## **FIELDS SPORTS AND RECREATION**
## **Period ended 31[st] March 2024**
## **Contents**
||**Page**|
|---|---|
|Report of the Trustees|1-4|
||5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Cashflow statement|8|
|Notes to the Accounts|9-11|
**Registered Charity Number 1194312**
year ended 31[st] March 2024
## **period ended 31[st] March 2024**
## **Introduction**
On 4[th] May 2021 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 reflect the activity in the 12 months to 31[st] March 2024.
## **Objectives and activities**
The objects and purpose of the CIO, as set out in its constitution, are:
- To provide or assist in the provision of facilities in Camden and the surrounding area including at 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 activity in particular by and in Camden and the surrounding area for recreation and leisure time occupation with the objective of improving their conditions of life.
- To advance amateur sport in London for the public benefit in particular but not exclusively by providing facilities for sport.
- To provide grants to other charities in the UK and charitable projects which are consistent with or
In accordance with our objectives the charity, still in relative infancy, has to date focused its activities to the promotion and provision of sports facilities at the site and the award of grants.
activities and objectives, the trustees confirm that they have had regard to the the furtherance of public benefit.
## **Achievements and Performance**
Our high quality sports facilities have continued to be very well used and have once more hosted a mix of adult lunchtime and evening bookings, school bookings and discounted bookings for young people, charities and other local partners. Overall, the utilisation of the pitches reached a very satisfactory 88%.
Providing free sports facilities for local state secondary schools and subsidised facilities for a number of local private schools enables those schools to deliver their weekly PE lessons and annual sports days, including 7 state school sports days in the summer. We provide young people with access to high quality facilities in an area where schools have very little open space of their own, supporting the delivery of the sports curriculum and ensuring young people from across the socio-economic spectrum do not miss out on access to sporting opportunities.
Our sports facilities played host to a range of local partners, who access our facilities either for free or at a heavily subsidised rate. These partnerships provide access for children and families from across the
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year ended 31[st] March 2024
community and with a range of needs. During the year, this included partnerships with: New Horizon Youth Homeless Charity, Kings Cross and Brunswick Neighbourhood Association, Pro Touch Soccer Academy (Camden Youth League), Arsenal in the Community (Amputee programme), Westminster
During the year, our facilities also hosted several events through our partnership network, providing opportunities for children, families, and the local business community to come together, promoting e year and London Youth Football tournaments.
We recognise that our community is made up of those that live and work in the area. During the year, our facilities provided an invaluable space for those in the local business community, both at lunchtime when they would not otherwise be used by children and young people, operating a lunchtime league of 8 teams, and on weekday evenings.
Our network of partners who use our facilities contributed significantly to the promotion of sports and recreational activities for those living and working in the area. The targeted work of many of the organisations we worked with played an active role in promoting participation among marginalised groups whilst our commercial partners play a vital role in engaging the local business community in sports participation.
I grants of £70,000 and £130,000 were made to Fields and the Harmsworth Memorial Playground in November 2023 and March 2024 respectively (2023: one grant of £60,000 in March 2023).
The charity does not engage in any fundraising nor does it use any external fundraisers.
## **Financial Review**
This year represents the second full twelve months of trading. Income in 2023-24 significantly increased by 30.5% from £491,185 last year to £640,802. This was due to a combination of an increase of 7.7% in hourly fees from September 2023 for adult bookings, a range of increased fees for private schools and increased bookings, particularly from private schools, where the average number of term time hours increased from 39 hours last year to 52 hours in 2023-24.
Before grant payments, expenditure increased by only 1.7% from £370,759 in 2022-23 to £377,000 this year. The additional income raised enabled the charity to increase grants awarded and overall total expenditure including grants increased by 33.9% to £577,000 (2023: £430,759). Net income for the year was £63,802, which was similar to £60,426 last year.
needs and any unforeseen delay in cash being received. unrestricted in nature, were £134,701 (2023: £70,899).
