The Barnet Recreational Trust ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 5th April 2021 Charity Registration No. 285974 The Barnet Recreational Trust th For the year ended 5 April 2021 CONTENT: Page 2 Charity Registration Number Trustees Registered Office Advisors Page 3 and 4 Report of the Trustees Page 5 Statement of Trustees Responsibilities Page 6 Independent Examinerfs Report Page 7 Statement of Financial Activities Page 8 Balance Sheet Page 9 to 11 Note5 to the Accounts The Barnet Recreational Trust For the year ended 5 April 2021 TRUSTEES The Trustees who served during the year and are responsible for administering the charty and who receive no remuneration or reimbursements were- Adam G D Doran Robert R Howell Ichairmanl Charles M Bennett-Baggs Peter C Moulton William O Boyes lappointed 30, April 20201 Martin G Pyrke (appointed 30, April 20201 CHARITY REGISTERED NUMBER: 285974 PRINCIPAL OFFICE: 5 Pine Grove Brookmans Park Hatfield Hertfordshire AL9 7BP ADVISORS: Independent Examining Accountants.. Lubbock Fine LLP Chartered Accountants Paternoster House 65 St Paul's Churthyard London EC4M 8AB Solicitors: Howard Kennedy No l London Bridge London SEI 9BG Investment Managers: City Asset Management 7 Bishopsgate London EC2N 3AR Bankers: Barclays Bank Leicester LE87 28B The Barnet Recreational Trust REPORT OF THE TRUSTEES For the year ended 5, April 2021 The Trustees present their report and the accounts of the Barnet Recreational Trust (the charity) for the year ended 5, April 2021. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 2019}. GOVERNANCE The charity is registered with the Charity Commissioners under registration number 285974. It is governed under the term5 of the Charrtable Trust Deed dated 11 November 1982 and amended 30th April 2020. CHARITY CONSTITUTION The charity is a trust. RELATED PARTIES AND EMPLOYEES The charity does not have any employees. MANAGEMENT OF RISK The majority of funds held by the charity are managed by our Investment Managers. They are authorised and regulated by the Financial Conduct Authoritv. The funds held with the Bèrclays Bank account are held for distribution to local charities and local sports clubs, including Community Amateur Sports Clubs ICASCSI. The Trustees consider there are minimal risks to the misappropriation of fvnds under present arrangements. PRINCIPAL AcfiviTIES AND OBJECTS The principal activity of the charity is to provide funds to enhance the recreational facilities with the object of improving the condition of life of those living in the London Borough of Barnet and the immediate vicinity, and for general charitable purposes. MAIN AcfiviTIES AND ACHIEVEMENTS During the course of the financial year covered by these accounts, the charity encouraged local resident5 to make considerable donations to the charity. These donations have been invested to provide a larger pool of income to fund increased future donations and grants to the local communitv. In the financial year covered by these accounts £29.5CM) {2020 - £7,0(X)l of the available funds were distributed to local sports clubs and sporting charities. This also includes donations made to a local branch of the Riding forthe Disabled and a number of can￿r care and relief charities. The Trustees are aware that any grants made must reflert the objectives of the charity and to be for the benefit of the local community. The Trustees are confident they have achieved these requirements during the financial year. The Barnet Recreational Trust REPORT OF THE TRUSTEES (Continued) th For the year ended 5 April 2021 PUBLIC BENEFIT The Barnet Recreational Trust refers to the Charity Commission's general guidance on public benefit when reviewing the organisation'5 aims and objectives and in the planning of future activities. RESULTS Details of grants made and the results for the year are Set out in the statement of financial activitie5 on page 7 and the position at the end of the year is shown in the Balance Sheet on page 8. GRANT MAKING POUCY Grants are made at the discretion of the Trustees in order to promote the objects of the charity. RESERVES POUCY It is the general policy of the Trustees to hold reseNes that when invested will provide sufficient income to meet the grant making policy of the Trustees. FINANCIAL REVIEW During the year ended 5 April 2021, the charity received income totaling £98,130 and incurred charitable activity costs of £34.922. This resulted in carried forward reserves of £513,634. The charitv aim5 to maintain reserves at a level to meet the charity's outreaches. TH APPOINTING NEW TRUSTEES The appointment of trustees is regulated by the Charitable