## Highgate Wood and Queen’s Park Kilburn Annual Report and Financial Statements for the year ended 31 March 2023 Charity registration number 232986 ## **CONTENTS** ORIGINS OF THE CHARITY ..................................................................................... 1 STRUCTURE AND GOVERNANCE .......................................................................... 2 ACHIEVEMENTS AND PERFORMANCE .................................................................. 7 PLANS FOR FUTURE PERIODS .............................................................................. 9 FINANCIAL REVIEW ............................................................................................... 11 TRUSTEE RESPONSIBILITIES ............................................................................... 14 INDEPENDENT AUDITOR’S REPORT ................................................................... 16 STATEMENT OF FINANCIAL ACTIVITIES ............................................................. 20 BALANCE SHEET.................................................................................................... 21 NOTES TO THE FINANCIAL STATEMENTS .......................................................... 22 REFERENCE AND ADMINISTRATION DETAILS ................................................... 34 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **ORIGINS OF THE CHARITY** Queen’s Park and Highgate Wood were acquired by the City of London Corporation from the Ecclesiastical Commissioners under the Highgate and Kilburn Open Spaces Act 1886 on condition that the City of London Corporation maintained them in perpetuity for the benefit of Londoners, for exercise and recreation. The Court of Chancery agreed at that time that the late William Ward's bequest should be used towards the maintenance of Queen’s Park and this capital fund is still used for this purpose. From April 2002 the Assistant Director Natural Environment Hampstead Heath, formally known as the Superintendent of Hampstead Heath, had overall responsibility for both sites. 1 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **TRUSTEE’S ANNUAL REPORT** ## **STRUCTURE AND GOVERNANCE** ## **GOVERNING DOCUMENTS** The governing document is the Highgate and Kilburn Open Spaces Act 1886. The charity is constituted as a charitable trust. ## **GOVERNANCE ARRANGEMENTS** The Mayor and Commonalty and Citizens of the City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a body corporate and politic, is the trustee of Highgate Wood and Queen’s Park Kilburn. The City Corporation is trustee acting by the Court of Common Council of the City of London in its general corporate capacity and that executive body has delegated responsibility in respect of the administration and management of this charity to various committees and subcommittees of the Common Council, membership of which is drawn from 125 elected Members of the Common Council and external appointees to those committees. In making appointments to committees, the Court of Common Council will take into consideration any particular expertise and knowledge of the elected Members, and where relevant, external appointees. External appointments are made after due advertisement and rigorous selection to fill gaps in skills. Elected Aldermen and Members of the City of London Corporation are appointed to the Hampstead Heath, Highgate Wood and Queen’s Park Committee governing Highgate Wood and Queen’s Park Kilburn by the Court of Common Council of the City of London Corporation. Members of the Court of Common Council are elected by the electorate of the City of London and are unpaid for support provided to the Charity. The Key Committees which had responsibility for directly managing matters related to the charity during 2022/23 were as follows: - **Policy and Resources Committee –** responsible for allocating resources and administering the charity. - **Investment Committee –** responsible for the strategic oversight and monitoring of the performance of the charity’s investments which are managed by three separate sub-committees, namely the Financial Investment Board, the Property Investment Board and the Social Investment Board. - **Finance Committee –** responsible for controlling budgets, support costs and other central charges that affect the charity as a whole. - **Audit and Risk Management Committee –** responsible for overseeing systems of internal control and making recommendations to the Finance Committee relating to the approval of the Annual Report and Financial Statements of the charity. - **Hampstead Heath, Highgate Wood and Queen’s Park Committee** - responsible for the activities undertaken at Highgate wood and Queen’s Park Kilburn, approving budget allocations for the forthcoming year and acting as Trustee of the charity. 2 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 All of the above committees are ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held at the Trustee’s discretion in public (except where it is not considered in the charity’s best interest to do so), supporting a decision-making process that is clear, transparent and publicly accountable. The charity is consolidated within City’s Cash as the City of London Corporation exercises operational control over their activities. City’s Cash is a fund of the City Corporation that can be traced back to the 15th century and has been built up from a combination of properties, land, bequests and transfers under statute since that time. Investments in properties, stocks and shares are managed to provide a total return that: - Allows City’s Cash to use the income for the provision of services that are of importance nationally and internationally as well as to the City and Greater London; - • Maintains the asset base so that income will be available to fund services for the benefit of future generations. The trustee believes that good governance is fundamental to the success of the charity. An initial review of governance was undertaken to ensure that the charity is effective in fulfilling its objectives, and further more detailed work is to commence in 2023/24 as part of a review of the City of London Corporation’s Natural Environment charities. Reference is being made to the good practices recommended within the Charity Governance Code, with a focus on ensuring regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries. ## **ORGANISATIONAL STRUCTURE AND DECISION-MAKING PROCESS** The charity is administered in accordance with its governing instruments and the City Corporation’s own corporate governance and administration framework, including Committee Terms of Reference, Standing Orders, Financial Regulations and Officer Scheme of Delegations. These governance documents can be obtained via a request to the email address stated on page 34. Each Member by virtue of their membership of the Court of Common Council, its relevant committees and sub-committees, has a duty to support the City Corporation in the proper exercise of its functions and in meeting its duties as trustee of the charity by faithfully acting in accordance with charity law, the Terms of Reference of the relevant committee or sub-committee, and the City of London Corporation’s agreed corporate governance framework as noted above, backed up by its standards regime. As part of the City of London Corporation’s restructure, the Open Spaces Department has merged with Planning & Transportation and Port Health & Environmental Services to form a new Environment Department. Highgate Wood and Queen’s Park became part of the Environment Department from 1 April 2022. 