SHF.NLEV PARK TRUST IA Company Llmlted by Guarantee) ANNUAL REPORT AND FINAYCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024 Reglstered Companv No: 2504980 Registered Charlty Iyo: 803520
SHENLEY PARK TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and the audited financial ststemenls for the year ended 31 March 2024. The accounts have been prepared in accordance with the aGcounling policies sel out in note 1 to the ac¢ounts and comply with the Memorandum and Articles ol Association, the Charities Act 20118nd 'Accounling and Reporting by Charits'es.. Slal8menl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, las amended for accounting periods cornm8ncing from 1 January 2019}. Chairman's report l am Ihg n9wly appointed ch8ir of Shenley Park Tnist and would likg lo exlgnd our thanks to Howard Wand, the outgoing Chair, who kvorked tirelessly during his tenur& to do all he could lo improve the p8rk. I have a tough act lo follow. The Trust continued lo rnake 8 profil for the sixth year in a mw. Income was considerably higher during the ye8rhowever expenditure 81$0 rose during the period. The work on Ihe long-queS1&d tsnovation lo the tennis courts completed in spring 2024. In association with the LfA (Lawn Tennis Associalionj w8 have an electronic booking system which allows the ¢ourts lo be booked online lor a modest 18e th81 Govers the costs of the necessary softw8r8 syslgms. The courts have 8lready proved poptJl8r with residenls and the sound of balls going back and forth is something not heard in the pa for over a d•¢ade. The greenhouses are taking longer than gxpecled due to the top sash needing lo be Trm8de so unfortunately arn not ompleted yel however woth stlll progresses. Following 8 lengthy enquiry by the Charities Commission, whilst we wer8 askgd to implement son78 new management and oversighl proloGols, the Trust w8s given a cle8n bill of health. We held four Fln8nc& meetlngs and a furthgr lour B08rd moelings with a mlxturg of thèsè belng face lo face and onllne. My th8nks goes to my fvllow tnjstees who give Ihelr tlme 8nd support al m8ett'ng$ and •vents including and especially Apple D8y. Fin811y, I musl also express my gr8titude to 811 the staff ol Sl>gnley Park 8nd especially to Liz Ensorand Glyn Dffjdg9 for maintaining our rural park. Anthony Harris Chalr Objectlves and a¢tlvltles The Charity was fonred in 1990 and in 1993 was granted a 150 year198se over part of the Shgnley Hospit81 si18. The Charitys object and its principle purpose continues lo be.. lo establish and maintsin a rural park in the Parish of Shenley to Provide or assist in the provision of facilities for reerealion or other leisure lime actlvitie$ lo secure the preservation, prolgction, development and improvement of features of historic or public interest within the Park. lo manage the Park lo the highest possible standards with the resourcès al ils disposal. at all times lo provide a safe and secure environment for members of the public to enjoy. lo make buildings within the Park or open space areas, such as the walled garden, available for community and cultural activities or events. to work in partnership with other organisalions lo hglp deliver the Trusl's objects. to continue lo create educational resources within the Park. The trustees confimi that they have referred lo the guidance contained in the Charity Commission's gen8ral guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities. Page 1
SHENLEY PARK TRUST IA Company Limited by Guarante•l TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 Achievements and perfomiance This statement is from Liz Ensor interim park director.. We held an E8Steregg huntjoinlly 4Mth the tearoom, 250 childrgn attend8d, it was sunny and everyone enjoyed the day. The Walled Garden opened at weekends from Easler 124pm. Sales of apple juice and plants continue lo do well with a member of $18ff lo lake card paymenls. Hertfordshire Big 8and retumed fora second year with an aftemoon picnic conGert in June in the Walled Garden, 8 very successful event. We also enjoyed three outdoor theatre productions and 811 bul one enjoyed good weather with audience nun7bers reftectsng this bul still a good number attended. A good apple crop rgsulled in the production of nearly 2.500 litres of apple juice. Apple Day was another big success in the Walled Ganlen. Several communty gmups came and provided child,$ activities together with some more craft stalls. Radlett Bn)wnies and Rainbows together with Shenley Rainbovts manned the tea lent that they had all provided cakes for. They also manned a hot dog stall which sold out very quickly. Apple jui¢9 demonslralions which child particularly enjoy were supeFvised also by the guides throughout the day. It was a really good day with over IQOO visitors, we nearfy sold out ofthe 48 varieties ofapples we had, and