REGISTERED COMPANY NUMBER.. 070257271England and Wales) REGISTERED CHARiff NUMBER: 1135370 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR BARN ELMS SPORTS TRUST Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ *ADC39SS3' 2110912024 COMPANIES HOUSE
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BARN ELMS SPORTS TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examlnerfs Report Statement of Financial Activities Balance Sheet Notes to the Flnanclal Statements 8 to 15 Detailed Ststefflent of Financial Activities 16
BARN ELMS SPORTS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The. trustees who are also directors of the charty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The charity's main purpose is to promote sport, recreation and leisure facilities for the benefit of the public at large in the Borough of Richmond upon Thames and Wandsworth and the surrounding London Boroughs, by providing a long term solution to retain the playing fields for the community. allowing for a suitable variety of sports and a safe environment for play, sport and leisure. The charity acts in an ancillary capacity to Richmond Council to ensure greater participation in sport, especially in schools and sports clubs, while providir)g for the community desire for open space. Public benefit In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit.. running a charity (PB2)'. ACHIEVEMENT AND PERFORMANCE Revlew of activitles This year was very much business as usual with a full and uninterrupted year of pitch & facility rentals across the wide range of sports offered at Barn Elms Playing Fields IBarn Elmsl, with the exception of the closure of the athletics track in July in order to Commen the track renewal projéct Barn Elms, principal costs remain pitch maintenance and payroll. Despite upward cost pressures on both, the pitches were maintained to a high standard and staff continued to provide excellent seniice to users, giving Barn Elms an enviable reputation both in the Borough and further afield. This is further assisted by the Pitch Power grant from the Football Foundation to improve football pitches over 6 years. As noted in last year's Report, BEST'S next major initiative is the refurbishment of the athletics track, the main feature of which will be a new running surface replacing the old surface which is long past its viable working life. This is a major project in collaboration with London Borough of Richmond upon Thames ILBRuT]. A minimum of £350,000 has been earmarked for the Athletics Track renewal, and £100,000 has been committed to this project by LBRUT, who tendered and awarded the track renewal contract and work commenced in July 2023. Unfortunately inclement weather and material delivery delays caused the project to be placed on hold in October, after drainage works were completed and a fully new tarmacadam layer was laid after the old track was removed. At the time of writing, weather has again impacted on the second phase of the project along with some technical issues laying the first layer of the new track surface. The aim is to complete the track works by the end of Summer 2024. Page 1
BARN ELMS SPORTS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial position Facility hire revenues of £325,107 (2022123 £314,317) are up 30/0, With another record Cricket year, Football back to above prior levels, and a good increase from Tennis, whilst Rugby has dropped back a little. Athletics remained strong despite the track closing in July for construction works and, as elaborated on below, will see a revenue impact next year due to the protracted track renewal process, Costs remained well controlled, but also with some increases in staff costs and grounds maintenance due to facility usage requirements at almost fijll capacity, to £300,755 (2022123 £256,528). Costs net of grants and fundraising were £254,359 {2022123 £223,178). Income from grants and fundraising in the year totalled £46,396 {2022123 £33,350), including the second year (£25,600) of the Pitch Power grant from the Football Foundation. This funding goes towards continued and further improvement of the football pitches with a grant totalling £102,400 over 6 years, with BEST committing to ground improvement expenditure of £153,600 over that time span. Athletics track grants and fundraising totalled £12,163 towards the capital cost of the project. The. management fee charged to London Borough of Richmond upon Tharnes remained constant for the fifth consecutive year at £30,000. A surplus of £121,986 (2022123 £128,231) was generated in the year, to be added to reserves set aside to fund investment in the athletics track refurbishment and other future caprtal projects. Reserves pollcy The Trustees have established a reserves policy where unrestricted funds are not committed to any other purpose than the working capital of the charity and to the charity's objectives and policies. The Trust has established a fvrther designated sinking fund to provide for long term maintenance and dilapidation. At the year end the charity had unrestricted funds of £882,747 (2022123 £763,771), and restricted funds of £10,859 (2022123 £7,849>. The restricted funds relate to grants and donations provided for specific purposes. Flnanclal and rlsk management objectlves and pollcles The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Charity and are satisfied that systems are in place to mitigate its exposure to these risks. The Board of Trustees review the annual budget paying particular attention to the balan beeen income and expenditure and the amount needed to be retained in reserves. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new trustees Trustees are appointed under the terms of the Articles of Association by a resolution of the existing trustees, who are also members of the company. All Trustees are made aware of their responsibilities before appointment. The members of the company guarantee to contribute £10 in the event of the company being wound up. Page 2
