KT Educational Charitable
Trust
Annual Report and Financial
Statements
31 December 2022
Company regi8tralion number
07057043 (England and Wak$l
Charity Registration number
1135017

Contents
Reports
Reference and adminislralive detsils of
the charity, ils Trustees and advisers
Trustees, report
Independent auditor's report
Financial statements
Statement of
financial activities
11
Balan￿ sheet
12
Statement of cash flows
13
Principal accounting policies
14
Notes to the financial statements
17
KT Educational Charitable Trust

Reference and administrative details of the charity, its Trustees and advisers
Trustees
Mr Richard Fairbairn
Mr Jean-Pierre Mustier
Mr Arnaud Vaissié
Registered office
23 Cromwell Road
London
SW7 2EL
Charity registration number
1135017
Company registration number
07057043 (England and Wales)
Auditor
Buzzacotl LLP
130 Wood Street
London
EC2V 6DL
Bankers
HSBC
HSBC Holdings PLC HBEU
West London Corporate
2nd Floor, spa￿ One
1 Beadon Road
Hammersmith
London
W6 OEA
Banque Transatlantique
26 Avenue Franklin Roosevelt
Paris
Solicitors
Adam Perry & Co LLP
10 SpaTrs Business Centre
15-17 Ingate Place
London
SW8 3NS
KT Educational Charitable Trust 1

Trustees, report Year lo 31 December 2022
The Trustees present their report with the financial statements of the charity for the year
ended 31 De￿mber 2022.
The report has been prepared in accordance with Part 8 of the Charities Act 2011 and
constitutes a directors, report for the purposes of company legislation.
The accounts have been prepared in accordance with the accounting policies sel out on
pages 14 10 16 of the attached accounts and comply with the charitable company's
memorandum and articles of association, the Charities Act 2011 and Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland {FRS 1021.
Introduction
The charity was incorporated as a company limited by guarantee on 26 October 2009 as
French Education Property Trust I'FEPT l and obtained charitable status on 18 March
2010. On 18 September 2013 the charity changed ils name lo l([ Educational Charitable
Trust I'KTECT'I. In the event of the winding up of the company each member guarantees a
sum not exceeding £10.
Objectlves
The objectives for which the charity is established are to advanTr, for the public benefit in
the United Kingdom, the education of pupils in the French education system. The objectives
are in particular, but not limited to, the provision of premises and facilities for schools
offering a French or a broader bilingual curriculum in the Kentish Town area. The charity
aims to provide assistance in establishing, maintaining, carrying on, managing and
developing such schools.
In setting the charity's objectives and planning its activities, the trustees have given careful
consideration to the Charity Commission's general guidance on public benefit
ACHIEVEMENTS AND PERFORMANCE
Review of thg yoar
KT Educational Charitable Trust sel up the Collège FranGais Bilingue De Londres ICFBLI
school which opened in 2011.
CFBL has a board of governors who meet regularly lo make key decisions for the school.
The school ran at almost full capacity during 2022 and the numbers for next school year are
expected to be as high.
CFBL continues to pay rent on time to KT Educational Charitable Trust.
Within the current downgraded economic situation CFBL'S financial situation remains a little
fragile due to inflation in most of ils expenses. A eost savings plan has been put in place by
the board of governors lo reconstitute these reserves and is currently in progress.
KT Educational Charitable Trust 2

