Registered Charity Number: 1155531
**PLATANOS FOUNDATION (CHARITIABLE INCORPORATED ORGANISATION) UNAUDITED REPORT AND ACCOUNTS for the year ended 28 February 2021**
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley BR1 3RA
## **PLATANOS FOUNDATION**
**UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021**
## **INDEX**
## **Page No.**
||**1**||Trustees and Advisers|
|---|---|---|---|
|**2**|**-**|**3**|Report of the Trustees|
||**4**||Statement of Financial Activities|
||**5**||Balance Sheet|
||**6**||Notes forming part of the Financial Statements|
||**7**||Chartered Accountants' report|
## **PLATANOS FOUNDATION TRUSTEES AND ADVISERS AS AT 28 FEBRUARY 2021**
**TRUSTEES** Mrs Agatha Domingo Mr Akin Alabi Mr Humroy Whyte **REGISTERED ADDRESS** Platanos College Clapham Rd London SW9 0AL **ADVISERS AND AGENTS Bankers:** Lloyds Bank plc 25 Camberwell Green, London SE5 7AB **Accountants:** Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
Page 1
## **PLATANOS FOUNDATION**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 28 FEBRUARY 2021**
The Foundation is a charitable incorporated organisation and is constituted as one.
The accounts (financial statements) have been prepared in accordance with 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 foundation was established by the Platonas College to aid pupils and past pupils of the college in the furtherance of their education. The foundation was registered as a charity on 29 January 2014 (registered charity number 1155531).
## **Recruitment and appointment of new trustees and organisational structure**
The Trustees carry out all the administrative duties of operating the Charity without employing any staff.
New Trustees are selected from staff at the Platanos College and are fully briefed on their responsibilities.
The trustees during the period were as follows:-
Mrs Agatha Domingo Mr Akin Alabi Mr Humroy Whyte
## **OBJECTIVES AND ACTIVITIES**
The principal object of the foundation is the promotion or furtherance or maintenance of education of current and past pupils of Platanos College.
The foundation hopes to establish funding to aid its objectives.
## **PUBLIC BENEFIT**
The trustees consider that the objectives and aims of the charity described above, enable it to meet its obligations to the Charity Commission as per Section 17 of the Charities Act 2011 and to the benefit of the public.
## **ACHIEVEMENT AND PERFORMANCE**
The charity is still active and continued to apply for grants throughout the year and further applications for grants on upcoming projects were submitted post year end.
## **FINANCIAL REVIEW**
Incoming resources amounted to £nil by way of donations received. Expenditure was made for support costs of £500.
## **FUTURE DEVELOPMENTS**
The charity hopes to establish a firm foundation of income to enable it to carry out its charitable works.
Page 2
## **PLATANOS FOUNDATION**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 28 FEBRUARY 2021**
## **Risk Management**
The trustees have a risk management strategy which comprises an annual review of the risks the charity may face; the establishment of systems and procedures to mitigate those risks identified in the plan and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the trustees.
## **Reserves Policy**
The trustees have considered the level of reserves that the charity should maintain. Reserves are required to enable the generation of income in order to fund charitable expenditure. The charity is currently reliant on grants and donations to fund its expenditure.
## **Statement of Trustees' Responsibilities**
The Trustees are responsible for preparing and submitting the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:-
a) select suitable accounting policies and apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgements and estimates that are reasonable and prudent;
d) state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements;
e) prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on 21 February 2022 and signed by them.
A Alabi - Trustee
A Domingo - Trustee
Page 3
## **PLATANOS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2021**
|**Unrestricted**
Note
**Funds**
**£**
**INCOME AND ENDOWMENTS FROM**
Donations & legacies
2
**-**
Total
**-**
**EXPENDITURE ON:**
Charitable activities
3
**500**
**Total**
**500**
**NET INCOME/(EXPENDITURE)**
**(500)**
**Net movement in funds**
**(500)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
at 1 March 2020
**3,928**
Total funds carried forward
at 28 February 2021
**3,428**|**Total**
**2021**
**£**
**-**
**-**
**500**
**500**
**(500)**
**(500)**
**3,928**
**3,428**|Total
2020
£
-|
|---|---|---|
|||-|
|||500|
|||500|
|||**(500)**|
|||(500)
-
4,428|
|||3,928|
Page 4
## **PLATANOS FOUNDATION**
## **BALANCE SHEET**
## **AS AT 28 FEBRUARY 2021**
|Note
**CURRENT ASSETS**
Cash at Bank
**CREDITORS**
:amounts falling due within one year
Sundry creditors & accruals
4
**NET CURRENT ASSETS**
**NET ASSETS**
**Represented by:**
**THE FUNDS OF THE CHARITY**
**Unrestricted Funds**|**£**
**£**
**16,637**
**13,209**
**3,428**
**3,428**
**3,428**
**2021**|**£**
**£**
**16,637**
**12,209**
**4,428**
**4,428**
**4,428**
**2020**|**£**
**£**
**16,637**
**12,209**
**4,428**
**4,428**
**4,428**
**2020**|
|---|---|---|---|
||**13,209**|**12,209**||
|||||
||||**4,428**|
||||**4,428**|
The notes on page 6 form part of these accounts.
Approved by the trustees on 21 February 2022 and signed on their behalf by:
A Domingo Trustee A Alabi Trustee
Page 5
**PLATANOS FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 28 FEBRUARY 2021**
## **1. ACCOUNTING POLICIES**
The following accounting policies have been used in dealing with items which are considered material in relation to the accounts.
## a) Basis of Accounting
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 102 'The Financial Reporting Standard applicable in the UK and Republic Ireland'. The financial statements have been prepared under the historical cost convention.
## b) Incoming resources
Donations and grants are accounted for when the Foundation becomes legally entitled to them. Donations and grant are allocated specifically when required.
## c) Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category and is stated inclusive of VAT where incurred.
## d) Governance costs
Governance costs comprise the legal and statutory costs of operating the charity.
## e) Taxation
The charity is exempt from corporation tax on its charitable activities.
## f) Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
|**2 **
**3 **
**4 **
**5 **
**6 **|**VOLUNTARY INCOME**
Donations
**SUPPORT COSTS**
Accountancy
**CREDITORS**
Other creditors
**MOVEMENT IN FUNDS**
Unrestricted funds
Net movement in funds, included in the above are as follows
Unrestricted funds
**RELATED PARTY DISCLOSURES**|**At 1.3.20**
**£**
**3,928**
**Incoming**
**resources**
**£**
**-**|**2021**
**£**
**-**
**2021**
**£**
**500**
**2021**
**£**
**12,709**
**Net**
**movement in**
**funds**
**(500)**
**Resources**
**expended**
**£**
**500**|2020
£
-|
|---|---|---|---|---|
|||||2020
£
500|
|||||2020
£
12,209|
|||||**At 28.2.21**
£
**3,428**|
|||||**Movement in**
**funds**
**£**
**(500)**|
||||||
There were no related party transaction for the year ended 28 February 2021
Page 6