THE PUBLISHING TRAINING CENTRE FOUNDATION
Company Registration No. 1253854 Charity Registration No. 1083081
ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Company Information
Chair
Christopher Glennie
Vice-Chair Emma Brown Directors/Trustees Christopher Glennie Emma Brown Sunita Dhawan Maria Krainova Eric Baber Hilary Fine Changjie Hu Secretary Bhoupati Sangeelee Company Number 1253854 (England and Wales) Registered Charity 1083081 Number Registered Office 16 High Holborn London WC1V 6BX Auditors Clarke Huttun Summit Court Barnet London EN5 5YR Bankers National Westminster Bank 153 Putney High Street London SW15 1RX Investment Advisors Rathbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ
Contents
| Page | |
|---|---|
| Trustees’ report | 1–8 |
| Statement of Trustees' responsibilities | 9 |
| Independent Auditors' report | 10–11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15–26 |
The Publishing Training Centre Foundation
Trustees’ Report
For the year ended 31 December 2024
The Trustees, who are also the Directors, hereby submit their annual Directors’ Report together with the consolidated financial statements of the Charity and its subsidiary for the year ending 31 December 2024, which are also prepared to meet the requirements for a Directors’ Report and accounts for Companies Act purposes.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity’s Articles of Association, the Companies Act 2006, the Charities Act 2011 and the charities Statement of Recommended Practice.
Structure, Governance and Management
The Foundation is a company limited by guarantee. It is a registered charity with charitable objectives.
The Publishing Training Centre Foundation is the sole member (not transferable) of the Publishing Qualifications Board – a company limited by guarantee (Company No. 2607034) and also a registered charity (Charity No. 1002928).
The Trustees, who are also the Directors for the purpose of company law and who served during the year, were:
Christopher Glennie Changjie Hu (appointed 10/04/24) Emma Brown Edward Milford (resigned 10/04/24) Sunita Dhawan Maria Krainova Eric Baber Hilary Fine (appointed 10/04/24)
None of the Trustees have any beneficial interest in the company.
The members undertake to contribute a maximum of £1 in the event of a winding up.
New Trustees are given full information on the history, legal framework of the group, the financial performance and future plan of the Charity Group.
Under the Articles of Association of the Foundation, membership is open only to the Trustees. An application to become a Trustee shall also serve as an application to become a member and any person appointed as a Trustee shall automatically become a member.
The number of Trustees shall be no less than five and no more than twelve. The board normally meets quarterly.
Trustees are elected by the members or co-opted by the Trustees. When considering co-opting Trustees, the Board has regard to the requirement for any specialist skills needed.
A Trustee term of office is three years.
Page | 1
The Publishing Training Centre Foundation
Trustees’ Report (Continued)
For the year ended 31 December 2024
A retiring Trustee may be reappointed providing that no Trustee shall serve more than two terms of office.
The powers of the Trustees to invest monies of the Foundation are clearly laid in the Articles of Association.
The Trustees consistently review the principal risks and uncertainties that the group faces and implements agreed procedures to minimise or manage any potential impact on the group, should those risks materialise.
There were no connected charities other than Publishing Qualifications Board (PQB), a subsidiary Charity. The results of the Foundation have been consolidated with those of Publishing Qualifications Board.
Objectives and Activities
The Publishing Training Centre operates with the following charitable objective:
"To promote and advance commercial education for individuals worldwide who are engaged in the printing, publishing, distribution, or sale of books and written materials in any language, as well as any other charitable objectives the organisation may determine."
The Foundation’s activities focus on delivering training programmes for the book publishing industry. These programmes are managed by The Publishing Training Centre, an independent, self-financing organisation overseen by a Board of Trustees.
Its efforts are guided by four key principles:
-
Offering a diverse range of training and educational services tailored to various learning needs.
-
Setting fair and accessible pricing to ensure broad participation.
-
Supporting the industry in adapting to operational challenges through effective learning.
-
Extending its reach to global publishing communities through international initiatives.
Page | 2
The Publishing Training Centre Foundation
Trustees’ Report (Continued)
For the year ended 31 December 2024
Achievements and Performance
Careers Advisory Service
We offer free advice and support to anyone seeking education and training. With 48 years of experience, a broad subject coverage and a network of expert tutors, we are uniquely positioned to guide learners effectively.
Events and Initiatives
The PTC continues to collaborate with the Society of Young Publishers (SYP), reinforcing its commitment to supporting aspiring and established publishing professionals by providing practical guidance and expert mentorship. PTC sponsored and supported the autumn conference in Oxford, along with other, smaller events during SYP’s 75[th] anniversary year (2024).
