Hope Park Charilable Trust Report of the Direthrs and Trustees d Financial Statements for the year ended 31 March 21r24 Keswick ACCOUNTANTS Hope Park Charllable Trust Index 10 Ihe FirRnclal Slalements for the year ended 31 March 2024 Page Charity Information Trustees. Report Independent Examinerfs Report Statemenl of Financial Activities Statement of Financial Activities Comparative Balance ShÈet Notes to the Financial Statemerrts Hope Park Charitable Trust Charlty Informallon for Ihe year ended 31 March 2024 DIRECTORS AND TRUSTEES: Cllr A L Dunn Cllr S Harwcod Cllr C J Houghlon Cllr C M Houghton Cllr D J T Kemp Cllr S Lansbury Cllr B R Lapihom Cllr J Murray Cllr R Nelson Cllr T M Parsons Cllr A G Paxon Clr L J Tajlor CHIEF EXECUTIVE OFFICER: Miss Vivien Lillle BUSINESS ADDRESS 50 Main Street Keswick Cumbria CAl2￿s CHARtrY NUMBER: 503465 ACCOUNTANT AND INDEPENDE1￿ EXAMINER Frances Clark ACA Keswick Accountants ApplesKle 4 Leonard Street Keswick Cumbria CA12 4EJ Page 1 Hope Parf( Charltable Trusl Report of the Trustees for the year ended 31 March 2024 The Trustees present their report together with the financial statements of the Charty for the year ended 31 March 2024. The accounts have been prepared in accordance ￿ryth the Charities Act 2011. and the Accounting and Reporting by Charities: Slatement of Recommended Practi￿ (SORP) *icable lo charities preparing their accounts in accordan￿ with the Financial Rewrting Slandard applicable in the UK and Republic of IrelatKI IFRS 102) (effective 1 January 2015). Governing Document The Hopo Park Trust is a charitable Tru* govemed by a Irust Deed dated 10 June 1974. Oblectlves The provision and maintenance of a public park ar)Y recreation ground for use of the inhabitants of, and visitors to. the town of Keswick ￿￿thOut Ihe distinction of political, religious or other opinions, with Ihe object of improving the conditions of life for the said inhabitanls. Truslees The Trustees who acted during the period were as follows". Cllr D S Burn - end of term May 2023 Cllr A Daniels - end of term May 2023 Cllr A B Dunn - end of term May 2023 Cllr A L Dunn Cllr S Harwood Cllr C J HoLJghton - elected May 2023 Cllr C M Houghton - elected May 2023 Cllr D J T Kemp - elected May 2023 Cllr S Lansbury Cllr B R Lapthorn - ele￿ed May 2023 Cllr A Lywood - end of term May 2023 Cllr D Miller - end of term May 2023 Cllr J Murray Cllr R Nelson - elected May 2023 Cllr T M Parsons - elecled May 2023 Cllr A G Paxon Cllr L J Ta￿Or - elected May 2023 Cllr P C Titley - end of term May 2023 Cllr P Walter- end of term May 2023 Management Stru¢iure In 1974 Keswick Town Council was comieyed the Part( on trust for the people of Keswick. It is therefore a given that once dem￿ratiCallY elecled as a Tovm Councillor, the duty of Truslee forms part of that role. The recuitmenl process is Iherefore according to the Local Government Act 1972. Representation ot the People Act 1983 as amencled by the Representation of the People Act 1985. and Local Elections {Parishes and Communiliesl Rules 1986, amended 1999. Page 2 Hope Park Charllable Trnst Roport of the Truslees, contd. for the year ended 31 March 2024 Review of the Development, Aclivilies and Achlevements of the Charity During the year the Trust carried on wtth its objeclives of running and mainlaning ihe park for the bengfrt of the peO￿e of Keswick. The running of the games ar￿ refreshment laciliknes were provided by a third paty contractor. W¥sitors lo Hope Park can enjoy Magnifi￿nI Iloral d￿spIa￿, putting. pitch and putt. obstacle go and boules, visit Ihe bird viewing stalion, sundial and have a drink or snack in Café Hope in wonderful surroundings. The Park has plenty seating most of wh￿h has been kindly donated in memory of loved ones. Hope Park is home to the Max Ihe Miracle Dog statue wh'ch provides income to the park, so far this fund has been used to make improvements to many footpaths. a new handrail for a brtdge and new equipment to keep the park mainlained to a high slandard. This fund is restricted to expenditure in Hope Park only. The Trust has made a number of steps to address climate change i￿luding declaring a Climate Change Emergency. What Ihe Trust have done so far:_ - Use only peal free comwst Use glyphosale free weed killer GraduaSly introducing more bee friendly plants Led a