Filz Park Charitsble Trust Report of the Directors and Twstees and Financial Statements lor the year ended 31 March 2(Y24 Keswick ACCOUNTANTS
Filz Park Charltabl• Trust Index to the Financlal Slatemenls for the year ended 31 March 2024 Page Charity Information Trustees, Report Independent Examiner's Report Statement of Financial Activities Statement of Financial Actimties Comparative Balance Sheet Notes to Ihe Financial Statements 9 -15
Fitz Park Charitable Trust Charity Infomiation lor the year ended 31 March 2024 DIRECTORS AND TRUSTEES: Cllr A L Dunn Cllr S Harwood Cllr C J Houghlon Cllr C M Houghlon Cllr D J T Kemp Cllr S Lanstxjry Cllr B R Lapthom Cllr J Murray Cllr R Nelson Cllr T bA Parsorns Cllr A G Paxon Cllr L J Taor CHIEF EXECUTIVE OFFICER: Miss Vivien Little BUSINESS ADDRESS 50 Main Street Keswick Cumbria CA12 &JS CHARITY NUMBER: 520327 ACCOUNTANT AND INDEPENDEKf EXAMINER Frances Clark ACA Keswick Accountants Appleside 4 Leonard Street Keswick Cumbria CA12 4EJ Page 1
Fltz Park Charltable Trust Report of the Trustees for Ihe year ended 31 March 2024 The Trustees present their report together with the finaKial staiements of the Charity for the year ended 31 March 2024. The account5 have been prepared in accordance wth the Charities Act 2011, and the Accounting and Reporting by Charities: Statemenl of Recorrtmended Practice (SORP) a[l¢able to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic ol Ired (FRS 102) (effective 1 January 2015). Govemlng Document The Fitz Park Trust is a Charitable Trust governed by a Trust Deed. The Trust was established in 1882 covering 28 acres of parkland in central Keswick adjoining the river Greta. A new scheme was drawn up in 1995 and the management ol the Park is now the responsibility of Keswick Town Council as sole Trustee. Objectlves The provision and maintenance of a public parl( arKJ recrealion grou1 for use of the inhabitants of, and visitors to, the town of Keswick without the distinction of political, religious or olher opinions. with the object of improving ihe conditions of lrfe for the said inhabrtants. Trustees The Trustees who acted during the period were as follows: Cllr D S Burn - end of term May 2023 Cllr A Daniels - end ofterm May 2023 Cllr A B Dunn - end of temi May 2023 Cllr A L Dunn Cllr S Harwood Cllr C J Houghton - elected May 2023 Cllr C M Houghton - elecled May 2023 Cllr D J T Kemp- elected May 2023 Cllr S Lansbury Cllr B R Lapthom - elected May 2023 Cllr A Lywood - end of terrn May 2023 Cllr D Miller - end of term May 2023 Cllr J Murray Cllr R Nelson - elected May 2023 Cllr T M Parsons - elected May 2023 Cllr A G Paxon Cllr L J Taylor - elected May 2023 Cllr P C Titley - end of tenn May 2023 Cllr P Walter - end of term May 2023 Management Structure In 1995 Keswick Town Council was conveyed the Park on trust for the people of Keswck. It is therefore a given thal once democratically elected as a Tobvn Councillor, the duty of Truslee foms part of that role. The recuitmenl process is Iherefore according to the Local Government Act 1972. Representation of the People Act 1983 as amendeLI by the Representation of Ihe People Act 1985. and Local Elections (Parishes and Communities) Rules 1986, amended 1999. Page 2
