Registered number: 08979945 Charity number: 1159854
FAIR WAYS FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
FAIR WAYS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 8 |
| Independent Auditors' Report on the Financial Statements | 9 - 12 |
| Consolidated Statement of Financial Activities | 13 |
| Consolidated Balance Sheet | 14 |
| Charity Balance Sheet | 15 |
| Consolidated Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 - 32 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
FAIR WAYS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023
| Trustees | Ms Diana Cree,Trustee |
|---|---|
| Mr Adrian Fry,Trustee | |
| Mr David Pilgrim,Trustee(resigned 19 June 2023) | |
| Ms Anne Segall, Trustee | |
| Company secretary Mr Malcolm Rule Company registered number 08979945 Charity registered number 1159854 Registered office Ground Floor Building 1000 Portsmouth PO6 3EN Independent auditor Azets Audit Services Ashcombe Court Woolsack Way Godalming GU7 1LQ Bankers Unity Trust Bank Nine Brindley Place Birmingham B1 2HB |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 1
FAIR WAYS FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023
The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 November 2022 to 31 October 2023. The Annual Report serves the purpose of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The objectives of the Charity are to create long term financial stability and good governance and to be a good landlord. The Charity raises funds, creates partnerships and provides grants to:
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Raise the standards across health care, social care and education
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Reach more Young People and support them to become 'full citizens'
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Change the Perceptions of Young People in Care
b. Strategies for achieving objectives
The Charity holds the key assets used by Fair Ways Community Benefit Society (FWCBS). These include properties utilised by FWCBS for which rents are charged in accordance with the leases in place.
During 2023, the Trustees have considered the longer-term strategy for the charity.
The Trustees commissioned a detailed review to merge Fair Ways Foundation and FWCBS, on the basis that presenting the organisation as a single charity will avoid confusion in the target markets and provide better efficiencies and economies of scale.
Following the review the Trustees are of the opinion that the Charitable Objects of Fair Ways Foundation would be better achieved by the transfer of its Charitable Undertakings to FWCBS. This will result in all existing assets and liabilities being transferred.
Discussions are taking place with legal advisors, landlords and lenders and expectations are that such a transfer will be completed prior to 31 October 2024.
During the year, Mr Malcom Rule was appointed as Company Secretary of Fair Ways Foundation.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 2
FAIR WAYS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Strategic report
Achievements and performance
a. Main achievements of the Charity
The Trustees continue to have an active interest in the performance and progress of Fair Ways Community Benefit Society (FWCBS).
The Trustees commend the efforts of all staff in FWCBS for the performance of the organisation. Key themes are noted as follows:
Financial Performance: Following a financially challenging year in 2021/22, the trustees were pleased to note the positive financial performance of FWCBS in 2022/2023.
Property Development: Trustees have actively considered the further development of Fair Ways estate to prioritising the expansion and refurbishment of several existing assets to increase capacity and deliver services to a greater number of Children and young people.
Further to the acquisition of Catral Ltd in 2021, trustees have also advanced longer-term plans to provide a replacement school on the Swanwick site following a fire in 2021, that resulted in the destruction of the existing school and the creation of a temporary school.
b. Key performance indicators
The Charity considers it is paramount that FWCBS delivers a high standard of care and education to all service users. FWCBS has robust internal quality audits and health and safety processes in place to ensure these high standards are achieved. During the year to 31 October 2023 all regulatory standards were met or exceeded.
c. Review of activities
During the year the Board met regularly to review how best to fulfil the Foundation’s objectives which led to the decision to explore the potential for merging with FWCBS.
d. Fundraising activities and income generation
The Charity does not employ fundraisers.
e. Investment policy and performance
The Trustees will continue to look for opportunities to invest in the acquisition of properties suitable for the provision of services to support the charitable activities of the Charity.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 3
FAIR WAYS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Strategic report (continued)
Financial review
a. Financial review
In 2022-23 income was £538k compared to £514k for the previous year. Expenditure was £575k in 2022-23 compared to £1,372k in the previous year.
Overall, there was a net deficit of £37k in 2022-23 compared to a net deficit of £858k in the previous year. The previous year included grant awards to FWCBS of £730k; no grants were awarded in 2022-23.
Income for the year was almost exclusively from rents charged to FWCBS in their provision of care and education for vulnerable children, young people and families.
