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2023-03-31-accounts

Registered number: 07472743 Charity number: 1140834

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 10
Independent auditors' report on the financial statements 11 - 14
Consolidated statement of financial activities 15
Consolidated balance sheet 16 - 17
Charity balance sheet 18 - 19
Consolidated statement of cash flows 20
Notes to the financial statements 21 - 42

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees David Freed, Chair of Trustees (appointed 17 December 2010)
David Powell (appointed 17 December 2010, resigned 8 November 2022)
Iain Neary (appointed 24 October 2011)
Mike Alden (appointed 17 April 2012, resigned 28 November 2022)
Matthew Moore (appointed 17 April 2012, resigned 27 March 2023)
Jonathon Baker (appointed 8 July 2014)
Gill Hickling (appointed 28 April 2015, resigned 27 March 2023)
Clive Harry (appointed 17 December 2010, resigned 13 September 2023)
Marie Wright (appointed 13 September 2016, resigned 27 March 2023)
Neil Way (appointed 4 April 2017)
Philip Briggs (appointed 5 October 2020)
Avril Baker (appointed 16 November 2022)
Lucio Mesquita (appointed 5 April 2023)
Jane Britton (appointed 5 April 2023)
Company registered
number
07472743
Charity registered
number
1140834
Registered office
The Park
Daventry Road
Knowle
Bristol
BS4 1DQ
Independent auditors
Randall & Payne LLP
Chargrove House
Shurdington Road
Shurdington
Cheltenham
Gloucestershire
GL51 4GA
Bankers
National Westminster Bank
290 Wells Road
Knowle
Bristol
BS4 2QA
Solicitors
Osborne Clarke
2 Temple Back East
Temple Quay
Bristol
BS1 6EG

Page 1

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the The Park Community Centre Limited for the 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Status

The Park Community Centre Ltd is a company limited by guarantee (registration number 07472743) and granted charitable status by the Charity Commission on the 18th March 2011 under number 1140834.

Structure Governance and Management

The Park Community Centre Limited is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association, the Companies Act 2006 and the Charities Act 2011. Its company registration number is 07472743 and its charity number is 1140834.

Investment Powers

Under the Memorandum and Articles of Association the charity has the power to make any investment that Trustees see fit.

The Directors

The Board of Directors, who are Trustees for the purpose of charity law, who served during the period and up to the date of this report are set out on page 1.

Appointment of New Trustees

New Trustees are recruited in line with the Memorandum and Articles of Association. Existing trustees are to be responsible for induction and training of new trustees.

Risk Review

The charity regularly considers the risks to which the charity is exposed at Trustees meetings. A formal risk register has not yet been prepared.

Going Concern

Having considered and reviewed the performance of the company, and forecasts for the next 12 months, the Trustees consider that it is appropriate to prepare the financial statements on a going concern basis..

Organisation

The Charity is managed by an elected board of Trustees. All board decisions are minuted. The Park Community Centre Manager is Emma Hinton who reports directly to the Trustees.

Page 2

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities

a. Policies and objectives

The objects of the charity are as follows:

a) To further or benefit the inhabitants of the local area without distinction of sex, sexual orientation, age, disability, nationality, race or of political, religious or other opinions by associating together the said inhabitants and the statutory authorities, voluntary and other organisations in a common effort to advance education and provide facilities in the interests of social welfare for employment and recreation, and with the object of improving the conditions of life for the said inhabitants;To maintain, manage and promote the existing community centre known as the Park (whether alone or in co-operation with any statutory authority or other person or body) for activities provided by the charity in furtherance of the objects; and

b) To promote such other charitable purposes as may from time to time be determined.

In the exercise of the charity’s powers, to that end the charity has paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.

Summary of main objectives in relation to the organisation’s objects are as follows:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 3

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

b. Summary of main achievements of the charity during the period

Governance

Staffing

Finance

Fundraising

Operation and Admin

Equalities and Inclusion

Premises

Page 4

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Health and Wellbeing

Employment and Enterprise

Community

Youth

Page 5

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. Summary of main acheivements of the charity during the period

Governance

Staffing

Finance

Fundraising and Marketing

Operation and Administration

Equalities and Inclusion

Premises

Page 6

(A company limited by guarantee)

THE PARK COMMUNITY CENTRE LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Health and Wellbeing

Employment and Enterprise

Community

Youth

Page 7

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Financial Review & Going concern

Financial review

Incoming resources for the charity were £1,191,661 compared to £6,382,303 the previous year. This is mainly because the previous year included a one-off £4,450,001 receipt relating to a lease surrender.

