FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY Annual Report and Accounts for the Year Ended 31 March 2024
Table of Contents Annual Report............................................ Accounting and Reporting Responsibilities......... Independent Auditor's Report...................... Statement of Financial Activities...... Balance Sheet................................. .14 .16 Statement of Cash Flows... 2. Income............................. 17 .21 3. Contribution from Folkestone & Hythe District Council . 4. Employees and Management and Support Services................................................. .. 5. Premises and Grounds Expenses... 6. Governance Costs . .21 21 21 21 7. Unrestricted Fund Analysis of Nel Income............................... 8. Fixed Assets........... .22 .22 9. Debtors......................................... 10. Sum Held by Folkestone & Hythe District Council. 11. Creditors Due Within One Year.. 12. Creditors Due After More Than One Year.............................. .24 .24 .25 .25 13. Fund Movements in the Year......................................... .26 14. Analysis of Net Assets between Funds................................ 15. Reconciliation of Net Cash Flow from Operating Activities . 16. Analysis of Cash and Cash Equivalents 17. Related Party Transactions........................................... 18. Key Management Personnel.......................... .27 .27 .28 .28 .29
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 INTRODUCTION Folkestone & Hythe District Council, as Corporate Trustee, presents the annual report, together with the financial statements, for the year ended 31 March 2024 for the Folkestone Parks and Pleasure Grounds Charity ("the Charity"). 1.2 The Charity's annual report and accounts have been prepared in accordance with the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in UK and Republic of Ireland (FRS 102) "Charities SORP {FRS102)" together with the Charity s governing document. REFERENCE AND ADMINISTRATIVE INFORMATION Name of Charity Folkestone Parks and Pleasure Grounds Charit 1006288 Folkestone & H the District Council Cllr J Martin (Leader) Cllr T Prater (Deputy Leader) Cllr M Blakemore Cllr P Blakemore Cllr G Fuller Cllr R Holgate Cllr S Scoffham Cllr R Shoob Cllr J S eakman Head of Paid Service - Susan Priest Financial Advisor lo the Charity - Jonathan Smith Legal Advisor to the Charity - Nicola Murton istration Number Cor orate Trustee Names of the Representatives of the Trustee Names of Chief Officers Principal Office Folkestone & Hythe District Council Civic Centre, Castle Hill Avenue Folkestone, Kent CT20 2QY Folkestone & Hythe District Council hold balances on behalf of the Charity. The Council's bankers are.. National Westminster Bank Europa House, 49 Sandgate Road, Folkestone, CT20 1 RU Principal External Advisors Bankers Auditor Begbies Chartered Accountants, Unit 14, Park Barn, Evegate Business Park, Smeeth, Ashford TN25 6SX Investment Mana ers Folkestone & H the District Council
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Following the 1974 local government re-organisation, Folkestone & Hythe District Council succeeded the Borough of Folkestone as Corporate Trustee for a number of areas of land in Folkestone, each a charity in its own right, specifically provided as a park, pleasure ground or recreation ground for the use and enjoyment of the inhabitants of the town and its neighbourhood. 3.2 The areas of land are: East Cliff and Warren The Durlocks Lower Sandgate Road (Coastal Park) Radnor Park Morehall Recreation Ground Canterbury Road Recreation Ground 3.3 The individual charities all had identical objectives and to improve their administration a successful application was made to the Charity Commission to combine them into one. 3.4 On 13 June 1991 the Folkestone Parks and Pleasure Grounds Charity was established, by a Charity Commission scheme, for the provision of parks, pleasure grounds or recreation grounds for the use and enjoyment of the inhabitants of the former Borough of Folkestone and the neighbourhood thereof. 3.5 In accordance with the constitution of Folkestone & Hythe District Council, the Council's cabinet carries out its Corporate Trustee functions. 3.6 The cabinet consists of the leader who is elected by the Council, together with at least two, but no more than nine, councillors appointed to the cabinet by the leader. The current cabinet is shown at 2.4. Councillors are required to stand for election by the public every four years. 3.7 Day to day management of the Charity is delegated to chief officers in accordance with the Council's constitution. The names and designations of chief officers are shown at 2.5. 3.8 The Charily is managed on the same basis as the Council's own recreation service and is subject lo the same codes and protocols specified in the Council's constitution. 3.9 Risk Management The major risks to which the Charity is exposed are managed within Folkestone & Hythe District Council's risk management strategy and policy. 3.10 It is the overall responsibility of the cabinet to approve the Council's risk management policy and strategy, to review il on an annual basis and to promote a culture of risk management awareness throughout the Council, including the Charity. 3.11 The Council's constitution specifies the risk management responsibilities of the head of paid service, the corporate directors and service managers. 3.12 Risks are identified, assessed and controls established throughout the year. The key controls used by the Council and the Charity include..
