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2022-07-31-accounts

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 2022

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 2022

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 12
Detailed Statement of Financial Activities 13

Practical Tools Initiative Limited

Report of the Trustees

for the Year Ended 31 July 2022

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 2022. 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 (resigned 11.2.22)

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 11 October 2022 and signed on the board's behalf by:

Bockarie Musa

Bockarie Musa (Oct 12, 2022 04:55 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 2022.

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:

  1. 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

  2. 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

  3. 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, 2022 13:54 GMT+1)

Harold Adjei FCCA Harvine Consultants Ltd Square Root Business Centre 102 - 116 Windmill Road Croydon Surrey CR0 2XQ

11 October 2022

Page 2

Practical Tools Initiative Limited

Statement of Financial Activities

for the Year Ended 31 July 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
7,143
Investment income
3
1
Total
7,144
EXPENDITURE ON
Other
6,522
NET INCOME/(EXPENDITURE)
622
Transfers between funds
12
(4,202)
Net movement in funds
(3,580)
RECONCILIATION OF FUNDS
Total funds brought forward
(4,204)
TOTAL FUNDS CARRIED FORWARD
(7,784)		 Restricted
funds
£
137,886
-
137,886
161,546
(23,660)
4,202
(19,458)
25,888
6,430		 31.7.22
Total
funds
£
145,029
1
145,030
168,068
(23,038)
-
(23,038)
21,684
(1,354)		 31.7.21
Total
funds
£
177,093
-
177,093
342,522
(165,429)
-
(165,429)
187,113
21,684

The notes form part of these financial statements

Page 3

Practical Tools Initiative Limited

Balance Sheet

31 July 2022

31.7.22 31.7.21
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
CURRENT ASSETS
Stocks 7 - - - 12,000
Cash at bank and in hand 8 1,079 5,970 7,049 22,139
1,079 5,970 7,049 34,139
CREDITORS
Amounts falling due within one year 9 (4,611) 460 (4,151) (12,455)
NET CURRENT ASSETS/(LIABILITIES) (3,532) 6,430 2,898 21,684
TOTAL ASSETS LESS CURRENT
LIABILITIES (3,532) 6,430 2,898 21,684
CREDITORS
Amounts falling due after more than one year 10 (4,252) - (4,252) -
NET ASSETS (7,784) 6,430 (1,354) 21,684
FUNDS 12
Unrestricted funds (7,784) (4,204)
Restricted funds 6,430 25,888
TOTAL FUNDS (1,354) 21,684

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on 11 October 2022 and were signed on its behalf by:

Bockarie Musa

Bockarie Musa (Oct 12, 2022 04:55 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 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing 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		 31.7.22
£
(10,889)
(10,889)
1
1
(10,888)
17,937
7,049		 31.7.21
£
17,512
17,512
-
-
17,512
425
17,937

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 2022

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.7.22 31.7.21
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (23,038) (165,429)
Adjustments for:
Interest received (1) -
Decrease in stocks 12,000 183,000
Increase/(decrease) in creditors 150 (59)
Net cash (used in)/provided by operations (10,889) 17,512
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.7.22 31.7.21
£ £
Cash in hand 50 50
Notice deposits (less than 3 months) 6,999 22,089
Overdrafts included in bank loans and overdrafts falling due within one year - (4,202)
Total cash and cash equivalents 7,049 17,937
3. ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.21
Cash flow
At
£
£
Net cash
Cash at bank and in hand
22,139
(15,090)
Bank overdraft
(4,202)
4,202
17,937
(10,888)
Total
17,937
(10,888)		 31.7.22
£
7,049
-
7,049
7,049

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 2022

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		 31.7.22
£
7,143
137,886
145,029		 31.7.21
£
99
176,994
177,093

continued...

Page 7

Practical Tools Initiative Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

3. INVESTMENT INCOME

INVESTMENT INCOME
31.7.22 31.7.21
£ £
Deposit account interest 1 -
SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Other resources expended 5,579 343 600 6,522

4. SUPPORT COSTS

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
4,093
EXPENDITURE ON
Other
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
26,033
(145)
25,888		 Total
funds
£
177,093
342,522
(165,429)
187,113
21,684

continued...