Expenditure was £1,414,436 compared to £1,142,608 the previous year..

Going concern

The Trustees believe the Charity is a going concern and the financial statements have been prepared on this basis.

The Trustees recognise that the activity in the last 12 months has been signficant and have performed budgets and forecasts to model the anticipated future financial performance of the Charity inline with its current commitments and known income streams. The Charity entered into a loan for £1,000,000 during the previous year and the first capital repayment of £500,000 is due in February 2025. The Trustees are focussed on ensuring that unrestricted general funds are increased through trading activities at The Park, in order to ensure that the repayments on the loan are met.

Following the pandemic and since re-opening the Community Centre in 2022 after completion of the capital works, letting income has gradually increased inline with expectations. The monies received are being, and will be, carefully monitored by the Charity's Finance team to ensure that they are used in the best way possible to ensure the Charity remains a going concern and that it can meet its long term financing commitments as they fall due. However, the Trustees recognise that further work in this area is required in order to ensure that the income continues to grow in light of increasing costs of running the organisation and inflation.

Based on the above and results from our 2023/24 forecasts, the financial statements are prepared on the assumption that the entity is a going concern.

b. Reserves policy

The trustees consider that reserves are an inherent part of The Park’s risk management process. The need for reserves will vary depending on The Park’s financial position and the assessment of the risks The Park faces at a particular time.

The Park’s Trustees have determined a reserves policy to maintain reserves at a level consistent with established good business practice and that is prudent. Free reserves at 31st March 2023 were £7,730,907.

Plans for future periods

  1. Governance

  2. Address operational profile of the trustee membership to ensure diversity is maintained.

  3. Address business and development plan to better reflect changing needs of Park and the community.

  4. Business Viability

  5. Maximise income streams from tenants and lettings.

Page 8

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

3. Private investment

9. Employment

10. Environment

Page 9

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Randall & Payne LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

David Freed (Dec 18, 2023 16:30 GMT)

................................................

David Freed (Chair of Trustees)

Date: 12/18/2023

Page 10

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PARK COMMUNITY CENTRE LIMITED

Opinion

We have audited the financial statements of The Park Community Centre Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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 11

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PARK COMMUNITY CENTRE LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PARK COMMUNITY CENTRE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 to issue an Auditors' 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 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 irregularities, including fraud is detailed below:

Our audit planning process gave consideration to the risk of material misstatement in the financial statements, using the calculated materiality level which itself factored in the nature of the Company's operations and the interpreted levels of inherent and control risk.

In assessing the risk of fraud we reviewed management's own assessment of potential for fraud within the entity and reviewed judgements made by management to identify possible bias, in addition to any opportunity and incentive for fraud that are in inherent in the nature of the Company's operations.

Our detailed testing included review of accounting estimates and judgements and validation of prime ledger entries.

We confirmed our knowledge of the legal and regulatory environment of the entity through discussions with management. We analysed all information available to us in respect of relevant laws and regulations, including the Companies Act 2006, the Charities Act 2011, UK GAAP and relevant UK tax legislation and enquired with management as to any possible breaches in the aforementioned.

We agreed the accuracy of the financial statements to the supporting management information provided by the client and tested individually on a sample basis the income and expenditure in the financial statements to consider the business rationale behind the transactions and the accuracy of the financial records.

