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2020-12-31-accounts

ONESCHOOL GLOBAL UK

(A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)

REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2020

Registered Company Number: 10763413

Registered Charity Number: 1181301

ONESCHOOL GLOBAL UK

CONTENTS

Trustees’ Report 2 - 7
Strategic Report, included within Trustees’ Report
Plans for the Future 5
Achievements and Performance 4 - 5
Risk Management 5 - 6
Financial Review 6
Reserves Policy and Investment Policy 6 - 7
Statement of Trustees’ Responsibilities 8
Independent Auditor’s Report 9 - 11
Consolidated Statement of Financial Activities 12
Parent Charity Balance Sheet 13
Consolidated Balance Sheet 13
Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15 - 17

ONESCHOOL GLOBAL UK

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Registration number 1181301

TRUSTEES

The trustees as at the date that this report was approved comprised:

John Rich Adrian Fowler Adrian Diffey Christopher Beattie James Hutchins Jerry Douglas Michael Shimwell Timothy Browning Warren Burgess These trustees all served throughout the period under review. Further trustees will be appointed in due course.

PRINCIPAL OFFICE

Exchange Place Poseidon Way Warwick CV34 6BY

BANKERS

HSBC UK Bank Plc 1 Centenary Square Birmingham B1 1HQ

AUDITORS

RSM UK Audit LLP Chartered Accountants St Philips Point Temple Row Birmingham B2 5AF

1

ONESCHOOL GLOBAL UK

TRUSTEES’ REPORT

The Trustees of the charity present their report and financial statements for the year ended 31 December 2020.

The Report and Financial Statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the requirements of the charity’s governing document, the Charities Act 2011 and the requirement of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status

OneSchool Global UK is a company limited by guarantee amounting to £1 for each member. It is governed by Memorandum and Articles incorporated 10 May 2017 as amended on 24 January 2019. The company is registered as a charity with the Charity Commission under registration number 1181301 and in Scotland under registration number SC049398.

Organisational Structure

The Trust is a part of an international education initiative linked with the worldwide Christian fellowship known as the Plymouth Brethren Christian Church, and is specifically responsible for providing educational, operational and financial support to 24 schools in the UK. Overall direction and control of the Trust is exercised by the Board of Trustees. The Trustees work in close co-operation with the other entities participating in the international initiative working on the strategy and standards for education provided by members of the initiative worldwide.

The schools supported by the Trust whilst part of the one entity hold direct engagement for the education in their schools, co-operating extremely well with each other and the Board of Trustees to operate as one education system of schools. Up until 2019 the schools operated as independent charities. During 2019 the schools commenced the transfer of their operations and assets into the Trust. As at close 31 December 2019, all 24 schools had been transferred into the Trust.

A considerable number of experienced volunteers work along with their colleagues in other parts of the world, on special subjects such as the curriculum and teaching and learning methodology. The Trust also provides a regional support office in Warwick where it employs a team of professionals, specialists and administration staff to carry out a wide variety of duties to enhance the provision of education in the schools.

The Trust is also responsible for providing a central passenger transport service for getting children to and from school. The Trust has a separate subsidiary company, which was transferred under its control on 1 January 2020, known as Onebus Limited. The service is operated from an office in Grimsby and in the period under review a full service of 302 minibuses was implemented.

The Trust also set up a wholly owned subsidiary in June 2020, OneSchool Global CAP Ltd to hold and administer funds on behalf of the Careers Advancement Program run by the Trust.

Trustees, their induction and training

New appointments are made when necessary by the existing Trustees in accordance with the Trust Memorandum and Articles. Trustees are drawn from the Brethren community and the Trustees endeavour to recruit new Trustees who have the skills and experience they feel would be beneficial to the Trust and in particular aim to recruit new Trustees who have experience in the educational field. They are inducted into the requirements and operation of the Trust by fellow Trustees and through appropriate external training courses.

Key management personnel remuneration

The Trustees seek to ensure that overall salary and remuneration packages retain a balance of competitiveness and attractiveness whilst ensuring that the required professional skills are brought within the Trust to support its activities. As such staff posts are benchmarked against like posts in similar organisations against a range of salary and remuneration packages and reflected in the remuneration provided overall.

Premises

Throughout the year the Trust operated from the headquarters in Warwick, originally acquired by Focus Learning Trust in 2013 and the additional space has facilitated its functions being carried out more effectively, especially in the provision of training and development days. A part of the premises is occupied by UBT (EU) Ltd.