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 formal written policies, codes and protocols., established organisational structure and lines of reporting; clear authorisation and approval levels; comprehensive strategic planning, budgeting and budgetary control; effective insurance cover and vetting procedures., regular training and guidance; maintenance of risk registers. formal agendas, reports and terms of reference for meetings, projects etc. 3.13 Through the Council's risk management processes established for the Charity the cabinet, representing the Corporate Trustee, is satisfied that any identified major risks have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. OBJECTIVES AND ACTIVITIES Objective of the Charity The Charity's objective, as set out in the Charity Commission scheme, is the provision of parks, pleasure grounds or recreation grounds for the use and enjoyment of the inhabitants of the area of the former Borough of Folkestone and its neighbourhood. 4.2 The parks and recreation grounds consist of the following: East Cliff and Warren The Durlocks Lower Sandgate Road (Coastal Park) Radnor Park Morehall Recreation Ground Canterbury Road Recreation Ground 4.3 The representatives of the Corporate Trustee confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Charity and in planning future activities. 4.4 Aims and Intended Impact The principal aim of the Charity is to ensure the maintenance of the parks and recreation grounds, including public conveniences on charity land, in accordance with agreed specifications so that the residents of Folkestone and Sandgate can continue to use them for leisure pursuits and to enjoy the benefits of open spaces in an urban area. 4.5 Maintenance includes grass and hedge cutting, shrub and rose beds, herbaceous borders, annual bedding displays, tree stock, ponds and associated structures such as fences, walls, paths, car parks and public conveniences. 4.6 The Charity also provides sports facilities at East Cliff (bowls, golf, putting and tennis) and allows attractions to take place on the sites, particularly Radnor Park (e.g. annual donkey derby, amusements and boot fairs). 4.7 The success of the coastal park on the Lower Sandgate Road continues after 20+ years of it's opening in 2000. The park is monitored by CCTV and has a warden. It has an approximate area of 25 hectares designed into three zones.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 4.8 The formal zone comprises pine avenues, fomial planting and hard landscaping. The fun zone contains the largest free play area in the southeast as well as a zigzag path and amphitheatre. The wild zone encourages wildlife through sensitive habitat management. 4.9 Objectives for 2023124 The main objective for 2023124 was to ensure that the maintenance of the charitable land continued to the agreed standards. 4.10 This links to Folkestone & Hythe's strategic objective 'A thriving environment, of providing a clean, attractive and safe environment for residents, visitors and businesses. 4.11 Key actions for 2023124 were the retention of the Green Flag accreditation national recognition for the Coastal Park and Radnor Park, ensuring a summer events programme in the Coastal Park and Radnor Park. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR 2023124 Radnor Park The park continues to be popular with local residents and is being well used and has retained its Green Flag Award for the seventh year running. A new pétanque group was founded by local residents in order to raise funding for permanent square. Funding was secured by the group, with a new pétanque square installed in January 2024. Following the introduction of five Bee Kind I wildlife areas in 2022123, new grass cutting regimes have been introduced with two conservation cuts taking place (July & October). 5.2 Coastal Park The Coastal Park continues to be the key destination play site for the District, retaining its Green Flag status for the 17th consecutive year. The six free family rock-pooling sessions were still popular and well attended. A free Shakespeare production was performed by Changeling theatre was extremely well attended and received. A total ban of BBQS announced in June 2020 has resulted in a large decrease in littering, vandalism and parking issues in the park,. this remains in place. This financial year also saw the installation of Changing Places toilets designed to cater for the needs of disabled adults and their carers within the Coastal Park. In June 2023, a new concessions kiosk and toilet block opened near the foot of the Zig- Zag path. The new building includes four additional toilets, one of which is a disabled facility. The kiosk and toilet block are powered by solar panels and have a green roof. Four battery powered backpack blowers were purchased in February 2023 with the aim to minimise noise and pollution in the park during grounds maintenance activities.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 5.3 East Cliff Sports The sports facilities continue to be well used by the public and schools alike with similar income levels to 2022123. A new mower was purchased for the maintenance of the golf greens. The kiosks on East Cliff are looking to adopt a cashless system which will reduce administration costs (dealing with cash). 