PS FOUNDATION Charity No: 1123570 {England and Wales) Company No: 6525171 (A Company Limited by Guarantee and not having a Share Capital) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) Annual Report and Financial Statement5 For the year ended 31 March 2024 Page Report of the TrusteeslDirectors Independent Auditor's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-14
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE TRUSTEESIDIRECTORS FQR THE YEAR ENDED 31 MARCH 2024 The Board of TrusteeslDirectors presents its report and financial statements for the year ended 31 March 2024. Reference and Administrative Information Charity Name.. PS Foundation Charity Registration Number: 1123570 (England and Wales) Company Registration Number: 6525171 Registered Office and Operational Address= Warren House, Warreners Lane, Weybridge, Surrey, KT13 OLQ Board of DirectorslTrustees who served during the year: Vin Murrra Sunil Bhalla Mark Butt John Forrister (appointed 14 February 2024) Graham Mark Nolan (appointed 14 February 2024) Chair and Chief Officer Vice Chair Treasurer Auditors Kingston Burrowes Audit Ltd, 308 Ewell Road. Surbiton, Surrey, KT6 7AL Legal Advisors Addleshaw Goddard, 60 Chiswell St, London EC1Y 4AG Bankers Coutts & Co, 440 Strand, London WC2R OQS Objectives and Activities The charity's objects and principal activities are pursued worldwide and are:. the advancement of education., the relief of sid(ness" the promotion of sustainable development by the relief of povety and the improvement of conditions in socially disaavantagea communities. the provision of facilities in the interests of social welfare for rècreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstsnces with the object of improving their conditions in life. The activities that we carry out are described above. These activities are undertaken to meet our objectives and aims and to further our charitable purposes for the public benefit. In setting and reviewing our objectives and aims, and in planning and carrying out our activities, we have given due regard to the public benefit guidance published by the Charity Commission. Achievements and Performance The charity believes that education and family support are major factors in tackling poverty and continues to review ways of providing scholarships and other education facilities to improve the opportunities that would otherwise be denied to poorer families. It makes grants at the discretion of the Board and after carefully considering the needs of an individual or organisation. In the period we have continued to support young adults through tertiary education programmes in both India and the UK helping them to secure qU81ificalions that will significantly increase their prospects.
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance (cont'd) We support smaller UK charities on a one-off basis and details of these can be found in Note 3 to the Financial Statements. Whilst the immediate impacts of COVID have passed, the financial impacts are still visible. Interest rates, inflation and utilities costs rose sharply and the environment is one of continued hardship. Poverty is increasing year on year and we continue to see the effect of this in these poorer families particularfy where healthcare and education facilities are not as robust as the UK or under immense strain. As in previous years, a number of individuals and families received grants which were typically in cases of hardship or to vulnerable, disadvantaged sections of the community to finance education or give access to healthcare. Our strategy includes providing emergency funds in cases where a disaster has occurred. We finance higher education to drive improved outcomes for individuals and their families. We also try to focus on sustainability within communities by providing grants to create small scale sustainable businesses which can provide future employment OPF)Ortunities and to finance education which in lurns helps families out of the poverty trap. Financial Review and Reserves Policy In the period we received one small donation and as in previous years, whilst there is no guarantee that the charity will continue to attract donations, it has received verbal commitments from a founding trustee that she intends to continue to donate in sufficient amounts to fund the charity's need should its investments generate insufficient income. We hold sufficient liquid financial assets to meet all commitments most of which are discretionary. We received £0.4m in investment income & donations {2023'. £0.4m). The charity continues to have negligible costs, having no salaries or overheads and being run voluntarily by the Trustees. Those Trustees operated in the same manner as previous years and have committed to continue to function this way for the foreseeable future and as a consequence expect running costs to continue to be negligible. All donations and grants made in its charitable activities are discretionary and none have, nor is it intended will have, future financing commitments. The charity had a net surplus for the year of £1.3m {2023: net deficit £0.2m}. All funds are unrestricted in nature and at the year-end totalled £24.6m {2023: £23.2m). The charity retains sufficient liquid resources to meet its needs and adjusts its donations accordingly based on income received in the current year and current balances. As such it maintains sufficient liquid resources in a low risk top tier UK bank and at the end of the reporting period held £4.6m in cash reserves {2023: £4.Om) or approximately 10 times average annual grant giving. The charity maintains such liquidity to ensure that it is able to meet its foreseeable liabilities as they fall due. As at fihe close of the year and at the current level of grant activity. the charity has adequate cash reserves and as grants are discretionary and currently create no long-temi obligation, the Board are satisfied that sufficient reserves are maintained. The organisation has mitigated its financial risk by adopting a reserves policy which is outlined above. Annual accounts and returns are filed with Companies House and the Charity Commission. In-house financial monitoring is undertaken to ensure the charity operates in accordance with its Governing Document and Objects. A quarterly income and expenditure review is undertaken by the Board. During the year the charity had no employees and was managed and operated by the Trustees voluntarily. The charity plans to continue its activities in the forlhcoming years subject to satisfactory funding arrangements and hopes that by supporting individuals they will eventually turn their success into supporting others, thus furthering the charity's aims. We are pleased to support a number of individuals achieving degrees and post degree qualifications which we hope will improve their lives and make contributions to their environments.
