CHARITY REGISTRATION NUMBER: 507587 Castle Park Trust Unaudited Financial Statements 31 March 2024 AGP Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH
Castle Park Trust Financial Ststements Year ended 31 March 2024 Page Trustee's annual report Independent examinerfs report to the trustee Statement of financial activities Statement of financial position Notes to the financial statements
Castle Park Trust Trustee's Annual Report Year ended 31 March 2024 The trustee presents his report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and admlnlstrative details Registered charity name Castle Park Trust Charity reglstration number 507587 Prlnclpal office The Portal Wellinglon Road Ellesmere Port CH65 OBA The trustee Cheshire West and Chester Council, which comprises 70 Members, none of whom are remunerated by the charity. Independent examiner Rachel Palombella FCA AGP Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH Sollcltors Cheshire W8St and Chester Council Solicitors Bank Lloyds Bank PLC Ihrough Cheshire West and Chester Council
Castle Park Trust Trustee's Annual Report (continued) Year ended 31 March 2024 Structure, governance and management The Charity is administered under a'scheme" approved by the Charity Commissioners for England and Wales. During 2023-24 the day to day operation of the Charity was administered by an Executive Management Committee comprising of Councillors from the wards local to Castle Park, namely.. Frodsham (2 representatives) Helsby Sandston8 The Members of the Committee may also include other organisalions which use the park or are closely associated with the park to send representatives to the Executive Committee meetings in a non-voting capacity. Organisations represented in 2023-24 include Frodsham Town Council and Castle Park Arts Centre Trust. The "House" and "Grounds are managed in accordance with two Service Level Agreements (SLA'S) between the Trust (Owner) and Cheshire West and Chester Council {Provider}. The "House" SLA provides for the Council to manage the building on behalf of the Trust and account for any rental income from licences and lellings after Ihe deduction of management. maintenance, insurance, and administration costs. The "Grounds" SLA allows for the Council to use the grounds and facilities for the provision of ils leisure function as a Local Authority. In return the Council agrees to maintain the grounds to an agreed standard al nil cost to the Trust. Objectlves and activities The Castle Park Trust, Frodsham Charity (the 'Trust') was established during 1933. The goveming documents are two trust deeds dated 30 March 1933 as varied by a deed of gift dated 14 April 1934. The building and park land were given to the former Runcorn Rural District Council in 1933 to hold on trust for the public benefit of the area. Restrictions under the governing document in force at 31 March 2024 included.. to use the buildings for Council Offices, the advancement of education, a museum, art gallery, or public library (although they can be leased if there is no requirement for these purposes) lo use the grounds for an historic park for public use; only to erect new buildings if they are necessary or desirable to further the objects of the charity, and do not effect the historic character of the park. Th8 objects of the Charity are.. The use of the buildings known as Castle Park House and outbuilding for.. Council offices for the purposes of the Council as Local Authority and the inhabitants of the area of benefit (the adminislralive area of Cheshire Wesl and Chester Council)- the advancement of the education of the inhabitants of the area of benefit- a museum, art gallery or public library., the use of the remaining land and buildings as a public park for the benefit of inhabitants of the area. Whilst daily adrnission for the public lo the park is generally free, the Trust may allow the park to be used for special events from time to time for which a charge may be made. When Tnaking such decisions upon the use ofthe Trust's buildings and grounds. consideration has been given to the Charity Commission's public benefit guidance where this guidance is relevant.
