Charlty Registration No. 1078076 Company Reglstratlon No. 3828083 (England and Wales) PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE LEGALAND ADMINISTRATIVE INFORMATION Trustees R Keenan P Moore M J Edwards Mr W Kelly {Appolnted 3 August 20211 Secretary L Murdock Charity numb•r 1078078 Company numbgr 3828083 Registered office Life Bank 23 Quom Street Liverpool L7 2QR Audltor BWM Sulte 5.1 12 Tilhebarn Street verpool L2 2DT Bankers HSBC Bank PLC 99-101 Lord Street Liverpool L2 6PG Solicitors Maxwell Hodge 14 Castle Street Liverpool L2 OSG
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS Pago Trustee5' rtrport statement of Trustees. responsibilities 10 Independent audilorfs report Con501diated statement of financial activities 15 Consolidated balance sheet 16 Charlty balance sheet 17 Consolidated statement of cash flows Notes lo the financial statements 19-37
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The trustee5 present their report and consolidated accounts for the yoar ended 31 March 2021. The finanaal statements have been prepared in accordance wth the accounting policies sel out in note 1 10 the financial statements and mplY with the charity's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" A¢hl8vements and perfomiancg This year 2022021 has been an extremely bu$y period for Parks Options Ltd as the narrative shows. As of February 2020. this year our a¢tivities Changed due lo Goronavirus pandemic. Due tl) the Government guidelines we had lo close Job Bank as it was not seen as essential, and our tenants were able to work from home. Life Bank remained Open due to thig being classed as an essential $eNice as Life Bank Nursery had places within the setting for children whom parents were key workers and vulnerable children as well as the children centre offering a service of various supports to the community Kensington Chlldren centre is still occupied space within Ufe bank and being run internally by LCC Both Parks Options and Sure Options have received government 5UPPOrt during the global pandemic which include the job retention scheme grants and rates relief which has helped with the company expenditure costs. Park Options have reviewed the structure in order to bg Sustainable in delivering the charilles overall objective5. We have had a reslruclure and kn employee5 opted for voluntary redundancies and left in December 2020 these roles will not been replaced. The work from these roles have been distributed lo other staff to support the organisation and the IT have been outsourced which is a considerable saving. Parks Optlons Ongolng Sale of Job Bank- with the last buyer pulling out in March 2020 due to the Covid 19 pandemic. We have succeeded wlh 8 new bLryer and both parties have agreed a sale price of £775,000. Solicitors have been instructed lo progress with this and the sale completed in June 2021. Lrfe Banks ¢urrent tenants have now oxpanded and now are renting further space In the buildlng bringing in a¢Jditional income We have had lo postpone our yoga events and an open day along with training tsken place in the Lrfe Bank Hall, bul we are hopeful this wtll be up 8nd njnning within summer of next year. This wll now be looked at commencing late 2021. Job Bank ha$ four strateglc aims: Provide assistance to employers in the area lo maximise growth and hence job opportunities. Offer a profession81 recruitment seNice to employers that will result in skilled local people gaining employment. Create a base of motivated skilled lo¢al people through education, training and support. Assist the local communlty to develop and thrive. Lifg Bank houses: Kensington Chlldren's Centre Grace Academy is a mandarin leachlng school whlch offers evlearning support and summeT camps. Life bank Nursery Heal Smoke free
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Income is generated through room hires. rents and catering. Along wf(h the grant income from various project5 we have managed lo generate from solar panels. Parks Options Ltd social impact 2020-2021 $0 far.. Young at hèart £1000 LCVS Programme (Delayed du• to Covld -191 Young al heart project aims lo provide a place where olLYer people can feel part of community whilst engaging exercise and lunch clubs. Proje¢l wll provide exercise classes. offer luncheon club over the year, help assist with loneliness, iso181ion as well as getting a¢live. Parks Options haven't had the financial ability to do more within the area with older generation due to la¢k of funding. This grant will aid with community engagement through linking with the older generation. breaking barrier5 Wthin the ¢()mmunity and help assist with positive changes-. tackling loneliness. Improve wellbeing as well as creating a sense of community. We have spoken to LCVS who a very supportive of us pursuing this project in the future. Camp Terrig Camp Terrig is an outdoor educational respite centre in North Wales. The main programme for Ihls was for children lo go on residential places,. the children and youn9 people are between the ages of 5-20 years. All Prospects 2000+ work had to be postponed this in the fvlure il hope lo continue with its.. Walking. (night walks) den building. Camp fire songs. awareness, team building Outdoor education currentty evolving the difference between city and rural issues i.e. horse chestnut tree The conkers- rain fall is effectin9 the difference and the health of the trees The effe¢ls of litter, learning what the environment is how people lived in rural areas in the past Environmental issues based on how we live our live5 today the impact of what we do, is il possible lo alter issues that people Ignore, the future always ask questions lo find the answers and interpret them. Conservation., We also do yoje¢ls with l¢¢al farmers the dee valley and Clfftian range area of outstanding natural beauty park rangers. Nursery children, B.M.E Refugee children Trading subsidiaries: Sure Options Limited Coronavir The coronavirus affected Sure Options Ltd from February 2020 onwards lo present, the nurseries continued lo operate for key workers and vulnerable children only during the pandemic, 511es Life Bank and Yew tree Nursery remained open lo support the local community wth food and School meal vouchers which was delivered by the Children's Cenlre. As stipulated by the Govemmenl Jubilee Sports Bank also had lo close in March 2020. Sure Options Ltd revised 2020-2021 budgets for the first sixth months going forward. As you can See from occupancy levels for the new flnancial years occupancy is slowly rising The impact on staff was that some staff had to be furfoughed from across all siles for the foreseeable future due to shielding for health reasons and as for Jubllee Sports Bank stsff that facility was closed therefore the staff based there were furloughed Risks as$es$menls were pul in place a¢ro$s all sites specbfically for Covid-19
