2023-03-31-accounts - Projects Abroad Foundation Limited

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REGISTERED COMPANY NUMBER: 5401312 (England and Wales) REGISTERED CHARITY NUMBER: 1109932

Report of the Trustees and Unaudited Financial Statements For The Year Ended 31 March 2023 for PROJECTS ABROAD FOUNDATION LIMITED

Caroline A Vickery FCA Chartered Accountants Wealden Farm, Parrock Lane, Hartfield East Sussex TN7 4AT

PROJECTS ABROAD FOUNDATION LIMITED

Contents of the Financial Statements For the Year Ended 31 March 2023

	Page
Report of the Trustees	1 - 2
Independent Examiner’s Report	3
Statement of Financial Activities	4
Balance Sheet	5 - 6
Notes to the Financial Statements	7 - 12

PROJECTS ABROAD FOUNDATION LIMITED

Report of the Trustees For the Year Ended 31 March 2023

The trustees and director 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 2023.

The financial statements comply with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), and with the Charities Act 2011.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 5401312 (England and Wales)

Registered Charity Number

1109932

Registered office

46 Beech View Angmering West Sussex BN16 4DE

Director and Trustees

The director, trustees and officers serving during the year and since the year end were as follows:

Directors: Dr Peter Slowe Alistair Slowe Mrs Sheila Luke Trustees: Dr Peter Slowe Alistair Slowe Mrs Sheila Luke

Company Secretary

Mrs Sheila Luke

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

The existing trustees shall resolve to appoint trustees, subject to a maximum of 4 trustees.

No Trustee received any remuneration or expenses in respect of services to the charity other than as disclosed in notes 6 and 11.

Related and other parties

The charity works closely with Projects Abroad (UK) Limited, and undertakes the charitable work on behalf of the company.

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.

PROJECTS ABROAD FOUNDATION LIMITED

Report of the Trustees For the Year Ended 31 March 2023

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charitable company's objectives is the furtherance of such exclusively charitable purposes as the trustees shall determine and in particular helping local communities in the developing world by supporting educational, health, care, cultural and environmental projects.

ACHIEVEMENT AND PERFORMANCE

Charitable activities and public benefit

The charity concerns itself with supporting projects in developing countries to do with education, the alleviation of poverty, care of children, human rights, promoting sport and the environment. The charity operates alongside the Projects Abroad group of companies which arranges worthwhile volunteering experiences in the developing world for people from the United Kingdom and other developed countries.

FINANCIAL REVIEW

Financial review

The Statement of Activities shows a small surplus of donations received above donations paid and support costs in the year.

Reserves policy

The charity does not have a reserve policy. All charitable income is expended when received.

STATEMENT OF TRUSTEES RESPONSIBILITES

The trustees (who are also the directors of Projects Abroad Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable lay and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law required the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing those financial statements, the trustees are required to:

§ Select suitable accounting policies and then apply them consistently;
§ Observe the methods and principles in the Charity SORP;
§ Make judgements and estimates that are reasonable and prudent;
§ Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Sheila Luke – Secretary

Dated: 13/10/23

PROJECTS ABROAD FOUNDATION

Independent Examiner's Report to the Trustees of Projects Abroad Foundation

I report to the charity trustees on my examination of the accounts of Projects Abroad Foundation for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts 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 for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination on your 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 material matters have come to my attention which gives me cause to believe that:

accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 accounts have not been prepared in accordance with the Charities SORP (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.

FCA

CAROLINE A VICKERY FCA Member of the Institute of Chartered Accountants Wealden Farm Parrock Lane Hartfield East Sussex TN7 4AT

Date: 13 October 2023

PROJECTS ABROAD FOUNDATION LIMITED

Statement of Financial Activities (including summary income and expenditure account) For the Year Ended 31 March 2023

	Notes	2023	2023	2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		£	£	£	£
INCOME
Income and endowments from:
Donations and legacies	3	£5,560	£21,165	£26,725	£53,769
		=====	=====	=====	=====
EXPENDITURE
Expenditure on:
Raising funds	4	NIL	NIL	NIL	NIL
Charitable activities	4	6,411	13,154	19,565	49,920
Other	4	NIL	NIL	NIL	NIL
		______	______	______	______
Total expenditure	4	6,411	13,154	19,565	49,920
		______	______	______	______
NET INCOME/(EXPENDITURE)		(851)	8,011	7,160	3,849
RECONCILIATION OF FUNDS
Total funds brought forward		2,168	1,944	4,112	263
		______	______	______	______
TOTAL FUNDS CARRIED		£1,317	£9,955	£11,272	£4,112
FORWARD
		=====	=====	=====	=====

