**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 2024**
**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 - 8|
|**Independent auditors' report on the financial statements**|9 - 12|
|**Consolidated statement of financial activities**|13|
|**Consolidated income and expenditure account**|14|
|**Consolidated balance sheet**|15 - 16|
|**Charity balance sheet**|17 - 18|
|**Consolidated statement of cash flows**|19|
|**Notes to the financial statements**|20 - 40|
**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 2024**
|**Trustees**|David Freed, Chair of Trustees (appointed 17 December 2010)|
|---|---|
||Iain Neary (appointed 24 October 2011)|
||Jonathon Baker (appointed 8 July 2014)|
||Clive Harry (appointed 17 December 2010, resigned 13 September 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)|
||Helen Holland (appointed 14 July 2024)|
|**Company registered**
**number**
07472743
**Charity registered**
**number**
1140834
**Registered office**
The Park
Daventry Road
Knowle
Bristol
BS4 1DQ
**Independent auditors**
Randall & Payne LLP
Chartered Accountants & Statutory Auditors
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 2024**
The Trustees present their annual report together with the audited financial statements of the The Park Community Centre Limited for the year 1 April 2023 to 31 March 2024. 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 2024**
## **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 is as follows:
- 1) Effective governance
- 2) Commitment to equalities and inclusion
- 3) Creation of policies and procedures underpinning efficient operation and administration
- 4) Sound business planning and financial management
- 5) Fundraising and sustainability
- 6) Maintenance and improvement of premises
- 7) Reinforce local community participation and cohesion
- 8) Deliver Vocationally related education and training programmes
- 9) Provide youth work and play activities
- 10) Promote healthy lifestyles through;
- a) Sports
- b) Healthy eating
- 11) Contribution to employment and enterprise
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 2024**
## **Achievements and performance**
## **a. Summary of main achievements of the charity during the period**
## Governance
- Out of hours guarding service set up with an external organization.
- • ICO certificate renewed.
- Travel Plan coordinator met with the council. This was a condition of planning.
• Monthly management meetings are held with a few trustees. This discusses more operational day-to-day issues.
- Close working relationship with Wates, the contractor building the school on the same site.
- Lock down procedures revisited following the local knife tragedy.
## Staffing
- Café Assistant recruited.
- Work experience placements were offered in the gym and café.
- Recruitment of Teaching staff to cover maternity.
- Lond serving caretaker retired.
## Finance
- New Utilities contracts in place.
- Increase in café pricing, in line with food increases.
- Rents/Service charge increased for all tenants.
- New membership/direct debit system implemented for the gym.
- Insurance compensation paid from Wates following a lengthy claim.
- • Appropriate licenses are in place.
## Fundraising and Marketing
- Communications/marketing strategy developed.
- Funding from Sport England received towards Boxercise classes.
- Donation from John James Foundation towards our Pensioners Xmas party.
- Donation from The Grateful Society towards our Tea Dance.
- Ethical property company offered pro-bono advice regarding lettings and software.
## Operation and Administration
- Policies are being reviewed on a quarterly basis and signed off at Trust meetings.
- Relevant licenses are renewed annually and in place.
- Insurance renewed.
- Meetings continue for sports hall redevelopment.
## Equalities and Inclusion
- SEN youth sessions set up with onsite youth organisation.
- Volunteering opportunities in the café for people with additional needs.
- Lots of activities held throughout the year for all of the different clients to The Park.
## Premises
- Grounds maintenance ongoing.
- Yearly servicing for all equipment that requires it.
- Large office converted into smaller office/break out rooms so a new organisation could occupy.
- • Works to refurbish the sports hall before major renovation.
- Replacement of meter room doors following a notice form the gas board.
- New contract with an organization who repair/monitor our alarms.
Page 4
## **THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Achievements and performance (continued)**
## Health and Wellbeing
- a) Sport
- A strong sports and fitness program continues, using a combination of independent organisations and in house initiatives. These include Parkour, basketball, archery, football, cricket and badminton.
- Olympic Oldies classes continues. These have 45 regular attendees.
- GP Referral program continues.
- Gym membership continues to increase with a new payment collecting/membership system in place.
- Lots of classes aimed at the over 55’s, like walking hockey, walking netball and dance fit.
- • Boxercise classes implemented twice a week.
## b) Healthy Living
- The café continues to offer food that people want to eat. Lots of healthy options available.
