PHASES SOCTAL ENTERPRISE TRu&fEFS' REPORT AND FINANCIALsfATEMEKts FOR THE YEAR ENDED 31 DECEMBER 2024 DNS Accountants 365 Soutb Coast Road Tel￿O￿be aiffs BNIO 7HA PHASES SOCIAL ENTERPRISE (A company Ilmtted by guarantee) CONTENTS Page Refornnce and admlnlstratlvè dètalls of Ihe charlty. Its trustees and advlsoTS 12 Indèpèndent examlnerfs report 1>14 Statement of fmancial actlvities 15 Balance shoet 16 Notes to the flnanclal slatsments 17.24 Page 2 PHASES SOCIALENfERPRISE (A company limited by Guarantee) ADVISORS FOR THE YEAR ENDED 31 DECEMBER 2024 Mr J Mbang Mrs T 05unbayo Mr P Carstairs Company Registernl number 04268028 Charity Registernl number 1089870 Registered Office Community B&ge 113 Queens Road Brighton East Sussex BNI 3XG Chief Executive Officer Glenn Heaton Accountants DNS Accountants 365 South Coast Road Teles¢ombe Cliffs East Sussex BN107HA Bankers Unity Trust Bank PLC Nine Brindl¢y Place Birniingham BI 2HB Solleltors Amphlett Lissimo Greystoke House 81>86 Westow Street IA>ndon SE193AF Page 3 PHASES SOCIAL ENTERPRISE (A company Ilmlted by guarantee) TRUSTEES* REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The T￿￿ present their annual report logether with the financial statements for the period from I January 2024 to 31 December 2024. The T￿￿tee5 ¢onfirni that the Annual Report and financial statements of the company ¢omply with the CUTrent statutory requirements, the requirements of the cOMpan￿S governing document and the provisions of the Statement of Recommended Pradice (SORP), applicable to charities preparing their accounts in accordance wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) (effective l Jaouary 2015) as amended by Update Bulletin l {effe¢tive l January 2015). Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strate8ic Report and Directovs Report) Re8ulations 2013 is not requir¢d. Objectlves and Aetiviti POLICIES AND ORIECTIVES By Special Resolution of 27th March 2017 the following objects were adopted for the clwitable company. 'To relieve povety, sickness and distres& in particular, but not exclusively, by the provision of advice, training and support, and especially, through the development of projects which constTUCt new properties, renovat¢ llndcT￿ed buildings and provide construction training opportunities for persons in clwitable need: and by th¢ provision of housing for persons in necessitous circumslanc¢s upon tern￿ appropri* to their omns, In summary, the Charitys aims are focussed on the connection between homelessness and ¢onstruction. It aims lo do three main ihings." - Train homeless and similarly marginalised people in const￿Cl10n skills - Renovate empty properties . bringing them back to life as affordable homes - Build new properties to be used as affordable housing b. STRATEGIES FOR ACHIEVING OBECTIVES Phases runs construction trainin8 Courses for homeless and similarly marginalised people at its training workshop in Rotherhith We have also developed a strategy for bringing both empty private sector and empty publi¢ scclor properties back into use. Outsidc of London there are a number of organisations who ty to bring empty properties back into use. But in London the task is particularly difficult due to ￿er rising rents and property values whj'ch can make it hard to negotiate deals with owners. Phases is unusual in that we have had considerable succ¢ss in the Capital. There are a number of reasons for this but it is largely due to relationships established over a number of years with local councils, local Empty Property Officers and private propety owners. Page 4 PHASES SOaAL ENfERPRISE (A company Itmlted by guarant881 TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 AcrvrriES FOR ACHIEVING OBJECFIV Once empty properties bave been brought back into Ph•s¢s then lets these properties out •s affordable housin& We then continue to let and manage these properties until they are returned to their owncrs. Tenants ate sourced through contacts with Local Authority Housing Units. Pbases continue to maintain contact with I￿al council cn4)ty property officers iti various L￿d0￿ borougbs to source n¢w proiccts. It also conliDues to direci contact with privale owners of ¢mpty propties. More recently Phases has been fornwlating plans lo enter the fKld of new knild develOp￿Trt. The intention is to ¢reat¢ new affordable IK)usin8 in IA)ndon. In respect of trainin& we also run a srnall training w0￿shoP in Rothethithe wher¢ trainees learn consttwction skills prior to b¢in8 given the opportunity to work on renovation projec1& The Tnstees confim) that thry have complied with the duty in the Charities A¢t 2011 to have due regard to the Charity Commission's general 8uidance on public benefiL The Trustees hav¢ r¢ferred to this guidance when r¢vi¢win8 the charitys aitrts and objxtives and in planning future activitics of the harily. (L VOLUNTEERS Phases r¢lies on the help ofvoluntcers in various aspects of its work. - Professionals provide their time at substantially subsidised cost in respKt of various construction - related services. This in¢ludes: wr¢bitects' surveyors; and structural engin¢¢r8. - FOMKT trninees return to provide help in Irainin8 new trninees in our workshop - Volunteers providc mentoring assistance to homeless trainces Page 5 PHASES SOCIAL E￿ERP1uSE (A Company limited by Guarante*) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and Perforn￿llee KEY FINANCIAL PERFORMANCE INDICATORS Rental incom< which is at the core of the social enterprise rnodel of the charity. was £186.463 for the year. This was an Incre￿ of £13k on 2023. The charity does have a longer-tenn plan to move slowly away from managing properties and divetsify sour￿5 of so¢iaJ ente￿is¢ in¢ome. Unrestricted grants and donatioins of £625 were relativel low. This follows a recent pattern where Phases has concentrated on its 'enterprise' activities rnther than grants. Our fixed &ssets at the end of the year were £694K similar to 2023. Net &8sets were £61 Ok. The reduction from 2023 was primarily due to continuation of a significant scheme of repair and maintenance wo￿$ undertaken on our properties during the year and increasoa rents charged by our Local Authority landlords. b. REVIEW OFAcfiviTIES Renovatfons We did not embark on any new emw projw rerAovalions during the year, primarily due to a lack of viable opportunitie5 premting themselves. We did however continue with a substantial programme of works on our existing pro]*rties which we IV in 2023. Many of the Prq)erti￿ owned and leased by Phases have now be under our management for over ten years. Annual property maintenance costs were increasing and therefore it was fek that a sound invotment of our reserves w&8 to cany (Krt a s(*eme of preventitive works. These planned works facilitated significantty enhanced on-site work placements for our trainees during the year. nof During the year 22 trainees thr(￿gh our initial training Workshop phase. They from a variety of backgrounds. All were either in hostels or had recently moved to their own accornrnodation. They included ex- servtce petsonnel. refugees, and some who had had drug and alcohol problem& Five trainees gained additional on-site work experience through the planned maintenance works at a number of our properties (above). This experience