REGISTERED CllARrtY NUMBER: 1178J17 REPORT OV THE TRL.STEES AND UNALDITED FINANCIAL sfATEMEhTS FOR THF. YF.AR Ei%DED 31 MARCH 2024 FOR QLEENBOROLGH FISHERY TRusr MGC•be Ford WilJiaT (Jwtered Charln Housc Dow Stteet Kenl cr16 IBL
QUEENBOROUGH FISHERY TRUST cor(rEhTS OF ThE FPiLYCIAL STATEMEras OR THE YEAR EPIDED 31 MARCH 2024 Pge Ref¢rMc¢ •nd Adth15tr•tlv¢ Det•lls Report ofthe Trust IndepeRdtnt ExmllleVJ Rq>ort Statement of Flnaneial Activities Blnce Shttt Notes to the Knanciil Ststements Ikt#lled St#teDXDt of FiDociI Actmlles 19
QUEENBOROUGH FISHERY TRUST REFERESCE AND ADTrltyisrRATIVE DEfAtLS FOR THE YbAR LNDbD31 MARCH 21124 TRusfEES Dr F. J Wilcox M Gales tr5LVi MTS S Sijnpsory Ms J Consthble Mrs A Ryback D Ikwar-WbaU¢y N Field PRINCIPAL ADD 15-17 Presll Stre Ken¢ Mbl3 8NZ Rb(yltsl'LKLD CHARITY NVMBF.R l 178117 ¥DKPLNDENT F.xAl]%ER MGCib¢ Ford Willi8tt1 Chartcred Acwuntants Ch2Tlton Ik)us¢ TX)ur Stye¢t DOVER Kcnt CT16 1111. SOLICJTORS Bth LLP SoMficId Ho 59 Ix)ndon Road Mwidthne Keol Mt. 16 8JEI
QUEEf4BOROUGH FISHERY TRusr REPORT OF TRLTsfELS FOR THE YEAR EI4DED 31 MARCH 2•24 The tn]stees present ther reyjrt with the fmaDcial of the ckniry for th¢ yw ellded 31 March 2024. The Iruslee5 hav< adopted the pruvi5iutss of AccouThtills aDd Rtrknitstsg by CJJaritses'. Sthtement of Recommended Practice applicabl¢ to chariti¢s preparing their acwullts Én accordAnGG with FiDanci81 Rwrtiog Stsjjdard applicabl¢ in the UK and R¢public of Irtlgnd (FBS 102) {cffcctive l January 2019). OBJECTThIS AND AcrtVlTJFS Obje¢tives #nd priMtlpl i¢tlvltlt$ of lh¢ Qu¢etyboMu2h Flshery Tnut {QFr) The objectives of the charity art.. ) The pr¢v¢ntion OT r¢licf oftfftrty and sick]sS iti the 8rea of bellefit {ittC1]n8 in parricular th¢ 4r¢4 of th¢ foTmer Borough of QueentOr0ghI by providing gTrnts, iterrk4 ond servi¢¢s w individuats in ned anor chaTiti¢s or other or8onisions WOTkn'tyg to pr¢venl or li¢ve w)vttty or sickness. b) The provision and sUPPOrt of fxilities for th¢ Tccrration other leisuTe•iithe occupation ITh the interejt of social welflltt gtsd with the object of improving the coDdiiion ofiife of the inhabitsnts of th¢ ar¢o vf benefiL c) To advance the education in the areaofbeneffit by providing and a55i51ing in the provisioll of facilitie5 foreducation. dl To rther Such other purpo5 thioh may bc chATitAble ac¢orOing to the lawof s1 Wales 15 th¢ tNst¢es se¢ rit from limt Its time to the benefit of the iDhabitsnts of ihe areaof benefiL Provid¢d always thal $u¢h purposes sh[ not extsnd purposes for whi¢h provisioti 18 made out of rate5. t&xos or other publi¢ fund ¢x¢¢pt in ¢x¢otion41 ¢ir¢umstances in theopinion of the trn515 justify $uth further provision. Th¢ ¢harity'5 #T¢1 ofbemfjt includeg the Isle of Sheppcy. the towns ofFaver5hwn 0j Sittingboum¢ and thc pari$he5 of Dapchild., Llobbin& Bordcn,. Bou8htOnwundeT Bl¢an,' Bwdgar Ihddith8tw' Dunkirk.. fAStling' Gravcncy atld Goodnosttsne,. Itsrtlip, Tlemhill,. Jwade: lWer Hajsknw. Lud¢knh#ffl,' Lyn$tcd aDd Kin8sdow Milstead: Newington., Norton. Eluckland and Stunv. (hre,. l)YPTing¢,. Onenkn; RodmL'rsham,' Selling,. Sheldwrych: Bad1MerC Itavcland., Sialtsfi¢ld; T¢ynh#m', Throwley., Ton8e.' Tuns¢all' Bnd Upthurrh, 1 in the County of Kent and All as al I Seplember 2017. Pthbllt b¢tt¢llt Tlie charity a¢knowlcdg¢s ils r¢quir¢m¢ni ty de[[TLtrate clearly that it musi Iwe charlb]e purFx)g¢s or'aims. Ar¢ for th¢ public b¢rtefii. Details of how thc trusi has achicvcd thi$ •ft provided in this ffwrt. The t$ Confimi they have paid duc rcgard to th¢ Charity Comrnission 8uidance on public benefit before de¢iding what a¢tiviti¢5 th¢ ¢h4rity should undcrtake. Page 2
QUEEhTOROLGH FISHERY TRUST
REPORT OF THE TRLTStEES
FOR THE YEAR E%I>ED 31 MARCH 24
ACHIEVEMINT AND PERFORATrICK
Cbrit8ble #etlvitis
Thc chgxitys income continued to from the issuing of licencts r¢ntsi of ptoputy during the year, toEether
with inves¢t itKome.