campaign askirMJ retailers Th)t to stock disposable BBQS and have prohibit￿1 use in our Parks - Worked wth partners to coordinate the control of Balsam - Changed to 100 /0 renewable energy suppliers Invested the majority of our reserves in Ethical Banks Fleplaced petrol equipment wtlh eleclric as and when they newj replacing Use lower carbon fuel for the remaining petrol equipment Havg a Climate Change Action Plan in place which is regularly updated - All staff have been given Climate and Carbon Literacy training A Woodland Path has been introduced lo improve accessibilty lo Ihe Park via grarrt fijnding. The fantastic work undertaken by the Parks and Café staff was acknowledged as they were given well deserved accolades from Cumbria in Blijom - gold and silver awards for Tourism, Small Woodland Copse and Biodiversity Page 3 Hop8 Park Charilable Trust Report of the Trustee4 contd. for the year ended 31 March 2024 Finances During the year the Trust had net incoming resources of £65,610 {2023 - £65.435). When added to broughl forward reserves of £781,000. the closing reserves were £846,610. Of this. £518,267 are fixed assets, including the vaiue of the cafe and new staff accomodation and equipment. The year end revenue fund balance is £328.343 ot which £118.3A7 are designated funds and £2,193 are restricted funds. Trustees and officerrs are currentEy workiro on short, medium and long-term plans. Reserves Policy The Trust has £207.833 of unrestricted revenue reserves. Ideally the level of reseNes would represent 3 to 6 months of the previous years running costs which is in the region of £40,000 to £80,000. The lotal of unrestricled reserves is £726,100 (this includes fixed assels of £518.267). Further reserves are held in designated funds, Ihe Building Fund £26,519 and Development & Equipment Fund £42,508. These funds are held due lo unforeseen circumstances, such as Ilooding or other natural disasler to cover uninsurable loses e.g. open space, as well as provision for ongoing improvemenls and upgrades of the Trusts equipment and assets (including buildings). The Building Fund is allocated to Hope Park only whereas the Development and Equipmenl Fund can be used in either Hope or Filz Park, the funds are lopped up, annually Irom the previous years profil, no cap has been set for these funds although this may be addressed during Ihe short, medium and long term planning exercise. Note:. £110,000 of the unrestricted revenue rese￿eS {£207:833) has been allocated to Fitz Park Charitable TrLJSt as a grant towards the new workshop and slaff area in Upper Fitz Park. This was agreed by Trusiees at the meeling held on Thursday 1 5th February 2024 - minute number 58. vl. Investment Pollcy The building fund and devdopmenl and equipment fund earn interest during the year, along with any reserves held. As part of addressing climate change the Trust decided lo invest some unrestricted reserves into Ethical Banks (CCLA & Unty Bank) eaming a higher raie in interest. Risk Assessment An annual risk assessment is carried out MJerrtFtying insurance and other risks, current arrangements for managing Ihese and any other &tion required. Insurances are put in place where possible to mitigate any financial losses. ON BEHALF OF THE TRUSTEES Page 4 Hope Park Charltabl• Trust Independent Examlners Report for the year ended 31 Mar¢h 2024 I report on the accounts for the Trusl for the year ended 31 March 2024 vthich are set out on pages 5 - Respectlve responsibililies of truslees and examiner The charity's trustees are reswnsible for the preparation of the accounts. The charivs trustees consider thal an audit is not required for this year. under seclion 144(2) of the Charities Act 2011 (the 2011 Act), and that an i￿lependent examiners report is needed. It is my reswnsibilty to: examine the accounts under section 145 ot the 2011 Act. - to follow the procedures laid down in the General Directions given by the Charity Commission under section 14515llb) of the 2011 Act. and - to state whether particular mallers have come to my attention. Basis of independent examiners report My examination was carried oul in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of accounting records kept by the chariiy and a comparison ol the accounts presented with these records. It also includes consideration