COMPANY REGISTRATION NUMBER: 4871798 CHARITY REGISTRATION NUMBER: 1106097
The Pettifor Trust Corporation Company Limited by Guarantee Unaudited Financial Statements 30 June 2023
TAX STATION LIMITED
Accountants and business advisors 140 Walter Road Swansea SA1 5RW
The Pettifor Trust Corporation
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
The Pettifor Trust Corporation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2023.
Reference and administrative details
Registered charity name The Pettifor Trust Corporation
Charity registration number 1106097 Company registration number 4871798 Principal office and registered First Floor office 2 The Precinct Killay Swansea SA2 7BA
The trustees
M Pettifor G Pettifor D Pettifor Company secretary Ms Marianne Pettifor Independent examiner Philip Harris ACA 140 Walter Road Swansea SA1 5RW
Structure, governance and management
Governing Document
The Pettifor Trust Corporation is a charitable company limited by guarantee, incorporated on 19th August 2003. The Pettifor Trust Corporation operates within the framework of the Memorandum and Articles of Association.
Appointment of Trustees
As set out in the Articles of Association, all trustees are appointed at the AGM. Any significant decisions need to be approved at Trustees meetings. The number of Trustees shall not be less than 3 (unless otherwise determined by ordinary resolution) but shall not be subject to a maximum.
Objectives and activities
The Pettifor Trust Corporation is a charity registered with the Charities Commission. The principal activity of the company in the period under review was that of raising money for charitable causes relating to the prevention of cruelty to animals and the promotion of animal welfare.
- 1 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
Achievements and performance
The year under review has been a difficult year in many ways.
The cost of living crisis has meant that the members of the public who frequent our charity shops have had less income available in which to support us. Additionally other charitable outlets have opened up in close proximity to our shops meaning that we have seen a reduction in footfall leading to a reduction in shop income.
In additions the significant rise in overhead and regulatory costs during the year has resulted in an increase in expenditure.
With many charities facing similar conditions, demands upon the support of charitable foundations, businesses and donors has significantly increased and we have found ourselves having to face competition from many charities all looking for financial support. Many businesses, themselves having to adapt to a tough economic environment, have found that they have less funding to make available charitable grants. This has been a local and national trend.
We have continued with our 'Keeping People and Pets Together' project which remains a delight to us, and our supporters. The aim of the project is to provide financial support to enable owners to keep their pets with them. So often when pets require medical treatment, the cost of which being beyond the affordability of many, particularly the elderly or otherwise vulnerable, the options can lead to pets needing to be rehoused or worse. We remain willing and able to provide the necessary support.
We continue to see a growing need amongst animal sanctuaries and relief organisations. Working together with those organisations we have endeavoured to raise awareness of the work that they do and where appropriate provide financial support. We firmly believe that working together with other organisations is far more effective and rewarding than working in isolation. Building relationships with those who have a shared love of animals will remain key to the work that we do.
Education and raising awareness of animal suffering continues as a central pillar to our work. Promoting the need to safeguard animals at risk from harm and deprivation and, at the same time, demonstrating the mutual benefits of respectful pet ownership underlies our 'Kind Hands to all Animals' project which is primarily aimed at school children. We have continued to increase awareness of animals at risk and to educate the next generation of the importance and intrinsic benefits of supporting and caring for all animals whether they be domesticated pets or the wildlife of Wales. Instilling the concept in children that all animals have emotions and feelings can change attitudes and inspire them to become animal champions of the future.
We continue to invest in the development of the staff and volunteers managing those shops and to look at improved ways in which the shops can meet the needs of both patrons and supporters.
Our aims
Our primary objective is to ensure the welfare of animals and we do this in various ways including using the funds we raise to pay vet bills for vulnerable and homeless animals and financially support animal sanctuaries in South West Wales. We also aim to increase the awareness of animal suffering and the need for society to be proactive in facing issues relating to their welfare.
Grant funding
At our charity shops we are able to resell donated goods in order to raise funds for the charity. However, we are very much reliant on the grants received from organisations and foundations to
- 2 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
support specific projects and enable our outreach work to raise awareness of animal suffering and the need for positive prevention of that suffering.
Grant funding is vital to achieving the aims of the Charity and the diminished availability of funding this year has hit us hard. However we are developing links with new partners which we are confident will stand us in good stead in the future.
Public benefit
We are very proud of the work that we do and we feel that we are making a big difference to alleviate the issues of animal suffering. We have outlined above our main activities and how those activities achieve the our charitable purposes for the public benefit.
The trustee have complied with their duty to have due regard to the commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.
Financial review
The accounts comply with the current statutory requirements and the charity's governing documents.
Total incoming resources for the year of £144,739 (£203,946 in 2022) consist mainly of shop income of £137,817 (£154,982 in 2022). Costs primarily related to the running of the shops amounted to £129,064 (£131,414 in 2022). Grants to Welsh animal welfare charities and causes amounted to £15,128 (£23,519 in 2022).
