FARNHAM PARK SPORTS FIELDS CHARITY NO 308164 Annual Report and Accounts For the year ended 31 March 2025
FARNHAM PARK SPORTS FIELDS CHARITY NO 308164 Annual Report and Accounts For the year ended 31 March 2025 Index Page Trustee's Annual Report Statement of Financial Activities (SOFA) 12 Balance Sheet 13 Statement of Cash Flow 14 Notes to the Accounts 15-26 Independent Auditorfs Report 27
Charity Details Official charity name Farnham Park Sports Fields Registered charity number 308164 Charity's principal address The Gateway Gatehouse Road Aylesbury Bucks, HP19 8FF Charity trustee Buckinghamshire Council Corporate Trustee Principal Officers Chief Executive Sophie Payne Service Director Culture, Sport & Leisure of Buckinghamshire Council Treasurer Mark Preston Assistant Chief Finance Officer of Buckinghamshire Council Principal advisors External audit Azets Audit Services Westpoint, Lynch Wood, Peterborough, PE2 6FZ Bank Barclays Bank PIC 16118 St Peters Street, St Albans, Herts AL3 4DZ Financial and legal support is provided by Buckinghamshire Council.
Trustee's Annual Report Governin Document and how the Charitable Trust is Constituted The Farnham Park Sports Fields charity is governed by the Eton Rural District Council (ERDC) Act 1971. Prior to the ERDC Act land and buildings at Farnham Park Sport5 Field {FPSF), and parts of the South Buckinghamshire Golf Course ISBGC) were controlled by the Farnham Park Recreational Trust, which was constituted by a conveyance dated 30th December 1946 between United Commercial Association Limited and the Trustees of the Trust. The ERDC Act transferred these assets to Eton Rural District Council. South Bucks District Council (SBDC) became the successor in title to Eton Rural District Council, under provisions contained in the Local Government Act 1972. Buckinghamshire Council (a unitary authority) assumed all the responsibilities of SBDC under the relevant legislation. The ERDC Act obliges Buckinghamshire Council to maintain and manage the transferred land in accordance with the purposes of the original trust (as substantially re-enacted in Schedule 4 of the ERDC Act). These assets therefore form a charitable trust, with Buckinghamshire Council being the sole corporate trustee. Furthermore, as the usage of these assets is subject to the restrictions contained within this Act, these assets represent a permanent endowment. Trustee A ointment As Buckinghamshire Council is the sole Corporate Trustee, Members of Buckinghamshire Council act in a corporate capacity as trustee. There are no other charity trustees. Or anisational Structure of the Charitable Trust The Members of Buckinghamshire Council (acting as Corporate Trustee) make the strategic decisions relating to the operation of the facilities. The Buckinghamshire Council Cabinet annually approves the Trust budget. The day-to-day management is undertaken by Council officers in line with approved guidelines. Relationshi between the Charitable Trust and Related Parties All financial, legal and operational sUPPOrt is provided by Buckinghamshire Council and this affects the Charitable Trust in the following ways: All staff who are involved in the Charitable Trust are jointly employed by Buckinghamshire Council and the Charitable Trust; The key management personnel are members and officers of Buckinghamshire Council and receive no remuneration from the Charitable Trust. Risks The Charitable Trust complies with the Buckinghamshire Council risk management strategy and the Buckinghamshire Council risk management policy. In particular, risks relatin8 to the Charitable Trust's activities are identified, evaluated and monitored in an appropriate risk register. The primary risk facing the Charitable Trust is its reliance on income generated solely from the use of its facilities. Operating in a highly competitive leisure market, the Trust must remain adaptable and responsive
Trustee's Annual Report to changes in demand, while still upholding its charitable objectives; this means there will periodically need to be investment to maintain / modernise the facilities in line with changing customer expectations. The Charitable Trust therefore needs to ensure that there is a long-term robust business plan and access to finance, to ensure that it is able to continue to operate within the Charitable Trust's available resources. In light of the above, there has been a review of the operating arrangement5 for the Trust facilities in order to establish more financially sustainable arrangements for the longer term, with input from specialist advisers. The recommendations, which were considered by the trustee in July 2024, were to go to market to offer long-term lease arrangements for the sites with appropriate provision to ensure continuing usage in line with the charitable objectives. In line with the legally required processes for charity lease disposals, the Trust commissioned a Designated Adviser's Report for consideration, and Public Notices were published seeking representations; none were received. Following marketing of the lease opportunity, and a robust evaluation process with updated advice from the charitws Designated Adviser, a formal decision on the recommended leaseholder is pending. The transition to the new leaseholder is anticipated to be completed duringthe coming financial year, with the operational management of the facilities transferring to the new leaseholder. Objectives and Activities Ob'ectives of Charitable Trust The objectives of the Charitable Trust are set out in the ERDC Act 1971 and are as follows: The maintenance and improvement of the physical well-being of persons resident in the rural district of Eton and adjoining areas by the provision of facilities for physical training and recreation and for promoting and encouraging all forms of recreational activities calculated to contribute to the health and physical well- being of such persons., Charitable Trust Aims The Charitable Trust aims to maintain and improve the physical well-being of local residents by providing high quality, public sporting facilities at reasonable prices. Specifically, it: maintains the Farnham Park Playing Fields to enable clubs to let or hire these facilities at affordable prices and operates the South Buckinghamshire Golf Course on a public pay and play basis, whilst also accommodating two self-managed golf clubs Ob'ectives for Year The key objectives for 2024/25 were". l. To ensure that the facilities continue to provide value for money for users, and
