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2022-08-31-accounts

PRIMARY SCIENCE TEACHING TRUST 2022 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS

Registered charity number 1190196 Company number 12596629

2 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

CONTENTS

Trustees’ Report
4
Statement of Trustees’ Responsibilities
27
Independent Auditor’s Report
29
Consolidated Statement of Financial Activities
32
Statement of Financial Position
33
Consolidated Statement of Cash Flows
34
Notes to the Financial Statements
35		 Trustees’ Report
4
Statement of Trustees’ Responsibilities
27
Independent Auditor’s Report
29
Consolidated Statement of Financial Activities
32
Statement of Financial Position
33
Consolidated Statement of Cash Flows
34
Notes to the Financial Statements
35

TRUSTEES’ REPORT

“The most effective way to improve teaching is to support teacher development and that is the main driver of Trust work.”

CHAIR’S WELCOME

I am pleased to present the Primary Science Teaching Trust’s annual report and accounts for 2022.

This year truly demonstrated the strength and resilience of primary school teachers. Their responses to a second Covid lockdown, and to the pandemic’s continuing impact on staff and pupil welfare, are a credit to the profession.

It is no secret that in this context, science has sometimes struggled for its position in the classroom. The requirement for post-Covid ‘catch-up’ has tended to highlight children’s literacy and numeracy skills, although naturally this emphasis varies across and within the four nations of the UK.

I’m delighted, therefore, that PSTT has continued to promote such excellence in primary science during this period. Through our dedicated staff and talented Fellows, we supported thousands of teachers with our encouraging, caring and above all down-toearth approach. Our guidance, training and resources helped teachers at all levels, from student teachers to subject leaders, to inspire children with the power of science.

None of this would be possible without the dedication and vision of our outgoing CEO, Professor Dudley Shallcross. On behalf of the board, I thank Dudley for his 10 years of service to PSTT. His successor, Martin Pollard, joined us at the start of 2022 and I welcome him warmly to the team.

Fred Young MBE, Chair of Trustees

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The Primary Science Teaching Trust (PSTT) is an educational charity with a clear vision: to see excellent teaching of science in every primary classroom in the UK.

CEO’S INTRODUCTION

To work towards PSTT’s vision, we have three main objectives. The report that follows details our achievements against each objective during 2021-22.

  1. To promote excellence in primary science teaching through sponsorship of the Primary Science Teacher Awards and our network of these award winning primary science teachers, who are Fellows of the PSTT College

  2. To support clusters of schools, led by PSTT Fellows; providing guidance for teachers across the UK who are setting up or running Clusters

  3. To work with academic institutions and strategic partners across the UK to support research into primary science education and to facilitate collaboration between researchers and classroom teachers

Since joining PSTT in January 2022, I’ve been hugely impressed by the way our Fellows, Clusters and partners – and of course our talented staff team – contribute collectively towards our goals. I see numerous positive comments from teachers about the difference our activities make: whether developing professional learning networks, raising aspirations for science in school, or providing excellent teaching resources.

Over the coming year, I will be leading a process of strategic renewal for PSTT, strengthening further our focus on positive outcomes for schools. Our goal of excellence science teaching for all will, of course, remain. Together, we are helping to ensure that science is an exciting, inclusive and stimulating experience for children across the UK.

Martin Pollard, Chief Executive Officer

The following financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust’s statutes, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 (effective 1 January 2019)).

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2021-22 HIGHLIGHTS

PSTT has continued to enrich science teaching in primary schools, this year with a renewed emphasis on promoting inclusivity and diversity

97,000 RESOURCE DOWNLOADS AND OVER 13,000 TEACHERS ON OUR MAILING LIST

“ This was the best training I have ever been on and I love using the resource with the ” children.

OVER 3,200 TEACHERS SUPPORTED BY OUR REGIONAL MENTORS

310 SCHOOLS SUPPORTED BY THE PSTT CLUSTER PROGRAMME

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A Scientist Early Years Just Like Me Education

PSTT has introduced a new range of resources to promote early science exploration and understanding, including ‘Play, Observe and Ask’

This resource has been designed to raise awareness of diversity in science-related jobs and to provide illustrated examples of a wide range of science-based careers

Inclusion in Primary Science

Guidance for supporting children with Special Educational Needs and Disabilities to make progress with primary science

Other highlights:

Primary Climate Science Symposium

Development of Explorify Roll out of the and other work with Primary Science STEM Learning Enhancement Award

Our first event focusing In partnership with STEM Learning, entirely on issues surrounding PSTT has created new resources and climate change, the support materials for the popular Symposium provided CPD ‘Explorify’ website including ‘Have and discussion opportunities you ever...?’ activities and planning for primary teachers, support videos. PSTT and STEM alongside live (and recorded) Learning hosted a joint primary lessons for the classroom, science conference and we became with PSTT working alongside the strategic partner for STEM experts from a wide range of Learning’s major CPD contract. organisations.

Piloted over the last 2 years, the Primary Science Enhancement Award enables student teachers to increase their experience and understanding of teaching and learning in primary science. The scheme rolls out to more teacher training institutions during 2022-23.

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ACHIEVEMENTS & PERFORMANCE

Summary of 2021-22 achievements against objectives and plans for 2022-23

OBJECTIVE 1

To promote excellence in primary science teaching through sponsorship of the Primary Science Teacher of the Year Awards and our network of these award winning primary science teachers, who are Fellows of the PSTT College

2021-22 ACHIEVEMENTS

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2022-23 PLANS

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FURTHER INFORMATION ON THE COLLEGE

The PSTT College welcomes around 10 new Fellows (Primary Science Teacher of the year Award winners) each year. Support for our College Fellows continues to be central to the PSTT strategy.

PSTT recognises that continuing professional development is essential for teachers; we encourage our Fellows to undertake CPD and to share their own best practice widely with other teachers. To facilitate this, PSTT offers up to £1,000 in personal development (CPD) funding to enable individual Fellows to attend courses and conferences or spend time developing their own materials. Funding to release individuals from their classrooms improves opportunities for our Fellows to provide support for their colleagues in their schools and to teachers in other schools, and each year we encourage Fellows to consider how they can provide the most impact to others through these funds.

