Registered number: 07416912 Charity number: 1140338
THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
THE PHILOSOPHY FOUNDATION (A Company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2021
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of The Philosophy Foundation for the year ended 31 August 2021.
The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Mission and beliefs
We conduct philosophical enquiry with school age children, older students and adults. We believe that:
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Reasoning skills developed through philosophical enquiry are an indispensable foundation of all aspects of learning.
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Philosophy, like maths, music or physical education, is intrinsically worth doing and intrinsically engaging.
Our mission is to bring understanding, wisdom and eudaimonia to the heart of education for children and adults.
All our philosophers hold a bachelor’s degree in philosophy, and are trained to work in the specific setting where they conduct their enquiries, from primary schools to global businesses.
Values
In all our work we strive to be:
Questioning – asking questions, and questioning the answers, is the foundation of all our work. A questioning approach informs all our activity, outside as well as inside the classroom.
Enthusiastic – we love our work. Our enthusiasm is an important part of what makes it enjoyable and effective for our beneficiaries.
Collaborative – our work of philosophical enquiry is a collaboration between philosophers and participants. We extend that collaborative spirit into the management of the Philosophy Foundation as an organisation.
Aims
Our overall aim is to equip our beneficiaries to participate fully in society.
Our beneficiaries are both children and adults, with a current focus on disadvantaged children in South East London. Other important beneficiary groups include university students and adults in employment.
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THE PHILOSOPHY FOUNDATION (A Company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2021
Theory of change
In 2017-18 we ran an internal values exercise and consultation with Trustees to ensure that our values, theory of change and current pedagogy were aligned, and could be aligned with our work in business. This was primarily done to see if we needed a new trading arm for this work, which we want to develop to underpin the finances of our main work with young people. After consulting all staff and freelance philosophers, the Trustees worked with the core team, the Executive and with freelance representatives to develop an enhanced Theory as shown below.
It was agreed the work in business also drives towards our overall aim of helping to create an inclusive and thriving society built on a diversity of ideas. Through our expansion into corporate learning, we are confident we will be able to have positive impacts on the cultures, practices and ethics of corporations we work with, whilst also solidifying our financial position as an organisation, and increasing the breadth and depth of our work within schools and disadvantaged groups.
Current service delivery and business model
The key elements of our delivery / business model are:
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1) Recruit and train philosophers direct from universities. This activity is paid for by universities and/or students themselves. Students who are suitably skilled and motivated will go on to deliver philosophy sessions in schools.
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2) Deliver philosophical enquiry sessions in schools (ranging from nursery to sixth form). This is mostly paid for by the schools themselves, though some free taster sessions are offered, which normally lead to schools paying for further sessions.
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3) Deliver philosophical enquiry sessions in other learning environments for both adults and children, such as Libraries, Hospitals and Prisons. Mainly self-funded by individuals, institutions or from charitable trusts.
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THE PHILOSOPHY FOUNDATION (A Company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2021
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4) Deliver teacher training for teachers in participating schools to enable them to support philosophical enquiry. This is also paid for by the schools.
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5) Deliver philosophical enquiry sessions for commercial companies which pay for this service to develop the skills of their employees.
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6) Research and develop new or improved services, including through evaluations, mostly paid for by charitable trusts and supported by Universities.
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7) Sales of books and resources for doing philosophy or related to philosophy.
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8) Fundraise for additional innovative projects and/or core activities, mostly from charitable trusts or corporations.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee (charity number 1140338) by a Memorandum of Association on 22 October 2010.
The principal object of the charitable company in the year under review was that of the provision of educational services for the benefit of the community.
b. Method of appointment or election of Trustees
Trustees are appointed because of their expertise, experience and interest in the field of Philosophy, Education, Charity, Finance, Fundraising, Business and Law.
Trustees serve a term of the minimum of a year and should they wish to retire the other Trustees may appoint a person who is willing to act to serve as a Trustee for such term as they shall see fit, either to fill a vacancy or as an additional Trustee.
Trustees serve a maximum of two terms (we have a three-year term of office), but always making sure there are a majority of trustees who have served over a year at any one time. A recommended Notice Period of 6 months is asked to be given by trustees wishing to retire.