Trustee's Annual Report 2. To ensure that the facilities are operated within the Charitable Trust's available resources; and aligned to this, completion of a review to recommend new operating arrangements to deliver financial sustainability into future years. Strate ies for Achievin Ob'ectives l. To ensure that the facilities provide value for money for users, the Charitable Trust aims to: maintain the facilities to a high standard, including having proper regard to the safety of users of the facilities. annually review its fees and charges to ensure that they remain competitive, and offer discounted prices for under 185, senior citizens and those on low incomes. 2. To ensure that the facilities operate within the Charitable Trust's available resources, the Charitable Trust sets an annual budget and monitors this throughout the year, taking corrective action as necessary. As set out above, a review of the trust operations focused on financial sustainability has now been completed. the trustee approved the recommendation to progress long-term leasing arrangements for the sites and implementation is underway. Public Benefit Public Benefit is the legal requirement that every organisation set up for one or more charitable aims must be able to demonstrate that its aims are for the public benefit. The Charitable Trust is aware of the Charity Commission's guidance on public benefit, and believes that the Charitable Trust's aim5 meet the two key public benefit principles which are set out in the Charity Commission guidance: Principle I: There must be an identifiable benefit or benefits Principle 2: Benefit must be to the public, or a section of the public. Achievements and Performance Review of Activities Undertaken The charity's sites have continued to be used for a wide range of sports and physical activity. In 2024125, Farnham Park Playing Fields comprised of one adult and one junior size rugby pitch; four adult, one youth and nine junior football pitches: four softball and two baseball pitches," and a children's play area {operated by Farnham Royal Parish Council). The site is also used by residents for recreational purposes and in particular dog walking. The following organisations were tenants all using the facilities on site: BaseballSoftballUK Limited (Farnham Park National Baseball & Softball Complex) Farnham Royal Rugby Club Unity Martial Arts.
Trustee's Annual Report It is estimated that baseball and softball attracted around 23,500 participants (around 20,000 in 2024) during their season (March to October). BSUK saw a slight increase of use following two particular events with a Major League Baseball event and the Blind Baseball International Cup. In addition to the above tenant organisations, there were eight football clubs regularly hiring Pitches on a seasonal basis; and the site also accommodated casual football matches from local teams where possible, to help generate additional income. The total number of football and rugby matches played during the year 2024/25 was 429 {2023/24: 470). With additional training sessions throughout the season {September to April), there were over 11,500 12023/24: 12,500) participants, not including spectators. There are a number of keyjunior football clubs that primarily use Farnham Park as their base and they include St James's FC, Marlow United FC and Gerrards Cross FC. We have five clubs and seven teams in respect of senior football that is regularly played on site. The feedback from the local football clubs who regularly play at Farnham Park Playing Fields continues to be positive, and because of the improvement in the layout and quality of pitches there were only 69 matches 12023/24: over 100 matches) postponed due to weather conditions. In partnership with Buckinghamshire Council'5 Public Health, The FA and Gerrards Cross girls team, we piloted the'smoke Free Pitches, campaign with a successful launch in the early autumn and we subsequently installed large signage to discourage smoking during matches as part of this. In relation to the wider playing fields Slte, works are ongoing at the site of the old Slough Town FC clubhouse building; and we are undertaking the repair and restoration work for Farnham Royal Rugby Club following the fire that damaged their clubhouse in 2024. At the golf course, the grounds team carried out a programme of winter works, including a greater level of aeration work than in the previous three years, to improve the playability of the course, plus work on improving the surface of the pathways to enable better access throughout the winter. In 2024/25, the golf course was closed for 35 days, which was Significantly less than the previous year when 72 days of play were lost due to adverse weather. Unfortunately, the course experienced significant vandalism at the end of February, which resulted in severe damage to two greens and fairways by quad/motorised bikes. This required considerable remedial and repair work and temporary greens had to be put in place for more than three months, causing a negative impact and feedback from users of the golf course. The number of rounds played in 2024/25 was 26,378, compared to 29,442 the previous year, meaning there were 3,064 less rounds played than in 2023124.
