HIGHFIELDS LEISURE PARK TRUST Annual Report for the year ended 31 March 2025 Registered Charity number 1006603
CONTENTS Page Report of the Trustees for the year ended 31st March 2025 Objectives and Activities for the Public Benefit Achievements and Performance Financial Review Plans for Future Periods 10-13 stwcture, Governance and Management 14-15 Reference and Administrative Information 16-17 The Financial Statements 18-20 Notes to the Financial Statements 21 Independent Examiners Report
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31ST MARCH 2025 The trustees present their annual report and financial statements ofthe charity for the year ended 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and 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 Republi¢ of Ireland published on 16 July 2014. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Highfields Leisure Park Trust is a charity of which the Council is sole trustee and is responsible for the general Control and management of the Charity. These responsibilities are delegated to the Trusts and Charities Committee by full Council. The Trusts and Charities Committee give their time freely and receive no remuneration or other financial benefits. Objective The primary objective of the charity is to provide public recreation and pleasure grounds for the people of Nottingham forever. To achieve this, a programme of ongoing maintenance of grounds and equipment is completed each year. This ensures the provision of well maintained, good quality public recreation facilities. The Trustee confim they have referred to the Charity Commission guidance on public benefit when reviewing the aims and objeclives and when setting plans for the future. Highfields is open to the public at large assuring public benefil on an open access basis. There are no restrictions regarding the members of public who may use Highfields. No fees are charged for access to the park but some fees are charged for various concessions within the park. li
ACHIEVEMENTS AND PERFORMANCE Highfields Leisure Park Trust is responsible for providing leisure, recreation and sporting opportunities at Highfields Park for the benefit of Nottingham residents. Improvements on the site in the last year have included- Performance Report (April 2024 - March 2025) Objective Action Outcome Sport, Recreation & Events The £5.2m Heritage Lottery Funded park restoration project began in summer 2017 and completed in August 2018. Work has continued on some final and additional restoration items, including.. More people enjoying the park and its activities Improved physical activity and heallh and wellbeing Creation of an artistic bench using material from and representing the Maid Marian pleasure cruise boat. Target hardening of site western end of the park. Improvements I replacements to play areas Minor stonework capping repairs around the lake edges. Ongoing railing repainling by Probation Service attendees. The site offered a good range of quality activities throughout the year, which includes boating, Advenlure Golf. winter and summer pitch facilities for football, archery and lacrosse, as well as croquet being held on site. There were a number of events, both sporting and community, on Highfields Park, including the, Nottingham University led Chinese Newyearevent, bat walks and conservation awareness sessions The Adventure Golf & Boating activities were all open this year Ranger led sessions and walks have run consistently allowing members of the public to be involved and more active on sile. Projects include regular work in the Japanese Garden, bulb planting sessions, bench restoration sessions, Tottle Brook clearan, bal walks and wellbeing walks. A new Park Ranger has been on site since November 2021 and has spent time on site leading on events and conservation projects. including helping to set up a community gardening group, a Japanese garden group behind the cascade, and working closely wth community payback when they are on site. New lease completed with Nottingham croquet club signed and in place. Adventure Golf has been boughl by a new company (Perfect Aquatics) who will be running it business as usual whilst they develop investment plans. Ongoing support ofthe croquet ¢lub. Improved gates and asS to the eroquel lawns lo aid maintenance. The¢ uel club have
