Charity number: 1003312 Jack Foats Trust Trustees. report and financial statements For the year ended 5 April 2024
Jack Foats Trust Contents Page Reference and administrative detalls of the Charity. Its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial actlvities Balance sheet Notes to Ihe financlal statsments 9-15
Jack Foats Trust Reference and administrative detalls of the Charity, its Trustees and advisers For the year ended 5 April 2024 Trustees lan S Chandl8r Janine M Vallack Andrew Wilkinson Gary Laslett Charity registered number 1003312 Principal office The Poplars Lower Goldstone Ash Canterbury Kent CT3 2DT Accountants Kreston Reeves LLP Chartered Accountsnts 37 St Margaret's Street Canterbury Kent CT12TU Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JD Sollcltors Williamson & Bames 12-14 Queen Street Deal Kent CT14 6EU Managlng Agent N Rcoke BA, Msc, MRICS Amos DawEon & Finn 1 King Street Sandwich Kent CT13 9BY Independent Examiner M K R Dyer ACA MAAT Kreston Reeves LLP 37 St Margaret's Street Canterbury Kent CT12TU Page 1
Jack Foats Trust Trustees. report For the year ended 5 April 2024 The Trustees present their annual repjrt together with the financial ststernents of the Charity for the 6 April 2023 to 5 April 2024. Objectives and activities Pollcles and objectives The objects of the Trust are such charitable purposes for the benefft of Ihe parish of Ash as the Trustees in their absolute discretion think fiL In settlng oblectives and planning for actbvities, Ihe Trusteés have given due consideration to general guidanc8 published by the Charity Commission relating lo public ben8fiL induding the guidance 'Public benefit: runnlng a charity (PB2)'. b. Actlvlties undertaken to achieve objectlves The first forrn Annual report, for 1996-97, summarised the story of Ihe Trust sincé its inceptlon In 1989. Thls year, as in previous years, this report deals primary with the Trust's aGtivitios during the year, but also includes a summary record of what It has done sSnce 1990. Achlevements and performanGo a. Revo of actlvltles The Trust has been pleaséd to support Cariwright and Kelsey School in Ihe provlsion of new playground equlpment and shelter to assist early learning, provide funds to Ash Cricket aub for an electronlc scoreboard, and contlnue repairs and maintenance on the Trusvs prop8rtigs and land. b. InStment pollcy and pèrformance The Truslees investment policy is to keep enough in cash to meet their present and anticipaled commiiments and, subject to that, to invest their end0vMnI to pmduc8 a regular and increasing inme-Stream. The Trustees have reviewed the historic C05t valu8s of the freehold and investment proporties and these are included Vdithin these financial statements. Flnanclal revlew a. Golng concem After making appropriate enquiries, the Trustees have a reasonable expectatlon that the Charity has adequate resources to conlinue in operational existence for the foreseeable future. For Ihis reason. they continue to adopt the going concern basis in preparing the financial sLatetnents. Further detalls regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves policy The Trustees have revlewed the Trusfs needs for reserves in line with the guidance issued by the Charity Commission, and against the Trusl's presenl and likely future income, net of expenditure on it's fixed functlonal assets and administrative expenses. Page 2
Jack Foats Trust Trustees. report (continued) For the year ended 5 April 2024 c. Results for the year The Charity has achieved a surplus for the year of £22,841 (2023.. deficit of £6,050), before gains on inv8Stments totalling £73,536 (2023: losses of £124). Income tolalled to £70.954 (2023: £67,797), and was all in the form of investment income. Expenditure meanwhlle amounled to £48.113 (2023- £73.847). wilh grants totalling £24.878 (2023: £53,600) being the largest expense. At the Balance sheet date the Trust holds £2.806,88212023: £2,710,505) of reserves, all of whlch are held in unrestricted general funds. The Trust's free reserves. total to £529,613 (2023: £506,772) at the end of the financial year. Structurey govemance and management a. Constltutlon Jack Foals Trust is a registered charity, number 1003312. and is constituted under a Trust deed. The Trust was reglslered with the Charity Commission on 26th June 1991. b. Method5 of appointment or electlon of Trustees The management Df the Charity Is the responsibility of the Trustees who are elected and co-opted under tha terms of the Trust deed. c. Risk management The Trustees have 8ssessed the major risks to which the Charity is exposed, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for future perlods To support, within reason, any suitable project for Ihe benefit of the Parish that is properly presented to the Trust. P8ge 3
