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2021-03-31-accounts

SHENLEY PARK TRUST ae eae FASE. (A Company Limited by Guarantee) PEi aTee Shae ANNUAL REPORT AND FINANCIAL STATEMENTS i onele0 5 Seben tae) Smet CATS rat FOR THE YEAR TO 31 MARCH 2021 nate oh Dennnd

rr “) ee ce Registered Company No: 2504980 ie Registered Charity No: 803520 aetyee | 8rSc Oe) reee

be SHENLEY PARK TRUST (A Company Limited by Guarantee) Sefeeee fg hs 74 ee TRUSTEES' REPORT lia |deallh an ease! —— Vy YEAR ENDED 31 MARCH 2021 — “== r an ma Fa thle

| The Trustees present their annual report and the audited financial statements for the year ended 31 March 2021. BIDSMe ALES APES SS AETW

rm a = be “1 = The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts PRM ekCe. eeeks ee ae Sea enn Seed Sl ek MT and comply with the Memorandum and Articles of Association, the Charities Act 2011 and 'Accounting and a Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in Ba pion ets pee rn ita nlae gaa= pig accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' (as ses aetncAi a SMM EET Pea FPA amended for accounting periods commencing from 1 January 2019). RSE LST Yeeee Nees eee ee ee vise Chairman's report ote SP sl The accounting year started with social distancing, no travelling, theatres, cinemas or pubs. No family or friends I CE De I OY allowed in our homes unless they were called 'In my Bubble'. The one activity we were allowed was an hour's aap peer atae eaes outdoor exercise sSearncs a day. The weather was unseasonably warm and the guiltless pleasure I had from nothing very Me ut ecorycorge™ vt ee Fens epret much to do but walking with my dog Rory round the Park and seeing flowers starting to bloom and trees starting to bud. lene Sas 7[ohh][Fain][Te][ty][pre][ee][ee][CW][TE][Ce][a] 7 a The refurbishment of the first of three greenhouses was completed in June and looks stunning. We owe enormous ee Le eT en oe Vg Re gratitude for the workmanship of Derek, and to Glyn for rearing and selling potted pepper and chilli plants that et helped cover a good proportion of the costs. aS ECTS. ee CO In October we produced the 2020 Shenley Park Survey which was delivered door to door throughout Porters Park and further copies were on display for 3 months in Shenley Stores. There was a fantastic response with some ris great comments and useful suggestions. It was heart-wanning to read how much our neighbours appreciate the 1 . r il - = ee aa me . Thee oe ee cate a ee eat 1 ha Sorat relentless efforts of Glyn, Uz and all the Park staff, with over 98% approval rating. vereSeon Pind eeeana naa5 id al F Ree Howard Wand Chair Chee Oea

Objectives and Activities

i. eae The Charity was formed in 1990 and in 1993 was granted a 150 year lease over part of the Shenley Hospital in a Mme foyss F — a vom site. The Charity's object and its principle purpose continues to be: eo neF aesOnealces heme pe ml Se See treee . ne Te aw, te • PES to establish and maintain a rural park in the Parish of Shenley mete ba rere < Tene tet eee! Theea le = • to provide or assist in the provision of facilities for recreation or other leisure time activities 5 ee to secure the preservation, protection, development and improvement of features of historic or public oe ee BOEey tetod oeon Se . or interest within the park. a 25 Eh ee eee to manage the Park to the highest possible standards with the resources at its disposal. - bogey i= i> rrigie nyt a tibn, ene Re au ee at all times to provide a safe and secure environment for members of the public to enjoy. to make buildings within the Park or open space areas, such as the walled garden, available for Roa, community and cultural activities or events. ae : • to work in partnership with other organisations to help deliver the Trust's objects. • 7Se be to continue to create educational resources within the Park. todaincor tea Se CS ee RE SE Umae het ae ee ae - The trustees confirm that they have referred to the guidance contained in the Charity Commission's general feesss guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities. er ee7, -UF aRe “eetoe aeeeee ie nteemela do e a ‘iesPe raeane -_3

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SHENLEY PARK TRUST = (A Company Limited by Guarantee) Seis. TRUSTEES'REPORT YEAR ENDED 31 MARCH 2021

