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|CONTENTS||||Page|
|---|---|---|---|---|
|Reference and Administrative|||Information||
|Trustees'
Report||||4 —13|
|Independent|Auditor's|Report|||
|Consolitated|Statement|ofFinancial Activities||17|
|Consolidated|Balance|Sheet||18|
|Charity Balance Sheet||||19|
|Consolidated|Statement ofCash Flows|||20|
|Notes to the|Financial|Statements||21 -31|
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|The Professional|The Professional|The Professional|Teaching|Teaching|Teaching|Institute|Institute|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The Professional|||Teaching|||Institute|is a registered
charity
numbered|||1116224and|||a|company||limited|by guarantee|
|numbered||05910443.||The charity/company
changed
its name from The|||||||Prince's Teaching||||Institute to The Professional|||
|Teaching|Institute||with effect from||||24 July 2019.The company||was|incorporated|||on 18August 2006 and effectively|||||
|commenced
its activities|||||on|1 January 2007.The company
is registered|||||in|England &Wales||||and its|registered office is|
|14-15Lower Grosvernor|||||Place, London, SW1W OEX.|||||||||||||
|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||of Huyton|||||||||
||||||||Richard Sheriff|||||||||||
|Company||Secretary|||||Claire Clark|||||||||||
|Co-directors|||||||Carolyn
Roberts|||||||||||
||||||||Christopher
N. H. Pope||(to|31 December|||2022)|||||
||||||||Hugh Rayment-Pickard||(from 16|||January|2023)|||||
|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|14-15|Lower Grosvenor Place,|||
||||||||London, SW1W OEX|||||||||||
|Auditor|||||||Haysmacintyre
LLP|||||||||||
||||||||10Queen Street Place|||||||||||
||||||||London|||||||||||
||||||||EC4R 1AG|||||||||||
|Legal advisors|||||||Farrer &Co|||||||||||
||||||||66Lincoln's
Inn Fields|||||||||||
||||||||London|||||||||||
||||||||WC2A 3LH|||||||||||
||||||||Penningtons
Manches|LLP||||||||||
||||||||125Wood 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 SWl Y5EY|||
|Principal|address|l4-15 Lower Gosvenor Place|||
|||London|||
|||SW1W OEX|||
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||||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|Funds|Funds|Funds|
|||||Note|2023|2023|2023|2023|2022|
||||||8||||K|
|Income and endowments|from:|||||||||
|Grants and donations|||||630,142|129,369||759.511|918.783|
|Charitable
activities:||||||||||
|Secondary
Affiliation
Fees|||||267.892|||267,892|283.278|
|Primary
Hubs|||||42,000|||42.000|30.000|
|Lcadcrships
Residentials
and||Programmes|||7.175|||7,175|12.145|
|Ncw Teacher Subject Days|||||25.534|||25,534|21.161|
|Subject Enrichment
Residentials|||||13.185|||13.185|23,813|
|Other Continuing
Prot'cssional|||Development||24.255|||24.255|37,107|
|Other trading
activities|||||I6.432|||16.412|39.600|
|Investments|||||16,709|||16,709|3.883|
|Total Income|||||1,043,:124|129.169||1.172.691|1.369,990|
|Expenditure
on:||||||||||
|Raising
I'unde|||||117.776|||137.776|182.711|
|Charitable
activities:||||||||||
|Subject Leadership
Programme|||||96.706|107.250||203.956|222.799|
|Subject Enrichment
Residentials|||||292.237|||292,237|298.824|
|Primary
Hubs|||||168.352|||168,352|142.073|
|Leadership
Residentials
and|Programmes||||157.916|||157.916|188.928|
|New Teacher Subject Days|||||208,607|11.850||220.457|212453|
|Continuing
Professional
Development|||||228,423|10.269||238,692|236,501|
|Website and CRM|||||46.089|||46,089|38,837|
|Total Cost ofCharitable
Activities|||||1,198.330|129,369||1127699|1140415|
|Total Expenditure|||||1.336.106|129,369||1,465,475|1,523,126|
|Net income / (expenditure)
recognised
gains /(losses)|before other
and transfers||||(292.782)|||(292,782)|(153,136)|
|Nm gain /(loss) on investments||||7|6,809||151,855|158,664|(127470)|
|Transfer between
funds||||ll|286,136||(286,136)|||
|Net income
/ (expenditure)|for the year||||163||(134,281)|(134,118)|(280.606)|
|Total funds at I October 2022|||||857.513||3.457.676|4.315,189|4.595.795|
|Total funds at 30September||2023|||857,676||1,323,395|4,181.071|4.315.189|
