RegL8tered Charity No:1086450 Registered Company No: 03910612 (England and Wale5) PARK LODGE PROJECT (A Company limitsd by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PARK LODGE PROJECT (LIIrrED BY GUARANTEE) INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page ChaTAty Reference and Administrative D¢tails Trustees Annual Rq)ort (Including Director's Report) Audit Report 9-12 Statement of Financial Activities (Including Income and Expenditure Account) 13 Balance Sheet 14 Statement of C&shflows 15 Notes to the Accounts 16-23 Detailed Income & Expenditure 24
PARK LODGE PROJECT (LlTrttTED BY GUARANTEE) Charity Referenee and Administrntive Detalls for the year ended 31 March 2025 Charity Name: Park Lodge Project Charity Registration Number: 1086450 Company Registration Number: 03910612 Registered oifice and Operational Address: 2 Central Avenue Clarendon Park Leicester LE2 ITB Trnstees (and Directors): David Pollard Nigel Oldman Deborah Lockton Rod Moorc Maureen Dover Sarah Oldman Malcolm Pell Sally Birch Jennifer Harding Hema Kotecha Treasurer to 31 March 2025 Chair Resigned 22 May 2025 Resigned 31 October 2024 Treasurer from l April 2025 Appointed 14 November 2024 Appointed 14 November 2024 Appointed 3 July 2025 Management Team: Edward Bailey Samantha Kozak Gaynor QuilteT Helen Miller Michelle Brown CEO (left November 2024) Acting CEO (Dec 24 to Feb 25) Interim CEO (from January 2025) Eststes Manager Registercd Service Manager Senior Statutory Auditor: Anilkumar Tailor Celerica Ltd, Chartered Certified Accountants The Old Chapel. 9A Kempson Road Lcicester LE2 8AN Bankers: National Westminster l Granby Street Leicester LEI 6EJ Page 1
PARK LODGE PROJECT {L]TED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 The trustees present their report and financia] statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of the Ststemcnt of Recommended Practice (SORP) Accounting and Reporting by Charities. (FRS102) in preparing the annual financial statements of the charity. The financial statements have been prepared in accordancc with the accounting policies set out in the notes to the accounts and cornply 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 th¢ UK and R¢public of freland PublisheAI in October 2019 (second. edition). Trustees of the Charity The directors of the charitable company are also its trnstees for the purpose of Charitable law. The trustees who have served during the year and sin¢¢ the year end are as follows: Rod Moore Sarah 01(Iman David Pollard Treasurer to 31.3.2025 Malcolm PeIl Nigel Oldman Chair Jennifer Harding Appointed 14.11.2024 Deborah Lockton Resigned 22.5.2025 Sally Birch Appointed 14.11.2024 Maureen Dover Resigned 31.10.2024 Hema Kotecha Appointed 03.072025 Treasur from 1.4.2025 Objectives and Activities Park Lodge Project aims to cmpower young people to develop the skills to live independently through the provision 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. knowl¢dge and attitude to deliver the standard of service that we strive for. 4 Our accommodation is fit for PUTpose and w¢ strive to improve the standard wh¢r¢v¢r possible. 5 We identify and apply, where 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. trainingjemployment needs and opportunities. Page 2
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLIIDING DIRECTOR'S REPORT) FOR THE YEAR EM)ED 31ST MARCH 2025 (CONTINtIED) Objectives and Activltfes (Continued) The aims of Park Lodge Project Reduce homeIessnes4 repeat homelessness and risks of homelessness within the city, including offering advice. guidance and support. Offer safe and nurturing accommodatio providing a stable living expcrience to thosc in need primarily young people. Support service users to develop positivc relationships and gain life skills to live independently and maintain tenancies. Public Benefit Statement The Trustses bave considered the generaI guidance on public benefit issued by the Charities Commission and hav¢ taken due regard of that guidance. The Trustees consider they aTe satisfied that the charity's a¢tivities do provide a wide public benefit. Strate Ic Re ort Acblevements and Perforniallce The main areas of charitable activity are the provision of supported accommodation, advice and infonnation in housing related suppor¢ life skills, education and training and resettlement of homeless young people. Funding for the Project is through commissiolled bed spaces by Leicester City and other Authorities, Children and Young People's Services, Housing B¢nefrt, young people's contributions, grants and donations. We provided support to a totsl of 92 young people. We successfully welcomed 69 new young people