The trustees present their annual report and financial statements for the period ended 31 August 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's memorandum and articles of association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
The charity's objects are to promote the education of people in the UK by making grants to other organisations carrying out activities which in the opinion of the trustees fulfil these objectives.
In setting the charity's objectives and planning its activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
During the period the trustees have received requests from various organisation for funding to assist with the further development of those organisations. After careful consideration, and due to the level of funds still available, the trustees decided to make three final grants to causes which in the opinion of the trustees fulfilled the requirements of the charity's objects. The trustees have decided, since the period of the overage clause, negotiated at the time of the sale of the school, has expired, to donate the final remaining balance of funds to one of the organisations being a registered charity. The trust now having zero funds the trustees have resolved to arrange for the company to be struck of the register at Companies House and to have the charity removed from the register of charities at the Charity Commission.
The trustees consider the financial performance by the charity during the period to have been satisfactory given the
low returns that are available to charities wishing to invest cash sums.
The Statement of Financial Activities show a net deficit for the period of a revenue nature of £86,589 (2024:
£10,783). The total reserves at the period end stand at £nil (2024: £86,589).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. However, given that the charity has reached a conclusion and exhausted its funds the level of reserves has inevitable fallen below this level.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee. The governing document is the memorandum and articles of association.
The trustees, who are also the directors for the purpose of company law, and who served during the period were:
Trustees are recruited and appointed from time to time. New trustees can only be appointed by the existing board of trustees by majority election. New trustees are trained by the current trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
There were no Trade creditors of the company at the year end.
The charity is governed by the board of trustees. The trustees are the sole managers of the charity.
The trustees consider that the assets of the charity are sufficient to cover the funds.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School) for the period ended 31 August 2025, set out on pages to 10 from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 31 May 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School) and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School) and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School). You consider that Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School) is exempt from the statutory audit requirement for the period, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
Potterspury Lodge Trust Ltd (formerly Potterspury Lodge School) is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor Medway House, 18 - 22 Cantelupe Road, East Grinstead, West Sussex, RH19 3BJ.
The accounts have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
As the charity has concluded its activities and there are no funds remaining the trustees have resolved to have the company struck off the register.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Liabilities are recognised at the time any agreement becomes unconditional.
Expenditure is recognised when it becomes due.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
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 asset and settle the liability simultaneously.
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 cost 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.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Fund Structure Policy
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Stationery, postage, telephone and sundries
Insurances
Professional fees
The activities of the trust are to make grants to other organisations with objectives in line with those of the trust with particular emphasis on charities assisting young people with learning difficulties.
Grants made during the period were to educational establishments with objectives in line with the ethos of the trust.
None of the trustees (or any persons connected with them) received any remuneration during the period furthermore during the period reimbursements were made to trustees for travelling and other expenses totalling £2,633 (2024- £nil).
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.