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2025-03-31-accounts

TheParksTrust MILTON KEYNES Eero & Financial Statements . .202412025

Company Information Milton Keynes Parks Trust Limited Company Registration Number 02519659 Charity Registration Number 1007183 ~~oe~~ Registered Office Campbell Park Pavilion, 1300 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 4AD Bankers Barclays Bank Plc Ashton House, 497 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 2LD

Handelsbanken Plc Hertfordshire, AL1 3TF ~~Oo~~

2nd Floor, Moorgate House, 201 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 1LZ

Auditor

Moore Kingston Smith LLP 4 Victoria Square, St Albans Hertfordshire, AL1 3TF Geoffrey Leaver Solicitors LLP Bouverie Square, 251 Upper Third Street, Milton Keynes, Buckinghamshire, MK9 1DR

Solicitors

Contents

Contents
Welcome
Our People
New Green Spaces
Our Highlights
Facts & Figures		 04
06
08
10
14
Accessibility in Our Parks 16
Strategic Objectives 17
Our Financial Performance
Our Investments
Structure, Governance and Management
Statement of Trustees’ Responsibilities
Independent Auditor’s Report
Financial Statements
Principal Accounting Policies		 18
20
22
25
26
30
34
Notes to the Financial Statements 38

Freeths LLP

Routeco Office, Park Davy Avenue, Knowlhill, Milton Keynes, Buckinghamshire, MK5 8HJ

Subsidary Companies Registered Office

MKPT Properties Limited Campbell Park Pavilion,1300 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 4AD

Company Registration: No. 04161258

About Us

MKPT Events Limited

Campbell Park Pavilion, 1300 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 4AD

Company Registration: No. 09411695

Whitecap Leisure Limited

Campbell Park Pavilion, 1300 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 4AD

Company Registration: No. 03979736

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Welcome from Victoria Miles MBE, Chief Executive

Milton Keynes is proud to be a top contender for the UK’s Greenest City accolade. On average there are just over 150 sq metres of parks per 100 Milton Keynes residents. We are truly lucky to enjoy the beautiful parks, lakes, woods and landscapes that our team at The Parks Trust care for today and will continue to do so forever.

The majority of people who live in Milton Keynes know that The Parks Trust model is a clever one, but for those of you perhaps new to the area or finding out about the trust for the first time, we are an independent charity with strong commercial investments, primarily our property portfolio, the income of which is used to support our work. We are committed to protecting the land, the environment and biodiversity for future generations.

As I work with and engage with other park and green space colleagues from around the country, I’m struck as to how fortunate we are to use our income solely to focus on our charitable objectives to ensure our commitment is to future proof and protect our lush, green city. They repeatedly tell me that they are truly envious of our model, that we are a beacon of light, which ensures that as the new city of Milton Keynes continues to grow, its green spaces are not compromised in fighting for funding, which is so common across other areas of the UK.

As you read through our Annual Report you will understand how diverse our work is, we hold hundreds of events across our parks each year, we have an enthusiastic team of over 90 full and part-time employees and unwavering support from almost 250 volunteers delivering the important work of the Trust. In addition to landscaping and maintenance tasks this also includes providing valuable recreation and leisure facilities, connecting communities at over 500 outdoor events each year and advancing outdoor learning education around wildlife, biodiversity, and the environment.

As the city of Milton Keynes grows, so will our environment. We will have more to do with shaping the green spaces of the future, and we will need more investment to do so. Our work with developers to take on new parks and endowment investment to cover maintenance cost in perpetuity will continue. We will also strive to enhance our biodiversity, helping Milton Keynes deliver its local nature recovery strategy and become the premier provider of Biodiversity Net Gain in the city. Our partnerships and supporters will be invaluable to us as we engage further with them in the future.

So whilst we crack on with the day job and the future proofing, we want you to enjoy the spaces around you. The evidence is undeniably clear that urban green spaces are fundamentally important for improving mental and physical health, enhancing biodiversity, reducing pollution, mitigating flooding, tackling urban heat island effects and enabling access to nature. So, visit theparkstrust.com to find out more and whatever the weather, explore the programme of events and activities, designed for everyone, that we have planned for another year in the life of The Parks Trust.

Best wishes,

Welcome from Nick Lloyd, Chair of Trustees

There is never a dull year at The Parks Trust. The range of its activities, the speed of change in Milton Keynes, the desire to make the superb parks and lakes in MK better and better year on year is what both challenges but also excites everyone at the Trust.

Much of the last 5 years has been necessarily focussed on the effects of worldwide events on the Trust. In particular, both COVID and rising inflation required us to direct our focus on trying to manage cost (while still maintaining high quality in everything we do) as the income the Trust receives from its investments was under pressure. It is a source of great pride that the parks we provide come at no cost to the Milton Keynes (or any other) tax payer – so we need to keep a very firm eye on how we generate the income to pay for everything we provide. We are, of course, hardly in a time of economic certainty today.

We have spent a lot of time this year looking at our strategy for the next quarter of a century. It is a genuine blessing to be in an organisation that is able to look this far forwards. Especially as (despite the many day to day issues we face) the long term is of vital importance - what we do today will definitely affect how our parks look and work in a generation’s time.

Our strategy has many lines in it as there are so many wide-ranging areas to cover, but I think it can also be described quite simply.

We believe we have the best parks and green spaces in the country and we want to make them even better. We must do that in a way that is sustainable – financially, ecologically and environmentally. We need to make the existing parks an even better experience and a more accessible experience for everyone in MK. The city is growing fast and will be considerably bigger by 2050. We need to do whatever we can to ensure that new developments contain greenspace looked after by The Parks Trust to ensure they get the same quality as existing spaces and, wherever possible, to maintain links with other parks.

I would like to thank the vast range of people who support us: our staff, our trustees, our volunteers, the council (with whom we share a vision for what our parks can do and how to get there), and last but not least, you when you come to our parks. Come more often, tell friends, let us know what is good and what is not.

Best wishes,

Nick Lloyd Chair of Trustees

Victoria Miles MBE

Chief Executive

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5

Our People

The Parks Trust Team

Our passionate people, from skilled landscape specialists and biodiversity experts to property and finance professionals, are what make our charity’s mission a reality. Their commitment shapes the city’s landscapes and engages local communities with the great outdoors.

Supported by a reliable network of contractors, community groups and volunteers, our teams deliver with our values at the heart of everything we do - we are committed, collaborative and inspirational.

In 2024-25 the Trust wished a happy retirement to long-standing staff Colin Savage and Rob Riekie. Colin had been with the Trust since its inception in 1992 having already clocked several years working in Milton Keynes’ parks. Rob also joined the organisation in the 1990’s and had grown with the Trust, ultimately taking the reins as Landscape and Operations Director. Although retired, his dedication hasn’t wavered and he has now proudly joined our team of volunteers.

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15%
13%
6.5%
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Operations (Direct Works, Cleansing, Landscape Officers, Rangers, Enforcement Officers)

Environment and Landscape (Park Development, Biodiversity)

Community Engagement (Outdoor Learning, Events, Marketing) Property

Shared Services (Finance, People, IT, Health & Safety, Other)

Whitecap Leisure

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New Green Spaces 35
As Milton Keynes continues to grow as an exciting and 37 City Centre Kingston
well-connected place to live and work, the city and its green 16 41
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The Parks Trust aims to be the partner of choice for developers, who can gain 33
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great advantages with our local knowledge and expertise to ensure that new
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neighbourhoods benefit from prime landscapes just like other parts of the city. 38
Our goal is to enhance the quality of life for current and future generations while 26
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also conserving the local environment and biodiversity.
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Once new developments are completed, the associated parklands, ponds, and 41
play areas are often entrusted to The Parks Trust with endowments which we
carefully invest to ensure perpetual care and maintenance at no expense to the 30 13 3
local community. 15
In the Financial Year 2024-25, we proudly took on the responsibility of the 14
following new parks and landscapes in Milton Keynes: 36
1 hectare in Eagle Farm, made up of mostly Sustainable Drainage Systems (SuDS) ponds 12
27
2 hectares of parks and swales in Brooklands
A small open space containing a bridleway and an urban square park in Whitehouse, Bletchley
28
totalling about 0.2 hectares. 1. Brooklands Meadow Park 23. Floodplain Forest Nature Reserve
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2. Broughton Brook 24. Linford Lakes Nature Reserve
3. Caldecotte Brook 25. Stony Stratford Nature Reserve
4. Campbell Park 26. Hazeley Wood
5. Canal Broadwalk 27. Howe Park Wood
6. Great Linford Manor Park 28. Kingsmead
Developers can also choose The Parks Trust as a partner for Biodiversity Net Gain (BNG) delivery. 7. Loughton Valley Park 29. Linford Wood
43 8. Newlands 30. Shenley Wood
As custodians of over 6,000 acres of parkland, our teams expertly manage the city’s landscapes for both people and nature. 9. Poplar Plantation 31. Tree Cathedral
10. Stanton Low Park 32. Glebe Farm Wetland
The Trust continually seeks to enhance the parkland habitats for wildlife and to develop closer connections between 11. Stonepit Field 33. Kents Hill Park
people and nature. 4 12. Tattenhoe Valley Park 34. Lady Margery’s Gorse
To achieve this, the Trust is developing its own in-house Biodiversity Net Gain scheme comprising a wide range of habitats. © 13. 14. Ashland LakesCaldecotte Lake 35. 36. MiddletonOxley Park
15. Furzton Lake 37. Shearing Park
We have capacity to meet Biodiversity Net Gain requirements with quality, high integrity BNG units that will benefit 16. 17. 17. Lodge LakeTeardrop LakesTeardrop Lakes 38. 39. WhitehouseMillfield
Fairfields
Eagle Farm
A5 Fen Street
M1
Watling Street
Portway
Calverton Lane Childs Way
Brickhill Street
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15. Furzton Lake 16. 17. 17. Lodge LakeTeardrop LakesTeardrop Lakes 18. Walton Lake 19. Willen Lake (N) 20. Willen Lake (S)

We have capacity to meet Biodiversity Net Gain requirements with quality, high integrity BNG units that will benefit both nature and people.

