**PADDINGTON RECREATION GROUND CHARITABLE TRUST Report and Financial Statements Year Ended:** 31 March 2025 **Charity Number:** 295449 



## **Contents** 

## **1. TRUSTEES’ REPORT** 

**Trustees’ Report** Page 3 

## **2. KEY STATEMENTS** 

**Trustees Statement of Responsibilities for the Financial Statements** Page 8 

**Independent Auditor’s Report to the Trustees** 

Page 9 

## **3. CORE FINANCIAL 4. NOTES TO THE STATEMENTS FINANCIAL STATEMENTS** 

## **Statement of Financial Activities** Page 13 

## **Note 1** 

Accounting Policies Page 16 

## **Balance Sheet** 

## **Note 2** 

Income from Charitable Activities Page 18 

Page 14 

**Cash Flow Statement** Page 15 

## **Note 3** 

Charitable Activities Page 18 

## **Note 4** 

Net Income/ (Expenditure) Page 20 

## **Note 8** 

Capital Commitments Page 22 

## **Note 9** 

Analysis of Net Assets between Funds Page 23 

## **Note 10** 

Movement of Funds Page 24 

## **Note 11** 

Controlling Party and Related Party Transactions Page 25 

## **Note 5** 


Fixed Assets Page 21 

## **Note 6** 

Debtors Page 22 

Note 7 Creditors due within one year Page 22 

## **Note 12** 

Reconciliation of Net Movements in Funds to Net Cashflow from Operating Activities Page 25 



## Trustees’ Report 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees present their report along with the financial statements of the Trust for the year ended 31 March 2025.  The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Trust’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the financial reporting standard applicable (FRS 102) in the UK and Republic of Ireland effective from January 1 2019. The accounts as presented give a true and fair view of the Trust’s incoming resources and application of resources during the year and of its state of affairs at the end of the year. 

## **OBJECTIVES AND ACTIVITIES** 

The purpose of the charity is set out in Section 10 of the Paddington Recreation Ground Act 1893, which stipulated that: 

_"The Vestry of Paddington shall maintain and preserve in perpetuity the land acquired by them under this Act for the purposes of a recreation ground open to the public free of charge for admission to any part thereof and so that portions of the said grounds may be set apart and maintained for the purpose of cricket, football,  lawn tennis and cycling, or other lawful games and the said Vestry may make reasonable charges for the use of the ground for such purposes and apply all  moneys received in respect of such charges towards the cost of maintenance of the said recreation ground or as the said Vestry shall otherwise determine"._ 

Westminster City Council (WCC), as successor to the Vestry of Paddington, continues to maintain Paddington Recreation Ground in accordance with the objectives set out above. The entire facility is maintained, managed, and operated under contract with Westminster City Council, by Sports and Leisure Management Limited (from 1 July 2016). All expenditure, income and funding bids are conducted through the Council. 

## **AIMS** 

The main aims of the Trust are: 

- Aim 1 - To increase the number of visitors to the Ground and enhance the visitor experience. 

- Aim 2 - To provide high quality, cost effective and customer responsive leisure and horticultural features. 

- Aim 3 - To ensure equality of access to sporting and recreational opportunities for all people, in particular, removing barriers that prevent participation. 

- Aim 4 - To continue to ensure the park remains safe, clean, and aesthetically pleasing for users. 

- Aim 5 - To increase the Ground’s designation from a Site of Local Importance to a Site of Borough Importance for Nature Conservation. 

## **ACHIEVEMENTS AND PERFORMANCE** 

Paddington Recreation Ground was once again awarded the Green Flag Award for 2024/25.  This is a national standard for parks that means the site meets the highest operational and maintenance standards and is assessed annually by judges appointed by the 

Green Flag Awards & Keep Britain Tidy organisations. Paddington Recreation ground was also successful in retaining the QUEST Excellent award an industry specific National award, as well as achieving the London in Bloom awards once again, where the site retained Gold. 

