Charlty regl•tr4tlon numb•r 1101559 PARK LANE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
PARK LANE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Nadè8m Ahmod Mr Naveen Ahm8d Mr Nazir Ahmed Mr Sameer Ahmed charlty number 1101559 Audltor Champion Accountants LLP 2nd Floor Refuge House 3&37 Watergate Row Chester CH12LE
PARK LANE FOUNDATION coKrENTS Paga Trustees, report Statement of truslg9s' responsibilf(ies Ind•pendenl auditorf5 report Statement of ffinanc4al a¢b"vftte8 Balance Sheet Notes to the financial statements 10-19
PARK LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 The trustees present their annual report and ffinanoal statements for the year ended 30 September 2021. The financi81 statements have been prepared in atxordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Charitles Act 2011 and "Accounting and Reporting by Charitiès.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the FinancAal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 Obj&ctiv&s and activtlies The Charity's objects are to apply the income and all or such part or parts of the capital al such lime or timés and in such manner to or for the benefrt of, such exdusively charilatjle objects and purposès in any part of the warfd as the trustees shall think fit Ilhe 'objects'l and there has béen no change in these during the year. The awareness of the charity and its activtties has continued lo grow during the year. Public benefit Thè trusteès (x)nfiim that they have o)mplied with the Tequirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Flnancial rèviow The investment properties continue to generate incorne for the Charity and assist in the genèral Tunning of the organisation. The truste¢s maintain 8 fin8nrAal management policy in that income from the investment property Covers the day to day njnning costs of the Charity. Any other expended r8sources must by wverod by suffi¢ient incoming resources. There was net income over expenditure of £330,273 12020. £178.8981. Of this, £100,000 ralatod to an increas8 in th8 valve of Leeds Golf Centre which is held in investment properties. The rental income represents the annu818mount of £280.OQO due Irom Leed5 Golf Leisure LLP and £15,526 in rent from other investment propèrty. Polley on re$eThes The trustees aim to maintain fre• rés8tVes unrestricted funds al a level equivalent to three months of overhead costs {approximately £12,500}. The balance of total unrestricted funds at 30 Septèmber 2021 w85 £3.561,293. After deduciing investment properb.es of £3.438.680 (including designated funds of £245,000) the surplus on unreslri¢ted ieserve5 of £122,633 is thèrèforè abovè the t8iget level. The trustees expect this surplus to be utilised by undertaking addonal tharttable actiwties in the coming years. The designated funds are held for the pUOse of allowing the charity lo continue holdin9 a rental investment propety on Budey Rgad in Leeds. Plan$ for the fvture The trustees look forward to the next finanaal year where they wish to continue supporting other Ch8rities through su¢cessfiJl fundraising and other social evenls. Thèy 8re optimistic that they will have successfijl funding events which will allow them to meet the Charity's objectives.
PARK LANE FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 Structurè. gov•rnancè and management Naturè of gov•mlng doeument The Charily was established by a charitable trust deed dated 20 August 2003 and 1$ a reglsltred Charity. number 1101559, wlth the Charfly Commlssion In England & Wale8. The Irusl¢68 who serve¢J during thg y[ and up lo the Ilate of signature of Ihe fmanclal staternents were.. Mr Nadeem Ahmed Mr Naveen Ahmeil Mr NazliAhmts4 Mr S8merAhmed R•¢rultment andappolntment of trustees Trustees are apptslnted by thè board of Trustè88 and serve for 3 year8 afteT which period ihey may put themSee$ forward for te-appointmenl. The firsl twstegs 8r¢ ¢ntWgd to hold offl¢e for nf¢. The trustees ara not uKr&nlly r6cruNlng and theretse have Th) speLMfic re¢ruknwnt polldas In pl¥e, When lh• Charity requires addilkjnal trustee8, the existing trustee8 will implement a poky of wiitmenl and training whlch best 5erve5 the objects of the Charily. Detalls ol relwant related party transadlons arn dlsdos•d In nots 20 to th• finafflal $tst•m•Yts. Th• Itvst¢•s have as8e88ed the major risks lo vthich the chartty exposed. and are satisfied that adequale 8y8tem8 are In place to mitlgate exposum lo the major Sk& Flnartelal inatrumènts ObJectlv•s andpollcl•s The Charity's activlties expose11 to a number ol financkil rlsks Includlng credll rfsk. cash flow rlsk and Ilquldlty r68k. The uae ol flnanelal dèrlvallvey governèd by thè Charfly's lICieS approved by the board of tm$lees, provlde WTilten prSnclples on the use of flnanrAal derlvalives to managè these rl$ks. Th& Charlty doe$ not use derivative financial in8tiument8 for speculaiNe purposes. Credltrisk The Cha¥ity's windpal finandal a¥$ets are bank balances. cash and trade debtors. The Charity's credll rlsk Is prlmarfty allrlbutable to Its trade debtOTS. The amounts presented kn tho bglance $he•l ar nfl of altowan¢e$ for doublful debts. An allowarKè 18 madè Tkn there 18 èwdence of a reduction in the recoverability ol the asset. The Charfty ha$ ¥ ¢on¢entrathon of ¢redil rf$k ina$mu¢h ay ils primary assèt r8 let undor an operating lea30 to a sing18 tenant. Tha truste monitor thls risk thanks to th•lr closé Involvèmènt In thè opèrallons and finan$ ol the tsnanl, Llquldlty Ylsk In order lo maintain liquithty to ensure that sufficient funds 8re available for ongoirw operalk)ns And luture developments, the Charfty use& a mixture of lontemi and short-lerni debt finance. The l $18ès' report was approved y the Board of Trustees. Mr Nadeem Ahmed TN$lee
