OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Burnham Beeches And Stoke Common

2021-03-31-accounts

Burnham Beeches and Stoke Common

Annual Report and Financial Statements for the year ended 31 March 2021

Charity registration number 232987

CONTENTS

ORIGINS OF THE CHARITY ..................................................................................... 1 STRUCTURE AND GOVERNANCE .......................................................................... 2 ACHIEVEMENTS AND PERFORMANCE .................................................................. 7 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

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

ORIGINS OF THE CHARITY

Burnham Beeches is a 220-hectare area of open space, home to hundreds of living veteran beech and oak pollards. Its natural and cultural heritage area of international importance, the legacy of centuries of interaction between people and the environment.

Burnham Beeches is designated as Site of Special Scientific Interest (SSSI), it is also a National Nature Reserve and a Special Area of Conservation (SAC); there are requirements under the Wildlife and Countryside Act and also a European obligation to manage the Beeches for the benefit of its wildlife.

Stoke Common is an 80-hectare area of open space and contains the largest remnant of Buckinghamshire’s once extensive heathland and is also designated as Site of Special Scientific Interest (SSSI).

The Burnham Beeches charity was established under the Corporation of London (Open Spaces) Act 1878 which provided that the purpose of the charity is the preservation in perpetuity of the Open Space known as Burnham Beeches, “the Beeches”, as Open Space for the recreation and enjoyment of the public.

On 12 September 2011 the assets of Stoke Common (unregistered) were transferred to Burnham Beeches (232987). After this date the Charity is called Burnham Beeches and Stoke Common.

The objects of the Charity are the preservation in perpetuity by the Corporation of London of the Open Spaces known as Burnham Beeches and Stoke Common, for the perpetual use thereof by the public for recreation and enjoyment and to preserve the natural aspect.

1

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

TRUSTEE’S ANNUAL REPORT

STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The governing document is the Corporation of London (Open Spaces) Act 1878 as amended. 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 Burnham Beeches and Stoke Common-City Of London. 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 sub-committees 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.

Members of the Court of Common Council are unpaid and are elected by the electorate of the City of London. The Key Committees which had responsibility for directly managing matters related to the charity during 2020/21 were as follows:

Individuals collectively act as Trustee by virtue of positions that they hold in the City of London Corporation in accordance with the governing document. They act as a Trustee during their tenure of these positions.

All of the above committees are ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held in public, enabling the decisionmaking process to be clear, transparent and publicly accountable. Details of the

2

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

membership of Committees of the City Corporation are available at www.cityoflondon.gov.uk

The charity is consolidated within City 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:

The Trustee believes that good governance is fundamental to the success of the charity. A comprehensive review of governance commenced during 2019/20 and is ongoing to ensure that the charity is effective in fulfilling its objectives. Reference is being made to the good practices recommended within the Charity Governance Code throughout this review. Focus is being placed 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 Corporation’s agreed corporate governance framework as noted above, backed up by its standards regime.

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 Burnham Beeches and Stoke Common. If suitable seminars or other training options are identified that are relevant to the charity, Members are advised of these opportunities.

3

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

OBJECTIVES AND ACTIVITIES

The objectives of the charity are the preservation and maintenance of Burnham Beeches and Stoke common, as Open Spaces for the recreation and enjoyment of the public and to maintain their natural aspect.

Purposes of the charity as set out in the governing document, the Corporation of London (Open Spaces) Act 1878:

Main activities undertaken in relation to these purposes (All day to day activity is governed by 10-year site management plans):

Issues the charity is seeking to tackle:

Aims:

Governing document link: preserve natural aspect, protect the timber and other trees, pollards, shrubs, underwood and herbage.

4

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Governing document link: commons acquired by the City to be kept as open spaces for the recreation and enjoyment of the public

Governing document link: open spaces kept uninclosed and unbuilt upon. Shall by all lawful means prevent, resist and abate inclosures, encroachments and buildings upon. The City may from time to time make and alter byelaws.

The Burnham Beeches and Stoke Common Management Plans describe the strategy for achieving these aims.

Volunteers:

Investment Policy

The charity itself has no underlying supporting funds or investments and therefore there is no investment policy.

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 bonuses and recognition awards.

The above policy applies to staff within the charity’s key management personnel, as defined within Note 8 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 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 pay gap.

