Regisleyed Charity No.: 1059251 rlc Thi Limited b G Trustee%9 Re Drt and F nanclal em st arch 2024
rus Trust¢¢8' Report Auditors, Report Statetn¢nt of Finwi¢l A¢tivitle$ 1.0 Balance Sheet li Notes to th¢ Finanoiaj Statsments 12-20 e followiii esdo ot for rt ofthe sta uto accounts tn¢ome and Expendiiwe Account 21&22
eld Park Trnsteesp Re ort Yen I tm rcJi2 The Trustees pres¢nt their rq)ort wlth tlw finaftcial statements for the year ell.ded 3 l March 2024. Referenee and AdnJnlstnitlve Detalls Clrity Number,, Company Nurnr: Prin¢ipal lee,. Auditors: 1059251 03193779 Hig1ifield Park Vtsitor Centre, Hill End Lan¢, St, Alb8ns, Flerts,, AL4 OJL Gowers Litnited, The Old School House, Kings Langley> Herts., WD4 8SZ Lloyds.Bank plo, 36 Chequer Street, St. Albans,.Herts., ALI 3YQ . CCLA, OtLe Angel Lan¢, Lo10t EC4R 3AB Debenbams Ottaway, Ivy House, 107 St Petor's Streel St Albans, Heits., ALI 3EW Bankers: Investrllont Managers: Solicitors.. anql Trustee Th? director8 of th¢ chatitabl¢ rompatjy ¢he rl)aTity") Ewe its tnkqtees for the PLWPOS¢ of charity law and throughout this repori are collectively referred to as the Board of Manag&]7eirt. Members of the Board of Management are el¢ctEd &s set out in the Artiole8 of Association. The truste¢s $ervin8 (luring th¢ year and since the year-end were as follows.. T, Abbott- Chairniall K. BarD¢S M. Curtig- Tre98urer l. Day (representing St Albans City & District Council) S, Gaylard (resigned 5 D¢c¢mb¢r 2023) D. Gordon S. Grabam L. NeiGho (r£signed13 Janu 2024) C. Orte8a (appointed 5 September 2023) C. Rook (resigned 24 Jldy 2024) IL Thomas N, Ward (re81gn¢d 17 April 2024) B. WeeLs {resign¢d 18 Mtwch 2024) Secret2 R. Bull (resigned 31 May 2024) D. Rixon (appointed 30 May 2024) arl ]L Bull (resigtt¢d 31 May 2024) D. Rixon (appointed 30 May 2024) Highfleld Park Trust 1$ a Company Limited by Guarantee and a registered charity gov¢rned by Articles of Asso¢iation dated 26 March 202A. It is registered a8 a charity witli the Charity Comniission. ointmenl of Truste As set out lll the Articles of Associatioii St Alban8 City and District Council is entitled to appoint one Trustee. who sh1 i'etire If they are rthnoved from their el¢rted office or fall to gain fè¥eleotion. As a eonsequ¢ii¢e of changes to parish boundaries in 2023, Highfield Park now sits in the Hill End unpaTished area of St Albans and such it is, no longer appropriate for Coln¢y Heath Pwisb Council to appoint a trustee. The Articl¢8 of A8sociation have been updated to reflect this chaDge, The Trustees may Èwpoint &dditional Trustees providing that the total nwnber of Trnstees does not exceed 13. Pag6 1
HI hfield Park Trust Y¢ar ended 318t areh 2024 uc All now tnistees 'e given a trustso induction pack including the Charity Cojwnission Trustee guide ]d a persoll ints'odiictioii wid Èour of the Patlc by the Park Manager or an txistiiig Trustee, Isatlo The Charity is overs¢on by a Board of Trustees, who meet regularly to nIage Its &ffairs. Trnstees also sit o up to two of the thr¢e Su¢0}1]tte¢s, ¢ov¢ring: Finance and General Purposes, Pwk Managemen¢ Community. Events and Publiclty. Additiotsalty sp¢cific workittg groups are estalylished for sp¢cifi¢ projects. For the p¢riod under review, the Padi Manager uiid CoMp]Y Secretary managed the day-to-day opth'ations of the Charity. This was done withln the teims of delagation approv¢d by the Tiustses, for opei*lortal matters includinE finan¢4 employmtni ld rtithagement of th¢ Park. To fivther support operations, a Flnance and Athnlnisti'ation Offir wa8 appointed In Ortob¢r 2023 to help with the day-to day runniiig of the Trust. Following th¢ retirement of t1 Park Manager and Company Secret in MEW 2024, a Chief Exeoutivo Officer wa8 appointed. This is a new positio iequired to facAlitsts futur¢ opportunities and the ¢xpe¢tsd gromlh of the Trust in the y¢ar8 al]¢ad.. The renwining Staff &¢ ¢mployed in maintaining th developi] the Park. The Trust nplOy8 an accountancy fjrni to widertake monthly payroll alld to pr¢pare the end o.f year accounts. Rlsk M I"h¢ TNste¢s consider risks within the TfUSt'$ oomrnittee stNrtw¢. The TriLSt has rocogni8ed its reli¢wce on investmont and current p.roporty income and ag a consequence contlliuea to develop its income generRÉion strategy including filljd raising events and hll'ing out the park's facilities. Pur ye and Aims The Cli'1ty was formed 1996 attd wa$ grthted a 150-year lease ovor part of tkn former Hill End and Cell Barnes Ho8Pit8] sit¢s. Th¢ Obj¢cts of the Ckwlly for th¢ public b¢nefit ld specifjcally r¢stillcted to the promotion primarily for the benefrt of th¢ local commumity of Highfield twd its neigbbowhood within the area served by Sl ALban8 City and Distrlct CouncAI ofr. the establisl)ni¢nt and maintenwice of a rlttal park in HIle1d. the preservation, protsction and ellhmcBment of foatur¢$ to benefit the landscape and it8 flora aiid fauna. the assistance in or provision of faoilities for re¢atiOn or other l¢lA,¢ time 0UpatiOn with the, obj'ecl of improvAJg the conditions of life. the pres¢rv4ltAon, pr0tsctlo dovelopmeAt and improvement of f¢atUTes of historic or public Interest in the said park; alld otIrwiSe promoting dll or 8Jiy d]aritrf¢ Ile purposes for the benefit of tlie said inhabitants, nsurln We have ¢omplied with the duty Lder se¢tion 4 of the 2006 Charities Act to have due regard to the advice ¢ontaftned in the Charity CommiS1O,s general guidance on public benefit wlicn reviewing our aim and objeGÈiv¢s and in planning our future tivitieS. In particular, the Trustees cimsider how plannod actlvities will conts'ibute to the aims and objectives they have set, At the beginning of each year the board sets a list of priorities for that Ye to focus the work of tho Trust, pro"9 is rewjrted at eaoh board meeting. The Chairman's report at the AGM reviews aotlvitie4 what was achieved and the outcomes of our work in the previous 12 months. The revAew looks at the su¢¢¢ss of each key activlty and the knefits they have brought to Pose 2
