FIUENDS OF FOLKESTONE ACADEMY LTD
(a company limited by guarantee)
TRUSTEES, REPORT AND ACCOUNTS
YEAR ENDED 31 JANUARY 2021
Company Limited by Guarantee
Company Registration Number 5017884 {England and Wales)
Charity Regislration Nurnber 1103352

FIUENDS OF FOLKESTOYE ACADEMY LTD
LEGAL ADMtNISTRATIVE INFORMATION
Trustees
Sir RogeT De Haan CBE DL (Chainnan)
Graham Badman CBE
Rosalind Mccarthy DL
Trevor Mtnter OBE DL
Michael P¢aT¢e
Tracy Luke
appointed 29 April 2021
Secretary Paula Hall
Re%lstered v4nd Principal O(fAce
Strand Housc
Pilgrims Way
Monks Horton
Ashford TN25 6DR
Solicltors
Withers LLP
16 Old Bailey
London EC4M 7EG
Bgnkers
N'ational Westminster Bank plc
37 Old Dover Road
Canterbury cri 3JB
Auditor
MHA Macinlyre Hudson,
17-21 Ashford Road
Maidslone
Kent ME14 5DA
Investment Manager
Sarasin & Partners LLP
Juxon House
100 St Paul's Churchyard
London EC4M 8BU

FRIENDS OF FOLKESTONE ACADEMY LTD
REPORT OF THE TRUSTEES
The trustees of the Friends of Folkestone Academy Ltd. who are also the directors of the
company, present their report logeiher with the audited fllw]cial statements for the year
ended 31 January 2021. The thistees confinn that the annual report and financial
Statements of the cbariiy comply with cu￿ent statutory requirements, the requirernents of
the governing document and the provisions of the Statement of Rttomm¢nded Practice
(SORP) "Accounting and Reporting by Charities" applicable to charities preparing their
accounts in accordance with tbe Financial Reporting Standard applicable in the UK and
R¢public of Ireland (FRS 102).
Constitution and Principal Objectives
The Fri¢nds of Folkeslone Academy Ltd, a company litnilcd by guarantee and
registered charily, was esiablished on 16 January 2004 (company numb¢r 5017884,
charity number 1103352). The Friends of Folkestone Academy Ltd is hereafter referred
to as "the charity" in these audiled financial siaiements. The charity's memorandum and
articles of associaiion are the primary governing documents. The truslc¢s meet as often as
is required to take dccisions atTecting the operation of the charity. As the charity has no
$tafY, all decisions related to the operation of the charity are taken by the trustees.
The objects of the charity are to advance for the public benefiL educalion in the United
Kingdom including support of the aims and objeciives ofthe primary and secondary
phases of Folkeslone A¢ad¢my, the relief of Unemplo￿7enl the provision of facilities in
the interest of social welfare, for recreation and other leisure time occupation.
Trustee5
Trustees are appointed by the recommendation of the existing trnslees, subject to the
approval of a mcmbcr of the charity. New trustees, when appointed, will be provided
with an infom]ation pack including the latest accoun15 and the memorandum and articles
of association and will be afforded thc opportLmity to undertake a site visit to thc
premises of Folkestone Academy.
The following are the trustees of the chatity:
Sir Roger De Haan
Graham Badman CBE
Rosalind Mccarthy
Trevor Minter OBE DL
Michael Pearce
Tracy Luke
Tracy Luke was appointed on 29 April 2021 and retires al the AGM, whilst Sir Roger De
Haan and Rosalind Mccarthy retire by rotation and all 3 being eligible. a resolulion
proposing their re-appoinlment will be submitted at the Annual General Meeting.
All of the tNstees are also members of the charity bui they hold no beneficial interest
therei
Although no specific truslee training programme exists, tsustees continue to have
exposure to educational and chaTitable matters either through their principal occupation
an(Vor involvement in other charitable institutions.