- Our students have began planting salad and vegetables as part of their education program, but also to help feed the animals on site.
## Employment and Enterprise
- Working in collaboration with the Knowle West Alliance.
- Work experience placements are offered within the café, gym and reception.
## Community
- Coronation Tea Party held for over 50 local residents.
- Pop ups and outreach activities increased with examples of Wecil Disabled actions women’s group to Vita minds and Community Energy.
- The Park was a designated ‘Listening Space’ following the local knife tragedy.
- Foodbank funding for free meal vouchers in our café.
- Hosted a community roast for 65 local people.
- Annual remembrance Service held.
## Youth
- Youth work activities are mainly delivered through our on-site partner Youth Moves.
- Additional work and plans being implemented due to the challenging behaviour of young people both onsite and in the community.
- Lots of work and plans being put in place for the new Youth Zone.
- LGBTQ+ sessions continue to grow in number each week.
- Lots of holiday activities delivered by various partners.
Page 5
## **THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Financial review**
## **a. Financial Review**
Incoming resources for the charity were £1,404,676 compared to £1,191,661 in 2022/23.
Expenditure was £1,268,397 compared to £1,296,066 in 2022/23.
## **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, excluding those invested in fixed assets at 31st March 2024 were £134,281 (2023: £112,008).
Free reserves invested in fixed assets, net of loan agreements at 31st March 2024 were £7,843,213 (2023: £7,735,736).
## **Plans for future periods**
1. Governance
- Address operational profile of the trustee membership to ensure diversity is maintained.
- Address business and development plan to better reflect changing needs of Park and the community.
2. Business Viability
- Maximise income streams from tenants and lettings.
- • Maximise and develop casual lettings and conference facilities.
- Maximise income from the gym and sports facilities.
- 3. Finance • Build on marketing profile to attract donations.
- Apply for grants to address revenue streams.
- Apply for major funding to address funding of Sports Hall redevelopment.
- 4. Premises • Complete the new build once Wates hand back the remaining site.
- Begin to look at possible refurbishment of the sports hall.
- 5. Operations and Staffing • To maximise our rental potential.
- To ensure all Polices are up to date and current for the new build especially.
- • To establish relationships with Oasis who will share our site. 6. Community Cohesion • Improve base line data re client base. • Build upon community links and offer joint services. • Host some large-scale events at The Park that the community can attend. 7. Play and Youth • Look at how the new bigger space can be maximized and utilized to its full potential. • Continue summer program for young people in local community. • Continue and increase the support given to young people pastorally, who have barriers to their learning.
Page 6
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Plans for future periods (continued)**
8. Health and Wellbeing
- (a) Sport
- Further develop our sports/fitness courses.
- Seek funding to improve the sporting facilities on site.
- (b) Healthy Eating
- Continue to promote and teach our students and local community the importance of Healthy Eating.
- Continue to provide on-site catering of high quality
9. Employment
- Strengthen links with local employers of all sizes.
- Offer work placements in different areas.
- Prioritise local applications when recruiting.
10. Environment
- Manage Park site to a high environmental standard.
- Maximise role in recycling and sustainability initiatives.
- Encourage tenants to get more involved in maintaining their environment.
## **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 year. 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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.
Page 7
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
## **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
................................................ David Freed (Dec 4, 2024 11:53 GMT) **David Freed** (Chair of Trustees)
Date: 04/12/2024
Page 8
**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 2024 which comprise the Consolidated statement of financial activities, the Consolidated income and expenditure account, 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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We 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 9
**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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- the parent charitable company has not kept sufficient accounting records; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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 10