BARN ELMS SPORTS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07025727 (England and Wales) Règistered Charity number 1135370 Registered office 12 Ranelagh Avenue Barnes London SW13 OBP Trustees R Essex K Moore N Spooner D Stott C Nicholson Company Secretsry K Moore Independent Examiner Collards Chartered Accountants 5-9 Eden Street Kingston-upon-Thames Surrey lff11BQ This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of truslees on 27 August 2024 and signed on its behalf by: K Moore - Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BARN ELMS SPORTS TRUST Independent examlner's report to the trustees of Barn Elms Sports Trust ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company lawl 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 the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for ind8pendent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charitles 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 Acl. Independent examlnar's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qLJalified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination, I confirm that no matters have come to my attention in connection with.the examlnation givlng me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records., or 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 the accounts have nol been prepared in accordance wlth the methods and principles of the Statemenl 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 lo enable a proper understanding of the accounts to be reached. Christopher Julian Brigsl ke FCA The Institule of Charter d Accountants in England and Wales Collards Chartered Accou 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ ts 27 August 2024 Page 4
BARN ELMS SPORTS TRUST STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 1,440 44,956 46,396 33,350 Other trading activities Investment income 355,107 21,238 355,107 21,238 344,317 7,092 Total 377,785 44,956 422,741 384,759 EXPENDITURE ON Raising funds 258,809 41,946 300,766 256,528 NET INCOME 118,976 3,010 121,986 128.231 RECONCILIATION OF FUNDS Total funds brought forward 763,771 7,849 771,620 643.389 TOTAL FUNDS CARRIED FORWARD 882,747 10,859 893,606 771,620 The notes form part of these financial statements Page 5
BARN ELMS SPORTS TRUST BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds fund Notes FIXED ASSETS Tangible assets 10 214,875 214,876 6,824 CURRENT ASSETS Debtors Cash at bank and in hand 11 12,124 725,332 12,124 736,191 7,969 819,320 10,859 737,466 10,869 748,316 827,289 CREDITORS Amounts falling due within one year 12 (69,584) {69,584) (62,493) NET CURRENT ASSETS 667,872 10,859 678,731 764.796 TOTAL ASSETS LESS CURRENT LIABILITIES 882,747 10,859 893,606 771,620 NET ASSETS 882,747 10,859 893,606 771,620 FUNDS Unrestricted funds: General fund Designated sinking fund 13 699,437 183,310 595,461 168,310 882,747 763,771 Restricted funds.. Other restricted funds 10,859 7.849 TOTAL FUNDS 893,606 771,620 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The notes fomi part of these financial statements Page 6 continued...
BARN ELMS SPORTS TRUST BALANCE SHEET - continued 31 MARCH 2024 The trustees acknowledge their responsibilities for (a) ensuring that the charrtable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable lo charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 27 August 2024 and were signed on its behalf by.. K Moore - Trustee The notes form part of these financial statements Page 7
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Barn Elms Sports Trust is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. ACCOUNTING POLICIES 8asis of preparing the financial statements The financial statements of the charitable company, which is a public benefit enkn'ty under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Barn Elms Sports Trust meets the definition of a publi¢ benefit entity under FRS 102. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income is stated at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. For specific income sources, the following criteria are used determining the entitlement.. a) Income from hiring out the sports facilities is materially recognised in the period in which the facilities were hired. b) Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performan conditions attached to the grants have been met, it is probable that the income will be reiVed and the amount can be measured reliably and is not deferred. c) Interest on fvnds held on deposit is included when receivable and the amount can bé measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank, Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed .to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Page 8 continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Cricket assets Other plant and machinery 250/0 or 200/• Straight line 330/. straight line Taxation The charrty is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon costs and other post-retlrement beneflts The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Donations Grants 9,136 37,260 33,350 46,396 33,350 Grants received, included in the above, are as follows: 2024 2023 Other grants 37,260 33,350 Page 9 continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Management fees Facilities hire 30,000 325,107 30,000 314,317 355,107 344,317 INVESTMENT INCOME 2024 2023 Interest receivable - trading 21,238 7.092 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)- 2024 2023 Depreciation - owned assets 4,004 2,748 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 107,736 3,421 2,478 92,467 2,138 2,263 113,635 96,868 The average monthly number of employees during the year was as follows: 2024 2023 Managernent and ground staff No employees received emoluments in excess of £60,000. Page 10 continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS - continued FULL TIME EQUIVALENT 2024 2023 Full Time Equivalent (FTE) COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 33,350 33,350 Other trading activities Investment income 344,317 7,092 344,317 7,092 Total 351,409 33,350 384,759 EXPENDITURE ON Raising funds 224,428 32,100 256,528 NET INCOME 126,981 1,250 128,231 RECONCILIATION OF FUNDS Total funds brought forward 636,790 6,599 643,389 TOTAL FUNDS CARRIED FORWARD 763,771 7,849 771,620 Page11 continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 10. TANGIBLE FIXED ASSETS Running Track Plant and Ground machinery improvements Totsls COST At 1 April 2023 Additions 25,998 4,885 22,246 48,244 212.055 207,170 At 31 March 2024 207,170 30,883 22.246 260,299 DEPRECIATION At 1 April 2023 Charge for year 25,610 988 15,810 3,016 41,420 4,004 At 31 March 2024 26,598 18,826 45,424 NET 800K VALUE At 31 March 2024 207,170 4,285 3,420 214,875 At 31 March 2023 388 6,436 6,824 The running track is a project underway at the year end to replace the existing running track with a new track surface. It is expected that Barn Elms, contribution to the cost of this project will be £350,000. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT 10,542 1,437 145 6,613 1,356 12,124 7,969 Page 12 . continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income 22,446 2,063 7,305. 5,168 94 632 49,294 1,776 43,300 69,584 62,493 13. MOVEMENT IN FUNDS Net movement in funds Transfers beeen funds At 31.3.24 At 1.4.23 Unrestricted funds General fund Designated sinking fund 595,461 168,310 118,976 (15,000} 16,000 699,437 183,310 763,771 118,976 882,747 Restricted funds Other restricted funds 7,849 3,010 10,859 TOTAL FUNDS 771,620 121,986 893,606 Net movement in funds, included in the above are as follows: Incoming resources Resources Movement expended in funds Unrestricted funds General fund 377,785 (258,809) 118,976 Restricted funds Other restricted funds 44,956 (41,946) 3,010 TOTAL FUNDS 422,741 (300,755) 121,986 Page 13 continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Transfers belween funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Designated sinking fund 483,480 153,310 126,981 (15,000) 15,000 595,461 168,310 636,790 126,981 763,771 Restricted funds Other restricted funds 6,599 1,250 7,849 TOTAL FUNDS 643,389 128,231 771,620 Comparative net movement in funds, included in the above are as follows,, Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 351,409 (224,428) 126,981 Restricted funds Other restricted funds 33,350 (32,100) 1,250 TOTAL FUNDS 384,759 (256,528) 128,231 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers beeen funds At 31.3.24 At 1.4.22 Unrestricted funds General fund Designated sinking fvnd 483,480 153,310 245,957 (30,000) 30,000 699,437 183,310 836,790 245,957 882,747 Restrlcted funds Other restricted funds 6,599 4.260 10,859 TOTAL FUNDS 643,389 250,217 893,606 Page 14 continued...
BARN ELMS SPORTS TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. MOVEMENT IN FUNDS - contlnued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources Movement expended in funds Unrestricted funds General fund 729,194 (483,237) 245.957 Restricted funds Other restricted funds 78,306 (74,046) 4.260 TOTAL FUNDS 807,500 (557.283) 250,217 Deslgnated slnklng funds An amount of £183,310 (2023 £168,310) held in the Designated Sinking Fund shown above relates to a sum reserved by the charity for future long term maintenance and dilapidation. 14. . RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024. 15. INDEPENDENT EXAMINERS FEES The fees paid to the independent examiner during the period in respect of their independent examination and other services provided by them are as follows.. 2024 2023 Independent examination Other services 950 950 950 950 1,900 1,900 Page 15
BARN ELMS SPORTS TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Grants 9,136 37,260 33,350 46,396 33,350 Other tradlng actlvltles Management fees Facilities hire 30,000 325,107 30,000 314,317 365,107 344,317 Investment Income Interest receivable- trading 21,238 7,092 Total Incomlng resources 422,741 384,759 EXPENDITURE Raising donations and legacles Grant funds utilised for development 42,603 32,100 Other trading activitles Wages Social security Pensions Bad debts Administration expenses Establishment expenses 107,736 3,421 2,478 (360) 12,785 132,092 92,467 2,138 2,263 360 11.195 116,005 258,152 224,428 Total resources expended 300,755 256,528 Net Income 121,986 128,231 This page does not form part of the statutory financial statements Page 16