## Epping Forest 

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

Charity registration number 232990 



## **CONTENTS** 

Origins of the charity ............................................................................................... 1 Structure and governance ....................................................................................... 2 Achievements and performance ............................................................................. 6 Financial review .................................................................................................... 10 Trustee responsibilities ......................................................................................... 13 Independent auditor’s report ................................................................................. 17 Statement of financial activities ............................................................................. 21 Balance sheet ....................................................................................................... 22 Notes to the financial statements .......................................................................... 23 Reference and administration details .................................................................... 39 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **ORIGINS OF THE CHARITY** 

As one of the earliest publicly- accessible wild landscapes in England, Epping Forest predates the UK’s National Parks by nearly 80 years and shares a common bond in seeking to preserve the wildness of a treasured landscape whilst guaranteeing widespread public access. 

Purchased by the City of London Corporation under founding legislation The Epping Forest Act 1878, the Forest was then dedicated by Queen Victoria “for the enjoyment of my people forever”, and as the custodian of the Forest, the City and the Forest’s Conservators have continued to conserve it for everyone to enjoy. 

Promoting and enabling public access to the Forest remains our guiding principle and we strive to exceed visitors’ expectations by providing a safe and welcoming environment, rich in wildlife, which offers activity and excitement, and peace and tranquillity in equal measure. We welcome 4.2 million people to the Forest every year, and we want all Londoners to continue to value their Forest, and for visitors from further afield to benefit from all that the Forest has to offer. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

## **TRUSTEE’S ANNUAL REPORT STRUCTURE AND GOVERNANCE** 

The governing documents are the Epping Forest Acts 1878 and 1880 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 Epping Forest. 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. For Epping Forest, Elected Aldermen and Members of the City of London Corporation are appointed to the Epping Forest and Commons Committee, together with four Verderers - locally elected by Epping Forest Commoners in elections held every seven years - governing Epping Forest for the Court of Common Council of the City of London Corporation. 

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 2019/20 were as follows: 

- **Policy and Resources Committee –** responsible for allocating resources and administering the charity. 

- **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. 

- **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. 

- **Epping Forest & Commons Committee –** responsible for the activities undertaken at Epping Forest, approving budget allocations for the forthcoming year and acting as Trustees of the charity. 

- **Epping Forest Consultative Committee –** considers and discusses areas of concern or debate at Epping Forest with representative user groups across the Forest– particularly those due to be raised at Epping Forest and Commons Committee. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

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 decision-making process to be clear, transparent and publicly accountable. Details of the membership of Committees of the City Corporation are available at www.cityoflondon.gov.uk 

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. 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 39. 

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 subcommittee, 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 Epping Forest. 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 preservation of Epping Forest in perpetuity, as an open space for the recreation and enjoyment of the public. The open space consists of the lands 

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Epping Forest | Annual Report and Financial Statements 2020/21 

known as Epping Forest including Wanstead Park and Highams Park in Essex. Various buffer lands have been acquired by the City Corporation around the edges of Epping Forest. 

## **Investment Policy** 

The charity’s investments are held in units of the City of London Charities Pool (registered charity number: 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 39. 

## **Volunteers** 

Epping Forest welcomes volunteers both directly and through partner organisation in all aspects of Forest management from conservation. 

## **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 for 2016-20. 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 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 Epping Forest charity does not 

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Epping Forest | Annual Report and Financial Statements 2020/21 

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 Epping Forest webpage, inviting and enabling the public to make on-line donations to either the Epping Forest Common Toad Conservation Project or the Epping Forest New Sculptures and Trail campaign. 

The charity has received no complaints in relation to fundraising activities in 2020/21 (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 Epping Forest’s aims and objectives and in planning future activities. The purpose of the charity is the preservation of Epping Forest in perpetuity by the City of London Corporation as the Conservators of Epping Forest, as an Open Space for the recreation and enjoyment of the public. 

This charity is operated as part of the City of London Corporation’s City’s Cash. The City of London Corporation is committed to fund the ongoing net operational costs of the charity in accordance with the purpose which is the preservation of Epping Forest in perpetuity by the City of London Corporation as the Conservators of Epping Forest, as an Open Space for the recreation and enjoyment of the public. 

Consequently, the Trustee considers that Epping Forest 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 39. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

## **ACHIEVEMENTS AND PERFORMANCE** 

The Teams across Epping Forest have ensured that the Forest remained open and accessible throughout the COVID-19 pandemic. However, with the focus on keeping the Forest open, tidy and safe, this did impact on the delivery of some of the projects planned for 2020/21 which will roll over into 2021/22. 

## **Epping Forest’s 2020/21 aims together with their outcomes were:** 

**Participate in the City of London Corporation’s Fundamental Review of public services and activity areas** - No savings were required as part of the Fundamental Review, however annual efficiency savings have focused on new and improved income streams. 

**Epping Forest Strategy & Management Plan -** London’s Great Forest has now been published and targets embedded into plans for the upcoming years. Key policy documents were also completed and agreed including the cycling strategy and series of codes of conduct. 

**Complete an Epping Forest Special Area of Conservation (SAC) Mitigation Strategy to be adopted by key Local Plan Authorities within the SAC Zone of Influence -** Two of the three key parts of the SAC Mitigation Strategy are now much progressed with an SAC Mitigation Oversight Group also meeting monthly to complete the Strategy. One part, an Air Pollution Mitigation Strategy has been adopted by Epping Forest District Council and a Strategic Access Management & Monitoring Strategy (SAMMS) has been revised and updated and is being negotiated. In the meantime, SAMMS tariffs are being collected by all local authorities in the Zone of Influence. Suitable Alternative Natural Greenspace Strategies are in development in two of the three key authorities, but more details are awaited to assess their compliance with the Habitat Regulations. 

**Conduct a summer Visitor Survey to further review the SAC Zone of Influence -** A survey was completed in September 2019 and approved for publication in 2020. Further surveys have assessed COVID impacts on visitor numbers in June 2020 but post-COVID conditions are now awaited for a full summer survey to be carried out. 