3 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **INDUCTION AND TRAINING OF MEMBERS** The City Corporation makes available to its Members, seminars and briefings on various aspects of its activities, including those concerning the charity, to enable Members to carry out their duties efficiently and effectively. Induction meetings are provided on specific aspects of the work of Highgate Wood and Queen’s Park Kilburn. If suitable seminars or other training options are identified that are relevant to the charity, Members are advised of these opportunities. ## **OBJECTIVES AND ACTIVITIES** The objective of the charity is the maintenance and preservation in perpetuity of the open spaces known as Highgate Wood and Queen’s Park Kilburn, as public parks or open spaces for use by the public for exercise and recreation. The Trustee has due regard to the Charity Commission’s public benefit when setting objectives and planning activities. Lands were transferred to the City of London Corporation under the powers conferred by the Highgate and Kilburn Open Spaces Act 1886. The purpose of the charity is the maintenance and preservation in perpetuity by the City of London Corporation of the open spaces known as Highgate wood, Highgate and Queen’s Park Kilburn as Public Parks or Open spaces, for the use by the public for exercise and recreation. This charity is operated as a separate legal entity consolidated into the City of London Corporation’s City’s Cash. The City of London Corporation is committed to funding the ongoing net operational costs of the charity in accordance with the purpose, as stated above. ## **Investment Policy** The charity’s investments are held in units of the City of London Charities Pool (registered charity 1021138). The investment policy is to provide a real increase in annual income in the long term whilst preserving the value of the capital base. The annual report and financial statements of the Charities Pool (which include an analysis of investment performance against objectives set) are available from the Chamberlain of London, at the email address stated on page 34. ## **Remuneration Policy** The charity’s senior staff are employees of the City Corporation, and alongside all staff, pay is reviewed annually. The City Corporation is committed to attracting, recruiting and retaining skilled people and rewarding employees fairly for their contribution. As part of this commitment, staff are regularly appraised and, subject to performance, eligible for the payment of recognition awards. The above policy applies to staff within the charity’s key management personnel, as defined within note 9 to the financial statements. The charity is committed to equal opportunities for all employees. An Equality and Inclusion Board has been established to actively promote equality, diversity and 4 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 inclusion in service delivery and employment practices. The Board is responsible for monitoring the delivery of the Equality and Inclusion Action Plan and progress against the Equality Objectives. This also includes addressing the City Corporation’s gender, ethnicity and disability pay gaps. The Equality, Diversity, and Inclusion (EDI) sub-committee is currently overseeing the update of our four-yearly Equality Objectives in accordance with the Equality Act 2010. The draft objectives went to Policy and Resources and Corporate Services Committees in April 2023. Following agreement, a period of 12 weeks consultation with stakeholders has been undertaken and analysis of consultation responses and amendments are due to be made in August. Amendments will then go to September’s EDI Sub-Committee and Policy and Resources and Corporate Services Committees and then to Court of Common Council for approval in October 2023 Senior staff posts of the City Corporation are individually evaluated and assessed independently against the external market allowing each post to be allocated an individual salary range within the relevant grade, which incorporates market factors as well as corporate importance. ## **Fundraising** Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Although Highgate Wood and Queen’s Park Kilburn charity does not undertake widespread fundraising from the general public, any such amounts receivable are presented in the financial statements as “voluntary income” including grants. In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The day to day management of all income generation is delegated to the executive team, who are accountable to the trustee. The charity is not bound by any regulatory scheme and does not consider it necessary to comply with any voluntary code of practice. From December 2020 a donations page has been created on the Queen’s Park webpage, inviting and enabling the public to make on-line donations to the Queen’s Park Sandpit and Playground Improvements campaign. The charity has received nil complaints in relation to fundraising activities in the current year (2021/22: nil). Individuals are not approached for funds, hence the charity does not consider it necessary to design specific procedures to monitor such activities. ## **Public benefit statement** The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Highgate Wood and Queen’s Park Kilburn’s aims and objectives and in planning future activities. The purpose of the charity is the maintenance and preservation in perpetuity by the City of 5 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 London Corporation as open spaces known as Highgate Wood and Queen’s Park Kilburn for the recreation and enjoyment of the public. Consequently, the Trustee considers that Highgate Wood and Queen’s Park Kilburn operates to benefit the general public and satisfies the public benefit test. ## **REFERENCE AND ADMINISTRATIVE DETAILS** The administrative details of the charity are stated on page 34. 