Charlty regl$tratlon nujnber 1141567 (England •nd Wales) Company wegistration number 07508521 THE PHOENIX PROJECT (IOW) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE PHOENIX PROJECT (IOW) LEGAL AND ADMINISTRATIVE INFORMATION Trustees J E Newion A Sellers MTS V J Hein Ms AJames-Neau MS N Barton {Appoinled 4April 20241 {Appoinled 15 May 2025) S•nior management Samantha Whithngham Chlef 8xecutlve officer Charity numbèr {England and Walès) 1141567 Company numbgr 07508521 Reglst•red offl The Phoenix Centre 36 Satters Road Haylands Rydè Isle of Wight P033 3HU Independèntgxamlngr MO0 (South} LLP 9 St Johns Place Newport 131e of Wight England P030 ILH
THE PHOENIX PROJECT (IOW) CONTENTS Page Tiusl8ès' réport Independent ex8minerfs report statement of financAal aCtIlieS Balance sheet 10 ststernent of(x3h flows 11 Notes to the finanaal slatomgnts 12-23
THE PHOENIX PROJECT (IOW) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025
THE PHOENIX PROJECT (IOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED FOR THE YEAR ENDEO 31 MARCH 2025 The Trustees present their annual report and ffinancAal statsmenls for the year ermled 31 March 2025. The finanaal seMentS have been wepared in accordance with the accounting pdldes sel out in note 1 to the finan¢ial staternents and compty with the Charivs s Memorandum ar Arlldes of Association, the Companies Act 2(K)6 and "Accounting and Reporting by Charities.. Statèment of Recommended Piaclice applicable tr) ¢harilies preparir)g their accounts in accordance with the Financkgl Rew)tling Standard applicable in the UK and Republic of Ireland {FRS 1021" leffedive 1 January 2019). Objo¢tives and actlvltTes Oblèets ofthe Charfty The relief of people with a need by virtue of Ihgir l&amirvJ disability and prevention of the same. Such rellef 8nd wevention to be by any and every mèans induding the provision or proJng of recrealional and i)¢¢upalional actiwlies. Ca. advof2¢y, tfealmenl, educ>bonal training and other supporl commenstjfale with their needs. Laaming disability shall mean any mental handicap or developm8ntal disability of the mind and associated condition how50ever caused and with whatsoever Consequen$. Objectives of th• Charity The Phoenix Projècts objective is lo prowde a unN4ue, flexible. high-quality seNice for indivlduals with Autism and Leaming Disabilities, offering a range of valued activI.8S. Many indi315 with Aulisrn and Learning Disabilities face challenges such as isolatson. difficulties in making and maintaining lriend$hips and a lad( of independence which have a massive impact on Iheir abilty to rèach thèw fvll polenlial, enjoy life. and contribute to society. The Phoenix Project wowdes an oxpert and highty molwatK)rial specialist environment within which peoplg can learn new skills. maintain thiendships. 8nd dovelop independen. Voluntsèrs The Phoènix Project has a group of much valued volunt88rs wothng 8k)ngsid8 our 31aff team, enabliig SeIce users lo have additsonal support when parbapating in a¢bvities. Over the past year volunteers have provided over 1(KJO addibonal hours to the service. We really apprerAale that they give up their own time to suPwl the organisalion. Pul)1 benefit The Trustees have p8id due regard to guidance issued by Ihe Charity Commission in dedding what activities the Charity $hwld undertake. Achlevements and perforniance SignifiGanl actsvities and achAevements against obiecllves The Phoenlx Prole¢t Continues to Provide a servicE where indMduaLs with Lèaming Disabilities and Autism can spend tlme athvely engaged in a variety of meaningful aclivitigs. We have been w01ng to enhance communication, In8881ng the use of visual signs and symbols around the building. We were vory fortunatg lo have ffj(*ived lunding to replace our conseThatory with onè that was 8ble to be a¢ee8sed year-round. We ha created an area where seNce users can play pool and socialiso. S¢tvi¢• users have partNipaled in a wide range of actiwlie$ throughout the year, acquiring new abilities and MProAg their Skills. Individuals have enjoyed expbring tha perfoming arts with dance and choir groups supported by instrU¢t5 from Independent Arts. Groups have been out and about on the new minibuses enjoying eworing different parts of the island. This year n Things havg introdu¢gd more t¥8ftknsed item5 to their catalogue. Thankful thè weather has been much more cooperative this r, 8nd thèy have successfully attended a number of Outdo events to sell Iheir produds.