The majority of the funding enables teachers to be released from school to attend or deliver workshops at conferences, including those run by larger organisations such as the Association for Science Education and STEM Learning, in addition to regional conferences arranged by local authorities, multi-academy trusts and other clusters of schools. The trend towards spending less on courses, as many have been online, has continued.

College Fellows have contributed widely to support for teachers throughout the UK through their own networks, and through local and national CPD events that they have organised personally or in collaboration with other organisations. Many have written articles for magazines and journals and contributed to the production of PSTT resources.

College Project Funding

Fellows may submit bids for Large College Projects (LCPs) of up to £10k or Small College Projects (SCPs) up to £3k by the stated deadlines each year/term. Panels meet to review and rank the bids and recommend which are to be funded. Typically, College Projects lead to materials that can be disseminated more widely for the benefit of teachers across the UK. Some generate commercial resources, whilst others generate resources that are shared freely through the PSTT website. All project leads report on the outcome of their projects and these reports guide teachers who wish to complete similar activities themselves. PSTT also ‘centrally generates’ projects towards which Fellows contribute. We also employ a Fellow to write materials for the website to ensure learning from projects is accessible to a wide audience.

PSTA Endorsement

PSTT also recognises the importance of encouraging our Fellows to work collaboratively with each other and with our partners. From their induction, new Fellows are introduced to the opportunities, which include CPD, developing projects and forming clusters. All Fellows are split into eleven areas and generally meet three times a year under the guidance of an Area Mentor who is a Fellow and a part-time staff member of PSTT. PSTT organises a College Conference to bring together all Fellows; here there is a focus on ‘making the most of fellowship’ through both delivering sessions and attending those delivered by others or our partners and collaborators.

The Royal Society, the Association for Science Education and TTS Group all support the Primary Science Teacher Awards.

The PSTAs are endorsed by the Royal Society of Chemistry, the Royal Society of Biology, the Geological Society, the Institute of Physics, the Wellcome Trust, the Comino Foundation, the Shine Trust, the Ogden Trust and STEM Learning.

Other organisations may endorse awards from time to time.

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FURTHER INFORMATION ON REGIONAL MENTORS

Our Regional Mentors are highlyskilled teachers who can identify a school’s science needs quickly and plan a suitable strategy for improvement

Whilst our award-winning Fellows typically support numerous other teachers within their own school networks, there are many teachers in the UK who are unable to access such support readily.

There is a particular demand for support from teachers given responsibility for leading science in their schools, who may not have either the confidence or skills to do so effectively. Many teachers find teaching science daunting and require help to identify their own and colleagues’ needs in order to develop the science provision in their schools effectively.

Our Regional Mentors are highly-skilled teachers who can identify a school’s science needs quickly and plan a suitable strategy for improvement. They have considerable management experience in addition to exceptional teaching and subject leadership skills. Regional Mentors work initially on a one-to-one basis with teachers to:

telephone and email advice, and further meetings/ training sessions are arranged as required. They also support school clusters, multi-academy trusts and other groupings of schools through bespoke and ‘off-the-peg’ training options.

We recognise that schools and teachers have differing needs and that these may be affected by the local environment, access to other support opportunities and schools’ organisational arrangements. We encourage Regional Mentors to deliver support opportunities that best meet these needs. Therefore, some might create or work with clusters of schools, lead network meetings, provide specific courses (in person or online) or deliver webinars that can be accessed across the UK. They may use specific events to encourage schools to work together; for example, we support Regional Mentors who are Great Science Share for Schools Champions - organising events at which they share their science questions and learning.

Regional Mentors often follow up an initial session with

In addition to their work directly supporting schools, Regional Mentors often have strong links with other organisations and represent PSTT at conferences, panels and other events. They may provide support for initial teacher training providers, lead Primary Science Quality Mark hubs, run trainings for STEM Learning and other partners, work on projects within PSTT and with other organisations, write magazine articles and create other resources.

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OBJECTIVE 2

To support clusters of schools, led by PSTT Fellows

2021-22 ACHIEVEMENTS

2022-23 PLANS

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FURTHER INFORMATION ON CLUSTERS

A science cluster is a group of schools working together as a collaborative community.

We have built on the experience of earlier cluster initiatives to establish the current PSTT Cluster Programme, which provides opportunities for Fellows to establish collaborative groups of science subject leaders. The programme facilitates these groups to:

The PSTT Cluster Programme is a five year programme for each cluster, providing financial support to primary schools across the UK.

PSTT through resources, guidance, CPD for teachers and financially. They have access to the following funding structure:

Our Fellows have been central in this strategy; so far, approximately 17% of Fellows have established or are coordinating clusters. Designed to be supportive, the strategy focusses upon independence and eventual selfsustainability. While providing a clear structure, it aims to be flexible enough to foster individuality and to promote innovation.

Selection onto the programme is a competitive process with the following annual cycle:

Clusters are designed for groups of 3-10 schools. They use needs analysis, commons goals, accountability, monitoring and ongoing review so that the programme addresses their specific needs, supports their circumstances and provides challenge to their context. Schools on the five-year programme are supported by

Although the programme is focussed upon science education in the primary sector, clusters do link and engage with secondary schools. This includes both mainstream and special schools, and caters for both urban and rural localities.

Overall, through our programme, PSTT has supported the work of 44 Clusters, involving 310 schools since 2016. Currently, we are funding 26 clusters with a total of 193 schools.

The experience gained from the five years of our Cluster Programme so far will make an invaluable contribution to the shaping of PSTT’s new strategy. Changes to the current model will enable what has been learned and is successful to be applied to our future support of schools through science clusters.

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OBJECTIVE 3

To work with academic institutions and strategic partners across the UK to support research into primary science education and facilitate collaboration between researchers and classroom teachers

2021-22 ACHIEVEMENTS

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2022-23 PLANS

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FURTHER INFORMATION ABOUT WIDER COLLABORATIONS

PSTT collaborates with other stakeholder organisations to facilitate consistent messaging about primary science, sharing of best practice and raising awareness about high-quality resources and CPD opportunities

We work with academic institutions and strategic partners across the UK to support research and development in primary science education, and to support collaboration between researchers and teachers.