across our two Hubs, with 33 joining Hinckley Road Hub and 36 at the Central Avenue Hub. Our focus on positive outcomes has been a great success. with 43 young people making a positive move into independent accommodation. These positive move-ons included young people transitioning into their own independent accommodation. rebuilding relationships with family to return home, and moving on to atiend university. There were 20 negative move-ons. Our team rernains committed to understanding and addressing the factors behind these outcomes. tn all cases, young people who experienced a negative move-on received support to find alternative accommodation. In addition to our core housing supporL we have been dedicated to enriching the lives of young people through vaTiOUS activities and celebrations. We hosted 14 summer activities. organised 6 cultural celebrations, and marked 19 national days throughout the year, providing valuable opportunities for community building and personal development and growth. Page 3
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR EIYDED 31ST MARCH 2025 (CONTINUED) Financial Review During the year, the charity made a net surplus of £147.393 (2024: £98.060). This year we were delighted to open our employment house on Imperial Avenue due to the generosity of The Abstract Foundation. We have handed back Beatrice Road and refitrbished Knighton Fields Road. We continue to build our propety portfolio of leased and owned homes. Reserves Po]icy The Trustees have examined the charity's requirements for reserves in light of the risks to the organisation. It has established a policy whereby the reserves are invested at National Weskninster Bank in a high intsrest deposit account. The level of reserves have remained steady despite the heavy repairs and refiwbishment of the Hinckley Road propety. The Trustees have prioritised the need to build up cash reserves to equate to 6-8 months average running costs of the Project and seek additional sources of funding should the Project lose its current funding sources. The Trustees consider that this is a prudent measure to take place should existing activities be curtailed. The charity's unrestricted r¢serves at the end of th¢ financial year stood at £1,197,406 (2024: £1.200,428). Of this £432,842 (2024: £469,018) has been allocated to vaTiOUS designated funds, and £150,415 (2024.. £nil) is held in restricted llds. This leaves £764,564 (2024: £731.410) of unrestricted funds. The trustees are continually seeking for other funding to facilitste reserves to cover approximately 6 - 8 months total expenditure. At the year end the charity had approximafrly 4 months of expenditure held in unrestricted reserves. The policy is a rolling policy reviewed annually in view of the risks litiked 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 subject to the continuance of satisfactory funding arrangements. We have continued to develop the purchased properties and enhance ow financial stsbility. Current developments are centred on the West End of Leicester, where property is SIlfICant1Y cheaper than in Clarendon Park. From April 2022, Park Lodge Project became the Trustee of St Michael's Housing TrusL a Tegistered charity (number 504340) and registered with Social Housing (number H1416). Our plan is to continue to develop these properties as we have young people using these properties. We are also considering the purchase of our long established hubs in Central Avenue. This would bi a great achievement for the charity as we have operated from here for many years. Pag8 4
PARK LODGE PROJECT (LI1[TED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 (CONTINUED) Structure, GovernaDee & Management Governing Document The organisation is a charitsble Company limited by guarantee, incorporated on 20 January 2000 and registered as a charity on 3rd May 2001. The company was established under a Memorandum of Articles which estsblished the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. The directors of the company are also charity trustses for the purposes of charity law and under the company's Articles of Association. One third of the trnstees or a minimum of three are required to stand for re-election at each Annual Genera] Meetlng on a rotsting basis. Due to the nature of the objectives of the Project much of the charrws work focuses upon young people. The Trustees seek to ensure that the needs of this group are appropriately flected through the diversity of the trustee 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 trustses and use their own experiences to assist the charity. The more traditional business skills are well represented by the Tne¢s. 