During the y¢ar. th¢ cbarity agjin rettiyed A sul>stantial nurnber of kpplitat10 forgranrs and thc tn •pproved 45
awards12022123- 28}. These grants are detai]ed itt the wtcs to the on pag¢5 12 to 14.
All 8raMS b2ve been issued to Organizations or individuNls to fiuther the ClS cJh•rilable putyoses for public b¢n¢fft
by ¥nsurin¥ the applications Me at le&8t onc of the objectives lilled uJ¢r tJ htadiTrE Objectives and Activit1¢5 on
pag¢ 2. As in past years. a nurnber of8r1 3ppliciiJns were de¢]itt¢d by tht tsV51eegon the grounds did noi fumher
the charity's charitable purposes.
George Webb Finn (GWFI, Clwl¢Td Swvcyon, of Sltlill8knw ¢ontiDued a5 the tru5¢$ lthd agent uiryin8 Out
related duties attd supporting tswstecs, agreed policy of optimiziD8 iuwm¢ frorn theAr range ofiand knldings. Kcnt-ba%d
M¢CAbe FoTd Williarns. Chartered AccouLtants. cotitinued ty provide accountaw %rvirw tu the treS.. the Oculus
Wealth Marnagemcni GTOUP provid¢d inves¢m¢nT Ind fffj•n¢ial savi¢es to th¢ RobBrt5 Cliffor4 th¢ trus¢'$ previous
provider, having bem absorbed within thai group.
A fvll ran8e of r¢l¢vaTrt insurance cowages retllAincd in pl throughout the periol arranged th¢ Wat¢rho
GTVUP iTh¥uranc¢ br0ken8e. of Rochesler. Brachers. Solicitors. ofmaidstone. ¢ontinue4 to prowde le8al setViCC5 to the
truste foljowing theirappoinlrn¢nt in My 2022.
Al noted in the 2022r23 Tew)rt, trus1¢ sold at a streh of tidal wwenThy by SiaDl¢y Av¢nu¢, (b¢enrOush,
h8vin8 r¢¢01Z¢d owiership of it did not fiwthcrthc objects of th¢ ¢kn•rily And eoyld not [•$¢£1b1Y do so. Proceeds of
thc 5alc W¢T¢ rcG¢iw¢d durinB the 2023124 period and wcre retained (or inve¢1.
NtBOii#¢ioN hiving be¢n wlUded ID 2022f£3 with Swale Borough Couttcil ISBC) rt8•rdin8 purclwe of a srrip of
SBC land contl8uous QFT property off SI ¢bac1'S RoJ, Sittith8bourne. the pvrch&se wa5 complet] in 2023Q4.
Subsequently. trustees A¢¢epted att off¢r for fv r¢hI of dl ofthe QFfs Si Michael's RO prtpery. The sal¢ w&$
¢nmpleied during 2n2.1124.
Trust¢c$ had in 2025 p¢rmi¢tcd both .8outhern Cftas Nehvorks {SGN) and Southern A¢CeS$ to trwst propety
clwe to the Kin8sfeny Brid8c for r¢n¢wal of 8J5 and w•T m•ins r¢$pectiv¢]y knween the Isle of Sheppcy and th¢
m8iniand. SGN COnLrn¢nwi woth site durittK the period, with an Ent&1 fe¢ pwd ¢0 the 1Th5t atsd a fuTther fee due on
completiort. It was ithdcrstood the two agencie5 would $eqnI•S11y, wilh Sollthern W&er onsite aftcr complction L)f
SGN works.
Trustees COJhtinued lo ¢8late with the en&T0%b Hartur Tntyt IQFrr) regArding inclusion of Queenborough
Hard in the QHfs lease of QFt for¢thr¢ and scabed for the operaiton of moorings and associated SeN15. Th¢ QHT
propo$Ed a packtt8e of 8ssociated mcasures. IDcluding the e$¢ablishment of a'SLnkin8 rd, for repair and maintctlnn of
thc structur¢. Tbc QFT board agrted thDse prowls with some sugguted wnw1.. thi5 oommunicated to the
QHI. attd a reply and further
QL.ERNBOROLGH FISHERY TR17ST
RLPOKT OF ThE'I'RL'SIlFS
FOR THE YEAR LYDED31 MARCH 2Q24
FINANCLIL REVIEW
Financial w$itio
QFT incorne cothtittued at the enha levels thttt have applied since the 2011112 finwKiai year. GortiDued to
r0811¢ thaL whil¢ work to div¢rsify itLwm¢ 15 in harO. th¢ majority of QFf income COntiD to be from jt
one lease. To address this. Tntee$ contiDued with thetr long4en lICieS a{ atthRt time at revisited w&odically,
as described below.
lllvertmellt poli
'I'DJst¢¢s had Ttcggnisgd that in 201 1112 WMI onw4Tds 98% of QFT derivoj from one cotLtr8ct
on one property holdin& It was wrL8idettd having just one. time Iltnit. major income stre4m constibjted a risk.
TrLL¥¢ew' adhwoce lo the aed fjnallcial 5trd8ies had by the tiJDe of seuLll8 the 2023124 budgct, reded to ¢.75% of
tots] wiu81 inc¢)me the Tevenu¢ frotD that siDgie le•se.