5.4 Beach Chalets- Marine Walk The refurbishment of the Beach Chalets and local infrastructure along Marine Walk below the Coastal Park, agreed by the FPPG Trustees in October 2019, was completed in February 2021 . Working together with Creative Folkestone, particularly the Artist Rana Begum, the Charity successfully delivered a colourful scheme which received positive national coverage. The Chalets continue to be viewed positively by the local community and are being enjoyed by tenants with 100 % occupancy (115). The final cost of the project was £577,000 against a budget of £500,000. The Council agreed an additional financial contribution of £69,500 to be repaid over the original ten year period in equal instalments from surpluses generated from rental income and the remaining £7,500 was funded by a contribution from the Creative Foundation. The Charity made its first annual repayment in 2021122 when a sum of £56,544 was repaid; the third payment towards this was made in 2023124. FINANCIAL REVIEW 2023124 6.1 The charity ran an operating deficil of £13,000 in 2023124 (£58,000 surplus 2022123), broadly in line with budget, given the 'cost of living, crisis. 6.2 Net revenue expenditure is defined as net expenditure on unrestricted funds excluding depreciation and is met by a contribution from Folkestone & Hythe District Council, as it is the intention for the charity to achieve a breakeven position each year. See Note 7 for the analysis of net income. 6.3 The net revenue expenditure supported the objectives of the Charity by financing the maintenance of charitable open SpaS, the provision of sports facilities at East Cliff and the management of the Coastal Park. 6.4 The net expenditure of the Charity was financed by Folkeslone & Hythe District Council. 6.5 Reserves Pollcy The day-to-day finances of the Charity are administered within the financial systems of the Council, which also finances the net cost of the Charity on an ongoing basis. As a result there are no separate balances representing resources set aside for Charity purposes such as general contingencies and cash flow management. 6.6 The Charity's general fund had a surplus of £158,000 at the end of 2023124 (£171,000 2022123).
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 6.7 Investment Policy and Performance At the start of 2023124 Folkestone & Hythe District Council held £118,434 on behalf of the Charity. That sum represented the brought forward balance of past proceeds of the sale of charitable assets and is managed by the Council as part of its overall investment portfolio. The Council's investment activity during 2023124 complied with its approved Investment Strategy for the year. Most investments made were for up to a maximum of 12 months duration, reflecting the gradual rise in interest rates from their historically low base. The Council will continue to take a cautious approach around the credit risk of counterparties available to invest with. The Council also has a strategic long term investment in the CCLA Local Authority Property Fund. 6.8 The Charity also holds five properties (valued at £1,901,000) that are leased at commercial rents and are classed as investment assets. 6.9 The Charity's accounts showing the financial performance for the year ending 31 March 2024 are set out on pages 14 to 29. They consist of the following.. The Statement of Financial Activities - which shows all resources made available to the Charity and all expenditure incurred by it. The Balance Sheet - which sets out the financial position of the Charity at the year end. It shows the balances and reserves at the Charity's disposal and its long term indebtedness, together with summarised information on the fixed assets held. The Statement of Cash Flows which shows how the Charity has used cash generated by its activities and changes in cash and cash equivalents held by the Charity. b) 6.10 The accounts are supported by the Statement of Accounting Policies and various notes to the accounts. 6.11 The charity finished the year with a surplus of £577,000 largely due to gains arising on the revaluation on investment assets, bringing the total reserves to £5,648,000. Of these funds £2,729,000 are restricted and £118,000 are endowment funds. At the balance sheet date £5,875,000 of the reserves are represented by fixed assets and could only be accessed by the sale of those assets. FUTURE PLANS 7.1 The Charity will be considering enhancing a number of its land and property assets with the intention of furthering the aims of the Charity and continues to improve the parks and pleasure ground facilities for the people of Folkestone and the surrounding areas. 7.2 Draft master-planning work commenced to potentially create a new destination play area and leisure hub at East Cliff following approval of the Play Area Strategy 2020-2030 which identified the site as a Priority Play Area. A full public consultation commenced in 2023124,. in July 2024, Trustees of the charity considered the response to the public consultation. It was agreed not to increase the leisure facilities at East Cliff but for the council to explore external sources of funding to improve the play area and address the cost of maintaining the existing sports facilities.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 AUDIT OF THE CHARITY'S ACCOUNTS Begbies Chartered Accountants have been appointed to audit the 2023124 accounts in accordance with the Charities Act 2011 . FURTHER INFORMATION Further information about the Charity can be obtained from Susan Priest, Head of Paid Service, Folkestone & Hythe District Council, Civic Centre, Castle Hill Avenue, Folkestone, Kent CT20 2QY. (01303 852303) susan. riest folkestone-h the. ov.uk. The Annual Report for the year ended 31 March 2024 approved by the Cabinet of Folkestone & Hythe District Council, the Corporate Trustee, on 15 October 2025 and signed on its beh If by.. Signed.. Date: Cllr J Martin Chair Folkestone Parks and Pleasure Grounds Charity