In May 2020 the premises transferred to the Trust in order to support their charitable objectives which are consistent with the objectives of Focus Learning Trust.

2

ONESCHOOL GLOBAL UK

TRUSTEES’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

OBJECTIVES AND ACTIVITIES

Objects

The charitable objects of the Trust are the advancement of the education of children and young people. The objects also include any other charitable purpose for the benefit of the worldwide Christian fellowship known as the Plymouth Brethren Christian Church.

Aims

The Trust’s primary aim is to ensure that an excellent education is provided for boys and girls in the schools that it supports and oversees. Each school operates under a common Ethos: Students are encouraged to develop their full potential and acquire the discipline of learning how to learn, while upholding Christian teachings and beliefs. The truth and authority of the Holy Bible and strong family values underpin the commitment of the School to provide quality in every facet of education – curriculum, teachers, facilities, management and discipline - in a safe and caring environment.

The schools are committed to providing an education consistent with Christian principles, expecting the conduct of pupils and staff consistently to reflect Biblical values and the specific values of the school, which include:

Pupils who attend the schools are expected to act in accordance with the doctrines and practices of the Brethren, but there is no other academic or financial selection process for admission to the schools and the schools accept pupils regardless of their ability or the financial means of their parents.

The curriculum taught at the schools is designed to provide opportunities for pupils of varied abilities and interests. The subjects offered are in line with relevant national standards and cover key learning areas. There is an increasing focus on encouraging and developing self-directed learning principles with students. The aim is to provide a broad and balanced curriculum which promotes personal development and prepares students for increasing independence and responsibility.

Objectives

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit and we have regard to it when reviewing our aims and objectives and in planning future activities. In particular we consider how planned activities will contribute to the educational aims and objectives we have set.

Significant Activities

3

ONESCHOOL GLOBAL UK

TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES (continued)

Significant Activities (continued)

Strategies for achieving objectives

The Trustees set an annual strategy for achieving the objectives that they have set as mentioned above. This period that has included:

ACHIEVEMENTS AND PERFORMANCE

Review of Achievements

Key Stage 2 – Primary years:

Due to the absence of National Standardised Tests (SATs), OSGUK carried our Rising Stars Standardised Tests in Reading (PiRA), Mathematics (PUMA) and GAPs (Grammar, Punctuation and Spelling). Results are compared to a National Database held by Hodder Education who manage the Rising Stars Tests.

4

ONESCHOOL GLOBAL UK

TRUSTEES' REPORT

OBJECTIVES AND ACTIVITIES (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of Achievements (continued)

Key Stage 4 - GCSE Outcomes:

A-Level and Equivalent Outcomes:

Pastoral Care

The Trust is very committed to safeguarding and promoting the welfare of pupils in the schools and expects all staff and volunteers to share that commitment. We have helped schools to ensure that the requirements of relevant legislation are met and that adequate arrangements are working in every school. Where appropriate, the Trust obtains outside agency support for individual pupils including educational psychology, speech therapy or any other intervention as deemed supportive of individual need.

FUTURE PLANS

We intend to continue to support OneSchool Global UK to provide a quality and deliver a consistent and high level of educational experience and outcome for all students and staff, in accordance with the Trust's ethos and values.

IMPACT OF COVID-19 ON GOING CONCERN

The Trustees have considered, in the context of the Covid-19 pandemic, the going concern concept and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the Trustees are comfortable that there are not any adjustments required. The Trustees expect the charity to continue in operation for a period of at least 12 months from the date of signing the financial statements.

RISK MANAGEMENT

The Trustees are responsible for the overseeing of the risks faced by the Trust. Detailed considerations of risk are delegated to the Board and the Risk and Audit Committee. Risks are identified, assessed and controls established throughout the year. A review of the charity’s risk management processes is undertaken and risk is managed under the headings of financial sustainability, school safety, student welfare, employment, school trips and events and community access.

The main risks that the Trustees have identified and the plans to manage those risks are:

5

ONESCHOOL GLOBAL UK

TRUSTEES' REPORT

RISK MANAGEMENT (continued)

All Trustees and staff who work directly with children and young adults are subject to Disclosure and Barring Services checks and suitable references are always obtained.