Achievements and Performance one This statement is from Glyn Dredge in his thirteenth full year as Park Director after being appointed to the role s sreit he e ne delenama “i from Estates Manager in November 2007. ay SeAReee rs SET; a AS SE At the end of March 2020, we experienced a national lockdown due to Covid-19, the Park was used and RE eS MET RS ESE seinen discovered in a way it had never been before. cer ae During the first Sa a 5 weeks of lockdown the Trust furloughed three of their estate workers to both protect these ee ae edie eSs cola EE a Sn irae; workers from potential exposure to Covid and protect vulnerable park visitors. The basic maintenance of the ve ; 5harms ar TetaWest eeteCrybe LASaedBiech eaeSe Riopreg -. e park was carried out by the Park Director and Head Gardener. melee pale see rise “Es The Walled Garden was shut for re e t ee a period as it was deemed not possible to ensure that the public could maintain ee Sy social distancing and to prevent large gatherings from taking place. The Walled Garden re opened when Pee iaea FM Aa ie 27 a restricuons started to lift at amended times of 12-4pm every day. This allowed staff to work in the Garden before as tier aoe ae Mee cree "eg ee Sanne visitors came to protect both staff and visitors. s Lares Towards the end of summer when restricuons lifted further to allow outdoor theatre, we welcomed the Pantaloons to perfonn two producuons. The audience was socially distanced in bubbles with numbers restricted to 200 with ie_ 7Peerpa Ala oY to pec ~~, me patie aEPay eTal eere FAME _all tickets advance sales only. Both productions were bites Whhaat a huge success with good summer evenings. anne Sata We experienced a poor apple crop this year; we produced reduced amounts of regular apple juice but many Seea bottles of apple and fruit juices which consequently sold out throughout the summer. Apple Day was cancelled en =atOg Speea teUm nied, cea i cae . Fie Net ele due to Covid, a plan was put in place to hold an outdoor event next year. ten Seesreateersa Ce SLE,serea eae Tener

Financial Review ifm =a4 a r| The Trust's income for the year amounted to £408,005. ee re, Pee ny ee eT,

At the end of the year total funds stand at £10,453,094, which is all represented by the fixed assets of ry er ee EY Sa I een property and equipment of £10,614,580. me ee ee ee[Se]

a Reserves Policy A ae = - Fa 1 1 - lebaitetecaeT The Charity's reserves policy is to hold approximately 3 months of operating costs as reserve within General Unrestricted Funds, to cover unplanned emergency repairs and other expenditure. The trustees consider that kt a Per ase aaaaN, the ideal level of reserves at 31 March 2021 to be between £85,000 and £90,000. The Trust has unrestricted reserves ise £365,211 and £32,588 in the designated property maintenance reserve. StknyGFE TheeOM et eee: Bn

se Plans for Future Periods

Liane The plans for the Park are: Thee

rs Reference and administrative details ee ee Pee? Company Number: ies Praes% 02504980 eS Charity Number: [Micoe 803520 ee Registered Office: ees 0 ea The Bothy, Shenley Park, Radlett Lane, Shenley, Herts WD7 7DW E e aa ER ee Our advisers tps Auditors lL ->| oral Brown Warner LLP eeTa =a hy & 38 Northgate, Newark-on-Trent, Nottinghamshire NG24 1EZ . a. oh h Af = =r Wy > aN ng Bankers Barclays Bank PLC 197 Shenley Road, Borehamwood, Herts WD6 1AR Solicitors = aka SA Law 36-38 Upper Marlborough Road, St Albans AL 1 3UU Ba ees pease Chie | ete Ps en

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SHENLEY PARK TRUST cpa Am dae TRUSTEES'REPORT (A Company Limited by Guarantee) ares Ay eet YEAR ENDED 31 MARCH 2021 pape oot4 tas a ee te Res‘eee=o —_

Directors and trustees ASH LE

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees ee he inal TRoh and officers serving during the year and since the year end were as follows: ablrarcpa pease ncPe?EDaTeRe Ss; ee

Trustees

Chair

Treasurer <r Vice-Chair

SS Company Secretary and Park Director ta ee i a

HWand NJ Hibbert re A Harris Loe R Gilligan W Gordon aie al Fe S Harrington-Smith tares wate A Keen (Resigned 4th May 2021) S Quilty - N Rowan i | A Spencer T-A Lomas (Appointed 4th November 2021) S Madsen (Appointed 24th June 2021)

G Dredge reat x

a Structure, Governance and Management a re Governing Document _ o ; ; a Shenley Park Trust is a charitable company limited by guarantee, incorporated on 23 May 1990 and registered as a charity on 21 June 1990. The company is governed by its Memorandum and Articles of Biaais Association which established the objectives and powers of the charitable company. Del erageinci aN Ae meyers ata, Pah ta etek, 0 PRM ape LS Recruitment and appointment of trustees Shasscaitor As set out in the Articles of Association the maximum number of Trustees is twelve. Of these tee 2B anibeyct lore er REET URINE, lh co

