities (set out on page 5), t￿e trustees are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, alld for such internal control as the tru5t¢¢s d¢tern]in¢ is necessary to enable the preparation of finanGial statements that are fr¢e froin material misstatement, wbetker due to fraud or error. In preparing the fJnanci&l statements, the truste¢s are responsible for assesging 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 th¢ trustees either intend to IiqLiidate the charity or to cease operations, or have tlo realistic alternative but. to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurattee about whether the financial statements as a whole are free from m&terial misstatement, whether due to fraud or eTh)r, and to issu¢ an auditor's r¢port that in¥ludes our opinion. Reasoii&bl¢ assurance is a high level of assurance, but IS Dot a guarantee that an audit ¢onducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraLLd or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected to influence the economic decisions of users taken on th¢ basis of thes¢ financial statement8. The ¢xt¢nt to which our pro¢¢dures are capable of detecting irregularities, including fraud is detsiled below.. The eng&g¢inent partner ensured that the engagemont team collertively had the appropriate eompetellce, apabilities and skills to id¢ntlfy or recognise non-compliance with the applicable laws und regulations, We assessed the su8ceptibÈlity of th¢ Cotllpany's fitLancial 8tstements to material misstatsmenL in¢luding obtaining an understanding of how fraud might occur, by.. Consi&ering th'e interna-l- controls in pTace to initigate risEs oE"frau(r anl" non-compliance ividi" laws an-d"" """""""" regulations. To address the risk of fraud thtDugh management bias and override of conttDls, we.. Perfomed analytical procedures to identify any unusilll or wiexpecled relationsbips, Tested journal entries to identify unusual transactions,, P&ge 7

Keystone Educatioii Trust Independent Auditor's Report to the Members of Keystone Education Trust Assessed whether judgements and a5suinptions made in determining the accounting estimates were indicative of potential bias,. and Investigated tbe rationale behind significant or unusual transactions. In response to the rislc of irregularities and llon-compliance with laws and regulations, we designed proccdure8 which included, but were not limited to.. Agreeing financial statement disclosures to underlying supporting documentation Bnquiring of management as to actual and potential litigation and cLairns' TheTe are inherent liinitations iii our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become awatt of non-compliance, Auditing standards a150 limit the audit procedures requircd to id¢ntify tton-GomplianG¢ with laws and regulations to enqlliry of the directors and other management. Material rnisstatetnents that arise due to fraud can be harder to deteGi than those that arise from crror &5 they may involv¢ d¢liberate Gon¢ealrn¢nt or Gollusion. As part of an audit in accordance with TSAS (UK), we exercise professional Judge￿ellt and Maint￿,￿ profession scepticism throughout. tbe audit. We also.. Identify and assess th¢ risks of matsrial misstst¢n]¢nt of the financial statements, whetb¢r due to fraud or error, design and perfomi audit procedures responsive to tbos¢ risks, and obtsin audit evidence that is sufficient and appropri(Ite to provid¢ a basis for our opinion. The rislc of not detectillg a material rnisstaternent resulting froi fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of Intern￿ control relevant to the Llldit in order to design audit procedures th*t are appropriate in the circumstances, but not for the purpose of expressing 2th opinion on the effectiveness of the company'5 intemal control. Evaluate the appropriat¢ncss of aGGountiiig policies used Hnd the r¢asonabl¢ness of aGGounting estimates and related dis¢losur¢s made by the directorg. Bvaluate the appropriateness of accounting policies used and the reasonableness of aGcoullting estimates alld related disclosures made by the directors. Conclude on the appropriateness of the directors, Use of tkne going conceni basis of accounting and, based on the audit evidenc£ oblained, whether a mat¢rial uncertainty exists related to events or conditions that may cast siguificant doubt on Éhe charity's ability to continue as a going concern. If wtt conclude that a material uncertainty ¢xists, w¢ are required to draw atkntion in our Rgport of the Audilors to the related disclosures in the fLn1￿cial stat¢m¢nts or, if suGh disGlosures arc in4tdequat¢, to modify our opinion. Our conclusions are based on the audit evidenee obtained up to the date of our Report of the Auditoi%. However, future events or Londitions may cause the company to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial staten]ents, including the disclosures, and wbeth¢r the financial statements represent the underlyitig tran5a¢tions and events in a matLner tbat a¢hi¢v¢s fair preseiitation. We define materiality as the magnitude of misstateinent in the Financial Statements that makes it ptDbable that the economic d¢¢isions of a r¢asonably knowledgeable p¢t30n would b¢ ¢hang¢d or intluenced. We use nLat¢riality botb in Pl￿]￿1￿g and in the scope of our audit work and in evaluating the results of our work. We GomiJuni¢at¢ with tbose charged with governance regarding, among other matters, the planned scope and timing of the audit and signifiGant audit fLndings, including any signifi¢ant defici¢nci¢s in internal control that we identify during our audit. We comtllunicate with those charged with governance regatrding, among other matters, 'the planncd-scopè and tiiving of tli¢ audit aiid significant audit-finditigs, iiicluding any signifi¢arit'd¢fiGieriGies Ln internal control that we identify during our audit, A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org,uklaudilo￿reSponSlbll1ties. This description forms part of our auditor's report. Page 8

