Company registration number.. N1648031 Charity registration number.. 107655 The Philippines Aid Project limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2023 J A Mc Clements & Co Independent Examiner 25B Ballymena Business Centre Galgomi Ballymena Co Antrim BT42 IFL
The Philippines Aid Project limited Contents Reference and Administrative Details Strategic Report Trustees, Report 3105 Independent Exaininerfs Report Sialement of Financial Activilies Balance Sheet 8t09 Notes to ihe Financial Slalements IOto20
The Philippines Aid Project limited Reference and Administrative Details Charity Registration Number 107655 Company Registration Number N1648031 The charity is incorporated in Northern Ireland. 22 Woodgreen Park Shaiikbridge Ballymena Co antrim BT42 3DS Registered Office Independenl Examiner J A Mc Cleinenls & Co Independent Exaininer 25B Ballyinena Business Centre Galgorn] Ballyinena Co Antriin BT42 1 FL Page I
The Philippines Aid Project limited Strategic Report for the Year Ended 30 September 2023 The trustees. who are directors for the pury)oses of company law, Present iheir strategic report for the year ended 30 September 2023, in compliance with s414C of the Companies Act 2006. The strategic report was approved by the trustees of the charity on 12 March 2024 and signed on 115 behalf by: Mr George Esler Trustee r John Stark Trustee Page 2
The Philippines Aid Project limited Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together wlth the financial stateinents and auditors, report of the charitable company for the year ended 30 September 20?3. Objectives and activities Objects and ainis We carry out our purposes by receiving goods at our shop.Items that are useful in other countries are stored packed and shipped, all other iteins are sold in the sold in the shop and raise finance enables shipping, which amounts to approximately 8 large larLFes boxes per month. Financial donation enable health care,educational help and the purchase of needed ileins not available to send. Boxes ar¢ received in other countries are distributed by reliable trustworthy inissionaries and or8anisations who deliver them lo Ihose in need. The Charity collects goods for resale and to fonvard out to The Philippines for tlie benefit of the deprived people of that area of Ihe world. Donations and acquired objects tliat would benefit the lives of ihe individuals living in the Philippines are sent out lo aid these impoverised people in that area. Publlc benefll The direct benefits flowing from the purpose include: the relief of poverty by providing food, clothing household and personal items, the outcome ot. Ihis is a reliefor distress, malnutrition and raising of general living standards bringing dignity and hope. -the opportunity lo access help in learnin8 practical skills, we anticipate thal the outcome of this will be that individuals will find einploymenl or/and become self sufficient and so raise their own living standards. Also benefit will come Ihrougyh the supply of geiierdl resources for schools and for individual children, the outcome being that this will enable and enhance ongoing education, raised levels of heealth and wellbeing as financial assisstance is given to access medical care and education regarding self care. These benefits can be demonstrated through feedback from beneficiaries in the fonn of written reports and photographic evidence and minutes of meetings. We cannot identify any hann arising from our purposes. The charity's beneficiaries include people of all age groups, gender and religions in other countries but predominantly Philippines and Zainbia. Those eho benefil will be living in poverty, have no financlal means of assessing health care, education and general educational r¢sources. The only private benefit flowing from this puerpose 15 gained by local businesses. This is incidental and necessary because there are items that are beneficial in fulfilling our purposes that are not donated or donaled in small quantities. The trustees confimi that they have complied wilh the requirements of section 17 of the Charities Acl 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Tru51ees and officers The tn15tees and officers serving during the year and since the year end were as follows: Page 3