lifield Ti'ustets* Rt i'eh 202 tlwse groups of people we accornmodate. Both activities help us to ensure OUT aim, objectives and activities remain focussed on our stated purposes. The Foeus of our or Thc lY objwt of th¢ TrusL as 8tatsd in its governing doGumants, Is th¢ ¢stublishm¢nt and m&intenwi¢e of a rui'81 park in the area served by St AlbwA8 City attd District Council. Th¢re has been Lontinuing resoa1'cli into the history of th¢ hospitals fortnerly on the site. Activities D I. Our maRn activities and who we ty to accon)modate are described below, All our ¢hwutabl¢ actÉvities focus on the maIntenance of a rural pa in the area s¢rved by St Albans City and Distiiot Council alld are undertaken to further our charitable purposes for the publio benefiL The Thist orgallised a series of events throughout the year, some being purely re¢roational, while others had more of an ediicational focus, these in¢lud¢d history and natwe wajks and bat nights. The plans to liistall. a 'tsatwal' play area wlibin the park have beei) realised, we are now seeking grants to extend the play aroa ad to and Carry out y'enovation work to a Victorian ornamental pond. Wlio d alld Beii¢lXtttd from our Services The Trust provides local reBidents livlng in the Htgbfw.Id ld surroundAng aretLg easy access to the park for leisure and CreationAl a¢tivitie8. The Trust p)'ovld¢s I I fo(rtball plt¢h¢s (minl, Jiinior and adult) and 18 home lo St Albans City Youth Football Club wlio rnn boys, girls disability t¢atns using pitches, Matches t&ke pl&¢e at tlie weekend$ and tbere are also two tournatllents. A nwnber of oth¢r orgaiiised attd ad hcic groupsy local clubs aud EwsoolatiOLiS ljave used the p including archery? boot camps, and h¢alth walks. The park h&8 continued to be used by the local community for leisure activities. these Includ¢ orIentsoring, walkers, nvnneTS, wheelohair u8ers, dog walkers, ¢yclists, bArd wthching ond gonoral relaxatlott. There 18 an allotment gite wltbln the parl< boijndaries with approximately l 00 alloknnents, these are rented by local resldellts who produc¢ fruit. vegetubles and flowers, Links continue with tbe Conimunity Developnient Asso¢lation who run a CmunIty garden on part of the alloln]ent sit¢. One YMCA who have le£d and maTLaged the Highfield Park C¢utsr Sinoe 2005 operating a gyin have teiininat6d their lease with eff¢ct from S¢pt¢mbor 2024. The Tiu8t is wiY¢ntly in neglrtiation to offer a new tenancy to an alt#rnatiV¢ gym provider. The Tre8tle Arts B&8e lease tb¢ foi'm¢r Hill Chapel w]d deliver a comprehollsive rnnge of cultural activitios. The Thlgt also lease pi'oporty to a childiyn's nursery, Lnd offi¢e space to Colney Hoath Pari8h Councll and building finn. A hous¢ is lct as a privat¢ residgnce. The Tttt organised a number of public events. They in¢luded an appl¢ day in Octobw, wassailing, an Eastsr bunlly hunt, minl-beast &afari, bistory wajk and talks, bat night8, Luna oinerna and an outdoor opera produotioii, A full programme of ¢vout$ is plallned for the coming year. the sumiYAer ot 2023 the Trn5t ran a series of six for¢$t sch(1 s¢s8ion8, employing a qualified forest scbool practitioner, these were offered at a very low ¢ost to partAcipants as a result of trrants awarded by HCC. The feedbaclc from partAGipants was e@llt. Volmntsers The numb¢r of volunte¢T& helping to maintain the park has grown over the last year and the weekly group averages at about eltt. There have been several Corporate Sociaj Respon8ibility volunteering groups attellding and students frorn local five local secondary schools have undertaken work placemertts over the lagt yoar. Page 3
Triistees? Re r nded3 oyt rch2 In line with SORP 2005, the ¢OLltribution of volunteei8 has iiot been included in the Statement of Financial Activitie8, because the value of their contribution to the OrglISation cnOt easily be quantified in financial terms. inanclal Rev The iiet expenditure for th¢ y¢w £75,935 wl)i¢.h compares to £20,392 for 2023. Excludll)g depreciation, our net ¢xpendithre £255, compw'¢d with net income of £56,577 iii 2023, The main sources of iiicome for the Thst are rotutns from an investment portfollo mattaged by CCLA, rental incumc from propertlès owned by tli¢ Ttiist. This has been 8upplemented by income from tlie hire of tlie parlc facilitie8 to external organisations and fund-ra1sg events organis¢d by the Ti'iist and some grant incom¢. The ¢rfLPital value of the poJ.'tfolio continues to fluctuate. it has shown positive growth through the yeai. overau. The fluctuations ar¢ to be exp¥oted in vivw of th¢ CLent volatility of the world mailcet8 48 a result of contilluing negative geopolitical llews. Despite the thrbulent world and dthnestic economi¢s, the main income streamu have remained stsble, the Tivst will, however, continu¢ to work to Milli}se its StS and maintain a positive cash flow. The Trust received a number ot, grants to delivth, specific projects widiin the patk. English Woodlalld Grant Schem¥ continued paynents for the maintenanoe of Hither Woryj. Hertfordshire County CowJ¢il Locality Budget continued ils support for the forcst school initiative with two ants of £500 eauli. £1.920 was received .fi'om th¢ Slmon Gibson Charitable Trust to SUPPOrt the inini-rotters event in Octob and for the ¢tion of rerhery. Two grnmts, wer¢ ieooiv¢d in Apiil 2024 for th¢ purch&8e of PltS for the park. £850 frojn HCC locality budget and £1,000 from the Chapman Trust. Taking into account the surplus on the gen¢MI running of th¢ Trust, the G¢n¢rd R¢s¢rve, whioh reproseiits the monies available to nll] the Tt oil a day-t{daY basis, has de.eased to £265.058 (from £266,631 in 2023). H.owevei', our 4¢tU81 working capital has deeaSed by £22,303 (2023: dreaSed by £13,612). In additio however, a tter £95,000 DEcash wag held within the inV¢Sthi1I portfolio at the year end. Capital worlcs includ¢d the completion of refurbishmetrt to two of th¢ TnJ8t prop¢rknes. improvemettts to the various traclcs and paths around the park. The 'lru8t aftd SACYFC shared the costs of work to th£ football pitch. There are a numb#r of capltal ptoj¢ot$ the TNst would like to oomplete over the medium tei'm. These illclude resurfacing of path4 r6placement