Expenditure for the year includes £175k for rents paid to third party landlords before passing that rent on to FWCBS. Expenditure also includes interest costs on loans (£281k) as well as legal and professional, audit, accounting and insurance costs. The Foundation does not employ any staff.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 4
FAIR WAYS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
b. Reserves policy
Fair Ways Foundation reviews its’ Reserves Policy regularly including an annual review by Trustees. The policy is structured such that the Foundation can maintain its’ Reserves at a sufficient level to ensure long term financial sustainability including protection against the risks that have been identified.
This Reserves Policy sets out the target free reserves level between a minimum and maximum range and the key principles by which the Foundation will manage any excesses or deficits compared to the target. The aim is to strike the appropriate balance between ensuring a sustainable financial position and using the Foundation’s funds to fulfil the charitable objectives.
Free reserves represent unrestricted general funds and so exclude endowment funds, restricted funds and funds that have been designated by Trustees. The free reserves also exclude any funds that could only be realised by disposing of fixed assets held for charitable use. For the purposes of this reserve policy, Fair Ways Foundation free reserves are identified as its total cash balances.
The Reserves Policy is aligned with the Foundation’s Strategy approved by Trustees. This included recognition that the Foundation does not intend on making any significant grants in the foreseeable future.
In 2022/23 the policy was to maintain free reserves of between £215k and £429k. This target range was calculated as follows.
Free reserves element 6 - 12 months loan repayments Purpose for reserve To ensure that the Foundation can be confident of meeting its short-term loan obligations with Unity Bank. Target amount £ Min £215k Max £429k
The minimum and maximum target range includes contingency for base rate increasing to 6% (current base rate is 5.25%).
The Foundation’s actual cash reserves at 31 October 2023 was £200k. This was slightly below the target range. Should free reserves fall below the minimum target range, Trustees will consider options to increase free reserves. Options could include requesting that FWCBS accelerate their repayment of loans owed to Fairways Foundation. Other options could include increasing lease rentals charged to FWCBS, restructuring existing debt or selling properties. A balance would have to be struck between meeting the needs of FWCBS service users today and ensuring the long-term sustainability of the Foundation for the service users of tomorrow.
Should free reserves be above the maximum target range, Trustees may consider options to increase expenditure in line with its charitable objectives. This could include purchasing additional properties, developing existing properties or making grant awards to Fair Ways CBS.
c. Going concern
As explained on page 2, the Trustees expect to see the assets and liabilities of Fair Ways Foundation transfer to Fair Ways CBS during the financial year ending 31 October 2024. Therefore, the financial statements are prepared on a break up basis reflecting the realisation of the company’s assets and discharge of its liabilities through to anticipated closure.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 5
FAIR WAYS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
d. Principal risks and uncertainties
The principal risks to the Charity, for the year in question are considered to be local authority cost constraints that could impact the services provided by FWCBS and the risk of damage to that organisation's excellent reputation in the provision of services to children and young people. The Trustees are satisfied that the principal and other risks are mitigated appropriately though the implementation of FWCBS’s risk strategy.
Within the Charity the principal risk is considered to be the financial stability of the charity and ensure that the quality of the estate held remains fit for purpose.
e. Financial risk management objectives and policies
The Charity maintains a cautious policy of developing services and building reserves. During the year a new Reserves policy was adopted with an underlying principle to maintain an appropriate level of reserves in relation to recurring expenditure.
Structure, governance and management
a. Constitution
Fair Ways Foundation is a company limited by guarantee governed by a Deed of Governance dated 20 October 2014 and by its Memorandum and Articles of Association dated 4 April 2014. It is registered as a charity with the Charity Commission, registered charity number 1159854.
b. Methods of appointment or election of Trustees
Trustees determine the skill set and experience required for an effective board, and search for suitable candidates, using external advertising and recruitment agencies when appropriate. Candidates are interviewed, references taken and are subject to DBS checks prior to appointment for an initial term of 3 years which can on election be extended for a further 3 and then a final 3 years.
c. Organisational structure and decision-making policies
The Trustees meet quarterly to review information prepared by management and other relevant documentation presented to them and make any decisions required.
d. Policies adopted for the induction and training of Trustees
All Trustees are given a bespoke induction course tailored to add to their prior experience. Further opportunities for continuing professional development courses as a Trustee are also provided. In the year considerable work was undertaken to further develop the induction processes for new trustees.
e. Pay policy for Trustees
All Trustees give of their time freely and are not remunerated.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 6
FAIR WAYS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Structure, governance and management (continued)
f. Related party relationships
The Charity has Trustees in common with, provides grants to, and owns premises operated by FWCBS, which provides high quality social care and education services including school and foster placements, residential children’s homes, a post 16 service and a family assessment centre.
g. Trustees' indemnities
The Trustees are covered by a qualifying third-party indemnity policy. This policy was in place for all Trustees for the whole of the financial year.
