Charity registration number 1101559 (England and Wales) PARK LANE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
PARK LANE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Nadeem Ahmed Mr Naveen Ahmed Mr NazirAhmed Mr Sameer Ahmed Charity number (England and Wales) 1101559 Auditor Champion Accountants LLP 2nd Floor Refvge House 33-37 Watergate Row Chester CH1 2LE
PARK LANE FOUNDATION CONTENTS Page Trustees, report Statement of trustees. responsibilities Independent auditorfs report Statement of financial activities Balance sheet Notes to the financial statements 9-16
PARK LANE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their annual report and financial statements for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming 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 Ireland IFRS 102) (effective 1 January 2019)" Objectives and activities The Charity's objects are to apply the income and all or such part or parts of the capital at such time or times and in such manner to or for the benefit of, such exclusively charitable objects and purposes in any part of the world as the trustees shall think fit {the 'objects') and there has been no change in these during the year. The awareness of the charity and its activities has continued to grow during the year. Public benefit The trustees confirm that they have complied wth the requirements 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. Financial review The investment properties continue to generate income for the Charity and assist in the general running of the organisation. The trustees maintain a financial management policy in that income from the investment propety covers the day to day running costs of the Charity. Any other expended resources must by covered by sufficient incoming resources. There was net income over expendrture of £31.841 deficit (2023.. £218.039 surplus). The rental income represents the annual amount of £280,000 {2023'. £280,000) due from Leeds Golf Leisure LLP and £27,534 {2023'. £13,131) in rent from other investment propety. Policy on reserves The trustees aim to maintain free reserves in unrestricted funds at a level equivalent to three months of overhead costs (approximately £12,500). The balance of total unrestricted funds at 30 September 2024 was £3,892,037 (2023.. £3,923.878). After deducting investment properties of £3,438,660 (including designated funds of £245,000) the surplus on unrestricted reserves of £453,377 is therefore above the target level. The trustees expect this surplus to be utilised by undertaking additional charitable activities in the Coming years. The designated funds are held for the purpose of allowing the charity to continue holding a rental investment property on Burley Road in Leeds. Plans for the future As trustees we recognise the pivotal role that fundraising plays in sustaining and advancing our mission. Looking ahead, we are committed to implementing inib'atives to diversify and enhance our fundraising efforts, to continue supporting our partner charities. During the course of the next financial year, we aim to increase charitable donations through building on successful initiatives established in 2024 while broadening our revenue streams by exploring new fundraising avenues, including a customer donation scheme linked to our Roomzzz hotel busines5, a fundraising campaign with our charity of the year partners and staff challenge events. The Trustees have identified the theme of addiction and mental health as our chosen cause for the next year and our selected charity partners for the year will be Young Minds,. Getting Clean,. and Recovery Runners. We will continue to support other good causes through smaller donations and in-kind support through different facets of our business.
PARK LANE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Structure, governance and management Nature of goveming document The Charity was established by a charitable trust deed dated 20 August 2003 and is a registered Charity, number 1101559, with the Charity Commission in England & Wales. The trustees who served during the year and up to the date of signature of the financial statements were.. Mr Nadeem Ahmed Mr Naveen Ahmed Mr NazirAhmed Mr SameerAhmed Recruitment and appointment of trustees Trustees are appointed by the board of Trustees and seNe for 3 years after which period they may put themselves forward for re-appointment. The first trustees are entitled to hold office for life. The trustees are not currently recruiting and therefore have no specific recruitment policies in place, When the Charity requires additional trustees, the existing trustees will implement a policy of recruitment and training which best serves the objects of the Charity. Details of relevant related party transactions are disclosed in note 19 to the financial statements. The trustees have assessed the major risks to which the charity is exposed. and are satisfied that adequate systems are in place to mitigate exposure to the major risks. Financial instruments Objectives and policies The Charity's activities expose it to a number of financial risks induding credit risk. cash flow risk and liquidity risk. The use of financial derivatives is governed by the Charity's F)olicies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The Charity does not use derivative financial instruments for speculative purposes. Credit risk The Charity's principal finanaal assets are bank balances. cash and trade debtors. The Charity's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance is made where there is eviden of a reduction in the recoverability of the asset. The Charity has a concentration of credit risk inasmuch as its primary asset is let under an operating lease to a single tenant. The trustees monitor this risk thanks to their dose involvement in the operations and finances of the tenant. Liquidity risk In order to maintain liquidity to ensure that sufficient fijnds are available for ongoing operations and future developments. the Charity uses a mixture of long-temi and short-term debt finance. Th trust s, report was approved by the ard of Trustees. Mr Nade Trustee Dated: .. m Ahmed toq<
PARK LANE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each 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 preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity 11 continue in operation. The trustees are responsible for keeping sufficient accounting records that disdose with reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking 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 Opinion We have audited the financial statements of Park Lane Foundats-on (the 'charity'l for the year ended 30 September 2024 which comprise the statement of finanaal activities. the balance sheet and notes to the financial statements. including significant accounting policies. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charity's affairs as at 30 September 2024 and of its incoming resources and application of 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 Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities ft)r the audit of the financial statements section of our report. We are independent of the charity 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 audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concem 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 wth respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth 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 material misstatements, we are required to determine 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 material misststement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are reqUId to port by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 requires us to report to you if, in our opinion= the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records., or we have not received all the infom)ation and explanations we require for our audit.