We also work closely with ITE providers, STEM Learning, the Ogden Trust, the Association for Science Education and learned societies.

a partnership with local authorities, SSERC offer a twoyear participation programme that enables mentors to develop bespoke professional learning packages for the teachers involved. The residential courses develop and sustain capacity, confidence and collegiality across the cohorts of mentors. Last year two PSTT College Fellows were selected to be Primary Cluster Programme mentors.

University of Hertfordshire

Our collaborators often work with the PSTT College; collaborator projects draw on Fellows as subjects for research or participants in research, and the findings and outputs of projects are disseminated through the College and clusters.

STRATEGIC PARTNERSHIPS

SSERC

PSTT’s support enables SSERC to continue to develop their successful Primary Cluster Programme in Science and Technology (primarily funded by Scottish Government and other partners). With the increase over the last year in the number of PSTT College Fellows based in Scotland, our support networks across the country have been significantly strengthened. Through

PSTT is entering its tenth year in partnership with the University of Hertfordshire, providing long-term support to the Primary Science Quality Mark (PSQM). PSQM is a professional development programme for science subject leaders, enabling them to evaluate, strengthen and celebrate the science provision across their school. During the last year, PSQM has implemented a comprehensive hub-leader professional development programme. This has enabled leaders of local PSQM hubs to offer more bespoke support for the science subject leaders in their hubs, and to develop new skills and understanding about what constitutes successful professional learning. PSQM has also been the subject of a large, randomised control trial by the Education Endowment Foundation. The findings from this research include:

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Bath Spa University: Teacher Assessment in Primary Science (TAPS)

Developed by Bath Spa University with funding by PSTT, TAPS provides a valid, reliable and manageable system of primary science assessment which aims to have a positive impact on children’s learning. Through engaging with the TAPS ‘pyramid’, teachers are supported to evaluate their assessment processes and to develop a shared understanding across their school. The pyramid, accompanied by numerous exemplars of assessment in practice, is available as an interactive tool on its own new website. It is also complemented by a set of Focused Assessment Tasks to support teachers with

making more reliable and valid assessments of children’s enquiry skills that are manageable with a whole class. TAPS has completed its third phase of funding by PSTT, and has now disseminated the approach across Wales and Northern Ireland, and has implemented an appropriate model for using TAPS in Scotland (working with SSERC). The CPD course for teachers is currently the focus of a large scale trial by the Education Endowment Foundation with the final report expected in autumn 2022.

University of Manchester: Science and Engineering Education Research and Innovation Hub (SEERIH) – The Great Science Share for Schools

PSTT is a sponsor of the GSSfS, funding four Regional Mentors as Champions, promoting the campaign, organising local events for schools and supporting the development of resources.

University College, London (UCL) and King’s College, London (KCL)

In a continued partnership with the Ogden Trust, the PSTT has awarded further funding to disseminate the outcomes of the research and development project, ‘Primary science capital: a whole school teaching approach’. This project has been developed and

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delivered by a collaboration between University College London and King’s College London and they have delivered two courses over the last academic year, both involving PSTT Fellows and PSQM hub leaders. The subject leader course enables the teachers to share the approach across their own schools or cluster of schools. Participants completing the accredited trainer course will be able to deliver CPD across the sector. Through supporting Fellows to facilitate CPD courses, we aim to maximise PSTT’s initial investment in this original research and development project.

Science Oxford

Thinking Doing Talking Science (TDTS) is a national primary science CPD programme, developed in partnership with Oxford Brookes University and based on a previous PSTT project. The strategic roll-out of TDTS CPD training has continued over the last year using a blended approach, with the first train-the-trainer event taking place in July 2022. TDTS has now been the subject of three large scale evaluations, funded by the Education Endowment Foundation (EEF). These have shown that the approach can make a significant difference to pupil attainment, interest and self-efficacy in science. A further EEF study is in progress with a main trial starting in September 2022. PSTT Fellows will be integral to any subsequent roll-out, and research will focus on how full impact can be retained at scale.

INITIAL TEACHER EDUCATION

PSTT has developed a Primary Science Enhancement Award (PSEA) scheme for Initial Teacher Education (ITE), suitable for PGCE students, for final year undergraduate students, and for students going into teaching through school-based routes. The PSEA scheme is supported by the Primary Science Quality Mark (PSQM) and the Association for Science Education (ASE). It enables student teachers to engage in reflective practice and development in primary science beyond the statutory content of the ITE phase. Over the academic year the student carries out a range of reflective activities and then submits a portfolio of evidence to demonstrate that they have met the criteria for the award and have engaged with PSTT, PSQM and the ASE. The outcomes of the two year pilot showed that the students: had

increased confidence and competence to teach science; felt more prepared to take up a position of subject leadership in school; knew where to go for support for primary science; and were better informed to judge whether they wanted to work in a particular school. From September 2022, the scheme was opened to student teachers from any UK ITE provider that had registered to take part.

EXPLORIFY

Explorify is a digital teaching resource for primary science, originally developed and funded by the Wellcome Trust, based on evidence from research. In September 2021 PSTT, in partnership with STEM Learning and with a grant from the Wellcome Trust, took over its management and development. Explorify consists of short digital activities that promote children’s thinking and scientific discussion skills and encourage scientific enquiry. The activities require minimal preparation, offering teachers a highly supported way to improve their competence and confidence with teaching science. In January 2022, PSTT appointed four part-time members of staff who are responsible for the development of new Explorify content and teacher support materials, and delivery of CPD for teachers at local and national events, both online and face to face.

WHY&HOW MAGAZINE

The PSTT termly newsletter has been rebranded as a magazine. Containing news updates and information, teaching resources and articles of interest to the primary science education community, it is freely available to all. More than 10,000 readers receive it directly to their email inbox. Each term we invite other organisations to share their CPD support and resources for primary science in an article for the magazine. Over the last year the magazine has featured articles from the Ogden Trust, STEM Learning, the Royal Society of Chemistry, the Great Science Share for Schools, the Royal Society and the Association for Science Education.

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EVALUATION

Over the past year, PSTT has been focussing more of its resource on monitoring and evaluation, coordinated by the Research Director. By progressing our current research and evaluation activity, we aim to:

Evaluation is an important component of PSTT activity as it allows us to review the outputs and successes of a project/programme; outline outstanding issues and recommendations; detail activities undertaken within the project/programme; and inform future activity. Internally, this provides informative feedback and externally allows us to share successes and lessons learned with other organisations and stakeholders.