Trusl¢¢s a8ain ¢oThtinu¢d to work kn opimize in¢ome fivm their over]I rao8e of lalld Fw)Idiw pritDHriJy via the exp¢ri
independent land agenLy and leg serviGcs providcd by GWF and Bhrys. Al the same timc. trustees recogni7.ed that
reaiizaiion of the capital value of certain prOtrtIc$ may bc of greater uulty w the tntyi than th¢ Cwffni rent&ls they
With thut in mind. trus¢s agr¢ed to place the proceeds of sale of land at Sl Michacl'5 Road, SiUin8i¥Jurne, ttnd 8t
Stanl¢y Av¢nu¢, Qu¢¢nborouth inlo th¢ InV1n]ent p)rtfolio. This furthered t7ces. aim of safeguarding and
diversifying the orrs overall income serTatIOn by se¢kin8 kn xhicve frJtur¢ iDwm¢ from J)on-[d in¢om¢ streams. 11
T¢Gognittd it rnight b¢ PTUd¢t 10 Sthrt to t•k¢ ld¢st locom¢ from th¢ wnfolio in coming yelts to offset reducing
rental incomes.
To assist with achievement of that Dim trus¢$ mointsined their PK>li¢y of bllilditt8 * dive¥sifiel investsnent portfolio,
with holdins$ in ¥4UltiLs, bonds. eic. Workin8 Wlth Oculus Wcalth ManagemmL th6 tNsis fJnwi¢isl advi, InJsl¢¢s
rccognizcd that foThin8 a lar8¢r portfolio would make the trust eli8ible for access to a wider range ofepporturuties. It
&8reed lo explore those opportunilics with Ca7inove, • charily Invests merth81 works with mor¢ th#n 1,700
¢IL4rit4ble tTU$t5.
'I'ruste¢s agr¢ed Ln-PTin¢ipl¢ to fomi sth ¢XP4Dd¢d tknrtfolio 1n8 caL£rve,5 txpcrtiK and lat¢r ¢ndorsod & d¢tsiled
proposal from Oculus and Cazenovc to 5¢t that up. traThsf¢rrin% the exisiikA )rtfoliO into the new vehicle. Toocther with
sale proceeds. givin8 a total value ofmore than £]1]]n. Work $tsrt¢d on that set tsp prior the end of the period.
It continued to be trDStecs' intention thaL D3 w¢ll 15 adin8 L8 rk1Th8 reserw these iftvestsnents Wll1d build (he
fin•tt¢1 4¥s¢ts of th¢ ¢twity in order lo provide sble and trvJre dTveTae illc4)rne over the lo MI.
Retllrns to date for the choritys investments continued ty be considered by ffiistres ty be ¢on5IsrlY sNtisf4rtory.
ReJtrvts polky
Reserve$ are mHinlaiiJcd by the Gharity for Wntingeie1 c&sh fiow rnarwent and for protsctson of its 4bility to
Continue lo undErtake its activities in the lon8er-tenn.
It is recogniscd by trustees thatthe investtncnls TefeThtd to ID Invest Poli¢y th)v¢, 81$0 ¢x)Dstiiut¢ a r¢s¢rve that
he ed for ptrrA)ses idetttified. Itwestn%Dts held irL fo that rncan tIKy atc ru]iubl< Ivithin timesrn1¢s
appropllate to ¢h05e pwposes.
QFT cash flow LS managed Viv4 a bank aurrnt 3wunL itsiJJ8 balances th81 are llo( eam)8thd for k)n£er4em) invesknt
or otheT purposes. Re
QIJEENBOROLGH FISHERY TRUS[ REPORT OF THE TRusfEES FOR THE YEAR EryDED 31 MARCH 2•24 STRUCTURE, GOVERP4ANCE D MANAGE Coverning documellt The ¢h&ity is colltrollcd by its governirbg doc a deed of trus¢ th¢ ttu%t is & (hritable Incorporatsd (hganisation {cIo}. R¢Crultty¢t AppoltMent of Dew tnteel Trustees are appoinitd for four-year tertns ocoffitt. trll are nominatd by {eet11)r(yjgb Tovm Coun¢il attd ei8ht are rectuited fromthc charitys aTof b¢n¢fi¢ through an op¢fj r¢uuiimeDt Ownisationalstrncture Th¢ ¢harity is ¢otttrolled at the le1 by irs In¢$. the overall 8trthgy and diredion of the charity. The day-to-day manag¢tn¢nt is delegaj 10 Laurettc4 Jo. Samantha ond I'racey wTrK) manage th¢ adminisir&tiv¢, fitWlCi81 and otherongoig dutics in th¢ ¢lwrity opty8tiS. Nom of th¢x art OTh the b)ard oftsijsm. Risk minAgemtnt The trusites ttetively revi¢w. on a regular basi4 the rnajorTisk5 whidh the charity f¢S 4nd b¢li¢v¢ thtti bthildin8 rcscrves to agreed levets. combin¢d with att antjual rcvicw of the controls over key fitt8n¢iaJ systrms, will provide suffieiettt r¢$oyrc¢$ itt the event of adverse ndItiOns. Th¢ tr$te¢S have 21so examined other op¢rional and bUsisS risks faced by th¢ ¢harily and confm they bave estsblished sy5terrbS to mitiga the $i8nirJc1 risk. Th¢ tn¥teu hav¢ identifled that the m&jor Tisk kn thr cbarity is Ihe reliance of the i0¢ fronh P[ Port8. vAJich makes up a 5igllificant thouttt of the tota] ittcome. As such the ¢haTity 1$ in procM of diversifying incom¢ str¢wJ)s miti84¢¢ th¢ risk. Hl$tory 'I'he QTr-I' WBS cstabli8bod und¢r ind¢ntyre ded l9th March 1859. A new %heme for the charity esMblish¢d on 27th August 1937 placing the &dminiytrAtiort of the ctwity with the Borou8h of Qu¢ethborou8h. The charity wa5 regislored with th¢ Charity Commission on 215t Tr¢bruary 1968. Foll(Iwing lo¢a] gov¢rtuneni