PARK LANE FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021 The tnJsteè5 rèsponsible for preparing the Trustèes, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards IUni(ed Kingdom Generally Accepted Accounting Practi¢el. The law applicable to tharities in England and Wales requires the trustees to prepare financyal ststemenls for e8th financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparlng these financial statements. the trustees are required to.. selèct suitable accounting policies and then apply them consistendy., - observe the methods and principles in the Charities SORP., make judgements and esb"mates that are reasonable and prudent-, state wheth*r applieAbla accounting standards have been followed. subject to any material departures dI10Sed and explained in the financial statèments., and prepare the financial slatements on Ihe going cA)ncem basis unless it is inappropriate to presume that the charity will eontinue in operation. The trustees are responsible for keeping sufficient accounting record5 that disdose wrth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charlties Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the prowsions of the tnjst deed. They are 3150 responsible for safeguarding the 355ets of thè charity and hence for tsking reasonable steps for the prevention and detection of fraud and other Irregularities.
PARK LANE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PARK LANE FOUNDATION Oplnlon We have audited the financial statements of Park Lane Foundalion (the 'charity'l for the year ended 30 Seplernbei 2021 which cornprise the slalement of financial acbvilie5. the balance sheet and notes to the finanThal statements, including significant accounting policjes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounling Standards, induding Financial Repong StsndaTd 102 The Financial Reporting Sland8rd 8ppliG8ble in the UK and Republic of Ir8lAftd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatemenls.. give a true and fair view of the stale of the chantys affairs as al 30 September 2021 and of its incoming resources and application ol resources, for the year then ended.. have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We ¢ondu¢t¢d oui audit in a¢cordan¢e wth International Sland8rds on Auditing IUKI IISAS IUKII and appli¢able 13w. Our responsibilities under those 31andards are further described in the Auditors responsibtilibes for the audit of the nnal ststemenls section of our report. We are independent of ihe charity in acoJrdance wtth 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 fLJffillÈd our other Èthieal responsibilrties in accordance with these requirements. We believe that the 8udrt ew4Jence we have obtsin8d is 5uITirient and appropriate to provide a ba518 for our opinion. Conclusions relating to going concern In auditing the ffinancjal slatemenls, we have conduded that the trustees, use of the going concern basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have perf¢imed. we have not identlfied any rnaterial uncertainties relating lo events or CDnditions that, indiwdually or collectivety, rnay cast significant doubt on the charity's ability to continue 8s a going concern for a period of at least e1ve months from when Ihe finanaal statements are authorised for issue. Our responsibilities 8nd the responsibilities of the trustees with iespect to going concem are deS¢bed in lh8 relevant section5 of this report. othor Inforniatlon The othar infomiation comprises the information indudèd in the 8nnu81 report oth8r than thè financial statements and our auditorfs report thereon. The trustee5 are Te5ponsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and we do not express any forni of assurancè conclusion thereon. Our responsibiltty is lo read the other inftsmiatson and. in doing so. consider whether the other information is materially inconsistent with the finanaal statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such materi81 inconsislencie5 or apparent material mi55tatements. we are required to deteTrnin8 whether this gives rise to a material misstatement in the finanaal statements themselves. If, based on the work we have performed, we conclude that thew is a matèrial misststemènt of this othèr infomation, WÈ arè required to report that fact. WÈ have nothing to report in this regard.
