The Trustees present their annual report and financial statements for the year ended 30 April 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "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).
The primary activity from incorporation and registration as a Charity has been to plan and build Petra’s Place, a centre to provide therapies and support pre-school children with suspected or diagnosed autism and their families. The first Petra’s Place opened in London in 2019. Petra’s Place is the trading name under which the Foundation is promoting and providing the therapies and support at its state-of-the-art centre. Petra’s Place ceased trading in December 2022 and was transferred to new management trading under the company Ohana SEN Nursery and Therapy Centre Ltd (company number 14461281).
A Petra Ecclestone Foundation was also established as a 501c(3) not for profit in California, USA. It is entirely independent of this Charity.
The Charity’s objectives are:
The relief for the benefit of the public in the UK and elsewhere of sickness and preservation of health, both mental and psychical, especially among persons suffering from autism and related conditions and members of their families by providing or assisting in the provision of:
Equipment, facilities and care, treatment and rehabilitation services in conjunction with or not normally provided by statutory authorities
Facilities for work and recreational facilities as part of rehabilitation
Practical advice and support for individuals and families
Financial assistance for individuals and families.
The advancement of education of the public concerning healthcare with particular reference to autism and related conditions.
Such other charitable purposes connected with healthcare and rehabilitation as the directors think fit from time to time.
Vision, Mission and Values
The Petra Ecclestone Foundation was established in February 2017 when charitable status was confirmed by the Charity Commission in England and Wales. Driven by the children and young people we exist for, we are clear on what we seek to achieve (our vision), what we will do to achieve it (our mission) and the basis on which we will work (our values):
Vision
A future where knowledge and awareness reduce the impact of autism, and children and young people affected have access to the support they need to enable them to realise their full potential.
Mission
We will:
Increase the knowledge and awareness of autism to reduce their impact
Improve the early diagnosis of autism to enable early intervention.
Provide appropriate intervention and support to young children with suspected or diagnosed autism and their families.
Fund research to increase understanding of autism and their impact to benefit children, young people and their families.
Values
At the heart of the Foundation are the people we exist to help. Our values reflect the way that we work to achieve our vision. We are caring, family-centred, influential, determined, professional with a high level of integrity, innovative and responsive.
The Trustees 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 its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.
Fund-raising Standards Information
During the year, the Charity was funded primarily through donations from the Trustees. Given this, the charity has not considered it necessary to sign up to any voluntary scheme for regulating fund-raising. No professional fundraisers or commercial participators were used.
There were no fundraising complaints, which would be investigated and dealt with promptly by the Managing Director.
Fundraising plans have been put on hold in 2023 whilst the trustees consider the next activity.
Other achievements
The first Petra’s Place Early Intervention Therapy Centre opened in London in late 2018, with the first children and their families benefiting from the programme of interventions from early 2019.
The Foundation partnered with the Cambridge University Autism Research Centre led by Professor Simon Baron-Cohen as Scientific Advisors on this project. These experts advised on the design of the centre and the number of children we will be able to treat as well as the most desirable therapeutic programmes to follow. With their help, the Foundation team connected to several schools for young autistic children including the new Gesher School in North West London which we visited to gain insight and support.
Two adjacent buildings were secured in South Kensington under lease and building works started in 2017, were completed by late 2018. Monthly team meetings were held on site at Petra’s Place including some meetings with designers, builders, Foundation team and Cambridge Scientists including Professor Baron-Cohen.
Key staff were recruited by the Foundation Managing Director and Operations Director including a Clinical Director in 2018, Operations Manager in 2019 and key therapists: Speech and Language, Occupational, Music and Art.
Therapists received training in ESDM (Early Start Denver Model), JASPER (Joint Attention, Symbolic Play, Regulation and Engagement) as well as PACT (Paediatric Autism Communication Therapy): programmes recommended by the Clinical Advisory Board.
Petra’s Place Closure
Petra’s Place ceased trading at the end of December 2022 and was passed over to Ohana SEN Nursery and Therapy Centre Ltd to carry on the services to young children with autism and developmental delay. The Foundation ensured that the vision, mission, and values instilled in Petra’s Place since its opening were passed on. Children attending Petra’s Place continued to attend the centre under the new management.
To facilitate the move over to new management, the Petra Ecclestone Foundation funded the monthly rental payments for Ohana’s premises for the six-month period between January and June 2023. All assets acquired by the Petra Ecclestone Foundation to enhance the leasehold property used by Petra’s Place were also donated to Ohana during the year, and further details of this can be found in Note 13 to the financial statements.
During the year donations of £387,183 (2022 - £437,521) were received. Funds were raised primarily from the Ecclestone family.