Fltz Park Charllable Trust Report of th8 Truslees. contd. for the year ended 31 March 2024 Review of the Developmenl, Actlvttles and Achlevennts of the Charity During thg year the Trust carried on its objeclives of running and mairltaining the parf( for tha benefit of tha people of Keswick. Fitz Park is splrt into two areas and is home to the Ial lootball, bowling. cricket. athletics. tennis and Croquet cILJbs. At Upwr Fitz Parf(, public tennis, bowling and putbng is available during the summer season together with relreshmenls from Calé HNW year-round. The Trust also introduced the aLklitional activity of table tennis to Uppar Fitz Part( this year. Lower Fitr Park contains a Iloodlit mutl use games area with pitches lor 5 and 7 asida football, tennis and basketball area and is also available lor infomial community use or pre- booked activity sessions. Lower Fitr Park also contains an award-winning destinab.on play area providing equipmenl for different age ranges, an outdoor gym and pump track. It is also home of tha Towns Junior Park run. Much needed income is gain8d from Crosthwaite Road Car Park, this is managed by a thY&paty provider. with all profits remaining with the TrusL The Trust has made a number ol steps to address clirnate change including d&laring a Climatg Change Em8rgency. What the Trusl have done so far.'_ Use only peat Iree compost Use glyphosate free weed ller Gradually inlroducing more bee friendly plants Led a campaign asking relailers not to stock disposable BBQS and have prohibf(ed use in our Paths - Worked wtth partners to coordinate the control of Balsam Changed to 1 OOYO renewable energy suppliers Invested the rnajority of our reserves in Ethical Banks - Replaced petrol equipm8nt wth electric as and when need replacing Use lower carbon fuel for the remaining pètrol equipment - Have a Climate Change Action Plan in pla which is regularly updatj - All staff have been given Climate and Carn Literacy training Introducing a bug hotel to Upper Fitz Park - Planted many treés in an area named Elizabeth's wocJ Footyath improvomgnts have laken place during the year with more planrEd in luiure years and a bike rad( has been installed via grant funding. The area known as the top circle has been uroraded which inclu(Jed 'up¢y¢led' sealing made from a tree which had to be taken down in the park The lanlastic work undertaken by the Parks and Calé staff was acknowledg1 as they were given well deseed a¢xolade5 from Cumbria in Bloom - gold and silver awards for Tourrsm, Small WoLNllaThJ Copse. Biodiversty and King5 Coronation Feature. A new workshop and staff premises are currèntly urKler construction with improvements to the cafélgames building planned for next year. Page 3
Fltz Park Charilable Trust Report of the Trustees. cont for the year ended 31 March 2024 nances During the year the Trust had nel oirtgoing sOUrCeS of £37.017 (2023 net incoming £43,108). When added to brought forward reserves of £658,212 the closing r8serves were £621.1g5. Of this, £455:086 are fixed assets and £166.109 revenue lunds. Of the Revenue funds £7,732 relate to restiicted lunds or projects. £138,686 is the Sinking Fund whth has b88n set asKle as a designat&J fund. and ihe unreslricled revenue reserves are £19.691. Trustees and Oflicers a currendy worfoTr3 on short, mediiwn and long temi plans. Rese8$ Polley The Trust has unrestricted revenue reserves of £19,691. lthaly the level of reserves WOLrld represenl 3 to 6 months of the previous year's running costs which is irj the region of £55,000 to £110,000. However the Trust does not hold this level of generd reserves, as a grant is given to the Trust by KeSck Town Council via the precept from Cumberland Counul. The grant covers Ftlz Paths rumiThJ costs delTrcit and when risk assessed the likelihood ol trti5 not continuing is very low. Further reseNes are held in the Sinktng Fu1 (designated fund) in casg ol unforeseen circumstances, such as flooding or other natural disasler lo cover uninsurabl8 loses e.g. open space, a5 well as provision lor ongoing improvements and up3rades of the Trusts equipment and assets. During the year it was agreed that Ihe Sinking Fund be capped at a maximuTn of £100.000 with any remaining funds being movecj to the designated Future Development Fund arKI invested as previously