CORAfvYS FIELDS SPORTS AND RECREATION Trustee< Report and Flnancial Statements Perlod ended 31" March 2023 Contents Paze Report of the Trustees Independent Examinerfs Report Statement of Financial Actp4ities Balance Sheet Notes to the Accounts Regirtered Charity Number 1194312
Coram's Fields Sports and Recreation Trustees. Report and Financial Statements-year ended 31° March 2023 CORAM'S FIELDS SPORTS AND RECREATION Trustees. Report for the period ended 31 March 2023 Introduction On 4 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 l June 2021 and this report and the financial Statements. both prepared in accordance with requirements for small charities. reflect the activity in the 12 months to 31 March 2023. Objectives and activities The object5 and purpose of the CIO, as set out in tts constitution, are- 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. To promote participation by other members of the community in recreational acttvity 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 lrfe. To advance amateur sport in London for the public benefft in particular but not exclusively by providing facilities for sport. To provide grants to other charities in the UK and charitsble projects which are consistent with or promote the chariws objects. In accordance with the charitys objectives, and for the furtherance of public benefit, the charitys main activities in the period were the provision of sports facilities at the Coram's Fields site and the award of a £60,CIJO grant in March 2023. In reviewing the charitys activities and objectives. the trustees confirni 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 constrtutlon which follows the foundation model for CIOS. with the only voting members being the charity5 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 Play8round "Corom's Fieldg'l which is a registered charity. and one is a fomier 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 Pae 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 effertNe administration of the CIO. The trustees approve the charitvs payments and grants and the chariV5 light touch management is provided by the Chief Executive of Coram's Fields. supported by his administrative and finance staff.
Coram'& Fields Sports and Re(atIOn Trustee5' Report and Financial Ststements- year ended 31" Marth 2023 hievements and Perfonnance The sports pitches have continued to be well used and during the year the pitches h05ted a number of events. These included a number of sports days for local primary schools, a youth football league every Saturday, temly football tournaments in conjunction with London Youth. as well as regular free sessions for the Arsenal disabilities football group and for Afghan refugees. Our pitches continue to provide offordable 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 basisto paying adults in the evenings and at lunchtimes, when they would not otherwise be used by thildren and young people. Towards the end of March 2023, and in accordance with one of the chariW5 objectives. a grant of £60,C0 was made to Corom's Fields. out of cash held at the time of £99,026. Financial Review Thls year represents the first full 12 months of tradin& following the charivs initial 10 month period of trading from June 2021 to March 2022. Income for the year was £491,185110 months to 31" Marth 2022.. £390,525) and expenditure was £430,7S9 12022- £380.0521. providing net income of £60,426 12022.. £10,473). The charity's funds at the year end, which a all unrestrirted in nature. were £70,89912022.' £10.4731. With regular monthly income. which can be reasonably estimated, and the major item of expenditure being the monthly rental payments to Corom's Fields there is no uncertainty aky)ut the charws ability to continue as a going concern. Reserves Polity The trustees. policy is to hold reseples at the end of the financial period which cover only immediate needs and any unforeseen delay in cash being received. Reference and Admlnistrative Detsils Reglstered offlce and place of business 93 Guilford Street London. WCIN IDN Registered charlty number 1194312 GovernlNd document Constitution dated 4 May 2021 Trustees Michael Horowitz Harry Kendall Martin McNeill Bankers Uoyds Bank. 88 Tottenham Court Road, London. WIT 4TH Sollcitors Edwin Coe LLP, 2 Stone 8uildin8s, Lincoln's Inn, London, WC2A 3TH Independent examiners MHA, floor. 2 London Wall Ploce. London. EC2Y SAU
