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 Stat￿Ments
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
f￿anCial 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
$n￿ll 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
Str￿CtUre9 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 f￿anCIal 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 nll￿ber 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 ProJ￿t limited for the pU￿os¢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 r￿ponSIble 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 n￿Y 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 Ch￿Ity'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 t￿COrd 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
R￿tricted
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 brOl￿11t 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 f￿an¢[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 ch￿itieS 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 tr￿teeS 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 b￿ed 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 h1￿Y liquid
investments that are readily convertible to a known ainount of cash and are subject to an insi￿lfiCant 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 amol￿t 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 unconditiot￿l ri￿t 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 CLi￿enCY 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 6n￿Cial 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
f￿anCIng 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 f￿e(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 COntr￿tUal 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 ar￿Ing 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
Derlvftllvefinancl￿J 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
Gene￿1
(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 fl￿dS 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
ACCO￿1t(￿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