Trustee's Annual Report Financial Review Review of Year During 2024/25 the Charitable Trust received income totalling £1,102k (excluding donations and grants) and spent £1,326k giving a net deficit for the year of £224k. Donations and grants totally £328k were also received and when added to this to the result is a net increase in funds forthe year of £104k.The table below compares the budget for the year with the actual expenditure. Budget Figures Actual Variance {Art- Budget) £'ooo £'ooo £'ooo Farnham Park Sports Fields Income Expenditure Depreciation 96 92 12341 (2731 {20) {11) (158) (192) (4) (39) (34) South Buckinghamshire Golf Course Income Expenditure Depreciation 768 644 1826) (6011 {54) {691 (112) 126) 1124) 225 115) 86 South Buckinghamshire Catering Income Expenditure Depreciation 276 202 1406) (3721 {74) 34 (130) (170) {40) Management Fee Income 400 400 164 164 (2361 (236) Charitable Trust income comes from fees and charges paid by users of the facilities, and all charitable expenditure relates to providing sporting facilities to help maintain and improve the physical well-being of residents. Golf course income was lower than budget due to the reduced number of rounds played this year, as outlined earlier in the report, with an associated impact on catering income, but there was also reduced expenditure, including lower employee costs. At the playing fields, income was slightly below budget but an increase on the previous financial year (£75k); similarly, although expenditure was higher than budget, it was lower than the previous financial year.
Trustee's Annual Report The following table provides a summary of the Charitable Trust's key assets and liabilities: At 31 March 2025 At 31 March 2024 £'ooo 5,980 718 (1,019) (2,408) £'ooo 6,075 1,396 {1,108) {3,196) Fixed Assets Current Assets Clubhouse Loan from Buckinghamshire Council Other Liabilities 3.271 3,167 Reserve Polic Unrestricted Fund Nature of Reserve: This Fund represents the accumulated year on year surplus/deficit of income over expenditure that has been accumulated by the Charitable Trust. Minimum Value of Fund: The Charitable Trust aims to ensure that the charity operates within its means and therefore aims to ensure that it always holds a balance on its unrestricted funds sufficient to meet its known future commitments. The current Unrestricted Fund balance is a deficit of £468k (2023124 £596k). This means that as in previous years the Charitable Trust continues to rely on the ongoing support of Buckinghamshire Council. Usage: The Unrestricted Funds can be applied for any lavrful purpose of the charitable trust. Reserve Polic Restricted Fund Nature of Reserve: The Restricted Fund is made up of monies received in 1998/99 for the sale of Farm Cottages. The current balance is £231k (2023124 £231k). Usage: The Restricted Funds consist of the Farm Cottage Fund set aside for any redevelopment of the Playing Fields and to cover ongoing usage of the Clubhouse. Reserve Polic Endowment Fund Nature of Reserve: The Endowment Fund represents the value of the assets that were transferred under the ERDC Act. Minimum Value of Fund: The value of the Endowment Fund will reduce over time to reflect depreciation of the endowment assets. Usage: Endowment funds cannot generally be spent. and thus changes to the value of the endowment reserve will only be due to changes in the value of the endowment assets.