Plans for future periods
During 2023, the Trustees have considered the longer-term strategy for the charity.
The Trustees commissioned a detailed review to merge Fair Ways Foundation and FWCBS, on the basis that presenting the organisation as a single charity will avoid confusion in the target markets and provide better efficiencies and economies of scale.
Following the review the Trustees are of the opinion that the Charitable Objects of Fair Ways Foundation would be better achieved by the transfer of its Charitable Undertakings to FWCBS. This will result in all existing assets and liabilities being transferred.
Discussions are taking place with legal advisors, landlords and lenders and expectations are that such a transfer will be completed prior to 31 October 2024.
Engagement with employees and employment of the disabled
The Charity does not have any direct employees.
The Charity supports FWCBS equal opportunities policy and long-established fair employment practices in the recruitment, selection, retention and training of disabled staff.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 7
FAIR WAYS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023
Statement of Trustees' responsibilities
The Trustees (who are also the Directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements 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 true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Azets Audit Services, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Ms A Segall
Chair
Date 9 May 2024
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 8
FAIR WAYS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIR WAYS FOUNDATION
Opinion
We have audited the financial statements of Fair Ways Foundation (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 October 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter - financial statements prepared on a basis other than going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 2.2 of the financial statements concerning the use of a basis of preparation other than on a going concern basis. The basis of preparation adopted reflects the companies' decision to cease the activities and to realise its assets and discharge its liabilities. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.2.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 9
FAIR WAYS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIR WAYS FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors’ report included within the trustees’ report have been preparedin accordance with applicable legal requirements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 10
FAIR WAYS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIR WAYS FOUNDATION (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
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Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 11
FAIR WAYS FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIR WAYS FOUNDATION (CONTINUED)
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 state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
David Lawrence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Ashcombe Court Woolsack Way Godalming GU7 1LQ
Date: 29 May 2024
Azets Audit Services are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 12
FAIR WAYS FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023
| Note Income from: Donations and legacies 4 Investments 5 Other income Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 25 538,365 37 |
Total funds 2023 £ 25 538,365 37 |
Total funds 2022 £ 92 511,844 2,364 |
|---|---|---|---|
| 538,427 | 538,427 | 514,300 | |
| 575,486 | 575,486 | 1,372,202 | |
| 575,486 | 575,486 | 1,372,202 | |
| (37,059) | (37,059) | (857,902) | |
| 2,327,166 (37,059) |
2,327,166 (37,059) |
3,185,068 (857,902) |
|
| 2,290,107 | 2,290,107 | 2,327,166 |
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 17 to 32 form part of these financial statements.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 13
FAIR WAYS FOUNDATION REGISTERED NUMBER: 08979945
CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2023
| Note Fixed assets Intangible assets 10 Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Total net assets Charity funds Unrestricted funds 17 Total funds |
762,506 263,978 |
2023 £ 401,702 4,651,182 8 5,052,892 786,392 355,552 1,141,944 (250,230) 787,850 5,840,742 (3,550,635) 2,290,107 2,290,107 2,290,107 |
2022 £ 451,915 4,651,182 8 |
|---|---|---|---|
| 5,103,105 891,714 |
|||
| 1,026,484 (238,634) |
|||
| 5,994,819 (3,667,653) |
|||
| 2,327,166 | |||
| 2,327,166 | |||
| 2,327,166 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Ms A Segall
Chair Date 9 May 2024
The notes on pages 17 to 32 form part of these financial statements.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 14
FAIR WAYS FOUNDATION REGISTERED NUMBER: 08979945
CHARITY BALANCE SHEET AS AT 31 OCTOBER 2023
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Total net assets Charity funds Unrestricted funds Total funds |
812,504 199,996 |
2023 £ 3,876,182 834,145 4,710,327 818,852 273,180 1,092,032 (237,842) 788,848 5,499,175 (3,105,635) 2,393,540 2,393,540 2,393,540 |
2022 £ 3,876,182 834,145 |
|---|---|---|---|
| 4,710,327 854,190 |
|||
| 1,012,500 (223,652) |
|||
| 5,564,517 (3,212,653) |
|||
| 2,351,864 | |||
| 2,351,864 | |||
| 2,351,864 |
The Charity's net movement in funds for the year was £ 41,676 (2022 - £(833,204)) .
