Charlty nurn￿r: 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¢$' r¢port Independent audlto¢• report on the financial itatèm•nts Con80lid•t•d sL*em•nt of financlal actlvitl•s Consolldated balance *h••l 10 Charlty balance gh•et Consolldatod stal•m•nt ol ¢ash flows 11 12 Not•¥ to th• fin•nGlJl ¥t•t•m•nts 13-27 THE CAMBRIAN EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES ADVISERS FOR THE YEAR ENDED 31 DECEPABER 2021 Tru$t•è8 Mr T Carron, Chair Mr N Wallach, Trustee Mr R ￿aCkledge, Trnslee Mr J w￿lach, 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 advor￿ment of the education of children and young pfjople through the provision of education sites and p￿rni$8$. The obj.ects also indude any other charitable purpose for the benefit of the wortth4hl8 Christian I￿{Y*shiP as the Pl￿nouth 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 Commiss￿n'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." £n￿l. 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 w*Je. 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 e￿L￿a￿Onal premises In support of th8 eduCat￿nal 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$1 Oecemb8r 2020.. defi￿1 01 £168,437). All funds are unrestricted. The Tnjsl i¥ Supported finan(*d principaly by profiis Irom its trading sUb￿dIary 2C Trading Limi18d 07313657 plus other ad hoc donalions and those raised by fundraisiThJ evenls. The Tnjstees that thg Trust's funds are sufficienl to miligale any short to medivm term risk of reduced funding. The Trust's fundraising events prino'paay operate *ithin the Brethren e4Jmmunity and professional fundraisers are not used. Neithèr the Trust nor any person aeling on behalf ol the Trust was subject lo an undertaking lo be bound by any voluntary stheme for regulatiThJ or vduntary Standard lor fvn(l-fai8ing in respect of activiti8s on behalf of the Irusl. The TnJst88s' pdicy Is lo m8intsin minimurn free reserves at a level which equal8$ 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 ba￿9 ean be foLsnd in the Acc￿m￿"r￿j 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 1x￿St518ntIY, obs8rvo the methods and princirA85 in ltte CharIt￿S SORP., mak8 judgements and eslimales that are reasonable and pwdenl.. stale whether appliCa￿e ac￿inting $land3rOs have betrn fcAlowed. subjgd to any material d8partur8S di5closgd and explained in the finanoal statements- prepare the financial stalèmenis on the going cnrwn basis unless il ts inappropriate to presume Ihal the ¢hority and group will continue in business. The Iruslees are responsitle for keoping proper accounting re￿3 that disdose with ￿*s(￿able accuracy al any lime the financial position of the charity and the group and enatAe them lo ensure that the financial statements comply wth th8 Chants"es Act 2011. the Charity (Accounts arnj Reports) R8gulalion5 2008 and the provisions of the Tru51 deed. They are also r8$ponsible for safeguardin9 the assets of the charity and th8 group and hence lor taking r&asonat48 steps lor the weventlon and detfjc￿n of tra￿3 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 C￿So11dated 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 ReF￿rtIng Stsndards 3pp1lc8r￿e 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 reg￿tionS bul has b8en withdfawn. This has been donè in or(ler lor Ihe acoJJnts lo provth a twe and fair w6w ￿ acc￿danCe with the Ganèrally Accept¢tJ A¢countsng Practice effèctive for reFth'ng pa￿dS btyinniro on or after 1 January 2015. In our opIn￿n 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 aprA1cat￿n 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 aCC￿danCe 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 b￿￿Ve that the aLKlit evioence Y￿ have obtained is sufficient and appropriate to provide 8 basis for our opin￿. Conclu•ions r•latlng to golng COn￿M 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. indiv￿UallY or cc4lects"vdy, may cast Slgn5ficant doubt on Ihe Group's or the parent charitls ability lo continue as a going C￿cOM 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 eXp￿sS 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 Cl￿dUde that there is a malerlal misslalemenl of this ott￿1 