Registered Company No. 2994706
Registered Charity No. 1044035
**THE SOUTHGATE SPORTS AND LEISURE TRUST (A company limited by guarantee and not having a share capital)**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
## **CONTENTS**
||**Page**|
|---|---|
|Chairman's report|2|
|Report of the trustees and directors|3 - 6|
|Independent examiner's report|7|
|Statement of financial activities (and income and expenditure account)|8|
|Balance sheet|9|
|Notes to the financial statements|10 - 16|
1
## **CHAIRMAN'S REPORT**
## **for the year ended 31 December 2024**
The Company’s principal sources of income continue to be rent from Southgate Hockey Centre, sponsorship from participants in the London Marathon via the Gold Bond scheme and donations. Our activities focus on the provision of sporting facilities and encouraging greater participation in sports, particularly hockey, at our excellent facilities at Trent Park.
2024 was a busy year for the Company with an encouraging increase in income, and hence profitability, together with ongoing investment in our facilities and our coaching programmes. In August 2024, we completed the resurfacing of the main water based astro turf pitch. Our sand based pitch will be replaced within the next two years. Pitch replacements are the single major investments the Company makes and we carefully accumulate reserves to fund the expenditure over the 10 to 12 year pitch life cycle. Currently grant awards for this type of funding are scarce and we actively seek alternate ways of fundraising and utilising our facility to generate additional income.
Income in 2024 was significantly enhanced by a generous legacy donation from the estate of Jim Wallington. Jim was a much loved member of our community over many years and is greatly missed. This gift and other generous donations have formed an important part of our funding in recent years. I am grateful to all who have supported us in this way.
Our Schools Outreach Programme is now in its second year of operation and has progressed well. In partnership with Southgate Hockey Club, we provide hockey coaching into local schools, introducing children to hockey and encouraging team sport participation. The Company received financial support from London Hockey for this programme for a second successive year.
Looking forward, in addition to the second pitch refurbishment, we aim to increase our support of existing coaching programmes and continue the planned maintenance of our facility.
Finally, I would like to thank Adrian Scott Knight who retired as Chairman in September 2024. Adrian was a founder director of the Company and has been ever present at all our subsequent board meetings. I am delighted Adrian continues to serve as a director and grateful for his support as I take on his role.
NJ Murphy
Date: 14th July 2025
2
**REPORT OF THE TRUSTEES AND DIRECTORS for the year ended 31 December 2024**
## **Legal status**
The company is governed by its Memorandum and Articles of Association and is a company limited by guarantee and not having a share capital.
Registered Company No. 2994706 Registered Charity No. 1044035
## **Aims and objectives**
The objectives for which the company is established are:
- (a) To promote sports for the benefit of the inhabitants of Southgate and the surrounding area (the area of benefit), including schools and educational establishments, clubs and other community groups in the area of benefit irrespective of their background, sex, gender identity, sexual orientation, race, nationality, ethnic or national origin, religion or belief, age or disability;
- (b) To bring together the said inhabitants and voluntary and other organisations to advance education;
- (c) To provide and assist in the provision of recreation and leisure-time occupation with the object of improving the conditions of life of the said inhabitants.
## **Policies adopted to promote the aims and objectives**
In promoting its aims and objectives the company has in particular the power:
- (a) To advance education and awareness with regard to the benefits of participation in sporting activities and to encourage appropriate training in these;
- (b) To encourage inhabitants of the area of benefit in general, and in particular those who by reason of youth, age or other circumstances, have need of such encouragement to participate in recreational, sporting and other leisuretime activities;
- (c) To provide and supply the means whereby such sporting and allied health activities may take place, including the laying out and installation of sports areas and the adaptation, alteration, extension or erection of pavilions or other buildings and maintenance of the same;
- (d) To provide or assist in providing coaching and training in sporting and other allied leisure or health activities;
- (e) To raise funds, purchase or lease property, invite and receive contributions, subscriptions, donations, grants and other property, whether subject to any special trusts or not, provided that the company shall not at any time undertake any permanent trading activity.
## **Restrictions on activities**
The company's objectives shall not extend to the regulation of relations between workers and employers or organisations of workers and organisations of employers.
3
## **REPORT OF THE TRUSTEES AND DIRECTORS for the year ended 31 December 2024 (continued)**
## **Ensuring our work delivers our aims**
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review helps us to ensure that our aims, objectives and activities remain focussed on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. In this respect, we have complied with the Duty in Section 4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission.
