Charlty nurnr: 1096941 THE CAMBRIAN EDUCATION TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE CAMBRIAN EDUCATION TRUST CONTENTS Page Rol•r•nc• and admlnlstr•tlv• d•l•lls of th• Chjrlty, Its Trust•o0 and att¥ls•rn Truste¢$' r¢port Independent audlto¢• report on the financial itatèm•nts Con80lid•t•d sLem•nt of financlal actlvitl•s Consolldated balance h••l 10 Charlty balance gh•et Consolldatod stal•m•nt ol ¢ash flows 11 12 Not•¥ to th• fin•nGlJl ¥t•t•m•nts 13-27
THE CAMBRIAN EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES ADVISERS FOR THE YEAR ENDED 31 DECEPABER 2021 Tru$t•è8 Mr T Carron, Chair Mr N Wallach, Trustee Mr R aCkledge, Trnslee Mr J wlach, Tnjstee Mr R Hagwcod. Trust8e Mr P Simpson, Trustee Mr E J aCkledge, Trustee Charlty reglstor•d numb•r 1096941 Prlnclpal offic• The Chestnuts Cw¢klon Shrewsbury SY5 8PW Indop•ndent audltor Crowe U.K. LLP Fourth FkK)r Sl James Housé Sl James Square Choltgnham GL50 3PR Bank•rn Natwesl Bank Broad Streel Powys Depot Ctjje 027 SY16 2LY Page 1
THE CAMBRIAN EDUCATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees of Cambrian Educabon Trust present Iheir annual report ar 8udrted 8ctAwnt5 for the year ended 31 sl December 2021 and confimi they compfy the requirements of the Charities Act 2011. the Tru51 deed, FRS102 and the Charities SORP IFRS 1021. 5v The ch8ritable objects of the Trust are the advorment of the education of children and young pfjople through the provision of education sites and prni$8$. The obj.ects also indude any other charitable purpose for the benefit of the wortth4hl8 Christian I{YshiP as the Plnouth Brethren Christian Churth. In furtherance ol its objects. the Tnjsl provides one pr8mi5es under fomal lease for an ind8p6ndent school base¢J in Sam. Ne(. whith has b9en fun by Oneschod Glob81 UK IOSGUKI. The Trust also provide5 grant funding and olher financial 9jpkx to OSGUK at th8 discrotion ol the Trustees In order lo enable OSGUK lo provide a well balanced education at primary aThJ secondary levels, for children arKI y)un9 people whose p8renls appreciate the Chrislwn ethos. Sutt05s is rneasLJred in lemis of the provisim of apprcyiate lacdities to OSGUK whilst minimising oxpendilure. This in lum, frees up lunds lor raising slandards ol &fjucation for #l con¢emed aThJ for the Improvement of faalilies for pupils and stsff alike. Tho Truslees have referred lo the guidance contained in the Charily Commissn'S general guidance on public benefit and have regard lo it wh8n rgmewro their aims and objeclive$. and in planning their future aclivilies. In particular they considgr how planned actfvrti6s contritrtrto lo Ihg educ81ional alms and objective5 th havg Vdunleers are an integr81 part of the community ethos and values of Ihg Trusl and there are strong and willir group ol voluntgers who assist and support the Twst throughout Ihe year. Cambrian Education Trust is constsluted by a Deèd of Trust daled 1511012(N)2. and is registered wlh the Charity Commission for England and Wales. The Truslees who served durtng the year and snce Iho ar end are sel out on page 1. None of the Tnjstees. nor any person connected with them. received any remuneralion from the Trust in the year ended 31st December 2021131st Deeembfjr 2020." £nl. The power lo apwnl Trusloes is invested in the tsxislirwJ TTuslees subjocl io the Trust Deed raquiremenl. Trustèes are s819¢1od accordirKJ lo ¢heir tr•m specidism in a parls'cular field and are expected to pursue that specialism. New Trustees are instructed in the to MpletelY adhere to the ethos and values of ihe Trust. The Trustees havè examined major strategic. business and operational risks Ihet the Trust faces. The main risks that the Tnjslees have identified are unrecDanised twrfdin9 work eosts that have not been fuly fvnded aDd the impact of the overall economic silLtalion UK wJe. The Trustees are sab'sfied that the major risks Identified have been adequaldy mitigated wh8r8 necessary. 11 is recognised that systems ran only provide Teasonable bul not absolute assuranc* that major risks have been •Jgqual8ty managed. Page 2