FRIENDS OF FOLKESTONE ACADEMY LTD
REPORT OF THE TRUSTEES {CO.ITI￿uED)
Company Secretary
Paula Hall was appointed as company secretary on 10 July 2020. replacing Frances Sharp
who retired on the same dat¢.
Members, Llability
Each member of the charitable company undertakes to contribute to the assets of the
harity in the event of Li being wound up while helshe is a member, or within one year
after helshe ceases to be a member, such amounl as may be required, noi exceeding £1,
for th¢ debis and liabilities contractcd before helshe ceases to be a n]ember.
Reserves Poliey
The poliey of the trustees ts to maintain a growing level of reserves which Unde￿i￿S the
long tenn grant-making strategy of the charity. At this stage. no specific monetary targpA
has been set. The trusiees are satisfied that the Charity's reserves are sufficient lor its
current purposes. The reserves as ai 31 January 2021 amounted to £3.769,(K)0 (2020:
£3,611,000) of which £1,171.0￿ comprises fixed assth fijnds.
Investment Poll¢y
The trustecs have appoint¢d Sarasin & Partnets LLP lo manage the investmenl portfolio.
Monies are invested in one of Sarasin's Charity Authoriscd Investment Funds which is
dcsigned specifically for charities. The investrnenl objective is to provide long tern)
Capital and income through a broadly diversified 8Lobal portfolio.
Grant Maklng Pollcy
The charity's grant making activity is presently focussed on supporting the primary and
secondary phases of two 5¢hools comprising Folkestone Academy.
Operatln% and Flnancial Revlew
Net income for the year before investment gains amounied to £37,000 (2020: £109,(KIO).
The 2021 decrease arose primarily from a much higher donations cost, as well as a slight
d¢¢r¢ase in investment income. Th¢ charity received 8 £48,000 (2020: £59,000) donation
from its trading subsidiary and continued to b￿c￿lt from rental income arising from its
Subsidiary's occupation of the Marlowe Innovation Centre.
The investment portfolio increased by £194,000 during the year due to a combination of
the re-investment of income and an increase in the value of the charity's investments.
Investment gains amounted to £121,(KKI (2020: £235,(M)O), reflecting a 4.80/0 rise in unit
price5 in the year.
The clwity a wholly owned subsidiary. FFMA Trading Limited tla 'Yhe Marlowe
Innovation Centre" Thc subsidiary Op￿ateS an "Innovation Centre" from premises on a
site adjacent to tbe Royal Harknur Academy in Ramsgate, Kent. The objective is lo
attract young. innovative businesses to the Marlowe Innovation C¢ntre and to build a
lose working relationship between the school and tenant businesses, witb the aim of
assisting in the education of students and crealing employment opportunitie5 in the area.
SuTpluses generated are paid to the parent charity.

FIUENDS OF FOLKESTONE ACADEMY LTD
REPORT OF THE TRUSTEES [CO￿,T[￿LED)
Operating Flnancial Review (Continued)
The Marlowe Innovation Centre (MIC) has retained its p)pularity as first step
a¢¢omtnodation for small businesses, including those moving out from working from
home. On average. occupation remains at 95 - 100 %. Their easy-in. easy-out licence
allows tenants lo move olyices within the building. Over the past year, several tenants
bave moved lo larger rooms as thcir business has expanded.
The number of virtual tenants bas risen to 43. of whom 3 opt for au enhanc¢d package,
involving call handling. In additio￿ two tenants use the Marlowe Innovallon Centr¢ to
handle all their back-office functions.
Boardroom and meeting room bookings have declined due to Covid. Some companies
are booking the boardroom for Zoom meetings. The MJ IC management regularly
advertises ihe boardroom, meeting room and any offices becoming vacant on social
media via the MIC Facebook page. Twitter and Instagram. This is the only marketing
they do and is at nil cost.
The Marlowe Innovation Centre h&g decreased reception cover during the pandemic so
thal only one person is on duty at any one time.
The Marlowe Innovation Centre wel¢otnes students from the Royal Harbour Academy
and other local schools for work experience and other aclivities.
Covld-19
Initially. the charity's investmenis sutTered a significant fall in value compared to the
2020 year-end valuation. however throughout th¢ year recovery has been good and the
valuation ai 31 January 2021 is 4.8 % up on the previous year, excluding additional
inv¢stm¢nts fundcd by cash and re-investing dividends. Dividend income Icvels have
remained fairly consistent with those of last y¢3r. however this may ¢han8e depending on
how the cconomy recovers as rcslri¢iion5 ease in the coming months. The charity's
trading subsidiary may also be impacted to some extcnl which may result in il paying a
lower level of dividend io the charity compared io the levels paid in previous years.
However, al present there is no evidence that it will not be able to pay its rental
obligations to the charity. The charity has prudently built up its reserves over the past few
years and ils general fund as at 31 January 2021 was just under £2.6 million. There are no
restrictions on trustees, ability to use these funds if necessary to enable it to Continue to
fulfil its cbarilable objects.
Based on the above and knving regard to the resources available kn the entity, the
Truslees have concluded thai there is no Tnat¢rial uncertainty and that they can continue
to adopt the going concern basis in preparing the annual report and accounts.
Public Beneflt
Thc charity's grant making activity has been focused on supporting the aIll￿ and
objectives of the Folkestone Academy. The principal way in which this h&s been
accomplished has been througb payment of direcl charitable grdnts to fund initiatives not
fi]nd￿ by the school's mainstream government grants. The trustees have considered the
impact of the public benefit requirement including the guidance issued by the Charity
Conm)ission.

