REGISTERED CHARITY NUMBER: 213549
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
KENNINGTON PAROCHIAL CHARITY
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
KENNINGTON PAROCHIAL CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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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 11
Detailed Statement of Financial Activities 12
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KENNINGTON PAROCHIAL CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees 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 objects of the charity are as follows : a) Provision of allotments for the poor. b) Provision of almshouses for the needy.
c) For the benefit of residents in the almhouses of the charity.
d) To relieve either generally or individually needy persons resident in the area of benefit.
Activities
Housing owned by the Charity is maintained and rented, together with income generated from cash and investments so as to be assured that the long term objective can be met.
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 Accounting Policies.
Review of activities
Incoming resources for the year amounted to £28,418 (2023 - £24,019). Resources expended amounted to £8,738 (2023 - £7,262). This has resulted in a surplus for the year of £19,680 (2023 - £16,757).
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
Investments are shown at market value at the date of the accounts.
FINANCIAL REVIEW
Reserves policy
The Trustees have reviewed the general reserves held by the charity and feel that they are not excessive. The trustees also feel that the general reserves should represent at least 1 month's expected general expenditure. The trustees continue to seek alternative investments for the charity, and are in consultation with Charity Commission. In the meantime, excess cash has been invested on long term deposits and an investment portfolio to realise the maximum interest available.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Under schemes established by the Charities Commissioners on 6 September 1910 and 27 February 1934, investment formerly administered as assets of "United Charities" were to be administered as assets of Kennington Parochial Charities.
Organisational structure
The Trustees of Kennington Parochial Charities are responsible for the general control and management of the administration of the charity. The Board of Trustees is made up of six members, one of whom must be a vicar, two of which are appointed by the Council, and the remaining two are voted for by the Board of Trustees.
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KENNINGTON PAROCHIAL CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 213549
Principal address 115 Faversham Road Kennington Ashford Kent TN24 9DE
Trustees
P J F Sims A J Buchanan Mrs C White N Iliffe J D Hudson Rev. D C Stamper D J Laws (appointed 27.10.23) M J Bridger (appointed 12.3.24)
Independent Examiner S G Whorlow 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:
........................................................................ Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KENNINGTON PAROCHIAL CHARITY
Independent examiner's report to the trustees of Kennington Parochial Charity
I report to the charity trustees on my examination of the accounts of Kennington Parochial Charity (the Trust) for the year ended 31 March 2024.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
Cassidys Chartered Accountants South Stour Offices Roman Road Mersham Ashford Kent TN25 7HS
Date: .............................................
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KENNINGTON PAROCHIAL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 31.3.24 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 28,418 EXPENDITURE ON Raising funds 3 4,193 Other 4,545 Total 8,738 Net gains/(losses) on investments 120,274 NET INCOME/(EXPENDITURE) 139,954 RECONCILIATION OF FUNDS Total funds brought forward 956,006 TOTAL FUNDS CARRIED FORWARD 1,095,960 |
31.3.23 Total funds £ 24,019 4,123 3,139 7,262 (19,370) (2,613) 958,619 956,006 |
|---|---|
The notes form part of these financial statements
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KENNINGTON PAROCHIAL CHARITY
BALANCE SHEET
31 MARCH 2024
| Notes FIXED ASSETS Investment property 7 CURRENT ASSETS Debtors 8 Investments 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
31.3.24 Unrestricted funds £ 630,000 455 250,228 215,937 466,620 (660) 465,960 1,095,960 1,095,960 1,095,960 1,095,960 |
31.3.23 Total funds £ 520,000 493 216,410 219,750 436,653 (647) 436,006 956,006 956,006 956,006 956,006 |
|---|---|---|
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
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KENNINGTON PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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
| Rents received Deposit account interest Dividends received |
31.3.24 31.3.23 £ £ 13,709 13,741 6,245 2,307 8,464 7,971 |
|---|---|
| 28,418 24,019 |
continued...