Our audit testing did not identify and issues in respect of the matters listed above, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 13

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PARK COMMUNITY CENTRE LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Ryan Moore

Ryan Moore (Dec 19, 2023 08:04 GMT)

Ryan Moore CA (Senior stautory auditor) Randall & Payne LLP Chartered Accountants & Statutory Auditors

Chargrove House Shurdington Road Shurdington Cheltenham Gloucestershire GL51 4GA

Date: 12/19/2023

Randall & Payne LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
2,395
-
-
2,395
13,434
13,434
(11,039)
12,573
(11,039)
1,534		 Unrestricted
funds
2023
£
48,100
1,140,862
304
1,189,266
1,282,632
1,282,632
(93,366)
7,941,109
(93,366)
7,847,743		 Total
funds
2023
£
50,495
1,140,862
304
1,191,661
1,296,066
1,296,066
(104,405)
7,953,682
(104,405)
7,849,277		 Total
funds
2022
£
879,522
5,502,764
17
6,382,303
1,142,608
1,142,608
5,239,695
2,713,987
5,239,695
7,953,682

Page 15

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 07472743

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
11
12
13
14
16
16
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
year
Net current liabilities / assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
Net assets
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 117,716
280,269
397,985
(451,042)		 2023
£
8,902,334
8,902,334
(53,057)
8,849,277
(1,000,000)
7,849,277
7,849,277
1,534
7,847,743
7,849,277		 157,615
354,761
512,376
(465,020)		 2022
£
8,906,326
8,906,326
47,356
8,953,682
(1,000,000)
7,953,682
7,953,682
12,573
7,941,109
7,953,682

Page 16

THE PARK COMMUNITY CENTRE LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 07472743

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

David Freed (Dec 18, 2023 16:30 GMT)

................................................

David Freed

(Chair of Trustees)

Date: 12/18/2023

The notes on pages 21 to 42 form part of these financial statements.

Page 17

(A company limited by guarantee) REGISTERED NUMBER: 07472743

THE PARK COMMUNITY CENTRE LIMITED

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

Note
11
12
13
14
16
16
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
year
Net current liabilities / assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
Net assets
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 124,925
241,134
366,059
(421,161)		 2023
£
8,894,602
8,894,602
(55,102)
8,839,500
(1,000,000)
7,839,500
7,839,500
1,534
7,837,966
7,839,500		 157,615
349,761
507,376
(453,273)		 2022
£
8,894,729
8,894,729
54,103
8,948,832
(1,000,000)
7,948,832
7,948,832
12,573
7,936,259
7,948,832

Page 18

THE PARK COMMUNITY CENTRE LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 07472743

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Charity's net movement in funds for the year was £ (109,331) (2022 - £5,234,845) .

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

David Freed (Dec 18, 2023 16:30 GMT)

................................................

David Freed (Chair of Trustees)

Date: 12/18/2023

The notes on pages 21 to 42 form part of these financial statements.

Page 19

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash(used in) / provided byoperating activities
Cash flows from investing activities
Proceeds from the sale of business and asset transfer
Purchase of tangible fixed assets
Investment income
Increase / (decrease) in capital creditors and deferred income
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
(6,788)
-
(68,009)
305
-
(67,704)
-
-
(74,492)
354,761
280,269		 2022
£
5,524,038
9,665
(7,023,840)
17
(3,410,115)
(10,424,273)
700,000
700,000
(4,200,235)
4,554,996
354,761

Cashflow Restrictions

Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.

The notes on pages 21 to 42 form part of these financial statements.

Page 20

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Park Community Centre Limited is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association, the Companies Act 2006 and the Charities Act 2011. Its company registration number is 07472743 and its charity number is 1140834.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Park Community Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Trustees believe the Charity is a going concern and the financial statements have been prepared on this basis.

The Trustees recognise that the activity in the last 12 months has been signficant and have performed budgets and forecasts to model the anticipated future financial performance of the Charity inline with its current commitments and known income streams. The Charity entered into a loan for £1,000,000 during the previous year and the first capital repayment of £500,000 is due in February 2025. The Trustees are focussed on ensuring that unrestricted general funds are increased through trading activities at The Park, in order to ensure that the repayments on the loan are met.

Following the pandemic and since re-opening the Community Centre in 2022 after completion of the capital works, letting income has gradually increased inline with expectations. The monies received are being, and will be, carefully monitored by the Charity's Finance team to ensure that they are used in the best way possible to ensure the Charity remains a going concern and that it can meet its long term financing commitments as they fall due. However, the Trustees recognise that further work in this area is required in order to ensure that the income continues to grow in light of increasing costs of running the organisation and inflation.

Based on the above and results from our 2023/24 forecasts, the financial statements are prepared on the assumption that the entity is a going concern.

Page 21

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects.

