OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-09-30-accounts

CONTENTS Page
Reference and Administrative Information
Trustees'
Report		 4 —14
Independent Auditor's Report 15 —17
Consolitated Statement ofFinancial Activities 18
Consolidated Balance Sheet 19
Charity Balance Sheet 20
Consolidated Statement ofCash Flows 21
Notes to the Financial Statements 22-32

Royal Founding Patron: Royal Founding Patron: Royal Founding Patron: HRH the Prince ofWales KG HRH the Prince ofWales KG HRH the Prince ofWales KG KT GCB OM
Honorary President Sir Harvey
McGrath
Directors and charity Trustees Keith M Breslauer (Chairman)
who served during the year Sir Jonathan
A. Coles		 (resigned
16April 2021)
JFraser Greenshields
Raj Kumar
Julie Mercer
Baroness Sally Morgan of Huyton
Richard ESheriff (appointed 10May 2021)
Company Secretary Julia Bagguley
Co-directors Carolyn Roberts
Christopher
N. H. Pope
PTI Education Ltd The charity established a trading subsidiary, PTI Education Ltd on 31 August
2016.It is a company Limited by shares numbered 10353080and is registered
in England &Wales. Its registered office is 1 Vine St, London, WIJOAH
Auditor Haysmacintyre
LLP
10Queen Street Place
London
EC4R IAG
Legal advisors Farrer &Co
66 Lincoln's
Inn Fields
London
WC2A 3LH
Penningtons
Manches		 LLP
125Wood Street
London
EC2V 7AW

Financial advisors London 8cCapital Asset Managers
Two Fitzroy Place
8 Mortimer
Street
London WIT 3JJ
Bankers HSBC Bank pic
69 Pall Mall
London SWlY5EY
Principal address 14-l5 Lower Gosvenor Place
London
Swlw OEX

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
Note 2021 2021 2021 2021 2020
g g 8 g
Income and endowments from:
Grants and donations 490,960 133,796 2,000,000 2,624,756 720,540
Charitable
activities:
Secondary Affiliation
Fees		 251,270 251,270 244,197
Primary
Programmes		 7.150 7, 150 27,270
Secondary
Leadership
Residential		 and 3,425
Programme
New Teacher Subject Days 35,858 35,858 76,273
Other Continuing
Professional		 Development 37,800 37,800 81,265
Other trading
activities		 20,000
Investments 2,518 51,066 53,584 37,589
Total Income 825,556 133,796 2,051,066 3.010.418 1,210,559
Expenditure
on:
Raising funds 119,211 43,750 162,961 198,285
Charitable
activities:
Subject Leadership
Programme		 67,208 105,016 172,224 192,376
Subject Enrichment
Residentials		 28,872 28,872 42,348
Primary
Programmes		 144,187 6,960 151,147 185,662
Secondary
Leadership
Residential		 and
Programme 93,548 93.548 112,299
New Teacher Subject Days 147,075 147,075 248,359
Continuing
Professional		 Development 197,304 21,820 219,124 278,163
Website and CRM 48,299 48,299 35,066
Total Cost ofCharitable Activities 726,493 133.796 860,289 1,094,273
Total Expenditure 845,704 133,796 43,750 1,023.250 1,292,558
Net income
/ (expenditure)		 before other (20.148) 2.007,316 1,987,168 (81,999)
recognised
gains / (losses)		 and transfers
Loss on foreign exchange (14.635)
Net gain / (loss) on investments 7 201,016 201,016 (41,140)
Transfer between
funds		 ll 25,000 (25,000)
Net income / (expenditure) for the year 4,852 2,183,332 2,188,184 (137,774)
Total funds at I October 2020 850.797 1,556,814 2,407,611 2.545.385
Total funds at30September 2021 855,649 3,740,146 4,595,795 2,407,611

