REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 July 2023 |
for |
Petty Pool |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 July 2023 |
for |
Petty Pool |
Petty Pool |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Report of the Trustees | 1 | to | 9 |
Report of the Independent Auditors | 10 | to | 13 |
Statement of Financial Activities | 14 |
Balance Sheet | 15 | to | 16 |
Cash Flow Statement | 17 |
Notes to the Cash Flow Statement | 18 |
Notes to the Financial Statements | 19 | to | 31 |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
The Petty Pool Vision: |
Our Vision |
Empowering young people to discover a world of opportunity and possibility |
Our Mission |
To deliver exceptional education, within an inclusive environment, building a strong foundation for life. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Charity objectives of Petty Pool areto: |
++Educate and train young people including but not limited to those with learning disabilities, including vocational and basic skills, personal competencies and preparing them for possible employment/placement, and encouraging independent living++++++ |
Promote the personal development of young people including but not limited to those with learning disabilities through the provision of challenging activities within a residential setting.++++ |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
OBJECTIVES AND ACTIVITIES |
Significant activities |
Our Activities |
Petty Pool is a registered charity based near Northwich, Cheshire and is a Vocational College and Outdoor Education Centre set in over 40 acres of Cheshire woodland. Our vision is to make our provision the best it can be for our young people and visiting groups and to grow our offer in 3 key areas: The Vocational College, The Outdoor Education Centre and Enrichment Services. |
We firmly believe this growth will not only support our current learners but set the scene for future cohorts, stakeholders and visitors. We are a high performing organisation offering a fantastic service to all who visit. |
The Vocational College |
We are a key partner for Cheshire College South & West (CCSW) and deliver a significant proportion of their high needs provision for young adults aged 16-25 with learning difficulties and differences across Cheshire and the North-West. Through this arrangement the charity is subject to inspection by Ofsted as well as a rigorous internal and external quality assurance process. The terms of the Service Level Agreement are reviewed on an annual basis, to ensure that the services delivered by Petty Pool are properly reflected in the financial settlement. |
All learners have an Education Health Care Plan (EHCP) and present with a range of mild to moderate learning difficulties and disabilities. Each learner's needs are assessed through our admissions process, allowing the college to develop an appropriate progression pathway which meets the aspirations of the young person. |
Learners are offered a programme that is tailored to their individual needs, taking account of their starting point and their long-term aspirations. Personalised programmes, based on the Preparation for Adulthood agenda, are designed so that all learners can participate, achieve, and make progress. Vocational accreditation is also used to meet learners' long-term goals aspirations. The college uses the staged process of recognising and recording progress and achievement (RARPA) for recording non-accredited learning and progression. Our curriculum is designed to increase meaningful outcomes for all learners to aspire to gain purposeful employment. |
Our young people are aged between 16 and 25 years of age, all have an active EHCP and are working between Pre-Entry, Entry Level and Level 1. All of our learners are on the 16-19 Study Programmes funded by the ESFA via a sub-contracting arrangement. |
Our intention for our learners, during their time with us, is to experience what we call 'The Petty Pool Effect'. |
- Effective transition from school to the college environment |
- Preparation for Employment through vocationally specific pathways in Animal Care, Horticulture & Conservation, Retail & Customer Service, Business Enterprise, Hospitality and Catering. |
- Enrichment activities to support young people's social and emotional development |
- Development of functional maths and English Skills |
- Meet all EHCP outcomes |
To support our young people to gain employment we allow learners to put their skills into practice and gain further real-life experience of the world of work by partnering with local employers to facilitate work placements. This includes opportunities on site being maximised (Coffee shop, Community shop, maintenance opportunities, horticulture activities and catering experience) and developing further community activities and services. We have adopted strong relationships with 9 national employers and 22 SMEs to offer work experience opportunities for our students to put their skills into practise. This year we saw XX young people go into employment. |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