THE PHOENIX PROJECT (IOW) TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Staffing The staff team is C¢al lo delivering a qualty Ser and high importanc8 Is placed on their leaming and devek)pm8nt. Over the past year staff have und6rt8ken a varlety of tralnlng o)urses induding Makalon. to enhance communication at the cènlrè. We have ie¢eived spealist IrainirvJ in sex and relationships for individuS wilh Learning Disabilities and Aulism, lo better support our se useTS lo navigate their relationships. We are very fortunate to have a core team of volunteers whose support ènh8nces thè ser¥i¢e providgI. Over the past year volunleers have pl0ed over 12(KJ additsonal hours to the seN1, and we are very grateSJl for the time they giv8 to us. Fundraisingp9rfomnc Fund Raising & SupporL We have received a range of organisalional grants and donaloons Inthding from Waitrose, TK Max. Sandown & Shanklin Lions, DLIW, Edger Raw Dole and IW KFA, all monies have gone towards new equipment and enhancing the 8(vitses delivered to service users. We have been fortunate to have received a number of legaw donations In metTh)ry of former servit LBeTS and individuals connected to the CÈntre-, wè arè so gratèful lo bè remembered. We have raised lunds via sale5 on vinted and eBay. and raffles & our Chrislmas BazumLle whh attracted a lot of support. Financial review The Charity ieported an overall surplu5 of £17,471 in the year to 31 March 2025 {2024 - dèfictt of 13,1351. omprising a surplus of £17,639 on general funds, and a deficit of £168 on restricted lunds, before transfers. Overall irKome increased by £35.694 compared to last year, whilsl Ihe lolal expenditur¢ in¢xeasod by £5,088. The majority of the charfty's Income derfvès from payments for care and actiwties provided payabTe from the beneficiaries personal budgets. The dJar5ty ha5 strived lo keep increases in fees lo an affordable level and ar8 Sèt in negotiation wlh the local authority. The ojsts are largely staff relaled and link to Ihe provision of the Phoenix Centre and those costs continu8 to rise in a(xordance with pay settlements. tax and pension changes and other C4)st pressures. The tharity supplements income with donations and fundraising actimttes, including small gtanls for equipment. The Trustees believe Ihal the ehahty needs to bulld Its 18serves to enable services al the current level lo continue. Allhough. recent years results have been small deficAls and suipluses. th8r8 are cost pressures foreseen in the )ming yèar, inejuding national in5UTance rises, so the trustees ojntinue lo explore ways lo improva thè position and build reserves. During the cvrrenl year. the deficit was largety created by an upgrade to the con$8ryatory, repl8ment k*J"ler 8nd dcor, and funds were invesled in new minibuses.
THE PHOENIX PROJECT (IOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 R$serv6s policy The Charity needs to amUlate reserves to protect th8 charity from Unfoseen circumslan¢e$. and lo provide Continuity of its semces. As the acliwties were transferred lo the Charity from thè NHS, togethèr with staffing o)sls, ther8 are potential fiJIu Obliga'onS for staff whom transfeffed under the TUPE regulations. and responsibilities for the dilapidations and maintenance of Ihe building. as well as developing ser¥ice5. Th& Trustees have fhwefe continued lo designate reserves lo provide for such devglopmenl of Ihg s8ryice8, and to provide for future project costs. including service dev&lopm&nl £10,CKIO. and property yeneralty £20.1. whilst mainiaining the conlinuity of the seiS. The Deslgnatsd réser We theiefoie stsled at £30.OW (2023- £120,000) as shown in note 22. Restricted fund5 of £1.650 {2023 - £74) repies8nl unspenl donalton$ given specificalty for the purchase of n6W machinery for the Wood'n, Ihings project and for the pmv181on of weekly dance sessions, as shown in note 21. A gÈnèral lund reserve based on six months running costs is considered desirable by the Trustoes. whi¢h would afflounl lo £300,C4JO. Currenlty free reserves at the yearond amount lo £231,798 after designated funds. and fixed as5els. which represents 4 months operaling o)sts (2023 free re$ervos- £209, 5541. The level of r&serv8s brought foard. plus Ihe sm811 deficit in the year lo date have provtded the Trustees with the r8asonable expectation Ihat the Charity can continue lo manage these operational risks. Consequent. the Trustees believe thal1118 appmpriate lo apply the going concem basis ol acunI1n9 in pr¢pariThJ these accounts. Investmentpolicy Responsibility for the day to day operation of the funds donaled and receed by The Phoenix Pro1t has been delegated lo the finance MMIttee. Currentty the funds are held on dew)sit with the Charity's banker& M8iorii8ks The Trustees have considered the fi5ks that the Charity faces. and have irnplemented poliaes to manage and saf¢guard the charity from adverse effects. All risks on the risk re¥iew a monitored regularly. and all aetiviliès and service users have indivldual rtsk assessments. A core part of the risk ass8ssm8nl procèss is moniioring the re and acliwties provided for Servi users. Plans for futuro pwiod$ We aim to replace our kilchen with ona that Is 9$51b1e', to enable everyone no matter their support needs to be abl8 to parb¢ipalo in ¢th)knng activibes. We wll be wothing together with St Georges lo provide a smooth transition to our seNee for sch(x)I le8Vgrs witl) complex need5. ensure the relevant knowledge and skills are in place to provide thém a hi91qUa1tty semce. We will be seth'ng funding for a larg8r vehicla lo enabl¢ a¢¢4s$ lo tho swvice for an increased number of indwiduals.
