**PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2025 Report of the Trust Accountant to the Trustees** 

1.  This report presents the Statement of Accounts for the year ending 31st March 2025 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 £38.8m as at 31 March 2025 and represents a increase in value of £0.1m. 

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 2025 is £235k, which represents an increase of £16k compared to 2023/24. 

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 £208k, made up of the NS&I Savings balance of £118k and the Barclays Bank current account of £90k. The cash at hand decreased by £80k for the year. 

7. In accordance with the agreed investment policy, a minimum working balance of £80k will be maintained. 



**PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST Charity No 529458 ACCOUNTS FOR YEAR ENDED 31 MARCH 2025 Report of the Trust Accountant to the Trustees** 

## **Income & Expenditure Statement** 

## Income 

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

9. Total interest received on investments and bank balances amount to £15k for the year – a net nil position when compared to 23/24. 

## Expenditure 

10. Spend on repairs & maintenance on the rental properties decreased from £0.372k to £0 in the year to 31 March 2025. 

11. Payments were made to Penistone Grammar School during the year relating to agreed commitments agreed in previous years (i.e., 2023/24). A total of £153k was drawn down by the school during the 24/25 year. 

## Surplus/Deficit 

12. A ‘ **cash** ’ deficit of £77K was recorded in 2024/25 (compared to £47k in 2023/24). However, this does not include the annual depreciation charge of £759k. 

## **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: 20.01.2026 



# _**PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND**_ 

_**Charity Commission Registration Number 529458**_ 

## _**ACCOUNTS YEAR ENDED 31 MARCH 2025**_ 

## **ACCOUNTANTS’ REPORT** 

The accounts have been prepared in accordance with the records and information supplied. 

**A SMITH Trust Accountant** 



## **PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES** _**Charity Commission Registration Number 529458**_ 

|**31 March 2024**|||**31 March**|**2025**|||
|---|---|---|---|---|---|---|
||||**Unrestricted**|**Endowment**|||
||||**Funds**|**Funds**|**Total**||
|**£**|||**£**|**£**|**£**||
||**INCOME**||||||
||**_Incoming Resources_**||||||
|60,428|Rents||59,670||59,670||
|10,739|Interest on Investments||10,265||10,265||
|3,789|Interest on un-invested balances||4,690||4,690||
|-<br>|SAP Other Income||-||-||
|720|Charities||3,055||3,055||
|-|Bonds Received||||-||
|**75,676**|||**77,679**|**-**|**77,679**||
|46,818|||||||
||**EXPENDITURE**||||||
||**_Resources Expended_**||||||
|372|Property Repairs/Payments||-||-||
|-|Estates Management||-||-||
|-|Council Tax||-||-||
|-|Speech Day Expenses / Donation||-||-||
|-|Grant payment||-||-||
|1|Bank Charges||1||1||
|-|Publicity||-||-||
|-|Legal Fees||-||-||
|27,593|Payment to School||153,310||153,310||
|892|Clerking||919||919||
|-|Bond Refund||-||-||
|741,612|Depreciation (School|Building)||759,229|759,229|Note 1|
|**770,470**|||**154,230**|**759,229**|**913,459**||
|**(694,794)**|**Net Incoming / (Outgoing) Resources**||**(76,551)**|**(759,229)**|**(835,780)**||
||**_Other Recognised Gains and Losses_**||||||
|6,296,260|Unrealised gains/(losses) on Fixed Assets||-|845,712|845,712||
|6,064|Unrealised gains/(losses) on investments||15,715||15,715|Note 2|
|**5,607,530**|**Net Movement in Fund**||**(60,836)**|**86,483**|**25,647**||
||Total Funds brought forward||643,242|38,615,288|39,258,530||
||Total Funds carried forward||**582,407**|**38,701,771**|**39,284,177**||
|Auditor|||||||
|Date|||||||
|Signed on behalf|of the Trustees||||||
|Trustee|||||||
|Date||**Friday 5th May 2025**|||||





**PENISTONE GRAMMAR SCHOOL FOUNDATION TRUST FUND** 

## **BALANCE SHEET** 

_**Charity Commission Registration Number 529458**_ 

## **Year ended 31 March 2025** 

|**31 March**|||||
|---|---|---|---|---|
|**2024**||**31 March**|**2025**||
|**£**||**£**|**£**||
||**ASSETS**||||
|682,500|Premises - Land and Rental|dwellings|682,600|Note 1|
|2,454,000|Premises - School Land||2,454,000||
|35,597,388|Premises - School Buildings||35,683,771||
||**Shares**||||
|68,738|Charishare|71,567||Note 2|
|-|CAF|-|||
|16,389|COIF|16,814|||
|134,464|Schroders|146,925|||
|219,591|||235,306||
|**38,953,479**|||**39,055,678**||
||**CURRENT ASSETS**||||
|116,780|National Savings|117,951|||
|18,822|Debtors|22,575|||
|171,590|Cash at Bank|90,114|||
|307,193|||230,640||
||**CURRENT LIABILITIES**||||
|892|Creditors|892|||
|1,250|Bonds held|1,250|||
|2,142|||2,142||
|**305,051**|**NET CURRENT ASSETS**||**228,498**||
|**39,258,530**|**TOTAL**||**39,284,177**||
||**FINANCED BY:-**||||
|590,360|Unrestricted Funds brought forward||643,242||
|52,883|Unrestricted Funds Surplus / (Deficit )||(60,836)||
|33,060,640|Endowment Funds brought forward||38,615,288||
|5,554,648|Endowment Funds Surplus /|(Deficit)|86,483||
|**39,258,530**|**TOTAL**||**39,284,177**||
|Auditor|||||
|Date|||||
|Signed on behalf of the Trustees|||||
|Trustee|||||
|Date||**Friday 5th May 2025**|||