40. Ouse Valley Park 41. Ouzel Valley Park 42. Tombs Meadow

43. Waterhall Park

21. Wolverton Mill Balancing Lake 22. Elfield Park Nature Reserve

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9

Our Highlights

Our inspirational teams have worked hard to deliver new initiatives, demonstrating our commitment to communities and enhancing biodiverse habitats and landscapes. Successes have attracted fantastic s. feedback from the public and won the Trust several award

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Established our Access
Outdoor Learning hosted a new Careers Ambassadors to ensure
The ruby anniversary of Day for secondary school students at our park improvements
Campbell Park, celebrating 40 Howe Park Wood, featuring real-life are informed by lived
years in the heart of the city. landscaping skills, tractors and tools. experiences.
2024
A pril Ma y Ju ne
A new loyalty scheme for Willen New interactive artwork Capture The 5-year Middleton Wood Meadow
Lake visitors, the Willen Wonders The View installed at Furzton Lake project completed, seeing 5,000+ native
Card offers local families the encourages visitors to help create a trees and shrubs planted with local school
chance to make savings on digital history of the scene. h NE children and community groups. 7 {i ) Yi
activities and purchases.
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Wildlife-themed Adventure Our Outdoor Learning ; Sia Sirus Held a special event to launch the
Golf opened at Willen Lake, yh | team won the Environmental oe Retained Green Flag Award for 8 years first suite of AccessAble Guides,
alongside fresh new branding and Sustainability Award and are the only organisation in the helping to make Furzton Lake,
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and system improvements for at the Milton Keynes country to attain this for an entire Stanton Low Park, and Great Linford
the Treetop Extreme course. Education Awards. network of parks. Manor Park more accessible.
July
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The city celebrated the A third consecutive Green
10th birthday of the Milton Heritage Site accreditation for
Keynes Rose. management of historic features
Rides! |) v % 72s Green KG I —
at Great Linford Manor Park.
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11

----- Start of picture text -----
ae SS The High Sheriff of Buckinghamshire, Kurshida Mirza, awarded The Parks Trust with a coveted
High Sheriff Award in recognition of our services
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to the community. A second High Sheriff Award
was also presented to our Events & Community
Engagement Manager, Julie Dawes.
Aug Sept Oct
New public artwork was unveiled at
Howe Park Wood, The Bee and the Re
Butterfly helps to raise awareness
of the importance of pollinators. ; Me
peoa
The Trust secured a Sycamore Gap Tree of Hope
for Milton Keynes. 1 of only 49 saplings that were
made available by the National Trust initiative that
received more than 500 applications. < fh
2025
Jan
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Our property team hosted the first networking event exclusively for our tenants, enjoying festive treats and skating at Willen On Ice.

Our new series of family cycling events, Parks & Ride, completed its first season and attracted special guests such as the Mayor of Milton Keynes.

The Trust joined a city-wide Purple Tuesday event, raising awareness and engagement with our work to create more accessible green spaces.

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New websites were launched, with
a brand refresh and improved accessibility
features – theparkstrust.com,
willenlake.org.uk and
campbellwharfmarina.com
a
|
| Green spaces |
Nov
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The city’s first ever drone show took to the sky above Campbell Park as part of City of Code & Lights programme.

Flavour Fest debuted at Willen Lake, adding a popular street food event to the seasonal calendar.

A milestone celebration, marking 20 years since the first steps of MK Health Walks. ~~Feb~~

Our conservation volunteers introduced bug totems in Middleton Wood Meadow, to support the invertebrates and developing biodiversity.

A new interactive trail was introduced in Campbell Park, encouraging visitors to learn about the park – from original concepts to artworks, events and caring for the landscape.

The beginnings of a new arboretum in the Poplar Plantation, 25 staff from across the organisation joined the Direct Works team to plant 67 saplings.

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13

Facts & Figures

Here’s an insight, in numbers, of some of the measures of our work in managing the city’s 6,000 acres of parkland.

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100
1,500
tonnes
Bulbs 13,000 of waste and fly-tipped
were planted around trees by trees & shrubs planted refuse removed, including
local school children 10,000+ sacks of litter
300+
1,936
Hours
541
hours spent on post flood and
events hosted in Bales
adverse weather cleansing
MK’s parks produced by
meadow hay cutting
7.6km 444
schools sessions took
of leisure route pathways
place in local parks, encouraging
resurfaced, and car parks at
Bancroft and Kents Hill 5,561
children to learn about
nature outdoors
65,000+
people 1,337
attended events at Willen Lake
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1,337
hours of staff CPD training
for the Willen Lake team
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556
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10

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schools activities connected with
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Bridges, boardwalks and bird
feeding platforms refurbished with
16,127
new decking boards or rebuilt
young people
through assemblies,
careers sessions, etc.
400m [2]
of flowering bulbs planted
3.2
individual
Hectares 1,079 plants across
of new green space
for the city
31
species
identified in new meadow rapid
assessment surveys by volunteers
participants
engaged
22,648
1.5km across 883
outdoor learning activities
of pathways refreshed with
woodchip from cricket bat
willow operation
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99km
of hedgerow cut
and managed
120
4,280 a bumper season!
participants enjoyed
activity programmes 127
at Willen Lake
tenants occupying commercial
spaces in The Parks Trust
property portfolio
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Cricket Bat Willows harvested for production - a bumper season!

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Accessibility in Our Parks

Access Ambassadors

Our Access Ambassadors panel, established in 2024, has already grown to 12 volunteer members with lived experiences of different conditions and disabilities. Representing the city’s disabled communities, their role is to help us identify and understand operational and engagement improvements that can help disabled visitors feel more welcome in our parks. We draw on the lived experience of wheelchair users, people with sensory impairments, adults with learning disabilities and carers to ensure we are acting on a wellrounded perspective.

In 2024, the Ambassadors helped Natural England to film an outdoor accessibility training video with practical advice on enacting the British Standard for gates, gaps and stiles. The ambassadors have also supported the launch of our AccessAble pre-visit guides and are now acting as an advisory body for other local parks.

Improvements

As part of our ongoing commitment to creating inclusive spaces, we worked closely with our Access Ambassadors to deliver a suite of accessibility improvements at Furzton Lake. These enhancements included additional benches and picnic tables, a new wayfinding system, handrails added to a footbridge, and the installation of tapping rails and tactile paving at key viewpoints.

This pilot project provided an important opportunity to understand how such changes impact the experiences of disabled visitors. Feedback gathered through surveys highlighted where the improvements had made a meaningful difference, and identified areas where further refinement is needed.

Building on this valuable learning, we are turning our attention to Shenley Wood, where we will apply and expand our approach to accessibility in a new setting.

Strategic Objectives

1 Provide beautiful parks and green spaces

Ensure the management of greenspace under our care is kept to a high standard.

2 Support action on

climate change

Work towards Net Zero by measuring, monitoring and reducing our carbon emissions.

3 Invest in our communities

Work with local communities to engage and educate about our work and their use of green spaces.

Invest in our people

4

Build a diverse and inclusive workforce and support team members to reach their potential.

Build awareness 5

Promote greater awareness and understanding of the Trust and our charity model.

6 Grow our financial and property portfolios

Follow a long-term financial strategy and diversify our portfolio to reduce risk.

7 Ensure high performance and efficiency

Ensure we are a high performing organisation with effective governance, leadership and accountability.

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Our Financial Performance

Financial position and reserves at the end of 2024-25

At the close of the 2024-25 financial year, the Trust’s net asset position had increased to £158.8 million, up by £9.1 million from the previous year’s £149.7 million. This increase was predominantly driven by two factors – 1. an upward revaluation of our property investments from within our Expendable Endowment Fund, attributable to improving market conditions and 2. disposal of parcels of land (leasehold and freehold) proceeds of which have been allocated to our unrestricted funds.

The Environmental Gain Fund has been established to enable us to put aside reserves for the specific purpose of improving biodiversity and creating new habitat within Milton Keynes and its environs. The Stanton Low Fund was established following receipt of gravel royalties obtained from the Ouse Valley Park and are designated for use in enhancing the site at Linford Lakes Nature Reserve.

Expendable Endowment Fund: Currently valued at £150.4

million (2024: £144.3 million), this fund saw growth primarily due to a net revaluation increase in investment assets. This fund includes assets donated by the Milton Keynes Development Corporation when the Trust was established in 1992. In most years since then the Trust has taken responsibility for managing additional greenspace and received additional endowments, initially from the Commission for New Towns, then English Partnerships, and more recently various developers and Milton Keynes City Council (from the ‘Tariff’ and Section 106 monies). This year endowment receipts of £0.8 million (2024: £1.4 million) were received and contributed to the increase in the overall fund. The fund may be converted into income.

Our net assets are allocated across three reserve funds as follows:

Restricted Fund: Remaining at £0.2 million (2024: £0.2 million) and earmarked for the Campbell Park Community Facilities project and the Riverine Forest project.

General Fund: Currently at £8.3 million (2024: £5.2 million) with the increase arising from this year’s unrestricted funds surplus. Notably, all income derived from assets within our Expendable Endowment Fund is applied to this fund, available for advancing the charitable objectives of the Trust. Moreover, within the General Fund, we’ve designated funds for specific initiatives such as the Environmental Gain Fund and the Stanton Low Fund.

Financial review of 2024-25

Day-to-day expenditure is also funded through income which we raise via our charitable activities, which this year totalled £1.5 million (2024: £1.3 million) returning to its level of 2023. The increase can be attributed to enhanced income generation from our green estate with the price of our willow trees, used for cricket bat production, reaching a new peak and sales of in-house produced firewood performing well. Our primary income from charitable activities comprised:

We unfortunately needed to reduce headcount at the start of the financial year, losing 4 permanent roles from the Trust in the first quarter. This decision was not easy and was made against a backdrop of uncertainty of income from our property portfolio and an unprecedented rise in operating costs due to, among other things, the impact of the rise in inflation. This resulted in a slight fall in staff costs this year to £4.2 million, down from £4.4 million in the prior year and was a factor in the fall in expenditure from £15.2 million to £14.6 million. £14.6 million, however, represents a significant annual expenditure and one from which we expect to increase in 2025-26.

In terms of meeting our day-to-day expenditure, we rely primarily on our investment income, which was consistent with the prior year at £11.1 million (2024: £11.1 million). The Trust’s principal income from the investment assets it holds was made up of:

Despite encountering adverse weather conditions once again this year, the Trust’s trading subsidiary, Whitecap Leisure Limited, managed to increase revenue to £1.8 million, up slightly from the prior year income of £1.7 million.