PARK LANE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARK LANE FOUNDATION Matt&Ys on whlch w? are required to Feport by exception We have nothing to report in respect of the following matters in relation to which tho Charities (Accounts and Reports) Règulation5 2008 require us lo report to you if, in DUT opinion.. the inforniation given in Ihg finan¢ial statements 1$ inconsistent in any material r8$pert with thp truslee5' report", or suffiuent accounting iecord5 have not bèen kèpl; Dr the financial statements are rhot in agreement wlh the acwunting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of tswstees As explained more fully in the statement of trustees. responsibilities, the trustees are responsible for th* preparation of the financial statetnents and for being satisfied that they give 8 true and fair view. and for such intèm31 control as the trustees delerrnine Is nece55ary lo enable the preparation of financial statements that are free from material rnisstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continu8 3S 8 going concern, disdosing, as applicable, matters related to going concern and using the going Con[n basis of accounting unless the tnjstees either intend to cease operations, or have no realistic aAernative but lo do so. Auditorfs r•sponsibllltlès for the audht of the financial Statements We have been appointed as auditor under section 144 of the Charities Act 2011 and rèport in accordancè with the Act and relevant regulations made OT havit)g effect thereunder. OUT objectives are lo obtain reasonable assurance about whether the financial statements a5 a whole are fr8e from material misslalement. whelher due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran bLrt is not a guarantee that an audit conductèd in accordance with ISAS IUKI will always detect a material misstatement when il exis15. fiAisstslernents can arise from fraud or error and are considered rnaterial if. indiwdually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these finanaal statements. Irregularities, including fraud, are instances of non-compliancè wth laws and regulations. Wè dèsign procedu$ in line with OLJr T8sponsibilities. outlined above, lo detect rnaterial misstatements in respect of irregularities, induding fr8ud. The extent to which our procedur85 ale capable of detecting irrogularities, including fraud, 15 detsiled below.
PARK LANE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARK LANE FOUNDATION Extent to which the audit was considered capable of detecting irregularlties, Includlng fraud The responsibility for the prevention and detection of irregularities, including fraud. lies wilh the trustees and wlth those charged with govemance. The objectivès of our audit in rèspect of irregularities and fraud 8rÈ to assess the risk of rnaterial missl8lement of the financial 5taternents due to fraud, to obtain sufficient, appropriate audit ewdence regarding the assessed risks and respond appropriately to fraud or suspected fraud during the audrt. We determine Significant applicable laws and regulations through discussion with those charges with governance and out own knowledge of the industry and design audit Pfocedures to help identrfy in5tsnces of non-compliance wV¢h thosè laws and iegulab"¢ns that may have a material effect on the finanual stalemenls. Or approach is to consider thè legal and regulatory frameworks direcuy applicable to the finaniyal 51alements reporting framework IFRS102 and the Companies Act 20Q61 and the relevant tax compliance regulatsons in the UK., the nature of the industry., the business performanea