PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Cbarity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2023 Report of the Trust Accountant to the Trustees May 2023 1. This report presents the Statement of Accounts for the year ending 31st March 2023 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 l investment properties. The net depreciated value of the fixed assets is £33.2m as at 31 March 2023 and represents a increase in value of £0.85m. 3. The increase in the net depreciated value of the fixed assets is mainly as a result of the capital expenditure relating to the additional SEN classroom at Penistone ALC. This has been included in the revaluation of the school's land and buildings by the Council's Estates Department. The increase in value represents unrealized gain. Investments I Shares 4. The calculated value of the fixed investments as at 31 March 2023 is £227k, which represents an decrease of £6k compared to 2021122. 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 l endowed funds of the Trust. Current Assets l Liabilities 6. Total cash held as at 31 March 2023 is £232k. made up of the NS&I Savings balance of £116k and the Barclays Bank current account of £116k. The cash at hand increased by £6k for the year. 7. In accordance with the agreed investment policy, a minimum working balance of £50k will be maintained. PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2023 Report of the Trust Accountant to the Trustees May 2023 Income & Ex enditure Statement Income 8. Total income received for the year from the rental properties was £59k increase of £3k (5 % an 9. Total interest received on investments and bank balances amount to £10k for the year- an increase of £4k (440/0) enditure 10. Spend on repairs & maintenance on the rentsl properties increased from £6k to £7k in the year to 31 March 2023. 11. Increased payments were made to Penistone Grammar School during the year relating to agreed commitments agreed in previous years {i.e., 2021122). A total of £50k was drawn down by the school during the 22123 year. This was in regard to the outdoor eating area for the agreed amount of £50k. Sur luslDeficit 12. A 'cash' surplus of £12K was recorded in 2022123 (compared to £58k in 2021122), mainly due to the spend on repairs I maintenance and payments to the school. However, this does not include the snnual depreciation charge of Recommendations 12. It is recommended that the accounts be received for infonmation subject to finalisation of the accounts and subsequent audit. Report signed on behalf of the Trustees: shu ahwe CPFA. Date: PENISTONE GRAMMAR SCHOOL FOUNDA TION TRUST FUND Charity Commission Registration Number 529458 ACCOUNTS YEAR ENDED 31 MARCH 2023 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 BALANCE SHEET ChariTty Commission Registration Number 529458 Year ended 31 March 2023 31 March 2022 31 March 2023 ASSETS 758,500 2,654,000 28,897,059 Premises - Land and Rental dwellings Premises - School Land Premises - School Buildings Shares 769,500 2,654,000 29,755,740 Note 1 67,544 16,312 16,648 132,870 233,374 32,542,934 Charishare CAF COIF Schroders 66,825 14,638 15,695 130,262 Note 2 227,419 33,406,660 CURRENT ASSETS 115,776 8,436 110,697 234,908 National Savings Debtors Cash at Bank 115,883 12,870 116,835 245,588 CURRENT LIABILITIES 445 1,250 1,696 233,212 32,776,147 Creditors Bonds held 1,250 1,250 244,339 33,651,000 NET CURRENT ASSETS TOTAL FINANCED BY..- 508,020 77,168 35,749,570 (3.558,611) Unrestricted Funds brought forward Unrestricted Funds Surplus I (Deficit ) Endowment Funds brought forward Endowment Funds Surplus l (Deficit) 584,500 5,860 32,190,959 869,681 32,776,147 TOTAL 33,651,000 Auditor Date Signed on behalf of the Trustees Trustee Date PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES Charity Commission Re9lStration Number 529458 31 March 2022 31 March 2023 Unre$trietèd Endowmènt Funds Funds Total INCOME Incomin 55,981 Rents 5.779 Interest on Investments 15 Interest on un-invested balances 2,095 SAP Other Income Charities Bonds Received Resourrès 58,631 9,824 550 736 58,631 9,824 550 736 63.870 69,741 69,741 EXPENDITURE Resources Ex ènded 5.744 Property RepairslPayments Estates Management 445 Council Tax Speech Day Expenses l Donation Granl payment 1 Bank Charges Publicity Legal Fees Payment to School 809 Clerking Bond Relun 577,941 Depreciation (School Building) 6,541 515 276 6,541 515 276 50,000 594 50,000 594 607,260 607.260 Note 1 5B4,940 57.927 607,260 665,187 521,070 Net Incomlng l (Outgoing) Resources 