PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2022 Report of the Trust Accountant to the Trustees May 2022
- This report presents the Statement of Accounts for the year ending 31st March 2022 and explains the main changes from the previous year.
Balance Sheet
Fixed Assets
-
The fixed assets are comprised up of the school’s land, buildings, and the rental / investment properties. The net depreciated value of the fixed assets is £32.3m as at 31 March 2022 and represents a decrease in value of £3.6m.
-
The decrease in the net depreciated value of the fixed assets is mainly as a result of the recent revaluation of the school’s land and buildings by the Council’s Estates Department. The decrease in value represents unrealized losses.
Investments / Shares
-
The calculated value of the fixed investments as at 31 March 2022 is £233k, which represents an increase of £20k compared to 2020/21.
-
It should be noted that the above has no impact or bearing on the cash position of the Trust, in as far as it is an adjustment to the restricted / endowed funds of the Trust.
Current Assets / Liabilities
-
Total cash held as at 31 March 2022 is £227k, made up of the NS&I Savings balance of £117k and the Barclays Bank current account of £110k. The cash at hand increased by £56k for the year due to only a small amount being spent on repairs and maintenance during the year.
-
The above cash balance excludes a potential outstanding cash commitment for unpaid council tax for the vacant property, for which it is trying to be established where liability lies. The potential liability is £600.
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2022 Report of the Trust Accountant to the Trustees May 2022
Income & Expenditure Statement
Income
-
Total income received for the year from the rental properties was £56k – an increase of £1k (2%).
-
Total interest received on investments and bank balances amount to £7k for the year, which is the same as last year.
Expenditure
-
Spend on repairs & maintenance on the rental properties decreased from £7k to £6k in the year to 31 March 2022.
-
No payments were made to Penistone Grammar School during the year relating to agreed commitments agreed in previous years (i.e. 2018/19). A total of £14k was drawn down by the school during the 20/21 year. No payment has been made to the school for the outdoor eating area for the agreed amount of £50k.
Surplus/Defcit
- A ‘ cash ’ surplus of £58K was recorded in 2021/22 (compared to £40k in 2020/21), mainly due to the reduced spend on repairs / maintenance and payments to the school.
Recommendations
- It is recommended that the accounts be received for information subject to finalisation of the accounts and subsequent audit.
Report signed on behalf of the Trustees:
Joshua Amahwe CPFA.
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2022 Report of the Trust Accountant to the Trustees May 2022
Date: 15/12/2022
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND
Charity Commission Registration Number 529458
ACCOUNTS YEAR ENDED 31 MARCH 2022
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 2021 £ 54,780 6,943 5 - 578 0 |
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 Bank Charges 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 £ £ £ 55,981 55,981 6,568 6,568 15 15 2,095 2,095 - - - 64,659 - 64,659 5,744 5,744 - - - - 1 1 - - 809 809 - - 577,941 577,941 Note 1 6,553 577,941 584,494 58,106 (577,941) (519,835) - 2,980,670 - 2,980,670 - 20,296 20,296 Note 2 78,402 (3,558,611) (3,480,209) 508,020 35,749,570 36,257,590 586,422 32,190,959 32,777,381 78,402 - 3,558,611 3,480,209 31 March 2022 |
|---|---|---|
| 62,306 7,308 450 - 1 13,770 809 - 624,830 |
||
| 647,168 | ||
| **-584,862 ** | ||
| 3,280,650 89,537 |
||
| **2,785,325 ** | ||
| 15/12/2022 |
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND
BALANCE SHEET
Charity Commission Registration Number 529458
Year ended 31 March 2022
| Year ended 31 March 529458 |
2022 | |||
|---|---|---|---|---|
| 31 March | ||||
| 2021 | 31 March | 2022 | ||
| £ | £ | £ | ||
| ASSETS | ||||
