OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

Charity Registration No. 312730

PHYLLIS WALLBANK EDUCATIONAL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

PHYLLIS WALLBANK EDUCATIONAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr M Wallbank
Dr E Curran
Br D R Robidoux
Mr B N Wallbank
Mr I L Duncan
Charity number 312730
Principal address 158 Agar Grove
London
NW1 9TY
Independent examiner CBW Audit Limited
66 Prescot Street
London
E1 8NN

PHYLLIS WALLBANK EDUCATIONAL TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 14

PHYLLIS WALLBANK EDUCATIONAL TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report and financial statements for the year ended 5 April 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019) .

Objectives and activities

The objects of the Charity are to promote the way of education used by Phyllis Wallbank in her school and learning centre and to follow and research her education philosophy.

The aims of the Trust are as follows:

  1. To acquire the Gatehouse School and make sure it is conducted in perpetuity as detailed in the "Wallbank Plan."

  2. To organise and maintain a library of works dealing with the education of children.

  3. Awarding prizes and grants for meritorious inventions and for research.

  4. The furtherance of educational research of all kinds.

  5. To establish a scholarship to be called the 'Phyllis Wallbank Scholarship' to be awarded to any former pupil of the Gatehouse School attending University in the U.K. or Republic of Ireland.

Risk management

The major risk to which the Trust is exposed is a catastrophic decline in the value of the Trust's property investments and a resulting significant drop in the level of income available for the repayment of debt and furtherance of the objectives of the Trust. In order to mitigate this risk, the Trustees and the Trust's bankers have sought professional advice as to the value of assets held by the Trust relative to borrowings.

PHYLLIS WALLBANK EDUCATIONAL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

Achievements and performance

Charitable activities

The principal activity of the Trust is to enable the objectives of the Trust as set out in the Trust Deed.

Since 1964 the Trust has enabled thousands of children to benefit from an education along the lines of the "Wallbank Plan" at the Gatehouse School. Annually a limited number of children benefit from this education at reduced or no fees as a result of the Trust's existence. Under the terms of its lease from the Phyllis Wallbank Educational Trust, The Gatehouse School must offer full scholarships or reduced fees to ten percent of its pupils.

The Trust has now established the Phyllis Wallbank Scholarship making grants available to any ex-pupil of The Gatehouse School who attends university in the UK or Republic of Ireland. This Scholarship, having been fully subscribed, the Trustees have decided to increase the funding available to twenty four thousand pounds per annum. Details can be found on the Trust's website.

In the past years the Trust has acquired and refurbished a building in London and has started to collate a library of papers and books relating to education. This is available to any member of the public for research or reference and will be expanded over the years. The majority of the content of the library will come from Phyllis Wallbank's own collections of writings and library and will eventually be transferred there.

The Trust also has the ability to make grants, subject to available funds, for educational research, which it has done in the past.

The Trust offers a scholarship to a graduate, post graduate or accredited researcher from any country who wishes to come to London to study the educational methods and philosophy of Phyllis Wallbank.

The scholarship offers:

In return the Trust requires the scholar to present a copy of his or her paper or thesis to the Trust so that it may be studied by others.

The Trust operates a website where all of the above is publicised at http://www.pwetrust.org

Financial review

The charity continues to be in a net assets position with the balance of £3,788,890 (20 20 : £ 3,699,204 ). The charity has achieved a surplus in the current year of £89,686 (20 20 : £ 49,671 ).

Reserves policy

The Charity holds General unrestricted funds and Revaluation reserves. The principal reason for the Charity holding reserves is to meet mortgage repayments on the Gatehouse School property.

Unrestricted funds:

General unrestricted funds £2,122,886 Revaluation reserve £1,666,004 £3,788,890

Plan for the future

Future plans are to continue to manage the assets of the Trust in order to achieve the objectives as set out in the Trust Deed.

PHYLLIS WALLBANK EDUCATIONAL TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

Structure, governance and management

Governing document

Phyllis Wallbank Educational Trust is a charitable trust and is controlled by its governing document, a deed of trust dated 22nd October 1964 and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr M Wallbank

Dr E Curran Br D R Robidoux Mr B N Wallbank Mr I L Duncan

The trust deed provides for a minimum of 3 and maximum of 8 trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees.

The chair of trustees is responsible for the induction of any new trustees. Trustees are fully briefed when appointed and if further training is required this will be arranged as necessary.

Reference and administrative details Registered Charity number

312730

Principal address

158 Agar Grove London NW1 9TY

Independent examiner

Claire North A CA CBW Audit Limited 66 Prescot Street London E1 8NN

Organisational structure

The affairs of the Trust are managed and administered jointly and severally by the Trustees

The Trustees' r eport was approved by the Board of Trustees.

Mr M Wallbank

Trustee Dated: 2 December 2021

PHYLLIS WALLBANK EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF PHYLLIS WALLBANK EDUCATIONAL TRUST

I report to the trustees on my examination of the financial statements of Phyllis Wallbank Educational Trust (the charity) for the year ended 5 April 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2020.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

CBW Audit Limited

66 Prescot Street London E1 8NN

Dated: 2 December 2021

PHYLLIS WALLBANK EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes
£		 £
Income from:
Investments income 3 115,933 115,764
Expenditure on:
Charitable activities 4 26,247 66,093
Net income for the year/
Net movement in funds 89,686 49,671
Fund balances at 6 April 2020 3,699,204 3,649,533
Fund balances at 5 April 2021 3,788,890 3,699,204

