THE FOLLY FELLOWSHIP REPORT AND ACCOUNTS 31 MAY 2024 Company number 02600672 Charity number 1002646 THE FOLLY FELLOWSHIP cowrENTS Page Legal and Administtative information Chairman's Report Tru8tees' Report Independent Examiner's report Statement OE Financlal Artlvities Balance Sheet Notes to the accounts 8-10 THE FOLLY FELLOWSHIP LEGAL AND ADMINISTrATIVE INFORMATION 31 MAY 2024 Statu8 The Folly Fellowship 18 a company Iltiiited by su￿antee Soverned by its n￿O￿uM and artkle8 of a88ociatlon and wa8 incorporated 11 Apdl 1991. It wa6 regfBtered &8 a ch￿lty on 22 Apdl 1991. MT Bright IKS Gray EA Water8 PDG Todd Compw rtumber 026￿672 Ch•dty number Re8l•tered offlce l Keble HouBe MarK)r Fields London SW15 31S IndependenteMndner IMW Latham FCA Chartered Accountant 166 Boundaries Road LLJndon s￿28HG Banker• The Royal Bank of &otiand pLc London Dnllnmond6 Branth Admirolty Arch 49 Charins Cn)s$ London SMA 2DX THE FOLLY FELLOWSHIP CHAIRMAN'S REPORT 31 MAY 2024 A year ago we were stlll reellng from the Impact of Co¥ld whlch clalmed the Ilfe of our beloved Rlta Boogaart. Not long afterwards her husband Pieter a150 succumbed. In my last Report we had rtteived thelr legacy of over £ICQ.LNIO. I can now tell you that In thè months that followed that legacy Incroased by some £130,OfyJ. We welcome members. retommendatlons ft*r the use of these funds. Just beforè the end of our last flnaThclal year we gathèred In good numbers for a tr*ur ol the Cotswolds, splendld follles, some of whlch were the ¢reatlon5 of mernbers. A year later we vlslted more deli8hts in Hertfordshlre and a Ilttle latef the maNels of the Brlstol area. We rounded off the summer wlth a magnlflcent Garden Party and a season*ndln8 trlp to the Parls surrounds. The Trustees as •ver have to thank our outln85 organlsers forthese wonderful occaslons. As ever our superb webmaster orynlzed ever more Zoom tslks whlch contlnue to be popular, well attended and can alw be seen and heard after thelr InStlal broadcast, I hava to report contlnuln8 problems of vartd•llsm of Browne's Folly In th• outsklrts of Bath. Many •fforts have been made to counterthls but the vandals are well organlzed and determlned. We have experts In our nnks who have devoted tlme wlthout ènd to tryln8 tt* preserve thls dlstln8ulshed stnjcture and contlnue to do 50. Th Journal was to have been edlted by an experlenced member who suddenly dled and a succeswr was unable lo produre a planned Issue but we now have the prosp•ct of notlust one but two Journals over the comlng two y•ars. We wlll 3150 contlnue to pmte¢¢ preseThe and promote lollle5. ¥rottoes and 8arden bulldln85 and look fward to members. loy815UPPOrt and that of Ilke-mlnded bodles, r BRIGErr 22 January 2025 THE FOLLY FELLOWSHIP DIRECTORS, AND TRUSTEES, REPORT 31 MAY 2024 The trustee8 present their report and the accounts of the charitable company for the year ended 31 May 2024. Le8al and adminlgtratlve inforniation Set out on p&ge I forn￿ part of thts report. Structsre. sovernaftce and m&nasernent Trt4Stees All the dlrector8 of the company are a180 truBtse8 of the tharAty, and therè are no other trustees. The tru8tees who served during the year are 8et out on page I, In accordance with requirements of the Arttcles OE AssocIatio￿ the trustees are appointed for a rnaxlmum perlod of three yearg and retirin8 tru$tee8 are eIlsible for rtrelectLon, Appoinement of trnJtee6 The trustee5 are recruited in OTder to enBuTe that the expert18e of the board member9 will enhAnee the development of the charity. Reei'uilrnent to the board of trugtees has gener411y been athieved through word of mouth and therefore they are already familiar withtbe practical work OE the charity, Organisatio The charlty ts orsanlsed 80 that the trustee8 meet regul￿]Y to mana8e its afE4lrJ. Risk The trustees have dlscussed