## **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** 1. 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 2. 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. 3. 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 4. The calculated value of the fixed investments as at 31 March 2022 is £233k, which represents an increase of £20k compared to 2020/21. 5. 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 6. 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. 7. 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 8. Total income received for the year from the rental properties was £56k – an increase of £1k (2%). 9. Total interest received on investments and bank balances amount to £7k for the year, which is the same as last year. ## Expenditure 10. Spend on repairs & maintenance on the rental properties decreased from £7k to £6k in the year to 31 March 2022. 11. 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 12. 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** 12. 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** **----- Start of picture text -----**
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
**----- End of picture text -----**
## **PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST - COMPARISON OF CURRENT ASSETS / LIABILITIES 2020/21 AND 2021/22** **----- Start of picture text -----**
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
**----- End of picture text -----**
## **Audit Programme – Penistone Grammar School Foundation Trust** **Completed by: Chantelle Duke Reviewed by: Aron Smith Date: April 2022 Date: July 2022** **----- Start of picture text -----**
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
**----- End of picture text -----**
## **Audit Programme – Penistone Grammar School Foundation Trust** **Completed by: Chantelle Duke Date: April 2022** **Reviewed by: Aron Smith Date: July 2022** **----- Start of picture text -----**
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
**----- End of picture text -----**
## **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 **----- Start of picture text -----**
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.
**----- End of picture text -----**
## **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.