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2022-03-30-accounts

Charity registration number 1078076

Company registration number 3828083 (England and Wales)

PARKS OPTIONS LIMITED

COMPANY LIMITED BY GUARANTEE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees R Keenan
P Moore
M J Edwards
Mr W Kelly (Appointed 3 August 2021)
Secretary L Murdock
Charity number 1078076
Company number 3828083
Registered office Life Bank
23 Quorn Street
Liverpool
L7 2QR
Auditor BWM
Tempest
Suite 5.1
12 Tithebarn Street
Liverpool
L2 2DT
Bankers HSBC Bank PLC
99-101 Lord Street
Liverpool
L2 6PG
Solicitors Maxwell Hodge
14 Castle Street
Liverpool
L2 0SG

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS

Page
Trustees' report 1 - 7
Statement of Trustees' responsibilities 8
Independent auditor's report 9 - 11
Consoldiated statement of financial activities 12
Consolidated balance sheet 13
Charity balance sheet 14
Consolidated statement of cash flows 15
Notes to the financial statements 16 - 34

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report and consolidated accounts for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Achievements and performance

This year 2021-2022 has been an extremely busy period for Parks Options Ltd as the narrative shows.

Parks Options

Ongoing

Parks Options has four strategic aims:

Life Bank houses:

Income is generated through room hires, rents and catering.

Along with the grant income from various projects we have managed to generate from solar panels.

Parks Options Ltd social impact 2021-2022 so far:

Ford Application £1280

The overall aim of our project is to enhance the ICT skills of the older 2 year olds and Preschool within Life Bank Nursery setting using technology. This would enable the children to have an introduction into ICT as a majority of these children would not have access otherwise, therefore giving young children the support to develop new skills, learning about different aspects of ICT such as counting numbers and learning the alphabet. With the funding we will be able to purchase IT equipment, which enables the children to interact, communicate, explore, engage with each other and give children a great deal of learning opportunities across the early year’s curriculum.

Young at heart J.O.Y Programme £1000 LCVS Programme (Delayed due to Covid -19)

Young at heart project aims to provide a place where older people can feel part of community whilst engaging in exercise and lunch clubs. The project will provide exercise classes, offer luncheon clubs over the year, help assist with loneliness and isolation as well as getting active. Parks Options haven’t had the financial ability to do more within the area with older generation due to lack of funding. This grant will aid with community engagement through linking with the older generation, breaking barriers within the community and help assist with positive changes: tackling loneliness, improve wellbeing as well as creating a sense of community. We have spoken to LCVS who are very supportive of us pursuing this project in the future.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Camp Terrig

Camp Terrig is an outdoor educational respite centre in North Wales. The main programme for this was for children to go on residential places; the children and young people are between the ages of 5-20 years. All Prospects 2000+ work had to be postponed but in the future it hopes to continue with:

Outdoor pursuits

Trading subsidiaries:

Sure Options Limited

Occupancy levels for this year 2021-2022 have improved as the country came out of lockdown. The activities for the year were back to normal and staff concentrated on outdoor areas and curriculum, and welcomed children back into the nursery.

back into the nursery.
April 21 47.5% 43.5%
May21 47.5% 42.5%
June 21 64.7% 52.1%
July21 38.7% 34.4%
August 21 16.8% 18.30%
September 21 65.3% 53.3%
October 21 58.3% 48.6%
November 21 71.% 46.3%
December 21 35.10% 30.1%
January22 63.7% 60.1%
February22 63.4% 62%
March 22 77.9% 73%

Both Nurseries are operating as Ofsted level “Good”

Life bank nursery

Life bank nursery has always put outdoor education as paramount to the children’s learning and has done many fund raising events which included taking part in a “superhero day”, cake sales and raffles.

The outside area has been developed and the children grow fruit and vegetables. They wash and prepare the food and take it home with them once they have prepaid for a meal an e.g. soup. This programme has encouraged a lot of children to eat vegetables particularly those who would never before.

The nursery is running a book share for 3-4 year olds and is sending books into the home for parents to read with their children.

Also the nursery has resourced their sensory room with access through the disability access funding which has been a huge help.

Overall occupancy within the year 20-21 was 27.65% and this year 21-22 it was 54.07%.

Occupancy within the nursery has increased and at March 2022 stood at 77.9%

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The holiday club had started again and is slowly increasing.

