REGISTERED CHARITY NUMBER: 1178032
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 April 2021
for
Phab Life CIO
Butlers Chartered Accountants Suite 6 Burley House 15 High Street Rayleigh Essex SS6 7EW
Phab Life CIO
Contents of the Financial Statements for the Year Ended 30 April 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 | to | 11 |
Phab Life CIO
Report of the Trustees for the Year Ended 30 April 2021
The trustees present their report with the financial statements of the charity for the year ended 30 April 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Phab Charity Shop and Phabulous Café provide a training environment for people with additional needs in a real working environment. Our clients receive assistance in learning new retail or food service skills from one-to-one assistance to support being on hand when required. The charity also provides social clubs and outings for our clients, to promote confidence and build social skills.
ACHIEVEMENT AND PERFORMANCE
Charity Shop
The shop and Cafe continue to offer high quality experiences to the beneficiaries working there.
FINANCIAL REVIEW
Principal funding sources
The charity is principally funded by income generated from sales by the Phab charity shop and Phabulous Cafe. Other funds are obtained for capital or project funding from grant providers as needed and fundraising activities. Some of the grant providers this year have been, Charles S French Charitable Trust, Clothworkers Foundation & The Screwfix Foundation.
Reserves policy
The Trustees recognise the need to keep free reserves to protect the Charity in case of loss of income but also to allow for new opportunities as they arise. The Trustees have therefore considered their reserves policy and agreed maintaining free reserves (being general funds excluding those tied up in fixed assets or designated by the trustees) at a level of six months operating costs to ensure the Charity remains stable and viable for the future. The Charity falls slightly under this level as at the period end.
FUTURE PLANS
After the period end the client has plans to open an additional community café in Rochford. Expected open date is subject to planning.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1178032
Principal address
157a High Street Rayleigh Essex SS6 7QA
Trustees
Mrs J Drewer R J Hook Trustee (appointed 1.1.2021) Ms R Seomore Trustee (appointed 15.9.2020) Ms S Howarth Trustee (appointed 1.5.2020) Ms E Burrett Trustee (appointed 1.5.2020) Ms V Neupauer Trustee B Weller Trustee
Page 1
Phab Life CIO
Report of the Trustees for the Year Ended 30 April 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Butlers Chartered Accountants Suite 6 Burley House 15 High Street Rayleigh Essex SS6 7EW
Approved by order of the board of trustees on 10 May 2022 and signed on its behalf by:
Mrs J Drewer - Trustee
Page 2
Independent Examiner's Report to the Trustees of Phab Life CIO
Independent examiner's report to the trustees of Phab Life CIO
I report to the charity trustees on my examination of the accounts of Phab Life CIO (the Trust) for the year ended 30 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
ICAEW Butlers Chartered Accountants Suite 6 Burley House 15 High Street Rayleigh Essex SS6 7EW
10 May 2022
Page 3
Phab Life CIO
Statement of Financial Activities for the Year Ended 30 April 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 48,474 Charitable activities Phab Shop 20,799 Phab Cafe 4,662 Total 73,935 EXPENDITURE ON Raising funds (500) Charitable activities Phab Shop 52,005 Phab Cafe 158 Total 51,663 NET INCOME 22,272 Transfers between funds 9 14,442 Net movement in funds 36,714 RECONCILIATION OF FUNDS Total funds brought forward 25,207 TOTAL FUNDS CARRIED FORWARD 61,921 |
Restricted funds £ - - 13,700 13,700 - 1,097 11,625 12,722 978 (14,442) (13,464) 31,893 18,429 |
30.4.21 Total funds £ 48,474 20,799 18,362 87,635 (500) 53,102 11,783 64,385 23,250 - 23,250 57,100 80,350 |
30.4.20 Total funds £ 16,604 55,224 32,267 |
|---|---|---|---|
| 104,095 18 50,568 374 |
|||
| 50,960 | |||
| 53,135 - |
|||
| 53,135 3,965 |
|||
| 57,100 |
The notes form part of these financial statements
Page 4
Phab Life CIO
Balance Sheet 30 April 2021
| 30.4.21 | 30.4.20 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 4 | 12,216 | - | 12,216 | 675 | |
| CURRENT ASSETS | ||||||
| Stocks | 5 | 500 | - | 500 | - | |
| Debtors | 6 | 2,235 | - | 2,235 | 516 | |
| Cash at bank and in hand | 50,166 | 18,429 | 68,595 | 57,105 | ||
| 52,901 | 18,429 | 71,330 | 57,621 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 7 | (3,196) | - | (3,196) | (1,196) | |
| NET CURRENT ASSETS | 49,705 | 18,429 | 68,134 | 56,425 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 61,921 | 18,429 | 80,350 | 57,100 | ||
| NET ASSETS | 61,921 | 18,429 | 80,350 | 57,100 | ||
| FUNDS | 9 | |||||
| Unrestricted funds | 61,921 | 25,207 | ||||
| Restricted funds: | ||||||
| Barchester Charitable Foundation | - | 990 | ||||
| Essex Community Foundation | - | 5,630 | ||||
| Leigh Town Council | - | 500 | ||||
| Rosca Trust | - | 4,626 | ||||
| Leigh Lions | - | 1,750 | ||||
| Fowler Smith and Jones Trust | - | 2,000 | ||||
| Leigh on Sea Rotary Club | - | 300 | ||||
| Garfield Weston Foundation | 10,000 | 10,000 | ||||
| Co-operative Group | - | 1,097 | ||||
| TMF Grant | 5,000 | 5,000 | ||||
| Clothworkers Foundation | 2,079 | - | ||||
| The Tudwick Foundation | 1,350 | - | ||||
| 18,429 | 31,893 | |||||
| TOTAL FUNDS | 80,350 | 57,100 |
The financial statements were approved by the Board of Trustees and authorised for issue on 10 May 2022 and were signed on its behalf by:
J Drewer - Trustee
The notes form part of these financial statements
Page 5
Phab Life CIO
Notes to the Financial Statements for the Year Ended 30 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
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.
