REGISTERED COMPANY NUMBER: 08249953 (England and Wales) REGISTERED CHARITY NUMBER: 1152292
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2021
for
Practical Tools Initiative Limited
Harvine Consultants Ltd Square Root Business Centre 102 - 116 Windmill Road Croydon Surrey CR0 2XQ
Practical Tools Initiative Limited
Contents of the Financial Statements for the Year Ended 31 July 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Cash Flow Statement | 5 | ||
| Notes to the Cash Flow Statement | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
Practical Tools Initiative Limited
Report of the Trustees
for the Year Ended 31 July 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of 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).
STRATEGIC REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08249953 (England and Wales)
Registered Charity number
1152292
Registered office
18 Russell Place Fareham Hampshire PO16 7FH
Trustees
Mr J Fallah-william International Development Mr M B Ephraim Company Secretary Ms A B James Health and Social Care Mr I Sesay Chair
Company Secretary
Mr M B Ephraim
Independent Examiner
Harold Adjei FCCA Harvine Consultants Ltd Square Root Business Centre 102 - 116 Windmill Road Croydon Surrey CR0 2XQ
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 12 October 2021 and signed on the board's behalf by:
Bockarie Musa
Bockarie Musa (Oct 12, 2021 14:39 GMT+1)
Mr M B Ephraim - Trustee
Page 1
Independent Examiner's Report to the Trustees of Practical Tools Initiative Limited
Independent examiner's report to the trustees of Practical Tools Initiative Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
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
-
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.
Harvine Consultants
Harvine Consultants (Oct 12, 2021 14:46 GMT+1)
Harold Adjei FCCA Harvine Consultants Ltd Square Root Business Centre 102 - 116 Windmill Road Croydon Surrey CR0 2XQ
12 October 2021
Page 2
Practical Tools Initiative Limited
Statement of Financial Activities
for the Year Ended 31 July 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 4,093 EXPENDITURE ON Raising funds 3 - Other 195,555 Total 195,555 NET INCOME/(EXPENDITURE) (191,462) RECONCILIATION OF FUNDS Total funds brought forward 187,258 TOTAL FUNDS CARRIED FORWARD (4,204) |
Restricted funds £ 173,000 - 146,967 146,967 26,033 (145) 25,888 |
31.7.21 Total funds £ 177,093 - 342,522 342,522 (165,429) 187,113 21,684 |
31.7.20 Total funds £ 293,972 23,000 107,456 |
|---|---|---|---|
| 130,456 | |||
| 163,516 23,597 |
|||
| 187,113 |
The notes form part of these financial statements
Page 3
Practical Tools Initiative Limited
Balance Sheet
| 31 July 2021 Unrestricted fund Notes £ CURRENT ASSETS Stocks 7 - Cash at bank and in hand 8 4,509 4,509 CREDITORS Amounts falling due within one year 9 (8,713) NET CURRENT ASSETS/(LIABILITIES) (4,204) TOTAL ASSETS LESS CURRENT LIABILITIES (4,204) NET ASSETS (4,204) FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 12,000 17,630 29,630 (3,742) 25,888 25,888 25,888 |
31.7.21 Total funds £ 12,000 22,139 34,139 (12,455) 21,684 21,684 21,684 (4,204) 25,888 21,684 |
31.7.20 Total funds £ 195,000 570 195,570 (8,457) 187,113 187,113 187,113 187,258 (145) 187,113 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on 12 October 2021 and were signed on its behalf by:
Bockarie Musa
Bockarie Musa (Oct 12, 2021 14:39 GMT+1)
Mr M B Ephraim - Trustee
The notes form part of these financial statements
Page 4
Practical Tools Initiative Limited
| Cash Flow Statement for the Year Ended 31 July 2021 Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
31.7.21 £ 17,512 17,512 17,512 425 17,937 |
31.7.20 £ (532) (532) (532) 957 425 |
|---|---|---|
The notes form part of these financial statements
Page 5
Practical Tools Initiative Limited
Notes to the Cash Flow Statement
for the Year Ended 31 July 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | |||
|---|---|---|---|
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Net (expenditure)/income for the reporting period (as per the | |||
| Statement of Financial Activities) | (165,429) | 163,516 | |
| Adjustments for: | |||
| Decrease/(increase) in stocks | 183,000 | (172,000) | |
| (Decrease)/increase in creditors | (59) | 7,952 | |
| Net cash provided by/(used in) operations | 17,512 | (532) | |
| 2. | ANALYSIS OF CASH AND CASH EQUIVALENTS | ||
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Cash in hand | 50 | 50 | |
| Notice deposits (less than 3 months) | 22,089 | 520 | |
| Overdrafts included in bank loans and overdrafts falling due within one year | (4,202) | (145) | |
| Total cash and cash equivalents | 17,937 | 425 |
3. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.8.20 Cash flow At £ £ Net cash Cash at bank and in hand 570 21,569 Bank overdraft (145) (4,057) 425 17,512 Total 425 17,512 |
31.7.21 £ 22,139 (4,202) 17,937 17,937 |
|---|---|
The notes form part of these financial statements
Page 6
Practical Tools Initiative Limited
Notes to the Financial Statements
for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Gifts Donations |
31.7.21 £ 99 176,994 177,093 |
31.7.20 £ (1) 293,973 293,972 |
|---|---|---|
continued...