Trustees, report Year lo 31 December 2022
FINANCIAL REVIEW
During the year the Charity received donations of £107,00012021 - £86,000), rental income
of £1,800,00012021 £1,767,000} and interest of £3,37512021 £11,000). Costs relatsng
to charitable actives in the year amounted to £1,946,00012021- £1,334,000).
Net income for the year was £64,00012021- £530,000). The propety held as a programme
related investment was valued al £27,091,000. The total funds as at 31 December 2022
were £8,094,00012021- £8,030,0001.
Reserves policy
The Iruslees regularly monitor the cash position of the charity lo ensure that there are
sufficient funds for capital projects and the running of the charity, including servieing the
bank finance.
Financial position
The charity had lolal funds al 31 December 2022 of £8,094,00012021- £8,030,000). On
the programme related investments and long term loan are excluded, this leaves free
resetves of £894,000 12021 £733,000). The trustees are of the opinion that the free
reserves are adequate.
FUTURE PLANS
Given the high demand received by CFBL, especially amongst Early Years, the school
board is likely to open a new class within ils own premises which will generate extra
revenues.
GOVERNANCE, STRUCTURE AND MANAGEMENT
Organisation
The trustees meet officially in person On￿ or ￿lce a year and more frequently when
required. They also hold conference calls when required and there are at least monthly
email exchanges r￿ardIng budgets. Any new trustees are inducted regarding their
responsibilities and the activities of the KTECT through detailed briefings.
It is understood that current Iruslees have a long-term commitment and therefore there are
no changes lo the trustees currently envisaged.
All trLJStees have agreed to adhere to the charity's conflicts of interests, policy and have
signed a statement lo this effect.
Trustees
The following trustees were in office at 31 December 2022 and served throughout the year".
Trustees
Mr Richard Fairbairn
Mr Jean-Pierre Musti8r
Mr Amaud Vaissié
KT Educational Charitable Trust 3

Trustees, report Year lo 31 December 2022
GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl
Trustees Icontinuedl
Trustees, field of expertise is complimentary and they have been involved since inception of
the Trust. Any new appointments will need the full board approval.
Key management personnel
The trustees consider that they comprise the key management of the charity in charge of
directing and controlling, running and operating the charity.
None of the Iruslees receive any remuneration for their services.
Trustees. responsibilities statement
The Iruslees (who are also directors of KT Educational Charitsble Tnjst for the purposes of
company lawl are responsible for preparing the trustees, report and financial statements in
accordan￿ with applicable law and United Kingdom Accounting Standards Iunited
Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare fi'nancial statements for each financial year
which give a true and fair view of the stale of affairs of the charity and of the income and
expenditure of the charity for that period. In preparing these financial slatemenls, the
trustees are required to.
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities preparing their accounts in
accordan￿ with the Financial Reporting Standard applicable to the United Kingdom and
Republie of Ireland IFRS 1021.,
make judgements and estimates that are reasonable and prudent.,
state whether applicable United Kingdom Accounting Standards have been followed,
subject lo any material departures disclosed and explained in the financial statements.,
and
prepare the financial statements on the going Concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The Iruslees are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any lime the financial position of the charity and enable them lo
ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charity and hen￿ for tsking reasonable steps
for the prevention and detection of fraud and other irregularities.
KT Educational Charitable Trust 4

Trustees, report Year lo 31 December 2022
GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl
Trustees, responsibilities statement Iconlinuedl
Each of the Iruslees confirms Ihal..
so far as the trustee is aware, there is no relevant audit information of which the
charity's auditor is unaware., and
• the Iruslee has taken all the steps that he ought to have taken as a trustee in order to
make himself aware of any relevant audit information and lo establish that the charity's
auditor is aware of that information.
This confim)alion is given and should be interpreted in accordance with the provisions of
s418 of the Companies Act 2006.
Risk management
The trustees have reviewed the risks faced by the charity and have procedures in place to
mitigate the risks identified.
The key risk to the charity is the level of admissions at the tenant school, this could be
affe¢led by Brexit and other economic factors and could ultimately have the FX)lential to
affect the ability of ils tenant school lo pay their rent in accordan￿ with the lease
agreement. The admissions numbers are monitored and the school itself is implementing its
own communications strategies lo ensure the school operates at as close to fLJII capacity as
possible.
Raising funds
The charity does not actively fundraise although il welcomes donations.The charity aims to
achieve best practice in the way in which it communicates with donors and other supporters.
It lakes care with both the tone of its communications and the accuracy of its data and never
sells data, it never swaps data and ensures that communication preferences can be
changed at any time. The charity manages ils own fundraising activities and does not
employ the services of professional fundraisers. The charity undertakes lo react to and
investigate any complaints regarding ils fundraising activites and lo learn from them and
improve its service. During the year, the charity received no complaints about its fundraising
acilNilies.
The above report has been prepared in accordance with the special provisions as sel out in
Financial Reporting Stsndard FRS102 and Part 15 of the Companies Act 2006 relating to
small companies.
Approved by the Board of Trustees".
JP Muslier
Trustee
Approved on 12 July 2023
KT Educational Charitable Trust 5

