Charlty nUmr. SC033774 SPRINGVALE EDUCATION TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
SPRINGvE EDUCATION TRUST coKrENTS Page Refor•n and admlnlstratlv• d•tail# of the Ch•rfty, hx TnMl••s •nd advlsorn Tru•t•es' r•port Ind•p•nd•nt audltorfs r•port on tho IlnanGl•l •t*t•m•nts 8tatsm•nt of Ilnancw actlvltl•8 B•lanc• •h••t 10 8tstsm•nt of ¢h Ilo 11 Nots• to th• flnanclal stat•m•nts 12-20
SPRINGVALE EDUCATION TRUST REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trust•o Charfty r•gl•t¢r•d number SC033774 Prlnclpal offlc• 14 Craignabo Ro•d PetefftJ Aberde¢n8hire AB42 2YE Ind•p•nd•nt audltor cr(1 U.K LLP Fourth Fbor Sl Hous• Sl James Squaro Chettenham GLSO 3PR B•nk•rn 10 Mrischal Street Pderhead AB42 IHS 8ollcllor4 Shopk •nd Wedd•rbum 1 Exchange Crescent Confgrencè Squa Edinburgh EH3 8UL Page 1
SPRINGVALE EDUCATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Thè finanaal $tst8menls have been prepared in a)rdance with t1 wcounling policie5 set OLrt in note 110 th8 finantial slati)ments and eoffply wrth the chaiivs trust daed, Charities and Tru$tO9 Invastmenl {Scotbnd Ad 2W5, the Chaiityes A¢ctyJnts Iscolland) Regulations 21x6 las am•nWI and "Acts)unting and Reporting by Charrties.. Ststemerrt of Reconwnended pract applicJlo lo Char6$ preparing thèir accounts in aCrdanCe th the FinanGl Reporting Standard applicablo n the UK and Republt of Irel8rKI (FRS 102) (effectNo 1 January 20191.. The charttable objects of the Trusl are the thanc0fft of the ucation crf children and young peopl8 through the piovision of educ81ion 8110$ and premises. The 0.0¢1$ also any other tharltabi8 purposo for tha b8nefri of the worf¢thvKle Christian lel(rwshp knffj as Ihe PWouth Br6thren Christw Church. In furtherance of obJect8, Ih? Twst Fxovth8 •ducatl¢)nAI prun18 undw fom)al kna80 for an irKl8wndenl school based in Millden Campus, Millden. Balmed, Atdnshi[O, AB23 8YY. which hu been run by On&S¢hool Global UK IOSGUK>. Thè Trust also provid88 grant frJrKling and other finpncial supwrt lo OSGUK at the diseretth of the Trust$ in ordar lo enablg OSGUK to provpJe 8 vffjll balanced 8ducation al primary and secondary bevals. for childven 8nd young pèople whose paTenl8 appfeclale the Christian •thos. Succ88818 measured in tem)8 ol the ol appropriate f•¢lIrt to OSGUK whi18t mlnimlsing 8xp8nditw•. This in tum, Ireès up funds fof raising Standard$ of education for al cOncerj and for It improv•monl ol faciliti•s for pupd$ and staff ale. The TTLTr81eeg have referred to the guidance contsinod In the Charty commi10n,3 genèral guklance on public ben•fil and have regard lo it when reviewing their alns and objectNes. and In planning their future #ctlvltles. In partkular thoy conshler lty phnn•d itits wkl ecTibute to the edtIOl aims obloctNeB they have Volunteers are •n Integral part of the communtty ethos and valLres of thè Trust arwj th•m ar• strong aThd willlng group of volunteers asstyt and supwt the Trust IhToughout the wr. v• Springvalg EduCat)n TTu$I ts con8lrtuted by a Deed of Tru81 daknj 3CK19r21X)2 14mended 21111f2007) and 18 r8gistered wrth the office of Ihg Scottish Charity Rggulalor. Thg TnJ8t88s who wrv•d during the yoar 4j th8 Far eTrJ we set on page 1. Non8 ol the TN8t••s. nor any person conngded with them, receNed any reMuneratn from the Trust in the wr ended 31st DKembor 2021 (ywr anded 31st December 2020 £nill. The p(Mgr to appJinl Truslges H invested in the existing Truslees subject lo the Tn1 Deed requirement. Trustees ore selected 8rd1j lo their specialwm in a particukqr and are eyp•cted to pursue that SpeIlyn. Trustees ore instructèd in Ihe need to completély adhefe to the ethos aTrJ valu¢5 of the Trust. The