Owing to the COVID 19 pandemic and the recommendations from the Tackling Racism Taskforce, which was set up last year to identify the actions that the City

5

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Corporation could implement to tackle racism in all its forms, the Corporate Equality and Inclusion Plan is currently being updated. There is work ongoing relating the new Equalities and Inclusion objectives, that will include internal and external consultation. This is expected to take place in the summer, with publication of the revised Equalities and Inclusion objectives by the end of 2021.

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 Burnham Beeches and Stoke Common 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 March 2021 a donations page has been created on the Burnham Beeches webpage, inviting and enabling the public to make on-line donations to the Burnham Beeches ancient Trees campaign.

The charity has received no complaints in relation to fundraising activities in the current year (2019/20: 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 Burnham Beeches and Stoke Common aims and objectives and in planning future activities. The purpose of the charity is the preservation of Burnham Beeches and Stoke Common in perpetuity by the City of London Corporation as the Conservators of Burnham Beeches and Stoke Common, as Open Spaces for the and to conserve the natural aspect.

Consequently, the Trustee considers that Burnham Beeches and Stoke Common 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

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

ACHIEVEMENTS AND PERFORMANCE

No assessment of progress on targets for 2020/21 can be completed without mention of the impact of the Coronavirus pandemic. At Burnham Beeches and Stoke Common this resulted in a suspension of volunteering and events at the charity throughout large parts of 2020/21; a reduction in staff at times; complete reorganisation of working spaces and work programmes to cope with reduced staff resources. At Burnham Beeches visitor levels were often two to four times higher than ‘normal’ resulting in unfortunate negative impacts of increased wear, widening paths, trampling and litter, particularly in the winter of 2020/21. As a result, and to protect important Special Area of Conservation (SAC) features, the Burnham Beeches carpark capacity was reduced in February 2021, some heavily worn areas temporarily shut off and visitors encouraged to use only surfaced paths.

The key targets for 2020/21 together with their outcomes were:

Protection of Burnham Beeches and Stoke Common from impact of development – The team at Burnham Beeches and Stoke Common will continue to support South Bucks and Chiltern District Council during the period of translating the agreed mitigation into the final local plan to ensure it fulfils the requirements. The team will continue to work with Slough Borough Council to obtain the best protection possible from development pressure caused by housing development and the local plan.

The team at Burnham Beeches and Stoke Common worked with the newly formed unitary Buckinghamshire Council to ensure an appropriate mitigation strategy was adopted for Burnham Beeches SAC. This includes no increase in housing within 500m of the Beeches and requires developers for each new dwelling in a band form 500m to 5.6km around the Beeches to pay a contribution towards agreed projects to mitigate the impact of visitors to the nature reserve. The team also continued to work with Slough Borough Council and Natural England to obtain the best protection possible from development pressure caused by housing development and the local plan for that authority.

Caring for Scheduled Ancient Monuments (SAM) – The iron age hill fort at Burnham Beeches, known as Seven Ways Plain, will be subject to further investigation and interpretation over the next year as part of the partnership with an HLF (Heritage Lottery Fund) funded project – Beacons of the past – Hillforts in the Chilterns Landscape. In 2020/21 this will involve public events to interpret the monument to visitors and involve them in its care. Work will also be carried out at the Moat SAM to protect it from visitor pressure and allow access without damaging the banks of the monument – the work will be supported by site volunteers .

The iron age hill fort at Burnham Beeches, known as Seven Ways Plain, will be subject to further investigation and interpretation as part of the partnership with an HLF (Heritage Lottery Fund) funded project – Beacons of the past – Hillforts in the Chilterns Landscape. The planned events and activities related to Seven Ways Plain to interpret the monument to visitors and involve them in its care did not take place in 2020/21 as a result of the Covid 19 Pandemic. The team at Burnham Beeches and Stoke Common have continued to keep in touch with the HLF project, which

7

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

has been extended, and the events and activities from 2020 are now being rescheduled for 2021/22.

Countryside Stewardship Scheme (CSS) – With funding secured for Burnham Beeches and Stoke Common under the new scheme the final heathland restoration capital projects will be undertaken in the Autumn of 2020 – this will be the final round of major restoration at Stoke Common.

All the required CCS work at both Burnham Beeches and Stoke Common was delivered as planned in 2020/21 and this included the final round of major restoration at Stoke Common and in addition work on two areas of wood pasture restoration at Burnham Beeches. It is a significant achievement for the management plan to restore this locally and nationally important heathland site.