renovated the east lawns to bring them up to the same standard as the west lawns. Wort(s include grading, drainin and rela in entirel Community Access Nottingham High School have completed the construction of a new artificial hockey pitch on the Highfields sports ground site and it is now in full use. Park Ranger partnership working with the University of Nottingham and Nottingham Lakeside Arts (plans for 2023124 are being discussed. A FCC bid for the new Serenity Garden memorial garden next to the old paddling pool, in partnership wth Forever Stars baby loss charity, was suGGessful and work started on the £108,000 garden in 2020121. Replacement oftrees dead I vandalised The Serenity Garden was officially opened in July 2021 Connecting with local faith groups for use of the boating lake. A 10 year maintenance and management plan IMMP) supported the HLF bid and details how the park is maintained following the restoration project., this is updated annually. Maintenance programmes have been completed in order to ensure the fomial areas and woodlands are kept in an attractive and favourable condition. Work with Ihe Serenity Garden is ongoing with additional planting being provided by NCC and new trees. Well Maintained Safe, well presented and park users have more pride and ownership Replacement of visilor interpretation and site maps summer 2025. Recruitment of a pemianent HLF-funded Head Gardener was successful. The partnership with the Estates and Grounds Maintenance Manager for the University of Nottingham campus remains strong. Works to the rhododendrons continue Security works to site to prevent traveller access. New se¢urity bollards to westem entran of the site lo mitigate unauthorised vehicular access. A joint project with the university was also completed to create a bund beeen the Serenity Garden and the playing field to limit vehicle acces$ into Highfields Park from the UON entran. Servicin of bollards AIW 2025 Masonry repairs to listed croquet pavilions and repainting of heritage railings and railing mounted Nottin ham crest details. Access bridge to Beeslon Sidings replaced with ¢omposite alternative lo enable vehicular access Repairs and maintenance of listed croquet pavilions. Access and infrastructure around site and Beeston Sidings improved
Sustainability Environmental Continued tree planting programme on site via memorial tree plantings. Continued upgrade of parks infrastructure via the memorial bench scheme. Memorial bench restoration continues to be a large focus and the new Heritage green colour is appearing all over the park as existing benches are refurbished and new ones are purchased by sponsors. Improved environmental sustainability. Additional memorial trees planted, species selected to boost biodiversity and tree diversity on site. Additional memorial benches added to sile in consistent heritage style. Existing benches restored in olive green colour and new high quality timber. Create new habitats. Volunteering hours We significantly impacted during the ¢ovid19 pandemic but volunteering activities are returning to the park with the Park Ranger using specific site projects to encourage a widef range of volunteers. ERDF-funded creation of pond and installation of boardwalk across the old paddling pool to link to the new Serenity Garden. Additional planting added to stepping stone end of lake. New water plants and lillies added to stepping stone area of lake to improve water quality and habitats. More financially sustainable and value for money trust accounts. Sustainability Financial The Christmas Company returned to the site in December 2022. With income levels stsrting to return to pre Covid levels. Cloud9 lease the boathouse for storage.
FINANCIAL REVIEW The Council provides grant monies to finance the annual operating deficit of the trust. In 2024125 there was no expenditure deficits compared to the previous financial year {2023124 £2,377). therefore a grant was not received from The Council to cover the expenses however a provision of £1,575 was made as a grant accrual to meet the cost of independent examination. There was surplus income of £67,293 which was transferred to the Reserves at the end ofthe financial year. All transactions relating to Highfields Leisure Park Trust are subject to the same financial regulations and procedures as those relating to land and property held by the Council. Since May 2011 the Trusts and Charities Committee has replaced the Executive Board for the purpose of approving transactions. Pollcy on Reserves The Council is a key partner in delivering the objectives of the Trust and has shown a continued commitment to meet any net expenditure in the year. It is therefore not felt appropriate for the Trust to hold reserves. Risk Management The Highfields Leisure Park Trust adopts the Council's risk management policy as appropriate. The following statement best sums up the purpose of risk management.. ' To ensure that the Council is not risk averse and takes or faces risks knowingly and manages them appropriately.. The Trustee is committed to a programme of risk management to protect the charity's assets. A risk register is held which identifies the keys risks and the measures in place to mitigate such risks. Procedures are also in place to ensure that appropriate advice and support is provided to Trusts and Charities Committee as and when required. Insurances Highfields Leisure Park Trust is covered by the Council's insurance policy. The Council pays the premium.