Female Leadership in Publishing (FLIP) is a non-profit platform dedicated to inspiring publishing professionals through insights and experiences shared by industry-leading women. Committed to driving change from within, FLIP fosters knowledge-sharing, mutual support, and the empowerment of future leaders. PTC supports and collaborates with FLIP in advancing these initiatives.
PTC worked closely with The Printing Charity and sponsored their Rising Star Awards for young talent in the publishing industry. PTC was represented on the judging panel and assessed applications with colleagues from the Charity.
The Introduction to E-Book Production webinar provided valuable insights into running paid online events. Attendee engagement was strong, and there is potential to expand the session into a half-day open course.
PTC supports The Publishing Post , a fortnightly magazine for aspiring publishing professionals. To mark its 100th issue, PTC made a small donation, strengthening a shared commitment to industry upskilling, as highlighted in a recent feature on PTC’s training programmes.
PTC collaborated with Publishing Scotland, a registered charity and leading body for Scotland’s publishing sector, to support innovation among publishers, writers and content creators, while promoting excellence in content production and delivery.
Page | 3
The Publishing Training Centre Foundation
Trustees’ Report (Continued)
For the year ended 31 December 2024
Events and Initiatives (Continued)
PTC collaborated with the Chartered Institute of Editing and Proofreading (CIEP) to align its e- learning offerings with CIEP’s membership criteria. This partnership enhanced professional development opportunities and supported aspiring editors and proofreaders in advancing their careers.
In our efforts to enhance tutor engagement, we are actively reaching out to PTC tutors. Trustees are now meeting regularly online with tutors to gain deeper insights into the training landscape and explore how the wide array of expertise among tutors can best align with the objectives of PTC.
PTC remains committed to widening access to its educational services. We continue to support unemployed individuals and students and have partnered with the Book Trade Charity (BTBS) to assist financially disadvantaged students in accessing our courses.
The PTC was a mentor on the STM Association’s new mentoring scheme for those seeking to develop in the profession. The PTC was matched with a marketing manager working for an American membership association within the publishing division and provided monthly sessions and support during the year.
Courses
PTC launched three new courses: Developing Effective Management Skills in Publishing, The Fundamentals of Public Speaking , and Advanced Copy-Editing . Like our other virtual offerings, these courses provide a more accessible and affordable option for individuals with disabilities, mobility challenges, or those unable to travel for in-person training.
E-Learning
PTC currently offers 15 online modules encompassing various specialist areas, including Editorial, Marketing, Project Management and Copyright. The key features of our E-15 courses include just-in-time accessibility and continuous access to current key resources at reasonable prices. These courses have an average total learning time of 100 hours.
Page | 4
The Publishing Training Centre Foundation
Trustees’ Report (Continued)
For the year ended 31 December 2024
Distance Learning
At the start of the year, our course portfolio included five courses, but by the end of the financial year, we streamlined it to focus on three core offerings:
-
Essential Proofreading
-
Essential Grammar
-
Essential Copy-Editing
We discontinued Creative Copywriting for Publishers and Successful Editorial Freelancing to prioritise courses with the highest demand and impact, ensuring we allocate resources effectively to support the most essential skills for publishing professionals.
Delegates and Courses: Numbers review for the year
Open Courses
We delivered 43 courses during the year and a total of 283 delegates were trained. In 2023 we ran 48 courses and trained 319 delegates. Revenue for 2024 was £111k against £128k in 2023 (13% decrease).
In-Company Courses
We delivered 42 courses during the year and a total of 366 delegates were trained. In 2023 we ran 59 courses and trained 571 delegates. Revenue for 2024 was £123k against £157k in 2023 (22% decrease).
E-Learning
252 students enrolled on our E-Learning modules compared to 223 students in 2023. Revenue for 2024 was £12k against £18k in 2023 (31% decrease).
Distance Learning
Distance Learning revenue for 2024 was £91k against £111k in 2023 (18% decrease). 421 delegates enrolled on the courses in 2024 compared to 448 in 2023.
Page | 5
The Publishing Training Centre Foundation
Trustees’ Report (Continued) For the year ended 31 December 2024
Financial Review
Reserves Policy
As at 31 December 2024, the total reserves of £1.171 million were structured as follows:
-
Endowment Reserves: £771k, comprising:
-
Capital element: £400k (not available for expenditure)
-
Expendable element: £371k (fully available for use)
-
Unrestricted Reserves: £400k (fully available for use)
Total reserves available for use amount to £771k, made up of the expendable element of the endowment (£371k) and the unrestricted reserves (£400k). These available reserves support:
-
Working Capital – Sustaining ongoing activities.
-
Strategic Investments – Funding future development.
-
Financial Stability – Providing a safeguard for unforeseen challenges or an orderly winddown if needed.
