Charfty numbor: 285974 THE BARNET RECREATIONAL TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Chur¢hyard London EC4M 8AB
BARNEf RECREATIONAL TRUST CONTENT8 Pa9e Rèfèrence and Admlntstratlve Deialls of tho Gharfty. Its Trusts¢$ and Advlsers Trusts•s' R¢port statoment of Trust•8's Responsibility Indèpandent Examlftorfs Rèport statsment of Flnanclal AGtlvltles 8alan¢¢ Sheet Nots$ to the Financial Statements 10-21
BARNET RECREATIONAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Adam G D Doran Robert R Howell, Chalrman Chartes M Bennett-Baggs Peter C Moulton William O Boyes Martin G Pyrke Charity regbtered numbèr 285974 Prlnclpal offlce 5 Pine Grove Br¢x>kmans Park Haffield Herifordshire AL9 78P Indep¢nd•nt examlnar Lubbock Fine LLP Chartered A¢¢ountsnts & Stslutory Audltors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Bankers B8rc18ys Bank Leicester LE87 2BB Invgstment Manag? Cty Asset Management 7 Bishopsgale London EC2N 3AR Solicitors Howard Kennedy No 1 London Bridge London SE198G Page 1
BARNET RECREATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present theSr report and the aUnts of the Barnel Recreation81 Trust (the charity) for the year 8nd8d 5th April 2024. The Trustees conflrm that the Annual Report ond the ffnancl81 ststemenls of the charily comply with the current statutory requlrements. the requirements of the charfty's governing document and the provlslons of the Statement of Recommended Placti ISORPI, applicable to charities preparlng their accounts In accordance wh th8 Flnancial Rèporting Standard 8pplicabl$ in the UK and Rgpvbllc of Ireland IFRS 1021 leffgclive 1 January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT The charity Is raglslered wilh the ChafSty Commlssloners under the reglstrdtlon number 285974. It is governed under the temis of the Charitable Trust Deed dated 11th November 1982 and am&nded 30th A1 2020. TRUSTEES The following Trustees seNed th6 ¢harsty during the year.. Adam G D Doran Robert R Howell Charles M Bennett-B8ggs Peter C Moullon William O Boyes Marbn G Pyrke APPOINTING NEW TRUSTEES The appolnlment of Tru$tèès Is regulated bythe Charitable Trust deed. The powerof 8ppolntment of newtrvsle$s lies wllh the members and exisllng Board of Trustees. New trustees are recrulted based on Ihelr aitrlbules and the requirements of th8 Charity. and are famlllarised with Ihe work that the Charity undgrtakes through meetings and discussions with Ihe Board of Trustees and other employees of the Charity. New and additional Trusteès may be appointed by the exlsling Trustees for the lim8 being with tha maxirnurn number being eight. No external body Is entitled to appoint Trustees. Th8 Iraining of Trustees is delemiined by the goveman¢e nee(S8 ofthe Trust lo meet Its charitable objectives. On initial appoinlment, new Trustees Ore glven access lo the goveming documgnt, rinancial infomatlon. meeting matefials and essential tw$l8e ouidance from the Charty Cornmission. MANAGEMENT OF RISK The Trustees are commSlted lo a regular revlew of the maSor slralegic. buslness and operatlonal rfjsks which the Charty faces with a view lo ensuring that appropriate syslerns and procedures are in pla¢8 to mlnimise thes& risks. The majority of funds held by the charity are managed by our Investment Managers. They 8ro authorised and regulatéd by the Financial Conduct Authority. The Tfuslees regularly meet with the Investment Managers to discuss performance and risk proflle. The Trusteos set out the general inveslm$nt policy of the Trust. The Investment M8nagor has delegated power to buy and sell Snvestments for the Trust in accordance with the Trust's investment policy. Thè appointrnerkt Is reviewed regularly and the Investment Manager reports to Ihe Trustees al their meetings. The fvnds held with the Bardays Bank arUnt are held for distrlbutlon to local chariligs and local sports clubs. induding Community Amateur Sports Clubs (CASCS). The Trustees conslder there are minimal risks b the mls8pproptslion of funds under presgnl arrangements. Page 2