2021 2021 2020 2020
Note 5 5
Fixed assets
Tangible fixed assets 73,079
Investments 3,381,139 1,372,808
3454218 1,372,808
Current assets
Debtors 190,623 118,751
Cash at bank and in hand 1,621,375 1,288,918
1,811,998 1,407,669
Creditors
Amounts falling due within
one year 9 (631,774) (372,866)
Net current assets I,180,224 1,034,803
Creditors
Amounts falling duc after one
year 10 (38,647)
Net assets 4,595,795 2,407,611
Funds
Restricted funds II
Endowment funds II 3,740,146 1,556,814
Unrestricted funds ll 855,649 850,797
4,595,795 2,407,611

2021 2021 2020 2020
Note 5 g g
Fixed assets
Tangible fixed assets 73,079
Investments 3381 140 1,372,809
3,454,219 1,372,809
Current assets
Debtors 154,767 191,946
Cash at bank and in hand 1,392,168 1,011,414
1,546,935 1,208,760
Creditors
Amounts falling due within
one year 9 (366,712) (168,558)
Net current assets 1,180,223 1,034,802
Amounts falling due after one
year 10 (38,647)
Net assets 4,595,795 2,407,611
Funds
Restricted funds 11
Endowment funds ll 3,740,146 1,556,814
Vmestricted funds ll 855,649 850,797
4,595,795 2,407,611

Note 2021 2020
Cash flow from operating activities
Net cash (used in)/provided by operating activities (i) 2,161,457 (38,960)
Cash flow from investing activities
Investment
income		 53,584 37,589
Purchase oftangible
fixed assets		 (75,268)
Acquisition
of fixed asset		 investments through investment
manager (5,285,667) (309,448)
Proceeds
from disposal
of		 fixed asset investments through
investment
manager		 3,387,715 396,611
Loss on foreign exchange (14,635)
Net cash provided
by/(used		 in) investing activities (1,919,636) 110,117
Change
in cash and cash equivalents		 241,821 71,157
Cash and cash equivalents at the start ofthe year 1,414,453 1,343,296
Cash and cash equivalents at the end ofthe year 1,656,274 1,414,453
(i) Reconciliation
of net income		 to net cash flow from
operating
activities
2021 2020
Net income/(expenditure) 2,188,184 (137,774)
Adjustments
for:
Depreciation
charge		 2,189
Dividend
income		 (51,065) (31,534)
Interest received
(Gain)/Loss
on sale ofinvestments		 (2,519)
(163,918)		 (6,055)
45,018
Loss on foreign exchange 14,635
Unrealised
gain on investments		 (37,098) (3,878)
(Increase)/decrease
in debtors		 (71,872) 53,999
Increase m creditors 297,556 26,629
Net cash (used in)/provided by operating activities 2,161,457 (38,960)
(ii) Analysis ofchanges in net debt
At I October At 30September
2020 Cashflows 2021
Cash at bank and in hand 1,288,918 332,457 1,621,375
Cash held on deposit and accrued interest 125,535 (90,636) 34,899
1,414,453 241,821 1,656,274

.Cost ofCharita ble
Activities
Secondary
Leadership New Other
2021 Subject Subject Residential Teacher Continuing Website Total
Leadership Enrichment Primary And Subject Professional And Funds
Programme Residentials Programmes Programme Days Development CRM 2021
Activities direct
costs 49,361 4,447 1.675 6,952 33.779 56,943 26,607 179,764
Support costs
Wages and
salaries 93.651 15,062 103.378 62,049 73,315 111.770 14,636 473,861
Consultancy 15,000 4,300 16.500 8,100 6,500 7,300 300 58,000
General office
costs 8,067 4,033 24.201 13,109 28,234 35,293 5,035 117.972
Governance
costs 6,145 1,030 5,393 5,247 7,818 1,721 30,692
122,863 24,425 149,472 86.596 113,296 162,181 21.692 680,525
172,224 28,872 151.147 93,548 147,075 219,124 48,299 860.289
Secondary
Leadership New Other
2020 Subject Subject Residential Teacher Continuing Website Total
I.eadership Enrichment Primary And Subject Professional And Funds
Programme Residentials Programmes Programme Days Development CRM 2020
Activities direct 64,735 12.397 21,465 20.049 110,288 85,833 23.257 338.024
costs
Support costs
Wages and 87.517 19,692 92.189 55,764 96.144 119,937 8.203 479446
salaries
Consultancy 23,563 4,300 42,189 25,226 10.781 37.271 300 143,630
General office 13.516 4.508 24,783 9,012 25,910 29,289 2,253 109.271
costs
Governance 1.451 5.036 2,248 5.236 5,833 1,053 23,902
costs
127,641 29.951 164.197 92,250 138.071 192.330 11.809 756,249
192.376 42.348 185,662 112.299 248,359 278,163 35,066 1.094.273

