The Potential Trust Dated 16 July 1984
Accounts
for the year ended 5 April 2024 Charity registered number: 326645
The Potential Trust Dated 16 July 1984
Trustees’ Annual Report for the year ended 5 April 2024
The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, 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 published in October 2019.
a) Objectives and Grant Making:
The trust is an unincorporated trust, constituted under a trust deed dated 16 July 1984 to make grants out of its income and/or capital at the trustees’ absolute discretion who shall pay, apply or appropriate the whole or any part thereon at any time and in any manner for such purposes or objectives which are recognised by the trust deed. In summary, these are to encourage, advance and promote the education of children who are of outstanding natural intelligence or ability or creative capacity or potential; and to promote the provision of education suited to and likely to develop to the full the respective abilities and the social, practical and intellectual skills of such children and to help and encourage such children to fulfil their potential. The Trust offers bursaries for Questors to participate in appropriate events for families who are unable to afford the full cost. The Trust also offers scholarships to part-fund families in financial difficulties whose children would benefit from Potential Plus UK assessments.
Achievements and performance
b) Review of Activities:
During the year ended 5 April 2024 the trustees met the trust’s objectives by making spending a total of £63,559.39 on charitable activities. The trustees plan for the future is to continue their grant making activities thus assisting the charity in fulfilling its objective.
c) Financial review:
Total income was £77,025.94 (2023 £12,426) with expenditure amounting to £63,559.39 (2023 £32,279). Net assets at the end of the year were £31,391.08 (2023 £17,925).
d) Public Benefit:
The objects of the Trust (see above) are clearly of public benefit both directly and indirectly and due regard has been paid to the public benefit guidance published by the Charity Commission.
e) Reserves:
The policy of the Trustees is to utilise all available income each year and not to accumulate reserves. Any balance remaining at the year-end will be expended in the subsequent year.
f) Risk Management:
The Trustees do not consider that the charity is exposed to any major risk.
Structure, Governance and Management
| Settlor: | Anna Comino-James |
|---|---|
| Name of Charity: | The Potential Trust |
| Charity number: | 326645 |
| Governing document: | The principal governing document is a trust deed dated 16 July |
| 1984. The trust is a private charitable trust controlled by its trustees. |
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The Potential Trust Dated 16 July 1984
Structure, Governance and Management (continued)
| Appointment of trustees: | Mrs Comino-James has the power to appoint new trustees in her |
|---|---|
| lifetime, thereafter the power is vested in the trustee body. | |
| There must always be at least two trustees and no more than | |
| twelve. | |
| Reference and administrative | information |
| Trustees: | A Comino-James |
| R M Farmbrough | |
| R H Lewin | |
| D A Yates | |
| S A J Ramsden | |
| C Fricker (Appointed 9 May 2023) | |
| L Collins (Appointed 9 May 2023) | |
| Trustees are appointed by approval from all the existing Trustees. | |
| Principal Office Address: | Shepherds Close |
| Kingston Stert | |
| Chinnor | |
| Oxon | |
| OX39 4NL | |
| Bankers: | National Westminster Bank plc |
| 3 Cornmarket | |
| Thame | |
| Oxon | |
| OX9 3YS | |
| Solicitors: | Farrer & Co LLP |
| 66 Lincoln’s Inn Fields | |
| London | |
| WC2A 3LH | |
| Accountants: | Mercer & Hole Trustees Limited |
| 72 London Road | |
| St Albans | |
| Herts | |
| AL1 1NS | |
| Independent Examiner: | Steve Robinson FCA |
| Mercer & Hole LLP | |
| 72 London Road | |
| St Albans | |
| Herts | |
| AL1 1NS |
Statement of Trustees’ responsibility
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
The law applicable to charities in England & Wales requires the trustees to prepare financial statement for each financial year which 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 that period.
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The Potential Trust Dated 16 July 1984
Statement of Trustees’ responsibility (continued)
In preparing these 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 2019;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 operation.
The trustees are responsible for keeping accounting records that 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Signed: ...........................................................
Date: .....................................................
