Registered number: 07802097 Charity number: 1145808
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 31 October 2021
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 19 |
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 31 October 2021
| Trustees | Charles Pike, Chair |
|---|---|
| Ben Wilson | |
| Joseph Mclean | |
| Company registered number 07802097 Charity registered number 1145808 Registered office 31 Hill Street London W1J5LS Accountants Williams Giles Professional Services Ltd Sittingbourne Kent ME10 5BH Bankers Adam & Company 6 Adelaide Street London WC2N 4HZ Solicitors Fosters LLP 31 Hill Street London W1J 5LS |
Page 1
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 31 October 2021
The Trustees present their annual report together with the financial statements of the The Philanthropy Foundation Limited for the year 1 November 2020 to 31 October 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.
The period to 31 October 2021 represented the ninth year of the Charity’s existence during which it continued to establish its administrative arrangements and to plan activities for the future and also continued to receive donations from philanthropic donors. The Trustees are of the opinion that the Charity is in a good position to attract further philanthropic donors and to continue to engage in charitable projects in the coming years.
Objectives and activities
The Philanthropy Foundation is a registered charity with broad charitable objectives. It focuses on developing and supporting charitable projects, in the UK and internationally, in areas which include:
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Advancing the arts, culture, heritage or science, amateur sport and education,
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The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.
The Foundation’s remit is to promote philanthropy from individuals who might otherwise be considering establishing their own trusts and foundations. The Foundation provides opportunities for donors to establish discrete funds in their name within the Foundation’s resources in order to meet donors’ philanthropic aims. The Foundation will provide advice and support to assist donors to identify suitable activities and to develop partnerships with other organisations, where suitable, to meet the charitable objectives of donors and of the Foundation.
The Foundation will also make itself available to existing trusts and foundations which, for various reasons, no longer have the capacity or organisation to continue independently.
The Trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 17 of the Charities Act 2011, consider that the purpose of activities of the charity satisfy the requirements of the public benefit as set out in Section 4 of the same Act.
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, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Company
The success of the Charity is measured in terms of the grants made and grants for the period totalled £175,787 (2020 - £69,591). The number of recipients of grants decreased in the period to 5 (2020 - 9).
Page 2
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 October 2021
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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Income for the period totalled £167,687 (2020 - £19,019), of which £161,409 is restricted income and comprises voluntary donations. Expenditure amounted to £183,021 (2020 - £70,791), comprising grants made, accountancy fees and other expenditure. There was a net deficit for the year of £15,334 (2020 - £51,712). Reserves at the end of the period totalled £31,431 (2020 - £46,765).
Donations are recognised in the Restricted Fund and the Trustees distribute this income by making grants.
It is the Trustees' policy to retain a protection of any Gift Aid reclaims in the Unrestricted Fund in order to meet the ongoing running costs of the charity. The Trustees acknowledge that this needs to be monitored to ensure that the Unrestricted Fund is able to fund its ongoing costs and also any exceptional circumstances.
c. Financial risk management objectives and policies
The Board of Trustees pays due care and attention to risk management and it is a standing agenda item at all Board Meetings. A risk register, covering all areas of fundraising and operations, has been developed.
Structure, governance and management
a. Constitution
The Philanthropy Foundation Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Policies adopted for the induction and training of Trustees
All new Trustees attend an induction Trustee Board Meeting where their roles are fully explained. They receive regular information about trustee training and, in the view of the Trustees, have enough knowledge of their specific field to understand the nature of the Charity and fully comply with the Charity’s current views of its progression. Trustees may claim for reasonable expenses incurred in undertaking the Charity’s business, but they receive no remuneration or other financial benefit. None of the Trustees who served during the period had any beneficial interest in any contract with the Charity.
Page 3
THE PHILANTHROPY FOUNDATION LIMITED (A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 October 2021
Plans for future periods
The Trustees aim to enhance the public profile of the Charity to attract philanthropic donors and to engage in chartiable activities that meet both the donors' wishes and the Charity's objectives.
It is the Trustees aim to seek additional funding from both new and existing supporters of the Charity to help build a surplus in the unrestricted fund that can be applied in the coming years to further the charitable objects of the Philanthropy Foundation.
