REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE PENWITH EDUCATION TRUST |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE PENWITH EDUCATION TRUST |
(A COMPANY LIMITED BY GUARANTEE) |
THE PENWITH EDUCATION TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 10 |
THE PENWITH EDUCATION TRUST (REGISTERED NUMBER: 08013075) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
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 March 2024. 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 Penwith Education Trust (PET) is a charitable trust and a company limited by guarantee created under the auspices of the School Standards Framework Act 1998 and uses a DCSF approved model Memorandum and Articles of Association. The company was registered on the 30 March 2012 and has not yet become a registered charity but has charitable objects. |
The trust was set up to administer and manage the property and other assets of the company known as The Penwith Education Trust for public benefit, as defined by the objectives included within the Memorandum and Articles of Association. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objectives of the Trust are defined in paragraph 3 of the Articles of Association and are: |
'to advance the education of the pupils at the Schools, to advance the education of other members of the community, and otherwise to benefit the community, it being acknowledged that in carrying out the Objects the Trust must (where applicable) have regard to its obligation to promote community cohesion under the Education Acts. |
It is intended that the curriculum and ethos of the schools included as members of the Trust will place an emphasis on, and include a commitment to students learning about, the Co-operative values of self-help, self-responsibility, democracy, equality, equity, solidarity, honesty, openness, social responsibility and caring for others with the aim of encouraging all students to become better citizens, not only while they are students but during the rest of their lives'. |
The Aims of the Trust are: |
- Ensure consistently high expectations and outcomes across all of our schools: amongst learners, teachers, parents and carers. |
- Enable all learners to benefit from high quality teaching and learning; |
- Work effectively with parents and carers, professionals and the wider community to promote health and well-being, in order to create the right conditions for learners to thrive; |
- Make efficient use of all resources available to us and thereby maximise the benefits for learners; |
- Work with external partners including other Schools to widen the range of collaborative opportunities available to our workforce and our young people; |
- Improve social cohesion within our community by strengthening our commitment to co-operative values, including respect, social justice, fairness and democracy. |
THE PENWITH EDUCATION TRUST (REGISTERED NUMBER: 08013075) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
ACHIEVEMENT AND PERFORMANCE |
During this year there has been a continued response to address matters that have arisen through Covid. All schools have worked collectively to share best practice in a number of areas. Schools also continue to work collaboratively on shared training and moderation where appropriate, to the benefit of all member schools and their staff. However, since Covid, meetings have generally been via Zoom following our initial in-person AGM. Without a company secretary this year it has at times been difficult to find convenient times and dates to suit all member schools. |
Against this back drop the following achievements are worthy of note: |
1. PESCo Ltd (a wholly owned subsidiary of the PET operating on a not for profit basis), which exists to facilitate electricity generation funded by private finance, has traded successfully for another year. |
2. Continued collaboration in relation to on-going training of staff and governors. |
3. Substantial investment from the restricted funds into the ongoing capital projects at Humphry Davy School. |
In connection with GDPR requirements, the Trustees decided that registration was not required. The Trust holds information on trustees only as a matter of public record and as such is exempt from registration. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
Members of the Trusts' Board are directors for the purpose of company law and trustees for the purposes of charitable law. The composition of the Trustee Board is as follows: |
Two trustees from - Heamoor Primary School, Humphry Davy School, Marazion Community Primary School, St Levan Community Primary School, Gwinear Community Primary School, and Trythall Community Primary School. |
One (1) trustee is appointed by each of the following partner institutions: |
Co-operative Movement, Truro and Penwith College and Cornwall College |
Three (3) trustees are entitled to be appointed by the stakeholder forum. The stakeholder forum comprises of people elected from the general membership of the Co-Operative Trust. The forum is presently inactive. |
Organisational structure |
The Penwith Education Trust has a Trustee Board (listed above as at the end of the financial year) who meet a minimum of three times each year. The members are responsible for the strategic direction and policy of the PET. |
A scheme of delegation is in place and the day to day responsibility for the organisation rests with the board. |
Six member schools participating in the trust contribute (out of their financial budgets) towards the cost of running the organisation to enable the trust to operate and generate further income to use to achieve its charitable objectives. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
Procedure is in place regarding health and safety of staff, clients and visitors to the schools of the Trust. The trustees seek appropriate advice, for example through their insurers, solicitors and Cornwall Council Local Authority |
THE PENWITH EDUCATION TRUST (REGISTERED NUMBER: 08013075) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
08013075 (England and Wales) |
Registered office |
Heamoor Community Primary School |
Bosvenna Way |
Penzance |
Cornwall |
TR18 3JZ |
Trustees |
Mrs S J Brolly Teacher |
Ms J A Flynn Head Teacher |
L N J Gardiner Headmaster |
Mrs D M James Teacher |
W A Marshall Head Teacher |
Miss J Rainbow Head Mistress |
M R Strevens Head Teacher |
Mrs C L Woolcock Head Teacher |
C J Peers Retired |
A Stott |
T Binns |
Approved by order of the board of trustees on |
THE PENWITH EDUCATION TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Incoming resources |
Investment income | 2 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 213,378 |
THE PENWITH EDUCATION TRUST (REGISTERED NUMBER: 08013075) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 17,164 |
Restricted funds | 196,214 |
TOTAL FUNDS | 213,378 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
THE PENWITH EDUCATION TRUST (REGISTERED NUMBER: 08013075) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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 |
THE PENWITH EDUCATION TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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. |
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. |
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. |
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. |
2. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Bank interest received |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
THE PENWITH EDUCATION TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Trustees |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Incoming resources |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 15,688 | 196,214 |
TOTAL FUNDS CARRIED FORWARD | 17,164 | 196,214 | 213,378 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
THE PENWITH EDUCATION TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 17,164 | 2,065 | 19,229 |
Restricted funds |
Humphry Davy Fund | 196,214 | - | 196,214 |
TOTAL FUNDS | 2,065 | 215,443 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 3,332 | (1,267 | ) | 2,065 |
TOTAL FUNDS | ( |
) | 2,065 |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 15,688 | 1,476 | 17,164 |
Restricted funds |
Humphry Davy Fund | 196,214 | - | 196,214 |
TOTAL FUNDS | 211,902 | 1,476 | 213,378 |
THE PENWITH EDUCATION TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 3,918 | (2,442 | ) | 1,476 |
TOTAL FUNDS | 3,918 | (2,442 | ) | 1,476 |
9. | RELATED PARTY DISCLOSURES |