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¢ individua]s are approached to offer themselves for election as Trustees. Most trustees are 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 peopl¢. New trustees are invited 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: A tour of all of the Projecfs properties. The obligations of the Trustees. The policies and procedures and other documents including the Memorandum and Articles of Association. Resourcing and the current financial position as set out in the latest publish accounts. Future plans and objectives. Inforniation Pack Further inforniation is provided in a pack prepared from various Charity Commission documents and the Charity Commission's website guide 'An Essential Trustee,. Additional training, if required, is sourced and paid for by the Project or delivered by the Chief Executive otyicer. Page 5
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 (CONTINUED) Risk Management The Trustees have now adopted a new risk rnapping matrix that covers all aspects of the charitys work and fornis part of a f(Kused discussion at cach board of Trnstee meetin& During the year we have reviewed and updated our financial procedures and introduced a business contingency plan. As part of our ongoing governance to ensure quality and consistency, we have introduced a planned schedule for reviewing our policies on a systematic basis. Organisational Structure Park Lodge Project currently has 8 Trustees who meet quarterly and are responsible for the strategic direction of the charity, the scrutiny of the strat¢gy and support of people and reputation of the the charity. The te¢S come from a variety of Professional backgrounds relevant to the work of the charity. The charity has a Finance Sub-committee who meet quarterly, a Fundraising Committee, and various adhoc task and finish groups. In the year to 31 March 2025, this has included a committee to support with OFSTED registration. The day to day responsibility for the provision of services is delegated to the Chief Executive Officer, who is supp)rted by the Registered Service Manager and Estates Manager. There are Key Perforniance Indicators for all services, and a monthly managers, meeting that provides support and challenge to ensure accountability and compliance. We have service managers for the Central Avenue and Hinckley Road Hubs. providing care and support to young people through the line management of support staff. Our Referral & Allocations and Housing Management Team ensure compliance with our legal obligations. Parthership Working To enable the charity to achieve its chaTitsble Objective the charity operates within local and national guidelines. At a national level the Prnject is steered by the Department of Housing, Communities and Local Government strategy to reduce homelcssness. Wc are in the process of registering with OFSTED. At a local level the Project works wtthin Leicestcr City's Homelessness Strategy and the Lcicester 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 authorities elsewhere in the county. and the community to identify policy development and prospective funding opportunities to improve servi¢es to all service users. Page 6
PARK LODGE PROJECT (LIMITED BY GUARANTEE) TRUSTEES ANNUAL REPORT (INCLUDllYG DIRECTOR'S REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 (CONTINUED) Statement of Trnstees, Responsibilities The Trustees (who are also dircctors of the Park L(xlge Project for the purposes of company law) are responsible for preparing the Trustces, Report and fmancial 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 fmancial statemcnts for each fanCIal year. which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitsble company for the year. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and prAnciples in the Charities SORP 2019 (FRS 102). make judgements and estimates that are reasonable and prudent. stste whether applicable UK Accounting Standards have been followe& subject to any material departures disclosed and explained in the fancial statements. prepare the fInancial statements on the going concern basis unless it is inappropTiate to presume that the company will continue in operntion. The trustees are responsible for kceping 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 responsible for safeguarding thc assets of thc charitablc 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 inforniation of which th¢ charitable companys auditor is unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and t() establish that the auditor is unaware of that inforn]ation. Page 7