nor88nizatioTh itl 1974, SBC sssumed responsibility for th¢ rharity. A r¢vi¢w pf the charirys actlVLtiC5 W75 und¢rtBken in 199D and the Charity ConEmi55iOn aPPTt)ved a schcme on 26th 1 ebTuary 1991. Thp w.hr.mp WA4 thnde.d hy rpviliitinn IHih l.'ehnthry 2015. wheth SBC ctaKd th¢ ¢owrrf>rat¢ trN$i¢e. On lyt April 2015 thc SwJl¢ Recrtalion Trust ISRT) became a IiEth¢d thaTity QFf. &t l¢b time SBC ¢eas¢d to b¢ its CTpor&te trnstee. The SRT effxtively op¢rat¢d )5 part of thc Qlry wryih wivities #nd sseLS $ubsumed within the trust until the QPT s¢t up &$ 8 CIO. W.le the SRT then llY fibsothd within the CIO, trust¢¢s r¢¢ogftiyoJ the SKI'S active object could continu¢ to k fulfilled via the QFfs objts. The SRT had ils origin5 in thc Sittingboume SwimmiTh8 Bath5 and GYMttIw ¢rw¢d in 1896 in St Michael'5 Road, sitti[111rn¢. The buildin85 attd land WEre lafrr ihal yur 8iv¢n to Sittin8bDume and Milton UTbgn Di%trict c.ouncil to be kept in trut for r¢crca¢ional putyos¢s. Followin8 demoliiion of th¢ swimmirtg baths grtd gymnasium in 1989 the SRT Fia5 5Ct up to en$ure rental income from the laThd wa5 for recreational purp)ses. The SRT wa5 ¢stsb115h on 25th January 1994 by the Clwity Commission. The active object of th¢ SRT w. to SuPrt through gran¢ 8ivin8: -pmisk)ti of (aciliti¢5 for recr¢Rtion and othe l¢isiJr¢ lime o¢¢upatioll in thc intcr¢5t of SOCI welfare the objrct of the condition of life of the ilthabitants of th¢ Boroueh of Swale (including in partiwlar the 8rea of thc form¢r Sittingbourne and Milton Urbatt Districtcouncill as the Irustees think fiL" CbArttble IntortMbrted Organi5a¢ion A ncw charity, QuEenrOU8h FL8hery Trust Cb8Titable lrt&)rJx)rated Organisauo knty Durnb¢r 1178117, was regtstered al the Charity Commission on 26th Aptil 2018. The cbarity set up to wutillue the charitabl¢ activiti¢8 of Queenborough Fi5h<ry TFU5¢ chuty numbcr 255136. The SEts and liabilities of eenborough FLSILery charity nutnber 255136, were trallSfetd to QlleenlM)rough Fishery Trust ao. charity number 1178117, oll 29th Apnj 2019. the rharitsble xtivities of QueelllM)rough Fishcry Tnt, chttrity number 255136. cea8
QUEEliBOROUGH FISIIERY TRUST REPORT OF THE TRusfEES VOKTHE YLIR EfiDED 31 ,MARCH 2024 EVENTS SINCE THE END OF THE YEAR Infonnatloll Trlding to events 5inc¢ th¢ rnd of the year giVCD inthc notrs to thefLu•ttial statem¥]rt& 11112r2024 Approved by order ofthe board of tsu¥kes ott............. .... .. .. and siEned OD Lrs b¢hal(by.' DrE J Wilcox- Trustee Page 6
INDEPEfqDENt EIllNER's REPORT TO ThE TRLSfEES OF QUEENBOROUGH FISHE"RY TRUS tndependen¢ e5arnineT'I report to the tn<$ of QueeDI)OTough Fsshtry TR%9¢ I report to the charity trustees on my ¢xatninwion of the act(1 of Queenknrough Fisbuy Tn (the TnL%t) forthe yEaT ¢nd¢d 31 2024. Re4bDnsibilitie5 #nd basis of report the Charity trustees of the Tnjst you are r&yDsibl¢ for the IMV8Tation of th accouots in acc4)Tdattce w3th thc requiremetlts of the Charities 2011 Cthe Ati). I report in respect of my ¢xaMatioll of thc Tn5 wii¢d under Stdion 145 of the Art and in wryitig out my ¢x4)miJxation I have followEd All 4)plicable Dirtrtions given by thr Cbity CoTnmiuion under SectioTh J45{5)Ib) of the Act. Indtpendent éXXnhllltVs stAternent I have completed niy wnjination. I confjrm material malleTS have c4)me kn Y atteniion in ¢OTLnection with t ¢XAminaiion givin8 me cau5¢ to belitve that atty material respect accounting records w¢rt not kew i)) respert ofthE Trust L8 required by Scdiott 130 of the or the Accounts do not aGwrd with those records. or the accounts do noi comply th¢ applitAble requiremen cotKernin8 the fon and cont¢nt lif accoutlts set out in the Chariti¢s IAw)Lthts and Reports) Regul105 2008 other IhaTh any ftquir¢tneDt th¢ ac£ounis give tru¢ and fair view which is noi * mthtt¢r ¢orLsidered a5 Put Of ind¢peathni examin10. I hAve hts Conten and have Mm¢ ACTOSS no other mattcTS in ¢onn¢¢bob with the ¢xamiD&Ii4)n to which llttention should be in this r0K)rt in orderto enable & prop¢T undeIn$ of the ant0 be ruclwd. Mr lokn Sh¢ather Bsc FCA M¢C3be Ford Williams Chartcrcd Accountants C.h8rltoTh House Dour Siroot D()Vb.R Kent CT16 IBL Page 7
