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COMPANY REGISTRATION NUMBER: 12488883
CHARITY REGISTRATION NUMBER: 1192983
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Unaudited Financial Statements
28 February 2023
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Financial Statements
Year ended 28 February 2023
Page
Trustees' annual report (incorporating the director's report)
1
Reporting accountants report to the board of trustees on the preparation of the unaudited statutory financial statements
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 28 February 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 28 February 2023 .
Reference and administrative details
Registered charity name
Treasure Cay Phoenix Limited
Charity registration number
1192983
Company registration number
12488883
Principal office and registered
Highview House 1st Floor
office
Tattenham Crescent
Epsom
Surrey
KT18 5QJ
UK
The trustees
J H Mercer
C H Mercer
P Horsnall
A Campi
Accountants
Brooks Carling Accountants Limited
Reporting accountants
Highview House, 1st Floor,
Tattenham Crescent
Epsom
Surrey
KT18 5QJ
Structure, governance and management
The charity is managed by the four trustees who oversee the work of the charity and ensure it complies with its governing document and objectives.
Objectives and activities
The charity operates in the Bahamas for the prevention or relief of poverty by making grants to organisations.
The charity trustees confirm that due regard has been paid to the public benefit guidance published by the Charity Commission.
Achievements and performance
The charity did not have an activity in the period. This will change in future years when grants will be made.
Financial review
During the period, the charity did not receive any donations and did not make any grants.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 9 November 2023 and signed on behalf of the board of trustees by:
J H Mercer
Trustee
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Reporting Accountants Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Treasure Cay Phoenix Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Treasure Cay Phoenix Limited for the year ended 28 February 2023, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the board of trustees of Treasure Cay Phoenix Limited , as a body, in accordance with the terms of our engagement letter dated 28 February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Treasure Cay Phoenix Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Treasure Cay Phoenix Limited and its board of trustees, as a body, for our work or for this report.
It is your duty to ensure that Treasure Cay Phoenix Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Treasure Cay Phoenix Limited . You consider that Treasure Cay Phoenix Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Treasure Cay Phoenix Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Brooks Carling Accountants Limited Reporting accountants
Highview House, 1st Floor, Tattenham Crescent Epsom Surrey KT18 5QJ
9 November 2023
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 28 February 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
507
Investment income
6
13
13
2
----
----
----
Total income
13
13
509
----
----
----
Expenditure
Expenditure on charitable activities
7,8
300
300
300
----
----
----
Total expenditure
300
300
300
----
----
----
----
----
----
Net (expenditure)/income and net movement in funds
( 287)
( 287)
209
----
----
----
Reconciliation of funds
Total funds brought forward
16,706
16,706
16,497
--------
--------
--------
Total funds carried forward
16,419
16,419
16,706
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Current assets
Debtors
11
28
28
Cash at bank and in hand
16,691
16,978
--------
--------
16,719
17,006
Creditors: amounts falling due within one year
12
300
300
--------
--------
Net current assets
16,419
16,706
--------
--------
Total assets less current liabilities
16,419
16,706
--------
--------
Net assets
16,419
16,706
--------
--------
Funds of the charity
Unrestricted funds
16,419
16,706
--------
--------
Total charity funds
13
16,419
16,706
--------
--------
For the year ending 28 February 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
J H Mercer
Trustee
Treasure Cay Phoenix Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Highview House 1st Floor, Tattenham Crescent, Epsom, Surrey, KT18 5QJ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS 102 and the Charities Act. As such, advantage has been taken of the following disclosure exemptions: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
4. Limited by guarantee
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £25 towards the assets of the company in the event of liquidation.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations recevied
507
507
----
----
----
----
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
13
13
2
2
----
----
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Support costs
300
300
300
300
----
----
----
----
8. Expenditure on charitable activities by activity type
Support costs
Total funds 2023
Total fund 2022
£
£
£
Governance costs
300
300
300
----
----
----
9. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. Debtors
2023
2022
£
£
Other debtors
28
28
----
----
12. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
300
300
----
----
13. Analysis of charitable funds
Unrestricted funds
At 1 March 2022
Income
Expenditure
At 28 February 2023
£
£
£
£
General funds
16,706
13
(300)
16,419
--------
----
----
--------
At 1 March 2021
Income
Expenditure
At 28 February 2022
£
£
£
£
General funds
16,497
509
(300)
16,706
--------
----
----
--------
14. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
17,019
17,019
Creditors less than 1 year
(300)
(300)
--------
--------
Net assets
16,719
16,719
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
17,006
17,006
Creditors less than 1 year
(300)
(300)
--------
--------
Net assets
16,706
16,706
--------
--------