PS FOUNDATION (A Company Limited by GLJarantee and not having a Share Capital) REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Structure, Governance and Management The organisation is a charitable company limited by guarantee, incorporated on 5th March 2008. The company was established under a Memorandum and Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. PS Foundalion has a Board of Trustees which currently comprises five members and which meets regularly. The Board is responsible for the governance, strategic direction and policy of the charity- The Board occasionally enlists the support of other advisors such as legal or human resource specialists as and when the need occurs. In collaboration with the Board, the Chairperson is responsible for ensuring that the charity implements the strategy developed by the Board, delivers services which meet the objectives of the charity, enhances the charity's reputation and offers best value to its current and potential stakeholders. The directors of the company are known as the Board of Trustees. The Board carries out regular reviews of its skill sets and endeavours to recruit as required in order to fofward the work of the charity. Each Trustee serves for a period of a year after which they can be re-elected. Procedures have been implemented by the Board which are designed to identify and manage conflicts of interest and loyalty and provide for management of donations. Post Balance Sheet Event The Charity is in the process of disposing of land held at its book value of £4.9m which if completed, will realise a gain of £0.6m, along with a share of 200/0 of any net profit made by the acquirer and 20°/o of any net gain should it be disposed of in the next 5 years. The proposed disposal is to a connected party. being a special purpose limited Gompany wholly owned by Ms Murria, and consequently consent was obtained from the Charities Commission.
PS FOUNDATION IA Company Limited by Guarantee and not having a Share Capilal) REPQRT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Trustses. Responsibllftles Ststement The trustees (who are also directors of PS Foundation for the purposes of company law) are responsible for preparing the Trustees, Annual 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. Under company law the trustees must not approve the tinancial statements unless they are satisfied that they give 3 true and f8ir view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the truslees are required to- select suitable accounting policies and Ihen apply them consistently- observe the methods and principles in the Charities SORP 2019 {FRS 102); make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustee5 are aware.. there is no relevant audit information of which the ¢haritable company's auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information 2nd to estsblish that the auditor is aware of that infomation. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees and signed on its behalf by- Mark Butt, Treasurer 18 2024
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF: PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) Opinion We have audited the financial statements of PS Foundation (the 'charitable company'} for the year ended 31 March 2024 which comprise the Statement of Financial Activilies, the Balance Sheet and 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 Saw 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: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and application of reSoUrs, including its income and expenditure, for the year then ended. have been properly prepared in awordance with United Kingdom Generally Accepted Accounting Practice. and have be8n prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable 18w. 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 charitable company 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 believa 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 perfOed, we have not identrfied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve monlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibiltties of the trustees with respect to going concern are described in ti Ir Irirvl li DekntS0l1 J Oi Lkils I ryui i. Other infomiation The trustees are responsible for the other information contained within the Trustees, Report. The other information comprises the information included in the Report of the TrusteeslDirectors, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materia5 misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements or a malerial misstatement of the other information. If, based on the work we have performed, we conclude ihat there is a material misstatement of this other information, we are required to report that fact.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF: PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) Icontd... We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report {incorporating the direclors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the directors. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires vs to report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for OLtr audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and retums. or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance wilh the small companies, regime and tske advantage of the small companies, exemplions in preparing the directors. report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the Trustees Responsibilities Statement (set out on pages 3 and 4), the trustees {who are also the direGtors of the charitable company for the purposes 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters relaled to going concern and using the going concern basis of accounting unless tho trustees either intend to liquidate the charitable company Ul LO cease uperauvfj i), vi I It7vr Ii o fEthil)tik• aiivi Iyative but to do sv. Auditorfs responsibilities for the audit of the financial statements 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.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF., PS FOUNDATION {A Company Limited by Guarantee and not having a Share Capital) Icontd... 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 specific prOdureS for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance about actual and potential litigation or claims and the identification of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including testing joumal entries and other adjustments for appropriateness,, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Gouncil's website at- www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to state to them in an auditor's 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 charilable company and the charitable company's members as a body. for our audit work, for this report. or for the opinions we have formed. Kevin Fisher BA FCA CTA (Senior Statutory Auditor) For and on behalf of Kingston Burrowes Audit Ltd statutory Auditors 308 Ewell Road Surbiton Surrey KT6 7AL )8-1£- 2024
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024 Total Funds 2024 Total Funds 2023 Notes INCOME Donations and legacies Investments 28.000 354.822 389.197 382,822 EXPENDITURE Charitable activities 523,262 422.046 NET (DEFICIT>IINCOME BEFORE INVESTMENT GAINS (140,440) (32,849) Net gainsl(losses) on investment assels 1,954,962 {596,426) Net (losses)Igains on revaluation of fixed assets (444,319) 380,023 NET MOVEMENT IN FUNDS 1,370.203 {249,252) RECONCILIATION OF FUNDS Balances brought forward at 1 April 2023 23,187,549 23,436.801 Balances carried fOard at 31 March 2024 £24,557,752 £23,187.549 All funds are unrestricted in nature and all income and expenditure derives from continuing activities. The Statement of Financial Activities includes all recognised gains and losses recognised during the year. The notes form part of these Financial Statements.