QUEENBOROUGH nsHERY TRUST STATEMEYfoF Ff4LYCIAL ActIlEs FOR THE YEAR EYDED 31 MARCH 2024 31.3.24 31.3.23 Tota] U]UEStrictrd Notes INCOME AND ENDOWMENtS FROM Ittvesttneni ittcome 193.951 193,988 EXPENDITURE ON Ch8ritsble aetiTritieJ Graols 130.913 120.256 45.lJ3 38.553 Totsl 176,026 158,809 Net gainslllos8e3) on inv¢sttn 282.125 (399,810) NET INCOMEI(EXPENDITURE) 300,050 (364,631) RECONCtLIATION OF FUNDS Tot lundg brought fotM*rd 3,574.308 3.938.939 TOTAL Tr UNDS CARRIED FORWARD 3.874.358 3.574,301 The t¢S forrn pfirt of these fithHllcl315tstts Page 8
QblEfqBOROLGH FISHERY TRusr BLCK SHEET 31 MARCH 2024 31.3.24 31.3.23 Total Unrestri¢t¢d fiujds FIXED ASSETS Investment prop¢rfy 2.711.735 2,940,QI)O CURRENT AETs D¢btur 10 16240 531.004 659.974 11,713 460.646 232,936 C&sh at 1.207,218 705.295 CREDITORS Amounlg rling du¢ thin ODe year 12 {44.595} (70.987) NET CURRKNT ASSETS 1,162.623 634.308 I'OTAI. ASETs I,F.&S C.URRENT I,IABILII'ILS 3,874.358 3,574,301 NET ASSETS 3.874,358 3.574.308 VUlqDS Unrestricted fi]nds 14 3,874.358 3,574308 TOTAL FUNDS 3,874.351 3,574,303 24 srAl¢menls appTov¢d by the Bo•rd of Trustr¢S rtttth for issy¢ on . and were signed on its beha]fby: E J Wiloox-Trnsie¢ The tLOtes fonn pArt of these flljancl ststemtThts Pagc 9
QiIEENBOROUGH FISllKRY TRUSf NOTESTO THE FINANCIAL STATEMEYIS FOR TIIE YEARENDED 31 MARCH 2024 STATtrroRY LYFOKMATION Queenborough Fishery TnLSI is a Charitable InGorw>raLed Or#aDisation regi5ter¢d in ELgian& The chariWs registered numb¢r. prinGipal address alld JJ8lure of opuion4 ran fouDd ID th¢ Referett¢e and AdminislTative D¢tsils page and the Report of the TTU5t. Thr prtatIo0 CU of th¢ fiuan¢ial Statem is the Pou] Ster]iD8 (£1. ACCOITNTING POI.IClkS Bgsij of PTeparillg the fth•Ddl $tlemtDts Th¢ finOnL] siatemcnts o(tht chatity. til¢ is a public bcn¢fit entity under FRS 102, have been prepfftd in accordance with the Charitie8 Sl)RP (TrIiS 102) 'Actounung aDd R¢wttn8 by ehaJiti¢s.' Statement of Reconmiended Pra¢iiGe 4ppJicable charitiC5 prepariD£ their accounts in accordance wth the Fitwicial Krporting Stalldard applicabl¢ iu th¢ UK attd Republic of Ircland (FRS 102) (effcrtive l January 2019),. Financial KcponiD8 Standard 102 The Finan¢) Rewrting stsJard applicable in the UK and Republic of Ir¢l8nd' at the chariti A¢t 2011. The fuwKial statllnrnts have prtyAred the histori¢ ¢ost onv¢nlio The truglees cowider th¢r¢ no nmteriaj CertAInli¢S the charit)fj ability to ¢ontinlle lls a 8Oin8 FiDaDciII repDrtlng xtAttdard 102- rtdurtd dlstloiure exemptio Th¥ ¢hurity has taken advts8¢ of the following disGlosw¢ exemption in preparing th¢sL flth8nc1 statements, AS penniita by l."RS 102 I".inanGia] Rwrtin8 Standard appliG&bl¢ ill the UK and X¢publi¢ of Ir¢land': th4 requir¢merLts of Sc4lion 7 Stm¢tht of C85h Flows. lllcome All income 1$ r¢¢o8Dig¢d in the Statement of Fir]11 Athivities once th¢ ¢ity has enihtjement to th¢ fwid4 it 1$ proboble that the income will b¢ rtt¢tved atd the amoun¢ ¢•n b¢ me&ed reliably. Eyptndlturfr Liabiliti¢5 are re¢ogthised as expeodi¢ure as soon ts thcrc is a l¢gg1 rx constructive obligation committing th¢ ¢harity to that cxp¢llditure, it is probable thal H tratL8fer OrnOmIC b¢n¢fJts will be rcquirtd in 9ettl¢m¢nl and thc wnount of the obliBalion b¢ me&8ured reliably. ExpendiDtre is Accnwhtcd for on In A¢¢nlS basis and has been classified und¢r headings th ag8rcgatr ¥elated to th¢ cth80ry. Where cosis ¢atJnot be directly attTibut¢d to particul headings they have Ixen aJlo¢At¢d xdtvities oll a basi$ ¢onsisth with the USE Df rewurnes. Grants payable Are payments made to ihird parties in thc further8n¢e of ciwitablc obJts of the charilits. GTrnt¥ payablc are includ¢d Én thE Ststemcnl of Financial Aaivities whm th¢ Charities have approv¢d the exp¢. Grnits ¢ancelld. for any are rever8ed itk the p¢rKMI thatthcy are no long¢r piy&ble. InvestmtD¢ prop¢rty Inveslment prop¢rty is shown at most rec¢ni valuation. Any agg¥¢g4te svrplu$ or deficit arisiD8 from Changes in rair valu¢ is ree08thed in thc stsiem¢ntof Fikw]cial Activities. QFT ow1$ an area of land ATound the Swaje. with som¢ owship datwg h¢k to the 19th CtUry. Pla# have had lo b¢ r¢constru¢t¢d from incompl¢ Tecords from the ttliddk of last ceDthry. The title to the land w45 registered fornjatly with { Land R¢gistry ID 2009110. In addition, QFT land at St Mich8¢1'$ Rvad, which a150 WAS registered fonDally with HM IAnd Kety 2009,'10. Part of this land h&$ been disposed of dwiD8 the year Und r¢vi¢w. The land owi¢d by the QFf has been fotm31ty vala by th¢ir land a8ent in 2023. thi5 is thc value that has been pr¢sFnted within the accounts. Page 10 continu¢d...