agreed. Ihe profit made by Crosthwaitè Road Car Park 15 moved annually inlo the Sinking Fund or Future Developmenr Fund. The totsl ol unrestricled reseeS is £474.777 (Ihis includes lixed assets 01 £455,086). DeSignatj funds a held in the sinking fund is £1 00.295 and Future Development Fund £38.391. InveSthnI Policy The sinkingmulures tund accounl eams interest during the year, along with any resgrves held. As part of addressing climate changè the Trusl decided io invest some unreslrtcted reserves inlo Ethical Banks ICCLA & Unity Bank) eaming a higher rate in inieresl. Rlsk Assessrnenl An annual risk assessment is carried out identifwng insurance arxl othar risks, current aangements lor managing these and any other action required. Insur&¢es are put in place where possible to mitigate any financid losses. ON BEHALF OF THE TRUSTEES Page 4
Itz Park Charitable Trust Independenl Examiners Reporl for the year ended 31 March 2024 I report on the accounts for the Trust for the year eed 31 March 2024 which are set out on pages 5-14. Respective responsibililies of trust and examiner The charitls Irustees are responsible for the preparation ol the ac£ounts. The charivs trustees consider thal an audit is not required for thi5 year. under seclion 144{2) of the Charities Act 2011 (the 2011 Act). and that an indeperKlent examiners report is needed. It is my responsibilty to= - examine the accourits under section 145 of the 2011 Act," - to follow the procedures laid down in the General Directions given by the Charty Comrnission under section 145(51(b) of the 2011 Act. and - to state whether particular matters have come to my attention. Basls of independent examlners report My examinalion was carried oul in accordan wilh the General Directions given by the Charty Commissioners. An examinalion includes a review ol accounting records kepl by the charity and a omparison of the accounts presented wilh these records. It also includes consideration of any unusual items or disclosures in Ihe accounts, and seeking explanations from you as trustees conMIng any such mallers. The procedures undertaken do rnt provide all the evidence that would be required in an audit and. consequently. I do not express an audit opinion on the view given by tho accounts. Independeni examiners. statement In connection with my examination, no matter has come to my allenlion: (1) which gives me raasonable cause to believe that. in any materiai respect, thè requirements to: - keep accounting records in accordance with s130 of the 2011 A¢t' and - to prepare accounts which accord with the accounling records and to comply with the accounting requirements of the 2011 Act have not been met., or (2) to which, in my opinion, attenti)n should be dravm in order to enable a proper understanding ol the accounts to be reached. FranS Clark ACA Keswick Accountants Appleside 4 Leonard Street Keswick Cumbria CA12 4EJ Page 5
Fltz Park Charitable Trust statement of Financial Aclivllles tor the year ended 31 March 2024 31 March 2024 NolLe Restricted unreStrted Designated Total Funds 31 March 2023 Tot INCOME Donations and legacies Donations and gitts Legacies re1vable Grants receivable 80 3,240 1.538 1.618 3.240 193.574 7.017 3,507 181.267 193.574 Income from charllable activilies Other Trading Activities Income from investments 76.606 1,918 76.606 3.530 65,540 442 1,612 Total income 3.320 273,636 1.612 278,568 257,T13 EXPENDITURE Expenditure on charitsble activities 3.513 240.803 71.269 315,585 214.665 Total expendilure 3,513 240,803 71.269 315,585 214,665 Net incoming l (outgoing) resources (193) 32,833 (69,657) {37.017) 43,108 Total funds broughl forward 23.837 481.403 152,972 658.212 615,104 Transfers between funds (15,912) 139,459) 55,371 Total funds carried forwa 7.732 474.777 138,686 621,195 658.212 Funds carried forward as tollows:. Revenue Funds Fixed Asset Funds 7.732 19,691 138,686 166,109 455,086 455,086 474.777 138,686 621,195 199,206 459.006 658,212 7.732 The notes form part of these financial statements Page 6