**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 11
**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.
## **Benjamin Burch ACA (Senior stautory auditor) Randall & Payne LLP**
Chartered Accountants & Statutory Auditors Chargrove House Shurdington Road Shurdington Cheltenham Gloucestershire GL51 4GA
## Date: 04/12/2024
Randall & Payne LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 12
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2024**
**£**
**16,461**
**-**
**-**
**-**
**16,461**
**9,931**
**9,931**
**6,530**
**1,533**
**6,530**
**8,063**|**Unrestricted**
**funds**
**2024**
**£**
**234,094**
**1,121,984**
**465**
**6,472**
**1,363,015**
**1,233,266**
**1,233,266**
**129,749**
**7,847,744**
**129,749**
**7,977,493**|**Total**
**funds**
**2024**
**£**
**250,555**
**1,121,984**
**465**
**6,472**
**1,379,476**
**1,243,197**
**1,243,197**
**136,279**
**7,849,277**
**136,279**
**7,985,556**|_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_|
|---|---|---|---|---|
Page 13
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024**
|**Note**
**Gross income in the reporting period**
Less: Total expenditure
**Net income/(expenditure) for the reporting period**|**Total funds**
**2024**
**£**
**1,379,477**
**(1,243,197)**
**136,280**|_Total funds_
_2023_
_£_
_1,191,661_
_(1,306,066)_|
|---|---|---|
|||_(114,405)_|
The notes on pages 20 to 40 form part of these financial statements.
Page 14
**(A company limited by guarantee) REGISTERED NUMBER: 07472743**
## **THE PARK COMMUNITY CENTRE LIMITED**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets / liabilites**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
15
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
17
Unrestricted funds
17
**Total funds**|**81,979**
**195,168**
**277,147**
**(137,181)**|**2024**
**£**
**8,843,212**
**8,843,212**
**139,966**
**8,983,178**
**(997,621)**
**7,985,557**
**7,985,557**
**8,063**
**7,977,494**
**7,985,557**|_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_
_1,533_
_7,847,744_
_7,849,277_|
|---|---|---|---|---|
Page 15
## **THE PARK COMMUNITY CENTRE LIMITED**
**(A company limited by guarantee) REGISTERED NUMBER: 07472743**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
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
David Freed (Dec 4, 2024 11:53 GMT)
................................................
## **David Freed**
(Chair of Trustees)
Date: 04/12/2024
The notes on pages 20 to 40 form part of these financial statements.
Page 16
## **THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 07472743**
## **CHARITY BALANCE SHEET AS AT 31 MARCH 2024**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
**Net current assets / liabilites**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
15
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
17
Unrestricted funds
17
**Total funds**|**99,376**
**145,524**
**244,900**
**(111,663)**|**2024**
**£**
**8,837,879**
**8,837,879**
**133,237**
**8,971,116**
**(997,621)**
**7,973,495**
**7,973,495**
**7,555**
**7,965,940**
**7,973,495**|_124,925_
_241,134_
_366,059_
_(421,159)_|_2023_
_£_
_8,894,602_
_8,894,602_
_(55,100)_
_8,839,502_
_(1,000,000)_
_7,839,502_
_7,839,502_
_1,534_
_7,837,968_
_7,839,502_|
|---|---|---|---|---|
Page 17
## **THE PARK COMMUNITY CENTRE LIMITED**
**(A company limited by guarantee) REGISTERED NUMBER: 07472743**
## **CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024**
The Charity's net movement in funds for the year was _£_ 133,994 _(2023 - £(99,331))_ .
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
David Freed (Dec 4, 2024 11:53 GMT)
................................................
## **David Freed**
(Chair of Trustees)
Date: 04/12/2024
The notes on pages 20 to 40 form part of these financial statements.
Page 18
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
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**
**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**|**2024**
**£**
**89,607**
**(20,173)**
**465**
**(155,000)**
**(174,708)**
**-**
**(85,101)**
**280,269**
**195,168**|_2023_
_£_
_(6,788)_
_(68,009)_
_305_
_-_
**(67,704)**
**-**
**(74,492)**
_354,761_
_280,269_|
|---|---|---|
## **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 20 to 40 form part of these financial statements
Page 19
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 agreement for £1,000,000 in prior years. Under the original loan agreement the first repayment of £500,000 was due in February 2025. The charity have since agreed a new repayment structure which consists of smaller monthly repayments of £7,179 including 6% interest from 1st March 2025 up until the final repayment of £874,295 in February 2029.