3. Cost ofraising funds
2021 2020
Wages and salaries 91,611 87,595
General office costs 20,168 22,530
Direct fundraising and event-related costs 7,432 69,177
Investment
management		 fees 43,750 18,983
162,961 198,285
4. Governance
costs
2021 2020
g
Wages and salaries 15,280 7,847
General office costs 3,062 3,380
Auditor's
remuneration		 - The Professional Teaching Institute (audit fees) 8,000 7,650
- PTI Education Limited (audit fees) 2,350 3,025
- The Professional Teaching Institute (non-audit fees) 1,000 1,000
- PTI Education Limited (non-audit fees) 1,000 1,000
30,692 23,902
5. Staff costs
2021 2020
K
Wages and salaries 485,260 482,707
Social security costs 48,616 44,896
Contributions
to personal		 pension schemes 46,875 47,284
580,751 574,887

6. Tangible Fixed Assets —Charity and Consolidated Website and Office
Computer Fittings and
Equipment Equipment Total
Cost
As at
1 October 2020		 73,302 8,289 81,591
Additions 75,268 75,268
At 30September 2021 73,302 83,557 156,859
Depreciation
At
1 October 2020		 73,302 8,289 81,591
Charge during
the year		 2,189 2,189
At 30Scptemhcr 2021 73,302 10,478 83,780
Net Book Value
At 30September 2021 73,079 73,079
At 30September 2020
7. Fixed Asset Investments Listed Listed
2021 2020
Consolidated g
Market value brought
forward		 1,247,273 1,375,577
Acquisitions
at cost		 5,285,667 309,448
Less disposal proceeds (3,387,715) (396,611)
Realised loss on disposal 163,918 (45,018)
Vnrealised
gain on revaluation		 37,098 3,878
Market Value Carried Forward 3 346241 1,247,273
Cash held 29,668 120,305
Accrued interest 5,230 5,230
Total value '3,381,139 1,372,808
Historic cost of(isred inresioienrs 2,488,197 1,301,525

ts trading
res		 ults, extr acted
from its audited
accounts were as		 follows:
2021 2020
Turnover 1,082,451 1,296,430
Cost ofsales (153,249) (305,441)
Gross profit 929,202 990,989
Administrative expenses (892,595) (935,532)
Operating
profit		 36,607 55,457
Interest 627
Profit before taxation 36,607 56,084
Tax on profit
Profit for the financial period 36,607 56,084
Gift Aid Payment (36,607) (56,084)
A summary of its assets is shown below: 2021 2020
g
Debtors 89,209 73,103
Cash at bank and in hand 229,207 277,505
Creditors falling due within one year (318,415) (350,607)
Net current assets

S. Debtors
Consolidated Consolidated Charity Charity
2021 2020 2021 2020
Trade debtors 75,626 67,033 3,000 10,075
Prepayments 23,753 32,049 10,170 15,903
Accrued income 46,918 14,343 46,918 14,343
VAT recoverable 1'3,746 5,216
Intercompany
debtor		 36,607 141,083
Rent deposit 44,326 5,326 44,326 5,326
190,623 118,751 154,767 !91,946
9. Creditors: Amounts falling due
within one year
Consolidated Consolidated Charity Charity
2021 2020 2021 2020
g 0
Trade creditors 48,098 14,582 33,263 6,617
Deferred
income		 493,240 280,200 27'3,475 120,960
Other creditors 3,600 3,600
VAT payable 4,268 12,431
Accru ala 82,568 62,053 59,974 40,981
631,774 372,866 366,712 168,558
Consolidated Consolidated Charity Charity
2021 2020 2021 2020
g
Deferred income at 1 October 2020 280,200 186,458 120,960 40,995
Deferred
income		 —general 479,316 274,835 259,551 115,595
Deferred
income		 - The Hintze Rooms 52,571 52,571
Atnount
released		 to restricted and
unrestricted
funds		 in the SOFA (280,200) (181,093) (120,960) (35,630)
Deferred
income		 at 30September 2021 531,887 280,200 312,122 120,960