Coram's Fidds Sports and Recreation Trustees. Report and Financial Ststements~year ended 31° March 2023 Statement of Trustees, Respon51bilities The Trustees are responsible for preparing the Trustees, Report and the financlal statements In accordance with applicable law and United Kingdom Accounting Stsndards. 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 resourcesof the Chartty for that period. In preparing those financial statements, the Trustees are required to: select suitsble accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimate5 that are reasonable and prudent; state whether applicable United Kingdom accounting stsndards and Statement5 of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements- and 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 ccuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Art 2011. the Charity (Accounts and Reportsl Regulations 2CQ8 and the provisions of its constitution. They are also resFxJnsible 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 2nd November 2023 and signed on their behalf by: Michael Horowitz, Trustee
Coiam's Fields Sports and Recreation Trustees, Report and Financial Ststements-yeir ended 31" March 2023 CORAM'S FIELDS SPORTS AP4D RECREATION Independent Examlnerfs Report to the Trustees of Coram's Flelds sports and Recreatlon I report to the charity trusiees on my examination of the accounts of the charity for the period ended 3151 March 2023 which are set out on pages 5 to 9. Res nsibilities and basis of re As the charitvs trustees you are responsible for the preparation of the occounts in accordan with the requirements of the Charities Act 20111.the ACV). I report in respect of my examination of the charitrfs accounts tarried out under sectTron 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sertion 14515llbl of the Act. Inde endent examiner's statement Since the chariVs gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confim that l am qualified to undertake the examination betause l am a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodie5. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination glving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act. or 2. the accounts do not accord with those records: or 3. the attounts do not compty with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 21XJ8 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 atrgs5 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. Sudhir Singh FCA MHA Chartered Accountants 6th Floor 2 London Wall Pla London EC2Y SAU Date.. 11 December 2023
Coram's Fields Sports and Retteation Trustee< Report and Financial Statements-yeaf ended 31° March 2023 CORAM'S FIELDS SPORTS AND RECREATION Registered Charity Number 1194312 STATEMENT OF FINANCIAL AcllviTIES FOR THE YEAR ENDED 31 MARCH 2023 UNREsTricfED UNRESTRicfED FUNDS FUNDS 2022-23 2021-22 (10 months) Income Sports pitch fees £491,185 £390,525 Expenditure Rent £324,706 £270,588 Grants awarded £60.(KX) £75,( utility costs £20.072 Ell,683 Support Costs £12.141 £11.908 Booking agency fees and commission £10.038 £7,449 Independent Examination £3.6CX) £3,3CQ Bank charges £202 £124 Total expendlture £430.759 £380.052 Net Income £60,426 £10,473 Totsl unrestrlcted funds brought forward £IOA73 £0 Total Unrestr1rt fvnds carrled fortyard £70.899 £10,473 All income and expenditu derive from continuing artrvities. The notes on pages 7 to 9 fomi part of these accounts.
Coram's Fields Sports and Rècreation Trustees. Report and Finanaal SLitements- year ended 31" March 2023 CORAM'S FIELDS SPORTS AND RECREATION Registered Charity Number 1194312 BALANCE SHEET AS AT 31- MARCH 2023 2023 2022 Current Assets Cash at bank £39.026 £40.645 Debtors £102,980 £67.581 Total current assets £142.C#J6 £108,226 Uabllltie5 Creditors falling due within l year £71.107 £97,753 Total net assets £7099 £10,473 The lunds of the charity Unrestricted funds £70.899 £10,473 Approved by the Trustees, and signed on their behalf on 2 November 2023 by: Michael Horowits, Tmstee LL9 LI, The notes on pages 7 to 9 form part of these accounts.