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Ms A Segall Chair Date 9 May 2024
The notes on pages 17 to 32 form part of these financial statements.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 15
FAIR WAYS FOUNDATION
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Acquisition of subsidiary Net cash provided by/(used in) investing activities Cash flows from financing activities Repayments of borrowing Interest paid Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 17 to 32 form part of these financial statements |
2023 £ 367,101 |
2022 £ (394,064) |
|---|---|---|
| - | (766,955) | |
| - | (766,955) | |
| (177,626) (281,049) |
(107,477) (168,782) |
|
| (458,675) | (276,259) | |
| (91,574) 355,552 |
(1,437,278) 1,792,830 |
|
| 263,978 | 355,552 | |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
Page 16
FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
1. General information
The Charity is a private company limited by guarantee (Company registered number 08979945 and Charity registered number 1159854) registered in England and Wales. The registered office is Building 1000, Western Road, Portsmouth, PO6 3EN.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Fair Ways Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
2.2 Going concern
During the year Trustees progressed their plans to transfer the assets and liabilities of Fair Ways Foundation to Fair Ways Community Benefit Society which they aim to complete by 31 October 2024. Therefore the financial statements are prepared on a break up basis reflecting the realisation of the company’s assets and discharge of its liabilities through to closure.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the Group and include project management carried out at headquarters. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
2. Accounting policies (continued)
Charitable activities and Governance costs are costs incurred on the Group’s educational operations, including support costs and costs relating to the governance of the Group apportioned to charitable activities.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Intangible assets and amortisation
Goodwill generated at Group level represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of the identifiable assets and liabilities of the acquiree at the date of acquisition.
Goodwill is amortised on a straight-line basis to the consolidated statement of financial activities over its estimated useful economic life of ten years.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold property - Nil
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
2. Accounting policies (continued)
2.7 Investments
Fixed asset 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 impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Group and the Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
4. Income from donations and legacies
| Donations Donations |
Unrestricted funds 2023 £ 25 |
Total funds 2023 £ 25 |
|---|---|---|
| Unrestricted funds 2022 £ 92 |
Total funds 2022 £ 92 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
5. Investment income
| Investment properties Investment properties 6. Analysis of grants Grants, Direct costs Grants, Direct costs 7. Analysis of expenditure on charitable activities Summary by fund type Direct costs |
Unrestricted funds 2023 £ 538,365 |
Total funds 2023 £ 538,365 |
|---|---|---|
Unrestricted funds 2022 £ 511,844 |
Total funds 2022 £ 511,844 |
|
| Grants to Institutions 2023 £ - Grants to Institutions 2022 £ 730,000 |
Total funds 2023 £ - Total funds 2022 £ 730,000 |
|
| Unrestricted funds 2023 £ 575,486 |
Total 2023 £ 575,486 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
7. Analysis of expenditure on charitable activities (continued) Summary by fund type (continued)
| Direct costs | Unrestricted funds 2022 £ 1,372,202 |
Total 2022 £ 1,372,202 |
|---|---|---|
8. Analysis of expenditure by activities
| Direct costs Direct costs |
Activities undertaken directly 2022 £ 170,263 |
Activities undertaken directly 2023 £ 225,395 |
Support costs 2023 £ 350,091 |
Total funds 2023 £ 575,486 |
|---|---|---|---|---|
Grant funding of activities 2022 £ 730,000 |
Support costs 2022 £ 471,939 |
Total funds 2022 £ 1,372,202 |
Analysis of direct costs
| Other direct costs relating to rent (£175,182) and goodwill amortisation (£50,213) |
Activities 2023 £ 225,395 |
Total funds 2023 £ 225,395 |
|---|---|---|
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
8. Analysis of expenditure by activities (continued) Analysis of direct costs (continued)
| Other direct costs Analysis of support costs Other support costs including £281,049 of loan interest Governance costs Other support costs Governance costs 9. Auditors' remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fees payable to the Charity's auditor in respect of: All non-audit services not included above |
Activities 2022 £ 170,263 |
