Fitz Park Charitable Trust Report of the Directors and Trustees and Financial Statements for the year ended 31 March 2025 Keswick ACCOUNTANTS
Fitz Park Charitable Trust Index to the Financial Statements for the year ended 31 March 2025 Page Charity Information Trustees, Report Independent Examiner's Report Statement of Financial Activities Statement of Financial Activities Comparative Balance Sheet Notes to the Financial Statements
Fitz Park Charltable Trust Charity Infomiation for the year ended 31 March 2025 DIRECTORS AND TRUSTEES: Cllr A L Dunn Cllr N Evans Cllr S Hatwood Cllr C J Houghton Cllr C M Houghton Cllr D J T Kemp Cllr B R Lapthorn Cllr J Murray Cllr R Nelson Cllr C Peat Cllr R Scott Cllr L J Taylor CHIEF EXECUTIVE OFFICER: Miss Vivien Little BUSINESS ADDRESS 50 Main Street Keswick Cumbria CA12 5JS CHARITY NUMBER: 520327 ACCOUNTANT AND INDEPENDENT EXAMINER Frances Clark ACA Keswick Accountants Appleside 4 Leonard Street Keswick Cumbria CA12 4EJ Page 1
Fitz Park Charitable Trust Report of the Trustees for the year ended 31 March 2025 The Trustees present their report together with the financial statements of the Charity for the year ended 31 March 2025. The accounts have been prepared in accordance with the Charities Act 2011, and the Accounting and Reporting by Charities- Statement of Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2015). Governing 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 of the Park is now the responsibility of Keswick Town Council as sole Trustee. Objectives The provision and maintenance of a public park and recreation ground for use of the inhabitants of, and visitors to, the town of Keswick without the distinction of political, religious or other opinions, with the object of improving the conditions of life for the said inhabitants. Trustees The Trustees who acted during the period were as follows: CllrA L Dunn Cllr N Evans - co-opted November 2024 Cllr S Harwood Cllr C J Houghton Cllr C M Houghton Cllr D J T Kemp Cllr S Lansbury- resigned September 2024 Cllr B R Lapthorn Cllr J Murray Cllr R Nelson Cllr T M Parsons - resigned January 2025 Cllr A G Paxon - resigned June 2024 Cllr C Peat - co-opted July 2024 Cllr R Scott- co-opted March 2025 Cllr L J Taylor Management Structure In 1995 Keswick Town Council was conveyed the Park on trust for the people of Keswick. It is therefore a given that once democratically elected as a Town Councillor, the duty of Trustee forms part of that role. The recuitment process is therefore according to the Local Government Act 1972., Representation of the People Act 1983 as amended by the Representation of the People Act 1985, and Local Elections (Parishes and Communities) Rules 1986, amended 1999. Page 2
Fitz Park Charitable Trust Report of the Trustees, contd. for the year ended 31 March 2025 Review of the Development, Activities and Achievements of the Charity During the year the Trust carried on with its objectives of running and maintaining the park for the benefit of the people of Keswick. Fitz Park is split into two areas and is home to the local football, bowling, cricket, athlelics, tennis and croquet clubs. At Upper Fitz Park, public tennis, bowling and putting is available during the summer season together with refreshments from Café HNW year-round. The Trusl also introduced the additional activity of table tennis to Upper Fitz Park this year. Lower Fitz Park contains a floodlit mutli use games area with pitches for 5 and 7 aside football, tennis and basketball area and is also available for informal community use or pre-booked activity sessions. Lower Fitz Park also contains an award-winning destination play area providing equipment for different age ranges, an outdoor gym and pump track. It is also home of the Towns Junior Park run. Much needed income is gained from Crosthwaite Road Car Park, this is managed by a third-party provider, with all profits remaining with the Trust. The Trust has made a number of steps to address climate change including declaring a Climate Change Emergency. What the Trust have done so far.