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 20
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 21
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Accounting policies (continued)**
## **2.4 Expenditure (continued)**
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:
- Freehold property Depreciated over 150 years - Plant, machinery & equipment 20-33% straight line - Leasehold improvement 10% straight line Assets under construction - no depreciation until asset is brought into use
## **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 22
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 23
**(A company limited by guarantee)**
## **THE PARK COMMUNITY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **3. Income from donations and legacies**
|Donations
Grants
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
16,461
200,252
-
33,842
16,461
234,094
_2,395_
_48,100_|**Total**
**funds**
**2024**
**£**
**216,713**
**33,842**
**250,555**
_50,495_|_Total_
_funds_
_2023_
_£_
_47,355_
_3,140_|
|---|---|---|---|
||||_50,495_|
|||||
## **4. Income from charitable activities**
|**Unrestricted**
**funds**
**2024**
**£**
Income from gym
26,720
Miscellaneous
25,140
Education
378,773
General rent
515,230
Casual income
91,687
Cafe income
84,434
1,121,984
_Total 2023_
_1,140,862_|**Total**
**funds**
**2024**
**£**
**26,720**
**25,140**
**378,773**
**515,230**
**91,687**
**84,434**
**1,121,984**
_1,140,862_|_Total_
_funds_
_2023_
_£_
_24,106_
_32,841_
_508,490_
_450,371_
_50,216_
_74,838_|
|---|---|---|
|||_1,140,862_|
||||
Page 24
**(A company limited by guarantee)**
## **THE PARK COMMUNITY CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **5. Investment income**
Interest received _Total 2023_
|**Unrestricted**
**funds**
**2024**
**£**
465
_304_|**Total**
**funds**
**2024**
**£**
**465**
_304_|_Total_
_funds_
_2023_
_£_
_304_|
|---|---|---|
||||
## **6. Other incoming resources**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Insurance claim receivable|6,472|**6,472**|_-_|
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|The Park
The Park Education Limited
Gym
Café
_Total 2023_|**Endowment**
**funds**
**2024**
**£**
-
-
-
-
-
_(10,000)_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
8,489
702,941
1,442
391,430
-
22,638
-
116,257
9,931
1,233,266
_13,434_
_1,292,632_|**Total**
**2024**
**£**
**711,430**
**392,872**
**22,638**
**116,257**
**1,243,197**
_1,296,066_|_Total_
_2023_
_£_
_639,698_
_516,028_
_40,694_
_99,646_|
|---|---|---|---|---|
|||||_1,296,066_|
||||||
Page 25
**THE PARK COMMUNITY CENTRE LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. Analysis of expenditure by activities**
|The Park
The Park Education Limited
Gym
Café
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
290,776
359,877
20,977
61,101
732,731
_685,034_|**Support**
**costs**
**2024**
**£**
420,654
32,996
1,662
55,154
510,466
_611,032_|**Total**
**funds**
**2024**
**£**
**711,430**
**392,873**
**22,639**
**116,255**
**1,243,197**
_1,296,066_|_Total_
_funds_
_2023_
_£_
_639,697_
_516,028_
_40,694_
_99,647_|
|---|---|---|---|---|
|||||_1,296,066_|
||||||
Page 26
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. Analysis of expenditure by activities (continued)**
## **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 2023_|**The Park**
**2024**
**£**
264,105
-
6,757
116
461
4,843
512
-
13,982
-
290,776
_215,308_|**The Park**
**Education**
**Limited**
**2024**
**£**
306,690
4,599
2,238
41,294
797
1,667
2,592
-
-
-
359,877
_378,158_|**Gym**
**2024**
**£**
18,376
-
147
-
-
2,454
-
-
-
-
20,977
_40,230_|**Café**
**2024**
**£**
60,024
-
361
-
-
717
-
-
-
-
61,102
_51,338_|**Total**
**funds**
**2024**
**£**
**649,195**
**4,599**
**9,503**
**41,410**
**1,258**
**9,681**
**3,104**
**-**
**13,982**
**-**
**732,732**
_685,034_|_Total_
_funds_
_2023_
_£_
_602,998_
_3,866_
_6,876_
_51,419_
_2,344_
_9,814_
_2,871_
_1,149_
_3,697_
_-_|
|---|---|---|---|---|---|---|
|||||||_685,034_|
||||||||
Page 27
