SHENLEY PARK TRUST (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2025 Registered Company No: 2504980 Registered Charity No: 803520
SHENLEY PARK TRUST IA Company Limlted by Guarnntee) TRUSTEES, REPORT YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and the audited financial statements for the year ended 31 March 2025. The accounts have been prepared in accordance th the accounting poIleS set out in note 1 to the accounts with the Memorandum and Articles of Association, the Charities Act 2011 and '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 2nd Republic of Ireland (FRS 102), las amended for accounttng periods commencing from 1 January 2019}. Chaiman's report NomFally this r8POrt wouldprovide the highlights from the previous year. It would detail the important projects that had been completed and those that had begun. It would summarise the number of meetings that Shenley Path Tnjst and its committees had held during the year. It would mention the financial poSitn of the Trust and would have concluded with my thanks to my fellow tmstegs and the employees of the park. However, this has not been a nonnal year. Glyn Dredge, the path director, digd on 20th April 2024 after a long battle th cancer. He left behind his wife Liz and his 2 sons. Glyn had W0ed for the park for decades. He was appointed as estate manager in May 1998 and promoted to park director in October 2007, the position he held unh"I his passing. Since th&n, Ltt has been acting park director, a rol81 hope to confiffn as peffiianent in the very near future. Glyn was incredibly devoted to and very proud of what he hadachieved with the path. Wortfing with knz and other pa staff over the many years, they ¢ated a b8auliful natural park which is incrediblypopular with the community and the various events attracted many visitors from nèar and far. Glyn worked extremely hard on creab.ng and developing the property portfolio which provides valuablo income for the needs of the pa. It was an honourto work th him and a privilege to call him a fvend. Chair Obj¢¢tives and activlties The Charity was fomied in 1990 and in 1993 was granted a 150 year lease over part of the Shenley Hospital site. The Chantvs object and its princtple purpose continues to be.. to estsblish and maintain a rural park in the Parish of Shenley to provide or assist in the provision of facilities for recreation or other leisure time adivities to secure the pserVatIon, protection, developmenl and improvement of features o* historic or public interest within the Park. to manage the Park to the highest possible standards with the resources at its disposal. at all times to provide a safe and secure environment for members of the public to enjoy. to make buildings within the Path or open space areas, such as the walled garden. available for communty arid cultural acliwties or events. to work in partnership with other organisations lo help deliver the Tnjsys objects. to continue to create educational resources within the Park. The trustees confimi that they have ferred to the guidance cuntained in the Charity Commission's general guidanck on public benefft when reviewing the Trust's aims aThJ objectives and in planning future activits"es. Page 1
SHENLEY PARK TRUST (A Company Limited by Guarantee} TRUSTEES. REPORT YEAR ENDEO 31 MARCH 2025 Achievements and performance This statement is from Ltt Ensor, the interim park director.. Our park director Glyn Dredge who had worked lor Shenley Part( for over 30 y8ars passod away in Apnl. Hè had be&n ill for a while but his love and passion for Shenley P8th gav8 him the str8ngth to pass on much of his extensive knoedge and infonnation about the park to his fe Liz who also wo8 for Shgnley Path. Liz has continued to manag8 th8 park with help from thg trustegs since his passing in the role of interim pa dir8clor. A m&morial seryice was held for Glyn in the Walled Garden at Ihe end ofJun8. Rev Sarah Marshall of St Martins, Shen18y led the seIce. Glyn's work around th8 park. every tre& ho planted and all of his hard wort( in the creation of the park and Wa116d Garden main with us. We all had to cany on as Glyn himself would have wished, so Ihe Wa118d Garden open8d at weekends from Easter 12- 4pm. Hertfordshire Big 8and turned for a third year wth an aftemoon picnic concert in Jung in the Walled Garden, a very successful 8v8nt. Wé elso enjoyed two ouldoor theatre productions by The Pantaloons despitg cold weath8r conditions still a good numb8r attended. A good apple crop resulted in many SUGcessftil family apple picking days r&sult&d in th8 producli¢M of 2000 litr8s of appl& juice. For Apple Day the run of great w8ath8r 8nded and it was a w81 and windy day in the Wallgd Garden. Despite this we still had 579 people came along despite the weather bacause Ihey wanted