REGISTERED COMPANY NUMBER: 06297341 (England and Wales) REGISTERED CHARITY NUMBER: 1121941 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE PARTNERSHIP FOUNDATION
THE PARTNERSHIP FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examinerfs Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 15
THE PARTNERSHIP FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report wth the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounts'ng and Repo"ng by Charits'es., 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) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and alms The objects of the charitable company are.. a} Develop the capacities and skills of socialTy and economically excluded and disadvantaged groups and individuals in such a way that they are better able to identify and help meet their needs and participate more fully in society,. and b) Promote for the public benefit urban regeneration in areas of social and economic deprivation. The areas of benefit are the local authority areas of Portsmouth. Havant. Gosport and Fareham Signrficant activities During 2023124, the trustees continued to support families impacted by the high cost of living by giving a further £50.000 directly to 20 foodbanks and pantries. For the Partnership Foundation to achieve its objectives of helping people, families and communitr.es suffering social and economic deprivats'on, rt depends on the valuable work of grassroots voluntary organisations who provide a support network across the city and its surrounding areas. The past yearfs investment, of £113,315, has built on existing partnerships with these organisations (who support disadvantsged groups across SE Hampshire), The Foundation continues to support its Yrusted partners., who can deliver its own charitable objectives, cost-effectively. During this year these 'trusted partners, have included the Roberts Centre (£15,000), Aspex {£10,000), Motiv8 (£10,000) and Jacobs Well in Gosport (£10,000) This has helped direct the Foundation's grant giving approach over a three-to-four-year period sustaining longer term projects and helping to extend their reach arKI capacity. The Foundation continued with its Community Projects Fund which offers small grants of £500. This year there Vre 22 projects receiving over £12.000 of grants befv4een them. The hyenty-0 recipients over this year included voluntary organisations like Acts of Kindness in Gosport, the Parenting NeIork, Community Kettle and the Havelock Community Centre {a full list can be fourKI on page 10 of these accounts). In addition, the Foundation supported Dentaid with a £7,500 grant to fund their valuable work in the Portsmouth area. Dentaid help people, through their mobile units, who are at risk of health inequalities who have been living with the misery of toothache. The Partnership Foundation we will continue to provide flexible funding that is responsNe to the changing needs of our communities. Public bon8fit The trustees confirm that they have referred to the guidance contained in the Charty Cornmission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this reporL Page 1
THE PARTNERSHIP FOUNDATK)N REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW During the year, the Foundats'on generated income of £206,436 wth expendrf(ure of £129,644 resulting in a surplus of £76,792 before unrealised gains. Reserves policy The Partnership Foundation is a small charity that receives donations annually from the Portsmouth and SE Hampshire Partnership (PSEHP). PSEHP is a local not for profit regeneration company that owns commercial property and distributes its surpluses. These annual donations vary and have often been £100,000 per annum. The trustees review these donations and their source annually to ensure they are content with the ststus and acts"vities of the funding organisats"on. The Partnership Foundation's current, sole activity is to make grants to projects in line with its charitable objectives. The Foundation rents an office in Portsmouth Guildhall on a monthly licence and has no other contractual obligations. Staff costs are paid hourly for management and administration as and when needed. The trustees agreed to keep reserves of £10.OOD on the understanding this amount would easily cover any unforeseen costs. This reserves policy is reviewed annually when the accounts are prepared. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Partnership Foundation is a charttable company, limited by guarant, incorporated on 29 June 2007 and registered with the Charity Commission on 11 Dember 2007. The charitable company is govemed by its Memorandum and ArtiCS of Association dated 8 May 2007. Trnstees The Articles of the charitable company currently allows for a minimum of five and a maximum of nine trustees up to five elected by and from the membership at the AGM, up to three persons, appointed by the Board from organisations operating or active in the aa of benefit or indtviduals who have appropriate skills and experience of benefit to the charitable company and Portsmouth and South East Hampshire Partnership Limited (corporate trustee). The Chairperson is appointed by the member of the charitable company from the Board of Trustees. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06297341 (England and Wales) Reglstered Charlty number 1121941 Registered office Portsmouth Guildhall Guildhall Square Portsmouth Hampshire P012AB Trustees M Craft D Miles Z Gray A Clodfelter R Dickens Portsmouth and South East Hampshire Partnership Limited Company Secretary Portsmouth and South East Hampshire Partnership Limited Page 2