Yewtree nursery

Occupancy figures have slowly increased, however they are higher when compared with last year’s figures.

Average overall occupancy within the nursery is 47.10% 2022

Overall occupancy 20-21 was 25.27% and at March 2022 stood at 73%

Both nurseries received Covid support grants:

Yewtree £5,000

Kensington £5,000

We have also written off some debtors whom have left the nursery and we will not be receiving money from them due to the changes in their circumstances.

Jubilee Sports Bank

Jubilee Sports Bank is a community sports facility located in an area of deprivation and was up for closure, however parks options Ltd stepped in and tried to maintain this facility in order to have a leisure facility within the Kensington area whereby the residents can utilise and access activities to support their health 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 to the cliental i.e. a local organisation use the facilities to bring their young people whom have been refused from main stream schools for various reasons. Parks Options believe that Jubilee Sports Bank provides a huge social impact for the community whom would not have anywhere else to go.

The Sports hall was up and running again after being closed due to the pandemic.

See pie chart to show this year were we generated income:

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

An annual comparison from 2020-2021 to 2021-2022

Daily Passes 20-21 highest month (32) Dec 20 Lowest (3) in July ,21-22 highest month (32) February lowest month (6) July and august.

Weekly passes last year 2020-2021 highest (4) in august this year (1) in July

Monthly membership income whilst in 2020-2021 highest (37) September 2020 in 2021-2022 highest (44) in February and lowest (9) in December

Class passes with gym membership, monthly no classes 2021-2022

Kettlebells highest number 22 within month 0 2021-2022

Meta-fit highest number 21 within month 0 2021-2022

No Astro usage within the sports centre due to pitch damage.

Student’s monthly/daily 2020-2021 highest month was October 2020 (33) in 2021-2022 highest month was (28) September lowest month (3) December

Other achievements:

Financial review

The consolidated Statement of Financial Activities shows a negative net movement of funds of £7,263 (2021: £411,363) after accounting for a downward revaluation on tangible fixed assets of £nil (2021: £429,310). Total funds carried forward were £2,797,421 (2021: £2,804,684) as at the Balance Sheet date.

In respect of the charitable parent company alone, total income was £315,374 (2021: £412,147) for the year. After taking into account expenses of £360,210 (2021: £681,963), which include the intercompany debt forgiven of £nil (2021: £284,547), and a downward revaluation on tangible fixed assets of £nil (2021: £429,311), there was a net negative movement on funds of £44,836 (2021: negative movement £699,127) for the year. The charity's funds comprised of unrestricted funds of £2,797,060 (2021: £2,841,896) as at 31 March 2022.

Sure Options Limited made a pre and post tax profit of £37,573 (2021: £287,764) for the year after accounting for the intercompany debt forgiven of £nil (2021: £284,547).

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level whereby expenditure in the region of 3 months' estimated costs will be covered. Based on the accounts to 31 March 2022 this would require approximately £221,000 of free reserves, which has been met.

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to manage exposure to the major risks.

The Trustees, at their Board meetings, set out the strategic direction in which the charity should operate. They adopt the policies and agree the practice to deliver the strategy.

The Chair of Parks Options and the Chair of Sure Options meet weekly with the Chief Executive to discuss all current issues. No decisions are taken at these meetings, decisions are left to 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 trustees are satisfied that Parks Options Limited has fulfilled its charitable objectives for 2020/2021 and thereby provided commensurate public benefit in compliance with the provisions of section 4 Charities Act 2011.

Plans & new challenges for 2022-2023

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

The charity is a company limited by guarantee. The charity's objects are to promote urban regeneration by providing unemployed people in the local area opportunities to learn basic numeracy, communication, literacy and information technology skills; learn how their work can contribute to the community, acquire job specific skills and develop as a worker in terms of interpersonal skills and self organisation. The charity also provides a service for local employers, and is continuing the process of implementing a high level business leaders group.

The charity will co-operate with other agencies concerned with the poor and unemployed and will arrange conferences and seminars to discuss the development of employment opportunities and provide open access to the charity's premises for all sections of the community, organising and promoting lectures, day schools, exhibitions and talks.

The company was incorporated under the Companies Act 1985 (company registration number 3828083) and was registered as a charity on 5 November 1999. It is therefore governed by its 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 to the date of signature of the financial statements were:

R Keenan P Moore M J Edwards Mr W Kelly (Appointed 3 August 2021)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute, if required, £1 in the event of a winding up.

