The Phoenix Trust (Milton) Ltd
Company Number: 6007360
Charitable company registered with the Charity Commission. March 2007: number 1118548.
Trustees’ Report and Accounts for the period ended 31[st] March 2024
Unit 8, Milton Trading Estate Cambridge Road, Milton, Cambs CB24 6AZ
Tel: 01223 420669
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The Phoenix Trust (Milton) Ltd
Legal and Administrative Information
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Trustees Brian Guinee - - Chair Charles Hobley - Treasurer Rebecca Munns Norman Jones Anna Ghale Malcolm Howting Charity Number 1118548 Company Number 6007360 Registered Office Unit 8, Milton Trading Estate Cambridge Road Milton Cambridge Cambs CB24 6AZ Bankers Lloyds TSB Bank plc Commercial Banking P.O. Box 1000 BX1 1LT Solicitors G Cartwright & Co 9 Park Street Chatteris Cambridgeshire PE16 6AB
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The Phoenix Trust (Milton) Ltd
Trustees’ Report for the period ended 31[st] March 2024
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The Trustees present their report for the period ended 31[st] March 2024.
Directors and Trustees
The directors of the charitable company (the charity) are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.
The Trustees who served during the period to the date of the accounts signature were: Rebecca Munns Charles Hobley Brian Guinee Norman Jones Malcolm Howting (appointed 31 October 2023) Neil Cook (resigned 19 April 2024) Jacqueline Teasdale (resigned 27 November 2023) Anna-Lisa Ghale (appointed 17 April 2023) John Harradine (resigned 28 May 2023)
The number of Trustees shall not be less than three, which constitutes a quorum, (unless otherwise determined by ordinary resolution), and shall not be subject to any maximum. Trustee appointments are determined by the regulations and guidelines laid down in our Articles of Association.
The Phoenix Trust (Milton) Ltd is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. The company was incorporated on the 23[rd ] November 2006 (company number 6007360) and registered as a charity on the 27[th] March 2007 (charity number 1118548).
Objectives and activities of the Charity
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To respect and celebrate everyone’s differences and support everyone’s rights.
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To enhance the lives of people with learning disabilities or complex needs, through the provision of a meaningful experience of work and the development of employability and social skills.
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To encourage the growth of self-confidence of co-workers attending Phoenix, and the desire to learn, progress and achieve qualifications as appropriate.
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To provide advice, guidance and support as needed.
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To further these aims through active community engagement, fundraising and sourcing of grants and donations
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Review of activities, achievements and performance
Phoenix Trust was Milton’s first ever social enterprise and we are pleased to report that during this period we have continued to advance our aims and objectives. We have again helped a wide agerange of beneficiaries and have further raised awareness of our work to a wider audience, including increasing our appearances at weekend events in the local area including Milton Country Park – our thanks go to all those staffing these events (staff, parents, trustees, volunteers).
We are again able to report satisfactory progress. Our concrete factory, extended woodsheds, garden and kitchen continue to provide a wide range of training. We continue to develop our range of products.
We continue to maintain strong links with a number of local schools and the Learning Disability Partnership, regularly attending review meetings for our adult trainees to improve our knowledge and understanding of their needs and so, enhance the placement experience. We continue to be grateful for the support we get from these partners and the parents and carers of our co-workers. We remain members of STEnG (Social Training Enterprise Group) and GET (Guidance, Employment, Training).
Grants and donations received totalled £59,935 in the year (2023 £29,459). We would like to state our gratitude to the help we have received from all our donors, particularly continued support from the Pye Foundation, and also local members of the business community. We would like to especially thank the directors and staff of COEL for their financial and practical support received in many areas.
Volunteers / Employees
The Trustees remain very grateful to staff and volunteers alike for the enormous amount of hard work and effort they give to the Trust. We continue to rely on our wonderful volunteers who offer offered their services in the reporting period, each bring a range of skills, energy and enthusiasm.
Financial Review
Statement of Financial Activities (SoFA)
Incoming resources for the year (unrestricted and restricted) totalled £259,623 (2023 £193,020) and Resources expended amounted to £192,390 (2023 £190,799) resulting in Net incoming resources for the period of £2,221 (2022 incoming £24,597).
Donations and grants received amounted to £29,459 (2022 £26,788)
Balance Sheet
The Balance Sheet identifies the assets, liabilities and funds of the Trust as at 31 March 2024. The Trustees are satisfied that the total bank and cash balances of £147,962 (2022 £86,763) are sufficient for the ongoing requirements of the Trust in the immediate future.