the juic8 sold well too. We had a fantastic lumout and everyone had a really enjoyable aftemoon. The greenhouses are progressing in their refu{ShMnI wlh the top grgenhouse becoming a museum. The poly tunngl housfjd many chilli varieties again this year, tog8lher wth perennials that we grow on forplanling out in the Walled Garden and to sell on the Walled Galen stall. For Halloween together th the tearoom we organised 8 pumpkin lit trail behveen 5-6.30pm 8mund the orchard and meadow. Local businesses were invited to come 8nd have a scary patch together with trust staff. The event was enjoyed by everyone. Wassailing saw 2024 in and was a good dry evenl with an attendance of 60, Wassail cake and wam? apple juice was enjoyed in the tearoom garden afternards. The Walled Garden Work to the wall was completed on the sUppOng buttresses in earty J8nuary. Sund8y 3t March, Easter Sunday we held another Easter trail oround the part. Each year we plan a different trail vrith clues and this year was good with 200 childTrn taking part. We did sell out but then gave out extra sheets for free for people to still be able to do the trail. Financial review The Trust's income for the year amounted lo £482.433. Al the end of the year total funds stand al £13,275,941. which is almost all represented by the fixed assets of propety and equipment of £13,234,206. Reserves policy The Charity's reserv8s policy is lo hold appr0matelY 3 months of operating costs as reserve within Gener81 Unreslricled Funds, to covor unplanned emergency repairs and other expenditure. The trustees consider that the ideal level of reserves at 31 March 2024 to be between £100,000 and £107,000. The Trust h85 unrestricted reserves of £586,518 and £61,215 in the designated property maintenance Teserve. Plans for future periods The plans for the park are.. To cary out work lo the park greenhouses To create a garéen for Bees To continue with outdoor theatre, concerts and other events in the walled garden amphrthealre To create a Shenley Park Museum To continue planb'ng around the park Page 2
SHENLEY PARK TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 Reference and administrative detalls Company Number.. 02504980 Charity Number 803520 Registered Office.. The Bothy, Shenley Park, Radlett Lane, Shenley, Herts W07 7DW Our advisers Auditors Bankers Solicitors Brown Wamer LLP 38 Northgate, NewarkThon-Trent, Nottinghamshire NG24 1 EZ Barclays Bank PLC 197 Shenley Road, Borehamwood, Herts WD6 1AR SA Law 36-38 Upper Martborough Road, Sl Albans AL13UU Directors and trustees The directors of the charitable Company (the charityl are ils trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were a5 follows.. Tru$to9s Chair Treasurer A Harris N J Hibbert R Butler IAppoinled 12th June 20231 R Gilligan W Gordon S Harrington-smilh H Patterson (Appointed 20th June 20231 McLellan (Appointed 7th June 20231Resigned 24th January 20241 J Shaw (Appointed 7th June 20231 W Susman (Appointed 7th June 20231 H Wand (Resigned 17th October 20231 T-A Lomas (Resigned 1 st September 2023} S Quilty (Resigned 14th May 20231 Elizabeth Ensor (Appointed 20th April 20241 G Dredge (Deceased 20th April 20241 Company Secretary and Interim Park Director Company Secretary and Park Director Slructuro, governance and managemont Governing document Shenlgy Park Trust is a charitable company limited by guarantee, incorporated on 23 May 1990 8nd registered as a Charity on 21 June 1990. The company is govemeé by its Memorandum and Articles of Associats'on which established the objectives and powers of the charitable eompany. Re¢rnltment and appolntment of trustees As sel out in the Arbclès of Asso¢iation thg maximum number of trustees is twelve. Of these Hertsmere Borough Council may appoint three Iruslees, tsvo of whom shall be elected Members of the Borough Council. Shenley Parish Council may appoint two trustees one of whom shall be an elected Member of the the Parish Council. The Trustees may also appoint seven additional trustees. The Chairman of the Board is elected by the trustees for a period of three years. Appointments lo the Board are for a fixed period of four years. Trustees can offer themselves for re-election. Trustee induction and training I new trustees are given a Iruslee induction pack including the Charity commission leaflet'The essential Trustee- What you need lo know, and a personal introduction and lour of the park by the Park Director. Trustees are encouraged to keep up to dale with tharity guidance via the charity commission website. Page 3
