2024-03-31-accounts

PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2024

Report of the Trust Accountant to the Trustees May 2024

1. This report presents the Statement of Accounts for the year ending 31st March 2024 and explains the main changes from the previous year.

Balance Sheet

Fixed Assets

1. The fixed assets are comprised of the school’s land, buildings, and the rental / investment properties. The net depreciated value of the fixed assets is £38.7m as at 31 March 2024 and represents a increase in value of £5.55m.

2. The increase in the net depreciated value of the fixed assets is mainly a result of the capital expenditure relating to 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 an unrealized gain.

Investments / Shares

1. The calculated value of the fixed investments as at 31 March 2023 is £220k, which represents a decrease of £8k compared to 2022/23.

2. 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

1. Total cash held as at 31 March 2024 is £288k, made up of the NS&I Savings balance of £117k and the Barclays Bank current account of £171k. The cash at hand increased by £56k for the year.

2. In accordance with the agreed investment policy, a minimum working balance of £100k will be maintained.

PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2024 Report of the Trust Accountant to the Trustees May 2024

Income & Expenditure Statement

Income

1. Total income received for the year from the rental properties was £60k – an increase of £2k (3%).

2. Total interest received on investments and bank balances amount to £15k for the year – an increase of £5k (40%)

Expenditure

1. Spend on repairs & maintenance on the rental properties decreased from £7k to £0.372k in the year to 31 March 2024.

2. Payments were made to Penistone Grammar School during the year relating to agreed commitments agreed in previous years (i.e., 2022/23). A total of £28k was drawn down by the school during the 23/24 year.

Surplus/Deficit

1. A ‘ cash ’ surplus of £47K was recorded in 2023/24 (compared to £12k in 2022/23). However, this does not include the annual depreciation charge of £742k.

Recommendations

1. 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:

Aron Smith

Date: 18.06.2024

PENISTONE GRAMMAR SCHOOL FOUNDA TION TRUST FUND Charity Commission Registration Number 529458 ACCOUNTS YEAR ENDED 31 MARCH 2024 ACCOUNTANTS, REPORT The accounts have been prepared in accordance with the records and inforniation supplied. TH Trust Accountant

PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES Charity Commission Reglstr8ti¢)n Numb•r 529458 31 March 2023 31 March 2024 Unrestrithd Endowment Funds Funds Total INCOME Incomln 58,631 Rents 9,824 Interesl on Investments 550 Interest on un-invesled balan¢es 736 SAP Othèr Income Chanties Bonds Received Resourcès 60,428 10,739 3,789 60,428 10,739 3,789 720 720 69,741 75.676 76.876 EXPENDITURE Resources Ex ènded 6.541 Property Rep8irslPayments 515 Estates Management 276 Council Tax Speech Day Expenses l Donation Grant payment 1 Bank Charges Publicity Legal Fees 50,000 Payment lo School 594 Clerking Bond Refund 607,260 Depreciation (School Building) 372 372 27,593 892 27,593 892 741,612 741,612 665,187 28,858 741,612 770,470 595,446 Net In¢omlng l {Outgolngl Rèsources 46,818 741,612 694,794 ot rReeo nlsed Galns ndL s•s 1,476,941 Unrealised gainsllloss881 on Flxed Assets 15,9541 Unre81isad gainslllossesl on investments 6,296,260 6.296,260 6,064 6,064 87S,S41 Net Movgmènt In Fund 52,883 5,S54,648 5,607.530 Totsl Funds brought forward 590,380 33,060,640 33,651,688 Total Funds carried ft)rward 643,242 3B,615,288 39,259.219 Audltor Dale Signed on b8haW of Trustee Date eTnJ

PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND BALANCE SHEET Charity Commission Reglstration Number 529458 Year ended 31 March 2024 31 March 2023 31 MarGh 2024 ASSETS 769,500 2,654,000 29,755,740 Premises- Land and Rental dwellings Premises - School Land Premises - School Buildings Shares 682,500 2.454,000 35,597,388 Note 1 66,825 14,638 15,695 130,262 227,419 33,406,660 Charishare CAF COIF Schroders 68,738 Note 2 16,389 134,464 219,592 38,953,480 CURRENT ASSETS 115,883 12,870 116,835 245,588 National Savings Debtors Cash al Bank 116,780 18,822 171,588 307.191 CURRENT LIABILITIES Creditors Bonds held 892 1,250 1,250 1,250 244,339 33,651,000 2,142 305,049 39,258,530 NET CURRENT ASSETS TOTAL FINANCED BY:. 584,500 5,860 Unrestricted Funds brought forward Unrestricted Funds Surplus l (Deficit ) Endowment Funds brought forward Endowment Funds Surplus l (DefiCIt) 590,360 52,883 32,190,959 869,681 33,060,640 5,554,648 33,651,000 TOTAL 39,258,530 Auditor Date IqlIL I z4 Signed on behalf of Trustee Date he Trystees

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APPENDIX A INCOME AND EXPENDITURE STATEMENT COMPARISONS GENERAL FUND 2022123 AND 2023124 DETAILS 2022123 2023124 VARIANCE Income Rent 58,631 60,428 1,797 Interest on investments 9,824 10,739 915 9.3% Interest on uninvested balances 550 3.789 3.239 Charities 720 720 TOTAL INCOME 69,741 75,676 6,671 9.6010 Expenditure Property repairs 8,541 372 -6,169 -94.3'/ts Estates management 515 -515 O.OO/o Insurance 276 -276 O.OO/o Speech Day O.OO/o Grant Payment O.OO/o Payment to school 111 50,000 27,593 -22,407 Clerking 594 892 298 50.3Q/o TOTAL EXPENDITURE 57,927 28,858 -29,069 SURPLUS 11,814 46,818 35,004

APPENDIX B BALANCE SHEET COMPARISONS 2022123 AND 2023124 DETAILS 2022123 2023124 VARIANCE Assets Premises School Building School Land 769,500 29,755,740 2,654,000 682,500 35,597,388 2,454,000 87,000 5,841,648 200,000 -11.3% 19.601, -7.50/0 Shares 66.825 14,638 15,695 130,262 68,738 1,914 14,638 694 4,202 2.9% 16,389 134,464 3.20/0 Current assets National savings 115,883 116,780 897 0.8% Debtors 12.870 18,822 5,952 46.2 % Cash at bank 116.835 171,588 54,753 Current liabilities Creditors 892 892 Bonds 1,250 1,250 O.OD/o TOTAL 33,651,000 39,258,530 5,607,530 16.7D/. Financed by Reserve 32,775,459 33,651,000 875,541 2.70/0 Surplus 875,541 5,607,530 4,731,989 540.5°/0 TOTAL 33,651,000 39,258,530 5,607,530 16.70/0

Audit Programme – Penistone Grammar School Foundation Trust

Completed by: Aron Smith Reviewed by: Harry Tate Date: 12/07/2024 Date: 12[th] July 2024

	INCOME & EXPENDITURE ANALYSIS:
Ref	Test / Objective	Results	Conclusion	WP Ref
1	Verify opening and closing balances are recorded correctly.	All items 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	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: Aron Smith			Reviewed by: Harry Tate
Date: 12/07/2024			Date: 12th July 2024
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

Completed by: Aron Smith	Reviewed by: Harry Tate
Date: 12/07/2024	Date: 12th July 2024

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.	February statement missing, but able to reconcile with other evidence provided.	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

Completed by: Aron Smith	Reviewed by: Harry Tate
Date: 12/07/2024	Date: 12th July 2024

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.