FRIENDS OF FOLKESTONE ACADEMY LTD (a company limited by guarantee) TRUSTEES? REPORT AND ACCOUNTS YEAR ENDED 31 JANUARY 2025 AED3U8YG 1311012025 COMPANIES HOUSE A05
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Company Limited by Guarantee Company Registration Number 5017884 (England and Wales) Charity Registration Number 1103352
FRIENDS OF FOLKESTONE ACADEMY LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sir Roger De Haan CBE DL (Chaim]an) Graham Badman CBE Michael Pearce Tracy Luke MBE Louisa Coppins Am'e Moris Secretary Paula Hall Registered and Principal Office Strand House Pilgrims Way Monks Horton Ashford TN25 6DR Solicitors Withers LLP 20 Old Bailey London EC4M 7AN BAnkers National Westminster Bank plc 37 Old Dover Road Canterbury CTI 3JB Kndependent Examiner Jonathan Spurling FCCA Spurling Cannon Chartered Certified Accountants 424 Margate Road Westwood Ramsgate Kent CT12 6SJ Investment Manager Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
FIUENDS 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 together with the audited financial statements for the year ended 31 January 2025. The trustees confinn that the annual report and financial statements of the charity comply.with current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Constitution and Principal Objectives The Friends of Folkestone Academy Ltd, a company limited by guarantee and a registered charity, was established on 16 January 2004 (company number 5017884, charity number 1103352). The Friends of Folkestone Academy Ltd is hereafter referred to as'the charity" in these independently examined financial statements. The charity's Articles of Association are the primary governing documents. The trustees meet as often as is required to take decisions affecting the operation of the charity. As the charity has no staff, all decisions related to the operation of thc charity are taken by the trustees. The objects of the charity are to advance for the public benefit, education in the United Kingdom including support of the aims and objectives of the primary and secondary phases of Folkestone Academy, the relief of unemployinent, the provision of facilities in the interest of social welfare, for recreation and other leisure time occupation. Trustees Trustees are appointed by the recommendation of the existing trustees, subject to the approval of a member of the charity. New trustees, when appointed, will be provided with an inforniation pack including the latest accounts and the Articles of Association and will be afforded the opportunity to undertake a site visit to the premises of Folkestone Academy. The following are the trustees of the charity: Sir Roger De Haan Graham Badman CBE Michael Pearce Tracy Luke MBE Louisa Coppins Am'e Moris Roger De Haan and Tracy Luke retire by rotation and both being eligible, a resolution proposing their re-appointment will be submitted at the Annual General Meeting. All of the trustees are also members of the charity but they hold no beneficial interest therein. Although no specific trustee training programme.exists, trustees continue to have exposure to educational and charitable matters either through their principal occupation and/or involvement in other charitable institutions.
FRIENDS OF FOLKESTONE ACADEMY LTD REPORT OF THE TRUSTEES (CONTINUED) Members, LiAbility Each member of the charitable company undertakes to contribute to the assets of the charity in the event of it being wound up while he/she is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £ I, for the debts and liabilities contracted before helshe ceases to be a member. Reserves Policy The policy of the trustees is to maintain a growing level of reserves which underpins the long tenn grant-making strategy of the charity. At this stage, no specific monetary target has been set. The trustees are satisfied that the charity's reserves are sufficient for its current purposes. The reserves as at 31 January 2025 amounted to £4,471,000 {2024: £3,918,000) of which £1,107,000 comprises fixed asset funds. Investment Policy The trustees have appointed Sarasin & Partners LLP to manage the investment portfolio. Monies are invested in one of Sarasin's Charity Authorised Investrncnt Funds which is designed specifically for charities. The investment objective is to provide long tern] capital and income growth thTough a broadly diversified global portfolio. Grant Making Policy The charity's grant making activity is presently focussed on supporting the primary and secondary phases of two schools comprising Folkestone Academy. Operating and Financial Review The net gain for th¢ year before investment gains amounted to £176,000 (2024.. net loss £70,000), The 2025 result, compared to 2024, arose as only one relatively small donation was expensed in the year. The charity received a £66,000 (2024: £48,000) donation from its trading subsidiary and continued to benefit from rental income arising from its subsidiary's occupation of the Marlowe Innovation Centre. The investment portfolio increased by £500,000 during the year, mainly due to an increase in the market value of the charity's investments, as well as the reinvestment of income. Investment gains amounted to £375,000 (2024: gains £46,000), reflecting a 12.70/0 rise in unit prices in the year (2024: rise 1.6% ). The charity has a wholly owned subsidiary, FFMA (Trading) Limited tla "The Marlowe Innovation Centre" The subsidiary operates an "Innovation Centre" from prernises on a site adjacent to the Royal Harbour Academy in Ramsgate, Kent. The objective is to attract young, innovative businesses to the Marlowe Innovation Centre and to build a close working relationship between the school and tenant businesses, with the aim of assisting in the education of students and creating employment opportunities in the area. Surpluses generated are paid to the parent charity.