The site was busy once again with Capital improvement works for 2024/25 which consisted of: commissioning of an air source heat pump as we seek to reduce our carbon footprint, refurbishment and redecoration  of toilets and changing rooms, the continuation of a rolling bench replace and repair programme, the repair of the cast iron vehicle entrance gates from Carlton Vale, finalised pathway works, including improved accessibility from the carpark and started the full replacement of all park signage, completed in 2025/26. 

## **FUTURE PLANS** 

The Trust plans continued capital investment and improvement of the structure and facilities to increase usage at Paddington Recreation Ground. This includes the introduction of an allotments/community garden facility where the bowls green is, looking into the feasibility; demand and management options for Padel Tennis, Village Green renewal, Cricket Nets renewal (with additional cover), staff toilets refurb, replacement of Café and Pavilion doors to automated DDA compliant. 



Trustees’ Report (continued) 

## **DEVELOPMENTS AND ACTIVITIES** 

A number of improvements have been delivered across the site in 2024/2025. These include: 

- The replacement of the heating system in the Pavilion Building with a new air-source heat pump, a continuation of initiative to decarbonise the estate. 

- Works were undertaken to replace the gates at the Carlton Vale entrance. 

- Benches in the park were repaired and reinstalled as part of a rolling programme to maintain the quality of the space. 

- A continuation of the programme of refurbishment and redecoration of toilets and changing room including the PRG staff toilets. 

- Fire safety improvements were carried out on site including a new fire alarm system. 

## **STATEMENT OF PUBLIC BENEFIT** 

The activities of the Trust deliver significant public benefit in terms of providing free to access and lowcost facilities for rest and relaxation, to aid mental health, as well as opportunities for casual and organised play, physical activity, leisure and/or sport. Trust activities are supported by the Park Management Plan, which is part of an annual management process and is updated each year to reflect that year’s priorities and Westminster City Council policies. 

- Improved ventilation in the gym changing room and Pavilion public toilets. 

- Additional investment in the environmental areas of the park. 

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives.  We are confident that Paddington Recreation Ground Charitable Trust meets the public benefit requirement. 



Trustees’ Report (continued) 

## **RISK MANAGEMENT** 

The Trustees have examined the major strategic, business, and operational risks the Trust faces which include: 

- Service user injury/fatality during a service activity. 

- Breach of Child Protection and Vulnerable Adult Procedures/an occurrence of a safeguarding issue. 

- Failure to meet the ActiveWestminster strategy and service plan priorities, including capital improvement works. 

- Financial performance of the service and failure to maintain/develop income streams. 

Vestry for use as a recreation ground open to the public free of charge for admission to any parts thereof and _"so that portions of the said ground may be set apart and maintained for the purpose of cricket, football, lawn tennis and cycling or other lawful games and the said Vestry may make reasonable charges for the use of the ground for such purposes"._ 

Trusteeship of the charity is vested in Westminster City Council under the London Government Act 1899. Members of the Council are trustees of the Trust. The last Council-wide election took place on 5 May 2022 and the next is due in May 2026.  The names of the members of Westminster City Council at the present time, are listed in the table over the page. 

## **KEY MANAGEMENT PERSONNEL** 

The Trustees received no remuneration during the year relating to matters of the trust (2023/24 - £nil). The Trust does not employ any staff directly. 

The Trust confirms that systems have been established to mitigate these risks. These procedures are periodically reviewed to ensure they continue to meet the needs of the Trust. It is recognised that systems can only provide reasonable but not absolute assurances that major risks have been adequately managed. 

Monthly contracts meetings interrogate any RIDDOR incidents and continue to monitor accidents and security incidents regularly. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

Paddington Recreation Ground Charitable Trust is an unincorporated charitable trust set up under the Paddington Recreation Ground Act 1893 registered with the Charity Commission. Section 10 of the Act provided for the Vestry of Paddington to maintain and preserve in perpetuity the land acquired for the 



## Trustees’ Report (continued) 

## **TRUSTEE RECRUITMENT** 

Trustees are elected members of Westminster City Council referred to as Councillors and are Trustees by virtue of that fact. Once an individual ceases to be a Westminster Ward Councillor they cease to be a Trustee of the Charity and will be replaced by the new Ward Councillor. 