THE PHOENIX PROJECT (IOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Stru¢ture. governance and management The Charity is incorporated as a company limited by guarantee and 1$ regisler¢d In England and Wa5 wilh the registered number 07508521. The company has no share capit81 although the $ub$Mbers of the Memorandum are obliged lo contribute a sum towards sewin9 11$ liabilities not exceeding £1 eath in Ihe event of winding up the Charilable Company. The Charty Is iegistered with Ihe Charily Comrnission with tha registered number 1141567. The Charitable Company was incofporaled on 27 January 2011, and eslablished as a d)ariiy by its Memorandum and Artides of Association on 21 April 2011. Tha Charity Is controlled by 8 b)8rd of TFuslees, with day lo day management delagaled lo the Chid EXerlive Olficer. The Trustees ar8 also the directors of the charitable company for the Purposes of charity law. The Board of Trustees ffleeis quarterfy, and has 8stablished committe&s lo I{k at specrfK areas of the Charity's wo. yjch a$ the Finance Committee. Governance and Risk. and Fundraising. Arrangéments for the VIeW of staff salaries is undertaken by the Trust8&s- although stsff pay iease5 are guided by increases in minimum and living wage levels. The Trustees. who are also the directors for the purpose of company law. and who served during the year and up lo the dale of slgnalure of the fin8naal stslefflenls were.. Mr G Kendall (Resigned 16 October 20251 J E Newton A Sellers Mr$ V J Hein MsAJames-Nèau Ms N Barton (Appoinled 4 April 2024) (Appoinied 15 May 2025) RecnMtm8nt and gppointmenl of twstees Trustees are appointed by vlrtue of thelr demonslraling abilities of value to Ihe Charity and by Invi18tion of the ¢uJtenl board of Trustee5. The d)aTity seeks a broad range of sknlls to assist lh8 d)8rity, and also seeks prèserttalion from the project's stakeholders and beneficiari•s. Trustees are promded with an induction pack and training is provided. The fruslees have all undertaken trustee awareness training.
THE PHOENIX PROJECT {IOW) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 iy
THE PHOENIX PROJECT (IOW) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Trustees, r8POrt was approved by the Board of Trustees. MsAJames-Neau Trustee 3 De(%mber 2025
THE PHOENIX PROJECT (IOW) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PHOENIX PROJECT (IOW I report lo the Trustees on my examInatl7 of the financaal stalemenls of Th8 Phoenix Project OOW) {Ihe Charity) for the year ended 31 Mafch 2025. R95ponsibilities and basls of rnport As the Twslees of the Charity (and also ts directors for Ih8 purposes of company law). you are responslble foi the pparalln of the *nancTal statements in acrA)rdan¢e wlh the requirements of the CompanlesAct 20. Having satisfigd mysew that Ihe ffinanLial sialements of th8 Ch81ity are not required lo be a111 under Part 16 of the Comp8nies Act 2006 and are eligible for indendertt examinathon, I report in respecl of my gxaminalion of the Charity's financaal slalements carried out U[er section 145 of the Charities Aet 2011. In carryillg out my exami110 I haw fotlowèd tho Directions given by the Charity Commission under setxlon 14515)(b) of the Charities Act 2011. Independent frxamln•rf$ stat•m¢nt Since the Charity's gross income exceeded £2SO.OW, the independent examiner must b9 a member of a body listed in section 145 of the Charit18s Act 2011. 1 confirm that l am qualified to undèrtake the examination b8cause I am a member of U)& Insliluie of Chartered Antants in England and Wales, which is one ofthe Ibsted bodies. I have completed my examination. I confwm that M matter5 have come to my attention in connection Mlh the examination giv(ng me caus6 to bellève th81 in any material respect= accounting records wer8 nol kept in re8&t of the Charity as required by section 386 of the Companies Ad the financial statements do not a¢¢ord wllh those re(J)rd4 or th8 financial statements do not comply with th8 8ccounting fequirements of section of Iho Comronies Act 2(th other than any requirem8nt that the finanryal statements give a true and fair viow. which is a matter onsidered as part of an independent examination., or the finandal slalements have not been prepared in accordance with the methods and prinoples of the Statement of Rewmmended Practice for a¢¢ounling ar7d reporting by tharitles applicable lo diarities preparing their finanaal statements in accordance wrfh the Finanaal Reporting Standard applicabl8 in the UK and Republic of Ireland {FRS 102). I ha no (x)neems and have come across no other matters in connection wilh 8xaminaliDn to which attenti should be drawn in this report in orderto enable 8 proper understandiThJ of the financial ststÈments to be reached. LLP Vl¢ky Drnyton 8AACA Mt)or• (South) LLP g St Johns Place Ntrwport Isle of Wght P030 1LH Enoland Dated." 23 Dae8mbèr 2025
THE PHOENIX PROJECT (IOW) STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unre$tri¢ted Ro$trfciod funds funds 2025 2Q25 Total Unr8strict•d R8strlcted furMIs funds 2024 2024 Total 2026 2024 Notes Incomè from: Donations and legaci¢$ Charitable actiwlies other trading actmlies Inveslrnents 5,765 658,538 2,615 2.309 4,500 10,265 658,536 2,615 2.309 4.581 606.139 22.040 26,621 606.139 3.034 2.239 2,239 Total in¢ome 669.227 4.5CII 673,727 615.993 22,040 638,033 Expondlturg on: Raising funds Chaiitable aCtItieS Othei expenditure 43 626.194 43 650.956 169 651.588 4.668 656.256 24.762 13 Total •xpgndltur• 651,588 4,668 656.256 628.406 24.762 651.168 Net incomellexpendilurel 17.639 (168) 17.471 110,4131 12,7221 (13,1351 Transfers b8hYeen funds 14.298} 4.298 Not movement In funds 10 17.639 <1681 17,471 (14.711) 1,576 (13.1351 RKonciliation of fund¥: Fund balances al 1 Awll 2024 326.708 339.769 74 339.843 Fund balances at 31 March 2025 342.697 1,482 344,179 325,058 1,650 326.708 The slaternent of financial actmlies indudes all gains and10gse8 re¢ognised in the year. All income and expenditure derive from conflnulng a¢tivrfies. The notes on pages 12 10 23 forrn part of these ffinanc4al statements.