er The Chairman of the Board is elected by the Trustees for a period of three years. Appointments to the Board nee —s tes) ee ore ey Mathaeg oomy ee eeepeg feeaeder ree a rooesyrece ahors ahs agse are for a fixed period of three years. Trustees can offer themselves for re-election. lee Trustee induction and training a5 Genteieer Sa toe oP All new trustees are given a trustee induction pack including the Charity commission leaflet 'The essential ane be7 2 FSMr es ee ate: Trustee: What you need to know' and a personal introduction and tour of the park by the Park Director. Trustees are encouraged to keep up to date with charity guidance via the charity commission website. itz zrleh[Lani][Fly][ oy][trossiln][eK][es][tere][a][ES] Rae Wd ee To[eat][eR][eta] nt er det sikd oa owe ® Sar Organisational structure cn eee The Board of Trustees administers the Charity. The Charity is organised so that the Trustees meet slate al anette)ais “yedSkeeoe a) Speen et eeeOO: _; regularly to manage its affairs and there are sub-committees covering Finance, Property and Governance, Management; Overage and ideas for the Park. TE aStes GRETA EAT aa A Park Director is appointed by the Trustees to manage the day to day operations of the Charity. To facilitate Shae pile: cy Mn Ee Be ea UR SRnN effective operations, the Park Director has delegated authority, within the terms of delegation approved by = Sg Re the Trustees, for operational matters including finance, employment and management of the Park. An aie tarhek ThonnPen ama mor gO os at yeaah Kole administrator assists the Park Director in the day to day administration. The remaining staff are employed ta Tee arya gh atSeema Tee er ms in the development and management of the Park. aCHS>eAme iejf mlrat| OP eenine FAO ak see aga

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$HENLEY PARK TRUST (A Company Limited by Guarantee) TRUSTEES' REPORT YEAR ENDED 31 MARCH 2021

Risk management

The Trustees are reviewing the risk management strategy which will include:

an annual review of the risks the Charity may face;

Related Parties

The Charity has a very close relationship with Hertsmere Borough Council, who are the Charity's landlords and who are entitled to nominate trustees.

Statement of trustees' responsibilities in relation to the financial statements

The Trustees (who are also directors of Shenley Park Trust for the purposes of company law) are responsible for preparing the trustees' Report and financial statements in accordance with applicable law and United Kingdom Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, for the financial year, of the charitable company.

In preparing those financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgements and estimates that are reasonable and prudent;

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving our trustees' annual report:

Approved by the Trustees on

2021 and signed on their behalf

HWand Chair

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Pe SHENLEY PARK TRUST Sata. he 2s {A Company Limited by Guarantee) re re ya INDEPENDENT AUDITORS' REPORT aier TO THE MEMBERS OF SHENLEY PARK TRUST fll ees e epeSeeaie uiheheaeeene e Paneciang a

Py Opinion We have audited the financial statements of Shenley Park Trust for the year ended 31 March 2021 which Lsee Ee TS me om2) / oT ey. Ne comprise the statement of financial activities, the Balance Sheet and the notes to the financial statements, including a summary of significant policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ''The Financial Seg ees nr nad mee ae t SEs Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted a8 ee ae an ae Accounting Practice).

In our opinion, the financial statements: malty a es ea aeles= De - ST give a true and fair view of the charitable company's affairs as at 31 March 2021 and of its incoming resources 2 A ES SET ea a, and application of resources, for the year then ended;[a.][ Ss] pce - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; eea>7“ies Nheseee tyhe Sibi)me[Be] and Lt ek et hy eee Ra - have been prepared in accordance with the requirements of the Companies Act 2006.

OOL=tIn auditing the financial statements, we conducted our audit in accordance with International Standards on Basis of opinion i : a= 1 ‘ ae =" hes Peet Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements - a,= odie a. wh ir . —— mite section of our report. We are independent of aleeix a 1 i »“— Ma5 4,oy: the company in accordance with the ethical requirements that are relevant to our audit of the financial statements Pieeeyrenee in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in tkeer UsaTElerecreyeTOPE‘ asi Seiaae> eg 2":

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and ear WanLee Be eaeDs aa “ety appropriate to provide a basis for our opinion. eS OS ea ed SEA te St ge Tay eg = fy jaa Conclusions relating to going concern ee se | - 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 is appropriate. byOa Based on the work we have performed, we have not identified any material uncertainties relating to events or rm etali h|mae E eeess; ; *»TagDEEir. odSR = % ns Ae1 MBa=Ser eta- MLa otOoar en 8 Png - conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to gash continue as a going concern for a period of at least twelve months from when the financial statements are aan poresrchik Piper RETR[ee] pr authorised for issue. rcvie Baar iB ie ARs[ae][haar][ eit][Ae] Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. a7 Sori Mt =. Y™Fe eer reqcmciene exaltationSeverely[DUR] eeA A

