Charlty re815trntion nwmber ￿6724 FOR THE YEAR ENDED 31 A4NUARY 2025 PHOENIX SPACE CIO LEGALAND ADMINISTRATIVE f4FORMATION Trustees M G Shartks S Foster P J B¥tr•m CharSty mimb•r 1206724 ReW5tered ¢)ffic• 33 Boston Roèd Holbeach Spaldin8 Lwicolnshire PE12 7Ui dependent ￿MIne1 TC Group 33 Boston Road Holbeach 5paklin8 Lincolnshire PE12 71R PHOENIX SPACE CONTEPll5 Trustees, report Statement of trustees. responsib•litie5 Independent exarninerfs report Statement of financial acttvities Balance sheet NO￿ io the fin•Kial statements PIIOENIX SPACE CIO TrusrEES' REPOftT FOR ThE YEAR E140ED31 JAIIVARY2025 The trustees wesent their annual report and financTal ststemenrs for the year ended 31January 2025. Phoenix Space CIO became a re8iStered fvttsblE Incorporated Organisation, or "ao", on 25 January 2024. at which time the old limited cixnpany, Novastem ￿rnited, mainiained the organi5ations' assets and charitable activities. Activltles and a$S￿S were transferred from No¥astem Limited to Phoenix spa￿ CIO on 12 Au8U5t 2024. A¢cordin8ty, thls Trustees Report and Subsequent financ￿1 statements co¥er the charitable acii¥stie5 for the period from 12 Au8USt 2024 to financial ￿ar-end. 31 January 2025. Oblethes aNI a¢thttles The objects of the CIO are. for ohe public benefiL to ad¥an¢e the education of refugee5. diSpla￿d andlor underprivile8ed persons In such a5 the tharity tru5tee5 think fil indudirg but not limited to.. IA) Providing such pewns ￿ ac¢ess to ¥Trtual and irwer50n xience arKI technolc%y Instruthn and related educational aCtI￿ties- IBI Providing trainin8 and support to ￿utati¢m workf Trustees are apwntsd at a meets.ng of the twstee5 ￿ tythnary ￿5￿￿10￿. Trustees rnust be proposed and recommended by any currenttrustee. Hnand•l Instnthwrts The trvstees regulthy miew the r*ser¥esdthe dwity tOenSu￿ that wffi¢*nt liquid fvnds are wailable to meet its onBolng obll8afjcms. The reserves tIwo￿the XcwntI￿ period hèvt been adequate to fuffil this objective, The char6V5 ithtles expose il to finan¢ial In the f(ffi) of cash Iltr* rsk. The tharity does not use derlvalS¥e financlal Instruments. Cqshfi4wrfs* Cash flow risk refer5 to the urKertainty zssociated with a (￿Par￿$ futrJre cash intlows and IMrtAow¥ which can be Influènctd by fatttys such as tiffling of don•iot)s. thjrw in expense5. ond economic CondItic￿$. Thls risk can Impad a firm's abdity to meet flnancial obllgatlons or malntain opentio￿l rtatmlrty. EffertI￿ cash flow mana8ement and ftyer45tin8 straie8ies help th￿"￿*thIS rtsk The trumees, report was awobtd by the Bo¥d ofTrusteek M G Sh¥**s PHOENIX SPACE CIO srATEMENTOFTRusfEES' RESPONSIBlimES FOR THE YEAR EIIOE031 A414UARY2025 The trusiees are responsible for preparing the Trustees. Report and the fin￿(la1 statements in accordance with appli¢able law and United Ktngdom knuntinB Standard5 (United ￿ngdoM Generdlly Accepted AccountiNd Practlcel. The law applicable io tharities li England and Wales ￿UIreS the trustees to prepare financial statements for each financial year whlth 8ive a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resource5 Of the charity for that ￿r. In preparing these financial statèments. the trustees are rÈqurred to: - selett suitable auount1￿ policies and then app￿ them consistentty: - obserye the method5 and prnaples in the Charities SORW. - make jud8ernents and e5tirnate5 ihatare ￿3$Onable and prudent: - state whether appll¢able •¢¢ountin8 siandards h*e been followed. subjert to any materlal dep¥iures disclosed and explained in the fynancial 5tatements- and . prepa￿ the hnanoal statements on the 8(*•vdcon￿rn basis unle55 it 15 Inappropriatè to prèsume that the charity will continue in operation. The Iru5tees are re5pon5ible for keeping suffkient accountin8 records that disd05e with reasonablè atcuracy at any time the financial position of the charity and enable Ihem to ensure thai the financial statsments comply wrth the Charit*s A¢t 2011. the Charity {Accounts and Repwtsl Re8ulations 2008 and the provisions of the trust