Charity number: 1047751
ANNUAL ACCOUNTS FOR CLARENCE PARK RECREATION GROUND
Trustees 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 Act 2011 and the Statement of Recommended Practice, Charities SORP (FRS102).
Objectives and activities
The governing document for Clarence Park Recreation Ground Trust is a Conveyance dated 23 July 1894. The trust was established when the Council acquired the land as public ground for the purposes of the Recreation Grounds Act 1859 and specifically to be used “as a Recreation Ground for the playing, encouragement and improvement of Cricket, Football and other games and pastimes and for the holding of Athletic, Sports, Cycle or other Races (not being horse, pony or donkey races) fetes, shows or other entertainments and as a practising and training ground and generally for the resort and regulated recreation of Adults”.
Achievements & Performance
Clarence Park remained open for all members of the public to make use of.
The Trustees consider the performance of the charity during the year was satisfactory. Clarence Park was awarded a Green Flag Award (a benchmark international standard for publicly accessible parks and green spaces) in the year.
Financial Review
The cost of maintaining the Clarence Park Recreation Ground was £125,303 funded by rental income of £15,418 and gift in kind from St Albans District Council, the Trustee of £100,451
Reserves Policy
The trust does not need to hold reserves as any deficit which arises on the operation of the trust will be funded by St Albans District Council, which is sole trustee of the trust. The restricted reserve currently held of £143,789 represents the revaluation of assets.
Trustee Names
St Albans District Council Civic Centre St Peter's Street St Albans Hertfordshire AL1 3JE
For the period 01/04/2023 to 31/03/2024 Charity number: 1047751
ANNUAL ACCOUNTS FOR CLARENCE PARK RECREATION GROUND
STATEMENT OF FINANCIAL ACTIVITIES
| STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|
| Note: | 2023/24 | 2022/23 | |
| £ | £ | ||
| Incoming Resources | |||
| Voluntary Income | 3 | 100,451 | 55,815 |
| Recognition of incoming resources | 15,418 | 10,659 | |
| Total Incoming Resources | 115,869 | 66,474 | |
| Resources Expended | |||
| Cost of generating voluntary income | 4 - 8 | 125,303 | 58,376 |
| Total Resources Expended | 125,303 | 58,376 | |
| Net Incoming/(outgoing) resources before transfers | (9,434) | 8,098 | |
| Gross transfers between fund | |||
| Other recognised gains/(losses) | - | (52,825) | |
| Net Movement in funds | (9,434) | (44,727) | |
| BALANCE SHEET | |||
| FIXED ASSETS | Note: | 2023/24 £ |
2022/23 £ |
| Tangible Assets | 9 | 765,253 | 308,171 |
| Total Fixed Assets | 765,253 | 308,171 | |
| FUNDS OF THE CHARITY | |||
| Unrestricted Funds | 13 | 621,464 | 159,942 |
| Restricted Income Funds (revaluation reserve) | 13 | 143,789 | 148,230 |
| Total Funds | 765,253 | 308,171 |
Signed by Chief Finance Officer on behalf of St. Albans District Council (the Trustee)
29/01/2025
NOTES TO THE ACCOUNTS
- 1.1 Basis of accounting
These accounts have been prepared in accordance with Accounting Standards and the Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2008), together with the Charities Act 1993.
As the trustee of this charity St. Albans District Councils accounts are prepared in accordance with the Code of Practice on Local Authority Accounting published by the Chartered Institute of Public Finance and Accountancy (CIPFA) together with guidance notes issued by CIPFA on the application of Accounting and Financial Reporting Standards, and this has led to exceptions as follows:
Land and Building assets have not been shown at historic cost, but in line with Local Authority Accounting practice , details being shown at Note 9.
- 1.2 Basis of accounting
The accounts are shown on an accruals basis.
1.3 Changes to accounting treatment
In 2023/24 there have been no changes in accounting treatment.
- 2 Accounting policies
Incoming Resources Recognition of incoming resources These are included in the Statement of Financial Activities (SoFA) when: the charity becomes entitled to the resources; the trustees are virtually certain they will receive the resources; and the monetary value can be measured with sufficient reliability.