ol any unusual items or disclosures in the accounts, arKI seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provKle all the evidence Ihal would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts. Independent examiners. statemenl In connection with my examination, no matter has come to my attention: (11 which gives me reasonable cause to believe that, in any material respect, the requirements to: - keep accounting records in accordance wrth s130 of the 2011 Act. and to prepare accounts which accord ￿th Ihe accounting records and lo comply with the accounting requirements of the 2011 Acl have not been mel. or {21 to which, in my opinion. attention should be dra¥vn in order lo en*le a proFer understanding of the accounls to be reached. Frances Clark ACA Keswick Accountants Appleside 4 Leonard Street Keswck Cumbria CA12 4EJ Page 5 Hope Park Charilable Trust Slatem8nt of Firtanc￿l Acilvttles for the year en(kd 31 March 2024 31 March 2024 Nole5 Restr￿ted Unrestricted Designated Total Funds Funds Funds 31 Plarch 2023 Total INCOME D￿atIonS and legacies Donations and grfls Legacies re￿1vable Grants receiv2ble 8.651 1.577 9,140 1.577 1,073 41,745 1.384 1.073 Income from charilable activilies other Tradlng A¢tlvrties 197,509 197,509 180.381 Income from Inveslmenls 48 Total income 1,073 201.262 10,314 212,649 223,558 EXPENDITURE Expendilure on ¢haritabJe aclivities 1.263 145.728 147,039 158,123 Total expendlluro 1.263 145.728 147,039 158.123 Net incoming l (outgoing) resources {1901 55,534 10.266 65,610 65,435 Unroalisèd galn on rewaluallon of tangible fixed assets m0￿ment in funds 11901 55.534 10.266 65,610 65.435 Total lU￿S brought forward 5,333 683,526 92,141 781.000 715.565 Transfers between funds I2,9￿1) {12.960) 15.910 Tolal lunds carried lor4Yard 15 2.193 726,100 118,317 846.610 781.000 Funds carried forward as lollows Revenue Funds Fixed Asset Funds 2.1W3 7033 518.267 726.1( 118.317 328,343 518,267 118.317 846.610 283,518 497,482 781.0(Kl 2,193 The Thjtes form part of these financial statements Page 6 Hope Parl( Charitable Trusi Stalemenl of Flnanclal Actlvltles Comparatlve 31 March 20tJ 31 March 2023 Restricted Unrestricted Designated Total Funds Funds Funds INCOME Donations and legacies Donations and grfts Legacies receivable Grants recetvable 327 41.418 1,384 41.745 1,384 Income from charitable actlvltles Primary Purpose Tradiro 180.381 180,381 Other Trading Actlvities Income from Investrnenls 48 48 Tolal incomo 180,708 42,850 223,558 EXPENDITURE Expenditure on charitable activities 10.600 137.041 10.482 158.123 Tolal expendlture 10.600 137,041 10,482 158,123 Net Incomlng l {oulgolng) resources {10,600) 43,667 32,368 65,435 Total funds brought forward 15.933 659.775 39,857 715,565 Transfers between funds {19.916) 19,916 Total funds carrled forniard 5,333 683,526 92,141 781,000 Funds carrled forward as follows:_ Revenue Funds Fixed Assei Funds 5,333 186,044 497,482 5,333 683,526 92,141 283,518 497,482 92,141 781,lJOO The notes form part ol these financial statements Page 7 Hope Park Charltable Trust Balance Sheel asal 31 March 2024 Notes 31 Mar¢h 2024 31 March 2023 Fixed Assets Tangible fixed assets 12 518.267 497,482 518,267 497,482 Current Assets Debtors Cash at bank and in ha￿1 13 53 369,358 67 316.168 369,411 316,235 Creditors: amounts falling due within one year Creditors and accruals 14 41.068 32,717 Net Current Assets 328.343 283,518 Totsl Assets less Current Liabilitles 846,610 781.OQO NET ASSETS 846,610 781,000 Funds Restricted funds Unrestricted funds Designated funds 15 2,193 726.100 118,317 5,333 683.526 92,141 16 846.610 781,000 As Approved on.. i iwl W4LY 2C>2 By: Page 8 Hope Pork Charitable Trust Notes to Ihe Financial Staten*nts for ihe yoar éndèd 31 March 2024 1 Accounling Policies General The financial statements have teen prepared in arxordance wilh A￿ounti￿J and Rewrting by Chaiities: Statement ot RecofnmerKled Practi￿ applicable to chariiies in [xep￿lThJ their accounts in acCOrdar￿ with the Financial ReFQrting Standard applicable in the UK and Republic ot Ireland IFRS 1021 leffective 1 January 20151- (Gharities SORP IFRS 10211, the Financial RetM)rting sI￿ard applicable in the UK and Republic of Ireland {FRS 1021. The charity meets the definition ol a publ￿ benefit entity ￿￿ler FRS102. Assets and li2bilities are initially recognised at hi5toricai cost or transaction value unless otherwise stated in the relevant accounting p)licy note {51. Tangible Fixed Assets and Depreciation All tangible frxed assets are slaied at o)st less deprecI*￿n. F￿ehOk1 land and bull ditNJs are maintained in a go￿ slate of repar aThJ in the opinion of the Trust￿$ the realisable value ￿ the la￿ and buildings is not less than Ihe book value. Consequenlly rm) depreciatK)n has been provided on treehokl land and buikjings. All other assets are depreciated at the folknwing rates-.