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8. 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
_Total 2023_|**The Park**
**2024**
**£**
649
3,320
236,978
16,494
7,120
327
47,847
4,453
32,285
72,974
420,654
_424,388_|**Education**
**2024**
**£**
-
-
31,203
-
-
-
-
-
-
-
32,996
_137,870_|**Gym**
**2024**
**£**
-
67
15
-
-
-
138
-
-
1,442
1,662
_466_|**Café**
**2024**
**£**
-
52,696
1,135
-
19
-
994
30
-
280
55,155
_48,308_|**Total**
**funds**
**2024**
**£**
**649**
**56,083**
**269,331**
**16,494**
**7,139**
**327**
**48,979**
**4,483**
**32,285**
**74,696**
**510,467**
_611,032_|_Total_
_funds_
_2023_
_£_
_465_
_48,176_
_351,271_
_1,736_
_12,904_
_5,892_
_89,911_
_2,672_
_29,870_
_68,135_|
|---|---|---|---|---|---|---|
|||||||_611,032_|
||||||||
## **9. Auditors' remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**6,810**|_6,615_|
Page 28
**THE PARK COMMUNITY CENTRE LIMITED**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **10. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2024**
**£**
**599,990**
**36,964**
**12,240**
**649,194**|_Group_
_2023_
_£_
_555,570_
_34,936_
_12,493_
_602,999_|**Charity**
**2024**
**£**
**323,024**
**13,694**
**5,785**
**342,503**|_Charity_
_2023_
_£_
_263,955_
_12,446_
_6,963_|
|---|---|---|---|---|
||||||
|||||_283,364_|
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_|
|---|---|---|---|---|
||**2024**|_2023_|**2024**|_2023_|
||**No.**|_No._|**No.**|_No._|
|Employees|**37**|_32_|**21**|_18_|
No employee received remuneration amounting to more than £60,000 in either year.
The average weekly number of employees during the year was 37 (2023: 32), 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 £108,469 (2023: £84,612).
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 31 March 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
Page 29
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Tangible fixed assets**
## **Group**
|**Cost or valuation**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Long-term**
**leasehold**
**property**
**£**
**8,938,123**
**17,973**
**8,956,096**
**75,536**
**67,916**
**143,452**
**8,812,644**
_8,862,587_|**Plant and**
**machinery**
**£**
**157,107**
**-**
**157,107**
**125,092**
**6,779**
**131,871**
**25,236**
_32,015_|**Office**
**equipment**
**£**
**11,598**
**2,200**
**13,798**
**3,866**
**4,599**
**8,465**
**5,333**
_7,732_|**Total**
**£**
**9,106,828**
**20,173**|
|---|---|---|---|---|
|||||**9,127,001**|
|||||**204,494**
**79,294**|
|||||**283,788**|
|||||**8,843,213**|
|||||_8,902,334_|
## **Charity**
|**Cost or valuation**
At 1 April 2023
Additions
At 31 March 2024|**Long-term**
**leasehold**
**property**
**£**
**8,938,123**
**17,973**
**8,956,096**|**Plant and**
**machinery**
**£**
**157,107**
**-**
**157,107**|**Total**
**£**
**9,095,230**
**17,973**|
|---|---|---|---|
||||**9,113,203**|
Page 30
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **12. Tangible fixed assets (continued)**
## **Charity (continued)**
|**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_
**13.**
**Debtors**
**Due within one year**
Trade debtors
Amounts owed by charity subsidiary
Other debtors
Prepayments and accrued income
Tax recoverable|**Group**
**2024**
**£**
**17,755**
**-**
**47,735**
**16,489**
**-**||**Long-term**
**leasehold**
**property**
**£**
**75,536**
**67,916**
**143,452**
**8,812,644**
_8,862,587_
_Group_
_2023_
_£_
_29,198_
_-_
_-_
_83,229_
_5,289_
_117,716_||**Plant and**
**machinery**
**£**
**125,092**
**6,779**
**131,871**
**25,236**
_32,015_
**Charity**
**2024**
**£**
**14,355**
**20,797**
**47,735**
**16,489**
**-**
**99,376**|**Total**
**£**
**200,628**
**74,695**|
|---|---|---|---|---|---|---|
|||||||**275,323**|
|||||||**8,837,880**|
|||||||_8,894,602_|
|||||||_Charity_
_2023_
_£_
_29,198_
_7,209_
_-_
_83,229_
_5,289_
_124,925_|
||||||||
||**81,979**||||||
During the year £15,000 due to the parent charity (2023: £10,000) was waived by The Park Community Centre. The amount waived was recorded as donation income..