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) Company No.. 6525171 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 6,361,111 14,755,114 6.805,430 12,581,005 21,116,225 19,386,435 CURRENT ASSETS Debtors Cash at bank and in hand 1,883 4,017,540 4.663,219 4,663,219 4,019,423 CREDITORS.. Amounts falling due within one year 1,221,692 218,309 NET CURRENT {LIABILITIES}IASSETS 3,441,527 3,801.114 NET ASSETS £24,557,752 £23,187,549 FUNDS Unrestricted General fund Building fund 18,196,641 6,361,111 16,762,142 6,425,407 TOTAL FUNDS £24,557,752 £23,187,549 These financial statemenls have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees on IE 2024 M. Butt Trustee and Treasurer The note$ form part of these Financial Slatements.
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd 1. ACCOUNTING POLSCIES Company Ststus The company is a private company, limited by guarantee, has no share capital and is registered in England and Wales. The members of the company are the trustees listed on page 1. In the event of the ch2rity being wound-up the liability in respect of the guarantee is limited to £10 per member. The registered office is given in the Reference and Administrative Information on page 1. Basls of preparation and assessment of g0Sng concern The f nancial statements have been prepared under the historical cost conventiori, modified to include certain items at fair value. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). the Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Accounting Practice. The charity constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concem. The signrficant accounting policies 8pplied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise ststed. Income recognition Ilems of income are recognised in the financial statements when all of the following criteria are met: The charity has entitlement to the funds- any performance conditions have been met or are fully within the control of the charity. there is sufficient certainty that receipt of the income is considered probable-, and the amount can be measured reliably. Exponditure recognition Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount can be measured reliably. Expenditure on charitable aclivities comprises mainly of grants to institutions and individuals. Expenditure includes those costs of a direct nature which can be allocated to a specific activity. It also includes indirect costs, including governance costs that do not relate to a specific activity but are necessary to support those activities. Fund accounting Unrestricted general funds are freely available for use in furtherance of the objects of the charity and which have not been designated for particular purposes. Designated funds are unrestricted funds set aside by the trustees for particular purposes. Restricted funds are fvnds which can only be used in accordance with specific restrictions imposed by the donor or which have been raised for a particular purpose. Taxation The company is a registered charity and is exempt from Corporation Tax on its charitable activities. 10
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capitsl) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... 1. ACCOUNTING POLICIESlcontd Investment properties Investment properties are initially recognised at cost and subsequently measured at fair value (open market value} at the end of each financial reporting period. The Trustees use their judgement to assess the fair value of investment in land by analysing information available from the public domain and utilising established property indices. Gains or losses on revaluation are recognised in the statement of Financial Activities. Investments Unquoted investments in companies are initially valued at cost. The Trustees use their judgement to assess the fair value of unquoted investments on a regular basis by analysing information available from the public domain and where practical from the investee company. Provisions against cost are made as soon as appropriate in the light of adverse circumstances- for example, where an investment performs significantly below expectations. Gains or losses on revaluation are recognised in the Statement of Financial Activities. Investments in unquoted companies are in ordinary shares or instruments capable of being converted into ordinary shares. Cost represents the acquisition cost of each investment. Because of the inherent uncertainties of valuing thinly traded securities, the amounts likely to