OBJECTIVES AND ACTIVITIES |
The Outdoor Education Centre |
Our Outdoor Centre is a fantastic resource for our young people and visitors to Petty Pool. It is a resource that is well used by the local community and we have a very good relationship with many local schools, reflected in the fact that 4200 young people visited last year. |
We aim to deliver programmes in conjunction with the needs of the visiting school and work with them to develop skills to support the young people's growth. We focus on activities around teamwork, resilience, confidence building, and individuals self-esteem. We do this as day courses or as residentials depending on group size and needs of the school. |
Our programmes include climbing, high ropes, crate stack, archery, bushcraft, canoeing, team building exercises and forest school along with options of working with partners to grow our provision. We have recently partnered with Winsford Sailing Club and Wild Shore to offer more offsite activities as well as regular visits to North Wales. |
Petty Pool in the Community (Adult Day provision) |
Petty Pool is keen to ensure students are learning at every opportunity and putting in practice the skills they are developing. The Preparation for Adulthood outcomes for securing employment, staying healthy, community inclusion and independent living are great ways to expand our student experience by offering enrichment activities to provide those informal learning opportunities. This area has grown considerably and has become a stable part of the organisation as local authorities are now very clear of the offer so referrals are appropriate for us to meet need. It is also key in ensuring students gain meaningful experiences for life, but to also build on vocational skills acquired in college which sets us apart from other providers in this space. |
Stakeholders |
Stakeholders are key to Petty Pool success and we have actively established relationships in the community in order to improve our engagement and profile with local networks. This is a vital part of the work we do and is part of what makes Petty Pool such a unique place. |
Young people: Petty Pool believes that the most important people in the organisation are our young people and the opportunities they experience to support the journey to adulthood and independence. We spend a great deal of time ensuring the experience of our young people both in college and those that visit is the best it can be. |
Community partnerships: Petty Pool works in partnership with a range of organisations who support young people with learning disabilities both preparing to arrive at Petty Pool or to support while in college. Good links are maintained with all local special schools, local authorities and wider partners to ensure the transition and partnership work is as smooth as possible for each young person. We have also invested a lot of time with local community groups with year to help enhance our offer, this has been really positive and the young people have got a great deal out of the work we do in the community. Winnington Park Rugby Club, Delamere station, Northwich young club, allotments at Hartford, Cranage Hall and The Joshua Tree just to name a few. We have strong partnerships with other local charities, sporting organisations, drama groups, music events, community partnership groups and intervention services, all to enhance our learner experience and increase opportunities in the future. Cheshire Connect is a great network we are involved with which offers key links to businesses who support charities like ours. |
Corporate partners |
Petty Pool has links with a number of corporate partners like Barclays, Quest, Aldermoore Bank, ISG and Connect Chemicals all offering time, advice, volunteer hours, project based tasks and fundraising activities. This year we have seen in excess of 1000 hours of volunteering activity that has supported the charity with maintenance tasks, preparing for events and ground works. |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
OBJECTIVES AND ACTIVITIES |
We would like to extend out thanks to all the partners we have as they make a massive difference to a charity like ours. |
Petty Pool Team |
It is through the energy, dedication and commitment of our staff and volunteers, that Petty Pool makes the difference it does to our learners, their families and our local community. Petty Pool would like to thank every individual and organisation who has supported us over the last year. We couldn't enhance the learner's experience in the way that we do without the help of our team, volunteers and supporters. Thank you. |
Public benefit |
The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities. |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Petty Pool Vocational College |
During the academic year 2022-23 much has been achieved: |
- CCSW contract is for 113 learners, we had 114 learners with one learner from Cheshire East who was paid directly. We lost 3 learners as per the report for final figure as 111. |
