CORAM’S FIELDS SPORTS AND RECREATION
Trustees’ Report and Financial Statements
Period ended 31[st] March 2022
Contents
| Page | |
|---|---|
| Report of the Trustees | 1-3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7-9 |
Registered Charity Number 1194312
Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
CORAM’S FIELDS SPORTS AND RECREATION
Trustees’ Report for the period ended 31[st] March 2022
Introduction
On 4[th] May 2021 Coram’s Fields Sports and Recreation was registered with the Charity Commission as a Charitable Incorporated Organisation (CIO), Registration Number 1194312 . The charity commenced operating on 1[st] June 2021 and this report and the financial statements, both prepared in accordance with requirements for small charities, reflect the activity in the 10 months up to 31[st] March 2022.
Objectives and activities
The objects and purpose of the CIO, as set out in its constitution, are:
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To provide or assist in the provision of facilities in Camden and the surrounding area including at Coram’s Fields that promote the recreation, welfare or education of children and their families who have need of such facilities by reason of their youth, age, ill-health or disability, financial hardship or social circumstances with the objective of improving their conditions of life, in Camden and the surrounding area.
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To promote participation by other members of the community in recreational activity in particular by the provision of facilities for playing sports and use of the land and buildings at the Coram’s Fields site and in Camden and the surrounding area for recreation and leisure time occupation with the objective of improving their conditions of life.
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To advance amateur sport in London for the public benefit in particular but not exclusively by providing facilities for sport.
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To provide grants to other charities in the UK and charitable projects which are consistent with or promote the charity’s objects.
In accordance with the charity’s objectives, and for the furtherance of public benefit, the charity’s main activities in the period were the provision of sports facilities at the Coram’s Fields site and the award of a £75,000 grant in March 2022.
In reviewing the charity’s activities and objectives, the trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit.
Structure, governance and management
As a Charitable Incorporated Organisation, the CIO is governed by its constitution which follows the foundation model for CIOs, with the only voting members being the charity’s trustees.
The charity currently has three trustees, two of whom are also directors of Coram’s Fields Company Trustee Limited, the Corporate Trustee of Coram’s Fields and the Harmsworth Memorial Playground (“ Coram’s Fields ”) which is a registered charity, and one is a former user of the sports facilities.
The constitution requires a minimum of three trustees but there is no maximum. Apart from the first charity trustees, future trustees will be appointed by a resolution passed at a meeting of the charity trustees. In selecting further individuals for appointment, the trustees will have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
The trustees approve the charity’s payments and grants and the charity’s light touch management is provided by the Chief Executive of Coram’s Fields , supported by his administrative and finance staff.
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
Achievements and Performance
From June 2021 onwards, the charity rented the sports pitches at the Coram’s Fields site through an operating lease with Coram’s Fields , which runs up to 31[st] March 2024. At the same time, the arrangement with Playfinder, the third party pitch booking service, transferred to the charity.
Following the lifting of previous covid restrictions, by June 2021 the use of pitches had fully recovered to pre-covid levels. During the period the pitches hosted a number of events including school sports days, a Saturday Youth Football league and football tournaments in conjunction with London Youth.
Our pitches continue to provide affordable access for young people, offering subsidised slots for those aged 20-25 and free play for children under the age of 19. To enable this provision and fund our service, pitches are hired out on a commercial basis to paying adults in the evenings and at lunchtimes, when they would not otherwise be used by children and young people.
By the end of March 2022, and in accordance with one of the charity’s objectives, a grant of £75,000 was made to Coram’s Fields , out of cash held at the time of £115,645. With income of £390,525 and expenditure of £380,052, net income for the 10 months from June 2021 to March 2022 was £10,473.
Financial Review
The charity’s funds at the end of its first period of operation were unrestricted funds of £10,473.
With regular monthly income, which can be reasonably estimated, and the major item of expenditure being the monthly rental payments to Coram’s Fields, there is no uncertainty about the charity’s ability to continue as a going concern.
Reserves Policy
The trustees’ policy is to hold reserves at the end of the financial period which cover only immediate needs and any unforeseen delay in cash being received.
Reference and Administrative Details
| Registered office and place of business | 93 Guilford Street, London, WC1N 1DN |
|---|---|
| Registered charity number | 1194312 |
| Governing document | Constitution dated 4thMay 2021 |
| Trustees | Michael Horowitz |
| Harry Kendall | |
| Martin McNeill | |
| Bankers | Lloyds Bank, |
| 344 Gray’s Inn Road, London, WC1X 8BS | |
| Solicitors | Edwin Coe LLP |
| 2 Stone Buildings, Lincoln's Inn, London, WC2A 3TH | |
| Independent examiners | MHA MacIntyre Hudson |
| 6thfloor, 2 London Wall Place, London, EC2Y 5AU |
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and the incoming resources and application of resources of the Charity for that period. In preparing those 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;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable United Kingdom accounting standards and statements of recommended practice 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 a going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper 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 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of its constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities.
This report was approved by the trustees on 30[th] August 2022 and signed on their behalf by:
Michael Horowitz, Trustee
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
CORAM’S FIELDS SPORTS AND RECREATION
Independent Examiner’s Report to the Trustees of Coram’s Fields Sports and Recreation
I report to the charity trustees on my examination of the accounts of the charity for the period ended 31[st] March 2022 which are set out on pages 5 to 9.
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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I 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 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.
