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Kind regards,
Tim Kuchanny fcca, ba Hons Director
Plat inum Accounting Services Limited
Platinum Accounting Services Ltd
T: 01243 251625 M: 07952 838042 E: tim@platinumaccountingservices.co.uk
Company No. 09937338
d d Platinum Accounting Services Limited
19/12/2023
Private and Confidential The Directors
T: 01243 251625
M: 07952 838042
E: tim@platinumaccountingservices.co.uk
W: platinumaccountingservices.co.uk
Our Ref: Accts/Agree-31/03/2023-ThePanasonicTrustforTheFurtherEducationandTrainingofEngineers-01
Dear directors of The Panasonic Trust for The Further Education and Training of Engineers
The following representations have been made to us in respect to the company year ended 31/03/2023 for the above named entity and if there is any disagreement with any item mentioned below it is understood that it is your responsibility to make us aware of this prior to signing this document:
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The accounts we have drafted on your behalf represent a true and fair view of the companies performance under the UK generally accepted accounting practice (GAAP).
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You have no plans to close / cease / curtail your activities within the next 12 months and have made us aware if this is not the case.
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You have informed us of all legal or other claims that need to be disclosed in the accounts and the company is compliant with all relevant legislation.
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All assumptions, estimates & valuations are accepted & agreed by you as officers of the company as acceptable.
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Any item that may need to be reflected in the accounts has been disclosed regardless of when it occurred.
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You accept all responsibilities for the correct reporting of VAT, CIS and PAYE for your business.
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The accounts reflect the information provided to us and all information necessary for their accurate completion has been provided to us.
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All liabilities and assets of the company (contingent or otherwise) have been accurately disclosed in the accounts and all information relevant to the completion of the accounts and associated information has been provided to us.
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You Agree to us filing these accounts with the charities commission.
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Yours truly,
P(af.Xu.«vv LhJL.
Platinum Accounting Services Ltd
We as directors of the above named company accept our fiduciary duties, representations made above and re confirm our agreement to the terms in the schedule of services for incorporated businesses and agree to the accounts, schedules and tax related returns and figures provided to us in their entirety. Signed on behalf of the board of directors by:
| Signed: | Print: | Carl Pocknell | Dated: | 20/12/2023 | |
|---|---|---|---|---|---|
| Trustee | |||||
| Signed: Trustee |
Robert Blowers (Dec 20, 2023 08:52 GMT) Robert Blowers |
Print: | Robert Blowers | Dated: | 20/12/2023 |
Platinum Accounting service Ltd Registered in England end Woles. Company registration number 09937339 Company registration address 20 Elbridga Avenue. North Berated. Bagnor Regis West Susse P021 5 AD
ACC*
THE PANASONIC TRUST
FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
REPORTS AND ACCOUNTS
FOR THE YEAR ENDED 31 March 2023
registered charity number 290652
1
THE PANASONIC TRUST FOR THE FURTHER
EDUCATION AND TRAINING OF ENGINEERS
REPORTS AND ACCOUNTS
FOR THE YEAR ENDED 31 March 2023
| CONTENTS | Page |
|---|---|
| REPORT OF THE TRUSTEES | 3 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES | 7 |
| STATEMENT OF FINANCIAL ACTIVITIES | 8 |
| BALANCE SHEET | 9 |
| NOTES TO THE ACCOUNTS | 10 - 11 |
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THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
REPORT OF THE TRUSTEES
The Trustees present their annual report and unaudited financial statements for the year ended 31 March 2023.
CONSTITUTION, AIMS AND OBJECTIVES
The Trust was established on 30 October 1984 under a Charitable Trust Deed between Panasonic UK Limited and The Royal Academy of Engineering. The Trust, which operates under the name, The Panasonic Trust, is a registered charity, number 290652.
The objective of the Trust as set out in the Charitable Trust Deed is to advance education and training in engineering generally. This may be achieved by the establishment and award of grant scholarships, fellowships, lectureships, competitions, prizes and awards.
This is currently achieved via the Welsh Valleys Engineering Project.
MANAGEMENT OF THE TRUST
Under the Trust Deed the Trustees have unlimited power of investment. The Trust investments are managed on their behalf by independent fund managers.
The administration of the Trust was provided by Consultdarcy Ltd.
INDUCTION AND TRAINING OF TRUSTEES
Following election, trustees are provided with an information pack comprising the Charitable Trust Deed and a Charity Commission publication on the responsibilities of charity trustees. Trustees are encouraged to attend recommended external training courses for charity trustees.
RISK MANAGEMENT
The major risks to which the Trust is perceived to be exposed have been identified and mechanisms developed to mitigate and monitor those risks. A risk register has been created to manage the risks faced by the Trust.
The risk of non-compliance with requirements relating to data protection is mitigated by The Panasonic Trust's delivery partner maintaining GDPR compliant data protection and data management policies. The risk of failing to have adequate arrangements in place to ensure health and safety of individuals involved with The Panasonic T rust is mitigated by conducting risk assessments for events.
