Registered Charity No: 1086450 Registered Company No: 03910612 (England and Wales) PARK LODGE PROJECT (A Company lirnitd by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
PARK LODGE PROJECT (LIMITED BY GUARANTEE) INDEX TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Charity Reference and Administrative Details Trustees Annual Report (Including Directorfs R¢port) Audit Report 9-12 Statement of Financial Activities (Including Income and Expenditure Account) 13 Balance Sheet 14 Statement of Cashflows 15 Notes to the Accounts 16-23 Detail¢d Income & Expenditure 24
PARK LODGE PROJECT (LIMITED BY GUARANTEE) Charity Reference and Administrative Details for the year ended 31 March 2024 Charlty Name: Park Lodge Projed Charity Registration Number: 1086450 Company Registration Number: 03910612 Registered Office and Operational Address: 2 Central Avenue Clarendon Park Leicester LE2 ITB Trnstees (and Dtreetors): David Pollard Nigel Oldman Deborah Lockton Rod Moore Maureen Dover Sarah Oldman Malcolm Pell Guy Dalby (Treasurer) (Chair) Management Team: Edward Bailey Helen Mlller Michelle Brown Chief Executive Officer S¢rvic¢ Manager Service Manager Senior Statutory Auditor: Anilkumar Tailor Celerica Ltd, Chartered Certified Accountants The Old Chapel, 9A Kempson Road Leicester LE2 8AN Bankers: National Westminster l Granby Street Leicester LEI 6EJ Page 1
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORD FOR THE YEAR ENDED 31ST MARCH 2024 The trustees present their report and financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities" (FRS102) in preparing the annual financial statements of the charity. The fmancial statements have been prepared in accordance with the accounting policies set out in th¢ notes to th¢ accounts and comply with the charity governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland Published in October 2019 (second. edition). Trustses of the Charlty The directors of the charitable company are also its trustees for the purpose of charitsble law. The trustees who have served during the year and since the year end are as follows: Rod Moore David Pollard Nigel Olthnan Deborab IA)ckton (Chair) (Treasuttr) Maureen Dover Sarah Oldman Malcolm Pell Guy Dalby Objectlves and Activities Park tA)dge Project aims to empower young people to dev¢lop th¢ skills to live independently through the proTrision of supported housing. We will do this by ensuring: l. Every young person applying for accommodation gets fair and equal access. 2. All our staff are DBS checked and we have a clear Safeguarding Policy which is regularly monitored and updated. 3. All our staff have the necessary skills, knowledge and attitude to deliver the standard of service that we strive for. 4. Our ac(x)rnmodation is fit for PUryKise and we strive to improve th¢ standard wherever possibl¢. 5. We identify and apply, wher¢ possible, for local, regional and national funding opportunities that will further support and develop our work with young people. 6. Every young person has an individual support plan that identifies their health, education, trainintyemployment needs and opportunities. Page 2
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 Objeedves and Actlvldes (Conthiued) The aims of Park Lodge Project Reduce homelessness, repeat homelessness and risks of homelessness within the city, including offering advice, guidance and support. off safe and nurturing accommodation, providing a stable living experience to those in need primarily young people. Support service users to develop positive relationships and gain life skills to live independently and maintsin tenancies. Public Benefit Statement The Trustees have considered the general guidance on public benefit issued by the Charities Commission and have taken due regard of that guidance. The Trustees consider they are satisfied that the charityls activities do provide a WAde public benefit. Strate ort Achievements and Performance The main areas of charitable activity are the provision of supported aC)MMOdation, advice and inforniation in housing related support, lif¢ skills, education and training and resettlement of homeless young people. Funding for the Project is through conmiissioned bed spaces by L¢ic¢ster City and other Authorities, Children and Young People's Services, Housing Benefit, young people's contributions, ts and donations. This is sufficient to employ 27 members of staff which is cquivalent to 22 full time staff and 5 part time staff. In addition there is a bank of 8 sessional workers who are casual employees working for the Project. During the year w¢ have achieved an occupancy level of 97.5 % and have accommodated 141 residents within our 80 bed unit. 99 residents moved on during the year, with 45 leaving the Project and 54 moving within the Project to the next stage of their independence. 