ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
PARKHILL RAINBOW
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1190457
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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 2023 END OF FINANCIAL YEAR 31st December 2023 TRUSTEES AT 31ST DECEMBER 2023 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 ICharitaiAe Incorkyyated organis81) TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2023 Summary ofthe Maln Aciivll The adVarernenI of the gospel d Jegjs Chrbt lty aTrJ to rehwe are ty rea50n of their finanaal hardth tk of e[krati attaThTrrt dtrer xK4al dadvants0O a v to iMprlg the C0ndrtM oflwe ofgxh pw5£. Summary otth• Maln Achl•vgrn•Dts Rè¢èMrvJ ¢lOnJt6 und mootiry to tJ¢c# e gr•rdfr¢Mn tho Chthrfty. By raisSng Frwey I1 c4rehJl marwert Lrf ewtirg rkh Raints a wL4ic ty maknng gyanls to varvJ5 chrnts.an charit kn (d8rtts" 11 Tne aovancernoni u tne Jesus othri trt WbJ 111 To rellewe who Are ty rea fThKaal harthw l•ck attathanl su¢h other economic or sccial di•&fv#niage wilh a vvwto fm1rtth lrfe of 5¢Kh per. Gran15 are rnade in aCccrfda wbth dwrty tyjr ccrntrtulm Wn ctrt%thrirwJ where to gttentth our tru$tse8 have regard 10 tho Charity CcfflmlJ6lw's quhJvt• b8n8fft aNI thw m#ns fiy P8th1M R•inlytr. Achl•v•m•nts ind P•rftym•nc• We have d15bursed £6700.321o ten ¢h¥lbestW bBrfts Ih•t we Kwmitl•d wrw. Th• ehrfty'• FMhElp•l gourc•• 4Fur•d• DonaiKns made by Roknixx HJ0 Chth1r8n Llrted •rrfl b L-lla Pwera. Invwtm•nt Pallcy It w•& agree%1 by thv Trv•leo8 al Ihe 2021 IIL 10% ¥¥1 I¥¥Jtri1i Tu wv hove rrfx S181$he •n Irtment PrfTr¢lp•l Fllsk• Fad th• Charlty Abllty ol all Truste881 ¢wnlt Ilme 10 ts #dmirI51rntfve c4 Ch•rty. Cfftnty. rol• of Secretary Chalr ore ted in wscn. Hclvever, lo ts Cl•rity'¥ bBnk KCLunl is ¥estod TnAtO&8. P•llel•¢ •nd gr•e•durMAd•pt•d fw lh• Indu•ll•n 4nd Tralnlhg •f Tvu•• SafoguardirJ Pc4Ky direc¢s ttwt ¥iated wlh I Chanty (Tr •rn1 oxmbornl ha%• SaltyrdJ Tralrdr#J. Th6 Ch•lr1s Level 2 Safeauardty Ir•1 •rn1 In 08S cartrfk•. R•l•tloTr•hlp wlth •ny R•l•tsd nI• Cha related to •ThJ Threctyclthe m8in IPaint>y tirrw. One Tru8tee an em¢4we elcrynpamw crffy- a ten8ry frryn ts Charity. Two Tr188& are con¢# 10 Chjrch. a bengftwry frun Ihe Ch•rlty. TruIt•' RW0nbIlttI• The Charfl Act 2011 the trLLrytees lo yepare firArKial stateffrrts for each fiMri•l year whth give a truo 3nd fair ¥lew of the stale olaffairn CIO aTra ofthe crfthe CWJ Irx that Fwttl. In thLW fryr1 st8lernent5 the tr10?5 are requlraj lo.. . Select sultst4e ar£¢xw)tlNJ I¢ athtlvn cl1 . Make1Wrfnls aNI estimale¥ tlwl are reasWt4e aThJ rudl . P¥eFOTe firr•1 Ststements on baws unlo85 rt M inawcylale to wesumg Ihat the CIO w Thg trust••4 arg for k88Fdw prow acc(NJntw¥J rec(xd$. wllh r*Jwnable aecurncy ol 2ny time th¢ rinancK•l FC4btFon cl Ihe CIO. Tly are akn safeguardity ts a55els 01 tho CIO gTrJ hence for t8kiThJ reats¢mtle stew for ts ye¥erikn aTrJ d81th offra1 arnl (thr IrTe9Uiqr0S 23rd lanuary 2024 Swd on Ihelr te11 byTrwtee...... Name." M Perera
PARKHILL RAINBOW
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Investment Income 3b TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023 2022 £ £ £ £ 2,708 - 2,708 - 6 - 6 5 2,714 - 2,714 5 6,770 - 6,770 91 600 - 600 550 7,370 - 7,370 641 (4,656) - (4,656) (636) 4,722 - 4,722 5,358 66 - 66 4,722 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 7 to 11 form part of these financial statements.
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PARKHILL RAINBOW ICharitatAe InCorrated organl5atsl LANCE SHEEr AS AT 31ST DECEMBER 2023 Total 31-D*23 Totsl 31.(k¢-22 Flx•d AM•ts Tangitl8 A696ts Inv¢Jtmynts Total Flx•d Au8ts Currnnt As••ts Deblus & PrepanIN 6&6 Totsl Asmts 5,822 year eT CURIiENT AWT¥ 4,7rd 4.722 Cr•dlton: Amounts Wlrq in rm Ijmn cffle year 10 NEY ASSETS 4.722 Fund• olth•Ch•rfty General Fund$ Reolrthd Fund5 4,722 Tot•1 Fund• 4.722 23Td January 2024 ADoroved tr4 th& Tnthti tii................................................................................................................................ Svjned C b8WtyTrLthe... Pdnted No.. M Perera
PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 2023
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 2023: None
31st December 2022: None
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations b) Investment Income Bank Interest |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023 2022 £ £ £ £ 2,708 - 2,708 - 2,708 - 2,708 - 6 - 6 5 6 - 6 5 |
|---|---|
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Bank Charges Gifts & Donations Office Costs ` b) Governance Costs Independent Examiners Fees 9 |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023 2022 £ £ £ £ 60 - 60 81 6,700 - 6,700 - 10 - 10 10 6,770 - 6,770 91 600 - 600 550 600 - 600 550 |
|---|---|
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
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-23 31-Dec-22 £ £ £ £ 666 - 666 5,822 666 - 666 5,822 |
|---|---|
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-23 31-Dec-22 £ £ £ £ 600 - 600 550 - - - 550 600 - 600 1,100 |
|---|---|
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-23 31-Dec-22 £ £ £ £ - - - - 66 - 66 4,722 - - - - 66 - 66 4,722 |
|---|---|
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PARKHILL RAINBOW
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2023
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 Incorporated Organisation)
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of Parkhill Rainbow on the accounts for the year ended 31st December 2023 set out on pages 5 to 11.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
Date: 31st January 2024
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