In the financial year, our property investments demonstrated a fair value increase of £4.1 million, a marked improvement from the previous year’s decrease of £0.2 million. This revaluation is captured as an unrealised gain in our Statement of Financial Activities. The valuation is undertaken by Colliers International Valuation UK LLP, who assess most of our investment properties via an independent desktop valuation.

Additionally, other income this year experienced a significant increase totalling £3.4 million (2024: £0.2 million). This was achieved through the disposal of 3 parcels of land, transactions which had been in the pipeline for considerable time. Note 4 to the financial statements provides more information on the nature of these transactions.

This year, the endowments allocated for new land transfers amounted to £0.8 million, representing a decrease from the £1.4 million recorded in the previous year. We are pleased to have completed the transfer of parcels of land situated in Brooklands in the east of the city and Whitehouse Park in the west.

The valuation methodology adopted was based on open market value, considering existing tenancies. As a result, our land and properties are appraised at £131.3 million, showing a slight increase from £131.0 million in the prior year. In the year we disposed of properties with a carrying value of £3.9 million and realised a gain on disposal in our Statement of Financial Activities of £0.5 million. The net valuation increase, reflecting the current market conditions, was £4.1 million which is recognised as an unrealised gain in our Statement of Financial Activities.

Over the course of the year, our total resources expended fell slightly from £15.2 million to £14.6 million. Our expenditure on charitable activities which includes the management and maintenance of parks remained a significant portion of our expenditure totalling £8.9 million. Our spending on investment management costs fell to £3.7 million (2024: £4.2 million) due to partial repayments of our loan facilities and falling interest rates. This investment management costs also includes direct expenditure on maintaining our investment property portfolio and the annual derivative revaluations.

The Trust strategically reduced its debt during the year to mitigate the rising cost of servicing its debt. Throughout the financial year, we repaid £1.3m of the drawn amounts on our floating rate revolving credit facility (RCF) and reduced the term loans from £34 million to £29 million. The repayments were facilitated by utilising proceeds from the sale of investment properties, endowment receipts and land disposals. These loans are secured against certain property investments within our portfolio.

The Trust maintains a well-diversified portfolio of investments, encompassing both our internally managed commercial property holdings and externally managed non-property investments. In the current financial year, we observed a slight increase in the value of our investment funds, totalling £179.7 million compared to £178.1 million in 2024. Regarding investment market conditions, it’s noteworthy that we’ve navigated through a dynamic landscape characterised by both opportunities and challenges. Despite fluctuations, prudent management and strategic diversification have contributed to the overall resilience and growth of our investment portfolio.

Our RCF facility was renewed during the year and remains available until December 2026, with a maximum value of £7.5 million. This facility serves multiple purposes, acting as both a resource for working capital needs and a valuable tool for facilitating potential acquisitions of new investment assets.

Key Financial Metrics

2020/21 2021/22 2022/23 2023/24 2024/25
Total incoming resources £16.7m £16.4m £16.3m £15.8m £18.7m
Total resources expended £12.4m £14.8m £14.9m £15.2m £14.6m
Net movements in funds £12.9m £21.0m -£4.8m £4.1m £9.1m
Expendable endowment fund £124.1m £144.4m £138.3m £144.3m £150.4m
Cost of raising funds 33.4% 29.5% 43.1% 40.9% 38.9%
Cost of charitable activities 66.6% 70.5% 56.9% 59.1% 61.1%
Commercial property portfolio net yield 6.0% 5.6% 4.7% 5.6% 6.0%
Managed funds blended net yield 2.1% 2.0% 3.1% 3.7% 3.3%
Total return 10.2% 14.8% 0.0% 7.4% 8.7%
Total return (5 year average) 8.6% 9.0% 7.7% 7.8% 8.2%

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19

Our Investments

We hold our endowment reserve as investments so that we can fund our day-to-day charitable work and also grow the amount of money, in real terms, that we have to fund our work in the future.

This year our commercial property portfolio again faced many headwinds but performance has improved year on year. Gross income yields increased to 7.3% compared to 7.2% in the prior year, and net income yields increased to 6.0% from 5.6%. Additionally, the capital return was positive at 3.6% following 2 years of falling or no growth.

Despite these challenges, we remained proactive in our approach, disposing of three investment properties, generating £4.3 million in cash receipts, and realising a gain of £0.5 million on disposals. Notably, we did not acquire new investment properties during the year. Of the properties that remain in the portfolio, there was an increase in revaluation of capital values and an unrealised gain of £4.1 million was recorded.

Our portfolio spans diverse sectors including retail, office, hotel and leisure, industrial, and residential properties, with a significant portion totalling 72.2% concentrated within Milton Keynes (2024: 70.5%). This, combined with active management strategies, underscores our commitment to mitigating risks and maximising returns. Leveraging the expertise of our in-house team, we believe we are well-positioned to navigate market fluctuations and safeguard the income generated from our property assets.

The Trust also continues to hold funds with Sarasin and Partners LLP (Sarasin), Legal & General Investment Management (LGIM), Apollo Global Management (Apollo) and J.P. Morgan. Our managed funds portfolio is invested in a range of securities including equities, credit and infrastructure. Overall, this year our total managed investments rose in value to £48.3 million (2024: £47.1 million). The financial investments returned net gains (realised and unrealised) of £0.7 million. There was a net addition to the portfolio of £0.6 million.

We have a written investment policy which is reviewed annually by the board. Our investment policy requires our managers to meet these ethical investment requirements:

Subsidiary - Whitecap Leisure Limited

During 2024, Whitecap Leisure Limited, our trading subsidiary, faced significant challenges due to adverse weather conditions, which impacted performance during much of the peak season. Despite these setbacks, the year saw the launch of our new Adventure Golf attraction and the completion of an upgrade to the Treetop Extreme course, contributing to a 4.3% increase in revenue to £1.825 million. However, overall revenue still fell short of budgetary projections, resulting in an operating loss of £48k, an improvement on the previous year’s loss but still below the board’s aspirations for sustainable profitability. Recognising the weather-dependent nature of Willen Lake, we continue to pursue diversification strategies to broaden our year-round appeal. The introduction of Willen On Ice in winter 2023 was well received and delivered strong results, but unfortunately, the 2024 event did not meet expectations, prompting a strategic review ahead of 2025.

Towards financial sustainability

Our charitable objectives extend indefinitely to the stewardship of parks, lakes, woods, and landscapes. Operating under a self-financing model, we rely solely on our investments and commercial endeavours to fund our operations. Thus, it’s imperative that we adhere to a strategic plan to ensure the Trust’s long-term financial viability.

Although our Expendable Endowment Fund saw growth this year, we exercise prudence and remain vigilant until we are assured of the property portfolio’s full recovery. While the underperformance of the property portfolio presents a setback, we remain steadfast in our resolve to enhance our financial sustainability, aligning with the perpetual needs of the charity.

Looking forward

Looking ahead to the 2025/26 financial year, our focus remains firmly on the stewardship and enhancement of over 6,000 acres of greenspace across Milton Keynes. As we respond to increasing pressures on our existing land and take on new responsibilities through the acquisition of additional sites, we recognise the need to remain agile and responsive to evolving demands.

A key financial priority will be continuing our work to review our debt. This strategic decision to reduce debt during the year has helped mitigate our exposure to the maturing 2026 debt, and we will begin refinancing efforts in earnest over the coming year.

Operationally, we plan to resume development of a new educational facility at Linford Lakes Nature Reserve and to commence the construction of new cattle housing in Passenham, where planning permission has already been secured. We also aim to establish a new income stream through Biodiversity Net Gain, selling biodiversity units to developers in exchange for delivering habitat enhancement projects on our land.

At Willen Lake, our strategy will continue to centre on strengthening our in-house, consumer-led offerings. New attractions planned for the year include an axe throwing experience and the introduction of additional third-party operators to diversify our leisure offer. These include a unique ‘sail and dine’ experience on the lake. We will refurbish the former café building, transforming it into a dedicated cycle hire hub with enhanced office space and improved facilities for educational use.

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21

Structure, Governance and Management

Company Structure

company and ensures that our strategy is aligned with our values and mission. The Board is responsible for ensuring The Parks Trust is properly managed, complying with all relevant law, and has the highest standards of governance.

Milton Keynes Parks Trust operates on a day-to-day basis as The Parks Trust. It is a company limited by guarantee, governed by its articles of association and administered by a Board of Trustees. The Board sets and monitors the strategic direction of the

Trustees

All the Trustees are directors of Milton Keynes Parks Trust Limited. The Trustees who served during the year and up to the date of this report are:

Since the last report sadly we lost the services of Cllr Robin Bradburn who passed away suddenly on Saturday 14 September. We also lost the services of 4 Trustees who resigned however 4 new Trustees have been appointed, taking note of where skills gaps would be occurring on the Board. Newly appointed Trustees go through an induction process which includes explanation of the regulatory framework within which The Parks Trust operates, the legal and fiduciary duties of charity Trustees and company directors, as well as risk management and mitigation. All Trustees are provided with training opportunities, Charity Commission briefings and other information about good charity governance.

Yoseph Araya Sinem Bilen (appointed 28 November 2024)

Robin Bradburn (deceased 14 September 2024) Nominated by Milton Keynes City Council

Chris Bridgman Vice Chair of the Trust and Chair of Operations Committee

Ian Burgess

The board of The Parks Trust has 4 sub-committees and received regular reports from each of them.

Tim Dolder

(resigned 4 March 2025)

(resigned 27 June 2024)

Ian Jackson Joseph Kingston

Nick Lloyd

Chair of the Trust Shazna Muzammil (appointed on 28 November 2024) Richard Pryor (appointed on 28 November 2024)

Danielle Sheppard

Ann Shrimpton

(appointed on 28 November 2024)

Richard Smith

Chair of Finance and Property Committee

Lauren Townsend

Nominated by Milton Keynes City Council and Chair of Governance & HR Committee

Carla Velterop-Martin

The Trust also has an investment advisory group made up of Trustees and external specialists with a wealth of experience in the subject.

The Trustees have had due regard to public benefit guidance published by the Charity Commission. We consider all the work undertaken by The Parks Trust is for the benefit of the public. For example:

The management of The Parks Trust’s investments is undertaken solely for the purpose of providing income and long-term financial security so that The Parks Trust can carry out its charitable objects in perpetuity.