of the oldeF tractor and tractor mowtng deck dnd redevelopm¢i)t of the play ar¢as. The Trust is also mnidfiil of the aging tree stock in the park 8Dd attendrtnt costs in niaintaining th¢ tr¢¢s from a Health and Safety r$peCtIve. In ord¢i' to flliancc these projects, the Trust has been saving monies for s¢veral ye8 i.n the CCLA deposit account. the50 earmtll*ed funds forfft part of the G¢neral R¢serve. Investment Powers rtn Pol Undcr the Articles of Asyoctatioo the Chatlty has the power to inake any investments, whtch the Ttee6 see fit. Contribiitions to the 'land fiwd. have continued WAth regular paym¢nts to pw'thase rUMUlation units withill the Ethical Inve8ttnent Fund. R4serv¢$ P lic Tlie Trust¢es are aware of their responsibility to contirnie to develop and matntain the Park over the tertn of the lease. Th opportuniti¢s for th¢ Trusl to generate income are limited. It is fortunats in having four tommercially let propertlo8 alld tho in¢om# from its investthents to enable it to continue its work. The illajor part of the Trust's reserves comprlses tbe vallle of Its propertie8 alld inv¢slment8. A8 8ucb these reserves, although substrantial, are heSSary for the contllluation of the Trust in lh¢ long tsrni. The R¢serve8 Policy 1$ CWTently being updated to account for expected futw'e ¢1llenge. Page 4
HI hfleld Park Tr tees Year ended 1st March 2024 Plan8 for Iluture Pc Th¢ Trustees continutt to i'eview iLie a¢tivlti¢8 Of tho park oll an annual basis. The Trust continues to manage tlie PaA( with limited resources but is Working to consolidate its fmancial position such that it can operato With more freedorn to achieve its objectiv¢s. The focus to roplact older equipment Ill a planned manner will cojtitjue, aloi)g with repysirs rcquired by Health and Satety, to Qnable tbe grounds st&ff to maintsin th¢ Park to the same high 8talldard, The Trust also ¢ontiniies to maintain and imp'ove many of the existing f¢atiires and strives to provide opportunits'¢s for minority 0Up uw's of the pgrk. it will continue to review opportunilies to develop additi.onHI projects to enhance th¢ eiirmit fwilities,. Furlh¢r grants will be sought to help fillCe the resurfacing of the remaini1 paths within the paylc &nd.for Lb¢ replacement of aged play equipm¢trt. The Trust WAII continu¢ to enhartce and 8pL*ad th¢ good reputation that the park has established as a pl&ce for members of the ¢ommimity to visit and enjoy. It will continu¢ to Work towards aohieving its &ims and objectlves WAth an eiivll'onmental and sustainable d¢vclopmeiit approach, Tliis can be evldenced by the pi'oactive appTOdch in the rnanageinent of wasslaiid to iti¢rtrdse biodiversity Mnd a]courage wildlif¢, both flora and tauna. The Tyust will colltinue to focus on events whi¢h have conununity links directly to the park #.g. ehildrell's events, guided history watks, .llaYe tdks and walks and Apple Day. The Trust will Goiitlnue to investigato the organisation of other events to l)elp pmote the park's amenities and to en¢ourag¢ more poopl¢ to enjoy it, for example the Luna Cinema, Ope &nd theatre p¢rformaD¢#. Following last year's su¢¢¢ss, th¢ TN5t has undertaken to deliv¢r a fLth0r s¢rie8 of six forest school session8 during th¢ sunjtner of'2024. The Trust h¥%$ b¢¢tt awarded grants by HCC with the aini of giving an opportunity for children from disadvantaged families within the Urea to exp¢ri¢nce and explore the natural envlionment. lTh#r¢ has been close liaison with local primary scliools ]d otber orBanisatiOiLg to h¢lp identify tl)c falllilies who will be off¢red free places. Any r¢maiiiing pla¢os will be offer¢d to iolxl resid¢llts for a modest rost. rPre Cothpany law r¢qiiires the Ti'ustees to prepat¢ financial statements for each fittancial year which give a true and fair view of the fiLianciaE activities of tbe Charity and Df its financial po8ition at the end of that period. In preparing those financlal gtatemBnts, the Trustses arc required to select suitablo accounting policies and then apply them consistently) nmke jud$¢mellts and estimates that 4T¢ reasonable and prudent. pr¢pare the fiDcial statfflnents on thv going concern basi8 unjess it is inappropriats to presume thattbe aiarity will contiiiue in busitt6ss. Tli¢ Trustees al'e re$pon8iblo'for keeping PToper alxoullting r¢cords which disc108E Wlth reasonable a¢iracY at any time the financial positioi) ot.the crity attd to enable them to en8UTe that the financlal stat¢ments compty widi the Compani¢s Act 2006. Thoy akt also responsible for saf¢guatrding th¢ ?ssots of th¢ Charity and h¢ll&¢ for taking reasonable gtep8 for the pmifflition and detection of fraud and other irregularities. In accordance with c¢Nnpany law, as the Ciwity's Trn8t¢es, we c¢rttfy that so far as we are aware, is no relevant infomiatlon of wbich the ChIty'S auditors ar¢ unawwe. as the Ti'ustees of the Charity, we have taken all tbe steps that w¢ ought to have in ordej. to malle ourselve8 aware of any relevallt audit infoiination and Éo establish that the Chwity's auditors are aware of this int'ormation. Pa8e S
field Parli Triist Ye¥dr emded 31st Mar h 21J24 The Trwtee& have complied with the duty iii section 4 of the 2006 ChaLlti¥s act to have regd to guidance issued by the Charity Commission. Related Pa t DI losures No transa¢tioJJ wliicli would heed to be disclosed has been notified by ally trusts4 itt rel&tion to the year, nor any baJan¢e outstanding ftom previous years. Audltord A resolution pmposing Gowers Ltd be re-appointed as auditor8 of the cliarity will be put to the Annual Genera1 Meeting. Th18 r¢port h4s been prepared h) accordallC¢ with the statem#nt of Reconim¢nded Piz¢tice: Accounting and Ilepoi'liiig by charities (issued in March 2005) and in ac¢ord8nce with the provisions of Part15 ot the Compani&8 Act 2006 applic&ble to small companies subject to t]ie 8mall coinpanies, regime. App by the of Trn8t¢es on 15 O¢tobor 2024 and signed on its behalf. ott- Tru8tse Pw6