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.
Plant and machinery - 20% on reducing balance Fixtures and fittings - 20% on reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from 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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 16,604 Charitable activities Phab Shop 55,224 Phab Cafe - Total 71,828 EXPENDITURE ON Raising funds 18 Charitable activities Phab Shop 50,568 Phab Cafe - Total 50,586 NET INCOME 21,242 RECONCILIATION OF FUNDS Total funds brought forward 3,965 TOTAL FUNDS CARRIED FORWARD 25,207 |
Restricted funds £ - - 32,267 32,267 - - 374 374 31,893 - 31,893 |
Total funds £ 16,604 55,224 32,267 |
|---|---|---|
| 104,095 18 50,568 374 |
||
| 50,960 | ||
| 53,135 3,965 |
||
| 57,100 |
continued...
Page 7
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2021
4. TANGIBLE FIXED ASSETS
| 4. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Fixtures | |||||
| Plant and | and | Computer | |||
| machinery | fittings | equipment | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 May 2020 | 96 | 747 | - | 843 | |
| Additions | 6,773 | 7,172 | 650 | 14,595 | |
| At 30 April 2021 | 6,869 | 7,919 | 650 | 15,438 | |
| DEPRECIATION | |||||
| At 1 May 2020 | 19 | 149 | - | 168 | |
| Charge for year | 1,370 | 1,554 | 130 | 3,054 | |
| At 30 April 2021 | 1,389 | 1,703 | 130 | 3,222 | |
| NET BOOK VALUE | |||||
| At 30 April 2021 | 5,480 | 6,216 | 520 | 12,216 | |
| At 30 April 2020 | 77 | 598 | - | 675 | |
| 5. | STOCKS | ||||
| 30.4.21 | 30.4.20 | ||||
| £ | £ | ||||
| Stocks | 500 | - | |||
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 30.4.21 | 30.4.20 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 2,235 | 516 | |||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 30.4.21 | 30.4.20 | ||||
| £ | £ | ||||
| Trade creditors | 1,541 | - | |||
| Taxation and social security | 146 | 146 | |||
| Other creditors | 1,509 | 1,050 | |||
| 3,196 | 1,196 |
continued...
Page 8
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2021
8. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 30.4.21 | 30.4.20 | ||
|---|---|---|---|
| £ | £ | ||
| Between one and five years | - | 4,583 |
4 year lease as of June 2020.
9. MOVEMENT IN FUNDS
All restricted funds above are held for the setup and initial launch period of the Phab Cafe to launch summer 2021.
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2021.
Page 9
Phab Life CIO
Detailed Statement of Financial Activities for the Year Ended 30 April 2021
| 30.4.21 | 30.4.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Fundraising Income | 2,652 | 833 |
| Gift aid | 1,710 | 2,100 |
| Grants | 42,360 | - |
| Donations received | 1,752 | 13,671 |
| 48,474 | 16,604 | |
| Charitable activities | ||
| Shop takings | 20,799 | 45,124 |
| Cafe Takings | 4,662 | - |
| Grants | 13,700 | 42,367 |
| 39,161 | 87,491 | |
| Total incoming resources | 87,635 | 104,095 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Selling fees | - | 18 |
| Other trading activities | ||
| Closing stock | (500) | - |
| Charitable activities | ||
| Wages | 28,027 | 28,038 |
| Pensions | 260 | 239 |
| Rent | 7,433 | 11,415 |
| Rates and water | - | 1,517 |
| Insurance | 914 | 866 |
| Light and heat | 1,485 | 1,768 |
| Telephone | 533 | 385 |
| Postage and stationery | 999 | 281 |
| Advertising | 105 | - |
| Training | 112 | 103 |
| Social and reward events | 153 | 1,243 |
| Computer Expenses | 2,549 | 1,777 |
| Waste Disposal | 1,199 | 1,205 |
| Gifts | - | 116 |
| Subscriptions | - | 30 |
| Clothing Costs | 50 | 288 |
| Repairs & Renewals | 3,998 | 292 |
| Cleaning | 47 | - |
| Cafe Consumables | 4,874 | - |
| Cafe Repairs & Maintenance | 6,264 | - |
| Cafe Cleaning | 126 | - |
| Carried forward | 59,128 | 49,563 |
This page does not form part of the statutory financial statements
Page 10
Phab Life CIO
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 April 2021 | |||
| 30.4.21 | 30.4.20 | ||
| £ | £ | ||
| Charitable activities | |||
| Brought forward | 59,128 | 49,563 | |
| Cafe Computer Costs | 469 | - | |
| 59,597 | 49,563 | ||
| Support costs | |||
| Finance | |||
| Bank charges | 632 | 361 | |
| Plant and machinery | 1,370 | 19 | |
| Fixtures and fittings | 1,554 | 149 | |
| Computer equipment | 130 | - | |
| 3,686 | 529 | ||
| Governance costs | |||
| Accountancy and legal fees | 1,122 | 850 | |
| Furlough costs | 480 | - | |
| 1,602 | 850 | ||
| Total resources expended | 64,385 | 50,960 | |
| Net income | 23,250 | 53,135 |
This page does not form part of the statutory financial statements
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