- Vehicles, plant and rnachinery - 20% reducing balance Income Income is accounted f￿ on a receivable basis. Where income is received for a swc4fic purpose. as defined by the donor. this Ir￿ome is classed as restricted. Income received towards the general objects ol the charity is classed as unrestricted. Expenditure Expenditure is accounted for on an accruals basis. Where it relates to a specfft woiect it is allocated lo that projecl as restricted expendtlure. Expendilure thal relates to the objects of the charity is Classified as Gharilable activrties. Any legal or professional costs are clawfie(l as ￿VeMar￿e c0515. The costs of generating funds are separately inderrtified. Funds General lunds are those where no restrtclions have been plar*d upon the spealic spendino ol the lunds by the donor. Designaled funds are thosé funds where Ihe dir￿torS have chosen lo earmark general lunds for a specfic purpose. Restricted funds aFe those funds where the donation 15 received for a specific purpose as set out by the donor. 2 Paymenl to A¢cour￿nts The payment to the ac(x)unts included in Ihe exper￿ltUre is spltt as follows: 2024 2023 Payment for preparalion ol accounts Paymeni for Independent Examination 575 325 900 575 300 875 Page g Hope Park Charitable Trust Notes to the Financial Staten*nts for the year ended 31 March 2024 31 Marth 2024 Reslricled Unrestrixed De8¥Jnated Total 31 March 2023 3 Donatlons arKI gifts Donations 8,651 8.651 9,140 9,140 41,745 41.745 Legacles recelvab Memorial Seat5 1,577 1,577 1,577 1,577 1,384 1,384 5 Grants receivable Cumbria County Council 1.073 1,073 1,073 1,073 6 Other knding aclivities License fee and rent Squirrel i bird feeding station inccfftie Sate of as5els I scrap Hire ol park 196,030 397 196,030 397 179,050 362 68 901 180.381 947 197,￿9 947 197.509 7 Inve5trnent income Bank interest recéivgd 3,264 3.264 3,350 3.350 86 8 Charitable activities Stall cosls and untForms rc recharge of admin cosL. Isee note 91 Health and satety costs Telephone Advertising and PR Web, Inlemel and computer GOJI equipment and lools Motor vehide expenses Contingency Watgr rates and trade refuse Insurance Repairs and mainlenance Cliwnate change Costs Light and heal Plant produclion, Irees and bild le&1 Memgrial seals and plaques Materials Equipment costs Max slalue expendrture Woodland walk expeniivre Signs expense Developm&nl cosls Depreciation Planl arid machinery Fixtures and Fittings Motor Vehicles Ofli¢e Equipmenl Loss I (Proftl) on disposal of fixed assets Independent Examinets Fee Professional fees 61.642 28,239 441 61,642 28,239 67.844 26,685 680 2B8 333 917 1,045 2,471 1,500 1,140 3,312 15,683 429 826 5,993 100 1,523 463 1.379 439 3.807 1.379 439 3,807 1.237 3.419 13067 628 3,718 6,856 1,237 3,419 13,867 628 3,718 6,856 48 1,309 1.073 1.309 1,073 9,382 10.600 350 190 1,OLKJ 5,809 5.809 1.283 9.664 3,107 1.406 6.988 222 15.6261 875 164 1936} (9361 900 1.263 145,728 48 147,039 158.123 Page10 Hop& Park Charitable Trusl Notes to the Financlal Statements for the year erKled 31 Ilarch 2024 9 Breakdown of Keswi¢k Town Councrl Recharges 31 Marth 2024 31 March 2023 Salaries. National insurance arKJ Pensi(xi Pension lo Former Employee Staff Expenses Payroll Outsource Costs Rerrt Building Service Costs Insurance Rapairs subscripts.ons Stationery and PrKrting Postage Photocopier Lease and Charges Computer Maintenance Website and Internèt Costs Telephone Health and Safety offi￿ Equipment and Fittings Council Chamber Expenditure Conferences l Training 21.698 219 36 313 33 1,414 1,564 178 129 214 137 67 328 671 232 239 1,414 1,374 172 174 86 341 504 122 91 24 159 28.239 26.685 10 Employee Rernuneration Stafl costs and unifonns 31 March 2024 31 March 2023 Gr055 salaries Other staff and recruitment costs Training V￿11