Charity roglstration number 1078076 Company registration number 3828083 IEiigland and Wales) PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE LEGALANDADMINISTRATIVE INFORMATION Trustees R Keenan P Moore fvl J Edwards W Kelly Secretary Ms L Murdock Charlty niirnber 1078076 Company iiumber 3828083 Registered office Life Bank 23 Quorn Street Liverpool L7 2QR Auditor Alexander Myerson & Co Lirniled 61 Rodney Street Liverpoo L19ER Bankers HSBC Bank PLC 99.101 Lord Street Liverpool L2 SPG Sollcitors Maxwell Hodge 14 Castle Street Liverpool L2 OSG
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONTENTS Page Truste8s' report Statement of Trustees, fesponsibililies 12 Independent auditor's report 13-15 Consolid81ed statement ol financial activities 16 Consolidated balance sheet 17 Charity balance sheet 18 Consolidated statement of cash flows 19 Note5 to the financial statements 20-36
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report and consolidated accounts for the year ended 31 March 2024 The financial slalemenls have been prepared in accordance with the accounting policies Sel out in note 110 the financial stalemenls and comply with the charity's governing document, the Companies Act 2006 and Accounling and Reporting by Charities. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the U K and Republic ol Irèland IFRS 1021 (effective 1 January 20191" Achlevements and performance As a registered charity, we work with the local community and other volvntary and slalulory organisalions in a common effort lo provide education, daycare. health and wellbeing, recreation and leisure opporlunilies. We receive no core fundiiig and rely on partnerships, private hire and vo5unlary donations lo keep Ihis outstanding communily hub open lo all our users and visitors of the diverse community we serve Parks Options would like lo fofinally acknowledge all our staff and volunteers for their continued dedication and hard work through the challenging limes. This year 2023-2024 Parks Options have now adapted lo the ever-changing landscape with aftermalh of the pandemic and cost of l iving crisis and energy increases il has been a challengin9 time and the impact oli families has been an extremely busy period for Parks Options Ltd as the narrative shows. With the sale of our Job Bank building Ihg team ac¥oss the organlsalion built up connections through that period One particular initiative was eonnecling with Fare Share, this was chose as a way to support our families lo access food, as we seen a rise in an uptake of Ih1s service and are cuirently being involv8d in another project Gall8d 'Neighbourly whereby they offer a food seNice. The Trustees along with the senior team look on the work done within the workshop last year locking al the Business slrategy lor Parks Options Group, This involved looking al what the gfOUP currently do, if we n8ed lo add or engage in other ways, link with other stakeholders and look al inveslinenl opportunities. The Board agreed that investment into the properties needed lo be high on the agenda as the facilities ef the Charily allow the group lo deliver their much needed services lo their users A financial mode1 was created across the group which enabled the leam to look al possible opportunities. By doing this work the group were able to look al potential projects that we could apply for funding 8pplicalions and other ways we Could look at engaging. Fundlng The team consistently submits funding applications lo support the development and enhancement of new projects. Recent applications include those lo the Police Cominissioners Fund. Aviva, Our Local Nature inilialive. Eleanor Rathbolle Charitable Trust, The Million Hours Program through the National Lollery, PH Holt Foundation. GranlsGap8, and Neighbouily. Yew Tree Nursery Yew Tree Nursery is currently closed following a careful review by the Directors of Sure Options This decision was laken after assessing the risks associated with maintaining operations amidst ongoing 51affing challenges Like many nurseries nationwide, Yew Tree Nursery faced significant difficullies in recruiting fully qualified, full. lime Early Years Practitioners. A5 a result, we were increasingly reliant on agency staff, which not only increased operational costs bul also raised concerns about the consistency and quality of care provided lo the children After thorough consideialion, closing the nursery was determined lo be the most prudent and responsible course of action.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Llfe Bank hous8s the followlng organlsatlons: Kensington Children's Centre Life bank Nursery LDAS.Liverpool domestic advise service City health partnèrship formerly known as Smoke free LSCB-Liverpool safeguarding Children Board Income is generated through room hire, rents and catering. Thefe is no available space in Life Bank lo rent out as il is now fully occupied. The team have been working hard lo link with other organisalions lo hire the main hall out, this will be More noticeable in the accounts lor 2023-24. Along with the grant income from various projects we have managed lo generate from solar panels Parks Optlons Ltd soclal impact 2023-2024 $0 far.. Halloween Spooktacular event Parks Oplions partnered up with Derry Mathews CIC and Jubi188 Sports Bank who hosted a free Halloween event aimed at engaging the local community, particularly children. The event, held on Halloween, brought together over 500 families from across Liverpool, offering a fun-filled experi8nce open lo all, regardless of location Every child received a goody bag, and the event fealured games, prizes, and an inleraclive pantomime, Recognising that crime rates typically increase during this time of year, our primary goal was lo provide a safe. enjoyable environment for children, keeping them off the streets and away from potential trouble. The event was made possible through the generous support of local donors, including Tesco's cornmunily champion. who contributed over 300 apples to create toffee apples for the chlldren Christmas party partnership wlth Derry Mathows CIC We supported along with Jubilee Sports Bank Derry Mathews CIC lo host the "Everybody's Christmas" event, a free celebration took place on the 17th December for the first 500 families lo sign up aeross Liverpool. The event look place al the Adelphi Hotel in the eily cenlre, where we provided both financial support and volunleer assistance from our staff who generously donated their time to ensure the event's success. Families enjoyed a full day of festive aclivilies, including games, a disco. and a pantomime. Each child received a meal, a gift, and a selection box, and had the opportunity to meet Father Christmas Many of our nursery families attended and expressed their appreciation, describing the evenl as a wonderful day for the children, filled wilh joy and excitement Along with supporting Everybody's Christmas, event Park Options supported a Christmas Party Ihal was facilitated by a residents association within Kensingtonl Fairfield area called Lister Residents Association. The organisalion donated £5D to the party. Tosco community Grant £1000.00 Sensory garden Life Bank Nursery secured second place in the Tesco Community Grant vole al your local Tesco: earning a generous grant of £1,000.001 Voting took place across Tesco stores from mid-January 2023 to March 31 sl. 2023, and we are graleful for the overwhelming support from Tesco customers Ihroughoiil the U K. This funding W11 go towards enhancing our sensory garden.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 In addition, Life Bank Nursery has incorporated a growino area Into our outdoor space lo support the children ol Kensington in making healthy lifesl]I le choices. By educating them early on, we aim lo promote positive health and well-being The growing area provides opportunities for hands.on activities such as digging and gardening, which are highly beneficial lor the development of both fine and gross motor skills in yOLing children. 