- BTEC Vocational achievements rates are 100% 22/23. 32 Learners enrolled on the BTEC Award and 35 on the BTEC Diploma. The remaining 44 learners were a combination of RARPA and Supported Interns. |
- Functional Skills English is 91% KPI is 85% for 22/23 this is actuals of 57 starts with 52 passes. Remaining learners completed Basic Literacy and Numeracy (RARPA) |
- Functional Skills Maths is 96% our KPI is 85% for 22/23 this is actuals of 55 starts and 53 passes. Remaining learners completed basic Literacy and Numeracy (RARPA) |
Learners work placement activity has grown from strength to strength this year, we are now working with major employers including Tesco, Morrisons, JW Lees and Waitrose, as well as continued work with local SMEs who have supported Petty Pool for many years. This has been a great success this year and we are really proud of the outcomes for learners. |
The Outdoor Education Centre |
Our Outdoor Education Centre has been extremely busy with over 4,200 young people from the local area accessing the Outdoor Centre to take part in activities like canoeing, climbing and bushcraft. XX different groups visited this year resulting in XXX young people enjoying residential activity too from one to three nights. Many of these groups were repeat visitors from schools with existing relationships with Petty Pool but we also welcomed 12 new schools visiting Petty Pool for the first time this year. |
For 2022-23 the Outdoor Centre created a surplus of XXXX and received a grant of XXXX to purchase canoes. |
We have invested in training the team and continue to ensure all our licences, accreditation and inspections are actioned and reviewed in a timely way. |
Review of Enrichment Services |
Petty Pool has become very stable this year welcoming young people 5 days a week to engage with a wide range of activities. We have a structured plan for the year with planned activities young people can book onto utilising activities onsite or further afield. Our young people can socialise with friends, work on the independence skills, and learn from their peers while out on the trips. |
Investment performance |
In 2022-23 our accounts show investment losses of £104,865, £66,213 of this relates to unrealised investment losses following unrealised gains of £162,025 in 2021-22. The organisations cash position in the year was reviewed and the Trustees agreed to add £400,000 to our investments, at the year end these funds were being held as cash by Brown Shipley. The market position has not improved since year end, with further unrealised losses reported at 30th Sept 2022. |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
FINANCIAL REVIEW |
Financial position |
The 2022-23 reports show a deficit in the Petty Pool activities of £(£63,070). This is after taking into account a fall in the value of investments of £6,553. |
The Vocational College, Outdoor Education Centre and Enrichment Activities recovered during the year, with revenue rising to £2,989,703, 9.85% above the 2021-22 level (£2,721,613). Overall costs increased by 12.0% to £3,046,220, (£,2,719,156 in 20/21) reflecting the improved staffing levels and the recovery in site activities. The cash position of the organisation remained strong during the year, exceeding the policy requirements. Site projects were completed to redevelop the parking area and capital investments were made to replace heating boilers and upgrade IT equipment in the College. Further projects to add boundary fencing, re-cable the Education building and re-purpose a residential flat into offices was sanctioned in the year and completed during the summer of 2022. |
Principal funding sources |
The Charities principal income is EFSA funding via Cheshire College South and West SLA, to the value of 2.4m. |
Petty Pool in the Community revenue increased to £216,637 (per Note 5) and our Outdoor Centre generated revenue of £249,999 (per Note 5) from a combination of last minute bookings and new interest from new schools. Donations in the period were limited to a small number of specific donations and onsite events. |
Investment policy and objectives |
The Charity investment holdings are managed by Brown Shipley, the Manchester based Wealth Management and Investment company which actively manage the Charity funds to support the forward vision for our site. |
The Board of Trustees has taken advice from Brown Shipley to develop a robust and appropriate investment strategy. Currently the funds are invested in a managed balanced portfolio with a medium approach to risk. On 31st July 2023, the investment portfolio covered Fixed Interest, Overseas Equities and Alternatives holdings - valued at £1,082,837 and £304,854 was held in investment cash. Investment statements are issued quarterly to Trustees. |
The Petty Pool organisation operates with a full Annual Business Plan, presented, and agreed with the Trustees in the Autumn term. Termly re-forecasts have enabled the organisation to review income and expenditure and apply the flexibility needed in the recent uncertain times. |
