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← The Kent Foundation

2024-03-31-accounts

Charity number: 291559

The Kent Foundation

Report of the Trustees and Unaudited Financial Statements

For the year ended 31 March 2024

The Kent Foundation Contents Page For the year ended 31 March 2024

Report of the Trustees 1 to 3
Independent Examiner's Report to the Trustees 4
Statement of Financial Activities 5
Statement of Financial Position 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14

The Kent Foundation Report of the Trustees

For the year ended 31 March 2024

The Trustees have pleasure in presenting their report and the financial statements for 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Trust Fund is established for the purpose of:

1) the advancement of education of young people within Kent by the provision of encouragement and promotion of education instruction or training on professions, vocations, industries and/or crafts and trade and/or the skills needed in employment.

2) the relief of poverty of young people within Kent through the provision of assistance (including financial assistance) and encouragement whilst their education is being advanced whilst they are in the process of establishing new businesses or preparing for entering upon or engaged in any profession, trade craft or service.

To deliver these objectives, and to keep in line with contemporary thinking and trends, the Kent Foundation has adopted a range of services to best meet the needs of Kent’s young business people and potential young entrepreneurs.

Statement on public benefit

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

ACHIEVEMENTS AND PERFORMANCE

Significant activities

Key Achievements

·Number of Supported 18-30 yr. olds - 143

·Number of Matched Mentees (at year end) - 102

·Number of New Mentees - 25

·Number of Mentors - 92

·Number of New Mentors Trained - 18

·Number of Mastermind sessions Ave. 5 attendees per event - 8

·Number of networking / collaboration events Ave. 12 attendees per event - 12

We successfully hosted KentBizFest, attracting 150 attendees, and maintained a strong presence at various Kent-based business events, as well as hosting our own networking and masterclass sessions.

Thanks to our volunteer business mentors we have been able to support 25 new mentees this year and offer ongoing support to 102 matched mentees.

Our social media reach has expanded, with our primary audience being females aged 25-34. We've identified a need for a new website and CRM platform to enhance our service delivery and engagement with beneficiaries, which will launch in April 2024.

Our five-year mission aims to support a 25% revenue uplift for 5,000 underserved entrepreneurs. To achieve this, we're implementing a multi-faceted approach:

·Providing tailored mentor matches

·Offering networking events to foster community building and partnerships

·Producing monthly newsletters with resources and information

·Documenting and celebrating success stories, particularly those of young entrepreneurs.

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The Kent Foundation Report of the Trustees Continued

For the year ended 31 March 2024

Achievements against objectives

The Kent Foundation has continued to make significant strides in supporting underserved entrepreneurs across Kent during the 2023/24 financial year. Our efforts have focused on providing mentorship, networking opportunities, and educational resources to foster business growth and development in the region.

Looking ahead to 2024/25, we've identified several areas of focus:

We remain committed to operating efficiently while navigating external challenges such as the cost-of-living crisis, economic uncertainties, and increased business failure rates. Through these efforts, the Kent Foundation continues to play a vital role in nurturing entrepreneurship and supporting business growth across Kent.

FINANCIAL REVIEW

Reserves

The Trustee's policy is to manage the reserves of the Foundation to be able to deliver its core services to young people for at least a twenty four month delivery period taking into account committed future income.

Going concern

During the year the charity received income of £105,022, expended resources of £105,243, resulting in a deficit for the year of £221. This compares to the previous years income of £74,559, expenses of £91,019 and deficit of £16,460.

The principal funding source is KCC providing the majority of grant funding for the charity. The trustees are satisified that the charity is a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Kent Foundation was formed in February 1985 and is an unincoporate charitable trust, registered with the Charity Commission. It is governed by the charitable trust deed Declaration of Trust - The Kent Foundation.

Recruitment and appointment of trustees

With the exception of The Chairman of Kent County Council, new Trustees may be appointed by a majority of Trustees. The Chairman of Kent County Council may, if he/she wishes, be appointed a Trustee and hold office whilst Chairman of Kent County Council.

REFERENCE AND ADMINISTRATIVE INFORMATION

Name of Charity The Kent Foundation Charity registration number 291559 Principal address Room B45 - Sessions House County Road Maidstone Kent ME14 1XQ

Trustees

The trustees and officers serving during the year and since the year end were as follows:

Stephen Wise Michael Pay Lesley Game Linda De Hayes Garcia Liz Jenkins

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The Kent Foundation Report of the Trustees Continued For the year ended 31 March 2024

Independent examiners

Bankers

Dynamix Accountancy Dane John Works Gordon Road Canterbury Kent CT1 3PP Metro Bank One Southampton Row London WC1B 5HA

Approved by the Board of Trustees and signed on its behalf by

............................................................................. Stephen Wise (Chair of Trustees)

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The Kent Foundation

Independent Examiners Report to the Trustees

For the year ended 31 March 2024

I report to the trustees on my examination of the accounts of the charity for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees, 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiners 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 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.