11 also offers Iherapeulic benefits, helping lo support children's mental health and emotional well-bein9. We are particularly excited to engage our Afterschool Club children. encouraging them lo take ownership of this space by deciding what to plant and maintaining it themselves All children who allend our setting will have the OPPDrtunily to learn about life cycles through aelivilies SLich as planting, digging, growing, watering, and caring for the allotment. For our younger children. gardening asso seNes as a valuable tool lo expand their vocabulary, as they learn new words and concepts through exploratory play while engaging in these meaningful aclivilies. Faro Share Go With the cost-of-living crisis Parks Options Ltd applied for the food share under the cosl-of-living support lor organisations, Fare Share Go provides charities and community groups with direct access lo surplus food from local supermarkets, including Tesco, ASDA and Waitrose & Partners, and wholesaler Booker The food is good quality food that Can no longer be sold for a variety of reasons, such as darnaged packaging or a short.slielf life. This does not have an impact on the standard 01 safely of the food items availab5e. Food available often includes bread, eggs and fresh fruit. 11 will always be within its use by dale ancl is perfectly good lo eat. Benefits of Fare Shafe Go include.. Direcl regular access lo supermarket surplus food items No cost implications for your organisalion Opportu nity lo build a relationship wilh your local superm8rkel. With this in place at our setting our nursery families can gain acc&ss lo this food which has be8n supportive especially with unemployment on the rise and the fact that our nursery is sitLialed in on@ of the most deprived areas In Liverpool. Clothès donatlons Our nursery also holds a clothing donations area whereby families can donate and collect clothes that have been donated we have seen the demand for this over the last few years. Come together Chrlstmas 2023 We are deeply grateful for the continued support we received in Oecember 2023 froin the local charity organisation, 'Come Together Christmas., Once again, this wonderful project generously donated gifts and pyjamas lo the children al our nursery, which serves one of the most disadvantaged areas In Liverpool. Our children and families are profoundly thankful for the kindness and time given by the volunteers. whose efforts make a meaningful differènce during the holiday season Camp Tèrrlg Camp Terrig continue their outdoor programme it's an outdoor educational respite centre in North Wales. The prospects main programme for this was for children lo go on residential places or day visits, the children and young people are beeen the ages of 5-20 years. All Prospects 2000+ work has started up again and they are doing visits with older and disabled people whorn may have not been socially active since lockdown
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Activities include: Families who have not been able lo take their children away on holiday due lo expense have also made use of Terrig and donated a contribution lo the running costs Christmas day trips lo Mold ané cheshire Walking Moel Famau, Moel Arthur, the Cal Walk, Devils Gorge and fflany more. Oijldoor education currently evolving the difference beNveen city and rural issues The effects of litter, learning what the environment is, how people lived in rLJral areas in the past elc Conservation= Prospects also do proiects with local farmers the Dee Valley and Clywdian range area ol outstanding natural beauty park rangers. Over the years they have bLiiII relationships wilh schools, nurseries as well as Bradbury Field5 Isewices for blind and partially sighted people) and Christopher Grange who operate residential care for disabled people. A group of older people attend a reunion twiGe a year As childr&n from Liverpool, they lived in Colom8ndy and they try lo meet up and reminisce about their chlldhood Volunteers Al Parks Options we have a volunteer who allends the setting and does some basic office duties al the selling he is a very productive part of the teair and due lo not beiiig able lo access INork due lo his sight loss and asperges doing volunteer work has built his confidence and feels valued SURE OPTIONS Jubllee Sports Bank Life Bank Nursery and Preschool have continued lo go from strength lo strength providing early years edLicalion in a 78-place nursery selling The nursery received an Ofsled in July 23 wenl from an 'lnadequate' lo a 'Good' which was a result lo the hard work and dedication of all our staff Ofsled reported that,, Children learn aboul Iheir diverse cominui?ity and the woild arouiid them Ilproiigl? excitiiig, well-plaiine(l eveiits. For example, Glpildreii 19arii aboiil Alricaii ciillLire aiid Iradilioiis Thoy celebrale Africa Day with Gl7aiiaiai? dancers, acting o(It th8 Story of 'Handa's Siirprise, Diiring 'Saf81Y IFFOI?tl)'. clilldrei? handle Slldkes, lizards aiio geGkos. They learn abotjt their l?abitals. ¥v17iGh they later récre8le. Children are beginiiing lo rnake ser7se of the physical world and Ilioir own cominui?ity. Life Bank Nursery is a cliverse and mullicullural environment where the majority ol our children speak English as an additional language. We acknowledge and embrace the rich cultural backgrounds ol our children and families, incorporating various traditions and celebrations into the fabri¢ of our nursery life In recognilion of our commilment to excellence, the Early Years team at Life Bank Nursery was proLidly nominated for and awarded the Certificate of Excellence in June 2024-a well-deserved achievement for our dedicated team.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 We have tried to malntaln lower fees than competltois to support familles with cost of livlng This year 2023-2024 occupancy al Lifebank nursery as shown below steadily increased over the year. There is still a struggle for Lifebank nursery in the area of recruitment of Early Year Practitioners, we are nol alone in this as there is a national shortage of these skilled professionals, and the pandemic add&d lo what was already difficult positions lo recruit for. Occupancy Is as follows; Occupancy '/0 Budget 2023-2024 April 2023 May 2023 June 2023 Actual Kansington 75.9'/0 July 2023 August 2023 September 2023 October 2023 48.9'/0 November 2023 December 2023 January 2024 February 2024 March 2024 65.6°/0 Llfe Bank Niirsery Life Bank Nursery prioritises ouldooi education as a vital component of children's learning. The outdoor area has been Ihoughtfully developed lo allow children to grow their own fruits and vegetables. They participate in the entire process, from harvesting to washing and preparing the produce, before taking il home as part of a pre- prepared meal, such as soup, This program has been highly effective in encouraging childran. especially those who might not have otherwise tried vegetables, to incorporate healthy eating into their routines. Overall occupancy withi n the year 22-23 57,39'1, this year 60.78'/, Occupancy within the nursery has increased and in March 2024 stood al 71.8010
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Our outdoor sensory area is a place we have further developed this year through various funding avenues:. Hlgher needs funding Life Bank NuTsefy continues to secure High Needs Funding. designated for children whose development, learning, or behavioural needs require interventions that are significantly additional lo, or differenl from, the standard curriculum and educational provision typically offered lo childr8n of their age in niainslieam schools This funding has allowed the nursery to further enhance the sensory garden, conlribuling to the holistic development of the children in our care. Additionally, the nursery has invested in specially designed outdoor play equipment tailored for younger children. These resources facilitate aclivilies such as climbing balancing, and gross motor skill coordination. all of which are essential lor physical development. Research consislenlly shows that frequent and regular access lo outdoor learning is criliGal for young children and should not be considered optional. The Early Years Foundation Stage IEYFSI Curriculum, which has been slatulory since September 2008 for childreii from birth through the end of the reception year, underscores the iniportance of daily outdoor experiences for childrens 5earning and development. In recent years, societal Ghanges have led to reduced outdoor access for many young children, with conlribuling factors such as heightened safety Goncerns and the increasing dominance