The Trust receives restricted and designated grants and donations. The Trust identifies and accounts for these funds in line with the specified restricted or designated purposes.
Reserves Policy
The board of Trustees continues to regularly meet each month to administer the charity and consider the charity’s activities. The need to support our beneficiaries continues to be paramount along with the financial stability of the Trust. Therefore, as mentioned in previous years’, we continue to set aside, as a contingency, sufficient funds to cover a minimum of three months’ operational costs, £10,000 of the unrestricted fund balance at the year end remains in a General Reserve fund.
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Risk Factors
The trustees are ever mindful of and have considered and assessed all major risks to which the charity is or might be exposed and are satisfied that systems are in place to mitigate problems that these could bring to the charity.
On behalf of the board of Trustees
C Hobley Trustee Dated: 13 May 2024
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Independent Examiner’s Report to the trustees / members of The Phoenix Trust (Milton) Ltd.
I report on the accounts for the year ended 31[st ] March 2024 which are set out on pages 7 to 17.
Respective responsibilities of the trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for the year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
It is my responsibility to:
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Examine the accounts under section 43 of the 1993 Act,
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To follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the 1993 Act, and
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To state whether any particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below:
Independent examiner’s statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with section 41 of the 1993 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Geoffrey Savage FCCA Maplefield 1 Sternes Way Stapleford Cambridge, CB22 5DA
Dated: 13 May 2024
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Statement Of Financial Activities For the Year Ended 31st March 2024
| Notes Incoming resources 3 Income resources from generated funds Voluntary Income 3.1 Donations & grants Investment income: Deposit account interest 3.2 Incoming resources from charitable fund activities 3.3 Total incoming resources Resources expended Cost of generating funds 4 Charitable fund activities 4.1 Governance costs 4.2 Net incoming (outgoing) resources before transfers Gross transfers between funds Net movement in funds for the year Total funds brought forward Transfer between funds Total funds carried forward |
Unrestricted Funds Restricted & Designated Funds Total Funds £ £ £ 44,935 15,000 59,935 802 - 802 198,886 - 198,886 244,623 15,000 259,623 178,419 15,000 193,419 13,971 - 13,971 192,390 15,000 207,390 52,233 - 52,233 - - - 52,233 - 52,233 104,872 - 104,872 - - - 157,105 - 157,105 2024 |
2023 Total Funds £ 29,459 132 163,429 193,020 183,267 7,532 190,799 2,221 - 2,221 102,651 - 104,872 |
|---|---|---|
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
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|---|---|---|---|---|---|
|Balance Sheet as at 31st March 2024|2024|2023|
|es oe|
|Restricted &|
|Unrestricted|Designated|
|Funds|Funds|Total Funds|Total Funds|
|£|£|£|£|
|Notes|
|Fixed assets|
|Tangible assets|9|-|-|-|-|
|Current assets|
|Stock|10|6,086|-|6,086|4,342|
|Debtors|11|13,908|-|13,908|18,790|
|Cash at bank and in hand|12|147,962|-|147,962|86,763|
|Total current assets|167,956|-|167,956|109,895|
|Current liabilities|
|Creditors: amounts falling due within one year|13|10,851|-|10,851|5,023|
|Net current assets|157,105|-|157,105|104,872|
|Net assets|157,105|-|157,105|104,872|
|Funds of the charity|14-15|
|Unrestricted funds|147,105|-|147,105|94,872|
|General reserve|10,000|-|10,000|10,000|
|Restricted & designated funds|-|-|-|-|
|Total funds|157,105|-|157,105|104,872|
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For the year ending 31st March 2024 the company was entitled to excemption from audit under section 477 of the Companies Act 2006. The Trustees have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees passed a Resolution on 22nd January 2014 not to hold an annual general meeting each year. Clause 3 of the Articles of Association have been amended accordingly.