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The Potential Trust Dated 16 July 1984
Independent Examiner’s Report to the Trustees of The Potential Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 1 to 8.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Steve Robinson FCA Mercer & Hole LLP 72 London Road St Albans, Herts AL1 1NS
Date:
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The Potential Trust Dated 16 July 1984
Statement of Financial Activities
for the year ended 5 April 2024
Note Income and endowments Grants received 2 Other donations received 2 Bank interest (gross) Insurance repayment Contributions from participants to conference expenses Total income Expenditure on charitable activities Donations 8 Grants paid to other organisations PT conferences and workshops Website development Postage and telephone Travel 3 Accountancy fees Independent examination fees Insurance Total expenditure Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
Year ended Year ended 5 April 2024 5 April 2023 Unrestricted Funds Unrestricted Funds £ £ 12,000.00 12,000 63,100.00 - 565.94 91 - 65 1,360.00 270 77,025.94 12,426 20,180.93 7,039 - 5,989 37,566.73 16,465 1,289.13 1,200 - 292 1,086.65 514 1,680.00 780 900.00 - 855.95 - 63,559.39 32,279 63,559.39 32,279 13,466.55 ( 19,853) 17,924.53 37,778 31,391.08 17,925 |
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The Potential Trust Dated 16 July 1984
Balance Sheet
5 April 2024
| Notes 5 April £ Current assets Cash at bank 4 Current liabilities 5 7,105.00 Net assets The funds of the charity: Unrestricted funds |
2024 5 April 2023 £ £ £ 38,496.08 20,819 38,496.08 20,819 2,894 7,105.00 2,894 31,391.08 17,925 31,391.08 17,925 |
|---|---|
Approved by the Trustees on .............................. and signed on their behalf by .......................................................................... Trustee
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The Potential Trust Dated 16 July 1984
Notes to the Accounts
for the year ended 5 April 2024
1. Accounting policies
a) Basis of preparation
The Potential Trust is a registered Charity in England and Wales. The address of the registered office is given in the reference and administrative information on page 2. The nature of the charity's operations and principal activites is given on page 1.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements have been rounded to the nearest pence for the current year. The prior year has been rounded to the nearest pound.
b) Going concern
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.
- c) Fund accounting
The charity maintains a general unrestricted fund. This represents unrestricted income which is expendable at the discretion of the Trustees in furtherance of the objects of the charity. The Trust has no restriction on the use of its fund.
d) Income recognition
- All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of income can be measured with sufficient reliability.
e) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
No staff are employed by the charity.
- f) Charitable activities
Costs of charitable activities include grants made, governance costs and administration cost in the pursuit of the charitable objects of the Trust.
Donations payable are accounted for when the Trustees have accepted a legal or moral obligation to make the grant.
2. Donations received and related party transaction
During the year ended 5 April 2024 a £12,000 grant (2023: £12,000) was received from the Comino Foundation.
One of the Trustees Mrs A Comino-James is also a Trustee of the Comino Foundation and therefore a related party. Mrs Comino-James donated £59,000 (2023: £nil) into the Potential Trust in the year ended 5 April 2024.
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The Potential Trust Dated 16 July 1984
Notes to the Accounts
for the year ended 5 April 2024
3. Trustees' remuneration
Trustees receive no remuneration for their services but are reimbursed for the costs of travelling and expenses relating to meetings and conferences
| Trustees' expenses 4. Current asset analysis Reserve account Current account 5. Creditors Website fees Bursaries for Questor Conferences and workshops Accountants' charges Independent Examination charges |
2024 2023 £ £ 1,086.65 514 2024 2023 £ £ 30,321.88 1,656 8,174.20 19,163 38,496.08 20,819 2024 2023 £ £ 60.00 - 325.00 578 4,920.00 2,316 900.00 - 900.00 - 7,105.00 - |
|---|---|
6. Taxable status
The Trust is a registered charity and as such is not liable to income tax arising from its activities and investments, nor capital gains tax on gains arising from the disposal of assets.
7. Control
The Trust is controlled by the Trustees.
8. Grants made
| Grants made Questor Potential Plus UK Educational Research Project The grants above are categorised as below: Education |
2024 2023 £ £ 10,180.93 7,039 5,000.00 - 5,000.00 - 20,180.93 7,039 2024 2023 £ £ 20,180.93 7,039 20,180.93 7,039 |
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