## **RELATED PARTIES** 

None of the Councillors in their role as trustees received any remuneration or expenses during the year (2023/24: £nil). Westminster City Council administers the Trust on behalf of the Trustees but makes no charge for the service. 

## **TRUSTEE TRAINING** 

In their role as Trustees of the Charity, all Members of the Council are required to attend a comprehensive induction programme covering all aspects of the Council and its services, including charity trusteeship. Bespoke training is also provided for Members for specialist functions and services. Training provided is regularly monitored by the Council’s Standards Committee to ensure its effectiveness. 

|**WARDS**|**COUNCILLORS**|**WARDS**|**COUNCILLORS**|
|---|---|---|---|
|||||
|Abbey Road|Hannah Galley|Marylebone|Barbara Arzymanow|
||Alan Mendoza||Ian Rowley|
||Caroline Sargent||Karen Scarborough|
|Bayswater|Maggie Carman|Pimlico North|Jim Glen|
||James Small-Edwards||Ed Pitt Ford|
||Max Sullivan||Jacqui Wilkinson|
|Church Street|Aicha Less|Pimlico South|Liza Begum|
||Matt Noble||Robert Eagleton|
||Aziz Toki||Jason Williams|
|Harrow Road|Ruth Bush|Queen’s Park|Cara Sanquest|
||Concia Albert||Patricia McAllister|
||Regan Hook||Hamza Taouzzale|
|Hyde Park|Md Shamsed Chowdhury|Regent’s Park|Ralu Oteh-Osoka|
||Paul Dimoldenberg||Robert Rigby|
||Judith Southern||Paul Swaddle|
|Knightsbridge and Belgravia|Anthony Devenish|St James’s|Louise Hyams|
||Elizabeth Hitchcock||Tim Mitchell|
||Rachael Robathan||Mark Shearer|
|Lancaster Gate|Laila Cunningham|Vincent Square|Martin Hayes|
||Ryan Jude||David Harvey|
||Ellie Ormsby||Selina Short|
|Little Venice|Melvyn Caplan|Westbourne|David Boothroyd|
||Lorraine Dean||Adam Hug|
||Sara Hassan||Angela Piddock|
|Maida Vale|Geoff Barraclough|West End|Tim Barnes|
||Iman Less||Paul Fisher|
||Nafsika Butler-Thalassis||Patrick Lilley|





## Trustees’ Report (continued) 

## **FINANCIAL REVIEW** 

The Trust’s financial position was a surplus of £12,373 in 2024/25 (£487,972 surplus in 2023/24). 

The Trust relies entirely on Westminster City Council for on-going financial support under the terms of the Act establishing the Trust. 

Since 2023-24 Sports and Leisure Management Limited (SLM) receive a contribution towards central costs and a share of the surplus whilst offering Westminster City Council a minimum income guarantee in exchange for supporting and running Paddington Recreation Ground (and other leisure sites) on behalf of Westminster City Council.  This will change to a principal/ agency model during 2025/26. 

## **RESERVES POLICY** 

The Trust holds restricted reserves of £712,000 representing the value of the land of the Recreation Ground (£712,000 in 2023/24), and 4,618,902 of unrestricted reserves (£4,606,529 in 2023/24). The Trust holds no investments nor liquid revenue reserves. Funding from Westminster City Council to the Trust is adjusted during the financial year in line with the projected outturn figures so there is no need for the Trust to hold any revenue reserves or cash, as any expenditure not met by the charity’s direct income is covered Westminster City Council. 

|**Reference and administrative details:**||
|---|---|
|||
|Registered Name:|Paddington Recreation Ground Charitable Trust|
|Registered Charity Number:|295449|
|Principal Office:|Westminster City Hall, 64 Victoria Street, London, SW1E 6QP|
|Custodian Trustee:|Westminster City Council|
|Chief Executive:|Stuart Love (Chief Executive of Westminster City Council)|
|Solicitor:|Parveen Akhtar, Director of Law, Westminster City Hall, 64 Victoria Street,|
||London, SW1E 6QP|
|Auditor:|Sumer Audit, Statutory Auditor|
||Piper House, 4 Dukes Court, Bognor Road, Chichester,|
||West Sussex, PO19 8FX|





