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2024-03-31-accounts

Building an inclusive world

Trustees’ Annual Report & Financial Statements year ended 31st March 2024 Phab Limited(A company limited by guarantee) Registered Company No. 1598587 Registered Charity No. 283931

Phab Residential Adventures

“Faith had a wonderful time and hasn’t stopped chatting with the friends she made since!! Always so much appreciated and even more so now she is a young adult and REALLY doesn’t want to hang out with her boring parents!”

“Whenever Phab is involved, it lights up your year. At Phab they take everyone into account, and everything is really accessible. There hasn’t been one moment when I thought - I can’t do that”

” I have loved every minute of my first Phab experience. The skills I have learned over the last week have opened my eyes to new ways of problem solving which will benefit my employment opportunities.”

” I always feel really safe and supported when I am here and that I have everything I need to be a good volunteer and to help the children get the most out of their time away.”

“Phab at Bendrigg is a place where I can be the truest version of myself and feel totally accepted and valued without needing to change who I am. It is the place where I am the happiest and makes me feel more comfortable and confident in the rest of my life.“

Phab Fest @ Parallel Windsor

“Phab Fest was a powerful celebration of the resilience and spirit of the disabled community,

coming together to enjoy life without limits. By blending a community open mic, creative expression, and professional entertainment in one inclusive space, the event perfectly captured the essence of Phab—where inclusion, belonging, and FUN take centre stage.”

Phab Farm Day Adventure

“We had an amazing day at Children’s Adventure Farm with Phab. It was great fun, we met new friends and had a wonderfully inclusive day out with our Phab Family!”

Phab Flying Day Adventure

“What a wonderful experience for the children and adults that would never get an opportunity to enjoy such an experience.”

“We all had a great time! Making memories which will last a lifetime. Thank you. “

Phab Snow Day Adventure “Thank you to Phab for providing Chloe the chance to go seated skiing. Great fun! We love being part of the larger Phab family network.”

“It was fantastic, Jessica had the best time. We all did, even Lucy and I as spectators. She thoroughly enjoyed her sit ski session and seeing her big smile and beaming happy face was wonderful.”

CONTENTS

Message from the Chair 1 Message from the Co-CEOs 2-3 Trustees’ Report 4-7 Financial Review 8-9 Statement of Trustees Responsibilities 11 Legal and Administrative information 12-13 Independent Examiner’s Report 14 Financial Statements 16-18 Notes to the Financial Statements 19-28

essage from the Chair Julia Giles MBE Iuiidin9 on Iw 304. Learn Thrlvo elong

A key achievement in this year was the launch of the rebrand of Phab, including highlighting our mission – building an inclusive world. This was achieved in partnership with ODA (Our Design Agency) who had worked with people across

the organisation to represent all aspects of our Phab offering. The launch took place at Disability Expo and, from the initial mass participation challenge at Parallel Windsor, it could be seen across the country at every Phab event. Many clubs have already taken the opportunity to be supported in their rebrand, creating their unique logo from a combination of Phab blocks and colours.

This year we have consolidated the changes in our organisation and with the drive from of our excellent co-CEOs Dawn and Mik have positioned ourselves as leaders in inclusion. They have led the team in relaunching Phab Adventures, which was up to full capacity this year – both for residentials and day events. Phab ACTS was introduced, enabling us to push for accessibility and inclusivity, spreading the knowledge of the Social Model of Disability. Phab clubs have continued to be supported and partnerships set up with like-minded groups who are also striving for inclusion.

I am grateful to the Trustees who have continued to support the organisation through this period of change, ensuring we maintain a focus on the finances and our strategic aims. We were saddened at the passing of John Corless OBE, who had been the Chair of Phab for so many years and we shared heartfelt tributes to him.

We were thankful to be able to return to the House of Lords to celebrate the winners of our annual awards. Unfortunately, our vice president Baroness Jane Campbell of Surbiton was unable to host due to illness and we were grateful to Lord Shinkwin who worked with us to make the event such a success. The announcement of the Awards continued to be held virtually, with the hosts this year being Bradford Phab. We look forward to meeting the Award winners in person in November.

We are looking forward to another Phab year – giving everyone who comes in contact with Phab the opportunity to learn, thrive and belong.

1

Message from the Co-CEOs Mik Scarlet and Dawn Vickers

2

Dawn writes:

I am honoured and privileged to serve as Co-Chief Executive of this incredible charity, alongside Mik Scarlet. Together, we are driving exciting changes that reflect our shared vision for society—where inclusion is the norm. Phab is a catalyst for change, empowering people of all ages to unlock their potential, learn, thrive, and belong. Leading this transformation alongside Mik and our dedicated colleagues is truly a privilege.

During 2023/24, Phab have been focussing on building an inclusive world by working in partnership with other organisations who share our values, mission and vision. We have grown our community network of inclusive organisations, supported our Phab Clubs to thrive, and enabled new Phab Clubs to set up. In response to demand, Phab have launched new Phab Adventure Days, in partnership with community organisations who provide extraordinary inclusive activities. We’re reaching more people and changing lives by focussing on the Social Model of Disability to remove barriers and include everyone!

Mik writes:

What a year it has been! I feel incredibly fortunate to serve as Co-CEO alongside Dawn, who has played a crucial role in allowing me to concentrate on building the Phab Access and Training Consultancy project (Phab ACTS). Her support has been instrumental in transforming Phab ACTS into a successful initiative.

accessible Disability Equality Training (DET) courses for schools and the general public. The future is looking Phab!

Both write:

Phab ACTS was established in January 2024 with two main objectives: first, to generate a new income stream to support Phab’s mission, and second, to advance Phab’s goals of inclusivity and accessibility nationwide. Phab ACTS has assembled a fantastic team of experts and is training a group of young disabled individuals to work in the Equity, Diversity, and Inclusion (EDI) sector. Phab ACTS is actively promoting disabled talent in the workplace. We have secured a number of major clients, including Chiltern’s National Landscape, Visit Hertfordshire, and The Ambassador Theatre Group, and we are currently in discussions with the BBC. Later this year, Phab ACTS will be launching a series of video training modules to further promote access and inclusion to a wider audience.