SHENLEY PARK TRUST IA Company Llmlted by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 Organlsatlonal structure The Board of Trustees administers the Charity. The Charity is organised so that the trustees meet regularty to manage its affaits and there are subvcommittees covenng Finance, Propety and Governance. Management.. Overage and ideas for the Park. A Park Director is appointed by the Iruslges lo manage the day lo day operations of the Charity. To facilitsle effective operations. the Park Director has delegalod authority, within the lemis of delegation approved by the Iruslees, for operational matters including finance. employment and management of the park. An administrator assists the Park Director in the day lo day administration. The remaining staff are employed Sn th6 d8velopmenl and management of the park. Rlsk m•n•gement The Trustees have created a risk reglsler which they revlew on a regular bas1$. Rolated partles The Charity h8s 8 very clo$¢ relallonshlp wllh Hertsm•re Borough Council. who are the Charitys landlords and who ar8 8nlil•d to nomlnate trusl•ès. Statomant of trustees. responslbllltl68 In relatlon to thè flnanclal statemonl3 The Trustees (who are also directors of Shenley Park Trust for the Purposes of eompany lawl are responsible for preparing the Iruslees, report and financial slalemenls in accordancè with applicable law and United Kingdom Standards Iunlled Kingdom Generally Aceepted A¢¢ounling Practice). Company law reouir6s thè truslaès lo prèpare financi81 slalemenls for 98ch flnanc181 year, which glve a true and fair vlew of the slate of affalrs of the charitable company and of the incoming resources and appllcatlon of resources, including income 8nd expenditure, for the financial year, of the ¢harilablo company. In preparing thoso financial slatemenls, the Iruslees are required lo.. select suitable accounllng policies and then apply them Gonsislenlly., observe the methods and principles in the Charities SORP.. make judgements and eslimales that are reasonable and prudent., slate whglhgr applicable UK Accounting Standards have baen followed subject lo any departures disclosed and explained in the financial slalemenls., and prepare the financial statemen19 on the going concern basis unless il is inappropriate lo presume that th8 charitable company will continu$ in business. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charitsble company and enable them lo ensure that the financial slalements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for Ihg prgvgntion and detection of fraud and other irregularitiès. The trustees are responsible for the maintenan¢? and integrity of the corporate and financial infom)alion induded on the charitable companqs website. Legisl8lion in the United Kingdom governing the preparat+on and dissemination of financial ststemenls may differ fromlggislalion in olherjurisdiclions. Statemont as to disclosure to our auditors In so far as the Iruslees are aware at the time of approving our Iruslees, annual report.. there is no relevant audit infomiation of which the charitable company's auditors are unaware., and the Iruslees have taken all steps that they ought lo have taken lo make Ihems8lves awarg of any relevant audit information and lo estsblish that the audiloryJ are aware of that infornalion. Approved by the Trustees on 2024 and slgned on thelr behalf.. Chalr P898 4
SHENLEY PARK TRUST {A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHENLEY PARK TRUST Opinion We have audited the financial statements of Shenley Park Trust for the year ended 31 March 2024 which comprise the statement of financial actiwties, the balance sheet and Ihe notes to Ihe financial statemènts, in¢luding a summary of significant policies. The financi81 repor1ing framework that has been applie(l in their prepar8tion is applicable law and United Kingdom Accounting Standards. including FRS 102'The Finanaal Reporting Standard applicabl& in the UK and Republic of Ireland" (United Kingdom Generally ApIed Acc¢xJnting Pracb'(l. In our opinhJn, the financial 5tatements= - give a true and fair view of the charitsNe cLNnp3ny's affairs as al 31 March 2024 and of its incoming re$ouTh$ and application of resources, for the year then ended- - have beèn property prepared in accordancè wth Untte(l Kingdom Generally Accepted ACCnting Practico; and - have been prepared in accordance with the requirements of the Companies Act 2006. Basis of opinion In auditing the financial statements, we CA)nduded our audit in accordance wsth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilibes t1ler those stsndards are further described in th8 Audilorfs responsibilAties for the audit of the financial StateTrts section of our pOrt. We a independent of the company in ac¢ordan¢e wth the ethi¢al requirements Ihat are relevant to our audit of the financtal statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audil evidence we have obtained is sufficient and approwe lo provide a basis for our opinion. Conclusions relating to going COnrn In auditing the financial statements. we have wn¢luded that the use of the wng concem basis of accounting in the preparation