deed. They are also responsible for safeguardin8 the assets of the Chartty and hence for taking reasonab￿ steps for the prevention and detertion of fraud and ￿her irregularilies. PHOENIX SPACE C INDEPENDENT EXAMINER'S REPORT TO THETrusfEES OF PHOEMX SPPLE CIO l ￿pOrt to thè trusttes on my examination of the financlal statements of Phoenix Space CIO (the tharityl for the Year ended 31 January 2025. Responslb115tles and basls ol v•port A5 the trustees of the charity you are responsible for the preparatkn of the fin￿da1 sLitements In accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my WAamination of the charitrfs financial Statern￿ts carried out under sertir)n 145 of the 2011 Act. In carrying out my examination I hwe followed all the applicable Dire¢iions given by the Charbty Commission under sertion 1451SKbl of the 2011 ￿￿ependent ejmrninerfs statement Your attention is drawn to the fact that the charity ha5 prepared financial Statements in èccordanee with Accounting and Reporting by Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK ind Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities: Stsfrment of Recommended Pra¢lice issued on l April 2(X)5 which is referred to in the extsnt regulations but has now been withdrawn. l undèrstand that this has been done in order for financial ststements to p￿￿de a true and falr vlew in accordance with Generalty Accepted Accountlng PrartKe effertive for reportiTrd period5 be8iMing on or after I January 2015. I have completed my ￿mInatiOn. I confirm that no matters hwe ¢ome ￿ my attention in ¢onnedion with the examlnation giving me cause to believe that in any m*erial respe¢L accounting record5 were not kept in respect of the tharity as r*quiYed by Secti￿ 130 of the 2011 Att. or the financial ststements do not accord with those records. or the financial statements do not comply with the applicable requirements Con￿MIng the fom) and content of account5 Set oul in the Charities IA¢counts and Reportsl Re8ulations 2C(18 other than any rèquirement that the accounts give a true and fair View whith is not a matter Considered as part of an independent examinatlon. I hzve no concern5 and hav* tome across no other mattets In connectlw wth the examination to which attention should be drawn in thi5 report in order to enable a woper underthnding of the finanual statements to be reached. Chrfstophw McKqnna ACA TC Group 33 Boston Road Holbeach Spaldin Lineolnshlre PE12 7LR Dated.. 2914125 PHOEN￿ SPACE ao ATEMEpif OF RNANaAL AcllvrnES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEIIR ENDED31 JANUARY2025 Unrestrictèd fund5 2025 In¢offie from: Donations and legaoes 138,219 Total Income 138,219 Expendlture on: Chadtable activltles 121.112 Total expenthture 121.112 Net Incomè and mtymment In fw 17,107 Reconclllaoon of fvnd5: Fund balances at 25 Janu￿¥ 2024 Fund b¥l4nc•s ¥t 31 knyary 1025 17.107 Thè statement of financial actiwtie5 indudes all and losses reC￿niSed in the year. All income and expenditure derive from continuln8 actb¥it PHOENIXSPACE Q) 2025 Current awls Cash at bank and in haThl 1&157 Credtttys: v 11,0501 Nel ¢uYrnrt 17,107 Net 17.107 Th¢ fund$ ol th• ¢harfty Unrestricted funds 17.107 17.107 The financlal statements apymd tsythetr￿tee$ on........_. .... .. G Shan*s PHOENIX SPACE CIO NOTESTOTHE FINAP4CIAL sfATEMEP4TS FOR THE YEAR EhTDED31 X4NUARY202S ptsli¢les 1.1 Accountlw convention The finanaal statemenis have been prepared in èr¢0rdan￿ with the CharitVs18o¥eMlr￿ documentl, the Charitlès Act 2011, FRS 102 "The Financial Reporti￿ Standard applioble in the UK and Republic of Ireland" I"FRS 102-1 and the Chaxit*s SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparin8 their *c￿nIS ￿ actordan¢e with the Financial Reportir#d Stsndard applicablt in the UK and Republic of IrelaMI IFPS 1021" (efferti￿ l January 20191. The charity 15 3 Publlc Benefii Entity as defined by FRS 102. The charity has taken advantage of the ￿￿￿l￿n$ in the SORP lor thafities not to Prepare a Statement of Cash Flows. The