REGISTERED COMPANY NUMBER: 08340892 (England and Wales) REGISTERED CHARITY NUMBER: 1154344
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 28 February 2021
for
P.A.S.T.WAYS LTD
FL Accounting Ltd Chartered Certified Accountants 4 Park Square Newton Chambers Road Chapeltown Sheffield South Yorkshire S35 2PH
P.A.S.T.WAYS LTD
Contents of the Financial Statements for the Year Ended 28 February 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
P.A.S.T.WAYS LTD
Report of the Trustees for the Year Ended 28 February 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 28 February 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).
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
08340892 (England and Wales)
Registered Charity number
1154344
Registered office
4 Park Square Newton Chambers Road Chapeltown Sheffield Sout Yorkshire S35 2PH
Trustees
A Broughton Retired Police Officer M R Jenkinson Accountant D E Oxley Accountant (resigned 13.7.20) M J Barratt It Account Manager A K Belcher Senior Lead Hand At Bentleys Constructio P Booth Safeguarding Manager In Education J P Hawksworth Volunteer Miss S Tyson Technology Graduate B Lewis (appointed 21.5.21)
Company Secretary
Independent Examiner
FL Accounting Ltd Chartered Certified Accountants 4 Park Square Newton Chambers Road Chapeltown Sheffield South Yorkshire S35 2PH
Approved by order of the board of trustees on 15 July 2021 and signed on its behalf by:
P Booth - Trustee
Page 1
Independent Examiner's Report to the Trustees of P.A.S.T.WAYS LTD
Independent examiner's report to the trustees of P.A.S.T.WAYS LTD ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28 February 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.
Sochall Smith Ltd FL Accounting Ltd Chartered Certified Accountants 4 Park Square Newton Chambers Road Chapeltown Sheffield South Yorkshire S35 2PH
15 July 2021
Page 2
P.A.S.T.WAYS LTD
Statement of Financial Activities for the Year Ended 28 February 2021
| 28.2.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 193,632 Investment income 2 51 Total 193,683 EXPENDITURE ON Other 139,983 NET INCOME 53,700 RECONCILIATION OF FUNDS Total funds brought forward 121,548 TOTAL FUNDS CARRIED FORWARD 175,248 |
28.2.20 Total funds £ 144,131 122 |
|---|---|
| 144,253 139,645 |
|
| 4,608 116,940 |
|
| 121,548 |
The notes form part of these financial statements
Page 3
P.A.S.T.WAYS LTD
Balance Sheet
28 February 2021
| 28.2.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 3,529 CURRENT ASSETS Debtors 8 19,235 Cash at bank 160,193 179,428 CREDITORS Amounts falling due within one year 9 (7,709) NET CURRENT ASSETS 171,719 TOTAL ASSETS LESS CURRENT LIABILITIES 175,248 NET ASSETS 175,248 FUNDS 10 Unrestricted funds 175,248 TOTAL FUNDS 175,248 |
28.2.20 Total funds £ 1,887 2,690 123,473 126,163 (6,502) 119,661 121,548 121,548 121,548 121,548 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 July 2021 and were signed on its behalf by:
P Booth - Trustee
The notes form part of these financial statements
Page 4
P.A.S.T.WAYS LTD
Notes to the Financial Statements for the Year Ended 28 February 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.
This is the first year in which the financial statements have been prepared under FRS102 (Section 1A).
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance Computer equipment - 25% on reducing balance
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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 28.2.21 | 28.2.20 | |
| £ | £ | |
| Deposit account interest | 51 | 122 |
Page 5
continued...
P.A.S.T.WAYS LTD
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 28.2.21 | 28.2.20 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 929 | 629 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2021 nor for the year ended 28 February 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2021 nor for the year ended 28 February 2020.