of the finanual stements is appropriate. Based on the work we have perfomw, we have not identified any material uncertainties relating to events or conditions that, individually or cdlectively, may cast signfficant doubt on the charitable cOmpanS abilty lo continue as a going concem for a period of at l$ast t¥blve months from when the financial $tslernents a authorised for issue. Our responsibilrties and the responsiknlitie5 of the trustees 7Mth respect to going concem are described in the relevant sections of this report. Other Infom)atlon The other information comprises the infomiation included in the trustees rew)rt other than the financial ststements and our auditorfs report thereon. The tnjslees a reswnsible for Ihe other information c¢Mtsined within the Iruslees port. Our opinion on the financial statements does not cover the otrer infornation and, except to Ihe extent otherwise explicily stated in our report, we do not express any form of assuran¢e ¢onGIu5ion Ihereon. Our responsibilty is lo read the other infomiation and, in doing so, consKler whether the other infomiation is material inconsistent with the financial ststements or our knowledge obtained in the course of the audil, or otherwise appears lo be rnalerially misstated. If we identify such malerial incon5i51encies or apparent material misstatements, we are required lo delemiine whelher this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed. wa condude that there is a Mat1 misslalements of this other infom)abon, we are required lo report the fact. We have nothing to report in this regard. Opinions on other matters pr•scrib•d by th• Compani•s Act 2006 In our opinion. based on the work undertaken in the course of our audit." the information given in the trustees. report, which includes the directors. report prepared for Ihe purposes of company law for Ihe financial year for whr¢h the financial statements are pyepared is consistent wth the financial stslements., and - the 1CtorS. report induded within the trustees. port ha5 been prepared in accordan wth appIlble legal requirements. Page 5
SHENLEY PARK TRUST (A Company Lirnited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SHENLEY PARK TRUST Matters on which we are r•quir•d to report by exception In the light of the knowledge and Ljnderstanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the Iruslees, report, We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 fequire u8 lo report lo you if, in our opinion.. - adequate accounting records have not been kept, or retums adequate for our audft have not been received from branches not visited by us., or the financi81 slalements are not in agreement with the accounting records.. or certain disclosures of trustees, remuneration spe¢ified by law are not made- or we have not received all the information and explanations we require for our audit., or the trustees were not enlided to prepare the financi81 slalements in accordance wth the small companies regime and take advantage of the small companies, exempts'ons in preparing the report and from Ihe requirement lo prepare a slr8tegic report. Responsibi15tle5 of trust$ As explained more fully in the 5tstement of trustees, responsibilities, the trustees who are also the directors of the charitable Company for the purposes of company law are responsible for the preparation of Ihe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstslement, whelher due to fraud or emr. In preparing thè financi81 slalemenls, th& tnjstegs are responsible for assessing the eharitablg companls ability to continue as a going concem, éisclosing, as applicable, matters related lo going concem and using the going conrn basis of accounting unless the trustees either intend to Cgase operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for tho audit of the finan¢ial stat•m•nt$ Our objectives are to obtain reasonable 8ssurance about whether the financial statements 85 a whole ara fr99 from material misstatement, whether due lo fraud or error, and lo issue an audilols report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users on the basis of these financial slalements. As part of an audit in accordance with ISAS IUKI. we exercise professional judgement and maintsin professional sceplicism throughout the audit. We also.. Identify and assess the risk8 of m8terial misstslement of the entity's financial st8tements, whether due to fraud or error. design and perform audit predU$ responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatem8nl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgèry, intentional omissions, misrepresentations, or the override of internal Control. Obtsin an understanding of internal control relevant to the audit In order to design audit procedures that are appropriate in the circumstances, bul not for the purpo8e of expressing an opinion on the effectiV8ne$s of the group's internal control. Evaluate the appropriatèness of accounting policies used and Ihe reasonableness of accounting estimates and related disclosures made by the trustees. Page 6