Other information bP day ally ee

The other information comprises the information included in the trustees report other than the financial | is late iall ae | rr © in tate 7 —E. er = “ee 7 ." : QW a S statements and our auditor's report thereon. The trustees are responsible for the other information contained Sys within the trustees report. Our opinion on the financial statements does not cover the other information and, SS OY

except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion paz thereon. Our responsibility is to read the other information and, in doing so, consider whether the other[ceserrahe] A esi rs ee Ee ART at ee re

information is materially inconsistent with the financial statements or our knowledge obtained in the course of the i ara ae ean eee ere Teroyeres Lye ray ae at oe re ia Se TA eek

audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent Saale ; a ARS NXT <r e a De herve ee eee

material misstatements, we are required to determine whether this gives rise to a material misstatement in the ns Sua. genoy i e financial statements themselves. If, based on the work we have performed. we conclude that there is a material eS a he i se SNe i. Pe misstatements of this other information, we are required to report the fact. i Abate he page MNS ng BASE fC the SS

We have nothing to report in this regard. oe amet“ptaSoe : Pyer ea, ee la Opinions on other matters prescribed by the Companies Act 2006 a ge= = oF PSeee, Late oe= _= =are In our opinion, based on the work undertaken in the course of our audit: SUT -the information given in the trustees' report, which includes the directors' report prepared for the purposes of Nyrlee ici t 2 ta Eade 2Taeeg mE IK hoa CFLS ee oe ed SR ce company law for the financial year for which the financial statements are prepared is consistent with the financial ee eae =, PereWe Tae

statements; and Maz?[CALA][ =e] ERTS -the directors' report included within the trustees' report has been prepared in accordance with applicable legal

[nae][Kel][Pate][ket][enadce][ alcaaea] “all requirements. ‘hao ubtetonoe ackl ceMce dn[ey] a)

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$HENLEY PARK TRUST : - a e ot a “4 otunrctad INDEPENDENT AUDITORS' REPORT (A Company Limited by Guarantee) 2 gee+ lnaraaenee"oee eeenico TO THE MEMBERS OF $HENLEY PARK TRUST oy ee od ee

Oy Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the Say e e eree baa ey ee oe audit, we have not identified material misstatements in the directors' report included within the trustees' Report,[Sie] SSSanoe ee oie 2 eree oe We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion: ee; ee ISRSTME TLReaea - adequate accounting records have not been kept, or returns adequate for our audit have not been received CTRLSRCY,co fetta teaLEN3Ted B SCS beans1) (Abe eer[Wkly] from branches not visited by us; or - the financial statements are not in agreement with the accounting records; or onoatSP engae EQUIiinni ayeRandal Se Tae ed Mn mae - certain disclosures of trustees' remuneration specified by law are not made; or pe PS Ge rc - we have not received all the information and explanations we require for our audit; or 5 Se eee ee eeea roe - er the trustees were not entitled to prepare the financial statements in accordance with the small companies Ce AY eee ey kg hee Be regime and take advantage of the small companies' exemptions in preparing the report and from the r= creaeja oe)aece eraoroaeaeeee aPeromaeae BS ee[ammaidin’,][rar] ola[a][ 2] - a indebsp requirement to prepare a strategic report. aan > oF at eee ae[at] r he - — - ; To eS lnm ore Ooeee As explained more fully in the statement of trustees' responsibilities, the trustees who are also the directors of the Responsibilities of Trustees atea ace_ mer = teale1 daa & ey= ey - PP Feea - e_ La=a er s m™ F&F —,LP charitable company for the purposes of company law are responsible for the preparation of the financial : ers statements and for being satisfied that they give a true and fair oc al Rea Teel ad view, SR and for such internal control as the trustees trehase irateae arid sewens eS ge am ab ela Ohay te Ahan cae determine is necessary to enable the preparation of financial statements that are free from material ao arg reece Me Oar | Wa eee eee es FeCL iN e shale) gachLanta misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible ski F,Pn ee ee for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters FE reoWee SR ae EMS eee ey, Bt related to going concern and using the going concern basis of accounting unless the trustees either intend to ep ag] Senet scuaaecr eer: Py ie AM rare eedee CaN re ares eee Saeed gS Oe Jn er[ea] cease operations, or have no realistic alternative but to do so. aes Auditor's responsibilities for the audit of the financial statements* eae Mies ee Oe ae ee ceeeegy Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free Sa Slee ee oes from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our[ae] eae Bia pees[iad] atee yy ee opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in cp[Rate][ RE] eiaGh Aether re accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise Ff SSRN RT ene PASE Sel Elem 1 EN Lire ree Sif from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be riganlAbadlegSws eaPS ESSee tee cedMnPchmextt esRE” oe OEE in. Soles. feel FR expected to influence the economic decisions of users on the basis of these financial statements. chan i RIroe tor Pec ae = ASgy[cos] RSLS|| ea As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional 3 PT) ro ae Maedel ee | 2 eeeee oe j scepticism throughout the audit. We also: a Identify and assess the risks of material misstatement of the entity's financial statements, whether due to fraud or SRa Fae S icy TS CEES Rove TS SNnL error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient Mag ag a and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting E from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional 7 SLee AgesSE MetaeRRS enARISTede eeA aMR pong. ete esSSEpithREneal 2Aaa own”ne talentA 3] ‘ omissions, misrepresentations, or the override of internal control. od od, re pi PatanSooke Sabai oor EE; Se be ree Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are - LP goatea Seaee eeLabieek Datesfaaew eeeee ae erei a : ro appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the ol eats onsiaySeer.oil ot pee Beate nat : yaleal group's internal control. <nae— Ree Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and - related disclosures made by the trustees. Pdaxee(om TNee Spey2akg SESa a lar amc RR LS; eS

