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;
- To promote the benefit and improve the conditions of life of the inhabitants of Hadley Wood.
- To advance education and provide facilities for recreation and leisure.
- To preserve, protect and improve features of historic or public interest.
- 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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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:
1. accounting records were not kept in respect of Hadley Wood Association as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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:
- 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
- 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.
11
## **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|
|---|---|
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|
|---|---|---|
**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|
|---|---|---|---|
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**
-|
|---|---|---|---|
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