REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 July 2017 |
for |
Practical Tools Initiative Limited |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 July 2017 |
for |
Practical Tools Initiative Limited |
Practical Tools Initiative Limited |
Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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Page |
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Report of the Trustees | 1 |
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Independent Examiner's Report | 2 |
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Statement of Financial Activities | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 to 7 |
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Practical Tools Initiative Limited |
Report of the Trustees |
for the Year Ended 31 July 2017 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with |
the financial statements of the charity for the year ended 31 July 2017. The trustees have adopted the provisions of |
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their |
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) |
(effective 1 January 2015). |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by |
guarantee, as defined by the Companies Act 2006. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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Trustees |
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International Development |
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Medical Researcher |
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Chair |
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Company Secretary |
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Independent examiner |
Harvine Consultants Ltd |
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102 - 116 Windmill Road |
Croydon |
Surrey |
CR0 2XQ |
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Approved by order of the board of
trustees
on
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Independent Examiner's Report to the Trustees of |
Practical Tools Initiative Limited |
I report on the accounts for the year ended 31 July 2017 set out on pages three to seven. |
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Respective responsibilities of trustees and examiner |
The charity's trustees (who are also the directors for the purposes of company law) are responsible for the preparation of |
the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the |
Charities Act 2011 (the 2011 Act)) and that an independent examination is required. |
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Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent |
examination, it is my responsibility to: |
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- | examine the accounts under Section 145 of the 2011 Act |
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section
145(5)(b) of the 2011 Act); and |
- | to state whether particular matters have come to my attention. |
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Basis of the independent examiner's report |
My examination was carried out in accordance with the General Directions given by the Charity Commission. An |
examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented |
with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking |
explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the |
evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a |
'true and fair view ' and the report is limited to those matters set out in the statements below. |
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Independent examiner's statement |
In connection with my examination, no matter has come to my attention: |
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(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
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- | to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and |
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to prepare accounts which accord with the accounting records, comply with the accounting requirements
of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) |
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have not been met; or |
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(2) |
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached. |
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Harvine Consultants Limited |
Harvine Consultants Ltd |
Square Root Business Centre |
102 - 116 Windmill Road |
Croydon |
Surrey |
CR0 2XQ |
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30 September 2017 |
Practical Tools Initiative Limited |
Statement of Financial Activities |
for the Year Ended 31 July 2017 |
31.7.17 | 31.7.16 |
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Unrestricted
fund |
Restricted
fund |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income | 2 |
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Total |
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EXPENDITURE ON |
Raising funds | 3 |
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NET INCOME |
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Other recognised gains/(losses) |
Gains/(losses) on revaluation of fixed assets |
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Net movement in funds |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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5,346 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
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Practical Tools Initiative Limited |
Balance Sheet |
At 31 July 2017 |
31.7.17 | 31.7.16 |
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Unrestricted
fund |
Restricted
fund |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 7 |
Unrestricted funds | 9,006 | 5,346 |
Restricted funds |
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TOTAL FUNDS |
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5,346 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 July 2017. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
31 July 2017 in accordance with Section 476 of the Companies Act 2006. |
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The trustees acknowledge their responsibilities for |
(a) |
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the charitable company as
at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
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These financial statements have been prepared in accordance with the |
special provisions of Part 15 of the Companies Act 2006 relating to |
charitable small companies. |
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The financial statements were approved by
the Board of
Trustees
on
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Practical Tools Initiative Limited |
Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been |
prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement |
of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial |
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
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Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it |
is probable that the income will be received and the amount can be measured reliably. |
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Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the |
charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and |
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has |
been classified under headings that aggregate all cost related to the category. Where costs cannot be directly |
attributed to particular headings they have been allocated to activities on a basis consistent with the use of |
resources. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions |
arise when specified by the donor or when funds are raised for particular restricted purposes. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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2. | INVESTMENT INCOME |
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31.7.17 | 31.7.16 |
£ | £ |
Deposit account interest |
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3. | RAISING FUNDS |
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Raising donations and legacies |
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31.7.17 | 31.7.16 |
£ | £ |
Support costs |
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4. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 July 2017 nor for the year ended |
31 July 2016 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2017 nor for the year ended 31 July 2016 . |
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Practical Tools Initiative Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
fund |
Restricted
fund |
Total
funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Total |
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EXPENDITURE ON |
Raising funds |
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Total |
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NET INCOME |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | 4,308 | - | 4,308 |
TOTAL FUNDS CARRIED FORWARD | 5,346 | - | 5,346 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.7.17 | 31.7.16 |
£ | £ |
Accrued expenses |
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7. | MOVEMENT IN FUNDS |
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At 1.8.16 |
Net movement
in funds |
At 31.7.17 |
£ | £ | £ |
Unrestricted funds |
General fund | 5,346 | 3,660 | 9,006 |
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TOTAL FUNDS |
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3,660 | 9,006 |
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Practical Tools Initiative Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
7. | MOVEMENT IN FUNDS - continued |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Gains and
losses |
Movement in
funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 143,047 | (141,572 | ) | 2,185 | 3,660 |
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Restricted funds |
Restricted | 98,070 | (97,684 | ) | (386 | ) | - |
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TOTAL FUNDS |
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3,660 |
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Comparatives for movement in funds |
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At 1.8.15 |
Net movement
in funds |
At 31.7.16 |
£ | £ | £ |
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Unrestricted Funds |
General fund | 4,308 | 1,038 | 5,346 |
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TOTAL FUNDS | 4,308 | 1,038 | 5,346 |
Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 44,736 | (43,698 | ) | 1,038 |
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TOTAL FUNDS | 44,736 | (43,698 | ) | 1,038 |
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8. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the year ended 31 July 2017. |
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