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

PHYLLIS WALLBANK EDUCATIONAL TRUST

BALANCE SHEET

AS AT 5 APRIL 2021

Notes
Fixed assets
Tangible assets
8
Investment properties
9
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
12
Net assets
Income funds
Unrestricted funds-general
General unrestricted funds
Revaluation reserve		 2021
£
£
700,000
3,150,000
3,850,000
128,096
(59,075)
69,021
3,919,021
(130,131)
3,788,890
2,122,886
1,666,004
3,788,890
3,788,890		 2020
£
£
700,000
3,150,000
3,850,000
62,714
(56,831)
5,883
3,855,883
(156,679)
3,699,204
2,033,200
1,666,004
3,699,204
3,699,204

The financial statements were approved by the Trustees on 2 December 2021

Mr M Wallbank Trustee

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

Charity information

Phyllis Wallbank Educational Trust is a an unincorporated charity. The business address of the charity is 158 Agar Grove, London NW1 9TY.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of signing the financial statements, COVID-19 is continuing to have a significant impact on the world economy. This has been considered in light of the activities of the charity, and whether there will be a detrimental effect on the performance in the future. The main assets held by the company are property, and the income is rent earned from this. The fair value of the properties is reflected in the accounts as confirmed by the trustees, however the property values post year end continue to fluctuate in the current climate . The trustees consider the potential effect of this, however, will not significantly impact the charities ability to continue its activities and at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Rental income is accounted for the period in which the Charity is entitled to receipt. Any additional rental i ncome received is deferred and included in the balance sheet.

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land and buildings are held on a revaluation basis, with valuations being carried out with sufficient regularity, as determined as required by the trustees.

Land and buildings nil Computers equipment 3 year straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and s ubsequently measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks .

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Taxation

The charity is exempt from tax on its charitable activities.

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies (Continued)

1.13 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The areas of the accounts where significant judgement has been applied are in the carrying value of investment properties and fixed assets. Investment properties are carried at valuation at the year end date on an open market basis. Within tangible fixed assets, land and buildings are held at revaluation, which is conducted at least every 5 years as appropriate, and computer equipment is depreciated over a useful economic life of 3 years.

3 Investments income

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Rental income 115,933 115,764

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

4 Charitable activities

Youth
scholarship
Other
expenditure
£
£
Scholarships
10,000
-
Rates, light and heat and water
-
2,313
Telephone
-
622
Repair & maintenance
-
210
Reallocation of support costs
-
(3,145)
10,000
-
Share of support costs (see note 5)
11,495
-
Share of governance costs (see note 5)
4,752
-
26,247
-
Analysis by fund
Unrestricted funds - general
26,247
-
26,247
-
For the year ended 5 April 2020
Unrestricted funds - general
66,093
-
66,093
-		 Total
2021
£
10,000
2,313
622
210
(3,145)
10,000
11,495
4,752
26,247
26,247
26,247		 Total
2020
£
18,000
2,393
663
-
(3,056)
18,000
36,843
11,250
66,093
66,093
66,093

5 Support costs

Support
costs
Governance
costs
£
£
Staff costs
2,500
-
Rates, light and heat and water
2,313
-
Telephone
622
-
Travel and subsistence
-
-
Sundry expense
2,195
-
Bank charges and interest
3,175
-
Repair & maintnance
210
-
Storage expenses
480
-
Independent examiner fees
-
4,452
Professional fees
-
300
11,495
4,752
Analysed between
Charitable activities
11,495
4,752		 2021
£
2,500
2,313
622
-
2,195
3,175
210
480
4,452
300
16,247
16,247		 2020
£
15,000
2,393
663
3,247
9,478
4,904
-
1,158
3,978
7,272
48,093
48,093

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year , apart from one of the trustees having access to the property in London, which he stays in for less than 90 days in the year rent free.

7 Employees

The average monthly number of employees during the year was:

Employment costs
Social security costs
Other pension costs
Tangible fixed assets
Cost or valuation
At 6 April 2020
At 5 April 2021
Depreciation and impairment
At 6 April 2020
At 5 April 2021
Carrying amount
At 5 April 2021
At 5 April 2020		 2021
Number
-
2021
£
500
2,000
2,500
Land and
buildings
Computers
equipment
£
£
700,000
900
700,000
900
-
900
-
900
700,000
-
700,000
-		 2020
Number
1
2020
£
3,000
12,000
15,000
Total
£
700,900
700,900
900
900
700,000
700,000

8 Tangible fixed assets

The land and buildings were valued by Mr M Wallbank, a trustee, at their open market value at the year end.

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

8 Tangible fixed assets (Continued)

At 5 April 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £341,998 (2020 - £341,998).

The revaluation surplus included in the valuation of the land and buildings is £359,002 ( 2020 - £359,002).

9 Investment property

Investment property
2021
£
Fair value
At 6 April 2020 and 5 April 2021 3,150,000

Investment property comprises one freehold and one long leasehold property, both in the UK. Mr M Wallbank, a trustee, valued these at their open market value with reference to market information.

The carrying value of land included in investment properties comprises :

Freehold
Long leasehold
Short leasehold
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2021
£
650,000
2,500,000
-
3,150,000
2021
£
160,153
30,022
130,131		 2020
£
650,000
2,500,000
-
3,150,000
2020
£
187,334
30,655
156,679

10 Loans and overdrafts

The loan is secured by a fixed and floating charge over 158 Agar Road and Gatehouse Learning Centre.

11 Creditors: amounts falling due within one year

Notes
Bank loans
10
Other creditors
Accruals and deferred income		 2021
£
30,022
434
28,619
59,075		 2020
£
30,655
434
25,742
56,831

PHYLLIS WALLBANK EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

12 Creditors: amounts falling due after more than one year
2021 2020
Notes £ £
Bank loans 10 130,131 156,679