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 Willi￿n 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
Ball￿nena
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 Ca￿led 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 incU￿ed 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 bO￿owing.
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 Cu￿en¢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 fO￿ard
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 Ca￿led 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