THE PHOENIX PROJECT {IOW) BALANCE SHEET ASAT31 MARCH2025 2025 2024 Notos Flxèd aSts TangibEe a$sg1s 15 57.051 68.220 Current assets Debtors Cash al bank and In hand 16 72,848 240,982 63,260 236,445 313,830 299,705 Crltors. amounts falllng (lu• within one year 17 (26,702) 141,217) Net current assets 287.128 258,488 Total as$0ts less ¢UfMnt liabili11g8 344.179 326.708 The funds efthe Chaiity Reslvided income fvnds nsle1ed funds 19 20 1.482 342,697 1.850 325.058 344.179 326,708 The noles on pages 12 10 23 fomi part of these financial statements. The company is entitled lo the exemption from the audit requirement contained in sedion 4TT of the Companies Act 2(K6. for the year ended 31 March 2025. The dIreOIS a(knowtedge their responsibilities for complying wilh the requirements of the Comparyes Act 20C6 w6th respect to acu)unting I8rdS and the preparation offinanaal stal8mènts. The members have not required the company lo obtsln an audit of its financAal statements for the year in quèstion in attordan wlh sedion 476. Thtrse finarKxal statements have been prepared in accordanee wlh the pro*Aslon8 8ppk'cable to Companies subjed to Ihe small companies regime. The financial statements wore approvgd by the Trustees on 3 December 2025 MSA James.Neau Company registration number 075(k8521 (England and Wales) 10-
THE PHOENIX PROJECT {IOW) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notss Cash flows from opèratlng actlvltles Cash generated from operations 24 2,228 8.223 Investing activities Purchase of tangible ftted assets Investment Income re¢xwed (74.646) 2.239 2.309 Net cash genernted fromllused In) Invesllng acllvStloS 2,309 {72,4071 Net cash vsed In financlng a¢llvltlg$ N•t Inerèaselldrea3el in cash and cash •quivalents 4.537 (64.184) Cash and cash equbvalenls al beginning of year 236,445 300.629 C•¥h and cash equivalonts at ènd of ar 240.982 236.445 The note5 on pag95 12 to 23 form part of these financial statements.
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charlty Infomiatlon The Phoenix Prole¢l IIOW) is a private company limited by guaranteè incory)tsraled ir) England and Walès. The giStered Offi is The Phoenix Centre. 36 Salters Road. Haylands, Ryde, Isle of Mfight. P033 3HU.In the event of the challty being wound up. tha Itability tn spect of the guarantee is limited to £1 w member of the charity. 1.1 Accounting convention The financial slalements have been prepared in ac¢ordan¢g With lh9 Charity's memorandum and artid8s. Ihe Companies Act 2006. FRS 102 "The Finanaal Reportirtg Standard applicable in the UK and Republic of Ireland. fFRS 1021 and the Charities SORP 'Accounling and Reporting by Charili¢8.' Slalement ol Recommended Pr8clt¢e applicable lo charitie5 preparing their accounts in a¢xoidance with Ihe Financial Repling Stsndard applicable in the UK and Republic of Ireland (FRS 1021" (effective 1 January 2019). The Charity 15 a Public Benefit Entity as defined by FRS 102. The financial statem8ntS are prepared in sterling, which IS the functional currenw of the Charity. Monelary amounts in thèse financial statements are rounded to Ihe nearesl £. The financial statements have been prepared uniler the historNAI cost convention. The princap81 a¢untIng potiaes adopted arè sèt out below. 1.2 Going concem At the limé of approving the finan(aal stalemenls. the Trustees hav@ a rèasonable expectation that the Charity has adequgle resources to o)nlinue in operational •xistenc8 for the foieseeable future. Thus the Trte¢S continue lo adopt the going concern basis of accounling in preparfng the Iinanual statements. 1.3 Charitsble funds Unrestrided funds aTe available for use al the discretion of Twstees In furtherance of the gener31 cllectives of the Charity. and whh have not been desMJn*èd for othÈr purp03es. Designated funds comprise funds which have tr0n set asfjdè al the dis(¥elion of the Trustees for purposes. The purposes and uses of the deslgn8led funds are set out in the noles to th8 financial stslements. Re81ri(aed funds are sijbject to spe¢ific condlltons by donors or grantors as lo how they may used. The purposes and uses of Ihe re$trtcts¢J lunds are sel t)ul in the notes to the finanaal slal8mènls. 1.4 Income Income is Te¢ognised when the Charity is legalty entitled to it after any performance condrtions hav8 mel, the amounts can be measured reliably, and il is probable that InMe will be received. Legae5 are recognised on receipt or otherwise if the Charéiy has been notified of an impending diStributn. the amount is known. and reIpt is expected. Gifts In klnd are Tecognised in the Statemenl of Financial Activlties on the basis of value to Ihe tharity where the cost can be ascertained and figures obtained wilh a high degree of certainty. No amounts have bean In¢ded for donated time by volunteers. Grant in¢x)rne including government grants ala recognisgd when the Chariiy is enlrfled lo the funds. the receSpl is probabte. and the amounts can be quanted. Income for t1 fees for service delivery and charg8s for day seM¢gs and adwibes al the PhoerEiX Project are rellected in the period those ServIS are delivered. 