Id P R4[ Triist rtto rso I hfield Pa k Trust Oplniom We have auditedthe fmancial statemonts otHighfield.Park Trust (the 'charity') for theyear ended 3 l March 2024 which cotnpriBe tl)e statement of fin8n¢ial activities, the ba1ce sheet and tlje iiotes to the finanoial statements, includin8 sigllifiGant accouiiting policie8. The Financial reporting rmewo( that Lias been applied in th¢ir preparation is applithle law and Ullited Klngdom. Accoilliting Standards, including FRS 102 Th Fiiiaplcial ReForÈlng Standard applicable in Ihe UK ond Republi¢ of Ireland (Unitsd Kingdoin Generalty Accepted Accounting Practic¢). tn oui. opinion, the fInCial statsments: give a Érne and falr view of the 8tat¢ ofth¢ ¢harity'8 affatrs as at 31 $1 March 2024 and of its incoming resouro¢s application of J'es0uru, for the year then ended, have been properly prepaied ill a)rdance wit& Uiiited Kingdom Gener&lly Accepted Accounting P17Wtice' and have been prepared in accordance with the requlremellts of the Charities Act 2011, Basls for opsnlon We ¢onductsd our audit lli accordance with Intstnational StandHrds on Auditii)g (UIC) USAS (UK)) and applicablo law. Our r¢sponsibillÉl¢s undor those Standards are rther d¢scAbed in tlie Auditor's responsibilitles for the audit of the finartcial staten)ttS section of our Yeport. We ar¢ independent of the charity In a¢¢ordance withthe ethical 1'4uiremonts that are relevant to our alldit of the f[]cial stateinents in the UK, nicluding the FRC'S Etliical Standard, and we have fulfilled our other gthitraL respojysibillties in a¢oordance with tliese requirements. We beliwe thmt the audlt evldence we have obtained is suftioioiit and appropriats to vIde a basis fot our opinion. Concluslons reladng to going ¢oD¢ern In auditing the fanCIal statements, we have conclud¢d that the twstee8' u8e of the skoing Qoncem b&81& of accounting in the preparation of the financial statsments is appropriate. Bas¢d (x) th¢ work we have p¢tfornied, we have not Identified any materAal un¢'taintIes r¢lating to evcnts or colldit'ions that, Individually or ¢0.11tIve1Y, may Lth 8ignlfioant doubt on tile ¢haiity's abitity to continuo as golng conc¢rn for a p¢rlod of at least twelve fftonth8 from when th¢ finan¢A&l statomEnts w'e authorlsed for issue. Our rG5ponsibilitie8 and the respon8ibilities Dr th¢ trustses with respect to going concern are described in the relevant sections of this report. Other Infonn&tlon The other information comprises th¢ inforniation in¢lud¢d in the annual r¢port other thanthe thancAal statements and our auditor's reporttbQ0ft. ]Iietrustees ar¢ responsible forthe other infornlation contaln¢d within the annu&l report. Our opinion on the finwi¢ial statenients does not cover the oth¢r information and w¢ do not express any form of assurm¢e conclusion there(yn. ourpOnsIbl11ty is to Lrad the other illformation and, in doing so. Gon8ider whether th¢ otller infoni)&tion iy materially incon8istsnt with the financial statements OT ow. knowledge obtained in tho ¢ourse of the audlt, or otherwlse appears to b¢ matorially misstated. If we identify such watetial in¢onsist#ncies or apperent material m158tJtements, we are 14Lilitd to dotettlline whether this glve8 ris¢ to material misslatement in the fmancial statsments th¢ms¢lves. If, based on tho work we have perforn]¢d, we conclude that th¢re is a material misstat¢ment of this other ittforniatiott, we are required to r¢porL that facL W¢ have nothing to ryoit in thts regard. Matten4 on which &re required to r¥port by vxteptAon WV have nothing to i*poLt in respect of tho following ntt,8 ill relatlon to wlJJ¢h the Charitles (Accounts 8nd Reports) Regulatiolls 2008 require us to report to you if, in our OPAnioTh'. the infomiation given in the finan¢ial 8tatements is in¢onsi8tsnt in any material respeclwiththe trust¢¢s' repoit, or sufficient accounting records have not been kept. or the financial ststem¢nts are not in agreement with the acoountlng records" 01. we have llot received aLI the information and explanations we r2quire fffl our audit. PL¥g8 7
d nt Audlto s'Re orttot em ReSpo11b1]IÉIes oftru8l'e¢s AS explaiiied more fully in the Statemlt of trustees, rpoli81b1j1tie, the tNstees are reJponsible for the preparation of tlie financial statenients foi being satisfied that tl]ey give a tNe and fair view, and for such internal control as th¢ b'usteej determine is necessary to enabl¢ the pr¢paration of financial statstDents that are free from n]ateria] misstatement, whether due to fraud or error. In preparAng tht financlal statements, the tswtees are responsible for as¢SSing the charity's abilty to coiitinue ag a going concern, disclosing, as appll¢able, mattors r¢lated to going concwn and using the going concern basis Ofaocountig unl&qs the tNstees either intend to cease operntions, or have llo realistic aJt¢rn&tive but to do so. Anditor's T¢sponslbllId tor the audit of th¢.fJnanL4al ststemeiits We have been &ppotnted as auditor imder section 144 of the Cllarities Act 2011 and report itt a¢¢ord&nco with th¢ Act and r¢levaut regulation$ madè or haviA)g effed thereullder. Our objective8 are to obtain reasonablo assinnce about whether the financial ststemeiits as a whole are freo from material misstatement, whethor due to fraiid or error, and to Ie an auditor's r¢poi that iiioludes our opinion, R¢asonable as8uran¢¢ 18 a high level of assut7nc¢ but is not a gUarlte¢ that an audit conducted in acGordn¢o wxtll ISAS (UK) will alwtys d¢te¢t a Materi misgtatement when it exists. Misst4tem¢nts can arise fyom fraud or emyt aL1d ar¢ considered material if, iiidEvidually oi. in the aggregate, th¢y could reasonably be expected to i.iJfllleDC¢ tile economio declsAoM of usors taktrt on the basi$ of these finanoiAI statements. Irre8'1ties, Including fraud, Rre in81ances of non-compliance with laws and rt8ulatAons. We dosign proooduro8 in Ilne with our responsibilities, outlined above. to detect material misstatements in respect of irreguJttritie&, including fraud. The extsnt to wliich our ptocedures are capable of det¢rting itr¢gulw'ilie$, iooludillg fraiid, is detailed below. IegUlarItieS, includiiig friwd, are i118tances of i?on-compliance with law8 and iegulations. WE dGsignprocedur¢5 in linc with our responsibilities, outlinod above, to