Keystone EduL'ation Trust Independent Auditor's Report to the Members of Keystone Ei ducation Trust Use of our report This report is made solely to the charity's Trustees, as a body, in accordance wil'h Part 4 of the Charitie8 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the groiip's trustees those matters w¢ ar¢ required to state to Ihetn in an auditor's report and for no other purpose. To the fullest extent pern]itted by law, we do not accept or assume responsibility lo anyone other than the charity and its trusts¢s as a body, for our audit work, for this report, or for the opinions we have fornied. in Cox (Senior Statutory Auditor) For and on behalf of mca Banbury Ltd, Stststtory Auditor Unit4.6 The Wharf Centre Wharf Street Warwiclc CV34 5LB 1210912024 Date.. Page 9

Keystone Education Trust Consolidated Statement of Financial Activities for the YeRr Ended 31 December 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) 'Unrestricted funds TotAI 2023 Note Ineome and Endowments from; Donation8 and legacieB Charitable a¢tivities Investtnent income Other inCOLlle 235,078 4,167 546 805215 235,078 4,167 546 805,215 Total income 1,045,006 1,045.006 Expenditure on: Raising funds Charitablc artivities (723201) {484,513) (723.201) (484,513) Totsl expenditure (1207,714) (1,207,714) Net expenditure {162,708) (162,708) Net irovernent in funds {162,708) (162,708) Recoltelllatloll of fimds Total funds brought forward Total funds carried fonvard 433,919 433,919 18 271,211 Uiiyestricted funds 271,211 Total 2022 Note Ineome Endowments from: DoTLation5 and legacies Charitable activities Investment. income Other incotJkQ I1,050 4,167 34 762.030 11,050 4,167 34 761030 Total in¢ome 777,281 777,281 Expenditure on: Raising thnds Charitable activities (658,563) (232,179) (658,563) (232,179) Total expenditure (890,742) (890,742) Net expenditUTe (113,461) (113,461) N¢t.mtyv.¢m¢nt.in.fund8.........__......_.............................___(.1_1.3,46.1)-........... Reconciliation of fund5 -(_1.1_3,46.1.).......... Total funds brought fonvard 547.380 547,380 The notes on pages is to 28 forni an integral part of these financial Statements. Page 10

Keystone Education Trust Consolidated Statement of Flnancial Activities for the Year Ended 31 Deeember 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) UnwtriL*ed runds Total 2022 Nott Total ￿ndS carried forward 18 All of the group's activities derive from continuing operations during Ihe above hvo periods. The funds breakdown for 2022 is shown in note 18, The notes on pages 15 to 28 form &n integral part of thes¢ financial statements. Page 11

Keystone Education Trust Consolidated Balance Sheet as at 31 December 2023 2023 2022 Flote Flxed Assets Tangible assets 12 326,524 465,025 Current a88ets Stocks Debtors Cash &t ban1< and in hand 14 15 106.722 57,381 63,212 97,423 34,424 130,395 227,3 l5 262,242 Creditors.. Amounts falling due wlthln one year 16 (82,628) {93,3481 Net current assets 144.687 168,894 TotAI assets less current liabilities 471.211 633,919 Creditors: Amounts falling due after more than one year Net assets 17 (200,000) 271.211 (200,0001 433,919 Funds of the group: Unrestricted illcom¢ funds Unrestricted funds 271,211 433,919 Total funds 18 271,211 433,919 Ina cial statements on pages 10 to 28 were appft)ved by the ts'ustees and authorised for issue o Chief executive officer and trustee The notes on pages 15 to 28 fonn an integral part of these financial st&tements. Page 12