Through the risk management processes the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Fundraising

As part of the Trust's commitment to the highest possible standards of fundraising, we took steps to ensure that all our activities were compliant with legislative, regulatory and best practice standards. During 2020, all our interactions with the general public were carried out by our employees and volunteers.

Over the period, we also continued to undertake significant efforts to ensure compliance with the new General Data Protection Regulation (GDPR), which came into effect in May 2019. We remain entirely committed to protecting personal information of our supporters and beneficiaries. This work will continue during 2021 and beyond.

The main sources of fundraising income were grants from the Grace Trust and donations from businesses and individuals. Successful fundraising is critical to the sustained financial health of the Trust. The Trust is grateful for the support shown to its work by all those who funded it during 2020. Our thanks go to the Grace Trust, whose funding has been critical to us. We are also extremely grateful to all of those that have supported the Trust during 2020.

FINANCIAL REVIEW

Results and state of affairs

Income, including restricted funds, was £45,725,334 (2019 £23,474,245). The majority of the income received was from The Grace Trust to support the educational aims of the charity.

No grants and donations were payable in the year (2019 £6,916,104). Income received in the year was utilised to support staff salaries and professional development; student curriculum and student transport costs; normal school property rental and upkeep costs; educational visits or attendance at conferences; general governance and school administrative support costs. The cost of delivering services within schools during the year was £40,194,634 (2019 £10,188,624).

At 31 December 2020 total funds were £11,900,217 (2019 £6,369,517). The Statement of Financial Activities is set out on page 11.

The charity recorded a surplus for the year from unrestricted operations of £5,500,629 (2019 £6,368,843) and at 31 December 2020 had net current assets of £3,317,003 (2019 £4,242,468). For the reasons set out on pages 5 and 6, the Trustees consider that it is appropriate to draw up the financial statements on the going concern basis.

Reserves Policy

The Trust’s reserves policy is to ensure that the trust holds sufficient reserves to cover working capital requirements. The Trust believes that it needs to hold a minimum of 3 months operating costs (estimated to be £9m) to cover the charity in the event of unforeseen circumstances that interrupt our normal business revenue.

6

ONESCHOOL GLOBAL UK "I'RUSTEES, REPORI. FINANCIAL REI VIEW (contiiiued) At 31 Decei)Iber 2020, unrestricted funds of £11,369,472 wei"e held {2019 £6,368,843). I'he Ti'ust believe5 that the ciii'rent level of free iesei'ves of £4,674.908 together with the freehold pi'opcity of £4,850,000, which is held free of debt, pi'ovides tlie buffer requii'ed by the policy. Investment Policy The Trust's policy is tv invest cash surpluses in bank accounts to gcnerate interest at best iatc.E available. In view of the PTevailing low interest rates ihrougjout the pci'iod coveird by this Tcport, very littlc interest was geneirtted. STAT£4 MENT AS TO DISCLOSURE OF JNFORiVIATION TO AUDITORS The '] i'uslees who were in office on the date of approval of thesc financial staten)ents have confinned, as far as they are aw8re. Ihat there ts no relevant audit infonnation of which thc auditors are unaware. Each of the'frustees have cojifii'ined that they liave laket] all the steps thal they ought to have raken as'l Tustees in ordei. to make themselves aware of any relevant audit infoimation and to establish ihai it has been coinmunicatcd to thc auditoi.. AUDITORS RSM UK Audit LLP has indicated ils williiigne35 to continue in office. The li'ustees, Report which also includes iht Directors Report required by company law is appr(Trved on behalf of the boaid of ti￿SteeS and the 511?tegic report (included theTeiii) is approved by the board of ts'u5tecs in th¢ir capacity as the directors t a Jneeting on 29 July 2021 and signed on it5 behalf by: Signed on their behalf.. A l)iffey Trustee

ONESCHOOL GLOBAL UK

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8

ONESCHOOL GLOBAL UK INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ONESCHOOL GLOBAL UK

Opinion

We have audited the financial statements of OneSchool Global UK (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2020 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group and Company Cash Flow Statements and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 group and parent charitable company in accordance with the ethical requirements 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 concern

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 group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

9

ONESCHOOL GLOBAL UK INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ONESCHOOL GLOBAL UK (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent 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 to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to 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, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of noncompliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

10

ONESCHOOL GLOBAL UK INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ONESCHOOL GLOBAL UK (continued)

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to the Education Inspection Framework under the Education Act 2005 (as amended), Keeping Children Safe in Education under the Education Act 2002, and data protection legislation . We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities

The group audit engagement team identified the risk of management override of controls and as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 state to the charitable company’s members 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 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.

