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|CONTENTS||||Page|
|---|---|---|---|---|
|Reference and Administrative|||Information|2 —3|
|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|Royal Founding|Patron:|HM The King||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Honorary|President||Sir Harvey McGrath||||||||
|Directors and charity Trustees|||Keith M Breslauer (Chairman)||||||||
|who served|during the year||John Greenshields||||||||
||||Raj Kumar||||||||
||||Julie Mercer||||||||
||||Baroness Sally Morgan||ofHuyton||||||
||||Richard Sheriff OBE||||||||
|Company|Secretary||Julia Bagguley (resigned||30September 2022)||||||
||||Claire Clark (appointed||30 September 2022)||||||
|Co-directors|||Carolyn Roberts||||||||
||||Christopher
N. H. Pope||||||||
|PTI Education||Ltd|The charity established||atrading|subsidiary,||PTI Education Ltd on 31 August|||
||||2016.It is a company|Limited by|||shares numbered||10353080and is registered||
||||in England
dc Wales. Its||registered||office is 14-15||Lower Grosvemor|Place,|
||||London, SWIW OEX.||||||||
|Auditor|||Haysmacintyre
LLP||||||||
||||10Queen Street Place||||||||
||||London||||||||
||||EC4R IAG||||||||
|Legal advisors|||Farrer dt Co||||||||
||||66 Lincoln's
Inn Fields||||||||
||||London||||||||
||||WC2A 3LH||||||||
||||Penningtons
Manches|LLP|||||||
||||125 Wood Street||||||||
||||London||||||||
||||EC2V 7AW||||||||
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|Financial|advisors|CCLA Investment|Management|Ltd|
|---|---|---|---|---|
|||Two Fitzroy Place|||
|||One Angel Lane|||
|||London|||
|||EC4R 3AB|||
|Bankers||HSBC Bank pic|||
|||69 Pall Mall|||
|||London SWIY5EY|||
|Principal|address|14-15Lower Gosvenor Place|||
|||London|||
|||SWIW OEX|||
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||||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|Funds|Funds|
|||||Note|2022|2022|2022|2022|2021|
||||||f|8|8|8||
|income and endowments|from:|||||||||
|Grants snd donations|||||645,878|272,905||918,783|2,624,756|
|Affiliation||||||||||
|Charitable
activities:||||||||||
|Secondary
fees|||||283,278|||283,278|251,270|
|Primary
Programmes|||||38,050|||38,050|7,150|
|Secondary
Leadership
Residential
Programme|||and||4,095|||4,095||
|New Teacher Subject Days|||||21,361|||21,361|35,858|
|Summer Schools|||||23,833|||23,833||
|Other Continuing
Professional||Development|||37,107|||37,107|37,800|
|Other trading activities|||||39,600|||39,600||
|Investments|||||3,883|||3,883|53,584|
|Total Income|||||1,097,085|272,905||1,369,990|3,010,418|
|Expenditure
on:||||||||||
|Raising funds|||||182,711|||182,711|162,961|
|Charitable
activities:||||||||||
|Subject Leadership
Programme|||||114,432|108,367||222,799|172,224|
|Subject Enrichment
Residentials|||||228,824|70,000||298,824|28,872|
|Primary
Programmes|||||155,114|38,405||193,519|151,147|
|Secondary Leadership
Residential
Programme|||end||137,482|||137,482|93,548|
|New Teacher Subject Days|||||179,153|33,300||212,453|147,075|
|Continuing
Professional
Development|||||213,668|22,833||236,501|219,124|
|Website and CRM|||||38,837|||38,837|48,299|
|Total Cost ofCharitable|Activities||||1,067,510|272,905||1,340,415|860,289|
|Total Expenditure|||||1,250,221|272,905||1,523,126|1,023,250|
|Net income/(expenditure)
recognised
gains /(losses)|before other
and transfers||||(153,136)|||(153,136)|1,987,168|
|Net gain / (loss) on investments||||7|||(127,470)|(127,470)|201,016|
|Transfer between
funds||||11|155,000||(155,000)|||
|Net income/(expenditure)|for the year||||1,864||(282,470)|(280,606)|2,188,184|
|Total funds at 1 October 2021|||||855,649||3,740,146|4,595,795|2,407,611|
|Total funds at30September 2022|||||857,513||3,457,676|4,315,189|4,595,795|
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||||Note|2022|2022f|2021
8|2021
8|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible|fixed assets||||58,025||73,079|
|Investments|||||3,253,670||3,381,139|
||||||3,311,695||3,454,218|
|Current|assets|||||||
|Debtors||||192,547||190,623||
|Cash at bank||and in hand||1,243,535||1,621,375||
