PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2021 Report of the Trust Accountant November 2021
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This report presents the Statement of Financial Activity and Balance Sheet for the year ending 31st March 2021.
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Appendices A and B provide comparisons with the previous year’s statements. Appendices C, D and E show these comparisons graphically.
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The main differences between the two years in the Balance Sheet are:
Fixed Assets
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3.1 The market value of investments has increased by 72% since last year. Last years total investment value was £123,540 compared with this year’s total of £213,077. This is a total unrealized gain of £89,537.
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3.2 The market value of Land has decreased by 81,000 from £2,690,000 in 2019/20, to 2,609,000 in 2020/21 due to revaluation.
Current Assets/Liabilities
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3.3 Cash at bank has increased from £17,499 to £54,616.
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3.4 Debtors increased by 19% from 6,099 in 2019/20, to 7,211 in 2020/21 due to dividends.
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The main differences between the years in the Statement of Financial Activity are:
Income
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4.1 Rental income has increased by 29% from £42,477 to £54,780 due to the rent-free period ending on 6/8/10 St Mary’s.
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4.2 The interest on un-invested balances has decreased by £2,336 from £2,341 in 2019/20 to £5 in 2020/21
Expenditure
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4.3 Repairs & Maintenance expenditure has decreased from £30,982 in 2019/20 to £7,308 in 2020/21. This is Due to repairs required to 6/8/10 St Mary’s in 2019/20.
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4.4 Payments to Schools have decreased from £97,844 in 2019/20 to £13,770 in 2020/21.
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2021 Report of the Trust Accountant November 2021
Surplus/Deficit
4.5 An in-year surplus of £39,968 was recorded in 2020/21. However, this does not include the annual depreciation charge of £624,830.
5. Recommendation
5.1. It is recommended that the accounts be received for information.
Report signed on behalf of the Trustees:
Joshua Amahwe CPFA.
Date: 09/11/2021
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND
Charity Commission Registration Number 529458
ACCOUNTS YEAR ENDED 31 MARCH 2021
ACCOUNTANTS’ REPORT
The accounts have been prepared in accordance with the records and information supplied.
J AMAHWE, CPFA Trust Accountant
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES Charity Commission Registration Number 529458
| 31 March 2020 £ 42,447 8,745 2,341 - 582 - |
INCOME Incoming Resources Rents Interest on Investments Interest on un-invested balances SAP Other Income Charities Bonds Received EXPENDITURE Resources Expended Property Repairs/Payments Estates Management Council Tax Speech Day Expenses / Donation Grant payment Bank Charges Publicity Legal Fees Payment to School Clerking Bond Refund Depreciation (School Building) Net Incoming / (Outgoing) Resources Other Recognised Gains and Losses Unrealised gains/(losses) on Fixed Assets Unrealised gains/(losses) on investments Net Movement in Fund Total Funds brought forward Total Funds carried forward |
Unrestricted Funds Endowment Funds Total £ £ £ 54,780 54,780 6,943 6,943 5 5 - - 578 578 - 62,306 - 62,306 7,308 7,308 450 450 - - - - - - 1 1 - - - - 13,770 13,770 809 809 - - 624,830 624,830 Note 1 22,338 624,830 647,168 39,968 (624,830) (584,862) - 3,280,650 3,280,650 89,537 89,537 Note 2 129,505 2,655,820 2,785,325 378,516 33,093,750 33,472,266 508,020 35,749,570 36,257,590 129,505 - 2,655,820 - 2,785,325 - 31 March 2021 |
|---|---|---|
| 54,115 30,982 2,403 0 0 0 0 0 0 97,844 809 0 764,450 |
||
| 896,488 | ||
| **-842,373 ** | ||
| 4,295,886 88,486 - |
||
| **3,365,028 ** | ||
| 09.11.2021 |
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND
BALANCE SHEET
Charity Commission Registration Number 529458
Year ended 31 March 2021
| Year ended 31 March 529458 |
2021 | |||
|---|---|---|---|---|
| 31 March | ||||
| 2020 | 31 March | 2021 | ||
| £ | £ | £ | ||
| ASSETS | ||||
| 708,800 | Premises - Land and Rental dwellings | 768,000 | Note 1 | |
| 2,690,000 | Premises - School Land | 2,609,000 | ||
| 29,813,550 | Premises - School Buildings | 32,491,170 | ||
| Shares | ||||