PAUL OXTOBY (Senior Statutory Auditor)

For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants St Philips Point Temple Row Birmingham B2 5AF

Date 20 August 2021

11

ONESCHOOL GLOBAL UK

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020

Unrestricted
Note
£
INCOME FROM:
Donations and legacies
2
40,021,432
Charitable activities
3
5,670,754
Investments
4
2,210


Total income
45,694,396


EXPENDITURE ON:
Charitable activities:
Grant making
5
-
Educational activities
6
40,193,767


Total expenditure
40,193,767


NET MOVEMENT IN FUNDS
8
5,500,629
TOTAL FUNDS AT 31 DECEMBER 2019
6,368,843


TOTAL FUNDS AT 31 DECEMBER 2020
14
11,869,472

 Restricted
£
30,938
-
-


30,938


-
867


867


30,071
674


30,745

 2020
Total
£
40,052,370
5,670,754
2,210


45,725,334


-
40,194,634


40,194,634


5,530,700
6,369,517


11,900,217

 2019
Total
£
21,764,009
1,709,808
428
23,474,245
6,916,104
10,188,624
17,104,728
6,369,517
6,369,517
6,369,517

Income and expenditure relate to continuing operations.

12

ONESCHOOL GLOBAL UK BALANCE SHEE'I" 31 D¢cember 2020 2020 2019 Note Group Ch81'lty Group Charity FIXED Assyrs TangiblL fixed assets Investnients 12,867,658 6,393,758 2,127.049 2,127,049 17 12.867,658 6,393,758 2,127,049 2,127,049 CURRENT ASSETS Debtors Cash At bank and in hand 10 6,632,273 8,461,302 7,462,987 7,068,886 4,461,913 3,112,803 4,461,913 3,112,803 15,093,575 14,531,873 7,574,716 7,574,716 CREDITORS.. ainounts falling due within one year (11.776,571) (9,025,408) (3.332,248) (3,332,248) NET CURRENT ASSETS 3,317,003 5,506,465 4,242,468 4,242,468 CREDITORS.. ainounts falling due after more than one year 12 (4,284,444) NET ASSETS 16 11,900.217 11,900,223 6.369,517- 6,369,517 FUNDS Restricted funds Uni'estricted funds.. Genei?I funds DesigMated funds 13 30,745 30.745 674 674 14 15 11,369,472 500,000 11,369,478 500,000 6,368,843 6,368,843 11,900,217 11.900.223 6,369,517 6,369,517 The financial ststements on Pk)ge5 12 to 27 were appi'oved by the trustees and authorised for issue on 29th July 2021 and signed on tlieii. behalf b A Diffey Tn]stee 13

ONESCHOOL GLOBAL UK

STATEMENT OF CASH FLOW for the year ended 31 December 2020

RECONCILIATION OF NET
EXPENDITURE/(INCOME) TO NET CASH
GENERATED FROM OPERATIONS
Net income / (expenditure)
Depreciation of tangible fixed assets
Increase in trade and other debtors
Loss on disposal of fixed assets
Increase in trade and other creditors
Transfers into the Trust
Interest payable
Interest receivable
NET CASH GENERATED FROM OPERATIONS
INVESTING ACTIVITIES
Cash received on transfers into the Trust
Payments to acquire tangible fixed assets
Interest received
NET CASH GENERATED BY / (USED IN)
INVESTING ACTIVITIES
FINANCING ACTIVITIES
Interest paid
Payments of finance lease obligations
NET CASH GENERATED BY / (USED IN)
FINANCING ACTIVITIES
NET INCREASE IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
Relating to:-
Bank balances and short term deposits included in “cash at
bank and in hand”		 Year ended
31 December 2020
Group
£
Charity
£
5,530,700
5,530,706
3,278,230
1,393,114
(1,692,200)
(3,001,074)
17,115
-
5,000,343
5,693,160
(4,850,000)
(4,850,000)
188,676
-
(2,210)
(2,210)
7,470,654
4,763,696
155,584
-
(1,309,065)
(809,822)
2,210
2,210
(1,151,271)
(807,612)
(188,676)
-
(782,208)
-
(970,884)
-
5,348,499
3,956,082
3,112,803
3,112,803
8,461,302
7,068,886
8,461,302
7,068,886		 Year ended
31 December 2019
Group
£
Charity
£
6,369,517
6,369,517
776,020
776,020
(1,970,946)
(1,970,946)
-
-
3,332,248
3,332,248
(5,578,811)
(5,578,811)
-
-
(428)
(428)

