Company registration number.. N1648031 Charity registration number.. 107655 The Philippines Aid Project limited (A company limited by guarantee) Annual Report and Financial St&teinents for the Year Ended 30 September 2024 J A Mc Clements & Co Indepeiidenl Examiner 25B Ballymena Buginess Centre Galgorm Ballymella Co Antrim BT42 1 FL
The Philippines Aid Project limited Contents Reference and Administrative Details Strategic Report Trustees, Report 3to5 Independent ExEuniner's Report Statement of Financial Activities Balance Sheet 8109 Notes to the Financial StatMents IDto19
The Phillppines Aid Project limited Reference and Administrative Details Charity Registratlon Number 107655 Company Registration Number N1648031 The charity is incorporated in Northern Ireland. 22 Woodgreen Park Shankbridge Ballymena Co ants'ini BT42 3DS Registered Office Independent Examiner J A Mc Clements & Co Independent Examiner 25B Ballyrnena Business Centre GTrG Igorin Ballymena Co Antrim BT42 1 FL Page I
The Philippines Aid Project IAmited Strategie Report for the Year Ended 30 September 2024 The trustees, who are directors for the purposes of company law, present their stratsgic report for the year ended 30 Septeinber 2024, in compliance with $414C of the Coinpanies Act 2006. The strategic report was approved by the trustees of the charity on 10 July 2025 and signed on its behalf by: Mr Georg¢ Esler TrLlStee Mr John Stark Trustee Page 2
The Philippines Aid Project limitcd Trusteesl Report The trustees, who are directors for the purposes of company law> present the annual report together with the fanCial statements and auditorg, report of the charitable company for the year ended 30 September 2024, Objectives An(J a¢tivities Objects and We carry out oiir purposes by receiving goods at our shop.Itetrs that are usefiil in other countries are stored packed and shipped, all other items are sold in the sold in the shop and raise finance enableg shipping, which amounts to approxinjately 8 larg¢ larges boxes per month. Financial donation enable health care,educ&tional help and the purch1¢ se of needed items not available to send. Boxes are Teceived in other countries are distributed by reliable ttwstworihy inissionaries and organisations who deliver them to those in need. The Charity collects goods For resale and to fomrd out to The Philippines for the benefit of the deprived people of that area of the world. Donations and iTrcqiiired objects that would benefit the lives of the individuals livffing in the Philippines are sent out to aid these irnpoverised people in that area. Public benejll The direct benefits tlowing froin the piirpose include: - the r¢lief of poverty by providing food, clothing household and personal items, the outcome of this is a reliefof distress, malnutril'ion and raising of general living standards bringing dignity and hi)pe. -the opportlinity to Ilccess help in learning practical skills, we anticipate that the outcome of this will be that individuals will find employment orland becotne self sulficient and so raise their own living standg4rds. Also benefit will come throu the supply of general resources for schools and for Individual Childre the outcotne beiftg that tliis 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. l-hose henef11s L'an be deinonstrated through feedback from beneficiaries in the forni of written reports and photogtzphic evidence and minutss of meetings. We canThot i(lentify any hami arising from our purposes. The cbariws beneficiaries include people of all age groups, gender and religions in olh¢r countries but predominantly Philippines )d Zambia. Those eho benefit will be Living in poverty, have no financial mwis of assessing health ca, ediication and general educational resoiwces. The only pi'ivate benefit flowing from thi% puerpose is gained by local businesses. This is incidentsl and necessary because there clre items thal are bene'ficial in fulfilling oui. purposes thclt <lre not donated or donated in $nll quantities. The trustees confirm that ihey have con]plied with the requirements of section 17 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Trustees and officers The trLlStee8 and olfioeis serving during the year and since the year end were as follows.. Page 3