SHENLEY PARK TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHENLEY PARK TRUST We conclude on the appropriateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubl on the charity's ability to continue as a going concern. If we conclude th81 a rnalerial uncertainty exists, we are required to draw attention in our audilor's report lo the related disclosures in the financial slalements or, if such disclosures are inadequate, lo modify our opinion. Our conclusion5 are based on the audit evidence obtained up lo the dale of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going eon¢ern. EvalLJatg the overall presentation, structure and conlenl of the financial statements, including thè disclosures. and whether the financial ststemenls represent the underlying transactions and events in a manner that 8ehieves fair pro$enlalion li.e. gives a true and fair view). We communicate with Ihose chargad wth govemance regarding, among other matters, the planned Scope and timing of the audit and significant audit findings, including any signifi¢8nl deficiencies in int8mal control that we identty during our audit. Irregularities, including fraud, are instances of non-compliance with laws and gUlatiOnS. We design procedures in line with our responsibilities, ouuined above. lo delect material misslalements in respect of irregularities. including fraud. The extent to which otjr procedures are capable of delecling irregularities, induding fraud, is detailed below. making enquiries of manag&menl as to where they considered there was susceptibility lo fraud, their knoedge of actual, suspected and alleged fraud., considering the internal controls in place to mitigate risks of fraud and non-cornpliance with laws and regulations; and tested joumal entries to identify unusual transactions., assessed whether judgements and assumptions rnade in determining the accounting eslimales were indicatsve of potential bias., investigated the rationale behind significant or unusual transactions., agreeing financial statement disclosures to underfying supporting documentation., reading the minutes of meetings of those charged with govemance., enquiring of management as to actual and potential litigation and daims A further description of our resF)onsibililies is availablè on the Financial Rèporting Council's website al-. IIWWW.frc.org.uklaudilorsresponsibilites. The description fomis part of our auditorfs report. Use of our report This report is made solely lo the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the company's members those matters we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest extenl pèrmitted by law, we do not accapt or assume responsibility to anyone other than the company and tho ¢omp8nls members as a body, for our audit work, for this report, or for the opinions wg have forTned. 2024 David Brown (Senior Statutory Auditorl For and on behalf of Brown Warner LLP Chart•r¢d A¢¢ountsnts Statutory Auditor 38 Northgate, Newark-on-Trenl. Nottinghamshi NG24 1 EZ Page 7
SHENLEY PARK TRUST (A Companv Limited by Guarantee) STATEMETr*T OF FINAINCIAL ACTIVITIES (including Income and Expenditure Account) YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Desi%nated Fund5 Fund$ Funds Tot41 2024 Total 2023 Income: Grants and donations 1,182 1,182 ,970 Incopnefrom oiher trading a¢iivilies.' Events Fruit and juice sales Sundry sales and oth¢r incom¢ 3.630 9,292 23,211 3.630 9,292 23.211 1,436 11,831 18.445 liivesrmerti incoine Interest Rental income Chapel hirc fces Walled garden hE 1,700 370.812 24.883 376 2,076 370,812 24.883 41)0 362.136 25.544 3,750 Oiher Gain on fixed asset disposal Insurance ¢laim 25.591 21.756 25.591 21,756 Total income 482 057 370 482 433 425 $12 Expenditure Ctsst 0] ruESEngfvnds Fundraisin costs 423 423 ExpendEture on churilable aetiviiies 422,515 6,025 428,540 359,262 Total expenditure 422 938 6,025 428 963 359262 Net Ineome/{expenditurel before transfe 59,119 {6,025) 376 53.470 06,2S0 Transfer between fund5 10 19,050 (19.050) Other galns and 10$ses Property revaluation 2.528,769 Net movement in funds 78,169 {6.025) {18,6741 53,470 2,595,019 Balances at l April 2023 508J49 177,768 12,536J54 13,222,471 10,627,452 B4lance5 at 31 March 2024 io £586 518 £171,743 £12 517 680 £13.275,941 £13 222 471 The Statement of fanCial a¢tivities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities The notes on pages l O to 15 forn) part of thcs¢ financial strments Page 8