Activity

In addition to written reports (interim and final) which catalogue milestones and financial reporting, PSTT projects are often visited and obtaining in-situ data is an extremely valuable way to assess these projects. Clusters have a Fellow assigned to them: they report progress to the Cluster Director and a yearly report is then compiled and discussed with the Director. This makes it possible to note and disseminate good practice to other clusters and to assist and advise clusters. Our academic collaborators have two advisory board meetings a year chaired by either the CEO or the Outreach Director and with an additional Trustee and an independent advisor present. Interim and annual reports are discussed at these meetings and progress against set milestones analysed, as well as scrutiny of the budget and spend to date. Once again, this hands-on approach allows good practice to be disseminated and allows any issues to be dealt with on a regular basis.

Two larger scales evaluations have also taken place this year:

The Regional Mentor Programme has completed five very successful years. The evaluation study sought to provide evidence of impact, to evaluate the programme and gain insight from the Regional Mentors themselves. Feedback was analysed, Regional Mentors were interviewed, and social media/webinar data was scrutinised. The report revealed plentiful evidence of not only individual impact, but also institutional impact, and confirmed that the Regional Mentors are highly respected, professional, and are all fulfilling their roles of being supportive mentors.

The Cluster Programme was also evaluated after five years. It had demonstrable evidence of a positive impact on schools in each cluster in terms of the teaching of science. Through reviewing end of year reports and Ofsted reports, interviewing cluster coordinators and reviewing spend, the evaluation also showed the positive impact on the cluster coordinators, improving their confidence and supporting their own professional development. The report also made suggestions for how the programme structure could be altered and the spending reviewed.

Future Plans

As we move forward, and look towards a new strategy, PSTT will need to develop new tools for data collection. Efficient and effective data gathering is essential, as is making sure we only gather what we need. PSTT will ensure a rigorous reporting and accountability process is devised and implemented; where the examination and analysis of reports, documentation, and feedback sources provide a system of review and improvement. We hope that dissemination of the results will attract further support for a programme if it is successful, and help others gain support for the introduction of similar programmes.

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PUBLIC BENEFIT STATEMENT

The Trustees believe that changes and public benefits brought about by PSTT’s work, through its portfolio of projects and other activities, include:

The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing PSTT’s aims and objectives and in planning future activities.

Each of our active Fellows supports numerous schools through both formal and informal networks. Based on previous research, we estimate that between 1,500 and 2,000 schools benefit from our Fellows’ input, including over 200 in our funded Cluster Programme. Our Regional Mentor Programme has now supported over 3,070 schools.

Around 500 primary schools connect to PSTT through our support of PSQM each year and more schools are supported through other Academic Collaborators and their extensive teacher training networks and projects. In addition, an estimated 10,000 teachers use the resources on our website each month. We have a mailing list in excess of 10,000 for the PSTT magazine.

At each of their meetings, the Trustees dedicate time to evaluating reports from PSTT projects, College activities, cluster activities and collaborations.

Results of work supported by PSTT are often published in the academic press and the materials and activities generated are made available to teachers via our website as resources and CPD units.

It is difficult to be precise about the number of teachers and children who have benefited from PSTT’s work.

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PLANS FOR THE FUTURE

Over the past two years, COVID-19 has had a major impact on education throughout the UK.

Although we do not currently envisage further disruptions on the scale of the previous lockdowns, the pandemic will continue to affect education generally (through teacher shortages and workloads) and primary science specifically (in terms of the relative importance assigned to science by governments and schools).

It is important that PSTT continues working with schools in ways that respond to this context. This means supporting teachers to use primary science approaches that are practical and engaging, and that demonstrate the links that can be made with other areas of the school curriculum. The flexible and responsive nature of our Cluster and Regional Mentor programmes will provide excellent opportunities to do this. During the coming year, we also plan to review PSTT’s provision of resources and CPD to ensure that they meet the current needs of teachers. We will make future project funding available to develop new projects and materials as required.

educational landscape but also to a changing economic picture and the challenge of working towards our vision with finite resources. We will need to make careful choices about how we deploy our staff and funds. This includes looking at the balance between providing intensive support to some schools based on need, and more general services to the wider primary science teaching population.

PSTT’s past decade of growth and impact enables us to face these challenges confidently, alongside our trusted partners and collaborators.

Fred Young MBE , Chair of Trustees

More broadly, 2022-23 will mark the final year of our current strategic model and its focus on the ‘three Cs’ of our College, Clusters and Collaborators. In renewing our strategy, we need to respond not only to the current

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22 22 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

PSTT continued to rely primarily on its reserves to fund its activities during the year. Our investments were spread between three fund managers and the Trustees actively monitored these funds in accordance with the Investment Policy below. Due to wider macroeconomic and geopolitical factors, investments performed relatively poorly this year, generating a net investment loss of £1,078k. However, we generated £250k additional funds from other sources, and were able to keep expenditure at £2,008k despite the external pressure of inflation. Overall, these factors resulted in a deficit of £2,615k over the year.

The Trustees are aware of the challenges in the current macro-economic environment and the impact these have on PSTT. Over the coming year, we will be developing a new PSTT strategy that responds to these challenges and sets a clear direction for how we can achieve the best possible impact with our resources in the next five years. This will include consideration of how we achieve a more sustainable financial model.

Income

Income from charitable activities in the year of £250k (2021: £85k) was from teaching resources, consultancy and restricted income. Contribution from investments in the year, principally being realised and unrealised gains on investments less fund management costs, totalled a loss of £984k (2021: £3,783k surplus).

Resources expended

Total expenditure on charitable activities in the year was £1,878k (2021: £1,462k). The increase was due to a combination of spend on new restricted funds alongside the Cluster and College programmes recovering from the effects of the pandemic, which hampered the prior year activities.