During the year we said goodbye to Rob Riekie (Landscape and Operations Director) and Tim Roxburgh (Head of Property).

The Parks Trust Senior Leadership Team

The Senior Leadership Team is responsible for the day-to-day running of the Charity. It proposes to the Board where the Charity should invest its time, money and expertise. It reviews strategic changes to the charity’s activities prior to consideration by Board or Committees. Through the Finance Director it proposes an annual operating budget to the Finance and Property Committee and to Board for approval and monitors financial performance accordingly. It recommends any changes to the budget and activity in light of performance and changes in the external environment. Those who served on the Senior Leadership Team during the year and up to the date of this report are as follows:

Key Personnel - Remuneration

The Chief Executive’s remuneration is determined by the Board on the recommendation of a small sub-committee, made up of the Chair and Vice-Chair of the Board. They also carry out the annual performance review of the Chief Executive. Our salaries are reviewed in the first quarter of each calendar year and any changes take effect from April. Bi-annually a salary benchmarking exercise is carried out on all salaries and benefits at the Trust and to ensure all are now within the ‘assessed market range’. Our next review is scheduled for January 2027.

Hannah Bodley

Deputy Chief Executive Subsidiary undertakings Subsidiary undertakings
Phil Bowsher
Head of Environment The charity has three wholly owned subsidiary undertakings:
James Cairncross • Whitecap Leisure Limited – a subsidiary managing the leisu
Head of Landscape Architecture operation at Willen Lake.
Jennifer Elvin
Head of Property		 • MKPT Properties Limited – which has been used from time
to time to undertake property development projects but is
Frank Gill currently dormant.
Head of Operations and Forestry
Jeremy Godfrey
Finance Director		 • MKPT Events Limited – which was the vehicle used to
manage the Rugby World Cup 2015 Festival and Fanzone
is currently dormant.
Jennifer Harris
Head of People The Parks Trust has formal funding agreements with these
David King
Property Director		 subsidiaries and appoints some of the directors to each board.
Directors are listed in the subsidiary accounts.
Victoria Miles
Chief Executive
Rob Wood
Executive Director, Willen Lake

Graham Webster

Ellen Wilson

(resigned 27 June 2024)

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23

Structure, Governance and Management C O N T I N U E D

Principal risks and uncertainties

While we have managed the challenges of recent years, we anticipate additional obstacles during the transition into the ‘postpandemic’ era, marked by substantial external uncertainties. We acknowledge the prevalence of various macroeconomic risks, notably those related to fluctuations in economic conditions and shifts in domestic and global political landscapes.

The Parks Trust adheres to a comprehensive risk policy outlining our risk tolerance and guiding our risk management procedures. Effective risk management is a critical component in achieving our strategic objectives and protecting the organisation. We have a robust framework in place for the review and mitigation of risks to which our organisation is exposed, balanced with managing the risks we accept in pursuit of our purpose. The Senior Leadership Team has close oversight of risks and conducts quarterly reviews of our business plan and operational risk register, facilitating oversight of workflow, capacity, and progress across all operations.

To ensure liquidity, we maintain adequate cash reserves, with cash flow projections subject to monthly scrutiny by the Finance Director and Chief Executive, and quarterly oversight by the Finance and Property Committee. Risks associated with borrowings are mitigated through interest rate swaps and regular monitoring, including stress testing against loan financial covenants. Additionally, our investment portfolio retains a sufficient portion of highly liquid assets to mitigate risk exposure.

In compliance with statutory obligations, Trustees routinely evaluate and address all risks confronting the Trust, devising strategies for their management. The Audit and Risk Committee are tasked with monitoring the efficacy of our risk management practices. The Trustees are satisfied that appropriate protection, systems and checks remain in place in order to mitigate exposure to significant risks.

There are several high scoring risks in the risk register. These are risks that would have the most detrimental impact on The Parks Trust. We face risk and uncertainty in different areas including:

Principal risks ~~i~~ Availability of skilled contractors

~~—S—SSC~~

Mitigating actions

We maintain strong partnerships with our current contractors, fostering positive relationships and understanding their business pressures. We prioritise the nurturing of our existing contractor pool but we aim to expand our network of capable contractors and recruit new talent whenever feasible.

We face a challenge due to a scarcity of skilled contractors available for our landscape management operations.

Moreover, we are committed to enhancing and growing our Direct Works team, including apprentices, and aim to either maintain or gradually increase the proportion of work carried out by this team.

Our organisational mission and core purpose are key factors in attracting and keeping talent.

Attract and retain a talented and diverse workforce

We try to maintain a good reputation and make sure The Parks Trust is a good and rewarding place to work by following good HR policies and succession planning. We have strong staff engagement practices in place and regularly seek staff feedback on their experience of working in the organisation.

Our people (staff, volunteers and trustees) are the cornerstone of our operation. If we are not perceived to be an employer of choice and one which offers equitable opportunities for all, we will fail to attract and retain the talent we need.

We carry out compensation benchmarking and aim to have a competitive employment proposition offering equitable opportunities for all. We are also implementing an EDI strategy. The Governance and HR Committee led by the Chair continues to give this important area more focus and scrutiny.

Investments and inflation

We continually review our income and adjust forecasts as appropriate. We have a long-term financial strategy that is regularly reviewed, as well as annual and 3-year budget plans.

The impact of the inflationary impact on our cost base, our investment asset values and our income.

We have an investment policy that requires us to maintain a diversified portfolio and regularly review the performance of investments against the financial strategy using external consultants where appropriate.

Cyber-security and protection of our information and assets

We mitigate this risk by working with a managed service provider who manage the security controls that we have in place ensuring, amongst other things, that we have adequate antivirus and web protection. This year we are tendering our managed services and expect to enhance this area as a result.

The risk is that a breach of our network could result in the loss or compromise our data. The risk is further elevated if our technical defences do not keep pace with the ever-evolving threat of cyber-attack.

We also ensure that all staff are aware of phishing techniques and that the finance staff are aware of the procedures to follow when making payments or changing bank details.

We use two factor authentication as part of our sign-in process for all staff to add another layer of protection.

Statement of Trustees’ Responsibilities

Investments

The investments of The Parks Trust are set out in note 13 of the financial statements. The endowment funds are primarily held in the form of commercial property and financial investments. To protect The Parks Trust’s long-term interests, plans for investment diversification are assessed regularly. An independent desktop valuation of the investment properties was carried out in March 2025 by Colliers International Valuation LLP. The land and properties were valued at £131.3m (2024: £130.9 million). The basis of the valuation adopted was open market value subject to existing tenancies.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time, the financial position of the charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Parks Trust’s non-property investment portfolio is managed by Sarasin & Partners LLP, Legal & General Investment Management, Apollo Global Management and JP Morgan Asset Management who are authorised persons within the meaning of the Financial Services and Markets Act 2000. The mix of asset classes within the portfolio has been structured to target a return in the longterm, which is forecast to deliver a performance above expected inflation rates.

The Trustees are responsible for the maintenance and integrity of the financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In the case of each Trustee in office at the date of the Trustee’s Report is approved, that:

The Trustees (who are also directors of Milton Keynes Parks Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulations.

As far as each of the Trustees is aware, there is no relevant audit information of which the charitable company’s auditor is unaware.

They have taken all the steps that they ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable Group for that period.

In approving the Trustees’ Report, the Trustees are also approving the Strategic Report in their capacity as Trustees of the Charitable company, from pages 6-24.

Auditor

A resolution for the reappointment of Moore Kingston Smith LLP as auditor of the Charity will be proposed at the forthcoming Annual General Meeting.

The financial statements on pages 30-33 were approved by the Board of Directors on 26[th] June 2025 and signed on its behalf by Nick Lloyd.

In preparing these financial statements, the Trustees are required to:

Nick Lloyd Chair of the Board Company Number: 02519659

The accompanying notes form part of these financial statements.

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25

Independent Auditor’s Report

Independent Auditor’s Report to the members of Milton Keynes Parks Trust Limited.

Opinion

We have audited the financial statements of Milton Keynes Parks Trust Limited for the year ended 31 March 2025 which comprise Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

or

or

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 25, the Trustees’ (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees’ determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees’ are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees’ either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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27

Independent Auditor’s Report

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Roger Ogden (Senior Statutory Auditor)

Our approach was as follows:

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 18[th] July 2025

4 Victoria Square St Albans Hertfordshire AL1 3TF

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29

Financial Statements

Consolidated statement of financial activities

Consolidated statement of Consolidated statement of
Consolidated statement of
financial activities
For the year ended 31 March 2025		 Note Unrestricted
funds		 Restricted funds Expendable endowment
funds		 2025
Total funds		 2024
Total funds
£’000 £’000 £’000 £’000 £’000
Income and endowments from:
Donations, Legacies & Endowments 5 - 834 839 1,389
Charitable activities 2 1,531 - - 1,531 1,316
Trading activities 1,825 - - 1,825 1,749
Investments 3 11,093 - - 11,093 11,071
Other income 4 3,447 - - 3,447 233
Total income 17,901 - 834 18,735 15,758
Expenditure on:
Raising funds 5 (3,691) - - (3,691) (4,224)
Raising funds from trading activities 6 (1,991) - - (1,991) (1,980)
Charitable activities 7 (8,905) (10) - (8,915) (8,958)
Total expenditure (14,587) (10) - (14,597) (15,162)
Net income before investment gains and losses 3,314 (10) 834 4,138 596
Realised gains - Direct Property Investments - - 451 451 248
Realised gains - Financial investments - - 25 25 691
Net realised gains/(losses) on investments - - 476 476 939
Unrealised gains/(losses) on revaluation - Direct Property 13 - - 4,147 4,147 (242)
Investments
Unrealised gains/(losses) on revaluation - Financial Investments 13 - - 666 666 3,429
Unrealised losses on revaluation - Derivative financial instruments (292) - - (292) (601)
Net unrealised gains/(losses) on investments (292) - 4,813 4,521 2,586
Net movement in funds 22-24 3,022 (10) 6,123 9,135 4,121
~~ee~~ Reconciliation of funds
Funds at start of year
~~ee~~		 ~~ee~~
~~ee ~~		 5,245
181
~~ee~~
~~ee~~		 144,264
~~ee~~
~~ee~~		 149,690
~~ee~~		 145,569
~~ee~~
Funds at end of year 8,267 171 150,387 158,825 149,690

Consolidated balance sheet

Consolidated balance sheet Consolidated balance sheet
As of 31 March 2025 Note 2025 2024
£’000 £’000
Fixed assets
Tangible fixed assets
12
4,798
5,000
~~ee~~
~~ee~~
Investment assets 13 179,671 178,050
Total fixed assets 184,469 183,050
Current assets
Inventories
14
693
619
~~ee~~
~~ee~~
Debtors 15 3,805 3,785
Cash and cash equivalents 4,746 3,104
Total current assets 9,224 7,508
Creditors: amounts falling due within one year 16 (5,888) (6,868)
Net current assets 3,356 640
Total assets less current liabilities 187,825 183,690
Creditors: amounts falling due after one year 17 (29,000) (34,000)
Net assets 158,825 149,690
Represented by:
~~ee~~		 ~~ee~~ ~~ee~~
~~ee~~		 ~~ee~~
Restricted Funds
~~ee~~		 22
~~ee~~		 171
~~ee~~
~~ee~~		 181
~~ee~~
Unrestricted Funds 23 8,267 5,245
Expendable Endowment Funds 24 150,387 144,264
Total funds 25 158,825 149,690

These financial statements were approved by the Trustees and authorised for issue on 26[th] June 2025 and are signed on their behalf by:

Nick Lloyd Chair of the Board Company Number: 02519659 The accompanying notes form part of these financial statements.