## Statement of Trustees’ responsibilities for the financial statements 

The charity trustees are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008, as amended. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each financial year, which give a true and fair view of the Trust and of the incoming resources and application of resources of the Trust for that year. In preparing these financial statements the trustees are required to: 

Approved by the trustees and signed on their behalf by: 


- select suitable accounting policies and apply them consistently; 

- observe the methods and principles in the Charities SORP; 

Councillor Cara Sanquest, Cabinet Member for Communities Westminster City Council 

Date:  5 December 2025 

- make judgements and 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 Trust will continue in operation. 



## Independent Auditor’s Report to the Trustees of Paddington Recreation Ground Charitable Trust 

## **OPINION** 

## **BASIS FOR OPINION** 

We have audited the financial statements of Paddington Recreation Ground Charitable Trust (the ‘charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **CONCLUSIONS RELATING TO GOING CONCERN** 

In auditing the financial statements, we have concluded that the trustees’ 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. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended; 

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

- 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. 



Independent Auditor’s Report to the Trustees of Paddington Recreation Ground Charitable Trust (continued) 

## **OTHER INFORMATION** 

The other information comprises the information included in the Report and Financial Statements other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and 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 course of the audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or 

- sufficient 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 TRUSTEES** 

As explained more fully in the Statement of Trustees’ responsibilities set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

We have nothing to report in this regard. 



## Independent Auditor’s Report to the Trustees of Paddington Recreation Ground Charitable Trust (continued) 

## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

## **IDENTIFICATION AND ASSESSMENT OF IRREGULARITIES INCLUDING FRAUD** 

Irregularities, including fraud, are instances of noncompliance 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 were capable of detecting irregularities, including fraud is detailed below. 

fraud and non-compliance with laws and regulations, our procedures included the following: 

- Obtaining an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations; 

- Obtaining an understanding of the charity’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and 

- Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the charity and our sectorspecific experience. 

As a result of these procedures, we considered the opportunities and incentives that may exist within the trust for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, and compliance with the Charities SORP (FRS 102) and Charites Act 2011. 

## **AUDIT RESPONSE TO THE RISK OF IRREGULARITIES INCLUDING FRAUD** 

In addition to the above, our procedures to respond to risks identified included the following: 

- Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud; 

- Reviewing minutes of meetings of the board and senior management; 

- Reading correspondence with regulators where applicable; 

- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation of tangible fixed assets; and 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. 

In identifying and assessing risk of material misstatement in respect of irregularities, including 



## **CONCLUSIONS REGARDING THE RISKS OF IRREGULARITIES INCLUDING FRAUD** 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. 

A further description of our responsibilities is available on the Financial Reporting Council’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 trustees as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008.  Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Sumer Audit, Statutory Auditor Piper House, 4 Dukes Court, Bognor Road, Chichester, West Sussex, PO19 8FX Date: 10 December 2025 

Sumer Audit is the trading name of Sumer Auditco Limited 

Sumer Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 



## Statement of Financial Activities 

## (Including Income and Expenditure Account) 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025** 

|<br>Notes<br>Unrestricted Funds<br>Restricted Funds|2024/25<br>Total|Unrestricted Funds|Restricted Funds<br>2023/24<br>Total|
|---|---|---|---|
|<br>£<br>£|£|£|£<br>£|
|Income||||
|Charitable activities<br>2<br>977,489<br>-|977,489|1,300,565|-<br>1,300,565|
|Total<br>977,489<br>-|977,489|1,300,565|-<br>1,300,565|
|||||
|Expenditure|||<br>|
|Charitable activities<br>3<br>(965,116)<br>-|(965,116)|(812,593)|-<br>(812,593)|
|Total<br>(965,116)<br>-|(965,116)|(812,593)|-<br>(812,593)|
|||||
|Net<br>Income/(Expenditure)<br>12,373<br>-|12,373|487,972|-<br>487,972|
|||||
|Net movement in funds<br>12,373<br>-|12,373|487,972|-<br>487,972|
|||||
|Reconciliation of funds||||
|Funds b/f<br>9<br>4,606,529<br>712,000|5,318,529|4,118,557|712,000<br>4,830,557|
|Funds c/f<br>4,618,902<br>712,000|5,330,902|4,606,529|712,000<br>5,318,529|



All amounts derive from continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities. 