of sedentary indoor activities like television, video gam8s, and computer use. Learning outside the classroom is crucial in fostering healthy. active lilestyles.11 offers children opportunities for physical aclivily, movement, and a sense of well-being, while also providing unique experieiices connected lo the natural world, includin9 exposure to changing weather and seasons. Outdoor play helps children develop an understanding and respect for nature, the environment, and the ir7terGonnecledness of humans. animals, plants, and life cycles. Furthermore, outdoor play enhances problem-solving abilities, crealivlly, and imagination, offering rich opportunities for exploration and innovation. The outdoor environment provides the necessary space for children, particularly those who thrive through active movement. lo develop their physical skills and engage in meaningful discovery. For very young children, sensory and physic31 experiences are essential for brain davelopmenl and the creation of neural pathways. For many, outdoor play al early years sellings may represent the only opportunity lo play freely and safely, while learning lo assess risk and navigate new silualions independently. Jubilee Sports Bank Achievements We continue lo adapt to evolving business needs by transitioning lo a cashless system, upgrading from PayPa lo PayPal Zellle as PayPal no longer supports chip and pin functionality. The boxing room at JSB has been enhanced with new equipment, including boxing bags and gloves generously donated by Derry Mathews C1C. Our Saturday circuit training class is now successfully established. attracting a diverse range ol participants and delivering positive oulcomes. We are also strengthening our partnership with Derry's Fil Club and CIC. fostering greater engagement with the local community through collaborative efforts
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR fHE YEAR ENDED 31 MARCH 2024 Sn 2023-2024, Jubilee Sports Bank IJSUI was pleased with the completion of ils refurbishment, which included new gym equipment. This upgrade was made possible through a loan Irom Parks Options. The previous gym equipment, nearly 20 years old, had been inherited when Sure Options look over from the previous organisalion. The revamp was necessary lo provide the community with modern, up-lo-dale sports equipment. Parks Options also contributed to the cenlre's renewal by carrying out maintenance bvork, including painting and flooring upgrades. JSB conlinued ils efforts lo expand ils network by connecting wilh other independent community sports facilities across Liverpool and seeking polenlial funding opporlunilies, The centre actively engaged with various local groups, including Derry Fil Club, Liverpool Family Tae kwon do, Harmonise Academy. Liverpool Foundation, and others, lo create an(f strengthen links. External collaborations were built bvilh organisalions like the Greenback Org8nisalion, Roller Birds, MM Boxing, Action for Autism, and Liverpool City Council. 8y the end of 2023, J SB had succ8ssfully established valuable connections with a local boxing gym, leading lo the slari of collaborativ& efforts. See ple chart to show this year whare we generated income. Sports Bank Income 2023.2024 Vendln8 SO$ 196 Fltness SiiltelClhssè$ 21% Spoits Hall 78% .¥* Fltness Suiiè/Classes 11 Swjits Fkll • Vendln8 ¥.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Fitness suite income increased from 11,/0 of total income 10 23-24 210/0 again with vending increasing as well as sports hall dropping from 89.10 to 780/0. JSB never received any grant income within this year generated Sports centre. An annual comparison from 2022-2023 to 2023-2024.. Daily Passes 23-24 highest month July (29) lowest month December15) 22-23 highest month133) November 22 Lowest141 in December. Weekly passes 2022-2023 no weekly passes sold.in 2023-2024 highest was161 in June. Monthly membershlp Income in December in 2022-2023 highest month 1511 Januanj and lowest 18) December.in 2023-2024 highest month (621 in March and lowest month {111. Class passes with gym membership, monthly no Glasses. No Astro usage within the sports centre we also had again due 10 coronavirus and pitch damage a period whère there was no usage. Student's monthlyldally 2022-2023 highest month (431 September and lowest month151 in December. In 2023- 2024 highest month161) in January and lowest months June & December1181. Flnanclal Revl8W The consolidated Statement of Financial Activities shows a negative nel movement of funds of £124,132 (2023. £104,474). Total funds carried Iotward were £2,565,81612023.. £2,689,948) as al the Balance Sheet dale. In respect ol the charitable parent company alone, lolal income was £265,279 (2023,. £308,543) for the year. After taking into account 8xpenses of £375,05312023.. £484,516). which inclLide Ihe inleicompany debt forgiven of £Nil (2023. £76,400), there was a net negative movernent on funds of £109,774 (2023: £155,973) lor Ihe year. The charity's funds cornprised of unreslricled funds of £2,531,314 {2023.' £2,641,088) as al 31 March 2024, Sure Options Limited made a pre and posl-lax loss of £14,358 12023,. profit £48,499) lor the year after accounting for the intercompany debt forgiven of £Nil {2023. £76,400). Reserves pollcy 11 is the policy of the charity lo maintain unrestricted fLinds, which are the free reseNes ol the charity, at a level whereby expenditure in Ihe region of 3 months, estimated costs will be covered Based on the accounts lo 31 March 2024 Ihis would require approximately £229,000 of free 18serves, which has be8n met. Risk management The Iruslees have assessed the major risks to which the chaiily is exposed and are satisfied thal systems are in place to manage exposure lo the major risks. The Trustees. al their Board meetings, sel out tlie slralegic direction in which the charity should operale. They adopt the policies and agree the practice lo deliver the strategy. The Chair of Parks Options and the Chair of Sure Options meet weekly with the Chief Execulive lo discuss all current issues. No decisions are taken al these meetings, decisions are left to the ielev8nl Board meetings. The weekly meetings are an opportunity lo discuss issues in depth and lo provide advice and support to the Chief Executive.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT> FOR THE YEAR ENDED 31 MARCH 2024 Publlc 8eneflt The board of Iruslees are satisfied that Parks Options Limited has fulfilled ils charitable objectives for 202312024 and thereby provided commensurate public benefit in CDmpliance with the provisions ol section 4 Charities Act 2011. Plans & new challenges for 2024-2025 Continuing 10 work with fare share slrenglhening stronger partnerships to support our families. continue to work towards cashless site through card machine. More income for JSB looking at OAP. Students we need to largel siudenl residents with leaflets. New website development for nurseries and sports cenlre. Jubilee Spoils Bank engaged more with local community, schools. and medical centres, alreadi established with in youth forum JSB. -Hall availability offering in Sess busy periods i.e., 30-minule classes which are very popu lar. external classes. looking at opportunities for funding to upgrade the Astro pitches. Linking with schools. Women only classes especially within the BME Community. offer on weekday after school drop or SatLirday a lot of women Inay work through tlie week. Source funding for a potential weekend class i.e , maybe -self-defence class. shorter circLiils working different body areas Link in with local 'SoGial Prescriptions within the Kensington area linking with local Gornmunily SUPPOft networks. Mindfulnesslyoga in the workplaGe could offer the n ursery Ichildren centre to access class over at JSB and comes out of training budgets which helps increase JSB Income. Engag ing older generation through OAP -yoga, ta chi, lighlei exercise class. After school growing club al life bank lo enhance our nursery outdoor educalian. Social media -JSB have now a presence on social media they currently have thiiier 2nd Inslagram a¢coLints and have been receiving positive feedback from their customers. Programmes for half term for children. Working with AFC to try and gel the home ground on sile. Apply for the new government early years expansion programme to enhance our current setting Structvre, governance and management The charity is a company limlled by gLiaranlee. The charity's objects are lo promote urban regeneration by providing unemployed people ill the local area opportunitie5 to learn basic numeracy, communication, literacy and information technology skills, learn how their work can contribute lo the community. acquire job specific skills and develop as a worker in terms of interpersonal ski115 and self-organisalion. 