REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
THE FAVERSHAM SOCIETY |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
THE FAVERSHAM SOCIETY |
(A COMPANY LIMITED BY GUARANTEE) |
THE FAVERSHAM SOCIETY |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Report of the Trustees | 1 | to | 6 |
Independent Examiner's Report | 7 |
Statement of Financial Activities | 8 |
Balance Sheet | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 | to | 19 |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. 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 Society is established for the public benefit for the following purpose in the area comprising Faversham and its surroundings , referred to as the "area of benefit". |
i) to educate the public in the geography, history, natural history and architecture of the area of benefit. |
ii) to secure the preservation, protection, development and improvement of features of historic or public interest in the area of benefit. |
iii) to preserve for the people of the area and of the nation, the historic architecture and constructional heritage that may exist in the area of benefit in buildings (including any building defined in Section 336 of the Town & Country Planning Act 1990) of particular beauty or historical, architectural or constructional interest. |
iv) to promote high standards of planning and architecture in or affecting the area of benefit. |
Significant activities |
The Society -manages and staffs a Visitors Information Centre (VIC) in rented space in the Town Hall serving the entire Borough, The VIC includes- a gift shop selling good quality articles, many of them with local interest or content |
The Society owns, maintains and operates a complex of buildings in Preston Street known collectively as the Fleur de Lis Heritage Centre. The complex contains: |
- a museum - the largest in the Borough of Swale |
- a gallery space for temporary exhibitions of arts or on local themes, organised by the Society |
- a second-hand bookshop that generates income for the Society |
- a large reprographic facility to enable in-house publication, for example, of the Society's renowned series of over one hundred "Faversham Papers" |
- a comprehensive local history library and archive, built up over many years, used for educational and information purposes |
- the library of the Marlowe Society |
- well-equipped offices for the use of Council and Committee members to conduct the Society's affairs in a professional manner |
- a meeting room for Board and Committee meetings, and for educational purposes with small groups |
- an attractive walled garden where visitors may see a beautifully restored late Georgian shop-front, once at No 4 Market Place, and recovered by the Society from a museum in Chicago USA. |
The Society maintains, curates and staffs the Fleur de Lis Heritage Centre and the Chart Gunpowder Mills, the oldest of its kind in the world. On behalf of English Heritage it looks after the ruins of Stone Chapel, the only Christian place of worship in the UK to incorporate part of a pagan Roman shrine. |
The Society produces a monthly newsletter that is available to members in hard copy, by email or through the website https://newsletter.favershamsociety.org/ |
The Society also publishes an annual review of all its activities, compiled from the written reports of those responsible for designated functions and activities including Open Gardens, Town Walks, and Fleur de Lys Heritage Centre/ Museum. This report is distributed to all members free of charge. |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
OBJECTIVES AND ACTIVITIES |
Public benefit |
The Society is one of the largest and most active of its kind. It currently has 798 members (this number to be compared with a population of around 30,000) and is run entirely by volunteers. The Society continues to pursue the wide range of activities of earlier years, including the provision of help, advice and information to the general public |
The Trustees confirm that they have complied with Section 4 of the Charities Act 2011 in having due regard for the Charity Commission's general guidance on public benefit. |
Volunteers |
The Society has no paid staff, and relies upon a large number of volunteers, who give generously of their time to enable the Society to achieve its aims and objectives. |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities and future plans |
Post Covid we have begun to rebuild our membership, reaching 800 by the end of 2022. We have recruited new volunteers and introduced volunteer coffee mornings. The town's mayor formally opened the new Faversham Society Visitor Information Centre and shop on Saturday, the 26th of February. The new Visitor Information Centre (VIC) creates an opportunity to promote our town's history and celebrate our heritage. |
In March, we organised an exhibition on behalf of Faversham Museums Together to showcase Faversham's heritage. We use the word museum loosely to include anywhere with heritage that can be visited or viewed. |
Our secondhand bookshop in Gatefield Lane closed on the 13th of August and re-opened on 20th of August in the former VIC space in the Fleur. We extensively refitted and refurbished the shop. Many architectural features were revealed and conserved. There were initial teething difficulties but by the end of the year most of these were resolved and our volunteers were mostly happy with their new premises. |