The notes on pages 16 to 25 form part of these financial statements (Note 1 to Note 12) 



## Balance Sheet 

**CHARITY BALANCE SHEET AS AT 31 MARCH 2025** 

|<br>Notes<br>31 March 2025|31 March 2024|
|---|---|
|<br>£|£|
|Fixed assets||
|Tangible assets<br>5<br> 5,330,902|5,318,529|
|||
|Current Assets||
|Cash<br>-|-|
|Debtors<br>6<br>25,879|44,815|
|Liabilities||
|Creditors due within oneyear<br>7<br>(25,879)|(44,815)|
|Net current Assets/(Liabilities)<br>-|-|
|||
|Total assets less current liabilities<br>5,330,902|5,318,529|
|||
|Total net assets<br>5,330,902|5,318,529|
|||
|The funds of the charity:||
|Restricted income funds<br>10<br>712,000|712,000|
|Unrestricted income funds<br>10<br>4,618,902|4,606,529|
|Total reserves<br>5,330,902|5,318,529|



The notes on pages 16 to 25 form part of these financial statements (Note 1 to Note 12) 

The financial statements were approved by: 


## Gerald Almeroth 

Executive Director of Finance & Resources Westminster City Council Responsible Officer 

The financial statements were authorised for issue on 5 December 2025 by the Trustees and signed on their behalf, by: 


Councillor Cara Sanquest Cabinet Member Communities Westminster City Council Trustee 



## Cash Flow Statement 

## **STATEMENT OF CASHFLOWS AT 31 MARCH 2025** 

|||Notes|2024/25|2023/24|
|---|---|---|---|---|
||||£|£|
||Cash flows from operating activities:||||
||Net cash provided by operating activities|12|513,068|983,080|
||Cash flows from investing activities:||||
||Purchase of property, plant and equipment|5|(513,068)|(983,080)|
||Cash flows from financing activities:||-|-|
||Change in cash & cash equivalents in the reporting period||-|-|
||Cash & cash equivalents at the beginning of the reporting period||-|-|
||Cash and cash equivalents at the end of the reporting period||-|-|



The notes on pages 16 to 25 form part of these financial statements (Note 1 to Note 12) 



## **Note 1** Accounting policies 

## **CHARITY INFORMATION** 

Paddington Recreation Ground Charitable Trust is a charity registered in England governed by its trust deed “Paddington Recreation Ground Act 1893”. Its Principal address is Westminster City Hall, 64 Victoria Street, London, SW1E 6QP. 

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust’s financial statements. 

## **A) BASIS OF PREPARATION** 

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a “true and fair view” and have departed from the Charities (Accounts and Audit) Regulations 2008 only to the extent required to provide a “true and fair” view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 rather than the version of the Statement of Recommended Practice, 

which is referred to in the regulation, but which has since been withdrawn. 

The financial statements are prepared in sterling, which is the financial currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. 

The Trust constitutes a public benefit entity as defined by FRS102. 

## **B) GOING CONCERN** 

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. Having reviewed the circumstances of the Trust it is considered that adequate resources are available to fund the activities of the Trust for the foreseeable future. 

The Trust relies entirely on the Westminster City Council for ongoing support under the terms of the Paddington Recreation Ground Act 1893. 