PARK LANE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARK LANE FOUNDATION Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is neSSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem. disclosing, as applicable, matters related to going concern and using the going cOnM basis of accounting unless the trustees either intend to cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th ISAS (UK} will always detect a material misstatement vthen 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 economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design 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 iegUlar1ties. induding fraud. is detailed below. Extent to which the audit was considered capable of detecting irregularities. including fraud The responsibility for the prevention and detection of irregularities, including fraud, lies with the trustees and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial ststements due to fraud. to obtain sufficient, appropriate audit evidence regarding the assessed risks and respond appropriately to fraud or suspected fraud during the audit. We determine significant applicable laws and regulations through discussion with those charges with governance and out own knowledge of the industry and design audit procedures to help identify instances of non-compliance th those laws and regulations that may have a material effect on the financial statements. Or approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS102 and the Charities Act) and the relevant tax compliance regulations in the UK- the nature of the charity- the control environment and the procedures in place to address identifies risks, including management override, non-complian with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non- Complian throughout the audit. Our procedures are designed to provide reasonable assuran that the financial statements are free from material misstatement or error and indude.. enquiries of management and of staff in key compliance nctions. review of minutes of meeting of those charges wth govemance- review and testing of manual joumals and significant transactions outside the normal COLbrse of business,. review of financial statements disclosures and testing to supporting documentation,. perfomiance of analytical procedures. We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
PARK LANE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PARK LANE FOUNDATION Use of our report This report is made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have fomied. Susan Harris MA ACA (Senior Statutory Auditor) For and on behalf of Champion Accountants LLP. Statutory Auditor Chartered Accountants 2nd Floor Refuge House 33-37 Watergate Row Chester CH12LE Date= .30 July. 2025 Champion Accountants LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 2006.
PARK LANE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies Investments 152,323 307,534 146,016 297,084 Total income 459,857 443,100 Expenditure on: Raising funds Charitable activities 109,224 382,474 106,580 118,481 Total expenditure 491,698 225,061 Net incomel(expenditure) and movement in funds (31,841) 218,039 Reconciliation of fund5: Fund balances at 1 October 2023 3,923,878 3,705,839 Fund balances at 30 September 2024 3,892,037 3,923,878 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
PARK LANE FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Investment property 12 3,438.660 3,438,660 Current assets Debtors Cash at bank and in hand 13 1.249.149 609,742 1,246,420 468,018 1,858,891 1,714,438 Creditors: amounts falling due within one year 15 (147,576) (97,376) Net current assets 1,711.315 1,617,062 Total assets less current liabilities 5,149.975 5,055.722 Creditors: amounts falling due after more than one year 16 (1,257,938) {1,131,844) Net assets 3,892,037 3,923,878 The funds of the charity Unrestricted funds 17 3,892.037 3,923.878 3,892,037 3,923,878 The financial statements were approved by the trustees on .. Mr Nadeem Ahmed Trustee
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordan with the charrty's 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 Ireland (FRS 102) {effective 1 January 2019)" The charity is a Public Benefit 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 lo prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Voluntary income including donations. gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured wth sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis vthen receipt is probable and the amount can be reliably measured. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Investment income Rental income is recognised on the accruals basis. 1.5 Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Al Costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in activities that raise funds.