2,927,600
2,927,600

184,775
184,775
-
-
428
428

185,203
185,203

-
-
-
-

-
-

3,112,803
3,112,803
-
-

3,112,803
3,112,803

3,112,803
3,112,803

14

ONESCHOOL GLOBAL UK

ACCOUNTING POLICIES for the year ended 31 December 2020

GENERAL INFORMATION

OneSchool Global UK is a charitable company registered in England and Wales. The address of the charity’s registered office is Exchange Place, Poseidon Way, Warwick CV34 6BY. The charity meets the definition of a Public Benefit entity under FRS102.

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

GOING CONCERN

The trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the trust have adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the trust’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees have considered, in the context of the Covid-19 pandemic, the going concern concept in relation to the availability of funding and any associated material uncertainties, the basis of any significant judgements and the matters to consider when confirming the preparation of the financial statements on a going concern basis and the trustees are comfortable that there are not any adjustments required. The Trustees have received confirmation of the continuation of funding from the Grace Trust, as principal funder, over the period of at least twelve months from the approval of these accounts and therefore the trustees expect the charity to continue in operation for at least 12 months from the date of signing the financial statements.

FUNDS

Funds held by the charity are:-

15

ONESCHOOL GLOBAL UK

ACCOUNTING POLICIES (Continued) for the year ended 31 December 2020

INCOME

All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income, it is probable it will be received, and the amount can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the year is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donations are recognised on a receivable basis (when there are no performance related conditions) where the receipt is probable and the asset can be reliably measured.

Donated fixed assets are measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor is used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the charity’s accounting policies.

Interest receivable is included with the Statement of Financial Activities on a receivable basis.

EXPENDITURE AND LIABILITIES

Liabilities are recognised as soon as there is a legal or constructive obligation committing the group to pay out resources.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to the appropriate category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. Single or multiyear grants are accounted for when the charity has agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the charity.

Governance costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements. Governance costs are included within costs of charitable activities.

All costs are allocated between expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. All support and governance costs relate to the provision of services and goods to schools, and as such have been allocated against this activity.

EMPLOYMENT BENEFITS

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

TANGIBLE FIXED ASSETS

Assets whose cost exceeded £500 are capitalised as tangible fixed assets. Tangible fixed assets are initially measured at cost and are subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over their expected useful lives as follows:

Leasehold buildings Over the length of the lease Computers and equipment 2-3 years straight line Motor vehicles 4 years straight line Fixtures and Fittings 2-3 years straight line

16

ONESCHOOL GLOBAL UK

ACCOUNTING POLICIES (Continued) for the year ended 31 December 2019

LEASED ASSETS AND OBLIGATIONS

Where assets are financed by hire purchase and leasing agreements that give rights approximating to ownership, the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the Statement of Financial Activities in proportion to the remaining balance outstanding.

VOLUNTEERS

The value of services provided by volunteers is not incorporated into the financial statements as it cannot be readily quantified.

FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

PENSIONS: DEFINED CONTRIBUTION SCHEME

The group operates defined contribution schemes. Contributions are charged in the financial statements as they become payable in accordance with the rules of the scheme and allocated to activities in line with the relevant employees.

CASH AND BANK BALANCES

Cash and bank balances includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

FINANCIAL INSTRUMENTS

The Charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102, in full, to all its financial instruments.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, being their settlement value, and in the case of debtors, less any impairment losses.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The trustees have reviewed the financial statements and consider that there are no critical judgements applied in these financial statements.

17

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

ONESCHOOL GLOBAL UK

1 COMPARATIVE SOFA

The company commenced trading activities from June 2019. On 1 July 2019 the educational activities of Focus Learning Trust, a registered charity, were transferred into the company and during 2019 the activities of 24 individual school campuses were transferred into the charity. The remaining assets were transferred from Focus Learning Trust during the current year.

