REGISTERED CHARITY NUMBER: 1178032
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 April 2023
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 2023
| 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 | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
Phab Life CIO
Report of the Trustees for the Year Ended 30 April 2023
The trustees present their report with the financial statements of the charity for the year ended 30 April 2023. 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.
Significant activities
The charity has created a trading shop and cafe to provide volunteering opportunities in order to increase skills and experience.
Public benefit
The charity is satisfied that it's operation provides adequate benefit to the public as required.
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.
Funds in deficit
The charity made a deficit in the year due to spending on a large social trip for beneficiaries in the year.
The trustees are certain of plans in future to ensure to return to a surplus position.
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
Page 1
Phab Life CIO
Report of the Trustees for the Year Ended 30 April 2023
Trustees
Mrs J Drewer Trustee R J Hook Trustee (resigned 1.2.2023) Ms R Seomore Trustee Ms S Howarth Trustee Ms E Burrett Trustee (resigned 1.2.2023) Ms V Neupauer Trustee B Weller Trustee (resigned 1.2.2023) Ms R Ilott Trustee (resigned 19.7.2023) C Howarth Trustee P Cunningham Trustee (appointed 24.2.2023)
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 28 February 2024 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 2023.
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.
Hayley Meagher FCA The Institute of Chartered Accountants in England and Wales
Butlers Chartered Accountants Suite 6 Burley House 15 High Street Rayleigh Essex SS6 7EW
28 February 2024
Page 3
Phab Life CIO
Statement of Financial Activities for the Year Ended 30 April 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 33,070 Charitable activities Phab Shop - Phab Cafe - Core experience activities 7,786 Other trading activities 2 124,650 Investment income 3 6 Total 165,512 EXPENDITURE ON Raising funds 157,959 Charitable activities Phab Shop - Phab Cafe - Core experience activities 20,006 Total 177,965 NET INCOME/(EXPENDITURE) (12,453) Transfers between funds 13 4,100 Net movement in funds (8,353) RECONCILIATION OF FUNDS Total funds brought forward 97,221 TOTAL FUNDS CARRIED FORWARD 88,868 |
Restricted funds £ - - 8,000 - - - 8,000 - - - - - 8,000 (4,100) 3,900 - 3,900 |
30.4.23 Total funds £ 33,070 - 8,000 7,786 124,650 6 173,512 157,959 - - 20,006 177,965 (4,453) - (4,453) 97,221 92,768 |
30.4.22 Total funds £ 20,878 4,000 10,000 - 156,231 - |
|---|---|---|---|
| 191,109 | |||
| 169,907 3,149 1,038 144 |
|||
| 174,238 | |||
| 16,871 - |
|||
| 16,871 80,350 |
|||
| 97,221 |
The notes form part of these financial statements
Page 4
Phab Life CIO
Balance Sheet 30 April 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 15,284 Investments 8 100 15,384 CURRENT ASSETS Stocks 9 - Debtors 10 2,993 Cash at bank and in hand 94,893 97,886 CREDITORS Amounts falling due within one year 11 (24,402) NET CURRENT ASSETS 73,484 TOTAL ASSETS LESS CURRENT LIABILITIES 88,868 NET ASSETS 88,868 FUNDS 13 Unrestricted funds Restricted funds: Essex Community Foundation TOTAL FUNDS |
Restricted funds £ - - - - - 3,900 3,900 - 3,900 3,900 3,900 |
30.4.23 Total funds £ 15,284 100 15,384 - 2,993 98,793 101,786 (24,402) 77,384 92,768 92,768 88,868 3,900 92,768 |
30.4.22 Total funds £ 14,650 - 14,650 1,340 3,239 102,290 106,869 (24,298) 82,571 97,221 97,221 97,221 - 97,221 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 28 February 2024 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 2023
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, with the exception of investments which are included at market value.
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.
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 2023
2. OTHER TRADING ACTIVITIES
| Shop income Cafe Income Management recharges 3. INVESTMENT INCOME Deposit account interest 4. TRUSTEES' REMUNERATION AND BENEFITS Trustees' salaries Trustees' social security Trustees' pensions paid |
30.4.23 £ 28,109 59,718 36,823 124,650 30.4.23 £ 6 30.4.23 £ 23,492 942 742 25,176 |
30.4.22 £ 52,517 103,714 - |
30.4.22 £ 52,517 103,714 - |
|---|---|---|---|
| 156,231 | |||
| 30.4.22 £ - 30.4.22 £ 15,929 - 478 16,407 |
|||
| 16,407 |
The trustees salaries above consist of payments to Ms J Drewer of £11,746 and Mrs S Howeth of £11,746
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 2023 nor for the year ended 30 April 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 30.4.23 | 30.4.22 | |
|---|---|---|
| Staff | 13 | 10 |
No employees received emoluments in excess of £60,000.
continued...
Page 7
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2023
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 20,878 Charitable activities Phab Shop - Phab Cafe - Other trading activities 156,231 Total 177,109 EXPENDITURE ON Raising funds 145,959 Charitable activities Phab Shop 3,149 Phab Cafe 1,038 Core experience activities 144 Total 150,290 NET INCOME/(EXPENDITURE) 26,819 Transfers between funds 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 - |
Total funds £ 20,878 4,000 10,000 156,231 |
|---|---|---|
| 191,109 | ||
| 169,907 3,149 1,038 144 |
||
| 174,238 | ||
| 16,871 - |
||
| 16,871 80,350 |
||
| 97,221 |
continued...