BARNET RECREATIONAL TRUST TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 OBJECTIVES AND ACTIVITIES The prin¢lpal actlvity of the charity is lo provlde 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 chorilable purposgs. In setting the objectives and plannlng the 8ctivlty ofthe Charty, tho Truste85 have gNen carefvl ¢onsldèralion to the Charlty Commlsslon's general guldance on public benefil. GRANT MAKING POLICY Grant maklng is the maln way In whlch the Trust meets Its obleclives. Grants are made at the dls¢reUon of the Trust89s in order lo promote the objects of thg Charity. DECISION MAKING The trustees malntsii regular contact, mainly through vldeo linked m88tings or email. Thg day-taY executive decisions are made by Robert Howell & Charfes Bennett-Bag9s with reference lo the trustees where thè materiality of the dedslon demands such authority. The payment of funds Is controlled by both the above, who share access to the maln bank acwunts. subject lo aulhorisation of grants from all truslees. Inveslmenl decisions r8side with th8 investment man8g&rs bas8d on the poll¢les laid down by the Trustees. The Names of Truslgos holdlng propety on behaw of tha chority are as follows= Robert Richard Howell Charles Martin Bennett-Baggs PUBLIC BENEFIT The Barngl Re¢realional Trust refers lo the Charity Commlssion's general guidance on publlc benefit when revlewing the organisation's aims and objectives and in the planning of future activities. FUNDRAISING The cl)arity does not cary out significant fundralslng actfvllles. RELATED PARTIES AND EMPLOYEES The d)arity does not have any employees. RELATIONSHIP wrrH BARNET ELIzABH FOOTBALL RUGBY CLUB There Is no dlrgct relatlonshlp beeen the Trust and Barn81 Ellzabethans Rugby Football Club, although four of the slx trustees are members of the club. In addition the lead trustee is also a director of the club. bul reslgned as a director at Iha Club's Annual Gener81 Meeting in June 2024. The benefactor from whom most funds held by th8 Tnjsl was a fomier member {now deceased) and specifically requested Ihal the s¥Jnfficant portion of the bequeathed funds be used lo enhance the playing and dubhouse facilitie5 to be enjoyed by the youth residing in the London Borough of Barnèl & for the bengfil ofthe local community. Page 3
BARNEf RECREATIONAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 INVESTMENTS - SOCIAL, ENVIRONMENTAL AND ETHICAL CONSIDERATIONS Our investment managers recognise the Importance of soclal. environmentsl and elhl¢al considerations for thelr cltent wrfolios. and indeed have offerod sustainable investment $8Nice for approximaloly 3½ years. Since the enlargernentof the porttofiothrough the addition of assets bequeathed to the Trust and tho lequiremenl to constructa liability matching stralegy, almost 930A of th& portfolio is invested in UK Government Gllts. Treasury Bills or Supranatlonal InsttIonS such as tre World Bank. Of Ihe refflainlng holdings a number have been approvod for sustainable servico and af¢ part of the research procoss assessing their ongolng suitability. Funds are scored by our investment managers on a range of criteria where a score of 1 or 2 would not be approved for the servS¢e, 3 would be pem)itted, bul 4 Is the score they are ideally seeking. ESG Is a stsndard part of th8 due dllSgence into any fund holdings lo be invested on beh8lf of their clients. Approxlmatgly 2.5% of the pthlio would not meet our sustalnabl8 8ervlc8 tsrget scores, however that Is not lo say that the funds themselves have nol embraced ESG consid$ralions and are considered as appropriate holdings for client portfolios. DIFFERENCE MADE TO BENEFICIARIES The major beneficiary of the Trust's grant rel8les to thg 8amet Elizab&thans Rugby Football Club. The inlentlon is lo improve th@ facilities offered by thg club lo the local community with children and youths together with their families enjoying recreation in thg form of plawng an(J watching sporting aclivilies, including rugby football togetherwilh thè stxial environment provided by the club. In adulthood those same players & parents migrate lo the senlor club to enjoy the f8cllilles 8nd soclal environment that in many cases axlend well beyond Iheir playing days. The Trust also 5UPPDrts sèveral local charities, wllh an émphasls on supportlng local youth inilialwe5 as well as cancer care in variotjs forms. sports clubs and assisting disabled aclwilias, including horse riding. The overriding 8mphasis is on irnproving the facilities to enable a large group withln the community lo enjoy lelsure activlties and Inter personal Social relations with each other. ACHIEVEMENTS AND PERFORMANCE During the course of the financlal yearcovèred by thes8 accounls, the chadty