Agenda Item 4 BEDFONT LAKES TRUST FUND TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Contents Refei'ence and Administrative Details................. Structure, Governance and Management.............. ....... Objectives and Activities...,................................... Achievemcnts and Perfoiinance: Year endcd 3 1st March 2024........................... Financial Review............. Plans foi. Future Periods.. . Indepcndcnt Auditor's Report to the Trustees of Bedfont Lakcs Trust Fund ............................. .... Statement of Financial Activiti¢s............. Balance Sheet as at 3 I" Mai'ch 2024..... 10 10 Notes to thc Financial Statements.......... Registered charity no. 1053137
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 1 Reference and Administrative Details TRUSTEE: The Mayor and Burgesses of the London Borough of Hounslow ADDRESS: Hounslow House 7 Bath Road Hounslow TW3 3EB REGISTERED CHARITY NO.: 1053137 SOLICITOR: Assistant Director Corporate Governance London Borough of Hounslow Hounslow House 7 Bath Road Hounslow TW3 3EB TREASURER.. Director of Finance and Corporate Services London Borough of Hounslow Hounslow House 7 Bath Road Hounslow TW3 3EB AUDITORS: Clemence Hoar Cummings Chartered Accountants and Registered Auditors 1- 5 Como Street Romford RM7 7DN BANKERS: Natwest Bank 275 - 277 High Street Hounslow TW3 1ZA FUND MANAGERS: Schroder & Co 31 Gresham Street London EC2V 7QA INTERNAL AUDITORS: Head of Internal Audit London Borough of Hounslow Hounslow House 7 Bath Road Hounslow T4W3 3EB
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 2 Structure, Governance and Management 2.1 The Trust was formally established on 20 December 1995 with the declaration of a charitable trust between Hanover Property Unit Trust and the Mayor and Burgesses of the London Borough of Hounslow ("Ihe Council"). The Trust Fund is devoted to the general charitable purposes defined in the declaration of Trust. 2.2 The Trust Fund initialSy set up comprised a sum of £200,000, which had been previously paid over to the Council and a further sum of £1.000.000 enhanced as provided for in a previous agreement between Rutland Hall Limited and the Council (daled 13 May 1988). An additional sum of £750,000, enhanced as provided for. became transferable to the Trust Fund in accordance with the terms of an agreement dated 4 April 1990 belween Keenhalf Limiled and the Council. Enhanced sums of £1,859,608 and £1,192.998 were paid to the Council on 20 December 1995 by Hanover Property Unit Trust and Keenhalf respectively. On the fomiation of the Trust, £3,200,000 VRS transferred to Schroder Investm6nt Management Limited (now named Schroder & Co) for appropriate investment. 2.3 The Bedfont Lakes Country Park Trust Fund Panel has been established by the Council to oversee the investment of the Trust Fund and to ensure that the resources are used in a manner consistent with the agreed lease. The Councillors appointed to the Panel for the year to date were.. _ Adesh Farmahan Farah Kamran Raghwinder Siddhu Bishnu Gurung Noor Kaleem appointed 23rd May 2023 appointed 23rd May 2023 appointed 23rd May 2023 appointed 23rd May 2023 Ceased to be a trustee. 301h May 2024 The Councillors are appointed to the Panel annually by the full Council.