The Philippines Aid Project limited Trustees, Report Trustees: Deborah Lorimer Mr George Esler Mr John Stark Mrs Sandra Stark Mrs Emelia Baccol Mc Neice Mr Willin John Mc Neice Structure* governance and management Financial instruments Objecllves aiidpollcles The Lharity's activities expose il to a number of financial risks includiiig credil risk, casl) flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives lo manag¢ these risks. The charity does nol use derivative financial instruments for speculative purposes. Ca.Ihflow rlsk The charity's activities expose it priinarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses toreign exchanble forward conlracis and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credll rlsk The charity's principal financial assels are bank balances and cash, trade and other receivables. and investments. The charity's credit risk is prirnarily attributable lo its trade receivables. The amounts presented in the balance sheet are nel of allowances for doubtful receivables. An allowance for iinpainnent is made where there is an identified105s ev¢nl which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial inslruinents is limited because the counterparties are banks with high credit-ratings assigned by international ¢redil-ratinLy agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Llquldity rlsk In order to mainlain liquidity to ensure Ihal sufficient funds are available for ongoing operations and future developments, the charity use5 a mixture of long-terni and short-term debi finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial 51atements. Statement of trustees, responsibilities The trustees (who are also the directors of The Philippines Aid Project limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordaT)ce with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Page 4
The Philippines Aid Project limited Trustees, Report Company law requires the trustees lo prepare financial statements for each financial yeaT. Under company law the trustees musl nol approve the financial Slatemenls unless they are salisfffted that they give a true and fair view of Ihe state of affairs of ihe charilable ¢OTnpany and of the incoming resources and application of resource5, including its incoine and expenditure, of the charitable coinpany for Ihat period. In preparing these linancial stateinents, the trustees are required to.. selecl suitable accounting policies and apply them consistently; observe ihe methods and principles in the Charitie5 SORP,. make judgeinenis and estimates thal are reasonable and prudent. slate whether applicable accounting standards, coinprisiE]g FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare Ihe financial slaieinents on the going concem basis unless it is inappropriate to presume that the charilable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any lirne the financial position of the charitable Company and enable Ihem lo ensure that the financial stateit)ents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of tlie charitable coinpany and hence for taking reasonable steps for the preveniioii and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislaiion governing the preparation and disseinination of financial statemen15 may differ from legislation in other jurisdictions. Disclosure of information to auditor Eacli trustee has taken steps that they ought to have taken as a Irustee in order to make theinselves aware of any relevant audit infonnation and lo establi.sh that the charity's auditor is aware of that iiiformalion. The trustees confirni that there is no relevant infonnation that they know of and of which they know the auditor is unaware. The annual report was approved by the Irustees of the charity 01) 12 March 2024 and signed on its behalf by.. Mr George Esler Trustee . Mr John Siark Trustee Page 5
The Philippines Aid Project limited Independent Examiner's Report to the trustee5 of The Philippines Aid Project limited ('the Company,) I report to the charity trustees on my exainination of the accounls of the Company for the year ended 30 September 2023. Responsibilities and basis of report As the charity's trustee5 of Ihe Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Coinpanies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligFible for independent examination, I report in respect of Iny exaininaiion of your charity's accounts as carried out under seciion 145 of the Charities Act 2011 ('the 2011 A¢l'). In carying out my exaininalion I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's stal¢m¢nt I have completed Iny examination. I confirni Ihat no matlers have coine to illy attention in connection with the examination giving me cause to believe.. l. accounting records were not kept in respect of The Philippines Aid Project limited as required by section 386 of the 2006 Act; or 2. the accounts do nol accord wilh ihose records. or 3. Ihe accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement thal the accounts give a 'true and fair view, which is not a matler considered as part of an independent examinalion; or 4, the accounts have not been prepared in accordance with the Inethods and principles of the Statement or Recominended Practice for accouiiting and reportingF by charities lapplicable to charities preparing their accounts in accordance wilh the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102)], have no concern5 and have come across no other Inatters in connection with the examination to which attention should be drawn in this report in order lo enable a proper underslaiiding of the accoun15 10 be reached. J A Mc Clemenis & Co Independent Exatniner Assoctation of Certified Public Accountants 25B Ballymena Business Centre Galgon Ballnena Co Antrim BT42 1 FL 12 March 2024 Page 6
