2021-12-31-accounts

Charity number: 1194270

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Statement of cash flows	8
Notes to the financial statements	9 - 15

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 DECEMBER 2021

Trustees	Mr J Morgan,Co-opted 1 October 2019(appointed 28 April 2021)
	Sir W Fittall,Chair(appointed 28 April 2021,deceased March 2022)
	Cllr N Matthews, Parish Council, nominated 13 May 2019 (appointed 28 April 2021)
	Cllr S J Carey, District Council nominee from 11 June 2019 (appointed 28 April 2021)
	Ms S Kenward(appointed 28 April 2021)
	Ms R Weisz(appointed 28 April 2021)
	Rev B Knott,Ex-officio 2 July2020(appointed 28 April 2021)
	Cllr R Love,KCC nominee from 1 October 2021(appointed 28 April 2021)
	Mr M Carter, Parish Council nominee from 15 January 2021 (appointed 28 April 2021)
	Mr G Topping (appointed 28 April 2021)
Charity registered number Principal office Accountants Bankers Investment Manager

Page 1

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the financial statements of the Charity for the period 28 April 2021 to 31 December 2021.

The CIO was formed on 28 April 2021 and the activities, assets and liabilities of the unincorporated charity of the same name (number 209220) were transferred to the CIO on 31 December 2021. The Charity Commission has granted a dispensation from audit on the grounds that the charity would not have exceeded the audit thresholds if the transfer was excluded.

Objectives and activities

• Policies and objectives

The original Charity was created in 1899 to build a village hall and 8 almshouses with money bequeathed by Robert Thompson. The Trustees are responsible for managing these properties and for enabling the hall to be used for a variety of purposes, at their discretion, within the community.

The Trustees have continued to manage the Saltwood Almshouses, Saltwood Village Hall and the fallow land. The Trustees meet quarterly to plan work and manage the Charity.

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)'.

• Activities undertaken to achieve objectives

The charity provides, administers and maintains 8 almshouses together with Saltwood Village Hall, which is used on a regular basis and by occasional users.

The charity's website contains further details: www.saltwoodvillagehall.co.uk.

Achievements and performance

• Main achievements of the Charity

The activities, assets and liabilities of the old unincorporated charity were transferred to the CIO on 31 December 2021. The income and expenditure of the charity commenced on 1 January 2022.

Financial review

• Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

• Reserves policy

Consistent with Almshouse Association advice the Charity held two designated funds: one for cyclical maintenance to meet the costs of ordinary repair and maintenance items that occur at infrequent but relatively regular intervals; and one for extraordinary repairs such as re-roofing, the installation of a new heating system or other exceptional items. The trustees’ aim was that these two funds should not exceed the total held in cash and investments. In addition the charity had general reserves which largely constitute the book value of the property and its contents. There remained a small endowment fund, which the trustees have the used the power to transfer to general reserves and intend to spend out when a suitable opportunity arises.

Page 2

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021

Structure, governance and management

• Constitution

The Robert Thompson Charities at Saltwood Kent is a registered charity, number 1194270, and is constituted under a CIO Foundation.

• Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the CIO Foundation.

• Organisational structure and decision-making policies

The Trustee body is constituted as follows:

• One person nominated by Kent County Council

• One person nominated by Folkestone and Hythe District Council

• Two Saltwood Parish Councillors

• The Rector of Saltwood or a person nominated by him

• • Up to five members co-opted by the trustees

• Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Forward Plan

The Robert Thompson Charities will continue to run its almshouses and the village hall, all located in Saltwood.

In addition to normal maintenance, we intend to complete a programme to replace the oldest boilers in our properties and other works to improve insulation and reduce energy use.

Page 3

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Foundation. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 21 October 2022 and signed on their behalf by:

Cllr S J Carey

Page 4

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021

Independent examiner's report to the Trustees of The Robert Thompson Charities at Saltwood Kent ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 December 2021.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 25 October 2022

Andrew John Childs FCA

Magee Gammon Corporate Limited, Henwood House, Henwood, Ashford, Kent, TN24 8DH

Page 5

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2021

Note Income from: Donations and legacies 3 Total income Expenditure on: Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 1,968,660	Total funds 2021 £ 1,968,660
	1,968,660	1,968,660
	-	-
	1,968,660	1,968,660
	1,968,660	1,968,660
	1,968,660	1,968,660

The Statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 9 to 15 form part of these financial statements.

Page 6

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

BALANCE SHEET AS AT 31 DECEMBER 2021

Note Fixed assets Tangible assets 5 Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total net assets Charity funds Restricted funds 10 Unrestricted funds 10 Total funds	3,719 101,769	2021 £ 1,759,837 108,560
		1,868,397 100,263
	105,488 (5,225)
		1,968,660
		- 1,968,660
		1,968,660

The financial statements were approved and authorised for issue by the Trustees on 21 October 2022 and signed on their behalf by:

Cllr S J Carey

The notes on pages 9 to 15 form part of these financial statements.

