Registsred Charity No.: IOS9251 hfield Park Trust Limited b Guarant¢¢ Trnstees. Re ittaneial St*Éemekts for th¢ e¥r ended 3Ast Marth 2025 Hjtyhfi¢ld Pa Trnst ontents Pa Trustee5' Report Auditors, Report Stal¢m¢nt of Financial Activities io Balance Sheet li- i? Notes to th¢ Finan¢ial Statements 13-21 Th¢ fol es do not art of the statuto ccounts Income and Expenditure Ac¢ount 22&23 hfield Park Tn￿t Trustees, Re Year ended 31st March 2025 The Trustees present their report with the financial statements forthe y¢ar ¢nded 31 March 2Q25. Reforènet aBd Adminlslrotive Dtlails Charity Nwnber: 1059251 Company Number. 03193779 Principal Offi¢¢: Highfield Park Visitor Centre. Hill End Lan¢. St. Albans. Hert5., AL4 ORA Auditors: Bankers: Gowers Limited. The Old School House. Kings Lan8l¢y. Herts.. WD4 8SZ Lloyds Bank plo 36 Chequer Str¢et, ST. Albans. H¢rLs.. ALI 3YQ ]nvestment Managers.. CCL& Ckne Angel Lane. LondorL EC4R 3AB Solicitors: Debenhams Ottaway. Ivy Hous¢. 107 St PetePs Stree¢ St Albans, Ilerts.. ALI 3EW Directors and Trn The direthors of the charitsble company (Yie charityl are its truskes for the purpose of charity law and throughout this report 3re colle¢tively refenEd to as the Board of M8nagemenL Members of the Boat'd of Manasement are elected as set out in the Arttcles of Association. The trustees serving during the yearand Sin￿ th¢ year-End were as follows: T. Abbott- Chairman K. Bames (resigned 29 May 2025) M. Curti5- Tre8sur¢r I. Day (represeftting St Alban5 City & District Courncil) D. Gordon S. Graham C. Ortega C. Rook {r¢si￿ed 31 July 2024) R. Thomas {r¢sign￿ 10 Janw 2025) Secret2 IL Bull (resi8ned 30 May 2024) Deborah Rixon {appointed 30 May ?024) Park Malla er Chief Executive Offieer IL Bull {resig[￿d 31 May 2024 Deborah Rlxon (appointed 20 May 2024> Highfield Park Tnjst is a Company Limited by Guarantee and a ￿gIStered Ch￿lty govemcd by Artrcles of Association dated 26 March 2024. It is registered as a ¢harity with the Charity Commission. ointment of Trustees As set out in the Aiticles of A5swiation St Albans City and DistriLt Council is entitled to appoint one Tiustee, who sh¥ll retire if they are retnoved from their elected offJc¢ or fail to 8ain re-¢le¢tion. The Trustees may appoint additional Trusk¢s providing that the total number of Trt￿tee5 does not exceed 13. Trustee Induclloll alld Tralnin All newtruste&s are oiven atrustee induction pack includingthe Charity CommissionTrustee guide and apersonal introduction and tour of the Park by the CEO or an existing TLWtee. 2tti5atlott The Board of Trustees administer the Charity. The Charity 15 organised $0 that the Tn￿tee5 meet r¢gularly lo manage its affairs and there are 5ub*ommitte¢s. whi¢b metas required. o)vering Finance and General Putposes. Park Management and Cornmunity. Events and Publicity. T￿k and Finish working groups are set up for specific prOJ￿ts. Following the retirement of the Park Manager and Company SeLYetsry in May 2024. a Chief Ex¢cut&ve Puse I bfield Park Trnst Trvstees. R¢ YeAr ended 31st Ma￿h 2025 Offi¢¢r was appointed. The CEO (who ¥Eso acts as th¢ Company S¢creÉary} was appointed by th¢ Trustees to manage the day-to-day op¢rations ofthe Ch￿lty. To facilitate effective op¢rn¢ions. the CEO has ?￿hOrIty. within the temis of d¢l¢gation approved by th¢ TTuslees, for operntionai rnatt¢rs including fthanc¢. employment and management of the Patk. An Administration and Financ¢ Officer Wds appointed in October 2023 to help witli the day-to day rnnning of the Trust and to carry Out bookk¢eping operations. The Tntst engag¢s accountancy fms to undertake monthly payroll and to prepare th¢ end of year accounts. The remaining 3 staff are employed ill maintsinins and developing the park. Risk Mana ement The Tru5tee5 consider risks within the Trust's committee structure. The Trust has recognised its reliance on investment and curr¢rt property income and ¢ODsequently continue5 to d¢v¢lop its income gen¢ration strat¢. including fund raising events and hirino out the patk's fa¢ilTties. PUY ose and Aims Th¢ Cl)ariry was fom]¢d in 1996 and was granted a I5￿year Icase over part of the fornier Hill End 2nd C¢ll Barnes Hospital sites. The ObJ￿ts of the Charity are for the public benefit and Sp￿lf1￿11Y restricted to the promotion primarily for the benefit of the local community of Highfield and its n¢ighbourhood within the area serv¢d by St Albans City and Distsict Council of: the establishment and maintenance of a n￿81 pat* in Ffighfi¢ld; 2. the preservation, protection and enhancement of features to benefit Ihe laThdscape and its florn and fauna. th¢ assi5tan¢¢ in or provision of fa¢ilities for recreation or other leisure time occupation with the obj¢ct of improving the conditions of life: 4. the piEserYation. Protectio￿ development and improvement olfeatures of historic or public interest in the s2id paTk; and otherwise promoting all or any charitable purposes for th¢ bertefft of the said inhabitants. EosuriD our Work deliver5 our Aim5 W¢ have coniplied wtth the duty under section 4 of the 2006 Charities Act to hav¢ due reKdrd to the advi¢e contsined in the Charity Conmiission's general guidan¢e on publi¢ benefitwhen reviewing our aim and objectives and in planning ijur firtur¢ activities. In particul￿. Ihe Trustees consideT hoiv planned activÈties will ￿ntrIbute to the aims and obj¢clives they have set At th¢ beginning of each yearthe board sets a list ofprioritses for thaty¢ar to focus the iyorkofthe Tru8t> progress is reported at each meeting. The Chairman's report at the AGM reviews activities. what Wa$ achieved and the Outcom￿ of our work in the preTrious 12 months. The revi¢w looks at the st2ccess of each key activity ond the benefits they have brought to those groups of people we accommodate. Both activities help ￿ lo ensure our ain¥ objectiV¢5 and