Fairways Accommodation Support Trust Charity No. 1155306
Company No. 08493152
Trustees' Report and Unaudited Accounts For the year ended 30 April 2022
B M Cooper & Co. Limited Chartered Certified Accountants
88 Wood Lane
Dagenham Essex RM9 5SL
Fairways Accommodation Support Trust Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
Page 1
Fairways Accommodation Support Trust Trustees Annual Report
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 April 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 08493152
Charity No. 1155306
Principal Office
Medway Voluntary Action building 5a New Road Avenue Chatham Kent ME4 6BB
Registered Office
Medway Voluntary Action Buil 5a New Road Avenue Chatham Kent ME4 6BB
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
Alaba Adeniyi Adetunji Gillian Lambo Oluwaseyi Familusi (Resigned 4 November 2021) Oriyomi Margret Olufemi
Accountants
B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
Bankers
Barclays Bank Plc
OBJECTIVES AND ACTIVITIES
The charity's objects are:
-
Accommodation and support provider for the homeless and vulnerable people in the community.
-
Supporting, promoting the independence of vulnerable adults in the community
-
Outreach support to Non-Governmental organisations in West Africa
-
Working with and supporting widows, orphans and widowers in the community.
Page 2
Fairways Accommodation Support Trust Trustees Annual Report
FINANCIAL REVIEW
The Statement Of Financial Activities shows an income from the year of £461,847 (2021 - £540,655) and total expenditure of £373,637 (2021 - £556,379 ) leaving surplus for the year of £88,210 (2021 - £15,724 deficit). The net surplus of the charity as at 30th April 2022 was £93,876 (2021 - £5,666).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves was not maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The organisation is a charitable company limited by guarantee, incorporated on 17th April 2013 and registered as a charity on 13th January 2014. The company was established under a Memorandum of Association dated 17th April 2013 which established the objects and powers of the charitable company and is governed under its Articles of Association as amended by a special resolution dated 3rd January 2014. In the event of the company being wound up, the members are required to contribute an amount not exceeding £1.
Trustees are selected from people from all backgrounds who are familiar, and have an emphathy, with the objectives of the Charity.
The Trustees are 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 Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
..................................................................... Gillian Lambo Trustee
31 January 2022
Page 3
Fairways Accommodation Support Trust Independent Examiners Report Independent Examiner's Report to the trustees of Fairways Accommodation Support Trust
I report to the charity trustees on my examination of the accounts of Fairways Accommodation Support Trust for the year ended 30 April 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also 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 charity 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under 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
-
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns 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.
................................................ Mr Bolaji Kalejaiye FCCA ACCA B M Cooper & Co. Limited 88 Wood Lane Dagenham Essex RM9 5SL
31 January 2022
Page 4
Fairways Accommodation Support Trust Statement of Financial Activities For the year ended 30 April 2022
| Notes Income and endowments from: Donations and legacies 4 Other 5 Total Expenditure on: Charitable activities 6 Other 7 Total Net gains on investments Net income/(expenditure) 8 Transfers between funds Net income/(expenditure) before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2022 £ 434,866 26,981 |
Total funds 2022 £ 434,866 26,981 |
Total funds 2021 £ 398,280 142,375 |
|---|---|---|---|
| 461,847 271,326 102,311 |
461,847 271,326 102,311 |
540,655 403,377 153,002 |
|
| 373,637 - |
373,637 - |
556,379 - |
|
| 88,210 - |
88,210 - |
(15,724) - |
|
| 88,210 | 88,210 | (15,724) | |
| 88,210 5,666 |
88,210 5,666 |
(15,724) 21,390 |
|
| 93,876 | 93,876 | 5,666 |
Page 5
Fairways Accommodation Support Trust Balance Sheet At 30 April 2022 Company No. 08493152
| Notes 2022 £ Fixed assets Tangible assets 11 37,502 37,502 Current assets Stocks 12 18,965 Debtors 13 183,504 Cash at bank and in hand 20,154 222,623 Creditors:Amount falling due within one year 14 (124,155) Net current assets 98,468 Total assets less current liabilities 135,970 Creditors:Amounts falling due after more than one year 15 (42,094) Net assets excluding pension asset or liability 93,876 Total net assets 93,876 The funds of the charity Restricted funds 16 Unrestricted funds 16 General funds 93,876 93,876 Reserves 16 Total funds 93,876 |
2021 £ 50,002 |
|---|---|
| 50,002 2,050 4,500 4,246 |
|
| 10,796 (5,132) |
|
| 5,664 55,666 (50,000) |
|
| 5,666 | |
| 5,666 | |
| 5,666 | |
| 5,666 | |
| 5,666 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 30 April 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 31 January 2022
And signed on its behalf by:
...........................................................