Trustee's Annual Report Statement of Trustee's Responsibilities The trustee is responsible for preparing a Trustee's annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, The Charities Act 2011 and the Charity (Accounts and Reports) Regulation5 2008 requires the trustee to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income and expenditure of the charity for that year. In preparing those financial statements, the trustee is required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP (FRS1021' make judgements and estimates that are reasonable and prudent," state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Plans for Future Periods Completion of repairs to the clubhouse for Farnham Royal Rugby Club are underway in advance of the new rugby season; along with further essential tree works across the sites as required by tree condition surveys. As set out above, a particular focu5 for the coming period will be the work to implement the new leasehold operating arrangements for the Trust facilities. in order to establish more financially sustainable arrangements for the longer term. Declaration The Buckinghamshire Council acting as Corporate Trustee has delegated responsibility to the Audit & Governance Committee of the authority to review and approve the Charitable Trust's Accounts. These accounts will be signed by Mark Preston, the Assistant Chief Finance Officer on behalf of the Trustees. It IS therefore declared that the Buckinghamshire Council's Audit & Governance Committee, on behalf of the Charity, reviewed this Annual Report and the accompanying Accounts for the financial year ending 31 March 2025 at their meeting on 24 September 2025. 10
Trustee's Annual Report roved and si ned on behalf of the Cor orate Trustee b A/ Mark Preston Assistant Chief Finance Officer of Buckinghamshire Council Date: 0610112026
Statement of Financial Activities {SoFA) This statement shows the income and expenditure of the Charitable Trust during the year and the accumulated funds at the Charitable Trust's disposal. All operations are continuing. 2024125 Unrestricted Funds £'ooo 2024125 2024125 2024125 2023124 Restricted Endowment Total Unrestricted Funds Funds Funds Funds £'ooo £'ooo £'ooo £'ooo 2023124 2023124 2023124 Restricted Endowment Total Funds Funds Funds £'ooo £'ooo £'ooo Notes Donations and Grants 328 328 1,007 1,007 Income and Endowments Income f rom charitable activities Farnham Park Sports Fields South Buckinghamshire Golf Course South Buckinghamshire Cateri ng 92 644 202 92 644 202 75 660 220 75 660 220 Income from non-charitable activities 164 164 534 534 Total Incomln8 resources 1,430 1,430 2,496 2,496 Expendlture Charitable activities Farnham Park Sports Fields South Buckinghamshire Golf Course South Buckingham5hire Catering Depreciation - Tangible Assets Prof it on disposal of Tangible Assets Management and maintenance Impairment of Tangible Assets Total expenditure on charitable activities 11291 11981 13211 1701 {129) (198) (321) 180) 13731 18991 14811 1691 {3731 {8991 {4811 (831 iioi 141 iioi 15911 (591) 1151 115) 1251 11,326) 11,3011 11,8221 141 iioi 11.8361 Net movement in funds 129 1251 104 674 141 iioi 660 Gains/Losses on Revaluation Total f unds brought forward Total funds carried forward 12 11,2831 (597) 2,203 1,340 3,533 2,215 292 3,167 1597 (468) 231 3,533 3,508 3,167 3,271 235 231 231 Thi5 is an amount received from Buckinghamshire Council *b This is the management fee in relation to work carried out by the Trust on behalf of Buckinghamshire Council 12
Balance Sheet This statement shows the assets and liabilities of the Charitable Trust and the balances and reserves at the Charitable Trust's disposal. At31 March 2025 Unrestricted Funds At31 March 2025 Restricted Funds Farm Cottage £'ooo At31 March 2025 Endowment Funds At31 March 2025 Total Funds At31 March 2024 Total Funds Notes £'LK)O £'ooo £'ooo £'o(M) Fixed Assets Intangible Assets- software Tangible Assets 2,472 2,472 3,508 3,508 5,980 5,980 6,075 6,075 Current Assets io Stock- finished goods Debtors Cash at Bank io io 12 li 403 403 1,247 137 305 305 718 718 1,396 Current Liabilities Creditors.. Amounts due within l year Amount due to related party IBuckinghamshire Council) Loan from Buckinghamshire Council 12 12691 12,370) (269) (1,0571 (2,139) 12,1391 231 13 1941 12,733) 194) {91) {2502) (3,2871 231 Net Current Assets or Liabilities 12.015) 231 {1,784) (1,8911 Total Assets less Current Liabilities 457 231 3,508 4,196 4,184 Long Term Liabilities Loan from Buckinghamshire Council 13 (9251 (925) (1,0171 Net Assets 231 3,508 3,271 3,167 Unrestricted Fund Restricted Fund 14681 (468) 231 15961 231 231 14 Endowment Fund 3,508 3,508 3,508 3,271 3,532 3,167 Total Funds 14681 231 Signed on behalf of the Corporate Trustee /0 /&- Mark Preston Assistant Chief Finance Officer Date: 0610112026 13
Cash Flow Statement This statement shows the changes in cash and cash equivalents during the reporting period. 2024125 £'ooo 2023124 £'ooo Cash flows from operating activities Net movement for the financial year Adjustments for- Depreciation of tangible assets Impairment of tangible assets Profit on disposal of tangible assets Interest Paid 104 660 80 83 15 181 52 51 Ilncreasel/decrease in stocks Ilncreasel/decrease in debtors Increase/ldecreasel in creditors Net cash provided by (used inl operating activities 11,0621 265 17851 304 Cash flows from investing activities Purchase of tangible assets Sale of tangible assets Net Cash provided by (used in) financing activities {1} 126) 1261 Cash flows from financing activities". Repayments of loan from Buckinghamshire Council Interest Paid 191} 1521 11431 1941 1511 {1451 Net Cash provided by (used in) financing activities Change in cash and cash equivalents in the year 168 11711 Cash and cash equivalents at the beginning of the year {2,0021 {1,8341 11,8311 12,0021 Cash and cash equivalents at the end of the year Split by.. Cash at Bank 305 137 Amount due to Buckinghamshire Council {2,1391 (1,8341 12,1391 12,0021 14