Statement of financial position (balance sheet)

At 31 August 2022, the net assets of the Group were £20,071k (2021: £22,686k)

Investment policy

Our investments are governed by an investment policy, which is reviewed annually by the Investment Committee to ensure it meets PSTT’s needs. The following is a summary of that policy. The Trustees aim to ensure that expenditure stays within the income from, and capital growth of, the PSTT’s capital

investments after adjusting for inflation. However, the Trustees consider it important that funding for deserving causes within the objects and strategy of the PSTT should not be overly constrained by this limitation at times when returns from investment are unusually low. The capital is therefore treated as expendable at the Trustees’ discretion to cater for this - see below under Reserves policy. Any costs associated with winding up the PSTT will be met from capital. It is expected that such costs would be negligible.

The investment policy seeks to produce the best financial return within an acceptable level of risk. The Trustees are willing to accept a moderate degree of investment risk in order to generate a total return in line with inflation over the medium term.

Reserves policy

The Trustees have reviewed PSTT’s needs for reserves in line with the guidance issued by the Charity Commission.

The investment funds of PSTT are held for the purpose of income generation to ensure that PSTT can continue to fund its objects. The investment funds are fully expendable and the Trustees do not consider it necessary to create a separate reserve to fund PSTT’s planned expenditure. The need for reserves is assessed as part of our strategic planning process. The need to build up reserves is also taken into account in the annual planning and budgeting process.

As the charity’s balance sheet is weighted heavily towards investments, the maintenance of our unrestricted reserves is dependent on the maintenance of our investments.

Investments are actively monitored monthly with the aim of achieving a target level of investments (and therefore, substantively, unrestricted net assets) of £20m. Any variance of 15% higher or lower than the target is considered in the following investment committee meeting which is held quarterly.

Each year, the budget is set in line with forecasted investment income of 5% to 10% of the total investment value. In this way, PSTT operates a sustainable business model.

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FINANCIAL REVIEW

The Trustees believe that the funding level of PSTT is adequate to support its charitable objects.

The Trustees consider all investment funds to be free reserves. At 31 August 2022, free reserves totalled £20,054k (2021: £22,686k).

Risk management

PSTT identifies major strategic, business and operational risks as they arise, monitors these risks, and manages them as far as possible to minimise their effect. Systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks. The Trustees annually review these risks and the measures to mitigate them.

The principal risk faced by PSTT lies in financial risk, and the volatility in world stock markets has demonstrated this risk in the past.

PSTT has a diversified investment portfolio in order to reduce the risk of fluctuations within the investments. There is no intention to crystallise this reduction in value of the investment portfolio. PSTT is working with its investment advisors, monitoring events closely and reviewing the situation strategically.

Grant making policy

Each year, PSTT makes grants to support several projects led by our Fellows, in addition to expenditure on Fellows’ CPD and Clusters. These are made to embed best practice and develop innovative methods. Grant applications are considered by a panel, which makes recommendations to the Chief Executive for approval within budgetary limits.

Key management personnel remuneration

The Trustees consider the Chief Executive Officer as comprising the key management personnel in charge of directing and controlling PSTT. The Trustees have delegated authority of the running and operating of PSTT on a day to day basis to the Executive Directors.

The Finance and Compliance Committee reviews conflicts of interest as they arise and reviews expenses claimed by key management on an annual basis.

Safeguarding statement

PSTT has a duty to safeguard its staff and the children in schools we work with. We pay particular regard to the welfare of people under the age of 18 and to adults at risk. Employees of PSTT do not generally work unsupervised with children. Those who do are teachers who meet the requirements of the policies in the schools in which they work and they are expected to have a good understanding of safeguarding. PSTT has a detailed safeguarding policy which is shared with all staff and which ensures all staff who come into contact with children as part of their role undergo regular training in the recognition, handling and reporting of safeguarding issues. The policy includes clear procedures for escalating and assessing safeguarding incidents.

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LEGAL STRUCTURE AND GOVERNANCE

Primary Science Teaching Trust is a charitable company limited by guarantee, registered with the Charity Commission (charity number 1190196) and Companies House (company number 12596629).

PSTT is governed by the Board of Trustees. The Board met 4 times in 2022 (2021: 5).

This year, PSTT has worked with Getting On Board to develop a more inclusive recruitment process and has advertised Trustee opportunities widely. Our aim was to increase the diversity of the board as well as to attract the skillsets we required. The new Trustees were recruited in time for the start of the 2022-23 financial year.

The Board is also assisted by 2 (2020: 3) standing committees: the Finance and Compliance Committee and the Investment Committee. The Board has delegated the oversight of relevant functions to these committees, but retains decisions on all significant matters concerning PSTT’s strategy and policies.

The members of the Board are set out on page 28 . In selecting individuals for appointment as Trustees, the Trustees have regard to the skills, knowledge and experience needed for the effective administration of PSTT.

New members of the Board are formally inducted and trained by the Chair.

PSTT’s Trading company is run by one Trustee and the Finance Director acting as Directors. The Trustees have decided to make the Trading company dormant with effect from the start of the next financial year.

Public benefit

The objects of PSTT are the promotion and support of science education at primary school level and transition to secondary school level. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing PSTT’s aims and objectives and in planning future activities and setting the grant making policy for the year.

These objectives are achieved through the wide variety of activities outlined in pages 4-21 of this report.

We recruit Trustees who will add specific knowledge and expertise to the running of the organisation. This can be in the field of education or in a technical area that will enhance the ability of the Trustees to deliver the stated objectives.

26 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law 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).

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the Board of Trustees of the Primary Science Teaching Trust and signed on its behalf by:

Fred Young, MBE Chair 1 February 2023

27

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name: Primary Science Teaching Trust Charity Number: 1190196, Company Number: 12596629

The board of Trustees gives its time and expertise voluntarily and receives no renumeration or any other emoluments from PSTT. The Trustees, who are also directors for the purposes of company law and who served during the year and at the date of signing, were:

----- Start of picture text -----
Trustees Position
Dr. David Lathbury (until 2 Apr 22)
David Prendergast (until 2 Apr 22)
Judith Wright (until 28 Sep 22)
Helen Ferris
Fred Young MBE Chair
Professor Michael Reiss
Dr. Rima Nasser-Ferris CA Chair of Finance & Compliance Committee
Patrick Hand Chair of Investment Committee
Paul Shuter Vice Chair & Director of Trading Company
Dr. Samira Anderson
Asima Lone (from 27 Sep 22)
Julia Ryle-Hodges (from 27 Sep 22)
Jyoti Sehdev (from 27 Sep 22)
Saurabh Das (from 27 Sep 22)
----- End of picture text -----

