THE PANASONIC TRUST FOR THE FURTHER EOUCATION AND TRAINING OF ENGINEERS REPORTS AND ACCOUNTS FOR THE YeAR ENDED 31 March 2024 fegi5ter8d charity nurnber 290652
THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 March 2024 P8g8 CONTENTS REPORT OF THE TRUSTEES STATEMENT OF TRUSTEES, RESPONSIBILITIES STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET 10-11 NOTES TO THE ACCOUNTS
THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS REPORT OF THÉ TRUSTEES Th8 TtU8tees present their annual report and unaudrted financial statemènts for th8 yéar Ènded 31 March 2024. CONSTITUTION. AIUS AND OBJECIIVES The Trust was establish on 30 October 1984 under a cttarilable Trust DÈed between Panasonic UK Limited and The Royal AGademy of Engineering. The Trust, whi¢h operates under the name, The Panasonic Trust. Is a registered charity. nurnb8r 290652. The obj8cliv8 of the Trust as 58t out in Ihe CharitableTrJst Deed is to 8d¥aDce education and training In engineenng 98netalty Th15 may be achieved by the establishmenl and award ol grant 5thoiarships. fellowships. lectureships, cornpetilions, priztrs and awards. This is currenlbj 8chieved the Wdsh Valky5 Engineering Project. MANAGEMENT OF THE TRUST Under Ihe Trust Deed the TrusiÈes have unlimited power of inveslmenL The Trust investments are managed on th6ir bghahf by independent fund manageis. The adminislration Df thé Trustwa8 pniryded by Consuitdarcy Ltd. INDUCTION AND TFiAIN114G OF TRUSTEES Following electTr, trustees are provided wilh an InlormaliDn pack c¢mpnsing Ibe charitab Trust Deed and a Charity Commission public8lion on the rasponsibiliiies of charity trusleÈs. Ttustets are encouraged to atted recommended extèrnal trainiw couts85 for charity trustegs. RISK MANAGEMENT The rnaior risks 10 which Ihe Trusl is perceived lo be exposeil have been identified and mechanisms developed to mitigate and monitor those risks. A risk register has bèen created to manage the risks faced by the Trust. The risk af non4otnpliance with r8quirementts relating lo data protection 18 mitigated by The PaThaSon Trust's delivery pariner mainlaining GDPR compliant Ja18 protection and da management policies. The rBk of fai11ng to have adequate arrangernenls in place lo ensure health and safety of individuals Involved with The Panasonic Trust is mitigated by conducbng risk assessments for events.
TRUSTEES The Trustees were as follows.. Car1 Pocknell MBA. ThISc (Chairl Ellena Williams Appointèd. 1010512023 He18n Walker- Appointed". 1311112022 Adrian Driscoll Mark Vasey Robert Blow8r5 Dr Jean VenablÈs CBE FREng Professor P Guthrie OBE FREng Prinapal Address.. 22 W8ntworih Cknsè, Bamham. Bognor Regis. W8st Sussex P022 OHS Investment Advisor. Barclays Wealth, Royal Exchang& House. 1000 Quean Street. Glasgow G1 3DL 8gnkers Unity Trust Bank plc. Four BrirKJleyplacè, BirMIham. B12JB AGcountsnt'. Platinum Artountsng Servicas Ltd Isl Flts)r. 6-7 Clock Park. Bognor Regis. West Sussex P022 9NH
THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS REPORT OF THE TRUSTÉES PUBLIC BENEFIT The Trustees have ref&rred 10 the guidan conlained in the Charity Commission's general guidance i)n publ bentrfit whèn reviewing the chariws aim and objetlive and in planning its fu[8 activities The Tru5taes bÈ1iave that by providing financial support 10 encourage the uptake of tnginÈenng a5 a profession. the health and wellbeing of society 1$ enhanced. ACHIEVEMENT AND PERFORMANCE, INCLUDING FINANCIAL REVIEW In the y8ar to 31 March 2023 £35,056.SO grant payTnent5 were made. In the yearto 31 March 2024 £45.887.71 was alloGated lo be dislributed lo Ibe Royal Academy of Engineering to undertake the Welsh Valkys Engineerin9 Project (WVEPI. wEP is a funding and bursary scheme at schoo15 and FE colleges In South Wales. The bursarvas glv8n were funded from within the expecteLI Sustainablè yield of the Tfust fund. Funding sustainability is to bé reviewed toward5 the end of tha five year project by potentially seeking third party funding 10 supplemenl a reduced bul sustsinable ntribution trom Panasonic Trust funds. The Welsh Vall8y5 Engine8rin9 ProiBcl is a collaborative prqacl worklng with primary and sacondary schools. further Éducation Golle$ and employers In Merthyr Tydfil and Blaenau Gwent lo inspire and encourage slu(lents to take up science. technology, engineerirwJ. and mathemati¢s ISTEMI subjects, enabling them tD access engineering career p81hways. WJEP ennches the curriculum. enhances pupi1 engagement, and