**PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2021 Report of the Trust Accountant November 2021** 1. This report presents the Statement of Financial Activity and Balance Sheet for the year ending 31st March 2021. 2. Appendices A and B provide comparisons with the previous year’s statements. Appendices C, D and E show these comparisons graphically. 3. The main differences between the two years in the Balance Sheet are: ## Fixed Assets - 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. - 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 - 3.3 Cash at bank has increased from £17,499 to £54,616. - 3.4 Debtors increased by 19% from 6,099 in 2019/20, to 7,211 in 2020/21 due to dividends. 4. The main differences between the years in the Statement of Financial Activity are: ## Income - 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. - 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 - 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. - 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** **----- Start of picture text -----**
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
**----- End of picture text -----**
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** **----- Start of picture text -----**
60000
50000
40000
£ 30000 2019/20 2020/21
20000
10000
0
Rents Interest on Investments Interest on un-invested balances Charities
APPENDIX C
**----- End of picture text -----**
## **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
**----- End of picture text -----**
## **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.