SHENLEY PARK TRUST (A Compan), Limited bv Guarantee) BALANCE SHEET 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 13,234,206 13,178,318 Current Assets Stock Debtors Bank dcposit accounts Bank current account Pelly cash 4,745 74.385 143,119 34,476 4,249 260,974 4.200 57.514 161.620 70,575 4,128 298.037 Creditor5.' Amounts falling due within rnore than one vear (117,239) (111,084) Net eurrent aS5els 143.735 13.377.941 186,953 13,365,271 Creditors.. Amounts falling due after more than one year (102.000) (142,800) Total net assets io £13.275,941 £13,222,471 Funds Unrestricted 586,518 508,349 Designated 12,517,680 12,536,354 Restricted 171,743 177.768 Tot21 funds io £13,275,941 £13,222,471 The accounts were approved by th¢ Board on Lk 2024 and were signed on their behalf by: Chairnian Registered company number- 02504980 Registered charity number- 803520 The notes on pages 10 to 15 forn) part of these ftnan¢ial stateTn¢nt5 Page 9
sHELEy PARK TRUST {A Companv Limiled b). Guarantee} OTES TO THE ACCOLNTS YEAR Er*DED 31 MARCH 2024 1. Accounting Policies Charlty Infomiatlon Shenley Park Trust 15 a ¢harFtable wrnpany lirnfteij by guarantee, incorporated on 23 May 1990 and registered as a charty on 21 June 1990. The company is governed by its Memorandum and Articles of Assockqtion wh¢h established the objectives and powèrs of the charrtaL)le company. The charity is gIstered with the Charity Commission ol England and Wales with the charity number 803520. The principal address is The 8othy, Shenley Park. Radlett Lane. Shenley. Herts W07 7DW The principal accounting policies adopled. judgements and key sources of estimation uncertainty in the preparation of the financial statement a as follows.. al Bas1$ of arat The financial statern8nts h8ve be8n prepared in accordance with Accounts'ng 8nd Repong by Charitses". stat8ment of Recornrnended Pr8etie8 applicabl8 to charities preparing their accounting in accordance with the Financial Reptsrting Standard applicable in the UK and R8public of Ireland IFRS 1021 leffe¢live 1 January 20191- Charities SORP IFRS1021, th8 Financial Reporting Stsndard applicable to the UK and Republic ol Ireland IFRS1021 and the Companies Act 2006. Shenley Park Trust rneets the definition of a public benefft entrty undèr FRS 102. Thè aceounts hav8 been ppared under the historical cost convention. modified lo Include the revaluation of aSeh0kl and investment properties and to include certain financial instruments at fair value. The charty has takèn adv8ntage of thè provision5 in the SORP for ch8rities applying FRS 102 Update Bulletin 1 not to prepare statement of Cash Fltsws. The financial statements are ppared in steding which is the functional currgncy for the chanty and rounded lo the nealest £. bl GoSn At the time of approving the accounts, tre trustees have a reasonable expectation that th• charrty has adequate resource5 to continue in oper8tion81 existen for the foreseeable future. Thus the trusteès continuè to adopt thè going eonc8m basis for accounting in preparing the accounts. concern cl Chatable Funils Unr8Stricted general funds comprises those monies that m8y be used towards meeting Ihe charitable objectives at the di5cretiorTr of the tnstegs. Designated funds are unrestricted funds eamarked by the trustees for particular purposes. Restricted funds are rnonies raised for, and their usè rèstrictad to, a sptiafic purp¢)se. or donatKJn Subject lo donor imposed conditions. dl Incomin R•sour¢•s All incorning resources are included in the statement of finanei818ctivtties when the ch8rity 1$ entitled to the income an¢ the arnount can be quantified with r88sonable aVracY. The lollovlng specthc wlicie5 are 8ppli8d to Particular incorne.. Grants and donations are include¢l in full In the Statemtrnt of Financial Actwitses when receNable. Income from other trading activities Includes èvent incorn8, fruit and juice s81es and sundry sales. Investment income is included when receivable. Investrnent Income indudes inveslrnent portfolio diwdends, intefftst and income from the rentsl of premi5e5. Page 10
SHF.YLEY PARK TRUST IA CompAnv Lirnited b> Guarantee) PiOTF.S TO THE ACCOUNTS YEAR ENDED31 MARCH 2024 •) R•sour •x Liabilities are recognised 88 resources expended 86 soon as there is a legal or construcb've obligation committing thè charity to make a payment lo a third party, it is probab18 that a transfer of econornic benefits will be required In settlement and the amount of the obligatson can be rn8asured reliably. Rèsoureas oxpondtsd is accounted for in the Statement of FinAnci81 Activities on an a¢¢ruals ba$i$. They are ported as part ol the expenditure to which they relate". Costs of fundraising eomprfsè the costs associatèd with attracting incom& and tre cts8t8 01 gen8rJting ancillary income. Expenditure on charitabl& ac*'vities cornprisès tho$¢ ¢ost8 in¢uryed by th8 Charity in the delivery of it8 actfvitSes and $8rvic8s for Its b8neficlarl8s. It Incluégs both ¢0sts that can be allocated dlrectly to Such ctivitl88 8nd tho80 ¢08t8 of Bn indirect nature