detect material misstatem¥nts in respect of Irregularities, includln8 fraud. The exteni to which our proLedures Lu'e capable of dete¢tlng irregularitie4 including fraud, is detailed below.. In identitying alld a&s¢ssing risks of material misstat¢ment in reSpt of irregularities, including fraud llDn- compliance with laws ancl regulations, our proo6dures iii¢liided the followi11g', the llaturo of the ¢harltable sector, the charity's control ellvironmeLIt and perfonnance, rewlts of our enquiries of management and repre8¢ntatives of tlie tTUSt¢¢s about their own identlfication alld assessment of the of trregulaTitiey' anymatters we identified having reviewed the Lhwity'spmceduTe& relating to identifying, evaluating and ¢oniplying wlth laws attd regulations and whether they were awllre of any inytaiices of non-Gomplianoe' detecting and responding ts) the risks of fraiid and wheth¢r they havo knowledge of any actual, suspected OL alleged fraud; and the intsrnal systems established to mitigat¢ risl<s related to fraud or llon-¢ompliance with laws and regul&tions. the tnatters discussed among the engagement tea, including tw resarding where fraud migbt occur in the fillall.¢ia] statemlts and any potential itidicators of fyaud. As a rosidt of the above, we con8id¥red th¢ opportunities and in¢}Ve$ tliat may exist within the orgaiiisation for fraud and identified tht greate8t potential for fi'dud in. managemffl)t overi'ide of controls, In ¢onnnon with all audits under ISAS (UK), we are required to perform specifi¢ procedures to respond to the Yisk of management ovenide. We aIso obtsined an understanding of the legal alld regulatory fram¢work in which th¢ company operatss, focusing on provisions of those laws and rogulaiions that had a dlrect effect on the d¢termination of material amounts and disclosures in the financial statein¢irtg ID this case, specifically in this cont¥xL Conipatiie8 A.ct 2006, Charities Act 2011 and tax legislatioii. In addition, we considered provisions of other law8 and regulations that do noi have a direct effect on the financi&l statenients but ¢ornplian¢e with which nY be fundamental to the compmiy's ability to operate or to avoid a rnaterial p¢nalty. Foge 8
hfleld embei. Audlt response to Tisks Identlfied Having perforjned the above. we did not identify any l<ey audlt matters related to the potential ris1< of frAud or not]-¢OlllpIAan¢e with laws and regulations. In addition to th¢ abov@ our procedures to re£pond to ri8ks idetttifl¢d in¢luded th¢ followlttg: reviewing th# flnancial ststement disclosure8 alld tssting to siipporting documentation to assess ¢ompliance with relevant laws and reglatIO1L dxscussed above. enquiring of mana8¢iii¢nt, tlie trustses and iti-house management oon¢erning actual and potential litigation and olalm8' performing allalytical procedure8 to identify any unusual or unexpected relatiQllRhips that may illdicate risky of material mi88*ateinent du¢ to fixud. and in addressing the risk of fraud through nagement Oveide of controls, reviewing the appropriateness 0£ jouriial entri¢s aod other adjustments. and &valuating th¢ bu8ines8 ratl¢)nalo of any slgnlfi¢ont tr&nsactioiis that are unusual or out8lde the normal course of business. We also ¢omnMu)i¢ated relevant id¢irtified laws and regulations and potential fraud J'isks to all engagemellt team mombers, and remain¢d alert to any indications of fi.L or non-coinpliance widi and regulations througliout the audit. A rther description of our ie8ponsibilitiey is available oli the .Financial R¢wJth'ng Coiincil's website at: httP8.'llwww.fr¢,O.klaud1t0tsr¢sponslbIjlti08. Thi8 dos¢ription fomis part of our auditor's i'eport. other matters Your attention is drawn to the faotthat the ¢lJarity has prepared financial statements In a¢¢ordanre with "A¢counting and R¢portillg by ajarities,, Statement of R¢oon]m¢nded.PraotlcÈ applicable to diaritios pr#pIllg th¢ll' awount8 Ill accotdallce wlth the Finanrlal Reporting Stand£wd 4ppll¢able.in the UK ond Republic of Jreland (FRS 102)" (as amended) In prefer¢nc¢ to tho A¢unting and Reporting by Charities., Statemaiit or Recommonded Practice issued on l April 2005 which 18 refwred to ID the extaiit regulations but has now been withdrawn. This has boen done in ord¢r for th¢ findrt¢ial statem¢nts to provxde a true and fall. view Ill aLcordance with currtnt Generally A¢copted A¢oouttting Pro1¢¢. U$e of our rnpr)rt ThAs r¢port is made solety to the charity's trnstw, as a body, in accDrdancc with part 4 oftbe Chai'ities (Accouiits and Reports) Regulatlons 2008. Our audit work has been undei'taken yo th&twemi8ht stateto the charity's tN8ts¢s those matte13 we are requitEd to State to them in all auditors, rq)ort and f. no other purpose. To the full¢st extent p¢miitt¢d b wo do not accept or assume resEM)nsibility to anyon¢ other than the chatity and th¢ charxty's trustee for our audit o.rk, for this r¢poffj or for the OPillion8 we have formed. David M Gtt¢D (Selllor Slatutory Alldltor) For and on bchalf of Gnw¢rs Lnled, Sl&ttitory Auditor The Old Sohool Trl.ouse BrAdg¢ Road Hunton Bridge Kings Langley Harts WD4 8SZ AGOWERS rft Charteted Accountant3 ancl Reqlstered Auditors IS October 2024 Gowers Llmltsd Is eligibl¢ to aet audit(¥r In tffj)J$ of Section 121.2 of the CompRllles Aet 21M Puge 9
ofVI in ludln Ittc eAndE. ou GenerAI Desl TotA Tot Nots$ Incoming R¢5oMY¢ety Douations ap2d legacles Dondlons Grants Jncamefrom fnvetrtments, 1Iic01ne fLOLll IllV¢Stm¢llts 11rteSl ReceKY¢d In¢omefrom chttrltttbl¢ activitte&.' Rent of Aeri Mast Sitr R¢nts Rewivable Sw)rts and Sundry Ir[ Evunts Income 6,389 6,389 3.223 10,963 23,609 3,223 60,109 IC)6 60,109 166 J6,605 si 200 124,762 43,185 7,679 41,051 200 124,762 43,185 7,679 41,051 200 113.832 7,479 16,988 Insw'anc¢ ¢14lns Tolal lu¢oming R¢sourLe$ 283,541 286,7(?4 260,350 Resour¢e$ LM)¢nd CDs¢s ofpoMrngfund&', Event. cos15 Fundraising and Publiciiy L¢gal and consultacY Prop¢rty D¢preciation & MalntenJttce Chullabl# Acllvlll Exp¢nditLw¢ on Charitable Acdvities 3,835 2,688 8,426 3,835 2,688 8,426 72,573 5,029 969 780 74,271 72.573 270,165 5,01.2 275,177 199,963 Total Resources Expended 285,114 77,585 362.699 280,742 Net Ineomel(ExpendlÉuY¢) for ih¢ YeAr Realis¢d gains on Invesim¢llts unr18ed Sain(105$e8) on Long L£ehOld Propa'tits Investm1¢Assets- Investment Properties Listed lovestmtnts (1,573) (74,362) (75,935) (20.392) 253,738 177,272 253,738 177,272 995,785 (94,055) Mov¢mellt in Funds (1.573) 156,648 355,075 881,338 Recou¢i11atloM of thllds FEd11CeS bPotEht,fvYWd 266,631 10,589,110 .10,855,741 9,974.4U.I Tolal futsds ¢Arrled forward 11-14 265,058 10,945,7511 11210,816 10,855,741 The Statent of Financial Activities includes &ll gains and108ses i'¢¢o&iis¢d in the yew.. All income and oxp¢nditui'.e dorive from contlnuing activities. Pdg¢ 10