**Submit a new 10-year (2020-2029) Countryside Stewardship Scheme (CSS) application** - This application was submitted in September 2019, but settlement not agreed at that time as part of a national review of the CSS grant prescriptions.  Following protracted negotiations, a revised offer was made by the Rural Payment Agency (RPA) and the agreement was concluded in March 2021 for £1.39m. The 10-year agreement start date remains 1st January 2020 and the agreement runs until 31st December 2029. 

**Complete an engineering assessment of newly designated ‘high risk’ Large Raised Reservoirs in the Wanstead Park lake cascade** - The engineering assessment has been completed. A recommendation for undertaking a further assessment of the interaction between the River Roding and the Ornamental Waters is currently underway. 

**Continue to represent concerns regarding the conservation of Epping Forest through the Local Planning Process with Local Authorities** . Responses have continued to be made to Local Authorities to their required deadlines, with significant milestone response made for the London Borough of Waltham Forest Local Plan Regulation 19 Consultation 

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Epping Forest | Annual Report and Financial Statements 2020/21 

and the Epping Forest District Council’s (EFDC) Green Infrastructure Strategy. Progress was made with EFDC’s policies with significant changes made to tighten the wording in response to our submissions. A moratorium on house-building in the EFDC area has remained in place awaiting the air pollution mitigation strategy, which was finally adopted by EFDC in February 2021 

**First Forest lodges will complete renovation works for letting** As well as existing Assured Shorthold Tenancy (AST) lets, the first Holiday Let at Baldwins Hill completed extensive refurbishment and was launched in October 2020, with many bookings unfortunately affected by Covid restrictions. Work to invest in further empty lodges continues, with many requiring significant works due to long term dilapidations. 

**Full audit of domestic and commercial access arrangements across Forest Land** - The access audit first phase involving a complete database of all neighbouring properties with access – both licensed and unlicensed – has been completed. This now requires assessment with site visits to over 25 remaining compartments out of the 38 Forest Compartments. Several major commercial wayleaves and easements have now been settled raising significant income during this last year. 

**Review and publish a new Deer Management Strategy for the Birch Hall Park Deer Sanctuary and the wild deer population ranging across the Forest and the adjoining Buffer Land** - Report reviewed by Epping Forest Consultative Committee and approved in March 2021 by Epping Forest and Commons Committee with next phases of work agreed for 2021/22. 

**Submit a final bid to the Parklife funding stream for improved grassroots football facilities and a reduced sport ‘footprint’ at Wanstead Flats** - The final bid process was delayed by the funding partner. We are now planning to continue this project, but with a reduced scheme and pending appointment of an operating partner. 

## **PLANS FOR FUTURE PERIODS** 

The global 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. 

## **Key projects for 2021/22 include:** 

**Carbon Reduction** -The Carbon Removals Project sits within the Corporation’s current Climate Action Strategy (CAS) programme 2021-2027 _._ Over this period, this project will see the delivery of a range of land management activities across the Open Spaces to increase carbon sequestration, ecosystem services and biodiversity to include arable reversion, tree planting, woodland and tree management and other activities. 2021/22 will be the first year of the project and the aim is to progress the following Phase 1 activities: 

- Recruit to a number of roles that will lead and support the delviery of this project. 

- Tender for, award, and commence studies that will identify opportunities to increase sequestration, as well as calculating the current sequestration capacity of Open Spaces and monitoring changes in sequestration, ecosystem services and biodiversity. 

- Tender for, award and commence land management work. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

- Commence tree planting. 

**Epping Forest Management Plan and Strategy** - complete its publication and continue to pursue work on plans and strategies outlined within it. 

**Local Planning Process** - The Charity will continue to represent concerns regarding the conservation of Epping Forest through the Local Planning Process with Local Authorities in order to protect the unique and delicate nature of the Epping Forest habitat. 

**Wanstead Parkland Plan** - will be progressed further and will address areas such as Reservoir Risk, Heritage at Risk, Water Abstraction and Flood Risk to address statutory obligations in these areas. 

**Car Parking** - Car parking charging in phase one identified areas will be rolled out from May 2021, with the second phase of charging introduced before the end of the financial year. Complementary workstreams to review Byelaws are also underway. 

**Implementation of Customer Relationship Management (CRM)** – Implementation of CRM software systems is planned during Summer 2021, to enable efficient and compliant handling of contact data, work requests, fundraising and other customer contacts. 

**Developing sporting partnership opportunities** - The charity will continue to investigate the benefit of working with partner organisations to improve the sporting offer at Epping Forest, particularly in the existing offer of football and golf, but possibly to include other formal sports where possible, or improve opportunities for informal fitness activities for Forest users. This will also address the issues of the costs of providing these facilities and likely income to the charity. 

**Lodges -** Continue a programme of refurbishment of lodges at Epping Forest, investing in these assets in order to achieve appropriate rental occupation and income. This includes plans for domestic lets (assured household tenancies), as well as two lodges planned as holiday lets. 

**Countryside Stewardship Scheme (CSS)** - The work programme for the CSS will begin, including final stage procurement of several felling contracts, under 100% capital grant aid, for work across two years from 2021 to 2023. Most of the works will be carried out under revenue payments and will be done in-house by the Operations teams working to the new schedule. 

**New Cattle Grazing System** - As part of the CSS work programme, cattle grazing will be expanded across further areas of the Forest, in a step change for the grazing project, using a new system of GPS-driven invisible fencing. The full grazing herd within the Forest will be equipped with this new system, and the old, wired invisible fencing system used over the last 10 years will now be discontinued. 

**SAC Mitigation Strategy** - The Oversight Group will conclude negotiations over the strategy’s governance and financing arrangements and the first transfer of tariff monies from the local authorities to Epping Forest to pay for SAMMS works is expected in this next year. The priority SAMMS works are likely to include work at Leyton Flats and High Beach on new pathways to reduce damage to ancient trees and flora from visitor pressure. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

**Sustainable Fleet and Operations** - Improved environmental efficiency of our operations, buildings and fleet, achieving compliance with next phases of ULEZ. 

**Budget Management** - Achievement of financial savings and efficiency targets, particularly through income diversification. 

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

The Trustees do not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 23. 