THE CAMBRIAN EDUCATION TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 I nlflcant Actlvltlos Throughout the ypar the Trust has continued to FYOVKl8 eLaOnal premises In support of th8 eduCatnal aclivits'es of OSGUK. The Trust has a wholly o%vn8d subsidiary mpanY, 2C Trading Limited 07313657 which undertakes trading activities. All proffts chargeable lo corporation tax a gthd lo the Tnjst in support of the charitable activities of the Trust. The results of 2C Trading Limited have been consolidaled vith tfrK)se of the Trust in order to produc8 the Group financial slalemenls which follThv. In Ihts year ended 31st December 2021 the Group repcvlod a nel surplus of £87.703131$1 Oecemb8r 2020.. defi1 01 £168,437). All funds are unrestricted. The Tnjsl i¥ Supported finan(d principaly by profiis Irom its trading sUbdIary 2C Trading Limi18d 07313657 plus other ad hoc donalions and those raised by fundraisiThJ evenls. The Tnjstees that thg Trust's funds are sufficienl to miligale any short to medivm term risk of reduced funding. The Trust's fundraising events prino'paay operate ithin the Brethren e4Jmmunity and professional fundraisers are not used. Neithèr the Trust nor any person aeling on behalf ol the Trust was subject lo an undertaking lo be bound by any voluntary stheme for regulatiThJ or vduntary Standard lor fvn(l-fai8ing in respect of activiti8s on behalf of the Irusl. The TnJst88s' pdicy Is lo m8intsin minimurn free reserves at a level which equal8$ lo SSX months, unrestrfcted expenditure. This Is approximately £8,(. At 31st Dgcgmber 2021 the free reservgs of the Tnjst were £1 54.738 131st December 2020.. £136.114). After rnaking appropriate onquiries, Ihe Trustees have a r6asonat4e expecl81ion that thè charity has adequate resources to ¢onlinue in operational existon¢8 for the ftyeseeable lulure. For this reason, rt continues lo adopt the going concem basis in preparing the financial stalemenls. Further details regarding the adoplion of the goin9 concem ba9 ean be foLsnd in the Accm"rj Pol*ies. ure Peri The Trustees plan to continue to support OSGUK in pmiding quality sclM)ol buildlng facilibes to support facilltate OSGUK in delivering a consistent and high Ve1 of 8ducalJonal experience and outcome for all OSGUK'S students and staff. accordan¢e with TN51's ethos and values. Page 3
THE CAMBRIAN EDUCATION TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 s. R•s slbllltlol Th8 trustees affj reswnsible for preparing the Annual Report and Ihe financial slalem8nls in accordance with applicaE4e law and United Kingdom AccoLFnting Slandards (United Kingdom Generally AK?pted Accounting PractiCo1. The law applicable to charrlies in England and Walos requires the trustees lo wepare finanual staternents for each financial year which give a true and fair wew of the slate of affairs of the charity and the group and of thè incoming resources and application of resources of the tharitat4e group for thal peri¢)d. In preparing these rinancial slalements. th8 trustees are required to.. select sultsble actounts'ng pdicros and then apply them 1xSt518ntIY, obs8rvo the methods and princirA85 in ltte CharItS SORP., mak8 judgements and eslimales that are reasonable and pwdenl.. stale whether appliCae acinting $land3rOs have betrn fcAlowed. subjgd to any material d8partur8S di5closgd and explained in the finanoal statements- prepare the financial stalèmenis on the going cnrwn basis unless il ts inappropriate to presume Ihal the ¢hority and group will continue in business. The Iruslees are responsitle for keoping proper accounting re3 that disdose with *s(able accuracy al any lime the financial position of the charity and the group and enatAe them lo ensure that the financial statements comply wth th8 Chants"es Act 2011. the Charity (Accounts arnj Reports) R8gulalion5 2008 and the provisions of the Tru51 deed. They are also r8$ponsible for safeguardin9 the assets of the charity and th8 group and hence lor taking r&asonat48 steps lor the weventlon and detfjcn of tra3 oth&r irfagularilig8. Approv6d by order of the mombers ol the board of Truslees and sigmd ¢M their behalf by.. Mr T Carron Chair of Trustees Dale.. Mr J Wallach Trustee Date.. Page 4