12-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng poll¢l•s IContinu•dl Income earned from fundraising events and trading 8ctiviti8s lo raise fttrnd8 for the charity are reujgnised when enliuement has ocujrred. Gift 8id Is re(x)gnised followng [lp1 olthe daim from the Inland Revenue. InvÈstmerhl Income Is e4med through holding assets for inveslmenl pu¥poses such a$ Izsh deposits. 1.6 Expenditure Expendilure Is recognised onc8 there is a legal or constructive obligalion to transfer enomIC tenefil to a third pawty. il is prObae thal a transfer of economic b8naffts will bo required in settlement. and lh8 amount of the obligation can be measured reliably. All 6xpenditUf8 is 8ecounted for an accruals basis and has been classifi8d undor headings that aggregate 811 ¢0sts related lo the category. The cost headings induding staff o)sts, dir6elly attributable to the projecl together wth support costs comprising 011 seNi¢e$ supplied ¢enlrally as idenlthable as wholly or mainty in support of the actiwty. here c08ts cannot be dlredty altribuled they have been allculed on a basls consistent with use of the resou{8. Central overheads are allocal8d on the basls of thelr use with the aim of ensuring that those costs remalnlng within governance relate to thè management of the tharity's assets and compliance with ¢on$litullonal and statutory requirements. Rèsources expended include VAT, whith cannot be recovered. 1.6 Tangible ffxed a$5ets Tan9iblÈ frAed assets are slated at st less acxumulaled depreciatv)n and accumulated impairment losses. Cost indude5 wsls direclly attributable to making the asset capable of oporaling as intended. Assets below £500 may not be generally capitalised. Dgpieaation is reo)gnised so as to write off the cost or valuation of assets less Ihelr residual values over their useful lives on the following bases.. FSxtures and rrtting8 Motor vehldes Equipment 15% on reducing balance 12.5°A and 25°A on straight lin8 20% arHI 33% on straight line The gain or loss arising on the disposal of an asset is determined as the difference beeen Ihg sale pro¢ee(Is and the carryin9 value of the assel, and Is rets)gnised in the 31alemenl of firtane4al adivities. 1.7 Impairnwnt of flx8d assgts At each reporting end date. the Charity reM6WS the carrying amounts of its langiile assets to detemiine whether there is any indication that those assets have suffèréd an imp8iTmenl loss. If any such indut exists, the recoverable amount of the assel is estimated In order to delerrnine the extent of Ihe impaimient toss (if any). 1.8 Cash and cash equlvalents Cash and cash Èquivaterrts include cash in hand. deposits held at call with bank$. other short-lerm liqu*J investments with original maluritses of three months or $s. and bank overdrafts. Bank ove¥draft5 are shown within borrowings in r#Jrrent liabilities. 13-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnuedl 1.9 Flnanclal inslrum•nts The Charity has elecied lo appty the provlslons of Section 11 'Basic Finanaal Instrumenls. and S8clion 12 'Othèr Financial Instruments l$sue$' ol FRS 102 to all of ils finanal inslrumenis. Financial instruments are recognis8d in the Charilvs balan¢e sheet when th8 Charity beu)mes party to the conlraclual provisions olthe instrument. Financial assets and ts'abilities are offset. with the nel amounts presenled in the financial stslgmenls. when there is a legally enforceable right lo sel off the recognised amounls and the is 8n inlentlon lo settle on a net basis or to realise the asset and sewe the liability simultaneously. 8a¥k financlalassets Basio financial assets, whl¢h Indude deblots and cash and bank balances. are inilialty measurèd al Iransacllon price induding transaclion costs and are subsequenlly carried al amortis8d cost using the effective inleresl method unless the arrangement constitutes a finanang transaction, whefe the transaction 15 measured al the present value of the lulure receipts disownte(l al a market rate of interest. Finanaal assets classified as reCeiVae within one year are not arnortised. Baslc Ilnanclalllabllllies Basic finanTr81 liabilities. Indudlng Cfed6tors and bank loans are initity recognised al transaction prlce unless the arrangement consts'lules a financing transaclion. wher6 the debt instrument is mèasuréd al the presenl value of the fvture payments discounted at a market rate of interest. Financial li8bilibes ¢18s5ified as payable wtthin one year are not amortised. Debt instruments are subsequenlty carrfed at 8morttsed ¢ost, uslng the effedive interest rate method. Trade (xedilors are obh"gations to pay for goods or services that have been acquired in thè ordin*y ¢ourso of operations from suppliers. Amounts payable a classified as Cu[nI liabilities if payment15 due within one year or less. If noL they ara presented as non-currenl liabilttiès. Trade creditors are recognised initially al transaction price and subsequentty measured al aMorsed ex>st uslng thè effÉctNe interest method. DÈrecognition of financial liabilities Financial liabililigs de(xYglSed when the Charit3 contradual obligalÈons expire or are diharged or cancelled. 