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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 07157868 (England and Wales) REGISTERED CHARITY NUMBER: 1136616

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE PLUTO EDUCATIONAL TRUST

Centora Ltd Jury Farm, Ripley Lane West Horsley KT24 6JT

THE PLUTO EDUCATIONAL TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
Report of the Trustees 1
Independent Examiner's Report 2
Statement of Financial Activities 3
Balance Sheet 4
Notes to the Financial Statements 5 to 9
Detailed Statement of Financial Activities 10 to 11

THE PLUTO EDUCATIONAL TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07157868 (England and Wales)

Registered Charity number 1136616

Registered office

Trustees A H Balfour Director (resigned 16.3.20) Ms F Dove Executive Director I Marshall Chartered Accountant P M Tiffen Consultant Dr R M Van Zwanenberg Publisher

Company Secretary P M Tiffen

Independent Examiner K D N De Silva FCMA Centora Ltd Jury Farm, Ripley Lane West Horsley KT24 6JT

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.............................................................................. Dr R M Van Zwanenberg - Trustee

Page 1

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PLUTO EDUCATIONAL TRUST

Independent examiner's report to the trustees of THE PLUTO EDUCATIONAL TRUST ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

K D N De Silva FCMA Centora Ltd Jury Farm, Ripley Lane West Horsley KT24 6JT Date: .............................................

Page 2

THE PLUTO EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable
Other
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
124,579
2,551
127,130
8,217
23,267
75,712
107,196
201
20,135
1,016,326
1,036,461		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-		 31.12.20
Total
funds
£
124,579
2,551
127,130
8,217
23,267
75,712
107,196
201
20,135
1,016,326
1,036,461		 31.12.19
Total
funds
£
130,717
5,907
136,624
7,149
13,069
2,594
22,812
65,864
179,676
836,650
1,016,326

The notes form part of these financial statements

Page 3

THE PLUTO EDUCATIONAL TRUST

BALANCE SHEET

31 DECEMBER 2020

Notes
FIXED ASSETS
Intangible assets
7
Tangible assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
1,725
1,060
1,179,816
1,182,601
46,710
355,115
401,825
(547,965)
(146,140)
1,036,461
1,036,461		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 31.12.20
Total
funds
£
1,725
1,060
1,179,816
1,182,601
46,710
355,115
401,825
(547,965)
(146,140)
1,036,461
1,036,461
1,036,461
1,036,461		 31.12.19
Total
funds
£
2,625
999
975,794
979,418
102,480
99,889
202,369
(165,461)
36,908
1,016,326
1,016,326
1,016,326
1,016,326

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

R M Van Zwanenberg - Trustee

The notes form part of these financial statements

Page 4

THE PLUTO EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 33% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. INVESTMENT INCOME

INVESTMENT INCOME
31.12.20 31.12.19
£ £
Shares in group undertakings - 71
Other fixed asset invest - FII 2,551 5,836
2,551 5,907

continued...

Page 5

THE PLUTO EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.20 31.12.19
£ £
Depreciation - owned assets 465 58
Computer software amortisation 900 75

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

5. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.20 31.12.19
Employees 3 -
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 130,717 - 130,717
Investment income 5,907 - 5,907
Total 136,624 - 136,624
EXPENDITURE ON
Raising funds 7,149 - 7,149
Charitable activities
Charitable 13,069 - 13,069
Other 2,594 - 2,594
Total 22,812 - 22,812
Net gains on investments 65,864 - 65,864
NET INCOME 179,676 - 179,676
RECONCILIATION OF FUNDS
Total funds brought forward 836,650 - 836,650
TOTAL FUNDS CARRIED FORWARD 1,016,326 - 1,016,326

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued...

Page 6

THE PLUTO EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

7. INTANGIBLE FIXED ASSETS

7. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 January 2020 and 31 December 2020 2,700
AMORTISATION
At 1 January 2020 75
Charge for year 900
At 31 December 2020 975
NET BOOK VALUE
At 31 December 2020 1,725
At 31 December 2019 2,625
8. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2020 1,057
Additions 526
At 31 December 2020 1,583
DEPRECIATION
At 1 January 2020 58
Charge for year 465
At 31 December 2020 523
NET BOOK VALUE
At 31 December 2020 1,060
At 31 December 2019 999

9. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2020
Additions
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Shares in
group
undertakings
£
500,001
-
500,001
500,001
500,001		 Listed
investments
£
466,781
213,034
679,815
679,815
466,781		 Totals
£
966,782
213,034
1,179,816
1,179,816
966,782

There were no investment assets outside the UK.

continued...