## **Charity Trustees and Directors**
The Trustees and Directors who served during the year were:
NJ Murphy (appointed 4th June 2024, appointed Chairman 17th September 2024) AJ Scott Knight CHJ Clayden (Treasurer) JC Seymour MJ McDonnell D Lloyd-Williams WP Hargrove (Secretary)
## **Advisors and other relevant organisations**
Bankers - National Westminster Bank plc Investment manager - Rathbone Investment Management Ltd Independent examiner - M Atkinson
## **Organisation**
## _The Board of Management_
The business of the company is managed by the Board of Management which consists of the Trustees and Directors of the company. No person shall serve as a member of the Board or otherwise act on behalf of the company unless that person shall be admitted as a member of the company.
The Board shall consist of not less than five persons and not more than ten of which two Board members shall be appointed by the Board to be Chairman and Treasurer. One of the elected Board members may be appointed by the Board as Vice Chairman if the Board shall so resolve.
The Board may appoint a Manager of the company, may co-opt up to three members to the Board and may delegate any of its powers to committees consisting of such board members together with such other persons as it shall think fit. No member of the Board of Management shall be appointed to any office of the company paid by salary or fees or receive any remuneration or other benefit from the company.
## _Election procedures_
At the Annual General Meeting each year, one third of the elected Board members, except the Chairman and the Treasurer, shall retire from office and are eligible for re-election. The members of the Board to retire shall be those who have been longest in office since their last election or appointment.
Each member of the company may nominate one candidate as a Board member and such nomination must be sent to the registered office of the company on or before such date as the Board may stipulate. Candidates need not be members of the company. Each nomination shall be seconded by one other member of the company.
4
**REPORT OF THE TRUSTEES AND DIRECTORS for the year ended 31 December 2024 (continued)**
## **Review of activities**
The Company increased its profitabilty by nearly 40% in 2024. As a result, it was well placed to pay for the replacement of one of the astroturf pitches at the Southgate Hockey Centre as part of a cyclical replacement programme. In addition, further funds were spent on the repair and maintenance of facilities at Trent park and on supporting the Schools Outreach programme.
Discussions continue with Berkeley Homes and Enfield Borough Council on arrangements for the ongoing maintenance of our access road, Snakes Lane, and we continue to review the opportunities available for additional income streams where practical.
## **Financial review**
The company's financial statements for the year reflect the nature of the activities undertaken.
During 2024 the company's revenues increased by more than 50% thanks mainly to increased donations, particularly in respect of the School Outreach Programme as well as from a significant legacy. In addition the investment portfolio, which the company maintains to fund the replacement of assets and further charitable activities, also grew during the year, so that during 2024 the company was able to utilise funds in the investment portfolio to pay for the replacement of the water-based astroturf pitch at Southgate Hockey Centre. This replacement took place over the summer months and the new pitch was operational for the 2024/25 hockey season. Expenditure grew slightly as the directors ensured that the right balance was struck between saving for the future and supporting current activities. Overall as a result the company was able to record a profit for the year of £91,163 , up from £65,308 in 2023. This has enabled the company to increase its support for its various charitable activities, as well as continuing to set aside further funds for the future replacement of the second pitch at the Centre, which is due to take place within the next 2 to 3 years. The company continues to be very mindful of economic pressures such as energy costs which will continue to exert financial constraints on companies and individuals for some time to come, as well as the turbulent geopolitical situation, but overall the increase in profitability was a welcome sign of overall economic health. However we recognise that this company, like most trusts, relies heavily on donations which can never be taken for granted, so whilst the level of donations rose for the second consecutive year, we are committed to maintaining a healthy reserve position and ensuring that the investment portfolio is well placed to meet future capital requirements.
At the end of the year the Trustees and Directors are satisfied that the reserves, cash and investment position of the company are adequate to enable the company to continue to fulfil its aims and objectives.
## **Risk management**
The Board has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the company and are satisfied that systems are in place to mitigate our exposure to the major risks.
## **Investment Policy**
The company owns the leasehold property from which it operates on a 125 year lease which expires in 2127. The Board believes that the market value of this property is likely to be higher than the carrying value, given that the charity has held the property for a number of years and the upward trend of property prices over that period. Long-term investments are made in the stock market through investment managers.