With regular monthly income, which can be reasonably estimated, and the major item of expenditure being the monthly rental payments to under a renewed 3 year lease to March 2027, there
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year ended 31[st] March 2024
, nor are there any specific material risks to the charity.
## **Plans for future periods**
In accordance with our objectives the charity will continue to focus its activities on the promotion and there are no immediate plans to extend the current activities.
## **Structure, governance and management**
As a Charitable Incorporated Organisation, the CIO is governed by its constitution which follows the The charity currently has three trustees, two of whom Trustee Limited, the Corporate Trustee of which is a registered charity.
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 induction of new trustees would be carried out by the Chief Executive of _,_ including a tour of the facilities and a briefing on the current aims and objectives of the charity.
The trustees approve the payments and grants and t light touch management is provided by the Chief Executive of , supported by his administrative and finance staff.
## **Reference and Administrative Details**
**Registered office and place of business** 93 Guilford Street, London, WC1N 1DN **Registered charity number** 1194312 **Governing document** Constitution dated 4[th] May 2021 **Trustees** Michael Horowitz Harry Kendall (Resigned 2[nd] November 2023) Martin McNeill Toni McDermott (Appointed 2[nd] November 2023) **Bankers** Lloyds Bank, 88 Tottenham Court Road, London, W1T 4TH **Solicitors** Edwin Coe LLP, 2 Stone Buildings, Lincoln's Inn, London, WC2A 3TH **Independent examiner** MHA, Chartered Accountants, Building 4, Foundation Park, Roxborough Way, Maidenhead, SL6 3UD
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year ended 31[st] March 2024
## **Statement of Trustees Responsibilities**
The Trustees are responsible for preparing the 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- 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
- 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 6[th] November 2024 and signed on their behalf by:
Michael Horowitz, Trustee
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year ended 31[st] March 2024
## **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 2024 which are set out on pages 6 to 11.
## Responsibilities and basis of report
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
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:
1. 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 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 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.
Carina Ralfs MSci (Hons) PhD FCA
MHA, Chartered Accountants,
Building 4, Foundation Park, Roxborough Way, Maidenhead, SL6 3UD 06 February 2025
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year ended 31[st] March 2024
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income from charitable activities**
Sports pitch fees
**Expenditure on charitable activities**
Rent
**9**
Grants awarded
**3**
Utility costs
**6**
Administration and finance support costs
**6**
Booking agency fees and commission
Independent Examination
Bank charges
Total expenditure
Net Income / movement in funds
**Reconciliation of funds**
Total unrestricted funds brought forward
**Total unrestricted funds carried forward**|**UNRESTRICTED**
**FUNDS**
**2023-24**
£640,802
£324,706
£200,000
£24,285
£12,878
£11,330
£3,600
£201
£577,000
£63,802
£70,899
**£134,701**|**UNRESTRICTED**
**FUNDS**
**2022-23**
£491,185
£324,706
£60,000
£20,072
£12,141
£10,038
£3,600
£202|
|---|---|---|
|||£430,759|
||||
|||£60,426|
|||£10,473|
|||**£70,899**|
All income and expenditure derive from continuing activities.
The notes on pages 9 to 11 form part of these accounts.
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year ended 31[st] March 2024
## **BALANCE SHEET AS AT 31 MARCH 2024**
|Note
**Current Assets**
Debtors
7
Cash at bank
Total current assets
**Liabilities**
Creditors: amounts falling due within 1 year
8
**Total net assets**
**The funds of the charity**
**Unrestricted funds**|**UNRESTRICTED**
**FUNDS**
**2024**
£93,398
£84,601
£177,999
£43,298
**£134,701**
**£134,701**|**UNRESTRICTED**
**FUNDS**
2023
£102,980
£39,026|
|---|---|---|
|||£142,006
£71,107|
|||**£70,899**|
||||
|||**£70,899**|
Approved by the Trustees, and signed on their behalf on 6[th] November 2024 by:
Michael Horowitz, Trustee
The notes on pages 9 to 11 form part of these accounts.