Fitz Park Charltable Trusl Statement of Financial Activities Comparative 31 March 2023 31 March 2023 Aeslricted Unrestricted Designated Tolal Funds INCOME Donations and legacies Donations and gffts Legacies recetvable Grants receivable 2,759 3.507 1,(M)O 4.258 7,017 3,507 181.267 180.267 Income from charilable activities Other Trading Actlvllles Income from inveslments 65,540 101 65,540 341 Total Income 7.266 250,166 341 257,773 EXPENDITURE Expendilure on charllable activities 3,865 210,8Crf) 214,665 Total expenditure 3,865 210,800 214,665 Nel incomlng l (outgolng) resources 3,401 39,366 341 43,108 Total funds brought forward 23,210 469.627 122,267 615.104 Transfers between funds 12.774) (27.590) 30,364 Total funds carrled forward 23,837 481,403 152.972 658.212 Funds carrled lorward as follows:. Revenue Funds Fixed Asset Funds 23,837 22,397 152.972 199.206 459,0 459,006 481,403 152,972 658,212 23.837 Page 7
Filz Park Charilable Trusl Balance Sheet asat 31 March 2024 Noles 31 March 2024 31 March 2023 Fixed Assets Tangibl& fixed assets 455,086 459,006 455.086 Current Assets Debtors Cash al bank and in hand 459,006 12 25.719 227.861 26,737 188,754 253.580 215.491 Credilors.. amounls falllng due withln one year Creditors and accruals 13 87,471 16,285 Nel Current Assets 166.109 199,206 NEf ASSETS 621,195 658.212 Funds Restricted funds Unrestncted funds Designated funds 14 7,732 474,777 138,686 23,837 481,403 152,972 15 621.195 658.212 As Approved on: -rH L-/ By.. Page 8
Filz Park Charitable Trust Notas to the Financial Slatements for Ihe year ended 31 March 2024 1 Accounting Policies General The financial statements have been prepared in accordance with Acix)unting and Reporting by Charilies.. Statement of Recommended Practice applicable lo chartlies in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 102) (effective 1 January 20151- (Charittes SORP {FRS 102}). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The charity meets th8 delinition ol a public benefit 8ntity under FRS102. Assets and liabilities are initially recognised al histoncal cosl or transaction value unless otherwise stated in the relevant accounting policy note (s). Tangibl• Flxed Assets and Depreciation All tangible fixerj assets are staled at costlgss deweciation. FreelKJld land aTrJ buildings are maintain8d in a gooé stale of repair and in the opinion of the Truslees the realisable value of the land and buildings is not less than the tK)ok value. Consequently no deprecialion has been provided on freehold land and buildings. All other assets are depreciated at the following rates.'- Vehicles. plant and machinery- 20Y. reducing bajan The Communiiy Spts Area was agreed to be part of freelhold land and buildings and therefore depreciation provided in the previous year was Mrillen back. Income Income is accounted for on a receivable basis. whe income is r1Vj for a specrfic purpose. as defined by the donor, this income is classed as restricted. Income red lowards the general obj8Cts ol the charity is classed as unrestricted. Expenditure Expenditure is accounted for on an accruais basis. Where it relates to a specific projecl it is allocated to that project as restricted expenditure. Expenditure that relates to th8 objects of the charity is classified as charttable activities. Any legal or professional costs are dassified as governanc8 costs. The costs ot generating funds are separately indenlilied. Funds General funds ara those where no reslrictions have been placed 0 th8 specific spending of the funds by the donor. Designated funds are those funds where the directors have chosen to earmark general funds for a speclic purpose. Restricted funds are those funds whgre the donation is received for a specific purpose as set out by the donor. 2 Payment to Accountants The payment to the a(xounts included in the expenditure is split as follows: 2024 2023 Payment for preparation of accourrts Payment for Independent Examination 575 325 900 575 300 875 Page 9