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SHENLEY PARK TRUST {A Company Limited by Guarantee) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHENLEY PARK TRUST SS a

We conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on ° ae eee eps ages oar en eee mS Se the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast ereGrae Pic significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty ==ere anecee=a exists, we are required to draw attention in our auditor's report to the related disclosures in the financial . _ eM eae 7 = 45 ire nde. Sitio sere = cc a statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the irr charity to cease to continue as a going concern. yee a keee ae a Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and eere te tne eineSeee ne whether the financial statements represent the underlying transactions and events in a manner that achieves fair Ctheres presentation (i.e. gives a true and fair ee aeSerLa) Se oR setsES Stegat. view). Rene or vyeretahanweetreseeBaeorate We communicate with those charged with governance regarding, among other matters, the planned scope and een Mar oe er ey RR RN a ebro! timing of the audit and significant audit findings, including any significant deficiencies in internal control that we Speetacetiones ee eenesey identify during our audit. roe gs moe ae oats hohe cena Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 2 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, aoe gS ARENEA aOk sro ithetee ce=oo[desk,] Sehrad ie era ene ae Te) Fycnetite oe | including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is PP L2) Ras[RPC]] te’ SER OTTpA SCRE LEpeasaol - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge L& of actual, suspected and alleged fraud; arn ET Spacer7 : iy =inawe “iepSStal = Ho= See=[ee][a] = - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and cca regulations; and woos PASM sneha et Noelia iehea Shoe mt Ne cies - tested journal entries to identify unusual transactions; Pee) ai ws gy Tyme une aks - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; bt; - investigated the rationale behind significant or unusual transactions; eere: ectgersPee eederee Ce are Pap - agreeing financial statement disclosures to underlying supporting documentation; bitan soap - reading the minutes of meetings of those charged with governance; het ferent ame Py yin = - enquiring of management as to actual and potential litigation and claims oF MS reate ete ’ Perehee //A further description of our responsibilities is available on the Financial Reporting Council's website at: W W.frc.org.uk/auditorsresponsibilites. The description forms part of our auditor's report. oe eR eT ARES sei ee et peat aa Perea epg RLa es, Ure Use of our report 4 Sing This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the SS[haa] ay a NTEBp WLALSsa nse” — Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the eae company's members as a body, for our audit work, for this report, or for the opinions we have formed. ennapearen ae ad[ae] eal aie eMIg iia SEY SE ifVaommayeireensoe

~ David Brown (Senior Statutory Auditor) 4 Pe ge mt B4 —_— For and on behalf of Brown Warner LLP arfran bcear

t 2021

Chartered Accountants Statutory Auditor SEI 38 Northgate, Newark-on-Trent, Nottinghamshire NG24 1 EZ ir nonrye

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SHENLEY PARK TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) YEAR ENDED 31 MARCH 2021

(including Income and Expenditure Account)
YEAR ENDED 31 MARCH 2021		 (including Income and Expenditure Account) (including Income and Expenditure Account)
Unrestricted Restricted Designated Total Total
Notes Funds Funds Funds 2021 2020
£ £ £ £ £ £
income:
Grants and donations 2 31,252 14.888 46.140 12,472
Income from other trading activities:
Events 705 705 11,025
Fruit and Juice Sales 6,926 6,926 4,143
Sundry Sales and Other Income 13,916 13,916 13,027
Investment income
Dividends and Interest 3 259 9 268 514
Rental Income 333,887 333,887 331,228
Hire of Sports Facilities 667
Walled Garden Hire and Events 6,250
Chapel Hire Fees 2,163 2,163 24,929
Contribution to facilities 4,000 4,000 1,000
---
Total income 393,108 14,888 9 408,005 405,255
Expenditure
Cost of raising funds
Fundraising costs 10,112
Expenditure on charitable activities 340,123 I 0,571 I 0,571 350,694 332,487
----·---- ----·--- ----- --------
Total expenditure 4 340,123 10,571 350,694 342,599
=
Net income/(expenditure)
before Transfers 52,985 4,317 9 57,311 62,656
Tninsfer between funds 10 18,710 (18,710)
Other gains and losses
Property revaluation 509,377
--- --- ··------·--
Net movement in funds 71,695 4,317 (18,701) 57,311 572,033
Balances at I April 2020 293,516 189,639 9,912,628 10,395,783 9,823,750
------- ---·•··---- ------------
Balances at 31 March 2021 10 £365,211 £193,956 £9,893,927 £10,453,094 £10,395,783