the charity¥ p(Isllivn wlth regard lo risk and continue to review the major rl8k8 to whieh the charity is exposed, and have estab115hLd syblems to mitlgate thosL> riskB. ObJectlve8 and acllvltle The charity's objects are to protect. preserve and promote for the benefit of the public the hlstorical, archltthral and constructlonal herita8e exl81ins in and around Eolliesi grottoes and 8arden buildAnss. The charity undertakey the publicotion of'Follies'. the intern&itional magazlne for follieBi 8rotto￿ and 8arden bulldin8ts tO8ether wjth the publication ol The FolHes Jnumal,. The charity also holds several events each year at folly 81tes in and outside the UK, Achlevementsi performance md £uture plan& These are described In the Chairman's report on pa8e 2. Flnancial revlew The Blatemffit of flnancial activities shows a net 5urplu8, beforL unreallsed 1088e8 on Inve8tments, fi)r the year of £137.158 (2023 d¢ficit £1.558} and reserves totalling £279268 (2023 £141,950). The director8 have established a pollcy whereby the free reserve8 (being the unrestrlcted fimdg not commltted or invested in tansible fixed assets) held by the charity 8hould be between three and six months of the resources expended, whicli equates to £5,000 to £10,000 In 8eneral fund8, At thi8 level the trustees bellcve they would be able lo eonlinue the current activities of the charity An the event of a si8nlfi¢ant drop in funding. The free reserves at 31 May 2024 amounted to £251.994 12013 £114835). THE FOLLY FELLOWSHIP DIREcfoRS' AND TRUSTEES, REPORT 31 MAY 2024 Statement of hv&teeB' reJpon8ibllltle8 Company law and law applicable to charltie8 in Ensland and Wales require the trusteeg to prepare financial Statements for each Einancial year which give a true and fatr view of the con)pany's financ￿1 artlvities durthg the year and of its financial position at the end of the year, In preparfft￿ financial statements Alvin% a true and fair vlew. the tDJ8tees are required to.. select suitable accountlng pollcles and then apply them consistently,. make ludgemenb and estimates that are reasonable 8énd pruden¢ state whether applieable accounting standards and statements of recommthded PrartI￿ have been followed, 8ubie¢t to any departures discloBed and explained In the flnancial ststements,. prepare the financfal gtatements on the soins concern ba$1$ unlesg It18 inappropriate to presume that the company will continue in opeTation. The directors are responsible for keeping proper 4ecuunlin8 records which dlsdose wlth reatsonable accuracy the financial position of the company and wliich enable thLim to L'nsuro that the financial statements comply with the C.ompanles Act 20116, the Charitles Act 1993, the Statement of Roeommendo.d Practice for accounting by charities 2005 and the 8overiiing document. They are also re,gponslble for Nafeguardlng the aBse18 of the company and hence for taklns Teasonable 81e.ps for the px¢venlion ond detection of fvoud aTrJ other Irre%ularltieg. 22 January 2025 IKS GRAY DiTectUT and Tru8tee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FOLLY FELLOWSHIP I report on the accounts for the year ended 31 May 2024 set out on pbges 6 to 10 Re8peetive ro8pon8ibllttle8 of trll8tee8 and examiner The trustees, who are a180 the charitable company's direetors are respon8ible for the PTeparatim of the account8. The trustees consider thot an audit Is not rqulred for this year, under S43(2) of the Charities Act 1993 and that an independent examinatlon is needed. It 18 my re8pon8ibility to examine the accounts under S43 of the Charities Act 1993, to follow the procedures laid down in the General Directions given by the Charity Commissioners under $43IDlb) of the Charltles Act 1993, and to State whether parttwlar matters have come to my attention. Bagb of Independent examlneT'8 report