included: plurnbing and drainage repairy tilin& carpenty" pl&8teTin& and painting and decorating. During the year two trdinees securoj fvll-titne employment and three s¢¢ured part-time employment. Five trdinees also undert￿k trth-specific construclion ￿)UrseS at either FE Colleges or with private providers. Page 6 PHASES SOCIALENTERPRISE (A company limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 le Housed Phases has three houses and ten tlats which it lets and manages. The properties are let out in collaboration with the different local authorities within which the properties are situated: London Boroughs of SouthwaTk, Lewisham and Newham: and Arnn District Council. All of our properties are let out at affordable rent levels which are usually the same as the Housing Benefit Level (known as the Local Housing Allowance rate). Construetion Budd During 2024 we conlinued the development of Constniction Buddy as a volunter-led project. Our volunteos have supported three of our trainees into paid work and one into a work placement over this time. Green Construction We have ¢ontinued to look at the green economy. Historically this has been integrnl to Phases. work anyway because renovating an empty propety involves far lower C02 ¢missions than building a new property. Histori England says thal compared to refujbishing a Victorian terrdced house. a new building of the same size produces up to 13 times more embodied carbon. We are looking at career routes for our trainees into green construction, particularly in retrofitting. During 2024 we also teamed up in Brighton with Te¢h-Takeback. a social enterprise which takes in used electronics from the genetal public for re-use, repair and re¢ycling. We collaborated with them on some empty high street retail premises in central Brighton. The premises are to be used as a showase for the 'Circular Economy'_ basically keeping existing matsrials in use rather than exploiting finite Taw materials. Thi5 ha5 a lot of relevance to the construction industy and we hope to get this project up and nmning during 2025. Page 7 PHASES SOCIAL ENTERPRISE (A company Ilmlted by guarantee> TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanelal revlew .. COING CONCERN After making appropriate enquiries, the truslees have a reasonable expectation that the ch￿lty has adequate rcsources to continue in operational existence for the foreseeable ￿￿re. For this reason they continue to adopt the going concern basis in prcparing the financial statements. Further details regaTding the adoption of the going concern basis can be found in Ihc Accounting Policies. b. RESERVES POLICY The TnL8tees have reviewed the reserves policy of Phases. This policy is mcant to apply kn genernl expenditure and does not cover contingencies on individual projects. The Trustees conduct an annual review of th¢ level of unrestricted rcservcs by considering the risks associated with various incomc streants, expenditu￿ plans and balance shc¢t items. This enables an cstimate to bc made of thc reserve levels required to: - Allow time for reorgani$8tion of Phases, work in the event of a downturn in income or assel values - Prolecl ongoinby work prosryammes - Allow the charitable ¢omp8ny to meet its objectives Thc Trustees have estsblished that thc level of unrestricted r¢8erv¢s in the genernl fund (that is those runds that are freely available) that Phases ought to have is six monihs ofgeneral expenditure. General expenditure is taken to exclude the costs of new renovatton projeLts but doe5 include repaynent of loans. Six months of general expenditure is estimated As £89k. The Trnst¢es have thcrcfore