THE PARTNERSHIP FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADPIIINISTRATIVE DETAILS Independent Examiner S Mackie, FCA Morris Crocker Chartered Accountants ststion House North Street Havant Hampshire P09 1QU Solicitor5 Moore Barlow Gateway House Tollgate Chandlerfs Ford Southampton Hampshire S053 3TG Approved by order of the board of trustees on . . and signed on its behalf by.. rustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PARTNERSHIP FOUNDATION Independent examIneS report to the trustees of The Partnership Foundation ('the Company'l report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilltles and basis of report As the charity's trustees of the Company {and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 ('the 2006 ACV). 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 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 ACL Independont examiner'8 Statement I have completed my examination. I confirm that no matters have come to my attents'on in connection with the examination giving me cause to believe" accountj'ng records were not kept in spect of the Company as required by Section 386 of the 2006 the accounts do not accord with those records. or the accounts do not comply with the accounting requirernents of SeCtIn 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 accounts have not been prepared in accordance th 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 conneth'on 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. S Mackie, FCA Morris Grocker Chartered Accountants Station House North Street Havant Hampshire P09 1QU Date: Page 4
THE PARTNERSHIP FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted funds 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 198,000 104,000 Charitable actlvltles Partnership Foundation Fund 1.104 2,000 Investment income 7,332 9,336 Total 206.436 115,336 EXPENDITURE ON Raising funds 6,071 8,305 Charitable activities Partnership Foundats'on Fund 113,315 171,849 Other 10,258 8,714 Total 129,644 188,888 Net gains on investments 12,500 NET INCOMEI(EXPENDITURE} 89,292 (73.532) RECONCILIATION OF FUNDS Total funds brought fonward 257,834 331,366 TOTAL FUNDS CARRIED FORWARD 347,126 257,834 The notes form part of these financial ststements Page 5
THE PARTNERSHIP FOUNDATION BALANCE SHEET 31 MARCH 2024 2024 Totsl funds 2023 Total funds Notes FIXED ASSETS Social investments 14 112,500 100,000 CURRENT ASSETS Debtors Cash at bank 15 223,350 13,776 104,323 81,561 237,126 185,884 CREDITORS Amounts falling due within one year 16 (2,500) (28,050) NET CURRENT ASSETS 234,626 157,834 TOTAL ASSETS LESS CURRENT LIABILITIES 347,126 257,834 NET ASSETS 347,126 257,834 FUNDS Unrestricted funds 17 347,126 257,834 TOTAL FUNDS 347.126 257,834 The charitable company is entided to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordan with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the chariiable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or defiat for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance wth the provisions applicable to charitable companies subject to the small companies regime. he financial stat ments were approved by the Board of Trustees and authorised for issue on . and were sned on its behalf by: -.mc The notes fonn part of these financial statements Page 6
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANcL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP {FRS 102) 'Accounting and Reporting by Charits'es.. 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) (effective 1 January 2019)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. as rnodified by the revaluation of certain assets. The trustees consider that there are material UnrtaIntieS atK)ut the Charity's ability to continue as a going concem. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commrtting the charity to that expenditure. rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over tts estimated useful life. Office equipment 33.33% on cost Individual fixed assets costing £250 or more are capitalised at cost. Taxation The charity is exempt from corFrf)ration tax on its charitable activiiies. Fund accounting Unrestricted funds can be used in accordance wtth the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted puSeS within the objects of the charity. Restrictions arise when specified by the donor or when funds are rald for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Financial instruments The charity only enters into basic financial insttuments transactions that result in the recognition of financial assets and liabilities like trade and other accounts CeiVable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below. Page 7 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Debtors and cash at bank Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Gash at bank and in hand included cash held on deposit or in a current account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their setvement amount after allowing for any trade discounts due. DONATIONS AND LEGACIES 2024 2023 Donations 198,000 104,000 INVESTMENT INCOME 2024 2023 Rents recesved Deposit account interest 5,828 1.504 8,305 1.031 7,332 9,336 All investment income is derived from assets held in the United Kingdom. INCOPIIE FROM CHARITABLE ACTIVITIES 2024 2023 Activity Partnership Foundation Fund Hope into action 1,104 2,000 RAISING FUNDS Other tradlng actlvftles 2024 2023 Rent 6,071 8,305 Page 8 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTMTIES COSTS Grant funding of activities (see note 7) Partnership Foundation Fund 113,315 GRANTS PAYABLE 2024 2023 