K¢ystone Education Trust Balance Sheet as at 31 December 2023 2023 2022 Note Flxed as$et$ Tangible Rssets Invest￿entS 12 302,363 422,278 302,366 422,281 Current assets Debtors Cash at bank and in hand 15 12,890 41,723 113,405 74,933 54,613 188,33 8 Creditors: Amounts falling due within one year 16 (9,9811 (11,1281 Net current Assets 44,632 177,210 TotAI Assets less current liabilities 346,998 (200,0001 146,998 599,491 (200,0001 399,491 Creditors: Amount5 falling du¢ after more than one yexr 17 Net agsetg Fund5 of the eh&rity: Unrestrlcted income fllllds Unrestricted fimds 146,998 399,491 Total fwids 18 146.998 399,491 The Ina cial &tatements on pages 10 to 28 were approved by the trugtses, and authori8¢d for issue on .Ilthd signed on their behalf by., MrN Chief executive officer and trustee The notes on pages 15 to 28 fonn all integral part of these fmancial statements. Page 13

Keystone Education Trust Consolidated Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Note CR5h flows from operating activities Net casli expenditure (162,708) (113,461) Adjustments to cash flows from non-cash Items Depreciation Investnient income 139,226 (546) (24,0281 137,385 (34) 23,890 Worldng capltal adjustments Increase in stocks (Increaseydecrease in debtors De¢rease in creditors 14 15 16 (9,299) (?.2,9571 (10,7201 (97,4231 1.55,240 (59,1351 Net cash flows frotn operating actLVtties (67,0041 22,572 Cash lloivs from inve$tiug aetivitics Interest receivable and Si￿lIar incotne Purchase of tangible fixed wets Sale oFtangtble fIxed assets 546 34 (94,8211 12 (725) Net cash flows from investing activities (179) (94,7801 Net dcGre&se in Cash and cash equivalents Cash and Cash equÉvalents at l January Cash and c&sli equivalents at 31 December (67,183) (72,2081 202.603 130J95 63212 130,395 All of thg G&$h flows are d¢riv¢d from wt]tinuing op¢rations during the abov¢ two periods. The notes on pages IS to 28 foi'in an integral part of thege finan¢ial statetnents. Page 14

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 l General Informatlon The Keystone Education Trust is an ut]inGorporat¢d ¢harity (no., 1096922) r¢gistered in England & W&les. The registered address is 31 Ystrad Road, Swansm SA5 4BT. 2 Accounting polieieg Statementof Compliance The Financial statements have been prepared in accordance with Accounting and Reporting by Charities: Staternent of Recommended Practice {applicable to charities preparing their accounls in aGGordan¢e with the Financial Reporting Standard appliGable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (CharÈties SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatROn The financial statements have been prepared to giv¢ a 'true and fail view and hav¢ d¢parted from the Charities (Accounts and Reports) regulations 2008 onlyto the extent required to provide a'twe and fair, view. This departure has involved followitsg the Charities SORP (FRS 102) published in October 2019 rnther tiwi the Accounting and Reporting Charities.. Staternent of Recommended PraGtice effective from l April 2005 which since b¢¢n withdrawn, Keystone Education Trust meets the d¢f￿lL.10ll of a public beneflt elltity under FRS 102. Ass¢ls and liabilities af¢ initially recognised at histr)rical cost or transaction value unless othenvise stated in the relevant a¢¢ounting policy notes. Basis of consolidation The Con801idaEd statement of financial activities (SOFA} and Consolidated balance Sheet ¢onsolidat¢ th¢ finanoiil $tatsments of the Charity and its subsidi&ry undertaking. The r¢sults of the subsidiary atE consolidatsd on a line-by-line basis. The Charity has also takett advantage of th¢ exemption available to a qualifying entity in FRS 102 from the requirement to present a Charity only statement of cash flows and certain disclosures about the Charity's financial instrun]¢nts within the consolidated financial state￿entS. No separate SOFA has been prepared for the Charity alofte. Page 15