THE CAMBRIAN EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CAMBRIAN EDUCATION TRUST Oplnlon We have audited the financial statements of The Cambrian Education Tntst {the 'par8nl chanVI and its subsidiaries Ilhe 'group'l for the year ended 31 December 2021 which comprise lh8 CSo11dated slalemenl of financial activitses, the Consolidated balance sheet, the Charity balance sheel. the Consolidated statemgnl of cash flows and the related rKJtes. induding a summary of significant accounbng pcdiciès. The financial reporting framework that has been appl in Ihoir preparation is applicatle law 8fKI United Kingdom Accounting Slandafds, including Financial Reporting Srandard 102 'The Financial Reporting Slandard applicable in the UK and Ropublic of Iieland, (Unsted Kingdom Generalty Ac(Wed Accountsng Pfaclice}. The financial slalemenls have been prepared in aco)rdance with AccL)untsng arKI Reporting by Charities preparing their accounts accordance the Flnanual ReFrtIng Stsndards 3pp1lc8re in the UK an(J Republlc ol Irdand IFRS 1021 in prelerence lo the Accounbng and Reporting by Charities.. Statement of Recommended Practice Issued on 1 Aprm 2¢X)5 which is teferred to In the extant regtionS bul has b8en withdfawn. This has been donè in or(ler lor Ihe acoJJnts lo provth a twe and fair w6w accdanCe with the Ganèrally Accept¢tJ A¢countsng Practice effèctive for reFth'ng padS btyinniro on or after 1 January 2015. In our opInn lh8 finan¢x81 statements." give a true and fair ViV4V of the slate ol the i>wp's and of thè parent charitys affairs as a131 Decgrnber 2021 and of Ihe Group's Irthmlng resources arKI aprA1catn of roswTces. Indudlng 11$ Income and expendilure for the ar Ihen ended. have been propedy prepared in accordance v41th Unitod Kiwdom Generalty knèptod Accountlng Practice". and have b8en prepare(l in aCCdanCe with the reqimrements ol the Charities Acl 2011. Ba#1• for oplnlon Wo conductgej our audll In accJ)rdan¢g wlh Intemallonal Standards on ALrfIth"ng (UK} IISAS IUKII and applicable law. Our responsibilrties under thoso stsndaros are further dgscnl)ed sn the Auditorfs responsibilities for the audit ol the financial statements seciion of our report. Wg are indewndenl ol the Group In accordance with Ihe ethical requirements that are relevant to our audrt ol t finanaal statements In the United Kingdom, IndLsding the Financial Reporting Council's Ethical Stsndard. arKI we have hjlfilled our other ethical responsibililies in accordance with Ihese requiremenis. We bVe that the aLKlit evioence Y have obtained is sufficient and appropriate to provide 8 basis for our opin. Conclu•ions r•latlng to golng COnM In auditing the finanu81 slalernents. WB have concluded that the Trustees. use of the going ¢onc8m basis of accounting in the preparation of the financi81 ststements is appropllate. 8ased on Ihe work we have perfonned. we have not identified any material uncertainties relating lo events or conditions that. indivUallY or cc4lects"vdy, may cast Slgn5ficant doubt on Ihe Group's or the parent charitls ability lo continue as a going CcOM for a period of at 193sl Iwelve months from when the finanaal ststèments are aulhorised for issue. Our responsibilities and Ihe resFrtMsibilities of the Twstees 7Mth lo gcHng nCeM a described in the rdevanl seclions of this re(. Page S
THE CAPABRIAN EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO ThE MEMBERS OF THE CAMBRIAN EDUCATION TRUST (CONTINUED) Oth•r Infomiatlon The other inlomi81ion comprises the infomiation induded n ihe Annual report other than the financial slalemenls and our Auditor's report thereon. The Truslees are responsible for the olher infonnalion contsined within the Annual report. Oui opini¢)n on thè finanoal statements does Th)1 cover the other infomialion and, 8xcepl lo thè extent olh8Mise expliciuy stsled in our pOrt. we do not eXpsS any foftn of 8ssuranc& t))nclusion thereon. Our responsibility is to read the other infoffnation and. in doing so. consider whether the other inlormation is malenally inconsislenl wilh the ffinancial statements or our knovAedge oblaw)8d in Ihe course of the audit, or othe$se appears lo be materially misstated. If we entsfy suth maierial inconsislenties or apparenl malerial misstatements. arg required lo delemiine whether this 9ives rise lo a material misstalemenl in the financial slalements themselves. If. based on the work we have perforned, we CldUde that there is a malerlal misslalemenl of this ott1 informatron. we are required lo rewt that fact. We havg nothlng lo reF in Ihis regard. attern on whlch w• ar• r•qulr•d to r•port ty •xceptlon Wé have nothing lo report in respect of the fol0. m8tters 7*bere the Cttarities IA¢counts and Rewrts) Regulations 2008 requires us to report to syju rf. n <wr opinion: the informatlon glven In tha Trustees. reF¥)rt Is trwnsistonl In any materlal r8spect with the flnancSal 8tatemenls'. or the parent Charity has not kepl suffiLaenl a)uftting records.. or the panI Charity financial statements are nol in agement