| 768,000 | Premises - Land and Rental dwellings | 758,500 | Note 1 | |
| 2,609,000 | Premises - School Land | 2,654,000 | ||
| 32,491,170 | Premises - School Buildings | 28,897,059 | ||
| Shares | ||||
| 62,722 | Charishare | 67,544 | Note 2 | |
| 17,542 | CAF | 16,312 | ||
| 17,910 | COIF | 16,648 | ||
| 114,903 | Schroders | 132,870 | ||
| 213,077 | 233,374 | |||
| 36,081,248 | 32,542,934 | |||
| CURRENT ASSETS | ||||
| 115,764 | National Savings | 116,564 | ||
| 7,211 | Debtors | 8,436 | ||
| 54,616 | Cash at Bank | 110,697 | ||
| 177,591 | 235,696 | |||
| CURRENT LIABILITIES | ||||
| - | Creditors | - | ||
| 1,250 | Bonds held | 1,250 | ||
| 1,250 | 1,250 | |||
| 176,341 | NET CURRENT ASSETS | 234,446 | ||
| 36,257,590 | TOTAL | 32,777,381 | ||
| FINANCED BY:- | ||||
| 378,516 | Unrestricted Funds brought forward | 508,020 | ||
| 129,505 | Unrestricted Funds Surplus / (Deficit | ) | 78,402 | |
| 33,093,750 | Endowment Funds brought forward | 35,749,570 | ||
| 2,655,820 | Endowment Funds Surplus / (Deficit) | (3,558,611) | ||
| 36,257,590 | TOTAL | 32,777,381 | ||
| Auditor | ||||
| Date | 15/12/2022 | |||
| Signed on behalf of the Trustees | ||||
| Trustee | ||||
| Date | 15/12/22 | |||
(1) Tangible Fixed Assets
School Buildings * School Land Rental Properties
Total
Cost or Valuation
| At 1st April 2021 | 33,116,000 | 2,609,000 | 768,000 | 36,493,000 |
|---|---|---|---|---|
| Revaluation Increases / (Decreases) | (3,641,000) | 45,000 | (9,500) | (3,605,500) |
| At 31st March 2022 | 29,475,000 | 2,654,000 | 758,500 | 32,887,500 |
| Accumulated Depreciation | ||||
| At 1st April 2021 | (624,830) | - | - | (624,830) |
| Written Out To The Revaluation Reserve | 624,830 | 624,830 | ||
| Depreciation Charge | (577,941) | - | - | (577,941) |
| At 31st March 2022 | (577,941) | - | - | (577,941) |
| Net Book Value | ||||
| At 1st April 2021 | 32,491,170 | 2,609,000 | 768,000 | 35,868,170 |
| At 31st March 2022 | 28,897,059 | 2,654,000 | 758,500 | 32,309,559 |
* Estimated remaining useful life at 31 March 2021 is 53 years
The buildings and land were valued by BMBC's Estates Department on 31/03/2022
| 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 2022
(2) Unrealised Gain on Investments
| Investment i) Charishare ii) CAF iii) COIF iv) Schroders |
Market Value 31 March 2021 Market Value 31 March 2022 Unrealised Gain £ £ £ 62,722.46 67,544.22 4,821.76 17,541.87 16,311.54 1,230.33 - 17,909.87 16,647.73 1,262.14 - 114,903.00 132,870.00 17,967.00 |
|---|---|
| 213,077.20 233,373.49 20,296.29 |
APPENDIX A
INCOME AND EXPENDITURE STATEMENT COMPARISONS GENERAL FUND 2020/21 AND 2021/22
| DETAILS | 2020/21 £ |
2021/22 £ |
£ % VARIANCE |
£ % VARIANCE |
|---|---|---|---|---|
| Income Rent Interest on investments Interest on uninvested balances Charities |
54,780 6,943 5 578 |
55,981 5,779 15 0 |
1,201 -1,164 10 -578 |
2.2% -16.8% 213.1% 0.0% |
| TOTAL INCOME | 62,306 | 63,870 | -531 | -0.9% |
| Expenditure Property repairs Estates management Insurance Speech Day Grant Payment Payment to school Clerking |
7,308 450 0 0 0 13,770 809 |
5,744 0 445 0 0 0 809 |
-1,564 -450 445 0 0 -13,770 0 |
-21.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% |
| TOTAL EXPENDITURE | 22,340 | 6,999 | -15,339 | -68.66% |
| SURPLUS | 39,966 | 56,872 | 16,905 | 42.3% |
APPENDIX B
BALANCE SHEET COMPARISONS 2020/21 AND 2021/22
| DETAILS | 2020/21 £ |
2021/22 £ |
£ % 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 |
768,000 32,491,170 2,609,000 62,722 17,542 17,910 114,903 115,764 7,211 54,616 - 1,250 - |
758,500 28,897,059 2,654,000 67,544 16,312 16,648 132,870 115,776 8,436 110,697 445 - 1,250 - |
9,500 - 3,594,111 - 45,000 4,822 1,230 - 1,262 - 17,967 12 1,225 56,081 445 - 0 - |
-1.2% -11.1% 1.7% 7.7% -7.0% -7.0% 15.6% 0.0% 17.0% 102.7% 0.0% 0.0% |
| TOTAL | 36,257,593 | 32,776,147 | 3,481,446 - |
-9.6% |
| Financed by Reserve Surplus |
33,472,266 2,785,325 |
36,257,590 3,481,443 - |
2,785,325 6,266,768 - |
8.3% -225.0% |
| TOTAL | 36,257,590 | 32,776,147 | 3,481,443 - |
-9.6% |
PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST - INCOME COMPARISON 2020/21 AND 2021/22