The Charity's unrestricted fund is in defecit this year and has not reached our expectations. A strategic plan for future years is being developed by the Trustees.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Charles Pike
Trustee Date:
Page 4
THE PHILANTHROPY FOUNDATION LIMITED (A Company Limited by Guarantee)
Independent Examiner's Report For the Year Ended 31 October 2021
Independent Examiner's Report to the Trustees of The Philanthropy Foundation Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 October 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:
Samuel Ketcher FCCA
Williams Giles Professional Services Ltd 12 Conqueror Court Sittingbourne Kent ME10 5BH
Page 5
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 October 2021
| Note Income from: Donations and legacies 3 Other income 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) Transfers between funds 13 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ - 6,278 6,278 (1,609) (1,609) 7,887 9,229 17,116 (19,859) 17,116 (2,743) |
Restricted funds 2021 £ 161,409 - 161,409 184,630 184,630 (23,221) (9,229) (32,450) 66,624 (32,450) 34,174 |
Total funds 2021 £ 161,409 6,278 167,687 183,021 183,021 (15,334) - (15,334) 46,765 (15,334) 31,431 |
Total funds 2020 £ 18,829 250 19,079 70,791 70,791 (51,712) - (51,712) 98,477 (51,712) 46,765 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 19 form part of these financial statements.
Page 6
THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee) Registered number: 07802097
Balance Sheet As at 31 October 2021
| Note Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
- 35,381 35,381 (3,950) |
2021 £ 31,431 31,431 34,174 (2,743) 31,431 |
4,999 52,822 57,821 (11,056) |
2020 £ 46,765 46,765 66,624 (19,859) 46,765 |
|---|---|---|---|---|
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:
Charles Pike
Trustee Date:
The notes on pages 8 to 19 form part of these financial statements.
Page 7
THE PHILANTHROPY FOUNDATION LIMITED (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
1. General information
The Philanthropy Foundation Limited is a registred charity, number 1145808 and registered company, number 07802097. The principal office is 31 Hill Street, London, W1J 5LS and the principal activity of the charity is developing and supporting charitable projects.
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 Philanthropy Foundation Limited 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 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.
Donations are recognised when the Trustees have received confirmation of the amount and timing of gifts and have reasonable assurance of receipt.
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
2.3 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 charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
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THE PHILANTHROPY FOUNDATION LIMITED (A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
2. Accounting policies (continued)
2.3 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 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.
2.5 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.
2.6 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.
2.7 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.
2.8 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.
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
2. Accounting policies (continued)
2.9 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.
3. Income from donations and legacies
| Unrestricted funds 2021 £ Donations - Grants - Similar incoming resources - Total 2021 - Total 2020 2,500 |
Restricted funds 2021 £ 140,345 2,000 19,064 161,409 16,329 |
Total funds 2021 £ 140,345 2,000 19,064 161,409 18,829 |
Total funds 2020 £ 16,329 - 2,500 |
|---|---|---|---|
| 18,829 | |||
4. Other incoming resources
| Other incoming resources Total 2020 |
Unrestricted funds 2021 £ 6,278 250 |
Total funds 2021 £ 6,278 250 |
Total funds 2020 £ 250 |
|---|---|---|---|
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
5. Analysis of grants
| Grants, Developing and supporting charitable projects Total 2020 |
Grants to Institutions 2021 £ 175,787 69,591 |
Total funds 2021 £ 175,787 69,591 |
Total funds 2020 £ 69,591 |
|---|---|---|---|
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
5. Analysis of grants (continued)
The Company has made the following material grants to institutions during the year:
| Name of institution A Star Foundation Aim to Gain Alex Wardle Foundation Opera Ventures Berahino Funds Breast Cancer Rugby Against Cancer Sinfonia of London |
2021 £ - - - 2,484 10,000 6,000 6,225 151,078 175,787 |
2020 £ 10,932 1,000 3,815 53,844 - - - - |
|---|---|---|
| 69,591 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2021 £ Grant making to institutions - Support costs (1,609) Total 2021 (1,609) Total 2020 1,200 |
Restricted funds 2021 £ 175,787 8,843 184,630 69,591 |
Total funds 2021 £ 175,787 7,234 183,021 70,791 |
Total funds 2020 £ 69,591 1,200 |
|---|---|---|---|
| 70,791 | |||
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
7. Analysis of expenditure by activities
| Grant making to insitutions Support costs Total 2021 Total 2020 Analysis of support costs |
Grant funding of activities 2021 £ 175,787 - 175,787 69,591 |
Support costs 2021 £ - 7,234 7,234 1,200 |
Total funds 2021 £ 175,787 7,234 183,021 70,791 |
Total funds 2020 £ 69,591 1,200 |
|---|---|---|---|---|
| 70,791 | ||||
| Developing and supporting charitable projects 2021 £ Advertising and website development 200 Travel and subsistence costs 528 Other costs (1,072) Accountancy fees 1,800 Transaction fees 5,778 7,234 Total 2020 1,200 8. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts Fees payable to the Company's independent examiner in respect of: All other services not included above |
Total funds 2021 £ 200 528 (1,072) 1,800 5,778 7,234 1,200 2021 £ 600 1,200 |
Total funds 2020 £ - - - 1,200 - |
|---|---|---|
| 1,200 | ||
| 2020 £ - 1,200 |
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 October 2021, no Trustee expenses have been incurred (2020 - £NIL) .