2
DONATIONS AND LEGACIES
3
Grants & Donations
Net transfer of assets from campuses
Net transfer of assets from Focus Learning Trust (note 9)
3
INCOME FROM CHARITABLE ACTIVITIES
3
School fees and related income
Other government grants
Other income
4
INVESTMENT INCOME
3
Bank interest receivable
5
GRANTS AND DONATIONS

During the period grants were awarded to 23 UK charitable educational
institutions (UK campuses)
Other Grants
 Year ended
1 December
2020
Year ended
31 December
2019
£
£
35,202,370
16,185,198
-
5,169,928
4,850,000
408,883
40,052,370
21,764,009
Year ended
1 December
2020
Year ended
31 December
2019
£
£
3,669,486
1,709,808
1,914,259
-
87,009
-
5,670,754
1,709,808
Year ended
1 December
2020
Year ended
31 December
2019
£
£
2,210
428
Year ended
31 December
2020
Year ended
31 December
2019
£
£
-
6,708,039
-
208,065


-
6,916,104

18

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

6
COSTS OF OTHER CHARITABLE ACTIVITIES
Educational activities:
- direct school activities
- support costs
Support costs:
- depreciation
- other
- governance costs
Governance costs:
- policy development, legal advice and accountancy
- governance school inspection

 2020
£
33,133,242
7,061,392

40,194,634

1,393,114
5,550,285
117,993

7,061,392

58,539
59,454
__

117,993


 2019
£
9,328,419
860,205

10,188,624

776,020
-
84,185

860,205

54,185
30,000
__
84,185

Support costs all relate to the provision of services and goods to schools. There are no support costs relating to any other activities.

7 EMPLOYEES Year ended Year ended
31 December 31 December
2020 2019
No. No.
The average number of persons employed by the group and charity
during the year was:
Direct Education 316 -
Administration and support 195
 187

There is no material difference between the average monthly number of employees and the full time equivalent number.

number.
Year ended Year ended
31 December 31 December
2020 2019
£ £
Staff costs for the above persons:
Wages and salaries 20,091,238 4,014,137
Social security costs 1,969,122 371,208
Pension contributions 3,140,285
 469,477
25,200,645
 4,854,822

19

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

7 EMPLOYEES (continued)

The number of employees whose annual emoluments (excluding pension contributions) were in the following ranges:

anges:
Year ended Year ended
31 December 31 December
2020 2019
No. No.
£60,001 - £70,000 15 10
£70,001 - £80,000 9 6
£80,001 - £90,000 3 3
£90,001 - £100,000 1 1
£100,001 - £110,000 5
 3

Redundancy and severance payments totalling £350,479 were paid during the year (2019: £107,000). No trustee received any remuneration in the period (2019: nil).

No trustees received reimbursed expenses for travel and subsistence in the period (2019: £Nil).

The charity has purchased Trustee indemnity insurance but its cost is not separately identifiable.

In accordance with the Charities SORP (FRS102) the benefit to the charity provided by general volunteers is not reflected in the Statement of Financial Activities. The Trust is supported by volunteer executives.

The key management personnel of the charity are deemed to be the Board of Trustees.

All pension contributions are allocated to unrestricted funds.

8 NET MOVEMENT IN FUNDS IS STATED AFTER CHARGING Year ended Year ended
31 December 31 December
2020 2019
£ £
Depreciation
- owned assets		 1,393,114 776,020
Auditor’s remuneration - audit - charity 25,000 18,300
Auditor’s remuneration - other services (accountancy and taxation) 5,000
 7,500

20

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

9 TANGIBLE FIXED ASSETS

Group
Leasehold
buildings and
improvements
Motor vehicles
Furniture and
Fixtures
Computers
and
equipment
£
£
£
£
Cost:
1 January 2020
12,000
1,500
793,186
2,096,383
Additions acquired in
business combinations
-
7,876,889
-
-
Additions
4,850,000
504,237
100,179
704,649
Disposals
-
(851,907)
-
-




31 December 2020
4,862,000
7,530,719
899,365
2,801,032


Depreciation:
1 January 2020
300
250
62,625
712,845
Charge for the year
40,867
1,886,421
387,794
963,148
Disposals
-
(834,792)
-
-


31 December 2020
41,167
1,051,879
450,419
1,675,993


Net book value:
31 December 2020
4,820,833
6,478,840
442,946
1,125,039


31 December 2019
11,700
1,250
730,561
1,383,538		 Total
£
2,903,069
7,876,889
6,159,065
(851,907)
16,087,116
776,020
3,278,230
(834,792)
3,219,458
12,867,658
2,127,049

Leasehold property additions include the transfer of property from Focus Learning Trust.