5. AVERAGE NUMBER OF EMPLOYEES
Average number of employees
2021 6 2020 6
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 144,131 |
| Investment income | 122 |
| Total | 144,253 |
| EXPENDITURE ON | |
| Other | 139,645 |
| NET INCOME | 4,608 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 116,940 |
| TOTAL FUNDS CARRIED FORWARD | 121,548 |
Page 6
continued...
P.A.S.T.WAYS LTD
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
| 7. TANGIBLE FIXED ASSETS COST At 29 February 2020 Additions At 28 February 2021 DEPRECIATION At 29 February 2020 Charge for year At 28 February 2021 NET BOOK VALUE At 28 February 2021 At 28 February 2020 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Accrued expenses 10. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Fixtures and fittings £ 4,270 2,571 6,841 3,653 154 3,807 3,034 617 At 29.2.20 £ 121,548 121,548 Incoming resources £ 193,683 193,683 |
Computer equipment Totals £ £ 5,609 9,879 - 2,571 5,609 12,450 4,339 7,992 775 929 5,114 8,921 495 3,529 1,270 1,887 28.2.21 28.2.20 £ £ 19,235 2,690 28.2.21 28.2.20 £ £ 3,531 3,531 4,178 2,971 7,709 6,502 Net movement At in funds 28.2.21 £ £ 53,700 175,248 53,700 175,248 Resources Movement expended in funds £ £ (139,983) 53,700 (139,983) 53,700 |
Totals £ 9,879 2,571 12,450 7,992 929 8,921 3,529 1,887 28.2.20 £ 2,690 28.2.20 £ 3,531 2,971 6,502 At 28.2.21 £ 175,248 |
|---|---|---|---|
| 175,248 | |||
| 53,700 |
Page 7
continued...
P.A.S.T.WAYS LTD
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.3.19 £ Unrestricted funds General fund 116,940 TOTAL FUNDS 116,940 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 144,253 TOTAL FUNDS 144,253 |
Net movement At in funds 28.2.20 £ £ 4,608 121,548 4,608 121,548 Resources Movement expended in funds £ £ (139,645) 4,608 (139,645) 4,608 |
At 28.2.20 £ 121,548 |
|---|---|---|
| 121,548 | ||
| 4,608 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.3.19 £ 116,940 116,940 |
Net movement in funds £ 58,308 58,308 |
At 28.2.21 £ 175,248 |
|---|---|---|---|
| 175,248 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 337,936 | (279,628) | 58,308 |
| TOTAL FUNDS | 337,936 | (279,628) | 58,308 |
Page 8
continued...
P.A.S.T.WAYS LTD
Notes to the Financial Statements - continued for the Year Ended 28 February 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 February 2021.
Page 9
P.A.S.T.WAYS LTD
Detailed Statement of Financial Activities for the Year Ended 28 February 2021
| 28.2.21 | 28.2.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| School funding | 180,242 | 143,096 |
| Free school meals | 1,489 | 1,035 |
| Covid Grants | 11,901 | - |
| 193,632 | 144,131 | |
| Investment income | ||
| Deposit account interest | 51 | 122 |
| Total incoming resources | 193,683 | 144,253 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Wages | 103,476 | 110,163 |
| Pensions | 1,783 | 1,091 |
| Rent | 16,800 | 14,000 |
| Insurance | 1,054 | 969 |
| School meals provisions | 1,888 | 2,742 |
| Telephone | 1,343 | 1,168 |
| Postage and stationery | 1,478 | 901 |
| Computer costs | 3,191 | 491 |
| Sundries | 1,805 | 3,751 |
| Repairs & renewals | 3,642 | 2,020 |
| Travel | 15 | 75 |
| Depreciation of tangible and heritage assets | 929 | 629 |
| 137,404 | 138,000 | |
| Finance | ||
| Bank charges | 146 | 127 |
| Governance costs | ||
| Accountancy and legal fees | 2,433 | 1,518 |
| Total resources expended | 139,983 | 139,645 |
| Net income | 53,700 | 4,608 |
This page does not form part of the statutory financial statements
Page 10