The Charitable Group aims to maintain available reserves sufficient to cover three to six months of expenditure on both revenue activities and charitable assets. This reserve policy underpins financial resilience, ensuring the continuity of operations during periods of funding shortfall while providing time to secure alternative income sources.
General Financial Review
-
Revenue from courses dropped to £337k (2023: £414k)
-
Total expenditure decreased by 5% to £357k (2023: £378k)
-
Net expenditure/income before gains on investments was £(14k) (2023: £41k)
-
The charitable activities expenditure was £331k, which represents 93% of the total expenditure for the year (2023: £347k & 92%)
-
The cost of governance was £27k and represents 7% of the total expenditure expended for the year (2023: £34k & 9%)
-
The net movement in funds was £54k (2023: £97k)
Investments
The Foundation has appointed Rathbone Investment Management to manage the Endowment and Unrestricted Funds of the Charity. The Funds are invested in a Charity Active Income and Growth Fund. Investment management charges are charged against the fund. As at 31 December 2024, £911k was under active management.
Public Benefit
The PTC Foundation has referred to the Charity Commission’s general guidance on public benefit when reviewing its aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
Page | 6
The Publishing Training Centre Foundation
Trustees’ Report (Continued)
For the year ended 31 December 2024
Asset Cover for Funds
Note 15 sets out an analysis of the assets attributable to the various funds and a description of the funds. These assets are sufficient to meet the Charitable Group obligations on a fund-byfund basis.
Plan
PTC acquired the Institute of Publishing (IOP), a company limited by guarantee with charitable objectives (registration number 3872481), at no cost. As IOP had no trading activity or material financial impact during the reporting period, its results have not been included in PTC’s annual accounts. This approach ensures the financial statements accurately reflect the PTC Group’s operational activities and financial position.
As at 31 December 2024, IOP is not a registered charity but has sought external professional advice to apply for charitable status in 2025.
IOP’s mission is to advance education for public benefit, particularly in the publishing, writing and information industries. As part of the restructuring, IOP will integrate the activities of PTC and PQB, ensuring all initiatives align with its charitable purpose under Trustees’ oversight.
Consolidating PTC and PQB under IOP will enhance public benefit and sector impact by:
-
Streamlining Operations : implementing centralised oversight will improve resource allocation and expand program reach.
-
Enhancing Credibility : institute status will strengthen trust in certifications and training programs.
-
Expanding Funding Opportunities: charitable registration will open access to institutespecific grants.
-
Improving Public Benefit: unifying learning pathways will create clearer, more cohesive education.
-
Supporting Sustainability: unique certifications and member services will establish new revenue streams.
-
Standardising Certification: a single, recognised framework will benefit the publishing sector.
Page | 7
The Publishing Training Centre Foundation
Trustees’ Report (Continued) For the year ended 31 December 2024
Risks and Uncertainties
The principal risks and uncertainties facing the Charity are:
-
Revenue Dependence – Over-reliance on training course fees makes the business vulnerable to market fluctuations and economic downturns.
-
Market Size Limitations – A niche audience restricts growth potential, requiring diversification into new markets or international expansion.
-
Skills and Content Relevance – Keeping course content updated with industry trends and technological advancements is essential to maintaining credibility and demand.
-
Automation – AI-driven tools reduce demand for traditional editorial training as automated systems handle tasks previously done by skilled professionals.
-
Competition from AI-Powered Learning – AI-driven courses, chatbots, and adaptive learning platforms may offer cheaper, more accessible training alternatives, impacting traditional training models.
-
Reduction in Demand for Traditional Roles – As AI streamlines workflows in publishing, fewer professionals may require formal training in areas like copy-editing, proofreading and content creation.
-
Shifting Business Models – AI is reshaping publishing revenue models (e.g., AIassisted content creation, automated book marketing), necessitating a shift in training focus to emerging industry trends.
Page | 8
The Publishing Training Centre Foundation
Statement of Trustees’ Responsibilities
The Trustees, who are also the Directors of The Publishing Training Centre Foundation, for the purpose of company law, are responsible for preparing the Trustees' Report and Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting standard 102 and applicable law).
Company law 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 the application of resources, including the income and expenditure, of the charitable group for that year.
In preparing these accounts, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently.
-
Observe the methods and principles in the Charities SORP.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
-
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of Information to Auditors
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the Audit, but of which the Auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the Auditors are aware of such information.
Auditors
Clarke Huttun have signified their willingness to continue in office .
The Board approved this report on: 16 April 2025.
Bhoupati Sangeelee
Secretary
Page | 9
The Publishing Training Centre Foundation
Independent Auditors' Report to the Members of The Publishing Training Centre Foundation
We have Audited the financial statements of The Publishing Training Centre Foundation for the year ended 31 December 2024 on pages 11 to 25. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.
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.