and the key drivers for management remLJnerab'on,' the control environment and the procedures in place lo address idenb.fies risks, induding management override, non- compliance wth laws and regulab.ons and to prevent and detect fraud or irregularity. We communicate identified laws and regulatsons throughout our team and remain alert to any indications of noMpliance throughout the audit. Our PToceduTes are designed to pro*ide reasonable assurance that the financial slatements are free from rnalerial misstatement or error and include,. enquiries of managèment and of staff in key cornpliance funcb'ons., review of minutes of mèeting of those tharge5 Wtth govemance.. review and testing of manual joumals and signtficant transactions outside the norrnal course of business., review of financial staternents disdosures and testing to supporting documentstion., perfonrance of analytical procedures. Vve are not responsible for preventing 0Complian and due lo the inherent limitations of an audit, as described above, the audit ¢annol be relled upon lo delect all instances of noTrcompliance wr(h laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website al: https.'Il %.[r¢.0rg.ukIaudrtOTsreSponSIblIItIe8. This description fomis part of our audrtor's report. Oth•r matt•rs Your attention is drawn to thè faci that the Chaiity has ppared finan¢ial stslemenls in accordance with "Accounting and Reporting by CharttiÈs'. Statement of Recornmended Practice applicable lo charities PTeparing their accounts In gc¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}" las amended) in preferencè to the Accounting and Reporting by Charibes". Statement of Recommended PratXi¢e issued on 1 April 2005 which is referred to in the extant regulations but has now been wlthdrawn. This has been done in order for the finanaal statements to provide a true and fair eW in accordance with current Generally Ac£epted A¢Unting Practice.
PARK LANE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF PARK LANE FOUNDATION Usg of our report This report is made solely lo the charity's trustees, as a body, in 8ccordance with part 4 of the Chanties IAceoun15 and Reports) Regulats'ons 2008. Our audit work has been undertaken 50 that we might state to the charitys tnjstees those matters we are required to 51ale to them in an audilors, report and for no other PUTPOSe. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity 8nd the thanty's trustees as a body, for our audit work. foi thi5 reporL or for the opinions we have fomied. Susan Harris MA ACA (Senior Ststutory Auditor) for and on b•half of Champlon Accountants LLP 27 July 2022 Chartered Accountants ststutory Auditor 2nd Floor Refuge House 33-37 Watergate Row Chester CH1 2LE Champion Accountants LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for app(Mntmenl as audrtor of a company under section 1212 of thè Companie5 Act 2006.
PARK LANE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2021 Unrestiicted Unrestrlcted funds funda 2021 2020 as restated Notss Incorne from: Donations and legacies Investments 29,942 295.526 24.364 304,220 Totsl incom• 325,468 328,584 Ex end ture Raising funds 43,776 46,188 Charitable activities 51,419 103,498 Totsl •xpendiluTe 95,19S 149,686 Nel gainslllossesl on investments 11 100,000 Net Income for the yearl Net movem•nt in funds 330.273 178,898 Fund balances at 1 October 2020 3,231,020 3,052,122 Fund balances at 30 September 2021 3,561,293 3,231,020 The stslemenl of financial ath"vilies indudes all gains and losses recognised in the year. All incomè and exp8nditure derive from ¢ontinulng actmlies.