The Trustee is monitoring the situation and will continue with its purpose to preserve of Epping Forest in perpetuity by the City of London Corporation as the Conservators of Epping Forest, as an Open Space for recreation and enjoyment of the public. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

## **FINANCIAL REVIEW** 

## **Overview of Financial Performance** 

## **Income** 

In 2020/21 the charity’s total income for the year was £6,640,112, an overall increase of £55,465 against the previous year (£6,584,647). The principal source of income was from City of London Corporation’s City’s Cash fund (see below). 

Income from Charitable Activities comprised £742,416 from charges for use of facilities and licences (2019/20: £583,076), £430,703 from rents (2019/20: £496,544) and £76,905 from sales of goods, products and materials (2019/20: £113,279). In August 2020, the charity received a cash settlement of £200,650 from the RSA Insurance Group in relation to a subsidence damage claim at South Lodge, on the Warren Estate. 

In total, grant income of £302,944 was received in the year, towards programmes administered by the charity (2019/20: £127,290) (see below). 

- A government grant of £175,944 was received in the year from the Rural Payment Agency (RPA), which provides funding to farmers and land managers to farm in a way that supports biodiversity, enhances the landscape, and improves the quality of water, air and soil. (2019/20: £127,290). 

- A capital property receipt of £127,000 (2019/20: £nil) was received in 2020/21. The owner/developer of The Elms, Loughton Lane, Theydon Bois previously approached the City Corporation seeking to acquire permanent rights over the Forest verge in front of the property. The Elms is land-locked and reliant upon the verge for vehicular access from the highway. The granting of an Agreement for Easement, in return for a premium, was approved by Members and the Agreement exchanged. Proceeds from the Deed of Easement were credited to the Epping Forest Fund which can be used for the acquisition of Forest land or capital projects in the Forest. 

A contribution of £12,821 was received from the Highams Park Community CIC for improvements at Epping Forest (2019/20: £nil). 

Donations – being amounts received from the public through donation boxes at the Temple and at the View. In total £146 was received during the year (2019/20: £3,439). From March 2021 a donations page has been created on the Epping Forest webpage, inviting and enabling the public to make on-line donations to either the Epping Forest Common Toad Conservation Project or the Epping Forest New Sculptures and Trail campaign. 

Investment income of £6,283 (2019/20: £3,639) received during the year consists of distributions from the Charities Pool and interest receivable on cash balances held on behalf of the Trust. 

Other income of £8,916 was received in relation to Coronavirus Job Retention Scheme (2019/20: £nil). There are no unfulfilled conditions or other contingencies relating to this grant income and no other forms of government assistance have been received in the year. 

An amount of £5,058,978 (2019/20: £5,257,380) was received from the City of London Corporation’s City’s Cash as a contribution towards the running costs of the charity. The 

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Epping Forest | Annual Report and Financial Statements 2020/21 

decrease in contribution was mainly due to a fewer number of cyclical building works taking place during the year (see expenditure below). 

## **Expenditure** 

Total expenditure for the year relating to charitable activities expenditure was £6,665,397 (2019/20: £7,140,881). The decrease in expenditure is owing to a lower number of cyclical building works taking place during the year.  This is due to the economic impact of COVID19 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 decreased by £24,521 to £6,385,985 as at 31 March 2021 (2019/20: £6,410,506). 

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 £6,385,895 (2019/20: £6,410,506). 

A restricted fund of £90 (2019/20: £nil) was held at year-end. This relates to Campaign Donations of £90. From March 2021 a donations page has been created on the Epping Forest webpage, inviting and enabling the public to make on-line donations to either the Epping Forest Common Toad Conservation Project or the Epping Forest New Sculptures and Trail campaign. 

Details of all funds held, including their purposes, is set out within note 17 to the financial statements. 

## **Investments performance** 

Financial markets recovered strongly over the twelve months to 31 March 2021 following the decline in asset prices in early 2020 during the emergence of the global pandemic. Under these conditions investments held in the Charities Pool performed very well, generating a gross return of +30.72% for 2020/21 (2019/20: -14.78%) which compares favourably against the FTSE All Share Index benchmark return of +26.71% (2019/20 -18.45%). As a result the longer term performance of the Charities Pool investments, as displayed in the table below, has significantly improved compared to the position reported twelve months ago. 

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Epping Forest | Annual Report and Financial Statements 2020/21 


## **Reserves** 

The charity is wholly supported by the City of London Corporation which is committed to maintain and preserve Epping Forest 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**|
|---|---|
|**Decline in Assets**<br>**condition**|Schedule of statutory checks and visits carried out by City<br>Surveyor or delegated to site.<br>Joint inspection of all buildings including residential by<br>site and City Surveyor to capture maintenance needs.<br>Improvements to Great Gregories.|
|**Wanstead Park**<br>**Reservoirs**|Appointment of all-panels reservoir engineer to undertake<br>a study of the risk of overtopping and identify if any<br>actions are required.<br>Establish Project Board, evaluate and analyse the report<br>from the reservoir engineer and update the Environment<br>Agency (EA).|
|**Raised Reservoirs**|Weekly inspection of reservoirs / dams.<br>Statutory inspection visits by engineer.<br>Complete works on the Eagle ponds and scope works on<br>other ponds.|
|**Invasive Non-Native**<br>**Species (INNS)**|Develop an INNS policy - particular focus on Oak<br>Processionary Moth, although other pathogens and areas<br>of concern to be tackled.<br>Track works done to mitigate the spread of Oak<br>Processionary Moth in Epping Forest.|
|**Development**<br>**Consents close to**<br>**Forest Land**|Continue to influence the Epping Forest District Council,<br>London Borough of Waltham Forest and other<br>surrounding local plans. Look to embed the Epping Forest<br>Special Area of Conservation (SAC) Mitigation Strategy in|