Alaba Adeniyi Adetunji
Trustee
31 January 2022
Page 6
Fairways Accommodation Support Trust Notes to the Accounts For the year ended 30 April 2022
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
Fairways Accommodation Support Trust Notes to the Accounts Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
| useful life: | |
|---|---|
| Motor vehicles | 25% written down value |
| Fixtures, fittings & equipment |
25% written down value |
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 8
Fairways Accommodation Support Trust Notes to the Accounts
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 9
Fairways Accommodation Support Trust Notes to the Accounts 2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
|||
|---|---|---|---|
| Income and endowments from: Donations and legacies Other Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Housing and Support Donations Food donations 5 Other income Government Grant |
Unrestricted £ 364,048 39,122 31,696 434,866 Unrestricted £ 26,981 26,981 |
Unrestricted funds 2021 £ 398,280 142,375 540,655 403,377 153,002 556,379 (15,724) (15,724) (15,724) 21,390 5,666 Total 2022 £ 364,048 39,122 31,696 434,866 Total 2022 £ 26,981 26,981 |
Total funds 2021 £ 398,280 142,375 |
| 540,655 403,377 153,002 |
|||
| 556,379 | |||
| (15,724) | |||
| (15,724) | |||
| (15,724) 21,390 |
|||
| 5,666 | |||
| Total 2021 £ 305,689 67,066 25,525 |
|||
| 398,280 | |||
| Total 2021 £ 142,375 |
|||
| 142,375 |
Page 10
Fairways Accommodation Support Trust Notes to the Accounts
6 Expenditure on charitable activities
| Unrestricted Total 2022 £ £ Expenditure on charitable activities Housing services 218,152 218,152 Food given out 15,332 15,332 Light and heat 10,248 10,248 Governance costs Accountancy fees 2,400 2,400 Legal and professional expenses 11,369 11,369 257,501 257,501 7 Other expenditure Unrestricted Total 2022 £ £ Bank loan and overdraft interest payable 1,391 1,391 Employee costs 69,124 69,124 Premises costs 9,138 9,138 Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets 12,500 12,500 General administrative costs 10,158 10,158 102,311 102,311 8 Net income/(expenditure) before transfers 2022 This is stated after charging: £ Depreciation of owned fixed assets 12,500 9 Trustee remuneration and expenses One or more of the trustees has been paid remuneration in the current or prior periods. Trustee Remuneration Pension Other benefits Alaba Adeniyi Adetunji 36,453 805 - |
Total 2021 £ 293,826 42,620 20,138 1,480 16,737 |
|---|---|
| 374,801 | |
| Total 2021 £ - 106,875 15,400 16,667 14,060 |
|
| 153,002 | |
| 2021 £ 16,667 |
Page 11
| 10 Staff costs Salaries and wages Social security costs Pension costs No employee received emoluments in excess of £60,000. Fairways Accommodation Support Trust Notes to the Accounts |
58,766 805 273 59,844 |
96,922 701 793 |
|---|---|---|
| 98,416 | ||
Ms Caroline Arogundade, who is the spouse of Mr. Alaba Adeniyi Adetunji, received total remuneration of £12,786 (including pension contribution of £172) during the year. The amounts received for 2021 was £21,972 (including pension contribution of £413) during the year.