PARK LANE FOUNDATION BALANCE SHEET AS AT 30 SEPTEIABER 2021 2021 2020 09 restal•d Nots$ Flx8d assets InveBtment properties Current agsets Oebtofs Cash al bank and in hand 12 3.438,860 3.338.660 13 1.572.001 245,847 1,$72.000 35.992 1.817.848 1.607.992 Creditorg.. amount8 falllng du• 7ththln on• year 15 11,849.3821 11,715,632) Not current assetsl(Ilablllll•¥) 168,466 (107,840) Totsl a¥•ots laBS cvrront114blllll 3.607,126 3.231.020 Crqdltorn: amounts falllng due aft•r morg 1han on• yvr (45,833) Not 3,581293 3,231.020 Incom• fund8 Rwalualon re¥?rve DesIgnad fvnds Qenw•l unft8lricted funds 17 245.000 3,316,293 245,000 2.986,020 3,561.293 3,231.020 3,561,293 3,231.020 The finandal stalements wwe approved by the Trust••8 on £710..l/z oz i Mr Nadeem Ahmed Trust•e
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accounting polici•s 1.1 Accounting Convention The financ4al 51alements have been Prepared in accordance with the charivs governing document, the ChaTf(ies Act 2011 and 'Accounting and Reporting by Charitles- Ststement of Recommended Practs'ce applicablè to ch8rities prèparing their accovnls in accordance with the Financial Reporting Standard pplicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The c4)anly is a Public Benefft Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepar¢ a Slalemenl of Cash Flows. The financi81 st8tern8nls are prepared in sterling, which is the functional currency of the charty. Monetary amounts in these finanaal statements are rounded to the nearest £. The financial statements have been prepared undar the historical cost c4)nvention. Itnodified to include the revaluation of freèhold properties and lo indude investment properties and certain financial instruments at fair valuel. The prine4P81 accounting policies adopted are set out below. 1.2 Golng ¢oncem At the time of apprtsving the financial 51atemenls, the trustees have a reasonable expèctation that the tharity has adequ8te resources lo continue in operational existence for the foreseeable futurè. Thus the trustees continue to adopl the going concern basis of accounting in praparing the finanual statements. 1.3 Charftable lunds unre5tn.cled fvnds are available for use at the discretion of the Iwstees in furfherance of their charitable Objectives. 1.4 Incom• Voluntary income including donallons, gffts. legacie5 and grants that provide core funding or are of a general nature is re¢ognised when the charity has entitlement to the incorne, it is probable thèt the income will be received and the amount can be measured with suffiagnl ieliabiltty. Donallon$ and lega¢les Donations and legacAes are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Income tax recoverable in relation to donations received under Gfft Aid OT deeds of covenant is recognised al Ihe time of the (lonation. Investnwit In Rental income is recognised on the accruals basis. 10-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 A¢¢ounting poli¢les Icontlnuedl i.s expendltur All expendrfcure is recognised once there is a legal or constructive obligation to that expenditure. il is probable settlement Is required and the amount can be measured reliably. All co515 are allocated to the applicable expenditure heading that aggregate sirnilar o)sts to that category. Raing fvnds These are $ts incurred in 8ttra¢ting voluntary income, the management of investmènts and those incurred in activitses that raise fund5. Ch8At8ble actfvlfles Charitable expenditurè comprises those costs incurred by the Charty in the delivery of its acts'vities and services for ils benefiu8ries. 1.6 Investment proporties Invèstment property 15 carried at fair value. dérived from the current maTkèt prices for comparable real estate by exlemal valuers. The valuers use observable market prices. adjusted if necessary lor any difference in the nature, location or condition of the speufic asset. 1.7 Cash and cash equivalents Cash and cash equivalents ¢ornprfse cash on hand and ¢811 deposlls. and other short-term highly liquid investrnenls that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1.8 Flnancial instruments The charity has elected to apply the prowsions of Section 11 '8asic Financial Instruments, and Section 12 'Other Finanaal Instruments Issues, of FRS 102 to all of its financial instruments. Finanrial instruments are recogni5ed in the charity'5 balance sheet when the Charity be¢omes party to the contractual provisions of the instrument. Financial assets and liabilrties #re off5el. with the nel amounts presented in the finanaal slalements, when there is 3 legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to r8alise the ass8t and $e the liabilrty simultan8ousty- Basle financlal assèts Basic finanaal assets, which include debtors and cash and bank balances, are inrcially measured al transaction pri¢e including transaction costs and are subsequently carried al amortised ctsst using the effective inleresl method unless the arrangement constitute5 a financing transaction, where the transaction is measured at Ihe present value of the future rècèipts discountèd at a markèt rate of intèrèst. Financial assets dassffied as receivable within one year are not amortised.