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 incorporaled under the Companies Act 1985 Icompany registration number 38280831 and was registered as a charity on 5 November 1999. It is therefore governed by Ils Memorandum and Articles of Association.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT} FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also Ihe directors for the purpose of company law, and who served during the year and up lo the date of signature of the financial slalements were R Keenan P Moore M J Edwards W Kelly Mone of the trustees has any beneficial interest In the company. All of the Iruslees are mernbers of the company and guarantee lo contri bule, 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 al any general mèeting unless.. They are recommendeé by the Trustees, or their appointment is propos&d by a member qualified to vole al the meeting. The process for appointing Trustees is by an interview Wlth the Chief Executive, al this interview the career and inleresls of the individual are discussed The Chief Executive then prepares a report with a recommendation that Is discussed al the next Board meeting The Board then decides if they wish lo appoint the applicant lo the Board If they decide not to appoint, the Chief Executive provides feedback lo the applicant on why they were not appointed. The Trustees have regular nieelings lo agree slralegy and endorse decisions regarding the day to day activities of the Charity. Key management p&rsonnel ramuneratlon The truslees consider the board of Iruslees and the senior management including the Chief ExecLilive are the Key management of the charity in charge of direcling and controlling the charity and running and operating Ihe charity on a day-lo-day basis. All Iruslees give of their time freely and no Iruslee remuneration was paid in the year. Details of Iruslee expenses and related party transactions are disclosed in the accounts Trustees are required to disclose all relevant interests anc5 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 execLltive is reviewed annually and normally Increased in accordance with average earnings. In view of the nature of the chsrily, Ils economy ol operations, and the extensive use of professional advisers lo Ihe trust board. The remL*neralion is also bench.marked with granl-making charities of a similar size and activity to ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles. Please note staff are not gLiaranleed pay awards or bonuses in salaries and in cases whereby this Is recommended this then goes lo the Chief ExecLltive lo aulhorise and requires that there be clear evidence of sustained outstanding performance or evidence lo show the staff member has taken on additional roles or responsibilities. 10
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Auditor In accordance with the company's articles. a resolLilion proposing that Alexander Myerson & Co Ltd be reappointed as auditor of the com pany will be pul at a General Meeting. Disclosure of information to aiiditor Each of the trustees has confirmed that there is no information of which Ihey are aware which is relevant lo the audit, but of whiGh the auditor Is unaware They have further eonfirmed that they have taken appropriate steps to Identify such relevanl information and lo establish that the auditor Is aware of such information The Trustees, report was appfoved bil the Board of Trustees R Keenan Trustee Dated. 4 11 LIIGI*
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Irustees, who are also the directors of Parks Options Limited for the purpose of company law. afe responsible for preparing the Trustees, IReport and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice) Company Law requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resource5. including the income and expenditure. of the charitable company for that year. In preparing these financial statements. the Irusle8s are required lo.. select suitable accounting policies and then apply them Consistently, obseNe the methods and principles in the Charities SORP., make judgements and estimates that afe reasonable and prudent., state whether applicable UK Accounting Standards have b8en followed, subject lo any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless il is inappTopriale lo presume thai the charity will continue iii operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the chaTily and enable them lo ensuré that the financial statements comply with the Coinpanies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prev8nlion and detection of fraud and other ifregularilies.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARKS OPTIONS LIMITED Oplnlon We have audited the financial statements of Parks Options Limited Ilhe 'charity'l and Ils SLibsidiary Ilhe 'group'l for the year ended 31 March 2024 which comprise the Consolidated Slalemenl of Financial Activities. the Consolidated and Parent Balance Sheets, the Consolidated Statement of Cash Flows the slalemenl of financial activities, the balance sheet, the statement of cash flows and the notes lo the linanGial slatemenls, 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 Tl)e Fii?aiicial Reportiiig Stanclard applicable li? È17e UK and Repiiblic of Ireland IU niled Kingdom Generally Accepted Accciunling Practice) In our opinion, the financial statements. give a true and fair view of the stale of the groups and the charitable company's affairs as al 31 March 2024 nd of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with Uniled K1ngdom Generally Accepted Accounting Practice, and have been prepared in accordance wilh the requirements of Ihe Companies Acl 2006, Basls foroplnion We conducted our audit in accordance with Snternalional Standards on Auditing IUKI IISAS IUKI) and applicable law. Our rebponsibilities under those standards are further described in the Audilor's r8spoiisibililies lor the audil ol th8 financial slalements section of our report. We are independenl of the group and the charily in accordance with the elhical requirements that are relevant to OLir audit of the financial statements in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLiiremenls. We believe that the audit evidence we have obtained is suffici8nl and appropri81e lo provide a basis for our opinion. Concluslons relatin9 to golng concern In auditing the financial slalemenls, we have concluded that the Trustees, use of the going coiicern basis of accounting in the preparation of the financial slalernenls is appropriate. Based on th8 work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually or colleclively, may cast significant doubl on the charity's ability lo continue as a going concern lor a period of al least Iwelve months from when the financial stalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conGein are described in the relevant sections ol 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 respoiisible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo Ihe extent othewise explicitly staled in our report, we do nol express any fofm of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whelher the other information is materially inconsislent with the financial stalemenls, or our knowledge obtained in the course of the audit, or olheNise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a malerial misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there Is a material misslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol our audit.. the information given in the Trustees, report for the financial ye8r for which the financial slalements are prepared, which includes the direclors, report prepared for the purposes of company Saw. is consistent with Ihe financial Statements, and the directors, report Included within the Trustees, report h8s been prepared in accordance with applicable legal requirem&nt5.