- Use only peat free comp05t Use glyphosate free weed killer Gradually introducing more bee friendly plants Led a campaign asking retsilers not lo stock disposable BBQS and have prohibited use in our Parks Worked with partners to coordinale the control of Balsam Changed lo 100% renewable energy suppliers Invested the majority of our reseNes in Ethical Banks Replad petrol equipment with electric as and when they need replacing Use lower carbon fuel for the remaining petrol equipment Have a Climate Change Action Plan in place which 15 regularly updated All staff have been given Climale and Carbon Literacy training Introducing a bug hotel to Upper Fitz Park Planted many trees in an area named Elizabeth's wood - undertaking regular BioBlitzes Footpath improvements have taken place during the year in Lower Fitz Park with more planned in future years ion both lower and upper Fitz Park. The fantastic work undertaken by the Parks and Café staff was acknowledged as they were given well deserved accolades from Cumbria in Bloom obtaining gold and silver awards. Parks staff built new block built compost bays to replace the rotting wooden bays, they also built a plinth to site water butts (donated by a Cumbrian firm) to catch water from the building roof. A new workshop and staff premises were completed during the year along improvements to the cafélgames building. A new outdoor seating area was created adjacent to the café by our skilled parks staff. The linking of Fitz Park Trust and Townsfield was completed during the year. In Townsfield the Trust provided a welkkept open space for informal recreation and leisure in close proximily to the town centre. Grass cutting, hedge trimming and tree work was necessary to maintain the area which was available for use by the inhabitants of, and visitors to, the town of Keswick and neighbourhood Page 3
Fitz Park Charitable Trust Report of the Trustees, contd. forthe year ended 31 March 2025 Finances During the year the Trust had net incoming resources of £209,626 (2024 net outgoing £37,017}. This included a grant of £110,000 from Hope Park Trust for the new building work. and a capital adjustment of £77,904 in relation to an adjustment of treatment of cost in the 2024 accounts. When added to brought fomard reserves of £621,195 the closing reserves were £830,821. Of this, £676,802 are fixed assets and £154,019 revenue funds. Of the Revenue funds £8,175 relate to restricted funds or projects, £135.936 is set aside as a designated fund, and the unrestricted revenue resetves are £10,336. Trustees and Officers are currently working on short, medium and long temi plans. Reserves Policy The Trust has unrestricted revenue reserves of £10,336. Ideally the level of resetves would represent 3 monlhs of the previous yearfs running costs which is in the region of £55,000. However the Trust does not hold this level of general reserves, as a grant is given lo the Trusl by Keswick Town Council via the precept from Cumberland Council. The grant covers Fitz Parks running costs deficit and when risk assessed the likelihood of this not continuing is very low. Further reserves are held in the designated funds in case of unforeseen circumstances, such as flooding or other natural disaster to cover uninsurable loses e.g. open space, as well as provision for ongoing improvements and upgrades of the Trusts equipmenl and assets. During the year it was agreed that the Sinking Fund be capped at a maximum of£100,000 with any remaining funds being moved to the designated Future Development Fund and invested as previously agreed. the profrt made by Crosthwaite Road Car Park is moved annually into the Sinking Fund or Future Development Fund. The total of unrestricted reserves is £687,138 (this includes fixed assets of £676,802). Designated funds are held in the sinking fund is £100.000 and Future Development Fund £35,936. Inveslment Policy The sinkinglfutures fund account earns interest during the year, along with any reserves held. As part of addressing climate change the Trust decided to invest some unrestricted reserves into Ethical Banks (CCLA & Unity Bank) earning a higher rate in inleresL Risk Assessment An annual risk assessment is carried out identifying insurance and other risks, current arrangements for managing Ihese and any other action required. InSUranS are put in place where possible to mitigate any financial losses. ON BEHALF OF THE TRUSTEES Page 4
