Fairways Accommodation Support Trust Charity No. 1155306 Company No. 08493152 Trustees. Report and Unaudited Accounts For the year ended 30 April 2024 OrcbardAccountants Chartered CertifiedAccoAntants The Old Courthouse New RoadAvenue Chatbam Kent ME4 6BE
FairwaysAccommodation Support Trust Contents Pages 2to4 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 8t015 Detailed Statement of Financial Activities 16to17 Page I
FairwaysAccommodation SupportTrust 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 2024. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 08493152 Charity No. 1155306 Prlnclpal Office Medway Voluntary Action Building 5a New Road Avenue Chatham Kent ME46BB Registered Office 99-101 High Street Chatham Kent ME44DL Dlrectors 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 Gillièn Lambo Kim Mills Kayode Obansa Oriyomi Olufemi Accountants Orchard Accountants The Old Courthouse New Road Avenue Chatham Kent ME4 6BE Bankers Barclays Bank PIC Page 2
Fairways Accommodation SupportTrust Trustees Annual Report 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 3
Fairways Accommodation Support Trust Trustees Annual Report FINANCIAL REVIEW The Statement of Financial Activities shows an income from the year of £442,57212023 - £483,106} and total expenditure of £455,68212023 - E541,2581 leaving a deficit for the year of (£13,110),12023 £58.152 deficit). The net surplus of the charity as at 30th April 2024 was £22,61412023- £35,724). 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 diop in funding, they will be able to ontinue 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, GOVERNANCEAND 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 empathy, with the objectives of the Charity. The Trustee5 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). Si8ned on behalf of the board Gillian Lambo Trustee 24 February 2025 Page 4
Fairways Accommodation Support Trust Independent Examiners Report Independent Examiner's Report to the trustees of Fainvays 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 2024 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 lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act. Having satlsfied 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 ca rried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5llbl 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 l am qualified to undertake the examination because l 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 1021, 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 Femi Alakija FCCA Orchard Accountants The Old Courthouse New road Avenue Chatham Kent ME4 6BE 24 February 2025 Page 5
FairwaysAccommodation SupportTrust Statement of Financial Activities For the year ended 30 April 2024 Unrestricted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Other 442,572 442,572 486,106 Total 442,572 442,572 486,106 Expenditure on: Charitable activities Other 340,019 115,663 340,019 115,663 404,975 136,283 Total 455,682 455,682 541,258 Net gains on investments Net Income/(expenditure) Transfers between funds 113,1101 113,1101 158,1521 Net income/(expendlture) before other 8alns/{losses) 113,1101 113,1101 158,152) Other gains and losses Net movement in funds 113,110} {13,1101 158,1521 Reconciliation of funds: Total funds brought forward 35,724 35,724 93,876 Total funds carrled fonNard 22,614 22,614 35,724 Page 6
Fairways Accommodation Support Trust Balance Sheet At 30 April 2024 Company No. Notes 2024 2023 08493152 Fixed assets Ta ngible a55ets li 21,095 21,095 28,127 28,127 Current assets Stocks 12 17,611 14,500 4,855 36,966 122,1141 14,852 20,183 4,500 27,225 51,908 {21,810) 30,098 Debtors 13 Cash at bank and in hand Creditors: Amount falling due within one year Net current assets 14 Total assets less current liabilities 35,947 58,225 Credltors: Amounts falling due after more than one year Net assets excluding penslon asset or liabllity Total net assets 22 22,614 35,724 22,614 35,724 The funds of the charity Restricted funds Unrestrirted funds General funds 16 16 22,614 35,724 22,614 35,724 Reseryes 16 Total funds 22,614 35,724 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 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companie5. 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 Companie5 Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 16 April 2024 and signed on its behalf by.. Alaba Adeniyi Adetunji Trustee 24 February 2025 Page 7
Fairways Accommodation Support Trust Notes to the Accounts For the year ended 30 April 2023 l 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 IFRS 1021 (effective I January 2015) (Charities SORP I FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change In basis of accounting orto 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 cha rity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Reco8nition of income Income is included in the Statement of Financial Activities {SoFAI when the charity 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. Donation5 and legacies Voluntary income received by way of grants, donations and gifts is included in the 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/{lossesl on This includes any gain or1055 resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/{losses) on investment assets This includes any gain or loss on the sale of investments. Page 8
Fairways Accommodation Support Trust Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which 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 furthera nce of its objects, including the making of grants and governance costs. 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. 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. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure Taxatlon 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: Motor vehicles Fixtures, fittings & equipment 25% written down value 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 realizable 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 9
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 Moneta ry 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 f inance 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 10