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Before this happened we had a very productive year and continued lo strive to deliver the oulslanding services. Aims and new challenge5 Sel the following year had to further be postponed.. Increase Use of so¢ial m¢dia Increases networks and links with community based organisalions New website development for nurseries and sports centre Jubblee Sports Bank engaged more wth local Community, schools. and medical Cent$, aladY established within youth forum JSB.. Hall availability offering in less busy periods l.e. 30 minute classes which are very popular exlemal classes events, birthdays ,tournaments schools usage tsf JSB Personal training sessions women only classes especially within the BME Communbty. offer ¢)n weekday after school drop or Saturday a lol of women may work through the week shorter circuit classe5 working different body areas Create greater links with AFC Liverpool and look and developlng a model of them using JSB as their home club. By linking with this club we can do more work within the community through health. Networking links expanded this year building good relalic*nships with Liverpool Roller birds. Richmond fellowship Our Time - Time banking programme. the woman's netball world cup and M.M Boxlng Action forAuti5m This year 2020-2021 has been extremely low occupancy and as of September 2020 we were allowed to lake in MO children other than Keyworkers and vulnerable children bul found that lols of people were not returning due lo the pandemic, some reasons belng famSly circumstsnces had changed or worry. We also welcomed back stsff who were isolating on furlough. Activities this year were kept lo a minimum and staff concentrated on outdoor areas and curriculum, risk assessments for when they were to wel¢ome back children into the nursery. Occupancy ° Budget 2020-2021 April 20 May 20 Actual Kensington Actual Yewtree 3.90° 6.20% Ji 9.50V. June 20 July 20 August 20 September 20 October 20 Novernber 20 December 20 January 21 February 21 March 21 13.00°/0 4.60Qh 49.10° 38.5% 29.3% 35.7Qh 21.7Y. 25.2% 52.3 /0 39.50 41.1% 36.5¥. 37.20/0 Both Nurseries are operating as Ofsled level'Good'
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED}{INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Life bank nursery Life bank nursery has avayS pul outdoor education as paramount to the children's fearnin9 and has done many fund raising events which included taking part in a"$uperhero day. cake sales and raffles. The outside area has been developed and the ¢hildren grow frull and vogetsbles. They wash and prepare the food and lake 11 h¢me with them once they have prepaid for a meal an e.g. soup. This programme has oncouraged a lot of children lo eat vegetables parti¢ularfy Ihoso who would never before. The nursery is running a book share for 34 year olds and Is sending books into the horne for parents to read with their children. Occupancy Mlhin the nursery has decreased and as al March 2021 stood a141%. The average occupancy for the year 20-21 was 27.480A. The holiday club had also been postponed this year to avold cases as the nurserles have been working in bubbles. Yèwtree nursery Occupancy fi9ures have sltswly increased. however they are lower when compared wlh last year's ffigures. A nursery summ51 took place and plans have been put in place lo try and bring the occupanoy levels back up, this includes strengthening our marketing strategy. Average occupancy for the year 20-21 was 25.27% and as al March 2021 stood at 37.2%. Both nur5erie5 received Covid support grants: Yewtree £2.650 Kenslngton £3.900 We have also written off some debtors whom have left Ihe nursery and we 111 not be receiving money from them due lo the changes in their circumstances. Jubilee Sports Bank Jubilee Sports Bank is a community sports facllily located in an area of deprivation and was up for closure, hi)wever parks option5 Llcl stepped in and tried lo maintain this facility in order to have a leisure facility within the Kensington area whereby the residents ean ullise and acce55 aclivilie5 10 5UPPOrt their heaf(h and wellbeing. There is no other facility that offer the same or equivalent service within the area and parks Options felt this would be a great disadvantage to the surrounding area if this would have closed. There are a lot of organisations that use the facility that have not been welcomed in other facilities due lo the clienlal i.e. local organisalion use the facilities to bring their young people whom have been refused from main stream schools for various reasons. Park5 Options believe that Jubilee Sports Bank provides a huge social impact for the community whom would not have anywhe else lo go. The sports centre was open for a total of 5 months during 2020-2021 due lo Covid 19. There were many steps to adhere lo during this year due to the pandemic. The Sports hall was not available for hire due to the pandemlc whlch was were we generated the m3lorfty of our incorne in the previous year.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED}(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 See pie chart to show this year were we generated income.. JSB INCOME STREAMS 20-21 ftne suite . a ¥¥yrs¥wll ., Grarts ¥Jc&TL%tThXhee An annual comparison from 201 2020 to 2020-2021 C105ed for 7 month5 of the year and for then open for shorter periods i.e. 10am - 3pm to facililale the loe81 community Daily Passes Highest month 19-20 for daity passes were Jan 2020 11021 membeT5 Lowest month for daily passes Dec 2019 (351 in 20-21 highest month1321 Dec 20 Wètrkly pas$8$ last year 19-20140} highest month {13} October 2019 in 2020-2021 highest {4} in August Monthly M•mrShIP Incoma Highest month for Monthly passes were January 2020 1551 members and Lowest month for Monthly passes December 20191181 whilst in 2020-2021 highesl1371 September 2020 lass pa$s&s wlth gym m¢mbrshlp, monthly no classes 2021-2022 Kettlebells highest number 22 wlhin month 0 2021-2022 Meta-fit highest number 21 within month 0 2021-2022 May 2019 was the highest month of Astro usage within the sports centre we also had again due lo coronavirus and pitch damage a period where there was no usage student's monthlyldaily whilst 19-20 highest month October 2019 1491 lowest month December 2019 {10} 2020-2021 highest month was October 2020 (331
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Flnancial r•vi•w The consolidated Slalement of Finan¢ial Activities shows a negative nel movement of funds of £411,363 12020= £160,649} after a¢counling for a downward revaluation on tsngible fixed assets of £429.310 12020.. £nill. Total funds carried forward were £2.804,68412020.. £3,216.047} 88 al the Balance Sheet date. In respect of the charitsble parent company alone, tolal income was £412.14712020'. £402.0111 for Ihe year. After taking into account expenses of £681,963 12020.. £444,824}, whlch Include the inlercompany debt forgiven of £284.547, and a downward revaluation on tangible fixed as5els of £429,311 12020.. £nill, there was net negative movement on funds of £699.12712020.' ne9alive movement £42.8131 for the year. The charlty's funds comprised of unrestricted lund5 of £2,841,89612020". £3,541,023) as al 31 March 2021. Sure Options Limited made a pre and post tax profit of £287,764 {2020.' pre and post tsx loss of £117.8371 for the year after accounting for the inter¢ompany debt forgiven of £284.547. O¥Mng to the deficit recorded in Parks Option3 Limited the trustees have taken ne¢es$ary steps to combat these issues. These steps are detailed further in the 'Fulure Developments. section of thi5 report. Reserves policy 11 is the policy of the charity lo maintain unrestricted fvnds, which are the free reserves of the charity. al a level whereby expenditure in the region of 3 month5, estimated costs will be cc*vered. Based on the accounts lo 31 March 2021 this would require approximately £170,000 of free reserve5. which has not been met. Rlsk manag8m8nt The Iruslee5 have assessed the major risks lo which the charity 1$ exposed, and are $81isfied that systems are in place to manage exposure to the major risks. The Trustees, al their Board meetings, set out the strategic direction in whSch the charty should operate. They adopt the policies and agree the practice lo deliver the strategy. The process for appointing Trustees 1$ by an interview rith the Chief Executive. al this interview the career and interests of the individual are discussed. The Chief Executive then prepares a report with a recommenrlalion that is discu55ed al the next Board meellng. The Board then decides if they wish to appoint the applicant lo the Board. If they decide not lo appoint, the Chief Executive provides feedback to the applicant on why they were not appointed. The Chair of Parks Options and the Chair of Sure Options meet weekly with the Chief Executive to discuss all current issues. No de¢i5ion5 are taken at these meetings, decisions are left lo the relevant Board meetings. The weekly meetings are an opportunity to discuss issues in depth and to provide advice and support to the Chief Executive. Public Benefit The board of trustee3 are satisfied that Park5 Options Limited has fulfilled ils Charitable objedives for 202012021 and thereby provid&d ¢omm¢nsurale public benefit in compliance with the provisions of section 4 Charities Act 2011.