Fllz Park Charitable TTUSI Notes lo the Flnancial Statements for Ihe year ended 31 March 2024 31 Mh 2024 Restricted Unrestricled Designated Total 31 March 2023 3 Donallons and gifts Play Area Appeal Donations Sundry Donalions Just Giving Donations BMX Income Pups Shelter Donations 386 174 978 174 978 928 2,927 2,759 7.017 80 1,618 4 Legacles recelvable Memorial Trees & Benche5 Legacies 3,240 3.240 3,507 3.240 3,240 3,507 5 Grants receivable Keswidi Town Council Cumbria County COU11 Insurance Proceeds 193,574 193,574 180,267 1,000 193,574 193,574 181,267 6 Other tradlng aclivities Allerdale Borough Council Lottery CSA Income Car Park Income Foolball Club Car Park Conlribulion Football Club Rent Bowling Club Car Park Conlribuli Insuranca Reimbursements Interim Lease Clubhouse and Courts Wayleave Lease - Games atKI CateriNJ Hire of Fitz Park 568 278 53,732 11,226 1.OCIJ 1.666 759 278 53,732 11,226 1,000 1,666 44,325 11,974 1,000 1.474 33 5.700 929 76.606 1,474 33 5,700 929 76,606 1,343 4,010 2.096 65,540 Page 10
Fliz Park Charllable Trust Notas to thè Flnanclal stsiements for the year ended 31 March 2024 31 March 2024 Restricted UnrestricledDesignatec Tolal 31 March 2023 7 Charilable activilies Staff costs and uniforms KTC recharge of admin costs Health and safety Costs Advertising and PR Contingency Water rates, trade refuse and eleCtty Insurance Repars and renewals Climate change costs Fitz flood expenditure Plants, trees and fertilizer Insurance claim expenditure Jubilee iree Projects funded by donations Tree work and grass cutting Sensory garden expendilure Community gym expendtture CSA Expenditure Memoriai seats and pla]ues Malerials and lools Games equipment Good box expenditure Pup shelter expenditure Car park expenses CCC Bike rack Sinking fund expenditure Signage Expenditure Tree carving expendrture Resilience expenditure Recharges from Hope Park Trust BMX track expenses Interesl and charges Depreciation Play Area and Equipment Outdoor Gym Trusl Plant and Machinery (Profit) / Loss on Disposal ol Fixed Assel Independent Examiners Fee Legal fees Professional Fees 116.771 28,239 315 569 2,500 11,733 6,218 22,492 116,771 28,239 315 569 2,500 11,733 6.218 22.492 588 106,559 26,685 350 333 2,501 6.677 7,200 21,497 743 564 1,770 Note 8 5,997 5.997 500 2,050 8,632 1.5ixi 9,220 1,500 9,220 279 279 110 1,245 916 916 151 2.651 280 151 2,651 280 2,745 193 10 2,759 2.759 12.907 324 71,269 334 12.907 10,368 676 324 71,269 334 700 37 2,845 961 397 961 397 689 433 1,369 1,638 4,190 118 900 1.369 1 ,638 4.190 118 900 1,712 2.048 4.418 1,000 875 8,000 240,803 8,000 71.269 315.585 500 214,665 3,513 Page11
Fitz Park Charllablo Tffust Notes to the Financlal Statements for the year ended 31 March 2024 8 Breakdown of Keswick Town Council Recharges 31 March 2024 31 March 2023 Salaries, National insurance and Pension Pension lo Former Ernployee Staff Expenses Payroll Oulsource Costs Rent Building Service Costs Insurance Repairs - Decorating Subscriptions Stationery and Printing Postage Photocopier Lease and Charges Computer Maintenance Websile and Internet Costs Telephone Heahh and Safety Office Equipment and Frttings Council Chamber Expenditure Conferences / Training 21,698 219 36 63 1,414 1.374 172 313 1.414 1,564 178 129 214 137 67 328 671 232 239 188 174 341 504 122 91 24 40 159 28,239 148 26.685 9 Employee Remuneration Staff costs and unrforms 31 March 2024 31 March 2023 Gross salaries Other staff costs and expenses 114,424 2.347 104,967 1,592 116.771 106,559 No employee eamed £60,000 or more. No. No. Slaff numbers Gardeners and groundsmen Administratiion 2.20 0.40 2.60 2.20 0.40 2.60 Page12
