Registered Charity Number: 1155531
**PLATANOS FOUNDATION (CHARITIABLE INCORPORATED ORGANISATION) UNAUDITED REPORT AND ACCOUNTS for the year ended 29 February 2024**
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley BR1 3RA
## **PLATANOS FOUNDATION**
**UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **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|
## **PLATANOS FOUNDATION TRUSTEES AND ADVISERS AS AT 29 FEBRUARY 2024**
**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 29 FEBRUARY 2024**
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. 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 29 FEBRUARY 2024**
## **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) 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 2008 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 27 December 2024 and signed by them.
A Alabi - Trustee
A Domingo - Trustee
Page 3
## **PLATANOS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**Unrestricted**
Note
**Funds**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations & legacies
2
**-**
Total
**-**
**EXPENDITURE ON:**
Charitable activities
3
**500**
**Total**
**500**
**NET (EXPENDITURE)/INCOME**
**(500)**
**Net movement in funds**
**(500)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
at 1 March 2023
**3,198**
Total funds carried forward
at 29 February 2024
**2,698**|**Total**
**2024**
**£**
**-**
**-**
**500**
**500**
**(500)**
**(500)**
**3,198**
**2,698**|Total
2023
£
770|
|---|---|---|
|||770|
|||500|
|||500|
|||270|
|||270
-
2,928|
|||3,198|
Page 4
## **PLATANOS FOUNDATION**
## **BALANCE SHEET**
## **AS AT 29 FEBRUARY 2024**
|Note
**CURRENT ASSETS**
Cash at Bank
**CREDITORS**
:
Amounts falling due within one year
4
**NET ASSETS**
**FUNDS**
5
**Unrestricted Funds**|**2024**
**Unrestricted**
**funds**
**£**
**17,407**
**(14,709)**
**2,698**
**2,698**|**2023**
**Unrestricted**
**funds**
**£**
**17,407**
**(14,209)**|
|---|---|---|
|||**3,198**|
|||**3,198**|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 December 2024 and were signed on its behalf by:
A Domingo - Trustee
A Alabi… - Trustee
The notes form part of these financial statements
Page 5
**PLATANOS FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 289FEBRUARY 2024**
## **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 charity, 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 Charities Act 2011. 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 **|**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|**At 1.3.23**
**£**
**3,198**
**Incoming**
**resources**
**£**
**-**|**2024**
**£**
**-**
**2024**
**£**
**500**
**2024**
**£**
**14,709**
**Net**
**movement in**
**funds**
**(500)**
**Resources**
**expended**
**£**
**500**|2023
£
770|
|---|---|---|---|---|
|||||2023
£
500|
|||||2023
£
14,209|
|||||**At 29.2.24**
£
**2,698**|
|||||**Movement in**
**funds**
**£**
**(500)**|
## **6 RELATED PARTY DISCLOSURES**
There were no related party transaction for the year ended 29 February 2024. Page 6
## **CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF PLATANOS FOUNDATION**
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of Platanos Foundation for the year ended 29 February 2024 which comprise the Statement of financial activities, Balance sheet and the related notes from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the trustees of Platanos Foundation in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Platanos Foundation and state those matters that we have agreed to state to the trustees of Platanos Foundation in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Platanos Foundation and its trustees for our work or for this report.
It is your duty to ensure that Platanos Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and income of Platanos Foundation. You consider that Platanos Foundation is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Platanos Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA
27 December 2024
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