Castle Park Trust Trustee's Annual Report (¢onlinued) Year ended 31 March 2024 Achievements and performance Facilities available at Castle Park include office accommodation and an arts centre. External facilities include landscaped gardens, a café, bowling greens and tennis courts. Flnancial review The Trust's principal source of funding is from the letting of office space within the "House" and during 2023-24 the Trust received £136,1141£128,3741 in rental, licenses and other property related income. The Trust also received investment income of £21,2871£9,222). The Trust incurred expenditur8 of £113,7781£109,4961 in respect of the maintenance and administration of the "House" It is also relevant to note that a further amount of £2,683 has been Iransferred lo the permanent endowment in accordance with the Charity Commission agreement to re-instate the £161,000 contribution made in 2005-06 from this fund towards the cost of the refurbishment of the house. A sum of £15,000 has been transferred into the capital works fund to be used to finance future major property refurbishment and replacement costs. The balance contained in the capital reserve continues to be available a5 an unrestricted fund. The valuation of Castle Park House at the end of 2023-24 was £436,240 (£433,100) and so tangible fixed assets hav8 increased by £3,140. Overall net incoming resources for the year were £43,623 {£28.100) giving tolal cash backed reserves carried forward of £461,4231£417,800). ReseNes Pollcy The Charity's reserves of £461,423 {excluding those funds tied up in property) are represented by the residual sale proceeds of 63 Park Lane (permanent endowment), the expendable endowment fund, and an Unrestricted Income fund. The Unrestricted Fund has been splil between a General Fund which is available to fund any aspect of expenditure and a capital works fund which is set aside to fund future repairs and maintenanGe costs on the premises. These reserves are considered sufficient to meet the on-going needs of the charily. Investment Policy The Charity's policy is for Cheshire West and Chester Council to invest all reserves in line with ils own Annual Investment Strategy, which gives priority to the se¢urily and liquidity of investments rather than to their yield. The return achieved on investments in 2023-24 was 4.950/0. Risk Review The activities and property of the charity form part of Cheshire West and Chester Council's ongoing corporate rtsk management arrangements and are considered within the Trust'5 business planning process. The Trust will continue to work with the Council to ensure that its risks are given due proTninence within the Council's corporate risk and asset management processes, and Trust assets do not suffer significant detriment through unreasonable actions or inactions.
Castle Park Trust Trustee's Annual Report (contlnued) Year ended 31 March 2024 Plans for future periods The charity plans lo continue to provide the activities and facilities outlined in "Objectives and Activities" and "Achievements and Performance" Trustees The Trustees of the Trust as al 31 March 2024 are detailed on Page 1. The trustee's annual report was approved on trustees by.. and signed on behalf of the board of Cllr M Garvey By order of the committee
Castle Park Trust Independent Examiner's Report to the Trustee of Castle Park Trust Year ended 31 March 2024 I report to the trustee on my examination of the financial statement5 of Castle Park Trust {'the charity'l for the year ended 31 March 2024. Responsibilities and basis of report As the trustee of the charity you are responsible for the preparation of the financial slatements in accordance with the requirements of the Charities Act 2011 ('the Act'l. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying oul my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51(bl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving m8 cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements do not accord wlth those records., or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with Ihe examination to which attention should be drawn In this report in order to enable a proper understanding of the accounts lo be reached. Rachel Palombella FCA AGP Chartered Accountants Independent Examiner Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH
Castle Park Trust Statement of Financlal Activitie5 Year ended 31 March 2024 2024 Unrestricted Endowment funds funds Total funds Total funds 2023 Note Income and endowments Charitable activities Investment income 136,114 136,114 21,287 128,374 9,222 21,287 Total income 136,114 21,287 157,401 137,596 Expenditure Expenditure on charstable activities Total expendlture 113,778 113,778 109,496 113,778 113,778 109,498 Net Income 22.336 21.287 43,623 28.100 Transfers between funds (2.6831 2,683 Other recognlsed gains and losses Gainslllosses) on valuation of inveslmenl property Net movement in funds 3,140 3,140 18,200 19,653 27,110 46,763 46,300 Reconclllatlon of funds Total funds brought forward Total funds carried forward 208,566 642,334 850,900 804,600 228,219 669,444 897.663 850,900 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aGlivilies. The notes on pages 8 to 15 fo part of these financial statements.
Castle Park Trust Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 12 436,240 433,100 Current assets Cash at bank and in hand 466,375 419,271 Credltors: amounts falling due withln one year Net current assets 13 4,952 1,471 417,800 850,900 461,423 Total assets less current Ilabllltles 897,663 Funds of the charity Endowment funds.. Permanent endowment fund5 Expendable endowrnent funds Unrestricted funds 502,807 166,637 228,219 496,984 145,350 208,566 Total charlty funds 14 897,663 850,900 These financial statements were approved by the board of trustees and authoris8d for issue on .WIJul.1Itrand are signed on behalf of the board by: Cllr M Garvey By order of the committee The notes on pages 8 to 15 fonn part of these financial statements.