QUEEf4TOROUGH FISHERY TRusr NOTES TO THL VITrL)CIALsfATEMEYtS- eoxtinned FOR THE YEAR ENDEDJI ILRCH 2•24 ACCOUNTING POIICIES. eODtinue¢l Inv¢51tlleDt property Due to the above Circ¥18ces it is rK)i praGtiGal to ¢AJtain the tirigu costs of &98ets. wFLi¢h have been for a signifjcant length of tiTn¢, and $0 their valuation has been tr¢at¢d as deeDd rA>st. Subsequent %sets purchases have been iDclwJc4 ¥L T•x#llott The ¢tLarity is frott) tax on its charitabk adivi¢t¢S. Fnnd Accoutttinz Utirestricted funds Gan b¢ w¢d tll accordanc£ with th¢ ¢haTit•bl¢ Objecllv at the discretion of the ttUSt¢es. RestriGied fiulds ¢w only be wed for pthi¢ul8r r¢stricted putPDY¢5 within th¢ objccts of the tharitycknity. Restriction5 aris¢ wh#n spe¢ified by the dO)r or wh¢D are raised for pirticulftrrestsicted purws¢3. Furth ¢xplnation of the nstUTC and purFw of ea¢h fvrd is iluded in the DOteBto the finwwi41 statement5. lllvestm¢uts Inv(mentS are stated at market value a5 at the b¢¢ sh¢ei da*. The Sthtem¢ttiof Fin8ncial Actxvitirs in¢lude$ th¢ n¢¢ gains athd losses arisingon rtvaluaiion and dispos•l throughout ye4r. Re•llsed and unreAltstd zains •nd kn5e5 All gAitL8 and Ios5cs are tak¢rt 10 the %lat¢m¢nt of Fimn¢1 A¢tiviues asth¢y lSe. Re4]Lsed gains And los$es on inv•tsn¢nts ar¢ LalLLdated as th¢ diffeience bety¥een sd¢$ proceeth and opening mwkct value Ic05t if th¢ purchaso date 15 lat¢r}. UTLSed gains and lows arc calculated a5 th¢ ditT¢r¢nce b¢iween th¢ markd vilue at th¢ y¢ar end and opening m•rktt v8lue {cost ifthe pwGbw is la}. ReAli%d •ttd unreaiised gains are not Separated in th¢ Si£ltmellt of FinarK] A¢tivili#. IhTrTSTMEYf INCOMW. 31.3.24 31.3.23 Rents rcceivwbll Other fees & licenrts Dividend in¢om¢ Interest reccivabl¢ 156,451 27.747 4,262 5.491 155.722 32,896 4.261 1,109 193.951 193,988 CHARrrABLE ACTIVTllES cosrs Gtant fundin8 of actiwties {see note DecI 51 Totsls Grants 128,009 130.913 Pagell continued...
QIJEENBOKOiiGH FISHERY TRusr N(yfKsTO THE .cIAL sfATEMEY15. contints¢d FOR THE YEAR ENDED 31 MARCH 2&24 GRANTS PAYABtE 31.3.24 31.3.23 I28.009 117.928 Pagr I2 contÉllucd...
