**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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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