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING AND REPORTING RESPONSIBILITIES Folkestone & Hythe Districl Council as the Corporate Trustee of the Charity is responsible for preparing a Trustees, Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires Folkestone & Hythe District Council to prepare financial statements for each 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, of the charity for that period. In preparing the financial statements, the representatives of the Corporate Trustee are required to.. select suitable accounting policies and then apply them consistently-, observe the methods and principles in the applicable Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Folkestone & Hythe District Council as the Corporate Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Folkestone & Hythe District Council is responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other ju risdictions. We certify that the financial statements on pages 14 to 29. have been prepared in accordance with the accounting policies set out on pages 18 to 20 and that il presents fairly the financial position of the Folkestone Parks and Pleasure Grounds Charity at 31 March 2024 and the Charity's incoming and outgoing resources for the year then ended. Signed Signed 61A ITII Date Cllr J S Oc+01 202 r in Date i< Oolvbei l¢lS Chair Folkestone Parks and Pleasure Grounds Charity Financial Advisor to the Folkestone Parks and Pleasure Grounds Charity
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Report of the Independent Auditor to the Members of Folkestone Parks and Pleasure Grounds Charity Opinion We have audited the financial statemenls of Folkestone Parks and Pleasure Grounds Charity for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of the charity's net movement in funds for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011 . Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the charity., or sufficient accounting records have not been kept., or the charity financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detaiSed below.. Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011 and the Charities SORP.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals entries and management bias in certain accounting estimates and judgements such as valuation of the unlisted investments. Audit procedures performed by the engagement team included: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; Agreement of the financial statement disclosures to underlying supporting documentation., Enquiries and confirmation of management and the trustees as to their identification of any non- compliance with laws or regulations, or any actual or potential claims; Review of minutes of Board meetings throughout the period; Incorporating unpredictability into the nature, timing andlor extent of testing., Evaluation of the selection and application of the accounting policies chosen by the charity; and Evaluating management's controls designed to prevent and detect irregularities. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our audilor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed. Begbies Chartered Accountants Statutory Auditors Unit 14, Park Barn Evegate Business Park Smeeth, Ashford TN25 6SX Begbies is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2023124 Unrestri Restric- Endow- c-ted ted ment Fund Funds Funds £'ooo £'ooo £'ooo Total £'ooo Income and Endowments from: Donations for projects Charitable Activities Investment Income (nole 2) Contribution from Folkestone & Hythe DC (note 3) Totsl 24 24 194 350 612 1,180_ 194 350 612 1,156 24 Expenditure on: Charitable Activities Operation of Parks and playgrounds Employees (note 4) Premises & Grounds (note 5) Supplies and Services Management and Support Services (note 4) Governance Costs (note 6) Depreciation Totsl 23 844 104 187 23 868 104 187 11 23 1,216 24 23 47 1,169 Gainsl(Losses) on Investment assets Gainsl(Losses) on Revaluation of Fixed Assets 612 612 Net (Expenditure)Ilncome 600 (23) 577 Transfers Between Funds Net Movements in Funds 600 (23) 577 Reconciliation of Funds: Total funds brought forward Total funds carried forward 2,201 2.801 2,752 2,729 118 118 5,071 5,648 14