PARK LODGE PROJECT (LIMITED BY GUARANfEE) TRUSTEES AIgNUAL REPORT (INCLUDING DIREoR's REPORT) FOR THE YEAR ENDED 31ST MARCH 2025 (CONTINUED) This report has been prepared in accordance with the Statement of Recommended Practice Accounting and Reportlng by Clwities 2019 (FRS 102) and in accordance with the special pmvisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the trustees and signed on their behalf by: Mrs Sarah Oldman Dated". 13.11.25 Page 8
PARK LODGE PROJECT (LIMfTED BY GUARANTEE) INDEPEIYDENT AIJDITOR'S REPORT TO THE MEMBERS OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2025 Oplnion W¢ have audited the financial ststements of Park LA)dge Project (the '¢haritable company.) for the year ended 31 March 2025 which comprise The Ststement of Financial Activities, Balance Shee¢ Cashflow Statement and notes to the fllmncial statements, including significant accounting policies. The fmancial reporting framework that has been applied in their preparntion is applicable law and United Kingdom Accounting Standards, including Financial Repx)rting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stste of the charitable company's affairs as at 31 March 2025, and of its incoming resour¢¢s and application of resources, Including its income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom GeneraJly Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2(K)6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) asAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfornled. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable 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 trustees with respect to going concern are described in the relevant sections of this report. Page 9
PARK LODGE PROJECT (LIMITED BY GUAII4NTEE) INDEPENDENT AUDITOR'S REPORT TO THE mBERs OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Other information The other infornlation comprises the infonnation included in the trustees annual repo¢ other than the financial ststsments and our auditor's report thereon. The trustees are responsible for the other infonnation contained within the annual rert. Our opinion on the fmancial statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in our report we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other inforn]ation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent matsrial misstatements, we are required to deternine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perforn]e& we conclude that there is a material misstatement of this other infornti0n, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters preKribed by the Companies Act 2006 In our opinion, based on the Work undertaken in the course of the audit: the inforniation given in the trustees, report (incorporating the directors, report) for the fmancial year for which the financial statements are prepared is consistent with the financial statements" and * the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptloll tn the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kepL or returns adequate 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 rett]rns' or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the inforniation and explanations we require for our audit. or the tNstees were not entitled to prepare the financial statements in accordance with the small companies, regime and tak¢ advantsge of the small companies. exemptions in preparing the directors, report. Page 10
PARK LODGE PROJECT (LIMITED BY GUARANTEE) INDEPENDEIYT AUDITOR'S REPORT TO THE MEBERs OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) Responsibilities of trustees As cxplained more fully in the trustees, reSponsi111t1eS statement set out on pagc 7, the trustees (who are also the directors of the charitsble company for the purposes of company law) arc responsible for the preparation of the financial statcments and for being satisfied that they give a trne and fair view, and for such internaI control as the trustecs deterniine is necessary to ¢nable the preparation of financial statements that are free from material misstatemenl whether due to fraud or ermr. In preparing the financial statements, the trustces are rcsponsible for assessing the charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. OT have no r¢alistic alternative but to do so. Auditor responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether du¢ to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desigr procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable 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 werc contrary to applicable laws and reguIations. including fraud. We made enquiries of the Directors to obtain further understanding of risks of non-compliance. We focuscd on laws and regulations that could give risc to a material misstatement in the financial statements. Our tests included, but were not limited to: obtaining an understanding of the applicable legal and rcgulatory framework and how the board is Cotnplying with that framework. assessing the susceptibility of the financial statements to material misstatemenL including how fraud rnight occur. identifying which laws and regulations are significant in the context of the board. enquiries of management regarding known or suspect¢d instances of non-compliance with laws and regulations" reviewing the journals to ensure they have been applied correctly Page 11
