THE_EDUCATION_FELLOWSHIP_ - Accounts

The Trustees present their report and financial statements for the period ended 30 November 2019.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Companies Act 2006 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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

The Academy Trust's objects in this period are to collect amounts due to it and settle its liabilities following its cessation of trade on the 28 February 2019. The Academy Trust ceased operating its last Academy on the 30 November 2018.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Academy Trust should undertake.

The Trustees have sought to facilitate the closure of the Academy Trust as efficiently and cost effectively as possible. In the period this is the key performance indicator.

Activities undertaken during the period have been entirely directed at ensuring the Trustees' stated objective of a professional and solvent closure of the Academy Trust is achieved. The Academy Trust has continued to collect amounts due to it and to settle outstanding liabilities. The unpaid support and assistance of former Head Office employees in this process has been invaluable and the Trustees thank those involved for their professionalism and determination to complete a process which started in January 2017.

At the period end the only significant liability accrued (for which insufficient Trust assets are available to satisfy in full) is the Local Government Pension Scheme (LGPS) deficit balance at the date of closure of the Trust; LGPS deficit only crystallises at the point of closure of a Trust. Provision is therefore made within accrued creditors for a sum which the Department for Education LGPS deficit guarantee scheme is applicable. Therefore, the balance sheet reports a breakeven position, indicating that the Trustees will achieve their objective of a solvent closure of the Trust.

The Academy Trust is a company limited by guarantee.

The Trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 if required in the event of a winding up.

The Trustees' report was approved by the Board of Trustees.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Education Fellowship Trust for the period ended 30 November 2019, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 12 December 2019. Our work has been undertaken solely to prepare for your approval the financial statements of The Education Fellowship Trust and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Education Fellowship Trust and the charity's Trustees as a body, for our work or for this report.

It is your duty to ensure that The Education Fellowship Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Education Fellowship Trust. You consider that The Education Fellowship Trust is exempt from the statutory audit requirement for the period, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of The Education Fellowship Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The statement of financial activities includes all gains and losses recognised in the period.

All of the Academy Trust's activities derive from discontinued operations during the period ended 30 November 2019 and period ended 31 January 2019.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 30 November 2019.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Education Fellowship Trust is a charitable company, limited by guarantee, incorporated in England and Wales. The registered office is Montague House, 1 Chancery Lane, Thrapston, Kettering, Northamptonshire, NN14 4LN.

The financial statements have been prepared in accordance with the Companies Act 2006 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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Academy Trust is a Public Benefit Entity as defined by FRS 102.

The Academy Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

These financial statements cover the 10-month period to 30 November 2019 together with the committed costs at that date. Following the transfer of all the Academy Trust's academies to new sponsors in the prior period the trustees took the decision to cease operating as an Academy Trust with effect from 28 February 2019, when all staff were made redundant. It was agreed with the ESFA to prepare financial statements for this period to adhere to filing requirements, the financial statements are not required by the Department of Education.

The Education Fellowship Trust meets the definition of a public benefit entity under FRS 102. The Academy Trust is a charitable company, limited by guarantee, incorporated and domiciled in England.

The financial statements are prepared in sterling, which is the functional currency of the Academy Trust. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Academy Trust has ceased trading; therefore, the financial statements have been prepared on a basis other than that of a going concern. A provision has been made for any contractual commitments that have become onerous at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

Following the transfer of the Academy Trust's remaining academies to new sponsors in the prior period, the Academy Trust ceased to trade on 28 February 2019. The directors do not consider it appropriate to prepare these financial statements on a going concern basis. Further details are provided in the basis of preparation accounting policy above.

The comparatives were also prepared on a basis other than that of a going concern.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Expenditure is recognised once there is a legal or contractual obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required or in settlement and the amount of the expenditure can be measured reliably.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Academy Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Academy Trust's balance sheet when the Academy Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Academy Trust’s contractual obligations expire or are discharged or cancelled.

In the application of the Academy Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Other income

Other income

Other income

Charitable Expenditure

Charitable Expenditure

Direct costs

Support costs

Premises costs

Staff costs

Support staff costs

There were no disclosable related party transactions during the period.