Respective Responsibilities of Trustees and Auditors
As explained more fully in the statement of Trustees’ responsibilities, the Trustees, who are also the Directors of The Publishing Training Centre Foundation for the purposes of company law, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view.
Our responsibility is to Audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical standards for Auditors.
Scope of the Audit of the Accounts
An Audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Charity’s circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the Trustees and the overall presentation of the accounts. In addition, we read all the financial and non-financial information in the Trustees’ Annual Report to identify material inconsistencies with the audited accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the Audit. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report.
Page | 10
The Publishing Training Centre Foundation
Independent Auditors' Report to the Members of The Publishing Training Centre Foundation (Continued)
Opinion on accounts
In our opinion the accounts:
-
Give a true and fair view of the state of the Group and the Foundation’s affairs at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure account, for the year then ended.
-
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
-
Have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, the information given in the Trustees’ Report for the financial year for which the accounts are prepared is consistent with the accounts.
Matters on which we are required to report by exception
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:
-
adequate accounting records have not been kept, or returns adequate for our Audit have not been received from branches not visited by us; or
-
the accounts are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our Audit.
Mr Simon Naick (Senior Statutory Auditor) For and on Behalf of Clarke Huttun, Statutory Auditor Chartered Accountants Summit Court Barnet London EN5 5YR
Dated: 16 April 2025
Page | 11
The Publishing Training Centre Foundation
(Incorporating the results of Publishing Qualifications Board)
Consolidated Statement of Financial Activities Including Income and Expenditure Account for the year ended 31 December 2024
| PTC | PTC | PQB | Consolidated | Total | ||
|---|---|---|---|---|---|---|
| Notes | Endowment | Unrestricted | Unrestricted | Funds | Funds | |
| Funds | Funds | Funds | 2024 | 2023 | ||
| £ | £ | £ | £ | £ | ||
| Income from: | ||||||
| Courses | 2 | - | 246,141 | 91,030 | 337,171 | 414,079 |
| Interest | 3 | - | 6,295 | - | 6,295 | 5,314 |
| ------------ | ------------ | -------------- | -------------- | -------------- | ||
| Total income | - | 252,436 | 91,030 | 343,466 | 419,393 | |
| ------------ | ------------ | --------------- | -------------- | -------------- | ||
| Expenditure on: | ||||||
| Publicity and promotion | 4 | - | 19,024 | 7,321 | 26,345 | 30,911 |
| Charitable activities | ||||||
| Courses | 5 | - | 231,489 | 99,573 | 331,062 | 347,182 |
| ------------ | ------------ | ------------ | ----------- | ----------- | ||
| Total expenditure | - | 250,513 | 106,894 | 357,407 | 378,093 | |
| ------------ | ------------ | ------------ | ----------- | ----------- | ||
| Net expenditure/income | - | 1,923 | (15,864) | (13,941) | 41,300 | |
| before gains on investments | ||||||
| Net loss/gain on Investments | 57,433 | 10,435 | - | 67,868 | 55,759 | |
| --------- | ---------- | ---------- | ----------- | ----------- | ||
| Net (expenditure)/income | 57,433 | 12,358 | (15,864) | 53,927 | 97,059 | |
| Transfer between funds | - | - | - | - | - | |
| --------- | ---------- | ---------- | ----------- | ----------- | ||
| Net movement in funds | 57,433 | 12,358 | (15,864) | 53,927 | 97,059 | |
| Fund balances at 1 January | 713,352 | 323,183 | 80,924 | 1,117,459 | 1,020,400 | |
| 2024 | ||||||
| ------------ | ------------ | ------------ | -------------- | -------------- | ||
| Fund balances at | 770,785 | 335,541 | 65,060 | 1,171,386 | 1,117,459 | |
| 31 December 2024 | ||||||
| ======= | ======= | ======= | ======= | ======= |
All activities are continuing. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 15 to 26 form part of these accounts. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
.