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Epping Forest | Annual Report and Financial Statements 2020/21 

|**Risk**|**Actions to manage risks**|
|---|---|
||Local Plans and to ensure robust monitoring of the<br>effectiveness of mitigation measures.|
|**Loss of Forest Land**<br>**and/or concession of**<br>**prescriptive rights**|Undertake compartment survey, regular audits, appoint<br>land agent to negotiate commercial wayleaves.<br>Take legal action where appropriate.|
|**Financial management**<br>**and loss of income**|Apply for Rural Payments Agency grant.<br>Assess new opportunities for income generation as well<br>as expenditure reduction.|
|**Declining Site of**<br>**Special Scientific**<br>**Interest (SSSI)/Special**<br>**Area of Conservation**<br>**(SAC) Condition**|Apply for further Countryside Stewardship grants on the<br>remainder of the Forest Compartments.<br>Remodel the in-house grazing expansion plan using the<br>new GPS invisible fencing system.|
|**Pathogens**|Implement actions arising from Massaria survey.<br>Yearly inspection of all Rhododendron and Larch to<br>continue to ensure Ramorum disease does not spread.<br>Develop a biosecurity policy for whole Forest, building on<br>Ramorum security policy approach.|
|**Increase in Health and**<br>**Safety**<br>**incidents/Catastrophic**<br>**Health & Safety failure**|Health & Safety training (operational) system in place.<br>Clear role and responsibilities set out in documentation<br>and reinforced by training.<br>Health & Safety checks on all tenanted buildings.<br>Implementation of the Epping Contractor Protocol and<br>permitting is now Business as Usual (BAU).|
|**Wanstead Park –**<br>**Heritage at Risk**<br>**Register**|Develop plans for the Park and identify potential funders /<br>partners.|
|**Major Incident**<br>**resulting in prolonged**<br>**‘Access Denial’**|The Emergency Action Plan has been modified, used and<br>tested during the pandemic.|
|**Public behaviour**|Additional Borough’s introduce Public Spaces Protection<br>Orders (PSPO’s).<br>Multi - disciplinary approach with enforcement and<br>outreach team.<br>Develop relationships with local authority neighbours,<br>police services, fire service etc.|
|**Severe Weather**<br>**Events**|Severe weather protocol reviewed.<br>Training with London Fire Brigade (LFB) and Essex Fire<br>and Rescue has taken place and we have worked jointly<br>during the pandemic responding to emergencies such as<br>fires within Epping forest.|
|**Impact of Covid-19 on**<br>**income generation**<br>**and financial**<br>**management**|Working closely with Chamberlain to monitor budget lines<br>and keep them informed as financial situation develops.<br>Predictions on loss of income being worked up to aid<br>longer term decision making, including rental, sports<br>provision, catering and retail.|



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Epping Forest | Annual Report and Financial Statements 2020/21 

|**Risk**|**Actions to manage risks**|
|---|---|
|**Impact of Covid-19 on**<br>**health and safety of**<br>**visitors and staff**|Public health and safety works continues.<br>Social distancing measures erected and<br>reviewed/renewed.<br>Car parks closed to reduce risk of incident.<br>Equipment inspections have continued as required. Fleet<br>and equipment checks continue ‘in-house’.<br>Risk Assessments and Safe Systems of Work have been<br>revised and circulated due to Covid-19 risks, particularly<br>provision and use of Personal Protective Equipment<br>(PPE). Procurement of necessary PPE and cleaning<br>material needs identified. Cleaning contract standards<br>and frequency remain a concern and is being monitored|
|**Impact of Covid 19**<br>**accelerating long term**<br>**damage to sites**|Photographic monitoring of erosion of pathways<br>underway to inform longer term reparation plans, as well<br>as feeding into Local Plan mitigation.<br>Impacts of greater litter, fly-tips and other antisocial<br>behaviour, as well as associated management costs have<br>been captured.|
|**Open Spaces**<br>**workforce wellbeing**|Support offered to staff directly and indirectly affected by<br>changing Covid conditions, including those dealing with<br>greater operational demands, as well as those coping<br>with challenging work-from-home environments.|



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Epping Forest | Annual Report and Financial Statements 2020/21 

## **TRUSTEE’S 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. 

15 



Epping Forest | Annual Report and Financial Statements 2020/21 

Adopted and signed for on behalf of the Trustee. 



Jamie Ingham Clark FCA Chairman of Finance Committee of The City of London Corporation Guildhall, London 28 January 2022 

Jeremy Paul Mayhew MA MBA Deputy Chairman of Finance Committee of The City of London Corporation 

16 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE OF EPPING FOREST** 

## **Opinion on the financial statements** 

In our opinion, the financial statements: 

- give a true and fair view of the state of the Charity’s affairs as at 31 March 2021 and of its incoming resources and applicatio n 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. 

We have audited the financial statements of Epping Forest (“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. 

Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. 

17 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **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; 

- the information contained in the financial statements is inconsistent in any material respect with the Trustee’s Annual Report ; or 

- adequate accounting records have not been kept; 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, 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 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. 

18 



Epping Forest | Annual Report and Financial Statements 2020/21 

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: 

- We obtained an understanding of the legal and regulatory framework applicable to the Charity. We focused on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Charity. The laws and regulations we considered in this context were United Kingdom Accounting Standards (Financial Reporting Standard 102), the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities (FRS 102), and the Charities Act 2011. 

- We understood how the Charity is complying with those legal and regulatory frameworks, by making enquiries to management, and the Trustee, of known or suspected instances of non-compliance with laws and regulations. We corroborated our enquiries through our review of key committee board minutes. 

- We reviewed the financial statement disclosures to assess compliance with the relevant laws and regulations discussed above. We remained alert to any indications of non-compliance throughout the audit. 

- We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur, by discussing with management and the Trustee to understand where it is considered there was a susceptibility of fraud. 

- We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, and determined that the principal risks were related to the override of controls by management including posting of inappropriate journal entries, management bias in key accounting estimates, and the timing of income recognition. 

- Audit procedures performed in response to the assessment above included: Enquiries of management; reviewing accounting estimates for bias and 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 

19 



Epping Forest | Annual Report and Financial Statements 2020/21 

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). 