encouraged local residents to make donations to the charfty, In the financial year covered by these accounts £349.841 12023 £296,851) of Ihe available funds were distributed to local sports dubs and sporting charitles. This also includes donations made to a local brarKh ofthe Riding for Ihg Disabled and a number of cancer care and relief charitiès. The Trustees 8re aware that any gr8nts made must refiect the objectives of the charity and lo be for lh6 benefit of the local communlty. The Trustees are confident they have achieved these requlrements during the fjrianclal year. RESULTS Detsils of 9ranls made and the results fcir the year are set t In the statement of financial actlvilies on paga 8 and the position at the end of the year is shown in the Balance Sheet on page 9. Page 4
BARNEf RECREATIONAL TRUST TRUSTEES. REPORT (CONTINUED FOR ThE YEAR ENDED 5APRIL 2024 FlhlANCIAL REVIEW During the year 8ndgd 5 April 2024, thè charity receSved income totalling £158.76612023 - £8,486,609) which included the balance of 8 legacy from the Tesidue of the eslale of a former local residenL Charitable activity costs of £419,096 12023 - £356,080) re Incurred. Thls resulted in carried forward unrestricted reseNes of £8.455.873 12023 - £8.591.7361. A significant portion of these resetves are Intended to be used in the redevebpment of a Ioc81 SPDri8 club by upgrading the facllftles for the benefit of the local cornmunity. Planning pemiission has been granted by the local aulhorty planning committee, subject lo conditions. Final certlfication by the Ioc818Lrthority remains outstsnding. It is Intended to retsin suffI¢ienl resorves at a level to continue lo meet Ihe charlty's outreaches. RESERVES POLICY 11 Is the gerbèral policy of the Trustses to hold reserves that when Investsd w(11 provide slrfficienl income to meet the grant making policy of the Trustees. The Trustees longeT term objective is to have a minimum of £1.000,000 In unrestrtcted reserves following the redevelopment of the Barnet Ellzabelhans Rugby Football Club. These reserves would be used to continue to support local projects and causes. Al the balance sheet date unrestricted reserves exceeded this amounL PLANS FOR THE FUTURE Thg inltial obleclive Is to concentrate on upgrading the rugby club infraslruclure to improve the facilities to accommodat8 both for extsllng us8rs as w811 as encouraging women's rugby and disabled invoivemenl in 8POrt. Nakhgr of these fatter two objecttve5 are possible at this time owng to a clubhouse that was constructèd in th 1950s. The Trust also wishes to retain 5ufflcienl funds lo enable conllnued donauons lo be made to local good causes as the trustees deem approprlato. Page 5
BARNET RECREAnoNAL TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES. RESPONSIBIUTY STATEMENT The TTUStees are responsible for prepang the Trustees. Report arEd the ffnandal statements In accordancè wlth applicable law and United ngdoM Accounting Stsndards (United ngdoM Generally Accepted Accountlng Practice). Th8 law applicabl8 to chaiities in England & Wales requir8s the Tntstee8 to prepare )Inandal stalements for each finandal year which give a tfue and fair view of the slate of affairs of the ChaTity and of its incoming resources and application of resources, including its income and expenditure. for Ihat period. In PT9paring these financial statements, the Trustees are required to: select sultable accounting polides and th&n appty them consistently, ob5ewe the methods and principles ofthts Charities SORP {FRS 102)- make judgments and accounting Èstimates that are reasonable and prudent,. state whether opplicable UK Acoounting Stsndards (FRS 102) have been followed, subje¢t to any mater181 departures disclosed end explaln8d in the financial statements-, prepare the financsal statements on the going Goncern basis unless il is inappropriate to piesume that the charity will continua in business. The TTUStees are responsible for keeplng adequate accounting reoords that are sufficient to show and explain the charity's transactlons and disclose wlth reasonable accuracy at any time the financial positon of the cherity and enable themto ensurethatlhe financial statements compty wlth the Charities Act 2011, the ChaTity {A¢u)unts and Reports) Regulations 2008 and the provisions ofthe Trust deed. They are also responslble for safeguarding Ihe assets of the charity and hence for taking reasonable steps for the prevention and deteotion of fraud and othaT irregularibes. This report wa5 approved by the board of Trustees and signed on thgir b8half by: Robert R Howell TTUStee Charles M Bennett-Ba Trusteg Pag¢ 6