Reserves policy |
The reserves at 31st July 2023 are £2,786,963 of which £571,485 is held in a General Unrestricted Fund. The Trustees hold reserves at a level that allow the charity to continue to provide all services for a period of at least 6 months, in the event of unforeseen difficulties. The Trustees have specified a level of free reserves of £1M to provide the safeguards needed to be able to guarantee continuity of services during periods of instability, uncertainty, or change. |
FUTURE PLANS |
Our Strategic Aims |
As an organisation we have set ourselves some challenging goals for our 5-year Strategic plan much of which we are already laying the foundations for. The organisation continues to move at pace to ensure these targets are achieved in the timescales set out by the board and the CEO will drive this forward with the team. Our strategic aims are summarised into seven core areas: |
- Delivering Outstanding education |
- Expansion of Outdoor Education Centre |
- Enriching student experiences |
- Adapting and future proofing |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Petty Pool is a registered charity (no 1174082) registered on 2nd August 2017. The charity was set up on 18th May 1981 and is governed by its revised constitution adopted on 1st May 2003 as amended 25th November 2003 and 2nd August 2017. In 2017 the charity became incorporated. |
The charity operates under the name of Petty Pool, with operational activities divided between the Petty Pool Vocational College, which provides education and training for young people with learning disabilities, and the Petty Pool Outdoor Centre, providing personal development through adventurous activities. |
Petty Pool a charitable company limited by guarantee, company number: 10410072 is the sole corporate trustee of the existing unincorporated charity which holds only the Buildings and Investment Portfolio. |
Organisational structure |
The charity has a Trustee Board of seven members who are responsible for the strategic direction and policy of the Charity. The Trustees have compiled and reviewed a Risk register to identify and assess the extent of organisational risks and to instigate action to reduce any unacceptable exposure. |
The day-to-day operational responsibility for the provision of services rests with the Chief Executive, Principal of the College and the Senior Leadership Team. The Chief Executive is responsible for ensuring that the Charity delivers the services specified by the primary contract with CCSW along the growth in wider areas of the organisation in line with the Strategic Plan objectives. The Senior Leadership Team have responsibility for the day-to-day operational management of the different activities of the charity, individual supervision of their staff teams and also ensuring that the teams continue to develop their skills and working practices in line with best practice, whilst contributing to the overall delivery of the charity's short and long-term objectives. |
Induction and training of new trustees |
Our Trustees have all been inducted, received an induction handbook and undergone required mandatory training including Safeguarding along with KCSIE updates, Health and Safety, GDPR and SEND legislation responsibilities. |
Key management remuneration |
The Trustees consider that the Board of Trustees and the Chief Executive as comprising the key management personnel of the charity as they are responsible for directing and controlling the charity and for the operational delivery. All Trustees give their time freely and no Trustee remuneration or Trustee expenses were paid in the past year. The pay of the Chief Executive, along with all the staff, is reviewed annually and a decision made as to any pay increase. The remuneration is bench marked against charities of a similar size to ensure it is in line with that generally paid for similar roles. |
Cheshire College South and West Partnership |
Petty Pool Vocational College has a long-term and successful Service Level Agreement with Cheshire College South and West, for the delivery of high-quality education and training services for young people with learning disabilities. Through this arrangement the charity is subject to inspection by Ofsted as well as a rigorous internal and external quality assurance process. The terms of the SLA are reviewed on an annual basis, to ensure that the services delivered by Petty Pool are properly reflected in the financial settlement. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
Registered office |
Trustees |
Patron - P Hickson |
Company Secretary |
Auditors |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Solicitors |
Brabners |
Horton House |
Exchange Flags |
Liverpool |
L2 3YL |
Advisers |
Bankers |
Barclays |
Yorkshire Bank |
Portfolio managers |
Brown Shipley |
3 Hardman Street |
Manchester |
M3 3HF |
Honorary President |
Lady Grey of Codnor |
Chief Executive |
Sally Garratt |