PLANS FOR FUTURE PERIODS ril 2025 . March 2026 Objective Actlon Timetable for Delivery Outcome Sport, Recreation & Events Continue to deliver partnership events with Nottingham Lakeside Arts and the Universty of Nottingham Ongoing throughout the year. Improved physical activity and health and wellbeing Increase visitors to the park Raised profile of the park Ongoing delivery of the Activity Plan by the Park Ranger and Partners, including events, education and volunteering Introduce different audiences to the park that may not have visited the site prior to events Improved education Community Access Continue to deliver education in partnership with Nottingham Lakeside Arts and the University of Nottingham based on the NCC Park Ranger Education programme (subject to Covid-19 restrictions). Annually available Increase in user groups using site Bat walks, creating green recycling opportunities l.e. Increasing events offered eg. Xmas wreath making Diverse sports on site attracts diverse interest. Annually available Ongoing work with Creswell Crags archaeological park to run education sessions. Summer trails within the park run by Lakeside Arts to encourage visitors to explore the site. Safe, well presented and park users have more pride and ownership eg. Japanese gardeners I general park improvement volunteers - plus the introduction of park improvement days for litter picking etc. Well Maintained Ongoing work on rhododendrons and interpreting the Maid Marian. 2025126 Develop and Continue to update a new 10 year Maintenance plan. In place & approved by the HLF. Continued submission of site to Green Flag Award Improved environmental sustainability Sustainability Environmental Continue to carry out volunteer and student task days on site. Ongoing Empowers local users with their local park. Continue to improve areas of the park for wildlife as part of practical education sessions within the new activity plan. Ongoing Create new habitats. i.e. meadow creation
Make use of overgrown, unused areas of the park. Sustainability Financial The Christmas Company will return to host an event in 2025 and the funds achieved will help to make improvements and maintain the park. December 2025 More financially sustainable nd value for money trust cGounts ontinued successful artnerships that help to mprove the types and standard f activities offered @ Highfields Park Support with Perfect Aquatics o improve the golf offer on site Continued partnership working with Colwi¢k Park Lifeguards who lease the boathouse for storage. (Cloud9) and manage the boating lake Ongoing Partnership working wilh Perfect Aquatics who manage the Adventure Golf. Ongoing
io STRUCTURE GOVERNANCE AND MANAGEMENT In order to understand the objectives of the charity it is important to consider the history of the trust and how Nottingham City Council has managed and developed Highfields Park as a first class facility for sport, leisure and recreation since the creation of the trust. The Sir Jesse Boot Memorial Scheme was created by the 1920 Indenture. Beeen 1919 and 1920, Sir Jesse acquired a mansion house called Highfields together with adjoining land lying west of the city of Nottingham. By Memorandum of Agreement dated 9 December 1921, it was agreed by Sir Jesse and the trustees of the 1920 indenture that the Highfields Estate had been purchased by Sir Jesse as agent for and on behalf of the Sir Jesse Boot Memorial Scheme. Itwas also agreed that the trustees would pay Sir Jesse £57,000 out oflhe trust fund as reimbursement of the costs of the purchase. In return Sir Jesse would Convey the Highfields Estate to the trustees or as they might direct. By an indenture dated 1 November 1923 made beeen Sir Jesse, the trustees of Ihe 1920 indenture and the Council, Sir Jesse, at the request of the trustees, conveyed part of the Highfields Estate to the Council to hold the same 'for the purpose of public recreation and pleasure grounds for the people of the City of Nottingham foreverf this Created the present trust. By an indenture of the same date made between Sir Jesse, the truslees of the 1920 indenture and the University College of Nottingham ("the University.), the rest of the Highfields Estate {including the Manor House) was conveyed to the Universty. It appears the memorial scheme was wound up in 1925. The land conveyed to the Council was for the most part laid out as a park, although some areas were not so laid out and remained derelict. The land lies to the south of the University and to the north of the railway. It is divided along the east-west axis by University Boulevard. To the north of University Boulevard is a large boating lake with lakeside walks, fomial gardens and fine turf sports facilities including putting, bowls and Croquet greens. Plantations of rhododendrons and mature trees provide a unique natural ba¢kdrop to enhance the park setting. To the south of University Boulevard are playing fields, for wnter and summer outdoor sports, together with a running track. 10
