REGISTERED CHARITY NUMBER: 1178032
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 April 2022
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 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 30 April 2022. 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, Essex Community Foundation, Essex County Council & Foyle 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 four 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
3 Creswick Avenue Rayleigh Essex SS6 9HG
Trustees
Mrs J Drewer Trustee R J Hook Trustee Ms R Seomore Trustee Ms S Howarth Trustee Ms E Burrett Trustee Ms V Neupauer Trustee B Weller Trustee Ms R Ilott Trustee (appointed 1.9.2021) C Howarth Trustee (appointed 1.9.2021)
Page 1
Phab Life CIO
Report of the Trustees for the Year Ended 30 April 2022
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 22 February 2023 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 2022.
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
22 February 2023
Page 3
Phab Life CIO
Statement of Financial Activities for the Year Ended 30 April 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 20,878 Charitable activities Phab Shop - Phab Cafe - Other trading activities 2 156,231 Total 177,109 EXPENDITURE ON Raising funds 143,535 Charitable activities Phab Shop 5,717 Phab Cafe 1,038 Total 150,290 NET INCOME/(EXPENDITURE) 26,819 Transfers between funds 9 8,481 Net movement in funds 35,300 RECONCILIATION OF FUNDS Total funds brought forward 61,921 TOTAL FUNDS CARRIED FORWARD 97,221 |
Restricted funds £ - 4,000 10,000 - 14,000 23,948 - - 23,948 (9,948) (8,481) (18,429) 18,429 - |
30.4.22 Total funds £ 20,878 4,000 10,000 156,231 191,109 167,483 5,717 1,038 174,238 16,871 - 16,871 80,350 97,221 |
30.4.21 Total funds £ 48,474 - 13,700 25,461 |
|---|---|---|---|
| 87,635 | |||
| 61,781 2,604 - |
|||
| 64,385 | |||
| 23,250 - |
|||
| 23,250 57,100 |
|||
| 80,350 |
The notes form part of these financial statements
Page 4
Phab Life CIO
Balance Sheet 30 April 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 14,650 CURRENT ASSETS Stocks 6 1,340 Debtors 7 3,239 Cash at bank and in hand 102,290 106,869 CREDITORS Amounts falling due within one year 8 (24,298) NET CURRENT ASSETS 82,571 TOTAL ASSETS LESS CURRENT LIABILITIES 97,221 NET ASSETS 97,221 FUNDS 9 Unrestricted funds Restricted funds: Garfield Weston Foundation TMF Grant Clothworkers Foundation The Tudwick Foundation TOTAL FUNDS |
Restricted funds £ - - - - - - - - - |
30.4.22 Total funds £ 14,650 1,340 3,239 102,290 106,869 (24,298) 82,571 97,221 97,221 97,221 - - - - - 97,221 |
30.4.21 Total funds £ 12,216 500 2,235 68,595 71,330 (3,196) 68,134 80,350 80,350 61,921 10,000 5,000 2,079 1,350 18,429 80,350 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22 February 2023 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 2022
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 Computer equipment - 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 2022
2. OTHER TRADING ACTIVITIES
3.
| Shop income Cafe Income TRUSTEES' REMUNERATION AND BENEFITS Trustees' salaries Trustees' pensions paid |
30.4.22 £ 52,517 103,714 156,231 30.4.22 £ 15,929 478 16,407 |
30.4.21 £ 20,799 4,662 |
30.4.21 £ 20,799 4,662 |
|---|---|---|---|
| 25,461 | |||
| 30.4.21 £ - - - |
|||
| - |
The trustees salaries above consist of payments to Ms J Drewer of £7,964 and Mrs S Howeth of £7,964
The salaries are in relation to roles performed as operational managers of the cafe and shop. The Trustee's sought permission from Charity Commissioners in relation to these appointments.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 48,474 - Charitable activities Phab Cafe - 13,700 Other trading activities 25,461 - Total 73,935 13,700 EXPENDITURE ON Raising funds 49,059 12,722 Charitable activities Phab Shop 2,604 - Total 51,663 12,722 NET INCOME 22,272 978 Transfers between funds 14,442 (14,442) Net movement in funds 36,714 (13,464) |
Total funds £ 48,474 13,700 25,461 |
|---|---|
| 87,635 | |
| 61,781 2,604 |
|
| 64,385 | |
| 23,250 - |
|
| 23,250 |
continued...