Veteran Trees – C arry out clearance and reduction work as per the new 10-year work programme and maintain efforts on squirrel control to ensure reduction in damage on old pollards which are the most important habitat feature at Burnham Beeches and of international significance.

A total of 85 ancient trees were worked on in 2020/21 in line with the management plan.

Grazing – Plans from the new management plan 2020 - 2029 to further expand the area of Burnham Beeches grazed by livestock will continue in 2020/21 with changes to fenced areas as part of the vision to graze as much of the remaining un-grazed 60 Ha as possible over the life of the new plan.

Despite staff and volunteer reduction at critical times due to Covid 19, the grazing plan was delivered at both Burnham Beeches and Stoke Common although no expansion was possible.

Additional achievement:

Controlling Roadside Parking – Due to the increased number of visitors to the sites, the team worked with Buckinghamshire Countil on a temporary scheme to limit roadside parking around Burnham Beeches to protect adjacent verges, land and prevent nuisance parking on local roads. This was brought into force for six months in February 2021.

Oak Processionary Moth - Nests were discovered for the first time at Stoke Common in 2020 - six nests were removed from the infected trees. Dealing with this new issue will now become an ongoing commitment and legal requirement.

8

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

PLANS FOR FUTURE PERIODS

The aim of the charity is the preservation in perpetuity by the Corporation of London of the Open Spaces known as Burnham Beeches and Stoke Common, for the perpetual use thereof by the public for recreation and enjoyment and to preserve the natural aspect.

The Glocal pandemic of Coronavirus was still very much part of operations at the start of 2021/22. This may have an impact on income and ability to deliver some projects in the next 12 months.

The Trustees do not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 22.

The Trustee is monitoring the situation and will continue with its plans in line with the charity’s objectives.

Key projects for 2021/22 include:

Protection of Burnham Beeches and Stoke Common from impact of development - The team at Burnham Beeches and Stoke Common will continue to support Buckinghamshire Council in implementing the mitigation strategy to protect Burnham Beeches from the impact of recreation associated with local development. The team will continue to work with Slough Borough Council to obtain the best protection possible from development pressure caused by housing development and the Slough local plan.

Protection of the wider landscape around Burnham Beeches – The team at Burnham Beeches and Stoke Common will work with partner organisations such as the National Trust, Buckinghamshire Council and Plantlife to improve the management of the land around Burnham Beeches, so that it better supports and buffers the habitats and species found within the nature reserve.

Protection of Burnham Beeches from very high recreation pressure – The team will work with Buckinghamshire Council to help them ensure a roadside parking prevention plan to protect verges and land around Bunham Beeches and prevent nuisance parking on local roads, that was brought temporarily into force for six months in February 2021, is developed and made permanent during 2021/22.

The team will also review success of winter 2020/21 temporary, seasonal area and path closures at Burnham Beeches and if appropriate, plan for future use to ensure damage due to high visitor numbers is minimised. Such plans will include:

9

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Caring for scheduled Ancient Monuments - The iron age hill fort at Burnham Beeches, known as Seven Ways Plain, will be subject to further investigation and interpretation over the next 14 months as part of the partnership with an HLF (Heritage Lottery Fund) funded project – Beacons of the past – Hillforts in the Chilterns Landscape. In 2021/22 this will involve public events to interpret the monument to visitors and involve them in its care. Work will also be carried out at the Moat SAM to protect it from visitor pressure and allow access without damaging the banks of the monument. The work will be supported by site volunteers.

Countryside Stewardship and key habitiat management works – With funding secured for Burnham Beeches and Stoke Common under the new scheme additional wood pasture will be undertaken in two areas.

Veteran Trees – Carry out clearance and reduction work as per the 10-year work programme and maintain efforts on squirrel control to ensure reduction in damage on old pollards which are the most important habitat feature at Burnham Beeches and of international significance.

Grazing – Plans from the management plan 2020 - 2029 to further expand the area of Burnham Beeches grazed by livestock will continue in 2021/22 with change to fenced areas as part of the vision to graze as much of the remaining un-grazed 60 Hectares as possible over the life of the new plan. A small additional area less than half a hectare will be grazed in 2021/22 at Victory cross and part of the main common will be grazed.