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|||||2023|2023|2022|2022|
|---|---|---|---|---|---|---|---|
||||Note|||5|5|
|Fixed assets||||||||
|Tangible|fixed assets||||46,007||58,025|
|Investments|||||3,693,705||3,253,670|
||||||3,739,712||3,311,695|
|Current|assets|||||||
|Debtors||||413,084||192,547||
|Cash at bank||and in hand||368,825||1,243,535||
|||||781,909||1,436,082||
|Creditors||||||||
|Amounts|falling due within|||||||
|one year|||9|(322,441)||(404,210)||
|Net current||assets|||459,468||1,031,872|
|Creditors||||||||
|Amounts|falling due after one|||||||
|year|||10||(18,109)||(28,378)|
|Net assets|||||4,181,071||4,315,189|
|Funds||||||||
|Restricted|funds||ll|||||
|Endowment||funds|11||3,323,395||3,457,676|
|Unrestricted||funds|11||857,676||857,513|
||||||4,181,071||4315 189|
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|||||2023|2023|2022|2022|
|---|---|---|---|---|---|---|---|
||||Note|||5|5|
|Fixed assets||||||||
|Tangible|fixed assets||||46,007||58,025|
|Investments|||||3,693,706||3,253,671|
||||||3,739,713||3,311,696|
|Current assets||||||||
|Debtors||||345,085||256,799||
|Cash at bank||and in hand||242,473||902,168||
|||||587,558||1,158,967||
|Creditors||||||||
|Amounts|falling due within|||||||
|one year|||9|(128,091)||(127,096)||
|Net current||assets|||459,467||1,031,871|
|Amounts|falling due after one|||||||
|year|||10||(18,109)||(28,378)|
|Net assets|||||4,181,071||4,315,189|
|Funds||||||||
|Restricted|t'unds||ll|||||
|Endowment||I'unds|11||3 323 395||3457 676|
|Unrestricted||funds|II||857,676||857,513|
||||||4,181,071||4,315,189|
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|||||||Note|2023|2022|
|---|---|---|---|---|---|---|---|---|
|Cash flow from operating|activities||||||||
|Ner cash (used in)/provided|by operating|activities|||||(606,813)|(381,723)|
|Cash flow from investing|activities||||||||
|Investment
income|||||||16,709|3,883|
|Purchase of tangible
fixed assets|||||||(3,235)||
|Acquisition
of fixed asser|investments|through||investment|||||
|manager|||||||(415,000)|(3,381,140)|
|Proceeds
from disposal of|fixed asset|investments|||through||||
|investment
manager|||||||133,629|3,381,140|
|Net cash (used in)/provided|by investing||activities||||(267,897)|3,883|
|Change in cash and cash equivalents|||||||(874,710)|(377,840)|
|Cash and cash equivalents|at the start|ofthe year|||||1,243,535|1,621,375|
|Cash and cash equivalents|at the end|ofthe year|||||368,825|1,243,535|
|(i) Reconciliation
of net|income
to net||cash|flow from|||||
|operating
activities|||||||||
||||||||2023|2022|
|Net expenditure|||||||(292,782)|(153,136)|
|Adjustments
for:|||||||||
|Depreciation
charge|||||||15,253|15,054|
|Investment
income|||||||(16,709)|(3,883)|
|Increase in debtors|||||||(220,537)|(1,924)|
|Decrease in creditors|||||||(92,038)|(237,834)|
|Net cash (used in)/provided|by operating||activities||||(606,813)|(381,723)|
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|||||Leadership|New|Other|||
|---|---|---|---|---|---|---|---|---|
|2023|Subject|Subject||Residentials|Teacher|Continuing|Website|Total|
||Leadership|Enrichment|Primary|And|Subject|Professional|And|Funds|
||Programme|Residentials|Hubs|Programmes|Days|Development|CRM|2023|
|Activities direct
costs|65.450|156.865|31,910|36,071|79,167|30.215|24,740|424.418|
|Support costs|||||||||
|Wages and
salaries|95,533|84.886|98,632|69.287|95,098|137.914|15,866|597.216|
|Consultancy|9,181|17.458|4.521|22,831|11.721|11.573|275|77,560|
|General office
cosIs|27.601|26.977|27,190|24,281|28,156|49,672|4,254|188,131|
|Governance
cosIs|6,191|6.05 1|6.099|5,446|6,315|9.318|954|40,374|
||138.506|135,372|136.442|121.845|141.290|208,477|21.349|903,281|
||203,956|292,237|168,352|157.916|220.457|238.692|46.089|1,327.699|
|||||Leadership|New|Other|||
|2022|Subject|Subject||Residentials|Teacher|Continuing|Website|Total|
||Leadership|Enrichment|Primary|And|Subject|Professional|And|Funds|
||Programme|Residentials|Hubs|Programmes|Days|Development|CRM|2022|