Page | 12
The Publishing Training Centre Foundation (Incorporating the results of Publishing Qualifications Board)
Consolidated and Charity Balance Sheet as at 31 December 2024
| Group | Group | PTC | PTC | ||
|---|---|---|---|---|---|
| Notes | 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Tangible assets | 9 | - | - | - | - |
| Investment | 10 | 910,825 | 842,957 | 910,825 | 842,957 |
| ---------- | ---------- | ---------- | ---------- | ||
| 910,825 | 842,957 | 910,825 | 842,957 | ||
| ---------- | ---------- | ---------- | ---------- | ||
| Current Assets | |||||
| Debtors | 11 | 18,287 | 20,085 | 14,738 | 16,381 |
| Cash at bank and in hand | 453,153 | 461,384 | 237,363 | 228,511 | |
| ---------- | ---------- | ---------- | ---------- | ||
| 471,440 | 481,469 | 252,101 | 244,892 | ||
| ---------- | ---------- | ---------- | ---------- | ||
| Creditors: amounts falling | 12 | (210,879) | (206,967) | (56,600) | (51,314) |
| due within one year | |||||
| ---------- | ---------- | ---------- | ---------- | ||
| Net current assets | 260,561 | 274,502 | 195,501 | 193,578 | |
| ---------- | ---------- | ---------- | ---------- | ||
| Net Assets | 1,171,386 | 1,117,459 | 1,106,326 | 1,036,535 | |
| ====== | ====== | ====== | ====== | ||
| Income funds | |||||
| Endowment funds | 14 | 770,785 | 713,352 | 770,785 | 713,352 |
| Unrestricted funds | 400,601 | 404,107 | 335,541 | 323,183 | |
| ----------- | ----------- | ----------- | ----------- | ||
| Total funds | 1,171,386 | 1,117,459 | 1,106,326 | 1,036,535 | |
| ======= | ======= | ======= | ======= |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.
The financial statements were approved by the Board of management on: 16 April 2025.
Christopher Glennie (Chairman/Director)
Company Registration No. 1253854
Page | 13
The Publishing Training Centre Foundation
(Incorporating the results of Publishing Qualifications Board)
Statement of Cash Flows and Consolidated Statement of Cash Flows for the year ended 31 December 2024
| Group | PTC | |||||
|---|---|---|---|---|---|---|
| Notes | 2024 | 2023 | 2024 | 2023 | ||
| £ | £ | £ | £ | |||
| Cash flows from Operating Activities |
16 | (14,526) | 18,436 | 2,557 | 7,986 | |
| Cash flows from | ||||||
| Investing Activities | ||||||
| Interest Received/Gains | 6,295 | 5,314 | 6,295 | 5,314 | ||
| ====== | ====== | ====== | ====== | |||
| Increase/Decrease in Cash and Cash Equivalents |
17 |
(8,231) | 23,750 | 8,852 | 13,300 | |
| ====== | ====== | ====== | ====== | |||
| Cash and Cash Equivalents at the beginning of the year |
461,384 | 437,634 | 228,511 | 215,211 | ||
| ====== | ====== | ====== | ====== | |||
| Total Cash and Cash Equivalents at the end of the year |
453,153 | 461,384 | 237,363 | 228,511 | ||
| ====== | ====== | ====== | ====== |
Page | 14
The Publishing Training Centre Foundation (Incorporating the results of Publishing Qualifications Board)
Notes to the Financial Statements For the year ended 31 December 2024
1. Accounting Policies
1.1 Basis of Accounting
The financial statements have been prepared under the historical cost convention, with the exception of current asset investments, which are stated at market value. The financial statements are prepared in UK £ Sterling, which is the functional currency of the Charity.
The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the Foundation and its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by-line basis and the results of the subsidiary undertaking are also disclosed in the statement of financial activities.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS102)) and the Companies Act 2006.
The significant accounting policies applied in the preparation of these financial statements are set out on pages 15–26. These policies have been consistently applied to all years presented, unless otherwise stated.
1.2 Preparation of the accounts on a going concern basis
The Trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans give the Trustees confidence that the Charity remains a going concern for the foreseeable future.
1.3 Income
Income is recognised when the Group and Charity have entitlement to the funds, any performance conditions attached to the item(s) have been met, it is probable that the income will be received, and the amount can be measured reliably.
Income from the Open and In-Company courses programme is recognised only when the course is confirmed and invoiced. For the Distance Learning courses, entitlement to the fees is taken when the student enrols but is subject to a thirty-day cooling off period. Revenue for the E-Learning programme is recognised as soon as the student enrols on the course.
Page | 15
The Publishing Training Centre Foundation
(Incorporating the results of Publishing Qualifications Board)
Notes to the Financial Statements
For the year ended 31 December 2024
1.4 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that a settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Costs of publicity and promotion
-
Expenditure on charitable activities, which includes support and governance costs
Support costs refer to functions that assist the Charity’s operations but do not directly carry out charitable activities. These costs include back-office expenses, personnel, payroll and governance costs, all of which support the Group’s activities.
Governance costs specifically relate to the administration of the Charity and compliance with constitutional and statutory requirements.
The Charity Group identifies support function expenses and separates those related to governance. Governance costs are allocated based on the percentage of time spent on these functions, calculated as a share of total salaries and pensions. The remaining costs are assigned to support.
1.5 Fund accounting
-
(i) The Foundation Unrestricted General Fund consists of funds which can be used in accordance with the charitable objectives at the discretion of the Trustees.