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUED}{INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Future Developments In 2021-2022 Jubilee sports bank are hoping lo continue with our neorkIng with another independent ¢ommunlty sports facilities wlhin Liverpool. funding opportunities we could potentially draw down, we are hoplng lo start back up the referral system whereby we would sign post and vice versa potential clients such as events. This is working well as we are not In direct ¢ompelilion due lo localities. Whilst the sports centre was closed we kept in touch wrth Customers and did a 'keep Sn touch, whereby we phoned and che¢keil on how they were doin9. The sports centre also plan to do the followng= Extemal classes pay a hall rale events. birthdays, tournaments schools usage PT (personal Irainingl sessions Updates what's on 2021 for our September 2021 programme women only classes especially within the BME Community Source funding for a potential weekend clas$ i.e. maybe-self-defence class shorter circuits working diffenI body areas Continue to work towards cashless site through PayPal card machine. Continue neOrkIng were possible with Good gym, This Girl Can, Everton Football Club run a football scheme for asylum seekers, catIng and strengthening links wrth external groups such as the Greenback organisation, roller birds, boxing organisalion M.M Boxing Action for Autism and Liverpool football Foundation Continuing to building networks W0.n9 wth estsblished link such as Richmond fellowship whom support people with mental health through volunteering through lime bank Link in with lo¢al 'So¢ial Prescriptions wlhin the Kensington area linking eith local community support networks. The AFC team before lockdown where attending the gym a feasibilty study has been put foTrvard for the football pitches. New Challenges Nursery occupancy increase marketing for bNo year places and holiday clubs Develop a siblings discount policy, which could entice more nursery children Develop the holiday club model and link wlh local Schools Mindfulnesslyoga in the workplace could offer the nursery Ichildren centre lo access class over at JSB and comes out of training budgets which helps increase JSB income taster sessions of class or come with friends S0°h off Are member's vlsitors sllll filling out the feedback questionnaires? Engaging older generation through OAP-Yoga la chi lighter exercises After s¢hool growing club at life bank to enhance our nursery outdoor education Social media - JSB have now a presenc& on so¢ial media they Currently have lIter and Instsgram accounts and have been receiving positive feedback from their customers Leaflet drops have gained rn0 awane$S within the area particulady with the student population and the badminton usage.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 structurol gov•rnan¢o and managomont The charity 15 a company limited by guarantee. The ¢harity's objects are lo promote urban regeneration by providing unemployed people in the local area opportunities l(> learn basic numeracy, communication. literacy and infomiation technology ski115'. learn how their work can contribute lo the community, acquire job specific skills and develop as a worker in temis of interpersonal skills and self organisalion. The charity also provide5 service for local employers, and is ¢onlinuing the process of implementing a high level business leaders group. The charity wll co-operate with tsther agencies ¢oncemed with the poor and unemployed and will arrange conferences and seminars to discuss the development of employment opportunities and provlde open access lo the charity's premises for all secb.ons of the communily, organising and promob'ng lectures, day schools, exhibitions and talks. The company was incoiporaled under the CompaniesA¢l 1985 (company registration number 38280831 and was registered as a charity on 5 November 1999. 11 is therefore governed by ils Memorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up lo the dale of signature of the financial statemen15 were.. R Keenan S McESroy P Moore K Newbold M J Edwards Mr W Kelly {Resigned 26 JLtne 20201 IReslgned 1 February 20211 (Appointed 3 August 20211 None of the Iruslees has any beneficial interest in the company. All of the Iruslees are members of the company and guarantee to contribute. rf required, £1 in the event ol a wnding up. No person other than a Trustee retiring by rotation shall be appointed or reappointed a Trustee al any general meeting unless-. They are recommended by the Trustee8- or their appolnlment is proposed by a member qualified lo vote at the meeting. The Trustees have regular meetings lo agree strategy and endorse decisSons regarding the day to day activities of the Charity-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED)IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Key management Pgrsonnel romuneration The trustees consider the board of trustees and the senior management including the Chief Executive are the Key man8gement of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their lime freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party Iran8action5 are disclosed in the accounts. Trustee5 are required to disclose all relevant interests and register them rith the Chief Executive and in acctsrdance wlh the Trust's pollcy wthdraw from decisions where a conflict of interest arises. The pay of the charity's chief executive is reviewed annual and normally increased in accordance with average eamlngs. In view of the nature of the eharlty, ils economy of operations. and the extensive use of professional advisers lo the trust board. The remuneration is also bench-marked with grant-making ¢harities of a similar size and activity lo ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles. Please note staff are not guaranteed pay awards or bonuses in salaries and in cases whereby this is recommended this then goes to the Chief Executive lo aulhorise and requires that there be clear evidence of sustained oulslanding perfoimance o¥ evidence lo show the staff rnember has taken on additional roles or responsibilities Auditor The auditor, BVVM, is deemed lo be reappointed under sectlon 487121 of the Companie5 Act 2006. Disclosur• ijf information to audltor Each of the trustees has confirmed that there is no information ol which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant informalbon and lo estsblish that the auditor is aware of such information. The Tru51ee$' report was approved by the Board of Trustees. R Keenan Truslee Dated..