Moving our visitor information centre and shop to 12 Market Place has substantially increased the prominence of the Faversham Society in the town and increased footfall. We benefit from being at the entrance to the Faversham Charters exhibition, and our volunteers are working harmoniously with those stewarding the exhibition. The new location for the bookshop on Preston Street has also increased footfall. |
73 members attended the AGM. Work continued on succession planning with extensive discussions about how to restructure the Board so that the role of chair would become less demanding, essential to recruiting a new chair in due course. After the formal AGM business, we had two speakers: Dr David Rundle, a Renaissance historian and a paleographer, who talked about how the historians at the University of Kent see the opportunities to undertake research in Faversham. Angela Websdale, a Faversham resident, spoke about her PhD research on the Thomas Beckett Chapel in St Mary of Charity Church. Our relationships with the University of Kent and Canterbury Christ Church University are developing and Professor Catherine Richardson of the University of Kent gave a well-attended talk on Arden of Faversham in the Guildhall. |
We celebrated our 60th anniversary with a tea party for our volunteers hosted in May at Doddington Place by our president, Richard Oldfield. In the autumn, we had two exhibitions to mark our 60th. |
The collection of 60 Secret Treasures in the Fleur was a great success. The Society's exhibition chronicling our activities over six decades held first in the Alexander Centre and then in the exhibition space beside the Visitor Information Centre was appreciated by the many who saw it. |
The museum has been mounting special exhibitions and with no entry fee now being charged, visitor numbers have improved. Lord Harris's gold ticket, part of the Society's collection, was taken to the BBC Antiques Road Show at Belmont House in August. |
The reorganisation, with some refitting of the museum or Fleur de Lis Heritage Centre, is underway and our volunteers have been organising special openings and exhibitions. |
The Faversham Society Archaeological Research Group has continued its extensive explorations around Ospringe, this year digging in Queens Court Farm. |
Open Gardens was a spectacular success, with more than 1,200 paying visitors who came to enjoy the 30 gardens that were open. Thanks go to all those who opened their gardens and organised and staffed the event. Only through the efforts of our volunteers can events like this be organised. There are issues about insurance which need to be resolved. |
Since Arthur Percival died in 2014, a small group of volunteers has been working on his Fleur de Lis archive. Arthur, a founder and director of the Faversham Society, had an extensive archive, comprising photographs, slides, glass plate negatives, correspondence, local history inquiries and written articles. Most of the archive relates to Faversham, but there are also records relating to other geographical areas and areas of interest that he had. Their initial work concentrated on digitising Arthur's glass plate negative collection from the 1890s. The volunteers have also digitised his black and white photograph collection and started on his more modern colour photographs which date from the 1970s to 2014. There are a vast number of photographs to be processed. They have digitised more than 3,500 images and more than 600 newspaper articles from his "Faversham Matters" series published in the Faversham News between 2004 and 2014. |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The Society is placing more emphasis on its archive work. Our volunteers have more than 20,000 slides to digitise and catalogue and Arthur's written archive in over 200 lever arch folders and assorted boxes of papers. Many relate to local history and the late Margaret Harding made a great start cataloguing their contents to make them searchable on a computer. Arthur Percival's archive is placed online as it is digitised at www.arthurpercivalarchive.co.uk. |
The newly formed society publications team has begun publishing high-quality pamphlets and books, the earlier cyclostyled and photocopied A4 Faversham Papers no longer sell. Faversham in 60 Objects was published to mark our 60th was a great success as is Faversham: A Brief History. The new publications are also for sale on our new online store on the website. |
The Faversham Society hosted its first Wikipedia "editathon" in October. Only 1 in 8 of our members is under 60. We know that we must embrace the internet and virtual reality to reach a younger audience and the next generation. |
The Faversham Society remains committed to ensuring public engagement in consultations about development and will organise meetings for any developer when asked. Through this newsletter, we will continue informing members of opportunities to attend consultations or express opinions by other means. The Society has made representations to consultations on the Water Resources South East (WRSE) and the Lower Thames crossing and major housing developments. For the first time, the Society has retained a planning barrister to strengthen our submission on Abbeyfields. By September 2022 there were 40 or so posts on Cleve Hill on our policy blog. We remain very concerned and active on the danger posed by Lithium-ion batteries. |