|Activities direct|||||||||
|costs|92.737|170,931|15.831|43,126|82,159|69,483|17,856|492,123|
|Sappon costs|||||||||
|Wages and
salaries|85,117|78,466|78,913|92,802|85,023|100.712|14.893|535,926|
|Consultancy|9,063|14,142|12.500|12.776|9,325|9,658|300|67.764|
|General office
cosIs|29.887|29,390|29.010|33,503|29,940|48,949|4,821|205,500|
|Governance
cosIs|5.995|5,895|5.819|6.721|6,006|7,699|967|39,102|
||130.062|127,893|126.242|145,802|130.294|167.018|20.981|848.292|
||222.799|298,824|142,073|188,928|212.453|236.501|38,837|1,340.415|
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||||||||||||2023|2022|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Wages and salaries|||||||||||91,193|93,849|
|General office costs|||||||||||24,037|29,782|
|Direct fundraising|and event-related|||costs|||||||22,546|59,080|
||||||||||||137,776|182,711|
|Governance
costs|||||||||||||
||||||||||||2023|2022|
|||||||||||||g|
|Wages and salaries|||||||||||19,320|19,056|
|General oft)ce costs|||||||||||6,054|6,946|
|Auditor's
remuneration-||The Professional||||Teaching||lnsututc|(audit fees)||9,700|8,400|
|||- PTI Education|||Limited||(audit fees)||||2,900|2,500|
|||- The Professional||||Teaching||Institute|(non-audit|fees)|1,200|1,100|
|||- PTI Education|||Limited||(non-audit||fccs)||1,200|1,100|
||||||||||||40,374|39,102|
|Staff costs|||||||||||||
||||||||||||2023|2022|
|Wages and salaries|||||||||||592,013|540,151|
|Social security costs|||||||||||59,717|55,778|
|Contributions
to personal||pension|schemes||||||||55,999|52,902|
||||||||||||707,729|648,831|
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||||||
|---|---|---|---|---|
|6.|Tangible Fixed Assets —Charity and Consolidated|Website and|Office||
|||Computer|Fittings and||
|||Equipment|Equipment|Total|
|||||g|
||Cost||||
||As at
1 October 2022|73,302|83,557|156,859|
||Additions|3,235||3,235|
||At 30September 2023|76,537|83,557|160,094|
||Depreciation||||
||At
1 October 2022|73,302|25,532|98,834|
||Charge during
the year||15,253|15,253|
||At 30September 2023|73,302|40,785|114,087|
||Net Book Value||||
||At 30September 2023|3,235|42,772|46,007|
||At 30September 2022||58,025|58,025|
|7.|Fixed Asset Investments||Listed|Listed|
||||2023|2022|
||Consolidated||||
||Market value brought
forward||3,253,670|3,346,241|
||Acquisitions
at cost||415,000|3,381,140|
||Less disposal proceeds||(133,629)|(3,346,241)|
||Gains and losses on investments||158,664|(127,470)|
||Market Value Carried Forward||3,693,705|3,253,670|
||Historic cost oflisted investments||3,664,564|3,381,140|
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|ts trading
results|, extr|acted from its audited accounts
were as|follows:||
|---|---|---|---|---|
||||2023|2022|
|||||g|
|Turnover|||1,641,474|1,702,324|
|Cost ofsales|||(399,678)|(474,266)|
|Gross profit|||1,241,796|1,228,058|
|Administrative|expenses||(1.209,551)|(1,069,780)|
|Operating
profit|||32,245|158,278|
|lntcrcst|||1,764|528|
|Prul'it before taxation|||34,009|158,806|
|Tax on profit|||||
|Profit for the financial||period|34,009|158,806|
|Gift Aid Payment|||(34,009)|(158,806)|
|A summary
of its assets is shown below:|||2023|2022|
|||||g|
|Debtors|||158,313|108,095|
|Cash at bank and in hand|||126,352|341,367|
|Creditors
falling|due|within one year|(284,664)|(449,461)|
|Net current assets|||||
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|Debtors||||||
|---|---|---|---|---|---|
|||Consolidated|Consolidated|Charity|Charity|
|||2023|2022|2023|2022|
||||K|||
|Trade debtors||89,664|92,760|||
|Prepayments||76,023|46,429|57,537|33,094|
|Accrued income||202,428|7,297|202,265|5,297|
|VAT recoverable||5,969|1,735|12,275|15,277|
|Intercompany|debtor|||34,008|158,805|
|Rent deposit||39,000|44,326|39,000|44,326|
|||413,084|192,547|345,085|256,799|
|9.|Creditors:|Amounts|falling due|
|---|---|---|---|
||within one|year||
|within o|ne year||||||||
|---|---|---|---|---|---|---|---|---|
||||||Consolidated|Consolidated|Charity|Charity|
||||||2023|2022|2023|2022|
||||||||8||
|Trade creditors|||||23,393|52,454|72,311|42,664|