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2022123 Unrestric- Restric- Endow- ted Fund ted Funds ment Funds £'ooo Total £'ooo £'ooo Income and Endowments from: Donations for projects Charitable Activities Investment Income (note 2) Contribution from Folkeslone & Hythe DC (note 3) Total 19 19 171 219 514 923 171 219 514 904 19 Expendlture on: Charitable Activities Operation of Parks and playgrounds Employees (note 4) Premises & Grounds (note 5) Supplies and Services Management and Support Services (note 4) Governance Costs (note 6) Depreciation Total 20 671 101 46 20 709 101 46 38 23 61 23 907 846 Gainsl(Losses) on Investment assets Gainsl(Losses) on Revaluation of Fixed Assets 228 228 Not (Expendltura)Ilncom• 286 (42) 244 Transfers Between Funds Net Movements In Fundsrnllv 286 (42) 244 Roconclllatlon of Funds: Total funds brought foward Total funds carried fOard 1,915 2,201 2,794 2,752 118 118 4,827 5,071
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2023124 £'ooo 2022123 £'ooo FIXED ASSETS (note 8) Freehold Land and Buildings Fixtures, Fittings and Equipment Infrastructure Assets Investment Assets (Properties) Totsl Fixed Assets 3,821 79 74 1,901 5,875 3,821 96 79 1,289 5,285 CURRENT ASSETS Debtors (note 9) Totsl Current Assets 203 203 290 290 LIABILITIES Creditors: due within 1 year (note 11) Net Current Assets 92 111 109 181 Total Assets Less Current Liabilities 5,986 5,466 Creditors: due after more than 1 year (note 12) 338 395 TOTAL NET ASSETS 5,648 5,071 THE FUNDS OF THE CHARITY Endowment Fund Restricted Funds: Capital Grants Reserve Unrestricted Funds: Revaluation Reserve Unrestricted General Fund TOTAL CHARITY FUNDS (note 13) 118 118 2,729 2,752 2,643 158 5,648 2,030 171 5,071 Approved by the Cabinet of Folkestone & Hythe District Council, the Corporate Trustee, on 15 October 2025 signed on its behalf by.. Signed Date Cllr Jim Martin Chair Folkestone Parks and Pleasure Grounds Charity 16
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2024 2023124 £'ooo 2022123 £'ooo Cash flows from operating activities: Net cash provided by operating activities (note 15) (379) (211) Cash flows from investing activities: Dividends, interest and rents from investments Purchase of investment Net cash provided byl(used in) investing activities 350 219 350 219 Cash flows from financing activities.. Repayments of borrowing Cash inflows from new borrowing Net cash (used in)Iprovided by financing activilies (57) (57) (57) (57) Change in cash and cash equivalents in the year (86) (49) Cash and cash equivalents at the beginning of the year (note 16) 290 339 Cash and cash equivalents at the end of the year (note 16) 203 290 At31 March 2024 £'ooo Analysis of changes in net debt: At 1 April Cashflows 2023 £'ooo £'ooo Cash at bank in hand 290 (87) 203 Debt.. Loans (452) 57 {395) Net debt (162) (30) {192)
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1. Statement of Accounting Policies Basis of the Preparation of Accounts The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS102), the Charities Act 2011 and applicable regulations. The accounts have been prepared on a going concern basis and under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounls. The charity constitutes a public benefit entity as defined by FRS 102. The Trustee considers that there are no material uncertainties about the charity's ability to continue as a going concern. Income and Expenditure The revenue and capital accounts of the Charity are maintained on an accruals basis. That is, sums due to or from the Charity are accounted for in the year to which they relate whether or not the cash has actually been received or paid in the year. Accounts are accrued on an estimate basis where actual figures are not known. Income is recognised once the charity has sufficient certainty of receipt and the amount of income can be measured reliably. 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 settlement will be required and the amount can be measured reliably. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Grants and Contributions Revenue grants and contributions are matched with the expenditure to which they relate. Where the acquisition of a fixed asset is financed either wholly or in part by a grant or other contribution, the Charity will normally have entitlement to the incoming resource when it is receivable. At this point the income is recognised in the Statement of Financial Activities and is not deferred over the life of the asset. Grants and other contributions are accounted for on an accruals basis and recognised in the accounting statements when the conditions for their receipt have been complied with and there is reasonable assurance that the grant or contribution will be received. Overheads There is a recharge from the accounts of Folkestone & Hythe District Council, based on time allocations, to reflect the cost of administrative and management support for the Charity.