Trustees have examined the major s1rnteg, busines8 and operational rt8k8 that the TnMI f&es. The mgin risks th81 the Trusl8es have are unre¢iyJnised building work costs that have not been fully fvnded and the impact of the overall econom situatKJn UK wide. The Trustees are salts that th8 major risks identif have been ade9tle mitigatgj where nKessary. It 15 r8wJnised that syslems can onty provide reasonable but not solute assurance th* major risks have been adequgtety m4rwgl. Sl fficant Activrtles Throughout thg ygar the TNst has contnwd to priNide educK#1 premlse8 in sUprt of the wjucational actNitie¥ of OSGU Page 2
SPRINGVALE EDUCATION TRUST TRUSTEES. RepoRT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Flnanclal In the year ended 31st Dewth 2021 ts Twst reported a not $urpth 01 £310.824 {2020 surplus of £3,185). All funds axe unmstricted. The Trust 1$ SUPFQrted by ad hoc donations and those funds ra by fundTar&ing events and grants from the Grace Trusl. In 2021 the Trust receNed £540.000 in Grants from the Grace Trust to support its Capital programmt for which the Truste88 are very gr818ful. The Twtsteos bekn that the Tru8t'8 funds are sufficnt to mitw any srt to medium tem risk8 of reduced fijnding. The Trust'8 lundTai8ing events principaY op•re within the Brethr•n wnmunty and pths8nl fvndra81s are not used. N8ilher the Trust nor any person acting on béhalf of the Trust w48 subpd lo an undertaking lo be bound by any voluntary 5chem• for regulatirwJ fvrKI-rwsr#J. Ix Voluntary standard for fund-rnlslng in ro$POCt of aclr¥llies on behalf of th¢ trust. The Trust••8' pollcy Is lo mainlaln mknimum free meNe$ at • Iwol wtsh equot8s to SIX month8. unreslriGt•d 8xp8ndrture. Thi$ Is apPr0m8t8fy £7.500. At 318t Docember 2021 the free res8rves of the Tru81 were £566,5951318t D•cemb•r 2020 t40.(3). Aftw mokiry aPPprI•t• wuiries. th• Truste88 have a 80n?l& exped8 that the charty ha8 adequatè resour$ lo cthitinue in oper8tional existen¢¢ for ts foreseeab fvture. For this rea¥on. rt continues lo adopt the going coneem basis in pry8rin9 the financ1 st4tènnts. Further det•il8 regarding th adoption of the going concem basis be foLFTrJ in the Acctyjntry Pdicw. ForF Th• Trust•e8 plan to contlnue to 8UPPOrt OSGUK in provKlirffj qualty scw bulldlng lacilltlel lo Juppcll OSGUK in d8lNering a consislenl arbd high level of eduCatn01 experience and outcome lor all OSGUK'8 ud•nt8 and staff. in xcord•rte with the Tru•f• •thos and values. Page 3
SPRINGVALE EDUCATION TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 ststomant of T Ibllltles The Trustees are respons1è lor prepar6ng the Annual Rewrt and ffinanc¢al statements irs accordance with appllJle Law and United langdom Atcountlng Standards (United lQngdom Generall4 Accepted Accountin9 PractKe). The lthv applic8ble to ¢harfdes In Scotland rgquwes Ihe TnJ$tee8 to wepare financial slatem8nts for each financial year whkh glve a true and fair VI of ts state of affairs of the charity and of the ineomlng resources and P1¢bOn of resources of th8 tharity for that period. In Preparing these financial statements, the trustees are requlred to.. . 