10. Debtors
| Due within one year Other debtors |
2021 £ - - |
2020 £ 4,999 |
|---|---|---|
| 4,999 |
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
11. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2021 £ 2,150 1,800 3,950 |
2020 £ 7,856 3,200 |
|---|---|---|
| 11,056 |
12. Financial instruments
| Financial assets Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2021 £ 35,381 - 35,381 2021 £ 3,950 |
2020 £ 52,822 4,999 |
|---|---|---|
| 57,821 | ||
| As restated 2020 £ 11,056 |
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Financial assets measured at amortised cost comprise other debtors.
Financial liabilities measured at amortised cost comprise trade creditors and accruals.
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Restricted Fund New Venture Opera Fund Torbay Culture Development Fund The Health Anxiety Fund The Saido Berahino Fund Sporting Partnerships Foundation Fund The Alex Wardle Foundation Fund The Bergen Philharmonic Orchestra Fund The Rugby Against Cancer Fund Sinfonia of London Fund Total of funds |
Balance at 1 November 2020 £ (19,859) 9,229 2,500 105 - 14,775 5,657 4,970 16,888 12,500 - 66,624 46,765 |
Income £ 6,278 51 9 10 1,267 - - 4,322 - - 155,750 161,409 167,687 |
Expenditure £ 1,609 (51) (2,509) - (144) (10,295) (113) (2,930) (338) (12,500) (155,750) (184,630) (183,021) |
Transfers in/out £ 9,229 (9,229) - - - - - - - - - (9,229) - |
Balance at 31 October 2021 £ (2,743) - - 115 1,123 4,480 5,544 6,362 16,550 - - 34,174 31,431 |
|---|---|---|---|---|---|
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Restricted Fund New Venture Opera Fund Total of funds |
Balance at 1 November 2019 £ (21,409) 55,781 64,105 119,886 98,477 |
Income £ 2,750 16,329 - 16,329 19,079 |
Expenditure £ (1,200) (15,747) (53,844) (69,591) (70,791) |
Balance at 31 October 2020 £ (19,859) 56,363 10,261 66,624 46,765 |
|---|---|---|---|---|
A separate restricted fund is established for each individual donor, the resources of each fund being applied to meet the donors’ philanthropic aims. The movements on the restricted funds are disclosed in aggregate in the above table.
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
14. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 November 2020 £ (19,859) 66,624 46,765 |
Income £ 6,278 161,409 167,687 Balance at 1 November 2019 £ (21,409) 119,886 98,477 |
Expenditure £ 1,609 (184,630) (183,021) Income £ 2,750 16,329 19,079 |
Transfers in/out £ 9,229 (9,229) - Expenditure £ (1,200) (69,591) (70,791) |
Balance at 31 October 2021 £ (2,743) 34,174 31,431 Balance at 31 October 2020 £ (19,859) 66,624 46,765 |
|---|---|---|---|---|---|
| Summary of funds - prior year | |||||
| General funds Restricted funds |
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THE PHILANTHROPY FOUNDATION LIMITED
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 October 2021
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Current assets 1,207 Creditors due within one year (3,950) Total (2,743) |
Restricted funds 2021 £ 34,174 - 34,174 |
Total funds 2021 £ 35,381 (3,950) 31,431 |
|---|---|---|
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ (8,803) (11,056) (19,859) |
Restricted funds 2020 £ 66,624 - 66,624 |
Total funds 2020 £ 57,821 (11,056) 46,765 |
|---|---|---|---|
16. Related party transactions
The Philanthropy Foundation Limited has not entered into any related party transaction during the year or the prior year, nor are there any outstanding balances owing between related parties and the The Philanthropy Foundation Limited at 31 October 2021 (2020 - £nil).
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