Fitz Park Charitable Trust Independent Examiners Report for the year ended 31 March 2025 I report on the accounts for the Trust for the year ended 31 March 2025 which are set out on pages 5-14. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year, under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examiners report is needed. It is my responsibility to- examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the General Directions given by the Charty Commission under section 145{5}(b} of the 2011 Act; and - to state whether particular matters have come to my attention. Basis of independent examiners report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with these records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not 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 the accounts. Independent examiners, statement In connection with my examination, no matter has come to my attention- {1) which gives me reasonable cause to believe that, in any material respect, the requirements to.. keep accounting records in accordance with s130 of the 2011 Act.. and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Frances Clark ACA Keswick Accountants Appleside 4 Leonard Street Keswick Cumbria CA12 4EJ Page 5
Fitz Park Charitable Trust Statement of Financial Activities for the yèar ended 31 March 2025 31 March 2025 Notes Restricted Unrestricted Designated Total Funds 31 March 2024 Total INCOME Donations and legacies Donations and gifts Legacies receivable Grants receivable 111,935 111,935 549 203,297 1,618 3,240 193,574 549 203,297 Income from charitable activities Other Trading Activities Income from investments 83,553 134 83,553 4,136 76,606 3,530 4,002 Total income 549 398,919 4,002 403,470 278,568 EXPENDITURE Expenditure on charitable activities 106 238,901 32,741 271,748 315,585 Total expenditure 106 238,901 32,741 271,748 315,585 Net incoming l {outgoingl resources 443 160,018 (28,739) 131,722 {37,017) Capital adjustment from 2024 77,904 77,904 Net movement in funds 443 160,018 49,165 209,626 (37,017) Total funds brought forward 7,732 474,777 138,686 621,195 658,212 Transfers been funds 428 52,343 (51,915) Total funds carried forward 15 7,747 687,138 135,936 830.821 621,195 Funds carried forvrnrd as foll0v:. Revenuo Funds Fixed Asset Funds 7,747 10,336 135,936 676,802 687,138 135.936 154,019 676,802 830,821 166,109 455,086 621,195 7.747 The notes form part of these financial statements Page 6
Fitz Park Charitable Trust Statement of Financial Activities Comparative 31 March 2024 31 March 2024 Restricted Unrestricted Designated Total Funds INCOME Donations and legacles Donations and gifts Legacies receivable Grants receivable 80 3,240 1.538 1,618 3,240 193,574 193,574 Income from charitable activities Other Trading Activities Income from investments 76,606 1,918 76,606 3,530 1,612 Total income 3,320 273,636 1.612 278,568 EXPENDITURE Expenditure on charitable activities 3,513 240,803 71,269 315,585 Total expenditure 3,513 240,803 71,269 315,585 Net incoming l (outgoing) resources (193> 32,833 (69,657) (37,017) Total funds brought forward 23,837 481,403 152,972 658,212 Transfers beeen funds (15,912) (39,459) 55,371 Total funds carried fOard 7,732 474,777 138,686 621,195 Funds Carried forward as follows:. Revenue Funds Fixed Asset Funds 7,732 19,691 455,086 474,777 138,686 166,109 455,086 138,686 621,195 7,732 Page 7
Fitz Park Charitable Trust Balance Sheet asat 31 March 2025 Notes 31 March 2025 31 March 2024 Fixed Assets Tangible fixed assets 11 676,802 455,086 676,802 455,086 Current Assets Debtors Cash at bank and in hand 12 24,820 158,340 25,719 227,861 183,160 253,580 Creditors". amounts falling due within one year Creditors and accruals 13 29,141 87,471 Net Current Assets 154,019 166,109 NET ASSETS 830,821 621,195 Funds Restricted funds Unrestricted funds Designated funds 14 7,747 687,138 135,936 7,732 474,777 138,686 15 830,821 621,195 As Approved on.. F-4 By.. Page 8
