2022-03-31-accounts - Cambridge Sport Lakes Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Directors		A R Cassidy
		CJ Dalley
		J G Hobson
		M J Muir-Smith	(Chairman)
		R A Greatorex
		J Burch
		C M Twilley
Secretary		M Woolhouse
Charity Number		1040693
Company	Number	02963773
Registered	Office	The Visitor Centre
		Milton Country	Park
		Cambridge Road
		Milton, Cambridge
		CB24 6AZ
Auditors		Ensors Accountants		LLP
		Warwick House
		Ermine Business Park
		Spitfire Close
		Huntingdon
		PE29 6XY
Business	Address	The Visitor Centre
		Milton Country	Park
		Cambridge Road
		Milton, Cambridge
		CB246AZ
Bankers		Bardays Bank Pic 9-11StAndrews		Street
		Cambridge
		CB2 3AA
Solicitors		Taylor Vinters
		Merlin Place
		Milton Road
		Cambridge
		CB4 ODP

		Contents
			Page
Trustees'	report		1-2
Auditors'	Report
Statement	offinancial	activities
Balance sheet
Notes to	the financial	statements	7-11

Introduction
The trustees, who are also directors for the purposes ofthe Companies Act, present their report and the Nnancisl statements forthe year ended 31 March 2022.The financial statements have been prepared in accordance wrth the accounting policies set out on page 9and comply with the charity's constitution snd byeqsws. The constitution was adopted in September 1978and amended in September 1980snd in July
2004.
Public Benefit
In planning activities for the year, the trustees were mindful ofths Charity Comnxssion's guidance on public benef/L The trustees were and remain committed to continuing the principal objectives of creation ofa Csmbndge Sport Lake and Country Park and to enable the charity to adapt itself in order to be adequately engaged in the future maintenance snd operation ofthese fscyities.		the charity,				i.e.the
The trustees were and remain committed to the aim ofincreasing access to outdoor sports, Induding providing outreach programmes that veg provide equipment and training for the public benefit and to developing
the Lakes in order that it will become a Centre ofSporting Excekence. The main activity in the year under review has been the continued operation ofthe country perk known es	Milton Country Park.	Further	details of
this activity are given in the review ofachievements and performance below.
The trustees see the successful development ofthe country park ss a vital component to the objectives snd activities ofthe charity end in providing suitably enhanced local and	wider public benefit	at the earliest
opportunity. Also, the trustees were and remain committed to engaging in appropriate fundraising campaigns to finance the construction ofthe sport lakes. Sporting organisations and the local community have and will continue to be engaged and consulted during the development ofthe sport lakes, soas to ensure that the facilities produced are designed for excellence and are useable and accessible by ag. The						been
philosophy ofCambridge Sport Lakes remains to secure access to sport for aN, irrespective o(sge, gender, ability, income, ethnic origin or beliefs.
Structure, Governance and Management
Cambridge Sport Lakes Trust iss company limited by guarantee and not having a share capital. Itwas incorporated under the Companies Act 1985and has been authorised to	dispense with the word 'limited'					in its
name. h is s regstered charity (number 1040693),
There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees for a period offive years and takes account ofthe expected demand for	funds. The trustees consider		the
income requirements, the risk profile and the investment manager's view ofthe market prospects in the medium term. This strategy is set within an overag policy which states that the investment fund is to be					invested
in low and medium risk investments with a view to ensuring that capital appreciation ofthe fund exceeds inflation over each five year period. Our strategy is reviewed with our investment managers		annually.
Objecbves and Activities
The trust is presently engaged in the creation ofthe Cambridge Country Park and Sport Lake and will in future be engaged in the maintenance and operation ofthe facilities. The trustees are ofthe by fund basis, that assets are available to fuiril the obligations ofthe chanty. The trust currently operates Mdton Country Park under a 99year lease, dated 1 Apnl 2008.		opinion,		on			a fund
Fundraising approach ofthe charity
The Trust is actively engaged in fundraising at a number ofdifferent levels, Through our trading activities st Milton Country Park we deliver an extensive programme ofactivities and events that provide accessible facilities to a wide range of individuals and groups across the private, public and charitable sectors. Funds are received into the Country Park in this way. One example would be our annual Autumn Festival event,
which we organise in-house with the specific remit ofraismg funds to support the park facilities.
For the Cambridge Sport Lakes development our principal fund raising strategy is based around the value that we will be able to lever out ofthe site once a planning permission	to develop is agreed.
The Trust does not currently employ any external fundraising services.
The trust doesn't have any formal fund raising structures, activities or pracNces. There are no aggressive fund raising techniques employed by the trust to generate funds from members ofthe public. Members ofthe public can donate/make a voluntary contribution to the organisation via the post or in person atthe Country Park, through a specific Justgiving page, by phone or via the trust/Country perk websites. Income from the Country Park in the form of parking receipts, hire of visitor centre space and third party payments to support community or sportmg activities promoted by the trust are deemed sufficient to meet the aims and
objectives ofthe charitable trust.
Achievements and Performance
The Trustees sre pleased to report a strong set ofresults for the year to 31 March 2022.
As was the case for many businesses and organisations, the previous trading year to March 2021 had intxuded a number of fluctuatiorts around the covid 19pandemic.
Thankfully the reporting year to March 2022was not significsntly impacted on by Covid and contained no direct support grants to this end.
The Trustees are therefore pleased to report that the business ofthe Trust has proven to be resilient.
Our conhdence in the consistency ofthe underlying trading that is now established at Milton Country Park bodes weN for the future.
The Trust has again been able to deliver capital investment into the Country Park through a combination ofcharitable grants and income earned from trading activities. These improvements continue to have					a
positive impart on both trading performance and our balance sheet valuation.
There is no doubt that the demand for publidy accessible green open space is on an upward trend and that ag who participate in the provision ofsuch facilities share a moral obligation to Nnd ways		to meet	the				growth
needs ofthe populations they serve.
Looking ahead the Trust is a resilient going concern, with proof ofboth its current business plan and an ever stronger case for the need to expand the Country Park facilities to	meet the rapidly developing		needs in
north Cambndge and beyond.
The Trust is steadfast in the pursuit of its goals and is well placed to provide s positive influence and outcomes at a local, regional, national and indeed international level in the	future.
Our aspirations will only be achieved by working in partnership with the relevant authorittes and other organisations on a cogaborstive basis.