Additionally, we will be developing an educational package for Phab Clubs, their staff, volunteers, and members to champion and explain the Social Model of Disability. This is part of a broader educational initiative to offer

With the support of our incredible community— whether through fundraising in our challenge events, donating directly, volunteering at local Phab Clubs, or participating in our Phab Adventures—we are working to build a more inclusive society. We are deeply grateful to organisations who have supported our work through grants, including The National Lottery Community Fund, The Edward Gostling Foundation, Garfield Weston and the Gerald Leigh Charitable Trust. We are especially grateful to our Phab Team colleagues, our Chair, and the Board of Trustees, who have gone above and beyond in supporting our efforts. Finally, we want to thank our supporters, partners, and donors for sharing our values and commitment to creating an inclusive world.

Dawn Vickers and Mik Scarlet - Co-CEOs

3

Phab Limited Year ended 31 March 2024 Trustees’ Report

The Board of Trustees of Phab (the “charity”) presents its annual report and the independently examined financial statements for the year ended 31st March 2024. This report also contains the information required by the directors’ report under company law.

Objectives

The aim of Phab is the inclusion of disabled and non-disabled people on equal terms, making more of life together. Phab offers all people opportunity and personal growth, changing attitudes and breaking down barriers within the wider community.

Core to achieving this aim are Phab clubs. These are independently run, user led, grassroots organisations, shaped by all their members. Primarily in social and informal settings, Phab clubs provide opportunities for all members to enjoy participating in all activities together on equal terms, by doing things differently. They are voluntary in that they are not run by a statutory body or business; attendance is not a requirement, and they are generally run entirely by volunteers. Those who participate in Phab clubs are encouraged to take their experience and learning of inclusion with them into their broader life. Clubs do not operate in isolation, they work in their community and spread the aim of inclusion wherever they participate in activities beyond the club.

Alongside clubs, there are Phab Adventures (also known as projects). They provide opportunities to bring together disabled and non-disabled people to achieve inclusion during a defined period of time such as residentials. Projects can be independently run as camps, operate in schools or universities, or organised centrally by Phab. The participants in Phab projects are given opportunities to realise their full potential as equals and so gain both social and personal growth through taking part in the activities on equal terms. As with clubs, those who participate in projects are encouraged to take their experience and learning of inclusion into their broader life.

The success of Phab can be measured by the success of Phab clubs and projects, which are in turn measured by the impact on participants and the community around it. Phab Ltd provides support for clubs and projects to operate inclusively on equal terms for disabled and nondisabled people.

Overview of Objectives

• To ensure the Phab organisation is progressive, looking to the future and keeping pace with change.

• To support clubs and projects in creating opportunities for disabled and non-disabled people to come together through social and leisure activities, promoting fun and friendship and growing life-skills.

• To increase public awareness of the opportunities offered by Phab within the wider community and the requirement for inclusion in society.

• To improve communication with all of those who have engaged in Phab to increase their involvement and support.

• To prepare for a future diverse workforce and ensure sustainability of the central organisation.

Management, Trustees and Key Management Personnel

The following is further to the structural and management information shown on pages 12 & 13.

Selection and induction of Trustees

Trustees are generally chosen on the basis of their experience of clubs or other aspects of Inclusion for disabled and non-disabled people. The trustees and senior officers are always on the alert for suitable potential trustees with the right mix of skills to enhance the Board. The Board considers nominations to serve as trustees and interviews candidates. Co-option onto the Board is permissible at any time. Each trustee on joining the Board is provided with a copy of the latest published accounts which detail the operational framework and financial position. They also receive the Charity Commission publication CC3 – “The Essential Trustee – What you need to know” and regular appropriate Safeguarding training.

Training

All operational staff are certificated by The Care School in Safeguarding Adults and Children and Trustees are given regular Safeguarding training. All staff have received training in The Social Model of Disability. Staff members who manage projects have updated their training in medication awareness, person centred care, first aid (including sports injuries) moving and handling and Makaton. Staff members have also given training to summer project volunteers on Safeguarding, Health & Safety, Assessing Risk and Disability Equality. Trustees and staff also subscribe to relevant and professional publications to keep abreast of developments in charity law and practice.

4

Phab Limited Year ended 31 March 2024 Trustees’ Report

Key Management Personnel

The Trustees consider that they, together with the Principal Officers comprise the Key Management Personnel. The Trustees give of their time freely and the pay and remuneration of senior staff is set by the board of trustees and is kept under annual review. A number of criteria are used in setting pay:

Review of Activities

Supporting Phab Clubs and Groups across England and Wales

Support for 120 Phab Clubs with 8,000 members Phab Clubs continued, with the addition of 4 new Phab Clubs starting up in Burnley, Doncaster, Worthing and Ebbw Vale.

Bradford Phab Club hosted the virtual awards in December 2023. Phab are very grateful to Martyn Blunt and Goose Live Events who provided the brilliant volunteer production team who made these events happen.

To expand the Phab offering, we engaged with partner groups that share our passion for inclusion, affiliating them to the Phab Community Network. In 2023/24, new groups included:

Phab Holiday Homes, Weymouth

We currently run a fully accessible unit at Waterside Holiday Park in Weymouth which continues to be very popular, with a high proportion of the bookings taken by Phab family groups who benefit from a reduced rental charge. The excellent sports, social and entertainment facilities, which are also fully accessible, are greatly enjoyed.

Phab Adventure Days and Holidays (Projects)

Every year disabled and non-disabled children and young people have a wonderful time away with Phab on our exciting and challenging Inclusive Residential Projects. In 2023/24, a full

programme of Residential Projects was run at Bendrigg Lodge and Avon Tyrell.