necessary lo support them. I costs arè allocated bafv4aan axp•nd1turè calègtsries of the SOFA on 8 basis desvJned to refiect the usa 01 the re8ource. Costs relatin9 to particular activrties hr• 8lloeAt•d directty, others are apportioned on an 8pproprf8tè b85iS e.g. $t?ff time and 8sUm8ted usage. Rantals 8pplicabla tts operating laas•$ whare sub8tantl81ty 811 Ihe benefits and risk8 of own8rshlp rèmain with the $$or are charge¢ agalnst incoma as Incurr&d. Tangible fixed ass818 8rb slatad at tost1o$s 8ccumulaled depreciatbn. wllh th8 8xeèptlon ol Inv881rnent properties. The costs of minor addhions ar8 not capilalised. Oepreciation is wovided at ratas calculal•d to wrll$ off th$ cost ol eBth asset over its gxpected useful life as follows.. Lg¥Jeh(Jd Property 2% slralght ling ba818 La8s8hdd Improvèmènts 10°A straight Ilne b8818 Office Equipment 25% straight line ba81s Plant and M8chlnery 10- 20% stralghl line basls Fumlture and Flttings 10. 20% slraighl linè b8$1$ Motor Vehlcles 30°/0 on n81 book value Indlvidu81 flxad 85SttS ¢OStlng rn0 Ihan £250 are capS18lls•d al cost. Fixed assels excludlng propety which are fully doprgci8ted and ovar livè y8ar8 old are written out ot tha balanc8 shèèt. Inve$tm?nl and Leasehold prop8rti8s are included in Ihe 88lance Sheot at th8ir markèt valuation. To thè èxtsnl th81 th8 dgpreci8tion of the leasehold property raLqlè$ to h's revaluation amount. a Ir8nsf8r 1$ mode from the revalu8tlon res8rv8 to rètainèd èarnings to reflecl the diffor8nce b•twa•n tha dopreci8tion char9t on rèvaluation arnount and the ortglnal cost. At aach raporting end dale, the charity vIewS the carrying 8m¢unls of ils tangible assets lo d&lom)ino whether therè Is any indication that those 88sels have suffored An lrnpalrm¢nt loss. If any such Indlc8titsn Èxisis, tho rocoverable 8mounl of lh8 asset is Ssllmated in order lo det8nrlne th8 èxtent of the irnp8lmient1088. 11 2L Stock Is valued al th9 Iowgr of cost 8nd nel re8llsable valuo. Cash al bank 8nd in hand Includes cash and deposits hekl al call with banks. r•dltor• and rovlslons Creditors and provisions are recognlsed whorè thè charY has 8 present obllgatk)n r88ultino Irom a past avant that will probably Tesult in the transfer of funds to 8 third party and the amount du8 to $8th8 the obligation can be mèasured or e5tim8t8d reliably. Credllors and provisions are norrnally rewgnised ai their $ettlemenl amount after allowing for any discount$ due. kl The charity only has fin8nclal Bssels and flnanclal Ilabllltles ol a kind that qualify as basic flnaneial inslrum•nts. Basic fin8ncial instrumènts 8rÈ initially recognised al transactlon v81ue and subsequenty measured at Ihelr settlement value. The company operates g defined contribution, •xt•mèlly funded pen810n sch8rne. The pension cosl charge rèprè8ènl8 eontftbutn8 payable by the company lo the Fund. The charily is exempt from tax on rts charit8blo aetwrtie5. 8tatus The company is a cornpany limited t)y guarantee. The member5 01 the cornpany are the Iru¥tegs narned on page 3. In thè tsv8nt of th8 company belng wound up. tho Ilablllty In raspèct of tha guarant88 is lirnited to £1 p8r member ofthè company. Page11
SHENLEY PARK TRUST (A Company Limited bv Guarantee} ]%OTF.S TC) THE ACCOUYTS {contlnuedl YEAR ENDED 31 MARCH 2024 2 GrAnt5 and donatlons 2024 2023 Donations 1,182 1,970 Total 1.970 3 Dividtrtds and Inttrest 2024 2023 Interest receivable 2.076 41)0 TotAI 2,076 400 4 Expendliure Staff Costs Depreelatlon Other Cosii 2024 2023 Cost of r*lslnR funds Events. PTomotion$ and publicity 423 423 Charlt4ble expendilure PrLmisLs and park mliinlenance Juice and produLrs Dilapid8titsns repoTt Cricket club survey and inspections Legal and PTOte.%8ional Office and administration Accourttan¢y Support 165.922 4.000 42.208 167.418 1.009 375.548 5.009 317.015 6,127 2.673 900 4.272 8,615 10.135 9,679 4.603 11.589 9.679 4,603 11,589 Govern4n¢e ¢ost5 Saldri¢s and wa¥¢s Statutory account% Auditors. r¢mun¢ration 3.000 3.(K)O 2,(100 6.000 2.525 2.000 5.000 172.922 42.211¥ 713,S33 42¥,963 359,262 S Staff eoyts 2024 2023 Salaries Employer's nalional insurance Costs Pension 152.997 8,827 11.097 £172,922 133.143 8.152 14.573 £155.868 The avera8e weekly number of employees was.. Park director Park maintenartee Administration of the Charity No ernployee received employcc bcn¢fits lexcluding employer pension costs) for the reportin8 period of mtsre thjn £60,000 per annuni.12023-nill. The key mana8emeni personnel of the charity comprise trusttts and Park Direeior. The total r¢mun¢rdtion including employer national insurancc and pension of key mana¥emcnt personnel during the ycar was £60.658 {2023- 65.5801. Trustee remuneration gDd related pth. trgn59ction No tTUSlee or ()ther pers£)n related lo the Charity has any personal inteTest in any contra¢l or transa¢tion entered into by the charity during the year (2043- nill. The tNstees were not paid or r¢irnbursed for expense5 during the year. Page 12