FRIENDS OF FOLKESTONE ACADEMY LTD
REPORT OF THE TRUSTEES (COiYfThiJED)
Rlsk Management
The INsiees have examined the n￿jOr strategic. business and operational risks which the
charity faces and have put in place systems, policies, procedures and controls in order to
manage and mitigate these risks. Where appropriaie. th¢ trustees will act only after taking
appropriate professional advice. The main risk faced by the clwlty relates lo inveslmenl
risk on ils portfolio. This risk is mitigated by investing all the charity's surplus funds in a
reputable diversified investment fi￿d designed exclusively for ¢haTities.
Stydtement of Tru$tee$' Responsibilitles
The trustees (who are also direclors of Friends of Folkestone Academy Ltd for the Purposes
of company law) are respO￿lb1¢ for preparing the trnstees. report and financial statements
in accordance with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Acc¢pled Accounting Practice).
Company law requires the trustees to prepare fman¢ial statements for each financial year
which givc a true and fair view of the state of affairs of th¢ ¢harity and of the incomin8
rcsources and application of resources, including the income and expenditure. of the charity
for that period. In preparing these financial statern¢n￿ the trustees are requirfyl io:
select suitable a¢¢ounting policies and th¢n apply them consistently.
• observe the methods and principles in the Charities, SORP;
make judgements and estimales thal are reasonable and prudent.
state whether applicable United Kingdom Accounting Standar(L8 have been followed,
subject to any material departures disclosed and explained in the fmancial statements.
prepare the financial slatemenis on the going concern basis unless it is inappropriate to
prcsume that the charilable company will conlinuc in operation.
The tnlstees are responsible for keepin8 proper accounting records that disclose with
reasonable accuracy al any time the fu]ancial Position of the charitsble company and enable
them to ensure that the financial slatements comply with the Companies Act 2￿6. They
are also responsible for safeguarding the assets of the charitsble company and hence for
taking reasonable Steps for the prevention and deteclion of fraud and other irregularities.
Each of the trusiees confllms that:
so far as the trustee is aware, there is no relevant audit inf0m￿tion of which the
Iw21able company's audilor is unaware; and
th¢ trustee has taken all the steps that ougbt to have taken as a t￿￿ee in order to be
awar¢ of any relevant audit information and to establish thai the charitable company's
auditor is aware of thai inforni8ti0n.

FRIENDS OF FOLKESTONE ACADEMY L TD
REPORT OF THE TRUSTEES (CONTINLTD)
Auditor
MHA macint￿ Hud50n have expressed their willin￿eSS lo continue in otTice as auditor
and a resolution proposing their re-appoinlment will be submitted at the Annual General
Meeting.
In preparing this rq)ort the truslees have taken advanlage of the small companies
exemptions provided by s￿ti0Th 415A of Part 15 of the Companies Act 2006.
The report of the tNstees was approved by the ttustees on
signed on their behalf by:
io
2o21and
Trevor Minter
Trustee
Reglstered and Princip81 Offl¢e
Sirand Ilouse
Pilgrims Way
Monks Horton
Ashford Tr125 6DR

FRIEI¥DS OF FOLKIST0￿￿ AcADE￿y LTD
Independent 4uditor's report to the trustees of Friends of Folkestone Acad¢my Ltd
Opinion
We have audited the financial stalements of Friends of Folkestone Acaderny Ltd (the
'charitable company,) for the year ended 31 January 2021 which comprise the Statement
of fllwicial activities, the Balance sheet and notes io the fjnancial statements. including a
sunllnary of significant accountiug policies. The fllwi¢ial reporting framework that has
been applied in tbeir PTeparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Financial Reporting Siandard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted
A¢¢ounting Practice).
In our opinion the financial sta¢ements:
give a trne and fair view of the state of the charithble company's affairs as at 31 January
2021. and of its incoming resources and application of resources including its income
and expenditure, for the ycar then ended.
have been properly prepar¢d in accordance with United Kingdom Generally Accepled
Accounting Practice. and
have been prepared in accordance with the requiremenis of the Companies Act 2006.
Basis for oplnlon
We conducted our audit in ac¢ordance with International Standards on Auditing (UK)
(ISAS (UK)) and applicable law. Our responsibilities under thos¢ slandards are further
dusLribed in the Auditor's responsibilities for the audii of the financial statcments seclion
of our report. We are indep¢nd¢nl of the charitable wmpany in accordance with the cthical
requirements that are ￿levant to our audit of the financial statemcnts in the UK, including
the FRC'S Ethical Standard, and we have ￿lfIlled our other ethical responsibilities in
accordance with these r¢quiremenls. We believe thal the audit evid¢nce we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Conclusions reRatln8 to going CODeern
In auditing the fman¢ial statements, we have concluded that the tn￿tees, use of the going
concern basts of accounting in tbe preparation of the finaD¢ial ststements is appropriate.
Based on the work we have perfornied we have not identified any material uncertainties
relating lo events or conditions thaL individually or collectively, may cast significant
doubt on the charitable companYs ability to continue as a going concern for a period of at
least twelve months from when the fmaucial statements are authorised for issue. Our
responsibilities and the responsibilities of the tsustees with respect to going concern are
described in the relevant sections of this report.