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TRUSTEES
The Trustees were as follows:
Carl Pocknell MBA, MSc (Chair) Robert Blowers Mark Vasey Professor P Guthrie OBE FREng Dr Jean Venables CBE FREng Adrian Driscoll - Appointed: 2022 Principal Address: 22 Wentworth Close, Barnham, Bognor Regis, West Sussex PO22 0HS Investment Advisor: Barclays Wealth, Royal Exchange House, 1000 Queen Street, Glasgow G1 3DL Bankers National Westminster Bank Plc PO Box 113, Cavell House 2a Charing Cross Road London WC2H 0NN Accountant: Platinum Accounting Services Ltd 6-7 Clock Park, Bognor Regis, West Sussex PO22 9NH
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THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
REPORT OF THE TRUSTEES
PUBLIC BENEFIT
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aim and objective and in planning its future activities. The Trustees believe that by providing financial support to encourage the uptake of engineering as a profession, the health and wellbeing of society is enhanced.
ACHIEVEMENT AND PERFORMANCE, INCLUDING FINANCIAL REVIEW
In the year to 31 March 2022 £71,000 grant payments were made. In the year to 31 March 2023 £35,056.50 was allocated to be distributed to the Royal Academy of Engineering to undertake the Welsh Valleys Engineering Project (WVEP).
WVEP is a funding and bursary scheme at schools and FE colleges in South Wales. The bursaries given were funded from within the expected sustainable yield of the Trust fund. Funding sustainability is to be reviewed towards the end of the five year project by potentially seeking third party funding to supplement a reduced but sustainable contribution from Panasonic Trust funds.
The Welsh Valleys Engineering Project is a collaborative project working with primary and secondary schools, further education colleges and employers in Merthyr Tydfil and Blaenau Gwent to inspire and encourage students to take up science, technology, engineering, and mathematics (STEM) subjects, enabling them to access engineering career pathways. WVEP enriches the curriculum, enhances pupil engagement, and increases attainment outcomes by bringing real-world engineering practice into schools.
By the end of April 2023, 51 out of the 54 primary schools, secondary schools, special schools and pupil referral units in Merthyr Tydfil and Blaenau Gwent had signed up to the employer engagement strand. This represents 94% participation. In addition to this from autumn term 2022 all participating schools were eligible to apply for £250 to fund materials to deliver their challenge.
In AY 22/23, 16 Panasonic Trust Future Engineer Awards (PTFEA's) were given to students commencing STEM studies at Merthyr College and Coleg Gwent. 42% were awarded to women. Termly careers events were also held for PTFEA's allowing them to meet and talk to engineers from local businesses. In-house grants were awarded to the schools and colleges to enhance the “E” in their STEM curriculums and mark national weeks such as Tomorrow's Engineers Week. This culminated in a celebration event held in Coleg Gwent Learning Zone on 3rd July. In AY22/23 the WVEP employer engagement strand, now funded by the Welsh Government, will continue to be delivered in all 51 schools in Blaenau Gwent and Merthyr Tydfil with support from PTFEA's. Up to 20 PTFEA awards will be given to students enrolling in the two colleges in August 2023.
INVESTMENT POLICY
Investment assets are managed by Barclays Wealth Management, in one portfolio, with the objective of generating a target level of income to meet annual grant expenditure including the funding scheme at schools and FE colleges whilst preserving the value of the fund in real terms. During the year the fund generated an income of £53,571 (2022: £50,906) and made a net loss on investment assets of £134,551 (2022: £182,913).
Investment performance is assessed by a Barclays Charity benchmark that is set up to provide long term returns with an asset allocation of circa 15.1% Fixed Interest, 64.2% Equities, 3.2% Cash and 17.5% Commodities, Real Estate, Alternatives & Alternatives. The focus is to achieve both capital and income growth.
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GRANT POLICY
Prior to awarding any grant the Trustees consider the purpose of the application and the way in which the grant will be used. An itemised breakdown is reviewed showing how the sum requested has been calculated.
GOING CONCERN
Given the minimal running costs of the Trust, with no buildings and no staff the Trustees are confident that the entity will remain a going concern even during the most extreme market turbulence.
RESERVES
Charity Commission guidance defines free reserves as 'income which becomes available to the charity and is to be expended at the Trustees' discretion in the furtherance of the charity's objects, but is not yet spent, committed, or designated'. At the balance sheet date, and after deducting the amount invested in fixed asset investments, the charity's free reserves amounted to £70,250 (2021: £112,727). The T rustees consider this level of general unrestricted reserves to be satisfactory. The board is in full control of the future charitable expenditure.
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i
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the year. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.