No person other than a Trustee retiring by rotation shall be appointed or reappointed a Trustee at any general meeting unless:

They are recommended by the Trustees; or their appointment is proposed by a member qualified to vote at the meeting.

The process for appointing Trustees is by an interview with the Chief Executive, at this interview the career and interests of the individual are discussed. The Chief Executive then prepares a report with a recommendation that is discussed at the next Board meeting. The Board then decides if they wish to appoint the applicant to the Board. If they decide not to appoint, the Chief Executive provides feedback to the applicant on why they were not appointed.

The Trustees have regular meetings to agree strategy and endorse decisions regarding the day to day activities of the Charity.

Key management personnel remuneration

The trustees consider the board of trustees and the senior management including the Chief Executive are the Key management 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 time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in the accounts.

Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

The pay of the charity’s chief executive is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, its economy of operations, and the extensive use of professional advisers to the trust board. The remuneration is also bench-marked with grant-making charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

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 to authorise and requires that there be clear evidence of sustained outstanding performance or evidence to show the staff member has taken on additional roles or responsibilities.

Auditor

In accordance with the company's articles, a resolution proposing that BWM be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of 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 information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

R Keenan

Trustee Dated: 22 December 2022

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The trustees, who are also the directors of Parks Options Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 financial statements, the trustees are required to:

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

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARKS OPTIONS LIMITED

Opinion

We have audited the financial statements of Parks Options Limited (the ‘charity’) and its subsidiary (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Balance Sheets, the Consolidated Statement of Cash Flows the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARKS OPTIONS LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities 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 material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARKS OPTIONS LIMITED

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our 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-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Casey ACA (Senior Statutory Auditor)
for and on behalf of BWM 23 December 2022

Chartered Accountants Statutory Auditor Tempest Suite 5.1 12 Tithebarn Street Liverpool L2 2DT

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Unrestricted
funds
funds
2022
2021
Notes
£
£
Income and endowments from:
Donations and legacies
3
521
729
Charitable activities
4
86,416
136,356
Other trading activities
5
795,290
603,978
Investment income
6
12
3
Other income
7
17,746
62,469
Total income
899,985
803,535
Expenditure on:
Raising funds
8
547,037
388,170
Charitable activities
9
338,149
397,417
Other
14
22,062
-
Total expenditure
907,248
785,587
Net (expenditure)/income
(7,263)
17,948
Other recognised gains and losses		 Unrestricted
Unrestricted
funds
funds
2022
2021
Notes
£
£
Income and endowments from:
Donations and legacies
3
521
729
Charitable activities
4
86,416
136,356
Other trading activities
5
795,290
603,978
Investment income
6
12
3
Other income
7
17,746
62,469
Total income
899,985
803,535
Expenditure on:
Raising funds
8
547,037
388,170
Charitable activities
9
338,149
397,417
Other
14
22,062
-
Total expenditure
907,248
785,587
Net (expenditure)/income
(7,263)
17,948
Other recognised gains and losses		 Unrestricted
Unrestricted
funds
funds
2022
2021
Notes
£
£
Income and endowments from:
Donations and legacies
3
521
729
Charitable activities
4
86,416
136,356
Other trading activities
5
795,290
603,978
Investment income
6
12
3
Other income
7
17,746
62,469
Total income
899,985
803,535
Expenditure on:
Raising funds
8
547,037
388,170
Charitable activities
9
338,149
397,417
Other
14
22,062
-
Total expenditure
907,248
785,587
Net (expenditure)/income
(7,263)
17,948
Other recognised gains and losses
funds
2022
£
Income and endowments from:
Donations and legacies
3		 521
Charitable activities
4		 86,416
Other trading activities
5		 795,290
Investment income
6		 12
Other income
7		 17,746
Total income 899,985
Expenditure on:
Raising funds
8		 547,037
Charitable activities
9		 338,149
Other
14		 22,062
Total expenditure
Net (expenditure)/income
907,248
(7,263)
Other recognised gains and losses
Revaluation of tangible fixed assets
Net movement in funds
Fund balances at 1 April 2021
Fund balances at 31 March 2022		 - (429,311)
(7,263) (411,363)
3,216,047
2,804,684
2,804,684
2,797,421