with the aecc¥Jnting records and relum8', or we have not receNed ali Ihe inf0m)atn and explanal¥)ns we require for lf audil. R••pon8lbllltS05 of trust••s As explained more fully in the Trustees. responsits"lities stslem•nt. Ihe Trust805 or8 responsible for the preparaiion ol the financial stslem#nts vthich tyv6 a true and lair view. and for such inlemal ntrol as th Trustees determine is necessary to enable tho preparats.on of ffinanci stalements Ihat arg Iree from material missialement, whether due to fraud or error. In preparing the finarKial stalemenls. tho Trustees are r8¥X51b18 lor assessing the Group's and the parent charity's ability lo continue as a going concem. disdosry. as apF4ic8ble. rnattws related lo going concem and uslng tho going concem basis of 8ccounling unless the Tnjstees oither inteThJ to INuid818 the Group or the paronl chanty or lo cease operatsons. or have no rgalistic altemative but lo do so. Page 6
THE CAMBRIAN EDUCATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CAMBRIAN EDUCATION TRUST {CONTINUED) Audltorfs responslbllltlos frr th• audlt of lh• fin•ncll •tatoffl•nts We have been appointed as auditor under sectth 152 of ihe Charitigs Acl 2011 and rep)rt in accordance vAth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain r88sonalAe assurance abcmrt wttether the financial statements AS 8 whole are free from material misslatemeni. wffielher due to fraud or error. and to issue an Athjilorfs repM)rt that inclu¢Jes our opinion. Reasonable assurance is a high level of assuran¢%. bul is not a guarantèe that an audit conducted in accordance with ISAS (UK) wdl afrway5 delect a malerial misstatement when il exists. Misstslements can arise from fraud or errof and are considered material if, individualy or in the aggregate. Ih8y could reasonably be exp8Cte(J io Influence the ewwmc deasions of use¥s taken on the basls of these finandal slatements. Irregulanli8s, inclu(Jing fraud, ar8 instances ol rrQmpl1ance with laws and regulations. We design procedures in line with our responsits'lities, ouUin&J above, lo delect malenal misstatements in rg$pocI of irregu18nlies, including fraud. The extent to our procedurès are capable of detethng irregulantses. induding fraud is detailed beknw.. We obtained an underslanding of legal and r8guW framow(xks wthin Wthh the charity operatés, fo¢u$ing on those laws and regulabons that have a di1 effect on the delemiination ol material arnounls and disclosures in the financial slalemenls. The laws and ragUli0rts V** rx5$dered in this context were the Chariknes Acl 2011 together with the Charilies SORP IFRS 1021. We assessed Iho required compliance with these Lqws and regulalions as part of our audit prctedures on the related ffiancial statement item8. Auditi'ng slandards Ilmrt the requife(J audll pio¢edures to idenify non<ompliance wilh th888 laws and regulations to enquiry of the Trustees and other management and inspectlon of regulatcry and legal Co9$Pondence. If any. We identified tho gf8alesl rlsk of maledal Imp8Ct on Ihe finanoal statements from irregularities, including fraud, to be within the override of contrc4s by management. Our audit procedures lo respond lo these risks included onquiries of man•¥menl, and the Tru$t¢e$ about their own entsficatIOn and assessm¢nl of the risks of irregularities, $8mpl8 testing Ihe posting of Krnals. ravthwng accounling estimales lor biases and r8vwiing regul8W correspondence. (Ming to the inherent limital#)ns ol an aLbdil, there ts an unavoidable risk Ihal we may not have detected some material misslalemenls in the finarrial siatemenis, even Ihough we have properly planne(S and p8rfomied our au¢Jil In accordance with audiling sian¢Jards. For example. the lurther removed nonvcompliance with laws aThJ rfjgulations liriegularitiesl i8 from the events and transacts'ons reflected in tr¢e financial slatemenls, th818ss likely the inherently limited procedures required by auditing 5tandard$ would identrfy it. In additron. as wltl) any audit, there remaine(J a hKJher risk of non4etectKJn of Irregularit$, as these may involve collusion, fofgery. inlenlional ornissions, misrepresenlalions. or the override of inlemal contrc4s. We a not responsible for preventing no cOMlanC& and cannot be expectod lo delecl notFcw)liance with all law5 and regulaknons. A lurthor dgscriptton of our Ye¥N)nsiblrties for Ihe audit of thè finanoal statements is kxaled on the Financial Reporting Council's website at.. www.frc. .uklaudi nsibililies. This desc4iplh)n fomis part of our Auditols rèport. Page 7