1.10 Taxation The charity is an exempt charity within the meaning of sch8dule 3 of the Charibgs Acl 20118rkl Is ¢onsSdered lo pass the tests set out in Paragraph 1 Schedule 6 Finan Act 2010 and thèreforè it mÈel$ Ihe dethilton of a charilabbe company for UK COOralI0n tsx purpos9$. 1.11 Employee benellts The cost of any unused hofiday entitlement is reco9nised in the porfod In which the ernployee's services are received. Termination b8neffts are recoynise(l imme(liately a8 an expense when Ihe Charity 15 demonslrabty committed to tenninale the $mpkJywnent of an employee or lo provth termination benefit 1.12 Rtrtlremont bgnefits Paym8nls to defined contribution reliroment benefrt Schemes are charged as an expense as they f811 the. Tho Trust operate5 a defined contribution stskehokler stheme for employees who did not translèr from the NHS. Contsibutions are charged lo the Statement of Financial Acbvities as they become payable. The Chaiitable Company is also an admitted employer of the NHS pension schème for staff who transfeed lo the Trust. 14-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and ludg•monts In the ap1¢tIon of the Chaiity's acwunling policies. the Truste8s are 18quired lo make judgements, 8stim8le$ 8nd assumptions aboul the carrying amount of assets liabilitie5 that are not readity apparent ffom olher sources. The estirnates and associated assumplions ale based on htslorical experience and other factOTS that are considergd lo be rslevanl. A¢al resu115 may drffer from these eslimales. The tharity has ieviewed its actxjunling polioes and confimis that there are no areas requirin9 Critical a¢counling estimates or significanljudgements in U)¢ weparation of its financial stalem8nls. Income from donations and legaci•s Unrnstrl¢t•d Rtricted funds fund$ 202S 2025 Total Unrestrictsd Restrletsd funds funds 2024 2024 Total 2025 2024 Donathons ancs gifts 5.765 4.5Tr) 10.265 4,581 22,040 26.621 Donatlon$ and gifts Individuals Othercharities Corporaitons Olhèr 1,123 1,123 1,642 2.781 745 2.781 5,785 17.995 80 5,040 17.000 4.500 60 5,765 4,5 10.265 4.581 22.040 26,621 Income from ¢h•rltsble actlvltle8 Unrostricted Unrestricted funds funds 2025 2(124 Charltsble acttvltte8 Other incom8 658,538 606.139 Income from other tradlng actlvltles Unr•$trfi¢tod Unre8tr(¢ted funds nds 2025 2024 Fundr8i$ing events 2,615 3.034 15-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unre$triet¥d UnTestrlcted funds funds 2025 2024 Intèrest rettN8ble 2.239 Expendliure on ralslng fund$ Unrestri¢tèd Unrestricted fund$ funds 2025 2024 Fundraising and publlclty Other fundiassing costs 43 Expendlture on charftabb a¢lfvltl Charitable costs 202S Charitablo costs 2024 Direct costs Staff costs Depig(¥alion Proiacl cosls Training and staff checks Insurance Rent. rale8 and Utille5 Repairs, household and deaning Minibus èxpènsas Olher costs conSeat0ry. door and boiler repairs 416.841 11.169 28,921 6.613 4.974 49.768 21,885 20,457 2,614 375,018 16,472 23,099 3.322 4.058 49.619 20,251 30,438 3.483 26.627 561,242 552.385 Sharè of support and govemance ¢o$ts l$ee note 9) Support Govemance 86.577 8.437 91.133 7.438 658.256 650,956 Analy31s by fund Unreslricied (unds Restricted funds 851,588 4,668 626,194 24,762 656,256 650,956 16-
THE PHOENIX PROJECT {IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocatèd to activiti•$ 202S 2024 70.810 632 9.221 6.914 7.437 76.586 599 7.999 5.949 7.438 Postage and stationary Telephone, internel and IT supwi Accountancy Goveman¢e costs 95,014 98.571 Analysed 5)etwe&n: Charitable costs 95.014 98,571 10 Net movemant In fundg 2025 2024 The net movement in funds is slated after chargingllcredlting).. Fees payable for the independent examination of Ihe charitys financial statements Depretyatk)n of owned tangible ffixed asset8 Loss on disposal of tangib fixed assèts Operating lease charges 3.000 16.472 169 27.924 11,169 28,415 11 TrustO0S There were no payments made to any Trustee either as remuneralion, or the reimbursement of travel or other expenses. Twstees, indemnity insurance is paid by the Charity. 