Incoming resources with related Where incoming resources have related expenditure the incoming expenditure resources and related expenditure are reported gross in the SoFA. Donated services and facilities These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the actual cost to the charity of the service received.
Expenditure and Liabilities
Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Assets Tangible fixed assets for use by These are capitalised if they can be used for more than on year, and charity cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt. Policies adopted additional to or Tangible fixed assets are revalued every five years by a suitably different to those above qualified valuer. Community Assets Information regarding the historic cost of Community Assets is limited and of immaterial value. Given their nature, the Council does not consider that a commercial value should be placed upon Community Assets. Any cost to do so would not be commensurate to the users of the accounts. The Council's policy is therefore to hold all Community Assets at £nil value and not to disclose on the balance sheet.
- 3 Analysis of Incoming Resources
Voluntary income represents gifts in kind provided by St. Albans District Council who are the trustees of this charity. They represent the cost of resources expended in order to maintain and operate this part of Clarence Park together with the income obtained by the Council for elements of these costs.
4 Analysis of Resources Expended
The cost of generating voluntary income can be analysed as follows:
| Donated services (e.g. grass cutting, utilities etc.) Depreciation and charges for use of assets Revaluation of Assets |
£ 115,869 9,434 0 125,303 |
|---|---|
5 Support Costs
Support activities are provided by St. Albans District Council as part of its normal activities and can not be separately quantified.
6 Details of Certain Items of Expenditure
Trustee expenses
Independent Examiner Fees
The Council acts as trustee to this charity and its officers carry out any duties within the scope of their normal duties. There are therefore no items of expenses payable in respect of this charity.
The accounts have been examined by SADC Internal Audit.
7 Paid Employees
This charity has no direct employees.
8 Grantmaking
This charity has made no grants or donations.
- 9 Tangible Fixed Assets
Land, buildings and equipment are owned by the City of St. Albans in its capacity as charitable trustees.
Land and building assets are revalued on a five year rolling programme by a suitably qualified valuer. Revaluations to assets in the park that form part of the charity were last undertaken during 2018/19, so have been revalued in 2022/23
| Land and building assets are Revaluations to assets in the been revalued in 2022/23 |
revalued on a five year rolling programme b park that form part of the charity were last u |
|---|---|
| Cost or Valuation | Freehold land & buildings, and equipment £ |
| Original Balance brought forward 485,487 |
|
| Additions | 466,516 |
| Disposal | - |
| Revaluations | - |
| Transfers | - |
| Balance carried forward | 952,002 |
| Accumulated depreciation and impairment provisions | |
| Balance brought forward | £ 177,315 |
| Depreciation charge for year | 9,434 |
| Revaluations | - |
| Disposals | - |
| Transfers | - |
| Balance carried forward | 186,749 |
| Net Book Value | |
| £ | |
| Balance brought forward | 308,171 |
| Balance carried forward | 765,253 |
10 Investment Assets
This charity holds no investments.
11 Debtors and prepayments
This charity had no debtors or prepayments as at the 31.03.24 or 31.03.23.
12 Related Party Transactions
The Charity is administered by St. Albans District Council and all its goods and services are provided by the Council. Details of these are provided in note 4.
13
| Original Balance brought forward Revaluations FV - HCA Depreciation Depreciation Additions Disposals Transfers 2022/23 Balance carried forward |
Revaluation Reserve Unrestricted Funds 148,230 159,942 - - (4,441) - - (4,993) - 466,516 - - - - 143,789 621,464 |
|---|---|
ndependent examiner's statement I have completed my examination. I confirm that no matenal matters have come to my attention in connection with the examinalion giving me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of Clarence Patk 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 wtth the applicable requirements conceming 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 independenl examination. I have no concetns 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 piopei understanding of the accounts to be reached. Signed: Name" Sally-Anne Pearcey Senior Intemal Audrtoi CPFA Address. Borough of Bioxboume Council. Bishops College, Churchgate, Cheshunt, EN8 9x0 Date: 23 January 2023