li Over the years there have been a number of dispositions of freehold interest in the land. These include various land exchanges with the University, the acquiring of land at Beeston Sidings immediately to the south of Highfields Park and the conveyance of land to Nottinghamshire County Council for road widening purposes. In addition, Ihe Council as Trustee, over this time, has granted a number of leases (or licences) of land subject to the 1923 Indenture. For example, the site of the former Highfields Lido to the University - to develop the area as an art centre. Also included are lease agreements with the trustees of Highfields Hockey Club for the former sports pavilion tea-rooms. A lease has also been agreed with the croquet club for use of the croquet pavilion and four lawns and to the University for the running track and associated facilities. Part of the Tnjst land to the south of University Boulevard was developed during the early 1980's as a Science Park with low-density buildings for light industrial and scientific office use. In December 1998, the Science Park was exchanged for Council land at Beeston sidings, which had been laid out for sporting and recreational activities. Objectives of Charity The provision ofpublic recreation and pleasure grounds forthe people of the City of Nottingham forever. In order to a¢hieve this, a programme ofongoing maintenance of grounds and equipmenl is completed each year. This ensures the provision of well-mainlained public recreation and pleasure grounds. 11
12 Trustee's selection methods Trustee8' 8electlon mothods Nottingham City Council (NCC) elected members are the sole Trustees. NCC has 55 elected members who are elected on a 4 year cycle. The following table details the councillors I trustees for the financial year 1 April 2024 to 31 March 2025 and also includes any posl year trustee movemenls.. Counclllor Adele Williams Councillor Linda Woodin Councillor Matsiko Councillor Maria loannou Councillor Andrew Rule CouncilloT Maria Watson Councillor An ela Kandola Councillor Matt Shannon Councillor Anwar Khan Councillor Mi¢hael Edwards Councillor Audra Wynter Countillor Audrey Oinnall Councillor Carole Mcculloch Councillor Michael Sava Counclllor Nick Raine Councillor Nadia Farhat Councillor Che l Barnard CoL¢ncillor Naim Sa ab Salim Councillor Corall Jenkins Councillor Na ab Patel Councillor Davld Mellen Covncillo¥ Ne hat Khan Councillor Devonta Okure Councillor Patience Uloma Ifediora Councillor Ethan Radford Councillor Pavlos Kotsonis Councillor Eunice Regan Councillor Faith Gakan e-Ajala Councillor Farzanna Mahmood Councillor Sal Ahmad Councillor Sajid Mohammed Counclllor Salma Mumtai Councillor Fozia Mubashar Councillor Sam Harris Councillor Georgia Power Councillor Graham Cha CouncSllor Sam Lux man CouncilloT Samina Riaz Councillor Gul Khan Councillor Samuel Gardiner Councillor Hayley Spain Counclllor Helen Kalsi Councillor Sana Nasir Councillor Sarita-marie Rehman-wall Councillor Imran lalil Councillor Shuguftah Quddoos Councillor Jay Hayes Councillor Kevin Clarke Councillor Steve Battlemuch Councillor Sulcan Mahmood Councillor Zafran Khan Councillor Kirs Jones Councillor Kirsty L lones Councillor Leslie Ayoola Councillor Lia at Ali 12
13 Trusts and Charities Committee Members Councillors are appointed to membership of the Trusts and Charities Committee by full Council to fulfil the Council's responsibilities as Trustees. The Constitution allows that where in-year changes are required to memberships. either at the request of the relevant political group or because a member has resigned or ceased to be eligible for membership, the Corporate Director of Finance and Resources has the authority to action those changes subject to political balance being preserved where applicable and to the changes made being reported lo the next meeting of Council. Details of membership will be updated and published on the Council's website on an ongoing basis. The following is the current list of the Trusts and Charities Committee appointed members who approve the Annual Report and financial statements for the financial year 1 April 2024 to 31 March 2025.. Counrillor Zafran Nawan Khan Chair Counullor Salma Mumlaz CounallorAndrew Rule VI Chair Councillor Steve Battlemuch Councillor Farzanna Mahmood Councillor Sarita-marie Rehman-wall CounallorAnwar Khan Counallor Sana Nasir CounrAllor Fozia Mubashar Induction and training of Trusts and Charlties Committee Following appointment, Councillors are introduced to their new role and given a number of publications from the Charity Commission. These include guidance on charities and a document issued specific for members of Local Authorities titled 'Councillors Guide.. to a council's role as charity trustee,. This ensures that new Coun¢illors' are aware of the scope of their responsibilities under the Charities Act. REFERENCE AND ADMINISTRATIVE INFORMATION Name and Address of Charity Highfields Leisure Park Trust, Nottingham Nottingham City Council Loxley House Station Street Nottingham NG2 3NG 13