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUEDJ TO THE MEMBERS OF PARKS OPTIONS LIMITED Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the groLlP and the charity and its environm9nl obl8ned in the course of the audit, we have not identified malefial misstatements in the directors, report included within the Trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Con)panies Acl 2006 requifes us lo report to you if, In our opinion.. adequale accounting records have not been kept, or returns adequate for our audit have not been received fforn branches not visited by us., or the financial statements are not in agreement with the aGcounling records and reluins, or Certairs disclosures of tfUStees' remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit, or the trustees were not enlilled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing Ihe Trustees, report and from Ihe requirement lo prepare a strategic report. R8sponslbllitles of trustees As explained more fully in the statement ol Trustees. Ipsponsibilities, the Iruslees, who are also the directors ol the charity for the purpose of company law, are responsible lor the preparation of the financia1 slalemenls and lor being satisfied that they give a true and fair view, and for such internal canlrol as the trustees determine is necessary lo enable the preparalion of financial slalem8nls that ar8 ffee from material misstatement, whether due lo fraud or error. In preparing the f1nancial slatemenls, the Iruslees are responsible for a8$essing the group's and the charity s ability to coiilinue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting Linless the trustees either intend lo liquidate Ihe group or the charitable company or lo cease operations, or have no realistic alternative bul lo do so. Auditor's re5ponslbllltles for the aud it of the flna nclal statemeiils Our objectives are lo obtain reasonable assurance about whether the financial stalemenls as a whole are free from material misstatement, whether due lo fraud or error. and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of 8ssuranGe but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mis51aleMent when il exists Misslatements can arise from fraud or error and are considered malarial if, individually 01 in the aggregate, Ih8y could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. The extent to whlch the audit was consldered capable of detectlng irregularities, InGluding fraud Our approach lo identifying and assessing the risks of materia5 Inisstalemenl In respect of irregularities, including fraud and non-comp5iance with laws and regulations, was as follows.. the engagement partneT ensured that the engagement team collectively had the appropriate competence. capabilities and skills to idenlity or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the company through discussions with directors and other management., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, inclLiding the Companies Act 200S, taxation legislation and data protection, anli.bribery, employment and health and safely legislation, we assessed the extent of compliance with the laws and regulalions identified above through making enqui ries of management and inspecting legal correspondence, and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit 14
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 lo malefial Inisslalement. including obtaining an understanding of how fraud might occur, by making enquiries of management as lo where they considefed there was susceplibilily lo fraud. their knowledge of aclu21, suspected and alleged fraud, and consiotering th8 internal controls in place to mitigate risks of fraud and non-compliance iNilh laws and regulations. To address the risk of fraud through management bias and override of controls, we perforrn8d analytical procedures to identify any unusual oi un8xpected relationships, tested journal entries to identify unusual Iransactions.. assessed whelher ILfdgemenls and assumptions made in delermining the accounting eslimales were indicative of potential bias., and invesligal8d the rationale behind significant or unusual transactions. In response to the risk of irregularitles and non-compliance with laws and regulations, we designed procedureg which included, but were not limited lo. agreeing financial statement disclosures to underlying supporting documentation., reading the minute5 of meetings of those charged with governance.. and enquiring of management as 10 8clual and potential liligalion and claims. There arè inherent lirnilalions In our aiidil procedures described above The mor8 removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing sta ndards also limil the audit procedures required to identify non.conipliance with laws and regulations to enquiry of the directors and other management and the inspection of iegulalory and legal correspondence, if any Material misslalements that arise due lo fraud can be harder lo 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 al.. hltps'.11 MV frc.org uklaudilorsresponsibililies. Thls description forms part of our auditor's report, Use of oiir report This report is made solely lo the charitab18 cornpany's member8, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work ha5 been undertaken so that we might slate lo the charitable company's members those mallers we are required to slate to them in an auditors report and for no other purpose To the fullesl exlenl permilled by law, we do not accept or assume responsibilily lo 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. Paul Burns Bsc BFP FCA {Senlor Statiitory Auditor} for and on behalf of Alexander Myerson & Co Llmited Chartered Accountants Statutory Audltor 81 Rodney Street Liverpool L1 9ER 15
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unreslrscled funds 2023 2024 Notes Income and endowments from,. Donations and legacies Charitable activities Other trading activities Investment income Other income 64,044 115,195 802,464 8,387 6.132 28,690 101.648 801,509 2,072 3,911 64.044 114.195 602,464 8.387 6.132 1,000 Total Income 795,222 1,000 796,222 937,830 Ex eiid itu re on., Raising funds 569,191 654.301 569,191 Charitabl8 activities 350,163 1,000 351.163 379,576 11,427 Olhar Total expendlture 919,354 1,000 920,354 1.045,304 Net expendlture for tho yearl Net movement In funds {124,132) 1124.1321 1107,4741 Fund balances al 1 April 2023 2,689,948 2,689,948 2.797,422 Fund balances at 31 March 2024 2,565,816 2,565,816 2,689,948 The statement of financial activities include3 all gains and losses recognised In the year All income and expenditure derive from continuing activities The slalemenl of financial activities also cornplies with the requirements for an income and oxpendilliie account under the Companies Acl 2006. 16
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED BALANCE SHEET AS Af31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 2.179,023 2.208,366 Current assets Oebtors Cash at bank and in hand 21 57,766 465.375 59,279 805,587 523,141 664,866 Cr8dltors: amounts falling dua wlthin one year 23 110e,0311 1134,0991 Net current as5els 417.110 530.767 Total assets less current Ilabiliti8s 2,596,133 2,739.133 Credltors: amounts falling due after more than one year 2S 130.317} 149,1851 Net assets 2,565.816 2,689,948 Income funds Unre51ricled lund5 General unrestricted funds Revaluation reserve 2,253.038 312.778 2,373,921 316.027 2,565,876 2,68g,948 2,565,816 2,689,948 These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financial staternénts were approved by the Trustees on R Keenan Trustee Company Regi5tratloii No. 3828083