2023 will see our work on planning continue, the Neighbourhood Plan will go to referendum and Swale is likely to start working again on the Local Plan. Planning applications will continue to come thick and fast. |
As we enter 2023 the Board is taking steps to maintain a register of Board members' interests. The Society has organised a members' meeting to inform its response to the Reg 14 consultation on the Neighbourhood Plan. At the end of 2022 we heard that our efforts to secure a Conservation Area Appraisal had been successful. |
The final stage of the "rehousing" of the Society's activities is underway as we focus on the Heritage Centre or museum. The Boston Room is to be relocated to the former gallery so that there is direct street access, the walls with still be available for paintings and photographs. |
The Society's Heritage Centre or Museum is now one amongst a number. There is now the Kent Police Museum and the Charters in the town. The Town Council is expected shortly to have responsibility again for the Town Warehouse and a maritime heritage exhibition will likely be housed there and very likely a natural history centre. The Society is therefore organising a review of the existing collections in the Fleur to identify gaps and opportunities and ensure adequate space for temporary exhibitions. |
The Society is also reviewing its library and archives of letters, reports, notes, memos, photographs, and other primary sources. We have a very large collection which we expect to grow with bequests. The Society will need in 2023, to formally review the relationship between the museum and the archives and the housing of the collections. |
FINANCIAL REVIEW |
Financial review |
The Society has diverse revenue streams. Amongst the most significant are our second-hand bookshop (£26,416), VIC (£21,022), membership subscriptions (£9,567), flat rental (£6,799), Open Gardens (£6,520) and the VIC. |
We are grateful to Swale Borough Council for the grant of £3,600 for the Visitor Information Centre which serves Swale. |
The Society had a small trading loss on its 2022 accounts, occasioned largely by substantial expenditure on reorganisation and security costs. |
Legacies are significant to the Faversham Society, not least as evidence of people's value of our work. Alan Swan recently left us his remarkable collection of Osborne Plaques along with a gift for insurance and any costs of display and storage. Jessie Wilbourn a former volunteer, remembered us in her will, and we received a donation from the Sir John Swire Charitable Trust. Mr and Mrs Pyatt were members from their arrival in Faversham in the 1970s. Mrs Pyatt's very substantial bequest will be ringfenced for a major project and acknowledged. The Society has also received a residual amount from Hilary Whelan's estate. |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FINANCIAL REVIEW |
Reserves policy |
The Trustees consider that an appropriate minimum level of free reserves should be an amount representing six months core expenditure. This allows some flexibility for the Society to deal with delays or withdrawal of funding, or unexpected additional costs. The level of free reserves (net current assets) at the balance sheet date is £734,107 exceed the minimum requirement, providing financial stability to enable the Society to carry out its aims and objectives. |
Free reserves included £57,130 held for restricted purposes. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The Society is a company limited by guarantee, as defined by the Companies Act 2006. Its governing document is its Memorandum and Articles of Association, dated 23 December 2009, as agreed by Special Resolutions on 24 February 2010 and amended by Special Resolution on 23 April 2014 and 13 April 2016. |
The charitable company has no share capital, but under the terms of the Memorandum of Association, every member is liable to contribute a sum not exceeding £10 in the event of the company being wound up while he or she is a member, or within one year after he or she ceases to be a member, for the payment of the debts and liabilities of the company contracted before he or she ceased to be a member, and the costs, charges and expenses of winding up. |
Recruitment and appointment of new trustees |
The Society typically circulates an invitation to all members to nominate trustees prior to the AGM, advising them of the retiring trustees and requesting nominations for the AGM. From time to time, the Board also reviews whether there are any additional or specialist skills that would be beneficial to have on the Board; it then seeks to identify potential new trustees who will bring those skills and the Board may then appoint new trustees. New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the Society. |
Organisational structure |
The Society's governing body is the Board of Directors and Trustees, whose members are elected by the members of the Society. Trustees meet on average once per month. Any resolutions submitted to a meeting shall be decided by a majority vote of the trustees present at a meeting, but the chairman shall have a second or casting vote. Minutes are taken at each meeting, circulated to trustees along with action points and responsibilities, and kept as a record. |
Risk review |
The Trustees have a duty to identify and review risks to which the Society is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
