Charity Number: 284420 HIGGINSON PARK CHARITY Trustee's Annual Report and Financial statements for the year ended 31 March 2025 Contents TRUSTEE'S ANNUAL REPORT.... INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF THE HIGGINSON PARK CHARITY ...........9-11 STATEMENT OF FINANCIAL ACTiwfES FOR THE YEAR END 31 MARCH 2025............ .12 BALANCE SHEET AS AT 31 MARCH 2025...................... .4-8 .13 NOTES TOTHE FINANCIAL STATEMENTS.............. . .14-22 Registratlon Number 284420 Registered Address The Gateway Aylesbury Bucks HP19 8FF Name of Trustee BuckinghamshSre Councll Address of Trustee The Gateway Aylesbury Bucks HP19 8FF Contact Mark Preston Assistsnt Chief Flnance Lyficer Address The Gateway Aylesbury Bucks HP19 8FF Solleltor Dtstrfct Solicitor (Bucklnghamshlre Councll) Address The Gateway Aylesbury Bucks HP19 8FF Audltors A2ets Audlt Services Address WestpolnL Lynch Wood. Peterborough PE2 6FZ The Higgin50n Park Charity Trustee's Annual Report for Ihe year ended 31 March 2025 TRUSTEE'S ANNUAL REPORT The Trustee submits the Report and Financial Statements for the year ended 31 March 2025. The Trustee has adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. Structure. Governanee and Management Higginson Park was acquired in October 1928 following the death of its owner in 1921. Funds were raised by private subscription for its purchase for the benefit of the Town of Marlow and to commemorate the one hundredth birthday, on 21 June 1926. of General Sir George Higginson. Initially, the trustee was appointed to administer the funds. Later, a company limited by guarantee was formed to administer the Trust Property - The Higginson Park Society Limited - and in 1928 this Company took a conveyance of part of the property, including Court Garden House. The remainder ofthe estate was conveyed to Marlow Urban District Council, subject to a covenant to use it as a public park and recreation ground. In 1933. Marlow Urban District Council acquired a 99-year lease of Court Garden House (with no covenant as to use or user) and commenced usingthe House as offices in 1934. Subsequently in 1955, Marlow Urban District Council acquired the freehold of Court Garden House when the then lease was merged and extinguished in the freehold, subject to a covenant to use it for recreat￿onal purposes. Notwithstanding the covenant, the House continued to be used partly as offices. In 1974, on local government re-organisation. Wycombe District Council assumed the management and administration of Higginson Park and Court Garden House, including the completion of the Theatre Hall and Leisure Complex, which had been commenced by Marlow Urban District Council. On l November 2018 the Secretary of State for Housing Communities and Local Government announced a single unitary authority for Buckinghamshire replacing the previous five councils. Buckinghamshire Council came into existence from l April 2020 and assumed responsibility for Higginson Park and Court Garden House. The charity is currently regulated by a Scheme of the Charity Commissioners of 19 January 1982 with Buckinghamshire Council, a local authority, being the sole Trustee. The Council, as Trustee, has the power to make and alter rules with reference to the terms and conditions upon which the property of the charity may be used by other persons or organisations and may engage and dismiss paid officers and servants as it considers necessary. It is also entitled to use the charity's income for the cost of repairs, insurance and all other expenditure in respect of the property including incidental administration and management expenses. Objectives and Activities The charity has use of land and buildings which are used primarily for its charitable purpose. Buckinghamshire Council as Trustee of the charity is under a duty to apply the charity's property in or towards achieving this purpose, being. the provision and maintenance for the benefit of the inhabitants of the district of Wycombe, with particular regard for the inhabitants of the Town of Marlow, of a public park, ornamental gardens and recreation ground, with such facilities for physical exercise. training, lectures. classes and other fomis of recreation or leisure-time occupation in the interests of social welfare. with the object of improving the conditions of life for the said inhabitants as the Trustee shall from time to time think f it.. The Higginson Park Charily Trustee's Annual Reporl for the year ended 31 March 2025 The charity property includes the following: 15 acres of Higginson Park which is general parkland a bowling green a children's playground a cafe a cricket ground a maze a skate park a leisure complex, including theatre. cafe and wedding venue facilities ancillary facilities for wider activities, such as minigolf and river moorings The charity provides a range of indoor and outdoor sports and recreation opportunities to the communitywith access for all to make use of the available facilities. A wide range of activities takes place over the course of the year, with many events held annually including regular use by local community groups and voluntary organisations. The Trustee's objectives include improving the availability of high quality, accessible leisure opportunities. Public Benefit Statement The trustee has due regard to the Charity Commission's public benefit guidance when setting objectives and planning activities. In the Trustee's opinion, the objectives and activities as set out above accord with the Charity Commission's public benefit requirements for Charities. Achievements and