activities remain focussed on our slated purp05eS. e Foeus of our Ivork The primary object of the T￿sE as stated in its governing documents. is the establishment and maintenance of a I'ural park in th¢ area served by St Atbans City and District Council. Hoiv ollr A¢tlvities Deliver Public Benefit Our main activities and who ive ty to aecommi)dal¢ arc de￿ribed below. All our charitsble a￿1VitieS focus on the maintenance of a Nral park in the area served by St Albans City and District Council and are undertaken to rther our charitable purposes for Lhe publi¢ b¢nefiL The Tiwst orgattised a series of events througFy>utth¢ year. some b¢ing purely recreational. while others had more of an educationol focus. these included history and natyre wa]ks and bat nights. The plans to install a 'naturdl' play area Nvithin the park have been realised we are now seeking gi7nts to i'eplace paths, up8rdde Puddingstone Drive play area and to and carry out retlovation work to a Vi¢tori2n ornamental pond. Page 2 rield Part£ Trust Trustees, Re Year ended 31st March 2025 Who used and Ber&efited from our SetTrices The Ti'ust provides l¢)cal residents living in the Highfield and surrounding areas easy ￿CesS to the park for leisui'e and recirational activities. The TnLSt maintains I I football pitches (mini, juniorand adult) and is the largest venue used by St Albans City Youth Football Club. A number of other OT￿nIsed and ad hoc group5. loeal clubs and associations have used the parL including archery, boot fdmps. and health walk8. The park has continued to be used by the local community for leisure ￿TivItieS. these includ¢ ortent¢erin& walkeLS. runn¢r& wheelchair users. dog w￿keTS, cyclists. bii'd watching and g¢n¢ral ttlaxation. There is an allotment site within the park Im￿ndarIeS with approximat¢ly 100 alloth]ents, these 2re rented by local rcsidcnts who producc fruiL vcgetablcs and flowers. Links continue with th¢ Community Development Association who run a community garden on part of the allotment site. One YMCA. who had leas¢d and managed th¢ Highfi¢ld Park Centre since 2005 opernting a gym tenninatrd their lease with effect from June 2024. The Trust iva5 delighted to announce the arrival of AB SALUTE GYM to the Highfield Park Centre from l July 2024 and following a full iEfiwbAshmenL the gym reopened tn O¢tobei' 2024. The Trestle Arts Base lease the fonner Hill End Chap¢l and deliv¢ra comprehensiv¢ range of cultural activities. The Trust also lease property to a children's nursery. and oifice space to Colney Heath Parish Council and a building firni. A house is let as a private residence. The Trust organtsed a number of public events. They included an apple day in October. wassailing, an Easter bunny hunL mini-b¢a5t safari. history walk and tslk"s and bat nights. A fiill programme of events is planned for the coming year. During the summerof 2024 the Trust ran a series of six forest school sessions. employinga qualAfieA forests¢liool practitioner. these were offered at a very low co# to participants as a result of grants awarded by HCC. The f¢¢dback from participants was ¢x¢¢ll¢nt. Volunteers The numbey ofvolunt¢¢T5 helping tomaintsin the park hasgrown overth¢ lastyenr and the weekty ￿up av¢rages at about eighL There have been several Corporate Soci21 Responsibility volunteering groups attending and students from I(￿al secondary schools have undertaken work p13cerneftts over th¢ last year. In line ivith SORP 2005. the contribution of volunteers has not been I￿luded in the Statement of Financial Aclivitie& because thc value of their contrtbution to the organisation cannot easily be quantified in financial t¢rnis. eial Review The net expenditure. before inv¢stm¢nt 8ains and loss¢s. for the year was £41875 whlch compar¢s to £75.935 for2024. Excluding depreciation. our net income ￿ £31701 compared with net expenditure of £255 for 2024. The main sour¢es of income ftir the TnL8t are retums frorn an investmentportfolio managed by CCLA. and reLtsI income from properties owned by the Trust. This has been supplement¢d by incorne from the hire of the park facilities to extenlal organisations 8nd fund4aising ¢vents organis¢d by the Trust and some grant income. The capital value of the portfolio continu¢s to fluctuate. it has shown positive growth through th¢ ycar ov¢rall. The fluctuations are to be expected in view of the ￿rrent volatility of the world Jnarkets as a result of Continuing neoativ¢ geopolitical news. Despite the tUTbulent world and domesti¢ economies. the main income streams hav¢ remained stable. th¢ Trust will. however. continu¢ to woi"k to minimise its Costs and maintain a positive flow. Th¢ Trust r¢ttived 8 number of grants to deliver spe¢ifi¢ PToj¢¢ts within the pa￿,. English Woodland Grant Scheme continued payments for the maintenance of Hither Wood. Hertfordshire County Council Locality Budget continued its support for the fore# s¢hool initiative wTth two 8ranrs of £ 1.000 each. Ptts¢ 3 bfield Park Trns Trustefs, R¢ Year ellded 31st Mgrth 2025 Taking into account the surplus on the general running of the Trust. the General Reserve. which r¢presents the monies available to run the Trust on a day-tsFday b&si& incrtgsed to £291800 (frorn £265.058 in 2024). How¢ver, our actual working Capital has in¢ressed by £27.706 (2024: de¢reas¢d by£22,303). In addition. afurther £131.037 of ¢a5h was held within the inv¢stm¢nt portfolto at the year en There are a number of ￿p1￿1 proj￿ the TnLst would like to complete over the medium terni. These in¢lud¢ r¢placem¢nt of the oldertractorandtr•¢tormowing in¢reasing the natural play area and improving sign8ge. The Trust is also mindfid of the aging tree stock in ih¢ park and attendant costs in maintaining the tttes fri)ni a Health and Safety p¢r5peciiv¢. In order 10 finance these projects. the Trust has been saving monies for several y¢ars itt the CCLA deposit aecount. these eatmarked funds fonn part ofthe General Reserve. lllvestment Powers 2nd Poli Under the Articles of Asswiatiorn the Charity has the power to make any investments. which tli¢ Trust¢e5 see fit. Contributions to the 'land fund, have contillued with re8ul8r payments to pU￿hase 8¢cumulation units within the Ethical lrtvestment Fund. Reserves Poliev Its the ¢ontext of this policy and for reporting purposes. 