11 Tangible fixed assets
| Cost or revaluation At 1 May 2021 At 30 April 2022 Depreciation and impairment At 1 May 2021 Depreciation charge for the year At 30 April 2022 Net book values At 30 April 2022 At 30 April 2021 12 Stocks Finished goods Carrying value analysed by activities Food given out 13 Debtors Trade debtors Prepayments and accrued income |
Motor vehicles £ 31,100 31,100 9,334 5,441 14,775 16,325 21,766 2022 £ 18,965 18,965 2022 £ 18,965 18,965 2022 £ 179,004 4,500 183,504 |
Fixtures, fittings & equipment £ 41,088 41,088 12,852 7,059 19,911 21,177 28,236 |
Total £ 72,188 |
|---|---|---|---|
| 72,188 | |||
| 22,186 12,500 |
|||
| 34,686 | |||
| 37,502 | |||
| 50,002 | |||
| 2021 £ 2,050 |
|||
| 2,050 | |||
| 2021 £ 2,050 |
|||
| 2,050 | |||
| 2021 £ - 4,500 |
|||
| 4,500 |
Page 12
Fairways Accommodation Support Trust Notes to the Accounts 14 Creditors:
amounts falling due within one year
| Other loans Other taxes and social security Loans from trustees Other creditors Accruals and deferred income |
2022 £ 7,059 8,788 105,854 103 2,351 124,155 |
2021 £ - 3,396 - 256 1,480 |
||
|---|---|---|---|---|
| 5,132 | ||||
| 15 Creditors: amounts falling due after more than one year Bank loans and overdrafts |
2022 £ 42,094 42,094 |
2021 £ 50,000 |
||
| 50,000 | ||||
| 16 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds 17 Analysis of net assets between funds Fixed assets Net current assets Creditors due in more than one year and provisions |
At 1 May 2021 5,666 5,666 |
Incoming resources (including other gains/losses ) £ 461,847 461,847 |
Resources expended £ (373,637) (373,637) Unrestricted funds £ 37,502 98,468 (42,094) 93,876 |
At 30 April 2022 £ 93,876 |
| 93,876 | ||||
| Total £ 37,502 98,468 (42,094) |
||||
| 93,876 |
Page 13
Fairways Accommodation Support Trust Notes to the Accounts 18 Reconciliation of net debt
| Cash and cash equivalents Borrowings Bank loans Net debt |
At 1 May 2021 £ |
Cash flows £ |
At 30 April 2022 £ |
|---|---|---|---|
| 4,246 | 15,908 | 20,154 | |
| 4,246 - (50,000) (50,000) (45,754) |
15,908 (7,059) 7,906 847 16,755 |
20,154 (7,059) (42,094) |
|
| (49,153) | |||
| (28,999) | |||
| 19 Commitments Operating lease commitments Annual commitments under non-cancellable operating leases are as follows: 2022 2022 Land and buildings Other £ £ Operating leases with expiry date: Pension commitments 2022 £ The pension cost charge to the company amounted to: 273 |
2021 Land and buildings £ |
2021 Other £ 2021 £ 793 |
20 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 14
Fairways Accommodation Support Trust Detailed Statement of Financial Activities For the year ended 30 April 2022
| Income and endowments from: Donations and legacies Housing and Support Donations Food donations Other Government Grant Total income and endowments Expenditure on: Charitable activities Housing services Food given out Light and heat Governance costs Accountancy fees Legal and professional expenses Total of expenditure on charitable activities Other expenditure Bank loan and overdraft interest payable Employee costs Salaries/wages Directors' remuneration Employer's NIC Pension costs Staff training Temporary staff Premises costs Rent Rates |
Unrestricted funds 2022 £ 364,048 39,122 31,696 434,866 26,981 26,981 461,847 218,152 15,332 10,248 13,825 257,557 2,400 11,369 13,769 271,326 1,391 1,391 25,673 33,093 805 273 1,072 8,208 69,124 4,763 2,603 |
Total funds 2022 £ 364,048 39,122 31,696 434,866 26,981 26,981 461,847 218,152 15,332 10,248 13,825 257,557 2,400 11,369 13,769 271,326 1,391 1,391 25,673 33,093 805 273 1,072 8,208 69,124 4,763 2,603 |
Total funds 2021 £ 305,689 67,066 25,525 |
|---|---|---|---|
| 398,280 | |||
| 142,375 | |||
| 142,375 | |||
| 540,655 293,826 42,620 20,138 28,576 |
|||
| 385,160 | |||
| 1,480 16,737 |
|||
| 18,217 | |||
| 403,377 - |
|||
| - | |||
| 67,322 29,600 701 793 3,308 5,151 |
|||
| 106,875 | |||
| 4,884 8,952 |
Page 15
| Premises cleaning General administrative costs, including depreciation and amortisation Depreciation of Motor vehicles Depreciation of Fixtures, fittings & equipment Bank charges General insurances Information and publications Postage and couriers Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband Total of expenditure of other costs Total expenditure Net gains on investments Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Fairways Accommodation Support Trust Detailed Statement of Financial Activities |
1,772 9,138 5,441 7,059 131 - 115 2,310 580 1,574 3,062 2,386 22,658 102,311 373,637 - 88,210 88,210 - 88,210 5,666 93,876 |
1,772 9,138 5,441 7,059 131 - 115 2,310 580 1,574 3,062 2,386 22,658 102,311 373,637 - 88,210 88,210 - 88,210 5,666 93,876 |
1,564 |
|---|---|---|---|
| 15,400 | |||
| 7,255 9,412 324 3,158 555 65 679 3,534 2,279 3,466 |
|||
| 30,727 | |||
| 153,002 | |||
| 556,379 - |
|||
| (15,724) | |||
| (15,724) - |
|||
| (15,724) | |||
| 21,390 | |||
| 5,666 |
Page 16