Company registration number: 03904084 Charity registration number: 1079744
Hadley Wood Association
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2024
Sanjiv Sheth, BFP FCA Chartered Accountant Binsam Accountancy Services 65 Fitzjohn Avenue Barnet Hertfordshire EN5 2HN
Hadley Wood Association
Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 - 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 - 8 |
| Notes to the Financial Statements | 9 - 15 |
| HWA Green Belt Fund Income and Expenditure Account | 16 |
Hadley Wood Association
Reference and Administrative Details
Chairman
Mr Robert Graham Wilson
Trustees
Mr Robert Graham Wilson
Mr Rupert Mackay (resigned on 26 November 2024) Mrs Elizabeth Snape
Principal Office
HWA Centre 1-7 Crescent East Barnet Hertfordshire EN4 0EL
Company registration number 03904084 (The Charity is incorporated in England) Charity registration number 1079744 Charity website http://www.hadleywood.org.uk/
Independent Examiner
Sanjiv Sheth, BFP FCA Chartered Accountant Binsam Accountancy Services 65 Fitzjohn Avenue Barnet Hertfordshire EN5 2HN
1
Hadley Wood Association (Charity number: 1079744) Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2024, in compliance with s414C of the Companies Act 2006.
Objectives, strategies and activities
The income and assets of the Charity are applied solely towards the promotion of its objects as set out in the Articles of Association. In summary, these are;
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To promote the benefit and improve the conditions of life of the inhabitants of Hadley Wood.
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To advance education and provide facilities for recreation and leisure.
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To preserve, protect and improve features of historic or public interest.
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To maintain and manage property and land owned or leased by the Association.
The 2024 year has again seen material changes in income and expenditure on significant items, and another substantial deficit (following a substantial deficit in 2023 which had broadly balanced surpluses in 2021 and 2022, largely due to timing differences). Our strong cash reserves are being depleted.
These accounts show a surplus of about £2,000 but only because we include the segregated Green Belt Fund which increased by about £30,000 in 2024 through the second appeal. Our general income and expenditure are broadly in line (supported by another excellent Fireworks) but we had high Centre costs (including redecoration of main hall), our recruitment of an Events Manager did not convert into additional event revenue and we suffered a £20,000 legal bill in connection with the preschool dispute.
The Association has the benefit of potential to increase income from members (who voted at AGM 2024 to double subscriptions in the discretion of Trustees) and from activities including hall hires, users and additional events. We are in positive discussion with our landlord (LB Enfield) to renew our long lease, which will support all our activities and allow our Upgrade to go ahead (currently postponed to 2026).
Statement of Public Benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management
Objectives and policies
The Charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The trustees have assessed the major risks to which the organisation is exposed, in particular, those which may affect their operations and finances, and are satisfied that there are sufficient systems in place to mitigate exposure to major risks.
Cash flow risk
The Charity holds surplus funds in interest-bearing bank accounts
2
Hadley Wood Association (Charity number: 1079744)
Trustees' Report (continued)
Credit risk
The Charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The Charity’s credit risk is primarily attributable to its members' subscription dues, advertisers, events sponsors and the viability of user group licensees. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash-flows.
The Charity has no significant concentration of credit risk, with exposure spread over the subscriber base, advertisers and the user group licensees.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Charity hold a sufficient mixture cash balance in instant access and call deposit accounts with reputable UK financial institutions.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statement.
The annual report was approved by the trustees of the Charity on 27 June 2025 and signed on its behalf by:
___ Mr Robert Graham Wilson Chairman and Trustee
3
Hadley Wood Association
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Hadley Wood Association for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the Charity on 27 June 2025 and signed on its behalf by:
___ Mr Robert Graham Wilson Chairman and Trustee
4
Hadley Wood Association Independent Examiner's report to the Trustees for the Year Ended 30 September 2024
I report to the Charity trustees on my examination of the accounts of the Charity for the year ended 30 September 2024 which are set out on pages 6 to 15.
Respective responsibilities of trustees and examiner
As the Charity’s trustees of Hadley Wood Association (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Hadley Wood Association are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of Hadley Wood Association as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns 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 proper understanding of the accounts to be reached.
Sanjiv Sheth, BFP FCA Chartered Accountant Binsam Accountancy Services 65 Fitzjohn Avenue Barnet Hertfordshire EN5 2HN
27 June 2025
5
Hadley Wood Association
Statement of Financial Activities for the Year Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted Designated funds funds Notes £ £ Income and Endowments from: Donations and gifts 3,131 - Charitable activities 3 100,409 59,948 Investment income 4 534 - Total income 104,073 59,948 Expenditure on: Charitable activities 5 109,369 28,913 Governance 5 22,995 - Total expenditure 132,363 28,913 Funds transferred - - Net movement in funds (28,290) 31,034 Reconciliation of funds Total funds brought forward 115,078 28,938 Release of restricted funds - - Total funds carried forward 86,788 59,972 |
Total 2024 £ 3,131 160,356 534 164,021 138,282 22,995 161,276 - 2,744 144,016 - 146,760 |
Restated Total 2023 £ 180 101,641 555 102,376 133,547 3,158 136,705 - (34,328) 178,345 - 144,016 |
|---|---|---|
All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for the Year Ended 30 September 2024 is shown in note 12.
