Chariry registration nurnber.. 211528 Folkestone Municipal Charity Ann1 Report and Financial Siaiements for ihe Year Ended 31 March 2024 Beresfords Chanered Certified Accountants 1-2 Rhodium Point Spindle Close Hawkinge Folkesione Keni CT18 7TQ
Folkestone Municipal Cbarity Contents (continu) Reference and Administrniive Deiails Trustee5' R¢port 2to3 Stalern¢nt of Trusiees. Responsibililie5 Independeni Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the financial Stotemenis 8t0 14
Folkestone Municipal Charity Referen¢¢ and Administralii'e Detydils Trustees MT5 S Thorne Mr RC Wesi Mr R C P Medlico Mrs M Hun¢er Mrs R Braid Mr J Bonomy Cllr N Keen Cllr L McGirr Cllr B Walker Cllr A Lockwood Mr P Wesl Cllr A AkulTo-Kelly 2115?8 Chgrily Regis¢r8lion Nufflber Princlpal Offlce Romney House Cliff Road Hhe Keni CT215XA Independent Eiamlner Beresfords Chanered Certified Accouniants 1-2 Rhodium Poini Spindle Close Hawkinge Folkesione Kenl CT18 7TQ Page I
Folkestone Muni¢ipal Charity, Trnstees, Report The trusiees presenr the annual reith together with ihe financial swements of lh¢ Charity for the year ended 31 Mar¢h 2024. Objectives And 8Ctivilie5 Obj¢£'lJ andulms The obJec¢ive of the charity 15 lo provide relief in need to residents of Folkesione by provision of grdnts io individuals or organisaiions and by payment of monihly awards io needy residents. ObJeLlives, slralegles 4nd ocilvliles The charity receives ref¢rrJls from la7 services and other sources. All cases are referred to the committee of trustee5 or. in ¢ases of emergency, to such mernbe of the ex¢¢utive commilltt as are available. Relief in n¢¢d. when sanctioned by ihe trustees Is made #voiloble wherever possible by payment dir¢c¢ 10 5uppli¢rs of goods and services. Publl¢' beneJ71 The irusiees confimi that they hav¢ ¢omplied with ihe requiremcnls of seclion 17 of the Chariiies Aci 2011 to have due regard io ihe public beD¢fil guidan¢e published by ihe Charity Commission for England and Wales. GruKI m4klngpnllcles Thl ITusices as a group meei in order io decide upon 8ran¢ appli¢aiions. Granis are made if ihe trnstees feel the application has merit and is in line with ihe chariiy's constilutionJl aims. Financl#l revltw Piillcjy reserves The ITUStees inainlain a reserve of £33.0(K) in order lo fvnd any unanticipated expendiiure or to cover ihe normal expendi¢ure of the Charl should there be a change in the incoming resources. Any other unre%lrict¢d funds are to be 5peni in accordance with ihe charity's con51ilulioD. Invoimenlpollcy ond iibJecilve5 The ITUStees have the power io invesi in such assds as the) see fil. Due to the present markei condiiions. Ihe (rusiees consider Iheir current investmenis io be ihe mosi appropriate in order to 8cneraie income io Ineet their aniicipaied expenditure. Going concer Aller making appropriate enquiries, the irusiees have a resonable expectation that the charity has adequate resources io continue in operdlional exi5tcnce for Ihe foreseeable fulure. For this rca50n ihey coniinue io adopt the going concern basis in preparing the financial staiements. The Irustees have considered the circumsiances of Covid 19 and do not regard them having an impact on ihe charity's abiliry io corhlinue 18 a Boing concern. Structure* goverthance man4g¢m¢nt Naitsre olgoveruing docHm¢tsi The charity is controlled by its governing dLKument, a deed of trust. and consiiiutes an unincoTporated charity. li was registered with the Charity Commission with effect from 29th June 1984 under ihe charity number 211528. Page 2
Folkeslone Municipal Charity Trustees, Report (continued) R¢£'ruilmeMi and oppoinlmenl olirusiees Tnjsiees are appointed when a vacancy occurs by personal recommendation from existing trUeeS and elected at n annual genernl meeting. The annual report was approved by ihe Ine¢S of the charily on ......... .. d signed on lis behalf by.. Mr5 S Thorne Trustee Page 3