'R¢serV￿. alt resources that the Trust has or ¢an make available to spend foi. charitabl¢ purpose5: once It lias met its ¢ommilments and ¢over¢d planned eXpendI￿re. Reserves therefore exclude.. eypendable endowments. restrictrd fund designated fimds already set aside for e5sentio1 firture spendin& tangibl¢ fix¢d assets held for the Trust's own LLse in delivering Its activities. any part of unrestrided funds not readily available for spending. Highfield Park Trust aims to have re5ervcs sulFi¢i¢ntto cov¢r 12 mont￿. rwining costs. which includesth¢ dire¢t costs of the members of siaff. This ieam is responsible for maintsining of 82 acres of rurdl park land and for th¢ management and administration of the dwity. This level has been identified by the Trustees as the nature ofthe charity means that parkland andtsnancies ivould still need io be managed whilst the TnLSt sought a way forward. By ensuring that the Lzn be secured for a year ahea& it allows the Trustto respond to downturns in ￿ertUe and to explore waysto redu¢¢ costs and increase incom¢. Ultimatcly, this level of reserves would ¢over the costs of winding up slM)uld th¢ worst happen, and the Charity ne¢ded to close. Given the complexities of the various leases. any les5 than 12 months would not be considered 5uificient. In the tv¢nt of re5¢rves dmpping below the minimum threshold level. the Trw4t will aim to restore th¢ re5¢rve5 lo the minimum resenrs level withtn the next ft?ur years. This could b¢ achieved by in¢re&sed funth7ising* inCre￿l￿g earned income or reducing expendityre. If re%rves ¢x¢¢ed the maximum level Highfield Park Tn￿ will ¢on5ider the likely expenditure over the next two years and. where funds are predicted to remain in ex￿. identify areas for investm¢nt within the p81'k, aligned with fvture sustainability. P418e 4 hfjeld Park Trust Trnstees, Re Year eud¢d 315t March 2025 PIAlls for Future Perfods The Tru5t¢e5 Continue to review the activities of the Pa￿ on an annual basis. The Trust continues to manage the Park with limited resoU￿e5 but is working to consolidate ils financial position such that it can operate with more freedom to achieve its objectives. The focu5 to replace older equipment in a pIHnned inanner will continue. along with repair5 required by Heahh and Safety. to enable the grounds staff to maintain the Park to the same high standard. The Trust also continues to maintain and improve many of the existing features and strives to provide opportunities for minority group users of the park: it ivill ￿ntinUe to review opportunities to develop additional projects to enhance the CUiTent facilities. An application fora ￿ant io resurfaceihe section ofpath nearthe Visitor Centre wa5 SULce5sful and work 15 plarsned for August 2025. Further grants will be sought to help finance the resurfacing of the remaining paths within the park and for the replacement ot aged play equipment. Th¢ Trust will continue to enhance the excellent repulotion of Highfield Park as a place to visit and enjoy. It will continue to work towards achieving its aims and objectives with an environmental and su518inable development approacEL This can be evidenced by the proactive approach in the rnanagement of grassland to increase biodiversity and enco[￿ge ivildlife. both flora and fauna. The Trust will continue lo focus on events which have community links directly to the park e.g. chilth'¢n'5 events. guided history walks. nature talks and walks and Apple Day. The Tiust ivill continue io inwesfigate the organisaiion of other events to help promote the park'5 amenities and to encourag¢ more people to enjoy it. Re5 onsibili for Pre ari the Fin*neial Statements Company law requires Ihe Ti'ustees lo pr¢p3r¢ financial stat¢ments for each financial year which give a true and fair view of the financial a¢tivitie5 Qf the Charity and of its financial position at the end of that p¢riod. In preparing those financial statements. the Trustees are required io select suitable aceountinD policies and then apply them consistently: ake judgements and estimates thai are reasonable and prudent: prepare the financial statem¢nis on the 80ing concern basis unles5 it is inappropriate to presume that the Charity will Continue in business. The Trustees are responsible for keeping proper accounting records whiLh diSLlose with I'easonable aLcuracy at any lin]e the finanLial position of the Charity and to enable Ihem lo ensur¥ that the financial statem¢nls comply with the Companies Aci 2006. They are also responsible for safeguarding the assets of the Charity and hence for tsking r¢asonable steps for the prevention and detection of fraud and other irregularities. In accordance witli company law. as the Charity's Trustees. Ive certify that so far a5 we ait aware. there is no itlyvant audit infonnation of ivhith the Chalyty's auditors aiT urtaware: gnd as the Trust¢¢s of the Ch&Lity ive have tsken all the steps that we ought to have in ol'der to make ourselv¢s awai'e of any relevant audit infonnation and to establish that the Charity's auditors are aware of this infoj'malion. The Trusttts have complied with the duty in 5¢¢tion 4 of the ?006 Charities acl lo have regard to guidance Fssued b} the Charity Commission. Rt12ted Pa Disclosur No ti'ansaction which would need to be disclosed hos been notified by any trustee. in relation to th¢ year. rtor any balance outsianding from previous years. P48e S brield Park Trnst TrI￿te¢s. Re ort Year ended 31st Marth 2025 Auditors A I'e501ution proposing Gowers Ltd be re-appointed a5 auditots of the charty will be put to the Annual General Meeting. This report has b¢en pr¢pared in accordance ivith the SLltement of Recommended Practile: A¢¢ounting and Reportin8 by charilies (issued in March 2005) and in accordance with the provisions of Part 15 of the Cornpanies ALt 2006 applicable to small companies alld subject to the small ¢ompanies regime. Approv y the Board of TnLStees on 23 September 20J? and signed on tts behalf. TAhb t-. Trustee Puge 6 H" hfield hrk Trust endeni Auditors, Re ort to the Members of Hi Inde hfteld Park Trust OpiniDn We have audit¢d th¢ fittancial statements of Highfield Park Trust (the 'chwity') for the year ended 31st Marcli 2025 which ¢omprise the statement of financial activities. the balJrtre sheet and the notes to the financial statements. in¢luding significant accounting policies. The financial reporting fi7mework that has b¢¢n applAed in their preparation is applicable law and United Kintsdom Accounting Slandards. including FRS 102 The Financial Reporling Siandard applicable in the UK and R¢piibli¢ of Jrelaml (Uniled Kingdom Geneially AC￿pted Accounting Practice). In our opinion, the fin8nciaI statements: gTve a true and fail. vieiv of th¢ state of the Charity's affairs Ls at J 1st Mawh 2025 and of its ikncoming resou￿eS aftd application of resources, for the year then end¢4" have been property prepared in accordance with United Kingdom G¢n¢rally Accepted Accounting Pra￿l¢e. and hav¢ been prepared in ￿cOrdanCe with the T¢qUtMKnts of the Charitie5 Act 2011. Basis for opihio We conducted ouraudit in a¢cordan¢e with tntemational Standaith on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities und¢r those standards ar¢ furthcr d￿crIbed in the Auditor's r¢sponsibilities forthe audit of th¢ financial statements section of our report. We arc independent of the charity in a￿ordanCe with the ethiL#I requirements that are relevant to our audit of the financial S¢atements in the UK incltsding the FRC'S Ethic21 StsndaTd. and w¢ have fvlfilled our other ethical responsibilities in accordance with these requiretnents. We believe that the audit evidence we have obtalned is sulyicient and appropriate to provid¢ a basis for Olir opinion. Conclusions relating to going eolleern In auditing the f￿ancIal statements, we have concluded that the tsILStees' use of the goinu concem basis of accounting in the preparation of th¢ financial statements is approprsate. Based on the work we have perforn)e¢£ wc have not identified any matei'ia] uncertainties relating to events or conditions tha( individually or collectively. May c￿t signifi¢ant doubl on the Charity's ability to continu¢ a5 a going concern for a period of at least tivelve months from when the financial staternents are authorised for issu¢. Our I'esponsibilities and the responsibilities 0¢ the trustees with resF*ct to going concem are d¢s¢rAb¢d in th¢ relevant sections of this report. Other inforniation The other infi)rniation Comprises the infomiation included in ihe annual report other than the financial statements and our auditor's r¢pon thereon. The trustees are responsible for the otherinfonn3tion contained within the annual Teport. Our opinion on the financial statements does not coverthe other infomlation and we do not expres5 any forni of assurance conclusion thereon. Ourre5ponsibility is to Teadthe other inforniation and, in doing so. consider whether the other infomlation is materially inconsistent with the financiai statements or ow. knowledge obtsined in the Course of the audit. or otherwise appears to be mat¢rially misstste Re Responsibllities of trust￿5 As explaAn¢d more fully in the sla*m¢nt of tru5te¢s' respoELsibilities, the trustees are responsible for the preparation of the financial stst¢m¢rts and for being Satisfied that they give a true attd fair vi￿. and for such internal control as the trt￿lees detem11￿ is necessary to enable the preparation of financial statements that are free from malertal missl8temenL whether due to fraud or error. In preparing the financial ststements, the ts'ustees aiE responsible for gssessingthe cEwity's abilityto continue &8 a going concem. disc105ing, as applicable, matters related to going concern and using the golng concern basis of 8ccoiinting unless the trnstees either intnd to ce operations. oi. have no iTalisti¢ alt¢mativ¢ but to do so. Auditor'5 responsibilities for th¢ audit of tbe finanrial 5tat¢mtnts We have been appointed ￿ auditor Und￿ section 144 ofthe Charities Act 20E l and report in accordance with the A¢t and rel¢vant regulations made or having effect thereunder. Our objectives are to obtain reasonabl¢ assurance about ivh¢therth¢ financial statements as a whole are free frorn 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 assurnnce but is not a guarantee thai an audit Conducted in accoi'dance WLth ISAS (UK) will always d¢tect a material mi55tstement when it exists. Mi5Statemetrts Can arise from fraud or error Jnd are considered material if, individually or in the aggregate. they could reasonably be expectsd to influence the economic decisions of taken on the basis of these financial stalements. Irregulariti¢& including fraud. are iFLStances of non*ompliattce with laws and r¢gulatiOD5. We design pr￿dur¢S in liiie with our responsibilities, Outlined above. to detect material misstal¢m¢nts in respect of irr¢gulariti¢s. includittg fraud. The exto)t to which our pr￿edureS are Capable of detecting irr¢gularities. including fraud, is d¢tailed below. Irregularities, including fr8uI att instances of non-compliance with laws and retrulations. We design procedures in line with our