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued The Trust Fund Panel meets annually to monilor investment performance. review operational costs at the Country Park, and set the annual budget. The management and Maintenan of the Country Park is delivered by Lampton Greenspace 360 Limited. 3 Objectives and Activities 3.1 The charitable trust is established with the object of promoting public recreation and education by the provision of reSoUeS for the maintenance, improvement, management and preservation of the counlry park (which is held on a 999-year lease) as open space land for recreational and leisure time use by the public al large and for their education, enjoyment and benefit. 3.2 We have referred to the guidance in the Charity Commission's general guidance on Public Benefit including Its guidance 'public benefit.. running a charity (PB2)' when reviewing our aims and objectives and planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The trustees believe that providing access to the park facilities is of direct benefit to the well-being and enjoyment of the general public. The park is open to access by any member of the public free of charge, 4 Achievements and Performance: Year ended 31 March 2024 4.1 The charitable trust has used the resources generated for the maintenance, improvement, management and preservation of the country park. 4.2 The investment funds are actively managed throughout the year to provide sufficient retum to meet the net budget for the management and maintenance of the Country Park over the longer term. For 2023124 actual income was £238,351 against expenditure of £243,676 resulting in a loss of £5,325 (excluding movements on investments). 5 Financial Review 5.1 Reserves and Investments Policy 5.1.1 The Trustees aim to manage the Trust Fund so that it generates sufficienl income to fund the annual maintenance of the park. For the immediate futUTe, the assels of the Trust Fund are considered adequate for this purpose. 5.1.2 The Trust Fund will continue to be carefully invested and managed to help ensure it generates the required annual return to provide for the development and upkeep of the Park. 5.1.3 The principal source of funding for the Trust is the investment fund. Income from Ihe investment fund has SUPPOrted the key objective of the charitable trust by providing resources for the upkeep of Ihe country park. 5.1.4 It is the Trust's policy to retain funds in the fonn of investments thal generate sufficient income to cover the cost of upkeep of the park in the future. The value of the investments held at 3161 March 2024 was £ 5,763,782. Each year a budget is prOdud of the expected cost of the upkeep of the park for the coming year. The Trustees have reviewed Ihe level of funds, along with the expected
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued budget cost of Ihe upkeep of the park and consider the funds to be adequate to derive sufficient investment retum to finance such activities in forthcoming years. 5.1.5 The Trust's investment policy is to maximise total returns after consideration of the annual budget requirement for the park's upkeep. The investment funds have Provided sufficient return to meet the net budget requirement for the park. 5.1.6 The investments are managed by Schroders. The fund has a balanced portfolio that is actively managed in order to provide Ihe required retum at an acceptable level of risk. 5.2 Statement of trustees, responsibilities in respect of the trustees, report and the financial statements 5.2.1 Under the trust deed of the charity and charity law, the Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales reqijires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of 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 lo: select suilable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,, state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in Ihe financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 5.2.2 The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posilion ofthe charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trusl deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps far the prevenlion and detection of fraud and other irregularities. 5.3 Risk Management Strategy 5.3.1 The major risks to which the Trust is exposed have been idents'fied and considered by the Trustees. The risks identified, the anticipated effect, and the steps taken and systems in place to mitigate those risks, are contained in a risk management stralegy Statement, which has been reviewed by the Trust Fund Panel.
BEDFONT LAKES TRUST FUND YEAR END 315T MARCH 2024 6 Plans for Future Periods continued 6.1 The Trustees inlend to continue to manage Ihe Trust Fund in order to generate funds sufficient to continue carrying out the key objective of the charitable trust. Signed on behalf of the Mayor and Burgesses of the London Borough of Hounslow by.. Chair of the st Panel Date }./,,//,>* Director of Finance and Corporate Serlices Date
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 7 Independent Auditor's Report to the Trustees of Bedfont Lakes Trust Fund Oplnlon We have audited the financial statements ofBedfont LakesTrusl forthe year ended 31 March 2024 which comprise the Statement of Financial Activities. Ihe Balance Sheet and the related notes to the finanGial stalemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion is appliGable law and United Kingdom Accounting Standards. including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland. {United Kingdom GenérallyAccepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charit5 affalrs as at 31 March 2024 and of Ils incomlng resources and application of resources, for Ihe year then ended- have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with Ihe requiremenls of Charities Act 2011. Basls for oplnlon We conducted our audit in accordance wilh International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our re5ponsibllilies