Petty Pool (Registered number: 10410072) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Petty Pool for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Voisey & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
Report of the Independent Auditors to the Members of |
Petty Pool |
Opinion |
We have audited the financial statements of Petty Pool (the 'charitable company') for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Petty Pool |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Petty Pool |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
1 - We enquired of management and those charged with governance about actual and potential litigation and claims, including review of relevant nominal ledger accounts. |
2 - We obtained an understanding of laws, regulations and guidance that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, health and safety legislation and employment legislation. |
3 - We enquired of management and those charged with governance to identify any instances of non-compliance with laws and regulations. We also reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations. |
4 - We reviewed the Company's financial statement disclosures and agreed to supporting documentation to assess compliance with the applicable laws and regulations discussed above. |
5 - We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any incidences of fraud that had taken place during the accounting period. |
6 - The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. |
7 - In addressing the risk of fraud due to management override of controls, we performed testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
8 - We also challenge management assumptions with regard to accounting estimates. |
Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Report of the Independent Auditors to the Members of |
Petty Pool |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Warrington |
Cheshire |
WA1 1JW |
Petty Pool |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 July 2023 |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
INCOME AND | ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) |
( |
) |
( |
) |
( |
) |
( |
) |
RECONCILIATION OF | FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD |
2,850,033 |
Petty Pool (Registered number: 10410072) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
17 |
( |
) |
( |
) |
( |
) |
( |
) |
NET CURRENT ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 18 |
Unrestricted funds | 638,199 |
Restricted funds | - |
Endowment funds | 2,211,834 |
TOTAL FUNDS | 2,850,033 |
Petty Pool (Registered number: 10410072) |
Balance Sheet - continued |
31 July 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Petty Pool |
Cash Flow Statement |
for the Year Ended 31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (330,712 | ) | (41,890 | ) |
Net cash used in operating activities | (330,712 | ) | (41,890 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (52,415 | ) | (60,379 | ) |
Purchase of fixed asset investments | (835,723 | ) | (800,501 | ) |
Sale of tangible fixed assets | 750 | 876 |
Sale of fixed asset investments | 845,895 | 407,199 |
Interest received | 118 | - |
Dividends received | 23,148 | 22,423 |
Net cash used in investing activities | (18,227 | ) | (430,382 | ) |
Change in cash and cash equivalents in the reporting period |
(348,939 |
) |
(472,272 |
) |
Cash and cash equivalents at the beginning of the reporting period |
638,258 |
1,110,530 |
Cash and cash equivalents at the end of the reporting period |
289,319 |
638,258 |
Petty Pool |
Notes to the Cash Flow Statement |
for the Year Ended 31 July 2023 |
1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.7.23 | 31.7.22 |
£ | £ |
Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(63,070 |
) |
(102,408 |
) |
Adjustments for: |
Depreciation charges | 102,182 | 93,614 |
Losses on investments | 6,553 | 104,865 |
Profit on disposal of fixed assets | (750 | ) | (876 | ) |
Interest received | (118 | ) | - |
Dividends received | (23,148 | ) | (22,423 | ) |
Decrease/(increase) in stocks | 1,265 | (3,798 | ) |
Increase in debtors | (276,729 | ) | (93,981 | ) |
Decrease in creditors | (76,897 | ) | (16,883 | ) |
Net cash used in operations | (330,712 | ) | (41,890 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.22 | Cash flow | At 31.7.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 638,258 | (348,939 | ) | 289,319 |
638,258 | (348,939 | ) | 289,319 |
Total | 638,258 | (348,939 | ) | 289,319 |
Petty Pool |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Donations, are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. |
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants,is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. |
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. |
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. |
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Provision is made for the replacement or repair of the Charity's assets when the need has been identified. The Charity provides for the future replacement of the buildings due to their short lifespan. |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES - continued |