All gains and losses recognised in the current and prior year are included in the Consolidated Statement of Financial Activities. There is no material difference between the net outgoing resources above and the historical cost equivalent. All incoming resources and resources expended derive from continuing activities. The accompanying notes form part of these financial statements.

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31

Financial Statements

C O N T I N U E D

Charity balance sheet

Charity balance sheet
As of 31 March 2025 Note 2025 2024
£’000
£’000
Fixed assets
Tangible fixed assets
12
4,148
4,547
~~ee~~
~~ee ee~~
Investment assets 13 179,671 178,050
Total fixed assets 183,819 182,597
Current assets
Inventories
14
691
616
~~ee~~
~~ee ee~~
Debtors 15 4,061 3,872
Cash and cash equivalents 4,732 3,094
Total current assets 9,484 7,582
Creditors: amounts falling due within one year 16 (5,455) (6,560)
Net current assets 4,029 1,022
Total assets less current liabilities 187,848 183,619
Creditors: amounts falling due after one year 17 (29,000) (34,000)
Net Assets 158,848 149,619
Represented by:
Restricted Funds
22
171
181
~~ee~~
~~ee ee~~
Unrestricted Funds 23 8,154 5,038
Expendable Endowment Funds 24 150,523 144,400
Total funds 25 158,848 149,619

These financial statements were approved by the Trustees and authorised for issue on 26[th] June 2025 and are signed on their behalf by:

Nick Lloyd Chair of the Board Company Number: 02519659 The accompanying notes form part of these financial statements.

Consolidated statement of cash flows

Cash flows from operating activities
~~ee~~		 ~~ee~~
~~ee~~		 ~~ee~~
~~ee~~		 ~~ee~~
~~ee~~		 ~~ee~~
~~ee~~		 ~~ee~~
Net cash provided by operating activities 19
~~ee~~		 ~~ee~~ 4,184
~~ee~~		 ~~ee~~ 561
Cash flows from investing activities ~~ee ~~ ~~ee ~~ ~~ee~~ ~~ee~~
Investment income received 3 1,732 1,755
Proceeds from sales of tangible fixed assets 398 24
Purchase of tangible fixed assets 12 (677) (635)
Proceeds from sales of investment properties 4,334 1,000
Purchase of investment properties 13 - (13)
Proceeds from sales of other investments 18,705 2,638
Purchase of other investments 13 (19,264) (900)
Net cash provided by investing activites 5,228 3,869
Cash flows from financing activities
Interest payments 8 (1,458) (1,776)
Loan finance costs 8 (62) -
Increase in bank loans 16,17 (6,250) (2,450)
Net cash used in financing activities (7,770) (4,226)
Net increase in cash and cash equivalents 1,642 204
Net change in cash and cash equivalents 1,642 204
Cash and cash equivalents at 1 April 3,104 2,900
Cash and cash equivalents at 31 March 4,746 3,104

For the year ended 31 March 2025

Analysis of change in net debt
~~ee~~		 ~~ee~~
~~ee~~		 ~~ee~~ ~~ee~~
Cash
~~ee~~		 3,104
~~ee~~
~~ee~~		 (1,358)
~~ee~~		 1,746
~~ee~~
Cash equivalents -
~~ee~~		 3,000 3,000
Loans falling due within one year (1,250) 1,250 -
Loans falling due after one year (34,000) 5,000 (29,000)
Total (32,146) 7,892 (24,254)

----- Start of picture text -----
Analysis of change in net debt
ee
----- End of picture text -----

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Principal Accounting Policies

Basis of preparation

The consolidated financial statements of Milton Keynes Parks Trust Limited have been prepared in compliance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102, ‘‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’’ (‘‘FRS 102’’) and the Companies Act 2006 and the Statement of Recommended Practice for charities, SORP (FRS 102) (second edition - October 2019). The charitable company is a public benefit entity.

The Group and Charity financial statements have been prepared on a going concern basis (see below), under the historical cost convention, as modified by the revaluation of investments. The principal accounting policies set out below have,unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Basis of consolidation

The consolidated financial statements incorporate those of Milton Keynes Parks Trust Limited (“the Charity”) and its subsidiary undertakings as detailed in note 9. The consolidated entity is referred to as ‘the Group’.

Exemptions for qualifying entities under FRS102

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of the use of the exemptions to the Company’s members.

No separate Statement of Financial Activities (SoFA) or Cash Flow Statement has been prepared for the Charity as permitted by Section 408 of the Companies Act 2006 and FRS 102 Section 1.12 (b) respectively.

Fixed assets investments

Investment properties are recognised at fair value, which is generally their open market value, as defined in the Appraisal and Valuation Manual prepared by the Royal Institution of Chartered Surveyors.

Costs capitalised in respect of properties under development include acquisition costs of land and buildings, costs incurred in bringing the property to its present location and condition in accordance with FRS 102. Investment properties in the course of development are also held at fair value.

Properties, for which unconditional exchange of contracts occurs during the period, are accounted for as acquisitions or disposals within that period. Conditional exchanges are accounted for as acquisitions or disposals only when all substantive conditions have been met. The surplus or deficit arising from the annual revaluation is credited or debited to the SoFA within the Expendable Endowment Fund.

Listed investments have been included in the financial statements at closing market bid price. Unlisted investments are held at cost less any provision for impairment as an approximation to fair value where this cannot be reliably measured. The surplus or deficit arising from the annual revaluation is also credited or debited to the SoFA within the Expendable Endowment Fund. As are any realised gains or losses on investments sold in the year.

Investments in subsidiary undertakings are valued at cost less any impairment.

Tangible and intangible fixed assets

Tangible and intangible fixed assets are capitalised at cost. The Group capitalises items costing more than £2,000.

Depreciation and amortisation are provided to write off the cost of assets less the estimated residual value of fixed assets by equal instalments over their estimated useful lives, as follows:

Fixed asset % per annum
Freehold building 2
Improvements to buildings 2 to 20
Fixtures and fttings 10 to 20
Plant and equipment 10 to 33
Offce equipment 20 to 33
Motor vehicles 10 to 20

No depreciation is provided in respect of freehold and long leasehold investment properties or in respect of assets in the course of construction. Fixed assets are reviewed for any impairment at the reporting date. Any impairment loss is recognised in the SoFA.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities, including trade and other payables, bank loans and loans from fellow Group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in income and expenditure. The relating asset or liability is included within debtors or creditors. The Group does not apply hedge accounting in respect of the interest rate swap.

Inventories

Inventories are valued at the lower of cost and net realisable value. In the case of livestock, cost is based on all direct expenditure (where known) or on the deemed cost basis as provided for in guidance issued by HMRC (BIM55440 - Farming: stock valuation: General Principles Helpsheet 232). Net realisable value is the price at which the stock can be realised in the normal course of business.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash held in current accounts with UK banks and highly liquid interest-bearing securities with maturities of three months or less.

Income

Income is recognised in the SoFA when the Group has entitlement to the income, the amount can be reliably measured, and it is probable that the income will be received.

Rental income

Rent and service charges are recognised on an accruals basis. The assets for which rent is received are included in investment properties in fixed assets. The rent is included as investment income as the properties are let on a commercial basis. Lease rental income is recognised over the lease term on a straight-line basis. Rents received in advance are accounted as prepaid rent (deferred income) within creditors.

Lease incentives

Benefits to lessees in the form of rent-free periods are recognised on a straight line basis over the lease term, in accordance with FRS 102. The total of any lease incentives in place at the period end are included within the carrying value of investment properties rather than held as a separate debtor. Any remaining lease incentive balances in respect of properties disposed of are included in the calculation of surplus or deficit arising on disposal.

Investment income

Investment income and interest is accounted for on a receivable basis.

Incoming resources from charitable activities

Income from charitable activities is accounted for on a receivable basis and includes income from farming, licenses, education, events and other activities carried out in accordance with the charitable company’s objectives.

Grant income is recognised when the Group is entitled to receipt. Grants receivable on terms that require the Charity to carry out research or other work are recognised in income as the performance obligations are satisfied.

Expenditure

Expenditure is accounted for on an accruals basis. Support costs include the administrative functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Indirect costs are allocated based on an estimate of the time spent by each member of staff (see note 7). Irrecoverable VAT is included as an expense item of its own.

Expenditure on charitable activities

Charitable activities include the maintenance of the parks and parkways and the incidental costs of other activities. Governance costs are those costs incurred with the administration of the charitiable company and compliance with constitutional and statutory requirements. Expenditure that can be recognised as wholly attributable to governance costs, for example the audit fee and Trustee expenses are directly allocated. All other costs, including staffing costs, are apportioned on the basis of an estimate of the time spent by each member of staff on governance related issues.

Expenditure on generating funds

Generating funds includes costs of managing investments for both income generation and capital maintenance.