Page 8

Practical Tools Initiative Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

7. STOCKS

7. STOCKS
31.7.22 31.7.21
£ £
Donated goods - 12,000
8. CASH IN HAND
31.7.22 31.7.21
General Total Total
fund Restricted funds funds
£ £ £ £
Cash in hand 50 - 50 50
Bank account no. 1 - - - 4,459
Bank account no. 2 1,029 5,970 6,999 17,630
Total 1,079 5,970 7,049 22,139
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£ £
Bank loans and overdrafts (see note 11) - 4,202
Trade creditors 1 1
Other creditors 3,600 7,852
Accrued expenses 550 400
4,151 12,455
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.22 31.7.21
£ £
Other creditors 4,252 -
11. LOANS
An analysis of the maturity of loans is given below:
31.7.22 31.7.21
£ £
Amounts falling due within one year on demand:
Bank overdrafts - 4,202

continued...

Page 9

Practical Tools Initiative Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

12. MOVEMENT IN FUNDS

At 1.8.21
£
Unrestricted funds
General fund
(4,204)
Restricted funds
Restricted
13,888
Goods
12,000
25,888
TOTAL FUNDS
21,684
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Restricted
Goods
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted
Goods
TOTAL FUNDS		 Net
movement
in funds
£
622
(11,660)
(12,000)
(23,660)
(23,038)
Incoming
resources
£
7,144
137,886
-
137,886
145,030
At 1.8.20
£
187,258
(145)
-
(145)
187,113		 Transfers
between
At
funds
31.7.22
£
£
(4,202)
(7,784)
4,202
6,430
-
-
4,202
6,430
-
(1,354)
Resources
Movement
expended
in funds
£
£
(6,522)
622
(149,546)
(11,660)
(12,000)
(12,000)
(161,546)
(23,660)
(168,068)
(23,038)
Net
movement
At
in funds
31.7.21
£
£
(191,462)
(4,204)
14,033
13,888
12,000
12,000
26,033
25,888
(165,429)
21,684

continued...

Page 10

Practical Tools Initiative Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

12. MOVEMENT IN FUNDS - continued

Comparative 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
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.8.20
in funds
£
£
Unrestricted funds
General fund
187,258
(190,840)
Restricted funds
Restricted
(145)
2,373
TOTAL FUNDS
187,113
(188,467)		 Resources
Movement
expended
in funds
£
£
(195,555)
(191,462)
(146,967)
14,033
-
12,000
(146,967)
26,033
(342,522)
(165,429)
Transfers
between
At
funds
31.7.22
£
£
(4,202)
(7,784)
4,202
6,430
-
(1,354)

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
£
11,237
298,886
12,000
310,886
322,123		 Resources
Movement
expended
in funds
£
£
(202,077)
(190,840)
(296,513)
2,373
(12,000)
-
(308,513)
2,373
(510,590)
(188,467)

continued...

Page 11

Practical Tools Initiative Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

13. RELATED PARTY DISCLOSURES

During the period the charity owed £4252 to 2 trustees who funded expenses on behalf of the charity from their own resources.

Page 12

Practical Tools Initiative Limited

Detailed Statement of Financial Activities for the Year Ended 31 July 2022

Detailed Statement of Financial Activities
for the Year Ended 31 July 2022
31.7.22 31.7.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Gifts 7,143 99
Donations 137,886 176,994
145,029 177,093
Investment income
Deposit account interest 1 -
Total incoming resources 145,030 177,093
EXPENDITURE
Other
Project costs 144,116 115,505
Training & facilitation 4,500 23,311
Programme management 12,930 855
161,546 139,671
Support costs
Management
Rent & storage 4,215 -
Marketing & publicity 700 -
Distribution & transportation - 201,280
Accessories 664 -
5,579 201,280
Finance
Sundries 325 950
Bank charges 18 -
343 950
Governance costs
Accountancy and legal fees 600 621
Total resources expended 168,068 342,522
Net expenditure (23,038) (165,429)

This page does not form part of the statutory financial statements

Page 13