Expenditure exceeded income by £33,742 (excess of £16,226 income over expenditure in 2022)
Reserves policy
The trustees continually review the finances of the charity in order to ensure there are sufficient resources to enable it to meet its aims and objectives.
The trustees plan to build up funds in readiness should the opportunity to purchase shop premises arise.
- 3 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
Plans for future periods
We have raised our profile considerably over the last few years which has put more demand on us with frequent requests to help animal sanctuaries with operations, vets bills, food and shelter.
For this reason we would like to open another shop but it has to be at the right price in the right location. We certainly intend to grow the charity in the future.
We are proud of the work we do and feel we are making a big difference to the problem of homeless and suffering animals in South West Wales.
The charity will continue its objectives of relieving the suffering of animals by raising public awareness and providing practical and financial support. Patrons are invited to keep an eye on the Trust's website www.pettifortrust.co.uk for further information and details of recent activities undertaken by the Trust.
We believe that as the financial effects of the cost of living crisis deepens, more animals will be at risk of neglect and deprivation. We therefore face the double threat of increased demands upon our resources together with potentially reduced income as our supporters and patrons themselves face financial pressures. The trustees stand ready to face these challenges and look at all ways to increase our income streams and minimise overhead costs. We are so grateful to our volunteers and supporters who share our vision and passion for the protection and wellbeing of all animals.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 27 April 2024 and signed on behalf of the board of trustees by:
M Pettifor Trustee
Ms Marianne Pettifor Charity Secretary
- 4 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Pettifor Trust Corporation
Year ended 30 June 2023
I report to the trustees on my examination of the financial statements of The Pettifor Trust Corporation ('the charity') for the year ended 30 June 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Philip Harris ACA Independent Examiner
140 Walter Road Swansea SA1 5RW
27 April 2024
- 5 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 1,505 | 1,000 | 2,505 | 25,842 | |
| Charitable activities | 5 | 3,217 | – | 3,217 | 4,406 |
| Other trading activities | 6 | 137,817 | – | 137,817 | 169,698 |
| Other income | 7 | 1,200 | – | 1,200 | 4,000 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 143,739 | 1,000 | 144,739 | 203,946 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 8 | 123,063 | 6,002 | 129,064 | 131,414 |
| Expenditure on charitable activities | 41,496 | 7,920 | 49,417 | 56,306 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 164,559 | 13,922 | 178,481 | 187,720 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net (expenditure)/income and net | |||||
| movement in funds | (20,820) | (12,922) | (33,742) | 16,226 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 24,730 | 23,986 | 48,716 | 32,490 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 3,910 | 11,064 | 14,974 | 48,716 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
- 6 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Statement of Financial Position
30 June 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 14 | 13,024 | 17,035 | |
| Current assets | ||||
| Cash at bank and in hand | 5,494 | 34,167 | ||
| Creditors: amounts falling due within one year | 15 | 3,544 | 2,486 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| Net current assets | 1,950 | 31,681 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 14,974 | 48,716 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Restricted funds | 11,064 | 23,986 | ||
| Unrestricted funds | 3,910 | 24,730 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 17 | 14,974 | 48,716 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
For the year ending 30 June 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 27 April 2024, and are signed on behalf of the board by:
M Pettifor Trustee
The notes on pages 8 to 16 form part of these financial statements.
- 7 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is First Floor, 2 The Precinct, Killay, Swansea, SA2 7BA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 8 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
- 9 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 20% straight line Equipment - 20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payble including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The company has no share capital and the liability of its members is limited by guarantee.
- 10 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Events income | 3,217 | 3,217 | 4,406 | 4,406 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Shop income | 137,817 | 137,817 | 154,892 | 154,892 | |
| Training grants received | – | – | 14,806 | 14,806 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 137,817 | 137,817 | 169,698 | 169,698 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Other income | 1,200 | 1,200 | 4,000 | 4,000 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 8. | Costs of other trading activities | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Costs of other trading activities - Shop | costs | 123,063 | 6,002 | 129,064 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Costs of other trading activities - Shop | costs | 123,979 | 7,434 | 131,414 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 11 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
9. Analysis of grants
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grants to institutions | ||
| Clyne Valley Community | 500 | – |
| Friends of Dunvant Park | 500 | – |
| Hope Rescue Centre | 1,000 | 1,000 |
| Woodfield Animal Sanctuary | 500 | – |
| Greenacres Animal Rescue | 1,000 | 1,931 |
| Diane Hart Border Collie Rehabilitaion Centre | 2,000 | 3,350 |
| Guide Dogs Cymru | – | 3,209 |
| RSPCA | 1,000 | 600 |
| Many Tears | – | 10 |
| Trallwm Farm Sanctuary | – | 500 |
| Gower Bird Hospital | – | 500 |
| Friends of Singleton Park | 500 | 500 |
| Dyffryn Tywi Equine Clinic | – | 1,000 |
| Blackpill, Derwen Fawr & Mayals Residents Assoc. | – | 600 |
| West Wales Poundies | – | 1,000 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 7,000 | 14,200 | |
| Grants to individuals | ||
| Grants to individuals | 8,128 | 9,319 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Total grants | 15,128 | 23,519 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Grants to individuals include payments on behalf of individuals towards veterinary fees. |
10. Net (expenditure)/income
| Net (expenditure)/income is stated after charging/(crediting): | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 4,011 | 4,259 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 11. | Independent examination fees | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,125 | 1,050 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
- 12 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 85,017 | 82,923 |
| Employer contributions to pension plans | 945 | 1,262 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 85,962 ৶৶৶৶৶৶৶৶ |
84,185 ৶৶৶৶৶৶৶৶ |
The average head count of employees during the year was 7 (2022: 7). The average number of full-time equivalent employees during the year is analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Number of staff | 7 | 7 |
| ৶৶৶৶ | ৶৶৶৶ |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No trustees received any remuneration or other benefits during the year ended 30th June 2023 other than as disclosed in the related party note below.