Independent auditor's report Year ended 31 December 2022
Independent auditor's report to the members of KT Educational Charitable Trust
Opinion
We have audited the financial statements of Educational Charitable Trust (the 'charitsble
company'l for the year ended 31 December 2022 which comprise the statement of financial
aclivilies, the balance sheet, the statement of cash flows, the principal accounting policies
and the notes lo the fi'nancial statements. The financial reporting framework that has been
applied In their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion, the financial stalemenls..
give a true and fair view of the slate of the charitable company s affairs as at 31
DeTrmber 2022 and of Ils Income and expenditure for the year then ended.,
have been properly prepared in accordance with United Kingdom Generalty Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those standards are further described in
the auditor's responsibilities for the audit of the financial statements section of our report. We
are independent of the charitable company in accordance with the ethical ￿quirementS that
are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concorn
In auditing the financial statements, we have concluded that the Trustees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the charity's ability lo continue as a going concern for a period of al least ￿e1ve months
from when the financial statements are authorised for issue.
Our responsibilib'es and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
KT Educational Charitable Trust 6

Independent auditor's report Year ended 31 December 2022
Other infomiation
The Iruslees are responsible for the other information. The other information comprises the
information included in the annual report and financial stalemenls, other than the financial
statements and our auditor's report thereon. Our opinion on the financial statements does
not cover the other information and, ex￿pt to the exlenl otherwise explicitly slated in our
reF)Ort, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsislenl with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstslements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information.
If, based on the work we have performed, we conclude that there is a material misstalemenl
of this other infomialion, we are required lo report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribod by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the informats'on given in the Iruslees, report, which is also the directors, report for the
purposes of company law, ft)r the financial year for which the financial statements are
prepared is consistent with the financial slatemenls,. and
the trustees, report, which is also the directors, reF)Ort for the purposes of company law,
has been prepared in accordan￿ with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understsnding of the charitable company and its environment
obtained in the course of the audit. we have not identified material misstatements in the
trustees, report. We have nothing to report in respect of the following matters in relation to
which the Companies Act 2006 requires us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and retums.,
or
certain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled to prepare the financial statements in accordance with
the small companies regime and take advantage of the small companies, exemptions
from the requirement to prepare a strategic report.
KT Educational Charitable Trust 7

Independent auditor's report Year ended 31 December 2022
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are aLso
the di￿tal5 of the charitaEAe (x)rrpany the purwses of uxnpany lawl are responsible for the
preparation of the financial slalements and for being satisfied that they give a true and fair
view, and for such internal control as the trustees determine is ne￿SSary to enable the
preparation of financial statements that are free from material misstalemenl, whether due to
fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the
charitable company's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the trustees either intend lo liquidate the charitable company or to cease operations, or have
no realistic alternative but lo do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably
be expected lo influence the economic decisions of users taken on the basis of these
financialslatements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, lo detect material
misstatements in respect to irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below..
How the audit was consiTdered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of
irregularities, including fraud and non-compliance with laws and regulations, was as follows..
• The engagement partner ensured that the engagement team collectively had the
appropriate competence, capabilities and skills to identify or recognise non-compliance
with applicable laws and regulations.,
• We identified the laws and regulations applicable lo the charity through discussions with
management and from our knowledge and experience of the charity sector,.
• We focused on specific laws and regulations which we considered may have a direct
material effect on the accounts or the activities of the charity. These Included bul were
not limited lo the Charities Act 2011,. Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable lo the United Kingdom
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191.. and The Companies Act
2006, and
KT Educational Charitable Trust