8ct suit8blt a¢Counrj polkie8 and then apply them n3#tanty: observe the m8thoJs ond wineipl88 In the Charities SORP.. make judgements and edmaies that are reasonable and prudent state whether 8PF4icable acujunting standards trove been folkmwd, subject to any materi81 departures dlsclosed and explained in Ihe 15nancial stst8monts', ' prepare Ihe finanaal 8tstements on the going ¢oncem basi8 unle8s It is inapproprlate to presurm that tho th8dty and pl(P Wll ntyne In bu8lMss. The TruBle88 are respble for keeww propef accounfjng re5 that dlscthe wlth reasonable aUraC 31 +y time Ihe financlal PDsilk)n of the ¢arity and enable them to ensure that the flnancial statements comply the Chwitses Aci 2011. tr£ Chwity (Accounts and Reportsl Regulatlons 2008. the Charities and Trustee Inveslmenl (Scotlandl Act 2005. the Ch81itl88 Ac£ounts Iscotiandl Regulations 2006 las amènded) and th8 provisl¢Ms of the Trust deed. They we also respongiblè for saleguarding the assets of the charfty and hence for tang reaSOnae steps for the pmention and detecti of fraud and other irregularities. l•cl of Inlormatlon Each ofthe per¥ons who ar8 Trustees al the Ume when this TmsteeG' r•port lg apwov8d h8s confirmed that.. so far as that TNslge is awarè. there Is relevant audbt Infomalh)n of whith the tharilat4e group's #udttor13 unaware, and thal Trustee has taken 811 the steps that ought lo have been tsken as a Trustee In ordei to be aware of any relev8nl audtt Inlormation and to esfabli5h that ts ChartIab group's auditor 15 aware of that infonratbn. The auditor, Crowe U.K. LLP, has indh2led his wllingness to c£*ntinue In office. The dgslgnated Trustees wlll Propose a motion reappolnting thè audttor ot a meeting of the Trustees. 14pprovgd by nrrlpr of the members of the toard of Tnjstees on 22 ai and s&ned Ihelr b8hatf br. Trustee Page 4
SPRINGVALE EDUCAnoN TrUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE EDUCATION TRUST Oplnlon We have audited the financial $taterrnts of Spriry4 Educatiw TnMt (the 'charWI tho year ond8d 31 December 2021 whh conyrise the Siatement ol finawal actr¥88. the BalarKe sheot, tha Statom8nt of cash flNs and the related notes, incI1ng a summary of sWJnaTrI accounting pdick•s. The financ1 reporting frame0 that has been applied li their preparat)n is applicabkn W and Uned ngdorn Accounting Standards. in¢luding Financial Reporting Standard 102 The Financial Reporting Standard applscatrA8 in the UK d Republ ol Ireland, (United lQngdom Generalty Attwted AccountsThJ Practice). In our opSnim th• flnancial 8tatwnents". gi¥t a true and fair view of the th of ¢h•fitY¥ affairs 88 •131 Decwthr 2021 and of K8 incoming resources ar applicth.on of for ywr then QTthd.. avo bo8n PTepgr•d in ?Ordan Unrted Ifjng Genwaty Acceptéd Accounting PrxtiGti, and havo been prepared in a(£<th vAh the rryuir8ments of th8 Charit and Trustee Investment (Scotlandl Act 2LWJ5 WKI regulation 8 of the Charrtm k¢wnts {SccUandl R8gul#tion$ 2006. 8•818 for oplnlon W• conducted our Srt in xcordance with Intèm8tlonal Standard¥ on Aud6tlng IUKI os (UKII Jnd applicabl law. Our re8pon$ibililiès under those slandards or? further described in the Auditorf8 fesponsibilrties for the audit of the financial 8talements Béction of our report. W• are indopendenl of charty in accordance with th¥ ethical requlremenls that are rdevant lo our audit of tho financkql Statements in the unit Kingdom, includirvd thtr Financiol R•p¢Ming Councls Ethical Standard. and wa halt fUled wr othor ethical re8ponsibilitie8 in accordanc• with thèse rnquirements. We Ih•t au(tit 8videnc• have obtskn6d 1$ $ufficienl and appropri8¢e to provKl• 8 basra for our ownion. Conclu•lon• r•latlng to golng conc•rn In auditing the fin8ncial statements, have conduded that the Trustew. use of tho gokng corKem b•$i$ of accounting In the pieparalN)n of the financial statements rJ apprry)rial•. Ba8ed on the work have performed, have not hlenltfied any material uncertainlies relating lo events or conditsons that, individuahty or cc41ectNdy, may cast signthcant doubt on the chartys abilrty to continue 88 a gowig concem lor • of al ts¥elw rr1h9 from when the fina111 slataments are authorisod for issue. Our r68pon•ibilli•8 and the respons)1rrtles of thè Trusltts with resp•L to w'ng Conc ar8 d8scrib8d in the relèvant sectKJn8 of this r•pr#l. Page 5