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2022

Notes 2022 2022 2021
£
£
2,959,988
43,262
106,761
150,023
(216,863)
(66,840)
2,893,148
(88,464)
2,804,684
2,211,547
593,137
2,804,684
2,804,684		 2021
£
£
2,959,988
43,262
106,761
150,023
(216,863)
(66,840)
2,893,148
(88,464)
2,804,684
2,211,547
593,137
2,804,684
2,804,684
£ £ £
Fixed assets
Tangible assets
15
Current assets		 52,150
818,967
871,117
(196,853)		 2,191,612
674,264
2,865,876
(68,455)
2,797,421
2,797,421
2,797,421		 43,262
106,761
150,023
(216,863)
2,211,547
593,137
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within
one year
23
Net current assets/(liabilities) (66,840)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
25
Net assets		 2,478,113
319,308		 2,893,148
(88,464)
2,804,684
2,804,684
2,804,684
Income funds
Unrestricted funds
General unrestricted funds
Revaluation reserve

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 22 December 2022

R Keenan

Trustee

Company Registration No. 3828083

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CHARITY BALANCE SHEET

AS AT 31 MARCH 2022

Notes 2022 2022 2021
£
£
2,954,540
1
2,954,541
23,382
6,343
29,725
(98,582)
(68,857)
2,885,684
(43,788)
2,841,896
2,248,759
593,137
2,841,896
2,841,896		 2021
£
£
2,954,540
1
2,954,541
23,382
6,343
29,725
(98,582)
(68,857)
2,885,684
(43,788)
2,841,896
2,248,759
593,137
2,841,896
2,841,896
£ £ £
Fixed assets
Tangible assets
16
Investments
17
Current assets		 99,563
659,348
758,911
(93,090)		 2,165,070
1
2,165,071
665,821
2,830,892
(33,832)
2,797,060
2,797,060
2,797,060		 23,382
6,343
29,725
(98,582)
2,248,759
593,137
Debtors
22
Cash at bank and in hand
Creditors: amounts falling due within
one year
24
Net current assets/(liabilities) (68,857)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
25
Net assets		 2,477,752
319,308		 2,885,684
(43,788)
2,841,896
2,841,896
2,841,896
The funds of the charity
Unrestricted funds
Revaluation reserve

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustees on 22 December 2022

R Keenan

Trustee

Company Registration No. 3828083

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
38
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets		 2022 2021 £
23,507
£ £ £
(36,955)
752,938
12
-
(10,245)		 41,822
715,995
(10,245)
747,572
71,395
818,967
818,967
-		 (1,434)
-
3
100,000
-
Interest received
Net cash generated from/(used in)
investing activities
(1,431)
100,000
122,076
Financing activities
Proceeds of new bank loans
Repayment of bank loans
Net cash (used in)/generated from
financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors
payable within one year
(50,681)
71,395
106,761
(35,366)

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Parks Options Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Life Bank, 23 Quorn Street, Liverpool, L7 2QR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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 and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Consolidation

The group financial statements consolidate those of the charity and its wholly owned subsidiary undertakings drawn up to 31 March 2022. The results of the charity's subsidiaries have been incorporated on a line by line basis.

A separate Statement of Financial Activities and Income and Expenditure Account for the parent charitable company has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

1.2 Going concern

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

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted and unrestricted funds are set out in the notes to the accounts.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT, which cannot be recovered.

Certain expenditure is directly attributable to specific activities and has been included in those cost categories.

Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings 1% reducing balance / 12-24 months straight line
Leasehold buildings 1% reducing balance
Leasehold land Not depreciated
Fixtures, fittings & equipment 15% reducing balance
Computers 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

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

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.13 Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2 Critical accounting estimates and judgements (Group)

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of 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 differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Grants receivable 521 729

4 Charitable activities

Income within charitable activities Recharge
income
Rental income
and service
charges
2022
2022		 Recharge
income
Rental income
and service
charges
2022
2022		 Total
2022
Rental income
and service
charges
2021		 Total
2022
Rental income
and service
charges
2021
2022 2021
£ £ £ £
150 86,266 86,416 136,356
Other trading activities
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Sure Options Limited 795,290
603,978

5 Other trading activities

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6 Investment income

Unrestricted
Unrestricted
funds
funds
2022
2021
£
£		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£		 Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
funds funds
2022 2021
£ £
Interest receivable 12 3
7 Other income
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
funds funds
2022 2021
£ £
Other income 5,139 6,921
Job Retention Scheme grants 12,607 55,548
17,746 62,469
8 Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Trading costs
funds funds
2022 2021
£ £
Operating trading company undertaking non-charitable trading activity 171,917 103,594
Staff costs 358,831 274,962
Depreciation and impairment 4,684 919
Support costs 11,605 8,695
Trading costs
547,037 388,170

