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2021-03-31-accounts

Charity Registration No. 1122618

Company Registration No. 06227100 (England and Wales)

PEN GREEN CENTRE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

PEN GREEN CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Prof. C Trevarthen
J L Armstrong
K J Bartley
Prof. C Pascal
R J Orr
R Scott
T Smith
A Prodger
F Dewsbery
A K Cooper
Secretary M Palazzo
Charity number 1122618
Company number 06227100
Registered office Pen Green Research Base
Rockingham Road
Corby
Northamptonshire
NN17 1AG
Auditor Moore
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ

PEN GREEN CENTRE

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 17

PEN GREEN CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the charity are :

The charity takes advantage of g rants available to ensure it reaches its objectives.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity has been working on t hree projects during the year :

Pen Green Research, Training and Development Base (PGR) offer FdA, BA (Hons) Top Up and MA programmes in Early Childhood and Education (Integrated Working with Families and Children).

PGR does not have awarding powers so the degrees are accredited through the University of Hertfordshire Higher Education Corporation via a validation agreement which ended on 31 August 2020.

In August 2020 a new sub contractual agreement was signed between the university, PGR and Pen Green Centre (the charity) which will run from 1 September 2020 to 31 August 2026.

Under this new agreement PGR will make a supply of education to the university in relation to new students and all continuing students and all financial transactions will be recorded in the charity's accounting records.

The charity is grateful for the support and effort of its volunteers.

PEN GREEN CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

Financial review

The charity operates with a general fund which covers all normal charitable costs and restricted fund which holds grant funded charitable projects. At the year end the charity held £ 24,406 (20 20 : £ 29 , 802 ) in general reserves and £nil (20 20 : £ nil) in the restricted fund.

As the charity's work and research is project based all future cost should be covered by grant funding and the general reserve is sufficient to provide support for the foreseeable future.

Risk managements are made at the centre on an ongoing basis and fully reviewed whenever significant changes are made.

The risk management strategy comprises:

Structure, governance and management

Pen Green Centre is a company limited by guarantee governed by its Memorandum and Articles of Association dated 13 February 2007, as amended on 15 October 2013. It is registered as a charity with the Charities Commission.

Anyone over the age of 18 can become a member of the company , and each member agrees to contribute £10 in the event of the charity winding up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Prof. C Trevarthen

J L Armstrong K J Bartley Prof. C Pascal R J Orr R Scott T Smith A Prodger F Dewsbery A K Cooper

All trustees have current or prior personal and/or professional experience of relevance to Pen Green Centre and its work. The Charity does not currently employ any staff although it has the capacity to do so. It contracts with the Pen Green Integrated Centre for Children and their Families for the provision of staffing, leadership, and premises to support the aims of the Charity under a Collaboration Agreement. A limited number of trustees are also senior staff employed by the Pen Green Integrated Centre or are Governors of the Integrated Centre. Several Trustees attend the Integrated Centre's Research Training and Development Steering Group/ Governance Sub-committee meetings in an advisory capacity.

The charity had ten trustees at the year-end, all of whom have been appointed directors. Collectively they will make the final decisions with regard to staffing, recruitment, policy making and finance. They meet at least twice a year. Sub-groups dealing with finance and day to day management meet on a monthly basis .

PEN GREEN CENTRE

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Auditor

Moore were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

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 auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

K J Bartley Trustee Dated: 9 November 2021

PEN GREEN CENTRE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

The trustees, who are also the directors of Pen Green Centre for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

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 financial statements 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.

PEN GREEN CENTRE

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PEN GREEN CENTRE

Opinion

We have audited the financial statements of Pen Green Centre (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PEN GREEN CENTRE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PEN GREEN CENTRE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

PEN GREEN CENTRE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PEN GREEN CENTRE

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative figures in these financial statements have not been subject to audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

PEN GREEN CENTRE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PEN GREEN CENTRE

Andrew Page (Senior Statutory Auditor) for and on behalf of

Chartered Accountants Statutory Auditor

22 November 2021

Oakley House Headway Business Park 3 Saxon Way West Corby Northamptonshire NN18 9EZ