SPRINGVALE EDUCATION TrUST INDEPENDENT AUt4TOR'S RepoRT TO THE MEMBERS OF SPRINGVALE EDUCATION TRUST {copinNUED) (x1 Infonnatl¢>n Tho other inf0mtIon compriges the infomwlion induded in the Annual rep)rt olher than the financial statements our Auditorfs report thereon. The Trustee$ are responsible lor thg otr infomwtion contained within the Annual report. Our op11n on the financhql Stalennts not cover the other infom19t ond, except to the extent otherwise explKitly staled in our Ttport, do Mt axwass any fomi of assurance conclusion Ihereon. Our responsibilrty is lo read 0th8r and. in doing so, con8idef whethar the other infomiaticfi 18 materially inconsistent with t finan¢Kg1 statements or our kntrge obtained in tho coursè of the audit, or clheMs8 appear$ lo be materialty misstsled. 11 w6 klentify such malarial biconsislonGie$ or apparent matori•l misststemenls, wa aro réquir to determne whether this gNes w to a material misststement in the financial statsments Ihemsefves. 11, based on the work tfvm h8¥ perforniod. ¥•Y conchAe that there IB a merial misstatemènt of this otrr infrrtmalicfi, we are requyed to report that fact. We havo nothNY4 lo rwrt in this regard. M4tt•rn on whlch w• ar• r•qulr•d to r•port by •xc•pllon We ¥• nothNvJ to rnport in f•SPKt of the matt•rn th•r• th Chaiiiies A¢¢ount• (Scotland) R6gulalton8 2008 l•$ •nend8d} fequirn8 Ui to reFKXt to you rf, kn our opiiion.. the infornalion 9Nen in the Tw$l••8' rewt is In ary materi•l 8PeCt wth the financial 8tatement8'. or pr¢Jpw o¢eountlng r•corfs h•¥e not been kep( or financial 8lalement8 are not in 8greemenl wilh the accounting rgcord8 and Tetums,. c we havo r r•ceived al the inform8tion and expW'onB we rnquire for our R•8pon•Ibllltl ol trn•t• explainod moT• the Trustees. T•sponsblrtM statomènt. the Trustee8 are respons1b for the preparation of the fingnckql statements which gNe a true arrfl fair Vitr4Y. for such internal control a8 the Trust¥ detemine is n8c8838ry lo enable prtyaratKffl of ffiancial 8tat8ments that ar• frfje from material ml8¥talom8nt, whether due lo froud or error. In pryring the financial statwynts, the Tnj$t are rwpon8lb for ¥81n9 the charitys abilty lo ¢ontinuè as a going concem, dIScbrrfj, applable, matters related lo goiig concom and using the gTr9 conrn basis of accounts.ng unle88 the Tru8leg8 either intend lo Ibquklate the charity or to cèasa operatM)ns, or have no Ted18Ic allemative but lo ¢k¢ SO. Pag• 6
SPRINGVALE EDUCATION TRUST INDEPENDEiif AvDrrOS REPORT TO THE MEMBERS OF SPRINGVALE EDUCATION TRUST ICONTINUED) Audltorfs rnspon8lblMtl•s for th• audtt of lh• financlal slat•Thts We have teen appointed as audrtor under Sad 4411 Ilcl of the char6$ and Tru8t8e Investment (Scotld) Act 2005 and report in accordance wth Act and rekvant rngulathjns made or having effect th8reundgr. Our ctjectives are to obtain reasonab assur8r8 aut wtthr the financigl sts10ments 8$ a whol8 arg fre8 from material mi8¥lathent, whether due to fraud or error. to an Audrtorfs report that IndUd our CPInn. Reasonable assurance ts a high 18vel of assurance, but nd a guarantee that an audtt cOndted in accordance with ISAS IUKI will deted 8 material miB8latem&nt vthgn It exists. Mis$tatwn8nls can arise from fraud or error and are Consered matevial rf, indNkJualy or in the aggregats, they could raasonably bo expecbj to lnfiuare the •conomi¢ deLI8rI6 of uw# tthen on th8 tA8iI of thew finwK401 •latements. IrT•9ularitla8, Including hud, are instarto8 of noTrcoThpli3nce wilh Im and rggulal8. Wo design pr8Urs8 In Ilne with