Oak Processionary Moth (OPM) – Following the discovery of OPM nests at Stoke Common in 2020, site inspection and control plans will be developed and implemented in 2021/22 along with any necessary nest removal.

Budget management - Achieve financial savings as required through a combination of reducing expenditure and appropriate income generation activities.

Target Operating Model - Support the development of the City of London’s new Target Operating Model and the creation of a new Department within which will sit this charity.

10

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

FINANCIAL REVIEW

Overview of Financial Performance

Income

In 2020/21 the charity total income for the year was £1,353,114, an overall decrease of £34,598 against the previous year (£1,387,712). The principal source of income was from City of London Corporation’s City’s Cash fund (see below) .

Income from Charitable Activities comprised £144,055 from fees charges (2019/20: £104,785), £39,487 from rents (2019/20: £29,877) and £11,860 from sales (2019/20: £581). The increase in income from fees and charges was due to an increase in car park income. From December 2020 car park charges were enforced 7 days a week.

Grants income of £72,543 was received in the year (2019/20: £146,489). The decrease in grant income is due to a reduction in Rural Payments Agency grant payments and the previous year including a one off capital grant payment. Donations and legagacy income was £48,474 (2019/20: £15,980) and included a legacy payment of £35,014 towards a pond restoration.

An amount of £1,035,556 (2020/21: £1,089,292) was received from the City of London Corporation’s City’s Cash as a contribution towards the running costs of the charities. The reduction in contribution was largely due to less cyclical building works taking place during the year compared to the previous year (see expenditure below)

Expenditure

Total expenditure for the year was £1,138,443 (2019/20: £1,355,141) all of which related to charitable activities. The decrease in expenditure is mainly due to fewer cyclical building works taking place during the year. This is due to the economic impact of COVID-19 and subsequent reduced income revenue generation, with the City Surveyor tasked by the Chamberlain to review current programmes of work to level the expenditure, smoothing some of the spend into a ‘fourth’ year to reduce the impact of committed expenditure within the next two years. The City’s programme of cyclical repairs and maintenance works to maintain its operational properties in fair to good condition is usually delivered in a number of overlapping three year programmes of works. The programme is monitored by the Corporate Asset Sub Committee of the City of London Corporation.

Funds held

The charity’s total funds held increased by £214,671 to £1,004,385 as at 31 March 2021 (2019/20: increased by £32,571 to £789,714).

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 2021 totalled £944,261 (2019/20: £764,714) an increase of £179,547. Designated funds within the unrestricted income fund represent the net book value of fixed assets held and a designated fund for Stoke Common.

11

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

A restricted fund of £60,124 (2019/20: £25,000) was held at year-end. This relates to £60,014 legacy payments for the purpose of specific restoration work (2019/20 £25,000) and £110 in Campaign Donations (2019/20 £nil). From March 2021 a donations page has been created on the Brunham Beeches webpage, inviting and enabling the public to make on-line donations to the Burnham Beeches Ancient Trees Campaign

Details of all funds held, including their purposes, is set out within Note 15 to the financial statements.

Reserves

The charity is wholly supported by the City of London Corporation which is committed to maintain and preserve Burnham Beeches and Stoke Common 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, this charity has no free reserves and a reserves policy is considered by the Trustee to be inappropriate.

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
Health and Safety Failure Policies and procedures developed and under active
review.
Staff training for roles and activity undertaken.
Regular compliance checks including annual audit.
Local Planning Issues Impact of visitor and development pressure monitored.
Environmental monitoring including of Hydrology and air
quality carried out.
Local plans continue to be developed and are scrutinised
and commented on by officers.
Production of mitigation strategies with neighbouring
local authorities as part of the local plan process.
Tree Diseases and Other
Pests		 Biosecurity policies and procedures in place and
regularly reviewed.
Education and information for visitors.
Staff and volunteer training to help them recognise
issues at early stages.
Programme of tree health and annual tree safety
inspections in place.
Active involvement with leading partners such as
Forestry Commission and Natural England.