Folkestooe Municipal Charity Statement of Trnstee$' ReSPODsibilities The tru5t¢¢s are responsible for pr¢paring ihe injsiees. report and ihe financial staternents in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Acceptcd Accounting Pra¢tic¢l and applicabl¢ law and regulations. The law applicable to charities requires the twstees io prepare financial 51atements for each financial year which give a irue and fair view of ihe siaie of affairs of ihe Charity. and of the incoming resources and application of resources of the Charity for thai perii)d. In preparing ihese financial statements. the irusi¢¢s we required io.. select suitable accounting wTrlicies and ihen appl>. Ihem consisienily. observe ihe methods and prineiples in the Charities SORP: make judgements and eslimaies ihai are reasonable and prndeni: state w'hether applicable accouniing sthndards have been followed. subject to any mai¢rial departures disclo%d and explained in ihe financial siaiem¢nts: and prepare lh¢ financial siaiemenis on ihe going concern bosis unless it is inappropriate to presume thai ihe charity will ¢oniinue in business. The trusiees are responsible for keeping proper aountIng records thai disclose with reOnable accuracy ai any lime the financial p05Trtion of the chariry and enable ihem io ensure ihai the financial SlementS coinply with Ihe Chariiies Aci 2011. the Chariiies (Accounts ond Reponsl RebTulaiions 2008. and ihe provisions of Ihe (TrnsliluiioTh. The trusl¢es are also re5)n$1b1t for safeguarding the as5els of ihe charity and hence for iakin8 rcasonablc sieps for th¢ prevention and detection of fraud and other irregularities. I'he tru51c¢s are responsible for ihe mainienance and inlegriiy of the corporaie and financial infonnatiofb inLluded on ihe charitable compan) s website. l*gi51aiion goveTnin8 the prepardtion and dissemination of fin#nrial 51atemenis may ditTer from legislaiion in other jurisdictions. Approved by the trusl¢cs of the chariiy ontz.lili.4... and signed on 1¢$ behalf by.. Mrs S Thorne TTU51ee Page 4
Folkestone Muni¢ipal Charity Independent Examiner's Report to the trustees of Folkcslone Municipal Charity I report to the trnsitts on my exarninalion of the accounis of Folkesione Munkcipal Charity for (he year ended 31 March ?024. RespuNslbilitit5 and basi$ of rert As the chariij trustees of Folkeslone Municipal Charity you are responsible for the preparation of the accounls in accordance with ihe requirements of the Charities Aci 2011 {'th¢ Acl"). I report in respeci of my examination of ihe Folkesione Municipal Charity's aecounis carried oui under section 145 of the ?0 I l Aci and in caryying out m). examinaiion I have followed all the applicable Directions given by the Charity Commission under section 14515Mb} of ihe Aci. Indtptndtnt ex*min¢r's 5t8ltmenl I hav¢ coinpleted my exaininaiion. I confimh Ihai no material matters have com¢ io my aneniion in conneciion with the examinaiion giving me ¢¥use io believe thai in any maieri¥l r¢spe¢t.' l. accounting records were kepi in re5t of Folkestone Municipal Charity a5 required by section 130 or the Act,. or 2. the accounis do nol accord with those records.. or J. the accouTh¢5 do not compl>. wilh ihe accouniing requirements concerning ihe fonn and conieni of occounis sei out in Ih¢ Charitie5 IALcounis and Rerts) Regulations ?008 oiher Ihan any r¢quireimenl that the accounis give a 'true and fair view, which is noi a maller consbdered 4$ Part of an ind¢pendeni examination. I have no concerns and hav¢ come across no olr mailers in connection lIh ihe examination to which attenlion should be drawn in ihis report in order io enable a PTop¢r understsnding of the accounts to re4¢h¢d. Mr Daniel Payne FCCA Beresfords Chartered Certified Accounianis 1-2 Rhodium Point Spindle Close Hawkinge Folk'¢ston¢ Kent CTI8 7TQ Da¢e'. Page 5