Jack Foats Trust Tru5tees' report (continued) For the year ended 5 Aprfl 2024 statement of Truslees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with appllcable law and United Kingdom Accountlng Standards (United Icingdom Generally Accepled Accounting Practice). The law applicable to charities In England & Wales requires the Trustees io prepare financial statements for each financial whlch give a true and fair viéw of the state of affairs of thg Charity and of its income and application of resources, Including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required lo: select suitable accounting polldes and then apply them conslstentty, observe the melhods and principles of the Charilies SORP (FRS 102); make judgements and accnunting estimates that are reasonabl8 and prud8n(' state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any mat8rial departures disclosed and explained in the financial statements; prepare the financial statements on the golng concem basis unless it Is Inappropriate to presume that the Charity will continue in business. The Trustees ar8 responsible for keeping adequate accounting records Ihat are sufficient to show and axplaln the Charivs transactions and 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 Charities Act 2011. the Charity (Accounts and Reports) Regul8tions 2008 and Ihe provtslons of the Trust deed. They are a150 responsible for saf8guarding the assets of the Charty and hence for laklng reasonable steps for the PTevention and d8tectlon of fraud and other Irregularities. Approved by order of the member5 of the Board of Trustees on behalf by. and signed on their lan S Chandler Trustee Date: 2J J¢4pJ Lr Page 4
Jack Foats Trust Independent examlner's report For the year ended 5 April 2024 Independent examinerfs report to the Trustees of Jack Foats Trust I'the Charity,) I report to the charity Trustees on my examination of the accounts of Ihe Charity for the year ended 5 April 2024. Responsibilities and basls of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'i. I report in respect of my examination of the Charitvs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed Ihe applicable Directions given by the Charity Commission under section 145(5)Ibl of the 2011 Acl. Independent examlnerfs statement Your attention is drawn to Ihg fact that the Charity has prepared the accounls in accordance with Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to charfties preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in prefer8nce to the Accountlng and Reporting by Charities: Statement of R8cornmended Practice issuad on 1 April 2005 which is refetted to in the extant regulations but has been withdrawn. l understand thal thls has been done in order for the accounts to provid8 a true and fair view in accordance with th8 Generally Accepted Accounting Practice effective for reporting perlods beginning on or after 1 January 2019. I have completed my examination. I confirm that no matters hav8 com8 to my attention in connection wilh the examination givlng me cause to belleve that in any material r8spect: accounting records were not kept in r8SP8Ct of the Charity as required by section 130 of the 2011 Act; Dr lh8 accounts do not accord with those records., or Ihe accounts do not comply with th8 applicable requlrements concerning the form and content of accounts set OLrt in the Charities (Accounts and Reports) Regulations 2008 other than any réquirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in Gonneclion wtth th8 8xamination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 5
Jack Foats Trust Independent examinerfs report (contlnued) For Ihe year ended 5 April 2024 This report Is made solely to the Charivs Trustees. as a body, in accordance wth Part 4 of the Charitie5 (Accounts and Reports) Regulations 2008. My work has been undertaken so ih8t I might stale to ihe Charitys Trustees those matters l am required to state to them In an Independent examln8Vs report and for no other purpose. To the fullest extent pemiiited by law. I do not acpt or assume responsibility to anyone other than the Charity and the Charitys Trustees as a body. for my work or for this reporL Signed: Dated: 28 January 2025 MKRDyer Il,,k Ceugs LL ACA MAAT Kreston Reeves LLP Chartered AccountanLs 37 St Margaret's Street Canterbury Kent CT12TU Page 6
Jack Foats Trust Statement of financial activitios For the year ended 5 Aprll 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 70,954 70,954 67,797 Total income 70,954 70,954 67.797 Expenditure on: Charitable activities 48.113 48.113 73,847 Total expendilure 48,113 48.113 73.847 Net incomel{expenditure) before net galnsl(losses) on investments Net gainsl(Ioss8s) on investments 22,841 73,536 22,841 73,536 (6.050) (124) Net movement In funds 96.377 96,377 {6,174) Reconcillation of funds: Total funds brought forward Net movement in funds 2.710.505 96,377 2,7,10.505 96.377 2.716.679 (6.174) Total funds carried forward 2,806,882 2.8D6,882 2,710,505 The Statement of fin2nci81 activities indudes all gains and losses recognised in the year. The notes on pages 9 to 15 form part of these financial statements. Page 7
Jack Foats Trust Balance sheet As at 5 April 2024 2024 2023 Nole Fixed assets Tangible assets Investments 391,755 1,087,769 797,745 391,755 1.014.233 797.745 10 Inv8Stment property 2,277,269 2,203,733 Current a5setS Cash at bank and in hand 531.947 508,974 Creditors: arnounts falling due within one year 11 (2,334) (2,202) Net current assets 529.613 506.772 Total net assets 2.806.882 2,710,505 Charity funds Restricted funds Unrestricted funds 12 12 2,806,882 2.710,505 Total funds 2,806.882 2,710,505 The financial statements were approved and authorised for Issue by the Trustees on and signed on thelr behalf by: lan S Chandler Trustee Date: 14 2)IC The notes on pages 910 15 forni part of Ihese financial stalements. Page 8