6 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **ACHIEVEMENTS AND PERFORMANCE** ## **The aims for 2022/23 for Highgate Wood were:** ## **Continue to work on an ecological monitoring programme of the impact of visitors through the Heath Hands volunteers.** As part of a wider ancient woodland condition survey by LB Haringey a soil survey was carried out to determine soil health across the entire site with data on 10 trial pits showing levels of compaction and soil condition. A new 0.8 hectare enclosed conservation area was completed and vegetation recovery will be monitored going forward. ## **Continue to work collaboratively with the Friends of Highgate Roman Kiln and support their future Heritage Lottery Bid.** Friends of Highgate Roman Kiln (FOHRK, charity no. 1177405) Heritage Lottery Bid has been successful, and we await final confirmation of the funding allocation. The Highgate Wood and Queen’s Park charity is working with FOHRK to return a 1[st] Century AD Roman kiln artifact, which had been removed from the Highgate Wood site. FOHRK are due to receive Heritage Lottery Funding to deliver the project. The City of London are carrying out some repairs and alterations to the education building which will accommodate the kiln. ## **Continue the notice board replacement programme.** We are now replacing the remaining notice boards in house achieving cost savings and plan to have the 4 remaining boards installed by March 2024. ## **Implement the 2018 to 2028 Woodland Management Plan** The Highgate Wood Woodland Management Plan 2018 to 2028 continues to guide and inform woodland management on the site and the plan objectives will be incorporated into the new Highgate Wood Conservation Management Plan 2023 onwards. ## **The aims for 2022/23 for Queen’s Park were:** ## **Work together with partners to promote health and wellbeing connections.** Through the Sports and Wellbeing Forum, the Hampstead Heath, Highgate Wood and Queen’s Park Division engages with user groups, supporting the health and wellbeing of its users. Queen’s Park actively engages with user groups, including Junior ParkRun, a licensed tennis coach and regular football coaching on weekends for children. There is also a communal Pitch and Putt course and other informal sports and recreational activities taking place in the Park. ## **Undertake consultation and engagement to inform the development of a licencing scheme for fitness training, and professional dog walking.** A licensing scheme for dog walking and fitness instructors has not been introduced and consultation is yet to be completed. The Park Manager and Team Leader regularly engage with stakeholders, including the Queen’s Park Area Residents’ Association, (QPARA) where concerns and issues may be raised and discussed in open forum. 7 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **Develop heritage outcomes and incorporate preservation and interpretation actions into the Conservation Management Plan and Annual Work Programme** To be carried forward to 2023/24. ## **Deliver Biosecurity Management across the Natural Environment, preventing the introduction of pests and diseases.** The Tree Management Officer and tree team continue to monitor tree stock for known pests and diseases, including Massaria and Oak Processionary Moth. They carry out controlled management where necessary. ## **Regular monitoring of development and planning applications through engagement with stakeholders and a planning specialist.** Through user engagement, via QPARA meetings and the Divisions use of a planning consultant, planning issues are considered and representations made if necessary. ## **Contribute towards the City Corporation Climate Action Strategy by achieving Net zero by 2027.** The park will start a relaxed mowing regime, seeing a reduction of 1 hectare of amenity grassland, which will be allowed to develop into meadow habitat. This work runs alongside grassland management works at Hampstead Heath. ## **Reduce reliance on external contracts for litter, waste and recycling. Undertake public engagement to encourage responsible disposal of waste and recycling.** Queen’s Park staff actively encourage the use of recycling points for its visitors. The Division and the Park staff ask members of the public to take their waste home with them or recycle it where possible. ## **Undertake surveys on visitor engagement and capture data to understand visitor trends and satisfaction.** This has not been started due to resource implications. ## **Review and implement site specific Asset Management Plans.** This is moving forward to 2023/24 with the support of the City Surveyors department. ## **Maximise volunteering opportunities by offering a range of activities.** Through the Woodland Walk Working group, the current Park Manager and the Conservation Manager are considering how to utilise the support of volunteers in the Woodland Walk. Members of QPARA have been in conversation with Heath Hands, seeking advice and guidance on how a volunteer group could be organised, in particular to assist with works in the Woodland Walk. ## **Maintain a London in Bloom Award** This has been achieved. The Park achieved a Gold standard in the London in Bloom scheme. ## **Redevelop the Children’s Sandpit via an agreed project through the City Corporation Gateway process. Seek capital funding through external and internal sources to enable the delivery of this project.** 8 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 The Park Manager has appointed a landscape architect and both concept and detailed design have been produced. It is intended for the works to be completed prior to the school summer recess in 2023. The concept has been approved by QPARA. ## **Consult on, finalise, and implement the Queen’s Park Woodland Walk** ## **Management Plan through engagement with the local community represented on the Woodland Walk Working Group.** The Park Manager and the Conservation Manager are in regular contact with the Woodland Walk Working Group. Staff from the conservation team and the Conservation Manager have met with the group to discuss ongoing management of this area. Initial works will include hedge laying to improve lights levels and habitat value. ## **Develop an updated Draft Conservation Management Plan.** To be carried forward to 2023/24. ## **Aims for 2022/23 for both Highgate Wood and Queen’s Park were:** ## **Achieve budgeted income and expenditure targets for Highgate Wood and Queen’s Park Kilburn Charity.** Targets were met via the delivery of a balanced budget, and the charity achieved the required financial savings through a combination of reducing expenditure and appropriate income generation activities. ## **Support the implementation of the restructure involving a review of operational arrangements.