Folkestone Municipal Charity Statement of Financial A¢tivities for the Year Ended 31 March 2024 Unr¢stricted funds Total 2024 Note Income and F.ndowments (rom: Invesimeni income 134.813 134.813 Total income 134.813 134.813 Expenditure on: Charttable acliviiie5 (160.289) 1160.289) Total expenditure Gainslllossesl on invesimeni a 1160.?89} 259.484 1160.289) 259,484 Net income 234,008 234,008 Net Inovcinenl in fund 234.008 234,008 Rtctsnclli#tlon of funds Total lunds broughi lorward Total funds carried forward 4.370.1?1 4.370.121 12 4.6(M, 199 Unre51rirl¢d rund5 4.604.1 ?9 Tot#1 2023 Nole Income 8nd Endowments from: InvesiinLni income 131,714 Total income Expenditure OTh: Charitable activities (124.5371 {124.537 Total expenditure Gainsl(losses) on investment assets (124.5371 1156.213) {124.537) (156.213 Net expenditure (149,036) (149.036 Nei movement in funds (149,036) {149.036) Refoneiliation of funds Total funds brought forward Total funds carried forwwd 4,519.157 4.519.157 12 4.370,121 4.370.121 All of the charity'5 activities derive from continuing rationS during ihe above two p¢rii)ds. The funds breakdown for 2023 is shown in note 12. The neS on pages 8 to 14 form an iniegrdl part of these financial statements. Page 6
Folkestone Muni¢ipal Chvdritv (Registration Dumber: 211528) Balance Sheet 9$ 4t 31 March 2024 2024 2023 Note Fix¢d a5Stts Inve5tmcnis 4.469.380 4.209.896 Current assets Debior5 Cash at bank and in hand 10 31.570 104.8?] 30.716 136.391 161,867 Crediiors: Amoynt$ falling dye within one yt#r 11.64?) 11.642) Ne¢ eurrent 855¢¢$ 134.74¢4 160.925 N¢t assets 4.(J04.129 4,370.121 Funds of th¢ eh#rity: Unrestricted intome fund$ lJnresiricied fund5 4.604,129 4.370,1?1 Toial funds 12 4.604.] ?9 4,370.121 The financial sialemenls on page5 6 10 14 were approved by the InJstee5. and auihorised for issue on LilsThli4. and si&>neil on their behalf by.. M¥s S Thome Trustee The notes on page5 8 to 14 forni an iniegrdl part of these financial statements. Page 7
Folkestone Muni¢ipal Charity Notes to the Financial Stalements for the Year Ended 31 March 2024 l Accounting poli¢ies Statement tsf cornplianee The financial siaietnenis have been prepared in accordance wilh the wond ediiion of Ihe Charili¢s Statement of Recommended Practice issued in October 2019. Ihe F'inancial Reporting Stsndard applicable in the Uniied Kingdom and Republic of Ireland {FRS 102) aThJ Ihe Chariiies Act 2011. Basis ol preparation Folkeslone MuniLipal Charity meds ihc definiiion of a public ben¢fil eniiry under FRS 102. The accounis (financial 5tatemenisl have been prepared under the historical cosi conv¢ntion with items recognis¢d at cosi or transaction value unless otherwise staled in Ihe relevant noielsl io ihese accounts. Going ron£ern The irustLes consider ihai ihere are no malerial uncertoinlFes aboui the charity's ability lo continu¢ a5 a going concern. Income and endowments Invthimeni Inc'ome InicrL'st on funds held on dkp05ii is included when receivable and the amovni can be m¢asured reliably bj Ihe charity.. thi5 is norn)all>' upon noiification of ihe inieresi paid or Pd>'able by ihe bank.Dividends are re¢ognised once the dividend has been drflared and notificalion has been received of the dividend due. Expenditure All eipenditure is recognised once ihere is a legal or constructive obligation to thai exp¢ndilure. it is probable 5eiilemeni is required and the amouni can be measured r¢liabl)'. All cosls are allocated io Ihe applicable expendiiure heading thai awegate similar costs lo thai categor),. Where cosls