Jack Foats Trust Notes to the financial statements For the year ended 5 April 2024 General Infortnation The Charity is an unincorporated charity, règistered in England and Wales, with the charity number 1003312. The Charitys registered olCe is The Poplars, Lower Goldstone, Ash. Canterbury, CT3 2DT. Th8 principal objeclives of the Charity areas set out in the Trustees Report on page 2. Accounting pollcles 2.1 Basls of preparation of financlal statements The financial statements have baèn prepared in accordance wlth the Charities SORP (FRS 102) Accounting and Reparting by Charities: Ststement of Recommended Practic8 applicable to charities preparing Iheir accounls in accordance with the Financial Reporting Standard applicable In the UK and Republlc of Ireland (FRS 102) (effectlve 1 January 2019), Ihe Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The financial stalements have been prepared to give a 'true and fair, view and have departed from Ihe Charities (Accounts and Reports) Regulatlons 2008 only to the extent required to provide a 'true and faiv view. Thls departure has involved following the Charities SORP (FRS 102) published In October 2019 rather than the Accounling and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Jack Foats Trust meets the definition of a publlc benefit entlty under FRS 102. Assets and Ilabllltles are initially recognised at histortcal cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented In UK stertlng. whlch Is Ihe Charitvs function81 currency, and rounded to the nearest pound. 2.2 Going concern The Trustees assess wh8lh8r the use of going concem Is appropriate i.e. whether there ar8 any material uncertainties related to &v8nts or conditions that may cast slgnlficant doubt on th8 abllity of the Charity lo continue as a going concern. The TTustee5 make this assessment in respect of 8 period of at least one year from Ihe date of aulhorisation for issue of the financial statemenls and have concluded that the Charity has adequate resources to contlnue In operatlonal exlstence for the foreseeable future and there are no material uncertainties about the Charitls abillty to continu6 as a going concem, thus they continue to adopt the going Goncern basis of accounting In preparlng the rinancial statements. 2.3 Income All income is recognised once the Charity has entiuement to the Income. it is probable that the income will be received and the amount of income receivable can be measured rellably. Income tax recoverable In relation to investment income is recognised at the time the investment Incorne Is rec6ivable. 2.4 Expenditure Expenditure is recognls8d once there Is a legal or constructive obligation to transfar economic benefit to a third party. it is probab18 that a transfer of economic benefits will be required In settlement and the amount of the obSlgation can be measured reliably. Expendlture on charilable activilies is incurred on directly undertaklng the actlvities whlch further the Charity's objectiV8s. as well as any associated support costs. Page 9
Jack Foats Trust Notes to the flnanclal statements For tho year ended 5 April 2024 Accountlng pollcles (continued) 2.4 Expendlture (contlnued) Grants payable are charged in the year when the offer is made except in thosa cases where the offer is conditional. such grants being recognised as expenditure when th8 conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure Is Inclusive of irre(x)verdlle VAT. 2.5 Interest receivable Interest on funds held on deposit 15 induded when receivable and the amount can be m8asured reliably by the Charity. Ihis is normally upon notification of the interest paid or payable by the Institutlon with whom the funds are deposited. 2.6 Tanglble fixed assots and depreclatlon Tanglble fixed assets are initially recognlsed at cosL After recognltlon, under the cost model, tangibla rixed assets are measured at C05l less accumulated depreciation and any accurnulated impairment losses. All costs incurred to bring a tangible fixed asset into its Inlgnded working condition should be included in measurement of cost. At each reportlng dale the Charity assesses whethér there Is any Indlcation of irnpairment. If such indicatlon 8XiSts. the recoverable amount of th8 assèt Is detemiined to be the hlgher of Its fair value less costs to sell and its value in use. An Impairnient loss Is recognised where the carying amount exceeds the recoverable amounL Depraclalion is prowded at rates calculated to write off the cost of fixed assels, less thelr estimated residual value. over their expected useful lives on the following bases: Freehold propety - The properties are not depreciat8d as theTrustees believe the value of the propety i5WOrth significantly more than is stated in theaccounts 2.7 Investments Fixed asset Inveslm8nts arè a fomi of financlal Instrument and are inilially recognised at Iheir transaction cost and subsequently measured at fair value at th8 Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Galnsl(Losses) on investments. in the Statement of financial activities. 2.8 Cash at bank and In har Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of Ihe deposit or sirnilar account. Page 10