Fund Managers

abrdn Capital Ltd 1 George Street Edinburgh EH2 2LL

Principal Ofce

Primary Science Teaching Trust 12 Whiteladies Road Bristol BS8 1PD

Cazenove Capital, Trading name of Schroder & Co. Ltd 1 London Wall Place London EC2Y 5AU

Evelyn Partners 45 Gresham Street London EC2V 7BG

Ruffer LLP 80 Victoria Street London SW1E 5JL

Bankers

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

NatWest Bank Plc 40 Queens Road Bristol BS8 1BF

Auditors

Godfrey Wilson Ltd 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD

28 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PRIMARY SCIENCE TEACHING TRUST

Opinion

We have audited the financial statements of the Primary Science Teaching Trust (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 August 2022 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related 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 law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. 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 group and parent charity 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 believe 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.

identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the group and parent charity financial statements and our auditor’s report thereon. Our opinion on the group and parent charity financial statements does not cover the other information and, except to the extent otherwise 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 material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Based on the work we have performed, we have not

29

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE PRIMARY SCIENCE TEACHING TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out in the Trustees’ report, the Trustees 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 they 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our 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.

30 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

Irregularities, including fraud, are instances of noncompliance 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

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 misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

(2) We reviewed the charity’s policies and procedures in relation to:

This report is made solely to the charity’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 state to the charity’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 charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

1 February 2023

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

Rob Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

31

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Note
Income
Charitable activities
4
Investment Income
5
Expenditure
Raising funds
Investment fund management costs
6
Trading subsidiary costs
Charitable Activities
7
Net (loss) / gain on investments
Net income / (expenditure) and
movement in funds
9
Reconciliation of Funds
Accumulated funds brought forward
Total funds carried forward at 31 August		 Restricted
2022
Unrestricted
2022
Total
2022
Total
2021
£
£
£
£
117,120
132,868
249,988
85,190
-
220,891
220,891
230,571
117,120
353,759
470,879
315,761
-
(127,391)
(127,391)
(147,718)
-
(2,167)
(2,167)
(2,110)
(100,471)
(1,777,756)
(1,878,227)
(1,462,425)
(100,471)
(1,907,314)
(2,007,785)
(1,612,253)
-
(1,077,985)
(1,077,985)
3,700,467
16,649
(2,631,540)
(2,614,891)
2,403,975
-
22,686,081
22,686,081
20,282,106
16,649
20,054,541
20,071,190
22,686,081

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. Movements in funds are disclosed in note 17 to the accounts.

The notes on pages 35 to 45 form part of these financial statements.

32 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2022

Note
Non-Current Assets
Tangible assets
11
Investments
12
Investments in Subsidiary
13
Current Assets
Debtors
14
Bank
Current Liabilities
Creditors due within 1 year
15
Net current assets
Total net assets
16
The funds of the Trust
17
Restricted funds
Unrestricted funds
General funds
Total funds		 Group
2022
Group
2021
Trust
2022
Trust
2021
£
£
£
£
14,117
11,274
14,117
11,274
19,836,283
22,438,356
19,836,283
22,438,356
-
-
100
100
19,850,400
22,449,630
19,850,500
22,449,730
55,181
66,174
67,312
63,765
248,774
338,356
236,530
266,817
303,955
404,530
303,842
330,582
(83,165)
(168,079)
(83,253)
(217,843)
(83,165)
(168,079)
(83,253)
(217,843)
220,790
236,451
220,589
112,739
20,071,190
22,686,081
20,071,089
22,562,469
16,649
-
16,649
-
20,054,541
22,686,081
20,054,440
22,562,469
20,071,190
22,686,081
20,071,089
22,562,469

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.

The notes on pages 35 to 45 form part of these financial statements.

Approved by the Trustees on 1 February 2023

Fred Young, MBE Chair 1 February 2023

Dr. Rima Nasser-Ferris CA Trustee

1 February 2023

33

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Note
Net cash used in operating activities
18
Cash fows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fxed assets
11
Purchase of investments
12
Proceeds from sale of investments
12
Transfer between investment cash accounts
12
Net cash provided by fnancing activities
(Decrease) / Increase in cash during the year
Cash and cash equivalents as at 1 September
(Decrease) / Increase in cash during the year
Cash and cash equivalents as at 31 August		 2022
2021
£
£
(1,825,873)
(1,508,451)
220,891
230,571
(8,688)
(14,045)
(10,128,066)
(4,683,625)
11,051,358
6,378,831
600,796
(328,059)
1,736,291
1,583,673
(89,582)
75,222
338,356
263,134
(89,582)
75,222
248,774
338,356

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

34 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. Accounting policies

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to PSTT’s Financial Statements.

Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ((FRS 102) effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

PSTT constitutes a public benefit entity as defined by FRS 102. The aim of PSTT is to invest monies received and apply the income arising from there in furtherance of its charitable objects. However, as the Trustees have the power to apply the capital as income, the capital has been classified as fully expendable.

Group Accounts

These financial statements consolidate the results of the charitable company and its wholly-owned (controlled) subsidiary on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company’s balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income received in advance of provison of services is deferred to the period in which services are delivered.

Interest receivable

Interest receivable is accounted for on an accruals basis.

The Trustees consider that there are no material uncertainties about PSTT’s ability to continue as a going concern. The investments held by the Company (£19.8m) more than adequately cover the annual expenditure on charitable activities (£1.8m) for a number of years.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure, with the exception of those matters referred to in the going concern statement above and depreciation which is a source of estimation.

Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of thecharity. Designated funds are unrestricted funds of the charity which the Trustees have decided attheir discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or forspecific projects being undertaken by the charity.

Expenditure and irrecoverable VAT

PSTT incorporated a subsidiary, Primary Science Teaching Trust Trading Limited (“PSTTT Ltd”), on 29 April 2014 for the purpose of conducting certain trading activities, whilst ring-fencing the assets of PSTT. These Financial Statements present consolidated information about PSTT and PSTTT Ltd.

PSTT’s charitable activities fall within the exemptions afforded by section 505 of the Income and Corporation Taxes Act 1988. Any profits of PSTTT would be gifted to PSTT and therefore no tax would be payable.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Expenditure on raising funds

Expenditure on raising funds relate to the management of the investment portfolio and expenditure incurred by the trading company.