5
## **REPORT OF THE TRUSTEES AND DIRECTORS for the year ended 31 December 2024 (continued)**
## **Reserves Policy**
The Board aims to keep a modest level of reserves, sufficient in their view to ensure that the Trust can continue to operate for a reasonable period should levels of income become insufficient to support ongoing commitments. This is calculated to be in the region of £100,000. The general funds amounted to £442,669 at 31 December 2024 (31 December 2023: £342,061) which is in line with policy. The Board has also reviewed the designated funds and is satisfied that they are consistent with the needs of the Trust. The policy is reviewied annually by the company.
## **Statement of directors' responsibilities**
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied they give a true and fair view of the state of the affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and estimates that are reasonable and prudent;
- state whether the policies adopted are in accordance with the Charities SORP 2015 (FRS 102) and with applicable UK accounting standards, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
- - will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Exemption from Audit**
The charitable company is exempted from the requirements for an audit under the provisions of the Companies Act 2006.
## **Small company provisions**
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. It was approved by the board on 14th July 2025 and signed on its behalf by the Treasurer (see below).
## **CHJ Clayden**
Trustee and Director
Registered office: Southgate Sports and Leisure Trust Southgate Hockey Centre, Trent Park Snakes Lane, Oakwood Hertfordshire EN4 0PS
6
## **INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS ON THE UNAUDITED ACCOUNTS OF THE SOUTHGATE SPORTS AND LEISURE TRUST**
I report on the financial statements of The Southgate Sports & Leisure Trust ("the charity") for the year ended 31 December 2024, which are set out on pages 8 to 16.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under the 2011 Act and is eligible for independent examination, it is my responsibility to:
- examine the financial statements under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
to prepare financial statements which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
M Atkinson
Date: 28 October 2025
51 Lawrence Gardens Mill Hill London NW7 4AU
7
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(and income and expenditure account) for the year ended 31 December 2024**
## **INCOME AND EXPENDITURE**
|**Note**
**Income**
**Donations and legacies**
3
**Income from charitable activities:**
Rent receivable
**Investment income**
4
**Total income**
**Expenditure**
**Cost of raising funds:**
Fundraising and publicity
5
**Expenditure on charitable activities:**
Direct Charitable Expenditure
6
**Total expenditure**
**Net income before investment gains/(losses)**
**Net gains/(losses) on investments**
Realised gain /(loss) on investment assets
Unrealised gain on investment assets
9
Net gains /(losses) on investments
**Net income/(expenditure) and net movement**
**in funds for the year**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**£**
82,163
48,821
12,311
143,295
(2,068)
(69,130)
(71,198)
72,097
2,157
16,517
18,674
90,771
836,592
927,363
£|**Restricted**
**Funds**
**£**
77,113
-
-
77,113
(137)
(76,584)
(76,721)
392
-
-
-
392
264,352
264,744
£|**Total**
**Total**
**2024**
**2023**
**£**
**£**
**159,276**
82,502
**48,821**
49,040
**12,311**
10,729
**220,408**
142,271
**(2,205)**
(10)
**(145,714)**
(98,697)
**(147,919)**
(98,707)
72,489
43,564
**2,157**
(429)
**16,517**
22,173
18,674
21,744
91,163
65,308
**1,100,944**
1,035,636
**1,192,107**
**£**
1,100,944
£|
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10-16 form part of these financial statements.
8
## **BALANCE SHEET As at 31 December 2024**
|**BALANCE SHEET**
**As at 31 December 2024**||||
|---|---|---|---|
|**Notes**
**FIXED ASSETS**
Tangible assets
8
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank and in hand
**CREDITORS: AMOUNTS FALLING DUE**
**WITHIN ONE YEAR**
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**THE FUNDS OF THE CHARITY**
Unrestricted funds
13
Restricted funds
13
**TOTAL CHARITY FUNDS**|**£**
**£**
743,404
140,959
884,363
66,664
282,818
349,482
(41,738)
307,744
1,192,107
1,192,107
£
927,363
264,744
1,192,107
£
**31.12.2024**|**£**
**£**
516,705
317,371
834,076
32,275
244,554
276,829
(9,961)
266,868
1,100,944
1,100,944
£
836,592
264,352
1,100,944
£
**31.12.2023**||
|||||
||||1,100,944|
||||1,100,944
£|
||||836,592
264,352|
||||1,100,944
£|
## **Directors' statements in accordance with the Companies Act 2006 (the Act)**
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of s.477 of the Companies Act 2006. Members have not required the company, under s.476 of the Companies Act 2006, to obtain an audit for the year ended 31 December 2024. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with s.386 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2024 and of its profit for the year then ended in accordance with s.396 and which otherwise comply with the requirements of the Act relating to the financial statements, so far as applicable to the company.