The Philippines Aid Project Jimited Trustees, Report Trustees,. Deborah Lorirller Mr George E51er Mr John Starlc Sandra Stark Mrs Emelia Ba¢col Mc Neice Mr William John Mc Neice StrCtUre9 governY4nce and management Financial Instruments Objectlves andpollcles The charity's activities expose it to a nLunber of financial risl<s including credit risk, cash flow risk alld IiqLLidity risk. The use of financi&l derivatives is governed by the charity's w)licies approved by the board of trustees, which provide written principles on the use of financial derivatives to n]anage these risks. The charity does not use derivrtttive finanr,ial instruments for specLilative purposes. Cash jlow rlsk The clwty's activities expose it priinarily to the financial risks of changes in foreign curi'enry exchaLige rates and illterest rates. The charity uses foreign exchange forward contracts and interest rate swap ¢ontracts to hedge these exposures. tnterest bearing assets and liabilities aTe held at fixed to ensure certainty of cash flows, Credit rlsk The charity's principal fanCIal assets are bank balw]ces and cash, trade and other receivables, and investments. The charity's credit risk is primarily attribLitable to its trade receivables. The amounts presented in the balance shcd are net of allowances for doubtful receivable5. An allowance for impairment is made where there is an identified loss event wbich, based oli previous experience, is evidence of a reduction ID the recoverability of ihe Cash tIo1Y. The credit risk on liquid tuiids an(1 derivative financial instruments is limited because the coiinterparties 84re banl<s with high credit-rating5 assigned by international credit-rating agencies. The charity has no significant concentration of credit risl with exposure spread over a large nllber of counterparties and customers. Llqllldity rlvk In order to maintuin liquidity to ensure that suiftcient funds are available for ongoing operations and future developments, the charity uses a tnixture of long-tsrm and short-term debt finance, Further details regardillg liquidLty risk can be found in tbe Statement of accounting policies ill the financial statements. Statement of truste¢s' responsibilities The trustees (who are also the directors oFThe Philippines Aid ProJt limited for the pUos¢S of comptmy law) are responsible for preparing the trustees, repoit and the finanoial st&ternents in accordance with applicuble law and Ulllted Kingdom Accounting Standards (United Kingdom Generally Accepted Accoiinting Practice), including FRS 102 "The Financial Reporting Standard appllcable in the UK and Republic of Irel&nd Page 4
The Philippines Aid Project limited Trustees, Report Comp&ny law requires the trustees to prepare financial 5t&tements for each financial year. Under company law the trustees inust not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of th¢ incoming resources and application of resources, including its income and ¢xpendithre, of the charitable company for that period. In preparing these financial stateinents, the trustees are required to: select suitable accounting polici¢s And apply them consistently, observe the methods and principles in the Charities SORP. make judgements and estimates th&t are Teasonable and prudent,, State whether applicable accounting standards, comprising FRS 102 have been followed, subject to material depY4rtures disclosed and explained in the financlal statements, and prepare the financial statem¢nts on the going concerii basis unless it is in&ppropriate to presume that the charitable company will continue in businesg, The trustee8 are responsible for Iceeping proper accounting recoyds that can disclose with reasonable accurdcy at 8ny time the finanGial position of the charitable company and enable them to ensure that the financial statements Dinply with the Companies Act 2006. They are also rponSIble for safeguarding the assets of the charitable eompcTiy and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and inlegrity of the corporate and fmancial infortnation included on the charitable c(Inipany's website. L*gi8lation governing the preparation and dissemination of financial statements nY differ from legislation in other jurisdictions. Disclosiire of Informatloll to auditor Each ts'uste¢ has taken steps that tbey ougbt to have taken as a trustee in ord¢r to make themselves aware of any rclevèmt audit information and to establish that the charity's auditor is awwE of that infornwtion. The trustees confirm that theTe is no relevant information that they know o'f and of which they know the auditor is unaware. The atmual report was approved by the thistees of the charity on 10 July 2tY25 and signed on its behalf by,. Mr'Georg¢ Bsler Trustee Mr John Stark Ti'ustee Page 5