Governing Document Creation of trust by indenture dated 1 November 1923 and scheme made by the Charity Commission on the 4 October 1993 Main Activity Provision of PLsblic recreation and pleasure grounds Charity Commission Registered Number 1006603 Name and Address of Sole Trustee Nottingham City Council (The members of Nottingham City Council (NCC} Trusts and Charities Committee are listed on page 12 and 13) Organisational Structure of the Charity Highfields Leisure Park Trust, Nottingham is a charity of which Nottingham City Council is a sole trustee. Recommendations on the management of the charity are delegated to the Trusts and Charities Committee. All transactions relating to Highfields Leisure Park Trust are subject to the same financial regulations as those relating to the Council activity. Day to Day Management Corporate Director for Communities, Environment and Resident Services Colin Parr Nottingham City Council Loxley House station Street Nottingham NG2 3NG Name & Address of Independent Examiners RWB CA Ltd Northgate House North Gate New Basford Nottingham NG7 7BQ Nama & Address of Bankers Lloyds Bank Birmingham OSC Ariel House 2138 Coventry Road Sheldon B26 3JW Providers of Professlonal Advice Nottingham City Council Officers RESPONSIBILITIES OF THE TRUSTEE The Charity Commission has introduced a new framework for accounting for charities lo meet the need for public accountability for the resources held by charities. It is a combination of legislation and best practice. The legal requirements are contained in the Charities Act 2011 which came into effecl on 14 March 2012. 14
The accounting and reporting requirements are complemented by a revised Statements of Recommended Practice- Accounting by Charities (the Charities SORP) issued in 2005. The Trustee is required.. to make arrangements for the proper administration of the charity's financial affairs., to prepare the annual report and financial statements for each financial year to present a true and fair view of the charity's state of affairs as at the end of the financial year and of its incoming resources and its application for resources in that year. In preparing these statements the trustee ha5 ensured: suitable accounting policies have been selected and applied consistently., judgements and estimates have been made that were reasonable and prudent., the relevant legal requirements and recommended practices have been followed; they are prepared on the basis that the Highfields Leisure Park Trust is a going concern. The Trustee is responsible for ensuring that proper accounting records are kept which are up to date and for maintaining a satisfactory system of control over the charity's accounts and transactions. The Trustee is also responsible for ensuring that arrangements are made to safeguard the assets of the charity and reasonable steps are taken for the prevention and detection of fraud and other irregularities. The Trustee must take any steps that they ought to have taken in order to make themselves aware of any relevant independent examination information and to establish that the charity's independent examiners are aware of any such information. As far as the Trustee is aware there is no relevant independent examination information about which the Highfields Leisure Park Trust independent examiners are unaware. ADOPTION OF THE ANNUAL REPORT AND FINANCIAL STATEMENTS Approved by the Trusts and Charities Committee and signed on behalf of Nottingham City Council by.. Date: 02.03.26 Councillor Z8fran Khan {Chaifl Swned for th8 Trusts and Charrties Committee Oate.. 26.02.26 Stuart Fair Corporate Dire¢lor of Finance and Resources Swned for Nottingham City Council 15
16 THE FINANCIAL STATEMENTS The financial statements include comparative figures for the previous year and consist of the following-. Statement of Financial Activities is a single accounting statement with the objective of showing all incoming resour¢es expended by the charity in year., Balance Sheet setting out the assets, liabilities and funds of the charity,. Notes to the Financial Statements explaining the accounting policie5 adopted and explanations of information in the financial statements. The financial statements have been prepared in accordance wth statutory requirements and the Statement of Recommended Practice: Accounting and Reporting by Charities (revised 20151. HIGHFIELDS LEISURE PARK TRUST ststemant of FinanGial Activiti85 For year ending 31 March 2025 Unrestrlcted Funds 2024125 Unrestricted Funds 2023124 INCOMING RESOURCES Grant from Local Authorities 2,377 Incoming Resources from Charitable Activities 148,210 134,177 Investment Income 114,271 108,407 Total Incoming Resources 264.056 244,961 RESOURCES EXPENDED Charitable Activities Other Expenditure Total Resources Expended 195,188 1,575 196,763 243,461 1,500 244,961 Net Incoming l (Outgoing) ResourGes 67,293 Fund balances brought forward as at 1 Aprll Fund balances carried forward as at 31 March 2.308,502 2.375,795 2,308.502 2.308,502 16