20 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **FOR THE YEAR ENDED 31 MARCH 2021** 

|||Unrestricted|Restricted|Restricted|||
|---|---|---|---|---|---|---|
|||Funds|Funds||||
||||||**2020/21**|2019/20|
||Notes|2020/21|2020/21||**Total Funds**|Total Funds|
|||£|£||**£**|£|
|**Income from:**|||||||
|Voluntary activities|2|315,821||90|**315,911**|130,729|
|Charitable activities|3|1,250,024|||**1,250,024**|1,192,899|
|Grant from City of London Corporation|4|5,058,978||-|**5,058,978**|5,257,380|
|Investments|5|6,283||-|**6,283**|3,639|
|Other income|6|8,916|||**8,916**|-|
|**Total income**||6,640,022||90|**6,640,112**|6,584,647|
|**Expenditure on:**|||||||
|Charitable activities:|||||||
|Preservationof EppingForest|7|6,665,397||-|**6,665,397**|7,140,881|
|**Total expenditure**||6,665,397||-|**6,665,397**|7,140,881|
|Net gains on investments|12|764||-|**764**|(711)|
|**Net expenditure**||(24,611)||90|**(24,521)**|(556,945)|
||||||||
|**Net movement in funds**||(24,611)||90|**(24,521)**|(556,945)|
|**Reconciliation of funds:**|||||||
|Total funds brought forward|17|6,410,506||-|**6,410,506**|6,967,451|
|**Total funds carried forward**|17|6,385,895||90|**6,385,985**|6,410,506|



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 23 to 38 form part of these financial statements. 

21 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **BALANCE SHEET** 

## **AS AT 31 MARCH 2021** 

|**AS AT 31 MARCH 2021**||||
|---|---|---|---|
||Notes|**2021**|2020|
|||**Total**|Total|
|||**£**|£|
|**Fixed assets:**||||
|Heritage assets|10|**379,872**|380,832|
|Tangible assets|11|**4,971,853**|5,357,428|
|Investments|12|**3,873**|3,108|
|**Total fixed assets**||**5,355,598**|5,741,368|
|**Current assets**||||
|Stock||**46,671**|57,392|
|Debtors|13|**262,751**|293,148|
|Cash at bank and in hand||**1,180,589**|724,944|
|**Total current assets**||**1,490,011**|1,075,484|
|**Creditors: Amounts falling due within one year**|14|**(411,114)**|(357,836)|
|**Net current assets/(liabilities)**||**1,078,897**|717,648|
|||||
|**Total assets less current liabilities**||**6,434,495**|6,459,016|
|**Creditors: Amounts falling due after more than one year**|15|**(48,510)**|(48,510)|
|**Total net assets**||**6,385,985**|6,410,506|
|**The funds of the charity:**||||
|Restricted income funds|17|**90**|-|
|Unrestricted income funds|17|**6,385,895**|6,410,506|
|**Total funds**||**6,385,985**|6,410,506|



The notes on pages 23 to 38 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 

22 



Epping Forest | 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 charities, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the 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 and the liquidity of the charity in light of the ongoing impact of Covid19 over the next 12-month period from these financial statements being signed. The assessment helps to provide assurances that the charity can continue to keep operating over the next 12-month period from these financial statements being signed. 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. 

23 



Epping Forest | Annual Report and Financial Statements 2020/21 

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** 

As per section 14.1 of the Charities SORP the Charity is not required 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 services and use of facilities, contributions, 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. 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. 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. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

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** 

Epping Forest comprises 2,485 hectares (6,142 acres) of land stretching 12 miles from Manor Park in East London to just north of Epping in Essex, together with associated buildings.  The object of the charity is the preservation of Epping Forest in perpetuity as an Open Space for the recreation and enjoyment of the public. Epping Forest is 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. 

25 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **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. Land is not depreciated. 

||Years|
|---|---|
|Operational buildings|30 to 50|
|Improvements and refurbishments to buildings|up to 30|
|Equipment|5 to 25|
|Infrastructure|up to 20|
|Heavy vehicles and plant|5|



## **(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) Stocks** 

Stocks are valued at the lower of cost or net realisable value. All stocks are finished goods and are held for resale as part of the charity operation. 

## **(l) 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.” 

## **(m) 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. 

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Epping Forest | Annual Report and Financial Statements 2020/21 

**Designated funds** – these are funds set aside by the Trustee out of unrestricted funds for a specific purpose. 

## **(n) 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. 

## **2. INCOME FROM VOLUNTARY ACTIVITIES** 

||Unrestricted|Restricted|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||funds|funds|**2020/21**|funds|funds|2019/20|
||£|£|**£**|£|£|£|
|Grants|302,944|-|**302,944**|127,290|-|127,290|
|Donations and legacies|56|90|**146**|3,439|-|3,439|
|Contributions|12,821|-|**12,821**|-|-|-|
|**Total**|315,821|90|**315,911**|130,729|-|130,729|



## **3. INCOME FROM CHARITABLE ACTIVITIES** 

||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||**2020/21**|2019/20|
||**£**|£|
|Charges for use of facilities|**742,416**|583,076|
|Sales|**76,905**|113,279|
|Rental income|**430,703**|496,544|
|**Total**|**1,250,024**|1,192,899|



## **4. INCOME FROM THE CITY OF LONDON CORPORATION** 

||Unrestricted<br>funds<br>**2020/21**<br>£|Unrestricted<br>funds<br>2019/20<br>£|
|---|---|---|
|Revenue and capital grants from City of London<br>Corporation|**5,058,978**|5,257,380|



27 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **5. INCOME FROM INVESTMENTS** 

||Unrestricted<br>funds<br>**2020/21**<br>£|Unrestricted<br>funds<br>2019/20<br>£|
|---|---|---|
|Interest|**6,283**|3,639|



## **6. OTHER INCOME** 

||Unrestricted<br>funds<br>**2020/21**<br>£|Unrestricted<br>funds<br>2019/20<br>£|
|---|---|---|
|Other income|**8,916**|-|



## **Income for the year included:** 

**Grants** – being amounts received from organisations towards programmes operated by the charity. 

- Grant income received from the Rural Payment Agency (RPA) which provides funding to farmers and land managers to farm in a way that supports biodiversity, enhances the landscape, and improves the quality of water, air and soil. 

- A capital property receipt was received in 2020/21. The owner/developer of The Elms, Loughton Lane, Theydon Bois previously approached the City Corporation seeking to acquire permanent rights over the Forest verge in front of the property. The Elms is land-locked and reliant upon the verge for vehicular access from the highway. The granting of an Agreement for Easement, in return for a premium, was approved by Members and the Agreement exchanged. Proceeds from the Deed of Easement were credited to the Epping Forest Fund which can be used for the acquisition of Forest land or capital projects in the Forest. 