12 Employees The average monthly nurnber of employees indudes addrfional an support staff Ihroughout the period based on the average head counl. dur&ng lh8 year the 8ver89e was.. 2025 Number 2024 Numljer 33 Employmont costs 2025 2024 Wages and salaries Soaal security costs Olher pension costs 448,465 20,787 22.802 413.106 17,816 25,105 492,054 456.027 17-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employee8 {Continu•dl TheT8 r8 no 8mpl¢)yees whose annual remunerath)n was more than £60,000. Romunorauon of key manag•mont p•Ys¢nn•l The remuneration of key management personnel was as follows: 2025 2024 Agggate compensation 70,783 78.976 Key m8nagemenl personnel inchjdes the role of the Chlef Executive Officer and her deputy. 13 Other expenditure Unr•strIct Unrestrfcted funds funds 2025 2024 Net loss on dlsposal 0ftangle ed assets 169 14 Taxalion The charlty 1$ exempt from taxation on its activitie$ because all its in(x)me 15 appjied for charitsble purposes. 15 Tanglble fixed assets FLYlur8s ffttin95 Motor VghW05 equlpmgnt Total Cost At 1 April 2024 1,903 124.050 20.664 146.617 Al 31 March 2025 1.903 124.050 20.664 146.617 Depreclatlon and Impolm*nt Al 1 April 2024 Depreciab"on charged in the yeaT 1.547 53 60,052 9,142 16.798 1.974 78.397 11,169 Al 31 March 2025 69,194 18.772 89.566 Carrylny amount At 31 March 21r25 303 54.856 1.892 57,051 Al 31 March 2024 63,998 3.866 68.220 18-
THE PHOENIX PROJECT {IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Debtors 2025 2024 Amounts falling dve within one year: Trade deblors Olher debtors Piepaymenls and arUed income 64.124 2.164 58.559 1.296 72.848 63,260 17 Creditors: amounts falllng due wlthln on8 yr 202S 2024 Other taxation and soaal s8curty Trade creditors Olher ueditors Accruals and deferred income 4.685 1.106 250 20.661 3.411 22,029 176 15,eK)1 26,702 41.217 Al the rèporting dÈiÈ, the following amounts were outstanding in r&sFd of pension wnlribulions= Contiibulions payable as at 31 March 2025= £3.434 {2024.' £3,314). 18 Rotlrem8nt b•n•flt s¢h•mo8 2025 2024 Defined conlribution schemes Charge to proffit or k)ss in respect ofdefined conlributThl schemes 22.802 25,105 The Phoenlx Pr¢t aulo-enrolled on 1 April 2018 for staff not includad on tre above NHS pension stheme. The contri'bution5 made during the year for the defined contribution schpzne lolalled £6.16612024- £4,994). 19 Restricted funds The $triCed funds of the tharity COTllPTise the unexpended anCeS of donations and 9rarts held on trust subject to sp8cffic condllions by donor8 as to how they may be used. At 1 Aprll 2024 In¢oming resouTce3 Resources expended Transf•Ys At 31 March 2026 Wood'n. things Dance Session DÈcor8ting 432 1,218 1432) {1,218) (3,018) 4.500 1,482 1,650 4,500 (4,668) 19-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Restrlctsd fund$ (Continued) Pr•vlou$ y•r.' Atl Aprfl 2023 Incomlng resources Resources oxp•nd•d Tran$f&Yts At 31 March 2024 Wood'n, thlngs Electric Door Conservatory Dance Session 74 {642) 432 2.940 16.000 2.1110 (2,940) 120,940) 1882) 4.940 1.218 74 22,040 (24.762) 4.298 1.650 The Wood'n. things fund related to a grant recelved to purchase mathinery for lh8 woodworking workshop. The eleciric door fund rélale<l lo the replacement Ihe aulomalic opening system on the front door. The money was d¢)naled by WighlAHI for Ihis specific purpose. The dance sessions fund was spe¢tffi¢alty lo purthase weekly sessions with a dance instructor forthe group. The conservatory fijnd relatsd to a grant from Island Roads Foundation to replace the old cOnSeat0ry. The decorating fund related to grant funding recelved for the repair, mainlenance. and improvement of proparties. The transfeT from restsicted funds lateS to the end of the restridion on funds once the assets have been purchased. and are treated as caixlal additions. Conversely. the transfei lo reslrided funds ieprents the additional ¢osts in¢urred to repla the old conservatory. Thésè u)sts tsxceeded the restricted funds received and We thèrÈfore financed through the charitvs gèneral reserye5. 20 Unrestricted funds The unrestrided fund5 of the charity compllse Ihe unexpended balances of donations and granls which are not subje{# lo specific conditions by donors and grantors a5 to how Ihey may be used. These indude designated fvnds which have been sel aside out of unresiricled funds by the tnjstèes for speryfic purposes. At l April 2fj24 Incomlng resources Rèsource$ expended Trnnsfors At 31 Mar¢h 2025 Servic8 dèvèlopment Buihlings and maintenanc• reseNe General fvnds lo.0 10,ocx) 20,C 295,058 20.000 312.897 669.227 1651,S88) 325.058 669.227 1651.588) 342,697 -20-