under those Standards are furiher described in the Audltor's Responsibilities for the audil of the financial slaternents section of our report. We are independent of Iha charily in accordance with the ethical requirements that are relevant to our audil of the financial slalemenls In the UK. including lh8 FRC'S Ethical Standard, and we have fulfilled our other ethical responsibillties in accordance wlth these requlremen15. We believe that Ihe audil evidence we have obtained is sufficienl and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the Ilnancial statements. we have concluded that the trustees, use of the going concern basi5 of acwunting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating lo events or conditions Ihat, individually or collectively, may cast signilicanl doubl on the charity's ability lo Continue as a going concern for a period of at least twelve monlhs Irom when Ihe financial stalemenls are authorised for issue. Our responsibililies and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this r8POrt. Other Informatlon The Iruslee5 are respon51ble for the other informatlon. The other information comprises the information included in the annual repori. other than the financial slatemenls and our Report of Ihe Independenl Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except lo the extent olherwise explicitly slated in our report. we do not express any form of assurance conclusion Iher80n. In conneclion with our audit of Ihe financial statements, our responsibility Is to read the other infomiation and, in doing so, consider whether Ihe other information is materially inconsistent with Ihe financial statemènts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalements, we are required lo determine whelher there Is a material misstatement in the financial statements or a material misstatement of the other Infom)ation. If, based on Ihe work we have performed, we conclude Ihal there 15 a material misstatement of this other infomiation, we are required to repori that fact. We have nothing to report in Ihis regard. 10
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued Matters on whlch we are requlred to report by ex¢epllon We have nothing to report in respect of the following matters •M)ere the Charities Act 2011 requires us lo report to you if, in our opinion.. the information given in the Trustees. Annual Report is inconsistent in any materlal respect with the fi'nanclal slatements. or the charity ha5 not kept adequate accounting records., or the financial slalements are not in agreement with the accounting records and returns- or we have not received all Ihe information and explanations we required for our audit. Responslbllitle5 of trustees As explained more fully in the ITUStees' responsibilitios statement on page 4, the trustees are responsible for the preparation of the financlal slalemenls and for being satisfied that they give a true and fair view. and for such inlernal control as the Iruslee detemiines is necessary lo enable Ihe preparation of financial statemenls that are free from materlal misslalemenl, wh6ther due to fraud or error. In preparing the finanGial statements. the Iruslees are responsible for assessing the charitls ability to conlinue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concem basls of accounllng unle55 the trustee either inlends to liquidate the tharity or to cease operations. or have no realistic alternative but lo do so. Audltor's r•sponslbllltles for the audlt of tho flnanclal ststements W8 have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulatlons made under section 154 of that Act. Our objectives are lo obtain reasonable assurance aboul vthether the financial statements as a whol8 are free from material misslatemenl, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee Ihat an audit conducted in accordance wlth ISAS (UK) will always detect a malerial misstatement when il exists. Misslatemenls can arise from fraud or error and are consldered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users laken on th8 basis of Ihese financial statements. Irregularitles including fraud. are instances of non-compllance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delecl material mis-statements in respect of irregularltles including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. We have deslgned our work lo ensure that laws and regulatlons have been adhered lo, and Ihat the transactions of the charity are properly reflected in the financial statements We havo obtained a detailed underslanding of the Char[tS internal control systems and we hève used the knowledge gained to identify any area5 of risk of mis-slat8ment or fraud. We have then designed our audit tests in each area to identify whother in respect of the transactions we have sel8Cted for testing the relevant conlrols have operated as expected. The charity is In receipt of investment income and we ensure that the reports of investment performance and asset valuations produced by the fund managers are properly r&flected in ihe accounts. We then check the valuations Ihemselves to ensure they are consislent with olher Ihird party infomiation. The charity has a contract for the provision of services for the park area and we ensure that expenditures on thls are properly authorised. and that the charge5 are reasonable. A further descriptlon of our responsibilities for the audit of financial statements is located in the Financial Reporting Coundl's website at www.frc.or Independent Auditors. .uklaudiloTS responsikn'lities. This description forms part of our Report of the 11
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued U58 of our report This report is made solely to the charitrfs Iruslees, as a Ixxly, in accordance with Chapter 3 of Part 8 of Ihe Charities Act 2011, Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility to any party other Ihan Ihe charily and chariws trustees as a body. for our audit work, for this report, OT for the opinion we have formed. D.M. Belbin Bsc BFP FCA DChA Senior Statutory Auditor Clemence Hoar Cummings Riverside House 1-5 Como Street Romford Essex RM7 7DN Oate.. Clemence Hoar Cummlngs is eligible lo act as auditor in leims of Section 1212 of the Companles Act 2006. 12