## **14. Creditors: Amounts falling due within one year**
||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|
||**2024**|_2023_|**2024**|_2023_|
||**£**|_£_|**£**|_£_|
|Other loans|**11,364**|_155,000_|**2,379**|_155,000_|
Page 31
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **14. Creditors: Amounts falling due within one year (continued)**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2024**
**£**
**34,895**
**45,250**
**907**
**44,765**
**137,181**|_Group_
_2023_
_£_
_237,311_
_13,677_
_1,407_
_43,647_
_451,042_|**Charity**
**2024**
**£**
**34,531**
**40,764**
**908**
**33,081**
**111,663**|_Charity_
_2023_
_£_
_230,077_
_3,745_
_1,407_
_30,930_|
|---|---|---|---|---|
|||||_421,159_|
Included within other loans due within one year in the 2023 column is an amount of £155,000. This loan was provided to the Charity by a Trustee, was legally repayable on demand and was interest-free.
During the period, the Trustee loan was converted to a donation. This has been recorded as donation income in the financial statements.
Page 32
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15. Creditors: Amounts falling due after more than one year**
||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|
||**2024**|_2023_|**2024**|_2023_|
||**£**|_£_|**£**|_£_|
|Other loans|**997,621**|_1,000,000_|**997,621**|_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 with fixed and floating charges covering all the property and undertakings of the Charity.
The charity has agreed a new repayment structure which consists of monthly payments of £7,179, including 6% interest, from 1st March 2025 up until the final repayment of £874,295 in February 2029. The loan repayment amount of £2,379 excluding interest has been included within other loans in current liabilities.
## **16. Financial instruments**
||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|
||**2024**|_2023_|**2024**|_2023_|
||**£**|_£_|**£**|_£_|
|**Financial assets**|||||
|Financial assets measured at fair value|||||
|through income and expenditure|**195,168**|_280,269_|**145,524**|_241,134_|
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
Page 33
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Fixed asset fund - owned
Leasehold improvements
**General funds**
The Park Community Centre
The Park Education
**Total Unrestricted funds**
**Restricted funds**
Other restricted
Grateful Society
Boxercise Sports England
Food vouchers
Alpkit
**Total of funds**|**Balance at 1**
**April 2023**
**£**
**28,150**
**7,707,586**
**7,735,736**
**102,232**
**9,776**
**112,008**
**7,847,744**
**533**
**1,000**
**-**
**-**
**-**
**1,533**
**7,849,277**|**Income**
**£**
**-**
**155,000**
**155,000**
**672,335**
**535,681**
**1,208,016**
**1,363,016**
**2,268**
**7,020**
**4,160**
**2,763**
**250**
**16,461**
**1,379,477**|**Expenditure**
**£**
**(11,379)**
**(67,916)**
**(79,295)**
**(740,498)**
**(413,473)**
**(1,153,971)**
**(1,233,266)**
**(2,293)**
**(6,884)**
**(393)**
**(361)**
**-**
**(9,931)**
**(1,243,197)**|**Transfers**
**in/out**
**£**
**2,200**
**29,572**
**31,772**
**(29,572)**
**(2,200)**
**(31,772)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2024**
**£**
**18,971**
**7,824,242**|
|---|---|---|---|---|---|
||||||**7,843,213**|
||||||**4,497**
**129,784**|
||||||**134,281**|
||||||**7,977,494**|
||||||**508**
**1,136**
**3,767**
**2,402**
**250**|
||||||**8,063**|
||||||**7,985,557**|
Page 34
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. 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
Grateful Society
**Total of funds**|_Balance at_
_1 April 2022_
_£_
_36,005_
_7,703,723_
_7,739,728_
_Balance at_
_1 April 2022_
_£_
_201,381_
_7,941,109_
_Balance at_
_1 April 2022_
_£_
_4,073_
_8,500_
_12,573_
_7,953,682_|_Income_
_£_
_-_
_-_
_-_
_Income_
_£_
_1,189,266_
_1,189,266_
_Income_
_£_
_2,395_
_-_
_2,395_
_1,191,661_|_Expenditure_
_£_
_(10,640)_
_(61,361)_
_(72,001)_
_Expenditure_
_£_
_(1,210,630)_
_(1,282,631)_
_Expenditure_
_£_
_(5,934)_
_(7,500)_
_(13,434)_
_(1,296,065)_|_Transfers_
_in/out_
_£_
_2,785_
_65,224_
_68,009_
_Transfers_
_in/out_
_£_
_(68,009)_
_-_
_Transfers_
_in/out_
_£_
_-_
_-_
_-_|_Balance at_
_31 March_
_2023_
_£_
_28,150_
_7,707,586_|
|---|---|---|---|---|---|
||||||_7,735,736_|
||||||_Balance at_