lo support Our day and enjoy some of the 52 varieties of app18s. Community groups provided children's 8Ctivities together with cr8ft stalls.. Radlett 8rownies and Rainbows togeth8r with Sh&nl&y Rainbows organised the lea tgnt and hot dog st811 which sold out very quickly. Hands on apple juicing demonstratnS which chIldn particularty enjoy werg supervis8d also by the guides Ihroughout the day. The gr89nhousgs are progressing in th8ir r&furbishment with the top gr&&nhous8 n&anng th8 end of the structural rgpair phase. Unfortunately we did not h8ve Glyn s chilies this year in the polylunnel but did grow many perenni818 for both planting out in the Wall8d Garden and to sell on the Wallèd Gardén honèsty Stall. Th8 tennis courts continue to be enjoyed by Ioc81 rgsidents logether with thg partc itsell. Wassailing saw 2025 in and was 8 good dry event th an attend8nce of 60. Wassail cakè and w8m> apple juice was enjoyed in th8 tea room gardèn aftarnards. Flnanclal rnvl•w The Trust's income for the year amounted to £456,793. Al the end of the year total funds stand al £13.319.460 which is almost all represented by the fixed assets of propety and equipment of £13,195,323. Reser¥e8 pollcy The Chariws reserves policy is to hold approximately 3 months of operating costs as reserve within General Unrestricted Funds. to cover unplanned emergency repairs and other expenditu. The trustees consider that the ideal level of reserves al 31 March 2025 to be between £100,000 and £107,000. The Trust has unrestricted reserves of £653,746 of which £591,165 15 represented by fixed assets leaving free reserves of £61.556 in the designated propety maintenance reserve. Plan8 for fulur• porlod8 The plans for the park are.. To continue to cary out work to the path greènhouses To create a garden for Bees To continue with outdoor Ihealre, concerts and other events in Ihe walled garden amphitheatre To create a Shenley Park Museum To continue planting around the park Page 2
SHENLEY PARK TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 MARCH 2025 Reference and administrative detsils Company Number.. 025(M980 Chanty Number.. 803520 Registered Office." The Bothy. Shenley PaEk. Radlett Lane, Shenley. Herts WD7 7DW Our advise Auditors Bankers Solicitoffs Brown Wamer LLP 38 Northgate, Newat1(-on•Trent, Notlinghamshire NG24 1 EZ Barclays Bank PLC 197 Shenley Road, 80hamW00d. Herts WD6 1AR SA Law 36-38 Upper Mariborough Road. St Albans AL13UU Dire¢tors and trnstees The directors of Ihe charitable company (the chartty) are its tnBtees for the purpose of chanty law. The trustees and officers servirvJ during the year and sin(£ the year end we as follows.. Trustees Chair W Gordon IApp)inted as Chair on 12th August 20251 A Harris (ReSned as Chair aThJ Trustee on 1st August 20251 N J Hibbert M Bright IAppointed 25th November 20241resigned 9th July 20251 R Butler R GillMJar: S Harringtorksmilh H Pattersgn J Shaw N Susman (Appointed 9th Juty 2025) W Susman Treasurer Company Secretary and Interim Park Director Company Secretary and Park Director Elizateth Ensor {Appoinled 20th April 20241 G Dredge {Deceased 20th April 20241 Structure. governance and management Goveming document Shenley Park Trust is a Charrtab company limrted by guarantee. incorporated on 23 May 1990 and registered as a charity on 21 June 1990. The company is govemed by rts Memorandum and Artides of Associab'on which established the olects.ves and powers of the Charrtab cnrnpy. Re¢rultment and appointment of trustees As set out in the Articles of Association the maximum number of trustees is ts¥ee. Of these Hertsmere Borough Counul may appoint three trustees. two 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 Parish Counctl_ The Trustees may aLw appoint seven a¢onal trustees. The Chaifman of Ihe Board is ebcted by the trustees for a penod of three years. Wintrnents to the Board are for a fixed period of four years. Trustees can offer themselves for re-eleth"on. Trustee induction and training All new trustees are given a trustee iru¢ll0n pa(* induding Charity commtssion leafiet'The essential Trustee.. What you need to know and a personal introduction and tour of the pat1( by the Park Director. Trustees are encouraged to keep up to date hth chanty guidan wa charty commission V&tbsite. Page 3