PARK LODGE PROJECT (LIMrrED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK LODGE PROJECT FOR THE YEAR ENDED 31 MARCH 2025 (CONTIuED) Auditor responsibilities for the audit of the financial statements (Continued) review of minutes of the Board meetings throughout the year. obtaining an understanding of the control environment in place to prevent and detect irregularities. agreement of the financial ststement disclosures to underlying supporting documentstion. and considering whether the audit team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. Our audit procedures were designed to respond to risks of material misstatement in th¢ financial statements, reCols1ng that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulling from error. as fraud may involve deliberate concealment by, for example, forgery, misrepresentstions or through collusion. There are inherent limitations in the audit procedures perfornied and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the fmancial statements, the less likejy we are to become aware of it. A further description of our responsibilities is available on the FRC'S website at: https:/lwww.frc. org.uldauditorslaudit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fUdescription-of-the -audito/0E2o/o8O % 99s-responsibilities-for This description forn]s part of our auditor's report. We communicate 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 intemal control that we identify during our audit. Use of our report This report is made solely to the charitsble company's memb¢T% as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit WOL* has been undertaken so that we might stste to the charitable company's members thos¢ matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pem]itted by law, we do not accept or assume responsibility to anyone other than the charitabIe company and the charitable company's members as a body. for OUT audit work, for this r¢por¢ or for the opinions we have forn)ed. ANILKUMAR TAILOR (SEMOR STATUTORY AUDITOR) FOR AND ON BEHALF OF CELERICA LIMITED (STATUTORY AUDITOR) FIRST FLOOR THE OLD CHAPEL 9A KEMPSON ROAD LEICESTER LE2 8AN Dated: 14/11 /15 Page 12
PARK LODGE PROJECT (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 (Including income and expendlture Vdceount) 202 2025 2025 2025 2024 Ilnregtrirted D¢5i tt#ted ReBtrictsd Funds F¥nds URr¢strieted Totsl Note Funds Funds Funds Income and endowments Voluntary income Charitable activities Investment income 31,360 2,171.314 20 197,000 228,360 2,171,314 20 21,489 1,821.237 18 Totsl Income and endowments Expenditure on: 2302,694 197,000 2J99,694 1042,744 Raising fimds Charitable activities 2205,716 46,585 2,252,301 1,744,684 Totsl expenditure 2,205,716 46,585 2252JOI 1,744,684 Net (deficlt) fincome (3,022) 150,415 147,393 98,060 Trnnsfer between lld8 36,176 (36.176) Net movements In funds 33,154 (36.176) 150,415 147,393 98,060 Reeonciliation of funds: Total funds brought forward Total funds carried fonvard 731.410 469.018 1,200,428 1,102J68 764.564 432,842 150,415 lJ47.821 1,200,428 All fJguK8 relate to continuing operations. There were no recognised gains or losses for the rent or previous period other than as stated above. The movement in funds is du¢ to the net incoming resources for the year. The notes on pages 16 to 23 fomi part of these accounts Page 13
PARK LODGE PROJECT (LLMrrED BY GUARAYfEE) Reglstered conjpany Dumber 03910612 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 T4ott FIXED ASSETS 12 1,369,695 1,370,225 CURRENT ASSETS Debtors & prepayments Cash at bank Cash in l]and 437J58 136,177 674 574209 309,430 98,477 33 407,940 CURREiYf LIABILITIES Creditors 14 163.866 163,866 120,998 120,998 TOTAL ASSETS LESS CURRENT LIABILITILI 410J43 286,942 Creditors: amounts falling due after one year 15 (432217) (456,739) NET A&SETS lJ47 821 1,200 428 Unrestricted Designated Restricted 18 764,564 432,842 150,415 lJ47 821 731,410 469.018 18 18 1,200,428 Approved by the Management Committee on 13 November 2025 and signed on its behalf by: Sarah Oldmall The notes on pages 16 to 23 forn] part of these accounts Page 14