Refurbishment of properties

Any expenditure on the refurbishment of the existing investment property portfolio which, in the opinion of the Trustees, is made to maintain present standards is expensed in the year. Any expenditure on additional land or property is capitalised and included as an addition to fixed asset investments.

34

35

Principal Accounting Policies C O N T I N U E D

Leases

Rentals payable under operating leases are charged to the SoFA on a straight line basis over the lease term.

Bank borrowing

Interest bearing bank loans are recorded at proceeds received, net of direct issue costs. Finance charges, including direct issue costs, are recognised on an accruals basis. Issue costs are amortised over the period to loan maturity.

Pensions

Retirement benefits for employees, where provided, are funded by contributions from the employer. Payments are made to an insurance company which manages the Group’s personal pension plan and the contributions are charged in the SoFA in the year in which they become due. The scheme is a defined contribution pension scheme.

Taxation

The Charity is exempt from Income Tax and Corporation Tax on income and gains to the extent that they are applied to its charitable objects. The Charity’s trading subsidiary does not generally pay UK Corporation Tax because their policy is to pay profits to the Charity as Gift Aid where they have sufficient reserves to do so.

Green estate

The green estate is held for charitable purposes and occupied under 999 year leases starting from 31 March 1992. In most cases the freehold is held by Milton Keynes City Council and there is a presumption against disposal or development for commercial purposes.

Fund accounting

Unrestricted Funds are funds available for use at the discretion of the Trustees in furtherance of the objectives of the charitable company and which have not been designated for other purposes. Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes.

The Expendable Endowment Fund represents assets that are utilised to generate income for the furtherance of the charitable company’s objectives.

Critical accounting estimates and

judgements

Judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure are continually evaluated. The estimates and associated assumptions are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements which have the most significant risk of causing a material adjustment to the carrying amount of assets and liabilities are the valuations of investment properties for which the Group obtains assurance from its professional valuers Colliers International Valuation UK LLP , carried out an independent desktop valuation of the investment properties in March 2025. The desktop valuation is carried out in accordance with the criteria set out by the Royal Institution of Chartered Surveyors. Some of our investment properties have been assessed internally.

Going concern

The Group consolidated financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.

As set out on page 3, the charity was originally given a significant endowment which has been invested to generate income to fund the charity’s operations into perpetuity. At 31 March 2025 the Group had cash balances of £4.7 million and liquid investments of £29.2 million, as well as a significant investment property portfolio. Liquid investments therefore currently constitute more than two years income based on current activity levels. The board have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for that period.

36

37

Notes to the Financial Statements

1 - Legal status

Milton Keynes Parks Trust Limited is a company limited by guarantee without share capital. The liability of each member is limited to contributing £1 to the assets of The Parks Trust in the event of it being wound up whilst a member, or within one year after ceasing to be a member. At 31 March 2025 the number of members was 17 (2024: 18).

2 - Income from charitable activities
2025
£’000
2024
£’000		 2 - Income from charitable activities
2025
£’000
2024
£’000		 2 - Income from charitable activities
2025
£’000
2024
£’000
Sale of goods and services 773 539
Farming 726 699
Grants receivable 32 78
Total income from charitable activities 1,531 1,316
3 - Investment income
2025
£’000
2024
£’000
Rental income 9,361 9,316
Dividends and credit income 1,692 1,730
Bank interest 40 25
Total investment income 11,093 11,071
4 - Other income
2025
£’000
2024
£’000
Other income 3,447 233
Total other income 3,447 233

In the year we surrendered two parcels of our parkland leasehold land to developers to enable economic development to take place that will benefit the city - a site at Glebe Roundabout on Overgate in Central Milton Keynes for a housing development which is being brought forward by GlebeMK Limited and a site at the former Milton Keynes Rugby Club, in Field Lane, Greenleys known as Greenleys Gardens which will include residential dwellings, a junior sports pitch and community pavilion and is being brought forward by Bellway Homes. These two transactions realised receipts of £2,773,000. In the year we also surrendered a parcel of freehold land in Passenham to enable a residential development and recognised a profit on disposal of £655,000.

In the prior year we surrendered one parcel of our parkland leasehold land to Milton Keynes City Council (the freeholder) to enable economic development to take place that will benefit the city - an access strip of land in Wolverton Mill, to assist an shared ownership housing development which is being brought forward by Orbit Homes. In total this disposal gave the Trust a receipt of £175,000. There were various other receipts for remedial works and licence fees which total £58,000.

5 - Expenditure on
raising funds
Direct costs
Support costs
- staff
Support costs -
general
2025 Total
2024 Total
£’000
£’000
£’000
£’000
£’000		 5 - Expenditure on
raising funds
Direct costs
Support costs
- staff
Support costs -
general
2025 Total
2024 Total
£’000
£’000
£’000
£’000
£’000		 5 - Expenditure on
raising funds
Direct costs
Support costs
- staff
Support costs -
general
2025 Total
2024 Total
£’000
£’000
£’000
£’000
£’000		 5 - Expenditure on
raising funds
Direct costs
Support costs
- staff
Support costs -
general
2025 Total
2024 Total
£’000
£’000
£’000
£’000
£’000		 5 - Expenditure on
raising funds
Direct costs
Support costs
- staff
Support costs -
general
2025 Total
2024 Total
£’000
£’000
£’000
£’000
£’000		 5 - Expenditure on
raising funds
Direct costs
Support costs
- staff
Support costs -
general
2025 Total
2024 Total
£’000
£’000
£’000
£’000
£’000
Property management costs 1,455 503 81 2,039 2,368
Debt costs 1,520 - - 1,520 1,770
Investment management and advisory costs 132 - - 132 86
Total resources expended 3,107 503 81 3,691 4,224
6 - Expenditure on raising
funds from trading activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs
- general
£’000
2025 Total
£’000
2024 Total
£’000		 6 - Expenditure on raising
funds from trading activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs
- general
£’000
2025 Total
£’000
2024 Total
£’000		 6 - Expenditure on raising
funds from trading activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs
- general
£’000
2025 Total
£’000
2024 Total
£’000		 6 - Expenditure on raising
funds from trading activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs
- general
£’000
2025 Total
£’000
2024 Total
£’000		 6 - Expenditure on raising
funds from trading activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs
- general
£’000
2025 Total
£’000
2024 Total
£’000		 6 - Expenditure on raising
funds from trading activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs
- general
£’000
2025 Total
£’000
2024 Total
£’000
Raising funds: Trading activities 1,663 267 61 1,991 1,980
Total resources expended 1,663 267 61 1,991 1,980
7 - Expenditure on
charitable activities
Direct costs
£’000
Support costs
- staff
£’000
Support costs -
general
£’000
2025 Total
£’000
2024 Total
£’000
Charitable activities - park management 4,859 3,426 244 8,529 8,558
Charitable activities - education and leisure 80 286 20 386 400
Total resources expended 4,939 3,712 264 8,915 8,958
Direct costs are attributed to the appropriate category. All other costs including
indirect staff costs are allocated on the estimate of time spent:
Raising funds
Raising funds -
trading subsidiary
Charitable
activities		 Direct costs are attributed to the appropriate category. All other costs including
indirect staff costs are allocated on the estimate of time spent:
Raising funds
Raising funds -
trading subsidiary
Charitable
activities		 Direct costs are attributed to the appropriate category. All other costs including
indirect staff costs are allocated on the estimate of time spent:
Raising funds
Raising funds -
trading subsidiary
Charitable
activities		 Direct costs are attributed to the appropriate category. All other costs including
indirect staff costs are allocated on the estimate of time spent:
Raising funds
Raising funds -
trading subsidiary
Charitable
activities
Chief Executive 10% 10% 80%
Finance Director 65% 25% 10%
Property Director 80% 10% 10%
Head of marketing and events and community engagement - 15% 85%
Finance team 40% 30% 30%
Operational and community team 6% 4% 90%

8 - Net movement in funds

£’000 £’000

Net movement in funds is stated after charging/(crediting):
Auditor's fees
- Statutory audit - charity 29 27
- Statutory audit - subsidiary companies 12 14
Depreciation and impairment of own tangible fxed assets 500 433
Proft on disposal of tangible fxed assets (19) (24)
Interest payable on bank loans 1,458 1,776
Loan management fees 62 -
Revaluation of derivatives 292 601

38

39

Notes to the Financial Statements

C O N T I N U E D

9 - Subsidiary undertakings

The Milton Keynes Parks Trust Limited has three wholly owned subsidiary undertakings registered in England and Wales, all of which are consolidated and have year ends of 31 March. The registerred addresses for all the subsidiary undertakings is 1300 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 4AD. The wholly owned subsidiaries are as follows:

Company name Registered number Activity
Whitecap Leisure Limited 03979736 Trading subsidiary and operates watersports and adventure
activities at Willen Lake, Milton Keynes
MKPT Properties Limited 04161258 Dormant, has not traded since 31 March 2018
MKPT Events Limited 09411695 Dormant, has not traded since 31 March 2018

The share capital of each subsidiary is as follows - Whitecap Leisure Limited (100,000 ordinary shares of £1), MKPT Properties Limited (100 ordinary shares of £1) MKPT Events Limited (1 ordinary share of £1). The taxable profits of subsidiary undertakings are paid to the Charity (parent) each year as Gift Aid where distributable reserves allow.

10 - Excess of expenditure over income

In accordance with section 408 of the Companies Act 2006, the Charity has not included its own income and expenditure accounts in these financial statements. The income for the charity (note 22 and 23) for the year was £16,332,000 (2024: £12,802,000) and expenditure of £13,226,000 (2024: £14,108,000) resulting in the excess of income over expenditure for the year of £3,106,000 (2024: excess of expenditure over income of £1,306,000) which is dealt with in the financial statements of the Charity.

11 - Staff costs continued

The number of employees working on charitable activities of the Trust and its subsidiary undertakings whose benefits fell within the following bands is shown in the table.

Benefits are defined as including salaries, salary paid in lieu of employer pension contributions, and termination payments, including pay in lieu of notice but excluding employer pension contributions and employer National Insurance Contributions.

2025
2024		 2025
2024		 2025
2024
£60,001 - £70,000 3 -
£70,001 - £80,000 - 1
£80,001 - £90,000 - 1
£90,001 - £100,000 2 1
£100,001 - £110,000 - 1
£120,001 - £130,000 1 2

Contributions of £93,000 (2024: £52,000) were made in relation to 6 members of staff (2024: 6) earning in excess of £60,000 who participated in the defined contribution pension scheme.