The Directors' acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
Approved by the Trustees
Signed by: Charles Hobley Trustee
Date: 13-May-24
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
| 1 | Basis of preparation |
|---|---|
| 1.1 | Basis of accounting |
| These accounts have been prepared on the basis of historic cost, and in accordance with Accounting and Reporting by Charities - | |
| Statement of Recommended Pratice (SORP 2005 ) Accounting Standards, the Charities Act 1993 and the Companies Act 2006. | |
| 1.2 | Change in basis of accounting |
| There has been no change to the accounting policies (valuation rules and methods of accounting) since last year. | |
| 1.3 | Changes to previous accounts |
| No changes have been made to accounts for previous years. | |
| 2 | Accounting policies |
| 2.1 | Incoming Resources |
| 2.1.1 | Recognition of incoming resources |
| These are included in the Statement of Financial Activities (SoFA) when: | |
| - the charity becomes entitled to the resource; | |
| - the trustees are virtually certain they will receive the resource; and | |
| - the monetary value can be measured with sufficient reliability. | |
| 2.1.2 | Incoming resources with related expenditure |
| Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related | |
| expenditure are reported gross in the SoFA. | |
| 2.1.3 | Grants and donations |
| Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resource. | |
| 2.1.4 | Tax reclaims on donations and gifts |
| Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate. | |
| 2.1.5 | Contractual income and performance related grants |
| This is only included in the SoFA once the related goods or services have been delivered. | |
| 2.1.6 | Volunteer help |
| The value of any voluntary help received is not included in the accounts but is described in the Trustees annual report. | |
| 2.1.7 | Investment income |
| This is included in the accounts when received. | |
| 2.2 | Expenditure and Liabilities |
| 2.2.1 | Liability recognition |
| Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. | |
| 2.2.2 | Governance costs |
| Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to | |
| trustees on governance or constitutional matters. | |
| 2.2.3 | Support costs |
| Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of | |
| resources. | |
| 2.3 | Assets |
| 2.3.1 | Tangible fixed assets for use by charity |
| Expenditure on assets with a useful life of over one year are capitalised and depreciated on a straight line basis over their estimated | |
| useful life, with the exception of expenditure on assets that are funded by a restricted grant or donation are written off against the | |
| restricted grant or donation in the year in which they are expended. | |
| 2.3.2 | Stocks and work in progress |
| These are valued at the lower of cost or market value. | |
| 2.4 | Reserves |
2.4.1 £10,000 of the unrestricted fund balance is held as a contingency reserve.
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
| 3 3.1 3.2 3.3 4 4.1 4.2 |
Analysis of incoming resources Voluntary income Individual grants and donations incl internet giving A. Fiels Interact Earth Earth Reserves E Coel / Coel Foundation Enterprise Cars Pye Foundation HTS Nick Brown Cadence Design Original Elica Ltd Rugby Cement Benevolent Fund C.A.F. Education Services Charity Giving Benevity Investment income Bank interest received Incoming resources from charitable activities Product Sales Canteen Income Work experience students Other Income Analysis of resources expended Charitable activities Direct costs Raw material costs and production expenses Support costs See note 5 Governance costs See note 5 Legal and professional |
Unrestricted Funds Restricted & Designated Funds Total Funds £ £ £ 12,055 - 12,055 - - - 4,250 - 4,250 6,500 - 6,500 12,180 - 12,180 2,000 - 2,000 3,500 - 3,500 1,000 - 1,000 2,800 - 2,800 250 - 250 - - - - 10,000 10,000 400 400 - 5,000 5,000 - - - 44,935 15,000 59,935 802 - 802 30,709 - 30,709 15,739 - 15,739 152,438 - 152,438 - - - 198,886 - 198,886 18,653 - 18,653 159,766 15,000 174,766 178,419 15,000 193,419 13,971 - 13,971 - - - 13,971 - 13,971 2024 |
2023 Total Funds £ 9,208 10,000 - - 3,750 - 3,500 - - - - 788 360 1,158 695 29,459 132 20,885 7,731 134,813 - 163,429 16,766 166,501 183,267 7,532 - 7,532 |
|---|---|---|---|
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
- 5 Support and Governance costs
Unrestricted Travelling costs Rent & rates Staff salaries Energy costs Insurance Administration costs Other Restricted & Designated Staff Salaries Advertising Other |
Charitable activity £ - 7,342 143,888 2,287 2,870 3,379 - 159,766 - - - - |
Restricted activity £ - - 15,000 15,000 |
Governance activity £ - 1,296 - 404 507 11,765 - 13,971 - - - - 2024 |
Total Support & Governance costs £ - 8,638 143,888 2,690 3,377 15,144 - 173,737 - - 15,000 15,000 |
2023 Basis of governance allocation Total Support & Governance costs % £ 10% - 15% 9,160 0% 135,905 15% 2,591 15% 3,125 40% 13,252 5% - 164,033 0% - 0% - 0% 10,000 10,000 |
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6 Details of certain items of expenditure
6.1 Trustee costs
| 6.2 | Remuneration Legal Authority - Approved by the Charity Commission on 29th December 2008 Number of Trustees who received remuneration Total amount paid Travel expenses Number of Trustees who were paid expenses Total amount paid Fees for examination of the accounts Independent examiner's fees Other fees (advice consultancy, accountancy advice) paid to the independent examiner Legal Authority - Article of Association No: 39 |
2024 - - £ - - £ Nil Nil |
2023 - - £ - - £ Nil Nil |
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
| 7 Paid employees 7.1 Staff costs Gross wages, salaries and benefits in kind Employer's National Insurance Costs Employer's Pension Costs Total staff costs |
2024 £ 136,296 5,339 2,253 143,888 |
2023 £ 129,568 4,272 2,065 135,905 |
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| 7.2 Average number of full-time equivalent employees in the year Fundraising Charitable activities Governance Other Total |
2024 Number - 6.0 - - 6.0 |
2023 Number - 6.0 - - 6.0 |
|---|---|---|
8 Grantmaking
- 8.1 No grants or donations were made by the Trust during the financial period.