P&Yk Balailce heet t 31st March 202 COMptY no.: 03193779 24 2023 Notos Flx¢d A$sets Tangibl¢ A&g¢ts Inv¢5tn?siits 9,112,681 2.073,988 8,889,626 1,919,665 11.186,669 10,809,291 Current As$¢t6 Debtors Bank D¢posit and Grattt AlrtS Bunli Cui'r¢ntALcounl wid in Halld 15,188 26,4J2 6.879 28,572 33,259 4,590 48,499 66,421 LiF4bilities Creditors,. Amounts fO1ing due within one year io {24.352) (19,971) et Curr1 Assets 24,147 46,450 TotAI A8$ets1489 Ciirrent LiwbilAti¥s 11,210,816 10.855,741 Capltal attd Resce8 Re8trictsd In¢oMe Funds Hlghfidd Pav1i3on RÈs¢rvo (Ilillt income Deslgnated Income FllThds Cupital Re8¢lV¢ Prop¢rty R¢vaiuntion Reserv¢ 87,182 90,289 2,789 li .12 12 4,599,886 6,257,690 4,492,081 6,003,951 10,945,758 10,589,110 UnreJtYicte41 In¢om¢ Fundy Gen¢ral Rescrve 13 26.5,038 266,631 TotAI Trust Fun 14 112JO,816 10,855,741 The Truste have pr¢p8xed this roport in accordane¢ with the 8pe¢ial provisions ofPart 15 of the Compani¢J A¢t 2006 relating to small c(Imptmies and in accordance with the provisions ofFRS 102 (effective Jalluary 2019) foT iwuIY¢tioll to iDembers of the company. ancial 8tatem¢nts wero approved by th¥ Bodrd of Trtte¢S on 15 October 2024 and Sied on its behalf. T ABBOTT - TRUSTEE TIS- TRUSTEE The notes on page8 1 I to 20 form part of the8¢ financiHI statements Pago JI
hfield Park Triist eountAn oll Basls of Pr¢pAnitlon The fmancial sÉ&tenients have been wepared in accordanc¢withthe Fitwcial Reporting Standard ppli¢able in the UK and Republfio of Ireland (FRS 102). The Charitable Company is a public b¢nefit ¢ompatty for tlie purposes of FRS1.02 ajid thereforg tlie Charlty also prepartd its finallCi8I statem¢nts in acoordance with the Stat¢mont of R¢¢ommended Pr&cti¢e &pplicablc to charitAes pr¢p4ring their accounts in aocordance with th¢ Finallcial Reportlt]g Stan(lard appli¢able in the UK and Republic ot .Ir¢land (The FRS 102 Charitie4 SORP), th¢ Compani48 A¢t 2006 and the Clwitie8 Act 201 I. The trustees have assessed whether the use of the going COn¢'n basis i& appmpriate and have ¢onslder¢d possible events oi eottditions that might cast sigt]iflcant doubt oll the ability of the charity to continue a8 a going concern, The trustees have made tlii8 a65e5snient for a period of at least one y¢ar from th¢ date of npproval ofthe fillancial stateinents. In particiilur the tsvste¢s have considered the charity's budgets. foratS and projections. Aft¥r making ¢iJqviries the trustses have conoluded that the]'e is a reasonable expectation that th¥ charity has &d¢quat# reS0.c6S to continue its operational ¢xisten¢e for the foT¢8eeable ture. Th¢ ch8rity therefore continues to adopt the going concern basis in prep4ring its Financ1 statsments. There wer¢ no illatotial uertaIntiQS dui'ing the year. Provlsion$ AvAll4bl¢ for Smaller Entilies In colln0n with inany other busin¢ssos of our size and nature w¢ us0 our auditors to assist with the prepardtlon of the financlal statements. Company Status The Trust is a CoMpY limited by guEwant¢e, registered in Englaiid and Wales The guaranto ¢ tho Members, who are the Trnstw of the Trust. The IlabAllty in r8Bpect of tbe guarants¢, a8 set out In the memorandum, is limited to £1 permember of the ThisL The Tht has availed ilsdf of Paragraph 3{3) of Schedule 4 of the Cornpanies Act )d adapted the Compankn Act fOrnts to roflect tho speclal nature ofilie Trust's a¢tivitAes. Fund Ac¢ountlng General fujids are avaiEable foi. use the discretiffli of the Tte5 iii furtheranc¢ of thc general objectives of the Trust. RestrACt¢d funds arc funds Subject to spetyific restrictive conditlons impoged by di)nors or by the purpose of tho appeal. The PLirpose alld use of th¢ restricted funds is set out in the hotss to the financial slatements. Designated funds ar¢ funds which the Trust¢es have allocatsd to specific projects or puoSe8, All income &nd expondittire is shown in the Statement of Fitwi¢.ial Activities. Ineom¢ Voluntary inoome and donations is included in full in th¢ StatemeDt ofFin&ncial Activities in tho year In which they are.re¢eivable. Grants and Endowrnents, in¢luding grants for the purchase of ftxed fAssets, aro rgnised An thll in the Statement of Financial Activities in ttie y¢ar in which Uiey are receivable except wherethe donors speclfy that they must be used in future 8coountAng periods or donors conditions havc not been fulfilled, then the income is deferred. Fag¢ J2
hfiel rust Note5 to the FfinAllLlal Statemen forth ren alth 2 Income (Cont'd) Investment inconie is included whoa receivable. Investmlt income Includes investhient portfolÉo dividends, intert8t and rental of premises. In¢onie from other trading actlvities include evellt income, fruit julce sales and sundry incom¢ and ar# Inoluded In the ye. itt which tli¢y are receivabl¢. Expendltui Expendtture is Included in the Statement of Finan¢ial Activities on the accruals basis, inclusive of any VAT, which cannot be recovered, Costs of raislng fimds comprise the o08tS &S80ciated with ottracting voluntary in¢om¢ and the cost8 of generating 4n¢lllary Income. Expeiiditw'e is allottated to tbe partlculaT artivity where the cost r¥lfiteM directty to that activity. Where costs ate attributableto morethan one activity, they hav¢ be¢n apportioned across th¢ Cost categorles on a ba818 ¢on&istent wltli tlie use of these r¢80urce$. Inveatmenl PropertRts Thes¢ are propei'ties held for i'ental incom¢. Investment propertlgs arg included