** Staff consultation was launched on 25 January and the final version of the restructure will be implemented during 2023/2024. ## **Review the Café retendering programme with a review of income generation and market values.** This has been delayed and will be progressed during 2023/24. ## **Maintain Green Flag Award and Green Heritage Accreditation for 2022/23.** Applications for both sites were successful and Green Flag and Green Heritage awards were confirmed in June 2022. ## **PLANS FOR FUTURE PERIODS** The proposed overarching priorities which will guide all of our objectives and activities from April 2023 are: ## **Highgate Wood** - Continue the work of nature recovery and the protection of the ancient woodland and its soil. - Continue to work on an ecological monitoring programme of the impact of visitors through the Heath Hands volunteers. - Continue to work collaboratively with the Friends of Highgate Roman Kiln and support the future Heritage Lottery funded project. 9 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 - Continue the notice board replacement programme using inhouse expertise. - Continue to implement the 2018 to 2028 Woodland Management Plan. - Renew the 2013 to 2023 Highgate Wood Conservation Management Plan. ## **Queen’s Park** - Consult on, finalise, and implement the Queen’s Park Woodland Walk Management Plan - Develop an updated Draft Conservation Management Plan. - Complete the redevelopment of the Children’s Sandpit via an agreed project through the City Corporation Gateway process. Seek capital funding through external and internal sources to enable the delivery of this project. - Maximise volunteering opportunities by offering a range of activities. - Undertake surveys on visitor engagement and capture data to understand visitor trends and satisfaction. - Develop heritage outcomes and incorporate preservation and interpretation actions into the Conservation Management Plan and Annual Work Programme. ## **Both Highgate Wood and Queen’s Park** - Achieve budgeted income and expenditure targets for Highgate Wood and Queen’s Park Kilburn Charity. - Maintain Green Flag Award and Green Heritage Accreditation for 2023/24. - Contribute towards the City Corporation Climate Action Strategy by achieving Net zero by 2027. - Review the Café retendering programme with a review of income generation and market values. - Deliver the Phase 2 finalised restructure following completion of staff consultation process. The Trustee does not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 22. 10 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **FINANCIAL REVIEW** ## **Overview of Financial Performance** ## **Income** In 2022/23 the charity’s total income for the year was £1,488,120, an overall increase of £134,230 against the previous year (£1,353,890). This variation was largely due to an increase in expenditure compared to the previous year and therefore a larger grant was received from the City of London to fund the deficit. Income from Charitable Activities comprised £169,642 from fees charged (2021/22: £226,363) and £55,829 from rents (2021/22: £66,546). The decrease in income from fees charged is largely due to a general decrease in the use of facilities income compared to the previous year, after a particularly busy post-lockdown period in 2021/22. Donations via the Queen Park website towards the Sandpit and Playground Improvements Campaign resulted in £1,125 of donations (2021/22: £12,083). The charity also received £30 of unrestricted donations (2021/22: £nil). An amount of £1,254,787 (2021/22: £1,033,348) was received from the City of London Corporation’s City’s Cash as a contribution towards the running costs of the charity. ## **Expenditure** Total expenditure for the year was £1,503,483 (2021/22: £1,358,294) all of which related to charitable activities. The increase in expenditure was due to an increase in spending on repairs and maintenance and cyclical works projects that had been previously delayed due to the COVID pandemic. ## **Funds held** The charity’s total funds held decreased by £19,277 to £304,395 as at 31 March 2023 (2021/22: £323,672). The charity’s designated funds consist of unrestricted income funds which the Trustee has chosen to set aside for specific purposes. Such designations are not legally binding, and the Trustee can decide to “undesignate” these funds at any time. Designations as at 31 March 2023 totalled £120,059 (2021/22: £136,547). These represent the net book value of fixed assets held. A restricted fund of £14,754 (2021/22: £13,629) was held at year-end. This relates to donations to the Queen’s Park Sandpit and Playgrounds Improvement Campaign. Details of all funds held, including their purposes, is set out within note 16 to the financial statements. ## **Investments performance** Over the course of 2022/23, the Charities Pool investment strategy delivered an absolute return (gross of fees) of +2.22% which was below the FTSE All Share Index benchmark return of +2.92% (2021/22: the investment strategy gained +11.1% 11 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 versus +13.0% from the benchmark). However, over the longer term three and five year horizon, performance of the Charities Pool Investments, as displayed in the table below, was above the benchmark. With effect from 22 July 2022, the Charities Pool transferred its investments from the Artemis Income Fund to the Artemis Income (Exclusions) Fund, which is an unconstrained, multigap strategy that aims to generate a rising income stream combined with long-term capital growth. The fund invests in UK equities and can also hold international equities and bonds. Shares in companies that derive more than 20% of their revenues from tobacco, gambling, weapons and fossil fuels are excluded. ## **Reserves** The charity is wholly supported by the City of London Corporation which is committed to maintain and preserve Highgate Wood and Queen’s Park Kilburn out of its City’s Cash Funds. These Funds are used to meet the deficit on running expenses on a year by year basis. Consequently, a reserves policy is considered by the trustee to be inappropriate. The charity held free reserves of £169,582 at 31 March 2023, funds which will be used by the charity to further its objects, and which will be factored into financial plans. ## **Principal Risks and Uncertainties** The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an on-going review of activity and that appropriate advice and support is provided. A key risk register has been prepared for the charity, which has been reviewed by the Trustee. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks. The principal risks faced by the charity, and actions taken to manage them are as follows: ||| |---|---| |**Risk**|**Actions to manage risks**| |Local planning issues|Maintain a close partnership with Planning Authorities.