The Chief Executive received the highest amount of remuneration in the year and the prior year and the pension contribution paid for this employee was £12,728 (2024: £11,662).

11 - Staff costs

a coss
The aggregate payroll costs were as follows:
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 a coss
The aggregate payroll costs were as follows:
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 a coss
The aggregate payroll costs were as follows:
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 a coss
The aggregate payroll costs were as follows:
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 a coss
The aggregate payroll costs were as follows:
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Wages and salaries 3,601 3,687 2,996 3,145
Social security costs 311 420 279 287
Defned contribution pension scheme contributions 335 278 308 253
Total staff costs 4,247 4,385 3,583 3,685

None of the Trustees held a contract of employment with Charity during the year (2024: none). Under the Memorandum of Association, the Trustees are not entitled to receive any remuneration from the Charity. There were no reimbursements to Trustees for expenses incurred on behalf of the Charity in this year or the prior year.

The monthly average number of persons employed including part-time employees and employees on fixed-term contracts on a full-time equivalent basis is analysed as follows:

Administration staff 13 14 13 14
Operations and communications staff 47 55 37 43
Parks management and rangers 33 36 33 36
Seasonal leisure staff 62 52 - -
Total number of employees 155 157 82 93

40

41

Notes to the Financial Statements C O N T I N U E D

12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000		 12 - Tangible fxed assets
Freehold land
& buildings
£’000
Fixtures &
fttings
£’000
Plant &
equipment
£’000
Offce
equipment
£’000
Motor
vehicles
£’000
Assets Under
Construction
£’000
Total
£’000
Group
Cost or valuation
At 1 April 2024 5,065 156 711 554 969 379 7,834
Additions - 357 84 103 133 - 677
Disposals - - - - (87) (379) (466)
At 31 March 2025 5,065 513 795 657 1,015 - 8,045
Depreciation
At 1 April 2024 1,456 113 280 411 574 - 2,834
Charge 141 43 150 53 113 - 500
Disposals - - - - (87) - (87)
At 31 March 2025 1,597 156 430 464 600 - 3,247
Net book values
At 31 March 2025 3,468 357 365 193 415 - 4,798
At 31 March 2024 3,609 43 431 143 395 379 5,000
Charity
Cost or valuation
At 1 April 2024 4,734 95 800 500 950 379 7,458
Additions - 23 65 96 133 - 317
Disposals - - - - (87) (379) (466)
At 31 March 2025 4,734 118 865 596 996 - 7,309
Depreciation
At 1 April 2024 1,315 83 570 382 561 - 2,911
Charge 96 5 80 45 111 - 337
Disposals - - - - (87) - (87)
At 31 March 2025 1,411 88 650 427 585 - 3,161
Net book values
At 31 March 2025 3,323 30 215 169 411 - 4,148
At 31 March 2024 3,419 12 230 118 389 379 4,547
13 - Investment Assets
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 13 - Investment Assets
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 13 - Investment Assets
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 13 - Investment Assets
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 13 - Investment Assets
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Investment properties
Opening value at 1 April 2024 130,958 131,955 130,958 131,954
Purchases and capital expenditure at cost - 13 - 13
Carrying value of properties disposed (3,883) (752) (3,883) (752)
Gain on revaluation 5,707 4,088 5,707 4,088
Loss on revaluation (1,560) (4,330) (1,560) (4,330)
Movement in unamortised tenant lease incentives 107 (16) 107 (15)
Closing value at 31 March 2025 131,329 130,958 131,329 130,958
Other investments
Managed funds
Opening values at 1 April 2024 47,092 44,710 47,092 44,710
Additions 19,264 900 19,264 900
Disposals (18,679) (1,947) (18,679) (1,947)
Gain/(loss) on revaluation 665 3,429 665 3,429
Closing value at 31 March 2025 48,342 47,092 48,342 47,092
Group investments 179,671 178,050 179,671 178,050
Charitable company - equity investments in group undertakings
Opening cost at 1 April and 31 March 3,391 3,391
Impairment at 1 April and 31 March (3,391) (3,391)
Closing value at 31 March 2025 - -
Total investments 179,671 178,050 179,671 178,050

An independent desktop valuation of the investment properties was carried out in March 2024 by Colliers International Valuation UK LLP (“Colliers”). The value of the land and properties was £131,329,000 (2024: £130,958,000). The basis of the valuation adopted was open market value subject to existing tenancies.

The original cost of investment properties and other investments held at 31 March, was as follows

Property 95,701 98,380 95,701 98,380
Unit trust and managed funds 40,416 40,416 40,416 40,416
136,117 138,796 136,117 138,796

The freehold land and buildings comprises Trust occupied property.

The land, building and fittings at Campbell Park were given to The Parks Trust to provide office accommodation. The Parks Trust made a contribution of £139,399 for this facility. The assets were independently valued by Douglas Duff, Chartered Surveyors, as at 31 March 1996 at £850,000, assuming existing use values in accordance with RICS practice. This valuation was treated as cost. All fixed assets above are held for the direct charitable purposes of The Parks Trust.

42

43

Notes to the Financial Statements

C O N T I N U E D

13 - Investments continued

Management have assessed the carrying value of the investments and believe it to be appropriate. A material investment in the property portfolio is deemed to be of material value if the investment is 5% or greater of the portfolio value of £179,671,000 (2024: £178,050,000).

Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Commercial property - Burners Lane - Kiln Farm, Milton Keynes 15,900 15,820 15,900 15,820
Commercial property - Premier Inn Hotel - Willen Lake, Milton Keynes 14,000 14,000 14,000 14,000
29,900 29,820 29,900 29,820
14 - Inventories
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Cattle 592 520 592 520
Sheep 99 96 99 96
Retail stock 2 3 - -
Total inventories 693 619 691 616

The value of stock recognised in expenditure during the year was £455,000 (2024: £422,000). No provision for impairment has been recognised against stock.

15 - Debtors
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 15 - Debtors
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 15 - Debtors
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 15 - Debtors
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 15 - Debtors
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Trade debtors 342 610 268 487
Amounts owed by group undertakings - - 594 460
Prepayments and accrued income 1,086 450 838 246
Other debtors 16 72 - 26
Fair value of derivatives 2,361 2,653 2,361 2,653
Total debtors 3,805 3,785 4,061 3,872
16 - Creditors: amounts falling
due within one year
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 16 - Creditors: amounts falling
due within one year
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 16 - Creditors: amounts falling
due within one year
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 16 - Creditors: amounts falling
due within one year
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000		 16 - Creditors: amounts falling
due within one year
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Bank loans - revolving credit facility - 1,250 - 1,250
Trade creditors 872 528 782 393
Accruals 1,192 803 1,068 703
Deferred income (see note 18) 1,960 2,315 1,836 2,226
Taxation and social security 485 396 413 434
Other creditors 1,379 1,576 1,356 1,554
Total creditors: amounts falling due within one year 5,888 6,868 5,455 6,560

The revolving credit facility with Handelsbanken plc supports the working capital requirements of the Charity and is repayable every quarter. The revolving facility has a commitment of £7,500,000 and a termination date of December 2026. Interest is payable at the relevant SONIA rate plus 1.475%.

17 - Creditors: amounts falling
due after one year
Group
2025
£’000
Charity
2025
£’000
Group
2024
£’000
Charity
2024
£’000		 17 - Creditors: amounts falling
due after one year
Group
2025
£’000
Charity
2025
£’000
Group
2024
£’000
Charity
2024
£’000		 17 - Creditors: amounts falling
due after one year
Group
2025
£’000
Charity
2025
£’000
Group
2024
£’000
Charity
2024
£’000		 17 - Creditors: amounts falling
due after one year
Group
2025
£’000
Charity
2025
£’000
Group
2024
£’000
Charity
2024
£’000		 17 - Creditors: amounts falling
due after one year
Group
2025
£’000
Charity
2025
£’000
Group
2024
£’000
Charity
2024
£’000
Bank loans - term loans 29,000 34,000 29,000 34,000
Total creditors: amounts falling due after one year 29,000 34,000 29,000 34,000

The term loans, which are all with Handelsbanken plc, consist of three facilities as follows:

A fully drawn loan facility in the amount of £10,000,000 (2024: £10,000,000) which pays interest at the relevant SONIA rate plus 1.75% and is repayable in December 2026.

A drawn loan facility in the amount of £4,000,000 (2024: £9,000,000) which pays interest at the relevant SONIA rate plus 2.05% and is repayable in December 2026.

A fully drawn loan facility in the amount of £15,000,000 (2024: £15,000,000) which pays interest at the relevant SONIA rate plus 2.25% and is repayable in November 2031.

The bank loans included in creditors amounts falling due in less than one year and creditors amounts falling due after one year are secured over a selection of the investment properties valued at £88,480,000 (2024: £91,720,000).

Charity: Amounts due from subsidiary undertakings are unsecured, repayable on demand and accrue interest at 4% above the Bank of England base rate of interest per annum.