12

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Risk Actions to manage risks
Climate and Weather Storm procedures in place and regularly reviewed.
Fire plans in place and subject to annual review.
Research on impact of climate change on protected
habitats of Burnham Beeches and Stoke Common.
Pond Embankments,
Burnham Beeches - risk of
overtopping failure		 Condition assessments carried out and options costed.
Inspections / monitoring of outflow condition.
Reduction in direct grant
available from the Rural
Payments Agency (RPA) to
deliver conservation related
services across the charity
and reduction in Basic
Payment Schemes (BPS)		 CSS grants secured until 2028.
Monitoring of proposed changes to grant options with
phasing out of BPS and responding to consultations as
required.
RPA re-assessement of elements of the previously
secured grants may see a reduction for some annual
payments related to the management of verteran trees.
Budget Reduction Review of operational working and financial income
streams to try to mitigate any effects.
Impact of Covid-19 on health
and safety of visitors and
staff		 Public health and safety works continues.
Social distancing measures erected and
reviewed/renewed.
Car Parks closed to reduce risk of incident.
Equipment inspections have continued as required.
Fleet and equipment checks continue ‘in-house’.
Risk Assessments and Safe Systems of Work have been
revised and circulated due to Covid-19 risks, particularily
provision and use of PPE.
Procurement of necessary PPE and cleaning material
needs identified.
Cleaning contract standards and frequency remain a
concern and is being monitored.
Impact of Covid-19
accelerating long-term
damage to sites		 Review and plan for temporary seasonal area and path
closures at Burnham Beeches to ensure damage due to
high visitor numbers is minimised.
Provide information to encourage visitors to keep to
surfaced paths at peak seasons and in winter months to
limit damage.
Use of car park capacity restrictions to reduce peak
levels at vulnerable times of year if visitor numbers are
above carrying capacity or damage occurring.
Open Spaces workforce
wellbeing		 Staff supported to work from home where desired and
possible.
Office re-organisation to allow those having to work from
site (majority) to be able to do so in a Covid-safe manner.
Support of staff with childcare/caring responsibilities to
work flexibly where possible.
Cyclical Works Programme
(CWP) reduction in 2021/22		 Reduction in centrally funded CWP and site maintenance
funding for 2021/22 and regular fabric work suspension
requiring local budget to deliver needed repairs.

13

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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:

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:

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

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Adopted and signed for on behalf of the Trustee.

Jamie Ingham Clark FCA

Jeremy Paul Mayhew MA MBA,

Chairman of Finance Committee of The City of London Corporation

Deputy Chairman of Finance Committee of The City of London Corporation

Guildhall, London 28 January 2022

15

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF BURNHAM BEECHES AND STOKE COMMON

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Burnham Beeches and Stoke Common (“the Charity”) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of 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).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charity in accordance with the ethical requirements 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.

Conclusions related 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.

16

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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 is responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The other information comprises: Origins of the charity; the Trustee's Annual Report section, which includes: Structure and governance, Achievements and performance, Financial review; the Trustee responsibilities; Reference and administration details. Our opinion on the financial statements does not cover the other information and, except to the extent 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Act 2011 requires us to report to you if, in our opinion;

Responsibilities of Trustee

As explained more fully in the Trustee’s responsibilities statement, the Trustee is 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 determines 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 is 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

17

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Trustee either intends 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 Act 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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

18

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

challenging assumptions made by management in their significant accounting estimates; Sample testing the recognition of income; Sample testing the appropriateness of journal entries.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustee, as a body, in accordance with the Charities Act 2011. 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.

BDO LLP, statutory auditor London, UK Date: 28 January 2022

BDO 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.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

19

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2021

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

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

BALANCE SHEET

AS AT MARCH 2021

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 and Chief Financial Officer

28 January 2022

21

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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 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. The Trustee considers the level of grant funding received and plans activities as a result of this. 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 and planned expenditure and the liquidity of the charity in light of the ongoing economic impact of the Covid-19 pandemic over the next 12 months from these financial statements being signed. The charity will be able to reduce its expenditure principally on vehicle and equipment replacement, and Grounds maintenance.

The charity is funded by the City of London Corporation’s City Cash which has undergone a revised forecasting exercise to help provide assurances that it can continue to keep operating over the next 12-month period from the date of these financial statements being signed. For these reasons 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

22

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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.

In preparing the financial statements, management has made the following key judgements: useful economic life of fixed assets and the recovery of debts.

(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 2021 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, contributions, 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. The basis of the cost allocation is set out in Note 7.

23

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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. From 2021/22, the City Corporation, as Trustee, has taken a decision to seek reimbursement for the administration fees incurred from each of its charities.