Investment income is included on a receivable basis.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Income from donations is included in income when these are receivable, except as follows: I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those period;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 22

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using both the straight line method and reducing balance method depending on asset class..

Depreciation is provided on the following bases:

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 23

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.10 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

2.12 Pensions

The Charity contributes to defined contribution pension schemes and a multi-employer defined benefit scheme. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 24

(A company limited by guarantee)

THE PARK COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Donations
Grants
Total 2022		 Restricted
funds
2023
£
655
1,740
2,395
99,558		 Unrestricted
funds
2023
£
46,700
1,400
48,100
779,964		 Total
funds
2023
£
47,355
3,140
50,495
879,522		 Total
funds
2022
£
868,456
11,066
879,522

4. Income from charitable activities

Income from gym
Miscellaneous
Education
General rent
Casual income
Cafe income
Lease surrender
Total 2022		 Unrestricted
funds
2023
£
24,106
32,841
508,490
450,371
50,216
74,838
-
1,140,862
5,502,764		 Total
funds
2023
£
24,106
32,841
508,490
450,371
50,216
74,838
-
1,140,862
5,502,764		 Total
funds
2022
£
15,221
51,664
495,485
401,059
40,567
48,767
4,450,001
5,502,764

Page 25

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

5. Investment income

Unrestricted
funds
2023
£
Interest received
304
Total 2022
17		 Total
funds
2023
£
304
17		 Total
funds
2022
£
17

6. Analysis of expenditure on charitable activities

Summary by fund type

The Park
The Park Education Limited
Gym
Café
Education
Total 2022		 Restricted
funds
2023

£
13,434
-
-
-
-
13,434
6,915		 Unrestricted
funds
2023
£
636,264
506,028
40,694
99,646
-
1,282,632
1,135,693		 Total
2023
£
649,698
506,028
40,694
99,646
-
1,296,066
1,142,608		 Total
2022
£
734,188
150
21,402
81,898
304,970
1,142,608

Page 26

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure by activities

The Park
The Park Education Limited
Gym
Café
Education
Total 2022		 Activities
undertaken
directly
2023
£
225,309
368,158
40,228
51,339
-
685,034
622,969		 Support
costs
2023
£
424,388
137,870
466
48,308
-
611,032
519,639		 Total
funds
2023
£
649,697
506,028
40,694
99,647
-
1,296,066
1,142,608		 Total
funds
2022
£
734,188
150
21,402
81,898
304,970
1,142,608

Analysis of direct costs

Staff costs
Depreciation
Events
Educational resources
Recruitment and training
Equipment costs
Marketing and advertising
Redevelopment costs
Irrecoverable VAT
Intercompany donation
Total 2022		 The Park
2023
£
196,994
-
6,876
2,986
1,253
1,530
823
1,149
3,697
10,000
225,308
247,198		 The Park
Education
Limited
2023
£
319,634
3,866
-
48,432
1,091
3,087
2,048
-
-
(10,000)
368,158
150		 Gym
2023
£
36,354
-
-
-
-
3,876
-
-
-
-
40,230
21,402		 Café
2023
£
50,016
-
-
-
-
1,322
-
-
-
-
51,338
50,743

Page 27

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Events
Educational resources
Recruitment and training
Equipment costs
Marketing and advertising
Redevelopment costs
Irrecoverable VAT
Total 2022		 Education
2023
£
-
-
-
-
-
-
-
-
-
-
303,476		 Total
funds
2023
£
602,998
3,866
6,876
51,418
2,344
9,815
2,871
1,149
3,697
685,034
622,969		 Total
funds
2022
£
521,752
-
3,957
32,231
2,801
15,112
2,735
-
44,381
622,969

Page 28

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Supplies
Premises cost
Misc costs
General office
Communications and IT
Finance costs
Membership subscriptions
Professional fees
Depreciation
Loss on disposal of tangible fixed
assets
Total 2022		 The Park
2023
£
465
1,511
212,090
1,713
12,904
5,892
89,135
2,673
29,870
68,135
-
424,388
486,990		 Education
2023
£
-
-
137,870
-
-
-
-
-
-
-
-
137,870
-		 Gym
2023
£
-
-
466
-
-
-
-
-
-
-
-
466
-		 Café
2023
£
-
46,665
844
23
-
-
776
-
-
-
-
48,308
31,154