Page 7
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2022
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| £ | £ | £ | |||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 25,207 | 31,893 | 57,100 | ||
| TOTAL FUNDS CARRIED FORWARD | 61,921 | 18,429 | 80,350 | ||
| 5. | TANGIBLE FIXED ASSETS | ||||
| Fixtures | |||||
| Plant and | and | Computer | |||
| machinery | fittings | equipment | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 May 2021 | 6,869 | 7,919 | 650 | 15,438 | |
| Additions | 5,053 | 1,045 | - | 6,098 | |
| At 30 April 2022 | 11,922 | 8,964 | 650 | 21,536 | |
| DEPRECIATION | |||||
| At 1 May 2021 | 1,389 | 1,703 | 130 | 3,222 | |
| Charge for year | 2,107 | 1,453 | 104 | 3,664 | |
| At 30 April 2022 | 3,496 | 3,156 | 234 | 6,886 | |
| NET BOOK VALUE | |||||
| At 30 April 2022 | 8,426 | 5,808 | 416 | 14,650 | |
| At 30 April 2021 | 5,480 | 6,216 | 520 | 12,216 | |
| 6. | STOCKS | ||||
| 30.4.22 | 30.4.21 | ||||
| £ | £ | ||||
| Stocks | 1,340 | 500 | |||
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 30.4.22 | 30.4.21 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 3,239 | 2,235 |
continued...
Page 8
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2022
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 30.4.22 | 30.4.21 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 2,412 | 1,541 |
| Taxation and social security | 11,491 | 146 |
| Other creditors | 10,395 | 1,509 |
| 24,298 | 3,196 |
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 2022.
Page 9
Phab Life CIO
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 April 2022 | |||
| 30.4.22 | 30.4.21 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Fundraising Income | 9,747 | 2,652 | |
| Gift aid | - | 1,710 | |
| Grants | 8,675 | 42,360 | |
| Donations received | 2,456 | 1,752 | |
| 20,878 | 48,474 | ||
| Other trading activities | |||
| Shop income | 52,517 | 20,799 | |
| Cafe Income | 103,714 | 4,662 | |
| 156,231 | 25,461 | ||
| Charitable activities | |||
| Grants | 14,000 | 13,700 | |
| Total incoming resources | 191,109 | 87,635 | |
| EXPENDITURE | |||
| Raising donations and legacies | |||
| Trustees' salaries | 15,929 | - | |
| Trustees' pensions paid | 478 | - | |
| Wages | 57,575 | 28,027 | |
| Pensions | 793 | 260 | |
| Other operating leases | 17,137 | 7,433 | |
| Rates and water | 1,305 | - | |
| Insurance | 2,015 | 914 | |
| Light and heat | 7,133 | 1,485 | |
| Telephone | 744 | 533 | |
| Postage and stationery | 821 | 999 | |
| Fundraising Expenses | 14,355 | - | |
| 118,285 | 39,651 | ||
| Other trading activities | |||
| Opening stock | 500 | - | |
| Cafe Consumables | 34,035 | 4,874 | |
| Computer Expenses | 2,746 | 2,549 | |
| Waste Disposals | 3,590 | 1,199 | |
| Subscriptions | 1,089 | - | |
| Uniform | - | 50 | |
| Repairs & Renewals | 1,137 | 3,998 | |
| Travelling | 296 | - | |
| Cleaning | 291 | 47 | |
| Cafe Repairs & Renewals | 1,798 | 6,264 | |
| Carried forward | 45,482 | 18,981 |
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 2022 | |||
| 30.4.22 | 30.4.21 | ||
| £ | £ | ||
| Other trading activities | |||
| Brought forward | 45,482 | 18,981 | |
| Cafe Cleaning | 569 | 126 | |
| Cafe Computer Costs | 824 | 469 | |
| Plant and machinery | 2,107 | 1,370 | |
| Fixtures and fittings | 1,452 | 1,554 | |
| Computer equipment | 104 | 130 | |
| Closing stock | (1,340) | (500) | |
| 49,198 | 22,130 | ||
| Charitable activities | |||
| Advertising | - | 105 | |
| Training | - | 112 | |
| Social and reward events | 1,038 | 153 | |
| 1,038 | 370 | ||
| Support costs | |||
| Finance | |||
| Bank charges | 2,568 | 632 | |
| Pension charge | 72 | - | |
| 2,640 | 632 | ||
| Governance costs | |||
| Accountancy and legal fees | 3,077 | 1,122 | |
| Furlough costs | - | 480 | |
| 3,077 | 1,602 | ||
| Total resources expended | 174,238 | 64,385 | |
| Net income | 16,871 | 23,250 |
This page does not form part of the statutory financial statements
Page 11