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 Tn￿teeS 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 poW￿S 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¢ Tn￿tees. 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 Tn￿tee8.
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. Inforn￿tiOn Pack
Further infonnation is provided in a pack pr¢pared from various Charity Commission
documents and the Charity Conllnission's website guide 'An EsserAtial T￿￿tee,.
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 mini￿sed 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 si￿1¢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 in￿ming 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 rel￿allt 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 SI￿lficant
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 t￿￿te¢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 ll￿terIal misstatement of this other inforn￿tIo￿ 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 f￿ancial 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 e￿0[, 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 ag￿egate, 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 fi￿er 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.
a￿eernent 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 reco￿lse non-compliance with laws and r¢gulations.
Our audit procedures were designed to respond to risks of material misstatement in the financial
statements, reCo￿lsing 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 n￿de 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 I￿nd
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 gl￿ter. 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 charit￿S
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 desI￿ated 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 fi￿filment 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 reco￿lISed 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 reCO￿lsed 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 T￿e1Ve 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 reCO￿lsed 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 r￿ed 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 reco￿liSed 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
Mi￿ellanC0uS
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 Cr￿ltorS & aCCrL￿1S
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
DesI￿ated 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