Yw•ndid31 Ilatth Vorwd•i AwurknN¥LLP PiI&IXY

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			Note	Funds	Funds	Funds	Funds	Funds	Funds
				2022	2022	2022	2021	2021	2021
				6	8		8	8	6
Income
Voluntary income
- Donations					12,435	12,435		20,026	20,026
Income from charitable activities
- Program fees and	sponsorship			28,173		28,173	10,926		10,926
-Sport programme	fees
- Milton Counby Park incofrls				1,015	367,250	368,265		327,675	327,675
Grants received					80,088	80,088			88,954
Covid 19Grants Received							70,000		70,000
Job Retention Scheme Grant Income				4,102		4.102	42,148		42,148
Maton Country Park
-Visitor centre grants received
Total income				33,290	459,773	493,063	123,074	436,655	559,729
Expenditure
Charitable activities				62,399	407,290	469,689	60,707	335,907	396,614
Total expenditure
Net incoming f(outgoing)
Resources forthe	year			(29,109)	52,483	23,374	62,367	100,748	163,115
Other recognised	gains and losses
Net gams on disposal of
investment assets
Unrealised gains on investment					165,000	165,000
Impairment on leasehoM property
Net movement in funds relating to the year				(29,109)	217,483	188,374	62,367	100,748	163,115
Transfers in the year
Gains on revaluation	ofAxed assets
Total funds brought	forward	as at 1st April 2021		515,574	277,793	793,367	453,207		630,252
Total funds canied	forward	at 31 March 2022