SHENLEY PARK TRUST IA Company Limiled by Guarantee) TRUSTEES. REPORT YEAR ENDED 31 MARCH 2025 Organisational structure The Board of Trustees administers the Charity. The Charty is organised so that the trustees meet regulady lo manage ils aflairs and theie are subwmittees covering FinancE. Pffjperty and G0veman, Management and ideas for the Park. A Park Director is apwnled by the tnjslees lo manage the day lo day operations of the Charity. To facilitate effective operalKsns. the Park Director has delegated authority, within the terms of deation approved by the Iruslees. for operational matters including finance, employrnent and management of the park. An administrator assists the Park Director in the day lo day adminbstration. The MainIng staff are employed in the development and management of the park. Risk management The Trustees have created a risk register whith they review on a regular b8SiS. Related parties The Charity has a very close relationship wilh Hertsmere Borough Cwncrj. who are the Charitys landk)rds and who are enlilled lo nominate trustees. Shenley Parish Counal are also entifled to nominate InJstees. Staternent of trustees. responsibiliti in relation to the financial $tatemenls The Trustees (who are also directors of Shenley Park Trust for.he purposes of o)mpany lawl are responsible for preparing the truslees. report and financial stalements in ac(y)rdance wrth applicable law and United Kingdom Slandards (Uniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial stateMlS for each financial year. which give a true and fair view of the state of affairs of the Chai[tab company and of the incoming resources and applicatton of resour¢es. including income and expenditure. for the financial year. of the charitable company. In preparing ttiose financial statements. the trustees are requir to". select SL¢ilable accounting policies and then apply them nsIstenty. observe the methods and prinuples in the Charities SORP.. make judgements and esiimales that are reasonable and prudent". state whether applicable UK Accounting Standards have been followed subject lo any departures disclosed and explained in the financial 5talemenls-. and prepare the financial statements on Ihe gthng concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Iruslees are fespon5ible for keeping adequate accounting records that disckise wyth reasonable accuracy al any lime the financial position of Ihe charitable company and erfjble Ihem lo ensure that the financial slatemerits comply with the Companies Act 2006. They are also responsib for safeguarding the assets of the charitable company and hence for laking reasonabie steps for the preventth and detection of fraud and other iffegularities. The trustees are responsible for the maintenance and integrity of the corwrate and fin8nchg1 infomiation included on the charitable companls website. Legislation in the United Kingdom goveming the preparatson and dissemination of financial statements may dtffer from legislation in Otherjurisdictns. Statement as to disclosure to our auditors In so far as the Injslees are aware al the time of approving (Msr trustees. annual report- there is no relevant audit information of which the charitable companys auditors are unaware," and the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit infomatson and lo establish that the auditors are aware of that information. Approved by the Trustees on l 8 1)eohW 2025 and signed on their behalf: W Gordon Chair Page d
SHENLEY PARK TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHENLEY PARK TRUST Oplnlon We have audited the finanaal statements of Shenley Park Trust for the year ended 31 March 2025 lch comprise the statement of financial actiwties. the balan sheet and the notes to the financial statements, including a summary of significant poliaes. The financial reporting frame¥rk Ihat has been applied in their preparation is applicable law and United Kingdom Accounbng Standards. induding FRS 102 "The Finanaal Reportsng Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounts'ng Practice). In our opinion, the finanaal statements.. - give a true and fair view of the charitable company's affairs as at 31 Mafch 2025 arHI of its incoming resources and application of resources. for the year Ihen ended.. - have been propedy prepad in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance the requirements of the Companies Act 21XE. Basis of opinion In auditing the financial ststements, we conducted our audrf( in accordan wlh International Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilrties under those standards are fijrther described in the Auditors responsibilits'es for the audit of the financi81 slatements section of our report. We are independent of the company in accordan wth the ethical requirements that are relevant to our audit of the financial statements in the UK, inciuding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit eviden have obtained is sufficaent and appropriate lo provide basis for our opinion. Con¢luslons relatlng to golng concern In auditing the financial stalemenls, we have Conduded that the use of the going cx)ncem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material UnrtaInlieS relating to events or conditions that, indiwdually or collectively, may cast significant doubt on the