## **NOTES TO THE ACCOUNTS** 

## **(1) Tangible Fixed Assets** 

|**Balance as at 1 April 2024**<br>School buildings *<br>School Land<br>Rental Properties<br>**Depreciation**<br>Balance as at 1 April 2024<br>Charged in Year<br>**Net Book Value**<br>As at 31 March 2025|**General**<br>**Restricted**<br>36,443,000<br>Revaluation<br>2,454,000<br>682,600<br>**682,600**<br>**38,897,000**<br>-<br>-<br>759,229<br>**-**<br>**759,229**<br>**682,600**<br>**38,137,771**|
|---|---|



_* Estimated remaining useful life at 31 March 2025 is 48 years_ 

The school building and land were valued by BMBC's Estates Department on 31/03/2025 

|1A Church Street<br>3 Church Street<br>3A Church Street<br>5/7 Church Street<br>Outbuildings rear of 5/7 Church Street<br>6-10 St Mary's Street<br>12 St Mary's Street<br>Land at Fall Edge Lane, Ingbirchworth<br>Land at Old Anna's Lane, Penistone|**Valuation**<br>**£**<br>91,500<br>87,000<br>84,500<br>84,000<br>4,600<br>154,000<br>118,000<br>29,000<br>30,000|
|---|---|
||**682,600**|



The buildings revaluation was established by BMBC's Estates Department on 31st March 2025 

## **(2) Unrealised Gain on Investments** 

|**Investment**<br>i)   Charishare<br>ii)  COIF<br>iii)  Schroders|**Market Value**<br>**31 March 2024**<br>**Market Value**<br>**31 March 2025**<br>**Unrealised Gain**<br>**£**<br>**£**<br>**£**<br>68,738.23<br>71,566.97<br>2,828.73<br>16,389.17<br>16,814.33<br>425.16<br>134,464.09<br>146,925.20<br>12,461.11|
|---|---|
||219,591.50<br>235,306.50<br>15,715.00|





## **Audit Programme – Penistone Grammar School Foundation Trust** 

|**Completed by: Aron Smith**|**Reviewed by: Colette Tyrell**|
|---|---|
|**Date: 5th May 2025**|**Date: 12th May 2025**|



||**INCOME & EXPENDITURE ANALYSIS:**||||
|---|---|---|---|---|
|**Ref**|**Test / Objective**|**Results**|**Conclusion**|**WP Ref**|
|1|Verify opening and closing balances are<br>recorded correctly.|✓|OK||
|2|Ensure that all used cheques are accounted for<br>and entered correctly.|✓|OK||
|3|Ensure all paying in slips are accounted for and<br>entered correctly.|✓|OK||
|4|Verify that all arithmetic is correct.|✓|OK||
|5|Ensure that all entries for both income and<br>expenditure are supported by appropriate prime<br>documentation.<br>(e.g.<br>invoices,<br>vouchers,<br>cheques, receipts)|✓|OK||
|6|Ensure that the date of payment and cheque<br>number are quoted on all invoices.|N/A|N/A||
|7|Ensure that interest payments shown on the<br>bank statements are recorded appropriately.|✓|OK||
|8|Verify that all payments and receipts shown in<br>the accounts appear on the bank statements.|_N/A_|N/A||
|9|Verify all income and expenditure recorded on<br>SAP are accounted for in the I & E correctly**.**|✓|OK||





|||**Audit Programme–**|**Penistone Grammar School Foundation Trust**|**Penistone Grammar School Foundation Trust**|**Penistone Grammar School Foundation Trust**||
|---|---|---|---|---|---|---|
||||||||
|**Completed by: Aron Smith**||||**Reviewed by: Colette Tyrell**|||
|**Date: 5th May 2025**||||**Date: 12th May 2025**|||
||||||||
||||||||
|**Ref**|**Test / Objective**|||**Results**|**Conclusion**|**WP Ref**|
|10|Ensure all income and expenditure are brought<br>from the I & E correctly.|||✓|OK||
|11|Ensure there is a detailed breakdown for each<br>item recorded in the statement.|||✓|OK||
|12|Verify all arithmetic is correct.|||✓|OK||
|**BALANCE SHEET:**|||||||
||||||||
||||||||
|**Ref**|**Test / Objective**|||**Results**|**Conclusion**|**WP Ref**|
|14|Verify all valuations of assets are correct.|||✓|OK||
|15|Ensure all recordings of assets and liabilities<br>are correct.|||✓|OK||
|16|Ensure notes are attached were appropriate.|||✓|OK||
|17|Verify that all arithmetic is correct.|||✓|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: Colette Tyrell**|||
|**Date: 5th May 2025**|||**Date: 12th May 2025**|||
|||||||
|**GENERAL:**||||||
|**Ref**|**Test / Objective**||**Results**|**Conclusion**|**WP Ref**|
|18|Ensure that all unused or cancelled cheques<br>are retained and cancelled effectively.||✓|OK||
|19|Ensure that there are no pre-signed unused<br>cheques.||✓|OK||
|20|Verify that the bank account and cheque books<br>are held in the organisations name.||✓|OK||
|21|Verify that all bank statements are retained.||✓|OK||
|22|Reconcile all income and expenditure to the<br>bank statements retained.||✓|OK||
|23|Check<br>for<br>evidence<br>of<br>bank<br>statement<br>reconciliation.||✓|OK||





## **Audit Programme – Penistone Grammar School Foundation Trust** 

|**Completed by: Aron Smith**|**Reviewed by: Colette Tyrell**|
|---|---|
|**Date: 5th May 2025**|**Date: 12th May 2025**|



## **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.