**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: 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 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