REGISTERED COMPANY NUMBER: 12134646 (England and Wales) REGISTERED CHARITY NUMBER: 1194013
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
CHILMINGTON MANAGEMENT ORGANISATION
McCabe Ford Williams Chartered Accountants Invicta Business Centre Monument Way Orbital Park Ashford Kent TN24 0HB
CHILMINGTON MANAGEMENT ORGANISATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
CHILMINGTON MANAGEMENT ORGANISATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objectives, as set out in its governing document, are to promote the benefit of the residents of the area of benefit, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together with said residents, the local authorities, voluntary and other organisations, with a common effort to: - provide and maintain accessible green open spaces
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promote the conservation, protection, management, maintenance and improvement of the physical and natural environment, and
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provide facilities in the interests of social welfare for education, recreation, mental and physical health and welbeing and leisure time occupations with the object of improving the conditions of life for the said inhabitants
This will involve the advancement of community development and citizenship for the public benefit, by the promotion of good citizenship and volunteering by encouraging local people to take an active interest in the civic, cultural and social welfare of the community.
Public benefit
The Trustees confirm that they have had due regard for the charity commission's guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The last 12 months have seen the world emerge and start to recover from the Covid Pandemic. This has had some impact on the CMO in terms of its ability to carry out community development activities and relationship building with our residents but the CMO has strived to find other ways to achieve similar outcomes, albeit on a lesser scale. Resident surgeries continued both virtually and in-person and in September a joint event with the parish council saw the CMO welcome its residents at a low-key drop-in event called 'Getting to Know You'. The CMO pressed on with its community development ambitions and working with Ashford Borough Council, procured a Placemaking Sprint to be delivered in summer/autumn 2022. The CMO community grants fund was launched with a panel forming of local residents and CMO directors to give out funding to local projects alongside the launch of the CMO sounding board. Newsletters remain a key method of communication with all residents.
The CMO remains resolute that the handover of the community cabin is key to success and progressed with contact with the developer to secure the building. Some progress was made between December 2021 and March 2022 although the handover remains stalled. Action by the developer is required to discharge outstanding planning and legal obligations.
The CMO also awaits the handover of the first pieces of land for it to manage and maintain. Despite making good progress, none has currently been transferred but discussions are advancing.
FINANCIAL REVIEW
Financial position
The level of reserves at 31 March 2022 amounted to £334,627 (2021: £89,722).
The CMO Deficit funding provided to the CMO at 125 occupations through the s106 agreement may look like a significant amount to have in Reserves but this is required to cover CMO operational costs until the occupation of the 500th dwelling. This is likely to be several years away. The funding is not currently held by the CMO but is shown in the CMO accounts as required by Statement Of Recommended Practice for Charities.
Reserves policy
The charity reserves policy is to maintain a level of reserves equivalent to 5% of annual operating expenditure to provide for the repair, renewal and replacement of endowed assets. Provision will have to be made for unexpected expenditure and repairs to the charity's assets. It will not be possible to immediately reach this level of provision due to low income in the first years of operation.
It is planned that this level of provision will be reached over the course of the first 5 years of operation.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, as amended at companies house by special resolution, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
CHILMINGTON MANAGEMENT ORGANISATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The trustees are appointed as per the Articles and include nominations from the developers, councils, residents and voluntary sector.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
12134646 (England and Wales)
Registered Charity number
1194013
Registered office
Invicta Business Centre Monument Way Orbital Park Ashford Kent TN24 0HB
Trustees
S P Banfield Ms A G Breese I D Bull N A Fenton (resigned 30.11.21) T Hodson (appointed 30.11.21) B C Lockwood J A Rose (resigned 20.12.21) Cllr N J Shorter S J Bartlett (appointed 2.3.22) P Reed (appointed 29.11.21)
Company Secretary
Ms S Osborne
Independent Examiner
McCabe Ford Williams Chartered Accountants Invicta Business Centre Monument Way Orbital Park Ashford Kent TN24 0HB
Approved by order of the board of trustees on 6 July 2022 and signed on its behalf by:
B C Lockwood - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHILMINGTON MANAGEMENT ORGANISATION
Independent examiner's report to the trustees of Chilmington Management Organisation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M C Greenwood BFP FCA ICAEW McCabe Ford Williams Chartered Accountants Invicta Business Centre Monument Way Orbital Park Ashford Kent TN24 0HB
6 July 2022
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CHILMINGTON MANAGEMENT ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Activities as specified under s106 agreement 340,000 Christmas Celebrations - Investment income 2 - Other income - Total 340,000 EXPENDITURE ON Charitable activities Christmas Celebrations - Other 95,063 Total 95,063 NET INCOME/(EXPENDITURE) 244,937 Transfers between funds 8 (32) Net movement in funds 244,905 RECONCILIATION OF FUNDS Total funds brought forward 87,602 TOTAL FUNDS CARRIED FORWARD 332,507 |
Restricted funds £ - 1,000 - - 1,000 1,032 - 1,032 (32) 32 - 2,120 2,120 |
2022 Total funds £ 340,000 1,000 - - 341,000 1,032 95,063 96,095 244,905 - 244,905 89,722 334,627 |
2021 Total funds £ 2,120 - 444 8,760 11,324 - 14,453 14,453 (3,129) - (3,129) 92,851 89,722 |
|---|---|---|---|
The notes form part of these financial statements
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CHILMINGTON MANAGEMENT ORGANISATION
BALANCE SHEET 31 MARCH 2022
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 6 352,533 Cash at bank 39,390 391,923 CREDITORS Amounts falling due within one year 7 (59,416) NET CURRENT ASSETS 332,507 TOTAL ASSETS LESS CURRENT LIABILITIES 332,507 NET ASSETS 332,507 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 2,120 2,120 - 2,120 2,120 2,120 |
2022 Total funds £ 352,533 41,510 394,043 (59,416) 334,627 334,627 334,627 332,507 2,120 334,627 |
2021 Total funds £ 11,592 82,790 94,382 (4,660) 89,722 89,722 89,722 87,602 2,120 89,722 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 6 July 2022 and were signed on its behalf by:
B C Lockwood - Trustee
The notes form part of these financial statements
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CHILMINGTON MANAGEMENT ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Statutory information
Chilmington Management Organisation is a charitable company, Limited by guarantee and registered in England. The charity's registered number, principal address and nature of operation can be found within the Report of the Trustees.