Trust deed. The power of appointment of new trustees lies with the members and existinE Board of Trustees. New trustees are recruited based on their attributes and the requirements of the Charity. and are familiarised with the work that the Charity undertakes through meetings and discussions With the Board of Trustees and other employees of the Charitv. New and additional Trustees may be appointed by the existing Trustees for the time being with the maximum number having been increased from five to eight at a meeting of the Trustees held on 30, April 2020. At that meeting the Trustees also appointed two new Trustees. Mr William O Boyes and Mr Martin G Pyrke. No external body is entitled to appoint Trustees. INDEPENDENT EXAMINING AccouNfANTS In view of the level of income and assets of the Trust. the Trustees have deemed that the Annual Report ar)d Accounts should be independently examined by Lubbock Fine. Chartered Accountants. Approved by the Trustees and signed on their behalf by-. R R Howell C M 8ennett-Baggs Date.. The Barnet Recreational Trust STATEMENT OF TRUSTEES RESPONSIBILITIES th For the year ended 5 April 2021 The Trustees are required to prepare accounts for eath financial year which properly show the balance sheet of the Trust at the end of the financial year and the income and expenditure for that period. In preparing those financial statements. the Trustees are required to.. select Suitable accounting policies and then apply them consistently: make judgements and estimates that are reasonable and prudent; prepare the accounts on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the accounts comply with the Charities Act. They are also responsible for safeguarding the assets of the Trust and hence *or taking reasonable steps for the prevention and detection of fraud andother irregularities. The Barnet Recreational Trust INDEPENDENT EXAMINER'S REPORT For the year ended 5 Aprll 2021 I report to the charity Trustees on my examination of the account5 of the charity for the year ended 5, April 2021. This report is made solelyto the Charity'sTrustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body* for my work or for this report. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity. you are responsible for the preparation of the account5 in accordance with the requirements of the Charities Act 2011 l*he 2011 Ad'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sertion 14515}Ibl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination Eiving me cause to believe that in any material respect: accounting records were not kept in respett of the charity as required by section 130 of the 2011 Act,. or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than anv requirement that the Accounts give a 'true and fairf view which is not a matter considered as Part of an independent examination. I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. LLF Lee Facey Independent Examiner Lubbock Fine LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB Date: 20 August 2021 The Barnet Recreational Trust STATEMENT OF FINANCIAL ACTIVITIES For the period ended 5, April 2021 2021 2020 INCOME Interest on deposit account Dividend Income GiftAid tax refund Grants and gifts 32 11,221 20,625 13,210 16,600 114478 EXPENDITURE EXPENSES & GRANTS FOR CHARITABLE PURPOSES Grants: Riding for the Disabled St Mary, the Virgin Church House Appeal Barnet Elizabethans RFC redevelopment projert Macmillan Cancer Relief Maytree Counselling Care Monken Hadley Cricket Club Hospice of St Franci5 Junction Eight Athletic Trust Home Start, Barnet Cherry Lod8e Cancer Care 1.000 1,000 17,51KJ 1.000 500 2.000 500 5CNJ 500 1,500 1,000 500 500 500 S￿) 29.500 7.000 Support costs Trustee Insurance Independent Examiner5 fees Investment Management Fee5 194 900 900 SurplusllLossesl on Investments EXCESS OF INCOME OVER EXPENDITURE FOR THE YEAR £138 497 £44 346 RECONCILIATION OF FUNDS: Total funds brought forward £375 137 £330 791 TOTAL FUNDS CARRIED FORWARD All income and expenditure in the current year and prior year relates to unrestricted funds. The Barnet Recreational Trust BALANCE SHEET At 5, April 2021 2021 2020 FIXED ASSETS Investments at Market Value (Cost £426,757) CURRENT ASSETS Debtor- GiftAid Cash held by City Asset Management Cash at bank Bank deposit Note li 348 298 38.908 27,557 15,747 12,748 106 Dedurt,. CREDITORS Accruals NET CURRENT ASSETS ASSETS £513 634 £375 137 REPRESENTED BY: UNRESTRICTED FUNDS The Trust Fund provided on 11 November 1982 Balance of income at 6 April 2020 Add.. Exce55 of Income over Expenditure for the year 375,132 330,786 103 045 433,831 438.340 Add: Increase/ldecreasel