REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
THE PARTNERSHIP FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
THE PARTNERSHIP FOUNDATION |
THE PARTNERSHIP FOUNDATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 15 |
THE PARTNERSHIP FOUNDATION (REGISTERED NUMBER: 06297341) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
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 March 2023. 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 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charitable company are: |
a) Develop the capacities and skills of socially and economically excluded and disadvantaged groups and individuals in such a way that they are better able to identify and help meet their needs and participate more fully in society; and |
b) Promote for the public benefit urban regeneration in areas of social and economic deprivation. |
The areas of benefit are the local authority areas of Portsmouth, Havant, Gosport and Fareham |
Significant activities |
During the Autumn and Winter of 2022/23, the trustees became increasingly concerned about the impact of rising interest rates, energy bills and increasing cost of food on poorer communities in Portsmouth. This urgent concern about the rapidly rising cost of living led the board of the Foundation to approve £50,000 of its funds to help all 22 food banks and food pantries across the area. The Foundation works with and through partners, like The Hive in Portsmouth, who have close relations with the many active voluntary organisations that support communities throughout the year. The Hive distributed these funds equally to all the food banks and pantries for essential food, cleaning products and toiletries. |
For the Partnership Foundation to achieve its objectives of helping people, families and communities suffering social and economic deprivation, it depends on the valuable work of grassroots voluntary organisations who provide a support network across the city and its surrounding areas. The past year's investment, of £171,000, has built on existing partnerships with these organisations (who support disadvantaged groups across SE Hants). The Foundation sees a number of them as 'trusted partners', who can deliver its charitable objectives, cost-effectively. During this year these 'trusted partners' have included the Roberts Centre (£17,500), Aspex (£20,000), Motiv8 (£23,000) and Jacobs Well in Gosport (£10,000). This approach has helped direct the Foundation's focus toward more sustained grant giving over a two to three year period sustaining longer term projects and helping to extend their reach and capacity. One-off grants also went to Hope into Action (£10,000) and Portsmouth Community Housing Trust (£25,000) who are developing affordable housing for homeless individuals and families. |
The Foundation continued with its Community Projects Fund which offers small grants of £500. The fifteen recipients over this year included voluntary organisations like Sparks Community Space, Portsea Carnival, the Havelock Centre, and the Andrew Simpson Foundation (a full list can be found on page 9 of these accounts). |
The Partnership Foundation also continued its support of Two Saints' work with the homeless and those at risk of homelessness with an ongoing donation of £2,500 for their personal funds programme. This money pays for small essential items (generally less than £50), to solve an immediate need or help the person progress towards independence. |
Through the Partnership Foundation we will continue to provide flexible funding that is responsive to the changing needs of our communities. |
Public benefit |
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this report. |
THE PARTNERSHIP FOUNDATION (REGISTERED NUMBER: 06297341) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
FINANCIAL REVIEW |
The trustees can also report an deficit of incoming resources over resources expended of £102,532 for the year. |
Reserves policy |
The Partnership Foundation is a small charity that receives donations annually from the Portsmouth and SE Hampshire Partnership (PSEHP). PSEHP is a local not for profit regeneration company that owns commercial property and distributes its surpluses. These annual donations vary around £75,000 per annum. The Partnership Foundation's current, sole activity is to make grants to projects in line with its charitable objectives. The Foundation rents an office in Portsmouth Guildhall on a monthly licence and has no other contractual obligations. Staff costs are paid hourly for management and administration as and when needed. |
The trustees agreed to keep reserves of £10,000 on the understanding this amount would easily cover any unforeseen costs. This reserves policy is reviewed annually when the accounts are prepared. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Partnership Foundation is a charitable company, limited by guarantee, incorporated on 29 June 2007 and registered with the Charity Commission on 11 December 2007. |
The charitable company is governed by its Memorandum and Articles of Association dated 8 May 2007. |
Trustees |
The Articles of the charitable company currently allows for a minimum of five and a maximum of nine trustees - up to five elected by and from the membership at the AGM, up to three persons, appointed by the Board from organisations operating or active in the area of benefit or individuals who have appropriate skills and experience of benefit to the charitable company and Portsmouth and South East Hampshire Partnership Limited (corporate director). The Chairperson is appointed by the member of the charitable company from the Board of Trustees. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
M Craft |
D Miles |
Z Gray |
A Clodfelter |
R Dickens |
Portsmouth and South East Hampshire Partnership Limited |
Company Secretary |
Portsmouth and South East Hampshire Partnership Limited |
THE PARTNERSHIP FOUNDATION (REGISTERED NUMBER: 06297341) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
S Mackie, FCA |
Morris Crocker |
Chartered Accountants |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
Solicitors |
Moore Barlow |
Gateway House |
Tollgate |
Chandler's Ford |
Southampton |
Hampshire |
SO53 3TG |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE PARTNERSHIP FOUNDATION |
Independent examiner's report to the trustees of The Partnership Foundation ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
S Mackie, FCA |