9 Tangible fixed assets
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Cost or valuation Plant, equipment & displays
Unrestricted Restricted Total
£ £ £
Balance brought forward 1st April 2023 14,103 15,136 29,239
Additions - - -
Revaluations - - -
Balance carried forward 31st March 2024 14,103 15,136 29,239
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9.1 Cost or valuation
The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
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Accumulated depreciation and impairment
9.2 provisions Plant, equipment & displays
Unrestricted Restricted Total
£ £ £
Balance brought forward 1st April 2023 14,103 15,136 29,239
Depreciation charge for the year - - -
Balance carried forward 31st March 2024 14,103 15,136 29,239
9.3 Net book value
£ £ £
Balance brought forward 1st April 2023 - - -
Balance carried forward 31st March 2024 - - -
10 Stocks
2024 2023
£ £
Raw materials (Aggregate, cement, dyes and wood) & 6,086 4,342
Finished goods (Slabs etc.)
6,086 4,342
11 Debtors and prepayments
11.1 Analysis of debtors
Amounts falling due within Amounts falling due within
one year one year
2024 2023 2024 2023
£ £ £ £
Trade debtors 11,023 16,221 - -
Other debtors 2,885 2,569 - -
13,908 18,790 - -
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11.1 Analysis of debtors
The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
| 12 Cash at bank and in hand Lloyds TSB current account Lloyds TSB deposit account Cash Floats Cambridge Building Society |
Unrestricted Restricted & Designated £ £ 86,843 - 48,511 - 1,138 - 11,470 - 147,962 - 2024 |
Unrestricted Restricted & Designated £ £ 29,021 - 45,920 - 651 - 11,171 - 86,763 - 2023 |
|---|---|---|
13 Creditors and accruals
13.1 Analysis of creditors
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Amounts falling due within Amounts falling due after
one year more than one year
2024 2023 2024 2023
£ £ £ £
Trade creditors - - - -
Accruals & non trade crediture 10,851 5,023 - -
10,851 5,023 - -
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
14 Restricted and designated income funds
| 14.1 Funds held Brought forward 1st April 2023 Grants received in year Total Funds Less Funds expended in year Expended in the year Total Restricted Funds at 31st March 2024 |
Furnace Catering Supervisor Total £ £ £ £ £ - - - - 10,000 5,000 - - 15,000 10,000 5,000 - - 15,000 10,000 5,000 - - 15,000 10,000 5,000 - - - 15,000 - - - - - - - |
|---|---|
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Movement of funds
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| Unrestricted general fund Unrestricted general reserve Restricted & designated funds Total funds |
Fund balances brought forward Incoming resources Outgoing resources Transfers Fund balances carried forward £ £ £ £ £ 94,872 244,623 192,390 - 147,105 10,000 - - - 10,000 - 15,000 15,000 - - 104,872 259,623 207,390 - 157,105 15 |
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
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Notes to the Financial Statements: 31st March 2024
16 Transactions with related parties
None
16.1
Benefits
Legal
Connected party authority Amount paid or benefit value
2024 2023
£ £
- -
- -
- -
16.2
Loans
There are no loans due to or from the Trustees or other related parties
16.3
Other transaction(s) with trustees or related parties
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There were no other transactions undertaken by (or on behalf of) the charity in which a trustee or a related party had a material interest
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The Phoenix Trust (Milton) Ltd.
Charitable company registered with Charities commission March 2007: number 1118548 Company number: 6007360
Notes to the Financial Statements: 31st March 2024
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Taxation
The company is exempt from corporation tax on its charitable activities
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Operating lease
The Charity operates from land and buildings in Milton under a lease that was renewed on 15th October 2020 for a period of 15 years at an annual rent of £8,000 subject to rent review on the 15th October 2025 and 2030.
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