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Inveslmenls 16 17 2,105,917 2.130 553 2,105,918 2,130,S54 Current assets D8btors Cash al bank and in hand 22 132,827 374,133 94,842 512.885 506,960 607,527 Creditors: amount5 falling due wlthin one year 24 (67,2651 172,8061 Net current assets 439.695 534,721 Total assets less current Ilabilltles 2,545,613 2,665,275 Cradllors.. amounts falllng due after more than one year 25 114.2991 124,1871 Net assets 2,531,314 2.641.088 The funds of the charity Unrestricted funds Revaluation reserve 2,218,536 312.778 2,325.061 318,027 2,531.314 2,641.088 2.531,314 2,641,088 These financial slalemenls have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The accounls were approved by th8 Trustees on ,/,]. R Keenan Trustee Company Registration No, 3828083 18
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng activities Cash (absorbed by)Igenerated from operations 38 1128,2911 1120,5301 Investing activlt18S Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Interest received (9,200) {67.891) 8.387 2,072 Net cash (used inllggnerated from Investlng activlties (8131 165.8191 Finaiiclng actlvlties Repayment of bank loans 118,869) 119.270) Net cash used in flnanol ng activltle5 (18,889} 119,270) Not Idecreaselllncraase in cash and cash equlvalents 1140,2121 (213,3801 Cash and ca8h 8quivalenls at beginning of year 605,587 818,967 Cash and cash equivalents at end of year 465,375 60S.587 19
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2024 (Conti nued) Accounting pollcies Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for good5 and setNices provided in the normal course of business, nel of discounts, VAT and other sales related taxes. 1.5 Expènditlire Expenditure is recognised once there is a legal or constructive obligation to Iransler economic benefit lo a third party, il is probable that a transfer of economic benefits will be requir8d in seltlemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs Df each activity are made up of the lolal ol direct costs and shared costs, including support costs involved in undertaking each activity Direct costs allribulable lo a single activity are alloc81ed directly lo Ihat activity Shared cosls which contribute to more than one activity and support costs which are not altribiitable lo a single aclivlty are apportioned between those activities on a basis consislenl wilh the use of resources. Central Staff costs are allocaled on the basis of lime spent. and depreciation charges ar8 allocated on th8 Portion of the agsel's use. Expenditure is included in the Statement of Financial Aciivilies on an accruals basi5. inclusive of any VAT, which cannot be reGovered. Certain expenditure is directly altribulable lo specific activities and has been included in those cost categories. Certain other cosls, which are atlribulable lo more than one activity. are apportioned across cost categories on thè basls of an estimate of the proportion of time spent by staff on those activities. 1, 6 Tang Ible f ixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valLtalion, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valLJation of assets less their residual values over Iheir useful lives on the following bases., Freehold buildings Leasehold buildings Fixtures, fittings & equipment Computer5 10/0 reducing balance 112-24 months straight line 1 D/D reducing balance 15'/o reducing balance 250/0 Straighl line rhe 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 flxed assets At each reportirig end dale, the Gharity reviews the carrying amounts of ils tangible assets lo determine INhelher there is any indication that those assets have suffered an impairm&nl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo 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 al call with banks, other short-term liquid investment5 Wlth original maturities of three months or less, and bank overdrafts. 20
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounti ng pollcies Icoiitinued) 1.9 Flnancial instruments The charity has elected lo apply the provisions of Section 11 Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issue8, of FRS 102 to all of its financial inslrumenl6. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the conlraclual provisions of the instrument. Financial assets and liabilities ale offsel. with the nel amounts presented in the financial statements, when Ihefe is a legally enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a net basis or lo realise the asset and settle the liability sirnullaneously. 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 al amortised cost using the effective int8r8St method unless Ihe arrangement constitutes a financin9 Iransaclion, where the transaction is eas ured at the present valu& of the future receipts discounted 81 a market rale of inleresl Financial assets classified as receivable within one year are not amortised. Basic flnancial liabilities Basic financial liabllities, including creditors and bank loans are initially recognised al transaction price unless the arraiigemenl conslitules a financing transaction, where the debt inslrLimenl is measured al the present value of the future payments discounted al a market rate of interest. Financial liabiliti88 Classified as payable within one year are not amortised Debt instruments are subsequently carried al amortised cost. using the effective inter8st rate method. Trade creditors are cbligations lo pay for goods or services that have been acquired in the ordinary Coufse ol operations from suppliers. Amounts payable are classified as current liabililies if payment is due within one yèar Of less, If not, they are presented as non-currenl liabilities Trade creditors are recognised initially al transaction price and subsequently measured at amortiS8d cost using the effeGtive interest method. Derecognition of linanciaj 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 enlillemenl is recognised in the period in which the employee's seNices are received. Termination benefits are reeognised immediately as an expense when the charity is demon51rably committed to lerminale the employment of an employee or lo provide termination benefits. 1.11 Retlrement benefits Payments lo defined contribution retirement benefit schermes are charged as an expense as they fall dLIe. 1.12 Taxation The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation lax on income or gains falling within those exemptions. The charity is not able lo recover Value Added Tax Expenditure is recorded in the accounts inclusive of VAT. 21