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KENNINGTON PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. RAISING FUNDS
Investment management costs
| Investment management costs | |
|---|---|
| Portfolio management Property repairs |
31.3.24 31.3.23 £ £ 2,092 1,991 2,101 2,132 |
| 4,193 4,123 |
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
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Administration | 31.3.24 1 |
31.3.23 1 |
|---|---|---|
| No employees received emoluments in excess of £60,000. 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income |
Unrestricted funds £ 24,019 |
|
| EXPENDITURE ON Raising funds Other |
4,123 3,139 |
|
| Total | 7,262 | |
| Net gains/(losses) on investments | (19,370) | |
| NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
(2,613) 958,619 |
continued...
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KENNINGTON PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
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6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
TOTAL FUNDS CARRIED FORWARD 956,006
7. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 April 2023 520,000
Revaluation 110,000
At 31 March 2024 630,000
NET BOOK VALUE
At 31 March 2024 630,000
At 31 March 2023 520,000
Fair value at 31 March 2024 is represented by:
£
Valuation in 2019 165,472
Valuation in 2024 110,000
Cost 354,528
630,000
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Prepayments 455 493
9. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£ £
Listed investments 250,228 216,410
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KENNINGTON PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund Designated Funds - Investments Designated Funds - Fixed Assets TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund Designated Funds - Investments Designated Funds - Fixed Assets TOTAL FUNDS |
At 1.4.23 £ 195,061 240,945 520,000 956,006 956,006 s follows: Incoming resources £ 19,953 8,465 - 28,418 28,418 |
Net movement in funds £ 13,307 16,647 110,000 139,954 139,954 Resources expended £ (6,646) (2,092) - (8,738) (8,738) |
31.3.24 31.3.23 £ £ 660 647 Transfers between At funds 31.3.24 £ £ 2,505 210,873 (2,505) 255,087 - 630,000 - 1,095,960 - 1,095,960 Gains and Movement losses in funds £ £ - 13,307 10,274 16,647 110,000 110,000 120,274 139,954 120,274 139,954 |
|---|---|---|---|
continued...
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KENNINGTON PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Designated Funds - Investments Designated Funds - Fixed Assets TOTAL FUNDS |
At 1.4.22 £ 191,812 246,807 520,000 958,619 958,619 |
Net movement in funds £ 10,777 (13,390) - (2,613) (2,613) |
Transfers between funds £ (7,528) 7,528 - - - |
At 31.3.23 £ 195,061 240,945 520,000 956,006 956,006 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated Funds - Investments |
Incoming Resources Gains and resources expended losses £ £ £ 16,048 (5,271) - 7,971 (1,991) (19,370) |
Movement in funds £ 10,777 (13,390) |
|---|---|---|
| 24,019 (7,262) (19,370) |
(2,613) | |
| TOTAL FUNDS | 24,019 (7,262) (19,370) |
(2,613) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated Funds - Investments Designated Funds - Fixed Assets TOTAL FUNDS |
At 1.4.22 £ 191,812 246,807 520,000 958,619 958,619 |
Net movement in funds £ 24,084 3,257 110,000 137,341 137,341 |
Transfers between At funds 31.3.24 £ £ (5,023) 210,873 5,023 255,087 - 630,000 - 1,095,960 - 1,095,960 |
|---|---|---|---|
continued...
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KENNINGTON PAROCHIAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated Funds - Investments Designated Funds - Fixed Assets TOTAL FUNDS |
Incoming resources £ 36,001 16,436 - 52,437 52,437 |
Resources expended £ (11,917) (4,083) - (16,000) (16,000) |
Gains and Movement losses in funds £ £ - 24,084 (9,096) 3,257 110,000 110,000 100,904 137,341 100,904 137,341 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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KENNINGTON PAROCHIAL CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Investment income Rents received Deposit account interest Dividends received |
31.3.24 31.3.23 £ £ 13,709 13,741 6,245 2,307 8,464 7,971 |
|---|---|
| 28,418 24,019 |
|
| Total incoming resources EXPENDITURE Investment management costs Portfolio management Property repairs |
28,418 24,019 2,092 1,991 2,101 2,132 |
| Other Wages Insurance Sundry expenses |
4,193 4,123 1,885 1,500 533 644 267 299 |
| Support costs Governance costs Accountancy and legal fees |
2,685 2,443 1,860 696 |
| Total resources expended | 8,738 7,262 |
| Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments |
19,680 16,757 120,274 (19,370) |
| Net income/(expenditure) | 139,954 (2,613) |
This page does not form part of the statutory financial statements
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