-
(ii) Endowment Funds represent those assets (excluding income) which must be held permanently by the Charity, principally in investments.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
| Office equipment | – | 2 years |
|---|---|---|
| Fixtures and fittings | – | 2 years |
| Teaching/computer equipment – | 2 years |
1.7 Investments
Current asset investments are stated at market value at the balance sheet date. Realised and unrealised gains or losses are shown in the statement of financial activities.
Page | 16
The Publishing Training Centre Foundation (Incorporating the results of Publishing Qualifications Board)
Notes to the Financial Statements
For the year ended 31 December 2024
1.8 Operating lease
Rentals payable under operating leases are charged against income on a straight-line basis over the lease term, even if the payments are not made on such a basis.
1.9 Pensions
The pension costs charged in the financial statements represent the contributions paid by the company into a separately administered pension scheme.
1.10 Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees do not consider that there are any critical judgements or sources of estimation uncertainty requiring disclosure.
Page | 17
(Incorporating the results of Publishing Qualifications Board)
The Publishing Training Centre Foundation
Notes to the Financial Statements For the year ended 31 December 2024
2. Analysis of income from charitable activities
| is of income from charitable activities | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Short Courses & E-Learning (PTC) | 246,141 | 303,488 |
| Distance Learning Courses (PQB) | 91,030 | 110,591 |
| ------------ | ------------ | |
| 337,171 | 414,079 | |
| ------------ | ------------ |
All income generated from the charitable activities was attributable to the unrestricted funds.
3. Analysis of income from investment
| is of income from investment | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable deposits | 6,295 | 5,314 |
All income from investment was attributable to the unrestricted funds.
4. Analysis of publicity and promotion
These are the costs incurred in promoting the educational activities of the Charity and the group. They include the production of the digital course catalogue and advertisements in print and digital media. All costs were attributable to unrestricted funds.
5. Analysis of expenditure on charitable activities
| Activities | Support costs | Total | Total | |
|---|---|---|---|---|
| undertaken directly | 2024 | 2023 | ||
| £ | £ | £ | £ | |
| Short Courses & | 84,830 | 146,659 | 231,489 | 245,620 |
| E-Learning | ||||
| Distance Learning | 41,924 | 57,649 | 99,573 | 101,562 |
| ------------ | ------------ | ------------ | ------------ | |
| 126,754 | 204,308 | 331,062 | 347,182 | |
| ------------ | ------------ | ------------ | ------------ |
All costs for 2024, £331,062 (2023: £347,182) were attributable to unrestricted funds.
Page | 18
(Incorporating the results of Publishing Qualifications Board)
The Publishing Training Centre Foundation
Notes to the Financial Statements
For the year ended 31 December 2024
6a. Analysis of support and governance costs
| Support | Governance | Total 2024 | 2023 | Basis | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Office costs (inc. | 12,943 | 1,280 | 14,223 | 13,766 | Allocated on |
| Rent) | time | ||||
| Human resources | 148,887 | 14,769 | 163,656 | 163,009 | Allocated on |
| (inc. pension) | time | ||||
| Audit & Tax fees | - | 3,400 | 3,400 | 3,300 | Governance |
| Legal Fees | - | 7,088 | 7,088 | 4,900 | Governance |
| Development Cost | 15,941 | - | 15,941 | - | Support |
| Recruitment Fees | - | - | - | 1,379 | Governance |
| Market Research | - | - | - | 5,850 | Support |
| ------------ | ------------ | ------------ | ----------- | ||
| - | |||||
| Total | 177,771 | 26,537 | 204,308 | 192,204 | |
| ------------ | ------------ | ------------ | ----------- |
6b. Governance costs
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Office Costs | 1,280 | 1,927 |
| Human Resources | 14,769 | 22,192 |
| Audit & Tax fees | 3,400 | 3,300 |
| Legal fees | 7,088 | 4,900 |
| Recruitment Fees | - | 1,379 |
| ------------ | ------------ | |
| 26,537 | 33,698 | |
| ------------ | ------------ |
Governance costs include payments to the Auditors of £2,800 (2023: £2,700) for Audit fees and £nil (2023: £nil) for other service ~~s.~~
Page | 19
The Publishing Training Centre Foundation
(Incorporating the results of Publishing Qualifications Board)
Notes to the Financial Statements For the year ended 31 December 2024
7. Net Income/Expenditure for the year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| This is stated after charging | ||
| Depreciation of tangible assets | - | - |
| Operating lease rentals: | ||
| Land and buildings | - | - |
| Auditors’ remuneration | ||
| (Group) | 2,800 | 2,700 |
| (Charity) | 1,700 | 1,600 |
8. Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel
The average number of employees, analysed by function, during the year was:
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Courses | 2 | 2 | 2 | 2 |
| Governance | 1 | 1 | 1 | 1 |
| Web & Promotion | 1 | 1 | 1 | 1 |
| ------------ | ------------ | ------------ | ------------ | |
| 4 | 4 | 4 | 4 | |
| ------------ | ------------ | ------------ | ------------ |
The average number of full-time equivalent employees was 2 (2023: 2).