770/0 of all moves were considered to be positiv¢. The Project continues to receive high demand with 303 referrals received during the year. Resldents accommodated during the year 14 Moved into their own tenancies l6 Moved back to family or moved in with friends/partners Abandoned their bed space or were evicted Were supported to find other accommodation due to agelpregnancy Moved to take up university cours¢s and related accommodation Supported with planned move-on Other Internal transfers Still residing at the Proj¢ct 12 55 84 Page 3
PARK LODCE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 Flnanclal Review During the year. the chaTity made a net surplus of £98,060. It has been a good year continuing with the extensive refurbishment work at the Hinckley Road premises. The long tem] strategy of the charity looks promising with better utilisation of the properties leased and owned. Reserves Policy The Trustees bave exarnined the clwity's requirements for reserves in light of the risks to the organisation. It has established a policy whereby the reserves are invested on dq)osit at National Westminster Bat]k in a high deposit account. The level of reserves have remained steady despite the heavy repairs and refurbishment of the Hinckley Road property. The Trustees have prioritised the need to build up cash reserves to equate to 6-8 rnonths average rllnning costs of th¢ Project and seek additional sources of funding should the Project lose its current funding sources. The TnteeS consider that this is a prudent measure to take plac¢ should existing activiti¢s b¢ curtailcd. The chariws unrestricted reserves at the end of the financial year stood at £1,200,428. Of this £469,018 has been allocated to various desiwted funds leaving £731,410 as free reserves. The free unrestricted reserves of £731,410 has increased from the previous year and the trustees are continually seeking for other funding to facilitate reserves to cover approximately 6 - 8 months total expenditure. The policy is a rolling policy reviewed annually in view of the risks linked with the properties and the potential legislative changes that can be implemented at any given time. Plans for Future Periods The charity plans to continue the activities outlined above in the forthcoming years subjcct to the ci)ntinuance of satisfactory funding arrangements. We have continued to develop the purchased propertics and cnhaDce our financial stability. Current developments are centred on the West End of tKicester, where pmpety is significantly cheaper than in Clarendon Pad(. Structur4 Governance & Management Governing Document The organisation is a charitable company limited by guarantee, incorporated on 20 January 2000 and registered as a charity on 3rd May 2001. The company was established und¢r a Memorandum of Articles which established the objects and poWS of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are wuired to Lx)ntribute an amount not exceeding £10. Page 4
PARK LODGE PROJECT (LIMrrED BY GUARANTEE) TRUSTEES LNNUAL REPORT (INCLUDINC DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 Governing Document (Continued) The directors of the company ar¢ also charity trustees for the purposes of cljarity law and under the company's Articles of Association. One third of the trustees or a minimum of three are required to stand for re-election at each Annual General Meeting on a rotating basis. Due to the nature of the objectives of the Project much of the charitys work focuses upon young people. The Trustees seek to ensure that the needs of this group are appropriately reflected through the diversity of the tnjstee board. To enhance the potential pool of trustees, the charity seeks to identify young people who have been homeless and would be willing to become trustees and use their own experiences to assist the charity. The mor¢ traditional business skills are well represented by th¢ Tntees. In an effort to maintain a broad mix of skills, Trustees are requested to provide a list of their skills and in the event of particular skills being lost due to retiremen¢ individuals ar¢ approached to offer themselves for election as Trust¢¢s. Most trustees ar¢ familiar with the practical work of the charity as the charity has worked in partnership with them in a variety of fields to enhance the support provision provided to the young people. New trustees are Invit and encouraged to attend an induction course to familiarise themselves with the charity and the context within which it operates. This is led by the Chief Executive Officer and overseen by the Chair of the Trustees and covers: l. A tour of all of the Project's properties. 