| 50,370 | Charishare | 62,722 | Note 2 | |
| 16,780 | CAF | 17,542 | ||
| 18,166 | COIF | 17,910 | ||
| 38,224 | Schroders | 114,903 | ||
| 123,541 | 213,077 | |||
| 33,335,892 | 36,081,248 | |||
| CURRENT ASSETS | ||||
| 114,024 | National Savings | 115,764 | ||
| 6,099 | Debtors | 7,211 | ||
| 17,499 | Cash at Bank | 54,616 | ||
| 137,622 | 177,591 | |||
| CURRENT LIABILITIES | ||||
| - | Creditors | - | ||
| 1,250 | Bonds held | 1,250 | ||
| 1,250 | 1,250 | |||
| 136,373 | NET CURRENT ASSETS | 176,341 | ||
| 33,472,266 | TOTAL | 36,257,590 | ||
| FINANCED BY:- | ||||
| 526,374 | Unrestricted Funds brought forward | 378,516 | ||
| (147,858) | Unrestricted Funds Surplus / (Deficit | ) | 129,505 | |
| 29,580,864 | Endowment Funds brought forward | 33,093,750 | ||
| 3,512,886 | Endowment Funds Surplus / (Deficit) | 2,655,820 | ||
| 33,472,266 | TOTAL | 36,257,590 | ||
| Auditor | ||||
| Date | 09.11.2021 | |||
| Signed on behalf of the Trustees | ||||
| Trustee | ||||
| Date | 09/11/2021 |
NOTES TO THE ACCOUNTS
(1) Tangible Fixed Assets
| Balance as at 1 April 2020 School buildings School Land Rental Properties Depreciation Balance as at 1 April 2020 Charged in Year Net Book Value* As at 31 March 2021 |
General Restricted 33,116,000 Revaluation 2,609,000 768,000 768,000 35,725,000 - - 624,830 - 624,830 768,000 35,100,170 |
|---|---|
* Estimated remaining useful life at 31 March 2021 is 53 years
The school building and land were valued by BMBC's Estates Department on 29/03/2018
| 1A Church Street 3 Church Street 3A Church Street 5/7 Church Street Outbuildings rear of 5/7 Church Street 6-10 St Mary's Street 12 St Mary's Street Land at Fall Edge Lane, Ingbirchworth Land at Old Anna's Lane, Penistone |
Valuation £ 90,000 91,000 105,000 89,000 2,250 215,000 118,500 31,250 26,000 |
|---|---|
| 768,000 |
The buildings revaluation was established by BMBC's Estates Department on 31st March 2021
(2) Unrealised Gain on Investments
| Investment i) Charishare ii) CAF iii) COIF iv) Schroders |
Market Value 31 March 2020 Market Value 31 March 2021 Unrealised Gain £ £ £ 50,370.32 62,722.46 12,352.14 16,780.29 17,541.87 761.58 18,165.76 17,909.87 255.89 - 38,224.07 114,903.00 76,678.93 |
|---|---|
| 123,540.44 213,077.20 89,536.76 |
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST - EXPENDITURE COMPARISON 2019/20
AND 2020/21
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120000
100000
80000
2019/20 2020/21
£ 60000
40000
20000
0
Property repairs Estates Insurance Speech Day Grant Payment Payment to school Clerking
Management Expenses
APPENDIX D
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APPENDIX A
INCOME AND EXPENDITURE STATEMENT COMPARISONS GENERAL FUND 2019/20 AND 2020/21
| DETAILS | 2019/20 £ |
2020/21 £ |
£ % VARIANCE |
£ % VARIANCE |
|---|---|---|---|---|
| Income Rent Interest on investments Interest on uninvested balances Charities |
42,447 8,745 2,341 582 |
54,780 6,943 5 578 |
12,334 -1,802 -2,336 -4 |
29.1% -20.6% -99.8% -0.7% |
| TOTAL INCOME | 54,115 | 62,306 | 8,191 | 15.1% |
| Expenditure Property repairs Estates management Insurance Speech Day Grant Payment Payment to school Clerking |
30,982 2,403 0 0 0 97,844 809 |
7,308 450 0 0 0 13,770 809 |
-23,674 -1,953 0 0 0 -84,073 0 |
-76.4% -81.3% 0.0% 0.0% 0.0% -85.9% 0.0% |
| TOTAL EXPENDITURE | 132,040 | 22,338 | -109,701 | -83.08% |
| SURPLUS | -77,925 | 39,968 | 117,893 | -151.3% |
APPENDIX B
BALANCE SHEET COMPARISONS 2019/20 AND 2020/21
| DETAILS | 2019/20 £ |
2020/21 £ |
£ % VARIANCE |
£ % VARIANCE |
|---|---|---|---|---|
| Assets Premises School Building School Land Shares Charishare CAF COIF Schroders Current assets National savings Debtors Cash at bank Current liabilities Creditors Bonds |
708,800 29,813,550 2,690,000 50,370 16,780 18,166 38,224 114,024 6,099 17,499 - 1,250 - |
768,000 32,491,170 2,609,000 62,722 17,542 17,910 114,903 115,764 7,211 54,616 - 1,250 - |
59,200 2,677,620 81,000 - 12,352 762 256 - 76,679 1,740 1,112 37,117 - 0 - |
8.4% 9.0% -3.0% 24.5% 4.5% -1.4% 200.6% 1.5% 18.2% 212.1% 0.0% 0.0% |
| TOTAL | 33,472,269 | 36,257,590 | 2,785,321 | 8.3% |
| Financed by Reserve Surplus |
30,107,238 3,365,028 |
33,472,266 2,785,325 |
3,365,028 579,703 - |
11.2% -17.2% |
| TOTAL | 33,472,266 | 36,257,590 | 2,785,324 | 8.3% |
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST - INCOME COMPARISON 2019/20 AND 2020/21
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60000
50000
40000
£ 30000 2019/20 2020/21
20000
10000
0
Rents Interest on Investments Interest on un-invested balances Charities
APPENDIX C
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PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST - COMPARISON OF CURRENT ASSETS / LIABILITIES 2019/20 AND 2020/21