responsibililies. outlined alx>v¢ to detect material misststements in respect of irregularities, including fraud. Thc extem to which our procedures are ￿pable of detecting irregularities. in¢ludints fratjd, is detailed below: In identifying and assessing risks of material misststement in respect of irregularities, includin¢F fraud and non. compliance with laws and r¢gulations. our procedures in¢lud¢d the following. Ihe nature of the charitsble Sector. the charÈty's control environment and perforn]an¢¢. r¢sults of our enquiries of management and r¢pres¢ntatives of the trustees about their own id¢ntifiration and assessment of the of irregularities" any matters we identified having revieived the charity's procedu￿$ relatin8 to identifying, evaluating and complying wlth laws and rylations tsnd whether they were awore of any instances of nowompliance. detecting and responding to the risks of fiaud and ￿eth¢r they have knowledge of any aC￿al. suspe¢ted or alleged fraud. and the intfflial sy5terns establish¢d to mitigate risks related to fraud or non-compliance vith laws and re.tsulalions. the mattets disc￿$s¢d among th¢ engagement team. including r¢garding where frdud might ￿ur in the financial statements and any potential indiratots of frau As a result of the abov¢. we considered the Op￿t￿nItieS and incenlives that may exis( within the organisation for fraud and identified the greatest polential for frdud in management overrtde of controls. In ¢ommon with all audits under ISAS (UK). we are required to perforn) specific proeethIres to respond to the risk of management ovetTide. We also obtained an understsnding of the legal and regulatory framework in whidi the Company operates, focusing on provisions of Éhose laws and r¢gulations that had a dI￿t eff￿( on the detemiination of material amounts and disclosures in the financial statements in this case, spe¢ifically in this context. Companies Act 1006, Chariti¢s Act 2011 ond tsx legislation. In addition, we considered provisiorts of other laws and regulations that do not hav¢ a dir¢ct effect on the finan¢ial statements but compliance with which may be fijndamentsl to the company's ability to op¢rat¢ orto avoid a Materi￿ penalty. Page8 bf*ld Park Trust ndent Auditors, Re ort to the Members ofHI hfield Inde rk Trust Audit response to risks identified Having performed the above, we did not identify an} key audit matter5 related to the potential risk of fraud or non-compliance with laws and regulations. In addition to the above. our procedures to respond to risks identified included the following: reviewing the financial statement disclosures and testing to supporting do¢umentation to asse5S compliance with relevant laws and regulations discussed above. enquiring of management. the trustees and in-house rnan8gement concerning actual and potential litigation and claims: perfonning analytical procedures to identify any unusual or unexpected relationships that may indi¢ate risks of material misstalement due to fraud: and in addressing the risk of fraud through management ove￿ide of controls. reviewlng the appropriateness of journal entrles and other adjustments. and evaluating the business rationale of any significant transactions that are unusual or outside the norniaE eourse ofbusiness. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or nort-compliance with laws and regulations throughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:/hvMv.frc.org.ukJauditorsrespongibilities. This des¢ription fonns part of our audTtor's report. Other matters Your attention is drawn to the fact the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities- Statenient Df Recommended Practice applicable to charities preparing tELeir accounts in a¢¢ordance with the Financial Reporttng Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Ac¢ounting and Reporting by Charities= Statement of Recommended Practice issued on 1st April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Prdctice. Use of our report Thi5 report 15 made solely to the charily"s trustees, as a body, in accordance ivith part 4 ofihe Charities IAecount5 and Reports) Regulations 2008. Our audit work has been undertaken so ihat we might state to the charity's trustees those matters we are required to stste to them in an auditors. report and for no other purpose. To the fullest extent petmitted by laiv 'e do not accept or assume responsibility to anyone other than the charity and the Charity's trustees as a rour . for this report. or for the opinions we have fonned. D#Ad. Green (Senior Statutory Auditor) For and on behalf of Gowers LimAteC Slatutory Auditor The Old School Ilou5¢ Bridge Road Hunton Bridge Kings Langley Herts WD4 8SZ IGOWERS 23 September 2025 Gowers Lilnited is eligible to act as auditor in terms of Section 1212 of the Companiej Aet 20116 Page 9 hfAeld Park Trust Statemeut of Flnancial Activities in¢ludi Income and Ex ror the ear ended 31st Mareh 2025 nditure A¢¢ount Restricted & Dt5i Funds Gene Funds Totsl Totsl 2824 Notes Incoming Resourees Donal(ons ond IL'gutiies Donations Grants J#eomefrom Jm'L)slmenls Income from Investments Intere￿ Re¢¢iv¢d Income fi'om chui'itahle acliviiies.- Rent of Aerial Mast Sit¢ Rent5 Receivable Sports and Sundry Income EvBnts Income 5.780 5.780 4.960 6,389 3.223 4,960 60.4?4 313 60.424 313 60.109 166 21X) 185.092 89.144 8.883 20Q 185.092 89.144 8.883 200 124.762 7.679 Insui'an¢¢ Claims 15.968 15.968 41.051 Total Incoming Resources 4.960 370.764 286.764 Re50ur¢es expended fr￿1.¥ nfrar.