Covid-19 contingency and re-balancing timings
With Covid-19 disrupting business for a year and a half we took the step to extend everyone's Trustee ship for a year, and then altered the timings of people leaving, so that in the future we are not in the position where 4 Trustees leave in close proximity.
The timings have now been altered so that 2 positions become available every year over the next 3 years, and then repeat every 2 terms as necessary.
Once future trustees are selected we will invite them along as observers initially, and then when a trustee resigns their position can be filled with someone who already knows the charity and has been recruited for a specific role on the Board.
As we do not have to have all 7 in place at the same time and need a minimum of 3 for the charity we can now recruit and have in people in place for future positions that arise.
Retiring Trustees
Will be invited to take part in future projects, should they wish, as Alumni Group for Former Trustees. This means that certain projects started with specific Trustees can continue to have their support for this project should the trustee wish to continue to help and the organisation would benefit from this support.
c. Organisational structure and decision making
The governance of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The day to day management of the charity is the responsibility of the Co-Chief Executive Officer, Mrs E.J. Worley MBE.
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THE PHILOSOPHY FOUNDATION (A Company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2021
d. Risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The primary risks to the organisation include:
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Covid restrictions and tough operating environment due to government funding and public sector spending cuts.
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Competition within the market becoming stronger.
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Staff attrition if our security, remuneration or terms and conditions cannot meet the needs of our valued team.
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Demand in schools out-stretching the number of philosophers accredited and able to work with us.
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Demand in philosophers wanting to work, but not enough work to keep them working with us, and them becoming competition, or our strong reputation being compromised.
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Drop in quality of philosophy teachers due to either of the above issue.
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Lack of long-term data on social impact and outcomes which will help attract new financial investment, grants and sales.
Objectives and Activities
a. Policies and objectives
The charity's objects are restricted specifically to the advancement of the education of the public in the subject of philosophy and to promote the skills which derive from philosophical learning and the application of philosophical methodology.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and consider that by the provision of educational services through its relationship with several established schools it is clearly able to meet the public benefit criteria.
Achievements and performance
a. Key financial performance indicators
The largest part of the charity's income is earned as a result of the charity facilitating the teaching of Philosophy within schools. In addition it has earned income from running courses to train teachers and philosophy graduates as specialists in teaching Philosophy.
b. Review of activities
The Philosophy Foundation's overall aim is to improve thinking in education and give young people good thinking skills and habits that will help them in all areas of their lives. This aim is put into practice by the following activities:
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We trained and accredited philosophy graduates through our training programme, and through University Courses. Since the Covid-19 crisis we have taken these courses online and have run both Stage 1 and Stage 2 training courses online this year.
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We placed accredited philosophy teachers in schools to run regular philosophy classes and work directly with students in infants, primary and secondary schools. Since Covid-19 we took this work online too and are now reaching new pupils across the country and internationally.
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We trained teachers in the transferable skills of Philosophical Enquiry: questioning, critical and creative thinking.
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We have run sessions for business and individuals within business in person and online, and will continue to build on this.
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We ran a holiday activities club, funded by Lewisham Council, to help children catch-up on missed social and academic learning.
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THE PHILOSOPHY FOUNDATION (A Company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2021
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We promoted philosophy to the wider community and campaigned to have more philosophy in public life and education, e.g. we worked at Festivals, ran community philosophy groups and gave public talks about our work.
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We continued to develop book ideas, and still offer all our books to be used in the classroom and community to develop good thinking in all areas of learning.
-We continue to develop resources and share them for free on our website, which has 2,378 members.
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We successfully continued doing Philosophy in Prisons in the UK. This work has been suspended since Covid-19, but we are offering written worksheets to prisoners with feedback. This work has been funded by the Royal Institute of Philosophy.
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We continued to research and develop new or improved services, including through evaluations, mostly paid for by charitable trusts. During 2020-21 we worked with King's College London to research the impact of philosophy on children’s emotional development. Results on this will be evaluated this year (2022).