Morris Crocker |
Chartered Accountants |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
28 November 2023 |
THE PARTNERSHIP FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 5 |
Charitable activities | 6 |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 331,366 |
THE PARTNERSHIP FOUNDATION (REGISTERED NUMBER: 06297341) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Total | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Social investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 16 |
Unrestricted funds | 331,366 |
TOTAL FUNDS | 331,366 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. |
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. |
THE PARTNERSHIP FOUNDATION (REGISTERED NUMBER: 06297341) |
BALANCE SHEET - continued |
31 MARCH 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | ACCOUNTING POLICIES |
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 2019)', 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. |
The trustees consider that there are material uncertainties about the Charity's ability to continue as a going concern. |
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. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Office equipment | - |
Individual fixed assets costing £250 or more are capitalised at cost. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Financial instruments |
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below. |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | ACCOUNTING POLICIES - continued |
Debtors and cash at bank |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand included cash held on deposit or in a current account. |
Creditors and provisions |
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
3. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Rents received |
Deposit account interest |
All investment income is derived from assets held in the United Kingdom. |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Hope into action | Partnership Foundation Fund | 2,000 | 1,000 |
5. | RAISING FUNDS |
Other trading activities |
2023 | 2022 |
£ | £ |
Rent | 8,305 | 4,333 |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
(see note |
7) |
£ |
Partnership Foundation Fund | 171,849 |
7. | GRANTS PAYABLE |
2023 | 2022 |
£ | £ |
Partnership Foundation Fund | 171,849 | 55,545 |
The total grants paid to institutions during the year was as | follows: |
2023 | 2022 |
£ | £ |
Aspex | 20,000 | 10,000 |
Lily & Lime | - | 500 |
Sehco | 445 | - |
EC Roberts Centre | 17,500 | 2,750 |
Portsea Event | 500 | - |
Makers Guild | - | 500 |
Marvels and meltdowns | - | 500 |
Two Saints | 2,504 | 1,957 |
Hope into Action | 10,500 | - |
Salvation army | - | 6,350 |
Boogiemites | - | 950 |
Dadzclub | 500 | 500 |
Gardening Project - Brockhurst Baptist Church | - | 500 |
Comfort and Joy Vouchers | 7,000 | 500 |
The Hive (foodbanks and food pantries) | 50,000 | 20,000 |
Wecock Farm | - | (500 | ) |
Age Concern - Gosport Hospital | - | 924 |
Portsmouth Northsea Swimming Club | - | 500 |
Friends of Walpole Park | - | 130 |
The Genesis Centre | - | 500 |
Y Music | - | 484 |
Anchorage Park Basketball | - | 500 |
Orchard Park Regeneration | - | 500 |
Sparks Community Space Cuppa & Cake | 500 | 500 |
Golden Gloves Boxing | - | 500 |
Dinky Tinkers | - | 500 |
Peter J Coding | - | 500 |
Havelock Community Centre | 500 | 500 |
STEM Unity | 900 | - |
Community Fair | 500 | - |
Andrew Simpson Foundation | 500 | - |
Walking Football | 500 | - |
Sustrans | 500 | - |
Jacobs Well Care Centre | 10,000 | - |
The Twirly's Game Club | 500 | - |
Abilities for Life | 500 | - |
Portsmouth Community Housing Trust | 25,000 | - |
Motiv8 Mental Health | 23,000 | 5,000 |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | GRANTS PAYABLE - continued |
8. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Other resources expended | 4,353 | 75 | 4,286 | 8,714 |
Support costs, included in the above, are as follows: |
Management |
2023 | 2022 |
Other |
resources | Total |
expended | activities |
£ | £ |
Administration | 4,353 | 3,421 |
Finance |
2023 | 2022 |
Other |
resources | Total |
expended | activities |
£ | £ |
Bank charges | 75 | 61 |
Governance costs |
2023 | 2022 |
Other |
resources | Total |
expended | activities |
£ | £ |
Insurance | 406 | 394 |
Accountancy and legal fees | 3,880 | 2,815 |
4,286 | 3,209 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
During the year no trustees (2022: none) were reimbursed out of pocket expenses. |
Directors and Officers insurance |
The charitable company also provides insurance for its directors and officers. |
Key Management Remuneration |
Key management includes the outsourced part time role of Chief Executive, total pay for this was nil (2022: nil). |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Support staff |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
funds |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 331,366 |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
At 1 April 2022 and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
13. | SOCIAL INVESTMENTS |
Other |
investments |
£ |
MARKET VALUE |
At 1 April 2022 and 31 March 2023 | 100,000 |
NET BOOK VALUE |
At 31 March 2023 | 100,000 |
At 31 March 2022 | 100,000 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
Accrued expenses |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 331,366 | (73,532 | ) | 257,834 |
TOTAL FUNDS | (73,532 | ) | 257,834 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 115,336 | (188,868 | ) | (73,532 | ) |
TOTAL FUNDS | ( |
) | (73,532 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 316,057 | 15,309 | 331,366 |
TOTAL FUNDS | 316,057 | 15,309 | 331,366 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 81,878 | (66,569 | ) | 15,309 |
TOTAL FUNDS | 81,878 | (66,569 | ) | 15,309 |
THE PARTNERSHIP FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
17. | RELATED PARTY DISCLOSURES |
The following transactions took place with Portsmouth and South East Hampshire Partnership Limited (a company with directors in common with the charity) during the year: |
2023 | 2022 |
£ | £ |
Donation | 104,000 | 75,000 |
Debtor/(creditor) at balance sheet date | 104,000 | 75,000 |
Rent charged | 3,374 | 4,333 |
18. | ULTIMATE CONTROLLING PARTY |
The charitable company is not under the control of another entity or any one individual. |
19. | LEGAL STATUS OF THE CHARITY |
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. |