Perfonnance The positive trajectory in terms of visitor numbers to the leisure facilities has continued this year, with demand for swimming lessons continuing to be strong, and the picture has been similar with regards to wider activities. Attendances at Court Garden Leisure Complex during 2024/25 were 156,101 1133,650 in the previous yearl. Improvement projects during this period have included a full gym refit with refurbished equipment which has contributed to the positive trajectory in usage of the leisure centre, and the swimming pool liner has also been replaced. Turning to the Park, there has been investment in new bins as part of an ongoing programme of upgrades as funding becomes available; and new water safety signage has been instslled, along with an additional life ring and throw line by the river mooring5. A table tennistable, funded through a partnership Gontribution from Marlow Town Council. has also now been installed. which will provide a welcome addition to the range of activities on site. The reopening of the cafe adjacent to the children's playground duringthe summer holidays was also received positively by the local community. The Park successfully retained its Green Flag award in 2024/25. This award recognises excellence in parks management and is testament to the hard work of all those involved in maintaining the facilities. Financial Review The management of Court Garden Leisure Complex. I'CGLC'I which forms part of the Trust, is contracted to Places for People Leisure Ltd for 15 years started on the 1st of July 2014 following an OJEU tender process. The Trustee directly manages the remainder of the Trust property. The Higginson Park Charily Trustee's Annual Report for the year ended 31 March 2025 The Places for People Leisure contract provide5 for the income from charges made to use the leisure complex to be retained by Places Leisure and a management fee to be paid by Places Leisure to the Trust- with any surpluses intended to be reinvested in maintaining and enhancing the facilities. The Management Fee income contribution from Places for People Leisure to the Trust was £94,000. Income from other property lettings was lower than the previous financial year ending 31 March 2024, when it had been much higher than usual due to the payment of rent arrears by one of the tenants. Therefore, this year property income has re-adjusted to levels similar to previous years. The completion of rent reviews currently Unde￿aY is expected to impact positively on income for the coming year. Parking income was also lower than in the previous year, in common with wider trends. Repair and maintenance costs this year included the completion of remedial works due to damage incurred from a fallen tree the previous year. and the charity also had to bear the cost of removal of two derelict abandoned boats from the river frontage, where despite all efforts. it was not possible to identify the owner responsible in order to recoup these costs. Overall, taking all of the above into account, there was a net deficit on operatir)g costs of £13k. The net deficit was further increased after allowing for the depreciation for the year on the tangible fixed assets of £193,014. Going Concem Ststement The Charity hastotal funds of £6,285mm as at 31 March 2025. In addition to this, Buckinghamshire Council is committed to the on-going support if and when required of the services and activities provided bythe charity. Therefore, the Charity is considered to be a going concern for the foreseeable future. Plans for the Future Work is nearing completion on a lease for a new tenant for the office space location in Court Garden House which has been vacant for some time: and to complete a review for the operator for the ice cream van concession in the park. As set out above. a number of rent reviews are scheduled for completion over the coming months. Other plans include continuing to invest in repairs and maintenance to the facilities, as well as ensuring that Higginson Park maintains its Green Flag Award for the foreseeable future. ststement of Intsmal Control This statement is given in respect of the statement of accounts for Higginson Park Charity. The Trustee acknowledges its responsibility for ensuring that an effective system of internal control is maintained and operated in connection with the resources concerned. The system of internal control can provide only reasonable and not absolute assurance that assets are safeguarded. that transactions were authorised and properly recorded. and that material errors or irregularities are either prevented or would be detected within a timely period. The system of internal control is based on a framework of regular management information, financial regulations, administrative procedures lincluding segregation of duties), management supervision and a system of delegation and accountability. In particular, the system includes: The Higginson Park Charity Tru51ee's Annual Report for the year ended 31 March 2025 Comprehensive budgeting systems. and Regular reviews of financial reports. The Audit and Governance Committee will monitor the progress of the identified risks that have been evaluated for frequency and impact using a five-by-five matrix and graded according to a "traffic light" system. Red represents a material risk that may need urgent management attention moving from orange to green risks that probably require little or no attention. The majority of identified risks are not high risks and the risk register is a live docLJment: regularly monitored and updated. The trustee has overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reassurance that: Its assets are safeguarded against unauthorised use or disposition; Proper records are maintained and f inancial information used within the Charity or for publication is reliable; and The Charity complies with relevant laws and regulations. As part of the Charity's risk management process the trustee acknowledges their responsibility for the Charity's system of internal control and reviewing its effectiveness. It is also recognised by the trustee that such a system is designed to manage rather than eliminate the risk of failure to achieve the Charity s objectives and can only provide reasonable, not absolute, reassurance against material misstatement or loss. The trustee has set policies on risk and internal controls, which cover the following areas in line with the Co(Jncil's own approach: The responsibility of management to implement the trustees. policies and identify and evaluate risks for their consideration on an on-going basis; Consideration of the type of risks the Charity faces; The level of risks which they regard as acceptable; The likelihood of the risks concerned materialising: The Charity's ability to reduce the incidence and impact on the business of risks that do materialise: Arrangements for monitoring and reporting on risk and control matters of importance, together with details of corrective action being undertaken. The Charity (through the Audit Committee) has formally reviewed its own nsk arrangements and believes that suitable controls are in operation to protect the Charity from exposure to high risks. Staff are properly trained to manage the operational risks that are inherent within the area that the Charity works within. ReseNes Policy In 2024/25, the Charity has been self-sufficient in its operating activities with surplus income as shown against the unrestricted fund for future investments. The Charity holds unrestricted funds of £264kk12024: £27 7kl. Restricted funds are capital funds where the asset is required to be retained for actual use rather than be expended. The Charity holds restricted funds of £6,021k12024- £6,704kl. The Higginson Park Charity Trustee's Annual Report for the year ended 31 March 2025 Statement of Trustee responsibilities The trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those finanGial ststements, the trustee is required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements omply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved and signed on behalf of the Corporate Trustee by A/ Mark Preston, Assistant Chief Finance Officer Date: c￿10112026 REPORT OF THE INDEPENDENT AUDITORS, TO ThE TRUSTEE OF THE HIGGINSON PARK CHARITY Opinion We have audited the financial ststements of The Higginson Park Charity (the 'charity? for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Flnancial Reporting standard applicable in the UK and Republic of Ireland Iunited F(ingdom Generally Accepted Accounting Practice). In our opinion, the financial ststements: give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its Incomin resources and app Ication of resources, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audfftors responsibilities for the audit of the fina n cia I statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lusions relating to going concern In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form ofassurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial ststements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion: the information given in the financial statements is inconsistent in any material aspect with the report: or sufficient accounting records have not been kept; the financial ststements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit Responsibilities of Trustses As explained more fully in the statement of responsibilities, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the goin concern basis of accounting unless the trustee either intends to cease operations, or have no rea istic alternative but to do so. Auditorfs responsibilrties for the audit of the financlal ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial ststements as whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a hi h level of assurance but is not a guarantee that an audit conducted in accordance with ISAS l Kl will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misststements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment. and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedLtres responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations. including fraud. we designed procedures which included: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governance Assessing the extent of compliance with laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performin8 audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irre ularities, including those leading to a material misstatement in the financial statements or non (193) (206) (287) Gains l (losses) on revaluation of fixed assets {490) (490) 122) Net movoment In funds for the year <13) <683) {696) (309) Roconclliatlon of funds Total Funds brought foThYard 277 6,704 6,981 7,290 Total funds carrled fo￿ard 264 6,021 6,285 6,981 12 &4LANCE SHEEf AS AT 31 MARCH 2025 2025 Restated 2024 £'ooo Nots £'ooo Fixed assets Tangible assets 5,919 6,601 Total flxed a$sots 5,919 6,601 Current Assets Debtors Cash at Bank and in Hand 207 190 397 233 397 Totsl current assets Llabiliti•s Creditors: Amounts falling due within one year Net Current assets 10 31 366 17 380 Totsl assets