17 HIGHFIELDS LEISURE PARK TRUST Balance Sheet As at 31 March 2025 2024125 2023124 Fixed Assets Tangible Assets.. Freehold Land & Buildings Investment Assets -2,375,794 2,375,795 2,308,501 2,308,502 Total Fixed Assets Current Assets: Debtors.. amounts falling due wthin one year Cash l Bank 3,075 1500 Liabilities: Creditors.. amounts falling due within one year Cash l Bank (3,075) (1,500) Net Current Assets Net Assets 2,375,795 2,308,502 Represented by: Funds Unrestricted Funds Capital Receipts , 2,375.794,. 2,375 795 2,308,501 2,308,502 17
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES General Principles The Annual Report summarises the Highfields Leisure Park Trust transactions for 2024125 financial year together with its financial position at 31 March 2025. This section explains the accounting policies applied in producing the Annual Report for the Trust. Accounting policies are the principles, bases, conventions and njles by which transactions are recognised, measured and presented in the accounts. Basis of Preparation and Assessment of Going Concern The Annual Report has been prepared in accordance with Statement of Recommended Practice.. Accounting and Reporting preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and Charities Act 2011. The accounts have been prepared in accordance with the historic cost basis of accounting except for fixed assets which have been included at notional amount. Compliance with the Charities SORP and the adoption of accounting standards and principles issued or adopted by the Accounting Standards Board ensures that the accounts show 'a true and fair view" of transactions during the year and the financial position of the Highfields Leisure Park Trust at the year end. The trustee consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The trust constitutes a public benefit entity as defined by FRS102. Incomlng R8sourcas Income receipts are accrued and accounted for in the period to which they relate. Income received in advance is recognised as a liability on the balance sheet within creditors. Income from Nottingham City Council funds the net expenditure ofthe Highfields Leisure Park Trust for the benefit of the citizens of Nottingham. Resources Expended All expenditure is accrued and accounted for in the period during which they are consumed or received. Accruals have been made for all material sums unpaid al the year end for goods or services received orwork Completed. Payments made in advance are recognised as an asset on the balance sheetwithin debtors. Charitable Activities These costs mainly relate to premises expenses, which includes day to day maintenance. grounds maintenance and patrol. Governance Costs Governance costs, including the administration of the trust are direclly fur)ded by the Council, and these costs are not shown in the trust accounts. 18
19 Fixed Assets Freehold Land and Buildin The valuation of assets is a notional value that reflects the trusts perpetual covenant for general public access to and use of the park. As a notional value is used, depreciation and impairment reviews are not applicable. Investment Assets This is the loanlinvestment. stated at market value, of Highfields Leisure Park Trust's Capital receipts with the Council upon which interest (Bank of England base rate) is received. Thi5 interest is shown within the statement of financial activities - Investment Income. Accruals of Expenditure and Income The accounts of the Highfields Leisure Park Trust are maintained on an accruals basis. This means that sums due to or from the Highfields Leisure Park Trust during the year are included whether or not the cash has actually been received or paid in the year. Where income and expenditure has been recognised but cash has not been received or paid, a debtor or creditor for the relevant amount is recorded in the balance sheet. Cash received or paid and not yet recognised as income or expenditure is shown as a creditor (receipt in advance) or debtor (payment in advance) in the balance sheet and the ststement of financial activities adjusted accordingly. Where it is doubtful that a debt will be settled, the balance ofdebtofs is written down and a charge made to the statement of financial activities