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 Financlal Activities- prior year Unrestricted funds Total funds 2023 2023 Income and endowments from: Donations and legacies Other 453,546 29,560 453,546 29,560 Total 483, 106 483,106 Expenditure on: Charitable activities 404,975 404,975 136,283 Other 136,283 Total 541,258 541,258 Net income {58,1521 158,1521 Net income before other gains/{losses) Other galns and losses.. Net movement in funds 158,1521 (58,1521 158,1521 158,1521 Reconclllation of funds: Total funds brought forward Total funds carried forward 93,876 93,876 35,724 35,724 4 Income from donatlons and legacles Unrestricted Total Total 2024 2023 Housing and Support Donations 311,472 99,323 31,777 442,572 311,472 99,323 31,777 442,572 360,212 93,334 29,560 483,106 Food donations 5 Other income Unrestricted Total Total 2024 2023 Government Grant Page 11
Fairways Accommodation SupportTrust Notes to the Accounts 6 Expenditure on charitable activities Unrestricted Total Total 2024 2023 Expenditure on choritable activities Housing services Food given out Motor and travelling Light and heat 286,217 34,349 8,438 5,218 286,217 34,349 8,438 5,218 353,742 17,890 12,238 3,522 Governonce costs Accountancy fees Legal and professional expenses 1,725 1,725 3,071 4,072 4,072 14,512 340,019 340,019 404,975 7 Other expenditure Unrestrlrted Total Total 2024 2023 Bank loan and overdraft interest payable 1,467 1,467 500 Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 75,935 21,022 75,935 21,022 89,554 24,682 7,032 7,032 9,375 10,207 115,663 10,207 115,663 12,171 136,282 8 Net Income/(expenditure) before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 9 Trustee remuneration and expenses One or more of the trustees has been paid remuneration in the current or prior periods. Other benefits 7.032 9,375 Trustee Alaba Adeniyi Adetunji Remuneration 30,000 Pension 773 Page 12
Fairways Accommodation Support Trust Notes to the Accounts 10 Staff costs Salaries and wages Social security costs Pension costs 66,996 3,198 773 66,430 2,879 2.171 No employee received emoluments in excess of £60,000. The average number of employees employed by the trust amounted to 6 {2023- 6}. 11 Tangible fixed assets Motor vehicles Flxtures, fittings & equipment Total Cost or revaluation At l May 2023 At 30 April 2024 Depreclation and Impalrment At l May 2023 Depreciation charge forthe year At 30 April 2024 Net book values 31,100 41,088 72,188 18,856 25,205 44,061 3,061 3,971 7,032 At 30 April 2024 At 30 April 2023 12 Stocks 2024 2023 Finished goods 17,611 20,183 Carrying value analysed by actlvities 2024 2023 Food given out 31,777 20,183 13 Debtors 2024 2023 Trade debtors Prepayments and accrued income 14,500 4,500 Page 13
Fairways Accommodation Support Trust Notes to the Accounts 14 Creditors: amounts falling due within one year 2024 2023 Other loans Other taxes and social security Loans from trustees Other creditors Accruals and deferred income 10,000 9,198 9,166 4,357 116 2,800 22,114 5,507 2.400 21,810 15 Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 13,333 22,501 16 Movement In funds Incomlng resources (includlng other At l May gains/losses 2023 Resources expended At 30 April 2024 Restrlcted funds: Unrestricted funds: General funds 35,724 442,572 1455,6821 22,614 Revaluation Reserves: Total funds 17 Analysls of net assets between funds UnrestrScted funds Total Fixed assets Net current assets 21,095 26,966 28,127 51,908 Creditors due in more than one year and provisions 113,333) (22,5011 57 Page 14
Fainvays Accommodation SupportTrust Notes to the Accounts 18 Reconciliation of net debt Atlmay 2023 At 30 April 2024 Cash flows Cash and cash equivalents 27,225 27,225 122,370) {22,3701 4,855 4.855 Borrowing5 Bank loans 112,264) 131,667) 143,9311 150 112,114} {23,3331 135,447) 8,334 8,484 Net debt 19 Commitments Operoting leose commitments Annual commitments under non-cancellable operating leases are as follows: 2024 Land and buildings 2024 2023 2023 Other Land and buildings Other Operating leases with expiry date: Pension commltments 2024 2023 The pension cost charge to the company amounted to.. 20 Related party dlsclosures Controlling porty The company is limited by guarantee and has no share capital,. thus no single party controls the company. Page 15
Fairways Accommodation Support Trust Detailed Statement of Financial Activities For the year ended 30 April 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income and endowments from: Donations and legacies Housing and Support Donations 311,472 99.323 31,777 442,572 311,472 99,323 31,777 442,572 360,212 93,334 29,650 483,106 Food donations Other Government Grant Total income and endowments 442,572 442,572 483,106 Expendlture on: Charitable activities Housing services Food given out Motor and travelling expenses Light and heat 286,217 34,349 8,438 5,218 286,217 34,349 8,438 5,218 353,742 17,890 12,238 3,552 334,222 334,222 387,392 Governance costs Accountancy fees Legal and professional expenses 1.725 1.725 3,071 14,512 4,072 4,072 5,797 5,797 17,583 Total of expenditure on charitable actlvltles 340.019 340.019 404,975 Other expenditure Bank loan and overdraft interest payable 1,467 1,467 550 1,467 1,467 500 Employee costs Salaries/wages Directors, remuneration Employer's NIC Pension costs Staff training Temporary staff 36,995 30,000 3,198 773 36,995 30,000 3,198 773 43,181 23,250 2,879 1,013 14,676 4,555 89,554 4,969 75,935 4,969 75,935 Page 16
Fairways Accommodation Support Trust Detailed Statement of Financial Activities Premises costs Rent 2,067 18,008 947 21,022 2,067 18,008 947 7,030 16,885 767 Rates Premises cleaning 21,022 24,682 General administrative costs, including depreciation and amortisation Depreciation of Motor vehicles Depreciation of Fixtures, fittings & equipment Bank charges General insurances 3,061 3,971 3,061 4,081 5,294 3,971 176 176 243 3,281 3,281 1,489 603 Advertising Postage and couriers Software, IT support and related costs Stationery and printing Sundry expenses Telephone, fax and broadband 1,887 1,887 2,252 87 87 iii 529 529 906 1,644 2,603 17,239 1,644 2,603 17,239 3,397 3,171 21,547 Total of expendlture of other costs 115,663 115,663 136,283 Total expendlture Net gains on investments 455,682 455,682 541,258 Net incomel(expenditure) 113,110} 113,1101 158,1521 Net income/(expenditure) before other galns/(losses) Other Gains Net movement in funds {13,1101 {13,110) {58,1521 Reconclllation of funds: Total funds brought forward 35,724 35,724 93,876 Total funds carried forward 22,614 22,614 35,724 Page 17