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 8 Statement of Financial Activities Notes Unrestrlcted Fund Restrlcted Fund Total 2023124 Total 2022123 Income from: Investment Income Other Incoming Resources Total Incomlng Expendlture on: Investment managemenl costs Ch8ritable Activities Charitable Support Costs Total Expenditure Nel Incomlngl(Outgoing) Resources for the Year 166,106 72,245 238,351 283,382 166,106 72,545 238,351 283,382 9,284 158,019 4,128 171,431 (5,325) 3,912 66.593 1,740 72,245 13,196 224,612 5,868 243,676 (5,325 13,422 206,603 5,580 225,605 57,777 Net {lossesllgains on investments Net {expenditure)Ilncome and net movement In funds Fund Balances brought fornvard at 1st April Fund 8alance8 carrled forward 31st March 208.346 90,617 298,962 (375.0381 1317,261) 203,021 90,617 293,637 4.118.440 1.791.250 5,909.690 6,226,951 4,321.461 1,881,867 ,203,328 5,909,690 Bedfont Lakes Trust has no recognised gains or losses for the year. other than the net movement in funds shown above. The Trust has neither discontinued any of its operations nor acquired new ones, and all amounts relate to continuing operations. The notes on pages 11 to 16 form part of these financial statements. 13
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 9 Balance Sheet as at 31st March 2024 Notes 2024 2023 Fixed Assets Investments 5,763,782 5,763,782 5,477,927 5,477,927 Current Assots Debtors Cash 59,863 613,523 673,386 58,980 588,251 647,231 LlabS1itles CredStors 1233,840) 1233,840) 439.546 6,203,328 (215,4681 {215,468) 431,763 5,909,690 Net Current Assols Net Assets Funds Restricted Unreslrlcted Funds Carrled Fonvard 1,881,867 4,321,461 6,203,328 1,791,250 4,118.440 5,909.690 These financial statements were approved and authorised for issue on behalf of the Mayor and Burgesses of the London Borough of Hounslow and signed on its behalf by: Chair of the Tr anel Date Dlrector of Finance and Corporate Services Date ,¥l,d f The notes on pages 11 to 16 form part of these financial statements. 10 14
8EDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 10 Notes to the Financial Statements 1) Accounting Policles Accounting 8ases A Summary of the principle accounting policies adopied, judgements and key sources of estimation of uncertainty, is set out below. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS102 Charities SORP) and Charities Act 2011. The charity is a public benefit entity for the purposes of FRS 102. b) Funds Bedfont Lakes is managed and developed as a complete site, albeit it is cut in two by a railway line. On the establishment of the Trust, Keenhalf Ltd required that the funds they introduced be restricted to expenditure on that part of Bedfont Lakes which lies to the north of the railway line. The funds provided by Keenhalf Limited are therefore held as restricted funds. The funds provided by Hanover Property Unit Trusl are held as unrestricted funds as they can be applied for the maintenance of the entire parkland area. Investment Income Investment income is accounted for on an accruals basis. The movement In investment values was apportioned between the restricted and unrestricted funds in the year 1995196 (being the year the Trust was fomially established) on the basis of the capital sum originally invested with Schroders, and in subsequent years on the balance of investments brought fonNard at 1 April. other Incomlng Resources Other incoming resources are accounted for on an accruals basis when there is entitlement to income. receipt is probable and the amount can be measured reliably. Other Incoming resources are allocated between Ihe restricted and unrestricted funds on the basis of the direct costs of maintaining the parkland. Resources Expended All expenditure is accounted for on an accruals basis and has been dassified under headings that accord with the Statement of Recommended Practice, Expenditure is allocated between the restricted and unrestrlcted funds on the basis of the direct costs of maintaining the parkland to the exlent to which incoming resources in the year relating to the restricted fund are available to meet such expenditure. Any excess is borne by the unrestricted fund. 70 % of Bedfont Lakes. direct costs relate to the northern side of the park. Fixed Asset Investments Investments are staled at market value i.e. the realisable value of investments at the balance sheet date. g) Flnancial Instruments Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contraGtual provisions of the instrument. Basic financial assets and liabilities are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. 15
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued Investments are initially recognised at their transactions value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. h) Cash Flow Statement No cash flow statement has been prepared. As a small reporting entity, the Trust is exempt from the requirement to prepare a cash flow statement. Taxatlon As a charity the Trust is exempt from tax on the income and gains arising from its charitable activities and its investments, to the extent that such income and gains are applied for charitable purposes only. J) Value Added Tax (VAT) VAT is not recoverable by the Charity and, as such, is included in the relevant costs in the Statement of Financial Activities. k) Treatment of Losses In the event that there are net outgoing resources in a year (being an excess of total resources expended over incoming resources) losses are allocated pro rata to the fund balances brought fornard at 1 April (except 1995196 when they were allocated to the funds on the basis of actual expenditure incurred in the year) unless the loss results from significant expenditure on one half of the site, in which