## **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 2. 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. 3. 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 4. The calculated value of the fixed investments as at 31 March 2023 is £220k, which represents a decrease of £8k compared to 2022/23. 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 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. 7. 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 8. Total income received for the year from the rental properties was £60k – an increase of £2k (3%). 9. Total interest received on investments and bank balances amount to £15k for the year – an increase of £5k (40%) ## Expenditure 10. Spend on repairs & maintenance on the rental properties decreased from £7k to £0.372k in the year to 31 March 2024. 11. 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 12. 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** 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: 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 I (40 ro 0000 0000 oowjo 0recorded 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.