Notes to the Accounts General Information Farnham Park Sports Fields is a Charitable Trust governed by the Eton Rural District Council {ERDC) Act 1971 and is registered charity number 308164. The principal address is The Gateway, Gatehouse Road, Aylesbury, Bucks, HP19 8FF. Statement of Accounting Policies Basis of Accounting These Accounts have been prepared in accordance with: Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and UK Generally Accepted Accounting Practice as it applies from l April 2023. Financial Reportingstandard applicable in the United Kingdom and the Republic of Ireland {FRS 102), and The Charities Act 2011. Farnham Park Sports Fields meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). In 2023-24 the Trust has valued the assets and will continue to do so on a five-year cycle. Presentational Currency These accounts have been presented in sterling (£) which is also the functional currency of the Charitable Trust. Monetary amounts in the financial statements are rounded to the nearest £'OOO. Income Recognition of income These are included in the Statement of Financial Activitie5 (SOFA) when: the Charitable Trust becomes entitled to the income; the Trustee is virtually certain they will receive the income; and the monetary value can be measured with sufficient reliability. Income with related Where income has related expenditure (as with fundraising or contract income) expenditure the income and related expenditure are reported gross in the SOFA. Grants and donations Grants and donations are only included in the SOFA when the Charitable Trust has unconditional entitlement to the resources. Contractual income and performance related grant This is only included in the SOFA once the related goods or services have been delivered. 15
Notes to the Accounts Donated services and facilities These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the Charitable Trust is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the Charitable Trust of the service or facility received. Expenditure and Liabilities Liability recognition Liabilities are recognised if it is probable that there is a legal or constructive obligation committing the Charitable Trust to pay out resources. Expenditure All expenditure is accounted for on an accruals basis. All expenses including support costs are allocated or apportioned to the applicable expenditure headings. Costs of charitable activities consist of those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. Support Costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g., allocating property costs by floor areas. or per capita. staff costs by the time spent and other costs by their usage. Pension Contributions The Charitable Trust operates a defined benefits pension scheme. The scheme is a multi-employer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to the Charitable Trust. The Charitable Trust accounts for this scheme as if it was a defined contribution scheme. The amount charged to the SOFA represents contributions payable to the scheme in respect of the accounting period. 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 reliably. Creditors are recognised at their settlement amount due. Assets Intangible fixed assets for use by the Charitable Trust These are capitalised if the cost is significant and they can be used for more than one year. Expenditure that maintains but does not add to an asset's future economic benefits is charged as an expense. Assets are measured at C05t, comprising all expenditure that is directly attributable to bringing the asset into working condition for its intended use. 16
Notes to the Accounts Tangible fixed assets for use by the Charitable Trust These are capitalised if the cost is above £5,000 and they can be used for more than one year. Expenditure that maintains but does not add to an asset's future economic benefits Is charged as an expense. Land and building assets are measured at valuation and re-valued every five years, vehicles plant and equipment are measured at cost, comprising all expenditure that is directly attributable to bringing the asset into working condition for its intended use. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities. The Trust will revalue the land and building assets on a five-year cycle. Stocks These are valued at the lower of cost or market value. Where necessary, provision is made for obsolete, slow moving and defective stocks. Debtors Debtors are recognised at the settlement amount due. Cash at bank Cash at bank represents short term highly liquid investments with a short-term maturity of three months or less from the date of acquisition or opening of the deposit or similar account Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that had the most significant effect on amounts recognised in the financial statements. Useful economic lives of The annual depreciation charge for tangible assets is sensitive to changes in fixed assets the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are considered annually. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. VAT The Charitable Trust is registered for VAT. It is however able to exempt from VAT any charges it makes to individuals of services closely linked with and essential to sport, per the VAT Act 1994, Schedule 9, Group 10, Item 3. This includes green fees. 17