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Unre#tri¢ted funds (Continuod) Provlous year. At 1 April 2023 Incomlng Tesourcos Resources oxpended Transter¥ At 31 March 2024 Setvice development Minibus purehase Conservatory building Buildings and maintenance resèrve 10.000 70.000 20.OCII 10,000 I70,0> (20,0001 20,OC(I 219,769 20,000 295,058 General funds 615.993 (626,406) 85,702 339,769 615.993 (626.406) (4.2981 325,058 The Trusteas ha considered a nufflber of projeds and designated funds lo contrfbute towards these purposes. The de5rgrialions remain in line wth the Truslees Reserves policy. Carried fowward from last year. there was £10.000 towards staffing and running costs of déferred projects 8nd £20.tN)) designated fuThl for Iwilding Maintenan and improvements. 21 Analys1$ of not #s$ets between funds Unr•strictèd funds 2025 Restricted funds 2025 Total 202S At 31 Mareh 2025: Tangible assets Current asselsl(liabilitpdl 57.051 285.646 57.051 287,128 342.697 1,462 344.179 Unwestrletsd Rèstrlthd funds funds 2024 2024 Total 2024 At 31 March 2024: Tangible assets Cuirent asset51(liabililies) 68.220 256,838 68.220 258.488 325.058 326,706 21
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 P¢n$lon Contribuii¢ns NHS Penslon Pasl and present employees are covered by the provisions of the NHS Pension Schemes. Delai15 of the benefits P8yable and Tules of the Schemes can be found on the NHS Pensions website al www.nhsbsa.nhs.uklpensions. Both are unfunded defined benefit s(*emes that cover NHS employers. GP FKactices and other bodi89. allowed under the dirodon of the Secretary of Stale lor Health and Social Care in England and Wdles. They are nol designed lo be run in a way that would enable NHS bodies lo idenlify their share of thè underfying scheme assels arbd liabilities. Therefore, each scheme is accounted foi as if it weie defined contribution 5cheme= the cosl lo the NHS body of partiopating in each scheme is taken as e¢wal to the contsibulions payab lo that scheme for the a¢counling period. In order that the defined benefit oblig8bons recognised in the financial stalem8nls do not differ materially from those Ihal would be determined at the reporting dale by a fomial acluarial valualM)n, the FReM requires that °the peF¢od between formal valualions shall be four years, wllh appr0mate assessments in intervening years". An ouuine of these follows: a) Accounting valuation A valuation of stheme liabS1ity is Carried out annualty by the scheme adu8ry IcuNÈntly the Govemmenl Actuary's DepartTnenl) as at the end of the reporbng period. This ulilises an actuarial assessment for the previous accounting period in conjunction wth updated membership and financial data for the curcenl reporting period. and is accepted as providing suitably robust figures for finanaal reporting purposes. The valuabon of the scheme liability as 3131 March 2025, is based on valuation dala as 31 Mah 2023. updated to 31 March 2025 wrth summary global member and accounting data. In und8rtaknng this aduarial assessment. the MethjoI0gY prescribed in IAS 19. relevant FR8M interprelations, 8nd Ihe di8courTrl rale prescribed by HM Treasury have also been used. The lalesl assessmenl of the liabilities of Ihfj scheme Is contained in the report of the scheme actuary. whlch forms part of the annual NHS Pension Scheme Acwvnts. These accounts can be viewed on th8 NHS Pensions website and are published annualty. Copies can also be obiained from The Ststionery Office. b) Full actuarlal (funding) valuation The puipose of this valuation is lo assess the level of Ilablllty In resped ofthe benefits due under the schemes {laking into account recent demographic expèrien¢el, anil to recommend conlribuiion rates payable by employees and emptyers. The18test actua81 valualton undertaken for the NHS Penon Scheme was completèd as al 31 Prtarch 2016. The Tesults of this valuation sel the employer conEribulion rate pay8bl8 from April 2019 10 20.6DA of pensionable pay. Under transitional rules the Pho8nix Project contu)ues lo pay 14.38% of pensionable pay. The actuarial valuation as at 31 Mar¢h 2020 Vas Completed and sets the new employer conlribulion rate duè lo be implemented from April 2024 at 23.7%. During Ihe accounting petiod the Phoenix Project made contributions of £16.634 {2024 - £20,111110 the National Hgatth ServKe stheme in respect of 8 employees. Employer contribullons were paid 8114.38% duiing the acwunting peri(MJ. Member contributions are bets¥een 5.6%_ 9.3Qh. 23 Relatod party transactlons During Ihe Prior year, a Trustee had g family member who was a service user. whose fees ware pald by the local 8Uthority of f30.513. This was on the same terms as the other seNic8 usars. Thi$ trustee has subsequently 19n8{1.
THE PHOENIX PROJECT (IOW) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Cash genernted from oporallons 2025 2024 surplu(deffi¢iI} for tho year 17,471 {13,1351 Adjuslmenls lor. Irweslmenl incorne recognised in statemènt of flnandal ac*vli ies (Gainyloss on disposal of tangible fLxed assels Depredallon and impairment of tangible ffixed assets 12.3091 (2.239) 169 16,472 11.189 Movements in working capital: (IrreaSe) in debtors IDecrease}fincrease in creditors (9,588) {14.515) {19.(K)01 25,956 Cash gonerated from opgrath>n5 2.228 8.223 25 Analysls of changes in net fund$ The Charty had no material d8bt during thg year. -23-