FRIENDS OF FOLKESTONE AcADE1y LTD REPORT OF THE TRUSTEES (CONTINUED) Operating and Financial Review {Continued) The Marlowe Innovation Centre (MIC) continues with offering versatile accommodation for new and growing businesses in Thanet and surrounding areas. This year the center has continued to maintain its high levels of occupancy with an average occupancy rate between 940/0 and l 00 % ihroughout the year. Movements of businesses from the center has been largely due to expansion and requiring larger premises, with some internal moves of this similar nature. Virtual tenants (VT'S) continue to grow with an increase of15 since last year. This is a significant increase on the previous year, this is partly due to a local competitor going into administration as well as word of mouth referrals. Back offices services are available and offered to all tenants, this is still a well utilised service with some tenants making regular use of this service. Boardroom and Meeting room bookings took a slight decline this year, this is mainly due lo companies finding free alternatives or not renewing training contracts, The MIC continues to promote this via social media platfornis, however work of mouth referrals are often the source of any new business. Marketing of all the facilities available is primarily done through social media platfonns and word of mouth. This is at minimal cost and is most effective. Online Agents are used from time to time as well when required. The MIC continues to benefit from the solar panels on the roof, with substantial savings being made on their energy bills. The EV charging points are used regularly? generating a steady income for the centre. The boilers that have recently been replaced are also providing cost-saving and energy saving benefits to the centre. The Marlowe Innovation Centre continues to build on and establish relationships with local schools in the wider community and offer work experience opportunities to students from various schools, including the nearby Royal Harbour Academy. This opportunity to students is provided by both the center itself and businesses within the center. Publlc Beneflt The charity's grant making activity has been focused on supporting the aims and objectives of the Folkestone Academy. The principal way in which this has been accomplished has been through payment of direct charitable grants to fund initiatives not funded 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 Commission.
FRIENDS OF FOLKESTONE ACADEMY LTD REPORT OF THE TRUSTEES (CONTINUED) Risk Managen]ent The trustees have examined the major 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 appropriate, the trustees will act only after taking appropriate professional advice. The main risk faced by the charity relates to investment risk on its portfolio. This risk is mitigated by investing all the charity's surplus Eunds in a reputable diversified investment fund designed exclusively for charities. Statement of Trustees, Responsibilities The trustees (who are also directors of Friends of Folkestone Academy Ltd for the purposes of company law) are responsible for preparing the trustees, report and financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a tnie and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting poli¢ies and then apply them consistently; observe the methods and principles in the Charities, SORP; make judgements and estimates that are reasonable and prudent; state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees confinT]S that: $0 far as the trustee is aware, there is no relevant inforniation of which the charitable company's independent examiner is unaware; and the tnistee has taken all the steps that ought to have taken as a trustee in order to be aware of any relevant inforniation and to establish that the charitable company's independent examiner is aware of that infomiation.