The Philippines Aid Project limited Statement of Financial Activities for the Year Ended 30 September 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 Nole Ineome and Endowments from: Other trading aciivilies 37,238 37,238 Total income 37,238 37,238 Expenditure on: Raising ndS Charitable activities Other expenditure (42,374) (1,200) (1,986) (26,868) (5.400) (1.200) (69,242) (6,600) (3,186) Total expenditure (45,560) (33,468) (79,028} Nel (expenditure)/income 45,560) 3,770 (41,790) Net movement in ndS (45,560) 3.770 (41,790) Reeonciliation of fund5 Total funds brought forward Tolal funds Caled tonvard 37,226 37.226 17 (8,334 Unrestricted funds 3,770 Restricted funds (4,564) Total 2022 Note Income and Endoivments from: Donations and legacies Other trading activities Total income 26,528 26,528 65,323 65,323 65,323 26,528 91,851 Expendilure on: Raising tunds Charitable activities Other expenditure (64,346) (900) (3,946 (21,127) {926) (85,473) (1,826) (3,946) Total expenditure (69.192) (22,053) (91,245) Net (expenditure)/income (3,869) 4,475 606 Net movement in ndS (3,869) 4,475 606 Reconciliation of funds Total funds brought forward 35,721 35,721 Total funds carried fonvard 17 31,852 4,475 36,327 All of the charity's activllies derive from continuing operations during ihe above two periods. Th¢ fimds breakdown for 2022 is shown in note 17. The notes on pages 10 to 20 forn) an integral part of these financial statements. Page 7
The Philippines Aid Project limited (Registration number: N1648031) Balance Sheet as at 30 September 2023 2023 2022 Note Fixed assets Tangible assets 13 4.742 4,742 Current assets Cash al bank and in hand 14 7,278 36,488 Creditors: Amounts falling due within one year Net eurr¢nt assets 15 (1,818) (1,516) 5,460 34,972 Total asset5 less current liabilities 10,202 39,714 Creditors: Amounts falling due after more than one year 16 (12,266) (3,387) Net (liabilities)lassets (2,064) 36,327 Funds of the Charity: Restricted income funds Restricied funds 3,770 4,475 Unrestricted income funds UnrestriLled funds (5,834) 31,852 Total funds 17 (2,064) 36,327 For the financial year ending 30 Septeinber 2023 the charity was entitled to exemption from audit under section 477 of the Coinpanies Aci 2006 relaling to small companies. Direclors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibililies for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial stalemen15 on pages 7 to 19 were approved by the trustees, and auihorised for issue on 12 March 2024 and signed on their behalf by: Mr George Esler Trustee Mr John Stark Trustee The notes on pages 9 to 19 forni an integral part of these financial statements. Page 8
The Philippines Aid Projeet limited (Registration number: N1648031) Balance Sheet as at 30 September 2023 The financial staleinents on pages 7 to 20 were approved by the trustees, and authorised for issue on 12 March 2024 and signed on their behalf by.. Mr George Esler Trustee ,Mr John Siark Trustee The notes on pages l O to 20 forn) an integral part of these fmancial statements. Page 9
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 I Charity status The charity is liinited by guaraiitee, incorporated in Northem Ireland, and consequently does not have share capital. Each of tlie trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its regisiered office is.. 22 Woodgreen Park Shankbridge Ballymena Co antrim BT42 3DS These financial stalements were auihorised for issue by the trustees on 12 March 2024. 2 Accounting policies Summary of glgnifieant accounting policies and key accounting estimates The priiicipal accounlinb policies applied in the preparation of these financial statemenls are set oui below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement olcomplianee The financial slaleinenls have been prepared in accordance with Accounting and Reporting by Cliarities.. Statement of Recommended Practice (applicable to charilies preparing their a¢¢ounts in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Coinpai)ies Act 2006. Basis of preparation The Philippines Aid Projecl liiniled meets the definition of a public benefit entlty under FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unless otherwise slated in the relevanl accounting policy notes. Going concern The trustees consider that there are no material uncertainties aboul the charity's ability to continue as a goin concern T)or any significant areas of uncertainty that affect the canying value of a55ets held by the charity. Exempibon from prepgring 8 cash floiv 5tgt¢meDt The charity Opted to early adopt Bulletin I published on 2 Febrnary 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 10