FRtENDS OF FOLKESTONE ACADE.MY LTD
Other Information
The tmstees are responsible for the other inforniation. The other inforniation comprises
the inforn￿tIOn included in the trustees. annual repory other tball the financial statemcnts
and our auditor's report thereon. Our opinion on the financial statements does not cover
the oiher infornjation and, except to the extent otherwise explicitly stated in our reporL we
do not express any fomi of assurance conclusion thereon.
tn connection wilh our audit of the f￿ancial statements. our responsibility 1$ to read the
other information and, in doing so. consider whether the other information is materially
inconsistenl with the financial slatements or our knowledge obtsined in the audit or
othcrwise appears to be materially misstated. If we identify such material incoDSiStencies
or apparent material misststemenis, we are required lo deterniine whether there is a
maierial misslatemenl in the financial statements or a maleriai rnisslatemenl of the other
infornjation. If, based on the work we have perforn]el we conclude that there is a malerial
misstatemeni of this other infoTMati0￿ we are required to report that faci.
We have nothing to report in this regard.
Oplnlons on other matters prescribed by the Comp2nle$ Act 2006
In our Opinio￿ based on the work undertaken in the cowse of th¢ audit:
the inforn]ation given in the tn￿lees. re￿rt (incorporating the directors, report) for
the financial year for which the fllwicial statements are prepared is consistent with
the financial slalements. and
the directors, rq)ort has been prepared An accordance with applicable legal
requirements.
Matter5 on which we flre required to report by excepilon
In the light of our knowI￿ge and understsnding of the charitable company and its
environment obtained in th¢ course of the audil we bave not identified material
misslatements in the directors. report.
We have nothing to report io respe￿ of the following matters in relation to which the
Companies Act 2(K)6 requires us to report to you if, in our opinion:
adequate accounting records have not been kepL or returns adequate for our audit have
not been rec¢ived from branches not visited by us. or
the f￿anCIal statements are not in agreement with the accountiag records and returns.
or

FRIENDS OF FOLKESTONE ACADEMY LTD
certain disclosures of directors, remunerdtion specified by law are not n]ade' or
we have not received all the inforniation and explanations we rcquire for our audit. or
the trustees were not entitled to prepare the f￿ancIal stalements in awordance with the
small Companies, regime and take advantage of the srnall companies. exemptions in
preparing the directors, report and from the requirement to prepare a strategic rqTrort.
Respon$lbllities of trustees
As explained more fully in the tn￿t￿$, responsibilities stat¢menL the trustees (who are
also the directors of the charitable company for the PUTposes of company law) are
rcsponsible for the preparation of the fmancial slaiements and for being satisficd that they
give a trne and fair view, and for such iDtemal control as the trusie¢s deteTrnine is neceSS￿Y
lo enable the preparation of financial statements that are free from material misst&t¢m¢nl,
whether due to fraud or eTror.
In prcparing the financial Statemenls. the tn￿teeS a￿ responsible for assessing tbe
charitable company's ability ltt continue as a going concern, disclosing, &$ applicable,
matters relaied to going concem and using the going concem basis of accounting unless
the Irustc¢s eiihcr intend to liquidaie the charitsble company or io cease operations, or have
no realistic alternative bul to do so.
Audltor's re$pon5ibilities for th¢ audlt of the finaDclal stst¢m¢nts
Our objectives are ¢0 obtain reasonable &8surance about whether the financial statements
as a whole are free from material misstatement, whether du¢ to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonablc assuranLe is a hi8h level
of assurance, but is not a guarantee that an audit conductcd in accordance with ISAS (UK)
will always delect a material misststemenl when it exists. Misstaternents can arise from
fraud or error and are ronsidered material if, individually or in the aggregate, they could
reasonably be expe¢led to inlluence the economic decisions of users taken on the basis of
these financial slatcments.
Irregularities. including fraud, are instances of non-complian¢¢ with laws and regulations.
We design procedurcs in line with our responsibilities. outlined above, to detect material
misstalcments in respect of irregularities. including fraud. The specific procedures for
this engagement and the extent to wbich these are capable of detecting irregularitie5,
including fraud 1$ detailed below:
Enquiry of management and those charged with govemance around actua]
and potential litigation and claims.
Performing audit work over the risk of management override of controls,
includin8 testing of journal entries and other adjustments for
ppropriateness, evaluating the business ratio[￿e of significant
transactions outside the normal course of business and reviewing
accounting estimates for bias:

FRtENDS OF FOLKESTONE ACADEMY L TD
Reviewing fmancial statement disclosures and testing to supporting
documentation to assess
compliance with appli¢able laws and
regulatioDS'
Reviewing meeting minutas of those charged with governance.
Because of th¢ inherent limitations of an audit. there is a risk that we will not detect all
irregularities, including those l¢ading to a malerial misstatement in the fmancial statements
or non-compliance with regulation. This risk incre&8es the more that compliance with a
law or regulation is removed from the events and transactions reflected in the fmancial
statements, as we will be less likely to b￿Orne aware of instances of non-¢ompliance. The
risk is also greater rcgarding irregularities occurring due to fraud rather than error, as fraud
involves in¢cntional concealrnenL forgery. Collusio￿ Omissio￿ or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is
located
on
Financial
Reporting
Council's
websitc
at:
ww.frc.org.uklauditorsresponsibilities. This description forni$ part of our auditor,
report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken
so that we might slat¢ lo the charitable company's members those malters we are required
to stale to thern in an auditor's report and for no oth¢r Purpose. To the fullest extent
perniittcd by law, we do not accepl or assume responsibility to anyon¢ other than the
charitable company and the charilable company's members as a body, for our audit work,
for this report, or for the opinions we have fornied.
Duncan Cochrane-Dyet Bsc BFP FCA (Senior Ststutory Auditor)
For and on behalf of
MHA MacIDtyre Hudson
Statutory Auditor
Maidstone
United Kingdom
Date.. 21 October 2021

FIUENDS OF FOLklSTONE ACADEMY LTD
STATEAMENT OF FIN￿NcIAL ACTtVlTIES
FOR TIIE YEAR ENDED 31 j￿UARy 2021
2021
2021
2021
2020
Restricted
FuDd
Fixed
Asset
£'ooo
UnrestrReted Funds
Fixed
Totsl
Fund$
£'ooo
Total
Fulld$
£'ooo
Gener#1
£'ooo
Note
£'ooo
Income and endowments from".
Other iu¢ome
tnvestment income
Totil income
75
121
196
75
121
196
75
129
204
Expendlture Dn:
Raising funds
Charitable a¢tivities
Suppjrt costs
Total expendlture
124
28
152
131
28
159
95
Net Ineome before lrtvtttment
g&ln$l(10sse5>
65
(28)
37
109
GainO{losses) on investmcnls
12
121
121
235
Net Income
186
(28)
158
344
Funds brougbt forward
2,412
1.199
3,611
3,267
Total fundi cqrrled forward
16
2.598
1,171
3,769
3.611
The notes on pages 12 to 19 forni part of these financial statements.

FRIENDS OF FOLKESTO.YE ACADEIMY LTD
(A company limited by guarantee) Registered jumber". 05017884
BALANCE SHEET
31 JANUèlRY 2021
Not¢
31 J*Duary 31 JAnu4ry
2021
2020
£'o&o
£'ooo
Flxed Ay$ets
Tangible flxed assets
Invesiments
Inv¢stm¢nt in sub5idiaryuDdertaking
io
12
1.171
2.540
1,199
2.244
3,711
3,443
Current B55ets
Cash held by Investrtmt Manager
Cash at bank and in hand
10
183
193
112
73
185
Cr￿ltors. ainounts falling due within one year
14
(17)
Nel eurrent a&sets
58
168
TotAI assets le*1 Current Ilabllltl
3.769
3.611
CbArlty Fundi
Restricted l.unds
Fixed A$8ct FuThd
16
.171
UDrutrlcted fundi
General Trund
Fixed A&s¢t Fund
16
2.598
2,412
16
3,769
3,611
The ttusttts consider that the company is entitl￿ to exempiion frorn the rqUirem￿t to have an audit wider the
provisions ofscction 477 of th¢ Companies Act ('th¢ A¢1") and mcmbus have not requircd the company to
obtain an audii for thc year in quemion in a¢¢ordance with seaion 476 of the Act. In a¢¢ordance with sttlion 145
of the Chariti¢s Aci 2011 an independ¢ni examination is rquirnt howevtt. the membcn have voluntarily opt
to have an audit under the Companics A¢1 2Th￿.
The trustees a¢knowled8e their responsibilities for complying with the requirernents of the Act with rwt to
accountin8 re¢ords and for preparing financial statcments whi¢b give i true and fair view of the statc of atTairs of
the con)pany as at 31 January 2021 aod of its net tnwming ffsources for the year in accordance with the
requircmcnts of seclion$ 394 and 395 of the Act and which otherwise comply with tbc requirements of the Act
relatin8 to finan¢iai thtem¢mt4 50 far &$ applicable to thc c4m4)any.
The financial S¢alcrnents have been prepared Én accordanc¢ with thc provisions appli¢able to Companies subjxt 10
the small ¢ompanic5 re8irne and in ac¢ordaoL* with the prow•ons of FRS 102 Secuon IA- small cntittcs.
The fmancia] stat¢m￿ts were approv¢d by the tru5tee5 on 7 6cf*1 2021 and signed on thc4r bcllalf by.
T J Minter OBE DL (Trn*e¢)
Thc notes on pagcs 12 10 19 forni part of thes¢ finaDciat stateme4ts.
li