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 The Iruslees, %tho are also the dire¢lors of Parks Options Limited lor the purpose of company law. are responsible for preparing the Tru51ees' Report and the financial 51atement5 in accordance with applicable law and United Kingdom Accounting Standards Iunlled Kingdom Generally Accepted AOuntIng 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 charity and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that year. In preparing these flnanclal stslemenls, the trustees are requlred lo- select suitable acctsunting policies and then apply them consistently,, observe the methods and principles in the Charities SORP.. make judgements and eslimales that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slaternenls., and prepare the financi81 st8lemenls on the going concern basis unless il 1$ inappropriate lo presume that the charity will conne in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financTal slalemenls comply wlh the Companies Act 2006. They are also responsible for safeguarding the a5set5 of the charity and hen¢9 for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PARKS OPTIONS LIMITED Oplnlon We have 8udiled the financial statements of Parks Options Limited Ilhe 'charity'l and its subsidiary Ilhe 'group) for the year ended 31 March 2021 which comprSse the Consolldaled Slalement of Financial Aclwilies, the Con501idaled and Parent Balance Sheets, the Consolidated Statement of Cash Flows the slalemenl of financial activities. the balance sheet, the stslemenl of ca$h tlows and the notes to the financial statements, including significant accounung policies. The financlal reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion. the financial statements.. give a true and fair view of the state of the group's and the charitable company's affairs as al 31 March 2021 and of ils incoming resources and application ol resources. for the year then ended., have been properly prepared in accordance wtth United Kingdom Generally Accepted A¢¢ounting Practice,. and have been ppared in accordance with the requirements of the Companies Act 2006. Ba$1$ for oplnlon We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS (UKII and applicable law. Our respon5ibililies under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the gTOUP and the charity in accordance wlh the ethical requirements that are relevant lo our audit of the financial statements in the UK, incltJding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance ¥Arith these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide basis for our opinion. Material uncertainty Telated to going concern In auditing the financial stslèm¢nl$, hav¢ concluded that the Trustees. use of the going concem basis of accounting in the preparation of the financjal slalemen15 is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling lo events or conditions Ihat, individually or collectively. may cast significant doubt on the charity's ability to Continue as a going concern for a period of al least twelve months from when the financial slatemenly are authorised for issue. Our responsibilities and the Tesponsibililie5 of the Iruslees wth respect lo going concern are described in the ielevanl sections of this report. Othèr Infomiatlon The other information comprises the infoTmalion included in the annual report other than the financial statements and our audilorfs report thereon. The Iru51ees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicilly slated in our report, we do not express any form of assurance Conclusion Ihereon. Our responsibility Is to read the other Information and, in doing so, consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit. or elhemse appears lo be materially mi5Staled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on the work we have performed. we conclude that there 15 a material misslalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARKS OPTIONS LIMITED Oplnlons on other matters pr•$crlb9d by the Companlos Act 2006 In our opinion. based on the work LFndertaken in the course of our audit.. the information given in the Trustees, report. which includes the directors, report prepared for the purposes of company law, for the financi81 year for which the financial statements are prepared is consistent with the financial slatement$', and the directors, report induded wf(hin the Trustees, report has been prepared in accordance wth applicable legal requirements. Matters on whlch are requlrad to rèport by oxcaptlon In the light of the kno¥edge and understanding of the group and the charity and ils environment obtained in the course of the audlt. we have not identified material rnisslalement5 in the directors, port included witt)In the Trustees, report. We have nothing to report In respect of the followng matters in relation lo which the Companies Act 2006 require5 us lo Teport lo you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement wth the accounting records and retums., or certain disc105ures of Iruslees. remuneration specified by law are not made.. or we have not received all the information and explanation5 we requiTe for our audit., or the Iruslees were not entitled lo prepare the financial slalements in accordance wlh the small companies regime and lake advantage ol the small companies, exemptions In pieparing the Trustees, report and from the requirement lo prepare a strategic report. Rgsponsibilities of trustfr&s As explained more fulty in the statement of Trustees, responsibilities. the trustees, who are also the directors of the charity for the Purpose of company law, are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misslalement. whether due lo fraud or errol. In preparing the financial 51alemenls, the Iruslees are responslble for assessing the group's and the charity'5 ability lo continue as a going concem. disclosing, as applicable. mallers related lo going con¢em and using the going concem basis of accounting unle55 the Iru51ees either intend lo liquidate the group or the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's r•spon$ibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial stateents as a whole are free from material miEslatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordan¢¥ wlth ISAS {UKI will always delecl a material mi551alemenl when it exi51s. Misslatemenls 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 taken on the basis of these finan¢181 stslemenls. Irregulalilies. including fraud, are inslan¢e$ of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities including fraud. The extent lo which our procedure5 are capable tsf delecling irregularities. includlng fraud, is detailed below. 12