Independent auditor's report Year ended 31 December 2022
Auditor's responsibilities for the audit of the accounts Icontinuedl
How the audit was considered capable of detecting irregularities including fraud
(continued)
+ We assessed the extent of compliance with the laws and regulations identified above
through making enquiries of management and those charged with governance and
review of minutes of trustees, meetings.
We assessed the susceptibility of the charity's financial statements to material
misstatement, including obtaining an understanding of how fraud might occur, by..
Making enquiries of management and trustees as to where they considered there was
susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and
• Considering the internal controls in place to mitigate risks of fraud and non-compliance
with laws and regulations.
To address the risk of fraud through management bias and override of controls, we..
* Performed analytical prO￿dureS to identify any unusual or unexpected relationships.,
* Tested and reviewed journal entries to identify unusual transactions.,
• Tested the aulhorisalion of expenditure.,
• Assessed whether judgements and assumptions made in determining the accounting
eslimales were indicative of FX)lential bias., and
Investigated the rationale behind significant or unusual transactions.
In response lo the risk of Irregularities and non-compliance with laws and regulations, we
designed procedures which included, bul were not limited to..
• Agreeing financial ststemenl disclosures to undedying supporting documentation",
+ Reading the minutes of meetings of trustees., and
+ Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed
that laws and regulations are from financial Iransaclions, the less likely il is that we would
become aware of non-compliance. Auditing standards also limit the audit procedures
required to identify non-compliance with laws and regulations to enquiry of the trustees and
other management and the inspection of regulatory and legal correspondence, if any.
Material misstalemenls that arise due to fraud can be harder to delect than those that arise
from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council's website al www.trc.org.uklaudilorsresponsibilities. This
description forms part of our auditor's report.
KT Educational Charitable Trust 9

Independent auditor's report Year ended 31 December 2022
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken
so that we might stale lo the charitable company's members those mallers we are required
to slate lo them in an auditor's report and for no other purpose. To the fullest exlenl
permitted by law, we do not accept or assume responsibility to anyone other than the
charitable company and the charitable company's members as a body, for our audit work,
for this report, or for the opinions we have formed.
Catherine Biscoe (Senior Statutory Audilorl
For and on behalf of Buzzacott LLP, Slatulory Auditor
130 Wood Street
London
EC2V 6DL
Date. 19 July 2023
KT Educational Charitable Trust 10

Statement of financial activities Year ended 31 December 2022
2022
Total
funds
£'ooo
2021
Total
funds
£'ooo
Notes
Income and expendlture
Income from=
Donations
Charitable activth.es
Provision of premises and facilities
Interest receivable
Total income
107
86
1,800
1.767
1,910
1,8e4
Expendlture
Expenditure on charitable activities
Provision of premises and facilities
Total expenditu
1,846
1,846
1,334
1.334
Net income
530
Nèt ineomè and nèt mov•mènt in funds
530
Reconciliation of funds:
Totsl funds brought forward at 1 January 2022
8.030
7,500
Totsl funds carried forward at 31 December 2022
8,094
8.030
All of the charity's activities derived from continuing operations during the above
financial periods.
All recognised gains and losses are included in the above ststement of financial aclivib'es.
All funds of the charity are unreslrieted.
The notes on pages 17 10 20 form part of these financial statements.
KT Educational Charitable Trust 11

Balance sheet 31 December 2022
2022
£'ooo
2021
£'ooo
Notes
Fixed assets
Programme ￿lated investments
27,091
27,700
Non-currènt assèts
Debtors
10
765
786
Current assets
Debtors
Cash at bank and in hand
26
2,260
2,286
2.161
2,204
Liabilities..
Creditor5". arnounts falling du8 within one year
18371
19191
Net current assets
1,449
1.285
Total assets less current liabilities
29,305
29.771
reditOTS- amounts falling due after one year
12
121,2111
121.7411
Totsl net assets
8,094
8.030
Thè funds of thè eharity..
Unrestricted funds
Total charitable funds
8,094
8,094
8.030
8,030
Approved by the Trustees and
signed on their behalf by".
JP Muslier
Approved on 12 July 2023
KT Educational Charitable Trust
Company Registration Number 07057043 (England and Wales)
KT Educational Charitable Trust 12