¥Fnz.fundF'. Event costs Fundraising and Publicity L¢gal and Consiiliancv Fees Propeffj Depreciation & Mainteftance Charilahlg Ac'lii'iiie. Expenditurc on Charitable Activities 5.045 1,187 37.069 i,835 2,688 8.426 72.573 1,187 37.069 72.470 72,470 294.761 297.872 275.177 Tot*l Resourees Expended 75.581 413.643 362.699 et Incomel(Expendithre} for the Year Realised gain5 on Investments Llnrealised gainsllloss¢s) on Long Leaschold Properties Investm¢nt As$ets- Investment Properties Lisled Investmenis 27.742 (70.621) {42,879} (75.935> i13.672 183.705) 313.672 (8i.705) 253,738 177,272 Yet Movement in Funds 27,742 159J46 187.088 355.075 Reconciliation of fund$ lind Balun¢'gs hrniighi fonkYTrd 265.058 10.945,758 11.210.816 10.855.741 TDt21 fund5 carrled forward 11- 14 ?92,800 11.105.104 11.397,904 11.210,816 The Statem¢nt of Financial Activilies includes all gains and losses recognised in the }'ear. All income and expendlture derive Irom continuing actii'iiies. Page 10 hfield Park Trust Bglance Sheet as at 31st Mar¢k 2025 Company no.". 03193779 2025 2024 Fixed A5Stts Tangible A￿lIS Inyestments Y.i51.725 1029J2C) Y.112.(>81 2.07.3.988 IlJlll.051 11,18CI.C)69 Currtnt Assets Dcbiors Bank Deposit and lif3nt Accoun Bank QurrL'nt A¢wuni Jmd in Hamd 15.319 15.188 26.4i2 6,879 27.421 76.778 48,49Y Liab71ities C￿ditors. Amount$ falling due within tsnL yL8r 10 124.925) {?4.35?} et Current Assets 51.¥53 24.147 Total.43s¢ts le55 C.urreTrt Liabililies 11.4.)2.904 11210,816 Li4bilit1¢5 CrLdiiors'. Amounts falling due aft¢r mor¥ one year N'et Asstts 11,210.816 Capital and ReserYe5 Restricted Inetsme Fullds Highfield Pavilion ￿'$L￿. Gr8ni inLomL D¢si%nalÈd locom¢ Trundy Capital RL5L"m" PropeÈty Revaluaiivn ReS¥P• i? 12 84.075 2.849 87.182 i.ooo 4.446.818 6.571i62 4.599.8R6 6.257.690 13 11.105.104 10.945.758 I'nttstritttd IncomE FuThd5 Grneral ResLItV¥ 14 291800 265.U58 Total Trust Funds 15 I IJYI.904 11210.816 Page JJ Hiqwhfield Park Trust B4laDce Sheet at 31st 2025 Cvmpany no.: 03193779 The Trustees have prepared this repon in accordance with the special provisions of Part 15 of the Companies Art 2006 relaling to small companie5 and in accordance with the provi5i9ns of FRS 102 {¢ff¢¥"tive January ?01 g) for circulation trtr members of the company. The fin ial statements were approved by the Board of Tlustees on 23 Sept¢mber 2025 and signed on its behalf. T AR LITT - TRusfEE URTIS - TRUSTEE The notes on pages 13 to 2l fomi part of these financial statements hfieId Park Trust Note5 to the Finanei21 Stgtements for the ear ended 31st March 2025 Accountin Politits Basis of PrepAration The financial statements have been prep2red in accordance with the Financial Reporting Siand8rd applicable in the UK and Republi¢ of Sreland {FRS 102)- The Charitable Company is a public benefit company forth¢ purposes ofFRS 102 and ther¢for¢ the Charity also prepared its financial statements in accordance with the Statement of Recommend¢d Practice appli¢able to charities preparing their accounts in accordarjce wilh the Financial Reporting Standard applicable in the LIK and Republic of Ireland (The FRS 102 Charilies SORP). the Companies Act 2006 and the Charities Act 2011. The ttustees have assessed whether the use of Ihe going concern basis is approprlare and have consiikred possible events or Londitions that mtght cast Significant doubt on the ability of the charity to continu¢ as a going concern. The tft￿teeS have made this assessment for a period of at leasl ont year from the dale of approval of the financial ststements. In particular the trustees have considered the charity's budgets. forecasts and projecrions. After making enquiries the trustees have concluded thai there is a reasonable expectation ihat the charity has adequate i'esources to continue in opei*ional existenc¢ for the foresttable futuir. The charity tha'efore LoritiAues to dopt the going concern basis in p￿ParIng its financial sta*ments. There were no material uncertainties during the year. Provision5 Availabk tor Smalt¢r EDtiÉies In ¢ommon with many othty businesses of our size and na￿￿ we tLse our auditois to assist wilh the preparation ofthe financial statements. Con)pany Stalus The Trusi is a company limiied by guarantee. registered in England and Wales The guaiEntors are the Members. who are the Trustees of th¢ Trust. The liability. in respect of the guarantee. &5 set out in the memorandum. is limited to £1 per membeT ofthe Trust. Thc T￿￿1 ha5 availed its¢lf of Paragraph 3(3) of Schedule 4 of the Companies Act and adapted th¢ Companies Aci formats to reflect the special nature of ihe Tntst'5 altivities. Fund Atcounting General funds are available for use 8t the di￿retion of the Trust¢es in furtherance of the neneral objectives ofthe Tn￿. Restricted funds are funds subject to specific restrictive condiiion5 imposed by donors or bj the purpose of th¢ appeal. The pwpose and use of the restricted funds is set out in the notes to the financial statemen Designated funds are funds which the Trustees have allocated to specific projects or purpos¢s. All inci)me and expenditure is shown in the Ststement of Financial Activities. Income Voluntary income and donations is included in full iu the Statement of Financial Activities in the year in which they are r￿Civable. Grants Lmd Endowments. including gr8nts for the pur¢hase of fix¢d assets, arc Ircognis¢d in full in the Siatement of Financial Activities in the ye4r in which they are rec¢iFable exeept where the donors specify that they must be used iti future accounting periods or donors conditions have ttot beeD fulfilled. then the income is d¢fenEd. Puge 13 brield Park Trust Notes to the Fillancial Ststements ear ended 31st 2025 Accountin Policies (Cont'd) Income (cont'd) Envestrnent income is included wh¢n receivable. Investment income includes investment portfolio dividends. interest and rental of premises. Incorne from oih¢r tradino activities include event incon￿. fTUit juice sales 2nd sundry income and are included in the vear in which they are receivable. Expenditure Expenditure 15 included in the Ststenient of Financial Activities on ihe a¢¢N￿lS basis. inclusive