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This year we produced our sixth Social Impact Report using data gathered. - We are a carbon neutral plus charity, producing 14.2 tonnes of CO2e and offsetting 28.4 tonnes. Our carbon intensity of 33% lower than the average office.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Philosophy Foundation aims to have a minimum of 3 months of unrestricted recurring expenditure in reserve, which is around £45,000. As at 31 August 2021 the balance on unrestricted reserves stood at £58,117, thus ensuring that our minimum target was reached. We are also looking to build an additional discretionary fund to use for charitable benefits, namely providing support for those in higher education studying philosophy who would not otherwise be able to do so, and to support other programmes.
Plans for the future
Since forming as a social enterprise in 2007 we have worked directly with over 60,000 young people in schools - nursery, primary and secondary - helping them to develop vital cognitive and affective skills that enhance their schoolwork, and their life beyond school.
Having been forced online through the pandemic we are now able to offer a range of online teaching and learning opportunities, which we will continue to offer into the future, extending our reach internationally. We are also undertaking further research and development looking into supporting children's emotional well-being alongside the other benefits philosophy can bring.
We are able to offer sessions for children, training for teachers, training for philosophers, training for individuals or those in business, and sessions for adults through our new website booking system.
We will be looking at new ways to continue to diversify our income stream through online work, partnerships with new organisations and work in new areas.
TPF are in the on-going process of creating an All Party Parliamentary Group for Philosophical Education.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Ms. T.J. Spruyt Date:
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| THE PHILOSOPHY FOUNDATION | THE PHILOSOPHY FOUNDATION |
|---|---|
| (A company limited by guarantee) | |
| CONTENTS | |
| Page | |
| Reference and administrative details of the Company, its Trustees and advisers 1 |
|
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 - 5 |
| Notes to the financial statements | 6 - 20 |
THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021
Trustees
Ms T.J. Spruyt, Chair Mr A. Russell Ms C.R. Tupman Ms S.G. Sequeira Mr J.D. Douglas Mr J.E. Skelton Ms R. Urang
Company registered number
07416912
Charity registered number
1140338
Registered office
Forest Hill Library Dartmouth Road London SE23 3HZ
Company Secretary
Mrs E.J. Worley
Co-Chief Executive Officer (responsible for day-to-day management)
Mrs E.J. Worley
Accountants
Griffin Stone Moscrop & Co 21 - 27 Lamb's Conduit Street London WC1N 3GS
Page 1
THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021
Independent examiner's report to the Trustees of The Philosophy Foundation ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
Responsibilities and basis of report
As the Trustees of the Company (and its directors 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 under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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
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the accounts 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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 19 January 2022 Richard Hill FCA Griffin Stone Moscrop & Co 21 - 27 Lamb's Conduit Street London WC1N 3GS
Page 2
THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net income Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ 19,799 - - 19,799 - 19,173 19,173 626 8,459 9,085 1,380 9,085 10,465 |
Unrestricted funds 2021 £ 35,136 163,997 850 199,983 19,502 178,718 198,220 1,763 (8,459) (6,696) 65,568 (6,696) 58,872 |
Total funds 2021 £ 54,935 163,997 850 219,782 19,502 197,891 217,393 2,389 - 2,389 66,948 2,389 69,337 |
Total funds 2020 £ 67,493 179,643 1,926 |
|---|---|---|---|---|
| 249,062 | ||||
| 21,959 196,251 |
||||
| 218,210 | ||||
| 30,852 - |
||||
| 30,852 | ||||
| 36,096 30,852 |
||||
| 66,948 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 6 to 20 form part of these financial statements.
Page 3
THE PHILOSOPHY FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 07416912
BALANCE SHEET AS AT 31 AUGUST 2021
| Note Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
3,036 6,027 65,347 74,410 (5,828) |
2021 £ 755 755 68,582 69,337 69,337 69,337 10,465 58,872 69,337 |
3,555 5,528 61,529 70,612 (5,119) |
2020 £ 1,455 |
|---|---|---|---|---|
| 1,455 65,493 |
||||
| 66,948 | ||||
| 66,948 | ||||
| 66,948 | ||||
| 1,380 65,568 |
||||
| 66,948 |
Page 4
(A company limited by guarantee)
THE PHILOSOPHY FOUNDATION
BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2021
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Ms T.J. Spruyt (Chair of Trustees) Date: 19 January 2022
The notes on pages 6 to 20 form part of these financial statements.