The following are the key risks deemed by the trustees to be facing the Society: |
- A major impairment of the freehold properties, involving substantial costs. |
- The effect of increased competition on future income from the shops and the hall. |
- The possibility that the required number of volunteers may not be met. |
- Future government legislation in respect of taxes on charity income and rates relief. |
All risks are managed by monitoring by the trustees. Financial risk is monitored via the finance committee by means of a simplified presentation of management accounts for easier understanding by the Board. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Registered office |
Trustees |
Independent Examiner |
Jonathan Fullarton BSc (Hons) FCA |
McCabe Ford Williams |
Chartered Accountants |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE FAVERSHAM SOCIETY |
Independent examiner's report to the trustees of The Faversham Society ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
Jonathan Fullarton BSc (Hons) FCA |
McCabe Ford Williams |
Chartered Accountants |
Charlton House |
Dour Street |
DOVER |
Kent |
CT16 1BL |
Date: ............................................. |
THE FAVERSHAM SOCIETY |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities | 6 |
Charitable activities | 22,641 | - | 22,641 | 13,053 |
Other trading activities | 4 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Charitable activities | 7 |
Charitable activities | 111,121 | 152 | 111,273 | 94,541 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 782,438 |
THE FAVERSHAM SOCIETY (REGISTERED NUMBER: 07112241) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
CURRENT ASSETS |
Stocks | 14 |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 16 |
Unrestricted funds | 1,181,239 | 735,157 |
Restricted funds | 57,130 | 47,281 |
TOTAL FUNDS | 1,238,369 | 782,438 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE FAVERSHAM SOCIETY |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 466,335 | 23,108 |
Net cash provided by operating activities | 466,335 | 23,108 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (5,563 | ) | - |
Interest received | 539 | 66 |
Net cash (used in)/provided by investing activities | (5,024 | ) | 66 |
Change in cash and cash equivalents in the reporting period |
461,311 |
23,174 |
Cash and cash equivalents at the beginning of the reporting period |
267,342 |
244,168 |
Cash and cash equivalents at the end of the reporting period |
728,653 |
267,342 |
THE FAVERSHAM SOCIETY |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2022 | 2021 |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) |
455,931 |
22,404 |
Adjustments for: |
Depreciation charges | 10,447 | 9,056 |
Interest received | (539 | ) | (66 | ) |
Decrease in stocks | 496 | 1,374 |
Decrease in creditors | - | (9,660 | ) |
Net cash provided by operations | 466,335 | 23,108 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank | 267,342 | 461,311 | 728,653 |
267,342 | 461,311 | 728,653 |
Total | 267,342 | 461,311 | 728,653 |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | GENERAL INFORMATION |
The Faversham Society is a company limited by guarantee in England & Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the Report of the Trustees of these financial statements. The nature of the charity's operations and principal activities are to educate the public in the geography, history, natural history and architecture in the Faversham and surrounding areas. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements do not include a cash flow statement on the basis that FRS 102 Section 1A is being applied. |
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. |
The trustees are of the view that the charity holds sufficient reserves to fund activities for several years in the absence of any income, and so the going concern basis is appropriate. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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. |
All grants, donations and legacies are accounted for gross when receivable. |
Income from other charitable activities are accounted for when earned. |
No amount is included in the financial statements for volunteer time in line with SORP (FRS 102). Further detail is given in the Report of the Trustees. |
Expenditure and creditors |
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. |
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and those costs of an indirect nature necessary to support them. |
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the cost of preparing the annual accounts and independent examiners fee. |
Creditors with no stated interest rate and payable within one year are recorded at transaction price. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and buildings | - |
Office equipment | - |
Stocks |
Stock consists of publications and memorabilia and is valued at the lower of cost and net realisable value. No account has been taken of donated second hand book stocks at the year end. |
Taxation |
The charity is exempt from corporation 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. |
Heritage assets |
The Society holds a number of heritage assets which are not included on the balance sheet, being items held on display in the Fleur de Lis Heritage Centre. The trustees consider that the cost of valuing the assets would be onerous compared to the benefits. They are held for the benefit of the charity and are not likely to be realised for cash. |