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Sudhir Singh FCA MHA MacIntyre Hudson Chartered Accountants 6th Floor 2 London Wall Place London EC2Y 5AU Date: 17 November 2022
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
CORAM’S FIELDS SPORTS AND RECREATION
Registered Charity Number 1194312
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2022
| Note Income Sports pitch fees Expenditure Rent 9 Grants awarded 3 Utility costs 6 Support costs 6 Booking agency fees and commission Independent Examination Bank charges Total expenditure Net Income Total unrestricted funds carried forward |
UNRESTRICTED FUNDS 2021-22 £390,525 £270,588 £75,000 £11,683 £11,908 £7,449 £3,300 £124 £380,052 £10,473 £10,473 |
|---|---|
All income and expenditure derive from continuing activities.
The notes on pages 7 to 9 form part of these accounts.
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
CORAM’S FIELDS SPORTS AND RECREATION
Registered Charity Number 1194312
BALANCE SHEET AS AT 31[ST] MARCH 2022
Note 2022 Current Assets Cash at bank £40,645 Debtors 7 £67,581 Total current assets £108,226 Liabilities Creditors falling due within 1 year 8 £97,753 Total net assets £10,473 The funds of the charity Unrestricted funds £10,473
Approved by the Trustees, and signed on their behalf on 30[th] August 2022 by:
Michael Horowitz, Trustee
The notes on pages 7 to 9 form part of these accounts.
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
CORAM’S FIELDS SPORTS AND RECREATION
NOTES TO THE ACCOUNTS
1. Basis of Preparation of Accounts
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a) Coram’s Fields Sports and Recreation is a Charitable Incorporated Organisation which registered with the Charity Commission in England and Wales (Registration Number 1194312 ) on 4[th] May 2021 and these accounts therefore represent the charity’s first accounting period from 4[th] May 2021 to 31[st] March 2022.
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b) These accounts 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) published in October 2019 and with the Charities Act 2011. As permitted by SORP paragraph 4.22, an alternative presentation of income and expenditure has been adopted rather than an activity based presentation as the charity meets the criteria of being a small charity.
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c) The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure is required following the Charities SORP (FRS 102) published in July 2014 rather than the Charities SORP 2005 which has since been withdrawn.
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d) The Trustees have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and therefore these financial statements are prepared on a going concern basis.
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e) The charity constitutes a public benefit entity as defined by FRS 102.
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f) The significant accounting policies applied in the preparation of these financial statements are set out below.
2. Accounting policies
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a) Income from the hiring of sports pitches is recognised when the charity is legally entitled to the income, the amount can be measured reliably, and it is probable that the income will be received
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b) Expenditure, which is recorded on an accruals basis, is recognised once there is an obligation to make a payment to a third party and that amount can be measured reliably.
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c) Grants payable to third parties, which are within the charitable objectives, are awarded without conditions attaching, so are recognised in full as soon as the recipient is notified of the grant.
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d) Payments under the operating lease are recognised as an expense over the lease term on a straight-line basis.
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e) Apart from utilities and finance and administrative services, which are provided and recharged by Coram’s Fields and the Harmsworth Memorial Playground, (“ Coram’s Fields ”) any other services and supplies provided by Coram’s Fields are considered to be insignificant so not considered necessary to be accounted for as donated services.
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f) Debtors and creditors receivable or payable within one year are recorded at settlement amount. Any losses arising from impairment of debtors are recognised in expenditure.
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
- g) The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
3. Grants
A single grant of £75,000 was made to Coram’s Fields in March 2022, in accordance with the charity’s objective to provide or assist in the provision of facilities in Camden and the surrounding area including at Coram’s Fields that promote the recreation, welfare or education of children and their families.
4. Staff costs
No staff are employed by the charity.
5. Trustees’ remuneration
The Trustees are considered to be the Key Management Personnel of the charity. No trustee received any remuneration or reimbursement for personal expenses in the period.
6. Related parties and related party transactions
Prior to June 2021, Coram’s Fields received income from the hire of sports pitches. Since June 2021, the charity has rented the sports pitches from Coram’s Fields through an operating lease and in June 2022 the arrangement with Playfinder, the external pitch booking service, transferred to the charity. The total rental costs incurred through the lease of the sports pitches from Coram’s Fields amounted to £270,588 in the period.
In the 10 months to 31[st] March 2022 Coram’s Fields incurred costs on behalf of the charity for utilities (£11,683) and for office and administrative support (£11,908). These are accounted for as part of the charity’s expenditure and were payable as at 31[st] March 2022.
The charity made a grant for charitable purposes of £75,000 to Coram’s Fields in March 2022. As at the period-end, the total amount owing to Coram’s Fields was £94,179. The total amount owed by Coram’s Fields to the charity was £19,031, further details of which can be found in Note 7.
Two of the charity’s trustees, Michael Horowitz and Martin McNeill, are also directors of Coram’s Fields Company Trustee Limited, the Corporate Trustee of Coram’s Fields.
7. Debtors
| Trade debtors Other debtors Total debtors |
2022 £48,550 £19,031 £67,581 |
|---|---|
Other debtors represent pitch fees collected by Coram’s Fields on behalf of the charity relating to pitch bookings between 1[st] June 2021 and 31[st] March 2022, which had not yet been transferred to the charity by Coram’s Fields as at 31[st] March 2022.
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Coram’s Fields Sports and Recreation Trustees’ Report and Financial Statements – period ended 31[st] March 2022
8. Creditors
| Accruals Total creditors |
2022 £97,753 £97,753 |
|---|---|
9. Commitments under Operating leases
2022 At 31 March 2022 the total of the charity's future minimum lease payments under the non-cancellable operating lease with Coram’s Fields was: Amounts due within one year £360,000 Amounts due between one and five years £360,000 £720,000
During the period, the charity has recognised expenditure of £270,588 on operating lease commitments. In line with FRS 102 requirements, the lease incentive included in the first ten months of the commitment has been spread over the term of the lease.
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