PRIORY PARK Charity Registration No 1000195 ANNUAL REPORT & ACCOUNTS YEAR ENDED 315t MARCH 2024
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Contents Trustee's Annual Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Accounts
PRIORY PARK Charity Registration No 1000195 Year Ended 31 March 2024 Trustee's Annual Report The Trustee is pleased to present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Trust's governing document, the Charities Art 2011 and the Statement of Recommended Practice. Charities SORP (FRS102). Objectives and activities To be dedicated, held, used and enjoyed as and for the purposes of a public park for the benefit of the inhabitants of the Borough of Southend-on-sea and the recreation of the public area. The park cover5 about 33 acres of land and is one of the town's premier parks. Priory Park contains fishing13kes, tennis & basketball courts, four bowling greens, football and cricket pitches, cycle paths, a children's playground, formal garden5, a café. the Southend Bandstand and the Prittlewell Priory Museum. which is itself a separate trust. The park is administered and maintained by the City Council which meets any deficit incurred on running the park. The Trustees in making decisions about the Trust make those decisions with due regard to the objects of the Trust. In addition they have due regard to their legal duty to carry out the Trusvs charitable purposes for the Public Benefit and the Charity Commissions, guidance thereon. Achievements and performance Priory Park is currently maintained to allow the purposes in its Governing document set out below to take place during the financial year 2023-24. The Trust generated fees and charges income of £26,533 in 2024 (2023 £7,138) and facilities hire income of £5,860 (2023 £2,441). The Trustee considers that the performance of the charity during the year was good. Plans for the future The Trustees intend to continue with the current activity and maintain the standards of Priory Park.
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Financial revlew The total income for the year of £244,966 (2023 £299,701) includes a donation received from Southend City Council General Fund of £195,666 {2023 £202,575). This donation was received to cover the unrestricted deficit created by the fact that the c05t of maintaining the park exceeded the net income of the charity and the cost of works carried out on fixed assets. ReseThes Policy The trust does not need to hold reserves as any deficit which arises on the operation of the trust, should the trust have no funds to meet it, is funded by Southend on Sea City Council, which is 501e trustee of the trust. Golng concern Priory Park meets the definition of a public benefit entity under FRS102. There are no material uncertainties about the charity's ability to continue as a going concern.
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Structure. governance and management Governlng documents The Trust's Governing document is in the form of an indenture signed on 21 February 1918. The original lands were then added to by conveyance on the followinE dates. 31" December 1923 3 April 1925 10 May 1929 Trustee recruitment and trainlng Southend City Council elected members are corporate Trustees. Therefore Councillors once elected become a corporate Trustee of the Trust. Risk Assessment The city council, when carrying out risk assessments for its own activities, includes within the assessment the activities of the trust. so any major risks applicable to the trust are covered by the council arranging appropriate insurance or having in place strategies to cover other contingencies. Background Priory Park was given in trust to the Borough Council in 1918 under a conveyance between Edward William Blackburn Scratton of the first part, Edward William Howell Blackburn Scratton of the second part, and Robert Arthur Jones of the third part. The park has been extended in later years on a similar basis. The bowls pavilÉon was destroyed by fire during 2002/2003 and it was written out of the Trust's accounts in that year. A replacement was provided by 5outhend-on-Sea City Council and has therefore become the Council's property, and not part of the Trusys property. Southend Bandstand was relocated from Clifftown Parade in 2008 due to unstable cliffs there. A cycle path runs through the park forming part of the network of cycle ways across the city. The cost of the cycle path was paid for by The Cory Environmental Trust in Southend on Sea. Statement of disclosure of information to auditors So far as the trustees are aware, there is no relevant audit information {a5 defined by Section 418 of the Companies Act 20061 of which the charity5 auditors are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charit¢s auditors are aware of that information.