Jack Foats Trust Notes to the flnanclal statements For the yoar ended 5 April 2024 Accounting pollcies (continued) 2.9 Llabllitle5 and provlsions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of th8 setmement can be estimated reliably. Liabilitles are recognised at the amount that the Charity antlcipates it will pay to settle the debt or the amount it has received as advanced payments for the goads or services it must provide. Provisions are measured at thè best estlmate of the amounts requlred to Settle the obligation. Whère the effect of the time value of money is material. the provlsion Is based on Ihe present value of those amounls, discount8d at the pre-tax discount rate that reflects the rlsks specific to the liability. The unwinding of th8 discount is recognised in the Statemenl of financlal activities as a finance cost. 2.10 Financial instruments The Charity only has financlal assets and flnancial liabllitlès of a kind that qualify as basic financial instruments. Baslc financial instruments are Inilially recognlsed at Iransaction value and subsequently measured at thelr settlement value wlth the exception of bank loans whlch are subsequently measured at amortlsed cost uslng the effective interest method. 2.11 Fund accountlng General funds are unrestricted fund5 whlch are available for use at the discr8tion of the Trustees In furtherance of the general objeclivos of the Charity and which hav8 not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Critlcal accounting esllmatas and areas of Judgement Estimates and judgements are conllnually evaluated and are based on hlstorical experience and other factors, including expectations of future events that are belleved to b8 reasonable under the circumstances. The Charity does not currently have any slgnificant accounting estimat8s or areas or judgement. Investment income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Income from investment properties Divldends receivable Interest receivable 32.915 28,518 9.521 32.915 28,518 9.521 33,890 29,987 3,920 70,954 70,954 67,797 Total 2023 67,797 67,797 Page11
Jack Foats Trust Nctes to the flnanclal statements For Ihe year ended 5 April 2024 Analysls of grants Grants to Indlvlduals 2024 Total funds 2024 Total funds 2023 Grants for charitable projects 24,878 24.878 53,600 Total 2023 53,600 53,600 Analysls of expendlture by activities M'ment and admin. of Grant Investment fundlng of propertles actlvitles 2024 2024 Total funds 2024 Total funds 2023 Charitable activities 23,235 24,878 48,113 73,847 Total 2023 20,247 53,600 73,847 Analysis of dlrect costs Total funds 2024 Total funds 2023 Activlties 2024 Malntenance Insurance Rent and rates Independent examinerfs fees Bank charges Agents commission and fees 13.916 1.855 221 2.334 61 4,848 13.916 1,855 221 2,334 61 4,848 10,854 1.582 236 2,200 87 5.288 23,235 23,235 20,247 Total 2023 20,247 20,247 Trustees. remunerdtion and expenses During the year. no Trustees received any remuneration or other benefrts (2023 - £NIL). During the year ended 5 April 2024. no Trustee expenses have been incurred (2023 - £NIL). Page 12
Jack Foats Tru3t Notes lo the financial statements For Ihe year ended 5 April 2024 Tangible fixed assets Freehold property Cost or valUaOn At 6 April 2023 391,755 At 5 April 2024 391,755 Net book value At 5 April 2024 391.755 At 5 April 2023 391,755 Inveslment property Short terrn leasohold Investment property Valuatlon At 6 Aprll 2023 797,745 At 5 April 2024 797,745 The short-term leasehold investment property was valued by the Trust8es. on an open mark8t valu& for existing us8 basis. Page 13
Jack Foats Trust Notes to the financlal statements For the year ended 5 April 2024 10. Flxed asset Inveslments Listad investments Cost or valuation At 6 April 2023 Revaluations 1,014,233 73,536 At 5 Aprll 2024 1,087.769 Net book value At 5 April 2024 1.087.769 At 5 April 2023 1.014.233 11. Credltor8: Amounts falllng due withln one year 2024 2023 Accruals 2,334 2,202 12. Statement of funds Statement of funds • Current year Balance at 6 April 2023 Galnsl Balance at 5 (Losses) April 2024 Income Expondlture Unrèstrlcted funds General Funds 2.710,505 70,954 (48,113) 73.536 2.806,882 statement of funds - prior year Balance at 1 April 2022 Galnsl Balance at (Losses) 5 April 2023 Income Expenditure Unrestricted funds General Funds 2.716.679 67,797 (73.847) (124) 2.710,505 Page 14
Jack Foats Trust Notes to the financial statoments For Ihe year ended 5 April 2024 13. Analysis of net assets between funds Analysls of net assets between funds - current period Unreslricted funds 2024 Total funds 2024 Tangible fix8d assets Fixed asset investments Investment propety Current assets Creditors du8 Within on8 year 391,755 1,087,769 797,745 531,947 (2,334) 391.755 1,087,769 797,745 531,947 (2,334) Total 2,806,882 2,806,882 Analysis of net assets between funds - prior period Unrestrfcted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment propety Cuent assets 391.755 1,014,233 797,745 508,974 (2,202) 391.755 1,014,233 797,745 508.974 (2,202) Creditors due within one year Total 2,710,505 2,710,505 14. Related party transactions The Charty has not undertaken any related party transactions during the financial year (2023: £Nil) and at the Balance sheet dale there are no balances outstanding with them {2023: £Nil} Pag8 15