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARKS OPTIONS LIMITED The extent to whlch the audlt wa$ conslder8d capable of detectlng IrregularEtle$, Including fraud Our approach lo identifying and assessing the risks of material misstatement in re3pecl of irregularities, including fraud and non-compliance wth laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify tsr recognise non4compli8n¢e wth applicable laws and regulations.. we identified the laws and regulations applicable lo the company through discussions wth directors and other management.. we focused on speclflc laws and regulations lch we considered may have a direct material effect on the financial slalemenls or the operations ol the company, including the Companies Act 2006, laxallon legislation and data protection. anti-bribery. ernploymenl and health and safety legi51alion., we assessed the extent ol compliance with the laws and regulalitsns identified above through making enquiries of management and inspecting legal ¢orrespondence.' and idenb'fied laws and regulations were communl¢aled within the audit team regularly and the team remained alert lo instances of non<ompliance throughout the audlt. We a33essed the susceptibility of the company's financial stslemenls lo material misslalemenl, Includlng obtaining an understanding of how fraud might occur, by- making enquiries of rnanagemenl a5 to where they considered there was susceptibilty lo fraud, Ihelr knowledge of actual. suspected and alleged fraud,. and considering the internal controls in place lo miligale risks of fraud and nonrfompliance with laws and regulations. To address the risk of fraud through management bia$ and override of contro15, we.. perfomied analytical procedures to identify any unusual or unexpected rel8lionships- tested journal entries to identify unusual Iransaclions., assessed whether judgemen15 and assumptions made in determining the accounting estlmales were indicative of potential bias", and investigated the rationale behind slgnlficanl or Unusu tran5action$. In response lo the risk of irregularities and ntsn-compliance wth laws and regulations, we designed procedures whieh in¢luded, bul wert not Ilmiled to". agreeing financial statement disclosure5 Its underlying supporting documentation., reading the minute5 of meetings of those charged wlh goveman¢e.' and enquiring of management as to actual and potential litigation and claims. There are inhergnt limitations in OUT audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compllance. Auditing standards also limit the audit procedures required lo Identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misslatemenls that arise due to fraud can be harder to deled than those that arSse from error as they may involve deliberate concealment or collusion. A further description of our responsibilitie5 is available on the Financial Reporting Council's website at.. https'./l vJww.frc.org.ukJauditorsresponsibililies. Thi$ description forms part of our auditor's report. 13-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARKS OPTIONS LIMITED Us• of our rgport This report is made solely to the ¢harilable company's membeTS, as a body. Sn accordance with Chapter 3 tsf Part 16 of the Cc*mpanies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required lo slate to Ihern in an audiloTS' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the ¢haritable company's members as a body, for our audit work, for this report, or for the opinions we have fomed. Peter Taaffe FCA CTA DChA (Senlor Statutory Auditor) for and on behalf of BWM 23.12.2021 Chartarad Accountsnts ststutory Auditor Suite 5.1 12 Tilhebarn Street verpotsl L2 2DT 14-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unrgstricted Unrestricted fund$ funds 2021 2020 Notes Inco èndowme Donations and legacies Charitable aclivilie5 Other trading activities Inve51menl income Other income 729 136,356 603,978 625 153,918 670,825 46 18.264 62.469 Totsl Income 803,535 843,678 Raising funds 388,170 559,504 Charitable activities 397,417 444.823 Total exp&nditure 785,587 1.004,327 Not Incomlngl{outgoingl 17,948 {160,6491 other recognised gains and I$9S Revaluation of tsngible fixed assets 1429,311} Net movament in funds (411.3631 1160,649} Fund balances at 1 Aprfl 2020 3.216,047 3,376,696 Fund balances at 31 March 2021 2.804,684 3.216.047 The slalement of financlal activities inclutles all gain5 and losses re¢ognised in the year. All income and expenditure derive from continuing activllles. The slalemenl of financial activilios also complies with the requirements for an Income and expenditure account under the Companie5 Act 2006. 15-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2021 2021 2020 Nots$ Fixed as$•ts Tangible assets 14 2,959,988 3,393,111 Current assets Debtors Cash al b8nk and in hand 20 43.262 106,761 58,971 9,901 150,023 68.872 Cradltors: amounts falling dug wthin one year 22 1216,8631 {245,9361 Net current liabllitles 166,8401 (177,0621 3.216,047 Total assets le$$ current Ilabllitles 2,893,148 Credltors: amounts falling du• after mor• than ono year 24 188,4641 Net assets 2,804.684 3.216,047 Income funds restricted General unre5tricled funds Revaluation reserve 2,211,547 593,137 2,164.733 1,051,314 2,804.684 3,216,047 2,804.684 3,216,047 23.12.2021 The financial $tstemenls were approved by the Trustees on . R Keenan Trust•¢ Company Registratlon No. 3828083 16-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CHARITY BALANCE SHEET ASAf31 MARCH 2021 2021 2Q20 Notes Flxod a$s8ts Tangible assets Investments 15 16 2,954,540 3,388,180 2.954,541 3,388,181 Curront assts Debtors Cash al bank and In hand 21 23,382 6.343 272.597 227 29,725 272,824 CrdltOT5-. amounts falling due wlthln one year 23 (98,5821 1119,9821 Net current {liabililie5llassels 168,8571 1 $2.842 Total as$•ts less current liabiliti¥s 2,885.684 3,541,023 Craditors.. amounts falling due after mor• than one year {43.788) 3,541,023 Net assets 2,841,896 Tho funds of the ¢harlty Unreslri¢ted funds Flevaluation reserye 2.248,759 593,137 2,489.709 1.051.314 2.841,896 3,541,023 2,841,896 3.541,023 23.12.2021 The a¢counts were approved by the TTUStees on .............. R Keenan Trust•e Company Reglstration No. 3828083 17-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Notss Cash flows from op&ratlng activiti9$ Cash generated fromllab30rbed by) operations 37 23.507 176.6831 Investing activities Purchase of tangible fixed as$et$ Interest received 11,4341 48 Net cash (used Inyggnerated from Invastlng activitie$ 11.431) 46 Financing a¢llvltle$ Proceeds of new bank loans 100,000 Net cash g9n8ratsd fromllused inl rinancing activities 100,000 Net increasalldocraaso) in ¢a$h and cash ¢quivalonts 122.076 (76.637) Cash and cash equivalenls at beginning of year 150.6811 25.956 Cash and cash equlvalents at end ofy¢ar 71,395 150,6811 Relatlng to: Cash at bank and in hand Bank overdrafts indL5ded In creditors Payable ¥Mlhin one year 106,761 9,901 135.366} 160.5821 18-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2021 Accounting policie5 Charity Inforniatlon Parks Options Limited is a private company Ilmited by guarantee incorporated in England and Wales. The registeTed offi¢e Is Life Bank, 23 Quom Street. Liverpool, L7 2QR. 1.1 Accountlng ¢onv•ntlon The financial statements have been ppared in accordance with the charity's gtsverning document, the Companies Act 2006 and 'A)Unting and Reporting by Charrf(ies'. Stslement of Recorvmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, whlch is the functional Currency of the charity. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The accounts have been prepared under the historical cost ¢gnvenlion, modified to include the revaluation of freehold properties and certain finan¢ial instruments al fair value. The principal accounting policles adopted are set out bel()w. Consolidation The group financial statements consolidate those of the eharity and its wholly owned subsidiary undertakings drawn up lo 31 March 2021. The results of the charity's subsidiaries have been incorporate¢! on a line by line basis. A separate Statement of Financial A¢livlties and Income and Expenditure Account for the parent charitsble company has not been presented because the charity has taken advantage of the exemption afforded by section 408 ofthe CompaniesA¢l 2006. 