Assistant Director and Officers in contact with neighbouring
local authorities in regard to planning issues which may impact
the sites. Respond to consultation on the local plans to help
influence the content of documents. The North London division
monitors planning activity in order to ensure it does not impact
the openspaces.| |Maintenance of buildings
and equipment|Review assets in conjunction with City Surveyor’s
Department. Review of assets is an ongoing process. Liaise| 12 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ||with City Surveyor's Department to discuss issues and raise
concerns about Building Repairs and Maintenance and
Projects. Regular reviewprocess.| |---|---| |Plant and tree diseases|Tree provenance is considered, and planting stock is sourced in
accordance with best practice guidance. Trained arboricultural
contractors carry out spraying and nest removal of Oak
Processionary Moth.
Continue to monitor pest and tree disease across the charity| |Ensuring the health
and safety of staff,
contractors, visitors and
volunteers|Annual health and safety site audits with peer review.
Hold local health and safety meetings. Staff updated in
toolbox/team talks.| |Extreme weather events|Alerts issues to staff via Met Office.
Trigger Event Policy embedded into way of working.
Site plans are reviewed annually or following an incident, if
appropriate.
Ensure compliance with the Extreme Weather Protocol and
keep the protocolunder regular review.| |Outbreak of fire in
Woodland/Heathland|Managers and Supervisors receive weather and ‘trigger event’
warnings and this information is shared with staff.
Emergency Action Plan Review carried out annually of following
incident, if appropriate.| |Delivery of capital projects|Liaise with internal departments to secure funding for capital
projects| |Recruitment and retention
of staff|Delivery of the Target Operating Model (TOM) restructure| |Budget Reduction &
Income Loss|A number of posts are being held vacant and most
appointments are on fixed term contracts. Regular reviewing
and forecasting of year end budget position. Savings
associated with the restructure will be met. New Executive
Director commenced in post and Environment Department
Project Board established to progress the restructure.| |Long term damage to sites|Additional monitoring and ecological assessments required.
Messaging via social media asking visitors to use the site
responsibly. Regular Ranger and Constabulary activity.
Target set for 2024 as we expect this to be a long-term
mitigation exercise.| 13 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **TRUSTEE RESPONSIBILITIES** The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustee must not approve the financial statements unless the Trustee is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustee is required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011. The Trustee is 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. In so far as the Trustee is aware: - there is no relevant audit information of which the charity’s auditors are unaware; and - the Trustee has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Financial statements are published on the Trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustee’s website is the responsibility of the Trustee. The Trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein. 14 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 Adopted and signed for on behalf of the Trustee. Henry Nicholas Almroth Colthurst, Deputy Randall Keith Anderson, Deputy Chairman of Finance Committee of The City of London Corporation, Guildhall, London Deputy Chairman of Finance Committee of The City of London Corporation, Guildhall, London 14[th] March 2024 14[th] March 2024 15 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF HIGHGATE WOOD AND QUEEN’S PARK KILBURN** ## **Opinion** We have audited the financial statements of Highgate Wood and Queen’s Park Kilburn (‘the charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. ## **Other information** The Trustee are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent 16 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or - sufficient and proper accounting records have not been kept by the Charity; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustee** As explained more fully in the Trustee’s responsibilities statement set out on page 14 and 15, the Trustee are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 17 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, Health and safety legislation, and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit, legal counsel and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk 18 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed. **Crowe U.K. LLP** Statutory Auditor 55 Ludgate Hill, London, EC4M 7JW ## 18.03.2024 > Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 19 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2023** All of the above results are derived from continuing activities. There were no other recognised gains and losses other than those shown above. The notes on pages 22 to 33 form part of these financial statements. 20 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **BALANCE SHEET** ## **AS AT 31 MARCH 2023** The notes on pages 22 to 33 form part of these financial statements Approved and signed on behalf of the Trustee. Caroline Al-Beyerty Chamberlain of London 14[th] March 2024 21 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **NOTES TO THE FINANCIAL STATEMENTS** ## **1. ACCOUNTING POLICIES** The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity. ## **(a) Basis of preparation** The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention except for fixed asset investments which are held at fair value and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011. ## **(b) Going concern** The financial statements have been prepared on a going concern basis as the Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity’s governing documents place an obligation on the City of London Corporation to preserve the open spaces for the benefit of the public. Funding is provided from the City of London Corporation’s City’s Cash. On an annual basis, a medium-term financial forecast is prepared for City’s Cash, covering the next 5 years from the period covered by these financial statements. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of these financial statements being signed to enable the charity to continue to fulfil its obligations. In making this assessment, the Trustee has considered the financial position, including future income levels, planned expenditure and the liquidity of the charity over the next 12-month period. This assessment helps to provide assurances that the charity can continue to keep operating over the next 12-month period. For this reason, the Trustee continues to adopt a going concern basis for the preparation of the financial statements. ## **(c) Key management judgements and assumptions** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure. 22 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 In preparing the financial statements, management has made the following key judgements: useful economic life of fixed assets. ## **(d) Statement of Cash Flows** The charity has taken advantage of the exemption in FRS102 (paragraph 1.12b) from the requirement to produce a statement of cash flows on the grounds that it is a qualifying entity. A Statement of Cash Flows is included within the City’s Cash Annual Report and Financial Statements 2023 which is publicly available at www.cityoflondon.gov.uk. ## **(e) Income** All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of donations, charges for use of facilities, grants (including government grants), investment income, interest, sales and rental income. The City of London Corporation’s City’s Cash meets the deficit on running expenses of the charity and also provides funding for certain capital works. This income is considered due each year end once the deficit on running expenses and capital works funding has been confirmed, and is recognised in the SOFA at this point. ## **(f) Expenditure** Expenditure is accounted for on an accruals basis and has been classified under the principal categories of ‘expenditure on raising funds’ and ‘expenditure on charitable activities’. 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 settlement will be required, and the amount of the obligation can be measured reliably. Governance costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management of functions inherent in the activities undertaken. These include the costs associated with constitutional and statutory requirements such as the cost of Trustee meetings. Support costs (including governance costs) include activities undertaken by the City Corporation on behalf of the charity, such as human resources, digital services, legal support, accounting services, committee administration, public relations and premises costs. These costs are recharged and the basis of the cost allocation is set out in note 8. The Trustee, the City Corporation, accounts centrally for all payroll related deductions. As a result, the charity accounts for all such sums due as having been paid. ## **(g) Pension costs** Staff are employed by the City of London Corporation and are eligible to contribute to the City of London Local Government Pension Fund, which is a funded defined benefit 23 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 scheme. The estimated net deficit on the Fund is the responsibility of the City of London Corporation as a whole, as one employer, rather than the specific responsibility of any of its three main funds (City Fund, City’s Cash and Bridge House Estates) or the trusts it supports. The Fund’s estimated net liability has been determined by independent actuaries in accordance with FRS102 as £142.6m as at 31 March 2023 (£832.7m as at 31 March 2022). Since any net deficit is apportioned between the financial statements of the City of London’s three main funds, the charity’s Trustee does not anticipate that any of the liability will fall on the charity. The charity is unable to identify its share of the pension scheme assets and liabilities and therefore the Pension Fund is accounted for as a defined contribution scheme in these financial statements. Barnett Waddingham, an independent actuary, carried out the latest triennial actuarial assessment of the scheme as at 31 March 2022, using the projected unit method. The 31 March 2022 valuation was carried out in 2022/23 and has set the contribution rates for the period 01 April 2023 to 31 March 2026 at 21%. Contribution rates adopted for the financial years 2020/21, 2021/22 and 2022/23 had been set at 21%. ## **(h) Taxation** The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **(i) Fixed Assets** ## **Heritage Land and Associated Buildings** Highgate Wood and Queen’s Park comprises 315 hectares (780 acres) of land, together with associated buildings, located in the North London boroughs of Haringey and Brent respectively. The object of the charity is the preservation in perpetuity of Highgate Wood and Queen’s Park Kilburn as open spaces for the recreation and enjoyment of the public. Highgate Wood and Queen’s Park are considered to be inalienable (i.e. may not be disposed of without specific statutory powers). Land and the original associated buildings are considered to be heritage assets. In respect of the original land and buildings, cost or valuation amounts are not included in these financial statements as reliable cost information is not available and a significant cost would be involved in the reconstruction of past accounting records, or in the valuation, which would be onerous compared to the benefit to the users of these accounts. Additions to the original land and capital expenditure on buildings and other assets would be included as fixed assets at historic cost, less provision for depreciation and any impairment, where this cost can be reliably measured. 