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 Donalions and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement dale. In the event that a donation is subject 10 conditions Ihal require a level of perfonnance by ihe cliariiy before the harity is entitled lo the funds, the income is deferred and not recogi)ised until either those conditions are 1]Y met, or the fuifilment of those conditions is wholly within the control of the charity and it is probable that ihese condilions will be fulfilled in the reporting period. Expenditure All expendilure is recognised once there is a legal or constructive obligation lo that expenditure, it is probable settlemenl is required and the amount can be Ineasured reliably. All costs are allocated lo the applicable expenditure heading that aggregate siinilar costs lo that category. Where costs cannot be direcily artribuled to particular headings ihey have been allocaled on a basis consistent with the use of resources, with central stsff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the ass¢t's use. Other support costs are allocated based on the spread of staff costs. Raisinglunds These are costs incUed in attracting volunlary incoine, the management of investinents and those incu]Ted in trading activilies ihat raise funds. Cliarilqble aclivilie,f Charitable expenditure comprises those cosls incutTed by ihe charity in the delivery of its activiiies and services for its beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Gronl provlslon.s Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the tiTning of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity Cost categories on a basis consislent with the use of resources, for exainple, allocating property costs by floor areas, or per capila, staff costs by the ttine spent and oiher costs by their usage. Governance costs These include the costs attributable lo the charity's compliance wilh coTJstitutional and statutory requirements, including audil, strategic manageinent and trustees meetings and reimbursed expenses, Taxation The charity is considered to pass the iests set out in Paragraph I Schedule 6 of the Finance Aci 2010 and therefore it meets the definilion of a charitable company for UK corporation tax purposes. Accordingly, the charity is Poientially exempt froin taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incotne or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets C05ting £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairn)ent losses. Page I
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 Cash and cash equivalenls Cash and cash equivalents comprise cash on hand and call deposits, and oiher short-lenn highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Interesi-bearing borrowings are initially recorded al fair value, net of transaction costs. Inlerest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, nel of Iransaclion costs. and the amount due on redemption being recognised as a charbye to the Statement of Financial Activities over th¢ period of the relevani bOowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classifi¢d as Current liabilittes unless the charity has an unconditional right to defer s¢ttleinent of the liability for at least twelve months after the reportinb date. Foreign exchange Transactions in foreign Cuen¢t¢S are recorded at the rate of exchange al the date of the Iransaction. Monetary assets and liabilities denominaled in foreign currencies at the balance sheet dale are reported at the rates of exchange prevailing ai that date, The results of overseas operations are translated al the average rates of exchange duringy the period and their balance sheets at the rates ruling at the balance sheel dale. ExchangFe differences arising on translation of the opening net assets and resulis of overseas operations are reported in other comprehensive income and accuinulated in equity (attribuied to non-controlling interests as appropriate). Other exchange differences are recognised in the Sialement of Financial Activities in the period in which they arise except for.. ) exchange differences on transactions entered into to hedge certain foreign currency risks (see above); 2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income. and 3) in the case of the consolidated financial statements, exchange differences on monelary items receivable from or payable to a foreign operation for which settlemenl is neither planned nor likely to occur (therefore fonning part of the net Rnvestmenl in the foreign operation), which are recognised in other comprehensive income and reported under equity. Fund structure Unrestricted income funds are general funds that are avatlable for use at ihe tru5tee5 discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Page 12