our responsibilitm, Outnd above, to det•ct materi81 mIt•teMents In r8SP8Ct of irregularitie$, including fraud. Thg •xtent to whKh our prctedures are capable of dat8clirvJ irrffju18rilies, includin9 fraud ¢5 We otsain•d an underntanding of th• al and rfjgulatory wbthin which Ihe charty operates. fctuslng on those laws and regulats'ons th81 have • direct effeLt on the deterninalion of material amounts and diydosurns in thè financial senIs. Tr laws and regulations we considered in this context weo Ihe Charitio$ Ad 2011 and The Chanli88 and Trustee Investment {Scodandl Ad 2005 lopther with the Charit105 SORP IFRS 1021. We 888•$8èd the required lPInCe with these ws and regulalKns as part of our Jud prc¢edures on the related financial $18lemenl items. Audrtlng 8tand•rd• limit th rnquirod •ydit prcKedur88 to Nlentrfy IN)n<iK with Ihe8a law8 and regulaticm lo •nquiry ol th8 Trustees and othar management and Inspectn ol rgguw and 81 rspOndence, rf any. We identified the greatest risk of material impact on tho financk91 statnts from irregularitios. including fraud. lo bg thIn the overridé of ntrS by managemenl. Our audit procedures to respond to the8e risks included enquirie8 01 management, and th• Twst•¢s aboul their KlentffratKJn and assessmènt of risks of irregularities, sample testing the PDslffbg ol joum•ls, revwng accounting 88linaleg for bi9$ and revwln9 r¢gulatory cormponderKe. wing lo the inh8r8nt limitat)ns of an audrt. th•re 1$ an unavoidabkn thal we may not hwe detected 80me m818ri81 misstatements in the financial statements, even though have prcyrty planned and performed our audit In accordance with auditing stondards. F¢x ex)le. the furth9r removed norCOmPlEan¢8 with laws and regulations lirregularitiesl is from the events and transactn3 refi&Xed in the financial statements, th8 le88 likely the inherenlty limited proc•dure8 required by audrting slandards Wld idenlfy rt. In additim, as with any audit, there remained • higher risk ol non4etect)n of irregularrti?B. as these may invofve collugion, forgery, intenllonal omisslons, mi¥representation$. or the ovemts of inlemal ¢ontrds. We are not rn5pon8ible foi preventing rKn- pli8nce and Cann be eyp8cted to detocl rn-¢orr¢IIiare with all arvj regulatn5. A fiJrthèr description of our responsibilrties the oudit of the finarKAI statemenis Ic¢ated cffi th• Finanekil Reporting Councifs web8ite al" wNvw.frc.or .uklaudrior5re8 nsibilities. This descripts'¢)n foms part of our Audrt9 rep¢xL Page 7
SPRINGVALE Et)UCATION TRUST INDEPENDENT AUDfTOR'S REPORT TO THE MEMBERS OF SPRINGVALE EDUCATION TRUST (¢OMnNUEDI Uso of our rfjport This report is made solety to the chantys IrLtea5. as a in acCOrdar wlh regulation 10 of the Charttie8 Account8 {Scollandl Regulaltons 2006. Our audit WO has beèn undertaken so that we mwJht state to th6 charitys truBtees those matters we are rnquired to State lo them in an Audrtorfs rnport for no othar purpo6e. To the fullest extènt pemitlod by I, do ncl accept or assume responsibilty to anyone other than tha charity and its tru$tfjo8, 8¥ 8 bth. lor our audit wtjth, for th report. or for the opini¢)n8 V4 have forned. Crt)w• U.IL LLP Slalulory Audik Fourth Floor Sl J9 House Sl Jf4ro$ Squ8rn ChèMenham GL50 3PR Dato.. 27 Seplener 2022 CrchV• U.K. LLP ar• ¢li9lJh to act as Mlitor• in l•nrn al chan 1212 of the Act 2006. Page 8