cannot be direcily attributed lo particular headings ihe>' have been all(Kated on a basis consisleni wilh th¢ use of resources, wilh ceniral sialT ¢o%ts allated the basis of lime speni. and d¢pre¢iaiion charges allocaied on the portion of the asset'5 use. Other support C05t5 are allocated based on ihe spread ofstatrc05ts. Churliuhle fjcili,lile Charitable expendilure ¢¢)rnprises those costs in¢uThed by ihe charity. in the deliver). of its aciivilies and 5ervice5 for 115 beneficiaries. It includes boih costs ihal can be allated direcili. to such aciiviti¢s and those cost5 of an indirect nature necessary io support them. Support costs Support cost5 include cenlrnl functions and have been allo¢ed io activity cosi caiegories on a basis consistent with the use of rewurces, for example. allocating property costs by floor areas. or per capiia. staff costs by the time 5p¢nt and other costs by their usage. Governance eost5 These include the cost5 attribuiable io the charl, s compliance wilh constitutional and stalutory reqU1Ments. including audit, strdte¥ic management alld twstees meeting5 and reimburs¢d expenses. Page 8
Folkeslone Municipal Charity, otes to the Financial Stgtements for the Year Ended 31 Mareh 2024 (continued) Txation The charily is considered io Pa lh¢ iesis sei Oui in Paragraph I Schedule 6 of ihe Finance Act 2010 8nd therefor¢ li mttis lh¢ definiiion of a charitable compans. for UK corpordlion rax PU0$¢S. Accordinglj. the harity is poi¢nlially exempt from taxaiion in res1 of income or capital gains received M'iihin categories overed by Chapter 3 Part I l of the Corpordlion Tax Aci ?010 or Seciion 256 of the l axation of Chargeable Gains A¢1 199? 10 ihe exieni thai such income or gains are 8pplied ¢xclusiv¢lN' io charithble purposes. Investment properlies Inv¢51meni property is carried at fair value. derived froTn Ihe current markei prices for Comparable real ¢siaie dcleTmined annually by ¢xtemal valuers. The valuers us¢ obsery8ble Inarkei prices. adjusted if necessary for any dift¢rence in the nature, locaiion or condilion of the specific asset. Changes in fair valuc are recowiised in profit or loss. Flx¢d #sset investment5 Fixed as5¢1 in¥¢simenis, other Ihan programm¢ relaied invesiinenis, yre included ar mark'ei value ai Ihc balance sheei date. Realised gains and losses on inv¢simeTris are cal¢ulaied as ihe difference beiM'c¢n sales proceeds and Iheir markei value ai the start of the year. or thcir subsequent cost. Jnd are ¢har8ed or creiliied io ihe Siaiemeni of Financial Activities in the period ofdispo$81. Unrcali5ed gains and los%s repre5eni ihe mo¥¢meni in mark'¢1 values during the year and are credited or charged io the Sthtemeni of Financial Aciivities based on the markei value 81 ihe year end. Cash e$h equiv#leTrt$ Cash and cash equivalenis comprise cash on hand and co11 deposiis. and other shorl-i¢rm highly liquid investments thai are readily conwenibl¢ io a known amounl of cash and are 5ubjeci 10 an insignificant risk of hanbpe in value. Fund $tructur¢ LlnreslTlCted income funds are genernl funds ihai are available for Use ai the trustees discr¢iion in fvrtherance of the objeclive5 olthe charity. 8e9
Folkestone Municipal Charit), Notes to the Financial Stalements for the Year Ended 31 March 2024 {¢ontinued) 2 Investrnent income UDrestrid¢d T5 General Tot41 2024 Total 2023 Income from dividends; Dividends receivable from oiher listed inve5nnents Inleresi receivable and stmilar IOrne. Inter¢51 receivable on bank d¢posiis Oiher interest receivable Income from rents 117.510 117,510 115.966 2,543 10,710 4.050 2.543 10.710 4.050 988 10,710 4,050 134.813 134,813 131.714 3 Expenditure on eharitable 8f tivitlt5 UnTtrICi¢d fund5 General Total 2023 2024 Note Manageinent Siall-LOSls Grdnis and donation5 Monthly grants Relief in need Gvvernance costs 969 4.550 22.850 54,005 76.273 1.642 969 4.550 22.850 54.(M)5 76.273 1,642 748 5.050 15.820 57.740 43,537 1.642 I,289 160.289 124,537 4 An#ly$is ofgovern*nc¢ and sypport Governgnee eo$i$ Unrestr6cted fund5 Gtnenl Tot81 21124 To¢al 2023 Independent examiner fees Examination of th¢ financbal Sthiemen 1.642 1,642 1.642 1.642 1,642 1.642 Page 10
