2022-02-28-accounts - Platanos Foundation

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Registered Charity Number: 1155531

PLATANOS FOUNDATION (CHARITIABLE INCORPORATED ORGANISATION) UNAUDITED REPORT AND ACCOUNTS for the year ended 28 February 2022

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 2022

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 2022

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 2022

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 2022

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 11 Junuary 2023 and signed by them.

A Alabi - Trustee

A Domingo - Trustee

Page 3

PLATANOS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022

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 2021 3,428 Total funds carried forward at 28 February 2022 2,928	Total 2022 £ - - 500 500 (500) (500) 3,428 2,928	Total 2021 £ -
		-
		500
		500
		(500)
		(500) - 3,928
		3,428

Page 4

PLATANOS FOUNDATION

BALANCE SHEET

AS AT 28 FEBRUARY 2022

£ £ 16,637 13,709 2,928 2,928 2,928 2022	£ £ 16,637 13,209 3,428 3,428 3,428 2021	£ £ 16,637 13,209 3,428 3,428 3,428 2021
13,709	13,209

		3,428
		3,428

The notes on page 6 form part of these accounts.

Approved by the trustees on 11 Jaunary 2023 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 2022

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 1.3.21 £ 3,428 Incoming resources £ -	2022 £ - 2022 £ 500 2022 £ 13,709 Net movement in funds (500) Resources expended £ 500	2021 £ -
				2021 £ 500
				2021 £ 13,209
				At 28.2.22 £ 2,928
				Movement in funds £ (500)

There were no related party transaction for the year ended 28 February 2022.

Page 6

TRUSTEES OF PLATANOS FOUNDATION ACCOUNTANT'S REPORT

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2022 set out on pages 1 to 6 and you consider that the charity is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA.

11 January 2023