FRIENDS OF FOLKESTONE ACADEMY LTD
NOTES TO THE FtNANCIAL STATE.MENTS
FOR THE YEAR ENDED 31 JANUARY 2021
l Accounting Policies
1.1 Basis of Preparation of Finanel81 StatemeDts
Friend5 of Folkestone Academy Lid is a registered Clwity and a Company limited by
guaranlee, incorporated in England and Wales. Its registered office al￿ principal place of
business is disclosed in thc Lcgal and Administrative inforniation.
The fu)ancial statemenls have been prepared under the historical ¢osi conventio￿ except
for the valuation of investrnents which are included at markel vaIue, and in accordance
with Accounting and Rcporting by Charittes.. Statement of Recommended Practic¢
applicable to charilies preparing their accounts in accordan¢c with th¢ Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102)- (Charities SOBTr (FRS
102)). th¢ Chariiics Act 2011 and the Companies Act 2006.
Friends of Folkestone A¢ademy Ltd meets the definition of a public benefit entity under
FRS 102.
The financial statem¢nls have been presented in GBP and rounded to £'OOO.
1.2 Rental Income and Rents Receivable
Rental inLome and rents receivable a￿ included in the staiement of financial activities on
an accruals basis.
1.3 Grants Receivable and Payable
Grants receivabl¢ and payabl¢ arc included ill the statement of fllwicial activities on an
accruals basis.
1.4 Investment Income and Intere$t Reetlvable
InvcstmLnl income and AntLrcst rL'ccivable are in¢luded io tbe statement of financial
activities on an accruals b&8is.
1.5 Expendlture
Expenditure is accounted for on an accruals basis and has been classified under expense
categories that aggregate all costs relating to that cat¢gory. Ivhere Costs cannot be directly
attributed to particular activities they have been allocated on a basis consistent with the use
of resources.
1.6 Unrestrleted Funds
All fiu]ds except the Marlowe Innovation Centre (MIC) fixed &sset fimd are unrestricted.
The MIC propety has re5trictiODS on its use for a period of time which expires in 2028.
12

FRIENDS OF FOLKESTOkNE ACADEMY LTD
NOTES TO THE FINthCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
l Accounting policies (continued)
1.7 Support Costs
Support costs comprise of expenditure incurred in connection with administration of th¢
charity and compliance with constitutional and statutory rquircmcnts.
1.8 Tanglble fixed assets
Tangible fixed assets are included in the balance sheet at cost and are depreciated over their
useful economic lives in accordallce with the depreciation policy. Rclaled grants are
credited to a fixed asset fimd in the slatement of f￿ancial activities and carried forward in
the balance sheet.
Assets are reviewed annuaIly for impairn]ent. Assets costing less than £l,OIyJ are written
off in the year of acquisition, unless they are part of a greater amounL
1.9 Depr¢¢18tlon
D¢preciation is provided on a straight line b&8is on the cost of tangible fixed &8sets. io wri
them down to their estimated residu81 values over their expected useful lives. The annual
r&t¢s used are..
Leasehold buildings 20/0
Fixtures and equipmeni 20 %
1.10 Investments
Investments are included in the financial siatem¢niS al their markel value ai the balance
sheet dale. Reali5ed and unrealiscd gains (or losses) are crediied (or debited) to the
statement of fjnancial activitics in the year in which they arise.
Invcstmcnts are a fomi of financial instrument and are initially recogniscd at their
trdnsaclion cost and subsequently measured at fair value ai the Balancc Sheet date. unless
the valuc cannot bc mcasured reliably in which case it is Measur￿ 8t cost less irnpainnenl.
Investment gain5 and losses. whether realised or unrealised, are combined and presented
as 'Gains/(Losses) on investments, in the Statement of Financial Activities.
1.11 Golng concern
To dale, the Covid-19 pandemic has not had a material impact on the charity's
operations. Initially. the Charity's investments suffered a significant fall compared to the
2020 year-end valuation but have since recovered. Looking ahead, the ¢harity is likely lo
see a fall in the income arisin8 on its investment holdings as a consequence of company,
suspending or cutting their dividends and the historically low level of intercst rates. The
charity's trading subsidiary may also be impacted to some extent whi¢h may result it it
paying a lower level of dividend to the charity compared to the levels paid in previous
years. However, at present there is no evidence that it will not be able to pay its rentsl
obligations to the charity. The charity h&s prudently built up its reserves over the past few
years and its general fiu)d as at 31 January 2021 was just under £2.6 million. Therc are no
restrictions on trnstees, ability to use these fimds rfnecessary to enabl¢ it to continue to
Ifil its charitable objects.
13