I plus ¢osls directly attribul&ble to the business combination. Identifiable assets acquired and liabiliti¢s and contingent liabilities assumed in a business combination are measured initially at their fair valEtes at the acquisition dale. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets, li8biliti¢s and contingent liabilities recogniged is recorded as goodwill. Inter-company transactions, balances and unrealised gains ontransactions betwe¢ll the chatllty at)d. its subsidiaries, whicli are related parties, are eliminated in full. Intra-group10ss¢5 ar¢ als0 eliminatod but may indi¢ate an itnpairtll¢nt that requir¢5 r¢cognition in the consolidated financial statements. Accounting policies of Subsidiaries have been clwiged where n¢cessary to ensure Gonsistency with th¢ policies adopted by the group. Non-controlling interests Én the net &￿et8 of consolidated subsidiaries are identifLed separately from the group's equity therein. Non-controlling interests consist of the ainount of those interests at the date of tkne original business combirtation and the non-controlling 8hAr¢holder's share of Ghanges ill equity sinGe the date of the coinbillation, Tot￿ COLnprehensive income is attributed to llon-controlling interests even if this results in the non-controlling interests having a deficit balance. Going toneern Th¢ trugte¢s ¢onsid¢r that there ar¢ no tnaterial un¢¢rtainties about th¢ group's abilily to continue as a going concern nor any significant areas of uneertlinty thdt affec,t the Carrying value of assets held by the group. Page 16

Keystone Education TnL8t Notes to the Financial Statements for the Year Ended 31 December 2023 Income All income is recognised once ('he Charity has entitlement to the incoine, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of in¢om¢ from legaGies is dependent on establishing ¢ntitlem¢nt, tb¢ probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of elltitlement to a legacy exisls when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and th¢ death of the benefactor) and the exe¢utor is satisfled that th¢ property in question will not be required to satisfy Claims in the estate, Receipt of a legacy niust be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expeoted Cash &niount to be distributed to the CILarity, can be reliably measured. Grants are included in the Consolidated statement of financial activities on a receivable basis, The balance of inoorne received for specific purposes but not expended during the period is shown in the relevant funds on I'he Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and in¢luded in creditors as deferred income. Where ¢iititlement oc¢urs before inwme is recetved, th¢ tncoine is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is oivable. Otherincome Interest on funds held on deposit is included when receivable and the atnount can be measured reliably by the Group. this is nonnally upon notification of the interest paid or payable by the institiition with whom the fijnds are deposited. Expenditure Expenditiire is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable thai a transfer of eGonomiG b¢n¢fits will be required in settl¢m¢nt and th6 a￿O￿t of the obligation can be measured reliably. Expenditure is classified by &ctivity. Expenditure on cbaritable activities 18 incurred on directly undertd£ing the activities which further the Group's obje¢tiv¢s, as w¢ll as any &ssociated support costs. All exp¢nditur¢ is inclusive of irrefjoverable VAT, Tangible fixed assets Tangible fixed assets costing £500 or more are capil'alised and recognised wben ￿tUre economic bellefits are probable and the cost or value of the asset Can be measured reliably, Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets -.aTe-Measured-at-¢0gt..les￿￿ee￿mu1at¢d-depr¢cIat.l0n-alld..any-a￿urnulaled..IiMpa1vjnQnI-IoS$eS-A.l1-c0st*lncv￿ed-lO- bring a tangible fixTd asset into its tntended working condition should b¢ in¢lud¢d in tli¢ measurement of Gost, Page 17