We have continued with family projects, where parents or carers rather than our volunteers have provided the personal care to their child, with extra accommodation and bathrooms booked and special activities arranged. In addition, adult residential breaks were resumed at both venues, plus Phab organised and supported Leeds Phab Club to bring their adult members to Bendrigg Lodge in Summer 2023, as a whole group together. Leeds Phab Club had previously organised their own annual break and this was the first time they had reached out to Phab Ltd to run the summer residential in collaboration. We aim to support more Phab Clubs to do this next year and use the example of how we worked with Leeds as a blueprint for other clubs. Such was the success of the residential that Leeds Phab Club will be repeating the experience in Summer 2024.

Fundraising & Volunteers

The trustees wish to thank the many trusts, companies and individuals who have funded our work. Our support to Phab’s clubs, projects and events is wholly reliant on the hundreds of volunteers throughout the country who freely give their time and expertise in support of Phab.

Phab has worked very closely with all fundraisers who took part in the mass participation events including the live London Marathon, Royal Parks Half Marathon, Prudential Ride-London and Parallel Windsor 2023.

----- Start of picture text -----
We continue giving on-going personal support
using social media, zoom meetings and
individual conversations with all our fundraisers
to enable them to maximise sponsorship during
these unprecedented times.
----- End of picture text -----

5

Phab Limited Year ended 31 March 2024 Trustees’ Report

Our key priorities for the future

The Phab strategic plan is operational from April 2021 to March 2025. It sets out the objectives agreed by the trustees as follows:

To ensure the Phab organisation is progressive, looking to the future and keeping pace with change

• Provide opportunities for club leaders to network with each other online and face-to-face via meetings, training, and conferences • Provide a framework (Phab Club Pack) to enable clubs to be run in a manner that is inclusive, accessible, and well managed

• Establish an online affiliation and data recording process that is appropriate for clubs

• Create a consistent Phab message for use across Phab, centrally and by clubs and projects

• Develop a consistent social media and online presence

To support clubs and projects in creating opportunities for disabled and non-disabled people to come together through social and leisure activities, promoting fun and friendship and growing life skills.

Clubs

• Provide the support to clubs that they value, with advice available on email and the phone and a schedule of visits, enabling two-way communication

• Provide national and regional events that enable clubs to meet together to pursue social and leisure activities

• Facilitate partnerships that will enable clubs to increase their range of activities and engage with volunteers and their local community

Projects

• Organise residential projects for individuals on an inclusive basis

• Provide support to projects with advice available on email and the phone and visits as required, enabling two-way communication • Provide a framework (Phab Projects Pack) to enable projects to be run in a manner that is inclusive, accessible, and well managed • Establish an online affiliation and data recording process that is appropriate for projects

• Provide residential weekends across the regions that enable clubs to pursue social and leisure activities together

To grow the network of Clubs and Projects across the regions.

6

Phab Limited Year ended 31 March 2024 Trustees’ Report

To increase public awareness of the opportunities offered by Phab within the wider community and the requirement for inclusion in society.

• Improve the profile of Phab amongst the public through developing a marketing strategy that makes best use of funds and resources (including clubs, projects, supporters)

• Further develop opportunities for recognition and endorsement for celebrity engagements appropriate for all age groups

• Maximise the marketing opportunities provided by regional and national events

To improve communication with all of those who have engaged in Phab to increase their involvement and support.

• Continue to increase engagement of marathon and challenge events participants and residential project volunteers

• Ensure website and social media publicises all opportunities for involvement, whether regular, annual or ad hoc

To prepare for a future diverse workforce and ensure sustainability of the Central organisation.

• Create a working environment that is fit for a future diverse workforce considering accessibility, remote working and flexibility • Ensure all staff have measurable objectives, reviewed regularly

To ensure Phab Ltd continues to operate as a national charity, fully funded and compliant with all legislation and appropriate regulations.

• Provide a stable, comprehensive governance structure with regular checkpoints and audits and maintaining compliance with legislation

• Keep in touch with all changes to guidance that could affect the central organisation, clubs and projects

• Foster relationships with individuals, businesses and grant making trusts to secure financial support for Phab

• Continue to grow the number of participants in challenge events, including marathons, who raise funds for Phab

7

Phab Limited Year ended 31 March 2024 Financial Review

Financial Review - Results for the Year

The total income for the year amounted to £731,028 (2023: £644,193) against expenditure of £879,748 (2023: £584,519). Including a revaluation gain of £5,026 (2023: £52,000 loss) in investment property, this has resulted in a reduction in total funds of £143,694 (2023: £7,674 gain). Accumulated funds as at 31st March 2024 amounted to £633,904 (2023: £777,598). The income and expenditure figures remain in balance after the first six months post balance sheet date.

Related Parties

The company has a subsidiary undertaking, Phab UK Enterprises Limited, which was formerly engaged in operating Phab’s Telesales (Raffle Support) operation, and the trading activities etc. connected with the London Marathon and other similar large and small events. This Company has been dormant for the period under review.

Fixed Assets

Information relating to changes in tangible assets is given in note 8 to the financial statements. Phab owns its own building in Croydon. In accordance with SORP 2019 the ground floor, which is sublet, has been revalued to fair value and this is reflected in these accounts.

Grant Making

No grants are awarded from the general fund to individuals or outside organisations. The central committees consider applications from Phab clubs for grants from the general fund. There have been some grants to individuals from restricted funds, in accordance with the donors’ wishes.

Reserves

The reserves of the charity are made up of Unrestricted Funds, Designated Funds and Restricted Funds. The Board’s policy continues to be to progressively increase reserves to the lower of either £330,000- or six-month’s unrestricted expenditure. The Trustees consider six months to be an appropriate period for outstanding liabilities to be met and ensure orderly winding down of the charity if necessary.

The attached financial statements show that the charity has restricted reserves of £52,190 (2023: 119,035), designated reserves of £17,726 (2023: £58,494) and unrestricted free reserves of £177,754 (2023: £212,097) (total unrestricted funds less designated and funds that are represented by Fixed Assets). The Trustees continue to seek ways to increase the unrestricted free reserves in the future by considering all options, including the sale of the property Summit House, in the near future and investing the proceeds to increase income. There are no reserves held in the subsidiary company.

8

Phab Limited Year ended 31 March 2024 Financial Review

Investment Policy

The Board’s investment powers are subject to such conditions and consents as may for the time being be imposed by law. The policy of the Board is to hold all cash surpluses on bank deposit or other similar secure FSCS registered accounts.

Risk Review

The Board has a continuous process of risk assessment, maintains a risk register and is aware that for Phab, risk is not just a financial matter but covers 5 headings: Governance and Management, Operational, Financial, Environmental, External and Compliance.

The Board considers that the areas where the impact of risk could be highest are:

Systems are updated as necessary to mitigate identified risks. Internal risks are minimised by the use of procedures for authorisation of all transactions and projects and to ensure consistent delivery of all operational matters. The processes are periodically reviewed to verify their

effectiveness . There are procedures covering compliance with health and safety of staff and volunteers. Disclosure & Barring Service (DBS) checks are conducted for all staff and volunteers. Staff and Board Members undertake appropriate training courses in order to keep up to date with changes in legislation and practice. The Board is not aware of any major sources of income being withdrawn, nor of any missed opportunities of a fundraising nature or any other.

Charities and Public Benefit

The trustees confirm that they comply with their duty to have regard to the Charity Commission guidance on public benefit in exercising their power and duties and deciding what activities the charity should undertake. As can be seen in this report, and within the objectives, the charity has charitable purposes or ‘aims’ that continue to be and are carried out for the public benefit. The trustees also believe that the opportunity to benefit is not unduly restricted, that people in poverty are not excluded, that there is no detriment or harm arising from carrying out Phab’s aims, and that any private benefits received, other than as a beneficiary, are incidental.

9

“I have recently attended a three-week Outward Bound Course in Loch Eil in Scotland. The course itself was life-changing. I will always look back later in life and claim with pride that I accomplished that course and it was because of my experiences as a participant at Phab I had the confidence to persevere and remain resilient in the hardest hours.

I am currently doing my Duke of Edinburgh Silver Award, preparing to do my Gold Award and I hope to join the Royal Navy when I’m older.

I thank you a thousand times for your support and encouragement in helping me achieve great heights.”

Freddie

10

Phab Limited Year ended 31 March 2024 Statement of Trustees’ Responsibilities

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Phab Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:

material departures disclosed and explained in the financial statements;

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

By Order of the Trustees Dawn Vickers Co-CEO

Julia Giles Chair

Date: 31 October 2024

Date: 31 October 2024

11

Phab Limited Year ended 31 March 2024 Legal and Administrative Information

Working Name Phab

Constitution

Phab Limited is a company limited by guarantee (no.1598587) incorporated in England and Wales on 19 November 1981 and a registered charity (no.283931). Its governing document is the Memorandum and Articles of Association. Following a specal resolution, the objects were updated in April 2022.

Objects

To promote and encourage people of all abilities to come together on equal terms to achieve complete inclusion within the wider community.

President

Anita Dobson

Board of Trustees

Julia Giles MBE, Chair Nicholas Maloney, Deputy Chair & Treasurer Gregory Howell Lorna Howell Mark Robinson Natalie Osbourne

For the purposes of the Companies Act 2006, the Board of Trustees is regarded as the Board of Directors of the company.

Election of Trustees

Trustees are elected by members at the Annual General Meeting. One third retires annually. The retiring trustees are required to be those who have served the longest. As trustees are appointed ‘en bloc’ at the AGM, those chosen to retire are selected by lots. The retiring trustees, presuming they are eligible, may put themselves forward for re-appointment. Additionally, the Board may make appointments from time to time to fill vacancies. The Board meets up to four times a year, and it is their responsibility to review strategy and operational performance, to set budgets and approve operating plans. They receive regular briefings on current topics.

Management

The Board currently delegates certain functions to the Executive Committee. Membership is as below. (* Denotes staff in attendance). The minutes of the Executive committee are made available to the Trustees. The decisions taken or actions agreed are implemented by the principal officers where appropriate.

12

Phab Limited Year ended 31 March 2024 Legal and Administrative Information

Executive Committee

Julia Giles MBE Dawn Vickers Michael Wallace Nicholas Maloney

The Executive Committee meets monthly to monitor the current and on-going financial position. It also deals with statutory matters and reviews the risk position. The membership of the committee is such that it is effectively quorate as a Board Meeting. It is therefore able to take any urgent decisions which cannot wait for a full Board Meeting.

Subsidiary

Julia Giles holds one ordinary share in Phab UK Enterprises Ltd as nominee for Phab Limited.

Principal Officers

Dawn Vickers – Co Chief Executive Officer Michael Wallace – Co Chief Executive Officer

Principal Professional Advisors:

Independent Examiner: JCS Accountants, 5 Robin Hood Lane, Sutton, Surrey SM1 2SW

Bankers: CAF Bank Limited, Kings Hill, West Malling, Kent ME19 4TA National Westminster Bank plc, Tavistock House, Tavistock Square, London WC1H 9XA (account closed 19 July 2023)

Solicitors: Medlicott & Benson, 5 Curates Walk, Wilmington, Kent, DA2 7BJ 5 Robin Hood Lane, Sutton, Surrey, SM1 2SW Registered Office: Websites: www.phab.org.uk

13

IndeperKlent examiner's report to the trustsgs of Phab Limiled I report to the choiity trustees on my exomination of the occounts ol the Compony for the year ended 31 March 2024 set out on poges 16 to 28. Rosponslbilitlol and basis ol rèport As the charity's tiustees of the Company (ond also its directors lor the purposes of company law) you are responsible lor the preporation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having sotisfied myself thot the accounts ot tho Company ore not requirèd to be audited under Port 16 01 the 2006 Act ond are eligible tor independent examination, I report in respect of my examination ot your charity's occounts os carried out under section 145 of the Charites Act 2011 ('the 2011 Act.). In corrying out my examination I have followed the Dir8ctions given by the Charity Commission under section145(5)(b) of the 2011 Act. Ind•p•nd•nt •xomln•v'• ¥tat•m•nt Since the Compony's gross income exceeded £250.000 your examiner must be o member ol o body listed irb section 145 01 the 2011 Act. l confirm Ihol l am qualilied to undertake thg exomination becouse l om o member ol the Institute ot Chortored Accountants in England ond Woles. which is one of thè listed bodies. I have completed my exomination. I contirm that no motters have come to my attention in connection with the examinotion giving me couse to believe.. aecounling records were not kept in respect ot the Company as required by section 386 ol the 2006 Act.. or the accovnts do not accord with those records,. or the occounts do not comply with the accounting requirements ol section 396 of the 2006 Act other than any requirement thot the o¢eounts give a 'true and lair viev¥ which is not a matter considered as part of on independent exominolion- or the accounts have not been prepared in accordance with the methods and principles of Stotemeni ol Recommendgd Practice lor accounting and reporting by chorities lapplicoble to chorities preparing their accounts in accordance with the Financial Re rting Stondard oppli¢oble in the UK and the Republic ot Irelond (FRS102 I have no concerns and have come ocross no other matters in connection with the examination lo which ottention should be diown in this report in Order to enable o proper understonding ol the accounts to be reoched. Miriom Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SMI 2SW Date.. Zo2+ 14

I I i=rr' Financial Statements and Notes to Accounts

Phab Limited Statement of Financial Activities for the year ended 31 March 2024 Including the Income and Expenditure account

Income from:
Donations and legacies
Other trading activities
Investments
Charitable activities
Other income
Total income
3
Expenditure on:
Raising funds
Charitable activities
Total expenditure
4
Net gain/(loss)
on investments
9
Net income/(expenditure)
Transfers between funds12
Net movement in funds
Reconciliation of funds
At 1 April 2023
At 31 March 2024

NOTE		 Unrestricted
Funds
2024
£
Unrestricted
Funds
2023
£
Restricted
Funds
2024
£
Restricted
Funds
2023
£
Total
2024
£
Total
2023
£
75,665
-
-
5,000
660,472
4,393
3,253
60,504
2,406
489,148
19,442
303
32,784
4,516
93,000
-
-
5,000
-
582,148
19,442
303
37,784
4,516
584,807
4,393
3,253
55,504
2,406
80,665
731,028
546,193
98,000
644,193
650,363
-
147,510
302,111
577,637
171,079
318,761
-
94,679
171,079
413,440
302,111
430,127
147,510
-
(66,845)
-
879,748
5,026
(143,694)
-
489,840
(52,000)
4,353
10,158
94,679
-
3,321
(10,158)
584,519
(52,000)
7,674
-
732,238
5,026
(76,849)
-
(66,845)
119,035
(143,694)
777,598
14,511
644,052
(6,837)
125,872
7,674
769,924
(76,849)
658,563
52,190
633,904
658,563
119,035
777,598
581,714

All gains and losses in both years arise from continuing operations and are recognised in the Statement of Financial Activities

The notes on pages 19-28 form part of these accounts.

Phab Limited

Balance Sheet Company Number 1598587 as at 31 March 2024

Fixed Assets
Tangible assets
Investments
Current Assets
Stocks
Current asset investments
Debtors
Cash at bank and in hand
Liabilities
Creditors falling due within one year
Net Current Assets
Total assets less current liabilities
Provisions for liabilities and charges
Net Assets
Funds
Unrestricted funds
Designated funds
Restricted funds
Total Funds
NOTE
8
9
10
11
18
13
12
16		 2024
£ £
2023
£ £
108,208
278,126
386,334
114,872
273,100
387,972		 2024
£ £
2023
£ £
108,208
278,126
386,334
114,872
273,100
387,972		 2024
£ £
2023
£ £
108,208
278,126
386,334
114,872
273,100
387,972
386,334 387,972
-
16,845
102,809
162,403		 -
92,285
63,805
249,657
282,057 405,747
(31,882) 250,175
636,509
(2,605)
(10,651)		 395,096
783,068
(5,470)
633,904 777,598
563,988
17,726
52,190		 600,069
58,494
119,035
633,904 777,598

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 relating to small companies, for the year ended 31 March 2024. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Nicholas Maloney, Treasurer Date: 31 October 2024

The notes on pages 19-28 form part of these accounts

17

Phab Limited Statement of Cash Flows for the year ended 31 March 2024

2024 2023
£ £
Cash (used in)/provided by operating activities(i) (163,949) 10,103
Cash fows from investing activities
Purchase of fxed assets (1,998) (850)
Proceeds of disposal of asset - -
Interest income 3,253 303
1,255 (547)
Increase/(decrease) in cash and cash equivalents during the year (162,694)
 9,556
Cash and cash equivalents as at 1 April 341,942 332,386
Cash and cash equivalents as at 31 March 179,248 341,942
(i) Reconciliation of net movement in funds to cash used in operating activities
2024 2023
£ £
Net movement in funds (143,694) 7,674
Add back depreciation charge 8,662 7,909
Add back (proft) on disposal of fxed asset - -
Deduct interest income shown in investing activities (3,253) (303)
Net loss/(gain) on investments (5,026) 52,000
Decrease/(increase) in stock - -
Decrease /(increase) in debtors (39,004) (21,798)
(Decrease)/increase in creditors 21,231 (32,269)
(Decrease)/increase in provisions (2,865) (3,110)
Net cash (used in)/provided by operating activities (163,949) (10,103)

18

Phab Limited Notes to the financial statements for the year ended 31 March 2024

1 Status

Phab Limited is a company limited by guarantee and has no share capital. Its registered office is 5 Robin Hood Lane, Sutton, Surrey, SM1 2SW. In the event of a winding-up each person that is either a member at that date or ceased to be a member within one year is liable to contribute a sum not exceeding £10 towards the liabilities of the company. For these purposes, the trustees are the members of the company. The company is a registered charity.

which are expendable at the discretion of the trustees in furtherance of the objects of the charity. These resources arise from the accumulated surpluses and deficits on general charitable activities.

Going concern

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

Income Recognition

2 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified for the revaluation of investments to fair value, with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Companies Act 2006, Charities Statement of Recommended Practice (Charities SORP 2019 (FRS 102)) and Financial Reporting Standard 102 (FRS 102). Figures are presented in pounds sterling rounded to the nearest pound.

Phab Limited meets the definition of a public benefit entity under FRS 102.

Fund Accounting

The charity has various types of funds for which it is responsible and which require separate disclosure. These are as follows: Restricted Funds – Donations and grants which are earmarked by the donor for specific purposes are recorded as restricted funds and may be utilised only in accordance with the specific purposes. Designated Funds – The designated fund represents monies put aside by the trustees for special purposes such as closed club income being retained for the regeneration of Phab activity in the area (see note 13). Unrestricted Funds – Unrestricted funds are those

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income from commercial trading activities is recognised as earned. Investment income is recognised on a receivable basis.

Volunteers and donated services

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the trustees’ annual report. Where services are provided to the charity as a donation that would normally be purchased from our suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Cost of raising funds comprises the costs incurred in inducing others to make voluntary contributions to the charity, including those incurred in trading activities that raise funds. Charitable expenditure comprises all expenditure relating to the objects of the charity, including both the direct costs and support costs relating to these activities and projects.

Governance Costs comprises compliance with constitutional and statutory requirements.

19

Phab Limited Notes to the financial statements for the year ended 31 March 2024

Pension Costs

The charity operates a defined benefit pension scheme which is fully compliant with Auto-Enrolment legislation: all eligible staff are enrolled. The funds of the scheme are administered by The Pensions Trust. Contributions to the scheme are charged against the results of the year for which they are payable. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

Deficit contributions due to the scheme have been provided in the accounts and discounted to present value.

Grants payable

Grants payable are made in furtherance of the charitable objects of Phab Limited. No grants are made to individuals from general funds.

Tangible Fixed Assets, Depreciation and Amortisation

Tangible fixed assets are stated at historic cost less accumulated depreciation or amortisation. Depreciation and amortisation are provided to write off the cost less the estimated residual value of tangible fixed assets by equal annual instalments over their estimated useful economic lives as follows:

Freehold buildings 2% Leasehold holiday units over the life of the lease Building alterations 2% to 25% 20% to 25% Office equipment Computer equipment 33%

Only items in excess of £500 are capitalised. Freehold land is not depreciated.

Stock

Stock consists of badges, stickers, limited edition prints, clothing for resale and fund raising kits. It is stated at the lower of cost and net realisable value.

Investments

Investments are stated in the balance sheet at their fair value as at the balance sheet date. Investments in subsidiaries are included at cost. All movements in value arising from investment changes or revaluation are recognised in the statement of financial activities.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Debtors

Fees and extras receivable and accrued income are included at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. Provisions are recognised by discounting the settlement amount according to the likely timing of the payments.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Value Added Tax

Phab Limited is not registered for VAT, therefore Phab is unable to reclaim the VAT it suffers. The irrecoverable VAT is charged to the statement of financial activities, or capitalised as part of the cost of the related asset, where appropriate.

Operating leases

Rental charges are charged on a straight-line basis over the terms of the lease.

20

Phab Limited Notes to the financial statements for the year ended 31 March 2024

3 Income
Donations and legacies
Other donations
Legacies
Other trading income
This income is from the following trading activities:
Lottery Income
Affliation fees from Phab clubs
Other income		 2024
£
636,422
24,050
2023
£
579,799
2,349
660,472
582,148
2024
£
1,938
2,285
170
2023
£
52
2,365
17,025
4,393
19,442

Investment Income

All the investment income arises from investment property rental income and interest-bearing deposit & reserve accounts in the UK. There was no rental income in the year under review.

Income from charitable activities
This income is from the following activities
Residential and Day Adventures
Waterside Holiday Units rental
Other income
ACTS Income (from training)
Kick Start Scheme
Merchandising sales		 2024
£
45,260
15,244
2023
£
20,383
17,401
60,504
37,784
2024
£
2,406
-
-
2023
£
-
4,449
67
2,406
4,516

Included in total income for 2023/24 were larger donations from the following supporters:

Surrey Freemasons £2,500.00 Tula Trust £2,000.00 The Florian Trust £5,000.00 Gerald Leigh Charitable Trust £16,000.00 Bedfordshire & Luton Council £14,265.00 Edward Gostling Foundation £25,000.00

21

Phab Limited Notes to the financial statements for the year ended 31 March 2024

4 Expenditure

Raising funds
Marathon costs
Events
Charitable Activities
Residential projects

Holiday units
Regional and club events
National events

Club support

Total expenditure
Support costs:
Apportioned to:
Head offce and central costs
Residential projects
Depreciation
Regional and club events
Governance (see note 5)
Club network support
National events
Marathon
Events
Activities
undertaken
directly
£
Grants
£
Support
Costs
£
226,768
31,292
258,060
267,373
16,169
73,862
19,150
70,607
447,161
705,221
148,057
8,662
8,519
165,238
-
-
-
-
-
-
-
9,289
9,289
9,289
32,818
11,233
44,051
44,118
-
32,918
11,233
32,918
121,187
165,238		 Raising funds
Marathon costs
Events
Charitable Activities
Residential projects

Holiday units
Regional and club events
National events

Club support

Total expenditure
Support costs:
Apportioned to:
Head offce and central costs
Residential projects
Depreciation
Regional and club events
Governance (see note 5)
Club network support
National events
Marathon
Events
Activities
undertaken
directly
£
Grants
£
Support
Costs
£
226,768
31,292
258,060
267,373
16,169
73,862
19,150
70,607
447,161
705,221
148,057
8,662
8,519
165,238
-
-
-
-
-
-
-
9,289
9,289
9,289
32,818
11,233
44,051
44,118
-
32,918
11,233
32,918
121,187
165,238		 2024
Total
£
2023
Total
£
226,768
31,292
258,060
-
-
-
32,818
11,233
44,051		 259,586
42,525
134,828
36,251
302,111
171,079



267,373
16,169
73,862
19,150
70,607
447,161
-
-
-
-
9,289
9,289
44,118
-
32,918
11,233
32,918
121,187		 311,491
16,169
106,780
30,383
112,814
201,498
14,766
65,295
20,008
111,873
577,637
413,440
705,221
9,289
165,238		 879,748
584,519
Apportioned to:
Residential projects
Regional and club events
Club network support
National events
Marathon
Events
148,057
8,662
8,519
165,238
44,118
32,918
32,918
11,233
32,818
11,233
165,238

Grants were paid in the year to 16 Phab groups from general funds and to 7 Phab groups and 2 individuals from restricted funds.

22

Phab Limited Notes to the financial statements for the year ended 31 March 2024

5 Governance costs
Independent Examiner remuneration inclusive of VAT
Governance and professional support for trustees
6 Directors, staff numbers and costs
The aggregate payroll costs were as follows:
Wages and salaries
Social security costs
Pension contributions
Pension costs of defned beneft pension schemes (note 18)		 2024
£
2023
£
4,114
4,405
3,970
6,261
8,519
10,231
2024
£
2023
£
238,480
18,487
24,719
261
214,132
16,331
23,649
16
281,947
254,128

No employee earned over £60,000 in the year, nor in the previous financial year. The average number of persons employed by the charity during the year was 7 (2023 – 7).

Termination payments of £NIL (2023: £NIL) were made in the year and are included above. These are recognised when legal agreement is reached.

Key Management Personnel

The total employee benefits of the key management personnel of the charity as listed on page 13 were £79,383 (2023: £76,336).

7 Taxation

The company is exempt from tax on its charitable activities.

23

Phab Limited Notes to the financial statements for the year ended 31 March 2024

8 Tangible Fixed Assets

Company
Cost
At beginning of year
Additions
Disposals

At end of year
Depreciation and Amortisation
At beginning of year
Charge for year
Released on disposal
At end of year
Net Book Value
At 31st March 2024
At 31st March 2023		 Freehold
Property
£
Leashold
Property
£
Offce
Equipment
£
Computer
Equipment
£
TOTAL
£*
144,456
-
-
59,062
-
-
5,646
-
-
6,502
1,998
-
215,666
1,998
-
144,456
59,062
5,646
8,500
217,664
53,876
1,816
-
35,433
5,906
-
5,646
-
-
5,839
940
-
100,794
8,662
-
55,692
41,339
5,646
6,779
109,456
88,764
17,723
-
1,721
108,208
90,580
23,629
-
663
114,872

*Included in freehold property is land costing £48,000 which is not being depreciated.

9 Fixed Asset Investments
Shares in subsidiary undertaking at cost
Investment property		 2023
£
2024
£
100
278,026
100
273,000
278,126
273,100

Investment property

The investment property comprises the ground floor of Summit House, 50 Wandle Road, Croydon CR0 1DF. Following a market valuation undertaken in January 2023, the trustees estimated the fair value to be £273,000 as at 31 March 2023. The property was subsequently sold on 30 May 2024 and the value as at 31 March 2024 was increased to reflect the selling price.

Subsidiary undertaking

The charity’s investment in its subsidiary company consists of 100 ordinary shares of £1 each. The subsidiary undertaking, Phab UK Enterprises Limited (company no. 02564098), which is wholly owned, is registered in England and Wales. It was used for non-charitable activities to raise funds for the charity. Phab UK Enterprises Limited was involved in producing magazines for the group, for operating the group’s telesales operations, for contracts with local authorities, and for handling all the marathon-type events for Phab. Phab UK Enterprises Limited gifts its taxable profits to Phab. From 01 April 2017 it became dormant. There has been no trading activity and it holds net assets £100 at year end. The subsidiary does not hold any fixed assets.

24

Phab Limited Notes to the financial statements for the year ended 31 March 2024

10 Debtors
Prepayments
Other debtors		 2024
£
2023
£
18,833
83,976
43,908
19,897
102,809
63,805

11 Creditors: Amounts falling due within one year
11 Creditors: Amounts falling due within one year
Trade creditors
Accruals and deferred income
Taxation and social security		 2024
£
2023
£
-
26,176
5,706
-
4,930
5,721
31,882
10,651
12 Restricted Funds
Willie Booth Fund
Midland Development Work
South East Development Work
Freedom in the Air
ILX
MTS Joint Fund		 Balance
1.4.2023
£
Income
£
Expenditure
£
Transfer
£
Balance
31.3.24
£
4,219
7,800
1,750
15,441
86,268
3,557
119,035
-
-
-
5,000
75,665
-
80,665
(620)
-
(968)
(7,926)
(137,996)
-
(147,510)
-
-
-
-
-
-
-
3,599
7,800
782
12,515
23,937
3,557
52,190
EETPU Centenary Fund
Willie Booth Fund
Midland Development Work
South East Development Work
Freedom in the Air
ILX
MTS Joint Fund		 Balance
1.4.2022
£
Income
£
Expenditure
£
Transfer
£
Balance
31.3.23
£
10,446
4,219
7,800
2,000
17,562
80,288
3,557
-
-
-
-
5,000
93,000
-
(288)
-
-
(250)
(7,121)
(87,020)
-
(10,158)
-
-
-
-
-
-
-
4,219
7,800
1,750
15,441
86,268
3,557
125,872
98,000
(94,679)
(10,158)
119,035

25

Phab Limited Notes to the financial statements for the year ended 31 March 2024

12 Restricted Funds (continued)

EETPU Centenary Fund is now a dormant fund, with the last surviving member retiring on 26 October 2023. The fund was used to provide grants to private individuals and organisations with electrical trade union connections to assist disabled young people. The final decision was to transfer the remaining funds to Phab Ltd, in accordance with the funds governing document.

The Willie Booth Fund was set up by a transfer agreed by the Trustees, in anticipation of gifts in memory of a former vice president, who died in June 2009. The aim of the fund was to buy a minibus, initially for use by the Phab club at Westminster School. The trustees and the school have now agreed that it can be used for providing transport bursaries to enable disabled people to travel to special events.

Midland Development Work supporting Phab Clubs in the Birmingham and West Midlands area, organising regional events to bring Phab Clubs together, and promoting Phab Clubs, Projects and wheelchair accessible holiday homes to Club members and people with disabilities locally.

South East Development Work supporting Phab Clubs in the South East, organising regional events to bring Phab Clubs together, and promoting Phab Clubs, Projects and wheelchair accessible holiday homes to Club members and people with disabilities locally.

Freedom in the Air is an opportunity funded by the Florian Charitable Trust for a young person with disabilities to undertake a National Private Pilot’s Licence Scholarship.

ILX represents grants and donations toward Phab’s Inclusive Living Experience (ILX) Residential Projects Programme.

MTS Joint Fund represents a partnership between Merchant Taylors’ School and Phab to promote volunteering by young people who are at school or at university and the development of new Phab Clubs led by young people.

13 Designated funds
Former club funds
Holiday units
Former club funds
Holiday units		 Balance
1.4.2023
£
Income
£
Expenditure
£
Transfer
£
Balance
31.3.24
£
34,862
23,632
21,680
-
-
(5,906)
(56,542)
-
-
17,726
58,494
21,680
(5,906)
(56,542)
17,726
Balance
1.4.2022
£
Income
£
Expenditure
£
Transfer
£
Balance
31.3.23
£
29,538
24,704
-
-
(5,906)
10,158
-
34,862
23,632
29,538
24,704
(5,906)
10,158
58,494

The former club funds represent funds that have been earmarked for regions where the clubs in the region have since closed down. During the year, these funds were transferred back to Unrestricted Funds to cover branding and website costs for the Phab clubs. The holiday unit fund was set up to represent the purchase price of the leasehold holiday units at Waterside Park. The cost is shown in note 8 above. Amortisation is set against the original balance of the fund.

26

Phab Limited Notes to the financial statements for the year ended 31 March 2024

14 Connected Charities

Phab provides support and services to a network of around 120 independent Phab Clubs and county and regional organisations.

15 Contingent Liabilities

The company is party to a guarantee in favour of the National Westminster Bank plc in respect of borrowings by the company and its subsidiary Phab UK Enterprises Limited. At 31 March 2024 these borrowings stood at £Nil (2023 - £Nil).

16 Analysis of net assets between fund balances

At 31st March At 31st March 2024 2024 At 31st March 2023 31st March 2023
Unrestricted Restricted Unrestricted Restricted
Funds Funds Total Funds Funds Total
£ £ £ £ £ £
Fixed assets 386,334 - 386,334 387,972 - 387,972
Cash at bank and in hand 110,213 52,190 162,403 130,622 119,035 249,657
Other net current assets 87,772 - 87,772 145,439 145,439
Provisions (2,605) - (2,605) (5,470) - (5,470)
581,714 52,190 633,904 658,563 119,035
 777,598

17 Transactions with Trustees and Related Parties

No trustee received any emoluments (2023: nil). Expenses reimbursed to NIL trustees during the year (2023: £NIL to 0 trustees).

Members of the close family of the key management personnel received salary of £NIL (2023: £NIL), employer’s pension contributions of £NIL (2023: £NIL) and were paid £NIL (2023: £20) for IT support. This figure includes the supply of materials.

18 Pension Scheme

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a ‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

Deficit contributions from 1 April 2022 to 31 January 2025: £3,312,000 per annum payable monthly.

27

Phab Limited Notes to the financial statements for the year ended 31 March 2024

18 Pension Scheme (continued)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions from 1 April 2019 to 30 September 2025: £11,243,000 per annum payable monthly and increasing by 3% each on 1st April.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Provision brought forward
Payments made in the year
Adjustment to liability from change in discount rate and contributions due
Provision carried forward		 £
5,470
(3,126)
261
2,605

Rate of discount for the year ended 31 March 2024: 5.31% per annum Rate of discount for the year ended 31 March 2023: 5.52% per annum Rate of discount for the year ended 31 March 2022: 2.35% per annum

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Contributions made to the ongoing scheme were £3,126 (2023: £3,126).

19 Post balance sheet events

After the year end, the freehold property in tangible fixed assets and fixed assets investments was sold.

Net sale proceeds of £556,052 were realised, compared to the carrying value of the property at the year end of £366,790.

After the year end Phab received a gift of £220,000 from the Edward Gostling Foundation, to establish an Endowment Fund which can be used for general purposes after five years.

28

Building an inclusive world

Company Registered address: 5 Robin Hood Lane, Sutton, Surrey, SM1 2SW