10. Creditors: Amounts falling due after one year
Consolidated Consolidated Charity Charity
2021 2020 2021 2020
g K g
Deferred income 38,647 38,647
38,647 38,647
11. Movement
in funds
Group Expenditure
At I Income & &losses on At 30
October Investment foreign September
2020 gains exchange Transfers 2021
g K
Restricted Funds
Subject Leadership Programme 105,016 (105,016)
Primary
Programmes		 6,960 (6,960)
Continuing
Professional		 Development 21,820 (21,820)
Total restricted fimds 133,796 (133,796)
Endowment
Funds
Teacher Training
Fund		 1,556,814 2,252,082 (43,750) (25,000) 3,740,146
Unrestricted
General		 Funds 850,797 825,556 (845,704) 25,000 855,649
Total Funds 2,407,611 3,211,434 (1,023,250) 4,595,795
Movement
in funds		 —prior year comparative
Expenditure
At I Income & &losses on At 30
October Investment foreign September
2019 gains exchange Transfers 2020
K K
Restricted Funds
Subject Leadership Programme 25,940 (25,940)
Subject Enrichment Residentials 33,910 (33,910)
Primary
Programmes		 41,800 (41,800)
Total restricted fiutds 101,650 (101,650)
Endowment
Funds
Teacher Training
Fund		 1,700,038 31,534 (74,758) (100,000) 1,556,814
Unrestricted
General Funds		 845,347 1,077,375 (1,171,925) 100,000 850,797
Total Funds 2,545,385 1,210,559 (1,348,333) 2,407,611

2021 2020
Payable in less than one year 65,000 11,418
Payable within two to five years 242,904
307,904 11,418

15.Comparative
Consolidated		 SOFA Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
Note 2020 2020 2020 2020
Income and endowments
from:
Grants and donations 618,890 101.650 720,540
Charitable
activities:
Secondary
Affiliation
Fees		 244,197 244,197
Subject Enrichment
Residentials
Primary
Programmes		 27,270 27,270
Secondary Leadership
Residential		 and 3,425 3,425
Programme
New Teacher Subject Days 76.273 76.273
Other Continuing
Professional		 Development 81.265 81,265
Other trading activities 20,000 20,000
Investments 6,055 31,534 37,589
Total Income 1,077,375 101,650 31,534 1,210,559
Expenditure
on:
Raising funds 179,302 18,983 198,285
Charitable
activities:
Subject Leadership
Programme		 166,437 25,940 192,376
Subject Enrichment
Residentials		 8,438 33,910 42,348
Primary
Programmes		 143,862 41,800 185,662
Secondary
Leadership
Residential		 and 112,299 112.299
Programme
New Teacher Subject Days 248,359 248,359
Other Continuing
Professional		 Development 278.163 278,163
Webslte and CRM 35,066 35,066
Total Cost ofCharitable
Activities		 992,623 101,650 1.094,273
Total Expenditure 1,171,925 101,650 18,983 1,292,558
Net income / (expenditure)
before other		 (94,550) 12,551 (81,999)
recognised
gains / (losses) and		 transfers
Loss on foreign exchange (14.635) (14,635)
Net (loss) / gain on investments 7 (41,140) (41,140)
Transfer between
funds		 11 100,000 (100,000)
Net income / (expenditure)
for the year		 5,450 (143,224) (137,774)
Total funds at I October 2019 845,347 1,700,038 2,545.385
Total funds at30September 2020 850,797 1,556,814 2.407,611