Governance costs |
Governance costs include external audit, legal advice on governance matters, Trustees' expenses, and an apportionment of shared and indirect costs. |
Allocation and apportionment of costs |
Cost of generating funds includes a proportion of shared and indirect costs. |
Direct charitable expenditure consists of direct, shared and indirect costs associated with the main activities of the Trust. |
Shared and indirect costs are apportioned on the basis of the number of full-time equivalent staff. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property - 2%, 3.3% and 6.67% on cost |
Plant and machinery - 25% on cost and 10% on cost |
Fixtures and fittings - 25% on cost |
Motor vehicles - 25% on cost |
Computer equipment - 25% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Financial instruments |
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the charity becomes party to the contractual provisions of the instrument. |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
1. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Employee benefits |
The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the costs of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Fixed asset investments |
Fixed asset investments which are listed on recognised stock exchanges are stated at year end market value. Fixed asset investments which are unlisted are stated at cost less provisions for reductions in value. |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | DONATIONS AND LEGACIES |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | funds | funds | funds |
£ | £ | £ | £ | £ |
Donations | 13,404 | 28,976 | - |
3. | OTHER TRADING ACTIVITIES |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | funds | funds | funds |
£ | £ | £ | £ | £ |
Management charge | - | - | 48,000 | 48,000 | 48,000 |
4. | INVESTMENT INCOME |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | funds | funds | funds |
£ | £ | £ | £ | £ |
Other fixed asset invest - FII |
- |
- |
23,148 |
23,148 |
22,423 |
Deposit account interest | - | - | 118 |
- | - | 23,266 |
5. | INCOME FROM CHARITABLE ACTIVITIES |
31.7.23 | 31.7.22 |
Activity | £ | £ |
Sales and supplies | Vocational Centre | 74,081 | 43,379 |
Service level agreements | Vocational Centre | 2,335,339 | 2,314,631 |
Sales and supplies | Outdoor Education Centre | 210,615 | 166,310 |
Grants | Outdoor Education Centre | 39,384 | 4,964 |
Sales and supplies | Petty Pool Plus | 216,637 | 68,578 |
Grants received, included in the above, are as follows: |
31.7.23 | 31.7.22 |
£ | £ |
Brabners LLP | - | 4,964 |
UK Youth | 16,000 | - |
Barclays | 3,384 | - |
Cheshire East | 20,000 | - |
39,384 | 4,964 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | RAISING FUNDS |
Raising donations and legacies |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | funds | funds | funds |
£ | £ | £ | £ | £ |
Staff costs | - | - | - |
Investment management costs |
31.7.23 | 31.7.22 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | funds | funds | funds | funds |
£ | £ | £ | £ | £ |
Portfolio management | - | - | 10,173 | 10,173 | 9,705 |
Aggregate amounts | - | - | 10,173 | 10,173 | 17,830 |
7. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 8) | Totals |
£ | £ | £ |
Vocational Centre | 2,282,609 | 405,182 | 2,687,791 |
Outdoor Education Centre | 173,102 | 8,706 | 181,808 |
Petty Pool Plus | 165,844 | 603 | 166,447 |
2,621,555 | 414,491 | 3,036,046 |
8. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Vocational Centre | 323,720 | 81,462 | 405,182 |
Outdoor Education Centre | 8,706 | - | 8,706 |
Petty Pool Plus | 603 | - | 603 |
333,029 | 81,462 | 414,491 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
9. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.7.23 | 31.7.22 |
£ | £ |
Auditors' remuneration | 6,450 | 4,680 |
Depreciation - owned assets |
Other operating leases | 62,261 | 43,619 |
Surplus on disposal of fixed assets | ( |
) | ( |
) |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
11. | STAFF COSTS |
31.7.23 | 31.7.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
2,271,794 | 1,989,208 |
The average monthly number of employees during the year was as follows: |
31.7.23 | 31.7.22 |
Management, Admin & Teaching |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
31.7.23 | 31.7.22 |
£60,001 - £70,000 |
£80,001 - £90,000 |
£100,000- £105,000 | 1 | - |
2 | 2 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
12. | NET GAINS/(LOSSES) ON INVESTMENTS |
Year Ended 31.7.23 |
Year Ended 31.7.22 |
Unrestricted funds |
Restricted funds |
The Petty Pool Trust funds |
Total funds |
Total funds |
£ | £ | £ | £ | £ |
Unrealised gains/(losses) - on fixed asset investments |
- |
(72 |
) |
(72 |
) |
(66,213 |
) |
Realised gains/(losses) on fixed asset investments |
- |
- |
(6,481 |
) |
(6,481 |
) |
(38,652 |
) |
- | - | (6,553 | ) | (6,553 | ) | (104,865 | ) |
13. | TANGIBLE FIXED ASSETS |
Freehold | Classroom | Plant and |