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 Financial instruments Classlfication Financial assets and financial liabilities are recognised when the cliarity becomes a party to the contraclual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangeinen15 entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognliion ond measuremenl All financial assets and liabilities are inilially measured at transaction price {including IransactiOT] Costs), except for thosc financial assets classified as at fair value ihrough profit or loss, which are initially measured at fair value (which is nomally ihe transaction price excluding transaction costs), unless the orrangement constitutes a financing Iransaciion. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at ihe present value of the future payments discounted al a market rale of inleresl for a sir.iilar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intend5 either to settle on a nei basi5, or lo realise the assei and settle the liability simultaneously. Financial assets are derecogynised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers io another party substantially all of the risks and rewards of ownership of the finai)cial asset, or c) Ihe charity, despite having retained soine, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 13
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 Debt inslrumenls Debt iT]Struments which meet the following conditions are subsequently measured al amortised cost using the effective interest method.. (a) The contractual return to the holder is (i) a fixed amount. (li} a positive fixed rate or a positive variable rate. or (iii) a combination of a positive or a negativ¢ fixed rate and a positive variable rate. (b) The contract may Provide for repayments of the principal or the reWm lo the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are nol leveraged. (¢) The contracl may provide for a detemiinable variation of the r¢turn lo the holder during ihe lit.e of the instrument, provided that (i) the new rate satisfies condition (a) and th¢ varialion is not contingent on future events other than ( l } a change of a contractual variable rate- (2) to protect Ihe holder against credit delerioration of the issuer; (3) changes in levies applied by a central bank or arising from chang¢5 in relevanl taxation or law. or (li) the new rate is a market rate of interest and satisfies condition (a). (d) There is no contractual provision ihal could, by its ternis, result in the holder losing the principal amount or any interesl attribulable to the current period or prior periods. (e) Contractual provisions that pennil the issuer to prepay a debi instrument or pemit the holder to put it back to the issuer before maturity are not conlingent on fulure evenls, other than lo protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to prolecl the holder or issuer againsl changes in levies applied by a ceiitral bank or arising from changes in relevanl laxalion or law. (fj Contractual provisions Inay pennit the extension of the term of the debt inslruinenl. provided that the return to the holder and any other contractual provisions applicable during the extended terni satisfy the conditions of paragraphs (a) lo (c). Debt inslruinenls ihal are classified as payable or receivable within one year on initial reco&?nition and which meei Ihe above conditions are In¢asured at the undiscounled amount of the cash or other consideration expected to be paid or received, net of impainnent. With the exception of some hedging instrnments, other debt instruments not meeting these conditions are measured at fair value through profil or loss. Commitments to make and receive loans which Ineet the conditions mentioned above are measured at cost (which may be nil) less impairment. Inveslmenls Investments in non-¢onvertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are Ineasured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impainnent. Investments in subsidiaries and associates are measured at C05t le55 impairment. For investments in subsidiaries acquired for consideration Including the issue of shares qualifying for merger relief. cost is measured by reference to the nominal value of the shares issued plus fatr value of other consideration. Any premium is ignored. Page 14