FIUENDS OF FOLKESTONE ACADEMY LTD REPORT OF THE TRUSTEES (CONTINUED) In preparing this report the trustees have taken advantage of the small companies exemptions provided by section 415A of Part 15 of the Companies Act 2006. The report of the trustees was approved by the trustees on on their behalf by: 29- 09- 1016 and signed Sir Roger De Haan Trustee Registered and Principal OlCe Strand House Pilgrims Way Monks Horton Ashford TrJ25 6DR
FRIENDS OF FOLKESTONE ACADElWtY LTD Independent examiner's report to the trustees of Friends of Folkestone Academy Ltd ('the Company,) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 January 2025. Responsibilities and basis of report As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 201 I ('the 2011 Act,). Ln carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 201 l Act. Independent examlner's statement I have completed my examination. I confirm that no maners have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS I02)]. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent perniitted by law, I do not accept or assume responsibility to anyone other than the Cornpany d the Com y's Ttustees as a body, for my work or for this report. Signed: Jonathan Spurling FC Spurling Cannon, Chartered Certified Accountants 424 Margate Road, Westwood Ramsgate. Kent, CTI 2 6SJ United Kingdom Dated:
FRIENDS OF FOLKESTONE ACADEMY LTD STATEMEINT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 JANUARY 2025 Janu&ry 2024 2025 202S 2025 Restricted FuDd Fixed Asset £iooo Unrestrieted Funds Fixed Asstt £'ooo Total Funds £'ooo Total Fund$ £'ooo General Note £'OOO Income and endowments from: Other income Bank interest Investment income Total income 75 75 75 152 229 152 229 127 205 Expendlture on: Raising funds Charitable activities Support costs Total expenditure 22 30 52 272 23 30 53 275 Net Income before Investment galns/(losses) 206 (30) 176 (70) Gains/(losses) on investments 12 377 377 46 Net Income 583 (30) 553 (24) Transfer between funds (5) Funds brought forward 2,786 1,132 3,918 3,942 Total funds carrled forward 16 3,364 1,107 4,471 3,918 Th¢ notes on pages 9 to 16 forn) part of these financial statements.
FRIENDS OF FOLKESTONE ACADEMY LTD (A company limfited by guarantee) Regi$t¢red Number: 05017884 BALANCE SEtEET 31 JANUARY 2025 Note 31 January 31 January 2025 2024 £'ooo £'ooo Flxed Assets Tangible fixed assets InvestmeDIS Investment in subsidiary undertaking io 12 1.107 3,357 1,132 2,829 4,464 3.961 Current assets Cash held by Investment Manager Cash at bank and in hand 13 39 170 209 133 133 Creditors; amounts falling due within one year 14 (126) (252) Nel current assets (43) 3,918 Tot21 Assets less current liabllities 4,471 Charity Funds Restricted Funds Fixed Asset Fund 16 1,107 1,132 Unre$tric¢ed funds Genernl Fund FiJ(cd Asset Fund 16 3,364 2,786 16 4,471 3.918 The trustees consider that the company is entitled lo exemption from the requirement to have an audit under the provisions of section 477 of Ihe Companies Act 2006 ("the Acl") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. In accordance with section 145 of the Charities Act 20 I l an independeni examination is required. The trustees acknowledge their responsibilities for complying with the quIrernents of the Act with respect to accounting records and for preparing financial statements which give a true and fair view of the slate of affairs of thc company as at 31 January 2025 and of its net incoming resources for Ihe year in accordancc with the requiremen15 of sections 394 and 395 of the Act and which othen¥ise comply wilh the requirements of (he Act r¢l81in8 to financial Sthlements, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicablc to Companies subject to the small companies regirrie and in accordance with the provision5 of FRS 102 Section l A - small entilies. The financial slalements were approved by the trustees on 29 &pteMbef 2025 and signed on their behalf by: Sir Roger Dc Haan (Trustee) The notes on pages 9 to 16 forni part of these financial statcmcnts.
FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL sTATElENTs FOR THE YEAR ENDED 31 JANUARY 2025 l Accounting Policies 1.1 Basis of Preparation of Financial Statements Friends of Folkestone Academy Ltd is a registered Charity and a Company limited by guarantee, incory)orated in England and Wales. Its registered office and principal place of business is disclosed in the Legal and Administrative Infomiation. The financial statements have been prepared under the historical cost convention, except for the valuation of investments which are included at market value, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- (Charities SORP (FRS I02)), the Charities Act 2011 and the Companies Act 2006. Friends of Folkestone Academy Ltd meets the definition of a public benefit entity under FRS 102. The financial statements have been presented in GBP and rounded to £'OOO. 1.2 Rental Income and Rents Receivable Rental income and rents receivable are included in the statement of financial activities on an accrnals basis. 1.3 Grants Receivable and Payable Grants receivable and payable are included in the statement of financial activities on an accruals basis. 1.4 Investment Income and Interest Receivable Investment income and interest receivable are included in the statement of financial activities on an accruals basis. 1.5 Expenditure Expenditure is accounted for on an accruals basis and has been classified under expense categories that aggregate all costs relating to that category. Where cosls cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources. 1.6 Unrestricted Funds All funds except the Marlowe Innovation Centre (MIC) fixed asset fund are unrestricted. The MIC property has restrictions on its use for a period of time which expires in 2028.
FIUENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL sTATE1IENTs FOR THE YEAR ENDED 31 JANUARY 2025 l Accounting policies (continued) 1.7 Support Costs Support costs comprise of expenditure incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements. 1.8 Tangible fixed assets Tangible fixed assets are included in the balance sheet at cost and are depreciated over their useful economic lives in accordance with the depreciation policy. Related grants are credited to a fixed asset fund in the statement of financial activities and carried forward in the balance sheet. Assets are reviewed annually for impairment. Assets costing less than £1,000 are written off in the year of acquisition, unless they are part of a greater amount. 1.9 Depreciation Depreciation is provided on a straight line basis on the cost of tangible flxed assets, to write them down to their estimated residual values over their expected useful lives. The annual rates used are: Leasehold buildings 20/0 Energy saving equipment 5 % Fixtures and equipment 200/0 1.10 Investments Investments are included in the financial statements at their market value at the balance sheet date, Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise, Investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairnient. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments, in the Statement of Financial Activities. 1.11 Going concern The charity has prudently built up its reserves over the past few years and its general fund as at 31 January 2025 was £3.4 million. There are no restrictions on trustees, ability to use .these funds if necessary to enable it to continue to fulfil its charitable objects. Based on the above and having regard to the resources available to the entity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. 10
FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 1.12 Financial Instruments The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties. loans to related parties and investments in ordinary shares. 2 Taxation The Friends of Folkestone Academy Ltd is a registered charity and as such its income and gains are exempt from income tax and coOratIon tax to the extent that they are applied to its charitable activities under the provisions of the Income and Corporation Taxes Act 1988. 3 Other Income 2025 £'ooo 75 2024 £'ooo 75 Rent received 4 Bank Interest 2025 £'ooo 2024 £'ooo Bank interest received 5 Investment Income 2025 £'ooo 66 86 152 2024 £'ooo 48 79 127 Donation from subsidiary Other investment income 6 Charitable Actlvlties 2025 2024 £'ooo £'ooo 241 31 272 Donations Depreciation 30 30 Costs of charitable activities totalling £30,000 (2024: £272,000) were attributable as follows: £nil from general unrestricted funds (2024: £241,000)" £niL from fixed asset unrestricted funds (2024: £nil) and £30,000 from restricted funds (2024: £31,000). 11
FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 7 Support Costs 2025 £'ooo 2024 £'ooo Legal and professional services Assurance services Support costs of £1,000 (2024: £3,000) were attributable to general unrestricted ndS and all relate to governance costs. 8 Staff Costs No staff were employed during the year and no trustee received remuneration or expenses (2024: none). 9 Tangible fixed assets Buildings Equipment Total £'ooo £'ooo £'ooo 1,455 19 1,474 Cost At l February 2024 Additions Written off At 3 1 January 2025 (i) 23 (i) 1.478 1.455 Depreciation At l February 2024 Charge Written off At 3 l January 2025 323 30 19 342 30 (i) 371 (i) 18 353 Net Book Values At 3 1 January 2025 1,102 1,107 At 31 January 2024 1.132 1,132 12