case expenditure would be charged to the relevant fund. Treatment of Surpluses In the event thatthere is an excess of total incoming resources overtotal resources expended, such surpluses are deemed to relale to the unrestricted fund and are added lo that fund each year. There is no allocation of any surplus to the restricted fund as the income from the restricted fund is insufficient to meet the cost of maintalning the northern side of Bedfont Lakes, the northern side being the only part of Bedfont Lakes that the restricted fund can be used to maintain. Therefore, any surplus by implication must relate to the unrestricted fund. Governance Costs These are accounled for on an accruals basis and included within support costs. They represent the fee payable to the Trust's external auditors. Llabilities These are accounted for on an accruals basis. o) Investment Income The Trust Fund incurs a fund manager's fee for the management of its investments. Reports provided by the fund manager separately identify investment management fees, and so these have been separately charged and recognised as a cost of generating funds. p) Critical accounting estimates and areas of Judgement In the application of the charily's accounling policies. the trustees are reqUId to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assoGiated assumptions are based on historical experience and other factors that are considered to be relevanl. Actual results may differ from these eslimates. In the view of the trustees in applying the accounting policies adopted, the only critical judgement considered to have a significant effect on the amounts recognised in the financial statements is the allocation of deficitslsurpluses between funds. 12 16
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 2) Direct Cost of Charltable Activities The Trust has one key charitable activity which is the maintenance, improvement. management and preseNation of the country paTk. The management and maintenance of the Park was carried out by Lampton Greenspace 360 Limited and costs were recharged to the Charity, 2024 2023 Management of Bedfont Lakes Country Pa Support Seryices 218,112 6.500 200,103 6,500 206,603 224,612 3) Charltable Support Costs No charges have been made to the Trust with regard to the preparation of the statutory accounts, the costs of Trustees meetings or legal fees. Other costs comprise the governance costs for the year which were: 2024 2023 External Audit Fees 5.868 5.580 Legal & Professional Fee5 5,868 5,580 4) Fixed Assets - Investments Fixed asset investments are recognised in the balance sheet at their market value as at 318t March 2024. The movements on investments during the year are summarised below: 2024 2023 Market Value at 1 April 5,477,927 5.890.178 Acquisitions during Ihe year at cost {298) {16.959) 298,961 189,194 Disposals during year at carying value Net gainsl{Ioss8s) on revaluation (191,968) (375,038> Net increase l (decrease) in cash awaiting investment 4,149 (34.439) Closing Value 5.763,782 5.477,927 13 17
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued Realised losses on the sale of investments are calculated based ori the carrying value of the investment at the start of the year. Unrealised investment gains and losses are based on movements in the market value of the investment. Investments with a brought fOard book value of £16.925 were disposed of in the year for proceeds of £16,959 realising a gain on disposal of £34. b) Fixed asset investments are recorded at their marf(et value at 31" March. The historic cost of these assets is disclosed below: Number Market Value Cost 31st March 2023 of Unlts Schroder Cash Pool Account 2,806 5,475,121 5,477,927 2.806 SUTL Cazenove Charity Responsible 10,256,877 5,722,720 5,725,526 Number Market Value Cost 31st March 2024 of Unlts Schroder Cash Pool Account 6,955 5,756.827 6,955 5.698,900 5,705,855 SUTL Cazenove Charity Responsible 10,225,269 5,763,782 14 18
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 5) Debtors 2024 2023 Accrued Investment Income 59,675 188 58,762 188 Accrued Licence Income 59,863 58,980 6) Llabilities: amounts falllng due within one year 2024 2023 Sums due to London Borough of Hounslow Investment management fees due Audit Fees 224,612 3.360 5.868 206,603 3,285 5,580 Total 233,840 215,468 71 Analysls of Funds Analysis of Net Assets by Fund Unrestrlcted Fund Restrfcted Fund Total Fixed Assets Investments 4,019,923 4,019.923 451,166 1149,6281 4,321,461 1,743,859 1.743,859 222,220 184,212) 1.881,867 5.763,782 S,763,782 673,386 1233,8401 6.203,328 Total Fixed Assets Current Assets Current Liabilities Net Assets at 318t March 2024 8) Related Parties The charily is administered by London Borough of Hounslow, and Bedfont Lakes ilself is managed by Greenspace 360, a 1000/0 owned subsidiary of LBH. During the year £224,612 {2023.' £206,603), was charged by London Borough of Hounslow as a contribution to the management of Bedfont Lakes. None of the Trust Fund Panel had any relationships with related parties. 15 19
BEDFONT LAKES TRUST FUND YEAR END 31ST MARCH 2024 continued 9) Employee Information The Trust has no employees (2023124 - none). 10) Remuneration of Trustees None of the members of the Panel receive any emoluments or reimbursed expenses (2023124 - none). 11) Comparatlve SOFA spllt of funds Unrestrlcted Fund Restrlcted Fund Total 2022123 Income from: Investment Income 196.640 86.742 283,382 Other Incoming Resources Total Income 196,640 86,742 283,382 Expenditure on.. Inveslmenl management costs Charitabl8 Activities Charitable support costs Tolal Expendlture 8.261 127,167 3,345 138,863 5,161 79,436 2.145 86,742 13,422 206,603 5,580 225,605 Net (losses)Igalns on investments Net {expendlture)Ilncome and net movement In funds Fund Balances brought forward at 1 st April Fund Balances carried forward 315t March 2023 (260,240) (202,463) 4,320.903 4,118,440 (114.7981 (114,798) 1,906,048 1,791,250 1375,038) 1317.261) 6,226,951 5,909,690 16 20