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ststement of Accounting Policies (continued) Fixed Assets Capitalisation All expenditure on the acquisilion, creation or enhancement of fixed assets is capitalised on an accruals basis in the accounts. Generally expenditure of over £10,000 on fixed assets is capitalised, provided that the fixed asset yields benefits to the Charity and the services it provides, for a period of more than one year, excluding routine repairs and maintenance of fixed assets which is charged directly to resources expended. Valuation Freehold land and buildings are included in the balance sheel at the lower of net current replacement cost or net realisable value in existing use. Fixtures, fittings and equipment are included in the balance sheet at historical cost. Investment assets (properties leased at commercial rent) are included in the balance sheet at the lower of net current replacement cost or net realisable value. This is normally open market value. The surpluses arising on the initial valuation of fixed assets have been credited to the revaluation reserve. Subsequent revaluations of fixed assets are planned at five yearly intervals, although material changes to asset valuations will be adjusted in the interim period, as they occur. For example, assets are reviewed annually for impairment loss. In accordance with this policy the fixed assets were re-valued as at 31 March 2024. Any assets acquired underfinance leases are also capitalised in the Charity's accounts, together with the liability to pay future rentals. Depreciation Depreciation is provided for on all fixed assets with a finite useful life, which can be determined at the time of acquisition or revaluation. Depreciation is based on the asset value included in the balance sheet. The straight line method of calculation is used. Depreciation is not provided for freehold land or investment assets. Depreciation rates for other tangible assets are as follows: functional buildings 20-35 years fixtures, fittings and equipment 5-10 years infrastructure assets 20 years Financial instruments The charity only enters into basic financial inslruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loan balances with its parent entity, Folkestone & Hythe District Council. Financial assets and liabilities are payable within 12 months for short term financial assets and liabilities, and are measured at the transaction price less provisions for impairment. 19
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 statement of Accounting Policies (continued) Funds Structure a) General Fund this is an unrestricted income fund available to the Trustee to apply for the general purposes of the Charity. b) Revaluation Reserve this is an unrestricted capital fund arising from the revaluation of the Charity's fixed assets. It is not available for revenue purposes. c) Capital Grants Reserve this is a restricted fund reflecting the book value of fixed assets fInand by capital grants. The fund is reduced over the useful economic life of the assets in line with their depreciation policy. d) Endowment Fund this is a restricted fund holding capital receipts from the disposal of the Charity's fixed assets. Investment income from this fund is transferred to the general fund. Taxation Folkestone Parks and Pleasure Grounds Charity is a registered charity and is therefore potentially exempt from taxation on its income and gains as the charity falls within the definition of a charitable trust as defined in Part 1, Schedule 6 of the Finance Act 2010. No tax charge has arisen in the year. Judgements and key sources of estimation uncertainty The Trustee does not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. The most significant area of judgement and key assumptions that affect items in the accounts relate to the revaluation of land and buildings. Valuations are not reported as being subject to 'material valuation uncertainty, as defined by VPS 3 and VPGA 10 of the RICS Valuation- Global Standards, except in respect of Retail and specific trading related assetslsectors such as camp sites, as at the valuation date there continues to be an absence of relevanusufficient market evidence on which to base judgements. Consequently, less certainty and a higher degree of caution should be attached to the valuations of these assets. This does not apply to Freehold Land & Buildings. 20
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Income Investment income 2023124 £'ooo 185 2022123 £'ooo 158 Rental Income (UK) External Investment Interest Share of centrally determined investment income recharge 165 350 53 219 Donations Donations of £24,245 were received in 2023124. Contribution from Folkestone & Hythe District Council The net expenditure of the Charity is met from the resources of Folkestone & Hythe District Council and is treated as a special expense chargeable through Council Tax on the area of the former Borough of Folkestone (the current area of Folkestone and Sandgate). Employees and Management and Support Services The Charity does not directly employ any staff. Staffing costs, including an on-cost to recover Folkestone & Hythe's pension and national insurance overheads, are charged from the payroll of Folkestone & Hythe District Council either directly or through an apportionment based on time allocations. All apportioned staffing costs are included under 'managemenl and support seNices'. No employee of Folkestone & Hythe District Council charged total employee benefits (excluding employer's pension contributions) in excess of £60,000 to the Charity in 2023124. Premises and Grounds Expenses The costs included in this heading are those relating to the grounds maintenance service and maintenance of the Charity's assets including utility costs. Both maintenance services are provided by Folkestone & Hythe District Council. Governance Costs 2023124 £'ooo 2022123 £'ooo Auditor's Remuneration - Current Year Valuation Fees Public Consultantion Fees 11 Fees for audit of the 2023124 accounts are estimated at £4k and have been accrued in 2023124.