set a 18r8et to establish this level of rese￿8. Page 8 PHASES SOCIAL ENTERPRISE IA company Ilmlted by guarantee) TRUSTEESI REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 c. PRINCIPAL FUNDING The charitable CoMpan￿S total income for the year w&8 £187k. Rental incom¢ which is at the core of the social enterprise model of the tharity, was £186k other clwitable income caDf through donatio￿. Asse The cbaritys freehold properties were not uplifted in value during the year. This was after consideration of valuation evidence by the T￿￿tee$. Born)win The charity bas secured lending with th¢ Bi8 Issue Investment of £159k These monies were originally used towards purchase of the Charitys frtthold assets. Volunteer In ut During the year Phases very graleful foT the input of 378 hours of volunteer work. This was primarily assistance in our training workshop (often by fomier trainees) and mentoring support provided to 1rdine￿. Strncture? governanee Ind management CONsfITUTION Phases Social Entery)rise is constituted as a Company Limited by Guarantee (No: 04268028) and is therefore governed by its Memorandum and Articles of Association which were originally daled 9 August 2001. The charitable company was originally called, Advocates for the Homeless,. On 6 August 2010, by Special Resolution, the charitsble company unanimously decided to cease usin8 the name 'Advo¢ates for the Homeless, and to adopt the new name of 'Phases Social Enterprise,. A Certificate of Change of Name was issued by Companies House to this effect on 26 August 2010. The charitsble eompany is also often simply known by the name'Phases' on a daily operating basis. Page 9 PHASES SOCIAL ENTERPRISE IA cornpany Ilmlted by guarantse) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEFS Tntstees ate recruitcd by the Board of Tntslees based on the skills needed by the Board and the skills of potential Board Memb￿$. Tn￿¢¢$ are elect&l under the tel￿￿ of the Articles of Association. In accordance with the Articles. on¢ third of the Truste¢s will retire at the Annual General Meeting but may offer th¢m8¢lves for re-electio POLICILS ADorfED FOR ThE INDucrtON AND TrAININC OF TRUSTEES New tntstees undcrgo an indu¢tion when they •TC appointeuty for￿¢ a5 a suslaithtlity centre by local groups. Page11 PHASES SOCLIL ENTERPRISE IA company limlted by guarantee) TRusfEES' REPORT TRUSTEES RESPONSIBILITILS ￿ATEmE1¥T The TnL8tees {who are also directots of Phw SOCI￿ Ente￿rISe for the purposes of company law) are responsible for preparing the Trustees. re[￿ and the KiDgdom Accounting financial ststements in accordance with applicable law and United stan￿ (UK Generally Aclyted Accounting Practice). Company law requires the Tn￿teeS to prepare rmanc1￿ Statem￿ for each financÈal year. Under company law the Trustees mwt not approve finan¢ia] Staten￿ts unle&s they are satisfied that they give a true and fair view of the stale of affairs of the clwitable company and of incoming reSOu￿eS and application of resourtts, including the Incon￿ and expenditure of the elwitable ompany for that p¢riod In prqlaring these fman¢ial slatenm the T￿￿CeS aye wuircd to: . Select suitsble accounting p)licies and then apply them Consistently . Observe the methods and principles in the Cbatities SORP . Make judgements and accounting estimates that are reasonable and prudent . Prepare the financial sta*ments on the going concern basis unless it is inappropriate to presume that the charitsble ￿npanY will continue in operation The Trustees are responsible for keeping adequ* accouniitig re¢￿d$ that arc sufficient to sbow and explain the ¢harilable compan￿5 transactions and dis¢losc