Statement of cash flows 31 December 2022
2022
£'ooo
2021
£'ooo
Note5
Cash Inflow from operatlng aetlvltles:
Net cash provided by operating activities
612
571
Cash outnow from financing activities:
Repayments of borrowing
Net cash used in financing activities
15131
15131
14951
14951
Chan98 in cash and cash èquival8nts in the y8ar
99
76
Cash and cash equlvalents at 1 January 2022
2,161
2,085
Cash and cash aquival$nts at 31 Decambar 2022
2.260
2,161
Notes to the cash flow statement for the yearto 31 December 2022.
A Reconciliation of net movement in funds to net eash flow from operating activities
2022
2021
£'ooo
£'ooo
Net movement in funds las per the statement of financial activities)
Adjustments for=
Impainnent of programme related investments
Decrease in debtors
(Decieasel increase in Creditors
Nat cash providad by opèrating aetivitiès
530
609
38
1991
612
33
571
B Analysis of cash and cash equivalents
2022
£'ooo
2021
£'ooo
Cash 81 bank and in hand
Total cash and cash equivalents
2.260
2.260
2.161
2,161
C Analysis of changes in net debt
At31
December
2022
£'ooo
At 1 January
2022 Cash flows
£'ooo
£'ooo
Cash
2.161
99
2,260
Loans falling due within one year
Loans falling due after more than one year
Total
1529
121.2111
119,4801
121,7411
120.0921
530
612
KT Educational Charitable Trust 13

Principal accounting policies 31 December 2022
The principal accounting policies adopted, judgements and key sources of estimation
Un￿rtaInty in the preparation of the financial statements are laid out below.
Basis of preparation
These financial statements have been prepared for the year lo 31 December 2022 with
comparative information for the year ended 31 December 2021.
The financial statements have been prepared under the historical cost convention with
items recognised at cost or transaction value unless otherwise staled in the relevant
accounting policies below or the notes to these financial statements.
The financial ststemenls have been prepared in accordance with Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland Icharities SORP FRS 1021 issued on 1
January 2019, the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021 and the Charities Act 2011.
The charity conslitules a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded lo the nearest
thousand pounds.
Critical accounting estimates and areas of judgement
Preparation of the financial statements requires the Iruslees and management lo make
significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made
include the valuation of programme related investment properties.
Estimates used in the accounts, particularly with respect to the value of programme
related investment properties are subject lo a greater degree of uncertainly and volatility.
Assessment of going concern
The trustees have assessed whether the use of the going concem assumption is
appropriate in preparing these accounts. The trustees have made this assessment in
respect lo a period of one year from the date of approval of these accounts.
The Iruslees of the charity have concluded that the charity will have sufficient reserves lo
meet liabilities as they fall due.
Income recognltlon
Income Is recognised in the period in which the charity has entillemenl to the income, the
amount of income can be measured reliably and il is probable that the income will be
received.
Income comprises donations, rental income and charges for management services.
KT Educational Charitable Trust 14

Principal accounting policies 31 December 2022
Income recognition Iconlinuedl
Corporate donations are recognised when the charity has confi'rmation of both the amount
and settlement date. In the event of donations pledged but not received, the amount is
accrued for where the receipt is considered probable. In the event that a donation is
subject to conditions that require a level of performance before the charity is entitled to the
funds, the income is deferred and not recognised until either those conditions are fully met,
or the fulfilmenl of those conditions is wholly within the control of the charity and it is
probable that those conditions will be fulfilled in the reporting period.
Rental income on assets leased under operating leases is recognised on a straight line
basis over the lease term. Fees for management services are recognised on an accruals
basis.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive
obligation commilling the charity lo make a payment to a third party, il is probable that a
transfer of economic benefits will be required in settlement and the amount of the
obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs
and support costs. All expenses, including support costs, are allocated or apportioned to
the applicable expenditure headings. The classification between activities is as follows."
+ Expenditure on raising funds includes all expenditure associated with raising funds for
the charity.
* Expenditure on charitable activities includes all costs associated with furthering the
charitable purposes of thè charity through the provision of its charitable activities. Such
costs include direct and support costs in respect lo the provision of premises and
facilities for schools offering a French or broader bilingual curriculum in the Kentish
Town area, including governance costs.
All expenditure is stated inclusive of irrecoverable VAT.
Allocation of support and governance costs
Support costs represent Indirect charitable expenditure. In order to carry out the primary
purposes of the charity il is necessary lo provide support in the form of personnel
development, financial procedures, provision of office services and equipment and a
suitsble working environment.
Governance costs comprise the c051s involving the public accountability of the charity
(including audit costs) and costs in respect to its compliance with regulation and good
pmctice.
Support costs and governance costs are apportioned based on the proportion of time
spent on the activity.
KT Educational Charitable Trust 15