Folkestonc Muni¢ipal Charity Notes to the Financial Statements for th¢ Year Ended 31 March 2024 {¢ontinued) 5 Trustets remuner8ilon ¥nd expenses Durin¥ the year the charity made ihe following transactions wilh Ices= Mr5 M Hunter Mrs M Hunier received reMunerlOn of £300 (2023.. £3) and £?08 (2023.. £Nill of expenses were reimbursed to Mrs M Hunier duTing ihe year. Mr% M Hunter, Ihe welfar¢ otTic¢r. was reimbursed for iravel ¢xpense5 during ihe year. MTS 14unier was also paid an honorarium during the }'¢ar. No trustees have received any other bentfiis from the charity during lh¢ year. O Staff costs The aggre8ai¢ payroll ¢osis were as follows: 2024 2023 Staff ¢osts during the year were: Honoraria 4.550 No employee received emolumenis of more ihan £60.tNJO durin8 ihe year Honoraria represents £4.25012023 - £4.7501 for the Sccretory's fee and £30012023 . £3001 paid io a iru51ee. 7 Independent txamlner'5 rtmun¢ration 2024 2023 Examinalion ofihe financial siaiements 1,642 1,642 8 TaxatloD Th¢ charity is a registered charity and is iherefore exempi from x&ll0n. 9 Flxed gsset inveslmf nis 2024 2023 Investhient properties Other investtnenis 168.500 4.300,880 168.500 4.041.396 4.469.380 4.209.896 Pagell
Folkestone Municipal Charity Notes lo the Financial Statement5 for Ihe Year Ended 31 March 2024 (¢ontinued) Investment properties Investrnent proper¢ies Cost or Valuation Ai l April 2023 168.500 Proi'ision Ai 31 March 20?4 Net book value Ai 31 March 2024 Ai 31 March 2023 There has bttn no valuation of investment property by an independent valuer. 168.-500 Other investments Lisled iDvt51ments Tolal Co$¢ or Valuation Ai l April 20?3 Revaluation 4.041.396 2.$9.484 4,041.396 259.484 Ai 31 Mar¢h 2024 4.300.880 4.300.88 Net book value At 31 March 2024 4,300.880 4.31N).880 Ai 31 Mar¢h 2023 4.041.396 4,041,396 Page 12
Folke51one Municipal Charitv Noles to Ihe Financial Stalement5 for the Year Ended 31 March 2024 (continued) 10 Debtors 2024 2023 31,570 30.716 Accrued iD¢ome I I Creditors: gmounts fallin% du¢ wiihin one ye*r 21124 2023 1.642 1.642 Accruals 12 Funds Other r¢togni5ed gain(101$¢5l B8l#nce #t 31 Marth 2024 B•lan¢¢ ai I April 2023 Incoming resources Resources eipended Unrestrieted funds 1160.?89) 259.484 4,604,179 General 4.370.1 ?1 134.813 Olh¢r reeo%ni5td 8811151110ssesI B81¥nce 41 31 M#reh 2023 B8lan¢e it I April 2022 Incoming resource5 R¢50urces eipended Unreslrieied funds 156.?131 4.370,121 G¢neTal 4.519,157 131.714 1124.537 13 Analysis of net aS5¢19 betw¢¢n futhd5 Unresirkted funds G¢Ncral Tof31 funds Wt 31 M8rch 2024 Fixed asset inv¢stmenis Current assets Current liabiliiies 4.469.380 136.391 11.6421 4,469.)80 136.391 (1.642) 4,604.1 ?9 4.604.129 Total net a5seis Page 13
Folkeslone Municipal Charity Notes to the Financial Stalements for the Year Ended 31 March 2024 (continued) Unrestricted rund5 General Tolal fund5 at 31 March 2023 Fixed asset invesiments Cuen1 asseis Current liabilities 4,?09,896 161.867 (1.6421 4,209.896 161,867 {1,642} Total net asseis 4.370.121 4.370.1?1 14 Rel#t¢d part). IransgctioTr$ Durin¥ the y¢ar the charity made the following r¢laied party tran5aciions'. Cllr B Walker (Cllr B Walk'er (previously CIIT N Keen) is a trusie¢ of ihe chariry and also ihe Town Mayor of Folkesione.) Durrng the year £8.00012023 - £5.000) was done io the Towm Mayor of Folkesione's Christmas Fund.. Page 14