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 2024
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 2024
| 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 | 9 |
CHILMINGTON MANAGEMENT ORGANISATION (REGISTERED NUMBER: 12134646)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 2024. 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:
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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
During the past 12 months the CMO has taken over the majority of the landscaping responsibilities at the Hodson Development Ltd site, excluding the water at the Lake, which is part of the sustainable drainage system. But the CMO is now in discussion to take over maintenance of the reeds in the lake. The CMO has now taken over all available landscaping responsibilities across the whole of the Chilmington site and will soon be officially handed over land at the Barretts and Jarvis sites.
The Community Cabin lease was signed in September 2023, making this the first community asset at the Chilmington site. The overall site has built out slower than originally expected due to the restrictions of Natural England's water quality advice for planning applications. As a result, the community at Chilmington at this stage, is not as large as expected and the interest in hiring the facility has reflected this. To ensure value for money for residents the CMO is therefore exploring the options for an anchor tenant for the facility.
The CMO has worked with Kent County Council this year to explore an archaeology project around the Chilmington site, which will create volunteering opportunities for residents.
The CMO has also reviewed the level of debt on the RCD accounts held with RMG and has taken action this year to reduce these amounts and therefore protecting the liquidity of the organisation, which is essential to maintaining the operational capability of the CMO.
In our commitment to be transparent and open with the information we hold we publish the amounts held in reserve by RMG along with the RMG accounts. This is following a number of enquiries by residents about what happens to the money that is collected by RMG.
We will also continue to publish the end of year accounts on the website only and not delivered in paper format, this reduces our carbon impact and also save on costs.
FINANCIAL REVIEW
Financial position
The level of reserves at 31 March 2024 amounted to £211,760 (2023: £251,748).
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.
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CHILMINGTON MANAGEMENT ORGANISATION (REGISTERED NUMBER: 12134646)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
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.
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 T Hodson B C Lockwood N J Shorter S J Bartlett Ms H S Jarvis A O Evans (appointed 3.7.24)
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 12 September 2024 and signed on its behalf by:
B C Lockwood - Trustee
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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 2024.
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
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
McCabe Ford Williams Chartered Accountants Invicta Business Centre Monument Way Orbital Park Ashford Kent TN24 0HB
12 September 2024
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CHILMINGTON MANAGEMENT ORGANISATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 672 Other income 51,611 Total 52,283 EXPENDITURE ON Charitable activities Community Grants - Other 92,271 Total 92,271 NET INCOME/(EXPENDITURE) (39,988) Transfers between funds 8 (1,920) Net movement in funds (41,908) RECONCILIATION OF FUNDS Total funds brought forward 251,548 TOTAL FUNDS CARRIED FORWARD 209,640 |
Restricted funds £ - - - - - - - 1,920 1,920 200 2,120 |
2024 Total funds £ 672 51,611 52,283 - 92,271 92,271 (39,988) - (39,988) 251,748 211,760 |
2023 Total funds £ - 16,219 16,219 1,920 97,178 99,098 (82,879) - (82,879) 334,627 251,748 |
|---|---|---|---|
The notes form part of these financial statements
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CHILMINGTON MANAGEMENT ORGANISATION (REGISTERED NUMBER: 12134646)
BALANCE SHEET 31 MARCH 2024
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 5 48,455 Cash at bank 222,772 271,227 CREDITORS Amounts falling due within one year 6 (61,587) NET CURRENT ASSETS 209,640 TOTAL ASSETS LESS CURRENT LIABILITIES 209,640 NET ASSETS 209,640 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 2,120 2,120 - 2,120 2,120 2,120 |
2024 Total funds £ 48,455 224,892 273,347 (61,587) 211,760 211,760 211,760 209,640 2,120 211,760 |
2023 Total funds £ 240,923 29,599 270,522 (18,774) 251,748 251,748 251,748 251,548 200 251,748 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 12 September 2024 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 2024
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
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 | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Deposit account interest | 672 | - |
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CHILMINGTON MANAGEMENT ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent examiners remuneration - examination and accountancy fee | 1,588 | 1,512 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
£nil was reimbursed for directly incurred travel expenses to one trustee (2023: £nil)
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 7) Trade creditors Accrued expenses 7. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 8. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 251,548 Restricted funds Defibrillator Fund 2,120 Community Grants (1,920) 200 TOTAL FUNDS 251,748 |
Net movement in funds £ (39,988) - - - (39,988) |
|
|---|---|---|
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CHILMINGTON MANAGEMENT ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 52,283 | (92,271) | (39,988) |
| TOTAL FUNDS | 52,283 | (92,271) | (39,988) |
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Defibrillator Fund Community Grants TOTAL FUNDS |
At 1.4.22 £ 332,507 2,120 - 2,120 334,627 |
Net movement in funds £ (80,959) - (1,920) (1,920) (82,879) |
At 31.3.23 £ 251,548 2,120 (1,920) 200 251,748 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 16,219 | (97,178) | (80,959) |
| Restricted funds | |||
| Community Grants | - | (1,920) | (1,920) |
| TOTAL FUNDS | 16,219 | (99,098) | (82,879) |
Defibrillator Fund
This fund represents monies received specifically for the purchase of a defibrillator, this fund will be utilised at the time the CMO gains usage of the onsite cabin.
Christmas celebration Fund
This fund represents monies given for Christmas projects funded around the Chilmington site.
Community Grants fund
This fund represents grants from the CMO to members of the community for the purposes of outreach.
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CHILMINGTON MANAGEMENT ORGANISATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. RELATED PARTY DISCLOSURES
During the year the Charity received grants amounting to £nil (2023: £nil) and procured services totalling £60,000 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 £7,532 (2023: £230,000) was due to the Charity and £60,000 (2023: £14,863) was due from the Charity at the balance sheet date.
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