for the in¢ome that might not be collected. This bad debt provision is offset against the debtor balance on the balance sheet. In many cases the value to be entered in respect of accrued transactions will be Certain. In others, this value has lo be estimated and reference is then made to past transactions and trends in order to determine the likely value. Cash This is represented by cash at bank which is held within the Council's bank account on behalf of Highfields Leisure Park Trust charity and cash in hand. Funds of the Charity Unrestricted Fund A fund held on charitable trust for a purpose within the charity's objectives. The fvnd is equivalent to the notional value of the freehold land and buildings. Restricted Funds Capital receipts in respect of the sale or lease of land and buildings held and invested pending expenditure on further purchases of land or property for investment purposes. 2. TAX STATUS Highfields Leisure Park Trust is a registered charity and is therefore exempt from income tax on income fa51ing within S505 ICTA 1988. The Council is the sole trustee of the Highfields Leisure Park Trust and, in accordance with VAT notice 749, is entitled to recover VAT incurred on the expenditure of the Highfields Leisure Park Trust under section 33 of the VAT Act 1994. 19
20 3. LAND AND BUILDING Twst lands are stated at the trustee's valuation of £1, being open market value for existing use of land subject to a perpetual covenant granting the general public access. 2025 2024 Freehold land and buildings 4. INVESTMENT ASSETS The investment assets are held primarily to provide an investment return for the charity. 2024125 2023124 Loan to Nottin ham Ci Council Brought forward balance 2,308,501 2,308,501 New loans for the year 67,293 Total loans to Loan to Nottingham City Council 2,375,794 2,308,501 5. DEBTORS 2025 2024 Ac¢rued grant income 3,075 1,500 6. CREDITORS 2025 2024 Accruals 3,075 1,500 20
21 7. ANALYSIS OF SOFA: INCOME & EXPENDITURE 2024125 2023124 Income Charitsble Activities Rents 124.315 23,895 131,177 3,000 Fees & Charges Investment Income Interest received from NCC 114,271 262,481 108,407 242,584 Totsl Income Expenditure Premises Supplies & SeNices Other Services Support Services Property Maintenance Third Party Payments Governance Costs 36,756 34,928 2,887 130 192,750 11,783 983 1,500 244,961 12,3771 (2,752) 155,809 5,375 1,575 196,763 65,718 Total Expendituro Net Deficit before Grant Council Grant 1,575 2,377 NET INCOME I (EXPENDITURE) 67,293 . ANALYSIS OF GOVERNANCE COST 2025 2024 Independent examiners, fees 1,575 1,500 9. FUNDS Balance 0110412024 Incomlng Resources Resources Balance Expended 0110312025 Unrestrirted funds General 262,481 262,481 Total funds 242,584 242,584 21
22 4. TRANSACTIONS WITH RELATED PARTIES The Council is the sole trustee ofthe Highfields Leisure Park Trust and any transactions beeen these two parties must be disclosed in accordance with the Charity SORP. The Council manages the Trusts, capital investments and reserves within their bank accounts. The Council transfers the interest eamed back to the trust as investment income. Total of£67,293 has been loan to the Council being the net surplus form operations for the year. A grant accrual of £1,575 has been included within the total income to reflect the increased grant provision in relation to fee accrual of Independent examiners cost. Transactions befvleen the charity and NCC are in respect of the day-to-day operations of the charity. The Council charged the charity £161,184 {2023124 £192,750) in respect of grounds maintenance and other support costs which is included in Resources Expended Charitable Activities, within the Statement of Financial Activities. Individual councillors of NCC did not receive any benefits from the Highfields Leisure Park Trust. 22
23 Independent Examiner's report to the Trustees of the Highfields Leisure Park Trust I report lo the trustees on my examination of the accounts of Highfields Leisure Park Trust for the year ended 31 March 2025. Responsibilities and basis of report As the Charily trustees of Highfields Leisure Park Trust you are responsible for the preparation of the accounts in accordanGe with the requirements of the Charities Act 2011 ('the Act'}. I report in respect of my examination of the Highfields Leisure Park Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llb) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect: accounting records were not kept in respect of Highfields Leisure Park Trust as required by section 130 of the Acl., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair 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 the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Nicholas William BonnellD FCA RWB CA Limiled Northgate House Norlh Gale New Ba51ord Noiiingham NG7 760 0210312026 23