**REGISTERED CHARITY NUMBER: 209188** ## REPORT OF THE TRUSTEES AND ## UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ## FOR ## ASHFORD PAROCHIAL CHARITY Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS ASHFORD PAROCHIAL CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Notes to the Financial Statements|7|to|13| |Detailed Statement of Financial Activities||14|| ASHFORD PAROCHIAL CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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 objects of the component part of the charity are as follows : ## 1. 'The Church Lands' The annual income of the charity shall be applied in the maintenance and repair of the fabric of the Parish Church of Ashford. ## 2. 'The Sidney & Lillian Howland Trusts' a) CH - The object of the charity is to provide funds for the maintenance of the Parish Church of Ashford after all necessary expenditure on the repair and upkeep of the charity's property. b) CH No 2 - The object of the charity is to provide funds for the maintenance and repair of the fabric of the Parish Church of Ashford. ## 3. 'The RE Wicken Trust (CH)' The Legacy income shall be applied in the maintenance and repair of the fabric of the Church of Saint Mary the Virgin. During the year the charity has been able to meet its' objectives by supporting the maintenance and repair of the fabric of the Parish Church of Ashford. 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. ## **ACHIEVEMENT AND PERFORMANCE** ## **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. ## **Investment performance** The majority of the charity's funds are invested in freehold property, which generated rent receivable of £16,323 (2022 - £16,343) during the year and shares which generated dividends receivable of £34,905 (2022 - £31,462) during the year. Freehold properties are stated at valuations provided by Messrs Taylor Riley, Chartered Surveyors as at 23 January 2023. The share portfolios are managed by CCLA Investment Management Limited, M&G Charities and Canaccord Genuity Wealth Management. Investments, excluding properties, have increased in value and at 31 December 2023 amount to £982,183 (2022 - £965,704). Overall funds at the year end totalled £1,492,985 (2022 - £1,447,498). The net surplus/(deficit) for the year, after costs of activities in furtherance of the charity's objectives and operational expenses of £43,267 (2022 - £29,686) was £35,487 surplus (2022 - £45,711 deficit). Page 1 ASHFORD PAROCHIAL CHARITY ## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees maintain reserves at a level they deem sufficient for the future of the charity. It is the charity's policy to maintain a balance of at least 3 months average expenditure in current accounts held at Lloyds, to meet its day to day running costs. In addition the charity holds cash on deposit with their investment managers to fund large one-off repair costs and also to generate additional investment income. ## **FUTURE PLANS** The trustees are satisfied that the investment strategy adopted will enable them to continue with the stated objects of the charities in the future. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Under schemes established by the Charity Commissioners on 31 October 1890 and 9 April 1895, the property and investments formerly administered as assets of 'The Church Lands' charity were to be administered as assets of Ashford Parochial Charities. At the same time, the property and investments formerly administered as assets of Richard Best (founded 1574), Thomas Milles (1625), Sir Richard Smith, Martha Copley (1668), William Brett (1704) and John Barlow (1820) were to be administered as asset of Ashford Parochial Charities, under the Poor Account. Subsequently, the Sidney and Lillian Howland Trusts were founded on 2 July 1975 following the death of Lillian Howland and these assets are also administered as part of Ashford Parochial Charities. ## **Recruitment and appointment of new trustees** The board of trustees is made up of four trustees from the Borough Council, three trustees which include the Rector of Ashford and two Church Wardens, and the remaining trustees are individuals with local knowledge. The appointment of the trustees from the Council takes place with the Council and the appointment of the Rector of Ashford and Church Wardens is automatic with their position. For an individual to be appointed, they must be proposed by one of the existing trustees, then seconded by an existing trustee, and all other trustees must agree. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 209188 ## **Principal address** 115 Faversham Road Kennington Ashford Kent TN24 9DE Page 2 ASHFORD PAROCHIAL CHARITY ## REPORT OF THE TRUSTEES ## FOR THE YEAR ENDED 31 DECEMBER 2023 **Trustees** R Blount B J Heyes L W Krause J D Hudson Rev. Canon J Worthen Cllr L Suddards (resigned 8.6.23) Miss C S Hannah J K Fox (appointed 7.6.23) Dr C J Hallett (appointed 7.6.23) Cllr E E Wright (appointed 7.6.23) **Independent Examiner** S G Whorlow FCA Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... Rev. Canon J Worthen - Trustee Page 3 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASHFORD PAROCHIAL CHARITY ## **Independent examiner's report to the trustees of Ashford Parochial Charity** I report to the charity trustees on my examination of the accounts of Ashford Parochial Charity (the Trust) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the 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. S G Whorlow FCA Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS Date: ............................................. Page 4 ASHFORD PAROCHIAL CHARITY ## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
9
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
30,941
7,812
14,174
21,986
32,777
41,732
(515)
41,217
909,154
950,371|Restricted
funds
£
21,965
3,997
17,284
21,281
3,071
3,755
515
4,270
538,344
542,614|31.12.23
Total
funds
£
52,906
11,809
31,458
43,267
35,848
45,487
-
45,487
1,447,498
1,492,985|31.12.22
Total
funds
£
48,350
12,695
16,991
29,686
(64,375)
(45,711)
-
(45,711)
1,493,209
1,447,498| |---|---|---|---|---| The notes form part of these financial statements Page 5 ## ASHFORD PAROCHIAL CHARITY ## BALANCE SHEET ## 31 DECEMBER 2023 |Notes
**FIXED ASSETS**
Investment property
6
**CURRENT ASSETS**
Investments
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
380,000
495,261
76,095
571,356
(985)
570,371
950,371
950,371|Restricted
funds
£
-
486,922
56,207
543,129
(515)
542,614
542,614
542,614|31.12.23
Total
funds
£
380,000
982,183
132,302
1,114,485
(1,500)
1,112,985
1,492,985
1,492,985
950,371
542,614
1,492,985|31.12.22
Total
funds
£
380,000
965,704
103,234
1,068,938
(1,440)
1,067,498
1,447,498
1,447,498
909,154
538,344
1,447,498| |---|---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. Trustee The notes form part of these financial statements Page 6 ASHFORD PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. ## **Income** All income 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. ## **Investment property** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. ## **Taxation** The charity is exempt from 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. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Rents received|16,323|16,343| |Deposit account interest|1,678|545| |Dividends received|34,905|31,462| ||52,906|48,350| continued... Page 7 ASHFORD PAROCHIAL CHARITY ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ## **3. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Portfolio management|7,646|8,112| |Property repairs|4,163|4,583| ||11,809|12,695| ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward|Unrestricted
funds
£
28,328
8,362
5,000
13,362
4,498
19,464
(515)
18,949
890,205|Restricted
funds
£
20,022
4,333
11,991
16,324
(68,873)
(65,175)
515
(64,660)
603,004|Total
funds
£
48,350
12,695
16,991
29,686
(64,375)
(45,711)
-
(45,711)
1,493,209| |---|---|---|---| continued... Page 8 ASHFORD PAROCHIAL CHARITY ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 |**5.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
funds
funds
£
£
**TOTAL FUNDS CARRIED FORWARD**
909,154
538,344
**6.**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 January 2023
and 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022
Fair value at 31 December 2023 is represented by:
Valuation in 2018
Valuation in 2022
Cost
**7.**
**CURRENT ASSET INVESTMENTS**
31.12.23
£
Listed investments
982,183||Total
funds
£| |---|---|---| |||1,447,498| |||£
380,000
380,000
380,000
£
79,000
80,000
221,000
380,000
31.12.22
£
965,704| continued... Page 9 ASHFORD PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
S&L Howland 1
Churchlands
**Restricted funds**
S&L Howland 2
Wicken Trust
**TOTAL FUNDS**
Net movement in funds, included in the above are a
**Unrestricted funds**
S&L Howland 1
Churchlands
**Restricted funds**
S&L Howland 2
Wicken Trust
**TOTAL FUNDS**|At 1.1.23
£
431,992
477,162
909,154
311,028
227,316
538,344
1,447,498
s follows:
Incoming
resources
£
17,521
13,420
30,941
13,578
8,387
21,965
52,906|Net
movement
in funds
£
7,744
33,988
41,732
7,893
(4,138)
3,755
45,487
Resources
expended
£
(9,777)
(12,209)
(21,986)
(8,853)
(12,428)
(21,281)
(43,267)|31.12.23
£
1,500
Transfers
between
funds
£
(1,075)
560
(515)
265
250
515
-
Gains and
losses
£
-
32,777
32,777
3,168
(97)
3,071
35,848|31.12.22
£
1,440
At
31.12.23
£
438,661
511,710
950,371
319,186
223,428
542,614
1,492,985
Movement
in funds
£
7,744
33,988
41,732
7,893
(4,138)
3,755
45,487| |---|---|---|---|---| ## **9. MOVEMENT IN FUNDS** continued... Page 10 ASHFORD PAROCHIAL CHARITY ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ## **9. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
S&L Howland 1
Churchlands
**Restricted funds**
S&L Howland 2
Wicken Trust
**TOTAL FUNDS**|At 1.1.22
£
345,263
544,942
890,205
339,846
263,158
603,004
1,493,209|Net
movement
in funds
£
87,804
(68,340)
19,464
(29,083)
(36,092)
(65,175)
(45,711)|Transfers
between
funds
£
(1,075)
560
(515)
265
250
515
-|At
31.12.22
£
431,992
477,162| |---|---|---|---|---| |||||909,154
311,028
227,316| |||||538,344| |||||1,447,498| Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |S&L Howland 1|16,827|(9,023)|80,000|87,804| |Churchlands|11,501|(4,339)|(75,502)|(68,340)| ||28,328|(13,362)|4,498|19,464| |**Restricted funds**||||| |S&L Howland 2|12,468|(8,229)|(33,322)|(29,083)| |Wicken Trust|7,554|(8,095)|(35,551)|(36,092)| ||20,022|(16,324)|(68,873)|(65,175)| |**TOTAL FUNDS**|48,350|(29,686)|(64,375)|(45,711)| continued... Page 11 ASHFORD PAROCHIAL CHARITY ## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
S&L Howland 1
Churchlands
**Restricted funds**
S&L Howland 2
Wicken Trust
**TOTAL FUNDS**|At 1.1.22
£
345,263
544,942
890,205
339,846
263,158
603,004
1,493,209|Net
movement
in funds
£
95,548
(34,352)
61,196
(21,190)
(40,230)
(61,420)
(224)|Transfers
between
funds
£
(2,150)
1,120
(1,030)
530
500
1,030
-|At
31.12.23
£
438,661
511,710| |---|---|---|---|---| |||||950,371
319,186
223,428| |||||542,614| |||||1,492,985| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |S&L Howland 1|34,348|(18,800)|80,000|95,548| |Churchlands|24,921|(16,548)|(42,725)|(34,352)| ||59,269|(35,348)|37,275|61,196| |**Restricted funds**||||| |S&L Howland 2|26,046|(17,082)|(30,154)|(21,190)| |Wicken Trust|15,941|(20,523)|(35,648)|(40,230)| ||41,987|(37,605)|(65,802)|(61,420)| |**TOTAL FUNDS**|101,256|(72,953)|(28,527)|(224)| continued... Page 12 ASHFORD PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2023. Page 13 ASHFORD PAROCHIAL CHARITY ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 ||31.12.23|31.12.22| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Rents received|16,323|16,343| |Deposit account interest|1,678|545| |Dividends received|34,905|31,462| ||52,906|48,350| |**Total incoming resources**|52,906|48,350| |**EXPENDITURE**||| |**Investment management costs**||| |Portfolio management|7,646|8,112| |Property repairs|4,163|4,583| ||11,809|12,695| |**Other**||| |Wages|1,880|1,790| |Insurance|1,975|1,477| |Clerks expenses|74|52| |Ashford PCC|24,769|12,232| ||28,698|15,551| |**Support costs**||| |**Governance costs**||| |Accountancy and legal fees|2,760|1,440| |Total resources expended|43,267|29,686| |**Net income before gains and losses**|9,639|18,664| |**Realised recognised gains and losses**||| |Realised gains/(losses) on fixed asset investments|35,848|(64,375)| |**Net income/(expenditure)**|45,487|(45,711)| This page does not form part of the statutory financial statements Page 14