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 2021
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 2021
| 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 2021
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 2021. 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).
PURPOSE
The purpose of PET is to advance education in the social sciences. This is done particularly, but not exclusively, through research and the dissemination of useful results for the public benefit. Activities also include the active exchange and dissemination of information and the scholarly publication of books and journals to increase public knowledge.
The charity identifies areas of scholarly research and acts as a home for a range of ventures in line with its innovative purpose and progressive values. We highlight just four below:
Pluto Press is a leading pleading progressive international publisher. We publish progressive critical thinking across politics and the social sciences, with an emphasis on the fields of Politics, Current Affairs, International Studies, Middle East Studies, Political Theory, Media Studies, Anthropology, Development.
The press has published works by Karl Marx, Mark "Chopper" Read, Frantz Fanon, Noam Chomsky, bell hooks, Edward Said, Augusto Boal, Vandana Shiva, Susan George, Ilan Pappé, Nick Robins, Raya Dunayevskaya, Graham Turner, Alastair Crooke, Gabriel Kolko, Hamid Dabashi, Tommy McKearney, Amal Saad-Ghorayeb, Syed Saleem Shahzad, David Cronin, John Holloway, Euclid Tsakalotos and Jonathan Cook.[[4]]
https://www.plutobooks.com/books/
Pluto Journals was launched in 2009, as an independent and international journal publisher in the field of the social sciences. We pride ourselves on producing world class journals that are at the cutting edge of humanities research today. Our journals include the fields of politics, current affairs, international studies, law, political economy, and Arab and Islamic studies. We have several new journals covering topics ranging from pan-Africanism to Intersectionality.
Over the last two years Pluto Journals has led the way in open source publishing and has received much acclaim for this innovative approach.
https://www.plutojournals.com/
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
72 Priory Gardens London England N6 5QS
Trustees
Ms F Dove Executive Director I Marshall Chartered Accountant P M Tiffen Consultant Dr R M Van Zwanenberg Publisher
Page 1
Independent Examiner K D N De Silva FCMA Centora Ltd Jury Farm, Ripley Lane West Horsley KT24 6JT
SIGNED SECURELY
30/09/2022 at 9:36:46 AM UTC
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
SIGNED SECURELY
30/09/2022 at 9:36:46 AM UTC
.............................................................................. 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 2021.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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 2021
| 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 fund £ 152,270 14,395 166,665 1,626 119,983 24,686 146,295 49,797 70,167 1,036,461 1,106,628 |
Restricted fund £ - - - - - - - - - - - |
31.12.21 Total funds £ 152,270 14,395 166,665 1,626 119,983 24,686 146,295 49,797 70,167 1,036,461 1,106,628 |
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 |
The notes form part of these financial statements
Page 3
THE PLUTO EDUCATIONAL TRUST
BALANCE SHEET
31 DECEMBER 2021
| Notes FIXED ASSETS Intangible assets 7 Tangible assets 8 Investments in related companies 9 Listed Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 Designated Funds to the Gafoor Institute NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Reserves Invested in Related Companies Operational Reserves Funds to Cover Contractual Terms Designated Funds for Related Company Unrestricted Free Reserves TOTAL FUNDS |
Unrestricted fund £ 600 1,060 500,001 835,239 1,336,900 67,839 180,336 248,175 (10,438) (468,009) (230,272) 1,106,628 1,106,628 |
Restricted fund £ - - - - - - - - - - - - - |
31.12.21 Total funds £ 600 1,060 500,001 835,239 1,336,900 67,839 180,336 248,175 (10,438) (468,009) (230,272) 1,106,628 1,106,628 500,001 168,327 61,320 50,000 326,980 1,106,628 |
31.12.20 Total funds £ 1,725 1,060 500,001 679,815 1,182,601 46,710 355,115 401,825 (9,539) (538,426) (146,140) 1,036,461 1,036,461 500,001 168,392 31,200 - 336,868 1,036,461 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.