Castle Park Trust Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit enlily and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Portal, Wellinglon Road, Ellesmere Port, CH65 OBA. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 102) (Charities SORP (FRS 102)) and the Charitie5 Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statement5 are prepared in sterling, which is the functional currency of the entily. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds ar8 unrestricted funds earmarked by the trustee for particular future project or commitment. Restricted funds are subjected to reslriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one oftwo sub-classes.. restricted income funds or endowment funds. Expendable endowment The balance carried forward on the Expendable Endowment fund is £166,637.
Castle Park Trust Notes to the Financial Statements (eontinyed) Year ended 31 March 2024 Accounting pollcies (continued) Incoming resources Investment income Investment income is credited to the account based on the average rate of return on investments earned by Cheshire West & Chester Council during the financial year. Interest is calculated on the average balance held by the charity during the year. Income from charitable activlties Income from Charltable Activities comprises mainly rent from the letting of rooms within the Castle Park Building. All lets have been approved by the Charity Commission as required within the governing doGument, Revenue recognitlon All incom8 included in the Financial Statements has been accounted for on an accruals basis and relates to the financial year 1 st April 2023 to 31 st March 2024. Resources expended Dlrect Charltable expendlture The governing document requires the maintenance and preservation of the Castle Park Building. The costs of maintenance and preservation are recorded as "Direct Charitable Expendlture" Tanglble assets Tangible assets are initially recorded al cost, and subsequently stated at C05t less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the date of revaluation less any subsequent accumulated deprecialian and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recogni5ed in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the slatement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicator5 exist. Where the carrying value exceeds the recoverable amount, the a55et is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting dale. For the purposes of impaiment testing, when il is not possible to estimate the recoverable amount of an individual asset, an estimate 15 made of the recoverable amount of the cash-generaling unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inftows that largely independent of the cash inflows from other assets or groups of assets.
Castle Park Trust Notes to the Financial Statements fcontinued} Year ended 31 March 2024 Accountlng policies (continu8d) Impairment of fixed assets {contlnuedJ For irnpairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that are expected to benefit from the synergies of Ihe combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial Instruments The charity only has financial assets and financial liabilities of a klnd that qualify as basic financial instruments. Basic financial instruments are initially re¢ognised al transaction value and subsequently measured 81 their settlement value with the exception of banks loans which are subsequently measured at amortised cost using the effective interest method. Debtors Trade and other debtors are recognised al the settlement amount due after any trade discounts offered. Creditors and provlslons Creditors and provisions are recognised where the charity 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 and provisions are normally recognised at their settlement arnounl after allowing for any trade discounts due. Charltable actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rent income Ice cream licence and cafe income Front of house funding Other contributions 102,914 9,000 22,000 2,200 102,914 9,000 22,000 2,200 96,998 7,376 22,000 2,000 96,998 7.376 22,000 2,000 136,114 136,114 128.374 128,374 Investment income Endowment Total Funds Endowment Total Funds Funds 2024 Funds 2023 Bank interest receivable 21,287 21,287 9,222 9,222 10
Castle Park Trust Notes to the Financial Statements (continued) Year ended 31 March 2024 Expenditure on charitable activities by fund type Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Maintenance and preservation of Castle Park building and grounds Support costs 88,599 25,179 88,599 25,179 113,778 78.736 30,760 78,736 30,760 113,778 109.496 109,496 Expenditure on charltable actlvltles by actlvlty type Activities undertaken directly Support Total funds Gosts 2024 Total fund 2023 Maintenance and preservation of Castle Park building and grounds Governance costs 88,599 24,029 1,150 112,628 1,150 108,396 1,100 88,599 25,179 113,778 109,496 Analysis of support costs Support ¢0515 Total 2024 Total 2023 Premises Governance costs Legal, professional and admin fees 2,287 1,150 21,742 25,179 2,287 1,150 21,742 4,246 1,100 25,414 25,179 30,760 Independent examlnatlon fees 2024 2023 Fees payable lo the Independenl examiner for.. Independent examination of the financial statements 1,150 1,100 10. Staff costs No salaries or wages have been paid to employees, including members of the committee, during the year. 11. Trustee remuneratlon and expenses No remuneration or expenses were paid to trustees during the current or previous year. 11