BARNET RECREATIONAL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BARNET RECREATIONAL TRUST Ilhe CharSty'} I report lo the chadty Trustees on ffly examination of the accounts of the Charity for the year ended 5 April 2024. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees ofthe Charltyyou are responslble forlhe preparollon of the accounts In 8c¢ord8n¢e wlth the requlrements of Ihe Chariti98 Acl 20111.the 2011 Acl'l. I report In respect of my examinatltsn of the Charity's aocounts Caled out under 8ectk>n 145 of the 2011 Act and in Carrying out my examination I have followed the appIlble Directions glven by lh9 Charity Commission undèr s8Ction 14515llb) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have compleied my examination. I confim that no material mattgfs hav& come to my attenlion in connection with the examination giving me cause to believe that in any rnaterial respect: accounting records were not kept In respect of the Charity as requlred by section 130 of the 2011 Act., or 2. thg accounts do not accord with Ihose records.. or 3. the accounts do not comply wth the appli¢8ble requlremènts conceming the form and cont8nl of accounts set out in the Chamlles {Accounts and Report81 Regulatlons 2008 other than any requirement that th& accounts give a'true and f8ir' view which is not a matter CorIdered 8$ part of 8n independent examination. I have no concems and h8v8 come across no other matter8 In conneclon wlth the examination lo which attention should be drawn In thls report in order to enable a proper understanding of the accounts to bè reach8d. This report Is mad8 solely to the Chartty's Trustees In accoT{Jan with Part 4 ofthe Charities {Accounls and Reports) Regulations 2008. My work has been undertaken so that I mTght state to the Chariws Twslèès Ihose matters l am required to stale lo them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charlty's Trustees for my woik orfor this report. Hazra Patel ACA Lubbock Fine LLP Chartered Accountants & Slatulory Audltors Palernosler House 65 St Paul's Churthyard London EC4M 8AB Page 7
BARNET RECREATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED S APRIL 2024 Unrestrict8d funds 2024 Restrictsd funds 2024 Total funds 2024 Total fLrnd$ 2023 Note Income from: Donations andlggacles 10.934 8,600 19.534 8,316.342 Inv&slmenls 139.232 139.232 152,095 Inier8sI recelvable 18,172 Total Income Expenditurè on: 600 Charitabk activities 410,496 8,600 419,096 356.080 Total expenditure 10 356 Net lexpendlture}Ilncome before net gainlllossesl on Investments 1260.330) (260,330) 8.130,529 Nel gainl{losses1 on investments 124,467 124,467 167,4221 Net mov8m•nt In funds Reconciliatlon of funds.. Total fund5 broughtforward 8,591,736 8,591.736 528.629 Net movemént In funds 1135.863) (135,863) 8,063,107 Total fvnds carrl&d loard The Slalement of Flnanclal A¢tlvilles includes all galns and losses recognised in the year. The notes on pages 10 to 21 forni part of these financlal statements. Page 8
BARNET RECREATIONAL TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Note F5xed assets Investments 8,241,863 7,923,834 Invesknenl propeity 10 25,000 384,500 8.266,863 8,308,334 CuNent assets Debtors 11 76,082 68,654 Cash hekl by City Asset Management 112,140 178.376 Cash at bank 36,101 79,689 224,323 326,699 Creditors- amounts faltsng due within onè year 12 (35,313) {43,297) Net current assets 189,010 283,402 Total net assets Charty funds R&8tricted funds 13 Unrostricted funds 13 8,455,873 8,591,736 Total funds The financial statements weTe approved and authorisgd foT issue by the Trustees and signed on thelr behalf by: Robert R Howell TTUStee ch s M Bennett4ag Trustee Date.. 1s/o¥13£iJ* The notes on pages 10 to 21 fom part of these financlal statemenls. Page 9