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Reference and administrative details Trustee Southend-on-sea City Council Secretarymeasurer to the Trust Southend-on-sea City Council Address Civic Centre Victoria Avenue Southend-on-sea Essex SS2 6ER Independent Exuminer TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
PRIORY PARK Charity Registration No 1000195 St Year Ended 31 March 2024 Statement of Trustees. Responsibilities The Trustees are responsible for preparing accounts which give a true and fair view of the state of affairs of the Charity a5 at the end of each financial year and the income and expenditure of the Charity for that period. In preparing those accounts, the Trustees are required to: Select suitable and applicable accounting policies and then apply them consistently Make judgement and estimates that are reasonable and prudent Prepare the financial ststements on a going concern basis unless it is inappropriate to presume that the organisation will continue in business The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posltion of the Charity and enable it to ensure that the financial statements comply with charity legislation and the relevant governing instruments. They are responsible for safeguarding the Charitvs assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Results The Trust's financial results are as per the annexed accounts. By order of the Trustees Signed cke J chesterton (Feb 10, 2025 13:41 GMT) Joe Chesterton, Executive Director (Finan & Resources) Date Feb 10, 2025
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Independent Examinerfs Report I report on the accounts of the Trust for the year ended 31st March 2024, which are set out on pages 7 to 14. Responsibilitles 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 Trusvs 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 examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cau to believe that in any rnaterial respect.. l. accounting records were not kept in respect of the Trust as required by section 130 of the 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 15 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. Mark Cummins FCCA FCIE For and on behalf of TC Group Office.. Steyning, West Sussex Dated: 17 F£X)fL4 1
PRIORY PARK Charity Registration No 1000195 st Year Ended 31 March 2024 Statement of Financial Artivitles 2023124 2023124 Unrestricted Endowment 2023/24 Total 2022/23 Total Funds Funds Funds Funds Note Income From Donations Investments Charitable activities 197.186 15.387 32.393 197.186 15.387 32.393 204,990 15,132 9.579 Total Income 244,966 244,966 229,701 Expenditure on Charitable activities 244.966 36251 281,917 266,652 Total expenditure 244,966 36.951 281.917 266,652 Net expenditure and movement in fund5 (36,951) (36.951) (36,9511 Reconciliation of Funds Total funds brought forward Total funds carried forward 636.956 636,956 600,IJ)5 600.005 673,907 636,956 All income and gains for the year are recognised on the statement of financial activities. All the Charity'5 activities are classified as continuing.
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Balance Sheet 2023124 Total Funds 2022/23 Total Funds Note Fixed Assets Tangible Assets Investment Property 515.561 84,444 552,512 84,444 Total Fixed Assets 600,005 636,956 Current Assets Cash at bank and in hand 840 660 Total Current Assets 660 Liabilities Creditors: Amounts falling due within one year (660) Net current assets/{liabilities) Total assets less current liabilities 600,005 636,956 The funds of the charity Endowment funds 10 600.005 636,956 Total charity funds 600.005 636,956 Approved by the Trustee and signed on its behalf by an authorised signatory. Signed J chesterton (Feb 10, 2025 13:41 GMT) Joe Chesterton, Executive Director (Finan & Resources) Southend on Sea City Council for the Trustee Date Feb 10, 2025
PRIORY PARK Charity Registration No 1000195 Year Ended 31 March 2024 Notes to the Accounts Note l Legal Statu5 Priory Park is an unincorporated charity registered in England and Wales (charity number 1000195). Note 2 Accounting Pollcles Bosls of preparation The accounts have been prepared in accordance with 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 l January 2015) - (Charities SORP {FRS 102)}, and the Charities Act 2011. Priory Park meet5 the definFtion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise ststed in the relevant accounting policy notels). There are no material uncertainties about the charit(5 ability to continue as a going concern as a result of the continued support of Southend Borough Council. The financial statements are prepared in Pounds Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Cash Flow Statement In accordance with the Charities SORP (FRS 102) the charity is claiming exemption from the requirement to prepare a cash flow statement on account of it being a small charity. Income Donation5 and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Charitable activities- represent income from rent and are recognised when receivable. Investment income is accounted for when receivable. Expenditure Expenditure is accounted for on an accrual basis exclusive of the element of VAT which is recoverable by Southend City Council in accordance with VAT Notice 749 para 7.5. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Tangible fixed assets and depreciation Tangible fixed assets are capitalised at cost. Land is not depreciated. Buildings are depreciated on a straight-line basis over a period between 20 and 40 years.