21

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

9
TANGIBLE FIXED ASSETS (continued)
Charity
Leasehold
buildings and
improvements
Motor vehicles
Furniture and
Fixtures
Computers
and
equipment
£
£
£
£
Cost:
1 January 2020
12,000
1,500
793,186
2,096,383
Additions
4,850,000
4,995
100,179
704,649
Disposals
-
-
-
-




31 December 2020
4,862,000
6,495
893,365
2,801,032


Depreciation:
1 January 2020
300
250
62,625
712,845
Charge for the year
40,867
1,305
387,794
963,148
Disposals
-
-
-
-


31 December 2020
41,467
1,555
450,419
1,675,993


Net book value:
31 December 2020
4,820,833
4,940
442,946
1,125,039


31 December 2019
11,700
1,250
730,561
1,383,538


10
DEBTORS
2020
2019
Group
£
Charity
£
Group
£
Due within one year:
Trade debtors
5,347,803
5,339,367
126,752
Amounts due to group undertakings
-
1,061,684
-
Other debtors
565,126
342,592
1,758,905
Prepayments
719,344
719,344
2,576,256
6,632,273
7,462,987
4,461,913
11
CREDITORS: amounts falling due within
one year
2020
2019
Group
£
Charity
£
Group
£
Obligations under finance leases
2,573,540
-
-
Trade creditors
1,165,759
1,107,333
1,440,304
Amounts due to group undertakings
-
-
235,499
Social security and other taxes
819,905
819,905
433,373
Accruals
1,320,681
1,201,483
1,198,461
Other creditors
5,896,687
5,896,687
24,611
11,776,571
9,025,408
3,332,248		 Total
£
2,903,069
5,659,823
-
8,562,892
776,020
1,393,114
-
2,169,134
6,393,758
2,127,049
Charity
£
126,752
-
1,758,905
2,576,256
4,461,913

Charity
£
-
1,440,304
235,499
433,373
1,198,461
24,611
3,332,248

22

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

12
CREDITORS: amounts falling due after
more than one year
Hire purchase and lease obligations
Other creditors
Analysis of debt maturity:
Hire Purchase and lease obligations:
In one year or less
Between one and five years
Group
£
3,068,809
1,215,635
4,284,444


Group
£
2,573,540
3,068,809
5,642,349
 2020
Charity
£
-
-
-

2020
Charity
£
-
-
-
 2019
Group
£
Charity
£
-
-
-
-
-
-


2019
Group
£
Charity
£
-
-
-
-
-
-

Finance lease payments represent rentals payable by the Group for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The finance lease obligations are secured by a charge over the motor vehicles within tangible fixed assets of the Group.

13
RESTRICTED FUNDS
Balance
31 December
2019
£
Restricted funds
674


Total Restricted Funds
674		 Income
£
Expenditure
£
Balance
31 December
2020
£
30,938
(867)
30,745

30,938
(867)
30,745

Restricted Funds represent funds generated by students and parents at individual schools for either support of other UK charities or for support for educational equipment at the individual school.

23

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

14
UNRESTRICTED FUNDS
CHARITY
General Funds
Total Unrestricted Funds
GROUP
General Funds
Total Unrestricted Funds
15
DESIGNATED FUNDS
Designated Funds
Total Unrestricted Funds		 Balance
31 December
2019
£
6,368,843
6,368,843
£
6,368,843
6,368,843		 Income
Expenditure
Transferred
from / (to)
General
Funds
Balance
31 December
2020
£
£
£
£
45,694,396
(40,193,761)
(500,000)
11,369,478


45,694,396
(40,193,761)
(500,000)
11,369,478


£
£
£
£
45,694,396
(40,193,767)
(500,000)
11,369,472


45,694,396
(40,193,767)
(500,000)
11,369,472


Balance 31
December
2019
Transferred
from / (to)
General
Funds
Balance
31 December
2020
£
£
£
-
500,000
500,000


-
500,000
500,000

During the year the trustees designated £500,000 to cover future capital and building repair expenditure.