Filz Park Charilable Tri Notes lo the Flnancial Statements for the year ended 31 March 2024 10 Trustee Remuneration and Expenses No remuneration directly or indirectly out of the fund5 of the charÈty byds paid or payable for the year to any trustee or lo any person or persons known to be connected with any of Ihem. No reimbursement of expenses has been rnade or is due lo b8 made to any of the trustees in respect of the year. 11 Tangible Fixed L8sets Play Irust Pknl Land and EqUipnnI Community and Buildings and Outdoor Sports Area Machinery Car Park Total COST At 1 April 2023 Additions Disposals At 31 March 2024 190.285 180.459 136,213 60,634 3,392 183 63,843 99,797 667.388 3.392 183 670,597 190.285 180.459 136.213 99,797 DEPRECIATION At 1 April 2023 Charge for year Eliminaled on disposal At 31 March 2024 165.421 3.007 42.958 4,190 65 47,083 208,379 7,197 65 215,511 168,428 NEf BOOK VALUE At 31 March 2024 190.285 12,031 136.213 16,760 99.797 455.086 At 31 March 2023 190,285 15.038 136,213 17,676 99.797 459.009 12 Deblors 31 March 2024 31 March 2023 Trad8 d9blors Owed by KTC VAT recoverable 1,162 25,575 25,719 25.719 26,737 13 Creditors: amounts falllng due within one Jear 31 March 2024 31 March 2023 Trade creditors Owed to Hope Park Other taxalion & social securty Accruals 77,310 41 3,836 67 10,120 87,471 12.382 16,285 Page 13
Fltz Park Charitable TnFst Notes to the Flnan¢lal Ststements for the year ended 31 M¥rch 2024 14 Funds Al Incoming Out9)ing 1 April 2023 Resources Reg)urces Transfers 31 March 2024 Prol8cls & Restrlcled funds Memorial Seals and Trees 4.(H)2 3240 1151} 14,9981 2,093 Tree Carving 441 441 BMXTrack 652 732 Sensory Garden {2791 Flood Recovery 3,365 13.3651 ResilIan Fund 7.549 17.5491 Outdoor Gyrn 2.911 2,911 CCC Bike Rack Fund 324 1324) Pups Shaltèr Fund 2.759 23,837 (2.759 13,513 15,9f2 7.732 DESIGNATED DES Sinking Fund 152.972 1,612 13,3651 {50.924) 100,295 DES Futu¥e Developrnent Fund I67.4) 71.2691 106.295 55,371 38.391 138.686 152,972 1.612 Not8: the transfers from Mernorial Seals and Trees to the g8rwal reserves ar8 lo covèr the cost of fixed ass8t purchases to be met by those furKls, Ihal have been added lo Ihe general reservas. Funds Comparatlve Year End(31 March 2023 At Incoming Outgoing At l April 2022 Resources Resources TrarEfers 31 March a)23 Projects & Rested fwds Memorial Seats and Trees 2,100 3,507 11,605) 4,002 Tree Carving 478 13n BMX Trad( 652 Sensory Gar¢Jen Flix)d Recovery 3,929 15641 3.365 Insurance Settlements 340 13401 Rasiliancè Fund 10,394 12.8451 7.549 Tree Donation 197 1197) Outdoor Gyrn 3.286 1110) (265) 2.911 CCC Bike Rad( FuThJ 1.000 1676 324 Pups Shetter Fund 2.759 7.266 2.759 Y3,837 23.210 3,189 2.7741 DESIGNATED &nking Fund 122,267 122,267 30,364 30,364 152.972 152.972 Page 14
Fitz Park Charllable Trust Notes to the Finan¢ial stsiements for the year ended 31 March 2024 15 Net Assels by lund Restricted Unrestricted Designatgd Total Tangible fixed assets Current assets Credilors." amounts falling due wwlhin one year 455,086 107,162 (87,471) 455,086 253,580 {87,471) 7,732 138,686 Total net assets 7.732 474.777 138,686 621,195 Net Assets by fund Comparative Year Ended 31 March 2023 RestrKled Unrestricled Designated Tot8J Tangible fixed assets Currenl assets Creditors: amounts falling due within one year 459.006 38.682 116.285) 459,006 215,491 (16,285) 23,837 152,972 Total net assets Y3,837 481,403 152.972 658,212 Page 15