THE CAMBRIAN EDUCATION TRUST
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CAMBRIAN EDUCATION TRUST (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR
Date: 28 October 2022
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
THE CAMBRIAN EDUCATION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEM8ER 2021 Unro•trlcted funds 2021 Total funds 2021 funds 2020 RESTA TED Not• Incom• from.. Donation5 Charitse activities Cxher trading aCtiVrtS Investments 5,000 740.181 12 740.181 12 499,054 134 Total Incoffl• 745.193 745.193 504,452 Expendlturn on: Raising funds Charitatle aclivikn'es Other 8xpondilure 618,627 38.863 618,627 38.863 632, 729 (793J 40,953 Total exp•ndltur• 657.490 657.490 672,889 N•t mov•m•nt In lunds 87,703 87,703 (168.437) R•conclliatlon of fund•: Total funds brought fwaTd Net rvement In lunds 18 18 593.974 87,703 593.974 87.703 762,411 (168,431) Tgt•l fvnd¥ ¢•rrl•d forward 681.677 681,677 593.974 Thè Consolidated Ststeff*nl of Finan1 Adr¥rt w)cludes all gains and knsse$ re¢ty3nwd in the year. Tho noies on pages 13 to 27 fom part ol tIw5e fnancial statements. Page 9
THE CAMBRIAN EDUCATION TRUST CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2021 2020 RESTATED 2021 Flxod as#•ts Tangible assets 12 483,345 421,249 483,345 421,249 Curr•nt as••ts Slocks Debtors Cash al bank 8nd in hand 14 15 81.903 44,287 215.600 69,415 13,539 190,297 341.790 273,251 Crsdilors.. amounts falling duo ¥thithin I year 16 (143,4581 (88,026) N•t curT•nt as8•ts 198.332 185,225 Total a•••ts l•*# curr•nt Ilabllltlox 681,677 606,474 Creditors.. amounts falllng due after more than one yBar 17 (12,500) Total n•t a•••ts 681.677 593.9T4 Charlty funds Unreslricled lunds 18 681,077 593.974 Total fund• 681.677 593.9T4 The financial statements were appmed and aulhori5 for Ie by the Trustees and signed on their behalf by". Mr T Carron Chair of Truslees Date.. Mr J Wallh Trustee Dale.. 27/,,12l The notes on pages 13 10 27 fom part of these TmaneI statements. Page 10
THE CAMBRIAN EDUCATION TRUST CHARITY BALANCE SHEET AS AT 31 DECEIABER 2021 2020 RESTA TED 2021 Flx•d assfjts Tangle assets Investments 12 13 353,733 361.422 353.735 361,424 Curr•nt a#*eti Debtors C8$h 81 bank and in harml 15 1.615 170,455 168.042 168.042 172.070 Crgdilors.. amounts laling due thin or year 16 (13,306) (35,958) N•t current a•ul• 154,736 736. 112 Total ••••t• l••i curr•nt Ilablllll•• 508.471 497.536 Total n•t a#i•ts S08,471 497.536 Charlty fund• Unrestricted funds 18 508.471 497,536 Total funds 508.471 497,536 The financial statements were approwl and authcffised issue by the Trustees and swn8d on thoir bghalf by.. Mr T Carron Chaii of Tnjslees Date.. Mr J Wallaeh Trustee Date.. Iil,,I, The notes on page$ 13 10 27 form part of these financial stslements. Page 11
THE CAMBRIAN EDUCATION TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEMBER 2021 2020 20Z1 RESTA TED Cash flows from op•rating adivlti•s Nel cash used in operating activib.es 126.978 (186, 113) Cash flows from Invostlng actlvltl•s Intere¥l received Disposal of fixed assets Purchase of tangible fixed assots 12 718 {89,9051 134 (58, 192J Net cash u•d In Inv•stlng actlvbtl•• 189,1751 (58.058} Cash flows trom flDonclng actlvltl•• Repayments ol l)orrowng 112,5001 N•t c••h lu••d Inllprovld•d by fln•nclng aclfvlll•• 112,SOOI Chang• In c••h and cuh •qulval•nt• In th• y••r Cash and cash equNalents at the beglnnlng of the 25,303 1244,1711 434,468 190,297 Cash and cash equlval•nts t th• •nd of th• y••r 21S,600 190.297 The nol88 on pages 13 to 27 fonn part of these financial stslements Page 12
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Gèneral Inforniatlon The Cambrian Education Trust is an unirKorpJrated charity Iregister8(I number 10969411 regislergd in Engfand and Wales. The regi518red address is The Cheslnul. Crucklon. Shrewsbury, SY5 8PW. Accounting poll¢h• 2.1 B•sls of proparall¢)n of flnan¢ll sl•l•rn•rrts The flnanual slalements have been prepared In accordanca wth Ihg Charilies SORP IFRS 1021- Accounknng and Rewting by Charit$.. Slalemenl ol Recommended Practice apF4icabl& to Charitses ppanng their aCUnts in accordanc ¥wth the Financial Repong Standard apiCable In th¢ UK and Republic of Ireland IFRS 1021 {effects'v6 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charili8s Acl 2011. The finarri statements have