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 Derivalivefinancial inslruments The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movemenls. The charity does noi hold or issue derivalive financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered inio and are subsequently remeasured to their fair value al each reporting dale. The resulting gain or loss is recognised in slalemenl of financial aclivilies iminediately unless the derivative is desigynaled and effective as a hedging inslrumenl, in which event the timing of Ihc recognition in staleineni of financial activities depends on the nattjre of the hedge relationship. Falr value mea.surenient The best evid¢nce ol. fair value is a quoted price for an idenlical asset in ali active market. Wl)eii quoted prices are unavailable. the price of a recent transaclion for an identical asset provides evidence of fair value as long as there has not been a significant Change in economic circumstances or a significant lapse of tiine since the transaction took place. If ihe Inarkel Is not active and recent transactions of an identical asset on their own are nol a good estima¢¢ of fair value, the fair value is eslimaied by using a valuation technique. 3 Ineome from donations and legacies Restrieted funds Total funds Total for 2023 Total for 2022 26,528 26,528 4 Income from other trading aellvities Unrestricted funds General Restrteted funds Total funds Trading income. Shop income from sale of donated goods and services 37,238 37,238 Tolal for 2023 37,238 37,238 Total for 2022 65,323 65,323 Page 15
The Philippines Aid Project limited Notes to the Financial Statements for tbe Year Ended 30 September 2023 5 Expendilure on raising funds a) Costs of trading activities Unrestrieled funds General Restricted funds Total funds Note Costs of good5 sold Other direct costs of activities for generating funds 5.271 5,271 37,103 26.868 63,971 Total for 2023 42,374 26,868 69,242 Total for 2022 64,346 21,127 85,473 Total costs 6 Expenditure on charilable acllvltles Unrestricted funds General Restrieted funds Total funds Note Grant funding of aclivities Governance cosls 5.400 5,400 1,200 1,200 Total for 2023 1.200 5,400 6,600 Total for 2022 900 926 1,826 Total expenditure In addition to the expendiiure analysed above, there are also governance costs of £1,200 (2022 - £900) which relate directly to charitable activities. See note 8 for further details. 7 Other expenditvre Page 16
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 Unrestricted funds General Restricted funds Totsl funds Note Independent exaininer fees Examination of the financial statements Taxalion paid by trading subsidiary Other resources expended 1,200 1.200 40 1,946 40 1,946 Total for 2023 1.986 1,200 3,186 Tolal for 2022 2,946 2.946 8 Analysis of governanee and support eosts Governance eosts Unrestricted funds General Total funds Independent examiner fees Examination of the financial slaleinents 1,200 1,200 Total for 2023 1,200 1,200 Total for 2022 900 900 Page 17
The Pbilippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 9 Net incomlngloutgoing resources Net (outgoing)lincoming resources for the year include: 2023 10 Trustees ren)uneration and expenses No trustees, nor any p¢rsons connected with them. have received any remuneration from th¢ charity during the year. I I Independent examiner's remuneration 2023 2022 Examination of the financial ststem¢nts 2,400 900 12 Taxatlon The charity 15 a registered charily and is therefore exempt froin taxation. 13 Tangible fixed Assets Motor vehicles Total C05t At l October 2022 3,800 3,800 At 30 September 2023 3,800 3,800 Depreciation At 30 Sepiember 2023 Nel book value At 30 September 2023 3,800 3,800 At 30 September 2022 3,800 3,800 14 Cash and cash equivalents 2023 2022 Cash on hand Cash at bank 80 7,198 666 35.822 7,278 36,488 Page 18
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2023 15 Creditors: amounts falling due wllhin one year 2023 2022 Trustees curreni accounls other creditor5 Accruals 618 618 (2) 900 1,818 1,516 16 Creditors: amounts falling due after one year 2023 2022 Oiher loans 12,266 3,387 17 Funds Balance at 30 September 2023 Balance at I October 2022 Incoming resources Resources expended Unreslrieted fund5 General 36,953 2.500 (45,287) (5,834) Restri¢¢¢d funds 37,238 33,468) 3,770 Total funds 36,953 39.738 (78,755 (2,064) Blllanee &130 September 2022 Balance at I October 2021 Incoming resources Resources expended Unrestrlcted funds General 35,721 65,323 (69,192) 31,852 Restricted funds 26,528 {22,053) 4,475 Total funds 35,721 91.851 (91,245) 36,327 18 Analysis of net assets between funds Page
The Philippines Aid Project limited Notes to the Finaneial Statements for the Year Ended 30 September 2023 15 Creditors: amounts falling due within one year 2023 2022 Trustees ¢ent accounts Other Creditors Accruals 618 618 {2) 900 1,200 1,818 1,516 16 Creditors; amounts falling due after one year 2023 2022 Other loans 12,266 3,387 17 Funds Balance at 30 September 2023 Balanee at I October 2022 Incoming resources Resources expended Unreslricted funds General 36,953 (45.287) (33.468 (8.334) Restricted funds 37,238 3,770 Total funds 36,953 37,238 (78.755} (4,564) Balance at 30 September 2022 Balance at I Oelober 2021 Incoming resources Resources expended Unreslrleted funds General 35,721 65,323 (69.192) 31.852 Restricted funds 26,528 (22,053) 4,475 Total funds 35,721 91,851 (91,245) 36,327 18 Analysis of net a55ets beliveen funds Page