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 A¢eountlng policie$ 1.1 Basls of preparatton of flnanclal statsmènts The financial statements have been prepared In accordance with Accounting and Reporting by Charities.. Ststement of Recommended Practicè appli¢able lo charities preparin9 (heir accounts In accordance with the Flnancial Reporting Standard appIable in the UK and Republic of Ir&land IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, and the Financial Reporting Standard applicable in thè UK and Republic of Irbland IFRS 1021- The financial slatements have btttrn rounded to the nearest pound. The Barnet Recr&8tlonal Trust meets the definition of a public benefit entity uNJer FRS 102. Assets and liabilities afe inltially recognlsed al hlslofical cost or transaction value unless olhemise slated in the relevant accounting polScy. The accounts hav8 been prepared using the fair value method In respect of investments. Bamet Recreational Trust meets the d8finilion of a public benefit entity under FRS 102. Assèts and liabililies are initially r?cognised at hIstOral cost or transactim value unless otheNlse staled in Ihe relevant accountin9 policy. 12 Golng con¢em The accounts have been prepared under a golng concem basls, whlch assumes that curyent and future sourc8s of bjnding will be adequate for the charity's needs. The charity mèèls its running ¢ts from Income received from éonatKJns and inveslmgnls. Th8 Trusteescontinuously revlèw the income and expenditure levels to ensure Teserves romain adequate. On the basls of this policy. the Trustees conslderthat the charity will continue in operational existence for the foreseeable future. 1.3 Fund accounting General funds are unrestricted funds which are available for use at the diScreOn of the Trustees In furtherance of the general objecllves of the Charity and which havg not been d8sign8ted for other purposes. Restricted funds are funds which are used in accordance with specffic restrictions Imposed by donor8 or which have bgen raised by th8 Charity for particulai purposes. The airn and use of each reslrlcled fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fijnd. Page 10
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 5 APRIL 2024 Accountlng policies Icontlnuedl 1A Incomo l income Is recognised once th8 Charity has entitlemonl to the income, il Is probable Ihatlhe income wlll be r8ceSved anil the amount of Irmme receivable can be measured reliably. The regnitIOn of income from legacl88 58 dependenl on establishing entitlement, the probability of recelpl and tho ability to estimate with sufficient accuracy the amount receivable. Evidence of OntlUem&nt lo a legacy exists when the Charity has Sufficnt evidence that a grft has been left to them (through knowledge of the existence of a valid will 2nd the death of tho benefaclorl and the executor Is satisfied that the property questlon wlll not be requlred to satisfy claims In Ihg estate. Receipt of a legacy must be cogniSed when 11 is probable that il will be received and th@ fair value of the amDunt receivable, which will generally be the expected cash amountlo be distributed lo the Charity. can be reliabty measured. Donalion Income is generally rgcognised when received or at polnt of pledge. Income lax recover8bl8 in relation lo donauons received under Gift Aid or deeds of covenant is recognised at the Ilme of tha donation. Income tax recoverable in relalion to Invesknenl income is recognised at tho lime the Inveslmenl income is recoivable. 1.5 InleTest recelvablg Interest on funds held on deposit is included when receivable and the amount can be measured Teliably bythe Charity.. this is normally upon nolrfication ofthe interest pald or payable by the institution with whom the funds arg deposited. 1.6 Expendltura Expenditure Is recognised onca there is a legal or constructive obllgallon to transfereconoml¢ benefit to a Ihlrd party. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligatlDn can be rnèasured reliabty. Expenditure is classifièd by activity. The costs of each activity are made up of the total of direct costs and shared Gosts. including support costs Involved irs undertaking each activity. Dirècl costs attributablg lo a single aclwity are allocated dire¢Uy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activty are apportioned btheen those activfties on a basis conslslent th the use of resources. ExpendSture on charitablè activtties is incurred on diTe¢tly undertakin9 the activltles whlth further th8 Charity's objectives, as well as any associated support costs. Gr8nts payable is charged in Ihe year when thè offer is made except In those cases where the offer conditional, such grants being recognised as expenditure when the condltions attaching arefulfilled. Grants offered subject to conditions wh1ch have not been met at the year-en(J arè noted as a commitment. bul not accrued as expendlture. Support costs are those costs incurred dlredy in support of expenditure on the objects of the charity and include govemance costs. Pag8 11