in the Llalancc Sheet ftt their InSurlue rebiiild cijst (as a&sess¢d in 2014), a4iustsd for index Ilnked variations. Pirk Lllttd5CYdping Costs Park landscaping costs are charg¢d to th¢ Genoral Reserve as itt¢urred. Jnvestm¢ntg Distinction is mode on the face of the Ststement of Fujancial A¢tfvltles between valuation adJiistm¢ttts relating to sales and those relating to coijtinuhig holdings .though they ar¢ tog¢ther treated as changes iti tho investmcnt portfolio. The analy818 of iiw¢8tmellt gains 1$ found in Not0 8 and realised gains aru cal¢u18t¢d as the difference b¢tween historic cost and rnk¢t valug. I'hts departwe from the Statement of R¢comm¢nded PAl¢ti is considered appropriate and is the way investm¢nt gainsllosses are reported by our inv¢stment managers. It)ve5tments are stated at Inarket valu¢ le88 provi8ion. for pemi&iuttt diminution ID value. Marli¢t vAkne is takon to be the middle markqt prlce Nluig at the Balance Sheet date. Value Added Tax Valiie add¢d tax. is n¢)t recov¢rabl¢ by the charitys and as such is included in the releirant costs in the Statement of .F4iDancial Activities. TAn%ibl¢ Fixed Assets Individual fAxed assets costing rnoi'e than £1,000 are oapitalis¢d at ¢0st. Th¢ orlgillal endowment value of the Ch8p¢l has not been capitalised because the building is htstoric and fotiiis part of the orlgiiial endowment which means that it cam)ot b¢ sold but must be beld foi'the tsrm of the Trust's l¢ase, It is now held at iJL8urance rebuild value in line with the other leasehold assets, The building way iti need of major repairs and refurf)ithmellt and IDtÉery thdlng was obtsined for this by the prospeGtive tenants, In consideration for Tepairing gnd refurbtshlng the Chapel these pro8p¢Gtive tenants w¢ro grrt¢d a 99-yeoJ peppei'corn rent. Page J3
hfield P&rk Tnlst the FlnAnclAI Statemen ar end¢d 3 st March 2024 otes ollnu 11 (contlnued) Depreciatlon D¢pre¢iation is pi'ovided on all 18ible fLY¢d a88¢ts in Order to write oft"their cost, less estimated residual value ovor th¢ir o3timotod useful Ilv¢s, on the followlng basss: Lthig Le#s¢hold Properties Plant ]d Machiiiery Office Equipmollt Motor Vehi¢les Fixtures and Fith'ng 2Vo StraigJrt-liti¢ basls or revaluatlo 200/0 SÈL7ight-line basis 20% Straight-IFne basis 25Vo Redvcing balance basis 20Yo Straight-litio ba8ls 88/0 Straight line bas1$ Long-lwdsehold propertles are illclud¢a in the Balan¢e Sh¢et at theii. insurance rebuil.d cost, I$ depCla¢A0ll. No depreciatioii is charged on investment properties which accouttted for at falr value. L&aslng and Hire Purchase CofttYa¢ts Assets obtained under hire pur¢hastt ¢ththYcts are CEyltalised as tEmgible fixed assets &i)d are depreciated over their useful live$. Tlie con'espondftiig hire purche obligation is treated in the balance sheet as a liability. The intsre8t elemfflrt of the a¢eMent Is charged tD the profit 9nd loss ac¢ount over the tenn of the aBre¢m¢nt and rresents a Gon5tant pioportion of the capital repayments outstanding. Rentals paid under operating leases are oharg¢d to incoine on a straightrllne basis over the toim of lease. P¢nsiTrns The Company Opera defmed oonti'lbution, ¢xt¢rnalty funded pension schemes covering some employ¢¢s. The pension cost Chge represents contributions payable by the Company to the fiDJd w]d amount¢d to £39,946 (2023.. £31,511). Expendlture on Governance olthe Charlty GoveriTrnce upenditure includes all expenses iiot directly relatsd to th¢ oharitable activity or fwi(hising ventiire8. Tili8 includ¢s ¢osts of twnning office premise5, Staff salarie6 for adminRstrativ¢ staff and audit fees, Slatement of Cash Flows The Company has claimed 8xemptlon from preparing a Stthment of ca8h flows utider s¢¢tion7 of Financial Repoitiiig Stalldard 102 (small entity eXption). D'ing the year th¢ Trust r¢¢eived rev¢nve grants of £3223 (2023,. £23,609). Of thes4 £3,223 (2023: £5,639) is included in Income and Expellditui'e, an amount of £J)il being retained for firturo we. Fage J4
testot for th¢ e filnallcial Statements ended 31st Marc tAff Proflt oh Oh Costs Total 23 2024 Costs of raising Funds: Ev¢nt Costs Equipmerjt Leasing FidraIsIng Publicity 3,835 3.833 5,029 2,688 1688 6,523 8,426 6,523 8,426 72,573 275,177 5,998 78 74,271 199,693 Legal & Prot¢sslonal FeBS Prorty Depi'eciation Cl)aritable AeÉlvltlo¥ 72,573 3,107 106.885 165,185 106,885 75.680 180,134 362,699 280.742 ChArltabl¢ ALVItIeS- Other Costs AlloknentExp¢n$es Pw* Maint¢iiance Park EqulpmoAi R4)wr$ Buildtng MaintenanL6 & R¢patrs Play wea Other Audit Fees and bookkwlng Consultancy Fees lusurance Rates andutilitics Sothvare, Support attd Other Offi¢¢ Costs 38 64,320 8,798 48,339 1,5154 2,653 6,384 l289 14,966 14.151 2,663 18,233 12.451 4,520 1,064 9.698 6,840 1,639 27,271 8,609 3.244 165,185 93,569 t Inco or the Year Thts Is stated aftcr chai'gingl(recovoring).' Dgptt¢latiou of Tangible Fixed Asgets AuditokB' Remunerats'on- Audit Seivic¢s 75,680 3,000 76,969 1460 Foge IJ
hfi Us to the Finanelal Statements Stiff Costs and Numbers No renjuneration was paid to Trustees in the year. The staff oosty of the r¥maintng staff weA'e: Wuges Salarios Social Secui'ity Cos18 PeDSion Cost8 64.044 71,395 520 31,511 39,946 103.990 103,426 Hemunei'atlon: No employee ethjed £60,000 p.a. or More. Th¢ average number of employees, e%pi'essed as full-time equivalents. analysed by function was,. - D'eCt ChItable Expthidittire Managomeiit aud AdmiLli8tration The TN8t is an admltted momb¢r of th¢ tA>¢ai Goveiimi¢nt Pension Scheme, a thulti-employer defined benefJL final salary scheme w.hare th¢ 8hai'e of the assets and liabiliti¢8 applicable to ea¢li employer Is not id¢iitifiabl¢. Retir¢meJit bon¢fits w¥ro also ac¢ruing to l {2023', 1) memb¢r ofsluff In r¢sp¢d of defined contribution pension s¢hemes. Tax As a charity, Highfield Park Trust is ¢xempt from tax on income and gains fallitiE wÉthin gaetion 505 of the Tncome and Corporation Tax&$ act 1988 or $256 ofthe Taxation of Chargeable Gains Act 1992 to the &Yt¢nt that these have been applied to its charitable objects. No tax eharges hav¢ arisen in the Charity. Page 16