2. The obligations of the Tntee8. 3. The policies and PTocedures and other documents including the Memorandum and Articles of Association. 4. Resourcing and the current financial position as set out in the latest published accounts. 5. Future plans and objectives. 6. InforntiOn Pack Further infonnation is provided in a pack pr¢pared from various Charity Commission documents and the Charity Conllnission's website guide 'An EsserAtial Ttee,. Additional training, if required, is sourced and paid for by the Project or delivered by the Chief Executive Officer. Page 5
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES LNNUAL REPORT ItNCLUDING DIRECTORIS REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 Risk Management The Project is developing a revised approach to its Risk Register, the outcome of which will be rewrted to the Management Committee and implemented. Where appropriate, systems and procedures have been established to mitigate the risks that the charity faces, incorporated in a developing business plan. External risks to fimding have been minimised with a strategic plan to allow diversification of funding. Internal control risks are minised by the implementation of a Financial Policy for authorisation of all transactions within th¢ Project. Procdures are in place to ensur¢ compliance with Health and Safety of staff, volunteers. truste¢s, service users, contractors and visitors to the Project. The Project's internal monitoring procedures ensure a consistent quality delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. Organisational Structure Park IA)dge Project currently has 8 trustees who meet every 6 weeks and are responsible for th¢ strategic direction and policy of the chaTity. The trustees come from a variety of professional backgrounds relevant to the work of the charlty. A scheme of delegation is in place and the day to day responsibility for the provision of services rests with the Chief Executive Officer along with the Service Managers. The CEO is also responsible for ensuring that the charity delivers the services specified and that key perforniance indicators ar¢ met, and for working with the Management Committee to provide strategic management. The Service Managers have the responsibility for the day to day operational management of the Project, one at each of the Project's two hubs, and for the individual supervision of the staff team and also ensuring that the team continue to develop their skills and working practices in line with good practic¢. Related Parties To enable th¢ charity to achieve its charitable objectives, the charity operates within local and national guidelin¢s. At a national level the Project is steered by the Department of Housin& Communities and Local Government strategy to reduce homelessness. In fi]ture the Project will also have to register with Ofsted. At a local level the Project works within Leicester Citys Homelessness Strategy and the Leicester City and Leicestershire County Council's Children and Young People's Services guidelines. Park Lodge Project continues to establish and improve links with other organisations, local authoriti¢s ¢lsewh¢r¢ in the county, and the cornmunity to identify policy development and prospective fLmding opportunities to improve services to all service users. Page 6
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 Statement of Trllstees, Responsil)llities The Trustees (who are also directors of the Park Lodge Project for the purposes of company law) are responsible for preparing the Trustees, Report and financial statements in accordance with 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 trne and fair view of the state of affairs of the charitable company and of the incoming resourc¢s and application of resources of the charitable company for the year. In preparing those financial staternents, the trustees are required to: select suitable accounting policies and then apply th¢m consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any rnaterial departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also rwnsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as we are aware: There is no relevant audit infonnation of which the charitable companvs auditor is unaware the trustees have taken all steps that they ought to have taken to rnake themselves aware of any relevant audit inforniation and to ¢stablish that the auditor is unaware of that inforn]ation. Page 7