SPRINGVALE EDUCATION TRUST STATEIIENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2021 Total fund8 2021 Tot81 funds 2020 fun 2021 funds 2021 Incom• from: Donations and lègaci88 Charitable a¢tp4ib64 540,000 Total incom• Exp•ndlturn on: Charitablè acllv 233,613 234,176 1,835 Total •xp•ndltyrn 233.613 234,176 1.&35 N•t mov•m•nt Sn lund• 16631 311.487 310.824 3,165 R•¢onclllatlon ol fund•: Totsl fundB brght fo8 Nel movement In lund8 12 12 1261,590 311A87 1,262,253 JIO,824 1,259.088 3, 165 1663) Tot•1 fund• c4rrf•d forId 12 1,673,OTI 1,573.077 1,262,253 The Ststwnenl of Finan081 Activities includ•J 41 8nd109908 reco9ni8ed in the ytsr. The noto5 on pag•1 12 to 20 form part (rf th059 nts. Paa8 9
SPRI4GVALE EDUCATION TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 2020 Flx•d u••ts TaThJible a8s•ts 1.006M2 1,223.250 1,006M82 1,223,250 Cuvr•nt u••ts Dabtorn Cash at bar and In hand 10 27,705 IZ678 571MS 871,6 40.383 Crndltorn: •ryvJunts faliw ¥<rthln one year (S,OODI {1.3) N•t curr•nt •••ts s6695 39,Ci93 Totsl a•••ts IM• cuTr•nt Il•bNIII•• 1I73m7 1.262,253 N•t u••l• •xcludlng p•n•lan ••••t I,57377 1.262,253 Tatal n•t a•••l• 1,573,077 7,262,253 Charlty fvnd• Restiicxed fvnd8 Unrestiicted fvnda 12 12 663 1,287.590 1.S73JJ77 Tolal fund• 1,373,077 1,262,253 nn IhK*rr hAhalf hv. rus The notes on pages 12 to 20 fonn wt of Ih8se finarrial slatements. Page 1D
SPRINGVALE EDUCATION TRUST STATEMEMf OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 C••h IIM from t)p•ratlDg •ctMII Net cash used in r4)er8tiThJ activiti8 561,%7 (10,490) Ca•h flo from Invrntlng •ctMtI Purcha88 of tangible fL¥•d as$6ts 13,080) 14.800J N•t cmh us•d In Inv••tlng actfvftl•8 13,080) 14.8001 Cuh floTh• fr(Mn flnanclng actlvltl•• N•¢ cmh provld•d by flmnclng •ctfvltl Ch•nq• In cuh and c••h •qulvl•nt• In lh• yr Cash and ¢•sh eqiivalentj at the baginning of Ihe yeai 668.917 12.678 111,2901 2T,968 C••h Ind c••h oqulv•l•nts at the end of th• y•r 571,696 12.678 The nclès on pag68 12 to 20 fom) part d IIMe fimrwl •tatements Page11
SPRINGVALE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR The YEAR ENDED 31 DECEMBER 2021 G•n•rnl Inforn)atlon sPnraIe Educaticn Tru51 is an uninwrporated chwity Ino SC033r141 T•3iStèred in Scotknd. The registered address 18 14 CravJn&bo Road. Petertad. Aberdeen$hire, A842 2YE. A¢¢¢tIng poll¢l•• 2.1 Bas1• of pf•p•ratlon ol flnan¢l41 t•t•m•nts The fin8nd81 gtatem8nly have been Prep• in accrydance with charl88 SORP (FRS 1021- AccounlirYJ and Reporting by Chari1.. Statement of Recommènded Pra¢lirE apph'cable to ch8rrtie8 preparing their accounts in accordanc• with th8 Finaw•l Reporting Stand8rd applicable in the UK and Republic of Irtskd IFRS 1021 (18¢.¥8 1 January 20191, the Flnancial Reporting Standard ¥pplica)le in the UK and R•put4ic of Ireland IFRS 102) and Ihe Charitkis and TTLtste8 Inve8lm•nl (Scotlandl Act 2005 and the Chgrrf• Accounts (ScoudI Ragulation8 2006 las amend1. Springvalg Education Tw81 meats thg definition of a Publ b8nofit entity undèr FRS 102. Assets and Ilabllths are inrtAIty rwini¥od •t historicd cost or trnm&Ctn vakn un8 otherwisè stated in the rnlevanl accounting polw. 12 Golng con¢•rn The Truste88 are of th• opinn that is •Lfficth fundiNJ place to contmiuo aclivitlgs ol tho charity. Thereltte. the accounts have be prepared on a goirvj concem ba•l$. 2.3 In¢om• l incom is recogni#8d onc• Chaity ha8 enlrtl•m•nt to the irKme, It h probablg that I irKome will b• rxwved and the anount of ineome rewv•ble e4n be mga8urgd reliably. Grants ar• Included In the Statement of ffinal on a reCNab b•$ls. Tho balanGe ol Income rnceNed for specrfK purposes bLrt not eyrthd during tho pwiod 1$ Shovm in the relgv8nl fund8 on the Balan 8heot. Where incc4ne is TeceNed in of entitlement of recelpl, tt8 recc9nrtion 18 doferred and incbjded in creditorn as deferred incomg. Where entitlent oLturn before in¢ome o r•c¢iv•d. the incom LT #eftd. 2A Exp•ndlts Expenditure is reeognised On there il a ltyal con$tnKtive obhgalft lo transfer economic benofil to a third paty. it is probabkn that a transfer of e¢ontirrMc bèneffts wil be required in settkn)enl and the amounl of the cblvjats'on can bé mèasured rnliably. Exp8ndiiur• v4 by activity. EXpendUl• on charitabkn ac1fvOs is inwrr•d on ditty underting thg aGtivitie8 whth furthor th8 Ch$ rtiectt¥es, as wol a$ any ag%>>at•d support costs. All expenthture is inclu8r¥e of iwemrable VAT. Page 12