Expenditure of £1,315,348 (2022 - £404,925) was incurred. This was primarily on grants to Petra’s Place Limited, consultant fees, rent of Petra’s Place buildings, depreciation of assets and grants made to Ohana SEN Nursery and Therapy Centre Ltd, the company that took over the running of the centre.
Cash at the end of the year amounted to £5 (2022 - £23,319).
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Risk management
The Trustees have established a risk register that is regularly reviewed and updated. As Petra’s Place has now closed, the mitigation against any risks will be planned as and when the Foundation engages in any future projects.
The key strategic risks faced by the Charity, and summary steps it is taking to mitigate those risks are:
- Development and support programme provided to pre-school children with suspected or diagnosed autism - The Trustees would always engage experts to develop and oversee the programmes, and appropriately trained and experienced professionals to deliver it. The impact of the programme would always be carefully monitored for each child and a regular report provided to Trustees.
- Safeguarding risk - The Trustees place the highest priority on safeguarding, recognising the work it will be doing. For any future projects where children are funded by the Petra Ecclestone Foundation, staff would all be DBS checked and selected using the ‘safer recruitment’ process.
There are no definitive plans for the Foundation in the foreseeable future.
An early surrender on the lease has also been agreed between the Foundation and the landlord of the property and the deposit forgone as a penalty for early exit.
The Petra Ecclestone Foundation will continue to explore new opportunities to achieve its charitable objectives.
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.
Charity constitution
Petra Ecclestone Foundation is based in the UK. Since incorporation and registration as a charity, the Charity has been governed by a board of at least 3 Trustees who determine the direction and primary activities of the Charity.
The Charity operates a planning and budgeting process, with detailed budgets and plans being presented to, debated and approved by the board and performance subsequently reported against plan and budgets.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
New Trustees will be recruited and appointed by the existing Board of Trustees based on skills requirements. Where necessary, external professional advice and support will be utilised for the recruitment.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10488286 (England and Wales)
Registered Charity number
1171573
Registered office
5 Technology Park
Colindeep Lane
Colindale
London
NW9 6BX
Trustees
Petra Ecclestone
Patrick Mossu (Appointed 06.06.2022)
Tamara Ecclestone
Paul Barry Sullivan (Resigned 05.08.2022)
Independent Examiner
Grunberg & Co Limited
Chartered Accountants
5 Technology Park
Colindeep Lane
Colindale
London
NW9 6BX
The Trustees, who are also the directors of Petra Ecclestone Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Petra Ecclestone Foundation (the Charity) for the year ended 30 April 2023.
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Insitute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 that in any material respect:
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements 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
the financial statements 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 financial statements to be reached.
Gedalia Waldman BA FCA
Grunberg & Co Limited
Chartered Accountants
5 Technology Park
Colindeep Lane
Colindale
London
NW9 6BX
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Petra Ecclestone Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, NW9 6BX, United Kingdom.
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Investments in subsidiaries are held at cost less provision for impairment. Any impairment is charged to the profit and loss as it arises.
A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
Preparation of consolidated financial statements
The financial statements contain information of Petra Ecclestone Foundation as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Except for as noted below, there are no key judgements or estimates that have been applied in the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Carrying amount of tangible fixed assets: As highlighted in the Trustees' report, it is likely that the leasehold property and the other fixed assets contained within, as recorded in Note 11, will be disposed of from the financial statements. However, as no formal decision has been made on this, the expected useful life of the assets and the rate of depreciation have not been adjusted.
Other operating leases
Management and admin
During the reporting period, grants of £148,823 (2022: £186,333) were made to Petra's Place Ltd to provide educational services. Additionally, grants of £815,074 (2022: £nil) were recognised on behalf of donations and transfers made to Ohana Centre Ltd, who also provide educational services.
Governance costs includes payments to the independent examiner of £4,290 (2022 - £3,676) for independent examination fees.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2022: £nil). No expenses were reimbursed to the Trustees in the year (2022: £nil).
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
As the website was closed down at the end of the year, there is no longer a future economic benefit expected to flow to the entity, and as per FRS 102:18.4 the intangible asset no longer meets the capitalisation criteria. As such, the net book value was written-off, resulting in a net loss of £53,914 as per Note 10.
In February 2023, the charity surrendered the lease for the building which held all of the tangible assets. As part of this, it came to an agreement with another company, Ohana Centre Ltd, to transfer all of the tangible assets held in the building to Ohana, who have taken over the nursery the charity has historically funded. As the transfer of assets is in line with the Foundation's charitable objectives, the write-off has been treated as a donation, as shown in Note 5.
At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year, the charity surrendered the existing lease and officially exited the lease arrangement in place and therefore has no lease commitments going forward.
Total key management remuneration for the year under review was £70,190 (2022 - £88,544).
During the year under review, £387,183 (2022 - £437,521) was received as unrestricted donations from one of the trustees and a related party.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.