financial ststements have departed from the Charities IAtttyJnts aNJ Reports) Regvlations 2008 only to Ihe extent requlred to provide a true and fair view. Thi5 departure ha5 involved following the Statement of Recommended P1aCt￿* for tharitie5 applwThd FRS 102 rather than the versK)n of the Statement of Recomm*ndtd PracticÈwhich is relerred to In the fte8ulat•ons but whlch has slnce been wlthdrawn. The financial statements are prepared in stedin& which is the fvnrt￿n3I currency of the charity. Monetary amounts In these fin*)cial statements are rounded kn the nearert £. The financial siatements ha¥e been prepared under the hbstorical cost conventk)n. Imodined to include the revaluation of freehold properties and to include irNestment properties and certain financial instruments fair valuel. The principal accounti￿ policles adopted ￿e set out bdow. 1.2 Golw c4>ncem At the time of approving the financial statements. the tru5tee5 h•e a reasonable expectation that the harity ha5 adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the golng ctYKem basls of accounting in p￿paring the financial statements. 1.3 Charitable funds Unrestricted fvnds are available for use at the distretion of the trugees in furtherance of their charitable obJ'e¢tives. Restrfcted funds are subject to speafK conditions by donors or grant￿5 as to how they may be used. The purposes and uses of the restricted lunds are set out in the notes to the financial statemertrls. Endowment funds are subject to speofft condrtions by donors that the capitsl must be maintained by the charity. 1.4 Income Income is recognised when the tharity is le8ally entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it is probable ihat income will be received. Cash donation5 are rec(v￿lsed on receipL Other dofiations are recognlsed once the charity has been noiified of the donaiion, unless performance conditions require defe￿al of the amount. Intome tsx recoverable in rel•ti¢n 10 donatmyts re£eprtd under Gift Aid or deeds of co¥enant Is recoBnlsed at the tim* of the dI￿atiOn. PHOENIX SPACE NOTESTO THE HNANCIAL sfATEMEp¢rs (corffli4uED} R)R THE YEAR ENDED 31 JA14UARY2025 Actounting politlÈs {Conllnued) Legacies are recognbsed on receipt or other*ryse rf the ¢hartty has been nottfied of an impending distribution. the amount is known, and receipt is expected. If the amounl is not known. the le8acy is treated a5 a contlngent asseL 1.5 Expenditurè Expenditure is recogni5ed once there is a legal or construcli¥e obliBati¢)n to trdnsfer ec¢)nomic benefit to a third party, it is probakAe that a transfer of ecob)omK ber￿ts will be required in settlemenL and the amount of the obligation can be measured reliably. Expenditure is classified by artivity. The costs of eath actmty are made up of the totsl of dired costs and shared tosts, rntludin4 SUPPOrt Costs Invo￿ in undÈrtakin8 Èach activity. thrètt ttssts attributablè to a Siwdle artivity are alloeated directly to that actsvity. Shared costs which contribute to more than ¢)ne actlvlty and support costs whith are noi attributable io a singk a￿l￿ty a￿ apportioned beTh¥een those actiwtie5 on a basis COn￿stent with the use of reS￿rCes. Central staff costs are allocated on the basi5 of time spent, and depreciation d￿rge5 are allooted on the portion of the asset's use. 1.6 Cash and cash •9￿%*1ents Cash and tash equivalents IKlude cash ui hand. depostts l￿d at call wilh banks, other short-term liquid invèstmtnt5 Wlth 0ri8inal maturities of three months or lèss. and bank oveldrafts. Bank ￿rdrafts are shown within borrowin8s in current liabilitie5. 