The financial statements which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 were approved by the board on 14th July 2025 and are signed on its behalf as below:
|NJ Murphy|)||
|---|---|---|
||)|Directors and Trustees|
|C H J Clayden|)||
The notes on pages 10-16 form part of these financial statements.
9
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024**
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of accounting**
The financial statements 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 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are prepared in sterling and are rounded to the nearest £.
The Southgate Sports and Leisure Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **Going concern**
The company is a registered charity and as such its activities are dependent upon the funding provided voluntarily by donors, sponsors and grant issuing bodies. The financial statements have been prepared on the going concern basis on the grounds that the directors are confident that such funding will continue for the foreseeable future.
## **Cash flow statement**
As a small company, the company is exempted from the requirement to produce a cash flow statement.
## **Income**
The value of resources, both income and capital, accruing to the company are only recorded in the Statement of Financial Activities when it is prudent and practicable to do so. Any resources which are subject to the satisfaction of certain conditions are not recognised until such conditions have been met.
Income received with specific restrictions as to its use by the company are allocated to appropriate restricted funds.
All grants, donations and voluntary income are accounted for gross when receivable.
## **Other expenditure**
Expenditure which is not of a capital nature is shown as a use of resources in the Statement of Financial Activities. Such expenditure incurred in the furtherance of the company's charitable objects is treated as direct charitable expenditure and other expenditure is sub-divided between fund raising and publicity costs and support costs as appropriate. Any revenue expenditure made from a restricted fund is allocated as an outgoing resource of the fund concerned.
10
**NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **Fixed assets and depreciation**
Fixed assets are capitalised at cost. All items over £200 are capitalised.
Depreciation is provided to write off the cost, less estimated residual values, of all fixed assets over their expected useful lives as follows:
Leasehold property - over the term of the lease Pavilion - 20 to 50 years Water borehole - 50 years Pitches - 10 - 20 years Fixtures, fittings and equipment - 5 - 10 years
## **Investments**
Investments are stated at market value. Unrealised gains or losses in the form of market value fluctuations are taken to the Statement of Financial Activities.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the directors have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trust’s work being undertaken by the Trust.
## **Debtors**
Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Financial instruments**
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
11
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024**
## **2. LEGAL STATUS OF THE TRUST**
The Trust, which was incorporated in England and Wales, is a company limited by guarantee and has no share capital. The Memorandum of Association states that the liability of every member is limited to a maximum contribution of £1 in the event that the company should be wound up.
|**3.**
**DONATIONS AND LEGACIES**
Sponsorship income
Income from donors
_2023 split_
**4.**
**INVESTMENT INCOME**
Dividends received from listed investments
Bank and other interest received
_2023 split_
**5.**
**FUNDRAISING AND PUBLICITY**
Fees on donations
London marathon bonds
_2023 split_
**6.**
**DIRECT CHARITABLE EXPENDITURE**
Coaching fees
Lease amortisation
Depreciation
Equipment hire
Support costs
Other
_2023 split_|**Unrestricted**
**Restricted**
**Total**
**Total**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
9,333
-
**9,333**
3,552
72,830
77,113
**149,943**
78,950|
|---|---|
||82,163
£
77,113
£
**159,276**
**£**
82,502
£|
||_29,364_
_53,138_
**_82,502_**
**Unrestricted**
**Restricted**
**Total**
**Total**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
4,008
-
**4,008**
8,333