Page 5
THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. General information
The Philosophy Foundation is a charitable company registered in England. Its registered office address is Forest Hill Library, Dartmouth Road, London, SE23 3HZ.
The Philosophy Foundation is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
The financial statements are prepared in sterling, which is the functional currency the charitable company, and are rounded to the nearest £1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Philosophy Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Computer equipment | - 25% straight line |
|---|---|
| Website development | - 25% straight line |
2.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.12 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.13 Pensions
The Company operates a defined benefits pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.14 Taxation
The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
3. Income from donations and legacies
| Donations Grants CJRS Grant Donations Grants CJRS Grant |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 9,013 19,799 10,000 - 16,123 19,799 35,136 Restricted funds 2020 Unrestricted funds 2020 £ £ - 634 8,000 45,000 - 13,859 8,000 59,493 |
Total funds 2021 £ 9,013 29,799 16,123 |
|---|---|---|
| 54,935 | ||
| Total funds 2020 £ 634 53,000 13,859 |
||
| 67,493 |
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
4. Income from charitable activities
| Unrestricted funds 2021 £ Income from schools and groups 140,733 Income from courses run to train specialists 20,272 Income from business training - Income from other events and unique projects 2,992 163,997 Unrestricted funds 2020 £ Income from schools and groups 152,948 Income from courses run to train specialists 24,336 Income from business training 285 Income from other events and unique projects 2,074 179,643 |
Total funds 2021 £ 140,733 20,272 - 2,992 |
|---|---|
| 163,997 | |
| Total funds 2020 £ 152,948 24,336 285 2,074 |
|
| 179,643 |
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
5. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2021 £ Sales of books and other merchandise 850 Unrestricted funds 2020 £ Sales of book and other merchandise 1,926 |
Total funds 2021 £ 850 |
|---|---|
| Total funds 2020 £ 1,926 |
6. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2021 £ Wages and salaries 16,625 National Insurance 1,686 Pension costs 525 18,836 |
Total funds 2021 £ 16,625 1,686 525 |
|---|---|
| 18,836 |
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
6. Expenditure on raising funds (continued)
| Wages and salaries National Insurance Pension costs |
Unrestricted funds 2020 £ 17,500 1,694 525 19,719 |
Total funds 2020 £ 17,500 1,694 525 |
|---|---|---|
| 19,719 |
Other trading expenses
| Unrestricted funds 2021 £ Costs of books sold and given away 666 Unrestricted funds 2020 £ Costs of books sold and given away 2,240 |
Total funds 2021 £ 666 |
|---|---|
| Total funds 2020 £ 2,240 |
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
7. Analysis of expenditure on charitable activities
Summary by fund type
| Educational services provided from general funds Educational services provided from restricted funds Educational services provided from general funds Educational services provided from restricted funds |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 178,718 19,173 - 19,173 178,718 Restricted funds 2020 Unrestricted funds 2020 £ £ - 189,631 6,620 - 6,620 189,631 |
Total funds 2021 £ 178,718 19,173 |
|---|---|---|
| 197,891 | ||
| Total funds 2020 £ 189,631 6,620 |
||
| 196,251 |
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
8. Analysis of expenditure by activities
| Educational services provided from general funds Educational services provided from restricted funds |
Activities undertaken directly 2021 £ 126,163 4,428 130,591 |
Support costs 2021 £ 52,555 14,745 67,300 |
Total funds 2021 £ 178,718 19,173 |
|---|---|---|---|
| 197,891 |
| Educational services provided from general funds Educational services provided from restricted funds |
Activities undertaken directly 2020 £ 128,663 4,965 133,628 |
Support costs 2020 £ 60,968 1,655 62,623 |
Total funds 2020 £ 189,631 6,620 |
|---|---|---|---|
| 196,251 |
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Freelance teaching costs |
Total funds 2021 £ 60,485 70,106 130,591 |
Total funds 2020 £ 56,756 76,872 |
|---|---|---|
| 133,628 |
Analysis of support costs
| Staff costs Legal and professional Payroll fees Travel expenses Office costs Bank charges Promotion and advertising Depreciation Continuing education Sundry expenses Independent examiner fees Pension admin costs |
Total funds 2021 £ 51,799 13 1,312 93 7,016 552 382 700 303 60 2,982 2,088 67,300 |
Total funds 2020 £ 47,135 13 784 821 7,924 80 279 1,002 12 139 2,868 1,566 |
|---|---|---|
| 62,623 |
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
9. Staff costs
| Wages and salaries Social security costs Pension costs |
2021 £ 120,777 6,691 3,652 131,120 |
2020 £ 113,696 6,504 3,411 |
|---|---|---|
| 123,611 |
The average number of persons employed by the Company during the year was as follows:
| Teaching Fundraising Supporting charitable activities |
2021 No. 2 1 1 4 |
2020 No. 2 1 1 |
|---|---|---|
| 4 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel, comprising of the Co-Chief Executive Officers, received total consideration of £72,100 in the year (2020 - £72,100).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 August 2021, no Trustee expenses have been incurred (2020 - £NIL).