Partnership Foundation Fund 113,315 171,849 Page 9 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: 2024 2023 Aspex Sehco EC Roberts Centre Portsea Event Acts of kindness Two Saints Hope into Action Saturday kids zone Toucan diversity Salvation army Portsmouth food bank Dadzclub Enable Activity Comfort and Joy Vouchers The Hive (foodbanks and food pantries) Sparks Community Space Cuppa & Cake Havelock Community Centre STEM Unity Community Fair Andrew Simpson Foundab'on Walking Football Sustrans Jacobs Well Care Centre The Twirly's Game Club Abilities for Life Portsmouth Community Housing Trust Motiv8 Mental Health Community Kettle John Pound Centre Portsea Action Group Portsea Panty ECASS The Dental Charty Southsea Green Community Garden Association The Parents'ng Network St Faiths Hub Chain Net Apparel Gosport Food Bank Cosham Larder St Judes Church Waterlooville Food Bank Baffins Community Pantry Park Community Venture Lifehouse Food Bank Empower Global North End Pantry st Simons Church st Margarets Oasis Pantry Bridge Street Church GBFC Holdings Limited St Philips Living Waters 10,000 20,000 445 17,500 500 15,000 600 4,000 2,504 10,500 1,000 1,000 2,000 2,500 500 3,000 7,000 50,000 500 500 900 500 500 500 500 10,000 500 500 25.000 23.000 2.905 1,000 500 10,000 10,000 1,010 300 500 2,500 500 7,500 500 500 1,000 500 2.000 2.000 2,500 2,000 2,500 2,500 2,500 5,000 2,500 2,500 2,500 2,500 2.500 500 500 500 113.315 171,849 Page 10 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 GRANTS PAYABLE - continued SUPPORT COSTS Govemance costs Management Finance Totals Other resources expended 6.428 88 3.742 10.258 Support costs, included in the above, are as follows." Management 2024 Other resources expended 2023 Total activbties Administration 6,428 4,353 Flnance 2024 Other resources expended 2023 Total activities Bank charges 88 75 Governance costs 2024 Other resources expended 2023 Total activities Insuran Accountancy and legal fees 472 3,270 406 3,880 3,742 4,286 NET INCOMEI(EXPENDITURE Net incomel(expenditure) is stated after chargingl{crediting)" 2024 2023 Independent examination fees 888 Page11 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other tenefrts for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses During the year no trustees (2023.. none) were reimbursed out of pocket expenses. Directors and Officers in8urdn¢e The charitable company also provides Insuran for its directors and offters. Key Management Remuneration Key management indudes the outsourced part time role of Chief Executive, totsl pay for this was nil (2023- nil). 11. STAFF COSTS The average monthly number of employees during the year VRS as follows: 2024 2023 Support staff No employees received emoluments in excess of £60.000. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 104,000 Charltable actlvltles Partnership Foundats'on Fund 2,000 Investment income 9,336 Total 115.336 EXPENDITURE ON Raising funds 8,305 Charitable activities Partnership Foundation Fund 171.849 Other 8.714 Total 188,868 NET INCOMEI(EXPENDITURE (73,532) RECONCILIATION OF FUNDS Total funds brought forward 331,366 Page 12 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEmErs - contlnued FOR THE YEAR ENDED 31 MARCH 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted funds TOTAL FUNDS CARRIED FORWARD 257,834 13. TANGIBLE FIXED ASSETS Office equipment COST At 1 April 2023 and 31 March 2024 4,358 DEPRECIATION At 1 April 2023 and 31 March 2024 4,358 NET BOOK VALUE At 31 March 2024 At 31 March 2023 14. SOCIAL INVESTMENTS Other investments MARKET VALUE At 1 April 2023 Revaluations 100,000 12,500 At 31 March 2024 112.500 NET BOOKVALUE At 31 March 2024 112,500 At 31 March 2023 100,000 Cost or valuation at 31 March 2024 is represented by: Other investments Valuation in 2024 Cosl 12,500 100,000 112,500 If social investments had not been revalued they Vuld have been included at the folloviing historical cost: 2024 2023 Cost 100,000 100,000 Social investments were valued on an open market basis on 17 October 2023 by Chandler Hawkins. Page 13 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. DEBTORS: ANIOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments 223,000 350 104,000 323 223,350 104,323 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other creditors Accrued expenses 422 25,000 2.006 2,078 2,500 28,050 17. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 257.834 89,292 347,126 TOTAL FUNDS 257.834 89,292 347,126 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fijnd 206.436 (129,644) 12,500 89,292 TOTAL FUNDS 206,436 (129,644) 12,500 89,292 Comparatives for movement In funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 331,366 {73,532) 257.834 TOTAL FUNDS 331,366 (73,532) 257,834 Page 14 continued...
THE PARTNERSHIP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as foll¢)ws: Incoming resources ReSourS expended Movement in funds Unrestrlcted funds General fund 115.336 (188,868) (73,532) TOTAL FUNDS 115,336 (188,868) (73,532) 18. RELATED PARTY DISCLOSURES The following transactions twk place with Portsmouth and South East Hampshire Partnership Limited (a company with directors in common with the charty) during the year: 2024 2023 Donation Debtorl(creditor) at balance sheet date Rent charged 198,000 223,000 5,102 104,000 104,000 3,374 19. ULTIMATE CONTROLLING PARTY The charitable company is not under the control of another entty or any one individual. 20. LEGAL STATUS OF THE CHARttY The charity is a company limited by guarantee and has no share capitai. The liability of each member in the event of winding up is limited to £1. Page 15