24 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **Tangible fixed assets** Assets that are capable of being used for more than one year and have a cost greater than £50,000 are capitalised. Such assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged on a straight-line basis, in order to write off each asset over its estimated useful life as follows: |follows:|| |---|---| ||Years| |Operational buildings|30 to 50| |Improvements and refurbishments to buildings|up to 30| |Infrastructure|up to 20| ## **(j) Investments** Investments are made in the City of London Charities Pool (charity number: 1021138) which is an investment mechanism operating in a similar way to a unit trust. This enables the City of London Corporation to “pool” small charitable investments together and consequently obtain better returns than would be the case if investments were made individually. Investments are valued at bid price. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities. ## **(k) Cash** Cash and cash equivalents include cash in hand, overdrafts (if any) and short term deposits and other instruments held as part of the Corporation’s treasury management activities with original maturities of three months or less. ## **(l) Funds structure** Income, expenditure and gains/losses are allocated to particular funds according to their purpose: **Restricted Funds** – These include income that is subject to specific restrictions imposed by donors, with related expenditure deducted when incurred. **Unrestricted income funds** – these funds can be used in accordance with the charitable object at the discretion of the Trustee and include both income generated by assets held representing unrestricted funds. Specifically, this represents any surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves. **Designated funds** – these are funds set aside by the Trustee out of unrestricted funds for a specific purpose. ## **(m) Insurance** The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporation’s insurance liability policies, and otherwise under the 25 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 indemnity the City Corporation provides to Members and staff, funded from City’s Cash. ## **2. INCOME FROM VOLUNTARY ACTIVITIES** ## **3. INCOME FROM CHARITABLE ACTIVITIES** ## **4. INCOME FROM THE CITY OF LONDON CORPORATION** ## **5. INCOME FROM INVESTMENTS** 26 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **6. OTHER INCOME** ## **Income for the year included:** **Voluntary activities** – relating to donations received from the public, including donations made via the Queen’s Park webpage towards the Queen’s Park Sandpit and Playground Improvements campaign. **Grants from the City of London Corporation** – being the amount received from the City of London Corporation’s City’s Cash to meet the deficit on running expenses of the charity, alongside funding for capital purchases. **Charitable activities** – being amounts generated from charges made for the use of facilities, such as for filming and sports bookings and from the rental of catering facilities and wayleave licenses. ## **7. EXPENDITURE** ## **Charitable activity** Expenditure on the charitable activities includes labour, premises costs, equipment, materials and other supplies and services incurred in the running of Highgate Wood and Queen’s Park Kilburn. ## **Auditor’s remuneration and fees for other services** Crowe U.K. LLP are the auditors of the City of London’s City’s Cash Fund and provide assurance services to all of the different charities of which it is Trustee. In 2022/23 an audit fee of £5,500 was recharged (2021/22: £5,000). No other services were provided to the charity by its auditors during the year (2021/22: £nil). 27 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **8. SUPPORT COSTS** Support costs include activities undertaken by the City of London Corporation on behalf of the Charity, such as human resources, digital services, legal support, accounting services, committee administration and premises costs. Such costs are determined on a departmental basis, and are allocated on a cost recovery basis to the charity based on time spent, with associated office accommodation charged proportionately to the space occupied by the respective activities, with the split of costs as follows: ||Charitable|||| |---|---|---|---|---| ||activities|Governance|**2022/23**|2021/22| ||£|£|**£**|£| |Department:||||| |Chamberlain|40,633|-|**40,633**|38,085| |Comptroller & City Solicitor|7,238|-|**7,238**|7,816| |Town Clerk|-|35,698|**35,698**|24,730| |City Surveyor|25,420|-|**25,420**|27,728| |Natural Environment directorate|129,549|-|**129,549**|52,342| |Other governance & support costs|13,732|5,500|**19,232**|19,173| |DigitalServices|36,766|-|**36,766**|42,784| |Sub-total|253,338|41,198|**294,536**|212,658| |Reallocation of governance costs|41,198|(41,198)|**-**|-| |**Total**|**294,536**|**-**|**294,536**|212,658| All support costs are undertaken from unrestricted funds. Governance costs are allocated based on a proportion of officer time spent on the administration of Trustee and Committee related meetings. ## **9. DETAILS OF STAFF COSTS** All staff that work on behalf of the charity are employed by the City Corporation. The average number of people directly undertaking activities on behalf of the charity during the year was 14 (2021/22: 16). Amounts paid in respect of employees directly undertaking activities on behalf of the charity were as follows: The number of directly charged employees whose emoluments (excluding employer’s pension contribution and national insurance contribution) for the year were over £60,000 was nil (2021/22: nil): 28 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **Remuneration of Key Management Personnel** The charity considers its key management personnel to comprise the Members of the City of London Corporation, acting collectively for the City Corporation in its capacity as the Trustee, and the Director of Natural Environment who