Cambridge Sport Lakes Trust	Cambridge Sport Lakes Trust
Company limited by guarantee
Year ended 31March 2022
Notes to the financial statements
1	Accounting polkias
	Company infomtation
	Cambridge Sports Lakes Trust isa company limited by guarantee incorporated in England and Wtfies, registration				number 02963773.The
	registered offioe is The Visitor Centre, Milton Country Park, Cambridge Road, Milton, Cambridge, CB24 6AZ
	Accounting convention
	The accounts have been prepared in accordance with the Charity's Artides	ofAssociation, the Companies Act	2006 and "Accounting				and		Reporting by Charities: Statement ofRecommended													Practice			applicable
	to charities prepanng their accounts tn accordance with tha Financial Reporting Standard appltcable tn the UK and				Republic of Ireland		(FRS102)".The Charity is a									Public Benefit Entity as					defined		by	FRS102.
	The Charity has taken advantage ofthe provisions in the SORP for charities	applying FRS102 Update Bulletin	1	not to prepare a Statement						of Cash Flows,
	The financtal statements are prepared in sterling, which is the functional currency oftha Charity. Monetary amounts				in these financial		statements					are rounded			to the		nearest E.
	The principal accounting policies adopted are set out below.
	Going concern
	At the time ofapproving the finsnc)al statements, the directors have a reasonable expectation that the company			has adequate		resources to				continua			in operational			existence for the foreseeable							future.
	Thus the directors continue to adopt the going concern basis ofaccounting	in preparing the financial statements.
	The dtrectors have prepared income and expenditure forecasts to 31 March	2024.These show that the company can operate				within	its	agreed working capital facilities											for this period. (n addition,				in
	the both the current snd previous year (see note 16for further information),	a formal loan agreement has been	put		in place (effective		dates 31 March						2019	and 31		March 2020) with a trustee,						for repayment
	due on 31March 2024 and 31 March 2025.This has helped the company to manage its day to day working capital				as required	snd has		provided				further headroom				moving forward.
	Tangible fixed assets and depreciation
	Leasehold land and buildings were revalued in the current accounting period and the change in value has been			accounted for in accordance							with	FRS 102,
	Other tangible fixed assets are stated at historical cost less depreciation and impairment.
	Depreciation is provided at rates caku(ated to writs offthe cost less residual value ofeach asset over its expected				useful life,	as fofiows
	Freehold Land and But)dings No depreciation
	Leasehold Land and Buildings No depreciation
	The Freehold and Leasehold property in the accounts is not depreciated as the practice ofregular maintenance			and repair is		such thai the previously							assessed standard							is maintained.
	Fixtures, fittings and equipment 33%straight itic
	Property, plant and equipment 10% stratght line
	Impairments
	Fixed assets are reviewed for impairment ifevents or changes in circumstances indicate that the carrying amount				may not be	recoverable			or		as otherwise			required			by relevant accounting				standards.
	Shortfafis between the carrying value offixed assets and their recoverable	amounts, being tha higher ofnet realisable value and value-in-use,									are recognised				as impairments.
	Investmants
	Fixed asset investments are induded at market value at the balance sheet	date. Any gain or loss on revaluation		is	taken to the Statement				of		Financial		Activities.
	Financial instruments
	The company has elected to apply the provisions ofSection 11'Basic Financial Instruments' and Section 12'Other				Financial	Instruments			Issues'			ofFRS 102to afi				of		ifs		1inancial instruments,
	Financial instruments are recognised in the company's balance sheet when	the company becomes party to the	contractual provisions				ofthe				instrument,
	Financial assets and liabilities sre offset, with the net amounts presented in	the financial statements, when there		is a legally enforceable				right			to set off the			recognised				amounts and there is an				intention
	to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Basicfinancial assets
	Basicfinancial assets, which indude debtors and cash and bank balances,	are initially measured at transaction		price induding		transaction			costs			snd	are subsequently						cerned at amorlised cost				using	the effective
	interest method unless the arrangement constitutes a finanang transaction,	where the transacfion is measured		at the present		value ofthe			future			receipts discounted						at	s market rate ofinterest.				Fmancial assets
	dassified as receivable within one year are not amoriised,
	Classiticatlon offinancial liabilities
	Financial liabilities and equity instruments are dassified according to the substance ofthe contractual arrangements				entered	into. An	equity			instrument			is any contract					that evidences a residual				interest			in the
	assets ofthe company after deducting afi of its liabilities.
	Basic financial Iiabtlkies
	Basic financial liabilities, induding creditors, bank loans, loans from fefiow group companies and preference shares that are dassified ss debt, are initially recognised																	at		transaction price unless			the arrangement
	constitutes a financing transaction, where the debt instrument is measured	at the present value ofthe future payments discounted at a						market rate ofinterest. Financial												liabilities dassified	as payable				wrlhin one
	year are not amortised.
	Debt instruments are subsequently cerned at amortised cost, using the effective interest rate method.
	Trade creditors are obfigations to pay forgoods or services that have been	acquired in the ordinary course ofbusiness from				suppliers		Amounts				payable are			dassified				as current liabtlities		ifpayment			is due within
	one year or less, If not, they sre presented as non-current liabilities. Trade	creditors are recognised initially at transaction price and subsequently										measured			at amortised					cost using the effective			interest method.

Donadons
			Unrestricted	Restricted	Total	Umeatrlcted	Restricted	Total
			Funds	Funds	Funds	Funds	Funds	Funds
			2022	2022	2022	2021	2021	2021
			E	E.	E.	E	F.	E
Donations				12,435	12,435		20,026		20,026
				12,435	12435		20026		20 026
Charitable	actlvfties
			Unrestricted	Restricted	Total	Unreatrlcted	Rtlstrlcted	Total
			Funds	Funds	Funds	Funds	Funds	Funds
			2022	2022	2022	2021	2021	2021
			E	E	E	E.	E
Provision	ofcharitable	services
Salaries			1,399	142,831	144,230	9,974	132,714		142,688
Social security costs				4,521	4,521	88	4,304		4,392
Pension -	Milton Country	Park		2,154	2,156	33	2,191		2,225
project development costs - Milton Country park Sports development Other charitable acsvity costs				194,210 2,743 60,831	194,210 2,743 121,829	(906) 51,517	195,574 1,123		195,574 218 51,517

Tangible fixed assets	Land	and	Land	snd	Fixtures,	Fixtures,	Property	Property
	buildings		buildings		fittings	and	Plant	&
	leasehold		freehold		equlpirlerlt		Equipment		Total
	E		E		E		E		E.
Cost
At 1 April 2021	977,842			75,000		55,299	128,231		1,236,371
Additions		59,117				3,297		10,880	73.294
Disposals
Revaluation		150,000		15,000					165,000
At 31 March 2022						58 596	139111		1 474,665
Depreciation and impairment
At 1 April 2021		245,429						17,546	299,925
Charge for the year						9,507		13,248	22,755
Disposals
At 31 March 2022		245,429				46,457		30 794	322 680
Net book values
At 31 March 2022
At1 Apnl 2021