been prepared to give a 'lnJe and fairf view and have departed Irom the Charities IAccounls and Rewrtsl Regulatsons 2Crf)8 only io the exlenl required to provide a 'true and fairf view. This departure has invofved following the Charities SORP IFRS 1021 put4ished In October 2019 rather than the Accthjntw and Reporting by Charitses.. Stslemenl of Recommended Practice éffectrve from l April 2¢))5 vthlch has sénce been wltTrwJrawn. The Cambrian Educabi)n Trust moets the d8finilion of a public b8nefft entsty under FRS 102. A5sfjIs and liabilrtjes are inrtially recognised at $t(Ka1 cost or transact valuo unless olhorwi$e stated in the relevant ac¢ountsng pdicy. The Consolldated slalemenl of fin8n(>81 8ctiviti8s {SOFAI and Consolidated bal8nce sheet CAinsolhlate the finanual statements ol the Chafity and rts SUbsl8ry undertaking. The sUltS of the SubSry are consdidated on a by basis. The Charity has aL80 taken advantage ol the exempkn.on aValbIg lo a qualrfw'ng entity in FRS 102 Irorn Ihe requirement to present a Charity only ststement of cash flows and rtain dlsclosuros atK)ul the charivs financial instruments withln tN8 CsId3¢e(l ffinancial statemenls. No separate SOFA has b8en prepargd lor the Charity alwe. 2.2 Golng conc•m The Trustees are of the opinipn th81 Ihere is SufflnI funding in place to COntinL activities of the charity. The10, the accounts have been prepa on a going con¢em basis. 2.3 Income All income is recognised once the Charity has entioemenl lo the income, it is probabl8 that the Ineome wil be rticeived and the anNJunt of income receivable can be m&asured rdiably. 14 Expondltur• Expendilure is fecognised once the is a legal Of constructive obligalion lo transfer economic benefit to a third party, it is probable thal a Iransfer of economic benefits will be requi in setuomenl aThJ the amount of the ot4igab.on can be naSured rdiatrAy. Expendsture is dassified by activity. ExpendilLbre on raising funds includes am expendilure incurred by the Group to raise funds for ils chariiable purposes and IndleS ojsts of am fundrar6ing acbvit*s events and n-Charitatre trading. Page 13
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcl8s IntInu•d1 2.4 Expendltur• Icontlnu•d Expendilure on charitable actNities is incurred on direcoy undertaking th# activrtits whith further the Group's obj'ectives, as well a$ any associalod SUPF4Jrt costs. All expenditure is indusive of irrecovefable VAT. 2.5 Int•r•st r•c•lvab Interest on funds held on der•JSit is Iuded when receivable and the amount can b8 m88sured r8liably by the Group., this is rbomialty UP notification of the intere51 patd or payable by the institution th whom the fvnds are dep05rted. 2.6 T•nglbl• fix•d ••••ts •nd d•pr•cl•llon Tangl0 fixgd assets cosling £XQ or more are capitslis8d and reeo9nis8d whon fvture economic b8nefils are probable cost or value of th& assel can be measured reliably. Tangible fixed assets are inilialy recognised at cost. After recc•JnitKM. under the cost model, tangiblo rixed assets are measured al cosl bess acumulaled depreaatson and any amulated impairment kjsses. AJI costs incurred to bring a tsThJible fixed asset into its intended working condition should be Indje0 In the measurement of c081. Depreciation is charged as to alkcate the cost of langiblo fixed asso15 1gS3 their residual value ovei thelr 8sllmated useft lives. Oepffjaalion b prOded th• folhjwry bogs: Freehokl property Fixturos. ffttings and equipment - on o)st 20% I cost 17 InltM•th Inveslmonts in $ubsKJiaries are valued al o)st18ss proviSn for Impairmènt. IJ S¢o¢ks Stocks are vaw 81 the lower ol cost and net wlisable value after making du8 all¢)w?nce for obsolete and slow-moving stocks. Cost incbJd8s al direct costs and an appropriate proportion of fixed and variable overheads. 19 Debt¢ Trade and other debtors are rett*Jnised al Ihe setdement amount after any trade discount offered. Prepayments are vaued at the affunt prepaKI net ol any trade discounts due. 110Cash at bank and In h•nd Cash at bank and in hand in¢lL$ $h and sht-lem1 hhty liqupj investments wth a short maturity of three months or less from th8 d8te of a(4uisthn or opèning of the deposf( or similar account. Pag8 14