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies {Continued) Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. 1.6 Investment properties Investment propety is carried at fair value. derived from the current market priS for comparable real estate by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. 1.7 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balan sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one 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 effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 10-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods vthere the revision affects both current and future periods. Critical judgements Investment properties Investment properties are stated at fair value at the balance sheet date. The fair value is based on professional valuation, or book value, if not materially different. Further details can be found in note 12. Income from donations and legacies 2024 2023 Donations and gifts 152,323 146,016 Income from investments 2024 2023 Rental income Interest receivable 307,534 293.131 3,953 307,534 297,084 Expenditure on charitable activities 2024 2023 Grant funding of activities (see note 6) 338,571 47,996 Share of support costs (see note 8) Share of governance costs (see note 8) 39,503 4,400 65,525 4,960 382,474 118,481 11
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Grants payable 2024 2023 Grants lo institutions.. other 338,571 47,996 During the course of the year the Charity made donations to support projects in furtherance of its charitable objectives. The Charity has funded local and national projects. including donations of £20,000 to Leeds Hospitals Charity, Alzheimer's Society and Dementia UK. The Charity also awarded a 5 year grant, totalling £250,000 in the year to be used for a specific project. The name has not been disclosed in order to protect recipient confidentiality. All of the charitable grants made by the Charity totaling £338,571 were made to institutions to administer the projects directly. Expenditure on raising funds 2024 2023 Other fundraising costs 109,224 106,580 Support costs allocated to activities Year ended 2024 Total 2023 Insurance Bank fees Sundry Legal and professional Governan 8,000 137 31,066 300 4,400 5,545 614 30,387 28,979 4,960 43.903 70.485 2024 2023 Governance costs comprise: Audit fees 4,400 4,960 4,400 4,960 12-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's ffinancial statements 4.400 4.960 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Donations made by the trustees without any conditions attached totalled £23,426 for the year (2023 - £4,324). 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Investment property 2024 Fair value At 1 October 2023 and 30 September 2024 3,438.660 The most recent external valuation of the investment properties was carried out by Christie & Co in December 2021. Previous valuations were carried out in October 2019 by Dove Haigh Phillips LLP, March 2018 by Jones Lang Lasalle IP, Inc. and September 2014 by Allsop LLP in respect of different elements of the properly portfolio. The professional valuers are extemal to the charity. The carying amount of investment properties would have been £1,724,454 under the historical cost model. The above properties do not have any restrictions 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 properties are held for rental under operating leases. It is our view as trustees that the golf club current (and as at 30 September 2024} market valuation is not materially different from the book value. This is based on trading being materially the same as when it was last externally valued and we believe that valuation yields have not materially shifted. 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 1,246,420 2,729 1,246,420 1.249,149 1,246.420 13-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Loans and overdrafts 2024 2023 Bank loans 1,201.314 1,225.220 Payable within one year Payable after one year 93,376 1,107,938 93,376 1,131,844 In December 2022 the charity finalised a 5 year fijnding facility with Metro Bank for £1.2m. Interest is charged at a variable rate, based on the Bank of England base rate. and the loan is secured by legal charges on the property known as Leeds Golf Centre, and on land on the North side of School Lane, Wike. 15 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans Other creditors Accruals and deferred income 14 93.376 50.000 4.200 93.376 4.000 147,576 97,376 During the year, the charity has committed to providing a 5 year unconditional grant to a national organisation. A commitment has been recorded in the financial statements within other creditors falling due within one year of £50,000. Each year the commitment unwinds as the grant is paid. 16 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans Other creditors 14 1,107,938 150,000 1,131,844 1,257.938 1,131.844 During the year, the charity has committed to providing a 5 year unconditional grant to a national organisation. A commitment has been recorded in the financial statements within other creditors falling due after more than one year of £150.000. Each year the commitment unwinds as the grant is paid. 14-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Movement in funds Incoming Balance at resources1 October 2023 Movement in funds Incoming Balance at resources 30 September 2024 Balance at 1 October 2022 Designated funds Revaluation reserve 180,000 65,000 180,000 65.000 180.000 65.000 245,000 245,000 245.000 The designated fund is held for the purpose of allowing the charity to continue holding a rental investment propety on Burley Road in Leeds. 18 Analysis of net assets between funds Unrestricted funds 2024 At 30 September 2024: Investment properties Current assetsl{liabilities) Long term liabilities 3,438,660 1,711,315 (1,257,938) 3,892.037 Unrestricted funds 2023 At 30 September 2023: Investment properties Current assetsl{liabilities) Long term liabilities 3,438.660 1,617.062 (1,131.844) 3,923,878 15-
PARK LANE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 19 Related party transactions During the year, the Charity received donations from the trustees, wff(hout any conditions attached, amounting to £23,426 (2023 - £4,324). For the year ended 30 September 2024, rental income of £280,000 {2023 - £280,000) was charged to Leeds Golf Leisure LLP, a partnership in which the Trustees of the Charity are members, for use of the golf course and premises at Wike Ridge Lane, Shadwell. Leeds. At 30 September 2024 £1,246,420 (2023: £1,246,420) was due to Park Lane Foundation from Leeds Golf Leisure LLP. The trustees are considered to be the Charitys controlling paty. 16-