14. Tangible fixed assets
| Motor | ||||
|---|---|---|---|---|
| vehicles | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 July 2022 and 30 June 2023 | 15,108 | 13,029 | 28,137 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Depreciation | ||||
| At 1 July 2022 | 3,022 | 8,080 | 11,102 | |
| Charge for the year | 3,021 | 990 | 4,011 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| At 30 June 2023 | 6,043 | 9,070 | 15,113 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| Carrying amount | ||||
| At 30 June 2023 | 9,065 | 3,959 | 13,024 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| At 30 June 2022 | 12,086 | 4,949 | 17,035 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 15. | Creditors: amounts falling due within one year | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Social security and other taxes | 2,243 | 183 | ||
| Other creditors | 1,301 | 2,303 | ||
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| 3,544 ৶৶৶৶৶৶৶ |
2,486 ৶৶৶৶৶৶৶ |
- 13 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
16. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £945 (2022: £1,262).
17. Analysis of charitable funds
Unrestricted funds
| At | |||||||
|---|---|---|---|---|---|---|---|
| At | 1 | July 2022 | Income | Expenditure | Transfers | 30 June 2023 | |
| £ | £ | £ | £ | £ | |||
| General funds | 24,730 | 143,739 | (164,559) | – | 3,910 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶ | |||
| At | |||||||
| At | 1 | July 2021 | Income | Expenditure | Transfers | 30 June 2022 | |
| £ | £ | £ | £ | £ | |||
| General funds | 15,570 | 184,446 | (180,286) | 5,000 | 24,730 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
- 14 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
17. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | ||||||
| At 1 July 2022 | Income | Expenditure | Transfers | 30 June 2023 | ||
| £ | £ | £ | £ | £ | ||
| Persimmon Homes | – | – | – | – | – | |
| Coop Community Fund | 7,920 | – | (7,920) | – | – | |
| Tesco Bags of Help | 3,000 | 1,000 | (2,000) | – | 2,000 | |
| DPD Foundation | – | – | – | – | – | |
| Pets at Home | ||||||
| Foundation | 12,086 | – | (3,022) | – | 9,064 | |
| CC Swansea - Welsh | ||||||
| Church ACT | – | – | – | – | – | |
| The Gerrick Rose Trust | 980 | – | (980) | – | – | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 23,986 | 1,000 | (13,922) | – | 11,064 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| At | ||||||
| At 1 July 2021 | Income | Expenditure | Transfers | 30 June 2022 | ||
| £ | £ | £ | £ | £ | ||
| Persimmon Homes | 1,000 | – | (1,000) | – | – | |
| Coop Community Fund | 7,920 | – | – | – | 7,920 | |
| Tesco Bags of Help | 3,000 | – | – | – | 3,000 | |
| DPD Foundation | 5,000 | – | – | (5,000) | – | |
| Pets at Home | ||||||
| Foundation | – | 16,000 | (3,914) | – | 12,086 | |
| CC Swansea - Welsh | ||||||
| Church ACT | – | 2,000 | (2,000) | – | – | |
| The Gerrick Rose Trust | – | 1,500 | (520) | – | 980 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 16,920 | 19,500 | (7,434) | (5,000) | 23,986 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
- 15 -
The Pettifor Trust Corporation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
18. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | 3,959 | 9,065 | 13,024 |
| Current assets | 5,494 | – | 5,494 |
| Creditors less than 1 year | (3,544) | – | (3,544) |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net assets | 5,909 | 9,065 | 14,974 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 4,949 | 12,086 | 17,035 |
| Current assets | 22,267 | 11,900 | 34,167 |
| Creditors less than 1 year | (2,486) | – | (2,486) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net assets | 24,730 | 23,986 | 48,716 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ |
19. Related parties
The administration and management of the charity is outsourced to Frogmore Consulting, a specialist business and people development enterprise which is owned by trustee Marianne Pettifor. Remuneration paid to Frogmore Consulting is on an arms length basis.
- 16 -