The Trustees have reviewed the financial conditions of the charity. Based on this review the Trustees have a reasonable expectation that the Charity has adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

The Statement of accounts has been prepared on a “going concern” basis on the assumption that given the Paddington Recreation Ground Act 1893 Westminster City Council or any successor authority will continue to support the Charity. The City Council is currently solvent with significant General fund 

reserves of £59.67m excluding earmarked and school reserves (£59.67m in 2023/24). 

## **C) FUNDS STRUCTURE** 

Restricted funds are funds, which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is a single restricted fund for the land held in perpetuity under the Act, which established the Trust. 

Unrestricted income funds comprise of those funds, which the trustees are free to use for any purpose in furtherance of the charitable objectives. 

## **D) INCOME** 

All income is recognised in the Statement of Financial Activities when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received, and the amount can be measured reliably. 



**Note 1** Accounting policies (continued) 

## **E) EXPENDITURE** 

Expenditure is recognised when there is a legal or constructive obligation to make a payment. Direct charitable expenditure includes all expenditure including support costs directly related to the objects of the Trust. 

Support costs have been allocated to each charitable expenditure category on the basis of staff utilisation or on an activity basis of total direct expenditure. 

Governance costs relate to expenditure incurred in the management of the Trust’s assets, organisation administration and compliance with constitutional and statutory requirements. 

There were no Trustee expenses incurred during the year (2023/24 – £nil). 

## **F) FINANCIAL INSTRUMENTS** 

Financial instruments are financial assets such as cash, cash equivalents and debtors, and financial liabilities such as creditors. Financial instruments are recognised when the Trust becomes party to the contractual provisions of the instrument. 

## **G) TANGIBLE FIXED ASSETS** 

Legal ownership of the land and buildings and other assets at the Paddington Recreation Ground resides with Westminster City Council. The Paddington Recreation Ground Charitable Trust has use of the assets in perpetuity to utilise to carry out its charitable objectives. Accordingly, the Trust has capitalised the assets within its financial statements reflecting the position whereby the Trust holds the risks and rewards of those assets over the whole of their useful economic life. 

All tangible fixed assets are accounted for on a depreciated historic cost basis, where a full year of depreciation is charged in the year of acquisition and none in the year of disposal. 

Depreciation is charged on a straight-line basis for all assets over the following useful economic lives, as per the valuation inspection undertaken in December 2015: 

|Land|Not depreciated|
|---|---|
|Buildings / Improvements|15 years|
|Outdoor recreational|15 years|
|installations||
|Fixtures, fittings and equipment|<br>15 years|
|Motor vehicles|5 Years|



## **H) DEBTORS** 

Debtors are recognised where the Trust provided a good, service or benefit but where the associated income was not received by 31[st] March. 

## **I) CREDITORS** 

Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for trade discounts due. 

## **J) JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** 

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 

Useful economic lives of tangible assets 

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended, when necessary, to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (See Note 5 for the carrying amount of the property plant and equipment and Note 1 G) for the useful economic lives for each class of assets). 



## **Note 2** Income from charitable activities 

The primary source of income for charitable activities reported is the financial support from Westminster City Council to the Trust for the 2024/25 financial year of £925,315 (£1,241,840 in 2023/24). The only other income received in year was from Forest School £28,973 (£27,387 in 2023/24) and SLM under the Minimum Income Guarantee £23,201 (£31,338 in 2023/24). Overall, total income of £977,489 (£1,300,565 in 2023/24).  The total income represents the cost of operating the Recreation Ground , together with the cost of capital investment incurred in the year, excluding depreciation.  Income is unrestricted in nature in both periods. 

## **Note 3** Charitable activities 

All expenditure on charitable activities is unrestricted in both periods. 