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Fund - Analysis of Net Income 2023124 Running Costs £'ooo 118 245 483 51 51 41 989 2023124 Income 2023124 Net Total £'ooo 64 87 429 51 51 (96) 586 28 2022123 Net Total £'ooo 107 59 279 43 43 (76) 455 (7) £'ooo {54) (158) (54) East Cliff & Warren (including Durlocks) Lower Sandgate Road Radnor Park Morehall Recretional Ground Canterbury Road Recretional Ground Marine Walk Beach Chalets Subtotal Management and Support Ser1$ Governan Costs Subtotal Contributlon from Folkestone & Hythe District Councll Net Income Before Transfers Gross Transfer between funds Net Income Before Other Recognlsed Galns and Losses (137) (403) 39 (612) 13 (514) (58) 13 (58) Fixed Assets a) Definitions of Fixed Assets Freehold Land and Buildings- functional assets used in the delivery of services, possibly income producing e.g. car parks, sports facilities etc. Fixtures, Fittings and Equipment- play area equipment at the Coastal Park and play equipment at Radnor Park and Canterbury Road Recreation Ground, Infrastructure Assets long-lived capital assets, normally stationary in nature and can be preserved for a significantly greater number of years than most capital assets e.g. surfacing and landscaping at Radnor Park. Investment Assets - freehold land and buildings that are leased at commercial rents. There is no historic cost to the charity of the revalued assets as they were transferred with no charge in 1991 on the formation of the charity. 22
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 b) Movement in Fixed Assets 'Land and Building Assets under Construc- tion ,Total £'ooo £'ooo Fixtures Infra- Investm structur ent Fittings e Assets Assets £'ooo £'ooo £'ooo £'ooo Cost or valuation 01 April 2023 Additions Revaluations 31 March 2024 3,832 454 109 1,289 612 1,901 613 6,297 3,833 454 109 Accumulated Depreciation and Impairment Provision 01 April 2023 Revaluations Charge for year 31 March 2024 11 358 30 399 17 375 23 422 12 35 Net Book Values 31 March 2024 31 March 2023 3,821 3,821 79 96 74 79 1,901 1.289 5,875 5,285 "The historical cost of Land and Buildings included above is £2,689,000 (2023.. £2,689,000) c) Fixed Asset Valuation The Charity's freehold land and buildings and investment assets (properties), were re-valued at 31 March 2024 by an external independent valuer - Wilks, Head & Eve Chartered Surveyors - on the under-mentioned bases in accordance with the Statements of Asset Valuation Practice and Guidance Notes of The Royal Institution of Chartered Surveyors. Freehold Land and Buildings - are valued on the basis of open market value for the existing use or, where this could not be assessed because there was no market for an assel, the depreciated replacement cost. 23
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Assets (properties) - are valued on the basis of open market value. d) Approximate Area of Charity's Land 31 Mar 24 31 Mar 23 Hectares Hectares 102 102 13 13 East Cliff and Warren (incl Durlocks) Lower Sandgate Road Radnor Park Morehall Recreation Ground Canterbury Road Recreation Ground 130 130 Debtors 2023124 £'ooo 203 2022123 £'ooo 290 Sum Held By Folkestone & Hythe District Council (see note 10) Trade debtors 203 290 10. Sum Held by Folkestone & Hythe District Council The Council's investments, including the Charity's capital receipts, are now managed in-house. The Charity's capital receipts are not in a ring-fenced investment but are part of Folkestone & Hythe's overall investment funds. Folkestone & Hythe District Council also holds the Charity's day-to-day cash balance in one of its bank accounts. Sums held by the Council on behalf of the Charity are now treated as a debtor balance to acknowledge that the Council has custody of the funds but not beneficial ownership. 2023124 2022123 £'ooo £'ooo 118 118 Capital Receipts from Disposal of Fixed Assets (Endowment Fund held by F&HDC) Grants and Contributions (net of loans between F&HDC and FPPG) (Restricted Funds held by F&HDC) (108) {51) General Reserve (Unrestricted Funds held by F&HDC) 158 171 Movement in Trade Debtors and Creditors (Administered by F&HDC) 35 52 203 290 24
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 11. Creditors Due Within One Year 2023124 £'ooo 2022123 £'ooo Trade Creditors Accruals Deferred Income Deposits Loan due to F&HDC 12 22 44 57 92 57 109 12. Creditors Due After More Than One Year 2023124 £'ooo 338 338 2022123 £'ooo 395 395 Loan due to F&HDC Following completion of the Beach Chalets and local infrastructure in February 2021, the Charity had total borrowing with FHDC totalling £569,500 (see section 5.4 in the Trustees Report). The borrowing period is 10 years and the indicative annual capital financing cost is estimated to be £62,000 and the Charity will meet the financing costs over a 10 year period from the gross additional revenue income generated from the scheme. A sum of £56,544 was repaid during the financial year. This equates to an effective annual interest rate of 20/0. 25