Notes to the Accounts As a consequence, VAT payable is not generally recoverable from Her Majesty's Revenue and Customs and is included as an expense when appropriate. Going Concern As Corporate Trustee, the Council has a duty to ensure that the Charitable Trust operates within its available resources. If the Charitable Trust were everto exhaust its funds, then the Council as Corporate Trustee would need to put in place a recovery plan which could include supportingthe Charitable Trust financially. The Charitable Trust currently has negative unrestricted funds. Included in these funds are net amounts due to the Council of £3,158k (2023124: £3,247kl, support is provided to the Charitable Trust in enabling these amounts to be repaid as funds allow and thu5 as Corporate Trustee, the Council is of the opinion that the Charitable Trust can continue as a going concern. Charitable Expenditure 'excludes depreciation Sports Golf Catering Field Course £'ooo £'ooo 57 Golf Management £'ooo 206 Grounds Maintenance £'ooo 219 2024125 Total £'ooo 669 2023124 Total £'ooo 1,036. 235 32 375 £'ooo 179 Employees. Premises Transport Supplies & Services Bad Debt Provision Interest Support Costs- Human Resources Finance ICT Property & Facilities Governance 49 52 36 37 72 42 307 63 104 59 52 52 51 li 190 22 1,246 18 1,753 129 323 269 335 Allocation of general costs (see note al 163 292 391 581 50 373 {2691 13351 1,246 1,753 *this includes irrecoverable VAT on staff costs from prior years. the decision was finalised during the 2023-24 financial year therefore the cost has been allocated in year. a} The general golf management and ground maintenance cost5 are reallocated within the charitable activities in the Statement of Financial of Financial Activities {SoFA} on page 10. b) Governance costs are those costs that are associated with the general running of the Charitable Trust, as opposed to those costs associated with specific charitable activity. Governance costs include: internal and external audit; legal advice for trustees: the cost of preparing statutory accounts; and costs associated with strategic management. Golf Management and Grounds Maintenance are recharged to the Sports Field, Golf Course and Catering on the SOFA and Review of Year. 18
Notes to the Accounts Trustee Expenses The key management personnel comprise the members who received no remuneration or other financial benefits from the Charitable Trust during either the current or previous year. Any expenses claimed by Members are paid by Buckinghamshire Council rather than the Charitable Trust. No expenses were claimed during 2024/25 (2023/24 no expenses). Audit Costs The Charitable Trust incurred the following fees relating to external audit. 2024125 £'ooo 2023/24 £'ooo Auditors, fees for reporting on the accounts 13 13 15 15 Paid Employees There was an average of 15 (2023/24: 18) staff who worked at the Farnham Park Sports Fields and the South Buckinghamshire Golf Course during 2024/25. This includes full-time, part-time and casual staff. The irrecoverable VAT costs shown for 2023124 are related to prior years (2020121 and 2021/22), going forward there will not be any further costs. 2024125 £'ooo 2023/24 £'ooo Wages and salaries National insurance Pension costs Overtime Temporary Staff Apprenticeship Levy Other employee costs 482 50 111 576 56 140 22 60 669 841 Irrecoverable VAT on employee costs (relates to 2020/21 & 2021/22) 195 1,036 669 The number of employee5 whose emoluments {salaries, wages and benefits in kindl fell within the following bands were as follows:_ Band: 2024125 2023/24 £60,000 - £69,999 Buckinghamshire Council provides support services to the Charitable Trust, a number of other Buckinghamshire Council employees also provide support to the Charitable Trust. None of these support Staff spend more than 500A of their time on supporting the Charitable Trust and they have therefore been excluded from the analysis above. 19
Notes to the Accounts Pensions As part of the terms and conditions of employment of its officers. the Charitable Trust makes contributions towards the cost of post-employment benefits (i.e. pensions). The Charitable Trust participates in the Local Government Pension Scheme which 15 administered by Buckinghamshire Council. This scheme is a defined benefit scheme based on Career Average Revalued Earnings {CARE). It is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to the Charitable Trust. The pension cost charge represents contributions payable by the Charitable Trust to the fund and amounted to £lllk {2023/24 £140k). There were no outstanding contributions payable to the fund as at 31 March 2025. Contributions of at least £lllk are estimated to be payable in the year ending 31 March 2026. Intangible Fixed Assets - Software 2024125 £'ooo 2023124 £'ooo Valuation Balance brought forward Balance carried forward 15 15 15 15 Accumulated Depreciation and Impairment Provisions Balance brought forward Depreciation charge for year Balance carried forward 15 15 15 15 Net Book Value Brought forward Carried forward Intangible assets are amortised using the straight-line method over a period of up to 5 years after the year of expenditure. 20