**Contributions** – a contribution was received from the Highams Park Community CIC for improvements at Epping Forest. There were no contributions received in the previous financial year. 

**Donations** – being amounts received from the public through donation boxes at the Temple and at the View. From March 2021 a donations page has been created on the Epping Forest webpage, inviting and enabling the public to make on-line donations to either the Epping Forest Common Toad Conservation Project or the Epping Forest New Sculptures and Trail campaign. 

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Epping Forest | 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. 

**Investment income** – being the amount received from the Charities Pool and interest receivable on cash balances held on behalf of the Trust. 

**Charitable activities** – being amounts generated from the sales of leaflets, books, maps cards and other publications relating to Epping Forest; charges made to the public for the use of facilities, admissions and services and from rental income. 

**Other income** - included in Other Income on the Statement of Financial Activities is Coronavirus Job Retention Scheme income. There are no unfulfilled conditions or other contingencies relating to this grant income and no other forms of government assistance have been received in the year. 

## **7. EXPENDITURE** 

|**Expenditure on charitable activities**<br>Direct<br>costs<br>£|**Expenditure on charitable activities**<br>Direct<br>costs<br>£|Support<br>costs<br>£|**Total**<br>**2020/21**<br>**£**|Direct<br>costs<br>£|Support<br>costs<br>£|Total<br>2019/20<br>£|
|---|---|---|---|---|---|---|
|Preservation of Epping Forest|5,564,546|1,100,851|**6,665,397**|6,118,471|1,022,410|7,140,881|



## **Charitable activity** 

Expenditure on the charitable activities includes labour, premises costs, equipment, materials and other supplies and services incurred in the running of Epping Forest. 

## **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). 

29 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **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|**2020/21**|2019/20|
||£|£|**£**|£|
|Department:|||||
|Chamberlain|161,195|-|**161,195**|159,653|
|Comptroller & City Solicitor|-|-|**-**|-|
|Town Clerk|-|123,958|**123,958**|122,856|
|City Surveyor|368,381|-|**368,381**|362,012|
|Open Spaces directorate|163,511|-|**163,511**|125,889|
|Other governance & support costs|78,147|-|**78,147**|79,501|
|DigitalServices|205,659|-|**205,659**|172,499|
|Sub-total|976,893|123,958|**1,100,851**|1,022,410|
|Reallocation of governance costs|123,958|(123,958)|**-**|-|
|Totalsupport costs|1,100,851|-|**1,100,851**|1,022,410|



All support costs are undertaken from unrestricted funds. Governance costs (2019/20: £122,856) 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 81 (2019/20: 82). 

Amounts paid in respect of employees directly undertaking activities on behalf of the charity were as follows: 

|were as follows:|||
|---|---|---|
||**2020/21**|2019/20|
||**£**|£|
|Salaries and wages|**2,328,878**|2,255,604|
|National Insurance costs|**219,772**|206,146|
|Employer's pensioncontributions|**486,762**|467,732|
|Totalemoluments ofemployees|**3,035,412**|2,929,482|



30 



Epping Forest | Annual Report and Financial Statements 2020/21 

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 1.0 (2019/20: 1.0). 

|||**2020/21**|2019/20|
|---|---|---|---|
|£70,000|- £79,999|**1.0**|1.0|



## **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. 

The amount of employee benefits received by key management personnel totalled £29,721 (2019/20: £23,090). No members received any remuneration, with directly incurred expenses reimbursed, if claimed. No expenses were claimed in 2020/21 (2019/20: £nil). 

## **10. HERITAGE ASSETS** 

|**Cost**<br>At 1 April|2017<br>2018<br>2019<br>2020<br>**2021**<br>£<br>£<br>£<br>£<br>**£**<br>388,382<br>388,382<br>388,382<br>388,382<br>388,382|
|---|---|
|**At 31 March**|388,382<br>388,382<br>388,382<br>388,382<br>**388,382**|
|**Depreciation**<br>At 1 April<br>Charge for the year|3,707<br>4,667<br>5,628<br>6,589<br>7,550<br>960<br>961<br>961<br>961<br>960|
|**At 31 March**|4,667<br>5,628<br>6,589<br>7,550<br>**8,510**|
|**Net book value**||
|**At 31 March 2021**|383,715<br>382,754<br>381,793<br>380,832<br>**379,872**|
|||
|At 31 March 2020|384,675<br>383,715<br>382,754<br>381,793<br>380,832|



Since 1878 the primary purpose of the charity has been the preservation of Epping Forest for the recreation and enjoyment of the public. As set out in Note 1(i), the original heritage land and buildings are not recognised in the Financial Statements. Policies for the preservation and management of Epping Forest are contained in the Epping Forest Conservation Management Plan. Records of heritage assets owned and maintained by Epping Forest can be obtained from the Director of Open Spaces at the principal address as stated on page 39. 

31 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **11. TANGIBLE FIXED ASSETS** 

||Land and|Infrastructure|Vehicles and|Equipment|**Total**|
|---|---|---|---|---|---|
||Buildings||Plant|||
||£|£|£|£|**£**|
|**Cost**||||||
|At 1 April 2020|3,661,845|4,316,167|189,736|409,738|8,577,486|
|Additions|-|16,466|65,792|-|82,258|
|At 31 March 2021|3,661,845|4,332,633|255,528|409,738|**8,659,744**|
|**Depreciation**||||||
|At 1 April 2020|1,499,952|1,282,719|98,134|339,253|3,220,058|
|Charge for the year|197,833|230,953|33,625|5,422|467,833|
|At 31 March 2021|1,697,785|1,513,672|131,759|344,675|**3,687,891**|
|**Net book value**||||||
|**At 31 March 2021**|1,964,060|2,818,961|123,769|65,063|**4,971,853**|
|||||||
|At 31 March 2020|2,161,893|3,033,448|91,602|70,485|5,357,428|



## **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: 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Market value 1 April|3,108|3,819|
|Gain/(loss) for the year|764|(711)|
|**Market value 31 March**|**3,873**|3,108|
|**Cost 31 March**|438|438|
|UnitsheldinCharitiesPool|**438**|438|