PARK LODGE PROJECT (LIMITED BY GUARANTEE) Registered eompany Dumber 03910612 CASHFLOW STATEMENT AS AT 31 MARCH 2025 2025 2024 Cash floiy from operatlng activftles Net movement in fill]ds Depreciation of tangible fixed assets (Increase} in debtors Incre&ge in creditors Bank interest received Bank interest paid 147,393 2,519 (127,928) 40,579 (20) 30,911 98,060 1,116 (195.773) 36.143 (18) 33,139 Iyet cash flow from operatiug activities 93,454 (27,333) Cash flow from investlng actlvAtles Purchase of tangible fixed assets terest received (1,989) 20 (4,599) 18 Net cash flow from investing aetivities (1,969) (4,581) Cash Ilow from fmancing activities Repayment of long tenn loans tnterest paid (22,233) (30,911) (19,696) (33,139) Net casb flow from financlng aetlvttles {53,144} (52.835) Net incrvase (decrease) ID cash and c4sh equivalents 38,341 (84,749) Cash and tash equivalents at l April 2024 98.510 183259 Casb and cash equlvalents at 31 Marcb 2025 136 851 Cash and ¢ash equivalents tonslsts of: Cash at bank and in hand 136,851 98,510 Cash and eash equfvaknts at 31 March 2025 136,851 98,510 Page 15
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR EISDED 31 TrL4RCH 2025 l Accounting Policies l. Summary of significant accounting policies General inforniation and basRS of preparation Park Lodge Project is a registsred charity in England and Wales and also a company that is limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £ l O per membcr of the Charity. The address of the charity's registered otTice is given on page l of these fmancial statements. The nature of the charity's operations and principal activities are d¢tsiled on page 2-3 of these fll]ancial ststem¢Dts. 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: Stat¢rnent of Recommended Pra¢tice applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial ReFM)rting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting PTactice. The financial statements have been prepared to give a "true and fair" view and have departed 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 Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prcpared on a going concern basis under the historical cost onvention. modified to include certain items at fair value where considered necessary. The financial statements are presented in sterling which is the functional curr¢ncy of the charity and rounded to the nearest pound. b Funds Unrcstricted fimds are available for use at the discretion of the trustees in fLwth¢rance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by th¢ trustees for particular purposes. The aim and use of each designated 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 2025 (COIYTINUED) l Accounting Policies (Continued) l. Summary of significant accounting policies (Continued) b Funds (Continued) Restricted fimds 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 purposes. The cost of raising and administering such fimds are charged against the specific fund. The aim and use of each restricted fimd is set out in the notes to the financial statements. Illcome recognition All incoming resources are included in the Stat¢rnent of Financial Activities (SOFA) when the charity is legally entitled to the income aft¢T any perforniance 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 have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perforniance before entitlement can be obtsin¢d then income is def¢ed until those conditions are fully met or the fulfilment 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 r¢cognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is detennined on the basis of the value of the gift to the charity. A corresponding amount is recognised in expenditure. No athount 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 donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial ststements upon receipt. If it is impracticable to assess the fair va]u¢ at receipt or if the costs to undertak¢ such a valuation outweigh any benefits then th¢ fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure. Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected cost of the sale. Where it is impracticable to fair value items due to the volume of low value items they are not recognised in the financial statements until sold. Fixed assets gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. Page 17