be realised on disposal of these investments may differ significantly from the values stated above. Listed equity investments are initially recognised at transaction price and subsequently measured at fair value (market value based on published stock exchange value) at the end of each reporting period. Gains or losses on revaluation are recognised in the Statement of Financial Activities. Debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure. INCOME 2024 2023 Doiidiions and legacies Other donations 28,000 Investments Bank interest Dividends from investments 102.297 252,525 2,326 386,871 £382,822 £389,197 All of the income received in 2024 and 2023 was unrestricted in nature. 11
PS FOUNDATION {A Company Limited by Gvaranlee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... EXPENDITURE ON CHARITABLE ACTIVITIES Grants to Grants to Institutions Individuals Total 2024 Total 2023 Direct costs Educational Sickness Hardship General Welfare Other Disadvantage 107.277 50,000 15,000 50.502 6.000 233,378 1,000 45,000 340,655 51,000 60,000 50,502 6,000 74,650 250,000 66,000 20,582 £228.779 £279,378 508,157 411.232 Support costs Property costs Bank and asset custody fees Govemance (see note 4) 13,871 1,234 8,314 2,500 £523,262 £422,046 Recipients of Institutional grants were: Princes Trust St Georges Birmingham University Cardiff University Coventry University Niagra College Exeter University Eikon Charity Nottingham University Outward BoLJnd Reading University Sakhia Sodhi Day School Ford Sinclair Just Giving Big Shivia 6,000 23,537 11,000 9,250 9,000 9,250 27,500 11,537 1,850 50,000 20,600 50,000 14,103 10,000 18,450 3,582 9,250 4,000 5,000 502 15,000 £228.779 £80,632 All of the expenditure in 2023 and 2022 was unrestricted in nature. GOVERNANCE COSTS 2024 2023 Auditor's remuneration £1,234 £2,500 STAFF COSTS The average number of employees during the year was Nil (2023 . Nil). No employees received total employee benefits (excluding employer pension contributions) of more than £60,000 during the year (2023 Nil) 12
PS FOUNDATION (A Company Limited by Guarantee and not having a Share Capttal} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... TANGIBLE FIXED ASSETS Investment Properly Cosvvaluation at 1 April 2023 Additions Disposals Unrealised gainsl{losses) 6,805,430 (444,319) Cosvvaluation at 31 March 2024 6,361,111 The historical cost of the land was £5,932,033. FIXED ASSET INVESTMENTS Unlisted Equity Investment Listed Equity Investment UK Investment Fund Total Cosvvaluation 8t 1 April 2023 Additions Disposals Unrealised gainsl(losses} Forex gainsl{losses> 21,079 5,960,423 6,599,503 2.242.862 1840.330} 1,402.740 (56.208) 12,581.005 2,242,862 (1,060,210) 1,047,665 156,208) (219,880} (355,075) Cosvvaluation at 31 March 2024 £21,079 £5,385,468 £9.348,567 £14,755,114 2024 2023 Analysis of investment (lossesygains: Realised gains on disposal Unrealised gains on revaluation Forex gainsl(losses) 963,505 1,047,665 (56,208) 1,514,756 (2,111,182} £1,954.962 £(596,426) CREDITORS ?0?4 ?093 Accruals other creditors 5,000 1,216,692 6,226 212,083 £1,221.692 £218,309
PS FOUNDATION {A Company Limited by Guarantee and not having a Share Capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontd... MOVEMENT IN FUNDS Balance 1 April 2023 Balance 31 March 2024 Gainsl (losses) Income Expenditure Transfers 2024 UNRESTRICTED FUNDS General fund 16,762,142 382,822 523,262 {380,0231 1,954,962 18,196,641 Dasignated fund Building fund 6,425,407 380,023 {444,3191 6,361,111 £23,187,549 £382,822 £523,262 £Nil £1,510,643 £24,557,752 Balance 1 April 2022 Balance 31 March 2023 Gainsl (losses) Income Expenditure Transfers 2023 UNRESTRICTED FUNDS General fund 17.011,394 389,197 422,046 {216,403) 16,762,142 Designated fund Building fund 6.425,407 6,425,407 £23.436,801 £389,197 £422.046 £Nil £(216,403) £23,187,549 The Building lund represenls the fair value of the charity's investment properties. 10. RELATED PARTY TRANSACTIONS No Trustees (2023: none) were reimbursed expenses (2023: £Nil) during the year. No Trustee was paid any remuneration or received any other benefit from an employment with PS Foundation or any related party during the current and previous years. Amounts due to Vin Murria £Nil (2023 £212,083) are included in creditors. KEY MANAGEMENT PERSONNEL REMUNERATION The Board of Trustees comprises five key management personnel of the Charity. The Trustees give of their time freely and no Trustees remuneration was paid in the current and previous year. 14