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 1st January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are presented in sterling which is the functional currency of the charitable company.
Income
All income (including grants) is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Deposit account interest | - | 81 | |
| Late payment interest | - | 363 | |
| - | 444 |
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continued...
CHILMINGTON MANAGEMENT ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent examiners remuneration - examination and accountancy fee | 1,386 | 1,320 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
£90 was reimbursed for directly incurred travel expenses to one trustee (2021: £nil)
5. PRIOR YEAR ADJUSTMENT
During the previous financial year Chilmington Management Organisation applied for charitable status, therefore the 2020 financial statements were filed as non-charity limited company accounts. Having gained charitable status the 2020 figures were restated for the change in presentation, no figures nor the result changed as a result of this.
While clarifying the position as a charitable company amounts that were previously shown as due to Chilmington Management Organisation, in the form of legal fee contributions, were confirmed as not due to the charity. This has resulted in the 2020 results showing an understated deficit by £3,200 and assets being overstated by £3,200. This has now been corrected.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7.
8.
| Other debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accrued expenses MOVEMENT IN FUNDS At 1.4.21 £ Unrestricted funds General fund 87,602 Restricted funds Defibrillator Fund 2,120 Christmas celebration Fund - 2,120 TOTAL FUNDS 89,722 |
Net movement in funds £ 244,937 - (32) (32) 244,905 |
2022 £ 352,533 - 352,533 2022 £ 430 58,986 59,416 Transfers between funds £ (32) - 32 32 - |
2021 £ 10,923 669 |
|
|---|---|---|---|---|
| 11,592 | ||||
| 2021 £ 3,460 1,200 4,660 At 31.3.22 £ 332,507 2,120 - |
2021 £ 3,460 1,200 |
|||
| 4,660 | ||||
| 2,120 | ||||
| 334,627 |
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continued...
CHILMINGTON MANAGEMENT ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Christmas celebration Fund TOTAL FUNDS |
Incoming resources £ 340,000 1,000 341,000 |
Resources Movement expended in funds £ £ (95,063) 244,937 (1,032) (32) (96,095) 244,905 |
Resources Movement expended in funds £ £ (95,063) 244,937 (1,032) (32) (96,095) 244,905 |
|---|---|---|---|
| 244,905 |
Comparatives for movement in funds
| Prior | Net | |||||
|---|---|---|---|---|---|---|
| year | movement | At | ||||
| At 1.4.20 | adjustment | in funds | 31.3.21 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 96,051 | (3,200) | (5,249) | 87,602 | ||
| Restricted funds | ||||||
| Defibrillator Fund | - | - | 2,120 | 2,120 | ||
| TOTAL FUNDS | 96,051 | (3,200) | (3,129) | 89,722 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,204 | (14,453) | (5,249) |
| Restricted funds | |||
| Defibrillator Fund | 2,120 | - | 2,120 |
| TOTAL FUNDS | 11,324 | (14,453) | (3,129) |
9. RELATED PARTY DISCLOSURES
During the year the Charity used Anthony Collins LLP for legal services, Anthony Collins LLP was related by virtue of its position as company secretary. During the year Anthony Collins LLP charged the Charity £3,839 (2021: £12,235) for these services and at the balance sheet date an amount of £480 (2021: £2,424) was outstanding.
During the year the Charity received grants amounting to £340,000 (2020: £2,120) and procured services totalling £58,632 from Ashford Borough Council, Ashford Borough Council is related by virtue of Mr B C Lockwood and Cllr Neil Shorter who are both Trustees. An amount of £340,000 (2021: £Nil) was due to the Charity and £57,600 (2021: £Nil) was due from the Charity at the balance sheet date.
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CHILMINGTON MANAGEMENT ORGANISATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | - | 81 |
| Late payment interest | - | 363 |
| - | 444 | |
| Charitable activities | ||
| Grants | 341,000 | 2,120 |
| Other income | ||
| Reimbursement of legal fees | - | 8,760 |
| Total incoming resources | 341,000 | 11,324 |
| EXPENDITURE | ||
| Support costs | ||
| Management | ||
| Insurance | 1,795 | 786 |
| Finance | ||
| Sundries | 2,995 | 18 |
| Governance costs | ||
| Sundries | 1,032 | 94 |
| Accountancy fees | 1,506 | 1,320 |
| Legal fees | 31,167 | 12,235 |
| Administration costs | 57,600 | - |
| 91,305 | 13,649 | |
| Total resources expended | 96,095 | 14,453 |
| Net income/(expenditure) | 244,905 | (3,129) |
This page does not form part of the statutory financial statements
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