PARK LODGE PROJECT (LIMITED BY GliARANTEE) TRUSTEES ANNUAL REPORT IINCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2024 This report has been prepared in accordance with the Statement of Recornmend Practic¢ Accounting and Reporting by Charlties 2019 (FRS 102) and in accordanc¢ with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the trustees and si1¢d on their behalf by: Mr D. Pollard (Director) Dated: 31 st October 2024 Page 8
PARK LODGE PROJECT (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2024 Oplnfion W¢ have audited the financial statements of Park Lodge Project (the 'charitsble company,) for the year ended 31 March 2024 which comprise The Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that h&s been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Th¢ Financial Rq)orting Standard appli¢abl¢ in the UK and R¢public of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a trne and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its inming resources and application of resources, including its income and ¢xpenditur¢, for th¢ year then ded. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. 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 responsibilities for the audit of the fmancial statements section of our report. We are independent of the charitsble company in accordance with the ethical requir¢ments that arc relallt to our audit of the fmancial stat¢ments 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons 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 pr¢paration of the financial stat¢m¢nts is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast SIlficant doubt on the charitabl¢ company'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 tte¢S with respect to going concern are described in the relevant sections of this report. Page g
PARK LODGE PROJECT (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK LODGE PROJECT FOR THE YEIIR ENDED 31 MARCH 2024 (CONTINUED) Other Inforniation The other infonnation comprises the inforniation included in the trustees annual repo¢ other than the financial statements and our auditOT'S report thereon. The trustees are responsible for the other inforn]ation 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 rq)ort. we do not express any forni of a&surance conclusion thereon. Our responsibility is to read the other infornialion anil in doing so, (x)nsider whether the other inforniation 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 nTaterial rnisstatements, we are required to deterniine 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 llterIal misstatement of this other inforntIo we are required to report that fact. We have nothing to report in this regard. Opinions on other tter8 prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the cours¢ of the audit: the inforn]ation given in the trusfres, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report have be¢n prepared in accordance with applicable legal requirements. Matters on which we are requRred to report by exeeption In the light of the knowledge and understanding of the charitable MpanY and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to Teport in respect of the following matters in relation to which the Companies Act 2006 requircs us to report to you if, in our opinion: adequate accounting records have not been kq)t. or retun adquate for our audit have not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors, remuneration specificd by law are not made" or we have not received all the inforniation and explanations we require for our audit. or the trustees were not entitled to prepare the fll]ancial statements in accordance with the small companies. regime and take advantage of the small companies, exemptions in preparing the directors, report. Page 10
PARK LODGE PROJECT (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Responsil)ilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 7, the trustees (who are also the directors of the clwitable company for the purposes of company law) are responsible for the prq)&ration of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the prq)aration of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concery disclosing, as applicable, matters related to going C4)ncern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the fancial statements Our objectives are to obtain reasonable assurance about whether th¢ financial statem¢nts as a whole are free from material rnisstatement, whether due to fraud or e0[, 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 misstat¢m¢nt when it exists. Misstatements can arise from fraud or error and are considered rnaterial if, individually or in the agegate, they could reasonably be expected to influence the eeA)nomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desi) procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our proc¢dur¢s ar¢ capabl¢ of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industy in which it operates and, considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. We made enquiries of the Directors to obtain fier understanding of risks of non-MplianCe. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to: obtaining an understanding of the applicable legal and regulatory framework and how the board is complying with that framework. assessing the susw)tibility of the financial statements to material misstatement, including how fraud might occur; id¢ntifying which laws and regulations are Si]ficant in the context of the board. enquiries of management regarding known or suspected instances of non-compliance with laws and regulations. reviewing the journals to ensure they have been applied corr¢ctly Page11
PARK LODGE PROJECT ILIMITED BY GUARANTEE) INDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Audltor responslbllltles for the audlt of the fjnancial statements (Continued) review of minutes of the Board meetings throughout the year" obtaining an understanding of the ntrol environment in place to prevent and detect irregularities. aeernent of the financial stat¢m¢nt disclosures to underlying supporting documentation. and considering whether the audit team collectively has the appropriate competence and capabilities to identify or recolse non-compliance with laws and r¢gulations. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, reColsing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting on¢ resulting from error, as fraud may involv¢ deliberate concealment by, for ¢xample, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures perforni¢d and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A fillther description of our responsibilities is available on the FRC'S websit¢ at: https://www.frc. or&uldauditors/audit-assurancelauditor-s-responsibilities-for-the-audit-of-the-fildescription-of-the -auditoff/oE20/0800/o99s-responsibiliti¢s-for This description forn]s part of our auditor's report. We c4)mmunicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is nde solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2(K)6. Our audit work has been undertaken so that we might state to the charitabl¢ 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 pennitted by law, we do not accept or assume responsibility to anyon¢ other than the charltable cornpany and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have fonned. ANILKUMAR TAILOR (SENIOR STATLrroRY AUDITOR) FOR AND ON BEHALF OF CELERICA LIMITED (STATUTORY AUDITOR) FIRST FLOOR THE OLD CHAPEL 9A KEMPSON ROAD LEICESTER LE2 8AN Dated: 31 st October 2024 Page 12
PARK LODGE PROJECT (LIMrrED BY GUARANTEE) STATEMEiYf OF FllYANCIAL AcrIvrTIES FOR THE YEAR ENDED 31 MARCH 2024 (including income and expenditure account) 2024 2024 2024 2024 2023 Ullrtstrlct Unrestricted nated Restslcted Totsl Total FuDd8 Funds Funds Funds Income Ydnd endowments Voluntsry income Charitable activities Investment income 1,029 1,821,237 18 20,460 21,489 1,821,237 18 112,950 1.340,584 38 1.643 Total Income and endowments 1,822284 20,460 1,842,744 1,455215 Expenditure on: Raising funds Charitable activities Other 1.724224 20,460 1,744,684 1.339,343 Total expenditure 1,724224 20,460 1,744,684 lJ39a43 Net income 98,060 98,060 115,872 Transfer between funds 19,696 (19,696) Net movements in funds 117,756 (19,696) 98,060 115.872 Reconciliation of funds: Total funds brought forward 613,654 488,714 1,102J68 98Q496 Total funds carrled fonvard 731,410 469,018 1,200,428 1,102a68 All figLwes relate to continuing operations. There were no recognised gains or losses for the current or previous period other than as slated above. The movement in funds is due to the net incoming resources for the year. The notes on pages 16 to 23 forni part of these accounts Page 13
PARK LODGE PROJECT (LIML ITED BY GUARAJyfEK) Registered company Dumber 03910612 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED ASSETS 12 1,370,225 1,366,742 CURRENf ASSETS Debtors & prepayments Cash at bank Cash in hand 13 309,430 98,477 33 407,940 113,657 182.959 300 296,916 Creditors 14 120,998 120.998 85,262 85.262 TOTAL ASSETS LESS CURRENT LIABILITIE,, 286,942 211,654 Creditors: amounts falling due after one year 15 (456,739) (476,028) NET ASSETS 1.200 428 1102J68 FUNDS Unrestricted Designated Restricted 17 731,410 469,018 613,654 488,714 17 17 1,200,428 1,102 68 Approved by the Management Committee on 31 st October 2024 and signed on its behalf by.. David Pollard The notes on pages 16 to 23 forni part of these accounts Page 14