(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 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 £918.2m as at 31 March 2021 (£630.4m as at 31 March 2020). 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 2019, using the projected unit method. The actuary will carry out the next assessment of the scheme as at 31 March 2022, which will set contributions for the period from 1 April 2022 to 31 March 2024. Contribution rates adopted for the financial years 2019/20, 2020/21 and 2021/22 have been set at 21% (2018/19: 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

Burnham Beeches and Stoke Common comprises 303 hectares (748acres) of land in South Buckinghamshire, together with associated buildings. The object of the charity is the preservation of Burnham Beeches and Stoke Common in perpetuity as Open Spaces for the recreation and enjoyment of the public. Burnham Beeches and Stoke Common is considered to be inalienable (i.e. they 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

24

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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 are included as fixed assets at historic cost, less provision for depreciation and any impairment, where this cost can be reliably measured.

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 from the year following that of acquisition, on a straight-line basis, in order to write off each asset over its estimated useful life as follows:

asset over its estimated useful life as follows:
Years
Operational buildings 30 to 50
Improvements and refurbishments to buildings up to 30
Equipment 5 to 25

(j) 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.

(k) 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 objects at the discretion of the Trustee and include both income generated by assets held within the permanent endowment fund and from those representing unrestricted funds. Specifically, this represents the 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.

(l) 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 indemnity the City Corporation provides to Members and staff, funded from City’s Cash.

25

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

2. INCOME FROM VOLUNTARY ACTIVITIES

3. INCOME FROM CHARITABLE ACTIVITIES

4. INCOME FROM THE CITY OF LONDON CORPORATION

5. INCOME FROM INVESTMENTS

Income for the year included:

Grants – being amounts received from organisations towards specific programmes operated by the charity. Grants have been received from Natural England’s Countryside Stewardship Scheme and the Rural Payments Agency under the basic payment scheme.

Donations – being voluntary amounts received from the public though donations, which includes non-enforced weekday car parking, and a legacy donation for pond restoration work. From March 2021 a donations page have been available on Burnham Beeches webpage, inviting and enabling the public to make on-line donations to The Burnham Beeches ancient Trees campaign.

26

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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 the part exchange sale of a chipper and sales of leaflets and other publications relating to Burnham Beeches and Stoke Common; charges made to the public for the use of facilities, such as car parks, and from the rental of the Beeches Eco Café.

6. EXPENDITURE

Charitable activity

Expenditure on the charitable activities includes labour, premises costs, equipment, materials and other supplies and services incurred in the running of Burnham Beeches and Stoke Common.

Auditor’s remuneration and fees for other services

BDO are the auditors of the City of London’s City’s Cash Fund and all of the different charities of which it is Trustee. The City of London Corporation charges the audit fee to its City’s Cash Fund. From 2021/22, the City Corporation, as Trustee, has taken a decision to seek reimbursement for the audit fee incurred from each of its charities. In 2020/21 no audit fee was recharged (2019/20: £nil). No other services were provided to the charity by its auditors during the year (2019/20: £nil).

7. 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:

27

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

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.

8. 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 13 (2019/20: 13).

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) for the year were over £60,000 was nil (2019/20: nil).

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 Open Spaces 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.

28

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

The amount of employee benefits received by key management personnel totalled £4,996 (2019/20: £4,336). No members received any remuneration, with directly incurred expenses reimbursed, if claimed. Expenses totalling £nil were claimed in 2020/21 (2019/20: £nil).

9. HERITAGE ASSETS

Since 1880 the primary purpose of the charity has been the preservation of Burnham Beeches and stoke Common for the recreation and enjoyment of the public and the preservation of the natural aspect. 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 Burnham Beeches and Stoke Common are contained in the Management plans for Burnham Beeches and Stoke Common. Records of heritage assets owned and maintained by Burnham Beeches and Stoke Common can be obtained from the Director of Open Spaces at the principal address as stated on page 34.

10. TANGIBLE FIXED ASSETS

11. DEBTORS

29

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

12. CREDITORS – AMOUNT FALLING DUE WITHIN ONE YEAR

2021 2020
£ £
Trade creditors 28,058 21,407
Accruals 34,756 74,565
Deferred income 6,526 5,827
Other creditors 2,598 54,555
Total 71,938 156,354

Deferred income relates to rental income received in advance for periods after the year-end.

13. CREDITORS - AMOUNTS DUE AFTER MORE THAN ONE YEAR

The Sundry deposit relates to a Café rent deposit.