Page | 20
The Publishing Training Centre Foundation (Incorporating the results of Publishing Qualifications Board)
Notes to the Financial Statements For the year ended 31 December 2024
Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel (continued)
Their aggregate remuneration comprised:
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Salaries (including contractual | 138,476 | 142,141 | 101,088 | 103,763 |
| staff) | ||||
| Social Security costs | 9,718 | 10,281 | 7,094 | 7,505 |
| Pension costs | 15,462 | 10,587 | 11,287 | 7,729 |
| ------------ | ------------ | ------------ | ------------ | |
| 163,656 | 163,009 | 119,469 | 118,997 | |
| ------------ | ------------ | ------------ | ------------ |
There were no employees whose annual remuneration was £60,000 or more.
As already stated on page 16 at note 1.4, support costs are apportioned based on the respective turnover between the two charitable entities in the year. PTC staff costs of £119,469 represent 73% of the Group’s total staff costs – in 2023 it was £118,997 and 73%.
The key management personnel comprise the head of the PTC Group and the total cost of remuneration was:
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Remuneration | 49,860 | 49,450 | 36,398 | 36,098 |
| ------------ | ------------ | ------------ | ------------ | |
| 49,860 | 49,450 | 36,398 | 36,098 | |
| ------------ | ------------ | ------------ | ------------ |
Trustees’ Remuneration
The Trustees received reimbursement of expenses during the year of less than £500 (2022:<£500)
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Number of Trustees | ||||
| reimbursed expenses | 1 | 1 | 1 | 1 |
| during the year | ||||
| ------------ | ------------ | ------------ | ------------ | |
| 1 | 1 | 1 | 1 | |
| ------------ | ------------ | ------------ | ------------ |
Page | 21
The Publishing Training Centre Foundation (Incorporating the results of Publishing Qualifications Board)
Notes to the Financial Statements For the year ended 31 December 2024
9. Tangible fixed assets (Group & PTC)
No tangible assets are maintained.
10. Investments
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Investments listed | 842,957 | 787,198 | 842,957 | 787,198 |
| Purchase of investments | - | - | - | - |
| Unrealised gain/loss | 67,868 | 55,759 | 67,868 | 55,759 |
| Realised gain | - | - | - | - |
| Transfer | - | - | - | - |
| ------------ | ------------ | ------------ | ------------ | |
| Market valuation of listed | 910,825 | 842,957 | 910,825 | 842,957 |
| investments | ||||
| ------------ | ------------ | ------------ | ------------ |
11. Debtors
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Amount falling due within one | ||||
| year: | ||||
| Trade debtors | 13,434 | 18,757 | 9,974 | 15,578 |
| Prepayments and accrued income | 4,853 | 1,328 | 4,764 | 803 |
| ------------ | ------------ | ------------ | ------------ | |
| 18,287 | 20,085 | 14,738 | 16,381 | |
| ------------ | ------------ | ------------ | ------------ |
Page | 22
(Incorporating the results of Publishing Qualifications Board)
The Publishing Training Centre Foundation
Notes to the Financial Statements For the year ended 31 December 2024
12. Creditors: amounts falling due within one year
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Trade creditors | 15,710 | 22,920 | 15,710 | 22,920 |
| Taxation and social security | 13,739 | 12,328 | 13,739 | 12,328 |
| costs | ||||
| Accruals and deferred income | 181,430 | 171,719 | 27,151 | 16,066 |
| ------------ | ------------ | ------------ | ------------ | |
| 210,879 | 206,967 | 56,600 | 51,314 | |
| ------------ | ------------ | ------------ | ------------ |
Deferred income of £17,031 (2023: £7,533) consists of advance course bookings for the following year and have been invoiced.
13. Pension costs
The company operates a defined contribution scheme for all qualifying employees. The Group contribution to the scheme in the year was £15,462 (2023: £10,587).