charrtable company's ability to continue as a going ¢onGem for a period of at least e1ve months from vthen the financial statements are authonsed for issue. Our responsibilities and the responsibilibes of the truslees vthh respect to going concem are described in Ihe relevant sections of this report. Other Inforniatlon The other information comprises the infornion induded in the trustees report other than the finanaal statements and our audito¢s report thereon. The tnjstees are responsible for the other informats'on contained vrithin the trustees report. Our opinion on the finanual slatements does not cover the other infomation and, except to the extent olhewse explicrtly staled in our report, we do not express any fomi of assurance condusion thereon. Our responsibility is to read the other information and. in doing so. consider vthether the other infonnalion is materially inconsistent with the finanrjal ststements or our kn¢edge obtsined in the course of the audit, or otherwse appears to be materially misstaled. If identify such matenal inconsistencies or apparent material misstatements. we are required to detennine whether this gives nse to a malerial misslatement in the financial statements themselve5. If. based on the work we have perfonTte(l. V conclude that there is a material misstatements of this other infomation, we are required to report the fact. We have nothing lo report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the Wofk undertaken in the course of our auditr. the information given in the trustees, report. which indudes the directors, port prepared for the purposes of company law for the finanual year for wthidi the financial statements are prepared is consistent with the financial statements.. and the directors. report induded within the trustees. report has been prepared in a¢COrdan V•th applicable legal requirements. Page 5
SHENLEY PARK TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHENLEY PARK TRUST Matters on which wo are requlred to report by exception In the light of the knowfedge and understandin9 of the company and its environment obtained in the course of the audit, we have not identified material misststements in the directors, report included wthin the trustees, report. We have nothing to report in respect of the followng matters in relation to which the Companies Act 2006 require us lo report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been reiVed from branches not visited by us", or the financial stalemenls are not in agreement with the accounting records; or certain disdosures of trustees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit-, or the trustees were not entitled lo prepare the financial statements in accordance ¥Mth the small companies regime and take advantage of the small companies, exemptions in preparing the report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees who are also the directors of the charitable company for the purposes of company law are responsible fof 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 trustees determine is rnessary to enable the preparation of financial statements that are free from material misstatement, whether due to traud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going conrn basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor's responsibillties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from aterial misstatement. whether due to fraud or error, and to issue an ayditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordanr th ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered matefial if, individually or in the aggregate. they could reasonably be expected to influence the economic dec4sions of users on the basis of these financial statements. As part of an audit in accordance wth ISAS IUKI, we exercise professional judgemerrt and maintsin professional scepticism Ihroughout the audit. We also-. Identify and assess the risks of material misstatement of the entity's financial slatements, whether due to fraud or error, design and perfom audit procedufes responsive to those risks, and obtain audit evidence that is sufficienl and appropriate to provide a basis for our opinion. The risk of not detecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions. misrepresentations. or the oveffide of intemal o)ntrol. Obtsin an understanding of intemal control relevant to the audit in order to design audit procedures that are approprsate in the circumstance5, but not for the purpose of expressing an opinion on the effectiveness of the group's intemal control. Evaluate the appropnateness of accounting policies used and the reasonableness of accounling esb'males and related disclosures made by Ihe 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 Iruslees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uneertainly exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required tts draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclLisions are based on the audit eviden obtained up lo the date of our auditor's report. However. future events or conditions may cause the Charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial stalemenls. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation li.e. gives a true and fair view). We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audft and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Irregulanties, Including fraud, are Instsnces ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. making enquiries of management as lo where they considered there was susceptibility to fraud, their knowledge of actual, su5peded and alleged fraud., considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.. and tested joumal entries to identify unijsual transactions.. assessed whether judgements and assumptions made in determining the accounting estimates were indicative ol potential bias., investigated the rationale behind significant or unusual transactions.. agreeing financial statement disclosures to underlying sUppting documentation., reading the minutes of meetings of those charged with govemance., enquiring of management as to actual and potential liligatron and claims A further description ol our responsibilities is available on the Financial Reporting Council's website at.. IIWWW.frc.ofg.ukJauditorsresponsibililes. The description forms part of our auditorfs report. Us9 of our report This report is made solely to the company's members, as 8 bojy, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the company's members those matters we are required to slate to them in an auditorfs report and for no otheF purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the company and the company's Members as a body, for our audit work, for this report, or for the opinions we have formed. 2025 David Brown {Senior Statutory Auditor) For and on behalf of Brown Warner LLP Chartgred Accountants Ststutory Auditor 38 Northgale, Newark-on-Trent, Nottinghamshire NG24 1 EZ Page 7
SHENLEY PARK TRUST IA Company Limtted by Guarantee} STATEMENT OF FINANCIAL ACTNMES (including Income and Expenditure Accounti YEAR ENDED 31 MARCH 2025 Unrestricted R6stricted Designated Funds Funds Funds Total 2025 Totsl 2024 Income: Grants and donations 1.257 1,257 1,182 Income from othertroding othitEs.' Events Fwst and juice sales Sundry sabs and other income 2.992 6,611 27.296 2.992 6,611 27,296 3,630 9,292 23,211 Inveslment incom8 Interest Rental income Chapel hire fees Hiie of sports factli15 Walled garden hire 2,031 379.822 34.243 1,528 167 341 2,372 379,822 34,243 1,528 167 2,076 370.812 24,883 Olher Gain on fixed asset disposal Insurance claim 505 505 25,591 21,756 Total Income 341 482 433 Expgndituro Cost of raising funds Fundraising costs 423 Expèrtlilure on chaiitable acbviti8S 408.238 413,238 428.540 Totsl expondltur• 408 274 413 274 Not Incom(9xpend1turnI b#fore transfvrs 48,178 15,0001 341 43.519 53,470 Tranafer betwn lunds 11 19.050 119.0501 Other galns and los Property revaluation Net movement In funds 67,228 (5.000) {18,7091 43,519 53,470 Balances at 1 Aprll 2024 $86,518 171,743 12,517,680 13.275,941 13,222,471 Balanc8s at 31 March 2025 11 £653 746 £166 743 £12 498 971 £13 319 460 £13 275 941 The slalemenl of financial acliviltes indudes all gains and losses recognised in the year. All income and expenditure derwe from contsnuing aclivities The notes on pages 10 to 15 form part of Ihege financial slalemenls Page 8
SHENLEY PARK TRUST IA Company Limlted by Guarnnts¢l BALANCE SHEET 31 MARCH 2025 2025 2024 Flxed assets T8ngit)le assets 13.195,Y23 13,234.21XS Current Assets Stock Debtor5 Bank deposrt aceA)unts B8nk current account Petty cash 1.754 31.958 193.350 40.6( 5.481 273.152 4.745 74.385 143,119 34,476 4,249 260.974 Credltors". Amounts falltng due within more than C jpar (87.815) {1172391 N•t ¢urrent ass•ts 185.337 13.W. 143.735 13.377.941 Cr•dltors'. Amounts falling due after m¢ye than ono year 10 {61.2(Kll 1102.0001 Totsl n•t ¥$s•ts £13,319.460 3.275.94 Fundi Unrestrlrtgd 653,746 586.518 Deslgnated 12.498.971 12,517,680 R6slricted 166,743 171,743 Total funrts 11 £13,319.460 £13,275.94 The accounts tre approved ty the on 2025 armj ¥wre >3n&Y on thew behalf by.. W Gordon Chairman Registered company numbeT- 02504980 Rog1st¢r ¢harity numlJer- 803S20 The notes on pages 10 to 15 fc*m part of these financaal statemts Pagè 9