Approved by the trustees and authorised for issue on 11th September 2023 and signed on their behalf:
Trustee: Carl Pocknell
Trustee: Robert Blowers Robert Blowers
Robert Blowers (Dec 20, 2023 08:52 GMT)
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THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 March 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| Income | £ | £ | |
| Dividends, interest receivable | 53,571 | 50,906 | |
| Total Income | 53,571 | 50,906 | |
| Expenditure | |||
| Charitable Activities | 3 | (62,314) | (102,517) |
| Total Expenditure | (62,314) | (102,517) | |
| Net (Expenditure)/Income before other recognised | (8,743) | (51,611) | |
| gains and losses | |||
| Other Recognised Gains Gains/(Losses) on Investment Assets |
(134,551) | 132,008 | |
| Net movements in funds | (143,294) | 80,397 | |
| Balance brought forward at 1 April | 2,154,835 | 2,074,438 | |
| Balance carried forward at 31 March | 2,011,541 | 2,154,835 | |
| The above is unrestricted. All amounts relate to continuing | operations. |
All gains and losses recognised in the year are included in the Statement of Financial Activities.
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THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
BALANCE SHEET AT 31 March 2023
| Notes | 2023 | 2022 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Investments | 4 | 2 ,0 4 5 ,5 6 6 | 2 ,1 3 8 ,6 5 5 | ||
| Current Assets | |||||
| Debtors | 5 | ||||
| Cash In Bank | 4 ,8 4 2 | 1 7 ,3 8 0 | |||
| Short Term | |||||
| Deposits | - | - | |||
| 4 ,8 4 2 | 1 7 ,3 8 0 | ||||
| Current Liabilities | |||||
| Creditors | 6 | (3 8 ,8 6 7 ) | 1 ,2 0 0 | ||
| Net Current | (3 4 ,0 2 4 ) | 1 6 ,1 8 0 | |||
| Assets | |||||
| 2 ,0 1 1 ,5 4 1 | 2 ,1 5 4 ,8 3 5 | ||||
| Financed By: | |||||
| Trust Fund - | 2 ,0 1 1 ,5 4 1 | 2 ,1 5 4 ,8 3 5 | |||
| Unrestricted |
Approved by the trustees and authorised for issue on 11th September 2023 and signed on their behalf:
Trustee: Carl Pocknell
Trustee: Robert Blowers Robert Blowers Robert Blowers (Dec 20, 2023 08:52 GMT)
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THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS
NOTES TO THE ACCOUNTS YEAR ENDED 31 March 2023
1 ACCOUNTING POLICIES
(a) Basis of Accounting
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Panasonic Trust meets the definition of public benefit entity under FRS102. Monetary vales are calculated under the historical cost convention, as modified by the revaluation of investments.
The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. At the balance sheet date, the Panasonic Trust held cash and highly liquid investments totalling £2,045,656 with no legally binding future grant commitments. The board is in full control of the future charitable expenditure. They thus continue to adopt the going concern basis of accounting in preparing these financial statements.
The Panasonic Trust is a registered charity in England and Wales registration number 290652
(b) Grants
Grants are charged to resources expended when committed. For unconditional grants the liability is recognised at the point of the grant award being communicated.
(c) Investment Income
Dividends and interest are included in income on a received basis.
(d) Donations
Donations are included in full in the statement of financial activities when receivable.
(e) Investments
Investments are included at market bid value at the balance sheet date.
(f) Unrestricted funds
Unrestricted funds are donations and other income received or generated for the charitable purposes.
2 SERVICE CHARGE
There were no employees employed in Panasonic Trust during the financial year and the trustees have received no remuneration from the trust in the financial year
Consultdarcy Ltd levied a service charge of £13,050 on the Panasonic Trust for the year ended 31 March 2023 (2021: £14,790).
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3 CHARITABLE ACTIVITIES
| Charitable Activities | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Grants payable | 35,057 | 71,000 |
| Investment management fees | 12,936 | 13.389 |
| Audit and accountancy | 1,200 | 1,200 |
| Service Charge | 13,050 | 14,790 |
| Legal & Professional Fees | 0 | 2,040 |
| General Expenses | 72 | 98 |
| Total Charitable Activities | 62,314 | 102,517 |
| 4 INVESTMENTS |
||
| 2023 | 2022 | |
| £ | £ | |
| Analysis of movements in the year | ||
| Market value at 1 April | 2,138,655 | 2,078,726 |
| Net Increase / (Decrease) in investment | 93,089 | 59,929 |
| Market value at 31 March | 2,045,566 | 2,138,655 |
| The Trustees have unrestricted powers of investment. | ||
| 5 Debtors |
||
| 2023 | 2022 | |
| £ | £ | |
| Prepayments and other debtors | ||
| 6 CREDITORS |
||
| 2023 | 2022 | |
| £ | £ | |
| Accruals | 38.867 | 1,200 |
| 38.867 | 1,200 |
7 TRUSTEES EXPENSES
No trustees received reimbursement of any expenses for the year ended 31 March 2023.
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