The geographical spread of listed investments as at 31 March 2021 was as follows: 

|||Held|**Total at 31**||Held|Total at 31|
|---|---|---|---|---|---|---|
||Held in the|outside the|**March**|Held in the|outside the|March|
||UK|UK|**2021**|UK|UK|2020|
||£|£|**£**|£|£|£|
|Equities|3,164|449|**3,613**|2,400|360|2,760|
|Bonds|-|-|**-**|-|-|-|
|Pooled Units|206|-|**206**|224|-|224|
|Cash held byFund Manager|54|-|**54**|124|-|124|
|**Total**|3,424|449|**3,873**|2,748|360|3,108|



32 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **13. DEBTORS – AMOUNTS DUE WITHIN ONE YEAR** 

|Rental debtors<br>Prepayments and accrued income<br>Recoverable VAT<br>Other debtors|**2021**<br>2020<br>**£**<br>£<br>**85,573**<br>116,974<br>**36,119**<br>36,708<br>**48,296**<br>88,606<br>**92,763**<br>50,860|
|---|---|
|Total|**262,751**<br>293,148|



Other debtors consist of sundry debtors of £92,763 (2019/20: £50,860). The increase in sundry debtors relates to the new Countryside Stewardship Scheme. 

## **14. CREDITORS – AMOUNTS DUE WITHIN ONE YEAR** 

|Trade creditors<br>Accruals<br>Deferred income<br>Othercreditors|**2021**<br>2020<br>**£**<br>£<br>**86,460**<br>84,818<br>**228,177**<br>135,170<br>**70,619**<br>85,802<br>**25,858**<br>52,046|
|---|---|
|Total|**411,114**<br>357,836|



Other creditors consist of sundry creditors. 

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

||**2021**|2020|
|---|---|---|
|**Deferred income analysis within creditors:**|**£**|£|
|Balance at 1 April|85,802|87,093|
|Amounts released to income|(85,802)|(87,093)|
|Amounts deferred in the year|70,619|85,802|
|Balance at 31 March|**70,619**|85,802|



## **15. CREDITORS – AMOUNTS DUE AFTER MORE THAN ONE YEAR** 

|Sundry deposits|**2021**<br>2020<br>**£**<br>£<br>**48,510**<br>48,510|
|---|---|



These consist of rent deposits due after more than one year. 

33 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **16. ANALYSIS OF NET ASSETS BY FUND** 

|At 31 March 2021|Unrestricted Income Funds|Unrestricted Income Funds|Restricted|||
|---|---|---|---|---|---|
||General|Designated|Funds|**Total at 31**|Total at 31|
||Funds|Funds||**March 2021**|March 2020|
||£|£|£|£|£|
|Heritage Assets|-|379,872|-|**379,872**|380,832|
|Tangible Assets|-|4,971,853|-|**4,971,853**|5,357,428|
|Investments|-|3,873|-|**3,873**|3,108|
|Current Assets|459,624|1,030,297|90|**1,490,011**|1,075,484|
|Current Liabilities|(411,114)|-|-|**(411,114)**|(357,836)|
|Non-Current Liabilities|(48,510)|-||**(48,510)**|(48,510)|
|Total|**-**|**6,385,895**|**90**|**6,385,985**|6,410,506|
|At 31 March 2020|Unrestricted Income Funds||Restricted|||
||General|Designated|Funds|Total at 31|Total at 31|
||Funds|Funds||March 2020|March 2019|
||£|£|£|£|£|
|Heritage Assets|-|380,832|-|380,832|382,754|
|Tangible Assets|-|5,357,428|-|5,357,428|6,179,142|
|Investments|-|3,108|-|3,108|3,854|
|Current Assets|406,346|669,138|-|1,075,484|1,377,795|
|Current Liabilities|(357,836)|-|-|(357,836)|(578,646)|
|Non-Current Liabilities|(48,510)|-||(48,510)|(44,760)|
|Total|-|6,410,506|-|6,410,506|7,320,139|



34 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **17. MOVEMENT IN FUNDS** 

||Total as at 1||||Gains &|||**Total as at 31**|
|---|---|---|---|---|---|---|---|---|
|At 31 March 2021|April 2020|Income|Expenditure||(losses)||Transfers|**March 2021**|
||£|£|£||£||£|**£**|
|Restricted funds:|||||||||
|Campaign Donations|-|90||-||-|-|**90**|
|Total restrictedfunds|-|90||-||-|-|**90**|
|Unrestricted funds:|||||||||
|General funds|-|6,245,348|(6,195,820)|||-|(49,528)|**0**|
|Designated funds:|||||||||
|Tangible fixed assets|5,357,428|67,024|(467,833)|||-|15,234|**4,971,853**|
|Heritage assets|380,832|-||(960)||-|-|**379,872**|
|Capital fund|437,854|127,000||-||-|(15,234)|**549,620**|
|Sports ground deposit|3,204|-||-|764||-|**3,968**|
|Golf course machinery fund|27,716|-||-||-|-|**27,716**|
|Knighton Wood maintenance|5,801|-||-||-|-|**5,801**|
|Branching Out project|42,423|-||-||-|-|**42,423**|
|Future green infrastrucure fund|7,608|-||(784)||-|-|**6,824**|
|Cattle purchase fund|47,640|-||-||-|49,528|**97,168**|
|Wanstead Park/Flats future projects|||||||||
|fund|100,000|-||-||-|-|**100,000**|
|South Lodge The Warren|-|200,650||-||-|-|**200,650**|
|Total designated funds|6,410,506|394,674|(469,577)||764||49,528|**6,385,895**|
|Total unrestricted funds|6,410,506|6,640,022|(6,665,397)||764||-|**6,385,895**|
|Total funds|6,410,506|6,640,112|(6,665,397)||764||-|**6,385,985**|
||Total as at 1||||Gains &|||Total as at 31|
|At 31 March 2020|April 2019|Income|Expenditure||(losses)||Transfers|March 2020|
||£|£|£||£||£|£|
|Unrestricted funds:|||||||||
|General funds|-|6,584,647|(6,566,476)|||-|(18,171)|-|
|Designated funds:|||||||||
|Tangible fixed assets|5,825,261|-|(467,833)|||-|-|5,357,428|
|Heritage assets|381,793|-||(961)||-|-|380,832|
|Capital fund|538,804|-|(100,950)|||-|-|437,854|
|Sports ground deposit|3,915|-||-|(711)||-|3,204|
|Golf course machinery fund|27,716|-||-||-|-|27,716|
|Knighton Wood maintenance|5,801|-||-||-|-|5,801|
|Branching Out project|42,423|-||-||-|-|42,423|
|Future green infrastrucure fund|12,269|-|(4,661)|||-|-|7,608|
|Cattle purchase fund|29,469|-||-||-|18,171|47,640|
|Wanstead Park/Flats future projects|||||||||
|fund|100,000|-||-||-|-|100,000|
|Total designated funds|6,967,451|-|(574,405)||(711)||18,171|6,410,506|
|Total unrestricted funds|6,967,451|6,584,647|(7,140,881)||(711)||-|6,410,506|
|Total funds|6,967,451|6,584,647|(7,140,881)||(711)||-|6,410,506|