SHENLEY PARK TRUST IA Company Limited by Guarantèè) NOTES TO THEACCOUNTS YEAR ENDED 31 MARCH 202S l. A¢¢ountlng Poll¢les Charlty Inforniatlon Shenley Park Trust is a ¢aritable MpanY linMle(J by guarantee. incorpocaled on 23 May f990 and registered as a charity on 21 June 1990. The company is govemed by rts Memor8rHJum and Articles of AssorAation Yknich established the objectives and powers of the Charitab corryjany. The charity is $ste[ed Vlilh the Charity Commission of England and Wales with the charity number 803520. The prinupal address is The Bothy, Shenley Path. Radlett Lane, Shenley. Herts WD7 7DW The prinrypal accountsng poliues a¢Jople(J, iudgennls and key sources of eslimabon uncertainty in the preparation ol the ffinancial statement are as follo$.. The financial $131emenls have been prepared in 8thrdance Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charitEs pparing their accounting in accorclance w¢lh the Finanoal Reports"ng Standar(l applicab in Ihe UK and Republic ol Ireland IFRS 1021 leffedive l January 20191- Chants SORP IFRS1021. the Financial Reports"ry StaTrJard awlcable lo the UK and Republic of Ireland IFRS1021 arKI the Compantes Acl 2(. Shentey Park Trust meets the definth'on of 8 public benefit entity urKler FRS 102. The accounts have been Pfepared under the historical cost n¥enbOn, modified lo Incjude the revaluation ol leasehokl and Investment properties and lo Include certaln fin8nu81 instruwEnts at lair value. The charity ha$ taken advantage ol the provisions in Ihe SORP lor charibes applww FRS 102 Upttaie BultIn 1 not io prepo Slalemenl of Cash Fl¢)NWd. The fln8ncial slalennts are prepafed In 81ertlng is Ihe 1ctiCI1 rrenCY lor th• tharlty and rounded lo Ihe nearest £. In Al Ihe bme ol 8pprovlng the accounts. the Intslees have 8 reo91)nable expect8tton that me charlty has alequ8le resources to Continue in operali¢)n81 exislence for the lOfesee8b fijlure. Thus the tru$leès ntlnue lo adopl the golrvJ concem b88ls for aceounlirwJ In propallrwJ Iho occounts. Unreslricled general lund5 Compri5 Iho88 Mon Ihal moy be u8ed lowards meetlng the chafllab objective5 at the disuellon ol the Irusleeo. De8lgn8led lunds are uNe5tricled lurKIs e•mwrked by lh& IN81ees lor partlcular purp08ei. Restried luThJ¥ arfj monies raised lor, 8nd tr1r Ltye reslricted lo. a 8Fedflc puryjose, or donatoon $uble¢l to donor Imp08ed cor¥JS1i¢)n¥. All incoming iesources are Induded In the StalenI ol finanryal activit5 lyhen the ch8rity18 enlllled lo the Income and the amount can be quantilkd ¥bilh reas0ftab #ccurary. The folloing spec4fic policie8 are applled lo particular income.. Grants ind donationB art indled in full in Ihe state111 of Fln•rid•l ArJMtye5 then rec•lvable. Income from other trading aclivib'88 IndleS event income. frull and lulce sales and 8urKIry 501¢$. I I Invesimènt inco Is induded vknen ieceivable. Investff•nl Incoff¢ indudes inveslmenl portfollo di¥ldend8, Inte81 8nd income from the rental of 'se5. Liabilitie5 are recogni5ed as SOurceS expeThYed as soon as there 1$ 8 leg81 or consIntIVe obllgalion committing the charity lo rnake a payment to a Ihird paty, il 1$ probable that a transfer ol economic benefits wlll be requifed In se111enI and the amount of the obligation can be reli8bly. Resources expen(Jed Is accounted for in the Slalerrnl of Financt81 Aeti¥ities on an accnjals ba81$. They are reported as part of Ihe expendiiure lo vknich they relale.. Costs ol thjndraising eomprise the costs assooaled ryth altrathrJ nme and cosls ofgenerating anullary incon. Expenditure or¢ charllable aetiwlies C4)mprises those costs lnuJr by the Chadty in the delivery of ils 8Ctivibes 8nd seN1$ for rts beneficiaries. It indtsdes bolh cosls thal can be allocated d1Ctty lo such activities ar those costs of an indirect nature nwssary lo support them. l ¢osls a allocaled betsn experbdrtU categoiies of Ihe SOFA on a basts designed lo fleet the use of the resource. Cosls relating lo particular actiwties are allocated directy. others are apportioned on an appropriate basis e.g. stsff tsFr and estimated usage. Page 10
SHENLEY PARK TRUST IA Company Limitod by Guarnntse) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 ratln loases Rentals applicable to operats'ng lea5e5 substsntbalty all the beneffts and risks of ovmetship remain %ilh the lessor are chargeij against InC0ft as in¢urreiJ. Ibl flx Tangible fixed assets a stated at cost less acwnuiileij deplation. vAth the exceplion of investment properties. The costs of minor addith"tsn$ a not caprt8ltsed. Depreciation Is Pfowded al rales calculated lo write off the cost of each a$$el over its exF¢¢ted uselul lrfe as f¢ykn+3.' Leasehold Propety Leasehold Improvements Office EqUIpnI Pl8nl and Machinery Furniture and Fittir¥Js Molor Vehide8 2% striyht line basis 10% strawJM line ba$18 25% stravJht line basis 10- 20% Strah1 line basi8 10- 20% stratghl line basi$ 30% on rt book valuè Individual flxed assets coslin9 MO than £250 a capilaliswj al $1. Fixed assets exduding property vthich are fully depreaated and over five year5 okl are hTrtten out ol Ihe balance sheet. Investrnenl and Leasehold properties are induded in the Balance Sheet at Iheir rnafket valualS0n. To the extent that the dePCIatiOn of the leasehold propety relales lo its revaluation amount. 