3. | DONATIONS AND LEGACIES |
2022 | 2021 |
£ | £ |
Donations and gifts |
Members subscriptions |
Fundraising activities | 9,666 | 2,552 |
4. | OTHER TRADING ACTIVITIES |
2022 | 2021 |
£ | £ |
Fundraising events |
Visitors Information Centre | 7,600 | 40,696 |
During the year the charitable company received £7,600 (2021 - £40,696) in local government grants. |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | INVESTMENT INCOME |
2022 | 2021 |
£ | £ |
Rents received |
Deposit account interest |
6. | INCOME FROM CHARITABLE ACTIVITIES |
2022 | 2021 |
Activity | £ | £ |
Shop sales and commission | Charitable activities | 21,022 | 12,032 |
Museum admissions | Charitable activities | 1,139 | 61 |
Hall hire and car park rental | Charitable activities | 480 | 960 |
7. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 8) | note 9) | Totals |
£ | £ | £ |
Charitable activities | 97,260 | 14,013 | 111,273 |
8. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2022 | 2021 |
£ | £ |
Water rates | 498 | 3,053 |
Insurance | 13,251 | 11,185 |
Electricity and gas | 5,803 | 6,615 |
Photocopying and stationery | 2,340 | 2,486 |
Postage and telephone | 3,480 | 2,750 |
Advertising and promotions | 1,907 | 2,384 |
Repairs and maintenance | 52,339 | 43,736 |
Books, gifts, etc | 7,394 | 3,399 |
Conservation and acquisition | 895 | 562 |
Safety and security | 1,764 | 3,651 |
Faversham outreach | 7,589 | 2,187 |
97,260 | 82,008 |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | SUPPORT COSTS |
Governance |
Finance | Other | costs | Totals |
£ | £ | £ | £ |
Charitable activities | 1,370 | 10,447 | 2,196 | 14,013 |
10. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Independent examiners fee | 1,472 | 1,248 |
Legal fees | 724 | - |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Charitable activities | 13,053 | - | 13,053 |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Charitable activities | 94,368 | 173 | 94,541 |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 712,580 | 47,454 |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
TOTAL FUNDS CARRIED FORWARD | 735,157 | 47,281 | 782,438 |
13. | TANGIBLE FIXED ASSETS |
Land and | Office |
buildings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Land with a market value of £165,000 is not depreciated. |
Property held for investment purposes forms part of the building capitalised and held for charitable purposes. The investment property component has not been shown separately as the fair value of the component cannot be measured reliably without undue cost or effort. |
14. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
15. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2022 | 2021 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fixed assets | 504,262 | - | 504,262 | 509,146 |
Current assets |
1,181,239 | 57,130 | 1,238,369 | 782,438 |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 687,949 | 446,082 | (470,229 | ) | 663,802 |
Property Restoration fund | 47,208 | - | - | 47,208 |
Legacies fund | - | - | 470,229 | 470,229 |
446,082 |
Restricted funds |
Arden's House | 371 | - | - | 371 |
Land Fund | 46,075 | - | - | 46,075 |
Arthur Percival Memorial | 835 | (98 | ) | - | 737 |
Museum Fund | - | 9,947 | - | 9,947 |
9,849 |
TOTAL FUNDS | 455,931 | 1,238,369 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 557,203 | (111,121 | ) | 446,082 |
Restricted funds |
Arthur Percival Memorial | - | (98 | ) | (98 | ) |
Museum Fund | 10,001 | (54 | ) | 9,947 |
( |
) | 9,849 |
TOTAL FUNDS | ( |
) | 455,931 |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.21 | in funds | 31.12.21 |
£ | £ | £ |
Unrestricted funds |
General fund | 660,102 | 27,847 | 687,949 |
Property Restoration fund | 52,478 | (5,270 | ) | 47,208 |
712,580 | 22,577 | 735,157 |
Restricted funds |
Arden's House | 371 | - | 371 |
Land Fund | 46,075 | - | 46,075 |
Arthur Percival Memorial | 1,008 | (173 | ) | 835 |
47,454 | (173 | ) | 47,281 |
TOTAL FUNDS | 760,034 | 22,404 | 782,438 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 98,945 | (71,098 | ) | 27,847 |
Property Restoration fund | - | (5,270 | ) | (5,270 | ) |
Legacies fund | 18,000 | (18,000 | ) | - |
116,945 | (94,368 | ) | 22,577 |
Restricted funds |
Arthur Percival Memorial | - | (173 | ) | (173 | ) |
TOTAL FUNDS | 116,945 | (94,541 | ) | 22,404 |
Restricted funds |
The Arden's House fund was set up to provide for the prevention of deterioration to the fabric of Arden's House. |
The Land fund was set up to preserve for posterity selected sites within the Faversham area. |
The Arthur Percival Memorial fund is a fund set up in memory of the late Arthur Percival, to preserve the archives of the late Arthur Percival for active use in the Society's educational programme. |
The Museum Fund comprises of a legacy received in the year and will be used for the preservation and display of the Osborn plaque collection and to preserve free entry to the museum with donation boxes for visitors. |
Designated funds |
Property maintenance fund is to prevent the deterioration of the properties. |
The Legacies fund comprises legacies received by the charity which are designated by the trustees for a particular purpose. During the year two legacies were received and designated for future use yet to be considered. |
THE FAVERSHAM SOCIETY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
17. | RELATED PARTY DISCLOSURES |