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONfJNuED) l Accounting Policies (Continued) l. Summary of signlficant accounting policies (Continued) Income recognition (Continued) For Icgacies. entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this wint income is rccognised. On occasion, legacics will bc notified to the charity however it is not possible to measure the amount expected to be distributd on these occasions, the legacy is treated as a contingent ass and disclosed. Incom¢ from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and servi¢es in order to raise fimds and is recOlSed when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as interest. Interest income is recognised using the effective interest method. Any dividend and rent income is recognised as the charity's right to receive payment is estsblished. d Expenditure reeognitfioll All expendithff is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Cost of raising funds Expenditure on charitable activities Irrecoverable VAT is charged as an expense against thc activity for which the expenditure arose. Support costs allocation Support costs are those that assist the work of the charity but do not directly repr¢sent charitable activities and include office costs, governanc¢ costs and administrative costs. Th¢y are incurred directly in support of expenditure on the objects of the charity. Fundraising costs are those incurred in s¢eking voluntary contributions and do not iDclude the costs of disseminating infornlation in support of the charitable activities. The analysis of these costs is in included in note 6. Page 18
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED 31 MARCH 2025 (coNfiNUED) l Accounting Polities (Continued) l. Summary of significant accounting polici (Continued) f Tangible red assets Thc accounting policy sceks to capitalise such fixed assets that arc of continued use to the and administration of the ChaTity and provides depreciation thercon as follows: Frechold Properties Improvement to Freehold Properties Computer Equipment Fixtures & Fittings Not Depreciated Not Depreciated 33.33Q/o on cost - 25/0 on cost The fr¢ehold propety and improvements have not been dq)reciated 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 fed 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. Thes¢ items will continue to have very little residual value. g Provisions Provisions are recognised when the clwity has an obligation at the balance sheet date as a result of a past evenL It is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. b Leases Rentals payable or receivable under operating leases are charged to the SOFA on a straight line b&8is over the period of the lease. i Taxation No provision has been made for taxation &8 the charity's charitable status renders it exempt from UK direct taxation. S Going concern The financial statements have been prepared on a going concern basis as the trustees 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 th¢se 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 con¢¢rn. Page 19
PARK LODGE PROJECT (LIMITED BY GUARANTEE) IYOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) 2 Voluntary income Landlaid Refurbishment Grant The National Lottery - Green Room Project Leic6Ster City Council CentrePoint-More Than a Roof The Abstract Fund Sundry donations Miscellaneous 2025 2024 5,500 9,960 5.000 Restricted Restricted Restricted RestrRCted Restricted Unrestricted Unrestricted 9,800 187.200 1.805 29,555 228,360 1,029 21,489 Voluntary income was £228360 (2024: £21,489). £197.000 (2024." £20,460) of this income was of a restrict¢d nature. 3 Charffitable aetivities income Housing benefits / rents I commissioning 2025 2,171,314 2,171,314 2024 1,821,237 1.821,237 Income from charitable activities was £2,171.314 (2024: £1,821.237). All unrestricted 4 IVtMent Ineome Bank interest received 2025 2024 20 18 Investsnent income was £20 (2024: £18). All of these were unrestricted. S Charitable activlties expenditure Provlde supported housfing Activities undertaken directly Salaries & Agency costs for resident support Support costs 2025 903,662 1,226,407 122,232 2,252,301 £2.247.975 (2024: £1,724.224) of the above costs were related to unrestricted funds. £46.585 (2024: £20.460) of these costs Were related to restricted funds. 6 Allocation of support eosts 2024 728.236 922.250 94,198 1,744,684 Provide Provide Housin Housin 2024 41,912 3,960 14.802 32,408 1,116 2025 59.771 10,415 18,616 30,911 2,519 Governance Travelling Telepllone Mortgage interest Ikpreciation 122,232 94,198 Page 20
