Phillips Education Foundation Ltd
Charity No. 1163784
Company No. 08977155
Trustees' Report and Unaudited Accounts
30 April 2021
Phillips Education Foundation Ltd Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Summary Income and Expenditure Account | 5 | |
| Balance Sheet | 6 | |
| Statement of Cash flows | 7 | |
| Notes to the Accounts | 8 to 9 | |
| Detailed Statement of Financial Activities | 10 to | 11 |
Page 1
Phillips Education Foundation Ltd Trustees Annual Report
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 April 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 08977155
Charity No. 1163784
Registered Office
1 The Courtyard Poundfield Road Chalvington East Sussex BN27 3TD
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
G.H. Phillips H.J. Phillips
Accountants
Handley Roberts LLP
1 The Courtyard Chalvington Hailsham East Sussex BN27 3TD
OBJECTIVES AND ACTIVITIES
For the benefit & education of the public to carry out research into the education of persons with reading difficulties
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
G.H. Phillips
Trustee
15 December 2021
Page 2
Phillips Education Foundation Ltd Independent Examiners Report
Independent Examiner's Report to the trustees of Phillips Education Foundation Ltd
I report to the charity trustees on my examination of the accounts of Phillips Education Foundation Ltd for the year ended 30 April 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (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 charity 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
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under 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 Charities SORP (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.
Mr Douglas Shanks ICAEW
Handley Roberts LLP
1 The Courtyard Chalvington Hailsham East Sussex BN27 3TD 15 December 2021
Page 3
Phillips Education Foundation Ltd Statement of Financial Activities
for the year ended 30 April 2021
| Notes Income and endowments from: Donations and legacies 4 Total Expenditure on: Charitable activities 5 Other 7 Total Net gains on investments Net (expenditure)/income Transfers between funds Net (expenditure)/income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2021 £ 1,151,000 1,151,000 1,520,000 200,740 1,720,740 - (569,740) - (569,740) (569,740) 680,937 111,197 |
Total funds Total funds 2021 2020 £ £ 1,151,000 755,999 1,151,000 755,999 1,520,000 226,246 200,740 286,514 1,720,740 512,760 - - (569,740) 243,239 - - (569,740) 243,239 (569,740) 243,239 680,937 437,698 111,197 680,937 |
|---|---|---|
Page 4
Phillips Education Foundation Ltd Summary Income and Expenditure Account
for the year ended 30 April 2021
| Income Gross income for the year Expenditure Total expenditure for the year Net (expenditure)/income before tax for the year Net (expenditure )/income for the year |
2021 £ 1,151,000 1,151,000 1,720,740 1,720,740 (569,740) (569,740) |
2020 £ 756,000 756,000 512,761 512,761 243,239 243,239 |
|---|---|---|
Page 5
Phillips Education Foundation Ltd Balance Sheet
at 30 April 2021
| Company No. 08977155 |
Notes | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Cash at bank and in hand | 111,197 | 680,937 | |
| 111,197 | 680,937 | ||
| Net current assets | 111,197 | 680,937 | |
| Total assets less current liabilities | 111,197 | 680,937 | |
| Net assets excluding pension asset or liability | 111,197 | 680,937 | |
| Total net assets | 111,197 | 680,937 | |
| The funds of the charity | |||
| Restricted funds | 8 | ||
| Unrestricted funds | 8 | ||
| General funds | 111,197 | 680,937 | |
| 111,197 | 680,937 | ||
| Reserves | 8 | ||
| Total funds | 111,197 | 680,937 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 April 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 15 December 2021
And signed on its behalf by:
G.H. Phillips
Trustee
15 December 2021
Page 6
Phillips Education Foundation Ltd Statement of Cash flows for the year ended 30 April 2021
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Cash flows from operating activities | |||
| Net (expenditure)/income per Statement of Financial Activities | (569,740) | 243,239 | |
| Net cash (used in)/provided by operating activities | (569,740) | 243,239 | |
| Net cash from investing activities | - | - | |
| Net cash from financing activities | - | - | |
| Net (decrease)/increase in cash and cash equivalents | (569,740) | 243,239 | |
| Cash and cash equivalents at the beginning of the year | 680,937 | 446,183 | |
| Cash and cash equivalents at the end of the year | 111,197 | 689,422 | |
| Components of cash and cash equivalents | |||
| Cash and bank balances | 111,197 | 680,937 | |
| 111,197 | 680,937 |
Page 7
Phillips Education Foundation Ltd Notes to the Accounts
for the year ended 30 April 2021
- 1 Accounting policies
Basis of preparation
The 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
| Income | |
|---|---|
| Recognition of | Income is included in the Statement of Financial Activities (SoFA) when the |
| income | charity becomes entitled to, and virtually certain to receive, the income and the |
| amount of the income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is |
| expenditure | reported gross in the SoFA. |
| Donations and | Voluntary income received by way of grants, donations and gifts is included in |
| legacies | the the SoFA when receivable and only when the Charity has unconditional |
| entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the |
| donations and gifts | gift/donation to which it relates. |
