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This document is part of the Progress Educational Trust (PET)'s reports and accounts for the year ended 31 March 2012, as submitted to the Charity Commission.
The charity's 2014, 2013, 2011, 2010, 2009, 2008 and 2007 reports and accounts are also available on this website.

Independent Auditors' Report to the Members of the Progress Educational Trust

We have audited the accounts of the Progress Educational Trust. These accounts have been prepared in accordance with the accounting policies set out in the Notes to the Accounts.
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 its members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Trustees and auditors
As described in the statement of Trustees' responsibilities, the Trustees, who are also the directors of Progress Educational Trust for the purposes of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and for being satisfied that the accounts give a true and fair view. Our responsibility is to audit the accounts in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts. It also Includes an assessment of the significant estimates and judgements made by the Trustees in the preparation of the accounts, and of whether the accounting policies are appropriate to the charitable company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the accounts.

In our opinion the financial statements:
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
the accounts have been prepared in accordance with the Companies Act 2006; and
the accounts give a true and fair view of the stats of the charitable company's affairs as at 31 March 2012, and of its incoming resources and application of resources, including its income and expenditure, for the period then ended.

Opinion on other matters prescribed by the Companies Act
In our opinion the information given In the Trustees' annual report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 required 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 finandal statements are not In agreement with the accounting records and returns; or
the accounts are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remunerations specified by law are not made; or
we have not received all the information and explanations we require for the audit.

Gerald Edelman, Chartered Accountants/Statutory Auditor (25 Harley Street, London W1G 9BR, UK), 4 July 2012