44

45

Notes to the Financial Statements

C O N T I N U E D


C O N T I N U E D
C O N T I N U E D
C O N T I N U E D
C O N T I N U E D
C O N T I N U E D
18 - Deferred income
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
At 1 April 2024 2,315 2,157 2,226 2,087
Amounts released to incoming resources (1,899) (363) (1,899) (363)
Amounts deferred in the year 1,544 521 1,509 502
At 31 March 2025 1,960 2,315 1,836 2,226
The deferred income of £1,960,000 (2024: £2,315,000) primarily relates to property rental income received in advance for the
April to June 2025 quarter and endowments received in advance of transfer of land ownership.
19 - Reconciliation of net cash fow from operating activities
2025
£’000
2024
£’000
Net income before investment gains and losses 4,138 596
Depreciation and impairment charges (see note 12) 500 433
Investment income and interest received (see note 3) (1,732) (1,755)
Proft on sale of fxed assets (see note 8) (19) (24)
Interest paid (see note 8) 1,458 1,776
Loan arrangement fees (see note 8) 62 -
(Increase) / decrease in value of lease incentives (see note 13) (107) 16
Decrease/(increase) in fair value of derivatives (292) (601)
Decrease in inventories (see note 14) (74) 17
(Increase) / decrease in trade and other receivables (25) 334
Increase / (decrease) in trade and other payables 275 (231)
Net cash infow from operating activities 4,184 561

20 - Operating leases

20 - Operating leases 20 - Operating leases 20 - Operating leases
The Group and Charity had the following future minimum lease payments under non-cancellable
operating leases relating to vehicles for each of the following periods:
2025
£’000
2024
£’000
In less than one year 11 13
Between one and fve years 63 2
Total lease commitment 74 15

20 - Operating leases continued

The Group and Charity had the following future minimum lease payments under non-cancellable
operating leases relating to vehicles for each of the following periods:
2025
£’000
2024
£’000		 The Group and Charity had the following future minimum lease payments under non-cancellable
operating leases relating to vehicles for each of the following periods:
2025
£’000
2024
£’000		 The Group and Charity had the following future minimum lease payments under non-cancellable
operating leases relating to vehicles for each of the following periods:
2025
£’000
2024
£’000
In less than one year 9,902 11,434
Between one and fve years 21,399 24,507
Greater than fve years 37,854 44,952
Total lease commitment 69,155 80,893

21 - Related party transactions

The Trust has considered the disclosure requirements of SORP 2020 and of FRS 102 section 33 – Related Party Disclosures and believes that the following related party transactions, all of which were made on an arm’s length basis, require disclosure.

During the year there were transactions of £3,555 (2024: £9,710) with Safety Centre (Hazard Alley) Limited of which the Trust’s Chief Executive is a Trustee. This included a donation of £nil (2024: £8,000) and the provision of safety services of £3,555 (2024: £1,710). At the year end, a balance of £nil was outstanding (2024: £9,600).

The Charitable Company has taken advantage of the FRS 102 exemption that allows certain intra group transactions not to be disclosed.

There was no single controlling party of the Charitable Company during the current and previous year.

There was no single controlling party of the Charitable Company during the current and previous year. There was no single controlling party of the Charitable Company during the current and previous year. There was no single controlling party of the Charitable Company during the current and previous year. There was no single controlling party of the Charitable Company during the current and previous year. There was no single controlling party of the Charitable Company during the current and previous year.
22 - Analysis of movements in
Restricted Funds
Balance
brought
forward
£’000
Incoming
resources
£’000
Outgoing
resources
£’000
Balance carried
forward
£’000
Group and Charity
Floodplain Riverine forest 144 - - 144
Campbell Park Community 37 - (10) 27
Total 181 - (10) 171

The Riverine Forest

The Riverine Forest project is to restore and manage the floodplain of the River Ouse at Manor Farm, Old Wolverton to Floodplain Forest and associated habitats utilising gravel royalties secured from site.

The Campbell Park Community Facilities

The Campbell Park Community Facilities project will provide community facilities within Campbell Park, Milton Keynes.

The operating lease commitments above make no allowance for VAT that the Group may not be able to recover.

46

47

Notes to the Financial Statements

C O N T I N U E D

23 - Analysis of movements in
Unrestricted Funds
Balance
brought
forward
£’000
Incoming
resources
£’000
Outgoing
resources
£’000
Balance
carried
forward
£’000		 23 - Analysis of movements in
Unrestricted Funds
Balance
brought
forward
£’000
Incoming
resources
£’000
Outgoing
resources
£’000
Balance
carried
forward
£’000		 23 - Analysis of movements in
Unrestricted Funds
Balance
brought
forward
£’000
Incoming
resources
£’000
Outgoing
resources
£’000
Balance
carried
forward
£’000		 23 - Analysis of movements in
Unrestricted Funds
Balance
brought
forward
£’000
Incoming
resources
£’000
Outgoing
resources
£’000
Balance
carried
forward
£’000		 23 - Analysis of movements in
Unrestricted Funds
Balance
brought
forward
£’000
Incoming
resources
£’000
Outgoing
resources
£’000
Balance
carried
forward
£’000
Group
General Funds 4,549 17,901 (14,879) 7,571
Designated Fund - Stanton Low (Haversham Road Gravel) 59 - - 59
Designated Fund - Environmental Gain Fund 637 - - 637
Group total 5,245 17,901 (14,879) 8,267

Included within the Group’s General Funds are losses from trading subsidiaries of £88,000 (2023: undistributed porifts of £11,000).

£’000
£’000
£’000
£’000		 £’000
£’000
£’000
£’000		 £’000
£’000
£’000
£’000		 £’000
£’000
£’000
£’000		 £’000
£’000
£’000
£’000
Charity
General Funds 4,342 16,332 (13,216) 7,458
Designated Fund - Stanton Low (Haversham Road Gravel) 59 - - 59
Designated Fund - Environmental Gain Fund 637 - - 637
Charity total 5,038 16,332 (13,216) 8,154

These funds, which are unrestricted, have been earmarked by the Trustees to cover future anticipated expenditure on the following:

General fund

The general fund comprises the remaining surplus for the year after transfers to the designated funds and is unrestricted. All income arising on the assets held in the Expendable Endowment Fund is credited directly to this fund. The general fund can be used for any of the Trust’s charitable activities at the discretion of the Trustees.

Designated fund - Stanton Low Fund (Haversham Road Gravel)

The Parks Trust has an agreement with Milton Keynes Council to underlet leasehold parkland in the Ouse Valley Park for mineral extraction whereby all rent and royalty income from the gravel lease are designated for acquisition by The Parks Trust of the Linford Lakes Nature Reserve and as endowment for other open space assets to be transferred from Milton Keynes Council to The Parks Trust under 999-year parkland leases.

Designated fund - Environmental Gain Fund

The Environmental Gain Fund, which is unrestricted, will be funded by allocating a proportion of the proceeds from any disposals of the Trust’s green estate land. The Trustees shall determine the allocation value. The fund will be used, at the discretion of the Trustees, for investment in other land, assets or projects which enable the Trust to deliver environmental gain.

24 - Analysis of movements in expendable Endowment Funds
Group
Total
£’000
Charity
Total
£’000		 24 - Analysis of movements in expendable Endowment Funds
Group
Total
£’000
Charity
Total
£’000		 24 - Analysis of movements in expendable Endowment Funds
Group
Total
£’000
Charity
Total
£’000
At 1 April 2024 144,264 144,400
Gains 5,289 5,289
New endowments received 834 834
At 31 March 2025 150,387 150,523

This fund includes assets donated to the Trust by the Milton Keynes Development Corporation when the trust was established in 1992. In most years since then the Trust has received additional endowments from the Commission for New Towns, English Partnerships and more recently various developers and Milton Keynes Council. The fund may be converted into income.

25 - Analysis of net assets
between funds
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Endowment
Funds
£’000
Total Funds
2025
£’000
Total Funds
2024
£’000		 25 - Analysis of net assets
between funds
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Endowment
Funds
£’000
Total Funds
2025
£’000
Total Funds
2024
£’000		 25 - Analysis of net assets
between funds
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Endowment
Funds
£’000
Total Funds
2025
£’000
Total Funds
2024
£’000		 25 - Analysis of net assets
between funds
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Endowment
Funds
£’000
Total Funds
2025
£’000
Total Funds
2024
£’000		 25 - Analysis of net assets
between funds
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Endowment
Funds
£’000
Total Funds
2025
£’000
Total Funds
2024
£’000		 25 - Analysis of net assets
between funds
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Endowment
Funds
£’000
Total Funds
2025
£’000
Total Funds
2024
£’000
Group
Tangible fxed assets - 2,318 2,480 4,798 5,000
Property and other investments - 719 178,952 179,671 178,050
Current assets 171 8,788 290 9,249 7,508
Creditors: amounts falling due within one year - (3,558) (2,335) (5,893) (6,868)
Creditors: amounts falling due after one year - - (29,000) (29,000) (34,000)
Total 171 8,267 150,387 158,825 149,690
Charity
Tangible fxed assets - 1,668 2,480 4,148 4,547
Property and other investments - 719 178,952 179,671 178,050
Current assets 171 9,023 290 9,484 7,582
Creditors: amounts falling due within one year - (3,256) (2,199) (5,455) (6,560)
Creditors: amounts falling due after one year - - (29,000) (29,000) (34,000)
Total 171 8,154 150,523 158,848 149,619

26 - Capital commitments

At the balance sheet date, the Group did not have any capital commitments (2024: no capital commitments).

48

49

Notes to the Financial Statements

C O N T I N U E D

27 - Financial instruments

27 - Financial instruments 27 - Financial instruments 27 - Financial instruments 27 - Financial instruments 27 - Financial instruments

The Group and Charity have the following fnancial instruments:
Group
2025
£’000
Group
2024
£’000
Charity
2025
£’000
Charity
2024
£’000
Financial assets that are debt instruments measured at amortised cost 3,810 3,894 4,061 3,872
Financial assets/(liabilities) at fair value through income and expenditure 2,361 2,653 2,361 2,653
Financial liabilities measured at amortised cost (34,893) (40,977) (34,455) (40,560)

The Group and Charity have entered four (2024: four) loan agreements;

Principal Drawn Interest rate Maturity
£7,500,000 £0 1.475% Dec'26
£4,000,000 £4,000,000 1.750% Dec'26
£10,000,000 £10,000,000 2.050% Dec'26
£15,000,000 £15,000,000 2.250% Nov'31

To protect itself against the risk of rising interest rates on its loan facilities the Group has entered into two derivative instruments. These two contracrts hedge the Group’s exposure to interest rate movements on the loan facility. The interest rate swap contracts have been taken out with Svenska Handelsbanken AB (pbl). The two contracts are as follows:

An interest rate swap with that has a notional amount of £10,000,000 which swaps out SONIA for a fixed rate of interest at 1.74% until 4 October 2026; and

An interest rate swap with that has a notional amount of £12,000,000 which swaps out SONIA for a fixed rate of interest at 1.08% until 18 November 2031.

The fair value of the interest rate swaps at 31 March 2025 is £2,361,000 in favour of the Group (2024: £2,653,000). Cash flows on both the loan and the interest rate swaps are paid quarterly until 2026. During the year a hedging loss of £292,000 (2024: loss of £601,000) was recognised in other gains and losses for changes in the fair value of the interest rate swap.

28 - Contingent liabilities

The Group did not have any contingent liabilities at 31 March 2025.

50

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