property | Building | machinery |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Freehold property and the classroom building are owned by The Petty Pool Trust (the linked charity). |
14. | FIXED ASSET INVESTMENTS |
31.7.23 | 31.7.22 |
£ | £ |
Shares | 1,082,837 | 931,660 |
Other | 304,854 | 472,756 |
1,387,691 | 1,404,416 |
Additional information as follows: |
Listed |
investments |
£ |
MARKET VALUE |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 | 1,082,837 |
At 31 July 2022 | 931,660 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
31.07.23 | 31.07.22 |
£ | £ |
UK | 693,736 | 779,109 |
USA | 251,845 | 152,151 |
Europe | 137,256 | 400 |
1,082,837 | 931,660 |
The change in valuation in the year was (£72). |
Investments (neither listed nor unlisted) were as follows: |
31.7.23 | 31.7.22 |
£ | £ |
Funds held by broker | 304,854 | 472,756 |
The investments are held by The Petty Pool Trust (the linked charity). |
15. | STOCKS |
31.7.23 | 31.7.22 |
£ | £ |
Stocks |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Deferred income comprises sales invoices raised in advance of the year to which it relates. |
31.07.23 |
£ |
Balance as at 1st August 2022 | 17,622 |
Amount released to income earned from charitable activities | (17,622) |
Amount deferred in year | 8,779 |
Balance as at 31st July 2023 | 8,779 |
18. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 638,199 | (66,714 | ) | 571,485 |
Restricted funds |
Provision of sports equipment | - | 12,768 | 12,768 |
Provision of health & wellbeing services | - | 14,886 | 14,886 |
27,654 |
Endowment funds |
The Petty Pool Trust | 2,211,834 | (24,010 | ) | 2,187,824 |
TOTAL FUNDS | (63,070 | ) | 2,786,963 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
18. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 2,850,076 | (2,916,790 | ) | - | (66,714 | ) |
Restricted funds |
UK Youth - provision of outdoor learning | 16,000 | (16,000 | ) | - | - |
Barclays | 3,384 | (3,384 | ) | - | - |
Brabners fundraising day | 3,476 | (3,476 | ) | - | - |
Provision of sports equipment | 25,500 | (12,732 | ) | - | 12,768 |
Provision of health & wellbeing services | 20,000 | (5,114 | ) | - | 14,886 |
( |
) | 27,654 |
Endowment funds |
The Petty Pool Trust | 71,266 | (88,723 | ) | (6,553 | ) | (24,010 | ) |
TOTAL FUNDS | ( |
) | ( |
) | (63,070 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.8.21 | in funds | funds | 31.7.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 592,708 | 34,552 | 10,939 | 638,199 |
Restricted funds |
Fundraising day costs match | - | 469 | (469 | ) | - |
Endowment funds |
The Petty Pool Trust | 2,359,733 | (137,429 | ) | (10,470 | ) | 2,211,834 |
TOTAL FUNDS | 2,952,441 | (102,408 | ) | - | 2,850,033 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
18. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 2,600,359 | (2,565,807 | ) | - | 34,552 |
Restricted funds |
Petty Pool Plus | 36,000 | (36,000 | ) | - | - |
Purchase of canoes and equipment | 4,964 | (4,964 | ) | - | - |
Provision of bird therapy for the students | 5,000 | (5,000 | ) | - | - |
Fundraising day costs match | 4,867 | (4,398 | ) | - | 469 |
50,831 | (50,362 | ) | - | 469 |
Endowment funds |
The Petty Pool Trust | 70,423 | (102,987 | ) | (104,865 | ) | (137,429 | ) |
TOTAL FUNDS | 2,721,613 | (2,719,156 | ) | (104,865 | ) | (102,408 | ) |
The movement in funds of the linked charity, The Petty Pool Trust, are as follows: |
At 1.8.22 |
Net movements in funds |
At 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 85,185 | (31,307) | 53,878 |
Designated building funds | 1,083,618 | 757 | 1,084,375 |
1,168,803 | (30,550) | 1,138,253 |
Endowment funds |
Legacy Endowment fund | 1,043,031 | 6,540 | 1,049,571 |
2,211,834 | (24,010) | 2,187,824 |
Petty Pool |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
19. | EMPLOYEE BENEFIT OBLIGATIONS |
The Charity operates a defined contribution scheme. The assets of which are held separately from the assets of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £59,892 (2022 £51,885). |
20. | RELATED PARTY DISCLOSURES |
The charity incurred legal costs of £6,290 from a firm of solicitors, one of the trustees is a partner in the firm. The firm also made a donation and grant to the charity totalling £3,476. |
21. | RESTRICTED FUNDS |
Director of Enrichment and Partnerships |
The Linked charity, The Petty Pool Trust, made a donation to contribute towards the salary of the above role. |
Purchase of canoes |
A grant was received to purchase canoes and equipment for the Outdoor Education Centre. |
Provision of Bird Therapy |
A donation was received to allow the college to provide bird therapy for the students. |
2021 Fundraising day |
A donation was received to cover the fundraising day's costs, with any surplus being a donation to the college. |
22. | REMUNERATION OF KEY MANAGEMENT |
The charity considers its key management personnel comprise the trustees and Chief Executive and Senior Management Team. The total employment benefits including employer pension contributions of the key management personnel for the year were £381,156. |