THE CROPWOOD ESTATE
REPORT AND FINANCIAL STATEMENTS
31 MARCH 2024
Registered charity number: 1085296
OFFICIAL
The Cropwood Estate
Table of Contents
Report of the Trustees ............................................................................................................. 2-5 Independent Examiner's Report ................................................................................................. 6 Statement of Financial Activities ............................................................................................... 7 Balance Sheet ............................................................................................................................. 8 Notes to the Financial Statements ..................................................................................... 8-9-13
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The Cropwood Estate
Report of the Trustees for the Year Ended 31 March 2024
The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes thereto and comply with the charity’s trust deed and applicable law.
Reference and administrative information
| Name of charity: | The Cropwood Estate |
|---|---|
| Registered charity number: | 1085296 |
| Address for correspondence | Birmingham City Council |
| and/or donation is: | c/o Trusts & Charities Committee |
| The Council House | |
| Birmingham | |
| B1 1BB | |
| Cheques should be made payable to “Birmingham City | |
| Council” | |
| Trustee: |
Birmingham City Council as the Sole Corporate Trustee |
| Independent Examiner: | Mr Jason Seagrave FCCA |
| Seagrave French LLP | |
| 1 Poplars Court | |
| Lenton Lane | |
| Nottingham | |
| NG7 2RR | |
| Investment Manager: | CCLA |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET | |
| Bank: | Barclays Bank plc |
| 15 Colmore Row | |
| Birmingham | |
| B3 2BH |
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The Cropwood Estate
Report of the Trustees for the Year Ended 31 March 2024
(cont’d)
Structure, Governance and Management
Governing document
The Trust is established under a charity commission scheme dated 12 November 1997 and it is a registered charity, number 1085296.
Recruitment and appointment of trustees
The minimum number of Trustees is five and the maximum number is ten. The trustees shall be:
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Birmingham City Council - Trusts and Charities Committee.
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Nominated and Co-opted Trustees hold office for two years but on retirement are eligible for reappointment.
Trustees Meetings
Three Trustees are necessary to form a quorum. Issues are decided by a simple majority of those present and voting, provided at least two Trustees vote in favour of the resolution.
Objectives and Activities
The object of the Charity shall be the furtherance of any charitable purpose for the benefit of the inhabitants of the City of Birmingham including all or any of the following purposes:-
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a) the provision and support of educational facilities;
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b) the provision and support of facilities for recreation and other leisure time occupation, with the object of improving the conditions of life for the said inhabitants;
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c) the relief of the aged, impotent and poor; and
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d) the relief of sickness.
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charitable company and in planning any future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives set.
Public Benefit
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charitable company and in planning any future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives set.
Achievements and Performance
Total incoming resources for the year were £32,150 (2023: £38,158). This represents £30,335 interest earned through the City Councils CCLA (Churches, Charities and Local Authorities)
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The Cropwood Estate
Report of the Trustees for the Year Ended 31 March 2024 (cont’d)
Investment Management Limited investment. Leased income earned in-year £1,815 (2023: £13,425) from the 3 properties managed by Birmingham Property Services (BPS).
The above represents the only financial movement on the account during the 2023-24 financial year.
Financial Review
Reserves and Grant Making Policy
As indicated above in 'Achievements and Performance' there has been no activity in respect of the trust during 2023-24. The Cropwood Advisory Liaison Group may take a report to the Trusts & Charities Committee to seek further funding for routine maintenance which is required in respect of the estate.
Unrestricted expenditure totalled £810 (2023: £875) which comprised administration costs.
The Trustees are of the opinion that the Balance Sheet discloses funds adequate for the purpose of fulfilling the obligations of the charity.
Reserves Policy
It is the policy of the charity to retain unrestricted funds, which are the free reserves of the charity, accumulated through the collection of rent from the Trust’s property portfolio. This provides sufficient funds to cover 12 months estimated operating costs.
Investment policy
The Trustees have the power to invest trust money in the purchase of, or an interest in the security of, such stocks, funds, shares, securities or other investment or property of whatever nature and wherever situated as the Trustees in their absolute discretion think fit to the intent that the Trustees shall have the same full and unrestricted powers of investing and transposing investments as if they were beneficially entitled to the Trust Fund.
All investment is subject to the Trustee Act 2000.