SIGNED SECURELY
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 30/09/2022 at 9:36:46 AM UTC
30/09/2022 at 9:36:46 AM UTC
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were
signed on its behalf by: SIGNED SECURELY
30/09/2022 at 9:36:46 AM UTC
.............................................
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 2021
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
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Other fixed asset invest - FII | 14,395 | 2,551 | |
| 3. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Depreciation - owned assets | 450 | 465 | |
| Computer software amortisation | 1,125 | 900 |
continued...
Page 5
THE PLUTO EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.21 | 31.12.20 | |
|---|---|---|
| Employees | 3 | 3 |
No employees received emoluments in excess of £60,000.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 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 fund £ 124,579 2,551 127,130 8,217 23,267 75,712 107,196 201 20,135 1,016,326 1,036,461 |
Restricted fund £ - - - - - - - - - - - |
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 |
continued...
Page 6
THE PLUTO EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
7. INTANGIBLE FIXED ASSETS
| 7. | INTANGIBLE FIXED ASSETS | |
|---|---|---|
| Computer | ||
| software | ||
| £ | ||
| COST | ||
| At 1 January 2021 and 31 December 2021 | 2,700 | |
| AMORTISATION | ||
| At 1 January 2021 | 975 | |
| Charge for year | 1,125 | |
| At 31 December 2021 | 2,100 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 600 | |
| At 31 December 2020 | 1,725 | |
| 8. | TANGIBLE FIXED ASSETS | |
| Fixtures | ||
| and | ||
| fittings | ||
| £ | ||
| COST | ||
| At 1 January 2021 | 1,583 | |
| Additions | 450 | |
| At 31 December 2021 | 2,033 | |
| DEPRECIATION | ||
| At 1 January 2021 | 523 | |
| Charge for year | 450 | |
| At 31 December 2021 | 973 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 1,060 | |
| At 31 December 2020 | 1,060 |
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2021 Additions At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Investments in Related Companies £ 500,001 - 500,001 500,001 500,001 |
Listed investments £ 679,815 155,424 835,239 835,239 679,815 |
Totals £ 1,179,816 155,424 |
|---|---|---|---|
| 1,335,240 | |||
| 1,335,240 | |||
| 1,179,816 |
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 2021
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Other debtors | 66,752 | 46,679 |
| Prepayments and accrued income | 1,087 | 31 |
| 67,839 | 46,710 | |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Social security and other taxes | 3,596 | 3,242 |
| Other creditors | 4,585 | 4,684 |
| Pensions Payable | 769 | 693 |
| Accruals and deferred income | 468,009 | 538,426 |
| Accrued expenses | 1,488 | 920 |
| 478,447 | 547,965 |
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 166,665 TOTAL FUNDS 166,665 |
At 1.1.21 £ 1,036,461 1,036,461 Resources expended £ (146,295) (146,295) |
Net movement in funds £ 70,167 70,167 Gains and losses £ 49,797 49,797 |
At 31.12.21 £ 1,106,628 |
At 31.12.21 £ 1,106,628 |
|---|---|---|---|---|
| 1,106,628 | ||||
| Movement in funds £ 70,167 70,167 |
||||
| 70,167 |
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 1,016,326 1,016,326 |
Net movement in funds £ 20,135 20,135 |
At 31.12.20 £ 1,036,461 |
|---|---|---|---|
| 1,036,461 |
continued...