of any I'AT. which cannot be recovered. Costs of raising fijnds ¢omprtse the costs associated with attracting voluntary income and the costs of gerteraling ancillary incorne. Expenditure is allo¢ated to th¢ particular activity where the c05t relates directly to that a¢tivity- IVher¢ costs al'e attributsble to morethan oae activity. they have been apportioned across the Cost Categories on a basis consistent ivith the us¢ of these resour￿5. Investment Properties These are pi'operties held for rental incom¢. Inveslment properties are included in the Balance Sheet 3t their insurance rebuild cost (as originally 3S5e5sed in 2014). adjusted for subsequent ind&x linked v•riations, this being. in the opinion of the TnJste￿, moterially appropriate. Park LAndscxpiDg Costs Park landscaping costs are charged to the Generdl Reserve as incurred. lllvestments Distinction is made on the face of the Stat¢m¢nl of Financial Activities between valuation adjustmtnts i'elating to Sales and those relating to continuing holding5 although they are together treated as changes in the inv¢slm¢nt portfolio. The analysis of investments and inv¢stment gains is found irt Not¢ 8 Cash deposits held as part of the investsheni portfolio and shovdnas investments rattierthan within cash 0¢ bank. Investments are 5tat¢d at Ma￿et value less arty provision for pemianent diminution in valu MaFket value is taken lo be the middle Ma￿et price ruling at the Balance Sheet date. Value Added TAX Value added tax is not recoverable by the eh8rity. and as such is included in the relevant CQsls in the Stst¢ment of Financial Activities. Tangible Fixed kn¢ts Individual fixed assets costing more than £l.000 are capitali5ed at cosl. The ori8inal endowment value of the Chapel has not been fdpitalised becaus¢ the building is historic and forms part of the original endowment which mean5 that it cannot be sold but must be held for the tem of the Tn￿'S lease. It is now held at iD5uYance rebuild value in line with the other leasehold assets. The building was irt need of major repairs and refurbi5hrnent and lottery funding wa5 obtained tor this by the prospective tenants. In consideration for repairing and refurbishlng th¢ Chapel these prospective tenants were ￿anted a 99-yedr pepper¢om rertL Poy 14 hfield Pgrk Trust Notes to the Financlal Statements for the egr ended 31st March 202S Accountin Policies {roTJtinM¢d) Depreciatioll Depre¢iauon is provided on all tangible fixed assets tn order to wrile off their cost, less estimaled residual value over iheir estimated useful lives, on the followtng basis-. Long Leasehold Properti Plant and Machinery OtTice Equipment Nlotor Vehicles Fixtwrs and Fittings Paths 2% Strni8ht-line basis or revaluation 20% StraiEht-line basis 2(P/. Strdight-line basis 25•. Reducing balance basis ?￿• Straighi-line basis 8S0 Straight line basis Long-l¢as¢hold properties are included in the Balance Sheet at their insurance rebuild cosL less depreciation. No depre¢iation is charg¢d on investmenl propertie5 which ar¢ accounted for at fair valuc. Leasing and Hire PUrckn￿e Contracts Assets obtained under hire purchase contrxts are opitalised as tangible fixed asset$ and al'e depreciated over their useful lives. The corresponding hire purchase obli¥ation is treated in the balance sherf as a liability. The interest elem¢nl of the ueement is charged to the profit and loss account over the temi of the agreement and represents a ¢onstanl proportion of the capitsl repayments outstsnding. Rentals paid under operating lease5 are charged to income on a straight-line b￿ts over the temi of the lease. Pensions The Tn￿l operates defIned contribution. externally fiJnded pengion Schemes covering some employees. The pension wsl charoe represents contributions payable by the to the fun&5 and amount¢d durillg the year to £15,497 (2024: £39.946). Expenditure OD Covernanee of the ChArity Governance expenditure includes all expense5 not diTectly ffl&ted to the charitsble activity or fijndrdising venwres. This includes Costs of Nnning offi¢¢ premise& staff salaries for administrativc stsff and audit ft¢s. Statemellt of Cash Flows The company has claimed exemptioo from preparing a Statement of cash flows under section7 of Financi31 Reporting Stsndard 102 (small entity ¢xemption)- Grants and Ertdowments Receivtd During the yearthe Tntst received revenue grants of £4.9601￿24: £3.223). An amount of £2.849 <2024: £1,000) is retained for futu￿ U5¢ (See note 12). Paxe I bfield Park Trust Notes to the Finaneial Statemen for Ihe ear eDd¢d 31st March 2025 Total Ex enditure Dt rteiAtlon & Profit o Sale Staff C.Dsts Oth¢r C•5ts Tot¥41 To¢AI 2024 Costs Df raising b'unds: vent co.sts E4uipniLnL I.C￿[n¥ bundraising Publicity 5,045 5.04J 1.187 1.187 6.132 37.069 6.2.22 37.069 6.523 8.426 l*Lgal & Prts1¢$5iona] Fees Property DLpfLLiaiio C"haritabl2.tcli%ititJ 72.470 3.107 161.928 132.&77 297.872 275.177 161.928 75.577 413.647 362.6rp9 2025 2(J24 Charitabl¢ A¢tii'itios- Other C"Thsts AlloimLni F..xpLnsLS ParL MaintL'nanLL' EquipmLllf R¥pairs Building NlainlLnunr¢ & R¢pairs Plai. arrd 214 28,164 i0.354 64,320 8.798 48.339 1,584 468 6.765 6.615 1,326 24.V79 20.444 Audit FL¥s and tM)okk¢¢ping Consuliani). FLI5 InSL￿anCe RaiLS and UiilitlLS 5Dft%lX￿.. SUp￿rt dTNJ OthrrOITirL c.0￿5 6.3A4 1,259 14.966 14,151 2.663 132.837 165,185 Net Ineome for the Year This is Slated all¥r ch?rgingllrLXWVLringl= 2024 l)¥pi'¢¢iaiion ol'l-wteible FiiLd AS￿'L Autfiiors RLmiincraiion- A￿lIt %¥rvi¢e5 75.577 4.320 75.68U 3.OOU Puge I hfield Park Trust Notes to the Fittan¢i¥l StatemeBts for the ear ended 31st M*rcb 2025 Staff Costs and Numbers No remuner4ti0n was paid io Trustees in the year. The staff costs of the remaining staff were., Wag¥s Salaries Social Sccurity Costs InLI ol-Iv.mploym¢n( All0M￿L￿) P¥n5ion C'0￿5 135.319 63.8iV 194 39.94 15.497 158.?14 103.990 Rernuneration: No employ¢¢ earned £60.000 pa. or mo￿. The average number of employees. expressed as full-time equivalents, analysed by fun¢tion was: . 