8 transfer Is made from Ihe revalu8tson reserve to felaineil eaming5 lo relled the dsfferenee bet%en the depreciation thafge on ievèluatlon amoL1 ond the lgIn•l $1. Al each reporting end dale. Ihe charity review5 Ihe CarThJ amounts ol its tar¥Jible a$sot$ lo delermlne whether there is any Indi110n ihat those 8ssels have suffere(l an InvalmnI103S. 11 any such Indieallon exlsts. the recoverable 8mounl of asset is eslimaled in order lo deteMne the extent of Ihg Impairm¢nl1088. Stock 1$ volued ai the l¢Mr ol ¢o$i and net r¢all$abkn v8lu•. Cash It bank aTrJ in hand Indudes c•$h and deposit8 held al call Wth banks. Credllor5 and Pfovlslons afe recognised %there Ihe tharity has 8 presenl obligallon resulllng from a past event that wll probably sU11 in Ihe transfer of lunds lo a Ihird party and the amount ¢Jue Io settle the obllgalion can be measufe(l or eslimale(I reliably Ciedilorn and prov181ons are nom8lly reeognls¢ 81 thèir settlemenl amounl after •llo%ing lor 8ny discounts dw. The charity only has finand•l •88et8 8nO flnarKil liabllibes of a klrKI that qualify as ba¥k flnanclal In8trum8n15. Basic finan¢ial instruments are initially re¢ognisod 01 tr8n38cty.on value end 8ub8equenlty measured al Ihelr settlernnl valu8. The company operates 8 defined contribution. extemalty funded peft$ pension cost charge represents conln"bulions payable ty the company lo Ihe Fund. The charity is exempl Irom tax on its charttable actiWI'es. om The company is a company limileil by guarantee. The rn¢ of the rnpany are the truslees nan on page 3. In the event of the Company being VKJund up. the liability in resFttt of the guarantee is limited lo £1 per rntser ol the company. Page11
SHENLEY PARK TRUST IA Company LlmStod by Guardntoe) NOTES TO THE ACCOUNTS {eontlnu•d) YEAR ENDED 31 MARCH 2025 2 Judg•m•nts and k¢y sour¢os of astimatlon uncartalnty In the ap¢¢ab"On of the tharilable companys a¢£ounb"ng pOle$. the Injstees are reqtjired lo make rudgements, estimates and assumptions aboLrt the Carng arrInt of assets and liabilttses that are not readity apparent from other SoUrs. The estimates and associated 8ssumplyons ¥e based on histOriC21 eypenenee and other faoIS that are considered to be relevant. Actual results may differ Irom Ihese estimates. The estimates and underfw.ng assumptions are revIev on an oTrJoing basis. Revisions to acCounn9 estimates a recognised in the peri1 in vthith the estimale is revised the revision affects only that period, or in period of the rewsion and futu periods V•twe the revision affects both cAJffenl aThJ fuiufe perio(ts. Grants and donatlons 2025 2024 Donations Total 1.257 DMd•nd• and Intsrost 2025 2024 Inte81 fecivable Totsl 2.372 Expondliurn St•ff Costs D•prKl•tlon othor Costs 2025 2024 Cost of ralslng fund¥ Events. promotions and publiaty Charltablg •xp•ndliurg Premises and park mainlenance Juice and Pfoducts Cricket Club survey aNJ In$Fdions Legal and professional Office and adrrunislralion Accounlancy support 423 160.047 58.775 1 $1.058 2,991 369.880 3.991 375.548 9.679 4.603 11.589 11.112 5.911 11,331 11.225 5.911 11.231 11,225 Gov•rnane• co•ts Salaries and wages Stalulory accounis Aud¢tOfs' remuneration 3.000 2,000 6.000 413274 3,000 2,000 6.000 428 164 047 775 Staff ¢08ts 2026 2024 Salarle$ Employers national Insur8rKx costs Pension 1 $0,677 9.721 3.649 £164 047 152.997 8.827 11.D97 £172 921 The average number of employee$ 4wds'. Park director Park maintenance The tab below ghovra the emoluments of our higher pa•J stsff errNJlurr*nts indude all benefits, exdu(ling employer pension costs. 2025 2024 £60.000 to £69,999 The key management personnel of charity comprise Ihe ljuslees, Part Director and Fnterim Park Director. The lotsl including emplOr nab.onal insurance ¢ontributions and pension conth'bulions of key manageffent pefsor¢nel during the 3T vras £81,50812024- 60,658>. Trusteg rvmunorntlon and rnlated party tran¥actlon No tnjstee OT olher pen relaled lo the chanty h3s any petsonal InteSt in any thitracl or transaction errtered inio by the charity during the ar12024- nill. The tnjslees %%Ere not paid Of reimbursed for expenses during the year. Page 12