Page 8
THE PLUTO EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
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 £ 127,130 127,130 |
Resources expended £ (107,196) (107,196) |
Gains and Movement losses in funds £ £ 201 20,135 201 20,135 |
Gains and Movement losses in funds £ £ 201 20,135 201 20,135 |
|---|---|---|---|---|
| 20,135 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.20 £ 1,016,326 1,016,326 |
Net movement in funds £ 90,302 90,302 |
At 31.12.21 £ 1,106,628 |
|---|---|---|---|
| 1,106,628 |
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 £ 293,795 293,795 |
Resources expended £ (253,491) (253,491) |
Gains and Movement losses in funds £ £ 49,998 90,302 49,998 90,302 |
Gains and Movement losses in funds £ £ 49,998 90,302 49,998 90,302 |
|---|---|---|---|---|
| 90,302 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
14. GAFOOR INSTITUTE PROJECT
As part of the unrestricted funds, the trustees note that there will be an amount of £468,009 (31/12/2020 - £538,426) to be designated to the sole purpose of the Gafoor 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.
Group Balance Sheet as at 31 December 2021 is:
| At 31.12.21 | At 31.12.20 | |
|---|---|---|
| £ | £ | |
| Fixed Assets | ||
| Tangible Assets | 11,357 | 12,884 |
| Intangible Assets | 600 | 1,725 |
| Investments | 836,705 | hhh679,815 |
| TOTAL | 848,662 | hhh694,424 |
| Current Assets | ||
| Stock | 185,805 | 155,560 |
| Debtors | 421,748 | 332,839 |
| Cash at Bank | 1,111,023 | 1,102,958 |
| TOTAL | 1,718,576 | 1,591,357 |
| Current Liabilities | ||
| Creditors | 1,028,316 | 1,018,909 |
| Net Current Assets | 690,260 | 572,448 |
| Non-Current Liabilities | 76,914 | - |
| Total Assets less Liabilities | 1,462,008 | 1,266,872 |
| The funds of the group | 1,319,842 | 1,174,694 |
| 40% Minority Interest in Pluto Books Limited | 142,165 | 92,178 |
| TOTAL | 1,462,008 | 1,266,872 |
Page 9
THE PLUTO EDUCATIONAL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 |
||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Funds from the Gafoor Institute | 70,197 | 39,158 |
| Donations from Related Companies | 72,580 | 59,832 |
| Donations | 15,494 | 25,259 |
| Gift Aid | - | 330 |
| Investment income | ||
| Other fixed asset invest - FII | 14,395 | 2,551 |
| Total incoming resources | 166,665 | 127,130 |
| EXPENDITURE | ||
| Charitable activities | ||
| Fair Trade Society Co-ordinator | - | 3,835 |
| Project Co-ordinator | 24,641 | 3,858 |
| Editorial Fees | 23,205 | 12,917 |
| Charitable Contributions | 1,973 | 2,657 |
| Marketing | 7,921 | - |
| Pre-press costs | 700 | - |
| Project Directors | 53,742 | - |
| Professional Fees | 7,801 | - |
| 119,983 | 23,267 | |
| Support costs | ||
| Human resources | ||
| Wages | 9,476 | 52,755 |
| Social security | 275 | 5,119 |
| Pensions | 372 | 2,202 |
| Software licences | 1,612 | 1,174 |
| Advertising | 250 | 3,799 |
| Portfolio Management Fees | 1,376 | 4,418 |
| 13,361 | 69,467 | |
| Governance costs | ||
| Insurance | 554 | - |
| Postage and stationery | - | 167 |
| Sundries | 115 | 25 |
| Other Professional Fees | 1,557 | 4,355 |
| Independent Examiner's Fees | 360 | 360 |
| Finance Manager | 6,406 | 3,575 |
| Bank Fees | 296 | 31 |
| Computer Consumables | 651 | 80 |
| Travelling | 1,074 | 4,504 |
| Depreciation Fixtures and Fittings | 450 | 465 |
| Training | 360 | - |
| Exchange Gain/Loss | 3 | - |
| Computer software | 1,125 | 900 |
| 12,951 | 14,462 | |
| Total resources expended | 146,295 | 107,196 |
| Net income before gains and losses | 20,370 | 19,934 |
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 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 49,797 | 201 |
| Net income | 70,167 | 20,135 |
This page does not form part of the statutory financial statements
Page 11