14. Endowment funds
| Movement | in Funds | |||
|---|---|---|---|---|
| Balance at | Incoming | Gains, losses | Balance at | |
| 1 Jan 2024 | resources | and transfers | 31 Dec 2024 | |
| £ | £ | £ | £ | |
| Permanent endowment | 713,352 | - | 57,433 | 770,785 |
Page | 23
(Incorporating the results of Publishing Qualifications Board)
The Publishing Training Centre Foundation
Notes to the Financial Statements For the year ended 31 December 2024
15a. Analysis of group net assets between funds
| Group | Group | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | 2024 | 2023 | ||
| Funds | Funds | ||||
| £ | £ | £ | £ | ||
| Funds balances at 31 | |||||
| Dec 2024 are | |||||
| represented by: | |||||
| Tangible fixed assets | - | - | - | - | |
| Investments | 140,040 | 770,785 | 910,825 | 842,957 | |
| Current assets | 471,440 | - | 471,440 | 481,469 | |
| Creditors: amounts | (210,879) | - | (210,879) | (206,967) | |
| falling due within one | |||||
| year | |||||
| ------------ | ------------ | ------------ | ------------ | ||
| 400,601 | 770,785 | 1,171,386 | 1,117,459 | ||
| ------------ | ------------ | ------------ | ------------ | ||
| 15b. | |||||
| PTC | PTC | ||||
| Unrestricted | Endowment | 2024 | 2023 | ||
| Funds | Funds | ||||
| £ | £ | £ | £ | ||
| Funds balances at 31 | |||||
| Dec 2024 are | |||||
| represented by: | |||||
| Tangible fixed assets | - | - | - | ||
| Investments | 140,040 | 770,785 | 910,825 | 842,957 | |
| Current assets | 252,101 | - | 252,101 | 244,892 | |
| Creditors: amounts | (56,600) | - | (56,600) | (51,314) | |
| falling due within one | |||||
| year | |||||
| ------------ | ------------ | ------------ | ------------ | ||
| 335,541 | 770,785 | 1,106,326 | 1,036,535 | ||
| ------------ | ------------ | ------------ | ------------ |
Page | 24
(Incorporating the results of Publishing Qualifications Board)
The Publishing Training Centre Foundation
Notes to the Financial Statements For the year ended 31 December 2024
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Net income/expenditure | (13,941) | 41,300 | 1,923 | 47,292 |
| Interest received | (6,295) | (5,314) | (6,295) | (5,314) |
| Depreciation of tangible assets | - | - | - | - |
| Increase/(Decrease) in debtors | 1,798 | 6,226 | 1,643 | (886) |
| Increase/(Decrease) in creditors | 3,912 | (23,776) | 5,286 | (33,106) |
| ------------ | ------------ | ------------ | ------------ | |
| Net cash flow from operating | (14,526) | 18,436 | 2,557 | 7,986 |
| activities | ||||
| ------------ | ------------ | ------------ | ------------ |
17. Reconciliation of net cash flow to movement in net funds
| Group | Group | PTC | PTC | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Balance at 1 Jan 2024 | 461,384 | 437,634 | 228,511 | 215,211 |
| Net cash (outflow)/inflow | (8,231) | 23,750 | 8,852 | 13,300 |
| ------------ | ------------ | ------------ | ------------ | |
| Balance at 31 Dec 2024 | 453,153 | 461,384 | 237,363 | 228,511 |
| ------------ | ------------ | ------------ | ------------ |
Page | 25
(Incorporating the results of Publishing Qualifications Board)
The Publishing Training Centre Foundation
Notes to the Financial Statements
For the year ended 31 December 2024
18. Analysis of net funds
| Group | Group | Change in year | ||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | £ | ||
| A | Cash at bank and in | 453,153 | 461,384 | (8,231) |
| hand | ||||
| ------------ | ------------ | ------------ | ||
| 453,153 | 461,384 | (8,231) | ||
| ------------ | ------------ | ------------ | ||
| PTC | PTC | Change in year | ||
| 2024 | 2023 | |||
| £ | £ | £ | ||
| B | Cash at bank and in | 237,363 | 228,511 | 8,852 |
| hand | ||||
| ------------ | ------------ | --------- | ||
| 237,363 | 228,511 | 8,852 | ||
| ------------ | ------------ | ------------ |
19. Value Added Tax
The group is normally able to reclaim from HM Revenue & Customs (HMRC) all VAT it pays on goods and services it buys. However, to do so, it has to remain within a partial exemption limit. If, in any financial year, the limit is exceeded, the group would be unable to recover that part of the VAT it incurred in providing exempt supplies.
Exempt supplies are defined as those that the group provides where the charge made is exempt from VAT. The main supplies that fall under this heading are the provision of Distance Learning courses.
Irrecoverable VAT was nil in 2024 (2023: £nil).
20. Taxation
As a registered charity, The Foundation is exempt from corporation tax on its charitable activities.
21. Related party transactions
In the current year, no related party transactions were reported either from the Trustees or management.
22. Contingent liabilities
There were no contingent liabilities at the year end.
23. Capital commitments
The Trustees have authorised capital commitments totalling £154k, which includes a contractual agreement of £20k to be spent over the 2024–2025 financial period, with a onemonth break clause in the contract. As of the balance sheet date, £23k has already been expended.
Page | 26