Principal accounting policies 31 December 2022
Programme related investments
Programme related investments comprise freehold property used by another charitable
organisalion for purposes consistent with the charity's objectives. They are staled al fair
value. The property is periodically independently valued by a professional chartered
surveyor on a fair value basis which lakes into consideration rental charge and the current
use of the premises as a school. The value is considered each year and any impairment is
written off and treated as charitable expenditure in the statement of financial activities.
Debtors
Debtors are recognised al their settlement amount, less any provision for non-
recoverability. Prepayments are valued al the amount prepaid. They have been
discounted to the present value of the future cash receipt where such discounting is
material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
demand or have a maturity of less than three months from the date of acquisition.
Credltors and provlslons
Creditors and provisions are recognised when there is an obligation at the balance sheet
ate as a result of a past event, it Is probable that a transfer of economic benefit will be
required in selllemenl, and the amount of the settlement can be estimated reliably.
Creditors and provisions are recognised at the amount the charity anticipates it will pay lo
settle the debt. They have been discounted lo the present value of the future cash
payment where such discounting is material.
Bank loans are a basic financial instrument and are recognised al their Iransacts'on value,
which is normally the principal amount advanced plus transaction costs. Subsequent to
initial recognition, loans are slated at amortised cost with any differen￿ bel￿een cost and
redemption value being recognised through the statement of financial activities using the
effective interest method.
Funds structure
The funds of the Charity are unrestricted and can be expended al the discretion of the
trustees in line with the governing document of the charity.
KT Educational Charitable Trust 16

Notes to the financial statements 31 December 2022
1 Donations
2022
Total
funds
£'ooo
2021
Total
funds
£'ooo
Donations
107
86
2 Income from charitablo activities
2022
Totsl
funds
£'ooo
2021
Total
funds
£'ooo
Rental income
1,800
1,767
3 Expendlture on eharltable actlvltles
2022
Total
funds
£'ooo
Direct
costs
£'ooo
Support
costs
£'ooo
Provision of premises and facilities
Charitable donations
. Accountancy seNices
Interest payable
Impairment of programme related investment property
. Governan￿ costs (note 41
2022 Total funds
448
448
667
667
609
116
1,846
609
107
780
1,066
2021
Total
funds
£'ooo
Direct
costs
£'ooo
Support
costs
£'ooo
Pmvision ofpremises and facilities
Charitsble donations
. Accountancy Se￿Ge8
Interest payable
Govemance Gosts (note 4)
2027 Total ruff￿$
547
547
684
86
776
684
97
1,334
558
4 Governance costs
2022
Totsl
funds
£'ooo
2021
Total
funds
£'ooo
Legal and profession81 fees
Administrative fees
107
116
86
97
KT Educational Charitable Trust 17

Notes to the financial statements 31 December 2022
S Staff costs. remuneration of key management and trustees, expenses and
remuneration
The charity employed no staff during the year12021 none).
The key management personnel of the charity in charge of directing and controlling,
running and operating the charity comprises the Iruslees. None of the Trustees received
any remuneration for their services during the year 12021
none). No Iruslees 12021
none) were reimbursed for expenses incurred relating to travel and accommodation in the
performance of their dulies12021 £nill.
6 Net income and net movernent in funds
This is slated after charging
2022
Total
funds
£'ooo
2021
Total
funds
£'oc
Auditorfs remuneration
Audit lee- current year
7 Taxation
KT Educational Charitable Trust is a registered charity and therefore is not liable to income
tax or corporation lax on income derived from Ils charitable activities, as il falls within the
various exemptions available lo registered charities.
The charity is not registered for Value Added Tax and therefore expenditure is recorded
inclusive of VAT where applieable.
8 Investments
Programme
related
investment
property
2022
£'ooo
Programme
related
investrnent
property
2021
£'ooo
Al 1 January
Impairment
At 31 December
27,700
16091
27,091
27.700
27.7C
The property at 87 Holmes Road, Kentish Town, NW5 3AX is let to Collège FranGais
Bilingue de Londres Limited, a registered charity, for purposes consislenl with the charity's
objectives", running a bilingual (French and English) School in the London Borough of
Camden, therefore the propety is classified as a programme related Investment.
On 31 December 2021 the propety was valued by Gerald Eve LLP. The valLJation was
prepared in accordance with the requirements of the Royal Institution of Chartered
Surveyors IRICSI Valuation
Global Standards 2022 and the national standards and
guidance set out in the UK national supplement INovember 20181, the International
Valuation Standards and Financial Reporting Standard 102. On 31 December 2022 the
property was valued by the trustees, using information provided by Gerald Eve LLP.
KT Educational Charitable Trust 18