11.814 607.260 595,446 OtherRe¢o nlsed Gains and Loss$s 12,980,670} Unwalised gainslllossesl on Fixed As5els 20,296 Unrealised gainslllosses} on Invèstments 1.476,941 1.476,941 15,954} Note 2 15,9541 3,481.443 Net Movement in Fund 5,860 869,681 875,541 Total Funds brought forward 584.500 32,190,959 32,776,147 Totsl Funds carried forward 590,360 33,060,640 33,651,688 Auditor Date Signed on behalf of the Trustees Trustee Dale I o) r￿In0 10 ¢Tr ¢0 000000000 OOOOLnoo￿O Lf)Lr)oor4oo￿o Iri¢s1(Nc O o)oce 04x Lf) t7) ￿ O tr-Tt ( ¢DfLOO r40 L)£L)O£JotnT APPENDIX A INCOME AND EXPENDITURE STATEMENT COMPARISONS GENERAL FUND 2021122 AND 2022123 DETAILS 2021122 2022123 VARIANCE Income Rent 55,981 58.631 2,650 Interest on investments 5,779 9,824 4,045 Interest on uninvested balances 15 550 535 Charities O.O°/o TOTAL INCOME 63,870 69,741 7,230 11.3% Expenditure Property repairs 5,744 6,541 797 13.90/0 Estates management 515 515 Insurance 445 276 -169 Speech Day 0.0% Grant Payment 0.0% Payment to school 50,000 50,000 O.OO/o Clerking 809 594 -215 TOTAL EXPENDITURE 6,999 57,927 50,927 727.69°/. SURPLUS 56,871 11,814 45,057 -79.20/. APPENDIX B BALANCE SHEET COMPARISONS 2021122 AND 2022123 DETAILS 2021122 2022123 VARIANCE Assets Premises School Building School Land 758,500 28,897,059 2,654,000 769,500 29,755,740 2,654,000 11,000 858,681 1.5% 3.ov/o O.OO/¢ Shares 67,544 16,312 16,648 132,870 66,825 14,638 15.695 130,262 720 1,674 953 2,608 -1.1°/0 -10.3D/o -5.7 % -2.0°/0 Current assets National savings 115,776 115,883 108 Debtors 8,436 12.870 4,435 52.6% Cash at bank 110,697 116,835 6,138 5.50/0 Current liabilities Creditors 445 445 O.OO/o Bonds 1,250 1,250 0.0% TOTAL 32,776,147 33,651,000 874,853 Financed by Reserve 36,257,590 32,775,459 3,482,132 -9.6 % Surplus 3,481,443 875,541 4,356,984 TOTAL 32,776,147 33,651,000 874,852 APPENDIX C APPENDIX D APPENDIX E ||**Audit Programme– Penistone Grammar School Foundation Trust**|**Audit Programme– Penistone Grammar School Foundation Trust**| |---|---|---| |**Completed by: Aron Smith**||**Reviewed by: Harry Tate**| |**Date: 1st August 2023**||**Date: 15th August 2023**| |**INCOME & EXPENDITURE ANALYSIS:**|**INCOME & EXPENDITURE ANALYSIS:**|**INCOME & EXPENDITURE ANALYSIS:**|**INCOME & EXPENDITURE ANALYSIS:**|**INCOME & EXPENDITURE ANALYSIS:**| |---|---|---|---|---| |**Ref**|**Test / Objective**|**Results**|**Conclusion**|**WP Ref**| |1|Verify opening and closing balances are
recorded correctly.|All recorded correctly|OK|| |2|Ensure that all used cheques are accounted for
and entered correctly.|No Cheques Issues|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)|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
have been recorded correctly.|OK|| ||**Audit Programme– Penistone Grammar School Foundation Trust**|**Audit Programme– Penistone Grammar School Foundation Trust**| |---|---|---| |**Completed by: Aron Smith**||**Reviewed by: Harry Tate**| |**Date: 1st August 2023**||**Date: 15th August 2023**| |**STATEMENT OF FINANCIAL ACTIVITIES:**|**STATEMENT OF FINANCIAL ACTIVITIES:**|**STATEMENT OF FINANCIAL ACTIVITIES:**|**STATEMENT OF FINANCIAL ACTIVITIES:**|**STATEMENT OF FINANCIAL ACTIVITIES:**| |---|---|---|---|---| |**Ref**|**Test / Objective**|**Results**|**Conclusion**|**WP Ref**| |10|Ensure all income and expenditure are brought
from the I & E correctly.|Correct|OK|| |11|Ensure there is a detailed breakdown for each
item recorded in the statement.|Correct|OK|| |12|Verify all arithmetic is correct.|Correct|OK|| |**BALANCE SHEET:**||||| |**Ref**|**Test / Objective**|**Results**|**Conclusion**|**WP Ref**| |14|Verify all valuations of assets are correct.|Correct|OK|| |15|Ensure all recordings of assets and liabilities
are correct.|Correct|OK|| |16|Ensure notes are attached were appropriate.|Correct|OK|| |17|Verify that all arithmetic is correct.|Correct|OK|| ||**Audit Programme– Penistone Grammar School Foundation Trust**|**Audit Programme– Penistone Grammar School Foundation Trust**| |---|---|---| |**Completed by: Aron Smith**||**Reviewed by: Harry Tate**| |**Date: 1st August 2023**||**Date: 15th August 2023**| |**GENERAL:**|**GENERAL:**|**GENERAL:**|**GENERAL:**|**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.|Correct|OK|| |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**|**Audit Programme– Penistone Grammar School Foundation Trust**| |---|---|---| |**Completed by: Aron Smith**||**Reviewed by: Harry Tate**| |**Date: 1st August 2023**||**Date: 15th August 2023**| ## **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.