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year ended 31[st] March 2024
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**Net cash flow from operating activities**
**Adjusted for:**
Decrease / (increase) in debtors
(Decrease) in creditors
**Net cash flows from operating activities / increase in cash**
Cash at bank and in hand at the beginning of the year
**Cash at bank and in hand at the end of the year**|**2024**
£63,802
£ 9,582
£ (27,809)
£ 45,575
£39,026
**£84,601**|2023
£60,426
£ (35,399)
£ (26,646)|
|---|---|---|
|||£ (1,619)
£40,645|
|||£39,026|
## **Analysis of net debt**
The charity has no borrowings, no overdraft nor any other forms of debt (2023: nil).
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year ended 31[st] March 2024
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Basis of Preparation of Accounts**
a) Charity Commission in England and Wales (Registration Number **1194312** ) on 4[th] May 2021.
b) These 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) published in October 2019, with the Charities Act 2011 and UK Generally Accepted Practice.
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 has involved following the FRS 102 Charities SORP published in October 2019 rather than the Charities SORP 2005 which has since been withdrawn.
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 are no material uncertainties about the charity's ability to continue for the foreseeable future and therefore these financial statements are prepared on a going concern basis.
- e) The charity constitutes a public benefit entity as defined by FRS 102.
- f) The financial statements are prepared in sterling which is the functional currency of the charity.
- g) The significant accounting policies used in preparing these financial statements are set out below.
## **2. Accounting policies**
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.
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. All expenditure is on charitable activities so there is no apportionment of support costs between activities.
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.
d) Payments under the operating lease are recognised as an expense over the lease term on a straight-line basis.
e) Apart from utilities and finance and administrative services, which are provided and recharged by _Fields_ other services and supplies provided by are considered to be insignificant so not considered necessary to be accounted for as donated services.
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.
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.
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year ended 31[st] March 2024
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **3. Grants**
Grants of £70,000 and £130,000 were made to in November 2023 and March 2024 respectively, f children and their families (2023: grant of £60,000 in March 2023).
## **4. Staff costs**
No staff are employed by the charity (2023: none).
## **5.**
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 year (2023: none).
## **6. Related parties and related party transactions**
Prior to June 2021, received income from the hire of sports pitches. Since June 2021, the charity has rented the sports pitches from through an operating lease. The total rental costs incurred through the lease of the sports pitches from amounted to £324,706 in the year (2023: £324,706).
On behalf of the charity, in the year to 31[st] March 2024, incurred costs for utilities of £24,285 (2023: £20,072) and for office and administrative support of £12,878 (2023: £12,141). These are accounted for st March 2024.
The charity made grants for charitable purposes of £70,000 and £130,000 to in November 2023 and March 2024 respectively (2023: £60,000 in March 2023). As at the year-end, the total amount owing to was £37,163 (2023: £67,507). The total amount owed by to the charity was £780 (2023: £3,600), further details of which can be found in Note 7.
Corporate Trustee of
## **7. Debtors**
|Trade debtors
Other debtors
**Total debtors**|**2024**
£92,618
£780
**£93,398**|2023
£99,380
£3,600
**£102,980**|
|---|---|---|
Other debtors represent pitch fees received in error by relating to pitch bookings during the year, which had not yet been transferred to the charity as at the year end.
## **8. Creditors**
|Trade creditors
Accruals
Deferred income
**Total creditors**|**2024**
£0
£40,763
£2,535
**£43,298**|2023
£32,213
£38,894
£0
**£71,107**|
|---|---|---|
Deferred income represents advance payments for summer sports days pitch bookings from 6 local schools.
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year ended 31[st] March 2024
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **9. Commitments under Operating leases**
|**9.Commitments under Operating leases**|||
|---|---|---|
|At 31 March 2024 the total of the charity's future minimum lease
payments under the non-cancellable operating lease with
_Fields_was:
Amounts due within one year
Amounts due between one and five years|**2024**
£360,000
£720,000
**£1,080,000**|2023
£360,000
£0|
|||**£360,000**|
During the year, the charity has recognised expenditure of £324,706 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.
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