The notes form part of these financial statements

PROJECTS ABROAD FOUNDATION LIMITED

Balance Sheet

At 31 March 2023

	Notes	2023	2023	2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		£	£	£	£
CURRENT ASSETS
Debtors	8	2,870	760	3,630	2,903
Cash at Bank		268	9,210	9,478	4,805
		______	______	______	______
Total current assets		3,138	9,970	13,108	7,708
CREDITORS
Amounts falling due within one year	9	( 1,821	) ( 15	) ( 1,836	) ( 3,596 )
		______	______	______	______
NET CURRENT		1,317	9,955	11,272	4,112
ASSETS/(LIABILITIES)
		_____	_____	_____	_____
TOTAL ASSETS LESS CURRENT		1,317	9,955	11,272	4,112
LIABILITIES
		______	______	______	______
TOTAL NET ASSETS		£1,317	£9,955	£11,272	£4,112
		=====	=====	=====	=====
FUNDS OF THE CHARITY
Restricted income funds	10		9,955	9,955	1,944
Unrestricted funds	10	1,317		1,317	2,168
		______	______	______	______
TOTAL FUNDS		£1,317	£9,955	£11,272	£4,112
		======	======	======	======

The company has opted not to file a copy of their Statement of Financial Activities at Companies House in accordance with section 444 of the Companies Act 2006.

The notes form part of these financial statements

PROJECTS ABROAD FOUNDATION LIMITED

Balance Sheet – continued At 31 March 2023

The company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirement of the Companies Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions a p p l i c a b l e t o small companies subject to the small companies regime and in accordance with FRS102 SORP.

Signed on behalf of the Board of Trustees by:

…………………………… Dr Peter Slowe – Trustee

Approved by the Board of Trustees:

The notes form part of these financial statements

PROJECTS ABROAD FOUNDATION LIMITED

Notes to the Financial Statements For the Year Ended 31 March 2023

1. BASIS OF PREPARATION

1.1 Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities, preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), and with the Charities Act 2011.

1.2 Going Concern

The financial statements are prepared on a going concern basis.

1.3 Change of accounting policy

The financial statements present a true and fair view and no changes have been made to the accounting policies adopted in note 2.

1.4 Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period.

1.5 Material prior year error

No material prior year errors have been identified in the reporting period.

2 ACCOUNTING POLICIES

2.1 Income

Recognition of income – These are included in the Statement of Financial Activities (SoFA) when:

§ The charity becomes entitled to the resources;
§ It is more likely than not that the trustees will receive the resources;
§ The monetary value can be measured with sufficient reliability.

Offsetting - There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and donations - Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

Tax reclaims on donations and gifts - Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Support costs – The charity has incurred expenditure on support costs.

PROJECTS ABROAD FOUNDATION LIMITED

Notes to the Financial Statements For the Year Ended 31 March 2023

2.2 EXPENDITURE AND LIABILITIES

Liability recognition - Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and support costs - Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Creditors - The charity has creditors which are measured at settlement amounts less any trade discounts.

2.3 ASSETS

Debtors - Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

2.4 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.

3 ANALYSIS OF INCOME FROM DONATIONS AND LEGACIES

	2023	2023	2023	2022
	Unrestricted	Restricted	Total	Total
	Funds	Funds	Funds	Funds
	£	£	£	£
Donations and gifts	5,560	21,162	26,722	53,711
Gift aid	NIL	3	3	58
Legacies	NIL	NIL	NIL	NIL
	______	______	______	______
TOTAL INCOME	£5,560	£21,165	£26,725	£53,769
	======	======	======	======