The Philippines Aid Projeet limiled Independent Examiller's Report to the trustees of The Philippines Aid Project limited {'the Company,) I report to the charity trustees on my examination of the accounts of the Company foT the year ended 30 September 2024. Responsibilitleg and basis of report As the charity's trustees of the Company (and also its directors for the pui'poses of ¢OTnp&ny law) you are responsible for the preparation of the accounts in arcordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied mysel f that the accounts of the Compally are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinatioJL I report in respect of Eny ex¥kmin&tion of your ChIty'S accounts as carried OLIt under section 145 of th¢ Charities Act 2011 ('the 201 l Act,). Irl carrying out my examination I have followed the Directions given by the Charity Cominission under section l45(5)(b) of the 2011 Act. llldependent examlner'B Statement I have completed my examination. l confirni tELat no matters have come to my attention in connection with tbe examination giving me cause to believe.. l. accounting records were not kept in respect of The Philippines Aid PToject limiled &8 required by sectioll 386 of the 2006 Act. or 2. the accoui)ts do not tCOrd with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act otber than any requireiyjent thHt llie aLcoiints give a 'true and fair view, which is not a matter considered as part of an Independe¥it exarnination. or 4. the accoLlllts bave not beetl prepEwed in accordallce with the rnethods and principles of the Statement of Recommended PJ7ctice for accounting and repoiting by charities [applicable to charities preparing their accoiints in accordance wilb the Financial Reporting Standard applicable in the UK and Republic of Ii'eland (FRS I02)J. I have no concerns and have corlle across no other matters in connection the examination to which attention should be drawn ill tbis report in order to enable a proper understanding of the accoLints to be reached. J A Mc Clements & Cu Independent Examiner Associalion of Certified PLibli¢ Accountants 25B B&llymena Business Centre Galgorm B,Qlymena Co Antrirn BT42 1 FL l O July 2025 Page 6
The Philippines Aid Project limited Statement of Financial Aetivitie5 for the Year Ended 30 September 2024 (Including Income llJ)d Ei xpenditure Accoullt and Statement of Total Recognised Gains and Losses) Unrestricted funds Rtricted fund5 Total 2024 Note Income and Endowrnents from: Expenditure on: Raising ndS Charitable activities Other expenditure Total expenditure (17,097) (1,200) 1,514 (9,556) (26,653) (1,200) (1,514) (19,811) (9,556 (29,367 Net expenditure Net movement in fvnds 19,811 9,556 29,367) (19,811) (9,556) (29,367) Reconciliation of funds Total funds brOl11t forward 2,063 (2,063) Total funds c3rried fon¥ard 16 (21,874 Unrestricted (9,556) Restricted Tunds (31,430 Total 2023 Note In¢ome and Endowmcllts from: Other trading activities Total in¢oiiie 37238 37,238 37,238 37,238 I xpendlture on: Raising funds Charitable activities Other expenditure Total expenditur¢ (42,374) (1200) 1,986 (26,868} (5,400) 1,200 (69,242) (6,600) (3,186) (45,560) (33,468) (79,028 Net (expenditure)lincome Net Movement in funds (45,560) 3,770 (41,790) (45,560) 3,770 (41,790) Reconeiliatlon of funds Total ndS brought forward 37,226 37,226 Total funds Carried forward 16 8,334 All of the charity's aotivities derive fi'om continuing operations duritig the above two periods. The fimds breakdown for 2023 is shown in note 16. The notes on paoes l O Lo 19 form integral part of these fan¢[al statsmenls, Page 7
The Philippines Aid Proj ect limited (Registration number: N1648031) Balance Sheet as at 30 September 2024 2024 2023 Note Fixed assets Tangible assets 12 3,800 4,742 Current assets Cash at bank and in hand 13 80 7,278 Creditors: Amounts falllng due within one year 14 {618) 1,818} Net current (li8bilitiesFassets (538) 5,460 Total assetg less current li8bilities 3262 10,202 Creditors: Amounts falling due after more than one year 15 (12266) (12,266) Net liabilities 9,004 2,064 Funds of the ch&rlty: Restriclcd income funds ¢stricted tsrtds (9,556) 3,770 Unrestricted income funds Unreth'icted fijnds 21,874) 5,834 Total fullds BalJnce slieet is out of balancc 22,426 For tlie fitwncial year ending 30 September 2024 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, r¢sponsibilities: Th¢ members have not required the charity to obtain an aLidit of its accout for the year in question in acLordance with section 476. and The diTectors acknowledge their responsil)ilities for complying with the requirements of the Aot with respect to accountillg r¢cords and th¢ prepai'ation of a¢couiits, The notes on pages l O to 19 fortn an integral part of these financial statements.