My examinatton was cariled out an aceordanee wlth the Gerwal Dlr&Xion8 Siven by the Charity Comml35ion. An examination includes a review of the accountlng records kcpt by the charity and a compari3on of the attounts pyesenled wlth those records. It al30 include8 con8ideratlon of any unusual Item8 or dtsclosure8 In the accounts and the seeking of explanation3 from you as tn￿tee& COn￿mIng any 8uch matters. The prfftdure8 undertaken do not provide all the evidence that would be required In an audlt and, con8equentJyi oplnlon 19 given as to whether the accounts pre8ent a 'true and f8ir view, and the report is limited to those matters Set out In the statement below. Independent ex&mlner'$ statement In connectlon wlth my examinatiory no matter has come to my attention.. whlch 8ives me reasonable eause to believe thot, in ony m8terio1 respect, the requlrements al to keep accounthg records In accordance wlth S386 of the Companies Aet 2006,. and b) to prepare accounts which accord wlth the accountin8 record8. comply wlth the accountlng requirements of the Companle8 Act 2(M)6 and wlth the method8 and princlple8 of the Statement of Recommended Practice: Accounting and Reporting by Charities (reviscd 2005) have not been met; or to whlch. in my oplnlon, 8ttentlon thould be drown in order to enable a proper understondinR of the accounts to be reached. 22 January 2025 London IMW LATHAM FCA awtered Accountant THE FOLLY FELLOWSHIP STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MAY 2024 UnreBtricted Restslcted 2024 2024 Total Total 2023 Notes INCOMNG RESOURCES Incomln8 resources from generated fundo Voluntary income Donations Membershlp 8ub8cription9 Tax refund Inve8tment Income and interest In¢omkn8 r¢sow¢eJ from eharAt4ble a¢ifviHe• Events Merchandi8e 8ale8 138.755 10,784 1,499 1724 138,755 10,784 IA99 1724 125 102(X) 1,593 807 1,845 63 3,617 799 155,670 155,670 17,141 RESOURCES EVENDED Charltable a¢tlvitle8 Newsletter Events Support costs Secretarial a8818tance Postage and 8tatlonery Meeting Costs Website 'Engli8h Herlta8e/London Htstoric" 8ub8crlptlons Storage Insurance Governance co81 Independent examiner's fee Data protectlon 12,604 1.766 11,606 3,114 1,766 369 297 144 381 1gJ IA05 174 291 132 2,158 182 132 1158 182 %0 960 49 Total re8ourceo expended 18,512 18,512 18,699 Net 8urplurf(defldtl for year 137,158 137,158 58) Unrea118ed 8aln/Uoss) on investment a8get 160 160 (42) Fund balance8 brought forward 130.186 130.186 131,786 Fund baIanee8 earried forward £267 £ 267.504 £ 130.186 The statement of financial activities includes all sain8 and losses reco8ni8ed In the year. All I￿omIng resour￿9 and resources expended derived from continuins aclivities The notes on pages 8 to 10 fonn part of these accounts THE FOLLY FELLOWSHIP BALANCE SHEET- 31 MAY 2024 2024 Note8 Tanglble fixed a88ets Inve8tment 151100 510 15,000 351 Current asBel8 str￿k Prepayments Bank balan￿8 192 267.166 192 129,047 267J58 129239 Current llabllitle8 Credltors Netcurrent agjets 263.758 126,599 Net assets £ 279268 £ 141,950 Fund8 DesI￿nated fi￿d8 General fundg 11.764 267,504 11.764 130,186 Total funds £ 279268 £ 141,950 A) The8e accounts h4ve been prepared in accordanco wlth the provisions applicable to companie8 subject to the 8mall compafti¢s re%ime. b) For the year In question the company wa8 entitled to exemption from hn audlt under S477(2) of the Companles Act 20( relati￿ to the 8mall eompanles re%Ame. cl The member8 have not required the company to obtsin an audlt In att0rda[￿ with 8ection 476 of the Companle8 Act dl the directors acknowledges their re8ponsibility for.. l) ensuring that the company keep¥ accounting record8 which comply with S386; and 11) preparin8 accounts whlch give a true ond fair view of the 5tste of 8ffatr5 of the company as at the end of the flnanclal year And