FRIENDS OF FOLKESTOYE ACADEMY LTD
OTES TO THE FINANCIAL sTATEME￿rs
FOR THE YEAR ENDED 31 JAhlJARY 2021
1.11 Going ¢onc¢rn ¢oDt.
Based on the above and having regard to the resources available to the entity. the
TNstees have concluded thai thcrc is DO matcrial uncertainty and that they can continue
to adopi the going concern basis in preparing the annual report and accounts.
1.12 Financial Instruments
The Charity only enters into basi¢ financial instrument transactions that result in the
recognition of fllwicial assels and liabilities such as trade and other debtors and credRtors,
loans from banks and other third parties, loans to related partieg and investments in ordinary
shares.
2 Taxation
The Friends of Folkeslone Academy Ltd is a registercd chaTity and as such 115 income and
gains are exempt from income tax and COryK)ralion tax to the extent that they are applied io
its charitablc activities under the provisions of th¢ Income and Corpordlion Taxes Act
1988.
3 Other Income
2021
£'ooo
75
2020
£'ooo
75
Rent receivcd
4 Bank Interest
2021
£'ooo
2020
£,￿0
Bank interest received
5 Investment Income
2021
£'ooo
48
73
121
2020
£'ooo
59
70
129
Dividend from subsidiary
Other investmenl income
6 Charitable Activities
2021
£'ooo
124
28
152
2020
£'ooo
56
34
90
Donations
Depreciation
Costs of charitable activities totalling £152,0(X) (2020:£90.000) were attributable as
follows: £124,000 from general unrestricted funds (2020:£56.000). £nil from fixed asset
unrestricted funds (2020'.£6,000) and £28,000 from restricted funds (2020:£28.000).
14

FIUENDS OF FOLKESTONE ACADEMY LTD
NOTES TO THE FINthCLiL STATEMENTS
FOR THE YEAR ENDED 31 JANLTARY 2021
7 Support Costs
2021
£'ooo
2020
£'ooo
Legal and pmfessioDal s¢rvi¢cs
Audit services
Supp)rt costs of £7.000 (2020: £5.IK)O} were attribuiable to general unrestricted fund$
and all relate to governance costs.
8 Audltors, remuneration
2021
£'ooo
2020
Fees payable to the Companys auditors for the
audit of the Compangs accounts
9 Staff Costs
No staff were employed durin8 the year and no trusiee received remuneration OT expenses
(2020: none).
10 Tangible flxed assets
Land
Fixtures
nd
and
Buildings Equipment Totil
£'o(
£'ooo
£'ooo
1,407
67
1,474
Cost
Ai l February 2020
Additions
At 31 January 2021
1,407
67
1,474
Depreciation
At l Fcbruary 2020
Charge
At 31 January 2021
208
28
236
67
275
28
303
67
Net Book Values
At 31 January 2021
1.171
At 31 January 2020
1,199
1,199
At 31 January 2021 the clwity had no capital commitments (2020: £nil).
15

FRIENDS OF FOLKESTONE ACADEMY LTD
NOTES TO THE FL¥ANCIAL STATEMENTS
FOR THE IIAR ENDED 31 JANUARY 2021
The land and buildings relate to the Marlowe Innovation Centre. The building is leased
from Kent County Council at a peppercorn rent over a lease of 75 years from July 2009.
No value has been placed on the land iti the financial statements due to the restrictive
covenallls attaching to th¢ &￿et. The charity has an option to acquire the land at the end
of the lease terni.
Included within langible r￿ed assets are land and buildings with a carrying value of
£1,171,(X)0 (2020: £1.199.000) that are rented to the charity's wholly owned subsidiary.
FFMA (Trading) Limited.
I I Investment ID subsldlary undertaking
2021
£'ooo
2020
£'ooo
FFMA (Trading) Limited
The investhient comprises l ordinary share of £1 which is lo￿/0 of the issued share
capital of the company. The company. which is registered in England and Wales, is th¢
trading ami of the charity. Ils results for the year were as follows..
2021
2020
£'ooo
284
(229)
TU[￿Ver
278
(212)
Other operattr￿ incoTh
Profit fi)r the year bcfi)re tax
Distrkn￿X)n to the clwity
Retar£d profil/(k>ss)
69
(48}
21
55
(59)
(4)
Assets
Liabthtrs
SharelK)kJers' fillMIs
108
64)
86
63
23
16