Total funds 2022 £ 170,263 |
|---|---|---|
| Activities 2023 £ 288,066 62,025 |
Total funds 2023 £ 288,066 62,025 |
|
| 350,091 | 350,091 | |
Activities 2022 £ 411,919 60,020 |
Total funds 2022 £ 411,919 60,020 |
|
| 471,939 | 471,939 | |
| 2023 £ 8,750 3,500 |
2022 £ 8,000 2,200 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
| 10. Intangible assets Group Cost At 1 November 2022 At 31 October 2023 Amortisation At 1 November 2022 Charge for the year At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 11. Tangible fixed assets Group Cost or valuation At 1 November 2022 At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 |
Goodwill £ 502,128 |
|---|---|
| 502,128 | |
| 50,213 50,213 |
|
| 100,426 | |
| 401,702 | |
| 451,915 | |
| Freehold property £ 4,651,182 |
|
| 4,651,182 | |
| 4,651,182 | |
| 4,651,182 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
| 11. Tangible fixed assets (continued) Charity Cost or valuation At 1 November 2022 At 31 October 2023 Depreciation At 1 November 2022 and 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 12. Fixed asset investments Group Cost or valuation At 1 November 2022 and 31 October 2023 Impairment At 1 November 2022 and 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 |
Freehold property £ 3,876,182 |
|---|---|
| 3,876,182 | |
| - | |
| 3,876,182 | |
| 3,876,182 | |
| Investments in subsidiary companies £ |
|
| 3,035,030 | |
| 3,035,022 | |
| 8 | |
| 8 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
12. Fixed asset investments (continued)
| Investments | Investments | |||||
|---|---|---|---|---|---|---|
| in | ||||||
| subsidiary | ||||||
| companies | ||||||
| Charity | £ | |||||
| Cost or valuation | ||||||
| At 1 November 2022 and 31 October | 2023 | |||||
| 3,869,167 | ||||||
| Impairment | ||||||
| At 1 November 2022 and 31 October | 2023 | |||||
| 3,035,022 | ||||||
| Net book value | ||||||
| At 31 October 2023 | 834,145 | |||||
| At 31 October 2022 | 834,145 | |||||
| Principal subsidiaries | ||||||
| The following was a subsidiary undertaking of the Charity: | ||||||
| Name | Company | Country | Principal activity | Class of | Holding | |
| number | share | |||||
| Catral Limited | 07869713 | England | Letting and operating | Ordinary | 100% | |
| of real estate |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Profit for | Net assets |
|---|---|---|---|---|
| £ | £ | the year | £ | |
| £ | ||||
| Catral Limited | 57,537 | (39,999) | 17,538 | 329,002 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
13. Debtors
| Due within one year Amounts owed by group undertakings Amounts owed by related parties Other debtors Called up share capital not paid Prepayments and accrued income |
Group 2023 £ - 728,892 2,511 40 31,063 |
Group 2022 £ - 758,892 - 40 27,460 |
Charity 2023 £ 50,038 728,892 2,511 - 31,063 |
Charity 2022 £ 32,500 758,892 - - 27,460 |
|---|---|---|---|---|
| 762,506 | 786,392 | 812,504 | 818,852 |
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
14. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Amounts owed to group undertakings Amounts owed to related parties Other creditors Accruals and deferred income |
Group 2023 £ 156,811 - - - 3,248 78,575 |
Group 2022 £ 217,419 16,200 878 5,408 - 10,325 |
Charity 2023 £ 146,811 - - - 2,288 74,553 |
Charity 2022 £ 207,419 16,200 - 5,408 - 8,815 237,842 |
|---|---|---|---|---|
| 238,634 | 250,230 | 223,652 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
15. Creditors: Amounts falling due after more than one year
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Bank loans | 3,550,635 | 3,667,653 | 3,105,635 | 3,212,653 |
| Included within the above are amounts falling due as follows: | ||||
| Group | Group | Charity | Charity | |
| 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Between one and two years | ||||
| Bank loans | 1,151,663 | 670,726 | 1,141,663 | 215,726 |
| Between two and five years | ||||
| Bank loans | 1,542,144 | 1,656,162 | 1,107,144 | 1,656,162 |
| Over five years | ||||
| Bank loans | 856,828 | 1,340,765 | 856,828 | 1,340,765 |
| The aggregate amount of liabilities payable | or repayable wholly | or in part more than five | years after the | |
| reporting date is: | ||||
| Group | Group | Charity | Charity | |
| 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Payable or repayable by instalments | 456,522 | 643,778 | 456,522 | 643,778 |
| Payable or repayable other than by | ||||
| instalments | 400,306 | 696,987 | 400,306 | 696,987 |
| 856,828 | 1,340,765 | 856,828 | 1,340,76 |
The bank loans are repayable over 10 years and interest is charged at bank base rate plus 3 - 4%. The 2022 bank loans repayable after more than 5 years have been restated from 2,296,700 to 1,340,765 as the loan maturity analysis was based on the loans being repayable over 25 years rather than their term of 10 years. The total 2022 bank loan creditor has not changed.