BARN RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng poll¢le5 (contlnuedl 1.7 Investments Fixad asset Investmerbts ar8 a form of financial instrument and are initially rerxjgnised at their Iransaction cost and subsequenuy measured atfair value atthe Balance Sheet date, unless the value cannot b& measured Teliably in vthich case it is Measured at cosl16ss Impaimi¢nl. Inveslm8nt galns and losses, whether realised or unrealised, are combined and shown in the heading 'Incre8sel{de¢reasel in value of investments, in the Statement of Financial Activities incorporallng Income and Expenditure account Investments In subsldlarles are valued at wst less provi$lon for IMpalMnI. 1.8 Investment Property Investment propety is Carrtèd at faiT value derived from the current market rents and investment property yields for comparable real estate, adjusted if neSSary for any dlfference in the nature. location or condition of the speclfic asset. No depreclauon Is provlded. Changes in the falr v81ue ara recognisgd in tha Slalemenl of Financi81 Activitios. 1.9 Debtors Trade and other debtors arg recognlsed al the settlement amounl after any trade discount offered. 1.10 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid Investments with a short matur(ty of three months or less from the dale ol acquisition or opening of the deposit or similar account. 1.11 Llabllltles and provlslons Llabilities ore recognised when there is an obligation at the Balance Sheet date as a re5uII of 8 past event. it Is probable thal a fransler of econornic benefit will be required in settlement, and the amount of th& settlomenl ¢an be estimated reliably. Llabllltl&s are recognlsed at the amount that the Charity anticipates It will pay to settte the debt orthe amoun111 has received as advanced payments for the got)ds or Sèrvices r( musl prov(de. Provigions are measured at the best estimate of the amounts required to settle thg obllgation. 1.12 Flnanclal Instruments The Charfty only has financl818ssels and financl81 Ilabllllles of a klnd that qualify as b8$1¢ financial instruments. 8aslc financial instruments are initially recognised attransaclion value and subsequently me8sured at their settlement value with the exception of bank loans which are subsequent5y measured at amorti3ed Cost using the effective Interost method. 1.13 Taxatlon Bamet Recreatk)nal Trust 1$ a registered charlty and based on tha activlties undertaken is not liable for UK corporallon lax. The charity was not VAT registered durtng the year ond therefore all expenses are inclusive of any VAT which cannot be recovereij. Page 12
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Income from donatlons and legacles Unrestrl¢t8d R8Strlctèd funds funds 2024 2024 Total funds 2024 Donations 520 Legacies 10.414 8,600 19,014 Unrestri¢ted funds 2023 Total funds 2023 Donations 60,260 60.260 Legacies 8,256,082 8.256.082 Investmant Income Vnrestrieted funds 2024 Total funds 2024 Inveslmenl income Unrostricted funds 2023 Total funds 2023 Investment income Page 13
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Int¢r•st r•¢èlvabl¢ Unrestricted fvnd$ 2024 Total fund$ 2024 Total fund$ 2023 nlere$l recervable Anatysls of expendlture by actlvltles Grants payabla 2024 Support costs 2024 Totsl funds 2Q24 Charitable activity co8ls Grants payable 2023 Support ¢osts 2023 Total funds 2023 Charf(able activity costs Analysis of support cost$ Total funds 2024 Activities 2024 Trustee Insurance. LEI fee and support )81$ 1.659 1,659 Inveslmenl Management Fees 48,995 48,995 Independent examiners feès 3.500 3,500 Legal & Accountlng advice fees 15.101 1S,101 Page 14
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Total funds 2023 Actlvltle$ 2023 Trustee Insurance 369 369 Independent examlners fees 13501 1350} Investh)enl Management Fees 44.828 44,828 Audito, remuneration (governar) 12,600 12,600 Legal fe8$ 1,782 1,782 Analysls of grants Unrestricted Restricted funds funds 2024 2024 Total funds 202d Rldlng for the Disabled 2,000 2,000 st Mary. the Virgin Churth House Appeal 1,000 1.000 Bamet Elizabethans Rugby Foolball Club 331,241 331.241 Macmillan Cancer R81ief 750 750 Monken Hadley Cricket Club 500 8,600 9,100 Parkinsons 500 500 Juncllon Eight Athletlc Track 500 500 Home Stsrt. W8tford 1.000 1.000 Chery Lodge Cancer Care 750 750 Isabel Hosplc8, 8arnet 500 Young Bamel Foundation 2,000 2,000 North London Hosplce 500 500 Page 1S