PEN GREEN CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
1,442
88,873
Other trading activities
4
-
653,150
Investments
5
7
-
Total income
1,449
742,023
Expenditure on:
Charitable activities
6
6,845
88,873
Other
9
-
653,150
Total resources
expended
6,845
742,023
Net expenditure for the year/
Net movement in funds
(5,396)
-
Fund balances at 1
April 2020
29,802
-
Fund balances at 31
March 2021
24,406
-		 TotalUnrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
90,315
24
26,510
653,150
-
-
7
30
-
743,472
54
26,510
95,718
1,895
26,510
653,150
-
-
748,868
1,895
26,510
(5,396)
(1,841)
-
29,802
31,643
-
24,406
29,802
-		 Total
2020
£
26,534
-
30
26,564
28,405
-
28,405
(1,841)
31,643
29,802

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PEN GREEN CENTRE

BALANCE SHEET

AS AT 31 MARCH 2021

2021
Notes
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
355,140
Cash at bank and in hand
82,989
438,129
Creditors: amounts falling due within
one year
12
(413,723)
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 £
-
24,406
24,406
24,406
24,406		 2020
£
-
98,927
98,927
(69,225)		 £
100
29,702
29,802
29,802
29,802

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 9 November 2021

K J Bartley Trustee

Company Registration No. 06227100

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Pen Green Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is Pen Green Research Base, Rockingham Road, Corby, Northamptonshire, NN17 1AG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have considered the potential impact of the coronavirus, and the various measures taken to contain it, on the operations of the company. No immediate concerns in relation to the company’s long term future have been identified but this area continues to be monitored. The trustees are satisfied that the steps they have taken in the short term are appropriate and effective.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the charity to the expenditure.

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% reducing balance basis Computers 33% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less .

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.10 Taxation

As a charity, Pen Green Centre, is exempt from tax on income and gains falling within Section 478 of the Corporation Taxes Act 2010, or Section 256 of Taxation of Chargeable Gains Act 1992. No charges have arisen.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2021
2021
£
£
Donations and gifts
1,442
-
Grant income
-
88,873
1,442
88,873		 TotalUnrestricted
Restricted
funds
funds
general
2021
2020
2020
£
£
£
1,442
24
-
88,873
-
26,510
90,315
24
26,510		 Total
2020
£
24
26,510
26,534

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3
Donations and legacies
Grants receivable for
core activities
Department for
Education
Sobell Trust and The
Baily Thomas Charity
Horner Foundation
4
Other trading activities
Tuition fees
5
Investments		 -
-
-
-		 70,500
-
18,373
88,873		 70,500
-
18,373
88,873		 (Continued)
-
-
-
-
14,250
14,250
-
12,260
12,260
-
26,510
26,510
Restricted
Total
funds
general
2021
2020
£
£
653,150
-
653,150
-
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Interest receivable 7 30

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Charitable activities

Recharged staff costs
Share of governance costs (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds - general
Support costs
Support
costs
Governance
costs
£
£
Depreciation
-
100
Audit fees
-
5,700
Advertising
-
96
Annual return filing fee
-
-
Bank charges
-
137
Annual ICO registration
-
35
Insurance
-
537
Accountancy
-
240
-
6,845
Analysed between
Charitable activities
-
6,845		 2021
£
88,873
6,845
95,718
6,845
88,873
95,718
2021
Support
costs
Governance
costs
£
£
£
100
-
61
5,700
-
-
96
-
-
-
-
13
137
-
49
35
-
35
537
-
537
240
-
1,200
6,845
-
1,895
6,845
-
1,895		 2020
£
26,510
1,895
28,405
1,895
26,510
28,405
2020
£
61
-
-
13
49
35
537
1,200
1,895
1,895

7 Support costs

Governance costs includes payments to the auditors of £5,700 (2020 : £ nil ) for audit fees.

8 Employees

There were no employees during the year.

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

9
Other
Restricted
funds
general
2021
Tuition fees
653,150
653,150
10
Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
At 1 April 2020
4,317
3,256
At 31 March 2021
4,317
3,256
Depreciation and impairment
At 1 April 2020
4,217
3,256
Depreciation charged in the year
100
-
At 31 March 2021
4,317
3,256
Carrying amount
At 31 March 2021
-
-
At 31 March 2020
100
-
11
Debtors
2021
Amounts falling due within one year:
£
Other debtors
355,140
12
Creditors: amounts falling due within one year
2021
£
Trade creditors
46,700
Accruals and deferred income
367,023
413,723		 Total
£
2020
-
-
Total
£
7,573
7,573
7,473
100
7,573
-
100
2020
£
-
2020
£
26,510
42,715
69,225

PEN GREEN CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

13 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .