# **Building an inclusive world** 

**Trustees’ Annual Report & Financial Statements year ended 31st March 2025** Phab Limited(A company limited by guarantee) Registered Company No. 1598587  Registered Charity No. 283931 



## **Families:** 

“Joey has made so many incredible friends. He has been able to participate in every activity. His communication has come on in leaps and bounds and has been listening to all his new friends. He has also been more independent at times.  Its been wonderful to do something together as a family whilst receiving such amazing support from the Phab staff and volunteers.” 

“ Phab has given us opportunities that cannot be repeated day to day and we have done activities we never thought possible.” 

“ I learned a lot of new skills here, like staying calm. I loved doing the Phab adventure and met new friends.” 

“My time here at Bendrigg as a volunteer has exposed me to various inclusive practices and adaptations. The skills I’ve learned will allow me to better support my local Phab club, where I also volunteer.” – Josh 

“ I have been asked about it in job interviews, and I have had positive feedback from potential employers who have shown genuine interest in the skills and motivation I have demonstrated.” – William 

## **Volunteers:** 

“ Volunteering has increased my confidence, reduced my anxiety and generally made me feel happy. Also built good friendships with other volunteers.” 

“ 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.” 

## **Participants:** 

“ The place is really nice and I feel safe here, Make friends. I loved the rowing boats and cycling and learning skills for archery.” 


“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 have never worked with disabled people before, and through my experience with Phab I have learned effective communication, and leadership skills” - Matthew 

“I used my Phab volunteering on a recent HLTA (teaching assistant) application and I got the job!” – Amy 

**760 children, young people and adults participated in Phab Adventure projects in 2024.** 

**93.4% of core beneficiary respondents reported improvements in their confidence and self-esteem** 

**98.9% have said that they have made new friends** 

**86.8% have expressed feeling more independent** 

**87.9% now find physical activity more enjoyable** 

**92.6% of non-disabled PAs/Carers/Family members have reported an increased understanding of disability inclusion.** 




## **CONTENTS** 

Message from the Chair 1 Message from the Co-CEOs 2 Trustees’ Report 3-6 Financial Review 7-8 Statement of Trustees Responsibilities 9 Legal and Administrative information 10-11 External Audit Report 12-13 Financial Statements and Notes to accounts 14-27 




## **Message from the Chair Julia Giles MBE** 

This year has been a great year of expansion for Phab. It has been fantastic to see the rebrand come into its own with the brand being taken up across clubs and rolled out at challenge events such as the London Landmarks and London Marathon. 

Under the leadership of our co-CEOs we have built on the foundations set in the previous year. We have taken the opportunity to expand our programme of Adventures and events. It is exciting to see the increase in the number of clubs and groups affiliating to Phab – joining us in our ambition for inclusion. This expansion has been supported by our endeavours to diversify income sources, which was boosted by a successful application to the National Lottery leading to the ‘Together we are Phab’ programme. Phab Access Consultancy and Training continues to grow, most notably working with ATG Entertainments at the Savoy Theatre, Euan’s Guide and Chilterns National Landscapes. 

The sale of Summit House, our previous headquarters building, has enabled us to achieve a key part of our strategy to create a working environment that is fit for a diverse workforce considering accessibility, remote working and flexibility. This has included hubs in the north and south and home working. 



I would like to thank our Trustees for their continued support, particularly during a challenging time regarding the exit from Summit House. My thanks go to Nick Maloney, our Treasurer and Vice-chair, who completed the 190-mile Wainwright’s coast-to-coast walk to raise money for Phab. It has been so good to see the Board coming together with the leadership team to create our Strategy, which launched in May 2025. 

The key aims are: 

1. Be a national leader of change 

2. Strengthen the network of clubs and opportunities 

3. Increase public awareness 

4. Deepen engagement with stakeholders 

5. Ensure sustainability as a national charity 

This strategy will be rolled out next year and will steer our organisation into the next decade, on our mission to build an inclusive world where everyone is valued and belongs. 

We once again held a wonderful afternoon reception at the House of Lords for our award winners and supporters. This included the launch of the Phab Idea award which was sponsored by our brand partners at ODA. We were able to thank Anita Dobson for all her support as our President as she handed over the presidency to Baroness Jane Campbell, who hosted the event for us. 

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## **Message from the Co-CEOs Mik Scarlet and Dawn Vickers** 

## **Mik says:** 

Once again, I am so proud of another successful year at Phab. 

Phab had been so important to me growing up as a disabled youngster, and after years of being a supporter, to be able to apply my years of experience in the media, consulting and campaigning to the future of Phab has been amazing. I cannot thank Dawn enough, for her support and giving me the space to focus on developing Phab ACTS. 

Phab ACTS is a key service that aims to create an income stream for Phab to continue our work, while also supporting young disabled people into the Access and Inclusion industry.  We are now working on creating a sustainable model, where the team will eventually take over the running of ACTS  and support another intake of young disabled people into the industry. This will make Phab ACTS a sector leader in supporting young disabled people into work while creating a legacy of change and inclusion. 


In the year we’ve been operating  we have landed several major clients: ATG Entertainments, who we are assisting to make The Savoy Theatre more accessible; Chilterns National Landscape, who we are creating a series of access guides in print, audio and video;  Euan’s Guide, the longest running access information and review website where I am acting as Access and Inclusion Director on a project in association with Motability. Alongside this, I have travelled the UK delivering Disability Equality and Inclusive Service training to business, government and the third sector as well as schools and Phab Clubs. 

## **Dawn says:** 

2024 has been an unforgettable year of connection, celebration and adventure across the Phab community! 

Celebrating the success of a new 3-year grant from The National Lottery Community Fund in April, we began a new project “Together We Are Phab” with Phab Adventures residential weekends at Avon Tyrrell and Bendrigg Lodge a key focus —come rain or shine, the energy was unstoppable. We launched our first ever Phab Farm Adventure Day in at The Children’s Animal Farm in Cheshire, bringing together 70+ people for outdoor fun. We continued our exciting Flying Days with Freedom In The Air and  held our first inclusive Snow Day in partnership with Disability Snowsport UK in Manchester. 

Innovation took centre stage in March with the launch of “A Phab Idea” Award in partnership with Our Design Agency—congratulations to the brilliant Phabulous Café team, our inaugural winners! 

April brought marathon magic as hundreds of runners joined Team Phab for the London Marathon. We are so grateful to every supporter and donor—your dedication keeps our mission alive. 

In June, we marked South Holland (Spalding) Phab Club’s 40th anniversary in style and we hosted our first ever Phab Fest at Parallel Windsor—a joyful day of music, movement and community spirit despite the summer downpours! 

We ended 2024 on a high at our Phab Fun Weekend in Bournemouth—bringing a year of inclusion, laughter, progress and partnership to a perfect close. 

I’d like to personally thank Co-CEO Mik Scarlet, who’s energy, passion and dedication to ending barriers for all disabled people drives Phab’s mission and vision to build an inclusive world. I would also like to thank everyone in the Phab Team, our Trustees, our volunteers and our wider supporters.  Every individual plays a vital role in the  Phab Family. 

## **Together, we are Phab!** 

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**Phab Limited Year ended 31 March 2025 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 2025. 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. 

Phab Adventure Projects can be independently run as camps, operate in schools or universities, or organised centrally by Phab. The participants in Phab Adventure 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 Phab Adventures 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 Phab Adventure projects, which are in turn measured by the impact on participants and the community around it. Phab Ltd provides support for clubs and Phab Adventure projects to operate inclusively on equal terms for disabled and non-disabled 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 grow the network of clubs and Phab Adventure projects across the regions. 

- 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 10 & 11. 

## **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** 

**The Care** All operational staff are certificated by **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 Phab Adventure 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. 

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**Phab Limited Year ended 31 March 2025 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: 

- nature of the role and responsibilities 

- competitor salaries in the region 

- the sector average salary for comparable positions 

- trends in pay 

## **Review of Activities** 

## **Supporting Phab Clubs and Groups across England and Wales** 

Support for 100 Phab Clubs with 7,000 members Phab Clubs continued, with the addition of 4 new Phab Clubs starting up in Southport, Doncaster, Ebbw Vale and Worthing. 

We hosted a Phab Fun Weekend in November 2024 at the Marsham Court Hotel in Bournemouth, which was attended by members of various Phab Clubs in the South-East.  The feedback was positive and demonstrated a high demand for adults to meet and have a fun weekend away with friends in an accessible environment. 

North Kent Phab Club hosted the virtual awards in January 2025. 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 **Phab** for inclusion, affiliating them to the **Community Network.** In 2024/25, Phab gained 21 new members who are inclusive community organisation that share our values, based across England and Wales. 

## **Accessible Holiday Homes** 

Phab was no longer able to support our holiday home in Weymouth which was too old to remain on the campsite and was decommissioned in 2024.  We took the decision not to replace it with a new holiday home. Instead, Phab teamed up with Holistic Thinking Holidays (www.holisticthinkingholidays.co.uk) to provide accessible and inclusive holiday accommodation across the UK.  Accommodation is sited on holiday parks catering for families of all ages in Norfolk, Somerset, Lincolnshire, North Wales, West Sussex, Cornwall, Dorset, Yorkshire and Northumberland, giving Phab members more choice. 

**Phab Adventure Days and Holidays (Projects)** Every year disabled and non-disabled children, young people and adults have a wonderful time away with Phab on our exciting and challenging inclusive Adventure Residential Projects. 

In April 2024, Phab successfully secured a grant from The National Lottery Reaching Communities Fund, to deliver a three-year project called “Together We Are Phab” (TWAP).  The project aims to expand our delivery of both residential and day Adventures, in collaboration with partners who share our values.  These partners include Bendrigg Lodge, Avon Tyrell Outdoor Centre, Freedom in the Air, Disability Snowsport UK and The Children’s Adventure Farm Cheshire. 

The project outcomes also include creating pathways for disabled people into volunteering, work and/or education.  TWAP is underpinned by The Social Model of Disability and aims to create sustainable opportunities for disabled children, young people and adults via a partnership network of inclusive organisations who share our values and mission to create an inclusive world. 

In 2024/25, Phab’s programme of Adventure residential projects was run at Bendrigg Lodge and Avon Tyrell, together with a programme of day Adventures including Flying Days in Manchester and Surrey, a Snow Day in Manchester and a Farm Day in Cheshire. 

As part of our residential Adventures for children and young people, 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. 

Phab worked with Chums UK to organise a residential weekend at Bendrigg Lodge for young carers from Luton.  We are very grateful to the Gerald Leigh Trust for their grant to enable this project to happen. 

Once again, Phab organised and supported Leeds Phab Club to bring their adult members to Bendrigg Lodge in both Summer 2024 and Easter 2025, along with other adults in a mixed group residential, including members of Doncaster Phab Club. 

Leeds Phab Club had previously organised their own annual break and this was the second time they had reached out to Phab Ltd to run a residential in collaboration, following the great success of the previous year’s residential at Bendrigg Lodge. 

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**Phab Limited Year ended 31 March 2025 Trustees’ Report** 

Similarly, Phab supported Doncaster Phab Club to organise their club’s weekend residential at Bendrigg Lodge in March 2025. 

Phab aim to support more Phab Clubs to do this each year and use the example of how we worked with Leeds and Doncaster as a blueprint for other clubs. 

## **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. 

## **Our key priorities for the future** 

Phab’s new **Strategy for 2025 to 2030** was launched in May 2025 and includes the following statements that underpin Phab’s vision for the future. 

## **Our Vision** 

A world where everyone is included, and barriers to participation are removed. 

## **Our Mission** 

We build a world where everyone is valued and belongs. 

## **Key Themes** 

## **Learn – Growing Together** 

We would like to thank the Edward Gostling Charitable Trust, the Gerlad Leigh Charitable Trust, the Garfield Weston Foundation, and The National Lottery Community Fund for supporting Phab with grants in 2024. 

By learning from each other, we create a more inclusive world. At Phab, we develop important life skills like problem-solving, creativity, and adaptability. We welcome new ideas and embrace change to help everyone thrive. 

Phab has worked very closely with all fundraisers who took part in the mass participation events including the TCS London Marathon, Royal Parks Half Marathon and Parallel Windsor 2024. Phab worked closely with Run For Charity in 2024/25 to offer a wider range of Challenge Events. 

## **Thrive – Achieve Your Dreams** 

Everyone should have the chance to follow their dreams. We create spaces where people feel supported and can explore new opportunities. We help build confidence, spark inspiration, and create smiles! 

We continue giving on-going personal support using social media, zoom/MS Teams meetings and individual conversations with all our fundraisers to build successful relationships and enable them to maximise sponsorship. 

## **Belong – Stronger Together** 

When everyone feels like they belong, communities are stronger. We celebrate individuality and create spaces for friendship and connection. Through positive social experiences, we help people feel confident and valued. 


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**Phab Limited Year ended 31 March 2025 Trustees’ Report** 

**Our Strategic Goals for 2025 to 2030** 

## **1. Lead the Way in Inclusion** 

- Promote co-production (working together as equals). 

- Be recognised nationally for our training and consultancy. 

- Encourage allies to stand up for inclusion. 

## **4. Engage Our Supporters** 

   - Encourage clubs to fully embrace Phab’s brand and values. 

   - Recognise and celebrate our amazing volunteers. 

   - Strengthen connections with our event supporters and volunteers. 

- Promote the social model of disability. 

## **5. Secure Our Future as a National Charity** 

## **2. Strengthen Our Clubs and Opportunities** 

- Support new and existing clubs and create regional staff roles. 

- Develop a network of Mini Phab Clubs. 

- Help clubs provide residential experiences and celebrate achievements. 

- Set high standards for inclusion across all clubs. 

   - Provide high-quality training for staff and trustees. 

   - Build diverse and inclusive teams. 

   - Strengthen leadership and plan for the future. 

   - Ensure strong governance and compliance. 

   - Grow and diversify our income to keep Phab thriving. 

- Increase national and regional events for clubs. 

- Build partnerships with schools, colleges, and universities. 

- Improve online club registration and data processes. 

## **Together, we are creating a more inclusive world—one where everyone has the chance to learn, thrive, and belong!** 

## **3. Raise Awareness of Inclusion** 

- Improve our online and social media presence. 

- Create an ambassador programme to share Phab’s impact. 

- Work with celebrities and influencers to spread our message. 

- Build public support through campaigns. 

- Engage businesses through training and consultancy. 


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**Phab Limited Year ended 31 March 2025 Financial Review** 

## **Financial Review - Results for the Year** 

The total income for the year amounted to £1,450,310 (2024: £731,028) against expenditure of £965,386 (2024: £879,748). Including a revaluation gain of £NIL (2024: £5,026) in investment property, this has resulted in an increase in total funds of £484,924 (2024: £143,694 reduction). 

Accumulated funds as at 31st March 2025 amounted to £1,118,828 (2024: £633,904). The income and expenditure figures remain in balance after the first six months post balance sheet date. 

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. 

## **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. 

## **Grant Making** 

No grants are awarded from the general fund to individuals or outside organisations. The central committees consider applications from Phab 

The attached financial statements show that the charity has restricted reserves of £94,341 (2024: 52,190), designated reserves of £593,920 (2024: £17,726) endowment fund of £226,050 (2024: NIL)and unrestricted free reserves of £202,289 (2024: £177,654) (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.  The proceeds from the sale of Summit House, have been designated, however the interest received on the invested amount is unrestricted and is being used to cover costs of working remotely. There are no reserves held in the subsidiary company. 


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**Phab Limited Year ended 31 March 2025 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: 

- loss of key staff 

- abuse of vulnerable persons 

- IT Systems failure 

- data breach 

- change of relationship with fundraisers leading to a fall in income 

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. 

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**Phab Limited Year ended 31 March 2025 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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any 

material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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. 

## Disclosure of information to Auditors 

To the best of the knowledge and belief of the directors, there is no relevant information that the company’s auditors are not aware of, and the directors have taken all the steps necessary to ensure that the directors are aware of any relevant information, and to establish that the company’s auditors are aware of the information. 

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** 



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Date: 21 October 2025<br>**----- End of picture text -----**<br>


Date: 

Date: 21 October 2025 Date: 

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**Phab Limited Year ended 31 March 2025 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 (Resigned 20/11/24) Baroness Jane Campbell (Appointed 20/11/24) 

## **Board of Trustees** 

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

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. 

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**Phab Limited Year ended 31 March 2025 Legal and Administrative Information** 

## **Executive  Committee** 

Julia Giles MBE Nicholas Maloney Dawn Vickers* Michael Wallace* 

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:** 

**Auditor:** Xeinadin Audit Ltd, 5 Robin Hood Lane, Sutton, Surrey SM1 2SW **Bankers:** CAF Bank Limited, Kings Hill, West Malling, Kent ME19 4TA **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 

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**Independent Auditor’s report to the members of Phab Limited** 

## **Opinion** 

We have audited the financial statements of Phab Limited Charity (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of our audit: 

- the information given in the Trustees’ Report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included with the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006  requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

12 



Independent Auditorfs report to the members ol Phab Limited
the trustees werè not entitled to prepore the tinoncial stotements in QCCOTdonce with the small cotnpaniès
regime ond toke advantoge ol the smoll componies exempiions in preparing the trust8ès' report and Iiom the
requiremènt to prepare a strategic reporL
Resp¢nslbilitl•* of Irust•
AS explained morè fully in the tru5taès' responsibilitiès statemenL the trustees, (who ore olso tho dirèctors ol
thg Chariroble company lor rhe purp05ès ol compony lawl afe responsible lor the preporotion of the linanciol
statements and lor being 50tish.ed that they give o true an¢ foir vièw. ond tof such internal control as the truste8s
datermine is neeèssory to enable the proporation ol th"nanc¢al statements that ole free from motèrial misstotemenl
wheth6r due to froud or error.
In preparing the linaneiol statements, the trustees ore responsible lor ossessing th* ¢haiitWs obility to continug as
0 going ¢on¢0rrn. disclosin9, os applicable, mottars related to goin9 ¢oncern and using tho 90irng concern basis ol
occounting unless thè trustees either intènd to liquidote thg compony or to cgose operations, or hov8 no reolistic
oltarnative but to do so.
Audlt•rf• r•Jpon•lbllltl•sforth• audltofih• Ilnan¢lal #tot•m•nt•
Our objectivas are to obtain r8asonoble o5surance obout whether the linoncial stotemants as a Mthole ore Irea from
motèrial misStotomenL whether dua to fraud or error, and to issue un ouditors report thot includès our opinion.
Reasonable assuroncg is o high level ol assurance, but is not o g¢Jarantee that on oudit conducted in accordance
with ISAS (UK) will always dètect o material misstatement when it exisis. Misstatements ¢on orise trom fraud or error
ond are considèrad material it, individuolly or in thé aggregote. they could raosonobly bg eX￿etad to influence the
conomic decisions ol users token on tha basis ol thesè h"nancial stotemenls.
Thè èxièni to wtri¢h our procedures ara copoble of det*cting irregularitie$. in¢luding Ifoud is d6toiled bg10w'.
Bosèd on our undèrsionding ol the ehority. we idenlifiod that the princi￿1 ri$ks ol non-complioncè with lows and
regulations related to employment, tinaneiol reporting legi51ation ond safeguording regulotions ond we considarad
the extent t¢ wh>ch non-complionce might hove a matarial effect on Iho ftnanciol statgments. Wa also considered
tho$0 laws and regulations that hove o direct impoct on the preporation of the fi'nancial stotement$ $u¢h as tho
Componiès Act 2006.
We Ossgssad the susceptibility of the companys tinanciol stotements to moteriol misstatemont, including obtoining
an understundin9 01 how troud might occui, by moking enquiries of monagement considerin9 the inrernal controls
in placo ond discussion omongst th¢ engagement team.
Wa det8rmined that the principol ri$ks were rolated to.. recognition ol income IN thg correct accounting pgrlod,
pre50ntotion ol seporotaly disclosed it¥m$ ond monagement ovorride ol controls.
In rèsponse to the ¥l$ks identitied we designed procedur*s which includeLI but ￿ra not limited to, rovi8wing gront
documentatlon. agreeing h"nancial statement disckjsures to undèftying supportin9 do¢umontation, identitying ond
tosting journol entries, reviewing 8oard and sutr¢ommittee meeting minutes, and evaluating the company's
int$rnol controls.
Th$rè ara inherent limitations in the audit procedures described abov8. The more rèmoved that laws and
regulations ore from tinoncial tronsactions, the lass likely it is that we would become oworo of non-compliance.
Maleriol missiotaments thot arisè due to froud con be harder io detect thon those that arise from airor os they moy
involve deliberatè concealment or collusion.
A further description ol our responsibilitiès lor the audit of thè hnonciol stotements is located on the Finon¢iol
Reporting Council's website ot-. http.'IlwNyw.Irc.org.uklauditor5responsibilities. This description forms part of our
auditor's report
Oth•r Matt•rs
The linol statemenls lor the year ended 31 March 2024 were not audited
u*•al our r•port
This report is made solety to thg charitable compan*s members, os o body, in accofdance with Chapt8r 3 of Part16
of tme Componies Acr 2006 and regulations mode under thar Act. Our oudit work has been undertok8n so rhot we
might state to the choritoblè compony's members those matters we ore required to sttste to them in an auditors.
report ond lor no other purpose. To the fullest extènt permitted by law, we do not occept or ossumo responsibility to
anyone other thon the chaTltabS8 compony ond its mèmbers as a body. tor our audit worl for this repo¢ or lor the
opinions we have formed.
Miriom Hlckson FCA {S•nlor Statutory Audltor)
for ond on beholf of Xeinodirn Audit Ltd Slatutory Auditor
Chtsrt•r8d Accountants
5 Robin Hood Lana, Sutton, Surrey SMI 2SW
Doted. 12 Nove¥Mk￿rf 7ozS
13

## **Phab Limited** 

## **Statement of Financial Activities for the year ended 31 March 2025 Including the Income and Expenditure account** 

|**Income from:**<br>Donations and legacies<br>Other trading activities<br>Investments<br>Charitable activities<br>Other income<br>**Total income**<br>**3**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>**Total expenditure**<br>**4**<br>Net gain/(loss)<br>on investments<br> **9**<br>**Net income/(expenditure)**<br>Transfers between funds**12**<br>**Net movement in funds**<br>**Reconciliation of funds**<br>At 1 April 2024<br>At 31 March 2025<br>**NOTE**<br>|**Total**<br>**2024**<br>**£**<br>**Restricted**<br>**Funds**<br>**2025**<br>**£**<br>**129,588**<br>**-**<br>**-**<br>**5,000**<br>**Total**<br>**2025**<br>**£**<br>**1,035,525**<br>**65,763**<br>**28,372**<br>**78,521**<br>**242,129**<br>**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>584,807<br>4,393<br>3,253<br>55,504<br>2,406<br>**Restricted**<br>**Funds**<br>**2024**<br>**£**<br>75,665<br>-<br>-<br>5,000<br>-<br>660,472<br>4,393<br>3,253<br>60,504<br>2,406<br>**Unrestricted**<br>**Funds**<br>**2025**<br>**£**<br>**685,937**<br>**65,763**<br>**22,322**<br>**73,521**<br>**242,129**<br>**Endowment**<br>**Funds**<br>**2025**<br>**£**<br>**220,000**<br>**-**<br>**6,050**<br>**-**<br>**-**|
|---|---|
||**134,588**<br>**1,450,310**<br>650,363<br>80,665<br>731,028<br>**1,089,672**<br>**226,050**|
||**-**<br>**92,437**<br>**330,663**<br>**634,723**<br>302,111<br>430,127<br>-<br>147,510<br>302,111<br>577,637<br>**330,663**<br>**542,286**<br>**-**<br>**-**|
||**92,437**<br>**-**<br>**42,151**<br>**-**<br>**965,386**<br>**-**<br>**484,924**<br>-<br>732,238<br>5,026<br>(76,849)<br>-<br>147,510<br>-<br>(66,845)<br>-<br>879,748<br>5,026<br>(143,694)<br>-<br>**872,949**<br>**-**<br>**216,723**<br>**-**<br>**-**<br>**-**<br>**226,050**<br>**-**|
||**42,151**<br>**52,190**<br>**484,924**<br>**633,904**<br>(76,849)<br>658,563<br>(66,845)<br>119,035<br>(143,694)<br>777,598<br>**216,723**<br>**581,714**<br>**226,050**<br>**-**|
||**94,341**<br>**1,118,828**<br>581,714<br>52,190<br>633,904<br>**798,437**<br>**226,050**|



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


The notes on pages 17-27 form part of these accounts. 



## **Phab Limited** 

## **Balance Sheet Company Number 1598587 as at 31 March 2025** 

|**Fixed Assets**<br>Tangible assets<br>Investments<br>**Current Assets**<br>Stocks<br>Current asset investments<br>Debtors<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors falling due within one year<br>**Net Current Assets**<br>**Total assets less current liabilities**<br>Provisions for liabilities and charges<br>**Net Assets**<br>**Funds**<br>Unrestricted funds<br>Designated funds<br>Endowment funds<br>Restricted funds<br>**Total Funds**<br>**NOTE**<br>**8**<br>**9**<br>**10**<br>**11**<br>**19**<br>**14**<br>**13**<br>**12**<br>**17**|**2025**<br>**£                              £**<br>**2024**<br>**£                              £**<br>**2,128**<br>**100**<br>**2,228**<br>108,208<br>278,126<br>386,334|**2025**<br>**£                              £**<br>**2024**<br>**£                              £**<br>**2,128**<br>**100**<br>**2,228**<br>108,208<br>278,126<br>386,334|**2025**<br>**£                              £**<br>**2024**<br>**£                              £**<br>**2,128**<br>**100**<br>**2,228**<br>108,208<br>278,126<br>386,334|
|---|---|---|---|
|||**2,228**|386,334|
||**-**<br>**670,000**<br>**149,435**<br>**330,062**|-<br>16,845<br>102,809<br>162,403||
||**1,149,497**|282,057||
||**(24,752)**|**1,124,745**<br>**1,126,973**<br>**(8,145)**<br>(31,882)|250,175|
||||636,509<br>(2,605)|
|||**1,118,828**|633,904|
|||**204,517**<br>**593,920**<br>**226,050**<br>**94,341**|563,988<br>17,726<br>52,190|
|||**1,118,828**|633,904|



The accounts were prepared in accordance with the provisions available to small companies subject to the small companies regime within part 15 of the Companies Act 2006, were approved by the Board of Trustees on 21 October, 2025 and were signed on its behalf by: 

Nicholas Maloney, Treasurer Date: 21 October, 2025 

The notes on pages 17-27 form part of these accounts 

15 



## **Phab Limited Statement of Cash Flows for the year ended 31 March 2025** 

|**Cash (used in)/provided by operating activities**(i)<br>**Cash fows from investing activities**<br>Purchase of fxed assets<br>Proceeds of disposal of fxed assets<br>Proceeds of sale of investments<br>Interest income<br>Increase/(decrease) in cash and cash equivalents during the year<br>Cash and cash equivalents as at 1 April<br>Cash and cash equivalents as at 31 March|**2025**<br>**£**<br>**2024**<br>**£**|
|---|---|
||**231,225**<br>**(2,010)**<br>**285,201**<br>**278,026**<br>**28,372**<br>**589,589**<br>(163,949)<br>(1,998)<br>-<br>3,253<br>1,255|
||**820,814**<br>(162,694)<br>|
||**179,248**<br>341,942|
|||
||**1,000,062**<br>179,248|



## **(i) Reconciliation of net movement in funds to cash used in operating activities** 

|**Net movement in funds**<br>Add back depreciation charge<br>Add back (gain) on disposal of fxed asset<br>Add back loss on disposal of fxed asset<br>Deduct interest income shown in investing activities<br>Net loss/(gain) on investments<br>Decrease/(increase) in stock<br>Decrease /(increase) in debtors<br>(Decrease)/increase in creditors<br>(Decrease)/increase in provisions<br>**Net cash (used in)/provided by operating activities**|**2025**<br>**£**<br>**2024**<br>**£**<br>**484,924**<br>**1,603**<br>**(189,262)**<br>**10,548**<br>**(28,372)**<br>-<br>-<br>**(46,626)**<br>**(7,130)**<br>**5,540**<br>(143,694)<br>8,662<br>-<br>-<br>(3,253)<br>(5,026)<br>-<br>(39,004)<br>21,231<br>(2,865)|
|---|---|
||**231,225**<br>(163,949)|



16 



**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **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. 

## **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 funds from the sale of Summit House being retained for the purchase of future property (see note 14). 

Endowment Funds - These funds are held and used in accordance with the donors instructions, as set out in Note 13. 

Unrestricted Funds – Unrestricted funds are those 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** 

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. 


17 



## **Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## services are received. 

## **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 

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. 

18 



**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **3 Income** 

|**Donations and legacies**<br>Other donations<br>Legacies<br>**Other trading income**<br>This income is from the following trading activities:<br>Lottery Income<br>Affliation fees from Phab clubs<br>ACT Income<br>Other income|**2025**<br>**£**<br>**1,033,037**<br>**2,488**<br>**2024**<br>**£**<br>636,422<br>24,050|
|---|---|
||**1,035,525**<br>660,472|
||**2025**<br>**£**<br>**1,583**<br>**2,615**<br>**38,681**<br>**22,884**<br>**2024**<br>**£**<br>1938<br>2,285<br>170|
||**65,763**<br>4,393|
|||



## **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**<br>This income is from the following activities<br>Independent Living Experiences, Jubilee Sailing Trust,<br>Skills for Independence<br>Waterside Holiday Units rental<br>**Other income**<br>Income (from training)<br>Insurance Claim<br>Gain on Sale of Property used by Charity<br>Merchandising sales|**2025**<br>**£**<br>**56,832**<br>**21,689**<br>**2024**<br>**£**<br>45,260<br>15,244|
|---|---|
||**78,521**<br>60,504|
||**2025**<br>**£**<br>**52,812**<br>**189,262**<br>**55**<br>**2024**<br>**£**<br>2,406<br>-|
||**242,129**<br>2,406|
|||



Included in total income for 2024/25 were larger donations from the following supporters: 

|The National Lottery Reaching Communities Fund|£66,606|
|---|---|
|Gerald Leigh|£32,482|
|Garfeld Western|£10,000|
|Ron Hancock Foundation|£5,000|
|Charles S French|£5,000|
|Saturday Hospital Fund|£3,000|
|Tula Trust|£2,000|



19 



**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **4 Expenditure** 

|**Raising funds**<br>Marathon costs<br>Events<br>**Charitable Activities**<br>Residential projects<br> <br>Holiday units*<br>Regional and club events<br>National events<br>  <br>Club support<br> <br>**Total expenditure**<br>Support costs:<br>Apportioned to:<br>Head offce and central costs<br>Residential projects<br>Depreciation<br>Regional and club events<br>Governance (see note 5)<br>Club network support<br>National events<br>Marathon<br>Events<br>**Activities**<br>**undertaken**<br>**directly**<br>**£**<br>**Grants**<br>**£**<br>**Support**<br>**Costs**<br>**£**<br>**250,342**<br>**52,149**<br>**302,491**<br>**277,736**<br>**21,481**<br>**145,306**<br>**22,992**<br>**89,312**<br>**556,827**<br>**859,318**<br>83,207<br>1,603<br>14,105<br>98,915<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**7,153**<br>**7,153**<br>**7,153**<br>**20,438**<br>**7,734**<br>**28,172**<br>**24,548**<br>**-**<br>**21,689**<br>**6,221**<br>**18,285**<br>**70,743**<br>**98,915**|**Raising funds**<br>Marathon costs<br>Events<br>**Charitable Activities**<br>Residential projects<br> <br>Holiday units*<br>Regional and club events<br>National events<br>  <br>Club support<br> <br>**Total expenditure**<br>Support costs:<br>Apportioned to:<br>Head offce and central costs<br>Residential projects<br>Depreciation<br>Regional and club events<br>Governance (see note 5)<br>Club network support<br>National events<br>Marathon<br>Events<br>**Activities**<br>**undertaken**<br>**directly**<br>**£**<br>**Grants**<br>**£**<br>**Support**<br>**Costs**<br>**£**<br>**250,342**<br>**52,149**<br>**302,491**<br>**277,736**<br>**21,481**<br>**145,306**<br>**22,992**<br>**89,312**<br>**556,827**<br>**859,318**<br>83,207<br>1,603<br>14,105<br>98,915<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**7,153**<br>**7,153**<br>**7,153**<br>**20,438**<br>**7,734**<br>**28,172**<br>**24,548**<br>**-**<br>**21,689**<br>**6,221**<br>**18,285**<br>**70,743**<br>**98,915**|**2025**<br>**Total**<br>**£**<br>**2024**<br>**Total**<br>**£**|
|---|---|---|
||**250,342**<br>**52,149**<br>**302,491**<br>**-**<br>**-**<br>**-**<br>**20,438**<br>**7,734**<br>**28,172**|**270,780**<br>**59,883**<br>259,586<br>42,525|
|||**330,663**<br>302,111|
||<br>  <br> <br>**277,736**<br>**21,481**<br>**145,306**<br>**22,992**<br>**89,312**<br>**556,827**<br>**-**<br>**-**<br>**-**<br>**-**<br>**7,153**<br>**7,153**<br>**24,548**<br>**-**<br>**21,689**<br>**6,221**<br>**18,285**<br>**70,743**|**302,284**<br>**21,481**<br>**166,995**<br>**29,213**<br>**114,750**<br>311,491<br>16,169<br>106,780<br>30,383<br>112,814|
|||**634,723**<br>577,637|
||**859,318**<br>**7,153**<br>**98,915**|**965,386**<br>879,748|
||||
||Apportioned to:<br>Residential projects<br>Regional and club events<br>Club network support<br>National events<br>Marathon<br>Events<br>83,207<br>1,603<br>14,105<br>98,915|<br>24,548<br>21,689<br>18,285<br>6,221<br>20,438<br>7,734<br>98,915|



Grants were paid in the year to 47 Phab groups from general funds and to 2 Phab groups and 0 individual from restricted funds. 

*During the year the remaining holiday unit was sold at a loss of £10,548, which has been included in this amount. 


20 



## **Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **5 Governance costs** 

|Independent examiner remuneration<br>Auditor remuneration – Audit examination inclusive of VAT<br>Governance and professional support for trustees<br>**6 Directors, staff numbers and costs**<br>The aggregate payroll costs were as follows:<br>Wages and salaries<br>Social security costs<br>Pension contributions<br>Pension costs of defned beneft pension schemes (note 19)|**2025**<br>**£**<br>**2024**<br>**£**<br>**40**<br>**9,000**<br>**5,065**<br>4,114<br> -<br>4,405|
|---|---|
||**14,105**<br>8,519|
||**2025**<br>**£**<br>**2024**<br>**£**<br>**304,311**<br>**23,878**<br>**31,853**<br>**8,145**<br>238,480<br>18,487<br>24,719<br>261|
||**368,187**<br>281,947|
|||



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 11 (2024 – 7). 

Termination payments of £NIL (2024: £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 4 were £79,110 (2024: £79,383). 

## **7 Taxation** 

The company is exempt from tax on its charitable activities. 


21 



**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **8 Tangible Fixed Assets** 

|**Company**<br>**Cost**<br>At beginning of year<br>Additions<br>Disposals<br> <br>At end of year<br>**Depreciation and Amortisation**<br>At beginning of year<br>Charge for year<br>Released on disposal<br>At end of year<br>Net Book Value<br>At 31st March 2025<br>At 31st March 2024|**Freehold**<br>**Property***<br>**£**<br>**Leashold**<br>**Property**<br>**£**<br>**Offce**<br>**Equipment**<br>**£**<br>**Computer**<br>**Equipment**<br>**£**<br>**TOTAL**<br>**£**|
|---|---|
||**144,456**<br>**-**<br>**144,456**<br>**59,062**<br>**-**<br>**59,062**<br>**5,646**<br>**-**<br>**-**<br>**8,500**<br>**2,010**<br>**-**<br>**217,664**<br>**2,010**<br>**203,518**|
||**-**<br>**-**<br>**5,646**<br>**10,510**<br>**16,156**|
||**55,692**<br>**-**<br>**55,692**<br>**41,339**<br>**-**<br>**41,339**<br>**5,646**<br>**-**<br>**-**<br>**6,779**<br>**1,603**<br>**-**<br>**109,456**<br>**1,603**<br>**97,031**|
||**-**<br>**-**<br>**5,646**<br>**8,382**<br>**14,028**|
||**-**<br>**-**<br>**-**<br>**-**<br>**2,128**<br>**2,128**|
||88,764<br>17,723<br>-<br>1,721<br>108,208|
|||



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

|**9  Fixed Asset Investments**<br>Shares in subsidiary undertaking at cost<br>Investment property|**2024**<br>**£**<br>**2025**<br>**£**|
|---|---|
||**100**<br>**-**<br>100<br>278,026|
||**100**<br>278,126|
|||



## **Investment property** 

The investment property comprised of the ground floor of Summit House, 50 Wandle Rd, Croydon CR0 1DF.  This property was sold on 30 May 2024 at the value shown as at 31 March 2024. 

## **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. 

22 



## **Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

|**10 Debtors**<br>Prepayments<br>Other debtors|**2025**<br>**£**<br>**2024**<br>**£**<br>**46,680**<br>**102,755**<br>18,833<br>83,976|
|---|---|
||**149,435**<br>102,809|
|||



## **11 Creditors: Amounts falling due within one year** 

|**11 Creditors: Amounts falling due within one year**<br>Trade creditors<br>Accruals and deferred income<br>Taxation and social security|**2025**<br>**£**<br>**2024**<br>**£**<br>**-**<br>**18,640**<br>**6,112**<br>-<br>26,176<br>5,706|
|---|---|
||**24,752**<br>31,882|
|||



## **12 Restricted Funds** 

|**12 Restricted Funds**||
|---|---|
|Willie Booth Fund<br>Midland Development Work<br>South East Development Work<br>Freedom in the Air<br>ILX<br>MTS Joint Fund<br>National Lottery Reaching Communities<br>Fund<br>Willie Booth Fund<br>Midland Development Work<br>South East Development Work<br>Freedom in the Air<br>ILX<br>MTS Joint Fund|**Balance**<br>**1.4.2024**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfer**<br>**£**<br>**Balance**<br>**31.3.25**<br>**£**<br>3,599<br>7,800<br>782<br>12,515<br>23,937<br>3,557<br>-<br>52,190<br>-<br>-<br>-<br>5,000<br>59,982<br>-<br>69,606<br>134,588<br>-<br>-<br>(325)<br>(6,721)<br>(23,937)<br>(325)<br>(61,129)<br>(92,437)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,599<br>7,800<br>457<br>10,794<br>59,982<br>3,232<br>8,477<br>94,341|
||**Balance**<br>**1.4.2023**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfer**<br>**£**<br>**Balance**<br>**31.3.24**<br>**£**|
||4,219<br>7,800<br>1,750<br>15,441<br>86,268<br>3,557<br>-<br>-<br>-<br>5,000<br>75,665<br>-<br>(620)<br>-<br>(968)<br>(7,926)<br>(137,996)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,599<br>7,800<br>782<br>12,515<br>23,937<br>3,557|
||119,035<br>80,665<br>(147,510)<br>-<br>52,190|
|||



23 



**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **12 Restricted Funds (continued)** 

The **Willie Booth Fund** was set up 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. 

**National Lottery Reaching Communities Fund** , is a three-year project called “Together We Are Phab” (TWAP). The project aims to expand our delivery of both residential and day Adventures, in collaboration with partners who share our values. The project outcomes also include creating pathways for disabled people into volunteering, work and/or education. Underpinned by The Social Model of Disability it aims to create sustainable opportunities for disabled children, young people and adults via a partnership network of inclusive organisations who share our values and mission to create an inclusive world. 

## **13 Endowment** 

||**Income**|**Interest**|**Expenditure**|**Transfers**|**Balance**|
|---|---|---|---|---|---|
||**14.8.2024**|**Income**|**£**|**£**|**31.3.25**|
||**£**|**£**|||**£**|
|The Edward Gostling Fund<br>|220,000|6,050|<br>-<br>|-|226,050|



Phab is required to hold the Endowment on trust and use the income and the proportion of the capital that is made available for expenditure for the following purposes. For a period of five years, the Endowment is available to meet operating costs which support the charitable activities and can be accessed in any accounting year, limited to the amount by which total annual expenditure would otherwise cause the total funds carried forward less tangible fixed assets to be less than 6 months charitable expenditure and if the reserves are lower than 6 months charitable expenditure at the end of the accounting year, an immediate transfer from the income and capital of the Endowment to its reserves sufficient funds to bring its reserves up to this level. 

On the fifth anniversary, the income and the remaining capital of the Endowment can be used for any purpose that furthers the charitable objects. 

24 



## **Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

|**14 Designated funds**<br>Former club funds<br>Holiday units<br>From property sale<br>Former club funds<br>Holiday units|**Balance**<br>**1.4.2024**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Balance**<br>**31.3.25**<br>**£**|
|---|---|
||-<br>17,726<br>43,920<br>-<br>550,000<br>-<br>-<br>-<br>-<br>(17,726)<br>43,920<br>-<br>550,000|
||17,726<br>593,920<br>-<br>(17,726)<br>593,920|
|||
||34,862<br>23,632<br>21,680<br>-<br>-<br>(5,906)<br>(56,542)<br>-<br>-<br>17,726<br>**Balance**<br>**1.4.2023**<br>**£**<br>**Income**<br>**£**<br>**Expenditure**<br>**£**<br>**Transfers**<br>**£**<br>**Balance**<br>**31.3.24**<br>**£**|
||58,494<br>21,680<br>(5,906)<br>(56,542)<br>17,726|
|||



The former club funds represent funds that have been earmarked for regions where the clubs in the region have since closed down.  The holiday unit fund was set up to represent the purchase price of the leasehold holiday units at Waterside Park.  The cost shown in note 8 above.  Amortisation was set against the original balance of the fund, the remaining holiday unit was sold in this accounting year at a loss of £10,548.  The Trustees have agreed to designate £550,000 from the sale of Summit House, for securing future office space for the continuing operation of the charity. 

## **15 Connected Charities** 

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

## **16 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 2025 these borrowings stood at £Nil (2024 - £Nil). 

## **17 Analysis of net assets between fund balances** 

||**At**|**31st March**|**2025**||**At 31st March 2024**|**At 31st March 2024**||
|---|---|---|---|---|---|---|---|
||**Unrestricted**<br>**Funds**<br>**£**|**Restricted**<br>**Funds**<br>**£**|**Endowment**<br>**Funds**<br>**£**|**Total**<br>**£**|**Unrestricted**<br>**Funds**<br>**£**|**Restricted**<br>**Funds**<br>**£**|**Total**<br>**£**|
|Fixed assets|**2,228**|**-**||**2,228**|386,334|-|386,334|
|Cash at bank in hand|**320,721**|**94,341**||**415,062**|110,213|52,190|162,403|
|Other net current assets||||||||
|Provisions|**483,633**||**226,050**|**709,683**|87,772||87,772|
||**(8,145)**|**-**||**(8,145)**|<br>(2,605)|-|(2,605)|
||**798,437**|**94,341**|**226,050**|**1,118,828**|581,714|52,190|633,904|
|||||||||



## 1 **8 Transactions with Trustees and Related Parties** 

No trustee received any emoluments (2024: nil). Expenses reimbursed to NIL trustees during the year (2024: £NIL to 0 trustees). These expenses were incurred for travel and expenditure on the charity’s behalf. During the year relatives of key management personnel were paid £8,170 for website services (2023: nil) 

25 



**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **19 Pension Scheme** 

The company participates in the scheme, a multi-employer scheme which provides benefits to some 521 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 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: 

## **Deficit contributions** 

From 1 April 2025 to 31 March 2028: £2,100,000 per annum  (payable monthly) 

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies. 

Note that the scheme’s previous valuation was carried out with an effective date of 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 asked the participating employers to pay additional contributions to the scheme as follows: 

## **Deficit contributions** 

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly) 

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. 



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**Phab Limited Notes to the financial statements for the year ended 31 March 2025** 

## **PRESENT VALUES OF PROVISION** 

|**31 March 2025**<br>**31 March 2024**<br>**(£s)**<br>**(£s)**<br>Present value of provision<br>8,145<br>2,605<br>**RECONCILIATION OF OPENING AND CLOSING PROVISIONS**<br>**Period Ending**<br>**31 March 2025**<br>**(£s)**<br>Provision at start of period<br>2,605<br>Unwinding of the discount factor (interest expense)                   17<br> <br>Defcit contribution paid<br>(2,605)<br>Remeasurements -<br>impact of any change in assumptions<br>52<br>Remeasurements -<br>amendments to the contribution schedule<br>8,076<br>Provision at end of period<br>8,145<br>**INCOME AND EXPENDITURE IMPACT**<br>**Period Ending**<br>**31 March 2025**<br>**(£s)**<br>Interest expense<br>17<br>Remeasurements –<br>impact of any change in assumptions<br>52<br>Remeasurements –<br>amendments to the contribution schedule<br>8,076<br> <br>Contributions paid in respect of future service<br>*<br> <br>Costs recognised in income and expenditure account<br>*<br> <br>8,145|**31 March 2023**<br>**(£s)**<br>5,470<br>**Period Ending**<br>**31 March 2024**<br>**(£s)**<br>5,470<br>259<br>(3,126)<br>2<br>-<br>2,605<br>**Period Ending**<br>**31 March 2024**<br>**(£s)**<br>259<br>2<br>-<br>*<br>*<br>261|
|---|---|



*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company. 

## **ASSUMPTIONS** 

||**31 March 2025**|**31 March 2024**|**31 March 2023**|
|---|---|---|---|
||**% per annum**|**% per annum**|**% per annum**|
|Rate of discount|4.84|5.31|5.52|



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. 

27