Castle Park Trust Notes to the Financial Statements (eontinued) Year ended 31 March 2024 12. Tangible flxed assets Land and buildings Cost At 1 April 2023 Revaluations 433,100 3,140 At 31 March 2024 436,240 Depreciation At 1 April 2023 and 31 March 2024 Carrylng amount At 31 March 2024 436,240 Al 31 March 2023 433,100 Property revaluations The building has been valued on an open market (existing use) basis by Cheshire West & Chester Councils Eslales Officer in accordance with the Slalemenls of Asset Valuation Principles and Guidance Notes issued by the Royal Institution of Chartered Surveyors IRICSI. The basis of valuation does not require the asset lo be depreciated and reflects the fact that under the lerms of the Trust deed it cannot be sold. Any such depreciation would be immaterial. The last valuation was completed to reflect the value at 31sl March 2024 and was increased by £3,140 compared to 31st March 2023. 13. Credltors: amounts falllng due wlthln one year 2024 2023 Other creditors 4.952 1,471 12
Castle Park Trust Notes to the Financial Statements (contlntsed) Year ended 31 March 2024 14. Analysis of charltable funds Unrestricted funds Gains and At losses 31 Mar 24 At1Apr23 Income Expenditure Transfers General fund5 Designated Fund 11,081 197,485 136,114 1113,778) 117,683) 15,000 15,734 212,485 208,566 136,114 (113,778) (2,683) 228,219 Gains and At losses 31 Mar 23 At1Apr22 Income Expendlture Transfers General funds Designated Fund 10,603 181,768 128,374 (105,2131 {22,6831 14,2831 20,000 1109,496) 11,081 197,485 192,371 128,374 {2,683) 208,566 Transfer5 between funds Since 2012-13 a designated fund has existed against the need to finance future major capital works and lifecycle replacement costs. This fund will receive regular annual contributions from the unrestricted general fund and in years where significant costs are incurred, balances will be released to finance these costs. 13
Castle Park Trust Notes to the Financial Statements fcontinued) Year ended 31 March 2024 14. Analysls of Gharltable funds fcontinuÈd) Endowment funds Gains and At losses 31 Mar 24 At1Apr23 Income Expenditure Transfers Permanent endowment - Permanent endowment fund Expendable endowment - Investment income 496,984 2,683 3,140 502,807 145,350 21,287 166,637 669,444 642,334 21,287 2,683 3,140 Gains and At losses 31 Mar 23 A11Apr22 Income Expenditure Transfers Permanent endowment - Permanent endowment fund Expendable endowment - Investment income 476,101 2,683 18,200 496,984 136,128 9,222 145.350 612,229 9,222 2,683 18,200 642,334 The Pemianent endowment fund is comprised of the following.. Castle Park Building Residual sale proceeds of 63 Park Lane Annual contribution towards re-instatement of Permanent Endowment. The building and park land were given to the former Runcorn District Council in 1933 to hold on trust for the public benefit of the area. Restrictions under the governing document in force at 31 March 2024 included.. to use the buildings for Council Offices, the advancement of education, a museum, art gallery or public library (although they can be leased if there is no requirement for these purposes); to use the grounds for an historic park for public use., only lo erect new buildings if they are necessary or desirable to further the objects of the charity, and do not effect the historic character of the park. 14
Castle Park Trust Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2024 15. Analysis of net assets belween funds Unrestricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 436,240 233,204 436,240 466,375 14,952) 897,663 233,171 14,9521 228,219 669,444 Unrestricted Endowment Total Funds Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 433,100 209,234 433,100 419,271 (1,4711 850,900 210,037 (1,471) 208,566 642.334 16. Related parties The SORP requires that information in respect of material transactions with related parties be disclosed. In 2023-24 Cheshire West and Chest8r Council made the following paymen15 to Castle Park Trust.. rent of £13,806, £22,000 in lieu of providing a front of house service. A maintained school paid rent to the value of £41,500 and service charge of £1,219. Similarly, the Trust pald Cheshire West and Chester Council £19,861 in respect of management and legal fees. Frodsham Town Council paid rent of £5,100 to the Trust. 15