Keystone Education Trust Notes to the Fillancial Statements for the Year Ellded 31 December 2023 Depreciation and amortisation D¢pr¢ciatioll is charged so as to allocate I'he cost of tangible fixed assets le55 their residual value over their estimated useful lives. Assets ¢osling less than £500 are written off to the SOFA in tbe year of purcha5¢. A￿¢t class Freehold Property Plaiit & Machinery L¢aschold Propety DepreelAtion method &nd rate 20/0 Straight Lin¢ 200/0 Straight Line IO% Straight Line Current asset investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at tlie Balance sheet date, unless th¢ value cannot be measured reliably in which ra8e it is tn¢a5ured at cost less irnpaimient. Investment gains and losses, whether realised oi. untEalised, are combined and pr¢sented a5 'Gainsl(Losses) on invegttnents, in the Consolidated statement of finattcial activitigs. InveslmellÉs in subsidiaries are valued at cost l¢ss provision for impairnLent. Stock Stocks are valued at th¢ lower of c05t and net r¢alisable value after Lnalcing due allowance for obsolete and sIow- moving slock8. Cost includeg all direct costs and an appropriate proportion offixed and variable ovetheads. Trade debtors Ti'ade ond other debtors are recognised at the setilement arrLount after any trad¢ discount offered, Pi'epaymetLts are valued at th¢ amount prepaid net of any trade discounts due. Fund structure General fiinds are UllresiTiCted funds which are available for use at the di5Gretion of the Trustees in furtherance of the general objectives of the Group and which have not been designat¢d for other purposes. Restricted funds are funds wbicb are to be used in accordanGe with speGifio restrictions imposed by donors or which have been raised by the Group for particular purposes. The ¢osts of raising and administ¢ring 5u¢h funds are charged against the speoifiG fund. The aim and use of ¢a¢h restricted fund is set out. in the noiES lo th¢ financial statements. Investment incorne, gains and losses are allocated to the appropriate fund, Finaneial inSt￿mentS ClassifieftÈioH The CP￿lty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. BasicJnancial_instr.uments_arLinitially_.rEcO￿Ise￿at..tra￿sactio￿V.a1UC...￿nd..SubseqUe￿ÈIy-1￿ea8ur¢1L￿t-theIr--___._____...... settlemei)t value. Page 18

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 3 Income from donations and legacio8 Unrestiieted futtds General Totsl funds Gifts donations 235,078 235,078 215,078 Total for 2023 235,078 TotAI for 2022 11,050 11,050 4 Ineome from charitable activities Unrestrlcted funds General Total funds Rental Income 4,167 4,167 Total for 2023 4,167 4,167 Total for 2022 4,167 4,167 5 Income from other trading xctlvitles Unrestricted funds General Totsl funds TradÉng In¢0￿e- Magna Tradillg Ltd I'otAI for 2023 805,215 805,215 805,215 805,215 TotAI for2022 762,030 762,030 6 Investmellt income Unrestricted funds GenerAI Total funds Bank Interest Total foi. 2023 546 546 546 Total for 2022 34 34 Pag¢ 19

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 Deeember 2023 7 Expenditure on r&ising funds n) Costs of ¢rading 8ctiYities Unrestricted funds General Total funds Trading Costs- Maglla Trading Ltd 723,201 723,201 Total for 2023 TotAI for 2022 65 8 Expendlture on eharitable Aetlvltles Unr￿trIcted fullds General Total fuiids Nots Charitsble activiti¢s 484,513 484,513 Total for 2022 Page 20

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 Deeember 2023 9 Anatysis of support C08ts Support Costs allocated to charitllble activiti Premises costs Administration including eosts depreciation Oth¢r support costs GovernAnce eosts Finance Costs Charitable Activities Tothl 2023 Charitable A¢tLVlties Premlses costs Admilli8tratAon including costs dep￿tI￿tiOn Other suppoit tosts Governance costs Finance costs Charitable AGtivitigs 119852 Total 2022 Charitable ActLVlties Other supports costs are donations made to OSG. Staff costs are nil. Keystone Education TrLlSt is run Entirely by volunteers. Page 21

Keystone Education Trust Notes to the Financial Statements for th¢ Year Ended 31 December 2023 10 Trustees remuner￿ti0n and expènses No trustees, nor any persons connected with them, have received any remuneration from the group during tILe year. No trnstees hav¢ r¢¢eived any r¢imbursed expeD8es or ally other benefits froin the Gharity during the year. 11 Auditors, remuneration 2023 2022 Other fees to auditors The auditing of aeeounts of any associate of the charity Audit-related assuran¢e $ervic¢s All other non-audit services 4,000 2,500 2,000 00 500 Page 22