Dynamix Accountancy Dane John Works Gordon Road Canterbury Kent CT1 3PP

25 January 2025

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The Kent Foundation Statement of Financial Activities

For the year ended 31 March 2024

Notes Unrestricted Restricted 2024 2023
funds funds
£ £ £ £
Income and endowments from:
Donations and legacies 2 55,984 48,683 104,667 74,421
Investments 3 355 - 355 138
Total 56,339 48,683 105,022 74,559
Expenditure on:
Charitable activities 4/5 (59,529) (45,714) (105,243) (91,019)
Total (59,529) (45,714) (105,243) (91,019)
Transfers between funds 4,693 (4,693) - -
Net movement in funds 1,503 (1,724) (221) (16,460)
Reconciliation of funds
Total funds brought forward 34,509 4,934 39,443 55,903
Total funds carried forward 36,012 3,210 39,222 39,443

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The Kent Foundation Statement of Financial Position As at 31 March 2024

Notes 2024 2023
£ £
Current assets
Debtors 11 515 3,795
Cash at bank and in hand 40,599 49,215
41,114 53,010
Creditors: amounts falling due within one year 12 (1,892) (13,567)
Net current assets 39,222 39,443
Total assets less current liabilities 39,222 39,443
Net assets 39,222 39,443
The funds of the charity
Restricted income funds 13 3,210 4,934
Unrestricted income funds 13 36,012 34,509
Total funds 39,222 39,443

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

Stephen Wise Chair Of Trustees

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The Kent Foundation Notes to the Financial Statements

For the year ended 31 March 2024

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Charities Act 2011.

The Kent Foundation 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 note(s).

Going concern

The accounts have been prepared on a going conern basis as the Trustees are of the view that the level of reserves will support the charity going forward.

Statement of cash flows

The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their chairtable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of restricted funds are set out in the notes to the financial statements.

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donated goods, services and facilities

Kent County Council donates the following services for which no monetary amount has been included in these accounts: - officers' time for directorial and administrative duties

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:

Taxation

The charity is exempt from tax on its charitable activities.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Pensions

The charity operates a defined contribution pension scheme and the pension charge represetned the amounts payable by the charity to the fund in respect of the year.

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The Kent Foundation Notes to the Financial Statements Continued

For the year ended 31 March 2024

Creditors 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 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. Income from donations and legacies

Unrestricted Restricted 2024 2023
funds funds
£ £ £ £
Donations received 104 - 104 946
Grants received 55,880 48,683 104,563 73,475
55,984 48,683 104,667 74,421

3. Investment income

Unrestricted funds
Bank interest receivable		 2024
£
355
355		 2023
£
138
138

4. Costs of charitable activities by fund type

osts of charitable activities by fund type
Unrestricted Restricted 2024 2023
funds funds
£ £ £ £
Training and development 58,593 45,714 104,307 90,515
Support costs 936 - 936 504
59,529 45,714 105,243 91,019

5. Costs of charitable activities by activity type

2024 2023
£ £
Activities undertaken directly
Training and development 105,243 91,019

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The Kent Foundation Notes to the Financial Statements Continued

For the year ended 31 March 2024

6. Analysis of support costs

nalysis of support costs
2024 2023
£ £
Governance costs
Indepdent Examination 936 504
fees
et income/(expenditure) for the year
This is stated after charging/(crediting):
2024 2023
£ £
Accountancy fees 936 504
Staff pension contributions 1,649 2,326
taff costs and emoluments
Total staff costs for the year ended 31 March 2024 were:
2024 2023
£ £
Salaries and wages 66,479 70,760
Social security costs 722 1,349
Pension costs 1,649 2,326
68,850 74,435
2024 2023
Staff members 3 3
3 3

7. Net income/(expenditure) for the year

8. Staff costs and emoluments

9. Trustee remuneration and related party transactions

During the year no Trustee received any remuneration or any other benefits (2023 - £nil).

During the year ended 31 March 2024 no trustee expenses have been incurred (2023 - £nil).

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The Kent Foundation Notes to the Financial Statements Continued For the year ended 31 March 2024

10. Comparative for the Statement of Financial Activities

Income and endowments from:
Donations and legacies
Investments
Total
Expenditure on:
Charitable activities
Total
Net expenditure
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Debtors
Amounts due within one year:
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Other creditors
PAYE & social security
Other creditors
Accruals and deferred income		 Unrestricted
funds
£
62,205
138
62,343
(73,797)
(73,797)
(11,454)
45,963
34,509		 Restricted
funds
£
12,216
-
12,216
(17,222)
(17,222)
(5,006)
9,940
4,934
2024
£
515
515
2024
£
598
334
-
960
1,892		 2023
£
74,421
138
74,559
(91,019)
(91,019)
(16,460)
55,903
39,443
2023
£
3,795
3,795
2023
£
-
-
430
13,137
13,567