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2023 Total funds 2023 Rldlng for the Dlsabied 1,500 1,500 St Mary, the Viryin Churth House Appeal 1,000 1.000 Bamel Ellzabelhans Rugby Football Club 286.351 286.351 Macmilan Cancer Rellef 1,500 1,500 Maylroe Counselling Care 500 500 Monken Hadloy Cricket Club 500 500 Hospice of St Francis 500 500 Junction Elght Athletic Tr8ck 500 Home Siart. Bamgt 500 500 Cherry Lodge Cancer Care 1,500 1,500 l$abel HOSpe. Bam8t 1,000 1,000 Monken Hadley Common Trust 500 500 North London Hosplce 1,000 1,000 Page 16
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Trustees. remunèratlon During the year, no Trustèes reived any rernuneralion or oth8r bèn8fits12023- £NIL). During the year ended 5 April 2024, Trustèe meeting expenses of £630 have been incurred12023- £NILI. N¢t Galnsl(Losse$l on Investments 2024 2023 Reallsed galnslllosses) on invttslments 92,011 (11,922) Unrealk88d goi(10sseSI on inveslfflents 32.456 155,500) Fixed a$$ot Investments Investments In subsidlary ompanlès Listed and other Invaslments Tot41 Cost or valuallon At 6 April 2023 7.923.834 7.923.834 Additions 4,645,89D 4,645.892 Dlsposals 14,360.3191 {4.360.3191 Revaluations 32,456 32.456 Al 5 Aprll 2024 Net l)ook value Al 5 April 2024 L1 8241 At 5 Aprll 2023 Page 17
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Prlnclpal subsidlarle8- Tha following wa$ a subsidiary undertakin9 of the Ch8rfty'. Name Barnet RT Limited Company number 15336071 Holding Net assBts ProfiVIo$s £Nil 10. Investment property Long term leasehold inve51mènt property Valuation At 6 April 2023 384.500 dillons 25,000 DIspDsals (384.5001 At 5 April 2024 The investment property held 81 5th April 2023 valued by the Trustees al £384,500 was disposed of for £396.125 in January 2024 wlth the surplus being included wthin net galn on Investments. A plot of land was transferred to the Trustees in Novembtrr2023 and was valued by the Trustees at£25.000 on an opan market basis as al 5 April 2024. 11. Debtors 2024 2023 Due wlthln one year Other debtors 56.474 40,500 Prepayments and artsed income 19,291 24.244 Tax recoverable 317 3,910 Included wllhln other debtors is £33,974 recelvable in respect of legaw income. Page 18
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Credllors: Amounts falllng due within otte year 2024 2023 Accruals and d8ferre(I Income Despite planning permission beSng granted by thè planning committee of the Ioc81 authority in September 2023, the planning certificate is y8t lo be released by the planning department pending certain planning Conditions being mel. Consequent, the construction of the clubhouse and ground improvement has had to be deferr for at least 12 months. Therefore, nts additional commitments. other Ihan the afflounl of £10,592 included withln accruals. were made by the balance sheel dale. 13. Statement of funds Statement of funds * current year 8alance at 6 Aprll 2023 Galnsl Balance at IL066e61 S April 2024 In¢ome Expendlture Unrèstrictèd funds General Funds B 591736 150 166 8 455 873 R•$trfctsd funds Total funds statement of funds- prlor year Unaudited Balaneè at 6 Aprll 2022 Galnsl Balancg at (Losses) 5 Aprll 2023 Income Expendlture Unrestricted funds General Funds 48 356 080 8591736 Total funds Page 19
BARNET RECREATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Restricted funds During the year. the charity recelved lega¢y income of £8,600 {2023- £Nill to be spent for Ihg banefit of th& Monken Hadloy Cricket Club and Ils rnembers. 1& Analys1$ ol net assets between funds Analys15 of net ass•t$ bètwèen funds- current year Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Fixed asset Investments 8,241,863 8,241,863 Investment Propety 25,000 25,000 Current ass&ts 215,723 8.600 224,323 Crediiors dsje within one yoar 126,7131 {8.6001 135,3131 Total Analysis of net ass botwa&n funds - prlor year Unrestrlcted funds 2023 Total funds 2023 Flxed asset nveslmenls 7.923.834 7,923,834 Investment Plopgrty 384,500 384.500 Currenl assets 326,699 326.699 Credkor8 due withln one year Total (43,2971 143,2971 Page 20