Thc Philippines Aid Project limited (Registration number: N1648031) Balance Sheet as at 30 September 2024 The fintm¢ial statements on pages 7 to 19 were approved by the tnistees, and aiithorised for issue on 10 July 2025 Emd signed on their behalf by.. Mr George Esler Trustee Mr Johll Starlc Trustee "I"he notes on pages 10 to 19 forn] an integrnl PE of these financial statements. Page 9
The Philippines Aid Project limited Notes to the fi inancial Statements for the Year Ended 30 SeptembcT 2024 I Chgrity stAtU5 The charity is lirnited by gLiarantee, incorporated in Noithern Ireland, and consequently does not have share capital. Each of the truste¢s is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation, The address of its registered otyice is: 22 Woodgreen Park Shankbridge Ballymena Co antrim BT42 3DS These financial statements were authorised for issue by the trustees on 10 July 2025. 2 Accounting policies Summary of slgnificanl accounting poli¢.ie.s key accoumtlng estimates The principal accounting policies applied in the preparation of these fmancial statements are set out below, These policies have been consistently applied to all the years presentel unless otherwise stated. Statement of eompliallee ']e financial statetn¢nls kwve been prepared in accordance with Accounting and Reporting by Charities.. StateLnent of Recomin¢nded Practice (applicable to chitieS preparing their accoiints in a¢cor(12mce with the Financial Reporting Standard applicable in the 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 Companies Act 2006. Basis of preparatioll The Philippines Aid PIDject liinited rnects the ilefmition of a pubLic benefit entity iuider FRS 102. Assets and liabilities are tnittally TecogiiL5od al historical Cost or transaction value unless Otherwise stated in the relevant accounting policy notes. Going concern The trteeS consider that there are no tnaterial uncertaillties about the charity's abitity to continue as a going, concei'ii nor any signifi¢ant areas of uncertainty that affect the carrying value of assets held by the charity, Exemption from preparlng a cash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not inclLided a cash flow statement in these financial staten]enls. Page 10
The Philippines Aid Project limited Notcs to the Financial Statements for the Year Ended 30 September 2024 n¢ome and endowments Expenditure All expenditure is recognised once th¢re is a leg741 or constructive obligation to that expenditure, it is probable Settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to parti¢ulE4r headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated bed on the spread of staff costs. Rfttslnglunits Th¢se are costs incurred in attracting voluntary income, Ilie management of investtllents and those incurred in trading activities that raise thnds. Churliable acthiili Charitable expenditure comprises those costs incuffed by Lhe charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can b¢ allocated directly to such activities and those costs of an indirect nature necessary to support them. Graniprovtslons Provisions for grants are made when the intention to malce a grant has been communicated to the recipient but there 15 uncertainty about either the timing of t]ie grant or the amount OF gr&]t payable. Governance costs These include the costs attributable to the charity's ¢ompliance with constitutional and statutory requirements, including audiL strategic management and trustees meetings and reimbursed expenses. .TaVation The cbarity is Considered to pass the tests set out itR Paragt7ph I Schedule 6 of the Finance Act 2010 and tlterefore it m¢ets the defInition of a charitable company for UK ¢orporatioll tax purposes. AccoTdingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains 'e applied exclusivety to charitable purposes. Tangible fixed assets Individual fixed assets costing £0.00 or more are initllc Ily recorded at CO8L less ally subsequent accumuknted d¢'eciatIon and subsequent accumulated iTnpairment1055e5. Cash and eash equlvalents Cash and wh equivalents comprise cash on hand and call deposlts, and other short-tertll h1Y liquid investments that are readily convertible to a known ainount of cash and are subject to an insilfiCant risk of change in v81iie. Paoe 11