| Donated services | These are only included in income (with an equivalent amount in expenditure) |
| and facilities | where the benefit to the Charity is reasonably quantifiable, measurable and |
| material. | |
| Volunteer help | The value of any volunteer help received is not included in the accounts. |
| Investment income | This is included in the accounts when receivable. |
| Gains/(losses) on | This includes any gain or loss resulting from revaluing investments to market |
| revaluation of fixed | value at the end of the year. |
| assets | |
| Gains/(losses) on | This includes any gain or loss on the sale of investments. |
| investment assets |
Page 8
Phillips Education Foundation Ltd Notes to the Accounts
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, raising funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities charitable activities and services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 9
Phillips Education Foundation Ltd
Notes to the Accounts
3 Statement of Financial Activities - prior year
| 3 | Statement of Financial Activities - prior year | |||||
|---|---|---|---|---|---|---|
| Unrestricted | ||||||
| funds | Total funds | |||||
| 2020 | 2020 | |||||
| £ | £ | |||||
| Income and endowments from: | ||||||
| Donations and legacies | 756,000 | 756,000 | ||||
| Total | 756,000 | 756,000 | ||||
| Expenditure on: | ||||||
| Charitable activities | 226,247 | 226,247 | ||||
| Other | 286,514 | 286,514 | ||||
| Total | 512,761 | 512,761 | ||||
| Net income | 243,239 | 243,239 | ||||
| Net income before other | ||||||
| gains/(losses) | 243,239 | 243,239 | ||||
| Other gains and losses: | ||||||
| Net movement in funds | 243,239 | 243,239 | ||||
| Reconciliation of funds: | ||||||
| Total funds brought forward | 446,183 | 446,183 | ||||
| Total funds carried forward | 689,422 | 689,422 | ||||
| 4 | Income from donations and legacies | |||||
| Unrestricted | Total | Total | ||||
| 2021 | 2020 | |||||
| £ | £ | £ | ||||
| Gordon Phillips | 193,000 | 193,000 | 505,999 | |||
| Hilary Phillips | 192,000 | 192,000 | 250,000 | |||
| Gordon & Hilary Phillips | 766,000 | 766,000 | - | |||
| 1,151,000 | 1,151,000 | 755,999 | ||||
| 5 | Expenditure on charitable activities | |||||
| Unrestricted | Total | Total | ||||
| 2021 | 2020 | |||||
| £ | £ | £ | ||||
| Expenditure on charitable | ||||||
| activities | ||||||
| Grants made | 1,520,000 | 1,520,000 | 226,246 | |||
| Governance costs | ||||||
| 1,520,000 | 1,520,000 | 226,246 |
Page 10
Phillips Education Foundation Ltd Notes to the Accounts
- 6 Analysis of grants
Grants to
| Activity or programme Duke of Edinburgh Princes Trust Other Royal Marsden Activity or programme Duke of Edinburgh Princes Trust Other Royal Marsden 7 Other expenditure Direct Costs General administrative costs 8 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds |
At 1 May 2020 680,937 680,937 |
Institutions £ 1,500,000 - - 20,000 1,520,000 Activities undertaken directly £ 1,500,000 - - 20,000 1,520,000 Unrestricted £ 200,667 73 200,740 Incoming resources (including other gains/losses) £ 1,151,000 1,151,000 |
Total Total 2021 2020 £ £ 1,500,000 112,500 - 25,000 - 88,746 20,000 - 1,520,000 226,246 Total Total 2021 2020 £ £ 1,500,000 112,500 - 25,000 - 88,746 20,000 - 1,520,000 226,246 Total Total 2021 2020 £ £ 200,667 285,836 73 678 200,740 286,514 Resources expended At 30 April 2021 £ £ (1,720,740) 111,197 (1,720,740) 111,197 |
|---|---|---|---|
Page 11
Phillips Education Foundation Ltd Notes to the Accounts
- 9 Analysis of net assets between funds
| 9 Analysis of net assets between funds |
||
|---|---|---|
| Net current assets 10 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 May 2020 £ 680,937 680,937 680,937 |
Unrestricted funds Total £ £ 111,197 111,197 111,197 111,197 Cash flows At 30 April 2021 £ £ |
| (569,740) 111,197 |
||
| (569,740) 111,197 (569,740) 111,197 |
11 Related party disclosures Controlling party
Page 12
Phillips Education Foundation Ltd Detailed Statement of Financial Activities
for the year ended 30 April 2021
| Unrestricted | |||
|---|---|---|---|
| funds | Total funds | Total funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | |||
| Gordon Phillips | 193,000 | 193,000 | 505,999 |
| Hilary Phillips | 192,000 | 192,000 | 250,000 |
| Gordon & Hilary Phillips | 766,000 | 766,000 | - |
| 1,151,000 | 1,151,000 | 755,999 | |
| Total income and endowments | 1,151,000 | 1,151,000 | 755,999 |
| Expenditure on: | |||
| Charitable activities | |||
| Grants made | 1,520,000 | 1,520,000 | 226,246 |
| 1,520,000 | 1,520,000 | 226,246 | |
| Total of expenditure on charitable activities |
1,520,000 | 1,520,000 | 226,246 |
| Other expenditure | |||
| Direct Costs | 200,667 | 200,667 | 285,836 |
| 200,667 | 200,667 | 285,836 | |
| General administrative costs, | |||
| including depreciation and | |||
| amortisation | |||
| Bank charges | 73 | 73 | 86 |
| Sundry expenses | - | - | 592 |
| 73 | 73 | 678 | |
| Total of expenditure of other costs | 200,740 | 200,740 | 286,514 |
| Total expenditure | 1,720,740 | 1,720,740 | 512,760 |
| Net gains on investments | - | - | - |
| Net (expenditure)/income | (569,740) | (569,740) | 243,239 |
| Net (expenditure)/income before other gains/(losses) |
(569,740) | (569,740) | 243,239 |
| Other Gains | - | - | - |
| Net movement in funds | (569,740) | (569,740) | 243,239 |
| Reconciliation of funds: | |||
| Total funds brought forward | 680,937 | 680,937 | 437,698 |
| Total funds carried forward | 111,197 | 111,197 | 680,937 |
Page 13