|Deferred|income||||226,032|273,053|22,069|35,919|
|Other creditors|||||3,600|3,600|||
|Accruals|||||69,416|75,103|33,711|48,513|
||||||322,441|404,210|128,091|127,096|
||||||Consolidated|Consolidated|Charity|Charity|
||||||2023|2022|2023|2022|
|||||||||K|
|Deferred|income|at|1 October|2022|301,431|531,887|64,297|312,122|
|Deferred|income|—general|||203,963|301,431||64,297|
|Amount|released|to|restricted|and|||||
|unrestricted
funds|||in the SOFA||(261,253)|(531,887)|(24,119)|(312,122)|
|Deferred|income|at|30September 2023||244,141|301,431|40,178|64,297|
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|10.|Creditors: Amount|s
f|alling due after|one year|one year||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||Consolidated||Consolidated||Charity||Charity|
|||||2023||2022|||2023|2022|
||||||g|g|||g|K|
||Deferred income||||18,109
28,378||||18,109|28,378|
||||||18,109
28.378||||18,109|28.378|
|11.|Movement
in funds||||||||||
||Group|||||Expenditure|||||
|||||At I||Income &||&||At 30|
|||||October||Investment
Investment||||September|
|||||2022||gains|Losses||Transfers|2023|
|||||g|||||f,|g|
||Restricted Funds||||||||||
||Subject Leadership|Programme||||107,250||(107,250)|||
||New Teacher Subject Days|||||11,850||(11,850)|||
||Continuing
Professional||Development|||10,269||(10,269)|||
||Total restricted ftmds|||||129.369||(129,369)|||
||Endowment
Funds||||||||||
||Teacher Training
Fund|||3,457,676||151,855|||(286,136)|'3,323,395|
||Unrestricted
General||Funds|857,513||1,050,133|(1,336,106)||286,136|857,676|
||Total Funds|||4,315,189||1,331,357|(1,465,475)|||4,181,071|
||Movement
in funds|—prior year comparative|||||||||
|||||||Expenditure|||||
|||||At I||Income &
& losses on||||At 30|
|||||October||Investment|foreign|||September|
|||||2021||gains|exchange||Transfers|2022|
|||||||||K|||
||Restricted Funds||||||||||
||Sublect Leadership
Programme|||||108,367||(108,367)|||
||Subject Enrichment
Residentials|||||70,000||(70,000)|||
||Primary
Hubs|||||38,405||(38,405)|||
||New Teacher Subject|Days||||33,300||(33,300)|||
||Continuing
Professional||Development|||22,8'33||(22,833)|||
||Total restricted ftmds|||||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|
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|15.Comparative
Consolidated|15.Comparative
Consolidated|SOFA||||||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Endowment|Total|
|||||Funds|Funds|Funds|Funds|
||||Note|2022|2022|2022|2022|
|||||f.|5|g|8|
|Income and endowments
from:||||||||
|Grants and donations||||645,878|272.905||918.783|
|Charitable
activities:||||||||
|Secondary
Affiliation
Fees||||283.278|||283,278|
|Pi imary Hubs||||30.000|||30,000|
|Lmdership
Residentials
and|Programtnes|||12,145|||12.145|
|Ncw Teacher Subject Days||||21,361|||21.361|
|Stthject Enrichment
Residentials||||2'3,833|||23,833|
|(8her Continuing
Professional||Development||17,107|||37.107|
|Other trading activities||||39.600|||39,600|
|Investments||||3,881|||3,883|
|Tutal Income||||1.097.085|272,905||1,369,990|
|Expenditure
on:||||||||
|Raising funds||||182.711|||182.711|
|Charitable
activities:||||||||
|Subject Leadership
Programme||||114432|108,367||222.799|
|Suhiect Enrichment
Residenti|ala|||228,824|70.000||298,824|
|Primary
Kubs||||103.668|38.405||142,073|
|Leadership
Rcsidentials
and|Programmes|||188,928|||188,978|
|New Teacher Subject Days||||179,153|31,100||212,453|
|Cotainuina
Professional
Development||||213,668|22,833||236,501|
|Webs tto and CRM||||38,837|||38.837|
|Total Cost ofCharitable
Activities||||1,067.510|272.905||1.340A I5|
|Total Expenditure||||1.250.221|272,905||1.523.126|
|Net income / (expenditure)
before other
recognised gains / (losses) and transfers||||(153.136)|||(153.136)|
|Net gain
/ (loss) on investments|||7|||(127,470)|(127.470)|
|Transfer between
funds|||II|155,000||(155.000)||
|Net income / (expenditure)|for|the year||1.864||(282,470)|(280.606)|
|Total I'ands at
I October 2021||||855,649||3,740.146|4,595,795|
|Total funds at 30September|2022|||857,513||3,457.676|4.315.189|