of its result for the finhncial year in accordance wlth the requirements of S393 of the Cofftpanies Act 2006 and which otherwlse comply wlth the requirements of that Act relatin% to a￿Ounts, so far a8 applicable to the company. IKS CRAY- Dlrectot and Trngtee MT BIUGHT- Director and Trustee Approved by the trustees on 22 January 21YLS and signed their behalf The notes on pages 8 to 10 forni part of these accounts THE FOLLY FELLOWSHIP NOTES TO THE AccouNfs- 31 MAY 2024 i Prirtclpal accounting pollcies The accounting policies have been applled consistently throughout the year and in the precedin8 year and are 8et out below. B4818 of iccountln The financial statements have been prepared In accordarte with the Charities Act 1993. the Charides (Accounts and Reports) Re8ulatlorL8 2005 ard the Statement of Recurnmended Practice for accounting by charitie8 2(YJ5. They have been prepared under the bj8t0￿c&l o)st convention. Fund a¢¢ountlng There 18 a seneral fund for the de3ipted objects and actlvitie5 of the charity. There ig a deslgnated fund £or reserveg Set a8lde by the trustees for Specifie purposes. Incomins reBource8 AU incomin8 rosourcet4 are included tn the statement of linanclAI activAties when the charlty is enHtled to the income and the amount ean be quantified with reasonable accuracy. The following 9pecific policies are applied to particular cateRorleB of trLcome', Voluntary Income ts recelved by way of donatlon8, sub8crlptlons and 81ft ald tax and are reco8rdsed when recelved. In¢ome from fundr&i8ln8 events the sale of mer¢handtse 18 reco8ntsed when it has been earned, provlded it can be quantified. LnvestmLnt Incomels recogn15ed when recelvable. Bank Interest ha8 been recelved net of Incomc tax. Re8ourceB expended Expenditure 18 reco8n18ed on an accruals basi8 as Ilabllitie8 are ItThrred. Expenditure Include8 unrecoverable VAT, which Is reported as pgrt of the cost to which it relates. Support CO8t8 are not apportioned to tl* different acttvities GovernanLY c08ts In¢lude the cost of meeting the Ch￿￿ty,& statutory requlrementg and strategic manasement. 2 Trustee remuneratlon and expen8e8 None of the trustees ha8 received any remU[￿ratIon for their serviceB durlns the year (2023- £nill, nor have they claimed any expenses. (2023- nil) 3 Taxatlon The company is a reslstered charity and is exempt from income and corporatlon tax to the extent that inco0￿ and gainB are applicable and applied to charitable purpo8eg only. THE FOLLY FELLOWSHIP NOTES TO THE Accoubrrs- 31 MAY 2024 4 Tangible flxed a88ets Freehold ]ond and Computer Total C08t or valuation At l June 2013 and at 31 May 2(n4 15,LKK) 174 15,174 Depreelation At l June 2023 and at 31 May 2024 174 174 Net ix)Dk value At l June 2023 and at 31 May 2024 £ 15,000 £ 15000 The freehold land and bulldlns8 conslst of: - Land and bufildlng known as Browne's Folly, Wlltshlre wlth a market value of £15,000. 5 Inveglment 2024 At l June 2023 UnrealiBed galn/Oo85) on revaluation 351 160 392 (421 At 31 May 2tr24 £511 £350 Th16 repre8ents 232 Barclay8 Bank plc 25p Ordinary share8. 6 Stock 2024 2023 Sweatthirt6, 8carve8, tks, blTrder8, ¢aTdA and booklets 2024 Prepayments £192 £192 8 Credltor8 2024 2023 £3.600 £ 2,640 THE FOLLY FELLOWSHIP NOTES TO THE AccouNfs- 31 MAY 2024 9 Analydl• of net asiets by fundo General De818naied Net Flxed assets - tan8ible . Inve8tments Net clln￿t a8gets 15.000 510 Lll,994 15,000 510 263,758 11,764 £ 267,504 £ 11,764 £ 279,268 The deslgnated fund wa8 created Jn 1998 by the tru8tees to fund costs 0£ re8tOTadon 0£ CUrrn￿ and any future follle8 acquired by the tharlty 10 Uablllty of mtmber• The company 1$ ]Imlted by guarantse and doe& not have a 8hare ¢4pltal. The members have a Ilrdted1Sabi]ity of £1 In the event of the company wound Upi or wlthin one year after they to be members, -io-