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13. Fund Movements in the Year Movement in current year Balance at 31 March 2023 £'ooo Balance at 31 March 2024 £'ooo Net Income Transfers £'ooo £'ooo Restricted Funds: Capital Grants Reserve Endowment Fund 2,752 118 (23) 2,729 118 Unrestricted Funds: Revaluation Reserve General Fund 2,030 171 613 (13) 2,643 158 5,071 577 5.648 b) Movement in prior year Balance at 31 March 2022 £'ooo Balance at 31 March 2023 £'ooo Net Income Transfers £'ooo £'ooo Restricted Funds: Capital Grants Reserve Endowment Fund 2,794 118 (42) 2,752 118 Unrestricted Funds: Revaluation Reserve General Fund 1,802 113 228 58 2,030 171 4,827 244 5,071 26
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysis of Net Assets between Funds Net Long Current Term Assets Liabilities £'ooo £'ooo Fixed Assets £'ooo Fund Balances £'ooo 2023124 Restricted Funds: Capital Grants Reserve Endowment Fund Unrestricted Funds: Revaluation Reserve General Fund 2,729 2,729 118 118 2,643 503 5,875 2,643 158 5,648 (7) 111 (338) {338) Net Long Current Term Assets Liabilities £'ooo £'ooo Fixed Assets £'ooo Fund Balances £'ooo 2022123 Restricted Funds: Capital Grants Reserve Endowment Fund Unrestricted Funds: Revaluation Reserve General Fund 2,752 2,752 118 118 2,030 503 5,285 2,030 171 5,071 63 181 (395) {395) 15. Reconciliation of Net Cash Flow from Operating Activities 2023124 2022123 £'ooo jtstJ', £'OOO Net (expenditure)lincome for the reporting period (as per statement of financial activities) 577 244 Adjustments for.. Depreciation charge Lossl(Gains) on investments Lossl(Gains) on fixed assets Dividends, interesl and rents from investments (Increase)IDecrease in debtors Increasel(Decrease) in creditors 24 (612> (11 •• (228> (350) (219) 23 {17) (39) Net cash provided byl(used in) operating activities (379) (211) 27
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analysis of Cash and Cash Equivalents 2023124 £'ooo 2022123 £'ooo Sum held by Folkestone &Hythe District Council 203 290 Total cash and cash equivalents 203 290 17. Related Party Transactions The Charity is required to disclose material transactions with related parties, bodies or individuals that have the potential to control or influence the Charity (or to be controlled or influenced by the Charity). Disclosure of these transactions allows readers to assess the extent to which the Charity might have been constrained in its ability to operate independently (or might have secured the capability to limit another party's ability to bargain freely with the Charity). Folkestone & Hythe Districl Council has effective control over the general operations of the Charity. It is responsible for providing the majority of the Charity s funding by financing its net cost. The Corporate Trustee duties of the Council are carried out by its cabinet councillors. The Charity's management and support and grounds maintenance is provided by Council officers. Councillors are required to observe the code of conduct for councillors, register financial interests under section 81(1) of the Local Government Act 2000 and register the receipt of any giftslhospitality over £25. There are no material related party transactions with councillors to disclose for 2023124. Officers are required to observe the code of conduct for officers and register the receipt of any giftslhospitality. The Charity had no material related party transactions with officers during 2023124. Loan interest charges on the capital loan from the Council equates to an effective annual interest rate of 20/0. Material amounts included in the Charity's accounts relating to Folkestone & Hythe District Council are as follows.. 2023124 £'ooo (612) 187 (165) 2022123 £'ooo (514) 46 (53) Contribution to finance net expenditure Provision of management and support services Share of ntrallY determined inveslment income recharge Provision of grounds maintenance and cleansing services (see note 5) 868 709 28
FOLKESTONE PARKS AND PLEASURE GROUNDS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 18. Key Management Personnel The Corporate Trustee, Folkestone & Hythe District Council, constitutes the key management personnel of the Charity. The cabinet members of Folkestone & Hythe District Council, as listed on page 1, have not received any remuneration or expenses for carrying out the Corporate Trustee function on behalf of the Council. 29