1.2 Going concern These financial statements are Prepared on the going con¢em basis of accounting notwilhslanding a deficit for the perlod of £440,228 and nel current liabilities of £66,840 and further negative impacts on the charity arlslng from the Covick19 pandemic. The trustees have a reawnable expectation that kne charity wll continue in operational existence for the foreseeable future, bul are aware of certain material uncertainties which may cause doubt on the charity's ability lo continue as a going concern. The trustee$ have taken several steps lo ¢ombal the difficulties and have made economic adjuslmentè! savings and are seeking additional short term fundlng lo tackle the issues. The Iruslees have reviewed the cash position of the charitable company and the group as a whole, and cash fore¢asts al the dale ol signing the accounts and with the measures taken and the plans to be pul in place in the near future, the Iruslees are satisfied that the Gharilable company wll be able lo meet all of ils financial commitments as they fall due. The Trustees are aware of the position of the organi$8tion and are fully supportive of the actions that have been undertaken and the subsequent plans. The Senior Management Team have comprehensively explained the deflc51 Sn Parks Options to the board and the following future actions are being implemented across the group to improve its position. During 2021-22 to date PaTks Options has worked on the previous year5 deficit with the followng actions planned to improve the position further.. Sale of Job Bank- although delayed as a result of the Covid-19 pandemic the sale of the propety. was completed in June 2021 for an amount of £775,000. These funds will be used to boost the charity'5 free reserves. 19-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accounting policios {Continuèdl Lrfe Bank's current tenants havo now expanded and are renting lurther space in the building bringing in additional income. Park options has reviewed a further feslructure in order to be sustainable In delivering the charity's overall objectives. We have had a reslruclure and employees opted for voluntary redundancy and left in December 2020 and these roles have not been replaced. The work from these roles has been distributed to other staff lo support the organisation and the IT has been outsourced. The full impa¢l of these cost savings will be realised in 2021122. In Ilght of the Covid-19 pandemic and resulting lockdowns both Parks Options and Sure Option5 have ieceived government support during the global pandemic which include the job relentlon scheme grants and rates relief which has helped wth the company expenditure costs. Both Parks Options and Sure Options have also received Bounceback loans during the year. As such, at the lime of approving the accounts. the trustees have a rea80nable expectation that the charity has adequate $OUrceS to continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going et)ncorn basis of accounting in preparin9 the accounts. 1.3 Charitable funds Unrestricted funds 8re available for use at the discretion of the twslees in furtherance of their charitsble objectives. Reslricled funds are subject to specrfic condrtions by donors as lo how they m8y be used. The purposes and uses of the restricted and unrestricted funds are set out in the notes lo the account5. 1.4 Income Income is re¢ognised when the charity 15 legally entitled lo il after any performan¢e conditions have been met, the amounts can be measured reSiably. and il is probable that income will be received. ash donations are recognised on receipt. Olher donations are recognised once the charity has been notified of the donation, unless performance condi110n5 require deferral of the amount. Income tsx recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time ot the donation. Legacies are recognised on receipt or OtheSe if the charity has been notified of an impending distribution, the amount is known, and receipt 15 expected. If the amount 1$ not known. the lega¢y is treated as a contingent asset. Tumover 19 measured 81 the fair value of the consideration received or receivable and represents aniounls receivable for goods and services provided in the normal couise of busine35. net of discounts. VAT and other sales related taxes. 1.$ Expendllure Expendf(ure is included in the Slalemenl of FInanal Activitie8 on an accruals basis, in¢lusive of any VAT, which cannot be recovered. Certain expenditure is directly attributable to specific activities and has been included In those cost cateyories. Certain other cost5, which are attributable to more than one activity. are apportioned across cost categories on the basis of an estimate of the proportion of lime spent by stsff on those activities. 20-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accounting poli¢i&$ (Continued) 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, nel of depreciation and any impalrmenl losses. Depreciation is recognised so a5 to write off the cost or valualSon of assets less their residual values over their useful lives on the lollowng b8ses'. Freehold buildings Leasehold buildings Leasehold land Fixtures, fittlngs & equipment Computers 1Qh reducing balance 112-24 months straight line 10A reduclng balance Not depreciated 15% reducing balan¢e 25% slraighl line The gain or loss arising on the disp0531 of an asset is determined as the difference beeen the sale proceeds and the carrylng value ofthe asset. and is re¢ognised in net incomellexpenditurel for the year. 1.7 Impalmignt of fixed assets At each reporting end dale, the charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any 5uGh indication exists, the recoverable amount of the asset is eslimated in order lo detemine the extent of the impairment loss {if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposf(3 held at call with banks. other short-term liquid investmen15 with origin81 malurllles of three months or less. and bank overdrafts. 1.9 Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenl$' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of Ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilit$ are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there Is an intention to settle on a nel basis or lo realise the asset and sellle the liability simultaneously. Basic financial assets Ba51¢ financial assets, which include debtors and cash and bank balances. are Snit5ally measured ai transaction price including transaction costs and are subsequently carried at amortised cost using thè effective interest method unless the arrangement constitutes a financing transaction, where the transaction Is measured al the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 21
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2021 Accountlng pollciè8 {Continuedl Baslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially re¢ognised at Iransactlon prl¢e unless the arrangement conslilutes a financing Iran5aclion, where the debt instrument is measured al the present value of the future paymen15 discounted at a market rate of Interest. Financial liabilities classified as payable within one year are not amort15ed. Debt instruments are subsequently carried at amortised cost, using the effectivg interest rale method. Trade Creditors are obligations lo pay for goods oi services that have been acquired In the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitie5 if payment is due within one year or le55. If not, they are presented a5 non-¢urrent liabilities. Trade creditors are recognised initially at transaction pri and subsequently measured al amoTNsed cost using the effective Interest method. Dere¢ognltion of flnan¢lal Ilabilities Financial liabilities are derecognised when the charity's Contractu obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement Is recognised in the perivd in lch the eTnpk)yee's service5 are received. Termination benefits are recognised Immediately a5 an expense when the ¢harily is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. 