PROJECTS ABROAD FOUNDATION LIMITED

Notes to the Financial Statements For the Year Ended 31 March 2023

4 ANALYSIS OF EXPENDITURE

		2023	2023	2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
		£	£	£	£
	Expenditure on raising funds:	£NIL	£NIL	£NIL	£NIL
		======	======	======	======
	Expenditure on charitable
	activities:
	Grants	NIL	13,046	13,046	25,866
	Governance costs (see note 5)	3,920	NIL	3,920	11,982
	Support costs (see note 5)	2,491	108	2,599	12,072
		______	______	______	______
		£6,411	£13,154	£19,565	£49,920
		======	======	======	======
	Other:	£NIL	£NIL	£NIL	£NIL
		======	======	======	======
		______	______	______	______
	TOTAL EXPENDITURE	£6,411	£13,154	£19,565	£49,920
		======	======	======	======
5	ANALYSIS OF GOVERNANCE AND	SUPPORT COSTS
		Governance	Support	Total	Basis of
		£	£	£	apportionment
	Independent examination	NIL	NIL	NIL	Governance
	Accountancy	1,822	NIL	1,822	Governance
	Professional and consultancy fees	250	NIL	250	Invoice
	Book-keeping	1,700	NIL	1,700	Governance
	Salaries	NIL	2,333	2,333	Wholly support
	Printing, postage and sundries	148	148	296	Equally pro-rated
	Bank and other charges	NIL	10	10	Wholly support
	Just Giving commissions	NIL	108	108	Wholly support
		______	______	______
		£3,920	£2,599	£6,519
		======	======	======

PROJECTS ABROAD FOUNDATION LIMITED

Notes to the Financial Statements

For the Year Ended 31 March 2023

6 STAFF COSTS

	2023	2022
	£	£
Salaries	2,333	9,334
Social security costs	NIL	NIL
	______	______
	£2,333	£9,334
	======	======

No employees received benefits for the reporting period.

A trustee received £1,700 for their professional book-keeping services to the charity.

The average head count was 1 staff (2022 – 1), working within Charitable Activities.

7 CORPORATION TAX

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

8 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	2023	2022
	£	£
Trade debtors	NIL	NIL
Prepayments and accrued income	3,630	2,903
Other debtors	NIL	NIL
	______	______
	£3,630	£2,903
	======	======
REDITORS FALLING DUE WITHIN ONE YEAR
	2023	2022
	£	£
Accruals for grants payable	NIL	726
Trade creditors	NIL	NIL
Accruals	1,836	2,870
Tax and social security	NIL	NIL
Other creditors	NIL	NIL
	______	______
	£1,836	£3,596
	======	======

9 CREDITORS FALLING DUE WITHIN ONE YEAR

PROJECTS ABROAD FOUNDATION LIMITED

Notes to the Financial Statements For the Year Ended 31 March 2023

10 ANALYSIS OF CHARITABLE FUNDS

Analysis of movements in restricted funds

	Fund				Fund
	balances				balances
	brought				carried
	forward 1.4.22	Transfers	Income	Expenditure	forward 31.3.23
	£	£	£	£	£
General fund	1,944	NIL	21,165	13,154	9,955
	=====	=====	=====	=====	======
Analysis of movements	in restricted funds	– previous year
	Fund				Fund
	balances				balances
	brought				carried
	forward 1.4.21	Transfers	Income	Expenditure	forward 31.3.22
	£	£	£	£	£
General fund	NIL	NIL	27,837	25,893	1,944
	=====	=====	=====	======	======
Analysis of movements	in unrestricted funds
	Fund				Fund
	balances				balances
	brought				carried
	forward 1.4.22	Transfers	Income	Expenditure	forward 31.3.23
	£	£	£	£	£
General fund	2,168	NIL	5,560	6,411	1,317
	=====	=====	=====	=====	======
Analysis of movements	in unrestricted funds – previous year
	Fund				Fund
	balances				balances
	brought				carried
	forward 1.4.21	Transfers	Income	Expenditure	forward 31.3.22
	£	£	£	£	£
General fund	263	NIL	25,932	24,027	2,168
	=====	=====	=====	======	======

PROJECTS ABROAD FOUNDATION LIMITED

Notes to the Financial Statements For the Year Ended 31 March 2023

11 TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

Trustees’ remuneration and benefits

A trustee received £1,700 for their professional book-keeping services to the charity.

None of the other trustees have been paid any remuneration or received any other benefits from an employment with their charity. but have been paid remuneration of £5,000 by the related party.

Trustees' expenses

None of the trustees have been paid any expenses for fulfilling their duties with their charity or a related entity.

Transactions with related parties

There have been no related party transactions in the reporting period.