with reasonable accurw at any time the fironcial position of the charttable company and enable them ¢0 ensure that the financial slatements comply with the Con)panies Act 2006. They are also rwible for safeguarding the assets of the chBritable con4)aDy and h¢n¢e for taknng reasonable steps for the prevention and deteL%ion of fraud and other irregularities. DISCLOSURE OF INFORMATION TO ACCOUNTANTS Each of the persons who are Tn￿t￿8 at thc time when this Trustces. reN)rt is approved has confimHI thaL . so far that Tn￿Ce is aware. there is no relevant audit inforn￿tion of which the ¢haritsble coMpan￿S a￿OUntan￿S are Unawa￿ and that TTUStee bas taken all ￿epS that ought to have been taken as a Tnth in order to be aware of any relevant audit infornmtion and lo astablish that the dwitable compan￿5 2025 and signed on their behalf by. MrJ Mbang TnL8tee Trustee Page 12 PHASES SOCIAL EI¥TERPRISE IA company 11m1t￿ by guarantso) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDEiYf EXAMINER'S REFoirf TO THE TRusfELS OF PHASES SOCLIL ENTERPRISES (the'thrlty) l Tq>Ort to the ¢harity Tn>i¢es on my exarninalion of the a¢¢(xnts of th¢ ¢harity for Ihc year ended 31 Dttembu 21Y24 This rep￿ is mad¢ solely lo the charitys Tnw 8S 8 body. in acc(Ydan¢¢ with Part 4 of the Charities (Accounts oud Rep￿rts) Regul4tiolls 21108. My wcrt has beutr uodth so that l Might state ￿ the Tn￿ th(fje matters l 8m requifcd To the ￿lIest extent perni1t￿] by law. I do not W or assume T¢swA￿lb1lity to anyone other than the clwity and th¢ ¢hariWs TnLSttts as a body> for my wotk w f( RL8PONSIBILrriL8 AND BASLS OF REPORT As the Trusttt5 of the ¢harity {aod its direcirys for thE purFKx5 of ¢ompany law) you are respcrftsible for the preparntion of the in aCcLYthll￿ with the requiranents of the Companie5 Act 2(K16 {Ihe 2(I)6 A¢ff). Having satisfied myself that the accounts of th¢ ¢harityar¢ not required to be audited under Port 16 of the 2fy)6 A¢t and aTe eligible for mdepetht exainii)aiion. I rep(Yt in rtspect of my examination of ¢harity5 acc(yuts carried under se¢iion 145 of the C*8rities Act 20111'th¢ 2011 Act?. In ¢2rryin8 out tDy eXaMi￿￿on I hftve follow•J the Directiorts giv¢n by th¢ Charity Commission undtr sethion 145(5) (b) ofthe 2011 A¢L INDEPENDENf EXAMINERS sfATEMENr I have rAbmpleted my examination. I can l￿fi[rn that no maoets havc come to my l. accounting r¢u*ds were not kept in r¢yct of the charity &8 rtquired by section 386 of the 2006 A¢ or 3. the 8cc(rtmts do not ￿Mpty with tbe acc(Amting reqUi￿ll￿ts ofsectiiA 396 ofthe 2(Y)6 Act other than any Wuiren￿l that the acc(￿nts give a aod fairf view wbi¢h is a mther nSid￿e0 os pan of an ijthputdent exami￿￿ or 4. the accounts have been prqwed in a¢Cord￿Ce with the mdtrmxls al￿ principl¢8 of the Stst¢m¢nt of Recorn￿ed Practice f(r accounting and rqNffiiDg by dwitiestapplicable appli¢able in the UK ar#1 Repthltc of Izellnd (FRS 102)] Page 13 Sip)L. SUMIT AGARWAL ACMA CHARTERED MANAGEMENT ACCOUNTANT DNSACCOUNTANTS LTO DNS HOUSE. 382 KENTON ROAD H4RROW. MIDDLESEX HA3 8DP TEL" 033 0088 6688 FAX: 020 8907 8442 BNIO 7HA Pap• 14 PHASES SOCIAL ENTERPRISE (A company Ilmlted by guaranteel STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted funds 2024 Restrfcted funds 2024 Total funds 2024 Totsl funds 2023 Note INCOME FROM: Donations and legacleslGrants Inveslments 625 186463 625 186463 8750 173376 TOTAL INCOME 187088 187088 182126 EXPENDITURE ON: Charitsble activlti8S 217926 217926 259217 TOTAL EXPENDMJRE 217926 217926 259217 NEY EXPENDrruRE BEFORE INVESTMENT GAINILOSSES (308381 130838) (77091 > NET EXPENDITURE BEFORE OTHER RECOGNISED GAINS AND LOSSES {30838) 130838) (77091 } RECONCILIATION OF FUNDS.. Total tsnds browJht forward 642228 719319 TOTAL FUNDS CARRIED FORWARD 611390 611390 642228 The notes on pages 15 trj 25 fonn part of these finandal statements Page 15 PHASES SOCIAL ENTERPRISE (A Ilmll•d tyguar8ntw1 REGISTERED NUMBER: I)4268028 BALANCE SHEEf AS AT 31st OECEIIBER 2024 2024 2023 XED ￿$SETs 12 Equiwent 61 6961 13 2075 126524 128599 92670 14 (31204) 61n3 756157 793564 mor8 than (Th 15 111476n {151336) 611390 17 011390 642228 TOTAL FUNDS 611390 cornpanies srtigca to the small c1xnpan￿s T*me. Th¢ Twsleos C4)ns¥Jer that the thanty is wlfjled kn wmptty frrm tr* requitemenl to have an under Ihe ned on th4¢r behall. by. MrJ Mbang MrP Carsl*s Page 18 PHASES SOCIAL ENTERPRISE (A eomp*Ly limited by guarantee) NOTES TO THE FJNANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2024 AccouNfiNG POLICIES 1.1 of préparAtiOD of IlnandAI statements The financi￿ ststements have been prepared in aC￿rdanCe with A¢¢ountin8 and Reporting by Cbarities: Ststement of Recommended Plactice appli¢abl¢ to cbariti¢s preparing their accounts iti accordance with the Financial Reporting Standard applicable in the UK and Republic ofIreland {FRS 102) (effective l Jttnuary 2015) - (C]￿ltieS SORP IFRS 102)), the Financiol R¢porting Siandard applicable in the UK and Republic of lftland {FRS 102) and the Companies Act 2006. Phases Social Ettterprise meets the definition of a public benefit eDtily und¢r FRS 102. Assets and liabilities 8T¢ initially reCO￿lSed at historical cost or transaction value unle￿ othenvi8¢ thted in the rekvant a¢e4)uDting policy. 1.2 CompADy St4¢us The clwity is a mpany limited byguarEntee. The members of the wmpany are the Trust￿$ named on page l. In the event ofthe charity being woynd up. the liability in respect of the giiarante¢ is limikd to £1 per ll￿Mber ofth¢ ¢haTity. IJ Incon All income 1$ recognised On￿ the clwity has entitlement to the Tncorne. it is probable that the in¢om¢ will be T￿cIV¢d and Ihe amount of income re¢¢ivable cal) bc measur¢d reliably. For legacies. entitlement is taken as the e8rlier of th¢ on which either: the charity is aware that proba* has b¢en grnntc￿ the ertate has been finalised and notificalion has been made by the ¢x¢¢utorfs) to theTTh￿t that a distribution will be mad¢ or wheD a distribution is r¢c¢iYed from th¢ estate . R￿cIpt of the legacy* in whole or in p811 is only consid¢r¢d probable when an amount ¢aft be rneas￿￿ r¢liably *nd the charity bas been notifi¢d of the executorfs intention to m8k¢ distribuiion. Where legacies have been notifi￿ to th¢ Charity. or th¢ charity Is aware of the 8rantitig ofprobat4 and the uitcria for ineom¢ T￿o8￿ltion hav¢ not be¢Th mel, th¢n the legacy is treated as a contingent asscts and dis¢105ed ifroaterial. Donated serrfices or facilities are recognised Wh￿ the charity has control ov¢r th¢ its￿ any ¢ondilions associ4ted with the donated item hav¢ b¢¢n m¢L the receipi of economic benefit from the ￿￿e of the chority of ihe itun is probable and that economic benefit ¢an be rn￿llred reliably. in accordance with the ChaTities SORP (FRS 102), the general volutiteer lime of th¢ Friends is not rewised and ￿fer to the Tnthu, reN)rt for mor¢ iDfonnation about their contribution. On receipl donate41 pr0frss1on￿ s¢ryices and donated f0cilitics are Tewised on th¢ basis of the value of the gift to the charlty which is the amount the Charity would have been willin8 to pay to obtaln services and facilities of equivalent economic benefit on thc QPCD marke¢ a cory¢spondfftng amount is then rewgDised in expenditure in th¢ period of receipt. Income tsx re¢overable in relBtion to donations received under Gift