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

9 Charitable activities

Charitable
expenditure
Charitable
expenditure
2022
2021
£
£		 Charitable
expenditure
Charitable
expenditure
2022
2021
£
£		 Charitable
expenditure
Charitable
expenditure
2022
2021
£
£
2022 2021
£ £
Staff costs 101,408 158,244
Depreciation and impairment 25,644 4,330
Premises costs 43,515 77,542
Office costs 43,485 30,100
Travelling costs 662 2,330
Programme costs sessional workers 13,890 18,036
Sundry costs 72 15,000
Bad debts 2,821 -
231,497 305,582
Share of support costs (see note 10) 98,106 83,167
Share of governance costs (see note 10) 8,546 8,668
338,149 397,417

10 Support costs

Support costs
Support
costs
Governance
costs		 2022 Support
costs
Governance
costs		 2021
£ £ £ £ £ £
Staff costs 92,415 - 92,415 78,805 - 78,805
Consultancy, legal fees
and bank charges
8,352 - 8,352 3,633 - 3,633
Interest paid on bank
loan
2,434 - 2,434 1,354 - 1,354
Audit fees - 8,390 8,390 - 7,990 7,990
Accountancy - 6,666 6,666 - 8,748 8,748
103,201 15,056 118,257 83,792 16,738 100,530
Analysed between
Trading 5,095 6,510 11,605 625 8,070 8,695
Charitable activities 98,106 8,546 106,652 83,167 8,668 91,835
103,201 15,056 118,257 83,792 16,738 100,530

The support costs and governance costs are allocated based on time spent.

The governance costs include payments to the auditor which are detailed in note 11.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

11 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the company's auditor: 2022 2021
£ £
Audit of the company's annual accounts 5,145 4,900
Other services to the group
- the audit of the company's subsidiaries 3,245 3,090
Total audit fees 8,390 7,990
Non-audit services
All other non-audit services 6,666 8,748

12 Trustees

The trustees received no remuneration and no reimbursement of expenses during the year ended 31 March 2022 (2021 - £Nil).

13 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Administration 3 5
Reception 2 2
Nursery team 27 19
Cleaners 3 3
Caretaker 1 1
Sports Centre team 1 2
Total 37 32
Employment costs 2022 2021
£ £
Wages and salaries 511,982 475,126
Social security costs 32,951 28,841
Other pension costs 7,721 8,044
552,654 512,011

There were no employees whose annual remuneration was more than £60,000.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

14 Other

Unrestricted Total
funds
£ £
2022 2021
Net loss on disposal of tangible fixed assets 22,062 -

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

15 Tangible fixed assets - group

Tangible fixed assets - group
Freehold
buildings		 Leasehold
buildings		 Leasehold
land		 Fixtures,
fittings &
equipment		 Computers Total
£
£ £ £ £ £
Cost
At 1 April 2021 1,028,020 1,886,600 43,400 136,564 54,101 3,148,685
36,955
Additions - - - 25,780 11,175
Disposals - (731,600) (43,400) - - (775,000)
2,410,640
188,699
30,329
219,028
At 31 March 2022 1,028,020 1,155,000 - 162,344 65,276
Depreciation and impairment
At 1 April 2021 28,020 - - 106,578 54,101
Depreciation charged in the year 10,000 11,550 - 8,365 414
At 31 March 2022 38,020 11,550 - 114,943 54,515
Carrying amount
At 31 March 2022 990,000 1,143,450 - 47,401 10,761 2,191,612
2,959,988
At 31 March 2021 1,000,001 1,886,600 43,400 29,987 -

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

15 Tangible fixed assets - group (Continued)
The carrying value of land included in land and buildings comprises:
2022 2021
£ £
Long leasehold - 43,400

At 31 March 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £815,265 (2021: £1,869,014).

The freehold and leasehold land and buildings are stated at market value. Valuation was carried out by SK Real Estate, 2 Cotton St, Liverpool L3 7DY, on 24, 27 and 29 September 2021 for 3 of the properties.