|||||1,436,082||1,811,998||
|Creditors||||||||
|Amounts|falling due within|||||||
|one year|||9|(404,210)||(631,774)||
|Net current||assets|||1,031,872||1,180,224|
|Creditors||||||||
|Amounts|falling due atter one|||||||
|year|||10||(28,378)||(38,647)|
|Net assets|||||4,315,189||4,595,795|
|Funds||||||||
|Restricted|funds||11|||||
|Endowment||funds|11||3,457,676||3,740, 146|
|Unrestricted||funds|ll||857,513||855,649|
||||||4,315,189||4,595,795|
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|||Note|2022|2022
8|2021|2021f|
|---|---|---|---|---|---|---|
|Fixed assets|||||||
|Tangible fixed assets||||58,025||73,079|
|Investments||||3,253,671||3,381,140|
|||||3,311,696||3,454,219|
|Current assets|||||||
|Debtors|||256,799||154,767||
|Cash at bank|and in hand||902,168||1,392,168||
||||1,158,967||1,546,935||
|Creditors|||||||
|Amounts
falling due within|||||||
|one year||9|(127,096)||(366,712)||
|Net current|assets|||1,031,871||1,180,223|
|Amounts
falling due atter one|||||||
|year||10||(28,378)||(38,647)|
|Net assets||||4,315,189||4,595,795|
|Funds|||||||
|Restricted funds||11|||||
|Endowment|funds|11||3,457,676||3,740,146|
|Unrestricted|funds|11||857,513||855,649|
|||||4,315,189||4,595,795|
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|||||||||Note|2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||8||
|Cash flow from operating||activities|||||||||
|Net cash (used in)/provided||by operating|activities||||||(381,723)|2,161,457|
|Cash flow from investing|activities||||||||||
|Investment
income|||||||||3,8$3|53,584|
|Purchase oftangible fixed assets||||||||||(75,268)|
|Acquisition
of fixed asset||investments|through||investment||||||
|manager|||||||||(3,381,140)|(5,285,667)|
|Proceeds
from disposal of||fixed asset|investments|||through|||||
|investment
manager|||||||||3,346,241|3,387,715|
|Net cash provided
by/(used||in) investing||activities|||||(31,016)|(1,919,636)|
|Change
in cash and cash equivalents|||||||||(412,739)|241,821|
|Cash and cash equivalents||at the start|ofthe year||||||1,656,274|1,414,453|
|Cash and cash equivalents||at the end|ofthe year||||||1,243,535|1,656,274|
|(i) Reconciliation
of net|income to net|||cash|flow||from||||
|operating
activities|||||||||||
||||||||||2022f|2021f|
|Net income/(expenditure)|||||||||(280,606)|2,188,184|
|Adjustments
for:|||||||||||
|Depreciation
charge|||||||||15,054|2,189|
|Dividend
income||||||||||(51,065)|
|Interest received|||||||||(3,883)|(2,519)|
|(Gain)/Loss
on investments|||||||||127,470|(201,016)|
|Increase
in debtors|||||||||(1,924)|(71,872)|
|(Decrease)/Increase
in creditors|||||||||(237,834)|297,556|
|Net cash (used in)/provided||by operating||activities|||||(381,723)|2,161,457|
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|.Cost ofCharita|ble
Activities||||||||
|---|---|---|---|---|---|---|---|---|
|||||Secondary|||||
|||||Leadership|New|Other|||
|2022|Subject|Subject||Residential|Teacher|Continuing|Website|Total|
||Leadership|Enrichment|Primary|And|Subject|Professional|And|Funds|
||Programme|Residentials|Programmer|Programme|Days|Development|CRM|2022|
|Activities direct
costs|92,737|170,931|25,197|33,760|82,159|69,483|17,856|492,123|
|Support cosls|||||||||
|Wages and
salaries|85,117|78,466|105,217|66,498|85,023|100,712|14,893|535,926|
|Consultancy|9,063|14,142|16,667|8,609|9,325|9,658|300|6""44|
|General office
costs|29,887|29,390|38,679|23,834|29,940|48,949|4,821|20&,AIO|
|Governance
costs|5,995|5,895|7,759|4,781|6,006|7,699|967|39,102|
||130,062|127,893|168,322|103,722|130,294|167,018|20,981|848,292|
||222,799|298,824|193,519|137,482|212,453|236,501|38,837|1,340,415|
|||||Secondary|||||
|||||Leadership|New|Other|||
|2021|Subject|Subject||Residential|Teacher|Contmwng|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|3,338|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|
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||||||2022|2021|
|---|---|---|---|---|---|---|
||||||8||
|Wages and|salaries||||93,849|91,611|
|General office costs|||||29,782|20,168|