Aid or de¢ds of covenanl 18 re￿8Th1$¢d ￿ the time of the doDation. Pag8 17 PHAS￿ SOCIAL EKfERPRISE (A tompaDy limlted by guaranttt) NOTES TO THE FINANCIAL ￿ATEME]￿Ts FOR THE YEAR ENDED 31 DECEMBER 2024 AccouNfiNG POLICIES (eontlttued) 1.4 Expendlture Expenditure is r¢¢ogttised once there is a legal QT collsMve obli8otion to ttansfer e¢onomi¢ benefil to a third party. it is probable that a transfer of economic benefits will be reqllired . settlernent and the amount of th¢ obligalion c4n be m¢asuT¢d ￿11¥bly. Expa￿lI￿re is classified by livity. The costs of ¢a¢h activity are made up of the totsl ofdirc¢t costs and shared wJts. including wppon ¢osts Involv￿ in undertaking each 3L#ivity. Dire￿ costs attributed to a sin8ie a¢iivity are allocated directly to that activity. Shared costs which ￿}ntribute to more than one 8divity and supp(Kt Costs which are noi allribu*d to a sittgie activity are 8EyOni(*￿d beftveen those activiiies on a CODSiSt¢Dt with the we of ffsour¢a Centrnl staff costs are 8Uo¢ated on the basis of time sp¢nL 4rtd dq>reciation clmrges allocated 00 th¢ wtion ofthe 8ssef$ we. Support eosts are those costs incurred directly in 5UPW￿ of expendiwre on the objects of the incurred in ¢onneciion with administraiion of the chaTity and compl1w￿¢ with cO￿￿11￿110nal and operations. includitig gjpport costs and ¢osts relating lo th¢ Bovernan¢¢ orth¢ charity apportioned to ¢haritable actsviti¢5. IS Fthan¢lal instrMmeDts The charity only has finan¢i41 assets and finon¢ig1 liabililies of a kind thai qU￿lfy ￿ basic fina￿181 subswdy me&sured 01 Iheir seltknwi v¥lu¢ with th¢ ¢XCWion of bank loans which are 1.6 Fwid 8¢c•unting General funds are unrestrKted fvn(Ls which are avai18bk for use at the discretion of th¢ Tn￿lee5 in furth¢ranc¢ of the generdl objectives of the cknrity and which have Dol been desi￿ for oth¢r puq)oses Restricted fimds are fimd5 whtch are lo be used in accordance with specific restrictions In]￿Sed by donots or which h8ve bee rdis¢d by the charity for particular purposes. The costs of Taising and administering such fund are charwl the sp￿lfIC fund. The aim and use ofeach re￿n¢¢ed E￿imateS and judgenMts are a￿tinUallY mluated and OTe b35cd on histOTical exp¢rience and other [￿t0[$, including expectstions of futute events that aTe belicved lo b¢ Teasonable under the P4818 PHASES SOCIAL ENTERPRISE (A ¢ompatty llmlted by guargntee) NOTES TO THE ThANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM DONATIONS AND LEGACIES Total Tot81 (unds lunds 2024 2024 62S 625 8750 2024 2023 Govcrnmeni Grants Grnits Paddington Developmt 8750 Tolal 625 50 INVEsfMENT INCOME Total nds 2024 fund* 2024 2023 pmperties 173376 DIRE￿ cosrs GeDer*l 2024 Staff Costs Rcnt Professional f¢￿SerViCe Cbarges 269 120877 3511 8500 40952 1519 64857 104840 2667 8089 13954 2090 64857 2667 R￿1r5 and maintenance Electriclty Wages and salaries 13954 1964 196497 240485 P4e 19 PHASES SOCIAL ENTERPRISE (A compaDy Rlndted by guarantee) NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2024 S. SUPPORT COSTS General F￿ndS Totsl 2024 Totsl 2023 PrintiD& Postage wld slati(Awy T¢l¢phon¢ l1]surance 82 1738 4621 82 1738 4621 256 1436 4234 2425 129 1283 4160 76 1735 15734 Baok ¢har8es Travel & Subsistence IT Cost Credit card charge5 Depreciation Subtolal 122 1626 3840 66 1735 18430 122 1626 66 1735 18430 & COVERNANCE COSTS UDrestri¢t¢d funds 2024 Restrlcted fullds 2024 Total funds 2024 2023 Exomin¢rs remuncratioD 7. ANALYSIS OF EXPENDrruRE BY ExPEND￿URE TYPE StAif¢o8ts 2024 Othcr costs 2024 Total 2023 2024 Genernl Funds Expcnditute on governance 64,8S7 3.000 150069 214926 3000 256217 150D69 217926 259217 IYET INCOME(EXPENDITURE) This