PARK LODGE PROJECT (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 MARCH 2025 (CONTINUED) 7 Governance Costs 2025 2024 Advertising Auditorfs remuneration Professional fees Ballk cbarg¢s 300 7,977 50,509 985 59,771 4,860 36273 779 41.912 8 Trustees Expenses There were no trustees expenses during the year. (2024: £Nil) Net Income This is ststed after charging: 2025 2024 Auditor's remuneration 7,977 4,200 10 Wages and Salaries 2025 2024 Wages & salaries Social security Agency staff 1,075,564 94,174 56,669 1,226,407 839,874 72,439 9.938 922,251 2025 2025 Full time Number Equivalent Number 2024 2024 Full time Equfivalent Average number of employees 45 36 All staff are employed by the charity or thtough agencies. No employees earned more than £60,000 during the two years ended 31 March 2025. 11 Operatlng Lease CommitmeDts Total minimum payments under operating leases are.. 2025 2024 Wtthin one year Within 2 - 5 years 229,530 315,234 238,424 300.850 544,764 539,274 Page 21
PARK LODGE PROJECT (LIMrrED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (COIYTllYUED) 12 Fixed Assets Freehold PrO Com uter Fixtures rovements knrnent ui & Fittin s Total COST: As at l April 2024 Additions As at 31 March 2025 720,166 644.752 1,509 646,261 24.269 480 24,749 6,878 1,396,065 1,989 6,878 1.398,054 720,166 DEPRECIATION: As at l April 2024 Charge for the year As at 31 March 2025 23,137 890 24,027 2,703 1,629 4.332 25.840 2,519 28,359 NET BOOK VALIJE: As at 31 Mah 2025 720.166 646,261 722 2,546 1,369,695 As at l April 2024 720.166 644.752 1.132 4,175 1,370.225 13 Debtors 2025 2024 Rents receivable Intercompany balance Sundry debtors & prepayments 289,656 73,366 74J36 437,358 230,559 1,632 77.239 309,430 14 Credttors: Amounts falling due within one year Sundry creditors & accruals Loans & mortgages 2025 2024 149,298 14,568 163,866 108,719 12,279 120,998 IS Creditors: Amounts falling due after one year Loans & mortgages 2025 2024 432,217 432.217 456,739 456,739 16 Loans An anatysis of the maturity of loans is given below: Arnounts falling duc within one year: IA)ans & Mortgages Amounts falling due between one and two years: Loans & Mortgages Amounts falling due between two and five years: Loans & Mortgages Amounts falling in more than five years: Loans & Mortgages Total 2025 2024 14.568 12,278 15,868 14,568 64,817 61444 351,532 446,785 379,728 469,018 Page 22
PARK LODGE PROJECT ILtNtTED BY GUARANfEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 (COIYTINUED) 17 Secured Debts The loans and mortgages are secured by the two properties owned by the charity. 18 Movements in Funds 01-A 2024 r Incomin Out OID Resourtrs Resources 31-Mar 2025 Transfers Unrestricted Funds General Fund Designated Property Restricted Funds More than a Roof The Abstract Fund 731,410 469.018 2.202,694 (2205.716) 36.176 (36,176) 764,564 432.842 9.800 187,200 (1.183) (45.402) 8,617 l41.798 197,000 (46,585) 2,399,694 (2,252,301) 1,347,821 The deSIatsd fund represents the loans still due on the two properties own¢d by the charity The restricted funds: More than a Roof The Abstract Fund 150,415 TOTAL FUNDS 1.200,428 These are restricted fLmds for spending on the rf at one specific propety. These are restricted fidS to be spent on the refurbishment on another specific propety. 19 Analysis of Net Assets Unrestrieted Unrestricted General Desi nated Restrict Funds Funds Funds Total Fixed Assets Current Assets 936.853 423.794 432,842 1,369,695 574,209 150,415 Total Assets Current liabilities Creditors after more than one year 1,360.647 (163,866) (432217) 76464 432,842 150,415 1.943,904 (163,866) (432217) lJ47,821 432.842 150.415 20 Related Party Transactions Related paty inforn)ation, transactions and outstanding balances are detailed below: Park Lodge Projcct was the sole trustee of St Michael's Housing Trust. A registered charity and registeKd with the Regulator of Social Housing. Owed b enditure Related Pa 84,081 73,366 1.632 Income 155.815 At 31 March 2025 At 31 March 2024 Page 23
PARK LODGE PROJECT (LITr[ED BY GUARANfEE) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 Income: Housing benefits, rents & commissioning Grants Donations Other income Bank interest 2024 2,171.314 197,000 1,805 29,555 20 2J99,694 1,821,237 20.460 1,029 18 1,842,744 Expendlture: Wages Agency stsff Training Recruitsnent Advertising Rafrs Light & heat Insurdnce Repairs & renewals Howehold expenses Artivity Rent Telephone IT & Computer expenses Audit Printingy Postage & stationery Miscellaneous Bank charges Professional fees Trdvel Mortgage & loan interest charges Ikpreciation 1.169,738 56,669 16,366 3,426 300 29,764 125,723 8.321 125,692 23,342 32,227 442,492 18.616 65,394 7,977 18,861 12,054 985 50,509 10,415 30,911 2,519 912,312 9,938 12,632 3.836 23,098 85,071 32.967 183,833 12,365 23,479 280,503 14,802 52,606 4,860 10,505 6,610 779 36,273 3,960 33,139 1,116 2252JOI 1,744,684 Net Income for the Year 147 93 98,060 This page does forni part of the statutory fanCIal statements Page 24