14. ANALYSIS OF NET ASSETS BY FUND

At 31 March 2020 Unrestricted Income
Funds		 Unrestricted Income
Funds		 Restricted
Funds		 Total at 31
March 2020		 Total at 31
March 2019
General Designated
Funds Funds
£ £ £ £ £
Tangible Assets - 634,748 - 634,748 602,896
Current Assets 156,354 129,966 25,000 311,320 225,228
Current Liabilities (156,354) - - (156,354) (70,981)
Total - 764,714 25,000 789,714 757,143

30

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

15. MOVEMENT IN FUNDS

----- Start of picture text -----
Total as at 1 Total as at 31
At 31 March 2021 April 2020 Income Expenditure Transfers March 2021
£ £ £ £ £
Restricted funds:
Legacy income 25,000 35,014 - - 60,014
Campaign donations - 110 - - 110
Total restricted funds 25,000 35,124 - - 60,124
Unrestricted funds:
General funds - 1,115,295 (1,115,295) - -
Designated funds:
Stoke Common 129,966 - - - 129,966
Capital Adjustment Account 584,748 (23,148) 561,600
Infrastructure 87,650 87,650
Furniture and Equipment 50,000 115,045 - - 165,045
Total designated funds 764,714 202,695 (23,148) - 944,261
Total unrestricted funds 764,714 1,317,990 (1,138,443) - 944,261
Total funds 789,714 1,353,114 (1,138,443) - 1,004,385
Total as at 1 Total as at 31
At 31 March 2020 April 2019 Income Expenditure Transfers March 2020
£ £ £ £ £
Restricted funds:
- - -
Legacy income 25,000 25,000
Total restricted funds 25,000 - - - 25,000
Unrestricrted funds:
General funds - 1,337,712 (1,336,993) (719) -
Designated funds:
Stoke Common 129,247 - - 719 129,966
Capital Adjustment Account 602,896 (18,148) 584,748
- - -
Furniture and Equipment 50,000 50,000
Total designated funds 732,143 50,000 (18,148) 719 764,714
Total unrestricted funds 732,143 1,387,712 (1,355,141) - 764,714
Total funds 757,143 1,387,712 (1,355,141) - 789,714
----- End of picture text -----

Purposes of restricted funds

Legacy income - To be held and spent in accordance with the donator’s wishes in maintaining a pond area.

Campaign donations - Represents funds received from the public through donations. From March 2021 a donations page has been created on Burnham Beeches webpage, inviting and enabling the public to make on-line donations to the Burnham Beeches ancient trees campaign. In total, £110 was received during the year (2019/20: £nil).

31

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Purposes of designated funds

Designated funds have been set aside by the Trustee for the following purposes:

Fixed Assets (Capital Adjustment Account Fund, Infrastructure Fund and Furntiture and Equipment Fund) – Plant and equipment are included at historic cost less provision for depreciation and any impairment. The net book value of fixed assets at 31 March 2021 was £814,295 and is represented by these three designated funds (2019/20: £634,748, two designated funds)

Stoke Common designated fund – Stoke Common was acquired by the City of London from South Bucks District Council on 31 October 2007. On 12 September 2011 the assets and liabilities of Stoke Common were transferred to Burnham Beeches and Stoke Common. £109,872 was transferred, being the balance of the lump sum from South Buckinghamshire District Council; interest accrued to date is reflected in the balance of £129,966 as at 31 March 2021. This lump sum is to fund on-going maintance costs of Stoke Common.

16. 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 6.

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.

32

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.

33

Burnham Beeches and Stoke Common | Annual Report and Financial Statements 2020/21

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME Burnham Beeches and Stoke Common

Registered charity number 232987

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

Treasurer

Caroline Al-Beyerty - The Chamberlain & Chief Financial Officer of the City of London Corporation (appointed 1 May 2021)

Dr Peter Kane - The Chamberlain of the City of London Corporation (retired 30 April 2021)

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

Open Spaces

Colin Buttery – Director of Open Spaces

AUDITORS

BDO LLP, 55 Baker Street, London, W1U 7EU

BANKERS

Lloyds Bank Plc., P.O.Box 72, Bailey Drive, Gillingham Business Park, Kent ME8 0LS

Contact for The Chamberlain, to request copies of governance documents & of the Annual Report of City’s Cash:

PA-DeputyChamberlain@cityoflondon.gov.uk

34