QUEENBOROUGH FISHERY TRusr NOTES TO THE Fifi.4P4CRAJ. SI.4TmF.ryS. emtknued FOR THE YLIR EliDED 31 MARCH 2•24 GRANTS PAYABLE- totttknntd 2024 2023 Grants approved to InstitutiODS: 7th FavtTsham Scoul tiroup Aspire SclMJoI Bord¢n Sporls As50ciatio Breakthrough Community AJloDb¢ni Creek creive Crossroads Cat¢ K•t Curlys Legacy Eastern Sheppey CoJJMnuDity Hub EAst Ke MENCAP F&ver5ham AssiswKe ctre Fav¢rsham Build]088 Preveniion Trnst Fllvcr5hani Lip R¢adin8 F2vetsh2m Municipal Chariiics 2010 Faver$hatn Potsls Faversham Row Club FPI¢r$haM Str¢ Force FrMTrtball Club Faver5ham %wimming Pool M4na8wnent Commiiiee Fa'r5haM Umbrella Centre Fv4ver5ham Youth An¥ Friends Faces of Kent CIC Gpm 72 Qore Court Hockey Club Grnv¢ney and Gwdne$tone Village Hail Charity Hartlip Villagc I[1 HaTmVlly Thtr4)y Trt Historical R¢5carGh Group of Si¢tit)eb)urnE tmago Cornmunity Iwade at the Bam I'n]st J¢tte Hal¢s Sanla's Grotto Reindeer Li8ht I louse Demetia Sllpport Miliun Creek Coutltry P•rk Milli)n Rews Society New Lcaf Support Newnhom Porish Council N¢wth8m Church Oarr (wd¢n End Allotment Society Outdoor Sdi0 CIC Quetnborough Harbour TnL8t Queenknrougli Prittwy Ind Nwsery Qu¢¢nborgu8h Town Community Ccntr¢ Que¢nborough Ygcht Club 1,000 6.864 500 500 Isoo 5.000 500 500 1.824 7,500 5¢)0 io,ooo 6,000 S) 959 s.ooo 5.000 500 2,000 1,000 3.000 500 2.770 500 1250 10.000 5,01)0 1,136 1800 (1.625) 1,500 (L.125} 1,625 4,000 5.IAIO 5rN) Shesrness DotkyardPrrfeMi1 Tn1 Sheppey Crickd Club Sheppey Ent¢rtai¢¥n¢nt AsKKi8tiOD Sheppey Hall Tjvst Sh¢ppy Li&ht Railway Greenway Group Sheppey Rugby F<Kitball Club Sknppey Sailing Club Sheppey Scout Hut Sheppey Wfir Metnorial Tnjst Shcppcy Wa]Tior Walking Ftbl Sittirtgbounje Hetitage Museum Sittingbourne Judo Club 10,000 6.018 5,000 2,912 500 4,420 io.000 1.400 8,OIM) 5,0(10 399 1,073 500 Pag¢ 13 continued.-.
QUEENBOROUCH FtSHERY TRusr N(YTES TO FL4iLNCIAL sfATEMEYIS. tliVe FOR THE YEAR Ef4DED 31.MARCH 2024 GRATrUS PAYABLK. tolltinued Sittingbtsurne Otybeus Cl¥Jrnt Sittingbotwn¢ kouts Song Sigttittg Academy St John.knbulattce Slnde Patt FouDdwtio Swxie Action to End DomEStiG Abust Swak C:itiz¢ns Advice Svdle Community Cart Proje£ Swal¢ MEdia Arts Ccntrc TS Elazard The Head Hcalth c.lub CIC Up¢hur¢h Patish COU11 Upchurch Short Mat Bowls Club Yvulh Resilience UK CIC (Irants ¢0 Individu8Js i.(M)o 3.000 6.000 10,000 500 2.970 10.000 500 {3.3001 10,0( 3,300 4,000 7.350 17 128.009 117.928 BalarcS with a D¢88t¢v¢ bal¢ rtyrese 8rants revtrsed due lo the prnjects no lon8¢r 80in8 Hhead. SUPPORT cosrs ¢osts Cxher re8our¢es ekynded 45,1 13 Support ros in¢luded in ¢he aboyo. aro 48 follow¥: Governttce cojts 31.3.24 31.3.23 rewurces cxpcndcd Totsl activitieg Printin& posts8e and st*tior&ry Accountan and independent cxatijiTS 445 248 1,51 3.960 33,749 1.017 4,442 1.380 3,600 27,564 987 4,774 Bookkeepin8 Legal and proft55iond fees IDsuraDG Other 45.113 38,553 Page 14 continu¢d...
QUEE)TOROLGH FISHERY TRusr NUTESTO THE FPlNC.1Al. sfATEMEJIS-totilloed FOR THE YEAR E)TPED 31 IIARCH 2024 TRiJsfEFS' REMUYERATION Ahl) BENEFnS There wcre llo trust¢cs' re4[LUnera or othcr benefits for the year ended 3 l March 2024 nor for the year cJJded 31 March 2023. Trwtee8' expense5 There were no trust¢¢S' ¢XP¢JkK5 for the yurended 31 M8r¢h 2024norforth¢y¢ar ¢ndEd 31 2023. NET GAINSI(LOSSES) ON INVFsfMENTS Net gains ¢)n inY¢stiwits for the year wert mode up of gain5 T¢latsDg (be ssle of investsnent propty hnd hir value gains aTisingon li5t¢d invcstm¢Dts. ThE totx] 8aiti for Ihe yeor is JnJe up folkiws.. Gail) on the disp)sa] of u]vestment prowry- £248.852 Gain on the fair v81ue movement of li51d inv¢strnents- £33273 INVF,STMENT PROPERTY FAIR VALUE At l April 2023 Additions Dispos5 2,940,( 41,735 {270,0001 At 31 March 2024 2.711,735 NF.T BOOK VALITE Al JI MJrch 2024 2,711,735 A¢ 31 mCh 223 2,940,000 The investtn¢nl property has been includcd at its fornLAI valuAtion at 31 Marth 2023, whi¢h WAS rarri¢41 by an indepeiident valucr. Th¢ trust¢es believe there have been no SI1f¥t ¢hang¢$ in thi8 valuation ai at the year4nd 31 March 2024. io. DF.BTORS: Amouyfs FALLING DLE WITIUN of*E YEAR 31.3.24 31.3.23 Other d¢btoys and pr¢p4yments 16240 CURRETr4ry A&SET INVL%fMF.NTS 313.24 31.3.23 List¢d investments 531,IN)4 460,646 Pa8e 15 continued...