1.11 Rgllrement benefits Payments to defined Contribution retirement benefit scheme5 are charged as an expense as they faN due. 1.12 Taxation The charity benefits from various exemption5 from tsxalion afforded by tax legislation and is not liable to corporation tax on income or gain5 falling within those exemptions. The Charity is not able to recover Value Added Tax. Expenditure Is recorded in the a¢eounts inclusive of VAT. 1.13 Govornment grants Grants are credited lo deferred revenue. Grants towards Capital expenditure are released to the profrt and loss account over the expected useful life of the assets. Grants towards revenue expenditure ar¢ released lo the profit and loss account 8S th& related expendilure is incurred. Crltlcal accountlng wstimates and judggmants (Group) In the application of the charity's accounting policie5, the trustees are required lo make judgements, estimates and assumptions about the carrying amount (>1 assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dlffer from these estirnates. The eslimales and undertying assumptions are reviewed on an ongoing ba515. Revisions to accounting estimates are r¢cognised in the period in which the estimate is revised where the revision affeels only that period, or in the period of the revision and future period3 where the revision affects both current and future periods. -22-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Donatlons and1ggaclo$ Unrèstrlctgd Unrestricted funds funds 2021 2020 Donations and gifts Grants receivable 625 729 729 625 Charltable activities Rental Recharg Rentsl income and income income and $•rvlea service charge5 ¢harges 2020 Total 2020 2021 2020 Income withirb charitable activities 136,356 41 153,877 153,918 other trading activities Unrestricted Unrestricted funds fund5 2021 2020 Sure Optlons Limfted 603,978 670,825 Investment In¢om Unrestrictsd Unreslricled fun(ts funds 2021 2020 Interest receivable 23-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Olhor Incom Unrgstrlctod Unrestricted funds funds 2021 2020 other income Job Retention Scheme grants 6,921 55,548 18.264 62,469 18,264 Ralsing funds Unr&$trlcted Unreslricied funds funds 2021 2020 radin costs Operating trading company undertaking non-charitable trading aclivty Staff costs Depreciation and impaimient Support costs 103.594 274,962 919 8,695 135,760 415,228 1,417 7,099 Trading eosl8 388,170 559.504 -24-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Charitable activities Charttabl• Charitable gxpènditure expènditure 2021 2020 Staff costs Depreciation and Impalrment Premises costs Office costs TTavelling Costs Programme costs sessional workers Sundry costs Bad debts 158,244 4.330 77.542 30,100 2,330 18,036 15,000 164,788 38.881 83,684 38.073 3,584 22,907 576 11,4701 305.582 351.023 ShaTe of support costs (see note 101 Share of governance costs (see note 101 83.167 8,668 83.848 9,954 397,417 444,823 10 Support costs Support Governancg Costs costs 2021 Supptsrt Govemance costs Costs 2020 Staff costs Consultancy, legal fees and bank charges Interest paid on bank loan 78,805 78.805 79.966 79,966 3,633 3,633 3.880 3,880 1,354 1.354 Audit fees Accountancy 7.990 8.748 7,990 8,748 7.800 9,253 7,800 9,253 83.792 16,738 100,530 83,846 17,053 100,899 Analysed between Trading Charitable activitie3 625 83.167 8,070 8,668 8,695 91,835 7,099 9.954 7,099 93,800 83,846 83,792 16,738 100,530 83,846 17.053 100,899 The support Costs and govemance costs are allocated based orb time spent. The governance costs indude payments lo the auditor which are detailed in note 12. 25-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 11 Trust••s The trustees received no remuneration and no relmbursement of expenses during the year ended 31 March 2021 12020 - £Nill. 12 Auditor's remun•ration The analysis of auditor's remuneration is as follow5: Fees payable to tho Company's audllor: 2021 2020 Audit of tha company's annual accounts 4,900 4,800 Other 5&rvlc•s to tho group the audit of the company's subsidiaries 3.090 3.000 Total audit fees 7.990 7.800 Non4udit services All other nonvaudit seNlces 8,748 9,253 13 Employe•$ The average monthly number of employeès durin9 the year was: 2021 Number 2020 Number Administration Reception Nursery team Cleaners Caretaker Sports Centre team 19 38 Total 32 55 Employment costs 2021 2020 Wages and salaries Social security costs Other pension costs 475.126 28.841 8,044 612,390 36,114 11,478 512,011 659.982 There were no employees whose annual remuneration was £60,000 or more. -26-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 37 MARCH 2021 14 T4n9lbl•ffxod i$4ts- grp FM4hi1d L•wb4d Lthts•hold Cost Al 1 Apth 2020 Athlltlons Re¥alu*knn 1.428.020 2,127.760 37,240 $4,1Q1 3,782,251 1,434 163S,0001 1.434 140D.OUDI 1241.1601 8.160 Ai 31 March 2021 1.02B.020 1,e88.600 43.400 136,564 54.101 3.14B.685 D•pr4clkUoTrand knpalrrn•fit At 1 Apnl 2020 Dèpreoa4onrhAryèd h Ihoyoor 123.530 101,32B 5,249 54.101 389.13e 5.249 {205,6901 Al 31 Miich 2021 28.019 106.577 51,101 188,$97 ¢arrylnu arnot hl 31 March 2021 l.O(H).Wl i.ues.600 413,40CI 29.987 2.95Y.9B8 At 31 March 2020 1.304.489 2,017.sei 37,240 33,801 -27.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 14 Tangible fixed a$$ets - group IContlnued} Al 31 March 2021, had the revalued assets been carried al historic cost less accumulated depre¢Salion and accumulated impairrnenl losses, their carrying amount would have been approximately £1.889,014 12020.. £1,887,893). 2021 2020 Long leasehold 43,400 37,240 The freehold and leasehold land and buSldings are slated al market value. Valuation was carried OLtt by SK Real Estsle. 2 Cotton St, Liverpool L3 7DY, on 24, 27 and 29 September 2021 for 3 of the properties. One of the leasehold land and buildings was revalued following an agreed sales value. Freehold buildings with a carrying amount of £1,000,001 12020.. £1.304,489) have a legal charge lo secure sums advanced to Liverpool Hope University in respect of in((lal build costs of the property and to ensure continued use of the property during the conditional period of the grant lunding120 years) on the terms of the agreements dated 23 January 2003, 16 hAay 2003, 7 December 2004 and 25 July 2006 in the event of insolvency. There is a second legal charge on the same property by way of a legal mortgage by Liverpool City Council as security for the payment of £85,000. Thi5 charge can be discharged if the redemption dale is not triggered by 30 years from 27 March 2006. -28-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICQNTINueDI FOR THE YEAR ENDED 31 MARCH 2021 15 T•Trglbl•fL¥ed4Uit#-¢harfty L••i•hdd bulW5n•S nd iitUn¥• Co$ttvvaluJl At 1 Apnl 2020 1.400.001 2.127.760 14W.QODI 1241.1eoi 37340 6.180 111.587 25.033 3.7D2,031 {635.0001 Al 31 Mjith 2021 1.OQD.001 1.eB&6oo 43.40D 25,Q33 3,067.031 D*pre£latlDTh Ind knpaltm•nt Al 1 April 2020 Depreciubon charpdinlhayaar 95.511 83,128 4,330 26,033 313,851 4,330 1205,6901 Al 31 Mwth2021 B7.45e 26,033 ¢Jrrylny Al31 March2021 1,000.001 1,88e.600 43.400 24.539 2.925.67S At 31 Math 202D 1.304.490 2.017,$81 37,240 20,B69 3.358.1UQ -29-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 15 Tangible fixed a$$gts - charity Icontlnuèdl Al 31 March 2021, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £1.869.014 12020.. £1,887,893). 2021 2020 Long leasehold 43,400 37.240 The freehold and leasehold land and buil¢Jings are slated at market value. Valuation S carried out by SK Real Estate. 