Page 7

THE PLUTO EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£ £
Other debtors 46,679 66,469
Tax refund on Gift Aid donation - 35,748
Prepayments and accrued income 31 263
46,710 102,480
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£ £
Amounts owed to group undertakings - 160,000
Social security and other taxes 3,242 -
Other creditors 4,684 5,461
Pensions Payable 693 -
Accruals and deferred income 538,426 -
Accrued expenses 920 -
547,965 165,461

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
127,130
TOTAL FUNDS
127,130		 At 1.1.20
£
1,016,326
1,016,326
Resources
expended
£
(107,196)
(107,196)		 Net
movement
in funds
£
20,135
20,135
Gains and
losses
£
201
201		 At
31.12.20
£
1,036,461		 At
31.12.20
£
1,036,461
1,036,461
Movement
in funds
£
20,135
20,135
20,135

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At
At 1.1.19
in funds
31.12.19
£
£
£
836,650
179,676
1,016,326
836,650
179,676
1,016,326

continued...

Page 8

THE PLUTO EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
136,624
136,624		 Resources
expended
£
(22,812)
(22,812)		 Gains and
Movement
losses
in funds
£
£
65,864
179,676
65,864
179,676		 Gains and
Movement
losses
in funds
£
£
65,864
179,676
65,864
179,676
179,676

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.19
£
836,650
836,650		 Net
movement
in funds
£
199,811
199,811		 At
31.12.20
£
1,036,461
1,036,461

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
263,754
263,754		 Resources
expended
£
(130,008)
(130,008)		 Gains and
Movement
losses
in funds
£
£
66,065
199,811
66,065
199,811		 Gains and
Movement
losses
in funds
£
£
66,065
199,811
66,065
199,811
199,811

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020.

14. GAFOOR INSTITUTE PROJECT

As part of the unrestricted funds, the trustees note that there will be an amount of £538,426 to be designated to the sole purpose of the Garfoor Institute Project.

Page 9

15. OTHER INVESTMENTS

Pluto Journals Limited - 100% Wholly Owned Subsidiary - £1 ordinary share held. This company is solvent and gift aids its profits to the holding company.

Pluto Books Limited - 60% Owned Subsidiary - 1500 10p "A" Ordinary Shares. This company is solvent.

The Group Balance Sheet at 31st December 2020 is

Fixed Assets
Tangible Assets
Intangible Assets
Investments
Current Assets
Stock
Debtors
Cash at Bank
Current Liabilities
Creditors
Net current assets
Total assets less current liabilities
The funds of the group
40% Minority Interest in Pluto Books Limited		 31/12/2020
Total
12,884
1,725
679,815
694,424
155,560
332,839
1,102,958
1,591,357
1,018,909
572,448
1,266,872
1,174,694
92,178
1,266,872		 31/12/2019
Total
13,806
2,625
475,828
492,259
219,093
341,826
420,208
981,127
399,671
581,456
1,073,715
1,050,759
22,956
1,073,715

Page 9

THE PLUTO EDUCATIONAL TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
31.12.20 31.12.19
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Gift aid 124,579 130,717
Investment income
Shares in group undertakings - 71
Other fixed asset invest - FII 2,551 5,836
2,551 5,907
Total incoming resources 127,130 136,624
EXPENDITURE
Charitable activities
Business Plan Consultancy - 4,000
Fair Trade Society Co-ordinato 3,835 2,089
Project Co-ordinator 3,858 3,230
Editorial Fees 12,917 3,750
Charitable Contributions 2,657 -
23,267 13,069
Support costs
Human resources
Wages 52,755 -
Social security 5,119 -
Pensions 2,202 -
Software licences 1,174 201
Fundraising Consultancy Fees - 6,000
Advertising 3,799 458
Portfolio Management Fees 4,418 691
69,467 7,350
Governance costs
Postage and stationery 167 -
Sundries 25 -
Accountancy and legal fees 4,355 572
Independent Examiner's Fees 360 384
Finance Manager 3,575 800
Bank Fees 31 32
Annual Return - 13
Computer Consumables 80 37
Equipment expensed - 202
Travelling 4,504 220
Depreciation Fixtures and Fitt 465 58
Computer software 900 75
14,462 2,393
Total resources expended 107,196 22,812
Net income before gains and losses 19,934 113,812

This page does not form part of the statutory financial statements

Page 10

THE PLUTO EDUCATIONAL TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
31.12.20 31.12.19
£ £
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 201 65,864
Net income 20,135 179,676

This page does not form part of the statutory financial statements

Page 11