16
ANALYSIS OF GROUP NET ASSETS
BETWEEN FUNDS
Tangible fixed assets
Cash at bank and in hand
Net current debtors and creditors

Balance at 31 December 2020
 Designated
funds
£
-
500,000
-

500,000
 General
Funds
£
12,867,658
7,930,557
(9,428,743)


11,369,472

 Restricted
funds
£
-

30,745
-
30,745
 Total
£
12,867,658
8,461,302
(9,428,743)
11,900,217

24

ONESCHOOL GLOBAL UK

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

16
ANALYSIS OF CHARITY NET
ASSETS BETWEEN FUNDS
Tangible fixed assets
Cash at bank and in hand
Net current debtors and creditors

Balance at 31 December 2020

ANALYSIS OF GROUP AND
CHARITY NET ASSETS BETWEEN
FUNDS
Tangible fixed assets
Cash at bank and in hand
Net current debtors and creditors

Balance at 31 December 2019
 Designated
funds
£
-
500,000
-

500,000

Designated
funds
£
-
-
-

-
 General
Funds
£
6,393,758
6,538,141
(1,562,420)


11,368,478


General
Funds
£
2,127,049
3,112,129
1,129,665


6,368,843

 Restricted
funds
£
-
30,745
-
30,745
Restricted
funds
£
-
674
-
674		 Total
£
6,393,758
7,068,886
(1,562,420)
11,900,223
Total
£
2,127,049
3,112,803
1,129,665
6,369,517

17 BUSINESS COMBINATIONS

The charity has control of Onebus Limited (07326111), a company limited by guarantee which is incorporated in England and Wales. The charity exercises control as the sole member of Onebus Limited. It is operated on a notfor-profit basis to provide transport facilities to pupils of schools supported by the charity. The investment in Onebus Limited was transferred to OneSchool Global UK on 1 January 2020 for £nil consideration, the value of the transfer being set out below:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year
Net assets		 7,876,889
625,194
155,584
(2,828,869)
(5,828,798)
-

No fair value adjustments arose on acquisition.

25

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

ONESCHOOL GLOBAL UK

17 BUSINESS COMBINATIONS (continued)

All activities have been consolidated on a line by line basis in the Statement of Financial Activities. A summary of the results of the subsidiary is shown below:

Year ended Year ended
31 December 31 December
2020 2019
£ £
Turnover 3,047,098 3,718,832
Expenditure (2,859,460)
 (3,543,886)
187,638 174,946
Other operating income 780 5,429
Interest receivable 13 848
Interest payable (188,431) (181,223)
Tax -
 -
Retained in subsidiary -
 -
The assets and liabilities of the subsidiary were as follows:
31 December 31 December
2020 2019
£ £
Assets 6,881,657 8,657,667
Liabilities (6,881,657)
 (8,657,667)
Net assets -
 -

The assets and liabilities of the subsidiary were as follows:

The charity also owns 100% of the issued share capital of Focus Learning Gemeinnuetzige GmbH, a company incorporated in Germany, which is dormant. The net assets of this company converted to sterling at 31 December 2020 were £21,113 (2019: £21,113). The ownership of the investment was transferred to OneSchool Global UK during 2020 for £nil consideration.

The Trust also set up a wholly owned subsidiary in June 2020, OneSchool Global CAP Ltd to hold and administer funds on behalf of the Careers Advancement Program run by the Trust. The net liabilities of the company at 31 December 2020 were £6. The business address is the same as the Trust.

18 CHARITABLE STATUS

The Trust is registered as a charity, no. 1181301, with the Charity Commission. It is also a registered company no. 10763413. No taxation arises on the income of the company.

26

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2020

ONESCHOOL GLOBAL UK

19 RELATED PARTY TRANSACTIONS

The activities of Focus Learning Trust, a related charity, were transferred to OneSchool Global UK during 2019, with its remaining net assets transferred during the current year.

7 Trustees have children who attended various schools operated by OneSchool Global UK during the period. School fees were charged on normal terms and amounted to £39,640 in aggregate. £22,619 was outstanding at the year-end in respect of these fees. 4 trustees have children who have participated in the Career Advantage Program (“CAP”). £4,000 was paid out in respect of these students during the period

During the year, costs relating to transportation services amounting to £3,047,098 (2019: £664,856) were recharged to the Charity by a related undertaking, Onebus Limited. Amounts due from Onebus Limited at the year end and included within debtors were £1,061,684 (2019: £nil).

27