Notes to the Accounts Tangible Fixed Assets Freehold Land Sports Freehold Buildings Sport5 Fields Freehold Buildings Sport5 Field5 Freehold Land Golf Course Freehold Buildings Golf Course Vehicle5 Equip't and IT Systems £'LK)O Total PE PE PE Valuation Balance blf Reval up/ldownl Transfers Additions Disposals Impairment 1,599 381 38 1.563 2.408 456 6,445 1221 1221 Balance clf 1,599 382 38 1,563 2,408 434 6,424 Accumulated Depreciation and Impairment Provisions Balance blf li Removal upon Reval Depreciation charge Transfer Disposals depreciation Impairment provision Balance c/f 46 313 370 io 47 23 80 1221 1221 16 16 37 93 314 444 Net Book Value Brought forward 1,599 370 38 1,563 2,362 143 6,075 Carried forward 1.599 345 PE- These assets ore purtof the Chorittlble Trusys pemiunentendowmenL 1.563 2.315 120 5.980 Depreciation is provided on all fixed assets with a finite useful life in accordance with FRS102 as follows: Land Not depreciated. Buildings Using the straight-line method over the useful life of the asset after the year of expenditure. These range from 15 to 60 years. Fixtures & Fittings Using the straight-line method over a period of 10 years after the year of expenditure. Vehicles, equipment and IT Systems Using the straight-line method over a period of up to 10 years after the year of expenditure. Securit over Assets None of the assets of the Charitable Trust have been used as security for any loan, overdraft or other credit arrangement. ital Commitments There are no monies due in relation to capital contracts as at 31 March 2025. Investment in Fixed Endowment Assets 21
Notes to the Accounts During 2024125 the Trust incurred no expenditure on the Land and Buildings that are held as a Permanent Endowment IPE). Leases The Trust leases one building along with several pitches to BSUK (Ba5eballSoftballUK) on a 25-year lease which started in June 2016. A further two buildings are leased on a rolling annual basis. The other buildings are currently vacant or not usable due to their age and condition. The drop in minimum lease payments reflects the decrease in the remaining time on the long-term lease. The future minimum lease payments due under the leases are: At 31 March 2025 £'ooo At 31 March 2024 £'(M)o Not later than one year Later than one year not later than five years Later than five years zi 25 26 26 51 The income credited to the Comprehensive Income and Expenditure Statement during the year in relation to these leases was: 2024125 £'ooo 2023124 £'ooo Minimum lease payments 30 30 30 30 10. Stock All stock held by the Charitable Trust are classified as finished goods. Stock recognised as an expense during the year was £94k (2023124: £109k). 11. Debtors and Prepayments- Amounts Falling Due Within l Year At 31 March 2025 £'ooo At 31 March 2024 £'ooo Amounts due for rent of facilities li 19 Amounts due from Buckinghamshire Council Prepayments and accrued income Bad Debts Provision 365 27 1.193 41 161 1,247 403 Amount due from Buckinghamshire Council in 2024125 relates to management fees. 22
Notes to the Accounts 12. Creditors and Accruals - Amounts Falling Due Within l Year At 31 March 2025 £'ooo At 31 March 2024 £'ooo Trade Creditors Amount5 owed to Buckinghamshire Council Other creditors and accruals Audit fee Deferred season ticket and Flexi-card income 180 966 13 62 15 70 269 1,057 Amounts owed to Buckinghamshire Council in 2024/25 include the clubhouse loan invoice for 2024/25. Deferred income At 31 March 2025 £'ooo At 31 March 2024 £'ooo Deferred income as of l April Received in the year Credited to statement of financial activities Total deferred income as of 31 March 70 62 170) 62 139 70 11391 70 All deferred income, which represents golf season tickets and flexicards paid in advance, is included within Creditors: amounts falling due within l year. 13. Loan from Buckinghamshire Council The clubhouse building which opened April 2014 was primarily funded from an unsecured £1.98m loan from South Bucks District Council. This will be repaid over 20 years from 2015. The interest rate charged is st based on the Public Works Loan Board (PWLB) variable annuity rate published for l April each year. The loan is now repayable to Buckinghamshire Council as the successor to South Bucks District Council. The principal payments due under the loan are as follows: At 31 March 2025 £'ooo At 31 March 2024 £'O(K) Not later than one year Later than one year not later than five years Later than five years Total Liability 91 405 612 1,108 420 505 1,019 Interest repayment on the loan 52 51 23
Notes to the Accounts 14. Endowment Funds The Farnham Park Sports Fields Charity is governed by the Eton Rural District Council Act 1971. This Act transferred to Eton Rural District Council land and buildings at Farnham Park Sport Field, and parts of South Buckinghamshire Golf Course. The Assets subsequently transferred to South Bucks District Council and then Buckinghamshire Council in April 2020 as part of local government reorganisation. The usage of these assets is subject to the restrictions contained within that Act. These assets therefore represent a permanent endowment. 