ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
PARKHILL RAINBOW
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1190457
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal & Administrative Information |
|---|---|
| Pages 4 | Trustees' Annual Report |
| Page 5 | Statement of Financial Activities |
| Page 6 | Balance Sheet |
| Pages 7 to 11 | Notes to the Financial Statements |
| Page 12 | Independent Examiner's Report |
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1190457 DATE OF REGISTRATION 20th July 2020 START OF FINANCIAL YEAR 1st January 2022 END OF FINANCIAL YEAR 31st December 2022 TRUSTEES AT 31ST DECEMBER 2022 Jaco Luies Lucianna Russo-Battagliolo Mark Kerry Preston Mark Prasana Perara Richard Eric Farr LEGAL STATUS Charitable Incorporated Organisation
GOVERNING INSTRUMENT
CIO - Foundation Registered 20th July 2020
OBJECTS
The advancement of the Gospel of Jesus Christ for the public benefit and to relieve persons who are in need by reason of their financial hardship, lack of education or poor skills attainment or such other economic or social disadvantage with the view of improving the conditions of life of such persons.
CORRESPONDENCE ADDRESS Garden Flat 54 Parkhill Road London NW3 2YP PRIMARY BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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PARKHILL RAINBOW Icharilatkn 1[xwrattX1nll1n1 TRLISTFES. ANNUAL REPORT FOR THE YLIR ENDED 31STDECEMBER 2022 fir4nckHI h9rty$hip. W ol or skjls Itt•m L4th9r 4v)n(fflc darty th a viw tg Th• Chldly'i Piirripal Sr¢•6FundI aqr••d Jt LlwAw12021 mcth 10% bb #818 At4th ol al Trvsie•s to vmxiiil L¥iw bJ Vw C4xff•Mty.Ih rrdA CJAre The Chay Is L•v•i £ Saltyu•rd¥w •wJlMA4Yi DBS dlv ltyHllwi cnurtt. a CJty. Tr Chariti¥$ Atsl 20tI tvwiw fvw4 qiwa l• Ar . Sfjrp iv W¥klJttw ilwi tlw CKI *i Olhpi iryegvl8rth5. 14 ZOZ3 Pi trLW1¥ Ic r-F¥
PARKHILL RAINBOW
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Investment Income 3b TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ - - - 5,980 5 - 5 - 5 - 5 5,980 91 - 91 72 550 - 550 550 641 - 641 622 (636) - (636) 5,358 5,358 - 5,358 - 4,722 - 4,722 5,358 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 7 to 11 form part of these financial statements.
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PARKHILL RAINBOW ILl44n1aL IILuiwT3ted orwnratm} BALTrE SHEET A6 AT31SY DCCtMDER 2022 TotAI 31.D•¢-22 To JI-21 Fuhys FLTrSi Fad Au•ts Otrbm & ¢VOy1r Tol¥lCuffw5t Aw 1.IDJ T ¢vIENT AEr? T07ALASSETS IA9 rI•% ¢w•thor•'. An¥ raUN t Jr Pthidsofth•CMrfry 4.722 TOW Fun 4,T22 14ITh2023 Qic iJiV
PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services have been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Straight Line Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st December 2022: None
31st December 2021: None
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations b) Investment Income Bank Interest |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ - - - 5,980 - - - 5,980 5 - 5 - 5 - 5 - |
|---|---|
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Bank Charges Office Costs ` b) Governance Costs Independent Examiners Fees 9 |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 81 - 81 72 10 - 10 - 91 - 91 72 550 - 550 550 550 - 550 550 |
|---|---|
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
5. RESTRICTED FUNDS
The CIO held no restricted funds during this or the previous financial period.
6. INVESTMENTS
The CIO held no fixed assets investments during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand | Unrestricted Restricted Total Total Fund Fund 31-Dec-22 31-Dec-21 £ £ £ £ 5,822 - 5,822 5,908 5,822 - 5,822 5,908 |
|---|---|
8. DEBTORS AND PREPAYMENTS
The CIO held no debtors and prepayments during this or the previous financial period.
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees Sundry Creditors |
Unrestricted Restricted Total Total Fund Fund 31-Dec-22 31-Dec-21 £ £ £ £ 550 - 550 550 550 - 550 - 1,100 - 1,100 550 |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Dec-22 31-Dec-21 £ £ £ £ - - - - 4,722 - 4,722 5,358 - - - - 4,722 - 4,722 5,358 |
|---|---|
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
12. STAFF COSTS AND NUMBERS
The CIO employed no members of staff during this or the previous financial period.
13. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
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PARKHILL RAINBOW (Charitable InCorrated Organisationl INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS R8Wrt to the Irusleesl memLers of PkIllI1 Raintv xKounts IOT th8 year 8ndj 31st Dec8THtsr 2022 Set out on pa9965to 11. AosPBttlva roynElbllltlBsof truAtw nd •vmln•r The Gharity3 trustees are fesponsible fot the prep4ration of cOunts. TFE chafity's trusiees GVI)si¢Jei that ai) dudil is iiui r•quir•d for thlk y•ar und•r A•¢tion 144 of th• Ch¥rrb•s Act 2011 1th• Charits•s Act) and that indwnd•nt oxamination 18 reded. It li my r•wnsitility to: exarnine the accounts under sethon 145 01 ts Chan$ A¢L follow the proGedures laKI down in ¢t genwal th.¥tIu11+ ¥wv8TI by Ilttj Glwiily QJiiiiiii¥¥wii lurKI¥i ¥¥LIiuii 14515llbl of the Chariti88 Acl. and Btstts whetr mattws have lo my altenlwyi Ba1 of Ind•p•nd•nt •x•mln•r's thtomont My èxamin•tJn wths carriad out in acwdanc• with 9•n•ral De¢lioM gwen by the Chanty Commission. An •xarnination Inelud• A of th• ae¢ountin9 word$ kw ty th• chanty and a eomparkon of th• a¢eounts prgS•fit•d whh tho$• records. It aL%o Includes con51deratn ol arky unusual rterns or disclosures in tl CoUnts. aThJ seeking explanations trom th8 trustees ¢onGwniTra any SUGh rnalter& Th¢ bxc¢gJw¥s undottskwi do IKIt wuvKl¥ oll Ilw ¥vwJwiLYJ Ilial %wul¢J rwuiT¥¢J iri gn audit, and ¢ons•quwstty no opinlon 16 wtn ats to %thelher tho accounls proGont a ond fair, viow ond tho roport Ss limilwJ to thc4e mattgrs 881 oul in the statement beknw. Ind•p•nd•nt •xamln•r'• •tst•m•nt In conneclk)n wlth my examlnallon. matter has cm to my anentton.. whieh gpJ•s m• r•ason•bl• ¢•u¢• tts beligvo that in any fflatwial r86W Iho roquiromonts: to keep accouniing records In ar£ordance S)n 130 01 thg Chantie5 Acl.. and lo prepofe accoun1• which wrth the ac¢tyJnting re¢ord3 and wrnpty with the tuntIng requirements th• Ch•rit* Ad have not been met; or to whkh. In my opknbn, attendon shouhj ba th)wn in ord¥ to ¢rt9ty• • w •AdIr0 of th• x¢ount• to b• r4•ehod. K. Cgll•ku MAAT Ca$tlg Vi•w A¢untIng Ltd New eam Mudborry Lane Bosham ChiGhester Wg$t Susaox P018 8TS 5th Apn'l 2023 12