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
11. Tangible fixed assets
| Cost or valuation At 1 September 2020 Disposals At 31 August 2021 Depreciation At 1 September 2020 Charge for the year On disposals At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 12. Stocks Books for sale 13. Debtors Due within one year Income due from schools, courses and book sales Prepayments |
Computer equipment £ 5,341 (1,334) 4,007 3,886 700 (1,334) 3,252 755 1,455 |
Other fixed assets £ 7,977 - 7,977 7,977 - - 7,977 - - 2021 £ 3,036 2021 £ 5,624 403 6,027 |
Total £ 13,318 (1,334) 11,984 11,863 700 (1,334) 11,229 755 1,455 2020 £ 3,555 2020 £ 5,125 403 5,528 |
|
|---|---|---|---|---|
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THE PHILOSOPHY FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
14. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 1,063 1,254 3,511 5,828 |
2020 £ 1,876 - 3,243 |
|---|---|---|
| 5,119 |
15. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently-administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £3,652 (2020 - £3,411). £1,004 of pension contributions were owed to the pension fund at 31 August 2021 and included in other creditors (2020 - NIL).
16. Financial instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at amortised cost | 65,347 | 61,528 |
Financial assets measured at amortised cost through income and expenditure comprises of cash at bank and in hand.
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 September 2020 £ 65,568 1,380 66,948 |
Income £ 199,983 19,799 219,782 |
Expenditure £ (198,220) (19,173) (217,393) |
Transfers in/out £ (8,459) 8,459 - |
Balance at 31 August 2021 £ 58,872 10,465 |
|---|---|---|---|---|---|
| 69,337 |
Restricted income and expenditure is represented by the following funds:
-
Research into Metacognition is a project with King's College London to see if the teaching of critical thinking skills to young children in the classroom will improve their metacognition (learning to learn, knowing what they need to do to progress).
-
Philosophers in Prison involves philosophy sessions in prisons with offenders. Income this year included funding from King’s College London and the Royal Institute of Philosophy. These funds were spent working in HMP Belmarsh, HMP Brixton, HMP Pentonville and HMP Wandsworth. The funds left over from previous years fed into this restricted funding to support this work.
-
Grant received to fund a project/office manager.
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 September 2019 £ 36,097 - 36,097 |
Income £ 241,062 8,000 249,062 |
Expenditure £ (211,591) (6,620) (218,211) |
Balance at 31 August 2020 £ 65,568 1,380 |
|---|---|---|---|---|
| 66,948 |
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THE PHILOSOPHY FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 755 10,465 63,945 - (5,828) 10,465 58,872 |
Total funds 2021 £ 755 74,410 (5,828) 69,337 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2020 £ - 1,380 - 1,380 |
Unrestricted funds 2020 £ 1,455 69,231 (5,119) 65,567 |
Total funds 2020 £ 1,455 70,611 (5,119) 66,947 |
|---|---|---|---|
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