SHEJLEY PARK TRUST (A Cornpanv Limited b). Cuaranteel YOTES TO THE AccoufiTS It•Dtittlled) YF.AR EYDED 31 MARCH 2024 & Tanglble Ilxed xisets Investment Ltgsfbold Plant and rties Mxchine . Furnire Office Cost or valuatio As at 1st April 2023 Additions Disp05a]s or len out AS at 31st mCh 2024 11.968.150 24.100 1.134.(KN) 4.843 359.925 66.932 1216.3501 ?10.407 39.874 4.136 13.506.085 99.506 1257.3201 .5 13.348,271 2.51X) 137.3811 2.493 13.5891 1,678 11.992.250 1.138.843 D¢predatlo As ar 1st April 2023 Charge for year On disw5a]5 or written out As at 3151 March 2024 284,886 18.752 1214.940} 88.698 38.854 249 (37.3811 1.722 4.027 305 {3.589 743 327.767 42.:08 1255.9101 114.IK>5 22.777 125 22.777 125 et INwk v*lue5 As ai 31st.MaTch 2024 11.992.250 1.116.0( 121.809 771 935 2,375 13,234,206 As at 3 1st March 2023 1.968.150 1.134.000 1.020 13.178.318 The inyesmieni propenies 2nd propaTr"es used by the cbaritabk compally bal'e exrernatly professionally Trthed by Anthony OIivcT ofoiiver Akers Estatr Agents artd Valuers a5 ai 13 September 2023. The historic c1 of the Itlvesttwt proprtlits L5 £1.652.37412023 £1.628.2741. P•3e 13
SHEYLEY PARK TRUST
A CompaDy Limited by Guarantee)
NOTES TO THE ACCOUNTS Iconrfnytdl
YEAR ENDED 31 MARCH 2024
D¢btors
2024
Trade debiors
Trade debiors- more than l Year
Other debtors
VAT
Prepayments
Accrued io¢ome
44,235
31,269
3,055
2.845
9.542
3.849
6,954
£57,514
2.845
9.895
3,342
14,068
£74.385
8 Cr¢dltors: Amounts falllng duc wiihln one year
024
Trndc creditors
Taxation and s181 s¢¢uriiy 1051s
Hir¢ fees and renial income in advan¢e
Other creditors
Hire d¢positg
Othcr crcditors
AccTua15
Pension fund loan (see nol¢ 91
16,081
4.721
34,212
452
1.830
11.927
2,593
38.250
264
1,750
19,123
40.800
£117,239
15,360
40.800
£111,084
9 Cr¢dlior8: Amounls f*llln8 du¢ #ft¢r mort ¢h•n ont %eAr
Pension fund loan
£102,0(J)
£142,800
The Mist had u loan from Henford¥hire County Council as at 31 Mor¢h 2022 in the surn of £204,000 arisin¥ from the deficit of
Ihe tNsl's rnembership of ihe Council'5 pension scheme and ¢ry5tallied ai Ihai lime, The loart is repayable in equAI monthly
in5talmenis of£3.400 over a fivc year peri
SHEYLEY PARK TRUST IA CompADy Llmlted by Guarxnteel OTES TO THE ACCOUYTS Iconflnu¢dl YEAR ENDED 31 MARCH 2024 bl IVovemenlinfynd5 Balance 1.4.23 Incomlng Resour¢e5 Outgoing ResourctS her Glrks11095es BAln¢¢ 31.3.24 Trgnif¢ R¢5trlcted fund5: Orehard i¢a room resetve Infrasirneiur¢ Play ar¢a Totol reitrleted fund 161.742 15.125 901 177.768 161.742 10,001 15.124} 1(I,0251 171,743 DeslznAted (unds: C-apiial rcscrve Prop¢ny r¢valuatiort reswve Pruperty niainlenante re%erv¢ Tot81 dtslRlllt¢d funds 1.450,289 11,025.2•6 C)0.%.39 12.536,354 1.450.89 11.006.176 61,215 12.517.680 119.0501 376 376 119.0501 Uthre%irl¢ted fund$: Cycncral fund Totll uthrestrl¢i¢d fund8 Tot1 fund5 508.349 -508.349 13,222,471 482.057 1422.9381 1422.9381 42¥.96J 19,050 19,050 586.518 -586.-%18 13.275,941 482.433 cl Purpéi.Te.s nffuKd.T Re.biriL'iedlund Thc Clrchard T¢8 Room R¢$¢rv¢ r¢prcscnls Ihc amount of th¢ 8rani r¢¢¢iv¢d froni Hcr15nKrc Borough Coyn¢il for th¢ buildinJ3 of a new pavilion in Ilie park. Fund raising look place for the P18y Ar¢8 bernveen 2016 and 201 ¥. IxpendiNr¢ ¢omm¢i1¢ during 2017 on inipro%'emenis ajid equipnienl 10 Ihe Play Area ond completed in 2019. A further donaii()n during lh¢ year eonlribuled 10 the new S¢¢$8w in Ihe Play Area. It)frasinJ¢ture funds were donated by Hcrt5mcrc Boruu8h Couniil i¥ the chllrily for work on the PArk pathway$ and enirAnce. Alsi) tund8 were dona¢ed by Te5co's Bags for Lif¢ io Ihe charity fur a scnsory sarden. Thc Q-apilal Reservc represents th¢ ori¥inal fund$ received by the TTUgl from the Health Auihor2ty on il% fomution to enable Lt to cstabli5h Ihc park. Thi5 has bccn adjii$icd 5in¢c fonnation by th¢ r¢¢ogniiion of & Crdil arising from th¢ H¢rtford5hiTe County pcnsion scheme In the sun) of £1 ?3.167 in 20*2. The Properry Revaluation Resery¢ repntS the difference between lh¢ market valuation of the inv¢$imeni and I5¢hOld propertL¢S nd the original Cost value when they were gi%en to the tru$1. The Propcrty Mainlcnancc Reserve is 8 fund to ¢over Son olihe 8nlicipat¢d repair And refurbishmcnl cost5. which are eXpted lo be incurr¢d in ihe future on Ihe tNsi'$ propertie5. Unrtytrleted funds Cunprise those funds which the tru$l¢¢s ar¢ fr¢¢ io use in ac¢ordance with the obje¢is orth¢ ¢harity. I I Penjlon Cost All pension costs are charged 88ainsl the 8ener81 fund wh¢n incurred. 12 Related party transactlonj There were no related party Iransa¢tion$. 1.7 Ciplt¥l Commltment Al 31 March 2024 Ih¢ charitable company's board of trust¢¢$ hid #Brffd but not contracted up lo £20,0 of ¢ApitAI spend ott the the Tennis Court refuFDishment and CCTV. Page 15