Notes to the financial statements 31 December 2022
9 Debtors. amounts falling due within one year
2022
£'ooo
2021
£'ooo
Other debtors
26
43
43
26
10 Debtors. amounts falllng due after one year
2022
£'ooo
2021
£'ooo
Other debtors
765
765
The other debtors due after one year are a deposit held with ANEFE (Association
Nationale des Ecoles de I'Etrangerl in respect of bank financing (note 131.
11 Credltors: amounts falllng due wlthln one year
2022
£'ooo
2021
£'ooo
Trade creditors and accruals
Deferred income
Bank loans (note 131
Other creditors
300
529
300
512
100
919
837
Income has been deferred because KT Educational Charitable Trust received rent from
Collège FranGais Bilingue De Londres in December 2022 ft)r the period covering 1
January 2023 10 28 February 2023, therefore this income will appear in next year's
accounts ending 31 December 2023. The movements in deferred income are analysed
below..
2022
£'ooo
2021
t'ooo
Brought forward
Released in year
Deferred in year
300
13001
300
300
292
12921
300
300
12 Creditors: amounts falling due after one year
2022
£'ooo
2021
£'ooo
Bank loans Inole 131
Loan from French Embassy Trust
19.361
1,850
21,211
19.891
1,850
21,741
KT Educational Charitable Trust 19

Notes to the financial statements 31 December 2022
13 Loans
Loans repayable, included within creditors are analysed as follows..
2022
£'ooo
2021
£'ooo
holly repayable.. within five years
Not wholly iepayable". within five years
2,983
18,757
21,740
2,887
19,366
22,253
Al 31 De￿mber 2022 bank loans lotalling £21,211,000 12021
£21,741,000) were
secured by fixed charges over the charity's freehold property al Holmes Road, London.
Al 31 December 2022, the balance of £21,211,000 12021 £21,741,000) comprised two
loans from Banque Transatlantique. The loans are for a period of Ihity years from
September 2017. Interest is Charged at a fixed rate of 3.30A.
A loan of £800,000 12021 - £800,000) was granted to the charity by the French Embassy
Trust on an interest free, unsecured basis, repayable when the charity is in a position to do
so wilhoul detriment lo ils banking and other funding arrangements. The loan is
guaranteed by the French Embassy.
A loan of £1,050,000 12021
£1,050,000) was granted to the charity by the French
Embassy Trust for the purpose of funding a deposit payable to ANEFE.
14 Related party transactions
Wembley Educational ChariTtable Trust
Wembley Educational Charitable Trust (Company Registration Number 08681480 England
and Wales) was incorporated on g September 2013. Three Trustees of KT Educational
Charitable Trust are also directors of Wembley Educational Charitable Trust. During the
year, administrative fees of £107,072 12021 £86,142) incurred by the charity were paid
by Wembley Educational Charitable Trust on behalf of KT Educational Charitable Trust.
This has been treated as a donation in the year. During the year KT Educational
Charitable Trust paid donations of £448,000 12021.. £447,000) to Wembley Educational
Charitable Trust.
15 Net assets
The total unrealised gains as al 31 December 2022 constitute movements on revaluation
and are as follows".
2022
£'ooo
2021
£'O(K)
Unreallsed galns:
on investment properties
Totsl unrealised gain$ at 31 Decemb8r 2022
2,311
2,311
2.920
2,920
Reconciliation of movement in unrealised gains
Unrealised losses at 1 January 2022
Less.. in respect to disposals In the year
2,920
2,920
2,920
16091
2,920
Impainnenl
Total unrealised gains at 31 December 2022
2,311
2,920
KT Educational Charitable Trust 20