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPIBER 2021 Accounting pol1cl Iconllnu•d) 2.11 Llabllltl•¥ and provlslons Liabilities are recognised when thèr6 is an ¢t1ation al lh8 Balance sheet dal8 as 8 result of a past event. (( is probable that a transfer of economic banefil will bè requir in $61tlemonl. and the amounl of the settlement can be estsmaled reliably. Liabilities are reeognised al the amount Ihat the Charity anticipates il wrfl pay to settle the debt or the amount il has received as advaneed paents for the g(xxJs or services il musl provide. 2.12 Flnanclal In•trum•nt• The Group cffily has financial assets financial liabilitles of a kind that qualify as basic financial Instruments. Basic financial Instrunnts af8 lnilia1 recognised at iransaclion value and subsequent measured al Iheir settlement value. 2.13 Fund •c¢ountlng General lunds are unrestricted fund$ wtKh are avalable for use at the discretion of thè Trusiees in furtherance ol the general objectives of the Group arKI vknich have been designated for other purposes. Incom• from donatlonj and l•g•¢l•• Unr•strlct•d fund% 2021 Total fund• 2021 Donations Unrestricted Tot81 fvnds funds 2020 2020 RESTA TED RESTA TED t10naliS 264 Page 15
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2021 Income from charStable actSvltl•s UnwestrSct•d funds 2021 Total fund 2021 Rentsl Income s,000 5,000 Unreslricted funds 2020 Tot81 funds 2020 Rental income A1oa30 is in plxe for the rental of t tsjilding lo OSGUK for £5.(W p.a. Thg leas8 18 In place until 31st December 2027. Income from othèr tradlng acti¥i¢l•s Incom• from non ch•rllabl• tradlng actlvltl Unroslrld lunds 2021 Total funds 2021 Tratjing incoma- 2C Trading Ltd 740,181 740,181 Unrestricted Total funds funds 2020 2020 RESTA TED RESTA TED Trading income- 2C Tratling Lld 499,054 499,054 Page 16
THE CAMBRIAN EOUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Invostsnent Income Unrgstrlctgd funds 2021 Total funds 2021 InteTesI receivable 12 12 Unrgstncled lunds 2020 To181 funds 2020 Interest recewable 134 734 Exp•ndltur• on rnlllng fvnd• Oth•r tradlng •xponv¥ Unrnitrlctod funds 2021 Total funds 2021 Cost ol sales Administration expen Interest payaue Administration depreciation 507,064 92.061 100 19.402 507,064 92,061 11)0 19,402 618.627 618,627 Page 17
THE CAMBRIAN EOUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Expendbtur• on ralslThg fvnds {contlnu•d) Olh•r tradlng oxp•nsM {contlnu•dl Unresfncted Tolal fvnds funds 2020 2020 RESTA TED RESTA TED Charity tradir¥J oxponsos Cost ol sales Administralion expenses Adrninistralic depreualtr)n 222. T61 342,730 57,928 9.310 222, 761 342, 730 57.928 9,310 632, 729 632, 729 Other expendltur• Total funds 2021 Other expenditure Unreslncled funds 2020 Tol81 funds 2020 Net k)ss on disposal of tsngibl¢ fixgd assets 40,953 40,953 Page 18
THE CAM8RIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysls of eXndItUrn by actlvltles Support co$t$ 2021 Totsl fund8 2Q21 Charitsble Ath'vitigs 38,863 38,863 Support costs 2020 Total funds 2020 Charitsblè Aelivrtie¥ (793) (793) Analys1• of •upport co#ts Total Total lunds lund8 2020 2021 RESTATED Depreciation Release of historic balancth and offs Donations 7,690 113,2731 42,061 1,953 1,898 288 T,112 (12,531) Repairs and maintenante Professional fees 8ank charges Miscelkgneous educational expenses 756 2,7 5T1 599 (1,7541 38,863 (793) In 2021 donations were made lo OSGUK. Stsff costs are nl. The Cambrian Education Trust is njn wholty by volunteers. Pag& 19
THE CAM8RIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Audltorfs remunerallon 2021 2020 Féès payabl¢ to th8 Charitys auditor for audit services Fees payable to the Charitys auditor in rnspect of. Non-audlt seNkès 5,000 2,250 11. Trust••$' r•mun•f•tlon and •xp•nMI During the •r, no Tw$tsos rg¢0ive(l any remuneralA cw other benefits {2020- £NIL). During ihe ended 31 Detsmber 2021. no Twslee expen888 have been incurred (2020 . £NILJ. Page 20
THE CAMBRIAN EOUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPABER 2021 12. Tanglble flx•d assets Group Flxtur••, Freohold fittlngs and PToperty equipm¥nt Total Cosl Al 1 January 2021 A(klibons DIsFosa15 873,678 72.916 89,905 17181 946,$94 89.905 1718) Al 310ecerrthr 2021 873,678 162.103 1,035.781 D•pr•clatloTh At 1 JanLbary 2021 Charge for 512.256 7,689 13,089 19.402 525,345 27,091 At 31 December 2021 519.945 32,491 552,436 N•t book vJlu• At 31 December 2021 353.733 129.612 483,345 At 31 December 2020 361.422 59,827 421.249 The prior year balances have been Slated lo IS*ale ts subsidiary results. As a resull Ihe trfoughl forward balances have been stated. Page 21