Page 29

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff Costs
Supplies
Premises cost
Misc costs
General Office
Communication and IT
Finance costs
Membership subscriptions
Professional fees
Depreciation
Loss on disposal of tangible fixed assets
Total 2022		 Education
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
1,494		 Total
funds
2023
£
465
48,176
351,270
1,736
12,904
5,892
89,911
2,673
29,870
68,135
-
611,032
519,639		 Total
funds
2022
£
998
30,990
236,322
584
27,552
19,106
10,469
2,540
23,856
21,002
146,220
519,639

8. Auditors' remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 6,615 6,300

Page 30

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2023
£
555,570
34,936
12,493
602,999		 Group
2022
£
480,808
28,740
12,204
521,752		 Charity
2023
£
263,955
12,446
6,963
283,364		 Charity
2022
£
480,808
28,740
12,204
521,752

No employee received emoluments of more than £60,000.

The average number of persons employed by the Charity during the year was as follows:

Group Group Charity Charity
2023 2022 2023 2022
No. No. No. No.
Employees 32 30 18 30

No employee received remuneration amounting to more than £60,000 in either year.

The average weekly number of employees during the year was 32 (2022: 30), calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension contributions were £84,612 (2022: £101,316).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

Page 31

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Tangible fixed assets

Group

Cost or valuation
At 1 April 2022
Additions
Transfers between classes
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Transfers between classes
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£
-
65,224
8,872,899
8,938,123
-
61,361
14,175
75,536
8,862,587
-		 Plant and
machinery
£
154,322
2,785
-
157,107
118,317
6,774
-
125,091
32,016
36,005		 Office
equipment
£
11,598
-
-
11,598
-
3,866
-
3,866
7,732
11,598		 Other fixed
assets
£
8,872,899
-
(8,872,899)
-
14,175
-
(14,175)
-
-
8,858,724		 Total
£
9,038,819
68,009
-
9,106,828
132,492
72,001
-
204,493
8,902,335
8,906,327

Page 32

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2022
Additions
Transfers between classes
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Transfers between classes
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£
-
65,224
8,872,899
8,938,123
-
61,361
14,175
75,536
8,862,587
-		 Plant and
machinery
£
154,322
2,785
-
157,107
118,317
6,774
-
125,091
32,016
36,005		 Other fixed
assets
£
8,872,899
-
(8,872,899)
-
14,175
-
(14,175)
-
-
8,858,724		 Total
£
9,027,221
68,009
-
9,095,230
132,492
68,135
-
200,627
8,894,603
8,894,729

Page 33

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Debtors

Due within one year
Trade debtors
Amounts owed by charity subsidiary
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2023
£
29,198
-
-
83,229
5,289
117,716		 Group
2022
£
86,194
-
26
36,206
35,189
157,615		 Charity
2023
£
29,198
7,209
-
83,229
5,289
124,925		 Charity
2022
£
86,194
-
26
36,206
35,189
157,615

During the year £10,000 of the amount due from the subsidiary (2022 : £Nil) was waived by The Park Community Centre. The amount waived has been recorded as donation income in the subsidiary in the current year.

13. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Other taxation and social security
Pension
Accruals and deferred income		 Group
2023
£
155,000
237,311
13,677
1,407
43,647
451,042		 Group
2022
£
155,000
136,679
4,961
2,301
166,079
465,020		 Charity
2023
£
155,000
230,077
3,745
1,407
30,932
421,161		 Charity
2022
£
155,000
125,081
4,961
2,301
165,930
453,273

Included within other loans due within one year is an amount of £155,000 (2022: £155,000). This loan has been provided to the Charity by a Trustee and is legally repayable on demand. The loan is interest free. The Trustee has indicated that the amount due is unlikely to be payable within the next 5 years and only to the extent that operating surpluses are generated sufficient enough to be able to make payments.

Page 34

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Other loans 1,000,000 1,000,000 1,000,000 1,000,000

The Charity is party to a loan agreement with City Funds LP operating through CF General Partner Ltd in relation to financing the construction of the new community centre as a modern community hub facility.

The term of the loan is 8 years. The terms of the loan state that interest is not charged for the first 12 months after drawdown and with the next 12 months being at a fixed interest rate of 9.00% per annum. Thereafter, fixed interest is applied at the rate of 4.5% per annum.