Risk Management
The Trustees keep under review the major strategic and operational risks which the charity faces and are satisfied that systems have been established in order to minimise the possible effects of such risks on the charity.
Retaining the property portfolio in Trust and the management and investment of the accumulated income by the CCLA in COIF, minimises the risk to the Trust. Systems are in place, which likewise lessens any risk associated.
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The Cropwood Estate
Report of the Trustees for the Year Ended 31 March 2024 (cont’d)
Trustees’ Responsibilities in Relation to the Financial Statements
The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the 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 to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019;
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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 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 charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2016, the Charity (Accounts and Reports) Regulations 2016, Financial Reporting Standard (FRS 102) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
Trustee: Councillor Phil Davis (Chair of the Trusts and Charities Committee)
Date: 4 February 2025
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The Cropwood Estate
Independent Examiner's Report to the Trustees of The Cropwood Estate
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 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 applicable requirements concerning 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 independent examination.
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.
Jason Seagrave FCCA
Seagrave French LLP 1 Poplars Court Lenton Lane Nottingham NG7 2RR
Date: 4 February 2025
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The Cropwood Estate
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes Incoming resources Investment income 2 Leased land income 3 Other incoming resources Misc. income Total incoming resources Resources expended Costs of BCC administration on behalf of the trust 5 Grants payable in furtherance of the charity’s objectives Total resources expended Net incoming resources before transfers Transfer Gross transfers between funds Net incoming resources before other recognised gains and losses Net gains/(losses) on investments 4 Revaluation of fixed assets for charity’s own use 6 Net movement in funds Reconciliation of funds Balance of funds brought forward at 1 April Balance of funds carried forward at 31 March |
Unrestricted Funds £ Restricted Funds £ Total 2024 £ Total 2023 £ 30,335 - 30,335 24,733 1,815 - 1,815 13,425 - - - - |
|---|---|
| 32,150 - 32,150 38,158 810 - 810 875 - - - - |
|
| 810 - 810 875 31,340 - 31,340 37,283 - - - - |
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| 31,340 - 31,340 37,283 65,652 65,652 (27,836) - - - (5,000,700) |
|
| 31,340 65,652 96,992 (4,991,253) 9,389,984 714,754 10,104,738 15,095,991 |
|
| 9,421,324 780,406 10,201,730 10,104,738 |
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The Cropwood Estate
Balance Sheet as at 31 March 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Notes | Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Land and buildings | 6 | 9,174,300 | - | 9,174,300 | 9,174,300 |
| Investments | 7 | 232,119 | 780,406 | 1,012,525 | 915,886 |
| 9,406,419 | 780,406 10,186,825 10,090,186 | 780,406 10,186,825 10,090,186 | 780,406 10,186,825 10,090,186 | ||
| Current assets | |||||
| Debtors: Amounts falling due within | |||||
| one year | 17,055 | - | 17,055 | 15,892 | |
| Current liabilities | |||||
| Creditors: Amounts falling due | |||||
| within one year | (2,150) | - | (2,150) | (1,340) | |
| Net current assets | 8 | 14,905 | - | 14,905 | 14,552 |
| Net assets | 9,421,324 | 780,406 10 | 406 10,201,730 10 | 730 10,104,738 | |
| Funds | 9,421,324 | 780,406 10 | 406 10,201,730 10 | 730 10,104,738 |
Approved by the Trustees and signed on their behalf by:
Trustee: Councillor Phil Davis (Chair of the Trusts and Charities Committee)
Date: 4 February 2025
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OFFICIAL
The Cropwood Estate
Notes forming part of the Financial Statements for the year ending 31 March 2024
Note 1: Principal Accounting Policies
a) Accounting Convention
The accounts (financial statements) have been prepared, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The financial statements are prepared on a going concern basis, under the historic cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity.
The significant accounting policies applied in the presentation of these financial statements, are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. The charity has taken advantage, of the option provided in the Statement of Recommended Practice, to use headings in the Statement of Financial Activities, that are applicable to their specific activity, rather than reporting on an activity basis
b) Income
Income from rents and easements are credited to income in the year in which they are receivable. Interest on short-term deposits is credited to income in the year in which it is received.
c) Expenditure
Expenses are charged in the financial statements in the year to which the liability relates.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of the 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. Governance costs included charitable activities, include those costs associated with meeting the constitutional and statutory requirements of the charity and costs linked to the strategic management of the Charity.