SPRINGVALE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcl•• (¢onllnu•dl 2A T•nglbl• fix•d •8•0ts and (hprnclatlon Tangiblg 1Sxod ry)5ting £500 or m(Ye we witalad and r8cogni8ed when future econonlc ben•frts are Probable and the cc61 or ofth• a88et can be measurnd reliably. Tangible fixed 888ets are inth81ty reco9ni8ed at co8L After rncr¥nbtth, under the cost mcdel, langiblg fixed 8858ts ar6 m8asured at C08t les8 actumulat&J d8preeiatk•n and any 8ceumulatèd impaifftient 88e8. Al eo8t$ incurred to brin9 0 tangibbg ffixfjd asset into rt$ intended working GKIrtn should be irK4uded in thg m9asu¢fiI of c4)sL Depreciation is tharg•d so as to •hx&• the c08t of tangth fmd le88 thaw ro8idu81 value overtheir a81imetod LM•fiJl INeS, . D¢proddM 1$ prtyrfthd on ts fo&Mlng basis.. Freehold property 2 - 20% strght lin 2.6 Dobtorn Trad• tknr d•blorn ar• r•cowi#8d at thé #attrn0nt arn(nt aftèr any trad& discount off8r•d. Prepayments ar• vue(l at the wnounl ply It of any trade drd¢ounls due. 17 C••h at bank •nd In hand Cath •1 bank and in hnd irdudes c4#h 8hort4•mi high IN]uKI inv88tmthts with ? ¥lKJrt maluity of Ihrn• month¥ or less fr(xn the date of aCqui•rtn or opgning of the deposit ¢y similai accounL 2.8 Ll•bllltl•• •nd prnvl•lon• LLgbiliti88 are recogni80d wtth fhero is an oblig8n al th8 8alarco 8ho8t date al a re8uIt of • p4$t event. it 18 prcljable that a transfer of èconomK bentsfft wll bo rtquired in 8etUémenl, •nd the aUnt of the sdtlerrf be e¥timated rdi•bty. Liabilities arg rgcc¥Jnis0d al the amount that t Charity anti¢ipalo$ it will pay to 8etUe the debt or tho nount it has received as atranc•J paynwnls for the )Qd$ or services il must provhde. 2.9 Flmnclal Instruments The Charity onty hgs finanwl assets grKI fin8n¢ial ligbilitw of a kind that qualfy as bas financlal instruments. Bas financial instrumgnt5 are In"aty recognwl at trwJSaCn value and subsequently mgasured at their $8tt1gm8nt value. 110 Fund accountlng Gener81 fvTrJ$ are unresliid&J funds Tpthth are available for use al the diGuelKfi ol thè Truste8s in fvrtherance of the 9enwd obpctsves of the Charrty whth have not been designated for othr purposes. Reslrided Jnds are funds whKh are lo bo used in acconlance with y¢ific rnslrictions imposed by don5 c* which have been raise(I by the Charity for Wicuiar purpLW. The costs of lSing and Iministering such fvnds are Charged against the spectfic fund. The aim and use of each restricted fund is set out in the to the financwl statenwrts. Page 13
SPRINGVALE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Income from donatiom •nd l•g•cl•s Unr•slrict•d funds 2021 Totsl fund• 20 2020 Grants 540,000 $40.OOD In¢¢Jm• from ch•rflabh actlvltl•8 UM••trlct•d fund• 2021 Total funds 2021 Rantal InCe 5,000 6,(M)o Unrestiictsd fvnds 2020 funds 2020 Rontal Income A l&ase18 in plgrn for tho rental of the building lo OSGUK for £5.000 p.& T11988 18 in place unts'l 31st Decembef 2027. Anatysl# of •xp•ndhurn on ¢harhable a¢ll¥ltl Summary by fund type R•8trlcted Unrestrlctsd funds fundi 2011 2021 Total funds 2021 233.513 234,178 Pag8 14