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60,000
50,000
40,000
£ 30,000
20,000
10,000
-
Rents Interest on Investments Interest on un-invested Charities
balances
----- End of picture text -----
----- Start of picture text -----
2021/22 2021/22
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PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST - COMPARISON OF CURRENT ASSETS / LIABILITIES 2020/21 AND 2021/22
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135,000
115,000
95,000
75,000
2021/22 2021/22
£
55,000
35,000
15,000
-5,000 National Savings Debtors Cash at Bank Creditors
APPENDIX E
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Audit Programme – Penistone Grammar School Foundation Trust
Completed by: Chantelle Duke Reviewed by: Aron Smith Date: April 2022 Date: July 2022
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INCOME & EXPENDITURE ANALYSIS:
Ref Test / Objective Results Conclusion WP Ref
1 Verify opening and closing balances are All recorded correctly OK
recorded correctly.
2 Ensure that all used cheques are No Cheques Issues OK
accounted for and entered correctly.
3 Ensure all paying in slips are accounted N/A OK
for and entered correctly.
4 Verify that all arithmetic is correct. Figures are correct and OK
accurate
5 Ensure that all entries for both income Material items checked OK
and expenditure are supported by
appropriate prime documentation. (e.g.
invoices, vouchers, cheques, receipts)
6 Ensure that the date of payment and N/A N/A
cheque number are quoted on all
invoices.
7 Ensure that interest payments shown on N/A N/A
the bank statements are recorded
appropriately.
8 Verify that all payments and receipts N/A N/A
shown in the accounts appear on the
bank statements.
9 Verify all income and expenditure All income and expenditure on OK
recorded on SAP are accounted for in the SAP have been recorded
I & E correctly . correctly
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Audit Programme – Penistone Grammar School Foundation Trust
Completed by: Chantelle Duke Date: April 2022
Reviewed by: Aron Smith Date: July 2022
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STATEMENT OF FINANCIAL ACTIVITIES:
Ref Test / Objective Results Conclusion WP Ref
10 Ensure all income and expenditure are Everything is correct OK
brought from the I & E correctly.
11 Ensure there is a detailed breakdown for All items supported with OK
each item recorded in the statement. relevant spreadsheets
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. OK
Everything is correct
15 Ensure all recordings of assets and Recordings are all correct OK
liabilities are correct.
16 Ensure notes are attached were All notes are attached and OK
appropriate. correct
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Audit Programme – Penistone Grammar School Foundation Trust
Completed by: Chantelle Duke Date: April 2022
17 Verify that all arithmetic is correct.
Reviewed by: Aron Smith Date: July 2022 A couple of rounding errors are OK present that have caused very minor discrepancies
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GENERAL:
Ref Test / Objective Results Conclusion WP Ref
18 Ensure that all unused or cancelled N/A N/A
cheques are retained and cancelled
effectively.
19 Ensure that there are no pre-signed N/A N/A
unused cheques.
20 Verify that the bank account and cheque N/A N/A
books are held in the organisations name.
21 Verify that all bank statements are Correct OK
retained.
22 Reconcile all income and expenditure to Income and expenditure OK
the bank statements retained. reconciled to SAP
23 Check for evidence of bank statement Evidence all reconciled to SAP OK
reconciliation.
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Audit Programme – Penistone Grammar School Foundation Trust
Completed by: Chantelle Duke Date: April 2022
Reviewed by: Aron Smith Date: July 2022
Audit Programme – Penistone Grammar School Foundation Trust
Completed by: Chantelle Duke Reviewed by: Aron Smith Date: April 2022 Date: July 2022
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.