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies Iconlinuedl 1.13 Government grants Grants are credited to deferred revènue. Grants towards capital expenditure are released lo the profil and loss account over the expected useful life of the assets. Grants towards revenue expendilure are released lo the profil and105s account as the related expenditure is incurred. Crltlcal accounting estlmates and judgements (Group) In the application of Ihe charity's accounting policies, the Iruslees are required lo make judgements, eslimales and assumptions about the carrying amDunl of assets and liabilities that are not readily apparent from other sources. Thè esti males and associated assumptions are based on historical experience and olhar factors that are considered to be relevant. Actual results may differ from Ih2se estimates. The eslimales and underlying assumplions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in th8 period in which the eslim8le is revised where the revision affects onli/ that period, or in the period of the revision and future periods where the revision affects bolh current and future periods. There were considered lo be no Cfilic81 accounting eslimales or judgements applied in the preparalioii of these financial st8ternents Donations and legacles Unrestricted Unrestrlcled funds funds 2024 2023 Grants receivable 64.044 28.690 22
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 C harltatsle activlties Rental income and servlce charges Grants rgcelved Total 2024 Rentsl income and servic8 charge$ 2023 Granls recelvad Total 202J 2024 2024 2023 Income within charitable activities Performance related grants 114,195 114,195 100.648 100,648 1,000 1,000 1,000 1,000 114,195 1,000 115,195 100,648 1,000 101.648 Analysis by fund Unrestricted funds Reslricled funds 114,Ig5 114,195 1,000 1QO,648 100.648 1,000 1,000 1,000 114,195 1,000 115,195 100,648 1.000 101,648 Other tradlng actlvltles Un restricted Unrestrlcted funds funds 2024 2023 Sure Options Limited 602,464 801.509 Investment income Unreslrlcted Unrestr5cted funds funds 2024 2023 Interest receivable 8,387 2,072 23
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other Income Unrestrlcted Unrestrlcted funds funds 2024 2023 3.911 Other income 6,132 3,911 Raislng funds Unrestyicted Unrestricted funds fLinds 2024 2023 Tr8din costs Operating Iiading company undertaking non-charitable Iiading activily Staff costs Depreciation and iinpairmenl Support costs 154,776 388,896 12.908 12,611 212,936 416,366 13.732 11,267 Trading G03ts 569,191 654,301 24
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activlties Charitable Charitable expeiid iture expenditu re 2024 2023 100,816 25,635 63.791 24,127 763 22,476 281 91,817 25,976 70,969 37,334 1,006 21,853 Staff costs Depreciation and impairment Premises costs Office costs Travelling costs Programme costs sessional workers Sundry costs 237,889 248,955 Share of support costs (see note 101 Share of governance costs (see note 101 109,274 4,000 122.121 8,500 351,183 379,576 Analysis by fund Unrestricted f und8 Restricted funds 350,163 1,000 378.578 1,000 351.163 379,576 25
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR fHE YEAR ENDED 31 MARCH 2024 10 Support costs Support Governance costs costs 2024 Support Goveriiance costs costs 2023 Staff costs Consultancy, legal fees and bank charges Interest paid on bank loan 106,621 106,621 101,806 101,806 4,260 4,260 21,561 21,561 1,543 1,543 2.026 2,026 10,000 3,461 10.000 3,461 9,230 7.265 9,230 7,265 Audit fees Accountancy 112,424 13,461 125,885 125,393 16,4g5 141,888 Analysed between Trading Charitable activities 3,150 109.274 9,461 4,000 12,611 113,274 3,272 122,121 7,995 8,500 11,267 130,621 112,424 13,461 125,885 125.393 16,495 141.888 The support costs and governance costs are allocated bas8d on lime spent. The governance costs inc5ude payments to the audiloi which are detailed in note 11. 11 Auditor's remuii eratlon The analysis of auditor's remuneTalion is as follows Fees payable to Ihe company's audltor.. 2024 2023 Audit ol the company's annual accoun15 4,000 5,660 Other servic8S to the group the audit of lh8 company's subsidiafies 6,000 3,570 Totsl audit fees 10.000 9,230 Non-audlt services All other non-audil services 3,461 7,265 12 Trustees The trustees received no remuneration and no reimbursement of expenses during the year ended 31 March 202412023 £Nill. 26
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Employees The average monthly nuinber of employees during Ihe year was.. 2024 Number 2023 Number Administration Reception Nursery t8am Cleaners Caretaker Sports Centre team 27 21 37 Total 31 Employment costs 2024 2023 Wages and salarie8 Social security Costs Other pension costs 549,208 38,158 8,967 S63,207 38,387 8,3g5 596,333 609,989 There were no employees whose annual remuneration was mor8 than £60,000. 14 Other Unrestricted Unrestricted fuiids funds 2024 2023 Nel loss on disposal of tangible fixed assets 11,427 27
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets. group Leasehold bLiildings Flxlures. fittings & equlpfnenl Computers Total Freehold bulldlngs Cost At 1 April 2023 Additions Disposals 164.930 9,200 12.629 2,360,579 9,200 1,028,020 1 155.000 12,629 2.369.779 At 31 March 2024 1,028,020 1,155,000 174,130 Depre¢iatlon and impairment At 1 April 2023 Deprecialion charged in the year Eliminated in respect ol disposals 47,920 9,801 22,985 11,320 76,646 14,828 4.662 2,794 152.213 38,543 At 31 March 2024 57,721 34,305 91.274 7,456 190,756 Carrylng amount At 31 March 2024 970,299 1,120.695 82,856 5,173 2,179,023 Al 31 March 2023 980,100 1,132.015 88,284 7,967 2,208,366 At 31 March 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £799,Q41 (2023. £807,113) The freehold and leasehold land and buildings are staled at market valLie, Valuation was carried out by SK Real Estate, 2 Colton Sl, Liverpool L3 70Y, on 24, 27 and 29 September 2021 for 3 of the properties. Freehold building3 with a carrying amount of £970, 30012023= £980.1011 have a legal charge lo secure sums advanced lo Liverpool Hope University in respect of initial build costs of the property and lo ensure continued use ol the property during the conditional period of the grant funding 120 years) on the terms of the agreemen15 dated 23 January 2003, 16 May 2003, 7 December 2004 and 25 July 2006 in the event of insolvency There is 8 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 Ihe 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 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Tangible flxed assets- charity Freehold bulldings Leasehold buildlngs Fixluros, liltbngs & equipment Computers Total Cost or valu atlon At 1 April 2023 Additions 1,155,000 65,069 1,000 12.630 2.232,700 1,000 1,000,001 Al 31 March 2024 1,000,001 1.155,000 66,069 12,630 2,233,700 Deproclation and Impairment At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 19,900 9,801 22,985 11,320 54.599 1.721 4,663 2,794 102,147 25,636 Al 31 March 2024 29,701 34,305 56,320 7,457 127,783 Carrying amount At 31 March 2024 970,300 1,120,695 9,749 5,173 2,105.917 Al 31 March 2023 980,101 1,132,015 10,470 7,967 2,130,553 At 31 March 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £799,041 (2023,. £807,113) The freehold and leasehold land and buildings are slated at market value. Valuation was carried oul by SK Real Eslale, 2 Colton St, Liv8rpool L3 7DY, on 24, 27 and 29 Sept8mber 2021 for 3 01 the properties. Freehold buildings with a carrying amount of £970,300 {2023'. £980,101) have a legal charge lo secure sums advanced lo Liverpool Hope University in respect of initial build costs of the property and lo ensure continued use of Ihe property during the conditional period of the grant funding 120 years) on the terins of the agreernenls dated 23 January 2003, 16 May 2003, 7 December 2004 and 25 July 2006 in the event ol insolvency. There is a second legal charge on the same property by way of a legal Inortgage by Liverpool City Council as security for the payment of £85,000. This charge can be discharged il the redemption dale is not triggered by 30 years from 27 March 2006 29