Keystolle Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 12 Tangible r￿ed assets Group Land and buildings Furniture and equipment Total Cost At l January 2023 Disposals At 3 I December 2023 I,E98,557 94,605 (1,685) 1,293,162 (I,685) 1,198,557 92,920 1,291,477 Depreciation At l January 2023 Charge for the year Eliminated on disposals At 31 December 2023 776,279 119,915 51,858 19.311 (2,410) 828,137 139.226 (2,410) 896,194 68,759 964.953 Net boolÉ valu¢ At 31 December 2023 302,363 24,161 326,524 At 31 Deceniber 2022 422,278 42,747 465,025 CharÉty Land and building$ Total Cost At l January 2023 1,198,557 1.198,557 D¢preciAtion At l January 2023 Charge for the year At 3 l Deceillber 2023 776,279 119.915 776,279 119.915 896.194 896,194 N¢t book Yalue At 31 D¢c¢mber 2023 302,363 302,363 At 31 DBcen]bcr 2022 422278 422278 13 Fixed asset investments Charity Shayes in group undert4kings and participating intsrests Page 23

Keystone Educatioll Trust Notes to the Financial Statem¢nts for the Year Ended 31 December 2023 Subsidiary uadertakings Total Cost A¢ l January 2023 At 31 December 2023 Net book value Ai 31 December 2023 At 31 December 2022 Details of undertakings Details of the illvestm¢nts in the charity holds 200/0 or moro of the Dominal value of any class of share capital are a8 follows: Coulltry of ineorpor*tion Proporiioll of voting rights Principal lld shares held activity Undertaking Holding 2(ll3 2022 Subsidiary undertAkin Magoa Ttydding Ltd Unit 2, Viaduct Road, Chvaelod-Y-G&rth, Taffs United Kingi IOOO/o lo￿/ Sale of Retail Good Well, Cardiff, CF15 9JN 14 Stock Group Charity 2023 2023 2022 Stocks 106 722 15 Debto Group Charity 2023 2022 2023 2022 T"radE"debiors- Other debtors 12,890 532 12,890 113,405 li Pagc 24

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 16 Credilors: amount5 falling due within one year Group Charity 2023 2022 2023 2022 Trade creditor5 VAT Other creditors Accruals 57,380 7.817 4.716 12,715 71.432 5.301 3,454 3,401 3,129 6.580 8,000 34 17 Creditors: amounts falling due after one year Group Charity 2023 2022 2023 2022 Bank loans Page 25

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 18 Funds Group BAlance at 31 December Balanee at I January 2011 Incoming resour¢e5 Resourees expended 2023 Unrestricted fund$ General Balance at 31 December 2022 Balance at I January 2022 Incoming resources Resources expended Unrestricted funds General Charity Balance at 31 December 2023 Balance at I January 2023 IDcoming resources Resources expended Unrestrieted funds General )99 490 14 Balgnce at 31 December BAlanee at I January 2022 Incoming resources Resourees expended 2022 Unrestricted funds General Page 26

I<eystone Education Trust Notes to the fi inancial Statements for the Year Ended 31 December 2023 19 An8ly$is of net assets between funds Group Unrestricted funds General Tot81 funds at 31 December 2023 Tangible fixed assets Current a￿etS Current lÉabiLities Creditors over l year 326,524 227,315 {82,6281 (2QO,000) 326,524 227,315 (82,6281 (200,000) Total net assets Unrestricted Kun(ts General Total funds at 31 December 2022 Tangibl¢ f￿¢d assets cu￿ellt assets Current liabilities Creditors over l year Total ll¢t assets 465,025 262,242 (93,3481 (200,000 465,025 262,242 (93,3481 (200.0001 Page 27

Keystone Education Trust Notes to the Financial Statements for the Year Ended 31 December 2023 Charity Unrestrleted funds General Total funds at 31 December 2023 Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over l year 302,363 302,363 54,613 (9,981) (200.000) 54,6l3 (9,98 l) (200,000) Total net assets Unrestricted funds General TTrto1 funds 8t 31 December 2022 Tangible fixed assets Fixed asset invesknents Current assets Current liabilities Creditor8 over l ye 422,278 422,278 188,338 (11,1281 (200,000) 188,338 (11,1281 (200,0001 Totsl net a￿ets 20 Rel*ted party transactlons Charity During the year, the charity received £105,103 of donations from its tr￿Ing subsidiary. Page 28