is stst*J after ¢h8rgiD8: 2024 2023 Examiners r¢nMneration- audit 3000 During the year. no Tnjstees received any r¢munerdtion (2024-£NIL) During the year. no Tr￿tee5 received any benefits in kind (2024-£NIL} During the ye4r. no Tn￿le¢S received any reimbursement of exp¢nsesl202&£NIL) Page 20 PHASES SOCIAL EIYTERPRISE {A compAtsy Ilmited by guarantee) NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2024 9. EXAMINERS REMUNERATION 10. STAFF COSTS Staff costs wrre as follo 2024 2023 Wages aThJ salaries 64857 11. INTEREsf PAYABLE 2024 2023 11 INVEsfMEiYf PROPERTY Equipnxnt Frcchold Inveslment PToperty As l January 2024 Addilions (websi*) Depreciation 6169 690000 (1735) At31 Decethw 2024 4434 690000 Comprising Cost Annual T￿l￿tiOn (de￿11) 2016 2017 2018 2020 At 31 Deeember 21124 4th8695 230543 (20401) 21163 6900fX) The 2024 valu&10￿ wer¢ made by the Tnth4 ￿ an open nwkd valu¢ for ¢xisling use basis. Page 21 PHASES SOCIAL ENTERPRTSE IA ¢omp*ny liudted by 2y4rgutee) NOTES TO THE FINANCIAL ￿ATEME FOR THE YEAR ENDED JI DECEMBER 2024 J3. DEBTORS 2024 2023 Restricated Funds grant 3297 3297 2075 2075 14. CREDITORS: All￿￿￿ts falllog due wllhkn ont ye*r 2024 2023 Bank loans and ov¢rdrafts Other CTcdilorn 14659 16134 30793 15070 16134 31204 Bank loans are Secur￿ by way ora kBal mort8a8e over the long lerni freehold properties and lejxhold property owned by the company as well ￿ a fixed and fl¢￿1￿8 char8e ov¢r cenain PTopety undertakings ofthe wmpany. IS. CREDrroRS: Amounts f•lllTrg due •fteY mtyre th•n ODe year 2024 2023 Bank loans 144766 151336 The IoaDS included within the balances above are [Y￿bk betw¢M periods >25 prs. Th¢ applicabl¢ rate ofintere8t on th¢ loan5 •rc benvecn 3.(PA- 5.6Y.. 16. FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured ￿ fiir value thrw8h in¢ome arml exp#Mlilure 89373 126524 Financial liabilili¢8 rtmqur￿ It fair value income ￿P￿mIll￿ 175560 182540 PIIASES SOCIAL ENTERPRISE IA ¢ompany Ilmited by guaraDt¢e) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED JI DECEMBER 21n3 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURJiENf YEAR Bal￿¢¢ At Ineome Expeodl¢ure GalDsI Bal￿￿e al l January (Lossey) l Janu 2023 2024 GeDeTrl Funds. all funds 642228 187088 07926) 642228 187088 (*7926) 611390 011390 srATEMENT OF FUNDS- PIUOR YL4R Balance at l Jathtsary 2023 EX￿ndit￿re Gainsl Balallce at ILoystt) l January 2024 General Funds- all funds 719319 719319 182126 (259217) 182126 (25921n 642228 642228 18. ANALYSIS OF NET A&SETS BETWEEN FUNDS ANALYSIS OF Ntr A&SETS BETWEEN FUND&CURENT YEAR U•retsicled ftsDds 2024 Jnv&stment property Equipment Curr¢ni ass¢ Crtditots due within one Crc41Ators due in mor¢ than one year 690000 4434 92670 (3(W7) (144767) 611390 ANALYSIS OF NET ASSETS BETWEEN FuN￿PIuoR YEAR funds 2023 Equipment Current assets Creditors within one year CR41itoffs du¢ in more than one y 6169 128599 (31204) (151336> 642228 Page 23 PHASES SOCIAL ENTERPRISE (A company Ilmlted by guarantee) NOTLS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM A￿1VrrIEs 2023 Net (expenditureyincorne for th¢ y¢ar{a8 perststement of Fin8nci•l tivities) P0838) 1770911 Adjustment for. Grants. Donations and Rents from inv¢stllKnl8 { lo¢￿> Decre￿ in debiors Increa8elD¢u¢8s¢) in credito Revaluation - PropErty 187088 (1222 182126 175 Net used in op¢rnting activities 155439 105479 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in haftd Tolal 89373 89373 126524 126524 21. RELATED PARTY TRANSACTIONS During theyear und¢r review. there were no relaled party transxlions requiring disclosure. 22. CONTROLLING PARTY The uliimale controllin8 party is the Board of Th￿1¢¢$. Page 24