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Accounting policies {Contlnuedl Baslc Ilnanclalllabilities Basic finanryal liabilities, including credrtofs 8nd bank loans ai8 inthally recognised al transaction price unless the arrangernent constitute5 a financjng transaction. where the debt instrument is measured al the present value of the )iture payments discounted at a markel rate of interest. Finanaal liabilities dassified as pay8ble within one year aTe not amortised. Debt instruments are subsequently carried at amoth'sed cost. using thè tffectivè intèrest rate method. Trade creditors are obligations to pay for goods or serwces that have b¢en a¢qvired in the ordinary Course of operations from suppliers. Amounts payable are classffied as current liabilrties if paymènt is due within on8 year or less. If not, they are presented as noN-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the èff¢ctive inter•st method. Derecognltlon of flnancial liabilitiés Financial liabilities are d818cogni5ed when the thartty's contractual obligations expire lx are discharged or cancelled. Critical accountlng estlmates and judgements In the application of the charity's 8¢¢ounting policies. the trustees are required to make judgemenls. estimates and assurnptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resu115 may differ from these estimates. The estimates and undÈrfying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which ihe estimate is revised where the revision affects only that period, or in ihe period of the revision and future P8riDd5 whe[8 thè revision affect5 both QUTt8nl and fulur periods. Donations and legacies Unrestricted Unresirfcted fvnds funds 2021 2020 Donations and gifts 29.942 24.364 12-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2021 Invèstmènts Unrestricted Unrestricted funds fvnds 2021 2020 Rental income Interest receivable 295,467 59 304,196 24 295,526 304.220 Rais5ng funds Unrestricted Unrestricted funds funds 2021 2020 LSndf and ubl. Loan interest 43,776 46.188 43,776 46,188 Charitable actlvltte8 2021 2020 Grant fijnding of activities (see note n 44,104 91.633 Share of support costs (see note 81 ShaTe of governance costs Isee note 8) 4,315 3,000 8,865 3,000 51,419 103.498 Grants payabl• 2021 2020 Grants to institutions.. Other 44,104 91,633 13-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Grants payable (Continued) Ouring the course of the year the Charity made donations lo support projects In furtheranco of its ch8Titable objectives. The Chartty has funded local and national projects, induding donation5 of £29.176 to The Prince's TTUSI and £3,OCM] lo Leeds Hospitals Charity. All of the charitable grants made by the Chartty lolalling £44.104 were made to instituuons to admlnister the projects diredy. Support ¢osts Support Goveman¢¢ osts costs 2021 Support Governance cos15 costs 2020 Insurance Bank fees Travel Expenses Sundry 191 7.460 53 595 566 3,416 3,416 7,460 53 595 566 899 899 Audit feès 3.000 3,000 3,000 3,000 4.315 3.000 7,315 8.865 3,000 11,865 Analysed belMeen Charitable aCti7ties 4,315 3,000 7,315 8,865 3,000 11.865 Governanc8 costs includ8s paymènts lo th¢ auditors of £3,00012020- £3,000) for audit f¢es. Trustees None of the trustees lor any persons conne¢led wth them) received any remuneration or benefits from the charity during the ye8r. No trijstees have received any reimbursed expenses or any other benefits trom the charity during the year. Donations made by th8 tnJstèe5 Without any conditions attathed totalled £28,728 for the year {2020 £23,232). 10 Employ••s The average monthly number of employees during the year was.. 2021 Number 2020 Number Total 14
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 10 Employ•8s Iconllnued) There were no employees whose annual remuneration was more than £60,000. 11 Nèt galnlllo$es1 on investments Unrgstrlctèd funds Totsl 2021 2020 Revaluation of investment propertle5 100,000 12 Inv¢stm•nt property 2021 Fair value At 1 October 2020 Net gains or losses through fair vu adjustments 3,338,660 100.000 At 30 September 2021 3.438,660 The most recent extemal valuation of the invèstmènt propÈrbes was carried out by Christie & Co in December 2021. Previous waluations We CaTried out in October 2019 by Dove Haigh Phillips LLP, March 2018 by Jones Lang Lasalle IP, Inc. and Seplember 2014 by A1150p LLP in respecl of different elements of the property portfollo. The professional valuers are external to ihe tharty. The carrying amount of investment pioperties would have been £1,724,454 under the historical cost model. The above Properties do not have any restrthons placed on them. Income generated from the properties is used to maintain the properties and any Surplus is available to the Trustees to spend in accordance with the Charity's objects. The propertps are held for rental under operating lease5. 