8askfinqncial055ets 8asSc financial assets, which inc￿de debtrys and cash and bank balances. are Inltlally measured at transartion price including tran5artion cosls arKI are Subseq￿￿tty carried at amortlsed cost Using thè effectfve Interest method unless the arran8en)ent consiitutes a financi￿ transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financi31 assets classified as receivable wrthin one ￿ar a￿ not amwb5ed. Boskfvondolllobmdes Basic financial liabilities. induding cweditOf5 and bank loans a￿ initial￿ reco8ni5ed at transaction prlte unless the arrangement constitutes a ffinancin8 vansaction. where the debt instrument is meaSU￿d at the present value of the futu￿ payments di5counW at a market rate of interest. FIn￿(la1 liabilities cla$5ified as payable within one year are not amorti5ed. Debt instruments are sutsequently carried at amortised tOSL the effedi¥E interest rate method. Trade credittys a￿ obltrgations to pay for goods or str¥iees that h￿e been acquired in the ordinary course of operations from 5uppfi¢r& Amounts payable are classified as current lizbilities rf payment is due wlthin one year or less. If not, they are presented a5 nryi-cuwrent liabilities. Trade creditors are retognised initlally at tran5¥tion price and subsequenity measured at arnortwl cost Using the effectrye Int￿$t method. Flnancial liabl11t￿S are dereco8ni5ed when the d￿1￿5 contractual oblytion5 expire or are discharged or cancelled. PHOENIX SPAts CIO NOTESTOTHE FINANCIALSTATEMENTS IcopiniiuED} FOR THE YEIIR ENDED 31 JANUARY2025 Crllkal ac¢ountln8 esllmat•s and jUL*en In the appliotiM of the chari￿5 a(c￿nting pdicies, the trustees are required to make jud8ements, estimate5 and assumptbons about the ￿rry1ft8 amount of a￿ets and liabilities that are nol readity apparent from other sources. The ertlmates and associatèd assumptions are based on historital *yrièntè and other factors that are considered to be relevant. Actual ￿Ults may differ from these estimates. The estrmates and underlying 3s5umpt1￿s are re¥￿e￿ on an o￿Oing basis. Re¥i5ion5 to accounting estimates are recognised in the period in whith the eSt￿ate Is revlsed where the revislon affects only that period. or in thè period of thÈ rÈwsion and future period5 where the revisi￿ aflects both current and fvture perlods. kncome from donatlorbS le8aciE5 Unrestricted funds Donations and 8lfts 138.219 138.219 Donations: General Fundin8 Al Business Fundamentals {Jordanl Gaza Relief Scholarship5 (Ewtl PS Sunflowef Inits*i¥e IKenyal Donations 14.350 10,0 75,609 37,870 390 138.219 PHOENIX SPACE CIO NOTESTOTHE Ff4ANaALsfATEMENTS Icofmp4uEDI FOR THE YEAR ENDED 32JANiMRY2025 Exp￿dItUre on thaiitable actr11t￿S Ch¥ttable Expenditwe Admln and Opertlonal: Consultsnry services Bank charges Sundry expenses Legal and professional fees Accountancy fee5 19.019 600 166 925 1,050 21.760 Grant fi1nd1￿ of projects (see note 51 99,352 121.112 An•ly5is by fund Unrestrlcted funds 121,112 Chwltable Expendltwe 2025 Grant Funded ProJe¢ts: Gats Rellef Scholarships PS Sunflower Initiative AI Busine55 Fundamentals Course Digitsl Upskilling Course En81ish Language UpskJllin8 Cwr5e 77.417 12,824 5,935 2.192 99.352 Tm5tees None of the trustees lor any persons connected them) recei￿ any remuneratlon or benefits from the charity durin8 the year. 10- PHOENIX SPACE ao NOTE5 TOTHE FINANCIAL STATEMENTS (COP4TINUED) Employees The avera8e monthty numberof emplo￿ duriryd the year was: Numb Total The CIO had employees duriTha the financia year. Ta¥at5on The charlty Is exempt from ts¥ation on its activrties because all its income is a￿lÈd for charitsble purposes. Crethors: arnounts falllry within one 2025 Accruals and deferred income 1.050 10 Unrestrif¢ed funds At 25 JaNary IncomSng Resources At 31 January 2024 resources expended 2025 General funds 138.219 1121.1121 17.107 11 R•lat•d p•rty transactkn Ourin8 the year the tharity made the followlng rel*ed party transattTrc•bs'. A consultant of the CIO ks married to one of the trustees and prn￿ded ¢MsuMancy senrices to the charity durin8 the year and was paid a iotal of £4.818.c￿ for her services. on an arm's len8th ba5l5. At the balance sheet date the amount due tolfrom the consultant £Nil. The trustees confirni that they have rewewtd and apPro￿d the related party arrange￿nt which has been assessed to ensure it is in thè best interest of the or8anization and compty wlth relevant re8ulatory and 80vemance requirements. 11-