11. Debtors

12. Creditors: amounts falling due within one year

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The Kent Foundation Notes to the Financial Statements Continued

For the year ended 31 March 2024

13. Movement in funds

Unrestricted Funds

Unrestricted Funds
Balance at Incoming Outgoing Transfers Balance at
01/04/2023 resources resources 31/03/2024
£ £ £ £ £
General
General 34,509 56,339 (59,529) 4,693 36,012
34,509 56,339 (59,529) 4,693 36,012
Unrestricted Funds - Previous year
Balance at Incoming Outgoing Transfers Balance at
01/04/2022 resources resources 31/03/2023
£ £ £ £ £
General
General 45,963 62,343 (73,797) - 34,509
45,963 62,343 (73,797) - 34,509

Purpose of unrestricted Funds

General

The general fund is for the furtherance of the charity's objectives.

Restricted Funds

Balance at Incoming Outgoing Transfers Balance at
01/04/2023 resources resources 31/03/2024
£ £ £ £ £
Dartford Project 4,934 10,550 (10,791) (4,693) -
Helping Hands - 19,800 (16,590) - 3,210
Henry Smith Charity - 18,333 (18,333) - -
4,934 48,683 (45,714) (4,693) 3,210
Restricted Funds - Previous year
Balance at Incoming Outgoing Transfers Balance at
01/04/2022 resources resources 31/03/2023
£ £ £ £ £
Dartford Project - 10,549 (5,615) - 4,934
Frank Brake Trust 1,607 - (1,607) - -
Henry Smith Charity 8,333 1,667 (10,000) - -
9,940 12,216 (17,222) - 4,934

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The Kent Foundation Notes to the Financial Statements Continued

For the year ended 31 March 2024

Purpose of restricted funds

Frank Brake Trust

Frank Brake Trust Fund was for sponsorship for Kent Biz Fest 2021. The remaining surplus was carried forward and, with agreement of the Trust, allocated against the event in 2023.

Henry Smith Charity

Henry Smitth charity grant is to fund staff salary costs related to works supporting young people in business in East Kent.

Kent Community Foundation

Kent Community Foundation (Employability, Skills & Enterprise). The project aimed to support young people aged 18 - 30, whether long term unemployed or affected more recently by redundancy / job loss due to Covid - 19 to develop skills and knowledge to progress towards running their own business as a viable career choice.

Dartford Project

The Dartford Fund is for a specific project that is being funded by Dartford Borough Council. The program is open to anyone aged 18 to 30 who has a business idea, or is already trading and wants to grow their company. It provides workshops, support tailored to their business needs and full access to the Charity's business mentoring service.

Helping Hands

The Helping Hands project was a collaboration with Kent County Council to deliver a series training and skills workshops to young people accross the county.

14. Analysis of net assets between funds

Unrestricted funds
General
General
Restricted funds
Helping Hands		 Net current
assets /
(liabilities)
Net Assets
£
£
36,012
36,012
3,210
3,210
39,222
39,222

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The Kent Foundation Notes to the Financial Statements Continued

For the year ended 31 March 2024

Previous year

Unrestricted funds
General
General
Restricted funds
Dartford Project		 Net current
assets /
(liabilities)
Net Assets
£
£
34,509
34,509
4,934
4,934
39,443
39,443

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The Kent Foundation Detailed Statement of Financial Activities For the year ended 31 March 2024

INCOME AND ENDOWMENT
Donations and legacies
Donations
Grants receivable
Investments
Bank interest receivable
Total incoming resources
EXPENDITURE
Charitable activities
Staff costs - wages & salaries
Staff costs - social security costs
Staff costs - pension contributions
Advertising
Bank and processing fees
Sundry expenses
Insurance
Office running costs
Telephone and internet
Travel costs
Awards night
Direct costs
Kent BizFest
Computer and IT costs
Professional fees
Grants payable
Subscriptions
HMRC interest paid
Staff meeting costs
SUPPORT COSTS
Governance costs
Indepdent Examination fees
Total resources expended
Net Expenditure		 £
2024
104
104,563
104,667
355
355
105,022
(66,479)
(722)
(1,649)
(5,543)
(146)
(1,664)
(632)
-
(663)
(1,314)
-
(7,210)
(689)
(2,794)
(657)
(13,500)
(134)
(110)
(401)
(104,307)
(936)
(936)
(105,243)
(221)		 £
2023
946
73,475
74,421
138
138
74,559
(70,759)
(1,349)
(2,326)
(3,912)
(120)
(108)
(259)
(381)
(585)
(670)
(976)
(752)
(1,812)
(360)
(6,146)
-
-
-
-
(90,515)
(504)
(504)
(91,019)
(16,460)

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This page does not form part of the statutory financial statements