SPRINGVALE EDUCATION TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2021 An•118 of •xndItUr• on ¢harltsbh athilles {continu•d) Summary by fund type {cohtin¢wd) funds 2020 2020 Charrtable Acti¥th• 1,835 An1¥ of •xp•ndliur• by •ctJ¥ltl•• Sw>port costs 2021 Tot•1 lund• 2021 234,176 234,178 Support costs Tol81 funds 2020 Charitsbk actNrti8$ 1.835 Page 15
SPRINGVALE EDUCATION TRV8T NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysls ol 9¥pdItu by •¢tMUM (contlnu•d) An•lysls of Support costs Total funds 2021 Tolal 2020 Depreciation Premisès Gosts Administrative co8ts 219.818 6,583 710 2.066 Governance costs FInan ¢hory8 2N176 1.835 A reww af depr•tIon rat•8 t( pe in the yw and ha8 rnllectad in y8•r to 31 D8mber 2021. Staff costs are nil, Tho Swkngv Educaijn TnAt18 wtholy ty volunteer•. AudftoV¥ r•mun•r•Uon The wditorfs r•mLThrnti to on f•• of £3,{ (2020- £ .), arld Kcounts preparation 8ervlce 01£750 {2020- £-). TTu•l•••' r•mun•ratlon and •xwi• Oudng the year, no Trustee¥ rnceivtil any r1munwan or other benefft8 f202Q. £NIU. Duriry the y•ar onded 31 Detsrrt)er 2021. Trustee expen hm been incurred (2020. £NILJ. Page 16
SPRINGVALE EDUCATION TRUST NOTES TO THE FIW4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2021 TangIb fix•d •890ts Froehold property Ct or Valuatlon At 1 January 2021 Addrtio 1,575,365 3.060 At 31 D¢¢ember 2021 1,678,400 Deprnclatlon Al 1 January2021 Charge for the •r 352,105 219,818 At 31 D0mbar 2021 671,923 Net book v•lu• At 31 December 2021 1.006,482 At 31 De¢ember2020 1,223,250 10. Dobtorn 2021 2020 Du• wlthin on• ye•r Other debtors 27.T05 27, 705 11. Credltorn.. Amounts falling du• ¥Athin one year 20 2020 Accruals s,01 1.380 Page 17
SPRINGVALE EDUCATION TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. Stat•mont of fvnds Stat•mnt of fund8- Gurr•nt y•ar B•lanc• at 31 D•cwnb•r 2021 Balanc• at 1 January 2021 In¢¢)me Exp•ndltuv• Unrostrlcl•d fund• General Fund8- aff lund• 1.261,590 645,IX¥J (233.6131 1,573,077 R•strlct•d fund• R88tricted Funds- all fvThJ8 1663) Total of fund• 1262.2J3 645.000 12¥1761 1,673,077 Stat•m•nt ol lund•- prlor yur Balance al 31 8knat l January 2020 inm EXp*U 2020 unrn•trlct fund• Gemral Funds- al fvftds 1.259,425 (1,835) 1,201,590 RtrIcI•d fund8 Re8trict•d Fund8- 011 fvnds Totsl of fundg 1,259,088 (1,835) 1.262,253 Page 18
SPRINGVALE EDUCATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Analy81¥ of n•t ass•ts b•kn fund An411 of not a88•ts b•twn funds- current y••r Unr•strfct•d Total funds 2021 2021 Tangbi le fixed ats Current assets Credrtor¥ due V•ithin ono 1.1)J6,482 571.595 15,000) 1,006A82 671.6 {o.0001 T¢A•l 1,S73.on 1,573,077 Anify811 of n•t •sMts It••n fvnd¥ . prjor yw R•siitled Unresfnclod fvnd• 2020 Tol fvnd 2020 2020 Tang1• fixed 4ssets Currènl 088ets Cr¢ditorn duo wlthln on• s• 1,223.2 39. 720 (1,380) 1,223,2XI 40,383 (1,380J 663 Tolal 663 1.261,590 1,262,253 1& Re¢onclll•tlon ol n•t mov•m•nt In lund8 to n•t cash ilow from operatlng actlvltl•• 2021 2020 Net income for t (al per Statthnt of FinKial AcUvlbeB) 310.824 3.165 AdJustm•nts for. 0epr0cMtn charges Decrnase in debtQTS Increa$el(decreasel in Creditors 219.818 27,705 3,620 195 (13,8&1) Net ¢a*h provld•d byl(usad in) operallng •CtlvilAe3 561.907 (10,490) Page 19
SPRJNGVALE EDUCATION TRUST NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16. Anatysh of ca8h and cash •qufval•nt8 2021 2020 Cash wi harrtl 11,596 12.678 Total cash and ¢ah •qul¥il•nts S71.695 12, 678 16. Anaty¥ls of ch•ng•8 In Tr•t d•bl January 2021 Cash Ilow• At31 Dec•mb•f 2021 Ca8h at bank and In hand 12,678 658,917 671.596 12,878 6S8.917 671.S 17. Capltsl Commllm•nts Th6 Trust ha6 entered into 8 contract lo buthj a 4rts hall. total cost of this 18 £854.400 hthvever, work in progre88 al Jtar erKI w immat•rial Ihus no •c¢nJ hai boan made. Thh due lo conykn in 2tr22. Page 20