The bank loans have a fixed and floating charge over freehold property of the Group and Charity.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
16. Financial instruments
| Financial assets Financial assets that are debt instruments measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
Group 2023 £ 266,529 |
Group Charity 2022 2023 £ £ 355,552 205,207 Group Charity 2022 2023 £ £ 3,901,272 3,254,734 |
Charity 2022 £ 273,180 |
|---|---|---|---|
| Group 2023 £ 3,710,694 |
Charity 2022 £ 3,436,272 |
Financial assets measured at amortised cost comprise cash at bank, trade and other debtors.
Financial liabilities measured at amortised cost comprise trade and other creditors and bank loans.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
| 17. Statement of funds Statement of funds - current year Balance at 1 November 2022 £ Unrestricted funds General Funds – all funds 2,327,166 Statement of funds - prior year Balance at 1 November 2021 £ Unrestricted funds General Funds - all funds 3,185,068 18. Analysis of net assets between funds Analysis of net assets between funds - current year |
Balance at 1 November 2022 £ 2,327,166 |
Income £ 538,427 |
Expenditure £ (575,486) |
Balance at 31 October 2023 £ 2,290,107 |
|---|---|---|---|---|
Balance at 1 November 2021 £ 3,185,068 |
Income £ 514,300 |
Expenditure £ (1,372,202) |
Balance at 31 October 2022 £ 2,327,166 |
|
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2023 £ 4,651,182 401,702 8 1,026,484 (238,634) (3,550,635) |
Total funds 2023 £ 4,651,182 401,702 8 1,026,484 (238,634) (3,550,635) |
|---|---|---|
| 2,290,107 | 2,290,107 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2022 £ 4,651,182 451,915 8 1,141,944 (250,230) (3,667,653) |
Total funds 2022 £ 4,651,182 451,915 8 1,141,944 (250,230) (3,667,653) |
|---|---|---|
| 2,327,166 | 2,327,166 |
19. Reconciliation of net movement in funds to net cash flow from operating activities
20.
| Net expenditure for the year (as per Statement of Financial Activities) Adjustments for: Amortisation charges Decrease in debtors Increase/(decrease) in creditors Interest paid Net cash provided by/(used in) operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
Group 2023 £ (37,059) |
Group 2022 £ (857,902) |
|---|---|---|
| 50,213 23,886 49,012 281,049 |
- 356,109 (61,053) 168,782 |
|
| 367,101 | (394,064) | |
| Group 2023 £ 263,978 |
Group 2022 £ 355,552 |
|
| 263,978 | 355,552 |
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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FAIR WAYS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
21. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year Debt due after 1 year |
At 1 November 2022 £ 355,552 (217,419) (3,667,653) |
Cash flows £ (91,574) 60,608 117,018 |
At 31 October 2023 £ 263,978 (156,811) (3,550,635) |
|---|---|---|---|
| (3,529,520) | 86,052 | (3,443,468) |
22. Related party transactions
Related party transactions between Group companies have not been disclosed in accordance with section 33 of FRS 102.
The Charity has Trustees in common with, provides grants to, and owns premises operated by Fair Ways Community Benefit Society, which provides high quality social care and education services including school and foster placements, residential children’s homes, a post 16 service and a family assessment centre.
The Trustees were not paid or in receipt of any other benefits from employment with the Society or its subsidiary in the year. No Trustees were reimbursed for travel expenses and no trustees were reimbursed for IT costs in the current and prior year. No Trustee received payment for professional or other services supplied to the Society.
Fair Ways Foundation, a company limited by guarantee. Registered in England and Wales, Registered Number 08979945. A registered Charity number 1159854 Registered Office: Ground Floor, Building 1000, Western Road, Portsmouth, PO6 3EN.
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