The notes on pages 9 to 14 form an integral part of these financial statements
6
Hadley Wood Association
(Registration number: 03904084)
Balance Sheet as at 30 September 2024
| Unrestricted Designated funds funds Notes £ £ Fixed Assets Tangible assets 8 45,704 - Current Assets Stocks 547 - Debtors 9 26,346 11,958 Cash at bank and in hand 10 39,105 48,015 65,999 59,972 Creditors Amounts falling due within one year 11 (24,914) - Net current asset 41,085 59,972 Total asset less current - liabilities 86,788 59,972 Net Asset 86,788 59,972 Funds Unrestricted funds Designated funds 13 Restricted funds Total funds 12 |
Total 2024 £ 45,704 547 38,304 87,120 125,971 (24,914) 101,057 146,760 146,760 86,788 59,972 - 146,760 |
Restated Total 2023 £ 55,722 671 25,982 97,713 124,367 (36,073) 88,294 144,016 144,016 117,206 26,810 - + 144,016 |
|---|---|---|
The notes on pages 9 to 14 form an integral part of these financial statements
7
Hadley Wood Association
(Registration number: 03904084) Balance Sheet as at 30 September 2024 (continued)
For the financial year ending 30 September 2024 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 27 June 2025 and signed on their behalf by:
___ Mr Robert Graham Wilson Chairman and Trustee
8
Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
1. Charity status
The Charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation.
The address of its registered office is: HWA Centre 1-7 Crescent East Barnet Hertfordshire EN4 0EL
These financial statements were authorised for issue by the trustees on 27 June 2025.
2. Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Hadley Wood Association 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 notes.
Going concern
The Charity has reported a surplus for the year after receipt of certain one off amounts for the Green Belt Fund, without which a deficit on unrestricted funds would have been incurred. Monies received in respect of the Green Belt Fund are ring fenced for use for that campaign only. It is probable that a deficit could occur in 2024/25. Cash reserves have been depleted. However the Trustees consider that, as there are reserves brought forward and as additional funds can be raised from members and activities, there are no material uncertainties about the Charity’s ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity.
Exemption from preparing a cash flow statement
The Charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
9
Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
Income and endowments
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees’ meetings and reimbursed expenses.
Tangible fixed assets
Individual fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
10
Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Short leasehold Over unexpired lease term Plant & machinery Over four years Fixtures, fittings & equipment Over four years
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors and receivables
These are amounts due from user groups, Gift-Aid and customers purchasing advertising space in the HWA newsletters in the ordinary course of Charity's business.
Trade debtors and receivable are recognised at the transaction price. These are subsequently reviewed periodically for bad debt. Non-collectable or doubtful debts are impaired at the rate at which it is likely to become bad debt.
Trade creditors and payables
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of Charity's business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, on hand and call deposits.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity.
Designated funds are those unrestricted funds which have been set aside by trustees for an essential spend or campaign purpose. These funds are then ‘ring-fenced’ and no longer form part of unrestricted general funds.
The Charity operates two designated funds:
1) Neighbourhood Planning Forum for the improvement and protection of the local environment.
2) The Save the Hadley Wood Green Belt Campaign (“Green Belt Fund”) established in the year ended 30 September 2021 to stop development in the green belt area surrounding Hadley Wood. All funds donated to this campaign are held in a separate bank account labelled “HWA Green Belt”. All expenditure from this account is approved by Trustees under guidance by the Planning SubCommittee. The income and expenditure from this fund is included under Designated Finds in the SOFA and a full income and expenditure account for this Fund is included in Note 13 on page 15. There is a provision for funds to be released and available to HWA in stated circumstances.