increases attainmentoutcomes by bnnging real-wd engineering pracliGe intD schools. The Welsh Valley Engineering project continues lo be the focus ol the Trust's adivili&s. The Project itse supporteLI 2 maith areas. These included th8 Employee Engagement Strand and bursari&s to support Students both for CD11eg8 partiapation and higher èducation. EMPLOYER ENGAGEMENT STRAND The project continued lo oller schools itte opportunity lo work wilh a business on a STEM challenge èach iÈrrn in th15 period. An example of the activities undertaken included the seven lead primary schooL4 participating in a STEM challenge. and each invited their cluster partner schools to run the sarne challenge. In addition. 9t secondaries also participaleil in a challenge with a partner business. BURSARIES. Panasonic Trust awarded bursaries to 2 students lo help support Iheir èducalKn in higher education. In addition, further 20 bursaries were awarded to Pan8sonic Trust Fuhjre Engineer attending Col8g Gwent and Merthyr college 114 male , 6 fefnal81. INVESTMENT POLICY Investment a85ets are managed by Barclay$ Wealth Management. in one portfolio. with the obiecve of gen8r8ling a largel level of income lo m8el annual grant 8xpendilure includ1ng the funding schefflt al schools 8nd FE college5 whilst preseNing the value of the fund ln real terms During the year the fund generated an incorve of £49.575 12023.. £53.57118nd made a net gain on Inv851rnenl assets after dividends & interest of £78,865 12023.. k)s$ of £134.5511. Investment pgrfomiance is assessed by a Barclays Ch8rity ben¢hTnark that Is sei up to provide long term retums with an assel allocation of Girca 15.4Yo Fixed Interest. 63.4'kn Equitie5, 3 6°A Cash and 17.60kn Comtllodities, Real Estate, Alternatives & Altetnatives. The focus Is to achieve both capital and Income growth.
GRANT POLICY Prior lo awarding any grant the Ttuslee$ consider the purpose of the application and the way in whi¢h the grant will be used. Ilemised breakdown is revièwed showng how thÈ surn requesied has been r2lculated. GOING CONCERN Given the minimal running cost5 of the Ttust, with no buildings 8fKI no staff the Tru51ees are confident thattha entity will remain 8 going concem even during tt)e fflo$t extMe matkal turbulencè. RESERVES Charity Commission guidance delines free reser4es as'income which becomes available lo the charity and is lo bÈ expended al the Trustee5' discretion in the furtherance of the charity's objects. but is not yel spent. committed. or designated.. Al Ihe balance sh881 date, and alter deducting the amount invested in fixed asset investments. Iha ¢harty's Iree reserves arnounted to £91.60912023.. £68.5451. The TrusteÈs con$iderthis level of general unrestricled reservès lo be salisf8¢10ry. The board 18 In fvll control of the future charitable èxpenditure.
STATEMENT OF TRUSTEES. RESPONSIBILITIES Tht truste8$ are responsible lor preparing the truslee5' annual report and the financial ststemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Genera11yAccepted AcGountin9 PrdCl8I. Charity law requirps the trustee5 10 prepar8 financial statements for each financial year ttiat a Ilue and falr view of the stale ol afTair5 01 the charlty and of the InrA)ming re50UTces and application ol resource8 of Ihe charily for the year. In preparing those finanaal sialements the Iruslees are required to.. selÈct suitable 8ccountin9 policies and then apply them consislenlly.. obseN8 Ihe melhods and prin¢ip1es In th& Charities SORP". rllake judgments and accountsng esiimates that are reasonablè and prudent", prepar8 the financial $18teTnants on Ihe going concern basis un1e55 It is inapproprkgle to presume Ihal the charity will conknnJe in bJsin&sS. The trSte8$ 8re respon51ble for keepin9 accounting records that are sufficient 10 show and expl8in the chariV5 transactions and disclose wilh raa50nable accuracy at any lime the financial position of thè charity and enable them lo ensure that the financial slatements comply wilh the Charities Act 2011 and regulations made thereunder. They ar& also responsible for safeguarding the assets of Ihe charity and h8nGe for taking rÈ880Dable steps for the prtrventian and delection of IRud and oth&r irregularities. Thè tru5te8s are responsible lor Ihe maint8nanctr and integrity of the financial infomialion Included on the charity'5 website Legi51a110n in the Uniled Kingdom governing the preparation and dis5eminalion ol the fin3nual st8tements and other infomialion included in annual reports may differ from I81allOn In oth8r jurisdictions. Approvèd by tt)8 trusiee5 and aulh0ri5ed for issue on 22 Octob8r 2024 and signed on their behalf.. Tru5tee.- Carl Pockn811 TrJsteè. Robert Blowers
THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS STATEMENT OF FINANCIAL A¢TNITIES YEAR ENDED 31 Maith 2024 Notss 2024 2023 Ineom8 Divid8nd5. intsr&8t receivabla 49,575 53,571 Totsl Income 49.575 53,571 Expendltur8 Charltable Activities 168.2891 162,3141 Total Expenditure 68.289 62.3141 N&t IExpendlturelllncom• beft*r8 other rvtogniséd 941$ and Iossgs 118.7141 18.7431 other RtcogThls¢d Galn$ GainsllLossesl on Inv8slmenl Assets 78.865 1134.5511 Net movements in funds 3.2941 Balance brought forward at 1 Aprfl 2,011 $41 2,154,835 Balance carried loard at 31 Marth Th8 atove is unrestricted. Wl amounts olate to tonlinuing operations. I gains and1055e5 recogni5ed In Ihe year are includad In the Slatemenl of Financial Activities. 2,071 692 2,011,541
THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS BALANCE SHEET AT 31 March 2024 Notes 2024 2023 Inv•8bngnts 2.059.513 2.045.566 Currènt Ass•ts Deblor5 Cash In Bank 13.819 4,842 Short Term Deposits 13,819 4,842 Current Li4bilitI8S Cfeditors {38.8671 134,0241 Nat Current Assets 2,071,692 2,D11.541 Financed By.. Trust Fund- Unre5tri¢ted 2.071,692 2,011,541 Approved by the trustees antl authorised for issue on 22nd October 2024 and signed on their bahaW.. Trustee.. Carl Pocknell Trustee". Robert Blowers
THE PANASONIC TRUST FOR THE FURTHER EDUCATION AND TRAINING OF ENGINEERS NOTES TO THE ACCOUNTS YEAR ENDED 31 Mah 2024 ACCOUNTING POLICIES 181 Basis of Accountlng The ¥ccounts have baen prepared in accordance with A¢¢ounting and Reporting by Charities." Slatem8nl of Re¢otnmended PracbGe applicable lo charities preparing their accounis in accordance with Financial Reportsng Stsndard appliCae in th8 UK and Republic of IrÈlanLI IFRS1021 (effèctive 1 January 20191- Icharitias SORP IFRS1021. the Financial Reporting Standard appliGable In thÉ UK and Republic of Ireland IFRS1021 and the Charitiès Act 2011. The Panasonic Trust metrts the dèfinilion Df public banefit èntity undar FRS102. Monetary vale8 are calculated underthe h15tori¢al cast convention. 85 rnodified by the revaluation of inveslmenls. The Trustees have a reasonable exp8clatitrl that th8 charity has adequate resources lo continue in operational existence for Ihe foreseeable tulure. At the balance Sheet date. the PanasonicTrus1 held cash and highly liquid inve5tTn8n15 toialling £2,059,513 with Do gallY binding future grant commitments. The board 15 in full control of the lulure charitsble expenditure. They thus conlinue lo adopt the going concern basis of accountsng in preparing these financial 5tal6ments. The Pana50nit Trusl 15 a ragisterèd charity in England and Wale5 registration numbèr 290652 Ibl Grants Grants are charged 10 resources expended when committed. For unGtrnditronal grants the liability Is wtynised al the point of the grant award bèing communicated. Icl Investment Incom8 Dividends and interest ara In¢lud8d in income w a receivèd basis. Idl Donatlon$ Donalion5 are included in full In the statement of financial aGIDiilies when receivable. 101 Investments Investments are Included at market bid value al the balance sheet dale. In Unre$trlcted funds unraslr1ed funds are donations and other income received or generated forth8 charitable purpose5. SERVICE CHARGE There were no employee5 etnrloyed in Panasonic Twst during the financlal ye4r and the trust have received no remuneration from the trust in the financkll year ConsudarcY Ltd levied a seNic8 charge of £7.956 on tha Pana$onic Ttusi for the year ended 31 March 2024 12023.. £13.0501.
CHARITABLE ACTIVITIES 2024 2023 Charftabl& A¢tivltlos Grants payable Investment management fees Audit and accountancy 45,888 12.492 1,440 35.057 12,936 1,200 SeNice Charge 7,957 13,050 Le981 & Professional Fees General Expense5 Tot41 Charlt*ble Actlvltles 440 72 72 68,289 62,314 INVESTMENTS 2024 2023 Analysis of movtrm•nts in the y•ar Markèt valuÈ ai 1 April Nel Increas8 I (Decreasel in investment Market value at 31 March 2,045,566 13.947 2,138,655 193.0891 2,059,513 2,045.566 The Trustees have unrestricled po¥vets of iThve8tmenl. Dfrbtors 2024 2023 Pr&paymenlS and olherdeblNs CREDITORS 2024 2023 38,867 38.867 Accruals 1.440 1,440 TRiJSTEES EXPENSES No truslees received reimbursem&nt of any expenses forthe year ended 31 March 2024. li