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ei nded 30 September 2024 Borrowings Interest-beaiin8 borrowings are initially record¢d at fair value, net of tran%action costs. InÈ¢rest-bearing borrowings are subsequently carried at amortlsed cost, with the difF'enCe between the proce¢ds, net of transaction costs, and the amolt due on red¢mption being recognised as a ch£irge to the Statement of Financial Activitie5 over the period of the relevant borrowiJLg. Interest expense is recognised on the basis of the effective intsrest inetbod and is kncluded in interest payable aiid similar charges, Borrowings are classified as current liabilities unless the charity hag an unconditiotl rit to defer settlement of the li&bility for at least twelve months after the reporting date. Foreign exchange Transactions in for¢igii currencies are recorded at the rate of exchange at the date of the transaction. Monetary ssets and liabilities denotninated in foreign currencies at the balallce sheet date al'e Teported at the rths of exchanoe prevailing at that date. The results of overseas operations twe translated at the average Tates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on trIu[atiOll of the opening llet assets and results of overseas operations are reporled in other comprehensive income and accuinulate(l in equity (attributed to non-controlling iftteregts appropriate). Other exchange ditTei-¢nc¢s are recognised in the Ststement of Fiiiancial Activities in the period in which they arise exccpt for. l) exchange differences on transa¢tions entered into to hedge certain toreign CLienCY risks (see &bov¢),' 2) ¢xchai]ge dif'ferences arising oll gains or losses on non-monetary items wliich are recognised in other comprehensive incon. and 3) in tlie case of the consolidated 6nCial statemellts, exchange differences on monetary items receivable from or payable lo a foreign opetztion for which settlement is neither planned nor liliely to occur (tberefore forming part of the net investrnent in the forei operalion), which are recognised in other cotnprehensive income and r¢porl¢d under eoiiity. Fund struetiire Unrestricted incom¢ fLinds are general funds that are available for LTse at the trusl¢es discretion in firtheranoe of the objectives oFthe clwity. Restricted incon]¢ funds are those donated for use in a particular area or for specific puiposes, the use of which is restricted to th1< l area or purpose. 'Financial instruments Classlficatlon Financial {sets and financial liabilities are recognised when the chariLy becomes a paty to the contractual provisions of the instrument. Financial liabilities and equity instrtjments are classified according to Ihe substance of the contractual arrangenients. ellLeird into. An equity instrument is any contract that evidences a residiial inteTest IT] the assets of the chai-ity after cleducting all of its liabilities. Page l2
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2024 Recognlllon and meusiirement All fmancial assets and liabilities are initially rneasured at transaction price (including trans&ction costs), except for thos¢ financial assets classified as ai fair value through profit or loss, which Ewe initially measured at fair value (whirh is normally Éhe transaction price excluding transaction costs), unless the arrangement Constitutes a fanCIng transaction. If an arrangement constitutes a fmancing transaction, the finallcial asset or financial liability 18 measured at the present value of the future paytnents discounted at a maj'lcet l'ate of interest For similar 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 intends ¢ither to seÉtle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from tlie fman¢ial asset expire or are settled, b) tlie charity transfers to another party substantially all of the risks and rewards of ownersliip of the tinancial asset, or c) the charity, despite having retained some, but not all, significant risks and iTwards of ownership, has transferred wntrol of the asset to another party. Financial liabilities 2¢ re derecogniled oftil)r when the obligation specified in the contract is dlschai'ged, cancelled or expires. Page 13
The Philippines Aid Projcct limited Notes to the Financial Statements for the Year Ended 30 September 2024 Debl Instruments Debt in%truments which meet the following conditions are subsequently measured at amortised cost U5inE the effective interest method: (a) The contszcthal return to the holder is (i} a fe(l amount; (li) a positive fixed rate or a positive variable rate. or (Ill) a combination of a positive or a negative fixed rate and a positive variable rate. (b) The contract may provide for repayments of the principal or the return to 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 tinks are not leveraged. (c) The conttact may provide for a determinable variation of the return to the holder during the life of tl)e instrument, PTovided that (i) the new rate s&tisfies condition (a) and the variation is not contingent on filture events oÉher than (l) a change of a contractual V1( riable rate. (2) to protect the holder against credit deterioration of the issuer- (3) changes in levies applied by a central bank or arising froin changes in relevant taxation or law. or (li) the new rate is a marlcet rat¢ of interest and satlsfies condition (a). (d) There is no COntrtUal provision tliat could, by its terins, result in the holder losing the principal