|Direct fundraising||and|event-related|costs|59,080|7,432|
|Investment|management||fees|||43,750|
||||||182,711|162,961|
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|||||||||||2022f|2021f|
|---|---|---|---|---|---|---|---|---|---|---|---|
|Wages and salaries||||||||||19,056|15,280|
|General|office|costs||||||||6,946|3,062|
|Auditor's|remuneration||-|The Professional||Teaching|Institute|(audit fees)||8,400|8,000|
||||-|PTI Education Limited (audit fees)||||||2,500|2,350|
||||-|The Professional||Teaching|Institute|(non-audit|fees)|1,100|1,000|
||||-|PTI Education Limited (non-audit||||fees)||1,100|1,000|
|||||||||||39,102|30,692|
|Staffcosts||||||||||||
|||||||||||2022f|2021f|
|Wages and salaries||||||||||540,151|485,260|
|Social security||costs||||||||55,778|48,616|
|Contributions||to personal||pension|schemes|||||52,902|46,875|
|||||||||||648,831|580,751|
|The average
as follows:|number ofpeople employed
by the charit|y during the year were||
|---|---|---|---|
|||2022|2021|
|Charitable|activities|13.1|12.0|
|Governance||0.3|0.2|
|||13.4|12.2|
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||and Partnerships
Manager,
Senior Events Manager a
costs (including
employers'
national
insurance
and
(2021:f396,601).|nd the Senior Program
pension
contributions)|mes
Manager. The tot
for these individuals|al employment
was f392,928|
|---|---|---|---|---|
|6.|Tangible Fixed Assets —Charity and Consolidated|Webstte and|Office||
|||Computer|Fittings and||
|||Equipment
f|Equipment
f|Totalf|
||Cost||||
||As at 1 October 2021 and 30September 2022|73,302|83,557|156,859|
||Depreciation||||
||At
1 October 2021|73,302|10,478|83,780|
||Charge during the year||15,054|15,054|
||At 30September 2022|73,302|25,532|98,834|
||Net Book Value||||
||At 30September 2022||58,025|58,025|
||At 30September 2021||73,079|73,079|
|7.|Fixed Asset Investments||Listed|Listed|
||Consolidated||2022f|2021
f|
||Market value brought
forward||3,346,241|1,247,273|
||Acquisitions
at cost||3,381,140|5,285,667|
||Less disposal proceeds||(3,346,241)|(3,387,715)|
||Gains and losses on investments||(127,470)|201,016|
||Market Value Carried Forward||3,253,670|3,346,241|
||Cash held|||29,668|
||Accrued interest|||5,230|
||Total value||3,253,670|3,381,139|
||Historic costoflisted invesimenis||3,381,140|2,488,197|
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|s trading
res|ults,|extracted from its audited accounts were as|follows:||
|---|---|---|---|---|
||||2022f|2021f|
|Turnover|||1,702,324|1,082,451|
|Cost ofsales|||(474,266)|(153,249)|
|Gross profit|||1,228,058|929,202|
|Administrative||expenses|(1,069,780)|(892,595)|
|Operating
profit|||158,278|36,607|
|Interest|||528||
|Protit before|taxation||158,806|36,607|
|Tax on profit|||||
|Protit for the financial period|||158,806|36,607|
|Gift Aid Payment|||(158,806)|(36,607)|
|A summary|ofits assets is shown below:||2022|2021|
||||f|f|
|Debtors|||108,095|89,209|
|Cash at bank|and in hand||341,367|229,207|
|Creditors
falling||due within one year|(449,461)|(318,415)|
|Net current|assets||||
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|8.|Debtors||||||
|---|---|---|---|---|---|---|
||||Consolidated|Consolidated|Charity|Charity|
||||2022|2021|2022|2021|
|||||f||f|
||Trade debtors||92,760|75,626||3,000|
||Prepayments||46,429|23,753|33,094|10,170|
||Accrued income||7,297|46,918|5,297|46,918|
||VAT recoverable||1,735||15,277|13,746|
||Intercompany|debtor|||158,805|36,607|
||Rent deposit||44,326|44,326|44,326|44,326|
||||192,547|190,623|256,799|154,767|
|9.|Creditors:
Amounts
falling|Creditors:
Amounts
falling|Creditors:
Amounts
falling|due|||||
|---|---|---|---|---|---|---|---|---|
||within
one year||||||||
||||||Consolidated|Consolidated|Charity|Charity|
||||||2022|2021|2022f|2021
f.|
||Trade creditors||||52,454|48,098|42,664|33,263|
||Deferred|income|||273,053|493,240|35,919|273,475|
||Other creditors||||3,600|3,600|||
||VAT payable|||||4,268|||
||Accruals||||75,103|82,568|48,513|59,974|
||||||404,210|631,774|127,096|366,712|
||||||Consolidated|Consolidated|Charity|Charity|