|Reconciliation – Costs of Operation and SoFA|Note|2024/25|2023/24|
|---|---|---|---|
|Expenditure on Charitable Activities||||
|||£|£|
|SoFA – Expenditure on Charitable Activities||965,116|812,593|
|Cost of operation|3a|835,730|726,066|
|Management fees|3b|-|-|
|Governance costs|3c|129,386|86,527|
|Total||965,116|812,593|
|**A)**<br>**COSTS OF OPERATION**||||
|||2024/25|2023/24|
|||£|£|
|Maintenance – Building works||62,832|31,160|
|Maintenance – Grounds other||19,379|-|
|Maintenance - Tree works||21,601|18,439|
|Contractor Support Services||-|4,444|
|Rents||-|25,426|
|Service charges – Repairs and maintenance||-|4,331|
|Facilities Management||77,627|-|
|Security & Marketing||-|10,551|
|Forest School||115,256|92,157|
|Capital charges – Depreciation||492,687|459,098|
|Project Delivery||38,340|20,433|
|Fixed Assets – loss on disposal||8,008|36,010|
|Additional Works||-|24,017|
|Total||835,730|726,066|



## **B) MANAGEMENT FEES** 

No Management Fees were paid to SLM during 2024/25 (£nil in 2023/24). 

The contractor’s obligations include the management and delivery of parks, sport, catering and leisure services and associated site security, administration, and bookings. The contractor is also responsible for site marketing and promotion of the facilities and collects and retains all income from users of the facilities. 

## **C) GOVERNANCE COSTS** 

Governance costs totalled £129,387 (£86,527 in 2023/24). Apportioned costs of the SL&AC (Sports, Leisure & Physical Activity) Client Team, based on the estimated time that they spent on overseeing the activities of the Trust, account for £45,041 (£28,919 in 2023/24). The role of the Client Team is primarily contract monitoring and management of capital and revenue improvements/maintenance works. The balance of £83,346 (£57,608 in 2023/24) relates to other support costs, mainly from central departments £56,401 (£40,415 in 2023/24), in overseeing the activities of the Trust. A breakdown of the governance costs is shown below. 



||2024/25|<br>2023/24|
|---|---|---|
||£|<br>£|
|Client Team – Staff costs|45,041|<br>28,919|
|Client Team – Other running costs|-|<br>-|
|Audit Fees|10,480|<br>8,086|
|Planned Preventative Maintenance|-|<br>5,519|
|Maintenance - Compliance|7,644|<br>-|
|Departmental Support – Other|66,221|<br>44,003|
|Total|129,386|<br>86,527|



## **D) STAFFING COSTS AND TRUSTEE REMUNERATION AND EXPENSES** 

The Trustees received no remuneration during the year (2023/24 - £nil). The Trust does not employ any staff directly.  No Trustee expenses have been incurred during the year (2023/24 - £nil). 

Note: Westminster City Council have adopted a commissioning model for running the Council.  This means that some of the Leisure Team costs are now reported as Departmental support. 



## **Note 4** Net income for the year 

Net income for the year is stated after charging the amounts detailed below. 

||2024/25|<br>2023/24|
|---|---|---|
||**£**|<br>**£**|
|Auditor’s remuneration|10,480|<br>8,086|
|Depreciation|492,687|<br>459,098|
|Loss on disposal of assets|8,008|<br>36,010|
|Total|511,175|503,194|





## **Note 5** Fixed assets 

||Land|Building|Motor Vehicles|Outdoor Recreational<br>Installations|<br>Fixtures, Fittings and<br>Equipment|Total|
|---|---|---|---|---|---|---|
||£|£|£|£|<br>£|£|
|Cost|||||||
|Balance b/f at 1 April 2024|2,000,000|7,034,436|10,000|4,535,332|<br>781,621|14,361,389|
|Re-categorisation||115,276|||(115,276)|-|
|Additions in the year|-|464,516|-|-|48,552|513,068|
|Disposals|-|-|(10,000)|-|<br>(9,240)|(19,240)|
|Balance c/f at 31 March 2025|2,000,000|7,614,228|-|4,535,332|<br>705,657|14,855,217|
|Depreciation|||||||
|Balance b/f at 1 April 2024|(1,288,000)|(5,721,987)|(10,000)|(1,566,208)|(456,665)|(9,042,860)|
|Re-categorisation||(24,189)|||24,189||
|Depreciation charge in year|-|(182,986)|-|(278,934)|(30,767)|(492,687)|
|Disposals|-|-|10,000|-|<br>1,232|11,232|
|Balance c/f at 31 March 2025|(1,288,000)|(5,929,162)|-|(1,845,142)|<br>(462,011)|(9,524,315)|
|Net book value|||||||
|at 1 April 2024|712,000|1,312,449|-|2,969,124|<br>324,956|5,318,529|
|at 31 March 2025|712,000|1,685,066|-|2,690,190|<br>243,646|5,330,902|