FIUENDS OF FOLKESTONE ACADELTrIY LTD
,NOTES TO THE FINthCIAL STATEMENTS
FOR THE YEAR E￿T)ED 31 JANUARY 2021
12 Llsted investments
2021
2020
£'ooo
1,548
33
At Cost:
Opening balance
Additions
Disposals
Total investments at cost
1,581
175
1,756
1,581
At Market Value..
Charity Authoriscd Investrnent Fund
Total Investments at market value
2,540
2,540
2,244
2,244
Movements in investments at market value
Market value as at l FebnLory 2020
Additions at cosi less equalisation
Disposals
Unrcalised inveslment gaIn￿(loSSeS}
Total investments at market value
2,244
175
1,976
33
235
2,244
2.540
The investments are h¢ld in a Sarasin & Partners Charity Authorised Investment Fund.
Income received on th¢ inveslment portfolio during the year comprised of bank interest
amounting 10 £207 (2020: £88) and dividend income of £73,570 (2020: £70,242).
The fixcd asset investmen15 in the Sarasin fund are invested in a wide variety of seclors
with a significant geographical spread.
13 Current asset Investmenl
2021
£'o
2020
£'ooo
112
112
Cash held by S&P LLP
10
io
14 creditor￿gIM0llnts falllng due within one y￿r
2021
£'ooo
133
2020
£'ooo
Trade ¢r¢ditors
Accruals and deferred income
17
17
135
17

FRIENDS OF FOLKESTONE ACADEMY L TD
NOTES TO THE FII%ANCIAL STA TEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
15 Trnnsactions with Related Parties
The charity received Tent of £75,(K)0 (2020: £75.000) in raspect of a lease to its
subsidiary for its premises located at the Marlowe Innovation Centre. Additionally. the
cI￿lty received a donation of £48,(MJO (2020.. £59,IK)O) from its subsidiary.
Grants of £124.000 {2020: £56,000) were made to the Folkestone Academy in the year.
One of the trustees of the charity (M Pearce) is a governor of Folk¢stone Academy.
16 Statement of Funds
Febn￿ry Ineoming Outgoing Transfe￿ GAins & Jan￿ry
2020 Resources Resources
IA)Sses
2021
£'ooo
£'ooo
£'ooo
£'ooo
£,{￿0
£'ooo
Restsleted Funds
Fixed A5sei Fwxl
(28)
1,171
Unrestiicted fundg
Ge￿ra1 Pu￿￿
rwl Asset F￿￿1
2.412
196
(131)
121
2,598
2.412
(131)
121
2,598
Total Funqb
3.611
196
159
121
3,769
Of the restricted fixed asset fund. £286.000 (2020: £293,000) relates to grant fimding
provided by Coastal Comtnunities FuThl.
FebnMry Inconkng Outgoing TrnDSfe￿ Gains & JAnuAry
2019 Resources Resources
Losses
2020
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Restsleted FuD(is
Fixed Asset Fu￿1
1227
(28)
1,199
Unrestricted fuD(b
Ge[￿1 Futxl
Fixed Ptsset FutMI
2,034
204
(61)
235
2,412
2.040
204
(67)
235
2.412
Total Fu
3267
204
(95
235
3,611
18

FRIENDS OF FOLKESTONE ACADEMY LTD
OTES TO THE FINLNCIAL STATEMEKTS
FOR THE YEAR ENDED 31 JANUARY 2021
17 Analysis of Net Assets Behyeen Funds
Th¢ funds of the charity comprise ofthe following assets:
Unrestiicted Restiicted
Total
Funds
Fundq Funds
2021
2021
2021
£'ooo
£'ooo
1.171
1.171
2.540
193
(135)
Total
Funds
2020
£'ooo
1.199
2.2M
185
(17)
Tangbie r￿ed assets
Fixed &sset llNestrnts
Cwrent assets
Creditors withitt otr
2.540
193
(135)
2,598
3,769
3.611
Umtstrleted Restricted
Funds
Funds
2020
2020
£'ooo
£'ooo
1.199
Total
Funds
2020
£'ooo
1.199
2,244
185
{17)
Tot
Funds
2019
£'ooo
1,233
1976
78
(20)
l'a4￿￿ fLKcd asscts
2,244
185
(17)
Current assets
Creditopa due wtihin 01￿ year
2.412
1,199
3,611
3,267
19