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