The loan is secured by with fixed and floating charges covering all the property and untaking of the Charity.

15. Financial instruments

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
Financial assets
Financial assets measured at fair value
through income and expenditure 280,269 354,761 241,134 349,761

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.

Page 35

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Fixed asset fund - owned
Leasehold improvements
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Other restricted
Grateful Society
Total of funds		 Balance at 1
April 2022
£
36,005
7,703,723
7,739,728
201,381
7,941,109
4,073
8,500
12,573
7,953,682		 Income
£
-
-
-
1,189,266
1,189,266
2,395
-
2,395
1,191,661		 Expenditure
£
(10,640)
(61,361)
(72,001)
(1,210,630)
(1,282,631)
(5,934)
(7,500)
(13,434)
(1,296,065)		 Transfers
in/out
£
2,785
65,224
68,009
(68,009)
-
-
-
-
-		 Balance at
31 March
2023
£
28,150
7,707,586
7,735,736
112,008
7,847,744
534
1,000
1,534
7,849,277

Page 36

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed asset fund - owned
Leasehold improvements
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Other restricted
The Park Building
Redevelopment
Grateful Society
Alliance Fund
Student welfare
National Lotto Covid response
grant
Football club & youth moves
buildings
Churngold Cafe'		 Balance at
1 April 2021
£
16,331
2,031,444
2,047,775
Balance at
1 April 2021
£
524,395
2,572,170
Balance at
1 April 2021
£
5,898
119,255
8,500
32
632
500
7,000
-		 Income
£
-
-
-
Income
£
5,512,809
5,512,809
Income
£
3,926
785,007
-
-
-
-
25,625
49,936		 Expenditure
£
(6,827)
(170,060)
(176,887)
Expenditure
£
(958,656)
(1,135,543)
Expenditure
£
(5,751)
-
-
(32)
(632)
(500)
-
-		 Transfers
in/out
£
26,501
5,842,339
5,868,840
Transfers
in/out
£
(4,877,167)
991,673
Transfers
in/out
£
-
(904,262)
-
-
-
-
(32,625)
(49,936)		 Balance at
31 March
2022
£
36,005
7,703,723
7,739,728
Balance at
31 March
2022
£
201,381
7,941,109
Balance at
31 March
2022
£
4,073
-
8,500
-
-
-
-
-

Page 37

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Statement of funds (continued)

Statement of funds - prior year (continued)

Total of funds Balance at
1 April 2021
£
141,817
2,713,987		 Income
£
864,494
6,377,303		 Expenditure
£
(6,915)
(1,142,458)		 Transfers
in/out
£
(986,823)
4,850		 Balance at
31 March
2022
£
12,573
7,953,682

17. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
April 2022
£
7,739,728
201,381
12,573
7,953,682		 Income
£
-
1,189,266
2,395
1,191,661		 Expenditure
£
(72,001)
(1,210,630)
(13,434)
(1,296,065)		 Transfers
in/out
£
68,009
(68,009)
-
-		 Balance at
31 March
2023
£
7,735,736
112,008
1,534
7,849,278

Page 38

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds
Restricted funds		 Balance at
1 April 2021
£
2,047,775
524,395
141,817
2,713,987		 Income
£
-
5,512,809
864,494
6,377,303		 Expenditure
£
(176,887)
(958,656)
(6,915)
(1,142,458)		 Transfers
in/out
£
5,868,840
(4,877,167)
(986,823)
4,850		 Balance at
31 March
2022
£
7,739,728
201,381
12,573
7,953,682

Restricted Funds

Bristol City Council – capital grant for approved capital works. The transfer in the year represents capital additions spent out of these restricted funds.

Pensioners Christmas Party – The Park organises, provided and caters for the annual pensioners Christmas party. This free event invites 100 local OAP’s to a Christmas dinner and entertainment and is organised solely by the staff and students at The Park.

Other restricted – These are a collection of several funds from different organisations restricted for similar purposes and tracked separately. The funds are restricted to provide activities for older people, dependent on the restriction. These include tea dances and bingo.

Grateful Society – This fund represents donations received to provide Tea Dances for the local community.

