| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| The Flounders Folly Trust |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| for |
| The Flounders Folly Trust |
| The Flounders Folly Trust |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 | to | 7 |
| The Flounders Folly Trust (Registered number: 04131405) |
| Report of the Trustees |
| for the Year Ended 31 December 2024 |
| 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 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 |
| Progress and achievements |
| The Trust continued to meet its legal obligation to manage Folly affairs for 'public benefit' and fulfil its ongoing obligations, |
| - to conserve the Folly through monitoring and maintaining the fabric of the Grade II listed building |
| - to spread public awareness and encourage enjoyment of the Folly through open days and associated publicity. |
| 2024 marked 20 years since the completion of restoration work on Flounders' Folly. |
| Our volunteer stewards opened the Folly to visitors in 11 of the 12 months - enabling hundreds of people, from near and far, to enjoy views from the tower. In addition to opening on selected Sundays and some Bank Holidays, we have continuing links with the growingly popular Shropshire Mammothon endurance sports event and numbers are boosted by this association. |
| Our stewards deserve sincere thanks and we will always welcome new volunteers to the list. Sula Baugh, one of our founding trustees, was able to pass the volunteer co-ordinator role to Emily Collyer and we are grateful to Emily for her enthusiastic management of this vital aspect of Folly activity. Without our volunteers to open the tower to visitors, public interest would surely diminish. |
| The Folly website and our Facebook streams continued to be instrumental in drawing visitors to our open days and our leaflets work similarly. |
| The year has held major upsets. In July, we were hit by the untimely sudden death of Richard Cundall, our secretary-treasurer and one of the original Folly trustees. Richard's wisdom, support and efficiency on essential administrative tasks has been instrumental in the Trust's development. He is greatly missed. |
| However, Grant Wilson, one of our newest trustees, has shouldered Richard's administrative responsibilities. The board is grateful to Grant for his smooth management of this unplanned transition. |
| At the end of the year, trustees also received the resignation of Mrs Valerie Hardwick. We thank her for invaluable local knowledge and constructive suggestions on Folly affairs. |
| Visitors now have the benefit of a set of solid hardwood benches and a table, sourced by another new trustee, Marianne Manley, to replace the softwood originals that had fallen victim to the harsh climate. |
| In the autumn, further evidence of 20 years' exposure to the elements became apparent. We were fortunate that three adept helpers were able to repair the flagpole mechanism at the top of the tower. We also discovered damage to the viewing gantry flooring. This is the subject of an ongoing exercise to cost and carry out repairs. While our finances remain relatively stable, with a balance of over £21,000, financing the work is likely to stretch us. |
| Seabury Salmon |
| Chair, Flounders' Folly Trust |
| 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 company was formed under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| The Flounders Folly Trust (Registered number: 04131405) |
| Report of the Trustees |
| for the Year Ended 31 December 2024 |
| Registered office |
| Trustees |
| Company Secretary |
| Approved by order of the board of trustees on |
| The Flounders Folly Trust |
| Statement of Financial Activities |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 22,443 |
| The Flounders Folly Trust (Registered number: 04131405) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 7 |
| Unrestricted funds | 22,443 |
| TOTAL FUNDS | 22,443 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 Flounders Folly Trust |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | 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. |
| 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. |
| 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. |
| 2. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| The Flounders Folly Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted |
| fund |
| £ |
| TOTAL FUNDS CARRIED FORWARD | 22,443 |
| 4. | TANGIBLE FIXED ASSETS |
| The Folly |
| £ |
| COST |
| At 1 January 2024 and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accrued expenses |
| 7. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1/1/24 | in funds | 31/12/24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 22,443 | (943 | ) | 21,500 |
| TOTAL FUNDS | (943 | ) | 21,500 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,042 | (1,985 | ) | (943 | ) |
| TOTAL FUNDS | ( |
) | (943 | ) |
| The Flounders Folly Trust |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1/1/23 | in funds | 31/12/23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 22,309 | 134 | 22,443 |
| TOTAL FUNDS | 22,309 | 134 | 22,443 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,219 | (1,085 | ) | 134 |
| TOTAL FUNDS | 1,219 | (1,085 | ) | 134 |
| 8. | RELATED PARTY DISCLOSURES |