**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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company. 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