8,303
-
**8,303**
2,396|
||12,311
£
-
£
**12,311**
**£**
10,729
£|
||_10,729_
_-_
**_10,729_**
**Unrestricted**
**Restricted**
**Total**
**Total**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
218
137
**355**
10
1,850
-
**1,850**
-|
||2,068
£
137
£
**2,205**
**£**
10
£|
||_10_
_-_
**_10_**
**Unrestricted**
**Restricted**
**Total**
**Total**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
6,953
66,086
**73,039**
46,611
48
81
**129**
129
49,868
10,417
**60,285**
37,995
-
-
**-**
6,230
12,238
-
**12,238**
7,732
23
-
**23**
-|
||69,130
£
76,584
£
**145,714**
**£**
98,697
£|
||_43,099_
_55,598_
**_98,697_**|
12
**NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024**
|**7.**
**NET INCOME FOR THE YEAR**
This is stated after charging:
Operating leases
Depreciation and lease amortisation
Independent examiners' remuneration
**8.**
**TANGIBLE FIXED ASSETS**
COST
At 1 January 2024
Additions
Disposals
At 31 December 2024
DEPRECIATION
At 1 January 2024
Disposals
Charge for the year
At 31 December 2024
NET BOOK VALUE
**At 31 December 2024**
At 31 December 2023|**2024**
**2023**
**£**
**£**
**-**
-
**60,414**
38,124
-
-
**Long**
**Pitches**
**Fixtures,**
**Leasehold**
**& water**
**fittings &**
**property**
**Pavilion**
**borehole**
**equipment**
**Total**
**£**
**£**
**£**
**£**
**£**
16,033
694,636
1,348,981
111,891
2,171,541
-
-
287,113
-
287,113
-
-
(143,783)
-
(143,783)|
|---|---|
||16,033
694,636
1,492,311
111,891
2,314,871|
||3,343
343,555
1,201,901
106,037
1,654,836
-
-
(143,783)
-
(143,783)
129
15,194
41,416
3,675
60,414|
||3,472
358,749
1,099,534
109,712
1,571,467|
||**12,561**
**£**
**335,887**
**£**
**392,777**
**£**
**2,179**
**£**
**743,404**
**£**|
||12,690
£
351,081
£
147,080
£
5,854
£
516,705
£|
|**9.**
**INVESTMENTS**
Market value at 1 January
Additions at cost
Disposals at market value
Unrealised gains/ (losses)
**Market value at 31 December**
Investments at historic cost|**2024**
**2023**
**£**
**£**
**317,371**
345,222
**-**
-
**(192,929)**
(50,024)
**16,517**
22,173|
|---|---|
||**140,959**
**£**
317,371
£|
||**85,989**
340,188|
The investment portfolio is made up of UK fixed interest stocks and equities, all quoted/listed within the UK . All investments are carried at their fair value. Investments which made up over 5% of the value of the portfolio are as follows:
|3,600|Invest Fund Services Evenlode Income D Inc|**9,432**|
|---|---|---|
|150|I shares PLC|**9,517**|
|78|SPDR Series Trust - S&P 500 ETF|**36,878**|
|4800|Polar Capital Technology Trust|**16,728**|
|2400|Waystone Fund Services (UK) Trojan S Inc|**8,012**|
13
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024**
|**10. DEBTORS**
Prepayments and accrued income
Other debtors
**11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Rent in advance
Deferred Income
VAT payable
Accruals
Other creditors|**2024**
**2023**
**£**
**£**
**1,850**
1,850
**64,814**
30,425|
|---|---|
||**66,664**
**£**
32,275
£|
||**2024**
**2023**
**£**
**£**
**3,648**
3,648
**-**
429
**1,887**
1,490
**4,158**
-
**32,045**
4,394|
||**41,738**
**£**
9,961
£|
## **12. TAXATION**
The company is not liable for tax on its financial activities on the grounds that it is a registered charity.
## **13 FUNDS**
|**FUNDS**||
|---|---|
|RESTRICTED FUNDS
Trent Park fund
Replacement of assets
WKH Memorial fund
Robert Watson award
President's Fund
Performance Academy
Floodlight maintenance
UNRESTRICTED FUNDS
Designated funds
Replacement of assets
President's corner
Landscape maintenance
Building maintenance
Schools Outreach
Freehold
General fund|**Movement**
**Movement**
**Balance**
**in resources**
**in resources**
**Gains /**
**Balance**
**01.01.2024**
**incoming**
**outgoing**
**Transfers**
**(losses)**
**31.12.2024**
**£**
**£**
**£**
**£**
**£**
**£**
221,820
-
(10,498)
-
-
**211,322**
9,133
14,712
(137)
-
-
**23,708**
5,590
625
-
-
-
**6,215**
2,161
-
-
-
-
**2,161**
22,994
60,625
(64,086)
-
-
**19,533**
2,426
1,150
(2,000)
-
-
**1,576**
228
-
-
-
-
**228**|
||264,352
77,112
(76,721)
-
-
**264,743**
418,517
11,763
(6,128)
(100,000)
18,674
**342,826**
2,275
-
-
-
-
**2,275**
20,000
-
-
-
-
**20,000**
25,000
-
-
-
-
**25,000**
23,489
2,200
(8,381)
-
**17,308**
5,250
72,036
-
-
-
**77,286**
342,061
57,297
(56,689)
100,000
-
**442,669**|
||836,592
143,296
(71,198)
-
18,674
**927,364**|
||1,100,944
£
220,408
£
147,919)
(£
-
£
18,674
£