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 81 8ctiviti8s {SOFAI and Consolidated bal8nce sheet CAinsolhlate the finanual statements ol the Chafity and rts SUbs￿l8ry undertaking. The ￿sUltS of the SubS￿￿ry are consdidated on a by basis. The Charity has aL80 taken advantage ol the exempkn.on aVal￿bIg 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 C￿s￿Id3¢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 Suff￿l￿nI funding in place to COntinL￿ activities of the charity. The￿10￿, 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 n￿aSured 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 Ind￿leS ojsts of am fundrar6ing acbvit*s events and n￿-Charitatr￿e trading. Page 13 THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcl8s I￿ntInu•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 I￿￿uded 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 Tangl￿0 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 a￿mulated impairment kjsses. AJI costs incurred to bring a tsThJible fixed asset into its intended working condition should be Ind￿je0 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 prO￿ded th• folhjwry bogs: Freehokl property Fixturos. ffttings and equipment - on o)st 20% I￿ cost 17 In￿ltM•￿th Inveslmonts in $ubsKJiaries are valued al o)st18ss proviS￿n for Impairmènt. IJ S¢o¢ks Stocks are vaw 81 the lower ol cost and net wlisable value after making du8 all¢)w?nce for obsolete and slow-moving stocks. Cost incbJd8s al direct costs and an appropriate proportion of fixed and variable overheads. 19 Debt¢ Trade and other debtors are rett*Jnised al Ihe setdement amount after any trade discount offered. Prepayments are vaued at the aff￿unt prepaKI net ol any trade discounts due. 110Cash at bank and In h•nd Cash at bank and in hand in¢lL￿￿$ ￿$h and sh￿t-lem1 h￿hty 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 ¢t1￿ation al lh8 Balance sheet dal8 as 8 result of a past event. (( is probable that a transfer of economic banefil will bè requir￿ in $61tlemonl. and the amounl of the settlement can be estsmaled reliably. Liabilities are reeognised al the amount Ihat the Charity anticipates il wrfl pay to settle the debt or the amount il has received as advaneed pa￿￿ents for the g(xxJs or services il musl provide. 2.12 Flnanclal In•trum•nt• The Group cffily has financial assets financial liabilitles of a kind that qualify as basic financial Instruments. Basic financial Instrun￿nts af8 lnilia1￿ recognised at iransaclion value and subsequent measured al Iheir settlement value. 2.13 Fund •c¢ountlng General lunds are unrestricted fund$ 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 t10nali￿S 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 eX￿ndItUrn 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,$94 89.905 1718) Al 310ecerrthr 2021 873,678 162.103 1,035.781 D•pr•clatloTh At 1 JanLbary 2021 Charge for 512.256 7,689 13,089 19.402 525,345 27,091 At 31 December 2021 519.945 32,491 552,436 N•t book vJlu• At 31 December 2021 353.733 129.612 483,345 At 31 December 2020 361.422 59,827 421.249 The prior year balances have been ￿Slated lo I￿S￿*￿ale ts subsidiary results. As a resull Ihe trfoughl forward balances have been ￿stated. Page 21 THE CAMBRIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEPABER 2021 12. Tanglble flxed assets Icontlnuadl Charlty Frnehold property Cost At l January2021 873,678 At 31 December 2021 873,678 D•pr•¢latlon Al 1 January 2021 Charge for the ￿ar 512,256 7,089 At 31 Decembèr 2021 519,945 N•t book v•lu• At 31 December 2021 353,733 Al 31 December 2020 361,422 Page 22 THE CAM8RIAN EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11 Flxed al￿t Investments Inv•stm•nts subsldlary cornpani8s Charlty Co¥t or v•luatlon At 1 January 2021 At 31 Deeembèr 2021 Principal sub¥idiar••¥ Thg fo1¢￿ing was a subsId￿ry underta￿"n9 of tha Charity. Nam• com￿nY numb•r A•gl$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 Doc9m￿r 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 non￿nc￿lat4e operating leases as folows.. Group 2021 Group 2029 Nol later than 1 ￿ar Later than 1 year and not I￿er than S years 7,512 5.048 7,500 12.500 12.560 20,OCKI Page 27