Designated Funds

Fixed assets fund and Leasehold improvements fund – Together they represent the total net book value of fixed assets less the loans outstanding against them designated aside from general funds.

Page 39

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
8,902,334
1,534
396,451
-
(1,000,000)
-
(451,042)
1,534
7,847,744		 Total
funds
2023
£
8,902,334
397,985
(451,042)
(1,000,000)
7,849,278

The Trustees have designated an asset reserve fund which is equal to the value of the total fixed assets less the loans outstanding against them. The Trustees have presented the split of net assets in this way as the loan was entered into by the Charity in order to fund the capital expansion project and is secured on the building that has been constructed.

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Loss on the sale of fixed assets
Decrease in debtors
(Increase) /Decrease in creditors
Investment income (bank interest)
Net cash provided by operating activities		 Group
2023
£
(104,405)
72,001
-
22,689
3,231
(304)
(6,788)		 Group
2022
£
5,239,695
21,002
146,220
399,285
(282,147)
(17)
5,524,038

Page 40

THE PARK COMMUNITY CENTRE LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2023
£
280,269
280,269		 Group
2022
£
354,761
354,761

21. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2022
£
354,761
(157,301)
(1,000,000)
(802,540)		 Cash flows
£
(74,492)
(261)
-
(74,753)		 At 31 March
2023
£
280,269
(157,562)
(1,000,000)
(877,293)

22. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to 2023: £12,493 (2022: £12,204). An amount of £1,407 (2022: £2,301) is payable by the Charity at the year end and is included within Creditors.

The Charity is paying into a defined benefit plan for three employees. The Trustees are aware that there is a deficit on the overall defined benefit plan. However, The Park is ahead in its contributions and is being asked to reduce its monthly contributions going forwards. The Trustees consider that there is not enough information available to seperate The Park's assets and liabilities it may be possible in the future years to include this information in the financial statements.

Page 41

THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

23. Operating lease commitments

At 31 March 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2023
£
737
-
737		 Group
2022
£
1,517
632
2,149		 Charity
2023
£
737
-
737		 Charity
2022
£
1,517
632
2,149

24. Members' liability

The Charitable company is limited by guarantee and as such has no share capital. In the event of the Charitable company being wound up the liability of the members is limited to £1 each.

25. Related party transactions

At 31 March 2023 Silva Care Limited owed £NIL (2022: £5,157) to The Park Community Centre Limited. Matthew Moore, Trustee (Up until 27 March 2023), is a director of Silva Care Limited. Silva Care Limited was invoiced rent and other charges of £51,852 (2022: £67,412) during the year to 31 March 2023.

At 31 March 2023 The Park Knowle FC owed £350 (2022: £717) to The Park Community Centre Limited. Mike Alden, Trustee (Up until 28 November 2022), is involved in running the sports club. The Park Knowle FC was charged rent and other charges of £5,548 (2022: £4,122) during the year to 31 March 2023.

At 31 March 2023 The Park Education owed £17,209 (2022: £11,598) to The Park Community Centre Limited. The Park Education Limited were provided a loan from Park Community Centre Limited of £30,000 that was fully repaid during the year. The Park Education Limited was charged rent and other charges of £117,203 (2022: £11,598) during the year to 31 March 2023.

At 31 March 2023 Youth Moves owed £NIL (2022: NIL) to the Park Community Centre Limited. Clive Harry, Trustee, is a director of Youth Moves. Youth Moves was charged for rent, hiring of facilities and other charges of £31,711 (2022: £18,905) during the year to 31 March 2023.

At 31 March 2023, The Park Community Centre owed DF Development Management Limited £3,000 (2022: £NIL). Two Trustees, Phillip Briggs and Iain Neary are directors of DF Development Management Limited. The Park Community Centre were charged for development costs of £3,000 (2022: £25,000) during the year to 31 March 2023.

In 2021, a Trustee loaned the charity £155,000. This balance remains outstanding and is included in creditors at year end.

Page 42

The Park Community Centre Financial Statements March 2023 for approval

Final Audit Report

2023-12-19

Created: 2023-12-18 By: Ryszard Szarszewski (admin@randall-payne.co.uk) Status: Signed Transaction ID: CBJCHBCAABAABhY3XKH_lL8_8113BejLFN-4yGFICVt2

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