Coram's fields Sports and Recreation Trustees, Report and Financial Statements- year ended 31" March 2023 CORAM'S FIELDS SPORTS AND RECREATION NOTES TO THE ACCOUNTS l. Basis ol Preparation of Accounts al Coram's Fields Sports and Recreation is a Charitable Incorporated Organisation which registered with the Charity Commission in England and Wales (Registration Number 11943121 on 4, May 2021 and these accounts therefore represent the chariws second accounting period from l April 2022 to 31. March 2023. bl These accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 published in October 2019 and with the Charities Art 2011. As permitted by SORP paragraph 4.22. an altemative presentation of income and expenditure ha5 been adopted rather than an actNity based presentstion as the charity meets the criteria of being a small charity. c) The financial statements have been prepared to gwe a 'true and fair, view and have departed from the Charities (Accounts and Reports) Re8ulation5 28 only to the extent required to provide 'true and fair, view. This departure is required following the Charities 50RP IFRS 1021 published in October 2019 rather than the Charities SORP 2CK)5 which has since been withdrawn. dl The Trustees have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going conm. The Trustees have made this assessment for a period of at least one year from the date of the approval of these finantial statements. The Trustees have concluded that there is a reasonable expertation that the lease with Coram's Fields will be extended from April 2024 on terms which are similar to the current lease and 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 Conrn basis. el The charity Constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling which is the functional currency of the charity. gl The significant accounting policies applied in the preparation of these financial statements are set out below. 2. Accountlnz pollcles al Income from the hiring of sports prtches is Cognised 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. bl 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. cl Grants payable to third parties, which are wsthin the tharitable objectives. are awarded without conditions attaching, so are recoenised in full as soon as the recipient is notified of the grant. dl Payments under the operating lease are recognised as an expense over the lease term on a straight-line basis. el Apart from utilities and finance and administrative services, which are provided and recharged by Coram's Fld5 and the Harnisworth Memorial Playground, I"Corom's Field<) 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 seryices.
Coram's Fields Sports and Recreation Trustee< Report and Financial Ststements- year ended 31" March 2023 Debtors and creditors recewable or payable within one year are recorded at settlement amount. Any losses arising from impairment of debtors are recognised in expenditure. gl The charity only has financial assets and financial liabilrties 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. Grdnts A single grant of £60,(Kh)12022: £75.1XKI} was made to Corom's Fields in March 2023. in accordance with the charivs 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 charity12022: none). 5. Trustee5' remunerdtion 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 year12022: none). 6. Related partles and related party trdnsartions Prior to June 2021, Corom's Fields recerved income from the hire of sports pitches. Since June 2021, the charity has rented the sports pitches from Coram's Field5 through an operating lease. The total rental costs incurred through the lease of the sports pitches from Corom's Fields amounted to £324,706 in the year12022: £270.5881. On behalf of the charity, in the year to 31" March 2023. Corom's Fields incurred costs for utilities of £20,07212022: £11,683) and for office and administrative support of £12,14112022= £11,908). These are accounted for as part of the chariws expenditure and were payable as at 31" March 2023. The charity made a grant for charitabte purposes of £60.(MXI to Corom's Fields in March 202312022: £75,CK)O in March 20221. As at the year*nd, the total amount owing to Coram's Fields was £67,507 12022= £94,179). The total amount owed by Corom's Fields to the charitywas £3,6CX)12022.. £19,031), further details of which can be found in Note 7. Two of the charitvs trustees. Michael Horowits and Martin McNeill, were during the year also directors of Coram's Fields Company Trustee Limited. the Corporate Trustee of Corom's Fields. 7. Debtors 2023 2022 Trade debtors £99.380 £48,550 Other debtors £3,600 £19,031 Totsl debtors £IOZ,980 £67.581 Other debtors represent pitch fees collected by Corom's Fields on behalf of the charity lating to pitch bookings during the period. which had not yet been transferred to the charity by Coram 5 Fields a5 at the year end.
Coram's Fields Sports and Recreation Trustees. Report and Financial Statements-yèar ended 31st March 2023 Creditor5 2023 2022 Trade creditors £32.213 £0 Accruals £38.894 £97,753 Total creditors £71,107 £97,753 9. Commitments under Operating leases 2023 2022 At 31 March 2023 the total of the charity's future minimum lease payments under the non-cancellable operating lease with Corom's Fields wa5= Amounts due within one year Amounts due between one and five years £360.C £360,(KQ £0 £360,C £360.000 £720.IXIO During the year, the charity has recognised expenditure of £324.7C6 on operating lease commitments. In line with FRS 102 requirements. the lease incentive included in the first ten months of the commitment from June 2021 to March 2022 has been spread over the term of the lease.