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

The notes on pages IO to 15 fonn part of these financial statements

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SHENLEY PARK TRUST (A Company Limited by Guarantee) BALANCE SHEET 31 MARCH 2021

2021 2020
Notes £ £ £ £
Fixed Assets
Tangible Assets 6 10,614,580 10,614,340
Cun-ent Assets
Stock 4,200 3,800
Debtors 7 56,991 13,594
Bank Deposit Accounts 129,582 105,836
Bank Current Account 41,539 13,397
Petty Cash 2,584 l,975
234,896 138,602
Creditors:Amounts falling
due within one year 8 (111,382) (50, I 59)
Net Current Assets 123,514 88.443
Creditors:Amounts falling 10,738,094 10,702,783
due after more than one year 9 (285,000) (307,000)
Total Net Assets 10 £10,453,094 £10,395,783
Funds
Unrestricted 365,211 293,516
Designated 9,893,927 9,912,628
Restricted 193.956 189,639
Total Funds 10 £10,453,094 £10,395,783

The accounts were approved by the Board on

2021 and were signed on their behalf by:

H Wand Chairman

Registered company number - 02504980 Registered Charity number - 803520

The notes on pages IO to 15 form part of these financial statements

Page 9

SHE LEY PARK TRUST N (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

1. Accounting Policies

Charity information

Shenley Park Trust is a charitable company limited by guarantee, incorporated on 23 May 1990 and registered as a charity on 21 June 1990. The company is governed by its Memorandum and Articles of Association which established the objectives and powers of the charitable company.

The charity is registered with the Charity Commission of England and Wales with the charity number 803520. The principal address is The Bothy, Shenley Park, Radlett Lane, Shenley, Herts WD7 7OW

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statement are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounting in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - Charities SORP (FRS102), the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Shenley Park Trust meets the definition of a public benefit entity under FRS 102. The accounts have been prepared under the historical cost convention, modified to include the revaluation of leasehold and investment properties and to include certain financial instruments at fair value. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling which is the functional currency for the charity and rounded to the nearest £.

b) Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis for accounting in preparing the accounts.

c) Charitable Funds

Unrestricted general funds comprises those monies that may be used towards meeting the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are monies raised for, and their use restricted to, a specific purpose, or donation subject to donor imposed conditions.

d) Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular income:

Grants and donations are included in full in the Statement of Financial Activities when receivable.

Income from other trading activities includes event income, fruit and juice sales and sundry sales.

Investment income is included when receivable. Investment Income includes investment portfolio dividends, interest and income from the rental of premises.

Page 10

SHENLEY PARK TRUST (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

e) Resources expended

Resources expended are included in the Statement of Financial Activates on an accrual basis as a liability is incurred. They are reported as part of the expenditure to which they relate:

Costs of fundraising comprise the costs associated with attracting income and the costs of generating ancillary income.

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

All costs are allocated between expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to particular activities are allocated directly, others are apportioned on an appropriate basis e.g. staff time and estimated usage.

f) Operating leases

Rentals applicable to operating leases Where substantially all the benefits and risks of ownership remain with the lessor are charged against income as incurred.

g) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation, with the exception of investment properties. The costs of minor additions are not capitalised. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Leasehold Property 2% straight line basis Leasehold Improvements 10% straight line basis Office Equipment 25% straight line basis Plant and Machinery 10 - 20% straight line basis Furniture and Fittings 10 - 20% straight line basis Motor Vehicles 30% on net book value Individual fixed assets costing more than £250 are capitalised at cost.

Investment and Leasehold properties are included in the Balance Sheet at their market valuation.

To the extent that the depreciation of the leasehold property relates to it's revaluation amount, a transfer is made from the revaluation reserve to retained earnings to reflect the difference between the depreciation charge on revaluation amount and the original cost.

h) Impairment of Fixed Assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

i) Stock

Stock is valued at the lower of cost and net realisable value.

j) Cash and bank

Cash at bank and in hand includes cash and deposits held at call with banks.

k) Creditors and provisions

Creditors and provisions are recognised Where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any discounts due.

I) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The company operates defined contribution, externally funded pension scheme. The pension cost charge represents contributions payable by the company to the Fund.

n) Taxation

The charity is exempt from tax on its charitable activities.

o) Company Status

The company is a company limited by guarantee. The members of the company are the trustees named on page 3. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Page 11

SHENLEY PARK TRUST (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 MARCH 2021

2 Grants and donations

2 Grants and donations 2 Grants and donations
2 Grants and donations 2 Grants and donations 2021 2020
£ £
Donations - General 589 1,326
Infrastructure Grant 14,888 10,113
Coronavirus Business Support Grant 25,000
Coronavirus Job Retention Scheme Grant 5,663 1,033
Total 46,140
~~——~~
~~5~~		 12.472
3 Dividends and Interest 3 Dividends and Interest 2021 2020
£ £
Interest Receivable 268 514
Total 268 514
———————————— ——————
4 Expenditure 4 Expenditure Staff Costs Staff Costs Depreciation Other Costs Other Costs
2021		 2020
£ £ £ £ £
Cost of Raising Funds
Events. Promotions and Publicity 10,112
Charitable Expenditure
Premises and Park Maintenance 159,755 44,793 110,916 110,916
315,464		 295,067
Juice and Products 5,000 737 737
5.737		 3,866
Legal and professional 4,103 4,103
4,103		 8.158
Office and Administration 7,513 7,513
7,513		 9.414
Accountancy Support 7,352 7,352 9,457
Governance Costs
Salaries and wages 2,525 2,525 2,525
Auditors' remuneration 2021 4,000 4,000 4.000
Audjtors' remuneration 2020 4,000 4.000
167,280
S~~SS5~~CS		 44,793
CS		 138,621
350,694
342,599
~~eee~~
5 Staff costs 5 Staff costs 2021 2020
£ £
Salaries 143.208 140.196
Employer's national insurancecosts 8.482 10.313
Pension 15,590 12,546
£167,280
———S=SOOO		 £163,055
OOO
The average weekly number of employees was: The average weekly number of employees was:
Park Director I I
Park Maintenance 3 3
Administration of the Charity I l
5 5

No employee earned more than £60,000 in either year.

Trustee remuneration and related party transaction

No members of the management committee received any remuneration, benefits or reimbursements of expenses during the year (2021- £nil), other than those listed in related party transactions - note I 2.

No trustee or other person related to the charity has any personal interest in any contract or transaction entered into by the charity during the year (2021- nil) other than those listed in related party transactions - note 12.

Page 12

SllENLEY PARK TRUST (A Company Limited by Guarantee) N OTES TO Tl-IE ACCOUNTS (continued) YEAR ENDED 31 MARCH 2021

6. Tangible Fixed Assets

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Investment|Leasehold|Plant and|Furniture|Ofce| |Properties|Properties|Machinerv|&|Fittings|Equipment|Total| |!|!|!|!|!|!| |Cost|or|Valuation| |As at I st April 2020|9,524,800|1,116,049|273,220|39,874|11,438|10,965,381| |Additions|12,202|32,831|45,033| |Disposals|(7,302)|(7,302)| |Revaluation| |As at 31st March 2021|9.524.800|I, 128,251|306,051|39,874|4,136|11,003,112| |Depreciation| |As|at I st April 2020|86,240|219,089|34,719|10,993|351.041| |Charge for year|22,340|20,620|1,717|116|44,793| |On Disposals|(7,302)|(7,302)| |As at 31st March 2021|108,580|239,709|36,436|3,807|388,532| |Net Book Values| |As at 31st March 202 I|9,524,800|1,019,671|66,342|3,438|329|10,614,580| |As at 3 I st March 2020|9,524,800|1,029,809|54,131|5,155|445|10,614,340| |eaaqél‘“=(jqeapwq#@q#O@WT?“7_|9$0@—@“$?09O0O3@QDE2_=1"""SS|——-s ——s“*——__|————————_|

----- End of picture text -----

The investment properties and properties used by the charitable company have b n externally professionally valued by Jamie Dean of Jamie Dean & Co Estate Agents and Valuers as at 24 November 2016, with the exception of the Chapel and the East Tower Wing of the Chapel which were valued in 2009 and 2013 respectively, by Rumble Sedgewick and Gilmartin Ley respectively.

The Trustees and management revalued the investment and leasehold properties at 31st March 2020 on a property by property basis which has resulted in an overall revaluation increase of approximately 5% against the previous revaluation.

The historic cost of the Investment properties is£ 1,582, I 06 (2020 £1,582, I 06).