SHENLEY PARK TRUST IA Company Llmrtgd by Guarant•el NOTES TO THE ACCOUNTS Icontlnuedl YEAR ENDED 31 MARCH 2025 7. TangSble fixod aos•ts Pro & Flttln men ¢t or valuatlon As al 1st hpril 2024 A(Idilion8 Oisposals or written out As at 31$1 Marth 2025 11.992,250 1,138.843 210.507 19.228 6,846 222,889 2.493 1,678 2.425 2,5LX) 13,348.271 22.553 9.346 13,361,478 2,500 11.992.250 1.139.743 2,493 4,103 Depraclatlon As at 1st Aprll 2024 Charge lor year On disposals or Yditten OLrt As al 31st March 2025 22.777 22,795 88.698 34.608 1.722 157 743 715 125 114.065 58,77S 6,685 166.155 625 45,572 117,246 1.879 1.458 N•t book v*lu8s As al 31st March 2025 11,992,250 1.094,171 105.643 614 2.645 13,195,323 As al 31st March 2024 11992250 935 13234206 The inveslmenl properties and properts'es ysed by Ihe charrtable company have been extemalty wofessionalty valued by Anthony Oliver of Olivei Akers Eslale Agents aTrJ Valuers as at 13 Soplember 2023. historic cost of the In¥eStr propee5 is £1.652.374 {2024 £1.652,3741. Page 13
SHENLEY PARK TRUST IA Company Lirnited by Guardnteel NOTES TO THE ACCOUNTS Icofttinu) YEAR ENDED 31 MARCH 2025 Debtorn 2025 2024 Trade debtors Trade debtors- more than 1 Year Other debtofs VAT Prepayments Accnjed income 26,089 44,235 3,145 2,845 9,895 3,342 14,C68 £74 385 1,154 1,570 £31958 Crnditorn: Amounts lalllng du• wlthln one year Trade creditors Taxation and social secufty eosts Hire fees and ntaI incorn in advan¢ Olher credrtors Hire deposits Other creditors Arxruals Ponsion fund loan {8ee note 9) 3.703 5,967 21.100 525 3,333 16,081 4,721 34,212 452 1.850 12.387 40,800 £87815 19.123 40.800 £117 239 10 Crndltor•.' Amounts f•lllng du• aft•r mor• than on• y•ar Pension fund loan £102 000 Th• trust had a loan from Hèrtfofdshire County Coun(al •8 at 31 Mafth 2022 in tho lurn of £204,000 ansing from tt defiut of the trust'8 Tm•r$hIP of the Counofs pension schen aThJ aystalld at that tsrn. The loan is repayabkn in equal monthly inslalments of £3,400 over a fNo year ca)nThry in Odthr 2022. Tho boan is free of interest. The loan 18 guaranteed by Hertsffre Borough Counal which interKlod to hokl a charg¢ {as yet incompletel over the property. the Stewards House. one of the properts make up tho portfol of Pfoperties hokl by t1 trust, and which 18 valued al £695.1)JO in the trusvs accounts. 11 Funds al Analysls of n•t assets bet*Yen funds Tanglbl• N•t CurT•nt Fix•d As••ts A•sots Long T•mi Credllors Total fund¥J Ro•tri¢tod Orchard tea room reserve Play area Infrastructure and sensory 161.742 161,742 s.rA)1 5,001 Deslgnatgd fvnd8 Capital reserve Propety revaluation reserve Property maintenance reserve 1.450.289 10,987.126 1,450,289 10.987,126 61,556 61,556 Unrgstrict•d fund8 General reserve 591,165 123.781 {61,2001 653,746 13 195 323 13319460 Page 14
SHENLEY PARK TRUST IA Company Limited by Guarantee NOTES TO THE ACCOUNTS l¢ontlnuod) YEAR ENDED 31 MARCH 2025 b) Movement In funds Balance 1.4.24 Incoming Outgoing Re8oure• R•sourco8 Gain81108ses Transfer4 Balance 31.3.25 Re8trictgd funds: Orchard tea room reserve Infrastructure Totsl re8trl¢ted fund• 161,742 10.(X)1 171.743 161.742 S.001 166,743 15.LXK)I D•sign•tod fund8: Capital reserve Propety revaluation reserve Propety maintenancE reseNe Total do1ignated funds 1,450.289 11.fJ%,176 61.215 12.517 680 1.450,289 10,987,126 61.556 12498 971 {19,0501 341 Unr•8trtcted lundi: General fund Total unro8trl¢tsd fund• Total funds 586 518 456.4S2 586.518 456.452 13 275 941 408,274 408.274 653,746 653.746 13319460 19,050 ¢1 Puq)os•$ of funds Restrlcted fund The Orchard Tea Room Resorw represents th• anw)unt of th• grnnt re1vrAI fmm Hertsrmro Borough Counul for the building of a rw4 pavilion in the park. Infra$trudure funds were donated by HertsrMfe Borough Counal lo the charrty lor worf( on the park pathways and entranc8. Also lund8 were donated by Tesco's Bags for Ltfe to Ihe charrty for a sensory garden. D•slgnated funds The Capital Reserve ropre8ents onginal furKls received by the Tnjst fr(n tho Heamh Authorty on rts fornatson to enabl? it 10 8slabli8h the park. This has been adjusted since fornaln by tho lec09nrtn ol a credrt ¥ri$ing from the Hertford8hire County pension 8chom8 in tho lum of £123.167 in 2022. Thè Propoty Revaluation R88erv• represents drffernrKe botwn the rna81 v8lu8ts.on of Iho Investrn1 and18asehold properties and the orwinal cost volu8 when thoy wore won lo trust. The Property Maintenance Reservo * a fvnd to cover sorrn of tl anbcyt•J r•poir and refu¢oishnn1 costs, which are eXPded to bo incuffod in ftrture on the trusfs prop8rt. Unrn8trScl•d lund• Comprise those lunds which the Inte8$ are froe to use in accordan(t with the objeds of tt chanty. 12 Pon•lon Costs All p&nsion rAJsts are tharged against the gewal fvnd incurnd. 13 Related paty traMaction• The trustees consider Shenley Parish Coun¢il and Hertsrnrn Borolwh Cwncil to be related part8 due to their right to appoint Iruslees to the Board of the Truste The chantable cryny paKI rates of £4,428 to Hertsfftsre Borough Coun¢tl during the year. There were no othe( relaled party transactson. 14 Capitsl Comrnilment Th8 trustees had not agreed or contracted for any further caylal eypeThJrture as at 31 Marth 2025 other than that on the park greenhouses, as prevtously reported. Pa9e 15