amount or any interest &ttributabl¥ to the current period or prior peliods. (e) Contrnctual provisions that perniit the issuer to prepay a debt instrument or permit the holder to put it baclc to the issuer bofore maturity are not contingent on futiire events. other than to protect the holder ag8inst the credit deterioration of the issu¢r or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bw]k or arIng from changes in relevant taxation OT law. (fj Contractual provisions may pernlit the extension of the term of tlie debt instrLLment, provided that the retwn to the holder and any other contractual provisions applicable during the extended tern] satisfy the coiiditions OF paragrapbs (a) to (c). Debt instrumeiits that are classified as payable or receivable within one year on initial reKognition and which meet the alK)ve condition5 are Tne&sured at the undiscounted amount of the cash or other consideration expected to be paid or i'eceived, net of iTnpaim]ent. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair vakne through profit or losy. Commitmeiits to make and receive loans which meet the conditions mentioned above are measured at cost (wÈLich t)wy be nil) less impainnenL Inveslments Investments in non-convertible preference shares Ewd non-puttable ordinary or preference shares (where shares are piiblicly traded or their fair v&lue is reliEthly measurabl¢) are measured at fair valu¢ through profit or loss, Where fair value cannot be mea5ur¢d reliably, investment's are Ineasured at cost lesy impaiment. Investments in subsidiaries and &ssociates measured at cost less impainnent, For investments ill subsidiw'ies acquired for consideration inclliding the iSSLie OF sliares Qualifying for merger relief, cost is measured by reference to the nominal valu¢ of the shares issued plus fair valiie of other consideration. Any premium is ignored. PaiTe 14
The Philippines Aid Proj ect limited Notes to the Financial Statements for the Year Ended 30 Septembcr 2024 DerlvftllvefinanclJ Inslruments The charity iises derivative financial instruments to reduce exposure to forei exchange risk and interest rate rnovemenls. The charity does not hold or issue d¢tivativ¢ flllancial instrLimtnls foi. Speculative purposes. Derivatives are initli£lly recognised at fair value at the date a derivative conts'act is entered itito and are subseqLienily retneasured to their fair value at each reporting date. The resulting gain or loss is r¢cognised in statement of financial activities inunediately unless the derivative is designated and effective as a hedging instrument, in which event the tkming of the recognition in statement of financial activities depends on the nature of th¢ liedge relationship. Fair vnlue mefisuremenl Tlie best evidence of fair value is a quoted price for an identical asset in an active marlcet. When quoted prices are Linavailabl¢, the price of a recent trnnsaction 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 laps¢ of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation techniqiie. 3 1.ncome fronl other trading activities Resti'icted funds Total funds To*1 for 2024 Tot81 for 2023 37,238 37,238 4 Expenditure on raislng funds a) Costs of trading a¢tiviti&s UDrestriete(J fundg General RestrieÉed fiinds Total funds Note Costs of goods sold Other diTecl costs of activities for generating funds 80 so 17,017 9,556 26,573 Total for 2024 17,097 9,556 26,653 Total for 2023 42,374 26,868 69,242 Page 15
The Philippines Aid Project limited Notes to the Finallcial Statements for the Year Ended 30 September 2024 Total costs 5 xpendlture on eharltable activities Unrestricted funds General Restricted funds Total funds Note Governance costs 1200 1,200 Total for 2023 12(M) 5,400 6,600 Total expendlture In addition to the expenditure analysed above, there are also governance costs of £1,200 (2023 £1,200) which relate directly to charitable activities. See note 7 for fiirther details. 6 Other expendlture Unrestricted funds General Restricted rullds Total funds Note Taxation paid by trading subsidiary Other resources expeiided 40 1,374 40 1,374 Total for 2024 1,414 1,414 Total for 2023 1,986 1.200 3,186 7 Analysis of governanco and support cost5 Governance costs Unrestrieted funds General Total funds Independent exarniner fees Exkuninic tion of the financial stateinents 1,200 1200 Total for 2024 1,200 1,200 Total for 2023 1,200 1,200 Page 16
Tbe Phijippincs Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2024 8 Net fincomingloutgolng re50urce5 Net outgoing resources for the year include,, 2024 9 Trnstees remuneration and expenses No trustees, nor any person5 connectsd witli thein, have received any remuneration from the charity ditring the year. 10 Indepelldent examiner's remuneraÉion 2024 2023 Examination of the financial statsments 1200 2,400 11 Taxation The charity is a r¢gistered charity and is therefore exenipt from tax&tion. 12 Tanglbk fixed assets Motor vehieles Total Cost At l October 2023 3,800 3,800 At 30 September 2024 Depreelation At 30 September 2024 3,800 3,800 Net book value At 30 Septsmber 2024 3,800 3,800 At 30 September 2023 3,800 3,800 13 Cash and eAsh equivalentg 2024 2023 Cash on htmd Cash at bank 80 80 7.198 80 7,278 Page 17