Administration costs are costs for Birmingham City Council officer’s time to support the Charity.
d) Fund Accounting Details and the nature of each fund are set below:
Unrestricted Funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.
Restricted Funds represent those assets that must be held permanently by the charity.
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The Cropwood Estate
Notes forming part of the Financial Statements for the year ending 31 March 2024 (cont’d)
2. Investment Income
| Dividends from COIF Investment Fund CCLA Deposit Fund Interest Total 3. Leased Land Income Leased Land Income Total |
2024 £ 20,808 9,527 30,335 2024 £ 1,815 **1,815 ** |
2023 £ 20,808 3,925 24,733 2023 £ 13,425 13,425 |
|---|---|---|
Leased Income is collected on behalf of the Trust by Birmingham Property Services (BPS) and should be paid annually for Property Ref 1314 - Linthurst Road, ref 2237 - St Catherines Road and ref 10030 Cropwood Scout Hut.
4. Gains and Losses on CCLA Investments
| 2024 £ Opening Balance at 1 April 714,754 Closing Balance at 31 March 780,406 Movement in COIF Investment Fund65,652 |
2023 £ 742,590 714,754 (27,836) |
|---|---|
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The Cropwood Estate
Notes forming part of the Financial Statements for the year ending 31 March 2024 (cont’d)
Gains and Losses on CCLA Investments (cont’d)
All gains and losses are taken to the statement of financial activities as they arise.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
5. Resources Expended
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| BCC administration costs | 410 | 475 |
| Cost of Essential Maintenance Work | - | - |
| Independent Examination | 400 | 400 |
| Total |
810 | 875 |
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The Cropwood Estate
Notes forming part of the Financial Statements for the year ending 31 March 2024 (cont’d)
6. Tangible Assets
2023-24
| Cost Land and Buildings £ At 31 March 2023 9,174,300 Additions - Revaluation - Disposals - At 31 March 2024 9,174,300 Depreciation Land and Buildings £ At 31 March 2023 - Disposals - Depreciation - Impairment - At 31 March 2024 - Net Book Value Land and Buildings £ At 31 March 2023 9,174,300 At 31 March 2024 9,174,300 |
Total £ 9,174,300 - - - 9,174,300 Total £ - - - - - Total £ 9,174,300 9,174,300 |
|---|---|
Land and buildings are included and are on the following valuation basis:-
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The valuation assumes no tenancies exist on the estate.
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In the absence of a detailed site inspection, the absence of any adverse site conditions has been assumed.
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Full compliance with all relevant planning consent is assumed.
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Suitable road access has been assumed.
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The Cropwood Estate
Notes forming part of the Financial Statements for the year ending 31 March 2024 (cont’d)
Tangible Assets (cont’d)
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Good freehold title and the absence of any onerous easements, restrictions or covenants is assumed.
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Land is not revalued on a yearly basis.
2022-23
| Cost Land and Buildings £ At 31 March 2023 9,174,300 Additions - Revaluation - Disposals - At 31 March 2024 9,174,300 Depreciation Land and Buildings £ At 31 March 2023 - Disposals - Depreciation - Impairment - At 31 March 2024 - Net Book Value Land and Buildings £ At 31 March 2023 9,174,300 At 31 March 2024 9,174,300 |
Total £ 9,174,300 - - - 9,174.300 Total £ - - - - - Total £ 9,174,300 9,174,300 |
|---|---|
The revaluation for the financial year 2022-23 acknowledges that the site previously housed an educational facility, which was valued using the Depreciated Replacement Cost method. With the closure of this facility, the asset has now been reclassified as Other Land & Buildings, designated for development.
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The Cropwood Estate
Notes forming part of the Financial Statements for the year ending 31 March 2024 (cont’d)
7. Investments
Analysis of Movements in Investments
| Market value as at 1 April 2023 In-year movement Market value as at 31 March 2024 |
Unrestricted Funds £ Restricted Funds £ Total £ 201,132 714,754 915,886 30,987 65,652 96,639 |
|---|---|
| 232,119 780,406 1,012,525 |
Investments are included at closing market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
8. Net Current Assets
The net current asset will be transferred to the CCLA deposit account in 2024-25.
9. Remuneration and Expenses
None of the Trustees receive remuneration or other benefits from the Charity or reimbursement for any expenses incurred on behalf of the Charity, (2023: None).
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