PRIORY PARK Charity Registration No 1000195 st Year Ended 31 March 2024 Note 2 Accountln8 Policies (continued) Investment Property Investment property is held at fair value with movement5 being taken to the Statement of Financial Activities. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. No separate bank account is maintained by the Trust, therefore all income and expenditure pass through the City Council's account, and its cash balances are held within the City Council's general bank account. Creditors and provisions Creditor5 and provision5 are recognised where the charity has present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be rneasured or estimated reliably. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. These funds are used to support the day-to-day operations and any other activities that align with the charity's mission. Endowment funds are held in perpetulty. with the capital being invested to generate income. The income from these investments IS Used in accordance with the donor's wishes or the charity'5 governing documents to support specific projects or activities. The capital itself remains intact to ensure long-term financial stability. Critical accounting estimates ond judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relewant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial ststements. Note 3 Income from Donatlons Donations of £195,66612023 £202,575) were from Southend City Council as the funding required to make up the operational deficit for the year. This donation is equitably apportioned across all operational trust expenditure. Donations of £1,520 {2023 £2,415) were receÉved frorn the public in respect of memorial trees. 10
PRIORY PARK Charity Registration No 1000195 Year Ended 31. March 2024 Note 4 Income from Investments 2024 2023 Rent Priory Park Café Rent Priory Park Bowling Pavilion Rent Priory Park Lodge {part) Interest 7,605 4.150 3,599 33 15.387 7,605 4.150 3.364 13 15,132 Note 5 Income from Charitsble Activities 2024 2023 Facilities Hire Fees & Charges 5.860 26.533 32,393 2,441 7,138 9,579 Note 6 Cost of Charitsble Acttvities 2024 2023 Employees Building/Ground Maintenance Utilities Transport Insurance Supplies & Services Depreciation Governance costs Administration 53.546 57.673 53.011 996 5,800 72.599 36.951 840 501 48.617 81,308 44,311 278 4,611 49,475 36,951 660 441 281.917 266,652 The support costs incurred are the administration services provided by Southend City Council and governance costs. Total support costs for the year were £1,341 (2023: £1.101). Governance costs comprise solely of fees paid to independent examiners. During the year £84012023: £660) was paid to the independent examiner in respect of examination services. Employee costs relate to employees of the Council. No staff were remunerated over £60,000 in the year. The charity is managed by Southend City Council and doesn't have any key management personnel. li
PRIORY PARK Charity Registration No 1000195 Year Ended 31 March 2024 Note 7 Fixed Assets Freehold Land & Buildings Asset cost, valuation or revalued amount Balance as at 01/04123 and 31103124 920.770 Accumulated depreciation and impairment reviews Balance brought forward @ 01/04/23 Charge for the year Balan carried forward @ 31103124 368,258 36,951 405.209 Net Book Value Brought fonvard @ 01104123 Carrled fonyard @ 31103124 552,512 515.561 Note 8 Investment Property Investment Property Fair Value Balance brought forward @ 01/04123 Revaluation 84,444 Balance carried fonvard @ 31103124 The charity's investment property consists of the Priory Park Café and was valued on 31 March 2024 by Jamie Redden MRICS. Note 9 Credltors Amounts falling due within one year 2024 2023 Other Creditors 660 Note 10 Endowment fund The endowment fund arose from the donations of land as outlined in the background section of the trustees, report. 12
PRIORY PARK Charity Registration No 1000195 Year Ended 31" March 2024 Note 11 Trustee remuneration No trustee was paid in respect of their ser4ices as a trustee in 2023 or 2024 and no expenditure was reimbursed. Note 12 Related Party Transartions During the year the trustee (Southend City Council} donated £195.666 (2023: £202,575) to the Trust in respect of the funding required to cover the operational deficit for the year and to cover the cost of works required on the fixed assets of the trust. Southend City Council collected a further £47,780 (2023: £24,711) on behalf of the Trust in respect of investment income and income generated from facilities hire. The Trust paid the Council £244,126 in respect of operating costs for the year (2023: £229,040). Note 13 Comparative Funds 2022/23 Unrestricted Funds restated 2022/23 Endowment Funds restated 2022123 Total Funds Restated Note Income From Donations Investments Charitable activities 204,990 15,132 9,579 204,990 15,132 9,579 Total Income 229,701 229,701 Expenditure on Charitable activities 229,701 36,951 266,652 Total expenditure 229,701 36,951 266,652 Net expenditure and movement in funds {36,951) (36,951) Reconciliatlon of funds Total funds brought forward Total funds carried forward 673,907 636.956 679,907 636.956 13
PRIORY PARK Charity Registration No 1000195 Year Ended 31° March 2024 Note 14 Net Assets Between Funds Year Ending 31st March 2024 Unrestricted Endowment Total Fixed Assets 600,005 600,005 840 Current Assets 840 Current Llabilities (840) (840) 600,005 Total 600,005 st Yeor Ending 31 March 2023 Unrestricted Endowment Total Fixed Assets 636,956 636,956 660 Current Assets 660 Cu rrent Liabilities {660} {66Q) 636,956 Tota I 636,956 14