**1,192,107**
**£**|
14
## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024**
## **13 FUNDS (CONTINUED)**
## **The purposes and origins of the various funds are outlined below:**
- the Trent Park fund was established for the construction and development of a new sports facility incorporating two floodlit artificial turf pitches, grass pitches and a pavilion. Specific funding for this project was received from the Lottery Sports Fund, the Foundation for Sport and the Arts and Middlesex University;
- the fund for replacement of assets (the "Sinking Fund") was established in order to finance the renewal of shorter-life assets such as the articial turf pitch carpets. Some of the fund is received from donors and is restricted, whilst some of the fund is unrestricted and designated by the board for this purpose;
- the WKH Memorial fund is donations received in memory of WK Hoyle, a former Chairman, who passed away in 2014;
- the Robert Watson award is donations received in memory of Robert Watson to be spent on annual player awards;
- the President's fund is money donated to support the overall programme of hockey and training opportunities in the community;
- the Performance Academy is donations received for a hockey coaching programme;
- the floodlight maintenance fund is donations received for the maintenance and replacement of floodlights;
- the President's Corner fund is donations to convert part of the Southgate Hockey Centre to house a collection of memorabilia to celebrate Southgate Hockey Club's past and present;
- the Schools Outreach fund is designed to provide hockey coaching in state schols in our local community of Enfield, Barnet and Haringay
- the directors have also designated funds for future landscape maintenance, building maintenance and for purchasing the freehold of the site.
Fund balances at 31 December 2024 are represented as follows:
|RESTRICTED FUNDS
Trent Park fund
Replacement of assets
WKH Memorial fund
Robert Watson award
President's Fund
Performance Academy
Floodlight maintenance
UNRESTRICTED FUNDS
Designated funds
Replacement of assets
Landscape maintenance
Building maintenance
Presidents Corner
Schools Outreach
Freehold fund
General fund|**Fixed**
**Fixed**
**Net current**
**Tangible**
**Asset**
**assets/**
**Assets**
**Investments**
**(liabilities)**
**£**
**£**
**£**
211,322
-
-
-
-
23,708
-
-
6,215
-
-
2,161
-
-
19,533
-
-
1,576
-
-
228
211,322
-
53,421
-
140,959
201,867
-
-
20,000
-
-
25,000
-
-
2,275
-
-
17,308
-
-
77,286
532,082
-
(89,413)
532,082
140,959
254,323
743,404
£
140,959
£
307,744
£|**Total**
**£**
211,322
23,708
6,215
2,161
19,533
1,576
228|
|---|---|---|
|||264,743
342,826
20,000
25,000
2,275
17,308
77,286
442,669|
|||927,364|
|||1,192,107
£|
15
**NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024**
## **14 TRANSACTIONS WITH CONNECTED PERSONS**
(i) No trustee received any remuneration or expenses during the year under review (2023: £Nil).
(ii) Since 2020 the board approved that the preparation of the financial statements of the company would be prepared by CHJ Consulting Limited (formerly CHJ Associates Limited), a company of which the Treasurer is a Director and Shareholder. CHJ Consulting Limited invoiced £1,062 in respect of this work in the year ended 31 December 2024 (2023: £864). There were no other transactions with connected parties during the year.
## **15. COMPARATIVE FUNDS SPLIT**
|**Income**
**Donations and legacies**
**Income from charitable activities:**
Rent receivable
**Investment income**
**Total income**
**Expenditure**
**Cost of raising funds:**
Fundraising and publicity
**Expenditure on charitable activities:**
Direct Charitable Expenditure
**Total expenditure**
**Net gains/(losses) on investments**
Realised loss on investment assets
Unrealised gain on investment assets
**Total net gains on investments**
**Net income/(expenditure) and net movement**
**in funds for the year**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**£**
29,364
49,040
10,729
89,133
(10)
(43,099)
(43,109)
(429)
22,173
21,744
67,768
768,824
**836,592**
**£**|**Restricted**
**Funds**
**£**
53,138
-
-
53,138
-
(55,598)
(55,598)
-
-
-
(2,460)
266,812
**264,352**
**£**|**Total**
**2023**
**£**
82,502
49,040
10,729|
|---|---|---|---|
||||142,271|
||||(10)
(98,697)|
||||(98,707)|
||||(429)
22,173|
||||21,744|
||||65,308
1,035,636|
||||**1,100,944**
**£**|
16