manages the seven open spaces funded by the City of London Corporation. A proportion of the Directors’ employment benefits are allocated to this charity. Support is also provided by other chief officers and their departments from across the City of London Corporation, including the Town Clerk and Chief Executive, Chamberlain, Comptroller and City Solicitor and City Surveyor. The amount of employee benefits received by key management personnel totalled £21,079 (2021/22: £9,470). No members received any remuneration, with directly incurred expenses reimbursed, if claimed. Expenses totalling £nil were claimed in 2022/23 (2021/22: £nil). ## **10. HERITAGE ASSETS** Since 1886 the primary purpose of the charity has been the preservation of Highgate Wood and Queen’s Park Kilburn for the recreation and enjoyment of the public. As set out in Note 1(j), the original heritage land and buildings are not recognised in the Financial Statements. Policies for the preservation and management of Highgate Wood and Queen’s Park Kilburn are contained in the Highgate Wood Conservation Management Plan 2013-2023 and Queen’s Park Kilburn Conservation Management Plan 2014-2024. Records of heritage assets owned and maintained by Highgate Wood and Queen’s Park Kilburn can be obtained from the Executive Director of Environment at the principal address as stated on page 34. ## **11. TANGIBLE FIXED ASSETS** 29 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **12. FIXED ASSET INVESTMENTS** The investments are held in the City of London Corporation Charities Pool, a charity registered in the UK with the Charity Commission (charity number: 1021138). The Charities Pool is a UK registered unit trust. The value of investments held by the charity are as follows: The geographical spread of listed investments as at 31 March was as follows: ## **13. DEBTORS – AMOUNTS DUE WITHIN ONE YEAR** 30 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **14. CREDITORS – AMOUNTS DUE WITHIN ONE YEAR** Deferred income relates to rental income received in advance for periods after the year-end. ## **15. ANALYSIS OF NET ASSETS BY FUND** 31 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **16. MOVEMENT IN FUNDS** ## **Purposes of restricted funds** The restricted fund for ‘Campaign Donations’ represents funds received from the public through donations. A donations page has been created on the Queen’s Park webpage, inviting and enabling the public to make on-line donations to the Queen’s Park Sandpit and Playground Improvements project. In total £1,125 was received during the year (2021/22: £12,083). ## **Purposes of designated funds** Designated funds have been set aside by the Trustee for the following purposes: _Fixed Assets_ – these are included at historic cost less accumulated depreciation in accordance with Note 1 (j). At 31 March 2023 the net book value of fixed assets amounted to £120,059 (2021/22: £136,547) 32 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **17. RELATED PARTY TRANSACTIONS** The City Corporation is the sole Trustee of the charity, as described on page 2. The City Corporation provides various services to the charity, the costs of which are recharged to the charity. This includes the provision of banking services, charging all transactions to the charity at cost and crediting or charging interest at a commercial rate. The cost of these services is included within expenditure, as set out in note 8. The charity is consolidated within the accounts of City’s Cash, a fund of the City of London Corporation (the City Corporation, the Corporate Trustee of the charity), by virtue of the deemed control arising from the provision of the shortfall between the charity’s income and expenditure by City’s Cash, whose place of business is Guildhall, London EC2P 2EJ. The principal purpose of City’s Cash is to manage its investments in properties, stocks and shares to provide returns which allows the City Corporation to use the income for the provision of services that are of importance to the City and Greater London as well as nationally and internationally, and to maintain the asset base so that income will be available to fund services for the benefit of future generations. The financial statements of City’s Cash can be obtained from the address provided above. The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk. Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions. Figures in brackets represent amounts due to or from another entity at the balance sheet date. Other figures represent the value of the transactions during the year. 33 Highgate Wood and Queen’s Park | Annual Report and Financial Statements 2022/23 ## **REFERENCE AND ADMINISTRATION DETAILS** **CHARITY NAME:** Highgate Wood and Queen’s Park Kilburn Registered charity number: 232986 ## **PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:** Guildhall, London, EC2P 2EJ ## **TRUSTEE:** The Mayor and Commonalty & Citizens of the City of London ## **SENIOR MANAGEMENT:** ## **Chief Executive** John Barradell OBE - The Town Clerk and Chief Executive of the City of London Corporation (resigned 31 December 2022) Ian Thomas CBE – The Town Clerk and Chief Executive of the City of London Corporation (appointed 06 February 2023) ## **Treasurer** Caroline Al-Beyerty - The Chamberlain and Chief Financial Officer of the City of London Corporation ## **Solicitor** Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation ## **Environment Department** Juliemma McLoughlin – Executive Director of Environment Sally Agass – Interim Director of Natural Environment (resigned 31 March 2023) ## **AUDITORS:** Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW ## **BANKERS:** Lloyds Bank Plc., P.O. Box 1000, BX1 1LT ## **INVESTMENT ADVISORS:** Artemis Investment Management Limited, Cassini House, 57 St. James's Street, London, SW1A 1LD Contact for The Chamberlain & Chief Financial Officer, to request copies of governance documents & of the Annual Report of City’s Cash: CHBOffice-BusinessSupport@cityoflondon.gov.uk 34