PARK LODGE PROJECT (LIMITED BY GUARANTEE) Registered company number 03910612 CASHFLOW STATEMENT AS AT 31 MARCH 2024 2024 2023 Cash flow from operating activities Net movement in fimds Depreciation of tangible fixed assets (Increase) in debtors Increase in creditors Bank inlcrcst received Bank int¢r¢st paid 98,060 1,116 (195,773) 36.143 (18) 33,139 115,872 2.448 (37,374) 35,017 (38) 26,895 Net cash flow from operating activities {27,333) 142,820 Cash flow from iDvestiDg activities Purch&8e of tangible fixed assets Interest received (4,599) 18 (5,602) 38 Net cash flow from investing Activities (4,581) (5.564) Cash flow from financing activities Receipts from issue of new long twn loans Repayment of long term loans Interest paid (19.696) (33,139) (19,861) (26,895) et cash flow from fuwicing activities (52,835) (46,756) Net (decrease) increase in cash and cash equivalents (84,749) 90,500 Cash and c8sh equivalent8 at l Aprll 2023 183,259 91759 Cash and cash equivalents at 31 Mrdrch 2024 98,510 183,259 Cash and cash equivalents consists of: Cash at bank and in Ind 98.510 183,259 Cash and casb equivalents at 31 March 2024 98,510 183,259 Page 15
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting Polieie l. Summary of signifleant accounting policies General information and basis of preparation Park Indge Project is a registered charity in England and Wales and also a company that is limited by glter. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 O per member of the Charity. The address of the charitS registered office is given on page l of these financial statements. The nature of the charitys operations and principal activities are detailed on page 2-3 of these fmancial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, th¢ Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011. the Companies Act 2006 and UK Gen¢rally Accepted Accounting practice. The financial statements have been prepared to give a 'tru¢ and fair view and have dq)arted from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FiAwicial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Staternent of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost Conventio modified to include certain items at fair value where considered necessary. The financial statements are presented in sterling which is thc functional currency of the charity and roundeAI to the nearest pound. b Funds Unrestricted fLmds are available for use at the discretion of the trustees in furtherance of the genernl objectives of the charity and which have not been desiguated for other purpos¢s. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each desIated fund is set out in the notes to the financial statements. Page 16
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 {CONTINUED) l Aeeounting Policies (Continued) l. Summary of slgnlficant aceountlng pollcles (Contlnued) b Funds (Continued) Restiicted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular puryoses. The cost of raising and admiwtering such fLmds are charged against the specific fund. The aim and use of each restricted fund is set out in the not¢s to th¢ fllW]cial statements. Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perforn]ance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the charity will hav¢ b¢¢n notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a l¢vel of perforniance before entitlement can be obtsined then income is deferred until those conditions are fully met or the fifilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are reCO)ised in income at their fair value when their economic b¢nefit is probable, it can b¢ measured reliably and the charity has control over the item. Fair value is deterniined on the basis of the value of the gift to th¢ charity. A corresponding amount is recognised in expenditure. No amount of time is included in the financial statements for volunteer time in line with SORP FRS (102). Further detail is given in the Trustees Annual Report. Where practicable, gifts in kind donat¢d for distribution to th¢ b¢fiCIar1cS of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to ass¢ss the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recolISed as charitable expenditure. Gifts in kind donated for rasale are included at fair value, being the expected proc¢¢ds from sale less the expected cost of the sale. Where estimating th¢ fair valu¢ is practicable upon receipt it is reCOlsed in stock and "Income from other trading activities" Upon sale, the the value of stock is charged against "Income from trading activities" and the proceeds are recognised as "Income from other trading activities" Where it is impracticable to fair value the items due to the volume of low value items they are not recognised in the financial statements until sold. This in(J)me is recognised within "Income from other trading activities" Page 17
