## **HIGHBURY TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
## **31 MARCH 2022**
**Registered charity number: 1039194**
OFFICIAL
## **Highbury Trust**
## **Table of Contents**
Report of the Trustees ............................................................................................................. 2-5 Independent Examiner's Report ................................................................................................. 6 Statement of Financial Activities ............................................................................................... 7 Balance Sheet ............................................................................................................................. 8 Notes to the Financial Statements ......................................................................................... 9-12
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## **Highbury Trust**
## **Report of the Trustees for the Year Ended 31 March 2022**
The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in the notes thereto and comply with the charity’s trust deed and applicable law.
## **Reference and administrative information**
Name of charity: Highbury Trust Registered charity number: 1039194 Address for correspondence: Highbury Trust Birmingham City Council PO Box16306 B2 2XR Trustee: Birmingham City Council – the sole Corporate Trustee Independent Examiner: Mr Jason Seagrave FCCA Seagrave French LLP 1 Poplars Court Lenton Lane Nottingham NG7 2RR Bank: Barclays Bank plc 15 Colmore Row Birmingham B3 2BH
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## **Highbury Trust**
## **Report of the Trustees for the Year Ended 31 March 2022**
**(cont’d)**
## **Structure, Governance and Management**
## _Governing document_
The fund was established by a Trust Deed dated 31 March 1932. It is a registered charity, with charity number 1039194.
## _Recruitment and appointment of trustees_
The trustees, who served during the year, and since the year end, are set out in the reference and administration details on page 2.
## _Trustee Meetings_
Day to day management decisions are made by Trust and Charities Committee, which is made up of eight Council Members. Three members acting as Trustees are necessary to form a quorum. Issues are decided by a simple majority of those present and voting, provided at least two Trustees vote in favour of the resolution. Decisions, such as disposals are made by Full Council sitting separately as Corporate Trustee.
## **Objectives and Activities**
The objects of the Fund are to use the bequest for the benefit of the citizens of Birmingham.
## **Public Benefit**
The Trustees confirm that in the exercise of their powers as a charity trustee, they have had due regard to the published guidance from the Charity Commission on the operation of the public benefit requirement.
## **Achievements and Performance**
Total income for the year was £117,061 (2020-21: £114,079). Charitable expenditure was £158,182 (2020-21: £88,738).
## **Financial Review and Investment Policy**
Unrestricted income for the period amounted to £117,061 (2020-21: £114,079) and the principal funding sources were rents of £67,181 (2020-21: £67,181), interest earned on deposits of £57 (2020-21: £160) and contribution from Birmingham City Council of £49,823 (2020-21: £46,738).
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## **Highbury Trust**
## **Report of the Trustees for the Year Ended 31 March 2022 (cont’d)**
## **Financial Review (cont’d)**
Unrestricted expenditure totalled £158,182 (2020-21: £88,738) and comprised charitable expenditure of £105,000 (2020-21: £42,000), governance costs of £3,529 (2020-21: £1,848) and premises costs of £49,653 (2020-21: £44,890).
The funds represent the value of the properties owned by the Trust. The repair and maintenance of the property is funded by rental income and contributions from Birmingham City Council.
## _Reserves Policy_
It is the policy of the charity to retain unrestricted funds, which are the free reserves of the charity, accumulated through the collection of rent from the Trust’s property portfolio.
## _Risk Management_
The Trustees keep under review the major strategic and operational risks which the charity faces and are satisfied that systems have been established in order to minimise the possible effects of such risks on the charity.
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## **Highbury Trust**
## **Report of the Trustees for the Year Ended 31 March 2022 (cont’d)**
## **Trustees’ Responsibilities in Relation to the Financial Statements**
The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, Financial Reporting Standard (FRS 102) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
**Trustee: Councillor Phil Davis** (Chair of the Trusts and Charities Committee)
Date: 4 February 2025
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OFFICIAL
## **Highbury Trust**
## **Independent Examiner's Report to the Trustees of Highbury Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the 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 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:
1. accounting records were not kept in respect of the charity 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 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.
