|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| |7|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|||||||||| ##