13 Debtors 2021 2020 a$ r•stated Amounts falling du• within one year- Trade debtors 1,572,001 1,572,000 15-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2021 14 Loan¥ and overdrafts 2021 2020 Bank loans 1,417,000 1,467.000 Payable within one year Payable after one ye8r 1.371.167 45,833 1.467.OC4) The charity has credit backed Heads of T•mis with a nèw ftjnder on similai term5 for five years. The refinance is expected lo be Completed shortty after the signing of these accounts. The Current bank loan is secured by legal tharges on the property known as Leeds Golf Centre, and on land on tha North side of School Lane. Wike. 15 Credltors: amounts falllng du• wlthln one year 1021 2020 Not•s Bank loans other creditors Accw815 and deferred income 14 1,371,167 261,374 16,841 1.467,000 235,357 13,275 1,649.382 1,715.632 16 CredltorJ: amounts falllng due aftew more than one year 2021 2020 Notss Bank loans 14 45,833
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 17 Deslgnatsd fund$ The income funds of the charity indude the following designated funds which havè been set asid8 out of unrestTlCtgd funds by Ihe trustees lor speofic purposos.. Movement in funds Incornlng 8alan¢e •t rMourH•l Ortobgf 2020 Movémènt in funds Incornlrhq Balan¢e it regour¢•s 30 September 2021 Balan at 1 October 2019 Designated funds Revaluation reserve 180,000 65,000 180,QIYJ 65,QIJO 180,000 e5,000 245,000 245,000 245,000 The designated fund is held for the purpose of allovlng the charty to conts'nue holding a rèntal investment property on Burfey Road in Leeds. 18 Analysis of net ass¢ts botw¢¢n lunds Unrestricted Unrestricted funds funds 2021 2020 as restated Fund balances at 30 September 2021 are represented by.. Investment properties Current assetsllliabilitiesl Long tèrm liabilities 3.438,66Q 3,338,660 168,46e 1107,6401 145,e331 3.561.293 3,231,020 17-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 19 Related party transaclSons During the year. the Gharity received management seNces from Parklane UK Investment Lirnited, a business owned by of the Truslo9s. Th8 Charity was not charged for these seThices as the cost of these seNices was insignrficant. During the y8ar, th8 Charity recefved donations from the trustees, without any conditions attached, amounting to £28.72812020- £23.2321. At 30 Sepl8mber 2021. £261,374 {2020 - £235,357) was owed lo Park Lane Properties ILeedsl Limited, a company in which the Trustees of the Charity are directors and shareholders. For the year ended 30 September 2021. rental income of £280,000 12020 - £280,000) was charged lo Leeds Golf Leisure LLP, a partnership in which ihe Trustees of the Charity are members, for usè Df the golf COUT5e and premises at Wike Ridge Lane, shathe1I. Leeds. At 30 September 2021 £1.572,OCQ {2020.' £1,572,000) was due to Park Lane Foundation from Leeds Go Lelsure LLP. The trustees are conSided lo be the Charfjty's ntrollIng party. 20 Prior p•riod adjustment Induded in the balance du• from Leeds GOW Lei$ure LLP of £2.443,243, was an amount of £871.243, which was identffied during thè year as bèing an incorrect, hislorical accounting adiustmenl. Due to the significance of the amount, thi5 has been ¢x)rTected as a prior period adjustment. The adjustments required to opening balances reported in previous years are set out below. Changes to the batance sht At 30 September 2019 As previousty Adjustment roported AS restated Current a$s9ts Debtors due within one year 2,295.243 1871,243) 1,424,000 Capital funds Income funds Unrestricted fiJnd$ 3,923.363 1871,2431 3,052,122 Total equlty 3,923,363 1871.2431 3,052,122 18-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 20 Prior period adjustment {Continuedl At 30 Septembor 2019 As prèvlousty Adlustm¢rnt reported As re8tats Changes to tho proflt and lo$$ a¢count P•rlod •ndèd 30 S•ptsmb•r 2019 As prevlou$ty Adlu8trnent A• rostatsd eported Amounts written off 871,243 871.243 Nat movÉmÈnt in funds 215,988 1871,2431 1655,255}