## **Jason Seagrave FCCA**
Seagrave French LLP 1 Poplars Court Lenton Lane Nottingham NG7 2RR
Date: 4 February 2025
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## **Highbury Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2022**
|**Notes**
**Incoming resources**
Rent
2
Investment income
2
Funding from Birmingham City Council
2
**Total incoming resources**
**Resources expended**
Repairs, ground maintenance & insurance
3
Charitable grant
3
Support costs including audit fee
3
**Total resources expended**
**Net incoming resources before**
**transfers**
**Transfer**
Gross transfers between funds
**Net incoming resources before other**
**recognised gains and losses**
Net gains/losses on investments
Revaluation of fixed assets for charity’s
own use
**Net movement in funds**
**Reconciliation of funds**
Balance of funds brought forward
at 1 April
10
**Balance of funds carried forward**
**at 31 March**
**10**|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**2022**
**£**
**Total**
**2021**
**£**
67,181
-
67,181
67,181
57
-
57
160
49,823
49,823
46,738|
|---|---|
||**117,061**
**-**
**117,061**
**114,079**
49,653
-
49,653
44,890
105,000
- 105,000
42,000
3,529
-
3,529
1,848|
||**158,182**
**-**
**158,182**
**88,738**
**(41,121)**
**-**
**(41,121)**
**25,341**
-
-
-
-|
||**(41,121)**
**-**
**(41,121)**
**25,341**
-
-
-
-
-
-
-
-|
||**(41,121)**
**- (41,121)**
**25,341**
251,339
1,805,000
2,056,339
2,030,998|
||**210,218**
**1,805,000**
**2,015,218**
**2,056,339**|
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## **Highbury Trust**
## **Balance Sheet as at 31 March 2022**
|**Notes**
**Fixed assets**
Investment properties
4
**Current assets**
Cash at bank
Short term deposits
5
Debtors: Amounts falling due within
one year
6
**Current liabilities**
Creditors: Amounts falling due within
one year
7
**Net current assets**
**Net assets**
Reserves
**Funds**|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**2022**
**£**
**Total**
**2021**
**£**
-
1,805,000 1,805,000
1,805,000|
|---|---|
||**-**
**1,805,000 1,805,000**
**1,805,000**
76,998
-
76,998
114,759
134,900
-
134,900
134,900
1,680
-
1,680
3,360|
||**213,578**
-
**213,578**
**253,019**
(3,360)
-
(3,360)
(1,680)|
||**210,218**
**-**
**210,218**
**251,339**|
||**210,218**
**1,805,000 2,015,218**
**2,056,339**
210,218
1,805,000 2,015,218
2,056,339|
||**210,218**
**1,805,000 2,015,218**
**2,056,339**|
Approved by the Trustees and signed on their behalf by:
**Trustee: Councillor Phil Davis** (Chair of the Trusts and Charities Committee)
Date: 4 February 2025
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OFFICIAL
## **Highbury Trust**
## **Notes forming part of the Financial Statements for the year ending 31 March 2022**
Note 1: Principal Accounting Policies
## a) Accounting Convention
The accounts (financial statements) have been prepared, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The financial statements are prepared on a going concern basis, under the historic cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity.
The significant accounting policies applied in the presentation of these financial statements, are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. The charity has taken advantage, of the option provided in the Statement of Recommended Practice, to use headings in the Statement of Financial Activities, that are applicable to their specific activity, rather than reporting on an activity basis
b) Investment Income Investment Income is accounted for on a receipts and payments basis and relates to rentals and other income generated from investment properties.
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 accuracy.
c) Resources Expended Expenditure is included on an accruals basis as the liability is incurred. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its objectives. Governance costs include associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees and costs of strategic management.
d) Investment Properties Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for FRS 102 and are not depreciated.
As at October 2012 the investment properties were revalued to £1,805,000 by Edwin Bray on behalf of Drivers Jonas Deloitte.
e) Fund Accounting Details and the nature of each fund are set below:
**Unrestricted Funds** comprise those funds which the Trustees are free to use in accordance with the charitable objects.
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## **Highbury Trust**
**Notes forming part of the Financial Statements for the year ending 31 March 2022 (cont’d)**
**Restricted Funds** represent those assets that must be held permanently by the charity.
## 2. Incoming Resources
|Rental Income
COIF Deposit Account Interest
Funding from Birmingham City Council
3.
Resources Expended
**Charitable expenditure**
Premises costs for the year
Charitable grant
Support cost including audit fee
|**2022**
**£**
67,181
57
49,823
**117,061**
**2022**
**£**
49,653
105,000
3,529
**158,182**|**2021**
**£**
67,181
160
46,738
**114,079**
**2021**
**£**
44,890
42,000
1,848
**88,738**|
|---|---|---|
|||
|
During 2021-22 a charitable grant of £105,000 (2020-21: £42,000) was paid to Chamberlain Highbury Trust for the benefit of the citizens of Birmingham.
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## **Highbury Trust**
## **Notes forming part of the Financial Statements for the year ending 31 March 2022 (cont’d)**
## 4. Investment Properties
**2022 2021 £ £** Balance at 1 April 1,805,000 1,805,000 Revaluation in year - - Balance at 31 March **1,805,000 1,805,000**
## 5. Short Term Deposits
Funds are invested in the CCLA deposit fund.
## 6. Debtors: Amounts falling due within one year
**2022 2021 £ £**
Birmingham City Council 1,680 1,680
## 7. Creditors: Amounts falling due within one year
|**2022**|**2021**|
|---|---|
|**£**|**£**|
Independent examination fee 3,360 1,680
## 8. Trustees Remuneration
None of the Trustees receive remuneration or other benefits from the Charity or reimbursement for any expenses incurred on behalf of the Charity, (2020-21: None).
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## **Highbury Trust**
## **Notes forming part of the Financial Statements for the year ending 31 March 2022 (cont’d)**
## 9. Related Party Transactions
During 2021-22 a contribution of £49,823 (2020-21: £46,738) was received from Birmingham City Council to fund the shortfall for insurance, repair, ground maintenance and support. At the year end, Birmingham City Council owed the trust £1,680 (2020-21 £1,680).
Rental Income of £67,181 (2020-21: £67,181) was received from Civic Catering who are part of Birmingham City Council.
Repairs and maintenance, including grounds maintenance, were undertaken by Birmingham City Council at a cost of £49,653 (2020-21: £44,890).
## 10. Reserves
|Unrestricted reserves
Restricted reserves
**Funds**|**At 1 April**
**2021**
**£**
**Incoming**
**Resources**
**£**
**Outgoing**
**Resources**
**£**
**Revaluation**
**£**
**At 31 March**
**2022**
**£**
251,339
117,061
(158,182)
-
210,218
1,805,000 -
-
-
1,805,000|
|---|---|
||**2,056,339**
**117,061**
**(158,182)**
**-**
**2,015,218**|
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