15. Operating Lease Commitments The Farnham Park Sports Fields has the following commitments under a rental agreement for the supply of golf buggies and another agreement for the leasing of course/grounds maintenance equipment. There are two separate agreements for the leasing of grounds maintenance equipment. At 31 March 2025 £'ooo At 31 March 2024 £'ooo Not later than one year Later than one year not later than five years Later than five years 25 12 21 37 30 16. Related Party Transactions The Charitable Trust is required to disclose material transactions with related parties- bodies or individuals that have the potential to control or influence the Charitable Trust, or to be controlled or influenced by the Charitable Trust. Disclosure of these transactions allows readers to assess the extent to which the Charitable Trust might have been constrained in its ability to operate independently or might have secured the ability to limit another party's ability to bargain freely with the Charitable Trust. The Eton Rural District Council Act 1971 transferred the Charitable Assets to Eton Rural District Council. SBDC was the successor in title to Eton Rural District Council, under provisions contained in the Local Government Act 1972. In April 2020 Buckinghamshire Council became the successor to SBDC. As such the charitable activities form part of the activities of Buckinghamshire Council. Members of Buckin hamshire Council. Members of Buckinghamshire Council have direct control over the Charitable Trust's financial and operational policies and senior officers of the Council have control over the day-to-day management of the Charitable Trust. However, any actions taken are required to comply with the Charitable Trust's objectives and procedurally must follow the Council's constitution, financial and contract procedure rules, and codes of conduct. Assisted or anisations. The Charitable Trust did not provide any material assistance to any organisations that comprised more than 50% of their funding, on terms that gave the Charitable Trust effective control over their operations. 24
Notes to the Accounts Com anies and oint ventures. The Charitable Trust does not have any interests in companies outside of its normal contractual arrangements. Transaction terms and conditions The loan payable to Buckinghamshire Council is repayable by 31/03/2034. Interest is charged at a variable rate based on the Public Works Loan Board rates. Transactions with Buckin hamshire Council as sole Cor orate Trustee 2024125 £'ooo 2023124 £'ooo As at 31 March included in debtors: Other debtors receivable from Buckinghamshire Council Management fee and donations 365 1.193 As at 31 March included in creditors: Trade Creditors payable to Buckinghamshire Council (Note a) 180 771 Provision for irrecoverable VAT on prior years, recharged payroll costs 195 Funding payable to Buckinghamshire Council 2.139 2,139 Loans payable to Buckinghamshire Council 1.019 1,108 For the year ended 31 March included within The Statement of Financial Activities-_ Interest Payable on loans to Buckinghamshire Council 52 51 Management fee income Funding from Buckinghamshire Council Reserved Fund 164 533 1,007 Note al - Invoices raised by the Council for Salaries. Loan Charges and other expenses which were unpaid Ipending payment) at the year end. 17. Analysis of changes in net debt Balance at beginning of year £'ooo 137 (2.139) Other changes £'ooo Balance at end of year £'ooo 305 Cash Flow £'ooo 168 2,139 Cash at Bank Amounts due to related party IBC) Total cash and cash equivalents (2,002) 2.307 305 Loan from Bucks Council due within one year Loan from Bucks Council due more than one year (91) (1,017) {3) 12,047) 1941 13,064 Total net debts (3.110) 257 12,853) 25
Notes to the Accounts 18. Events after the Balance Sheet Date For the 2024125 accounts there are no significant adjusting or non-adjusting events to disclose. 26
Independent Auditorfs report to the Trustee of Farnham Park Sports Fields Opinion We have audited the financial statements of Farnham Park Sports Fields (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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,. 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. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's respon5ibilitie5 for the oudit of the financial statements section of our report. We are independent of the 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 use of the going concem 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 charitys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the with respect to going concern are described in the relevant sections of this report. We draw your attention to the going concem accounting policy on page 18 as the charity has deficit unrestricted funds. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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 fart. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion- the information given in the financial statements is inconsistent in any material respect with the report,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. 27
Independent Auditorfs report to the Trustee of Farnham Park Sports Fields Responsibilities of the Trustee As explained more fully in the statement of responsibilities. the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 Trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the either intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at- https.'//www.frc.org.uk/ auditors responsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud: Reviewing minutes of meetings of those charged with governance- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 28
Independent Auditorfs report to the Trustee of Farnham Park Sports Fields Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transartions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" las amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's trustee. 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 trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body. for our audit work, for this report. or for the opinions we have formed. Tracey Richardson For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Westpoint Lynch Wood Peterborough PE2 6FZ 29