PARK LODGE PROJECT (LIIIIITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) l Accounling Policies (Continued) l. Sumnvary of significant accounting pollcles (Continued) Income recognition (Continued) Fixed assets gifts in kind are recognised when receivable and are included at fair value. They ar¢ not d¢ferr¢d ov¢r the life of the asset. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being receive(L At this point income is recogDised. On occasion, legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed on these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activities includes income earned from fimdraising events and trading activities to raise funds for the charity. Incthne is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlernent has occurred. Investment income is earned through holding assets for investsnent purposes such as interest. Interest income is reCo]Ised using the effective interest method. Any dividend and rent income is recognised as th¢ clwitys rigbt to Te1Ve payment is establish¢d. d Expendithre recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all StS related to the category. Expenditure is reCOlsed where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and th¢ amount of the obligation can be measured reliably. It is categorised under the following headings: Cost of raising fimds Expenditure on charitable activities Other expenditure represents those items not falling into the above categories. ecoverable VAT is chargcd as an expensc against the activity for which the expenditure arose. Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the C}lty. Fundraising costs are those incurred in seeking voluntary contnbutions and do not include the costs of disseminating inforn]ation in support of the charitable activities. The analysis of these costs is in included in note 6. Page 18
PARK LODGE PROJECT (LIMfTED BY GUARANfEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) l Accountlng Policies (Continued) l. Sunmmry of significant aecounting policies (Conthiued) f Tangible red assets The accounting policy seeks to capitalise such fixed assets that are of continued use to the and administration of the Charity and provides depreciation thereon as follows: Freehold Properties Improvement to Freehold Properties Computer Equipment Fixtures & Fittings Not Depreciated Not Depreciate 33.330/0 on cost -25% oncost The fr¢¢hold propety and improvements have not been depreciated since it is the opinion of the trustees that it's market value is in excess of its book value and they are maintained to a good standard. The Companies Act 2006 and FRS102 requires depreciation to be charged on all tangible fixed assets, but in the opinion of the trustees, the valuation as stated provides a true and fair view. Assets that relate to direct charitable expenditure for residents continue to be written off at the time of purchase. These items will continue to have very little residual value. g Provlslons Provisions are recoliSed when the charity has an obligation at the balance sheet date as a result of a past event, It is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. h Leases Rentals payabl¢ or r¢c¢ivable under op¢rating leases ar¢ charged to the SOFA on a straight line basis over the period of the lease. Taxation No provision has been made for taxation as the charitys charitable status renders it exempt from UK direct taxation. j Going colleern The financial statements have been prepared on a going concem basis as the trnstees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going Page 19
PARK LODGE PROJECT (LIMITED BY GUARthTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 {CONTINUED) 2 Voluntary income Landlaid Refurbishment Grant The National Lottery - Green Room Proj¢ct LEicester City Council Sundry donations MiellanC0uS 2024 5,500 9,960 5,(M)O 1.029 2023 105,250 R¢stricted Restricted R¢stiicted Unrestiict¢d Unrestricted 3,073 4,627 112,950 21,489 Voluntary income was £21,489 (2023: £112.950). £20,460 of this income was of a restricted nature (2023: £105,250). 3 Charitable actlvltfies fincome Housing benefits I rents l ¢ommi8sioning 2024 1,821,237 1,821,237 2023 1,340,584 1,340,584 Income from charitable activities was £1,821.237 (2023: £1.340,584). All unrestricted 4 Investment In¢ome Bank interest received 2024 2023 18 38 Investtnent income was £18 (2023: £38). All of these were U[S]ct. S Charltable acdvltles expenditure Provide supported houslng Activities undertaken directly Salaries for resident 8UPPOrt Support costs 2024 728,236 922,250 94,198 1,744,684 £1,724,224 (2023. £1,234.093) of the above costs were related to unrestricted funds. £20,460 {2023: £105250) of these costs were related to restricted fimds. 2023 614,375 648,784 76,184 1,339,343 6 Allocation of supp)rt eosts Provide Provide Housin Housin 2024 41,912 3,960 14.802 32.408 1,116 2023 33,167 2,476 12,172 25,921 2,448 Governance Travelling Telephone Mortgag¢ interest Depreciation 94,198 76,184 Page 20