||||||2022|2021|2022|2021|
|||||||8|f.||
||Deferred|income at|1 October|2021|531,887|280,200|312,122|120,960|
||Deferred|income —general|||301,431|479,316|64,297|259,551|
||Deferred|income - The Hintze||Rooms||52,571||52,571|
||Amount|released to|restricted|and|||||
||unrestricted
funds||in the SOFA||(531,887)|(280,200)|(312,122)|(120,960)|
||Deferred|income at|30 September 2022||301,431|531,887|64,297|312,122|
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|||||Consolidated|Consolidated|Consolidated|Consolidated|Consolidated|Charity|Charity|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||2022f||2021
f|||2022||2021f|
||Deferred income|||||28,378||38,647||28,378||38,647|
|||||||28,378||38,647||28,378||38,647|
|11.|Movement
in funds||||||||||||
||Group|||||||Expenditure|||||
|||||At 1|||Income &||&|||At 30|
|||||October|||Investment|Investment||||September|
|||||2021
f|||gainsf|Losses
f||Transfers
f||2022f|
||Restricted Funds||||||||||||
||Subject Leadership|Programme|||||108,367||(108,367)||||
||Subject Enrichment|Residentials|||||70,000||(70,000)||||
||Primary
Programmes||||||38,405||(38,405)||||
||New Teacher Subject Days||||||33,300||(33,300)||||
||Continuing
Professional|||Development|||22,833||(22,833)||||
||Total restricted funds||||||272,905||(272,905)||||
||Endowment
Funds||||||||||||
||Teacher Training
Fund|||3,740,||146|||(127,470)|(155,000)||3,457,676|
||Unrestricted
General|||Funds|855,649||1,097,085|(1,250,221)|||155,000|857,513|
||Total Funds|||4,595,795|||1,369,990|(1,650,596)||||4,315,189|
||Movement
in funds|—prior year comparative|||||||||||
|||||||||Expenditure|||||
||||||At I||Income &|& losses on||||At 30|
|||||October|||Investment|foreign||||September|
|||||2020f|||gains|exchange
f||Transfers||2021|
||Restricted Funds||||||||||||
||Subject Leadership|Programme|||||105,016||(105,016)||||
||Subject Enrichment|Residentials|||||6,960||(6,960)||||
||Primary
Programmes||||||21,820||(21,820)||||
||Total restricted funds||||||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|
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|||2022|2021|
|---|---|---|---|
|||g|g|
|Payable|in less than one year|65,000|65,000|
|Payable|within two to five years|177,904|242,904|
|||242,904|307,904|
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|15.Comparative
Consolidated|15.Comparative
Consolidated|SOFA||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|Funds|Funds|
||||Note|2021|2021|2021|2021|
||||||f||f|
|Grants and donations||||490,960|133,796|2,000,000|2,624,756|
|Charitable
activities:||||||||
|Secondary Affiliation
Fees||||251,270|||251,270|
|Primary
Programmes||||7,150|||7,150|
|Secondary
Leadership
Residential||and||||||
|Programme||||||||
|New Teacher Subject Days||||35,858|||35,858|
|Other Continuing
Professional
Development||||37,800|||37,800|
|Other trading activities||||||||
|Investments||||2,518||51,066|53,584|
|Total Income||||825,556|133,796|2,051,066|3,010,418|
|Expenditure
on:||||||||
|Raising funds||||119,211||43,750|162,961|
|Charitable
activities:||||||||
|Subject Leadership
Programme||||67,208|105,016||172,224|
|Subject Enrichment
Residentials||||28,872|||28,872|
|Primary
Programmes||||144,187|6,960||151,147|
|Secondary
Leadership
Residential||and||||||
|Programme||||93,548|||93,548|
|New Teacher Subject Days||||147,075|||147,075|
|Continuing
Professional
Development||||197,304|21,$20||219,124|
|Website and CRM||||48,299|||48,299|
|Total Cost ofCharitable
Activities||||726,493|133,796||860,289|
|Total Expenditure||||845,704|133,796|43,750|1,023,250|
|Net income
/ (expenditure)|before other|||(20,14$)||2,007,316|1,987,168|
|recognised
gains /(losses) and transfers||||||||
|Loss on foreign exchange||||||||
|Net gain /(loss) on investments|||7|||201,016|201,016|
|Transfer between
funds|||ll|25,000||(25,000)||
|Net income/(expenditure)|for|the year||4,$52||2,183,332|2,188,184|
|Total funds at 1 October 2020||||850,797||1,556,814|2,407,611|
|Total funds at30September 2021||||855,649||3,740,146|4,595,795|