35 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **Purposes of restricted funds** 

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

- i. _Campaign Donations_ - from March 2021 a donations page has been created on the Epping Forest webpage, inviting and enabling the public to make on-line donations to either the Epping Forest Common Toad Conservation Project or the Epping Forest New Sculptures and Trail campaign. In total £90 was received during the year (2019/20: £nil) which is all restricted income for ‘Campaign Donations’. 

## **Purposes of designated funds** 

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

- i. _Fixed Assets –_ these are included at historic cost less depreciation on a straight line basis to write off their costs over their estimated useful lives and less any provision for impairment. At 31 March 2021 the net book value of fixed assets relating to direct charitable purposes amounted to £4,971,853 (2019/20: £5,357,428). 

- _ii. Heritage Assets_ – additions to land and capital expenditure on buildings and other assets are included as fixed assets at historic cost, less provision for depreciation and any impairment. The net book value of heritage assets to direct charitable purposes at 31 March 2021 was £379,872 (2019/20: £380,832). 

- iii. _Capital Fund_ - the Epping Forest capital fund was established under the Epping Forest and Open Spaces Act 1878. The fund finances the purchase, construction, or repair of Forest buildings and can also be used to purchase further charitable land. The income of the fund is comprised of income from the sale of buildings and by any contribution the City of London Corporation may wish to make to the fund. A capital property receipt of £127,000 (2019/20: £nil) was received in 2020/21. The owner/developer of The Elms, Loughton Lane, Theydon Bois previously approached the City Corporation seeking to acquire permanent rights over the Forest verge in front of the property. The Elms is land-locked and reliant upon the verge for vehicular access from the highway. The granting of an Agreement for Easement, in return for a premium, was approved by Members and the Agreement exchanged. Proceeds from the Deed of Easement were credited to the Epping Forest Fund which can be used for the acquisition of Forest land or capital projects in the Forest. 

- _iv. Sports grounds deposit_ – sum of money was invested in 1968 relating to the Sports ground. 

- _v. Golf course machinery fund_ – the purpose of this fund is to provide for the future replacement of plant and equipment at Chingford Golf Course. No purchases were made during 2020/21 (2019/20: £nil). 

- _vi. Knighton Wood maintenance_ - a gift was made in 1930 to be spent on maintaining the beauty of Knighton Wood. The unused balance of the fund was invested in 1931 for future use. Charity Pool units relating to E.N. Buxton Knighton Wood were sold in 2016/17. It is anticipated this will be spent in 2021/22. 

- _vii. Branching Out project_ - Epping Forest was awarded a £4.76m Stage 3 grant by Heritage Lottery Fund in March 2009, towards the £6.8m cost of the ‘Branching Out’ project. The fund is used to finance the costs of the project that are not met by the grant and are to be provided by Epping Forest. The scheme was completed in 2017/18. Verification of final accounts is underway. 

- viii. _Future green infrastructure fund_ - The Green Arc Partnership takes a strategic view of future ‘green’ infrastructure, principally the provision of further public open space in London’s peri-urban fringe and metropolitan green belt. The City of London as the 

36 



Epping Forest | Annual Report and Financial Statements 2020/21 

lead authority holds the funding and meets expenditure when required. Expenditure amounted to £784 in 2020/21 (2019/20: £4,661). 

- ix. _Cattle purchase fund_ - The purpose of this fund is to provide for the future purchase of cattle. £49,528 was transferred into reserve as at 31 March 2021 (2019/20: £18,171). 

- x. _Wanstead Park/Flats future projects fund_ - the City of London Corporation received a payment of £195,000 as a fee-in-lieu-of-rent in compensation for the temporary use of part of Wanstead Flats for 90 days spanning the 2012 Olympic and Paralympic Games. No expenditure incurred during the accounting period. The balance of £100,000 will be used for future projects at Wanstead Park and Wanstead Flats. 

- xi. _South Lodge The Warren -_ in August 2020, the charity received a cash settlement of £200,650 from the RSA Insurance Group in relation to a subsidence damage claim at South Lodge, on the Warren Estate. (2019/20: £nil). 

## **18. 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. 

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

37 



Epping Forest | Annual Report and Financial Statements 2020/21 

|**Related party**|**Connected party**|**2020/21**|2019/20|**Detail of transaction**|
|---|---|---|---|---|
|||**£**|£||
||The City of London|||The City of London Corporation's|
|City of London|Corporation is the|||City's Cash meets the deficit on|
|Corporation|Trustee for the charity|**5,058,978**<br>|5,257,380|running expenses of the charity|
|||**(nil)**|(nil)||
|||||Administrative services provided|
|||**1,100,851**|1,022,410|for the charity|
|||**(nil)**|(nil)||
|||||Distribution from the Charities|
|||**6,283**|3,639|Pool|
|||**(nil)**|(nil)||



38 



Epping Forest | Annual Report and Financial Statements 2020/21 

## **REFERENCE AND ADMINISTRATION DETAILS** 

## **CHARITY NAME:** Epping Forest 

Registered charity number: 232990 

## **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 

## **INVESTMENT ADVISORS:** 

Artemis Investment Management Limited, Cassini House, 57 St. James's Street, London, SW1A 1LD 

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

PA-DeputyChamberlain@cityoflondon.gov.uk 

39