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Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
| 3. Income from charitable activities Membership subscriptions Newsletter advertising User groups HWA Centre Hire and Car park Fireworks and social events Covid19 Fireworks Appeal Green Belt Campaign (note 14) Neighbourhood Planning Forum HWA Bar sales* Covid19 Grant |
2024 £ 18,028 6,470 29,243 7,075 34,044 - 59,948 - 5,549 - 160,356 |
Restated 2023 £ 18,385 7,070 30,674 9,145 32,216 - - - 4,151 - 101,641 |
|---|---|---|
*HWA Bar sales reported a profit of £1,681 (2023: £1,453)
| 4. Investment income All of the Charity's investment income arise from money held in accounts. 5. Expenditure on charitable activities Direct costs Membership expense Newsletter printing and distribution HWA Bar costs and Tennis Club profit share Fireworks Green Belt Campaign (note 14) Local campaigns Support costs Ground maintenance Building repairs and maintenance (note 5a) Staff costs Rates and Utilities Cleaning Insurance Office expense Telephone and broadband Depreciation Governance Legal and professional fees Accountancy services Bank charges |
interest bearing bank Restated 2024 2023 £ £ - 794 8,376 14,138 3,868 2,698 9,772 15,447 28,717 - 924 840 51,658 33,917 9,935 19,130 8,019 27,137 20,080 18,287 11,986 6,687 11,679 8,950 5,409 5,417 4,777 3,270 4,720 3,357 10,019 7,397 86,624 99,630 21,631 1,794 1,140 1,140 224 224 22,995 3,158 161,276 136,705 |
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12
Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
| 5a. Building repairs and maintenance Fire safety maintenance and certification Intruder alarm maintenance and certification Electrical maintenance and certification Boiler service Building maintenance Miscellaneous works 6. Net incoming/outgoing resources Net resources are stated after charging/(crediting): Depreciation Independent examiner's fee |
2024 £ 645 249 1,850 498 458 4,320 8,019 2024 £ 10,019 570 |
Restated 2023 £ 629 173 194 566 1,275 23,015 25,852 Restated 2023 £ 7,397 570 |
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7. Staff costs The average number of employee during the year was 2.5 (2023: 1.5) No trustees received remuneration or reimbursed expenses during the year (2023: £nil)
| 8. TANGIBLE FIXED ASSETS COST At 1 October 2023 Additions At 30 September 2024 DEPRECIATION At 1 October 2023 Charge for year At 30 September 2024 NET BOOK VALUE At 30 September 2024 At 30 September 2023 |
Short Leasehold £ 117,006 - 117,006 71,168 6,548 77,716 39,290 45,839 |
Plant and Fixtures and machinery fittings £ £ 28,734 39,417 - - 28,734 39,417 28,734 29,533 - 3,470 28,734 33,004 - 6,413 - 9,884 |
Totals £ 185,158 - 185,158 129,435 10,019 139,454 45,704 55,722 |
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13
Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
| 9. Debtors: Amounts falling due within one year Trade Debtors Prepayments Accrued Income Green Belt Gift Aid (Designated Fund) 10. Cash at bank and in hand General Fund Designated Fund 11. Creditors: Amounts falling due within one year Trade creditors Taxation and social security Accruals and deferred income Green Belt Fund (Designated fund) Ground Work UK (Designated Fund) 12. Movement in funds Balance at Incoming 01/10/2023 resources £ £ Unrestricted funds General fund 117,206 104,073 Designated fund 26,810 59,948 144,016 164,021 Restricted funds - - |
Outgoing resources £ (132,363) (28,913) (161,276) - |
2024 £ 3,840 14,654 7,853 11,958 38,304 2024 £ 39,105 48,015 87,120 2024 £ 16,916 - 7,998 - - 24,914 Transfers £ - - - - |
Restated 2023 £ 8,708 12,275 5,000 - 25,982 Restated 2023 £ 70,903 26,810 97,713 Restated 2023 £ 22,458 - 13,615 - - 36,073 Balance at 30/09/2024 £ 88,916 57,844 146,760 - |
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14
Hadley Wood Association
Notes to the Financial Statements for the year ended 30 September 2024
13. Analysis of Designated Funds
| Balance B/Fwd Incoming resources Charitable activities Transfer of own funds Balance C/Fwd |
Neighbourhood Planning Forum £ 1,008 - (196) - 812 |
Save the Hadley Wood Green Belt £ 27,930 59,948 (28,717) - 59,160 |
Total 2024 £ 28,938 59,948 (28,913) - 59,972 |
Restated Total 2023 £ 26,810 - - - 26,810 |
|---|---|---|---|---|
15
Note 14
Hadley Wood Association
HWA Green Belt Fund Income and Expenditure Account for the Year Ended 30 September 2024
| Notes Income: Charitable activities: Donations received Gift Aid receivable a Expenditure: Professional Services Planning services Consultants fees Leaflets Banners Posters Bank charge Surplus C/Fwd Transfer from HWA Current account Surplus B/Fwd Surplus C/Fwd |
2024 £ 47,990 11,958 22,500 4,500 348 - 1,369 - - |
Total 2024 £ 59,948 28,717 31,230 27,930 59,160 |
Total 2023 £ - - - - - - - 27,930 27,930 |
|---|---|---|---|
The Income and Expenditure Accounts of HWA Green Belt Campaign is approved by the trustees of the Charity on 27 June 2025 and signed on its behalf by:
___ Mr Robert Graham Wilson Chairman and Trustee
16