FRIENDS OF FOLKESTONE AcADE1y LTD NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 At 31 January 2023 the charity had agreed to spending £65,000 (2022: £nil) in capital equipment at the Marlowe Innovation Centre, though no contracts had been entered into. As at 31 January 2025 this commitment had been lfIlled. 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 in the financial statements due to the restrictive covenants attaching to the asset. The charity has an option to acquire the land at the end of the lease temi. Included within tangible fixed assets are land and buildings with a carying value of £1,102,000 {2024,, £1,132,000) that are rented to the charity's wholly owned subsidiary, FFMA (Trading) Limited. 10 Investment in subsldlary undertaklng 2025 2024 £'ooo £'ooo FFMA (Trading) Limited The investment comprises l ordinary share of £1 which is 100% of the issued share capital of the company. The company, which is registered in England and Wales, is the tradin8 ann of the charity. Its results for the year were as follows: 2025 £'ooo 314 (268) 22 2024 £'ooo 312 (254) Turnover Expenditure Other operating income Interest received Profit for th¢ year before tax Distribution to the charity Retained (loss)/profit 69 66 58 47 11 Assets Liabilities Shareholders, funds 102 68 34 98 67 31 13
FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 11 Listed investments 2025 £'ooo 2,031 126 2024 £'ooo 1,953 78 At Cost: Opening balance Additions Disposals Total investments at cost 2,157 2,031 At Market Value: Charity Authorised tnvestment Fund Total Investments at market value 3,329 3,329 2,829 2,829 Movements in investments at market value Market value as at l February 2023 Additions at cost less equalisation Disposals Unrealised investment gainsl(losses) Total investments At market value 2,829 l26 2,704 79 374 3,329 46 2,829 The investments are held in a Sarasin & Partners Charity Authorised Investment Fund. Income received on the investment portfolio during the year comprised of bank interest amounting to £1,406 (2024: £1,553) and dividend income of £84,958 (2024: £77,600). The fixed asset investments in the Sarasin fund are invested in a wide variety of sectors with a significant geographical spread. 12 Current asset investment 2025 £iooo 2024 £'ooo 39 39 Cash held by S&P LLP 13 Creditors - amounts falling due within one year 2025 £'ooo 125 2024 £'ooo 250 Trade creditors Accruals and deferred income 126 252 14
FIUENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 14 Transactions Wlth Related Partles The charity received rent of £75,000 (2024: £75,000) in respect of a lease to its subsidiary for its premises located at the Marlowe Innovation Centr¢. Additionally, the charity received a donation of £66,000 (2024: £48,0(Kl) from its subsidiary. During the year the charity donated £22,000 to the subsidiary to purchase new boilers. Grants of £nil (2024: £250,000) were made to the Folkestone Academy in the year. Two of the trustees of the charity (M Pearce and T Luke MBE) are govemors of Folkestone Academy. L Coppins is the attendance consultant based at Folkestone Academy and A Moris is headteacher of Morehall Primary School which comes under the Turner Schools banner along with Folkestone Academy. IS Statement of Funds At 1st At 31st February Incoming Outgolng Transfers Gains & January 2024 Resources Resources Losses 2025 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Restrlcted Funds Fixed Asset Fund 1,132 (30) 1,107 Unrestricted funds General Fund 2,786 2,786 229 229 23 (23) 377 377 3,364 3,364 (5) Total Funds 3,918 229 (53) 377 4,471 Of the restricted fixed asset fund, £266,000 (2023: £273,000) relates to grant funding provided by Coastal Communities Fund. At 1st At 31st February Incomlng Outgoing Transfers Galns & January 2023 Resources Resources Losses 2024 £iooo £'ooo £'ooo £iooo £'ooo £'ooo Restricted Funds Fixed Asset Fund 1,115 (31) 48 1,132 Unrestricted funds General Fund 205 205 244 (244) 48 46 46 2,827 2,786 Total Funds 205 275 46 3,918 15
FRIENDS OF FOLKESTONE ACADEMY LTD NOTES TO THE FINANCIAL STATElklENTS FOR THE YEAR ENDED 31 JANUARY 2025 16 Analysis of Net Assets Between Funds The funds of the charity comprise of the following assets: Unrestricted Restricted Funds Funds 2025 202S £'ooo £'ooo 1,107 Total Funds 2025 £'ooo 1,107 3,357 133 (126) Total Funds 2024 £'ooo 1,132 2,829 209 (252) Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 3,357 133 (126) 3,364 1,107 4,471 3.918 Unrestricted Restricted Funds Funds 2024 2024 £'ooo £'ooo 1,132 Total Funds 2024 £'ooo 1,132 2,829 209 (252) Total Funds 2023 £'ooo 1,115 2704 296 (173) Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,829 209 (252) 16