PARK LODGE PROJECT (LIMrrED BY GUARAwfEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONllNUED) 7 Governance Costs 2024 2023 Advertising Auditor's remuneration Professional f¢¢s Bank charges 709 5,244 26,448 766 33,167 4,860 36,273 779 41,912 Trustees Expenses There were no trustees expenses during the year. (2023: £Nil) Net Income This is stated after charging: 2024 2023 Auditor's remuneration 4,21K) 4,200 10 Wages and Salarles 2024 2023 Wages & salaries Social security 849,812 72,438 922,250 604,261 44,523 648,784 2024 2024 Full time Number Equivalent Number 2023 2023 Full time Equivalent Average number of employees 45 36 45 36 All staff are employed by the charity. No employees earn more than £60,000 during the two years cnded 31 March 2024. I l Operating Lease Commitments Total minimum payments under operating leases are: 2024 2023 Within one year Within 2 - 5 years 238,424 300,850 238,424 300,850 539,274 539,274 Page 21
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTtNUED) 12 Fixed Assets Freehold Pro Pro Com uter Fixtures ui Total COST: As at l April 2023 Additions As at 31 March 2024 720,166 644,752 23,065 1,204 24,269 3,483 1,391,466 3,395 4,599 6,878 1,396,065 720,166 644,752 DEPRECIATION: As at l April 2023 Charge for the year As at 31 March 2024 22,410 727 23,137 2,314 389 2,703 24,724 1,116 25,840 NET BOOK VALUE: As at 31 March 2024 720,166 644,752 1,132 4,175 1,370,225 As at 31 March 2023 720,166 644,752 654 1,169 1,366,742 13 Debtors 2024 2023 Rents receivable Sundry debtors & prq)aym¢nts 230,559 78,871 309,430 81,475 32,182 113,657 14 Creditors: Amounts falling due within one year Sundry CrltorS & aCCrL1S Loans & mortgages 2024 2023 108,719 12,279 120,998 72,576 12,686 85,262 15 Credfitors: Amounts falllng due after one year Loans & mortgages 2024 2023 456,739 456,739 476,028 476,028 16 Secured Debts The loans and mortgages are secured by . The propety I I Sweetbriar Road, Leicester, LE3 IAP The propety 113 - 115 Hinckley Road, Leicester, LE3 OTF Page 22
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 17 Movements in Funds 01-A 2023 r Incomin Resources Out oin Resources 31-Mar 2024 Transfers Unrestricted Funds General Fund DesIated Property Restricted Funds Restricted Funds 613,654 488,714 1,822,284 (1,724,224) 19,696 (19,696) 731,410 469,018 20,460 (20,460) 1,842,744 (1,744,684) TOTAL FUNDS 1,102,368 1,200,428 The designated fund represents the loans still due on the two PToperties owned by the charity. 18 Related Party Transactions There were no related party transactions for the year ended 31 March 2024 or in th¢ previous year. 19 Analysis of Net Assets Unrestrlcted Unrestricted General Desl nated Restrleted Funds Funds Funds Total Fixed Assets Current Assets 897,724 296.916 469,018 1,366,742 296,916 Total Assets Current liabilities Creditors after more than one year 1,194,640 (85,262) (377,968) 731,410 469,018 1,663,658 (85,262) (377,968) 1,200,428 469,018 Page 23
PARK LODGE PROJECT (LIMITED BY GUARANTEE) LNCOTrtE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Income: Housing benefits, rents & commissioning Other income Bank interest 1,82J,237 21,489 18 1,842.744 1,340,584 114,593 38 1,455215 Expenditure: Wages Training Advertising Rates Light & heat Insuranc¢ Rq)airs & renewals Fixtures & equipment consumables Household expenses Activity Rent Telephone & Computer expenses Audit / Independent Examiners Printing, postsge & stationery Miscellane4)US Bank charges Professional fees Travel Mortgagc & loan illtercst chaTges Depreciation 922,250 12.632 648.784 4.699 709 26,301 68.989 16.839 153,375 23.098 85.071 32,967 183,833 12,365 22,176 280,503 14,802 52,606 4,860 10.505 11.749 779 36,273 3.960 33,139 1,116 14.048 31,490 269,987 12,172 17,590 5,244 8,433 1,650 766 26,448 2,476 26,895 2,448 1,744,684 lJ39,343 Net Income for the Year 98,060 115,872 Fund Balance Brought Forward 1,102368 986,496 Transfers Fund Balance Carried Forward 1200,428 1,102J68 This page does forni part of the statutory financial statements Page 24