Fitz Park Charitable Trust Notes to the Financial Statements for the year ended 31 March 2025 1 Accounting Policles General The financial statements have been prepared in accordance with A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of a publi¢ benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwse stated in the relevant accounting policy note {s). Tangible Fixed Assets and Depreciation All tangible fixed assets are stated at cost less depreciation. Freehold land and buildings are maintained in a good state of repair and in the opinion of the Trustees the realisable value of the land and buildings is not less than the book value. Consequently no depreciation has been provided on freehold land and buildings. All other assets are depreciated at the followng rates:. Vehicles, plant and machinery- 200A reducing balance The Community Sports Area was agreed to be part of freelhold land and buildings and therefore depreciation provided in the previous year wa5 WTitten back. Income Income is accounted for on a receivable basis. Where income is received for a specific purpose, as defined by the donor, this income is classed as restricted. Income received towards the general objects of the charity is classed as unrestricted. Expenditur8 Expenditure is accounted for on an a¢¢ruals basis. Where it relates to a specific project it is allocated to that project as restricted expenditure. Expenditure that relates to the objects of the charity is classified as chartiable activities. Any legal or professional Costs are classified as governance costs. The costs of generating funds are separately indentified. Funds General funds are those where no restrictions have been placed upon the specific spending ofthe funds by the donor. Designated funds are those funds where the directors have chosen to earmark general funds for a specfic purpose. Restricted funds are those funds where the donation is received 2 Payment to Accountants The payment to the accounts included in the expenditure is split as follows.. 2025 2024 Payment for preparation of accounts Payment for Independent Examination 590 340 930 575 325 900 Page 9
Fitz Park Charitable Trust Notes to the Financial Statements for the year ended 31 Mah 2025 31 March 2025 Restricted Unreslricted Designated Total 31 March 2024 3 Donations and gifts Play Area Appeal Donations Sundry Donations Hope Park Trust Just Giving Donations BMX Income Townsfield funds 246 1,190 110,000 76 246 1,190 110.000 76 386 174 978 80 423 111935 423 111935 1,618 4 Legacies receivable Memorial Trees & Benches 549 549 549 549 3.240 3,240 5 Grants receivable Keswick Town Council 203,297 203.297 203,297 203.297 193,574 193.574 6 Other trading activities Allerdale Borough Council Lottery CSA Income Car Park Income Football Club Car Park Contribution Football Club Rent Bowling Club Car Park Contribution Interim Lease Clubhouse and Courts Wayleave Lease - Games and Catering Hire of Fitz Park 743 743 568 278 53,732 11,226 1.000 1,666 1,474 33 5,700 929 76,606 60,510 12,063 1,000 60,510 12,063 1.000 1,522 33 6,700 982 83,553 1,522 33 6.700 982 83.553 Page 10
Fitz Park Charitable Trust Notes to the Financial Statements for the year ended 31 March 2025 31 March 2025 Restricted UnrestrictedDesignatec Total 31 March 2024 7 Charitable activities Cost of goods sold Staff costs and uniforms lffc recharge of admin costs Health and safety costs Computer costs Advertising and PR Contingency Water rates, trade refuse and electricity Insurance Repairs and renewals Climate change costs Plants, trees and fertilizer Projects funded by donations Tree work and grass cutting Sensory garden expenditure Community gym expenditure CSA Expenditure Memorial seats and plaques Materials and tools Games equipment Townsfield expenditure Pup shelter expenditure Car park expenses CCC Bike rack Sinking fund expenditure Signage Expenditure Station road railings BMX track expenses Interest and charges Depreciation Play Area and Equipment Outdoor Gym Trust Plant and Machinery (Profit) l Loss on Disposal of Fixed Asset: Independent Examiners Fee Professional Fees 114,031 29,831 114,031 29.831 116,771 28,239 315 Note 8 390 390 569 2,500 11,733 6,218 22,492 588 5,997 1,500 9,220 279 57 13,852 6,173 21,214 988 2,000 57 13,852 6,173 21,214 988 2.000 13,126 13,126 100 100 570 570 916 151 2,651 280 3,337 288 2,100 3,337 288 2.100 2,759 12,907 324 71,269 334 16,404 100 16,404 100 32,741 436 6,000 585 346 32,741 436 6,000 585 346 961 397 1,095 1,311 3,737 1,095 1,311 3,737 1,369 1,638 4,190 118 900 8,000 315,585 930 930 106 238,901 32,741 271,748 Page 11