_31 March_
_2023_
_£_
_112,008_|
||||||_7,847,744_|
||||||_Balance at_
_31 March_
_2023_
_£_
_533_
_1,000_|
||||||_1,534_|
||||||_7,849,278_|
Page 35
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **17. Statement of funds (continued)**
## **18. Summary of funds**
## **Summary of funds - current year**
|Designated funds
General funds
Restricted funds|**Balance at 1**
**April 2023**
**£**
**7,735,736**
**112,008**
**1,533**
**7,849,277**|**Income**
**£**
**155,000**
**1,208,016**
**16,461**
**1,379,477**|**Expenditure**
**£**
**(79,295)**
**(1,153,971)**
**(9,931)**
**(1,243,197)**|**Transfers**
**in/out**
**£**
**31,772**
**(31,772)**
**-**
**-**|**Balance at**
**31 March**
**2024**
**£**
**7,843,213**
**134,281**
**8,063**|
|---|---|---|---|---|---|
||||||**7,985,557**|
Page 36
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **18. Summary of funds (continued)**
## **Summary of funds - prior 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_|
## **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 37
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **19. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Restricted**
**funds**
**2024**
**Unrestricted**
**and**
**designated**
**funds**
**2024**
**£**
**£**
-
8,843,212
8,063
269,084
-
(137,181)
-
(997,621)
8,063
7,977,494|**Total**
**funds**
**2024**
**£**
**8,843,212**
**277,147**
**(137,181)**
**(997,621)**
**7,985,557**|
|---|---|---|
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.
## **20. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Decrease in debtors
Decrease in creditors
Investment income (bank interest)
**Net cash provided by/(used in) operating activities**|**Group**
**2024**
**£**
**136,279**
**79,294**
**14,941**
**(140,443)**
**(465)**
**89,606**|_Group_
_2023_
_£_
_(104,405)_
_72,001_
_22,689_
_3,231_
_(304)_
_(6,788)_|
|---|---|---|
Page 38
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **21. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**Group**
**2024**
**£**
**195,168**
**195,168**|_Group_
_2023_
_£_
_280,269_|
|---|---|---|
||||
|||_280,269_|
## **22. 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**
**2023**
**£**
**280,269**
**(155,000)**
**(1,000,000)**
**(874,731)**|**Cash flows**
**£**
**(85,101)**
**143,636**
**2,379**
**60,914**|**At 31 March**
**2024**
**£**
**195,168**
**(11,364)**
**(997,621)**|
|---|---|---|---|
||||**(813,817)**|
## **23. 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 2024: £12,240 (2023: £12,493). An amount of £2,160 (2023: £1,407) 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 39
**THE PARK COMMUNITY CENTRE LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **24. Operating lease commitments**
At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
||||**Group**|_Group_|**Charity**|_Charity_|
|---|---|---|---|---|---|---|
||||**2024**|_2023_|**2024**|_2023_|
||||**£**|_£_|**£**|_£_|
|Not later than|1|year|**-**|_737_|**-**|_737_|
## **25. 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.
## **26. Related party transactions**
At 31 March 2024 The Park Education owed £20,797 (2023: £17,209) to The Park Community Centre Limited. The Park Education Limited was charged rent and other charges of £113,514 (2023: £117,203) during the year to 31 March 2024.
At 31 March 2024 Youth Moves owed £3,220 (2023: 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 £43,527 (2023: £31,711) during the year to 31 March 2024.
At 31 March 2024, The Park Community Centre owed DF Development Management Limited £Nil (2023: £3,000). Two Trustees, Phillip Briggs and Iain Neary are directors of DF Development Management Limited. The Park Community Centre were charged for development costs of £Nil (2023: £3,000) during the year to 31 March 2024.
In 2021, a Trustee loaned the charity £155,000. This balance was converted to a donation in the current period, further details are included in Note 14 to the financial statements.
Page 40
## The Park Community Centre 03.12.24
## Final Audit Report
2024-12-04
Created: 2024-12-04 By: Ryszard Szarszewski (admin@randall-payne.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAm2lCNJBq-kEVwbzpyXVIrno46tPi7Myi
## "The Park Community Centre 03.12.24" History
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