The Philippines Aid Project limited Notes to tbe Financial Statements for the Year Ended 30 September 2023 Unrestricted funds General Tolal fund5 at 30 September 2023 Tangible fixed assels Current assets Current liabililies Creditors over l year 4.742 7.198 (1.818) (12,266) 4,742 7,198 (1.818) (12.266) Total net assets (2.144) (2,144) Unrestricted funds General Total funds at 30 September 2022 Tangible fixed assets Current assets Currenl liabilities Creditors over l year 4,742 36,488 (1,516) (3,387) 4,742 36,488 (1,516) (3,387) Total nel assels 36,327 36,327 19 Analysis of net funds At30 September 2023 At l October 2022 Cash at bank and in hand 36,488 36.488 Nel debt 36,488 36,488 At30 September 2022 Al l Oelober 2021 Cash at bank and in hand 37,126 37.126 Net debt 37,1?6 37,126 20 Related party transactions Page 20
The Philippines Aid Project limited Statement of Financial Activities by fund for the Year Ended 30 September 2023 Unrestricted Funds Total Total Unrestricted Unrestricted Fund5 Funds 2023 2022 ncome and Endowmenls from: Other Irading acliviiies 65,323 Totsl income 65.323 Expendilure on: Raising funds Charilable activities oiher expenditure (42,374) (1,200) (1,986) (64,346) (900) (3,946) TJtal expenditure (45,560) (69,192) Net expenditure 45,560) (3,869) Net movement in funds (45,560) (3,869) Reeonellialion or runds Total funds brought fOard 37,226 35,721 Total funds carried forward (8.334) 31,852 This page does not fom part of the statutory financial statejnents. Page21
The Philippines Aid Project limited Statement of Financial Activities by fund for the Year Ended 30 September 2023 Restricted Funds Total Restricted Funds 2023 Total Restricted Funds 2022 Income and Endowments from: Donations and legacies Other trading activities 26,528 37,238 Total income 37.238 26,528 Expenditure on: Raising funds Charitable activities Other exp¢iiditure (26,868) (5,400) (1,200) (21.127) (926) Total expenditure Net income (33,468) (22.053) 3,770 4,475 Reconciliation of funds Total fund5 carried fonvard 3,770 4,475 This page does not forni part of the statutory financial statements. Page 22
The Philippines Aid Project limited Detailed Statement of Financial Activities for the Year Ended 30 September 2023 To¢91 2023 Tolal 2022 Income and Endowments from: Donations and legacies (analysed below) Other trading activilies (analysed below) 26,528 65,323 37,238 Total income 37.238 91,851 Expenditure on: Raising funds (analysed below) Charltable activities (analysed below) Other expenditure (analysed below) (69,242) (6,600) (3.186) {85,473) (1,826) (3,946} Total expenditure (79.028) (91,245) Net (expenditUTe)/income (41,790) 606 Net movemenl in funds (41,790) 606 Reconcili&tlon of funds Total funds brought forward 37.226 35,721 Total funds Caled fonvard 36,327 This page does not fomi part of the statutory fmancial slatements. Page 23
The Philippines Aid Project limited Detailed Statement of Financial Activities for the Year Ended 30 September 2023 Total 2023 Total 2022 Donalions and legacies Donated goods & Donations 26,528 26,528 Olher Iradlng acllvilies Sales of donated goods Sales of donated goods 37,238 65,323 37,238 65,323 Raiiingfunds Purchases Purchases Packa&Ting Donaiions & Objects sent to Philippines Freiujht and carria&7e Moior expenses Motor expenses Rent Rent Rates Water rates Water rales Light. heat and power Light, lieat and power ITJsurance Insurance Building repair5 Building repair5 Staff training Trade and professional journals Trade subscriptions (2,528) (9,9?0) (1,451) (13.364) (17.670) (5,156) (115) (17,184) {8,860) (13.405) (12.520) (12.000) (2,960) (452) (12,000) (3.160) (315) (298) (5,647) (3,610) (500) (498) {6,848) (500) {499) {648} (552) (1.640) (90) (195) (130) (85,473 (69,242) Cliaritable aclivilies Charitable donations Sponsorship Accountancy fees (5,400) (500) (426) (900) (1,826) (1,200) (6,600) This page does noi fomi part of the statutory financial statements. Page 24
The Philippines Aid Project limited Detailed Statement of Financial Activities for the Year Ended 30 September 2023 Total 2023 Total 2022 Oiher erpenditure Telephone and fax Printing, postag¢ and staiionery Cliaritable donalions Travel and sub51Stence Accountancy fees Legal and professional fees Bank cliar&yes (911) (233) {351) ( 1,000) (1,541) (97) (1,200) (40) (705) (1,054) (3,186) (3,946) This page does not forn] part of the statutory financial statements. Page 25