1024 Dire¥1 L'h8ritable Expenditure ManagLment and Adminislration The Trust's autrtrenrolment peJLsion scheme is NEST. into which payments for employees are made. Retir¢rnent benefits were also accruing? until May 2024 to l {2024: 1 full year) member of staff in respect of a sepatste defined contribution pension Scheme. Taxation As a charity. Highfield Pa￿ Trust ts exempt from tsx on income and gains falling within section 505 of the Income and Co￿Or8t10n Tax¢s act 1988 or $256 ofthe Taxation of CEEargeable Gain5 Act 1992 to ilie extent that these have been applied to its charitable object& No rax char&wes have arisen in the Charity. Puxe 17 HI hfield Park Trnst Notes to the Fillabcial Statements for the ear ended 31st March 2025 Tan ibl¢ Fixed Assets Imveslihtnl Lo tkAstb•ld otor ent Vehi¢lc Macbin Cost or I'alu4tion Ai 1st April 20?4 Additions (Irdni receiv¢d l)i%posalb RLvaliiaiionb RLLlabiifi¢alion 6.273.443 3.59fl.356 88Jl? 79.093 49 6.?40 10.U45.444 I li.672 311,672 Ai I l rt MarLh 2025 6.587.115 3.598.356 88.312 80.1142 6,240 10.360.1¥>5 DtPTecialion Al l>( April 2U24 ('harge for yLar I)I>p05al RLclassification 76.7.059 74.270 87.881 239 79.Vt)3 190 1730 878 Y32,763 75.577 Ai.I 1st MarLh 2U25 8i7.32Y 18.120 79.281 I.OU8.340 Ytl Book Values Ai I l ￿ MarLh 20?5 6.51E7.115 2.761.0?? 19? 7511 9.351.725 Al .11 st Mar¢h 2024 6.Z7.-?.44i 2.¥35Jy7 4il 9.112.(?81 2024 At I st April ALwuisilions during y¢ar DispTrsals prvceds Reall￿.d gains 1073,988 39.043 1,919.665 3.001 {25 lJ501 1113,D31 1.896.716 I￿r￿as￿l(d￿crtt&e1 ui unrL'alysed gains {8.1.7USI 177,272 Al ) lsl.MarLh 2.0?9.326 2.073,988 hfield Park Trust N￿e$ to the Financial Statements for the tar ended 31st March 202$ Investments eont'd The investments Comprise enlirely of investments listed on Internalional Stock Exchanges (listed in the LIK) and a cash holding. The cost at 31st March 2025 aniounted tL> £1.771.976 12024= £1.768.924). Included within investments are the following holdTnss {coniprising the whole of the portfolio value): 2024 Collry Ll]aritiL'S F.thic81 In¥￿1￿￿ni Fund COJF ChgriliLS F.Èhical InvL￿￿Lnt Fund Accumulaii¢)n ilnits (land 1¥u1￿) COIF C.apilal ALcounl- cash 1.883.280 15.009 131.037 )(?6.710 12.178 CJ5.000 Debtors 2024 Inv¢stmLnt Income Receivabl Rent RLciivable uih¢r DLhiors anLI Prepa1mL4￿$ 14J79 940 14,316 872 15,319 15,188 Creditors: Amounts fallln due IvitbiD one ear Trad¢ CrLdituis PAYI.. p¢nsions and OLher laxLS Accruals and 4Jelerted in&omL Other Crn'dilo I,Ci37 2,827 16.467 4,g85 4,988 10.199 4.180 ?4,9?5 24.352 Credi*ors.' Amouuts fallin due within one ear 2025 2024 Oth¢r L'rLditors 35.000 35.000 uxe 19 Hi bfield Pxrk Trust Nolts to tbe Financial Statements for th¢ r ended 31$t imarrh 2025 12. Anal sis of Restri¢ted Funds Movements t 31st fv1xreh 2024 Pavilion R¥SCTh (irant rn¢omL 84,075 1849 4.960 88.182 4.9( (3.1071 86.924 Pavilion Reserve As disclosed in Note Ilk). the properties wt included in the Balance Sheet at the Trustees valuattons based on the insui'anc¢ re-build valuation. This reserve represents the difference between thi5 value and their original value represented by grdnts and monies received under the original S106 &greement for the building of a Sports Pavilion in the Park. 13. Anal sig ofDesi nated Funds Movements At 313t Nlareh 2024 ILcome endlthre Gains On Ini'estmtnts t 315t March L'apital RcsLfvL Pi'operty Rcvaluativn RLserve 4.5l)Y.880 (69.36il 18.1.7051 4,44fJ.818 6.!57.690 -113.672 6.571.362 10.857.576 169.J6.?} 229.967 11.018.180 ital Reserve The Capital Rese￿¢ represents the original endowment received by the TTUSt from the Health Authority on its forjnalion to enable it lo estsblish and mainiain the park. As wcll &5 cash Sums th¢ Trust also receiv¢d four buildings one of which was origin811y used as the TnJ5t's 0fTiC￿ but all of which are now let. The Trustees allocated £500,000 of the original endi)wment to covei. the initial costs of setting up the Trust and. the establishment of the Park.. The balar￿2 af the endowment is invested to provide sufficient income for ihe maintenance and upkeep of the Park. P￿r Revaluation reserve As di5¢1osed in Note l(gl. the invesmient properties aye included in the Balance Sheet at the Trusie valuations bos¢d on the insuranL¢ Tc-build valuation. This rcscrve represents th¢ diff¢r¢n¢¢ between this value and their original transfer value and ihe expenditure Ancured in bringing them up to a useable ¥onditkon. 14. Anal sis of Ilnrestrieted Futtds Movements At315t 024 enditure At 31st NIAr£h 202S ljencral R¢sLY￿. 265.058 1.138.062) hrieId Park Trust Notes to the Statements for the r ended 31st March 2025 sis of Iyet Assets between Funds 15. Allal Rtstriettd Restrvts Desi nated Rtservc5 Ginernl Re$etrve I'angiblL Fi￿￿ A55ets Inv¢slm¢nls Cash at Bank and in Hand £'urrLnt ￿s￿ts/[liUbSllt1Cti) {nLII 84.075 9.267.458 1.750.722 192 278.604 i8.610 {44.606) 9..151.725 2,U211.326 6 1.459 144.6061 86.Y24 11.018.180 292.800 I I,.IY7,904 Anal sis of Net Assets between Fuhd$ revious vear- ended 31st.Vlarth 2024 Re5triettd Reserves DESI nated R¢s¢rv C¥ener81 Resery 2n24 To 'I'JnbTiblL J.'iNLd AS￿ IrtV¥51m¥nts Cdsh ai Bank ond in Hand Curr¥nt (nctl 117.18) 9.0?5.068 .8J2.50 431 241.480 9.11?,681 2,073.988 19.1641 {9.1641 88.182 10.857,576 265.058 11,210.816 Puge ?1 hfield PArk Trust Incomt 2nd Ex endithre Account for the earend¢d 31st March 202 2015 2024 Ineomt: l#t¢resi R¢¥LlI'ablL InTre5tmLnl InLOIIIL C£LA Rlni ol-AL¥rial Mart %iie Reni RecLivahlc Utililiis Hi¥berry L￿L L'ompound AllotmeEJts Sports Jnd Sundrs, ]nL￿M F.ients IncoJnL Grants Re¢¥iv3hl¢ Donalions InsurartLe r for tbt year 126.580) 101,337 Pog¢ 23