35

Charitable activities - grants payable

Grants payable are accounted for once PSTT has made an unconditional commitment to pay the grant and the recipient has been notified or the grant has been paid, whichever is earlier, in accordance with FRS 102 SORP. In the event that grants payable are subsequently reversed, or amounts repaid, the reversal is recognised in the accounting period that the reversal or repayment is identified as being due to PSTT.

over their expected useful lives, using the straightline method. Computer equipment is depreciated over three years. Items over £1,000 are capitalised.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Charitable activities - support costs

Support costs are administrative and other expenses incurred in the running of PSTT. They are accounted for on an accruals basis. Support costs include governance costs which are expenses incurred in the strategic management of PSTT plus external audit fees.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities which is deemed to be reflective of the activities of the charity in this period.

Realised and unrealised gains on investments

Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value.

Investment assets and investment income

Investment assets are valued at market value at the balance sheet date. Where the investments are listed on a recognised stock exchange, the market value represents the latest stock exchange listing. Where the investment is not listed on a recognised stock exchange, the market value is based upon an independent valuation from a thirdparty administrator. Income from investments is accounted for on an accruals basis.

Investments in subsidiaries are held at cost less impairment.

Tangible fixed assets and depreciation

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently recognised at amortised cost using the effective interest method.

Pension costs

The charitable company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

Contingent liabilities

A contingent liability is identified and disclosed for those grants resulting from:

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets

36 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Remuneration of Trustees

The Trustees receive no remuneration. During the year travel and subsistence expenses of £8,949 were reimbursed to 11 Trustees (2021: £2,355 to 11 Trustees). Charity Trustee Indemnity insurance is provided at an annual cost of £912 (2021: £887) to cover the charity, Trustees and officers against potential claims and losses.

3. Staff numbers and costs

Employment numbers increased over the year to 30 (2021: 23). Of the 30 employees, 14 were full time and 16 part time (2021: 10 and 13). The average number employed over the period was 26.1 (2021: 22.8). Two employees received employee benefits between £60,000 and £70,000. The costs incurred during the year in respect of employees were:

Salaries
Social security costs
Pension		 2022
2021
£
£
799,490
648,233
80,316
63,060
37,517
29,146
917,323
740,439

The Trustees consider the Chief Executive Officer as comprising the key management personnel. The total employee benefits of key management personnel were £104,373 (2021: £55,000). This comprised £33,500 (2021: £55,000) for the outgoing CEO and £70,873 for the incoming CEO.

In addition to the remuneration above, the Trust paid £40,984 (2021: £56,138) to the University of Bristol to fund teaching cover related to the time spent by the outgoing CEO on PSTT activities, making the total costs £145,357 (2021: £111,138). This reflects the handover period when there were two CEOs in post.

4. Income from charitable activities

. Income from charitable activities
STEM Learning Ltd - Explorify
University of Bristol - A Scientist Just Like Me
Met Ofce - XAIDA
The Worshipful Company of Glass Sellers of
London Charity Fund
Royalties
Regional Mentor income
University of Bristol - Using the UK Air Quality
Archive in Primary Schools		 Restricted
2022
Unrestricted
2022
Total 2022
Unrestricted
Total 2021
£
£
£
£
97,120
-
97,120
-
20,000
-
20,000
-
-
11,948
11,948
-
-
9,942
9,942
-
-
4,616
4,616
4,893
-
106,362
106,362
70,297
-
-
-
10,000
117,120
132,868
249,988
85,190

37

Unrestricted funds Unrestricted funds
2022 2021
£ £
Income from dividends and distributions 220,891 230,571
. Investment income
Unrestricted funds
Investment fund management costs 2022
£
127,391		 2021
£
147,718

5. Investment income

6. Raising funds

College
Clusters
Collaborators and Partners		 2022
2021
Grant
funded
activity
Support
costs
Total 2022
Grant
funded
activity
Support
costs
Total 2021
£
£
£
£
£
£**
954,074
324,823
1,278,897
669,651
322,365
992,016
244,213
83,144
327,357
58,082
27,960
86,042
202,895
69,078
271,973
259,463
124,904
384,367
1,401,182
477,045
1,878,227
987,196
475,229
1,462,425

7. Charitable activities

Support costs comprise:
Staf costs
Ofce costs
IT, Communications, Marketing
Governance costs
Foreign exchange loss		 2022
2021
£
£
271,878
323,459
76,494
50,598
70,007
48,146
41,078
53,026
17,588
-
477,045
475,229

*Apportioned in-line with management time

38 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

8. Governance costs

External audit
Recruitment
Legal and Other Costs
Trustee expenses		 2022
2021
£
£
8,322
10,034
1,011
29,671
22,796
10,966
8,949
2,355
41,078
53,026

Included within external audit costs are statutory audit fees of £8,322 (2021: £7,800).

Trustees’ reimbursed expenses were for 11 Trustees totalling £8,949 related to professional subscriptions and travel and subsistence costs (2021: 6 Trustees totalling £2,355).

9. Net movement in funds

This is stated after charging:

Depreciation
Trustees’ remuneration
Trustees’ reimbursed expenses
Auditors’ remuneration:
�Statutory audit (including VAT)		 2022
2021
£
£
5,845
2,771
Nil
Nil
8,949
2,355
8,322
10,034

10. Grants payable

Grants were paid to the following institutions in pursuit of the charity’s objects:

University of Hertfordshire
SSERC
University College London
The Oxford Trust
Bath Spa University
University of Bristol
University of Manchester
Oxford Brookes University
Smaller grants < £25,000		 2022
2021
£
£
90,500
90,000
65,000
65,000
40,000
60,000
30,000
-
25,000
-
-
57,562
-
32,000
-
25,000
261,939
95,398
512,439
424,960

39

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

11. Tangible fixed assets (Trust and group)

Computer Equipment
Cost
At 1 September 2021
Additions
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021		 2022
£
14,045
8,688
22,733
2,771
5,845
8,616
14,117
11,274

12. Investments

2022 2021
£ £
Market value brought forward 22,438,356 20,105,036
Additions 10,128,066 4,683,625
Disposal proceeds (11,051,358) (6,378,831)
Realised gain 198,623 701,622
Unrealised (loss) / gain (1,276,608) 2,998,845
Movement in cash accounts (600,796) 328,059
Market value at 31 August 19,836,283 22,438,356
Historical cost at 31 August 20,155,548 20,586,479

The total investments held at 31 August 2022 were invested 51% in Equities (2021: 50%) being 13% UK and 38% overseas (2021: 21% and 29%), 0% in Index Linked investments (2021: 13%), 6% in a Private Equity Fund (2021: 6%), and 38% in Multi-Asset/Other investments (2021: 25%). The balance of 5% was held in cash (2021: 6%).