Freehold buildings with a carrying amount of £990,000 (2021: £1,000,001) have a legal charge to secure sums advanced to Liverpool Hope University in respect of initial build costs of the property and to ensure continued use of the property during the conditional period of the grant funding (20 years) on the terms of the agreements dated 23 January 2003, 16 May 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. This charge can be discharged if the redemption date is not triggered by 30 years from 27 March 2006.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16
Tangible fixed assets - charity
Cost or valuation
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 Freehold
buildings		 Leasehold
buildings		 Leasehold
land		 Fixtures,
fittings &
equipment		 Computers Total
£
£ £ £ £ £
1,000,001 1,886,600 43,400 111,997 25,033 3,067,031
11,175
- - - - 11,175
- (731,600) (43,400) - - (775,000)
2,303,206
112,491
25,645
138,136
1,000,001 1,155,000 - 111,997 36,208
- - - 87,458 25,033
10,000 11,550 - 3,681 414
10,000 11,550 - 91,139 25,447
990,001 1,143,450 - 20,858 10,761 2,165,070
2,954,540
1,000,001 1,886,600 43,400 24,539 -

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

16 Tangible fixed assets - charity (Continued)
The carrying value of land included in land and buildings comprises:
2022 2021
£ £
Long leasehold - 43,400

At 31 March 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £815,265 (2021: £1,869,014).

The freehold and leasehold land and buildings are stated at market value. Valuation was carried out by SK Real Estate, 2 Cotton St, Liverpool L3 7DY, on 24, 27 and 29 September 2021 for 3 of the properties.

Freehold buildings with a carrying amount of £990,000 (2021: £1,000,001) have a legal charge to secure sums advanced to Liverpool Hope University in respect of initial build costs of the property and to ensure continued use of the property during the conditional period of the grant funding (20 years) on the terms of the agreements dated 23 January 2003, 16 May 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. This charge can be discharged if the redemption date is not triggered by 30 years from 27 March 2006.

17 Fixed asset investments - charity

Subsidiaries
£		 Subsidiaries
£
£
Cost or valuation
At 1 April 2021 & 31 March 2022 1
Carrying amount
At 31 March 2022 1
At 31 March 2021 1

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

18 Subsidiaries: Charity

Details of the charity's subsidiaries at 31 March 2022 are as follows:

Name of undertaking and country of
Nature of business
incorporation or residency
Parks Options Trading
Limited
England and
Wales
Dormant
Sure Options Limited
England and
Wales
Promote care, education, health
and development of children
The aggregate capital and reserves and the result for the year of subsidiaries was as follows:
Name of undertaking
Profit/(Loss)
Capital and
Reserves
£
£
Parks Options Trading
Limited
-
1
Sure Options Limited
37,573
361		 Name of undertaking and country of
Nature of business
incorporation or residency
Parks Options Trading
Limited
England and
Wales
Dormant
Sure Options Limited
England and
Wales
Promote care, education, health
and development of children
The aggregate capital and reserves and the result for the year of subsidiaries was as follows:
Name of undertaking
Profit/(Loss)
Capital and
Reserves
£
£
Parks Options Trading
Limited
-
1
Sure Options Limited
37,573
361		 % Held
Direct
100.00
100.00
19
Financial instruments - group		 2022 2021
Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost		 £ £
835,394 118,208
224,335 270,028
20
Financial instruments - charity		 2022 2021
Carrying amount of financial assets
Debt instruments measured at amortised cost
Equity instruments measured at cost less impairment
Carrying amount of financial liabilities
Measured at amortised cost
21
Debtors - group
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 £ £
743,360 7,911
1 1
91,563 138,191
2022 2021
£ £
16,426 11,446
1 1
35,723 31,815
52,150 43,262

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

22
Debtors - charity
Amounts falling due within one year:
Trade debtors
Amounts due from subsidiary undertakings
Prepayments and accrued income
23
Creditors: amounts falling due within one year - group
2022 2021
£ £
4,661 1,568
76,351 -
15,551 21,814
96,563 23,382
Notes
Bank loans and overdrafts
27
Other taxation and social security
Deferred income
29
Trade creditors
Other creditors
Accruals
24
Creditors: amounts falling due within one year - charity		 2022 2021
£ £
21,297 46,902
8,210 7,500
32,763 27,799
114,318 111,951
3,006 3,463
17,259 19,248
196,853 216,863
Notes
Loans and overdrafts
28
Other taxation and social security
Deferred income
30
Trade creditors
Other creditors
Accruals
25
Creditors: amounts falling due after more than one year -
group
Notes
Bank loans
27		 2022 2021
£ £
10,648 41,578
2,596 3,179
32,763 1,000
35,394 41,386
3,070 2,571
8,619 8,868
93,090 98,582
2022 2021
£ £
68,455 88,464