Page 7

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2021 Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investments Net cash used in investing activities Change in cash and cash equivalents in the period Cash and cash equivalents at the end of the period The notes on pages 9 to 15 form part of these financial statements	2021 £ 1,970,166
	(1,759,837) (108,560)
	(1,868,397)
	101,769
	101,769

Page 8

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

1. General information

The Robert Thompson Charities at Saltwood Kent is a charity registered in England and Wales under charity number 1194270. The registered office of the charity is Henwood House, Henwood, Ashford, Kent, TN24 8DH.

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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Robert Thompson Charities at Saltwood Kent 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.

2.2 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.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.3 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 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.

Page 9

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.3 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the most appropriate basis..

Depreciation is provided on the following bases:

Freehold property - Not depreciated Freehold property - 10% straight line improvements Fixtures and fittings - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

2.4 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 Statement of financial activities.

2.5 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.

2.6 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.

2.7 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 Statement of financial activities as a finance cost.

2.8 Financial instruments

The Charity 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.

Page 10

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.9 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 Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

3. Income from donations and legacies

Donations	Unrestricted funds 2021 £ 1,968,660	Total funds 2021 £ 1,968,660

The donations represent the market value of the assets and liabilities transferred from the old unincorporated charity of the same name. The market value of the assets and liabilities exceeded the book value within the old charity of £516,505 by £1,452,155, resulting in a total donation of £1,968,660 being recognised.

4. Trustees' remuneration and expenses

During the period, no Trustees received any remuneration or other benefits.

During the period ended 31 December 2021, no Trustee expenses have been incurred.

5. Tangible fixed assets

Cost or valuation Additions At 31 December 2021 Net book value At 31 December 2021	Freehold property £ 1,755,000	Fixtures and fittings £ 4,837	Total £ 1,759,837
	1,755,000	4,837	1,759,837
	1,755,000	4,837	1,759,837

1,755,000 4,837 1,759,837

Page 11

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

6. Fixed asset investments Cost or valuation Additions At 31 December 2021 Net book value At 31 December 2021 7. Debtors Due within one year Trade debtors Prepayments and accrued income 8. Creditors: Amounts falling due within one year Other creditors Accruals and deferred income 9. Financial instruments Financial assets Financial assets measured at fair value through income and expenditure	Listed investments £ 108,560
	108,560
	108,560
	2021 £ 895 2,824
	3,719
	2021 £ 844 4,381
	5,225
	2021 £ 101,769

Financial assets measured at fair value through income and expenditure comprise bank and cash balances.

Page 12

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

10. Statement of funds

Statement of funds - current period

Unrestricted funds Designated funds Extraordinary Repair Fund Cyclical Maintenance Fund General funds General Fund Total Unrestricted funds	Income £ - -	Transfers in/out £ 124,200 18,000	Balance at 31 December 2021 £ 124,200 18,000
	-	142,200	142,200
	1,968,660	(142,200)	1,826,460
	1,968,660	-	1,968,660

The general fund represents the free funds of the charity which are not designated for particular purpose.

The cyclical maintenance fund has been designated by the trustees to meet the cost or ordinary items of repair and maintenance which recur at infrequent but regular intervals, such as internal and external redecoration.

The extraordinary repair fund has been designated by the trustees to cover major repairs and improvements, such as re-roofing or the installation of a new heating system.

11. Summary of funds

Summary of funds - current period

Designated funds General funds	Income £ - 1,968,660	Transfers in/out £ 142,200 (142,200)	Balance at 31 December 2021 £ 142,200 1,826,460
	1,968,660	-	1,968,660

Page 13

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

12. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2021 £ 1,759,837 108,560 105,488 (5,225)	Total funds 2021 £ 1,759,837 108,560 105,488 (5,225)
	1,968,660	1,968,660

13. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities) Adjustments for: Decrease/(increase) in debtors Increase in creditors Net cash provided by operating activities	2021 £ 1,968,660 (3,719) 5,225
	1,970,166

14. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	2021 £ 101,769
	101,769

Page 14

THE ROBERT THOMPSON CHARITIES AT SALTWOOD KENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021

15. Analysis of changes in net debt

Cash at bank and in hand	Cash flows £ 101,769	At 31 December 2021 £ 101,769
	101,769	101,769

16. Related party transactions

On 31 December 2021, the charity received a donation of the activities and net assets of an unincorporated charity of the same name. The charity has not entered into any other related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2021

Page 15