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Flxed asset investments Gharity Subsidiaries Cost or valuatlon At 1 April 2023 & 31 March 2024 Carrylng amount Al 31 March 2024 At 31 March 2023 18 Subsldlarle5: Charity Details of the charity's subsidiaries al 31 March 2024 aré as follows.. Nature of business Name of undartaking and country of Incorporatioii or resid8ncy England and Dormant Wales England and Promote care. education, health Wales and development of children Direct Parks Options Trading Limited Sure Options Limited 100.00 100.00 rhe aggregate capital and reserves and the result for the year of subsidiaries was as follows.. Name of undertaklng Prof SU{Loss) Capltal and Reserves Parks Oplions Trading Lirniled Sure Option8 Limlted (14,3581 34,502 19 Flnanclal Instruments group 2024 2023 Carrying amount of financial assets Debt instruments measured at amortised cost 473,358 615,399 Carrying amou nt of flnancial liabllitles Measured at amortised cost 126,363 158,207 30
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Financlal Instruments charity 2024 2023 Carrylng amountof finanGlal assels Debt instfuments measured at amortised c05t Equity instruments measured al cost less impairment 473,756 582,510 Carrylng amount of f Inancial liabllities Measured al amortised cost 76,637 93,154 21 Debtors group 2024 2023 Amoiints falling due withli) one yèar., Trade debtors other debtors Prepayments and accrued income 7,983 9,311 501 49,467 49,783 57.766 59,279 22 Oebtors charity 2024 2023 Amounts falllng due withln one year: Trade dèbtors Amounts dLse from subsidiary undertakings Prepayments and accrued income 1,630 97,993 33,204 579 69,046 25,017 132,827 94,642 23 Credltors: amoiints falling due wlthin one year. group 2024 2023 Notos Bank loans other taxation and social security Deferred income Trade creditors other creditors Accruals 27 21,298 9,370 615 61,088 3.579 10,083 21,297 8,955 16,122 66,855 3.899 16.971 30 106,031 134,099 31
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Creditors., amounts falling due wlthin one year charity 2024 2023 Notes Loans and overdrafts other laxalion and social security Daferred income Trade Cfeditors other creditors Accruals 28 10,648 4.927 10.648 3.839 31 44,111 3.579 4,000 45,913 3,906 8,500 67.265 72,806 25 Credltors: amount8 falllng due after more than one year - uroiip 2024 2023 Notes Bank loans 27 30,317 49,185 26 Cr6dltors: amounts falllng due aftèr more than one year - charlty 2024 2023 Notes Bank loans 28 14,299 24,187 27 Loan8 and overdrafts - group 2024 2023 Bank loans 51,614 70,482 Payable within one year Payable after one year 21,297 30,317 21,297 49,185 The group bank borrowings with HSBC of £51,614 12023.. £70,482) are secured by a fixed and floatin9 charge over the charity's assels. 32
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Loans and overdrafts - charity 2024 2023 24.947 34.835 Bank loans 10.648 24,187 Payable within one year Payable after one year 10,648 14,299 The charity bank borrowings with HSBC of £24,947 12023. £34,835) are secured by a fixed and floating charge over the charity's assets. 29 Company limlted by guarantee Parks Options Limited is incorporated under the Companies Act as a company limited by guarantee. The liabilily of the members is £1. 30 Deferred Incoine . group 2024 2023 Arising from government grants other d8ferr8d income 15,712 410 615 615 16.122 2024 2023 Current liabilities 615 16,122 2024 2023 Total deferfed income at 1 April 2023 Amounts received in year Arnour)Is credited lo statement of financial activities 18,122 49,537 165, 0441 32.763 31.763 132,7631 Total deferred income at 31 March 2024 615 16,122 Deferred income relatès lo amounts received in advance of enlillement 33
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 MARCH 2024 31 Deferred Income charity 2024 2023 Other deferred incoine 2024 2023 Current liabilities 2024 2023 Total defefred income a11 April 2023 Amounts received in year Amounts credi18d lo slalem8nl of financial aclivilies 32,763 132,7631 Total deferred income at 31 March 2024 Deferred income relates to amounts received in advance of entitlement. 32 Retirement beneflt schemes - group The Gharity operates a defined contribution pension schem8 lor all qualifyiiig 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 £8,967 12023 - £8,3Q51. 33 Analysts of net assets between fiinds - group Unrestricted Restrlcted funds funds 2024 2024 Total Unreslricled funds 2023 2024 Fund balances at 31 March 2024 are represented by.. Tangible assels Currenl asselsllli8bilities) Long term liabilities 2,179,023 417110 130,3171 2,179,023 417.110 130,3171 2,208,366 530.767 149,1851 2,565,816 2,565,816 2,889,948 34
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 34 Analysis of net assets between fund5 - charity Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestricted tuncls 2023 2024 Fund balances at 31 March 2024 are represented by.. Tangible assets Investments Curr8nl asselsllliabilities) Long term liabilities 2,105,917 2.105,917 2.130,553 439,695 114,2991 439,695 114,2991 534.721 124.1871 2.531,314 2,531,314 2,641.088 35 Operating lease commltments group Al the reporting end date the charity had oulslanding commitments for future minimurn lease payments under non.¢ancellable operating leases, whicli fall due as follows.. 2024 2023 Within one year Between two and five years 1,978 5,718 1,978 7,696 7,696 9,674 36 Related party transactlons groLIP Rernuneratloii of key management personnel The remuneration of key managemenl personnel, who are the Chlef Executive Officer, the Finance Manager and the HR Manager, is as follows. 2024 2023 Aggregate compensation lQfj.621 101,805 The group has taken advantage of the disclosure exemptions lo which it is enlilled regarding transactions between parent and 1000/0 owned subsidiary companies and there are no other disclosable related party Iransaclions. 35
PARKS OPTIONS LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 37 Analysis of changes in i)et funds At 1 April 2023 Cash IlowsAI 31 Mafch 2024 Cash al bank and in hand Loans falling due within one year Loans falling due after more than one year 605,587 121,2971 (49,1851 (140,2121 465,375 (21,2961 {30.3171 18,868 535.105 1121,3431 413,762 38 Cash generated from operatlons - group 2024 2023 Deficit lor the yeaf (124,132) 1107,4741 Adiu8tmenls for.. Investment income recognised in slalement ol financial activities Loss on disposal of tangible fixecl assets Oepreciation and impairm8nt of tangible fixed assets (8, 387) 12,072) 11.427 39.708 38,543 Movements in working capital. {IncreasèJ in debtors {Decreasellincrease in creditors (Decreasellincrease in deferred income 1,513 112.5601 115,5071 17,129) {48,1101 116,6411 Cash (absorbed byllg8nerated from operations 1120,5301 1128.2911 36