40 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

13. Investment in subsidiary undertaking

Primary Science Teaching Trust owns 100% of the share capital of Primary Science Teaching Trust Trading Ltd (PSTTT Ltd). PSTTT Ltd was incorporated on 29 April 2014 for the purpose of conducting certain trading activities, whilst ring-fencing the assets of the Trust. For the year to 31 August 2022, the results of the Company and Trading companies have been consolidated.

14. Debtors (Group)

Other debtors
Total
Other debtors
Total
Debtors (Trust)		 2022
2021
£
£
55,181
66,174
55,181
66,174
2022
2021
£
£
67,312
63,765
67,312
63,765

15. Creditors: amount falling due within one year (Group)

2022 2021
£ £
Accrued governance, grants due and other costs 83,165 168,079
Total 83,165 168,079
reditors: amount falling due within one year (Trust)
2022 2021
£ £
Accrued governance, grants due and other costs 83,153 217,743
Amounts payable to subsidiary undertaking 100 100
Total 83,253 217,843

Creditors: amount falling due within one year (Trust)

As at 31 August 2021, contingent liabilities relating to the funding of Clusters amounted to £24,600 (2021: £38,801).

41

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

16. Analysis of net assets between funds

rior period comparative
Tangible fxed assets
Investments
Current assets
Current liabilities
Net assets at 31 August 2022
Tangible fxed assets
Investments
Current assets
Current liabilities
Net assets at 31 August 2021		 Restricted
funds
Unrestricted
funds
Total
funds
£
£
£
-
14,117
14,117
-
19,836,283
19,836,283
16,649
287,306
303,955
-
(83,165)
(83,165)
16,649
20,054,541
20,071,190
Restricted
funds
Unrestricted
funds
Total
funds
£
£
£
-
11,274
11,274
-
22,438,356
22,438,356
-
404,530
404,530
-
(168,079)
(168,079)
-
22,686,081
22,686,081

Prior period comparative

42 Primary Science Teaching Trust - ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

17. Movement in funds

Restricted funds
STEM Learning Ltd - Explorify
University of Bristol - A Scientist Just Like Me
Total Restricted funds
Unrestricted funds
General funds
Total Unrestricted funds
Total funds
Purposes of restricted funds
STEM Learning Ltd - Explorify
University of Bristol - A Scientist Just Like Me		 1 September
2021
Income
Expenditure
Investment
Gain / (Loss)
31 August
2022
£
£
£
£
£
-
97,120
(97,120)
-
-
-
20,000
(3,351)
-
16,649
-
117,120
(100,471)
-
16,649
22,686,081
353,759
(1,907,314)
(1,077,985)
20,054,541
22,686,081
353,759
(1,907,314)
(1,077,985)
20,054,541
22,686,081
470,879
(2,007,785)
(1,077,985)
20,071,190
- to develop and disseminate educational content for the Explorify digital
resource
- to produce further website materials for the A Scientist Just Like Me project

Prior period comparative

Unrestricted funds
General funds
Total funds		 1 September
2020
Income
Expenditure
Investment
Gain / (Loss)
31 August
2021
£
£
£
£
£
20,282,106
315,761
(1,612,253)
3,700,467
22,686,081
20,282,106
315,761
(1,612,253)
3,700,467
22,686,081

43

18. Analysis of net cash outflow from operating activities

2022 2021
£ £
Net movement in funds (2,614,891) 2,403,975
Depreciation 5,845 2,771
Dividends, interest and rents from investments (220,891) (230,571)
Losses / (gains) on investments 1,077,985 (3,700,467)
Decrease / (increase) in debtors 10,993 (59,819)
(Increase) / decrease in creditors (84,914) 75,660
Net cash outfow from operating activities (1,825,873) (1,508,451)

19. Related party transactions

The Charity has taken advantage of the exemption provided by section 33 of FRS 102 and has not therefore disclosed transactions with other wholly-owned entities within the group. Outstanding balances owed to and by group undertakings are disclosed in note 14. There have been no other related party transactions during the year.

20. Subsidiary results

The results of the subsidiary, Primary Science Teaching Trust Trading Ltd (Company Number 09017123) are disclosed below:

Trading Income
Cost of sales
Gross proft
Expenditure
Operating loss
Distribution
Loss for the fnanical year		 2022
2021
£
£
4,159
4,893
(2,167)
(2,110)
1,992
2,782
65,504
15,302
(63,512)
(12,520)
(60,000)
-
(123,512)
(12,520)

44 Primary Science Teaching Trust – ANNUAL REPORT AND FINANCIAL STATEMENTS 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

The aggregate of the assets, liabilities and funds for the subsidiary was:

Assets
Liabilities
Funds		 2022
2021
£
£
12,332
124,307
(12,232)
(596)
100
123,711

21. Parent charity

The parent charity’s gross income and the results for the year are disclosed as follows:

Gross income
(Loss) / gain on investments
Expenditure
(Loss) / proft for the year		 2022
2021
£
£
591,020
310,868
(1,077,985)
3,700,467
(2,004,414)
(1,594,840)
(2,491,379)
2,416,495

22. Financial instruments at fair value

Group
2022 2021
£ £
Financial assets measured at fair value 19,836,283 22,438,356
Trust
2022 2021
£ £
Financial assets measured at fair value 19,836,283 22,438,356

Financial assets measured at fair value comprise listed investments.

45

Tel 0117 325 0499 [.] Email info@pstt.org.uk [.] Web www.pstt.org.uk Primary Science Teaching Trust [ . ] 12 Whiteladies Road [. ] Clifton [ . ] Bristol [ .] BS8 1PD