----- Start of picture text -----
135000
115000
95000
75000
£
55000
35000
15000
-5000 National Savings Debtors Cash at Bank Creditors
----- End of picture text -----
----- Start of picture text -----
2019/20 2020/21
APPENDIX E
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Audit Programme – Penistone Grammar School Foundation Trust
| Completed by: Chantelle Duke | Reviewed by: Shane Sutton |
|---|---|
| Date: April 2021 | Date: August 2021 |
| INCOME & EXPENDITURE ANALYSIS: | ||||
|---|---|---|---|---|
| Ref | Test / Objective | Results | Conclusion | WP Ref |
| 1 | Verify opening and closing balances are recorded correctly. |
All are recorded correctly | OK | |
| 2 | Ensure that all used cheques are accounted for and entered correctly. |
No Cheques Issued | OK | |
| 3 | Ensure all paying in slips are accounted for and entered correctly. |
N/A | OK | |
| 4 | Verify that all arithmetic is correct. | Figures are correct and accurate | OK | |
| 5 | Ensure that all entries for both income and expenditure are supported by appropriate prime documentation. (e.g. invoices, vouchers, cheques, receipts) |
All material items checked. | OK | |
| 6 | Ensure that the date of payment and cheque number are quoted on all invoices. |
N/A | N/A | |
| 7 | Ensure that interest payments shown on the bank statements are recorded appropriately. |
N/A | N/A | |
| 8 | Verify that all payments and receipts shown in the accounts appear on the bank statements. |
N/A | N/A | |
| 9 | Verify all income and expenditure recorded on SAP are accounted for in the I & E correctly. |
All income and expenditure on SAP has been recorded correctly |
OK |
Audit Programme – Penistone Grammar School Foundation Trust
| Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust |
|---|---|---|---|---|---|
| Completed by: Chantelle Duke | Reviewed by: Shane | Sutton | |||
| Date: April 2021 | Date: August 2021 | ||||
| STATEMENT OF FINANCIAL ACTIVITIES: | |||||
| Ref | Test / Objective | Results | Conclusion | WP Ref | |
| 10 | Ensure all income and expenditure are brought from the I & E correctly. |
Everything is correct | OK | ||
| 11 | Ensure there is a detailed breakdown for each item recorded in the statement. |
All items supported with relevant spreadsheets |
OK | ||
| 12 | Verify all arithmetic is correct. | Everything is correct | OK | ||
| BALANCE SHEET: | |||||
| Ref | Test / Objective | Results | Conclusion | WP Ref | |
| 14 | Verify all valuations of assets are correct. | Yes correct | OK | ||
| 15 | Ensure all recordings of assets and liabilities are correct. |
Recordings are all correct | OK | ||
| 16 | Ensure notes are attached were appropriate. | All notes are attached and correct | OK | ||
| 17 | Verify that all arithmetic is correct. | A couple of rounding errors are present that have caused very minor discrepancies |
OK |
Audit Programme – Penistone Grammar School Foundation Trust
| Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust | Audit Programme– Penistone Grammar School Foundation Trust |
|---|---|---|---|---|---|
| Completed by: Chantelle Duke | Reviewed by: Shane | Sutton | |||
| Date: April 2021 | Date: August 2021 | ||||
| GENERAL: | |||||
| Ref | Test / Objective | Results | Conclusion | WP Ref | |
| 18 | Ensure that all unused or cancelled cheques are retained and cancelled effectively. |
N/A | N/A | ||
| 19 | Ensure that there are no pre-signed unused cheques. |
N/A | N/A | ||
| 20 | Verify that the bank account and cheque books are held in the organisations name. |
N/A | N/A | ||
| 21 | Verify that all bank statements are retained. | N/A | N/A | ||
| 22 | Reconcile all income and expenditure to the bank statements retained. |
Income and expenditure reconciled to SAP |
OK | ||
| 23 | Check for evidence of bank statement reconciliation. |
Evidence all reconciled to SAP | OK |
Audit Programme – Penistone Grammar School Foundation Trust
Completed by: Chantelle Duke Reviewed by: Shane Sutton Date: April 2021 Date: August 2021
Comments:
Overall the accounts for Penistone Trust Fund are correct and show a true and fair view of their activities.
For information:
No depreciation is charged on the rental properties as they are classed as investment properties. Under IAS 40 Investment Properties allows properties to use the fair value model in which properties are valued at current market value (what someone is willing to pay for it at that point in time). When the fair value model is used no deprecation is charged. Should any of the properties become occupied by the owner the cost model should be used and depreciation should be charged.