QUEEPIBOROUGH FISHERY TRusr Norn TO THE FIYLNCIAL STATE.MEhTS. eontiDued FOR THF. YF.AR F.NDED 31 MARCH 2024 12. CREDoRS. AMOUPITS FALLING DLE WtnUN ONE YL4R 31.3.24 31.3.23 Trad¢ CTeditOT5 Other ttedstors 39,097 5.498 31,221 39,766 44 J95 70,987 13. LEASING AGREEmEs Minimwn le• amowts rcG¢ivabl¢ undw noTrwKelb1¢ Opaxiing lew hu due a5 folk)K: 2024 2023 Within othe year Betweeii on and fLV¢ y5 Ill more thatt five years 155200 620,800 12,491.543 155,200 620,800 12,647,577 13,207J43 13,423,577 A si8llifi¢arti Amow)L of the above operating lease Mmmilments i5 du¢ frfrm th¢ l¢&v of L4tvel Banl thi5 1¢ 15 duo to expire in NoYomb¢r 2114. 14, MOITMF,NT IN FUNDS Nct mov¢ment in fimds At 31.3.24 At 1.4.23 Unrestricted Gcn¢ral fund Quc¢nborough H8rd mAInten8r and Repair Fund 3505295 302,954 3.808.249 69.013 I2.4} 66,109 3.574J08 300,050 3,874,358 TO'I'AL TrUNDS 3.574JO8 300,050 3,874,358 N¢t movemertt in fun&% included in the I¥¢ #ft foliov4'. GaiDS and losses Movemeni fllnds ¢x UnrestTltted funds General fund Que¢nborough Hard M3inten*tste 8nd Repair Fund 193.951 (l71.l22) 282.125 302,954 (2,W41 193951 {176,0261 282,125 300,050 TOTAL FIFNDS 193,951 (176,0261 282,125 3¢)0,050 Page 16 contiDlled...
QUEENBOROLGH FISHERY TRUST Tr40TES TO THK FJi%AYJ CIALStATEMEJTS- urntinutd FOR THE YEAR ENT)ED 31 MARCH 2024 14. MOVEME)YIN FUNDS- CODtinued ComwarAtivts for movt4Dent in fuDd$ et At 3 1.3.23 At 1.4.22 in fwJd5 UDrtstriettd fullds G¢n¢ral fund Queenborough }ld Mailltenllnc¢ artd Repair Fund 3.87OJ02 {362303} 3.508,199 68,437 {2,328} 66.109 3.938939 {364.631} 3,$74,3O8 TOTAL FUNDS 3.931.939 (364.631) 3,574,308 Comparative net movement in fund% inGtuded in the ab)ve Art as ftsllow.. lttcomiD8 Ciain5 loss¢$ Mov¢m¢tbl in funds UDrestrici fuo*Jy Gcneral fund Qu¢¢nboroW Hard Mainterl¢e and Rcw'r b'und 193.988 (156.4811 {399.810) {362,303} 113281 (2,328) 193,988 1151.809) {399,810} {364,631) 70TAI, FVNtA8 193.988 (158,809) 1399.810) 1364,631) Is, CAPITAI, COMMITMENTS The ¢hArity has approved donations lo Faversham TO Council in rwl to th¢ T.S HaTJrd proje¢4 totalling £10,000 per annum for fiv¢ y¢ars, wtnmcnGiD8 in 2023. The year under review represents year IMY> ofthe to fjve year p¢iiod. 16. RF.I.ATF.D PARTY DISCIA)SURES Du¢ to th¢ nornre of the charity'5 activilie4 there are coDDeGtsons som¢ of the trustees 8nd some of the granls aPPTo¥ed. Thai sail th¢ WnnediO do 001 influe]Jce control over ertberthc charity OT thc in5tilutions th¢ 8ra1115 are awarded to. Where a conn¢ctiotL is id¢ntifKd the trustee involvtd decl8res this and h&8 ne iThtluence over the award of grallL For these re5, the trustees do t consider it ne¢e55ary (o de¢#il out thes¢ connectioJJs. Page 17 continued...
QIJEENBOROUGH FISHERY TRusr NOTFS TO THF. FI).IP4f.IAI. sfATEMETrUS- contiooed FOR THE YEAR ENIIED 31 MARCH 2024 17. posr BALAF4CE sHErr EVENts At the year.cnd th¢ charity in the PTI)Ct&g of s¢lliDE lond ¥ th¢ Coalw&sh¢r for £500.0(Ml. the Sale expected formaity complek in the 24r25 year-end. Page 18
QUEENBOROUGH FISHERY TRusr DETAILED STATEME)7 OF FPiLNCL4L ACTivfiiFS FOR ThE YEAR ENDED JI MARCH 2024 31.3.24 31.3.23 INCOMK AND EI¥DOWMENTS IDvestm¢nt infom¢ Rents receivable Othtr fees & licenees Divid¢nd incom¢ Interest reeetvable 156,451 27,747 4262 5,491 155,722 32,896 4,261 1,109 193951 193,988 Totsl incoming re¥our 193,951 193.988 EXPENDITURE Charltable actlvltieJ Queenborough Ilard maintenance (iranls to institutions 2.904 128.009 2,328 117.921 130,913 120.256 Support¢ostS GDvern•u¢e ¢tt$¢$ Printing, p05ta8e and stationtry A¢¢ountAtb¢y aod indL'petwJent examinerfs loes Bookkeeping Le8&1 ortd professional feej InSUTanoe 445 1.500 3.960 33.749 1,017 4.442 248 1.380 3,600 27,564 987 4,774 45,113 38.553 Totsl resoujres ¢xp¢rtded 176,026 158.809 Net ltttome 17,925 35.L79 This page do not form pthofthe finwial stat¢ments Pag¢ 19