## **Note 6** Debtors 

|**Note 6**Debtors|||
|---|---|---|
||2024/25|2023/24|
||**£**|<br>£|
|Prepayments and Accrued Income|3,000|<br>10,093|
|WCC debtor|22,879|<br>34,722|
|Total|25,879|<br>44,815|



## **Note 7** Creditors due within one year 

||2024/25|<br>2022/23|
|---|---|---|
||**£**|<br>£|
|Accruals|25,879|<br>34,722|
|WCC creditor|-|<br>10,093|
|Total|25,879|44,815|



## **Note 8** Capital Commitments 

The Trust had no capital commitments at 31 March 2025 (None in 2023/24). 



## **Note 9** Analysis of net assets between funds 

|||||2024/25|
|---|---|---|---|---|
||||Tangible||
||Creditors|Debtors|Fixed Assets|Total|
||£|£|£|£|
|General|(25,879)|25,879|4,618,902|4,618,902|
|unrestricted funds|||||
|Restricted funds|-|-|712,000|712,000|
|Net assets|(25,879)|25,879|5,330,902|5,330,902|
||||||
|||||2023/24|
||||Tangible||
||Creditors|Debtors|Fixed Assets|Total|
||£|£|£|£|
|General|(44,815)|44,815|4,606,529|4,606,529|
|unrestricted funds|||||
|Restricted funds|-|-|712,000|712,000|
|Net assets|(44,815)|44,815|5,318,529|5,318,529|





## **Note 10** Movement in funds 

|2024/25<br>|Fund at<br>1 April 2024|Income|Expenditure|Fund at<br>31 March 2025|
|---|---|---|---|---|
||£|£|£|£|
|Unrestricted funds - General Fund|4,606,529|977,489|(965,116)|4,618,902|
|Restricted funds|712,000|-|-|712,000|
|Total Charity funds|5,318,529|977,489|(965,116)|5,330,902|



|2023/24<br>|Fund at<br>1 April 2023|Income|Expenditure|Fund at<br>31 March 2024|
|---|---|---|---|---|
||£|£|£|£|
|Unrestricted funds - General Fund|4,118,557|1,300,565|(812,593)|4,606,529|
|Restricted funds|712,000|-|-|712,000|
|Total Charity funds|4,830,557|1,300,565|(812,593)|5,318,529|



Restricted funds are made up of a single restricted fund for the land held in perpetuity under the Act, which established the Trust. 



## **Note 11** Ultimate controlling party and related party transactions 

Westminster City Council members are the Trustees and are deemed the ultimate controlling party of the charity. Income from the Council of £925,315 (2023/24: £1,241,840) was received as disclosed in Note 2 and expenditure was recharged from the Council of £234,162 (2023/24: £169,523), relating to staff costs, central support functions, and other expenditure. The contribution towards staffing costs amounted to £151,588 (2023/24: £118,458). As at 31 March 2025, balances owed from the Council are included in debtors of £22,879 (2023/24: £34,721) and balances due to the Council are included in creditors of £nil (2023/24: £10,093). There are no further related party transactions to disclose. 

## **Note 12** Reconciliation of net movement in funds to net cashflow from operating activities 

||Notes||2024/25|2023/24|
|---|---|---|---|---|
||||£|£|
|Net income|||12,373|487,972|
|Adjustments for:|||||
|Depreciation charges||5|492,687|459,098|
|(Decrease)/Increase in creditors||7|(18,936)|(77,647)|
|Decrease/ (Increase) in debtors||6|18,936|77,647|
|Loss on Disposal of Assets|||8,008|36,010|
|Net cash provided by operating activities|||513,068|983,080|