hfie dPar N tes to tlie Flnandal St tements nded 31 t MAreh 2 24 LehQLd Pl thltte Cost or Valvatlon Ai 1st April 2023 Additions (Fi'ant r¢c¢ived Di4)osals RKvaluatioJ]s Rvic]alI1catio 5.974,708 44,996 3.59&356 88212 79,093 6,240 9.746,709 44,996 253,739 253,739 At 31st.March 2024 6,273,443 3,598,356 88,312 79,093 6240 10,045.444 Dopreclatko At IstApril 2023 Char%L for year Disposals R#classificatioii 688,788 74,271 87,642 239 79,093 1,560 1,170 857.083 75,680 At 31st m¢h 2024 763,059 87,881 79,093 2,730 931763 Net Boolc Valu¢ At 31st March 2024 6,273,443 2,835,297 431 3,510 9,112,681 At 3 1st Match 2023 5,974,708 2,909,568 670 4,680 8,889,626 024 At Ist April Aequisitions during year Disposal,% pioce¢ds R¢alised gains 1,919,665 1.949,771 63,949 (22,949) l.896,716 2 Ol3,720 Incr¢a$¢l(deLre&se) in unttalised gains 177,272 (94,055) At 31st mcFj 2.073,988 1,919,665 Page17
field Pai'k T Notes to the Flnllnelal StAtemeMt r ended 3 st Mllreh 024 Investments tjd The investments comprise entirely of iiivestments listed oil Inteniational Stock Exchanges and are listsd in the UK, The ¢ost at 318t March 2024 amounted to £1,768,924 (2023: £J,765,924). tncluded within investmoi)ts we the following holdings (comprising the wliole of the portfolio value): 2024 023 COIF Chw'lti¢$ Ethicai.lllv¢,gtmertt fulld COIF ChaiAti¢s F.thi¢&l Invostment Fund Accutnulation Units (L8nd Fund) COIF Ch'ItieS liivestment Fund COIF Capital Acwuttt- cth. 1,966,710 12,278 1,790,769 7,946 95,000 120,95n Imi¢8ttllent In¢om¢ Recekv&ble R¢nt Rac¢rYablc Other Debtors xud Pryaymentg 14,316 872 15,338 4,547 8,687 15,l88 28,572 io. due wlthl 2024 20 Trade Cr¢ditors PAY& pensloiis and Otli¢r T&Yes A¢Giugls and d¢£errgd income Oth¢r Crcdltors 4,985 4.988 10.199 4,180 4,836 4,081 7,787 3,267 24,352 19,971 ii. str At31 tm t Mxreh 20 Pavilion R¢*ry¢ Grant ltt¢on 90,289 1789 (3,107) 87.182 1,000 3223 (5,012) 93,0711 3.223 (5,012) (3,107) 88,182 Pavilion Re As dis¢lowd in Not¢ l(k), the properiles are illclud¢d in the Balallce Sheet at th¢ Trustees valuations based on th¢ in$urance re-build valuation, This Teserve represents the difference between this valu¢ and Èbeir original valut represented by grants and nionies received undorthe origillal S106 agreement for the building of a Sports Pwilion in the Park. Page 18
otes to the nan¢lal Statelments ear ended 31st March 2024 12, AnA sis of D¢sl nated Funds Movements t 31st March 2023 Ineoin6 202 Capttal Resorv¢ Pro[rtY Rovaluadon Reserve 4.492,081 (69,467) 177,272 4,599,886 6,003,95.1 253,739 6,257,690 10,496,032 (72,573) 431,011 10,857,577 Th¢ Capital R¢Jthie represents tb¢ oillginal endowmeL]t received by the TrLlSt fi'om the H¢ahh Authorty on Its fonnatioii to enable itto establl8Ji aud maintain the park. As well as oash sums the Tru8t has altr30 ieceived four buildlngs one of whirh is ¢urrontly used as the Trust's Offic and the oth¢rs l¢t. The Trustees allocated £500,000 Dr die original }dOWment to cover the itutial ¢08tS Df setting up tho Tnjst aijd, tLie establlshmcnt of tlie Park. The balance of the endowment will be investsd to provide sufficient income fur tb¢ Mainl¢nan alld upkeep Lif the Park Revalua ion reserve As disclosed iii Note Ilg), the irtvestment propertie5 ar¢ included in the Balanc¢ Sh¢et at the Truste08 valuations ba8ed on the illsurance re-build valuati4)n. Th[5 le8ervo i'epK8tnts the diff&En¢e between thi8 value and tboir original transfor value and the expeAiditure incurred in briiiwg t]iem up to a useable cmdltioll. 13. sls of U restricted Vunds Mov nts At31$tMarc ltteome Itavr At 31st M reh Geiieral Reserv¢ 266,631 283,541 (285,114) 265,058
HI hfleld Park Trust t to the Flnanclaj Statements r ellded 31st March 2024 14. eiiorAI esei rv ota 1'angile Fixed Ass¢t$ Iiivestments Cash at Bw]k ill Hid Current assel81(liabtliLks) (net) 87.182 9.025,068 1,832,508 431 241,480 32,311 (9.164) 9.112.681 2,073.988 33,311 (9.164) 1,000 88,182 10,857,576 265,058 1.1,210,816 Allal sof et Assets tw n Funds 10118 ear- ended 31st March 202 RèBtrleted Res rv i*È Genoral 202 Tolxl Tangible Fix¢d Ass¢ts Inv¢stfft¢nts Cash aL Blltsk dnd in T.land Ciwr¢nt 433ets (net) 90289 8,798,667 1,697,365 670 222JOO 35,060 8,601 8,889,626 1,919,665 37,1549 8,601 2,789 93,078 10,496,1132 266,631 10,855,741 Page 2
ndEx ndltu e Aecount rtht ell end 2024 2023 Income: Inter¢st Re¢eivabl# Illvcstm¢llt Incom¢ CCLA R¢ntof AeriEd st Sits Rent R¢c¢ivabl¢ Utilities 166 60,109 200 I08,797 9.489 51 56,605 200 LOl,953 S.825 F I I Hlxberry Lao¢ Compound Allolm¢nts Sports and Sundry In¢ome Evonts Tncome Grants Receivabl¢ Donations InArEie¢ cloims 2.100 1,800 4,254 30,623 7,479 23,609 10,963 16.988 43,1.85 7.679 3,223 6,389 41,051 Total Income 286,704 260,J50 Expenditure: Stsff Costs Sal1¢ and Pengion Costs R¢civltrnent Costs Staff Tralnlng Mil¢age 103,990 1,995 900 103.426 69 891 106,885 104.386 Offl¢¢ Cobts 8othvar¢ ajjd General OffiLt Expenses Printiug. Poslage und Statianery Telephone ld Intgrnet 297 453 310 1.034 535 852 1,641 1.840 PArli Management Costs Allolnients Park MaintenÉtnee Prolo¢tive Clothin¥ Play wea Park Equipment R¢palrs alld Maintenance 38 64,320 626 1,584 18.233 209 8,798 12,451 75,366 31.957 PMfessionAI Fees AiiditFGEs and bookkeeping Consultancy Fees Legal and PfessIOnal Fees Subscrlptions 6,384 1,289 8,426 396 6,840 1,639 780 235 16,495 9,494 Tots13 Carri¢d Forward 200,387 147,677 Page 23
riel llleoint and Ex Ydrli Trnst endl ure Account rthe 2024 2023 Totals Brought Forwai'd 200.387 147,677 Property Costs Building Maintsllwice and li¢patr 48,339 164 13.987 4,520 576 8,033 Utillties Events Costs Fete Api)le D&y Apple Julce C,osts' Oth¢r Events 62,490 13,129 63 1.495 1277 36 3.470 1,523 3.1135 5,029 Oth¢r Costs Insurnice Fundraising and Pttbll¢lty Don8Lio Sundry Bad D¢bt Rewver¢d 14,966 2,688 27,271 969 2,653 9.698 20.307 37,938 Total Expendituiy 287,019 203,773 Operatlug Surplu eneIt) beloi'e Depreclallou (255) 56,577 Deprecimtlon Pi'ofjt Oll Sale of rd a$8Ct (75,680) (76,9C)9) (75,680) (76,969) Opeyatlng deficlt (75,935) (20J92) Net gainsl(1058es) on Investments 177,272 (94,055) Net surplusl(deficlt) for the year 101,337 114,447 22