The Philippines Aid Project limited Notes to the Financial Statements for the Year Ended 30 September 2024 14 Creditors; amounts falling due wlthln one year 2024 2023 Trustees current accounts Accruals 618 618 1,200 618 ,818 15 Creditors: amounts falling due after one year 2024 2023 Other loans 12,266 12.266 16 Funds alance at 30 Seplember 2024 Balance at I October 2023 Resources expended Unrestrieted funds Gene1 (2,137) (19,737) (9,556) (21,874) 9,556) Restricted fullds Total funds (2,137) (29,293 31,430 Balance at 30 September 2023 Balanee at I October 2022 Incoming resources Resources expended Uni'estricted funds General 36,953 2,500 (45287) (5,834) 3,770 Restricted funds 37,238 (33,468) Total funds 36,953 (78,755 39,738 2 064) 17 Aiialysis ofnet assets betw¢en funds Page 18
The Philippines Aid Project limited Iyotes to the Financial Statements for the Year Ended 30 September 2024 Unrestricted funds General Total funds at 30 September 2024 Tangible fixed assets CutTent liabilitie5 Creditors over l year 3,800 (618) (12,266) 3,800 (618) (12,266 Total net &et$ (9,084) 9 084) Unrestrieted funds General Total funds at 30 September 2023 Tangible fixed assels Current assets 4,742 7,l98 (1.818) (12,266) (2,144) 4,742 7,198 (1,818) (12,266) Current liabilities Creditors over l year Total net assets (2,144) 18 An#lysis of net funds At30 September 2024 At l October 2023 Cash at banli and in hand 7,278 7,278 Net del)t 7,278 7,278 At30 September 2023 At fl October 2022 Cash at banlc and in hand 36,488 36,488 Net debt 36,488 36,488 19 Related party tranvdetions Page 19
The Philippines Aid Project limited Statement of Financlal Activities by fund for the Year Ended 30 September 2024 Unrestrlcted Funds Total Total Unrestricted Unrestricted Funds Funds 2024 2023 Income and Endowments from: Expenditure on: Raising funds Charitable activities Other expenditure Total expenditure Not ¢xpenditure Reeone511adon of funds (17,097) (1,200) (1,514) (42.374) (1,200) (1,986) (19,811 45,560 (19,811) (45,560) Total fldS brought forward Total funds carried foTward 2,063 37,226 21,874 2 334) This pag¢ does not form Pilrt of the statutory financial statements. Page 20
The Philippilles Aid Project limited Statement of Financial Activities by fund for the Year nded 30 Septe]nber 2024 Restricted Funds Total Restricted Funds 2024 Total Restrieted Funds 2023 Ineome and Endowmettt8 from: Other trading a¢tiviti¢8 37,238 Total income 37,238 Expenditure on: Raising fLinds Ch&ritabl¢ activities Other expenditure (9,556) (26,868) (5,400) 1,200 Total expenditure Net (expenditure)/tncome Reconciliation of funds (9,556) 33,468) 3,770 Total funds canied forniard (9,556) 3,770 This page does not fortn part of the statulory financial statements. Page21
The Philippines Aid Project limited Detai]ed Statement of Finallcial Activities for the Year Lnded 30 September 2024 Total 2024 Tolal 2023 Income and Endowments from: Other trading activities (analysed below) 37,238 Total income 37,238 Expenditure on: Raising fLinds (analy8ed below) Charitable a¢tivitie8 (analysed below) Other expenditure {analysed below) Total expenditure (26,653) (1,200) (1,514) (69,242) (6,600) (3,186) 29,36 79.028) Net expenditure Net movement in ndS 29,36 41,790) (29,367) (41,790) Reconciliation of fund5 Total funds brought fonvard Total funds carried forward (2,063 (31,430) 37226 (4,564) This page does not fonn part of the stalutory financial statements. Page 22
The Philippines Aid Project limited Detailed Statement of Financial Activities for the Year Knded 30 September 2024 Total 2024 Tothl 2023 Other Iradlng ucllvl¢les Sales of donated goods 37238 37238 RdtslngfuniL Purchases Pacl<aging Donations & Objects sent to Philippines Fr¢ight alld carriage Motor expenses Motor expenses Rent Rent Rent (5,156) (115) (17.184) (8,860) (13,405) (80) (6,040) (6,395) (12,000) (7,000) (1,440) (3,160) (315) Water rates Water rates Light, heat and power Light, heat and power Insurance (259) (2,556) (1,614) (6,848) (500) (499) (648) 552 Insurance (996) Building repairs Building rep<iirs {273) 26,653 69,242 Chrtrltuble ftctlvldes Charitable donalion8 Accountancy fe¢s (5,400) (1,200) 1200) (1,200 Olher &rpendl/ure Telephone and fax Pi'inting, postage and sl&tionery Charitable donalions Travel aiid siibsistence ACCO1t(cY fees Legal ELnd professional fees Bantc charges (644) (34) (ioo) (458) (911) (233) (97) (1,200) (40) 705) (40) (238) 3,186 This page doe8 not form part of the statutory financial statements. Page 23