Fitz Park Charitable Trust Notes to the Financial Statements forthe year ended 31 March 2025 8 Breakdown of Keswick Town Council Recharges 31 March 2025 31 March 2024 Salaries, National insurance and Pension Pension to Former Employee Staff Expenses Payroll Outsource Costs Rent Building Service Costs Insurance Repairs - Decorating Subscriptions stationery and Printing Postage Photocopier Lease and Charges Computer Maintenance Website and Internet Costs Telephone Health and Safety Office Equipment and Fittings Council Chamber Expenditure Conferences l Training 24,319 337 41 48 1,414 1,280 166 47 201 129 43 365 795 250 146 20 16 27 185 29,829 22,484 313 33 44 1,414 1,564 178 129 214 137 67 328 671 232 239 24 159 28.239 9 Employee Remuneration Staff costs and unifomis 31 March 2025 31 March 2024 Gross salaries other staff costs and expenses 111.876 2,155 114,424 2,347 114,031 116,771 No employee earned £60,000 or more. No. No. Staff numbers Gardeners and groundsmen Administratiion 2.20 0.40 2.60 2.20 0.40 2.60 Page 12
Filz Park Charitable Trust Notes to the Financial Statements for the year ended 31 March 2025 10 Trustee Remuneration and Expenses No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them. No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year. 11 Tangible Fixed Assets Play Land and Equipment Community Buildings and Outdoor Sports Area Trust Plant and Machinery Car Park Total COST At 1 April 2024 Additions Disposals At 31 March 2025 190,285 225,932 180,459 136,213 63,843 1,927 99,797 670.597 227,859 416.217 180,459 136,213 65,770 99.797 898,456 DEPRECIATION At 1 April 2024 Charge for year Eliminated on disposals At 31 March 2025 168,428 2,406 47,083 3,737 215,511 8,143 170,834 50,820 221,654 NET BOOK VALUE At 31 March 2025 416,217 9.625 136,213 14,950 99.797 676.802 At 31 March 2024 190,285 12,031 136.213 16,760 99,797 455,086 12 Debtors 31 March 2025 31 March 2024 Trade debtors Owed by KTC VAT recoverable 24.820 25,719 24.820 25,719 13 Creditors: amounts falling due within one year 31 March 2025 31 March 2024 Trade creditors Owed to Hope Park Accruals 16,767 40 12,334 29.141 77,310 41 10,120 87.471 Page 13
Fitz Park Charitable Trust Notes to the Financial Ststements for the year ended 31 March 2025 14 Funds Al Incoming Outgoing At 1 April 2024 Resources Resources Transfers 31 March 2025 Projects & Reslrfcted funds Memorial Seats and Trees 2.093 549 161 (428) 2.208 Tree Carving 441 441 BMX Track 732 732 Sensory Garden 1,555 1.555 Outdoor Gym 2,911 11001 2.811 7.732 549 106 428 7.747 DESIGNATED DES Sinking Fund 100,295 245 132,7411 32,201 100,000 DES Future Development Fund 38,391 138.686 3.757 4,002 6,212) 25,989 35,936 135,936 32,741 Note.. the transfers from Memorial Seats and Trees to the general reserves are to cover the cost of fixed asset purchases to be met by those funds. that have been added to the general reserves. Funds Comparative Year Ende 31 March 2024 At Incoming Outgoing At 1 April 2023 Resources Resources Transfers 31 March 2024 Projects & Restricted funds Memorial Seats and Trees 4,002 3,240 1151) 14.9981 2.093 Tree Carving 441 441 BMX Track 652 80 732 Sensory Garden 1,834 1279) 1,555 Flood Recovery 3.385 (3,3651 ResIlian Fund 7,549 (7,5491 Outdoor Gym 2,911 2,911 CCC Bike Rack Fund 324 (324) Pup5 Shelter Fund 2,759 23,837 {2,759) {3.513) (15,912) 3.320 7.732 DES Sinking Fund 152.972 1.612 {3,5) (50.924) 100.295 DES Future Development Fund 67,904 71,269 106,295 55,371 38,391 138.686 152,972 1.612 Page 14
Fitz Park Charitable Trust Notes to the Financial Statements for the year ended 31 March 2025 15 Net Assets by fund Restricted Unrestricted Designated Total Tangible fixed assets Current assets Creditors.. amounts falling due within one year 676,802 39,477 (29,141) 676,802 183,160 (29,141) 7,747 135,936 Total net assets 7,747 687,138 135,936 830,821 Net Assets by fund Comparatlve Year Ended 31 March 2024 Restricted Unrestricted Designated Total Tangible fixed assets Current assets Creditors- amounts falling due within one year 455,086 107,162 (87,471) 455,086 253,580 {87,471) 7,732 138,686 Total net assets 7,732 474,777 138,686 821,195 Page 15