In value of investments during the year 513 629 375 132 Balance at 5 April 2021 £513 634 £375 137 The financial statements were approved on 15 July 2021 R R Howell Trustee and H C M Bennett-BagES Trustee The Barnet Recreational Trust NOTES TO THE ACCOUNTS For the year ended 5 April 2021 ACCOUl+JTING POLICIES I. BASIS OF ACCOUNTING The financial statements have been prepared in accordan￿ with Accounting and Reporting bv Charities.. Statement of Recomrnended Practice applitable to charities preparing their accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- Icharities SORP IFRS 102}}, and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.The financial statements have been rounded to the nearest pound. The Barnet Recreational Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical tost or transaction value unless otherwise stated in the relevant accounting policy. The actounts have been prepared using the fair value method in respect of investments. 2. Going Concern The actount5 have been prepared under the going concern basis, which assumes that current and fLtture sources of funding will be adequate for the charivs needs. There are no material uncertainties regarding the going concern assumption. In formulating this assessment we have taken into consideration the potential impact of the global COVID-19 pandemic. Income Income is recognised in the accounts when received. All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. On receipt, donated goods and services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain service5 of equivalent economic benefit on the open market.. a corresFMinding amount is then recognised in expenditure in the period of receipt. 4. Expenditure Expenditure 15 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. The Barnet Recreational Trust NOTES TO THE ACCOUNTS For the year ended 5, April 2021 5. Grants Payable Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not atcrued as expenditure. 6. Cash Cash at bank and in hand includes cash and short term highly liquid Investments with 3 short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 7. Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at C05t less impairment. Investment Bains and losses, whether realised or unrealised. are combined and shown in the heading 'Increaselldecreasel in value of investments, in the Statement of Financial Attivities incorporating Income and Expenditure Account. The fair value is based on a valuation by a professionally qualified valuer with experience in the investments being valued. 8. Debtors Trade and other debtors are recognised atthe settlement amount after any trade discount offered. Liabilities and provis*on5 Llabilities are recogni5ed when there is an obligation at the Balan￿ Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the tompany anticipates It will pay to settle the debt or the amount it has received as advanced payment5 for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 10. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been deslgnated for other purposes. Restricted fund5 are funds which are to be used in accordance wrth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. The Barnet Recreational Trust NOTES TO THE ACCOUNTS For the year ended 5, April 2021 11. FIXED ASSET INVEsfMENTS Inve5trnentS Market Value At 6, April 2020 Addition5 Increase in value of investments from beginning of year to year end or on sale during the year 348,298 173,470 597.057 147 816 Deduct: Disposal proceed5 At 5 April 2021 Analysis of investments between the following categories- Listed investments Other investments Total market value 193,076 256 165 449 241 12. RELATED PARTIES Unrestricted donations totaling £67.800 (2020- £82.5001 were re￿iVed during the year from related parties. 13. TRUSTEES REMUNERATION None of the trustees received any remuneration in the Current or prior year. 14. POST BALANCE SHEET EVENT The ongoing COVID-19 pandemic adversely impacted global markets and initially the value of the investments held by the Charity. Whilst our investments have shown a strong recovery during the financial year, the Trustees continue to monitor the performance of the investment portfolios in conjunction with the investment managers and will take the necessary steps to mitigate against any future adverse impact due to COVID-19. 15. GRANT COMMITMENTS As at 5 April 2021 a commitment up to a maximum of £32.500 was made in relation to a grant payable to the Barnet Elizabethan Rugby Club for the development of the clubhouse and grounds project. No provision is made a5 at 5 April 2021 due to the Un￿rtaInty of the level of funds to be expended.