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SHENLEY PARK TRUST (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 MARCH 2021

7 Debtors 2021 2020
£ £
Trade Debtors 34,955 6.602
Taxation 659
Other Debtors 9.570 1,033
Prepayments 4.840 1,922
Accrued Income 7,626 3,378
£56,991 £13.594
8 Creditors: Amounts falling due within one year 2021 2020
£ £
Trade Creditors 14,845 6,446
Taxation and Social Security Costs 3.515 2,941
Hire Fees and Rental Income in Advance 26,995 9,375
Other Creditors 8,402 225
Tenants Deposits 1,200 1.200
Accruals 14,258 7.972
Pension Fund Loan (see note 9) 42,167 22,000
£111,382 £50.159
9 Creditors: Amounts falling due after more than one year 2021 2020
£ £
Pension Fund Loan £285,000 £307.000

The charity has a pension fund loan at 31st March 2021 of £327,167, of which £219,000 is repayable after 5 years. The original pension fund loan from Hertfordshire County Council, first established in 2013, had been repaid by monthly instalments, totalling approximately £22,000 per annum. However, the trustees have requested additional information and documentation regarding the quantification and the value of the loan and have temporarily postponed the monthly repayments since May 2020 and until such time as the requested information is received by the trustees.

10 Funds a) Analysis of Net Assets between Funds

AnalysisofNet Assets between Funds
Tangible Net Current LongTerm Totalfunds
Fixed Assets Assets Creditors
£ £ £ £ £
Restricted
Orchard Tea Room Reserve 161,742 161,742
Play Area 8,789 8,789
[nfi-astructure and Sensory 23,425 23,425
Garden
Designated Funds
Capital Reserve 1.327,122 1,327,122
Property Revaluation Reserve 8.534,217 8.534,217
Property Maintenance Reserve 32,588 32,588
Unrestricted Funds
General Reserve 582,710 67,501 (285,000) 365,211
10,614,5~~80~~ ~~80~~**===]=23=,5=)=4 ** =='2=8=
5=,0 =00=)
——		 **10,453,094 **

Page 14

SHENLEY PARK TRUST (A Company Limited by Guarantee) NOTES TO THE ACCOUNTS (continued) YEAR ENDED31 MARCH 2021

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |b)|Movement in Funds|Balance|Incoming|Outgoing|Other|Balance| |1.4.20|Resources|Resources|Gains/losses|Transfers|31.3.21| |Restricted funds:|£|£|£|£|£| |Orchard Tea Room Reserve|161,742|161,742| |Infrastructure|11,037|14,888|(2,500)|23,425| |Play Area|16,860|(8,071)|8,789| |Total restricted funds|189,639|14.888|{10,571}|193,956| |Designated funds:| |Capital Reserve|1,327.122|1.327.122| |Property Revaluation Reserve|8,552.927|(18.710)|8.534,217| |Property Maintenance Reserve|32.579|9|32,588| |Total unrestricted Funds|9,912,628|9|{18.710}|9,893,927| |Unrestricted funds:| |General fund|293,516|393,108|{340,123}|18.710|365,211| |Total unrestricted Funds|293,516|393,108|p40, 123)|18,710|365,211| |Total funds|1|10,395,783|408,005|ES|(|[350]|sO|[,][694]|)|oe|l0,453,094|

----- End of picture text -----

c) Purposes of funds Restricted Fund

The Orchard Tea Room Reserve represents the amount of the grant received from Hcrtsmere Borough Council for the building of a new pavilion in the Park.

Fund raising took place for the Play Area between 2016 and 2018. Expenditure commenced during 20 I 7 on improvements and equipment to the Play Area and completed in 2019.

Infrastructure funds were donated by Hertsmere Borough Council to the charity for work on the park pathways and Entrance.

Also funds were donated by Tesco's Bags for Life to the charity for a sensory garden.

Designated Funds

The Capital Reserve represents the original funds received by the Trust from the Health Authority on its formation to enable it to establish the park. This has been adjusted since formation by the recognition of the deficit existing on the council pension scheme as set out in note 11.

The Property Revaluation Reserve represents the difference between the market valuation of the Investment and Leasehold Properties and the original cost value when they were given to the Trust.

The Property Maintenance Reserve is a fund to cover some of the anticipated repair and refurbishment costs, which are expected to be incurred in the future on the Trust's properties.

Unrestricted funds

Comprise those funds which the trustees are free to use in accordance with the objects of the charity.

11 Pension Costs

Pension costs arc charged against the general fund when incurred.

12 Related party transactions

There were no related party transactions in 2020 or 2021 other than for park maintenance services from N. Hibbert for £1.898 in 2020.

13 Capital Commitment

At 31 March 2021 the charitable company's board of trustees had agreed but not contracted up to £30,000 of capital spend on the park greenhouses.

Page 15