Page 8
Phab Life CIO
Notes to the Financial Statements - continued
for the Year Ended 30 April 2023
7. TANGIBLE FIXED ASSETS
| Plant and machinery £ COST At 1 May 2022 11,922 Additions 4,100 At 30 April 2023 16,022 DEPRECIATION At 1 May 2022 3,496 Charge for year 2,505 At 30 April 2023 6,001 NET BOOK VALUE At 30 April 2023 10,021 At 30 April 2022 8,426 FIXED ASSET INVESTMENTS MARKET VALUE Additions NET BOOK VALUE At 30 April 2023 At 30 April 2022 |
Fixtures and Computer fittings equipment Totals £ £ £ 8,964 650 21,536 - 250 4,350 8,964 900 25,886 3,156 234 6,886 1,161 50 3,716 4,317 284 10,602 4,647 616 15,284 5,808 416 14,650 Unlisted investments £ 100 100 - |
|---|---|
8. FIXED ASSET INVESTMENTS
There were no investment assets outside the UK.
The above shares are investment in the trading subsidiary Phab Trading Limited a wholly owned subsidiary of the charity.
9. STOCKS
| STOCKS | |||
|---|---|---|---|
| 30.4.23 | 30.4.22 | ||
| £ | £ | ||
| Stocks | - | 1,340 |
continued...
Page 9
Phab Life CIO
Notes to the Financial Statements - continued for the Year Ended 30 April 2023
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 30.4.23 | 30.4.22 | ||
| £ | £ | ||
| Loan from Subsidiary | 2,993 | - | |
| Prepayments and accrued income | - | 3,239 | |
| 2,993 | 3,239 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 30.4.23 | 30.4.22 | ||
| £ | £ | ||
| Trade creditors | - | 2,412 | |
| Taxation and social security | 24,023 | 11,491 | |
| Other creditors | 379 | 10,395 | |
| 24,402 | 24,298 |
12. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 30.4.23 | 30.4.22 | |
|---|---|---|
| £ | £ | |
| Within one year | 19,000 | 19,000 |
| Between one and five years | 37,732 | 56,724 |
| 56,732 | 75,724 |
The Phab Charity Shop is under a lease until 28th June 2025 with no break clause.
The Phabulous Cafe is under a lease until 2nd November 2029 with a break clause on 3rd November 2026.
13. MOVEMENT IN FUNDS
All restricted funds above are held for the setup and initial launch period of the Phab Cafe to launch summer 2021.
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2023.
Page 10
Phab Life CIO
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 April 2023 | |||
| 30.4.23 | 30.4.22 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Fundraising Income | 7,191 | 9,747 | |
| Grants | 3,938 | 8,675 | |
| Donations received | 21,941 | 2,456 | |
| 33,070 | 20,878 | ||
| Other trading activities | |||
| Shop income | 28,109 | 52,517 | |
| Cafe Income | 59,718 | 103,714 | |
| Management recharges | 36,823 | - | |
| 124,650 | 156,231 | ||
| Investment income | |||
| Deposit account interest | 6 | - | |
| Charitable activities | |||
| Project activity monies | 7,786 | - | |
| Grants | 8,000 | 14,000 | |
| 15,786 | 14,000 | ||
| Total incoming resources | 173,512 | 191,109 | |
| EXPENDITURE | |||
| Raising donations and legacies | |||
| Trustees' salaries | 23,492 | 15,929 | |
| Trustees' social security | 942 | - | |
| Trustees' pensions paid | 742 | 478 | |
| Wages | 57,258 | 57,575 | |
| Pensions | 718 | 649 | |
| Fundraising Expenses | 4,955 | 14,355 | |
| 88,107 | 88,986 | ||
| Other trading activities | |||
| Opening stock | 1,340 | 500 | |
| Cafe Consumables | 27,658 | 34,035 | |
| Computer Expenses | 1,869 | 3,570 | |
| Waste Disposals | 2,782 | 3,590 | |
| Subscriptions | 1,040 | 1,089 | |
| Uniform | 107 | - | |
| Repairs & Renewals | 5,054 | 1,137 | |
| Travelling | 1,352 | 296 | |
| Cleaning | 110 | 860 | |
| Carried forward | 41,312 | 45,077 |
This page does not form part of the statutory financial statements
Page 11
Phab Life CIO
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 April 2023 | |||
| 30.4.23 | 30.4.22 | ||
| £ | £ | ||
| Other trading activities | |||
| Brought forward | 41,312 | 45,077 | |
| Rent and rates | 16,299 | 20,240 | |
| Insurance | 2,401 | 2,015 | |
| Light and Heat | 3,069 | 7,133 | |
| Telephone | 556 | 744 | |
| Post and stationery | 355 | 821 | |
| Card charges | 2,143 | 2,568 | |
| Plant and machinery | 2,505 | 2,107 | |
| Fixtures and fittings | 1,162 | 1,452 | |
| Computer equipment | 50 | 104 | |
| Closing stock | - | (1,340) | |
| 69,852 | 80,921 | ||
| Charitable activities | |||
| Training | 671 | - | |
| Social and reward events | 16,409 | 1,038 | |
| Gifts | 26 | - | |
| 17,106 | 1,038 | ||
| Support costs | |||
| Finance | |||
| Pension charge | - | 216 | |
| Governance costs | |||
| Accountancy and legal fees | 2,900 | 3,077 | |
| Total resources expended | 177,965 | 174,238 | |
| Net (expenditure)/income | (4,453) | 16,871 |
This page does not form part of the statutory financial statements
Page 12