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEPABER 2021 12. Tanglble flxed assets Icontlnuadl Charlty Frnehold property Cost At l January2021 873,678 At 31 December 2021 873,678 D•pr•¢latlon Al 1 January 2021 Charge for the ar 512,256 7,089 At 31 Decembèr 2021 519,945 N•t book v•lu• At 31 December 2021 353,733 Al 31 December 2020 361,422 Page 22
THE CAM8RIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11 Flxed alt Investments Inv•stm•nts subsldlary cornpani8s Charlty Co¥t or v•luatlon At 1 January 2021 At 31 Deeembèr 2021 Principal sub¥idiar••¥ Thg fo1¢ing was a subsIdry underta"n9 of tha Charity. Nam• comnY numb•r A•gl$t•rgd offic• or prfn¢lpal Prlnclpal actbvlty pla of bu•ln•s# 2C Trading Lirnited 073136S7 Focus Schocrf Ne%th Campus. Sak of retail g¢>)d$ Sam. N**4tthvn, Pw. SY16 4EW The financial results of the $ubstdiary lor the were: N•m• Incom• Expondltur• ProfiVILos¥) I Surplusl (Deflcltl for th• yg•r N•t a•••ts 2C Trading Limited 740,181 1663.413) 76.768 173,208 Page 23
THE CAM8RIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2021 14 Sio¢ks Group 2021 Group 2020 Stc 81.903 69,415 1& Debtors Group Group 2020 2021 RESTATED Charlty Charity 2020 2021 RESTA TED Du• wblhin on• y•ar Trade debtors Other debtors 25.064 19.223 12,642 1,615 44.287 13.539 1,615 16. Cr•dltorn: Amounts fallln9 du• wlthln on• y•ar Group Grt)up 2020 2021 RESTA TED Charlty Charity 2020 2021 RESTATED Loans Trade cret1iteAs Other creditc Accruals and deferred income 13,700 102,813 16.945 10.000 13.7 3,306 6,185 9,949 29,773 10.000 29, T73 143,458 88,026 13.306 35.958 17. Cr•dltor¥: Amounts falllng du• aft•r mor• than on• y••r Group Group 2020 2021 REsfA TED Loans 72.500 Page 24
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1& Statsm•nt ot funds Statem•nt ol lunds - ¢urr•nt yaar Balance at 31 December 2021 B•l#nc• •t 1 January 2021 Income Exp•ndltur• Unrestrlcted funds General Funds 593.974 74S.193 1657,490) 601,677 Statgm•nt ol fund• - prlor y••r IRESTATEDI 881ance at 31 Dacember 2020 881ane8 at l January As Trslal8d As reslaled 2020 Income Expgnditure Unr••trlct•d fvndi General FurKIs 762.411 504.452 {672,889J 593,974 19. Analy•l¥ of net a•Mts bet*Y•n lund• An•ly81• of net •¥•ots b•tw••n lund•- curv•nt y•ar Vnro•trlct•d funds 2021 Total lund• 2021 Tangib fixed assets Current assets Creditors due within one year 483.34S 483.345 341,790 341.790 1143.458) 1143.458) Totsl 681,677 681,677 Page 25
THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2021 19. Analy$ls ol net assets between funds Iconllnuedl Analysls of not assots lJ•tw••n funds- prfor yoar IRESTATEDI Unrestricl8d funds 2020 Total funds 2020 TangiNe fixed as8ets Cuffent assets Creditors due within ong year Creditors due in more than one or 421.249 273,251 (88.026) 112,500) 421,249 273,251 f88,026J f12,SOOJ Total 593.974 593.974 R•concillation of nel rnov•m•nt in fvnds lo n•1 ca¥h flow from owratlng actlvltl•i Group Group 2020 2021 RESTA TED Nel incomelexpenditure for the {8s per Statemenl of Financ*1 Adivitiesl 87.703 (168,437) AdJustm•nts for. Depreciation charges Inlerest received 27,091 1121 16.421 (134) 40.953 (15,681) 102,227 (161,462) Loss on the 581e of fixed assets Increase in stocks Iln¢r•aseYdecrease in debtors Increa5el{decreasel in ugditryS 112,4881 130.7481 55,432 Net cash Provid byl{u••d Inl op•rating activit1•• 126,978 (186, 113) Page 26
THE CAM8RIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 21. Analysis of cash and cash •qul¥alents Group Group 2020 2021 RESTA TEO Cash in hand 215.600 190.297 Totsl ush •nd •qulval•nt• 215.600 190,29T 21 An•lysls of ¢hang•• In n•t d•bt At31 D•c•mb•r 2021 January 2021 C••h flows Cash al bank and in hond Dgbt duo within 1 year Debt due after 1 year 190.297 113,7001 112.5001 25,303 215,800 {13.700) 12.500 164,097 37,803 201,900 23. R•l•tod Party Tr•n••ctlon• As at 31 Doc9mr 2021 the subgdiary 2C Trading Ltd had outstanding knans of £7,500 due lo related parties. £S.01)O of which was due to Mr G Wallath. lather of C8mbnan Educat Trust Truslge Mr J Wallaeh and £2.500 01 which was due lo PAr R Blackledge a TnJslee of Cambrian Education Trust. Both 108ns were made interest free. 24. Op•ratlng c¢)mmltm8nts Al 31 December 2021 the Group and the Charity had oy)mmitments to make fviure minimum lease payments under nonnclat4e operating leases as folows.. Group 2021 Group 2029 Nol later than 1 ar Later than 1 year and not Ier than S years 7,512 5.048 7,500 12.500 12.560 20,OCKI Page 27