Page 7
Practical Tools Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
3. RAISING FUNDS
Other trading activities
| 31.7.21 | 31.7.20 | |||
|---|---|---|---|---|
| £ | £ | |||
| Support costs | - | 23,000 | ||
| SUPPORT COSTS | ||||
| Governance | ||||
| Management | Finance | costs | Totals | |
| £ | £ | £ | £ | |
| Other resources expended | 201,280 | 950 | 621 | 202,851 |
4. SUPPORT COSTS
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 287,122 EXPENDITURE ON Raising funds - Other 100,461 Total 100,461 NET INCOME/(EXPENDITURE) 186,661 RECONCILIATION OF FUNDS Total funds brought forward 597 TOTAL FUNDS CARRIED FORWARD 187,258 |
Restricted funds £ 6,850 23,000 6,995 29,995 (23,145) 23,000 (145) |
Total funds £ 293,972 23,000 107,456 |
|---|---|---|
| 130,456 | ||
| 163,516 23,597 |
||
| 187,113 |
continued...
Page 8
Practical Tools Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
| 7. STOCKS Donated goods 8. CASH IN HAND General fund Restricted £ £ Cash in hand 50 - Bank account no. 1 4,459 - Bank account no. 2 - 17,630 Total 4,509 17,630 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 10) Trade creditors Other creditors Accrued expenses 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 11. MOVEMENT IN FUNDS At 1.8.20 £ Unrestricted funds General fund 187,258 Restricted funds Restricted (145) Goods - (145) TOTAL FUNDS 187,113 |
31.7.21 £ 12,000 31.7.21 Total funds £ 50 4,459 17,630 22,139 31.7.21 £ 4,202 1 7,852 400 12,455 31.7.21 £ 4,202 Net movement in funds £ (191,462) 14,033 12,000 26,033 (165,429) |
31.7.20 £ 195,000 31.7.20 Total funds £ 50 520 - 570 31.7.20 £ 145 - 7,852 460 8,457 31.7.20 £ 145 At 31.7.21 £ (4,204) 13,888 12,000 25,888 21,684 |
||
|---|---|---|---|---|
continued...
Page 9
Practical Tools Initiative Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 4,093 Restricted funds Restricted 161,000 Goods 12,000 173,000 TOTAL FUNDS 177,093 Comparatives for movement in funds At 1.8.19 £ Unrestricted funds General fund 597 Restricted funds Restricted - Goods 23,000 23,000 TOTAL FUNDS 23,597 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 287,122 Restricted funds Restricted 6,850 Goods - 6,850 TOTAL FUNDS 293,972 |
Resources Movement expended in funds £ £ (195,555) (191,462) (146,967) 14,033 - 12,000 (146,967) 26,033 (342,522) (165,429) Net movement At in funds 31.7.20 £ £ 186,661 187,258 (145) (145) (23,000) - (23,145) (145) 163,516 187,113 Resources Movement expended in funds £ £ (100,461) 186,661 (6,995) (145) (23,000) (23,000) (29,995) (23,145) (130,456) 163,516 |
|---|---|
continued...
Page 10
Practical Tools Initiative Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted Goods TOTAL FUNDS |
At 1.8.19 £ 597 - 23,000 23,000 23,597 |
Net movement in funds £ (4,801) 13,888 (11,000) 2,888 (1,913) |
At 31.7.21 £ (4,204) 13,888 12,000 25,888 21,684 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Goods TOTAL FUNDS |
Incoming resources £ 291,215 167,850 12,000 179,850 471,065 |
Resources Movement expended in funds £ £ (296,016) (4,801) (153,962) 13,888 (23,000) (11,000) (176,962) 2,888 (472,978) (1,913) |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2021.
Page 11
Practical Tools Initiative Limited
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 July 2021 | ||
| 31.7.21 | 31.7.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Gifts | 99 | (1) |
| Donations | 176,994 | 293,973 |
| 177,093 | 293,972 | |
| Total incoming resources | 177,093 | 293,972 |
| EXPENDITURE | ||
| Other | ||
| Project costs | 115,505 | 57,748 |
| Project contractors | - | 4,514 |
| Educational programmes | - | 1,345 |
| Volunteering | - | 2,313 |
| Training & facilitation | 23,311 | 654 |
| Programme management | 855 | 11,001 |
| 139,671 | 77,575 | |
| Support costs | ||
| Management | ||
| Rent & storage | - | 965 |
| Shipment | - | 3,255 |
| Travels | - | 2,982 |
| Partnership development | - | 350 |
| Marketing & publicity | - | 1,137 |
| Distribution & transportation | 201,280 | 36,147 |
| Customs & clearance | - | 6,190 |
| Accessories | - | 520 |
| Sundries | - | 269 |
| Printing, postage & stationery | - | 133 |
| Telephone | - | 433 |
| 201,280 | 52,381 | |
| Finance | ||
| Sundries | 950 | - |
| Governance costs | ||
| Accountancy and legal fees | 621 | 500 |
| Total resources expended | 342,522 | 130,456 |
| Net (expenditure)/income | (165,429) | 163,516 |
This page does not form part of the statutory financial statements
Page 12