2 Cotton Sl, Liverpool L3 7DY, on 24, 27 and 29 SeptembeT 2021 for 3 of the properties. One of the leasehold land and buildings was revalued following an agreed sales value. Freehold buildings a carrying amount of £1,000,001 12020.. £1,304,489) have a legal charge to secure sums advanced lo Liverpool Hope University in SpeCt of initial build costs of the property and to ensure continued use of the property durin9 the conditional period of the grant funding120 years) on the terms cf the agreements dated 23 January 2003, 16 May 2003. 7 De¢ember 2004 and 25 July 2006 in the event of insolvency. There is a second legal charge on th9 same propety by way of a legal mort9age by Liverpoo5 City Council as security for the payment of £85,000. This charge be dlscharged if the redemption date is not triggered by 30 years from 27 March 2006. 16 Fixed assot investments - charity Sub$ldlaries Cost or valuation At l April 2020 & 31 March 2021 Carrying amount Al 31 March 2021 Al 31 March 2020 -30-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 17 Subsidiaries: Charity Details of the charlty's subsidiaries al 31 March 2021 are as follows.. Name of undertaklng and country of Nature of busines5 Incorporation or rasldency % H•ld Dlre¢t Parks Options Trading Limited Sure Options Limited England and Dormant Wales England and Promote Care. education. health Wales and development of children 100.00 100.00 The aggregate ¢apital and reseNes and the result for the year of subsidiaries was as follows.. Name of undgrtaking ProfitllLo$sl Capltal and Resorvos Parks Opllons Trading Llmited Sure Options Limited 287,764 137.2121 18 Financial instruments- group 2021 2020 Carrying amount of financlal assets Debt instruments measured at amortised cost 118,208 21.162 Carrying amount of financlal liabilitles Measured at amortised cost 270,028 187,423 19 Flnancial instrum&nts- charlty 2021 2020 Canylng amount of financial assets Debt instruments measured al amortised c05t Equsty instruments measured al cost less impairment 7,911 244.444 Carrying amount of financial liabllltles Measured at amortised cost 138.191 114,965 20 Dèbtors - group 2021 2020 Amounts falling du• wlthin one yaar: Trade debtors Other debtors Prepayments and accrued in¢ome 11.446 11.26P 31,815 47,710 43.262 58,971 31
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 21 D¢btors- charity 2021 2020 Amounts falling due within one year: Trade debtors Amounts due from subsidiary undertakings Prepayments and accrued income 1,568 2.866 241,351 28,380 21,814 23.382 272.597 22 CTedltors: amounts falling duè wllhln on• year- group 2021 2020 Note$ Bank loans and overdrafts Other taxation and soual security Deferred income Trade creditors Other creditors Accruals 26 46,902 7,500 27,799 111.951 3,463 19.248 60,582 6,795 51,718 101,844 4.901 20.096 28 216,863 245,936 23 Credltors: amounts falllng due wlthin one yoar- Gharlty 2021 2020 Not¢$ Loans and overdrafts Other taxation and social security Deferred Income Trade creditors Other creditors Accruals 27 41,578 3.179 1.000 41,386 2,571 8,868 48,462 4,017 1,000 50,700 3.631 12.172 29 98,582 119,982 24 Credltors: amounts falllng du• aftsr more than one y&ar- group 2021 2020 Notss Bank loans 26 88,464 -32-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 25 Credltors: amounts falling du• after more than ono year- charity 2021 2020 Notes Bank loans 27 43,788 26 Loans and overdrafts- group 2021 2020 Bank overdrafts Bank108n8 35,366 100,000 60,582 135,366 60,582 Payable wilhln one year Payable after one year 46.902 88,464 60.582 Amounts included above which fall due after five years.. Payable by inslalments 9.761 The group bank borrowing5 ¥Mth HSBC of £35.366 12020.. £60.5821 are secured by a fixed and ftoatin9 charge over the charity's assets. 26 Loans and overdraft$- charlty 2021 2020 Bank overdrafts Bank loans 35,366 50,000 48,462 85.366 48,462 Payable within one year Payable after one year 41,578 43,788 48,462 Amounts included above which fall due after five years.. Payable by inslalmenls 4.437 The charity bank borrowings wlh HSBC of £35.366 (2020= £48.4621 are secured by a fixed and floating charge over the charty's a55ets. 33-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 28 Deferred Income - group 2021 2020 Arising from government grants Other deferred income 26,799 1,000 50,718 1.000 27,799 51,718 2021 2020 Current liabilities 27,799 51,718 2021 2020 Total deferred income at 1 April 2020 Amounts received in year Amount$ Credited to ststemenl of financial activities 51,718 51.718 {23,919} Total deferred income at 31 March 2021 27.799 51.718 DefeTred income relates lo amounts received in advance of entitlement.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 29 D•farred Income- charity 2021 2020 other deferred income 1.000 1,000 2021 2020 Current liabiliti&s 1,000 1,000 2021 2020 Total defeed income al 1 April 2020 Amounts recebved in year Amounts credited lo Ststement of financlal activitie8 1,000 1.000 Total deferred income at 31 March 2021 1,000 1,000 Deferred income relate5 to amounts received in advance of enlidemenl. 30 R&llrement benefit s¢h&mas - group The charity operates a defined contribution pension Scheme for all qualifying employees. The asselg of Ihp scheme are held separately from those of the charity in an independently administered fund. The charge to the income and expenditure account in re$pecl of defined contribution scheme5 was £8044 12020- £114781. 31 Company Ilmitsd by guarantoe Parks Options Limited is incorporated under the Companies Ad as a company limited by guarantee. The liability of the members is £1. 32 Analysis of net assets between funds- group Unrestrlcted Unrestricted funds funds 2021 2020 Fund balances at 31 March 2021 are represented by.. Tangible asse15 Current assetsllliabillties) Long term liabilitles 2.959,988 3.393,111 166.8401 {177,0641 {88.4641 2,804,684 3.216,047 -35-
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 33 Analysls of net ass•ts bgtwaen funds - ¢harlty Unr•$trlcted Unreslrlcled funds funds 2021 2020 Fund balances al 31 Mar¢h 2021 are represented by.. Tangible assets Investments Current assetsllliabililiesl Long term liabilities 2,925,675 3,368,18 {68,8571 143,7881 152,842 2.813.031 3,541,023 34 Operatlng loaso commitm&nts - group Al the reporting end date the charity had oulslanding ¢ommilmenls for future minimum lease payments under non-cancellable operating leases. which fall due as follows-. 2021 2020 thin one year Between two and five years 1,885 842 1,925 2.527 2,527 4,452 35 Related party transactlons - group Remuneration of key managemont personnol The remuneration of key management personnel. who are the Chlef Executive Officer and the Finance Manager, is as follows. 2021 2020 Aggregate compensalK)n 78,805 79,966 The group has taken advantage of the dis¢losure exemptions lo whld) it is entitled regarding transactions belween parent and 100% ovmed subsidiary ttlmpanies and there are no other disc105able related party transactions.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 36 Analys1$ of changes in net Idebtllfunds At 1 ApTII 2Q20 Cash flowsAt 31 March 2021 Cash 81 bank and in hand Bank overdrafts 9,901 160,582) 96,860 25.216 106.761 135,3661 150,6811 122,076 71,395 L08ns falling due wthin one yeai Lo8ns falling due after more than one year 111.536> 188,464) 111,5361 188.4641 150,681) 22,076 128,6051 The charity had no debt durfng the year. 37 Cash gonorated from op&rations - group 2021 2020 Deficit for the year 17,948 1160,6481 Adjustsnents for.. Investment income recognised in statement of financial activities Depreciation and impairment tsf langibSe fixed assets 13} 5,249 1461 40.298 Movements in working capital.. Decreasel{in¢reasel in debtors Increase in ¢redilors IOecreaseifincreas8 in deferred income 15.706 8,526 123.919} 40,182 3,718 Cash generated fromllabsorbed by) oparations 23,507 176,6831 37-