less current liabllltles 6,285 6,981 Net assets 6,285 Th• fund8 of the Gharlty: Restricted income funds Unrestricted Income funds 13 6,021 6,704 264 277 Total charlty funds 6,285 6.981 Approved and signed on behalf of the Cwrate Trustee by /M/ Mark Preston, Assistsnt Chlef Flnance Offlcer Date: C610112026 13 NOTES TO THE FINANCIAL STATEMENTS l General Information The Higginson Park Charity is a charity registered in England and Wales. The charity number is 284420. The Registered Address and principal place of activity The Gateway, Aylesbury, Bucks. HP19 8FF. The principal activities of the charity are as disclosed within the Trustee Annual Report on pages 3-8. The presentational currency of these financial statements is sterling 1£>, being the currency of the primary economic environment in which the charity operates. All amounts in the financial statements are rounded to the nearest£l,000 unless otherwise stated. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all years presented unless otherwise stated. 2 Accounting Policies The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial ststements are as follows: a. Basis of preparation The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 The Financial Reporting standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. b. Preparation of accounts on a going concern basis The trustee consider that the charitable trust. supported by Buckinghamshire Council. has adequate resources to continue in operational existence for the foreseeable future. Thus the trustee Continues to adopt the going concern basis of accounting in preparing the accounts. Income Income consists of inGome from leisure activities. rental income and charges. Income is inoluded in the financial statements as it falls due except car parking and leisure activities income which is included in the accounts on a receipts basis. All income is shown exclusive of VAT. NOTES TO THE FINANCIAL STATEMENTS - continued d. Expenditure Direct charitable expenditure is incurred on an accruals basis and includes maintenance of the property and provision of the activities of the charity. All expenditure is shown exclusive of VAT. Capital expenditure Expenditure on the acquisition, creation or enhancement of Property. Plant and Equipment is capitslised on an accruals basis. f. Tangible fixed assets Property, Plant and Machinery are valued on the basis of depreciated replacement cost. The value below which Property, Plant and Equipment are not capitalised is £10,000. g. Investment property Investment properties are properties which are held either to earn rental income or for capitsl appreciation or both. Investment properties are measured at cost upon initial recognition. The initial cost of the property comprises of its purchase price and any directly attributable expenditure. Subsequently, where the fair value can be measured reliably without undue cost or effort. investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss in the period that they arise. No depreciation is provided in respect of investment properties applying the fair value model. h. Depreciation Individual fixed assets are depreciated over their estimated useful economic lives on a straight-line basis. Freehold land is not depreciated. Assets included in the equipment classification are being depreciated at a rate of IOYO on a straight-line basis. The impact on the accounts is that a depreciation charge is made through the Statement of Financial Activities each year. Impairment Review of Property. Plant and Equipment Impairment reviews will be carried out only where there is some indication that the recoverable amount of a function31 Property, Plant and Equipment is below its net book value. Allocation of support COSts Buckinghamshire Council incurred costs, which are shared between numbers of activities, including those relating to the Charity. The Council apportions costs where necessary on the basis of the amount of officer time spent on the activities. NOTES TO THE FINANCIAL STATEMENTS - continued j. Taxation The charity 15 exempt from taxation on its charitable activities. k. Financial instruments Financial Liabilities are recognised on the Balance Sheet when the Trust becomes a party to the contractual provisions of a financial instrument and are initially measured at fair value and are carried at the amortised cost. Financial Assets are classified into three types as summarised below- Category Balance SOFA Sheet Amortised Cost Amortised Cost Movements in amortised cost are debited / credited to the surplus or def￿CIt on the fund. Movements in fair value are debited / credited to Other Comprehensive Income and Expenditure All gains and losses are posted to the fund Financial Value through Other Comprehensive Income and Ex enditure Financial Value through Profit & Loss Fair Value Fair Value *As at 31 March 2025 the Trust does not have any financial instruments l. Significant judgments and estimates The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of income, expenditure. assets and liabilities. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. m. Grants The charity didn't receive any grants in 2024/25. NOTES TO THE FINANCIAL STATEMENTS - continued 3. Income from charltable a¢tivltles Unrestrlctsd Unr•strfcted funds funds 2025 2024 £'ooo £'ooo Income from facilities for physical exercise Income from other recroation or leisure- time occupation Total Income from ¢harltable actlvltles 151 200 200 4. Income from othertrading actlvltles Unrestrlcted Unrestrlcted funds funds 2025 2024 £'ooo £'ooo 75 95 42 50 Income from other property Income from events Total Income from other tradlng activitle8 117 145 5. Analysis of expendlture on charitable actlvltles Not• Faclllties Other 2025 Total 2024 Total for recroatlon physlcal or l•lsure- exerclse tlme occupatlon £'ooo £'ooo £'ooo £'ooo Car Park Costs Depreciation Maintenance to grounds 15 15 193 18 193 193 39 39 56 Repairs l Maintenance Support costs Total 96 25 126 123 141 531 149 342 126 467 NOTES TO THE FINANCIAL STATEMENTS - continued 6. Summary analysls of expendlture and related income for charitsble activities Facllltles Other 2025 Total 2024 Total for recreation physlcal or lelsuM- éxerclse tlme o¢cupatlon £'ooo (125) £'ooo {342) £'ooo (467) £'ooo (531) Costs Physical exercisa Recreation or leisure-time Net cost funded from other income 151 26 151 316 200 331 342 7. Analysls of support costs The charity does not directly employ any stsff. Buckinghamshire Council employees and support services are apportioned between various activities; refer to the tsble below for the basis of the apportionment. Facllltles Other for rocreatlon physlcal or lelsure- •xerclse tlme occupation Totsl Bas18 of apportlonment Governance Allocated on time Insurance 14 16 Allocated on risk Accountancy, legal and other professional services General office 27 Allocated on tlme 23 71 12 83 Allocated on tirne Utilities Total 108 18 126 18 NOTES TO THE FINANCIAL STATEMENTS - continued 8. Tangible flxed assets Investment Properties £'ooo Land & Equipment Bulldings £'ooo Total Cost or valuatlon £'ooo £'ooo As at 1 April 2024 Additions Revaluations 1,330 7,024 442 8,796 (490) (490) Disposals As at 31 March 2025 442 442 840 Depreclatlon and Impalrnients As at 1 April 2024 Charge for the year (1,752) (193> (442) 12,194) (193) Disposals 442 As at 31 March 2025 Net book value As at 1 April 2024 As at 31 March 2025 1,330 5,272 6,601 9. Debtors 2026 £'ooo 12 2024 £'ooo 67 14 81 Other debtors Trade debtors Amounts owed by Buckinghamshire Council VAT 159 27 207 164 19 NOTES TO THE FINANCIAL STATEMENTS - continued 10. Credltors: amounts falling due within one year 2025 £'ooo 24 2024 £'ooo Other creditors and accruals Trade creditors Deferred income 31 17 11. Deferred income Deferred income comprises advance payments from commercial leases. 2025 2024 £'ooo £'ooo 23 Balance as at 1 April 2024 Amount released to income earned from commercial trading Amount deferred in year Balance as at 31 March 2025 (11> (23> 11 12. Ana1￿[S of movement in charitable funds Restricted funds are capital funds where the asset is required to be retained for actual use rather than be expended. Accordingly, the only movements on restricted funds relate to the additions, revaluation and depreciation of tangible fixed assets. Unrestricted funds are expendable at the discretion of the trustee in furtherance of the objects of the charity Restrlcted Unrestricted £'ooo £'ooo 6,704 277 271 Total £'ooo 6,981 271 (490} 477 6,285 Balance at 1st April 2024 Income in the year Gains I Ilossesl Expenditure in the year Balance as al 31 MarGh 2025 (490> 193 284 264 20 NOTES TO THE FINANCIAL STATEMENTS - continued Comparatives for movements in charitable funds Rostrl¢ted Unrestricted £'ooo £'ooo 6,919 371 308 Total £'ooo 7,290 308 (22) Balance at 1 st April 2023 Income in the year Gains l (losses} (221 Expenditure in the year Balance as at 31 March 2024 193 402 277 595 The restricted funds of the charity are in relation to the tangible fixed assets held. 13. Analysis of net assets between funds Restricted Unrestricted £'ooo £'ooo 5.919 102 Total £'ooo 5,919 366 6,285 Tangible fixed assets Net current assets 264 264 14. Prlor Year Reststement During the year. the Company identified an error in the prior year financial ststements relating to the recognition of a balance owed by Buckingharnshire Council. A receivable amount of £17,652.61 was incorrectly omitted from debtors and instead recognised as an expense within commercial trading. This error has been corrected in accordance with FRS102 Section 10: Accounting Policies, Estimates and Errors, by restating the comparative figures for the prior year. Impact on Statement of Financial Position as at 31 March 2024 Description As previously re orted £146,926 £259,547 Adjustment As restated Trade debtors Retained earnin +£17.653 +£17.653 £164,579 £277,200 21 NOTES TO THE FINANCIAL STATEMENTS - continued Impact on Statement of Financlal Activitles for the year ended 31 March 2024 Description As previously reported £81.653 Adjustment As restated Commercial trading ex enditure Total funds carried forward -£17,653 £64,000 £6,963,547 +£17,653 £6,981,200 Explanation of the Error The error arose (iue to a misclassification of a receivable balance, which was incorrectly expensed in the prior year. Management has reviewed the relevant processes and implemented additional controls to ensure accurate classification of receivables going forward. 15. Related Party Transactions During the financial year 2024/25 Buclfinghamshire Council was the sole Trustee to the Higginson Park Charity. The CoLJneil supported the functions of the Charity and was paid a fee for the management of the facility and would fund any def icit of expenditure over income if required. In 2024/25 Buckinghamshire Council provided £nil funding l£nil in 2023/241 for the operational activities of the Charity. Buckinghamshire Council is the sole Trustee and related party. Higginson Park Charity is dependent on the on-going financial support provided by the Council. Included in other debtors is a balance of £159k which 15 owed from Buckinghamshire Council. 22