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

26
Creditors: amounts falling due after more than one year -
charity
Notes
Bank loans
28
27
Loans and overdrafts - group
2022 2021
£ £
33,832 43,788
Bank overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2022 2021
£ £
- 35,366
89,752 100,000
89,752 135,366
21,297 46,902
68,455 88,464
- 9,761

The group bank borrowings with HSBC of £89,752 (2021: £135,366) are secured by a fixed and floating charge over the charity's assets.

27 Loans and overdrafts - charity

Loans and overdrafts - charity
2022 2021
£ £
Bank overdrafts - 35,366
Bank loans 44,480 50,000
44,480 85,366
Payable within one year 10,648 41,578
Payable after one year 33,832 43,788
Amounts included above which fall due after five years:
Payable by instalments - 4,437

The charity bank borrowings with HSBC of £44,480 (2021: £85,366) are secured by a fixed and floating charge over the charity's assets.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

29 Deferred income - group

2022 2021
£ £
Arising from government grants - 26,799
Other deferred income 32,763 1,000
32,763 27,799
2022 2021
£ £
Current liabilities 32,763 27,799
Total deferred income at 1 April 2021
2022 2021
£ £
27,799 26,799
Amounts received in year 31,763 1,000
Amounts credited to statement of financial activities
(26,799)
Total deferred income at 31 March 2022
32,763		 -
32,763 27,799

Deferred income relates to 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 2022

30 Deferred income - charity

Other deferred income 2022 2021
£ £
32,763 1,000
2022 2021
£ £
Current liabilities 32,763 1,000
Total deferred income at 1 April 2021
2022 2021
£ £
1,000 1,000
Amounts received in year 31,763 -
Amounts credited to statement of financial activities
Total deferred income at 31 March 2022		 - -
32,763 1,000

Deferred income relates to amounts received in advance of entitlement.

31 Company limited by guarantee

Parks Options Limited is incorporated under the Companies Act as a company limited by guarantee. The liability of the members is £1.

32 Retirement benefit schemes - group

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the income and expenditure account in respect of defined contribution schemes was £7721 (2021 - £8044).

33 Analysis of net assets between funds - group

Analysis of net assets between funds - group Analysis of net assets between funds - group Analysis of net assets between funds - group
Unrestricted
funds
Unrestricted
funds
2022
2021
£
£
Fund balances at 31 March 2022 are represented by:
2022 2021
£ £
Tangible assets 2,191,612 2,959,988
Current assets/(liabilities) 674,264 (66,840)
Long term liabilities (68,455) (88,464)
2,797,421 2,804,684

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

34 Analysis of net assets between funds - charity

Unrestricted
funds
Unrestricted
funds
2022
2021
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
2,165,070
2,954,540
Investments
1
1
Current assets/(liabilities)
665,821
(68,857
Long term liabilities
(33,832)
(43,788
2,797,060
2,841,896		 Unrestricted
funds
Unrestricted
funds
2022
2021
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
2,165,070
2,954,540
Investments
1
1
Current assets/(liabilities)
665,821
(68,857
Long term liabilities
(33,832)
(43,788
2,797,060
2,841,896		 Unrestricted
funds
Unrestricted
funds
2022
2021
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
2,165,070
2,954,540
Investments
1
1
Current assets/(liabilities)
665,821
(68,857
Long term liabilities
(33,832)
(43,788
2,797,060
2,841,896
2022 2021
£ £
2,165,070 2,954,540
1 1
665,821 (68,857
(33,832) (43,788
2,797,060 2,841,896

35 Operating lease commitments - group

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022 2021
£ £
1,264 1,685
- 842
1,264 2,527

36 Related party transactions - group

Remuneration of key management personnel

The remuneration of key management personnel, who are the Chief Executive Officer and the Finance Manager, is as follows.

2022 2021
£ £
Aggregate compensation 104,674 78,805

The group has taken advantage of the disclosure exemptions to which it is entitled regarding transactions between parent and 100% owned subsidiary companies and there are no other disclosable related party transactions.

PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

37
Analysis of changes in net funds/(debt)
At 1 April 2021
Cash flows
At 31 March 2022
£
£
£
Cash at bank and in hand
106,761
712,206
818,967
Bank overdrafts
(35,366)
35,366
-
71,395
747,572
818,967
Loans falling due within one year
(11,536)
(9,761)
(21,297)
Loans falling due after more than one year
(88,464)
20,009
(68,455)
(28,605)
757,820
729,215
38
Cash generated from operations - group
2022
2021
£
£
Deficit for the year
(7,263)
17,948
Adjustments for:
Investment income recognised in statement of financial activities
(12)
(3)
Loss on disposal of tangible fixed assets
22,062
-
Depreciation and impairment of tangible fixed assets
30,328
5,249
Movements in working capital:
(Increase)/decrease in debtors
(8,888)
15,706
Increase in creditors
631
8,526
Increase/(decrease) in deferred income
4,964
(23,919)
Cash generated from operations
41,822
23,507		 37
Analysis of changes in net funds/(debt)
At 1 April 2021
Cash flows
At 31 March 2022
£
£
£
Cash at bank and in hand
106,761
712,206
818,967
Bank overdrafts
(35,366)
35,366
-
71,395
747,572
818,967
Loans falling due within one year
(11,536)
(9,761)
(21,297)
Loans falling due after more than one year
(88,464)
20,009
(68,455)
(28,605)
757,820
729,215
38
Cash generated from operations - group
2022
2021
£
£
Deficit for the year
(7,263)
17,948
Adjustments for:
Investment income recognised in statement of financial activities
(12)
(3)
Loss on disposal of tangible fixed assets
22,062
-
Depreciation and impairment of tangible fixed assets
30,328
5,249
Movements in working capital:
(Increase)/decrease in debtors
(8,888)
15,706
Increase in creditors
631
8,526
Increase/(decrease) in deferred income
4,964
(23,919)
Cash generated from operations
41,822
23,507		 37
Analysis of changes in net funds/(debt)
At 1 April 2021
Cash flows
At 31 March 2022
£
£
£
Cash at bank and in hand
106,761
712,206
818,967
Bank overdrafts
(35,366)
35,366
-
71,395
747,572
818,967
Loans falling due within one year
(11,536)
(9,761)
(21,297)
Loans falling due after more than one year
(88,464)
20,009
(68,455)
(28,605)
757,820
729,215
38
Cash generated from operations - group
2022
2021
£
£
Deficit for the year
(7,263)
17,948
Adjustments for:
Investment income recognised in statement of financial activities
(12)
(3)
Loss on disposal of tangible fixed assets
22,062
-
Depreciation and impairment of tangible fixed assets
30,328
5,249
Movements in working capital:
(Increase)/decrease in debtors
(8,888)
15,706
Increase in creditors
631
8,526
Increase/(decrease) in deferred income
4,964
(23,919)
Cash generated from operations
41,822
23,507		 37
Analysis of changes in net funds/(debt)
At 1 April 2021
Cash flows
At 31 March 2022
£
£
£
Cash at bank and in hand
106,761
712,206
818,967
Bank overdrafts
(35,366)
35,366
-
71,395
747,572
818,967
Loans falling due within one year
(11,536)
(9,761)
(21,297)
Loans falling due after more than one year
(88,464)
20,009
(68,455)
(28,605)
757,820
729,215
38
Cash generated from operations - group
2022
2021
£
£
Deficit for the year
(7,263)
17,948
Adjustments for:
Investment income recognised in statement of financial activities
(12)
(3)
Loss on disposal of tangible fixed assets
22,062
-
Depreciation and impairment of tangible fixed assets
30,328
5,249
Movements in working capital:
(Increase)/decrease in debtors
(8,888)
15,706
Increase in creditors
631
8,526
Increase/(decrease) in deferred income
4,964
(23,919)
Cash generated from operations
41,822
23,507
£ £
106,761 712,206
(35,366) 35,366
71,395 747,572
(11,536) (9,761) (21,297)
(88,464) 20,009 (68,455)
729,215
2021
£
17,948
(28,605) 757,820
38
Cash generated from operations - group		 2022
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase in creditors
Increase/(decrease) in deferred income
Cash generated from operations		 £
(7,263)
(12) (3)
22,062 -
5,249
15,706
8,526
30,328
(8,888)
631
4,964 (23,919)
23,507
41,822