- l
**parkrun Global Limited Company number: 09411750 Charity number: 1175062**
. More parkruns. . More people. More lives changed.
## Contents
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|---|---|
|a welcome from the Chair|4|
|6|
|Chief Executive Offi cer's refl ections|
|Introduction|8|
|The impact|14|
|The people|20|
|The partnerships|24|
|Committees and governance|30|
|Organisational structure, governance and management|
|Trustee recruitment, appointment and training|
|Subcommittees|
|The charity governance code|
|Subsidiaries|
|Risk management|
|Financial review|
|Reserves policy|
|Fundraising|
|Future plans|
|Statement of Trustees’ responsibilities|
|Independent auditor's report|40|
|Financial statements|46|
|Reference and administrative information|66|
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## A welcome from the Chair
It’s been 12 months of growing, building and investing in the global charity as it prepares to embark on an ambitious fi ve year strategy to become recognisably world-class, and reach more of the people who need it the most.
As Chair, it gives me great pleasure to see the rebuilding and recovery of parkrun as it emerges and fl ourishes in a postpandemic world. With the Board, it has been a privilege to announce the appointment of new Trustees bringing a wealth of experience, and to work alongside the Executive to support the strengthening of the leadership team at parkrun.
parkrun changes lives, embracing those that are often underrepresented in traditional physical activity and community environments; providing a safe and welcoming space for anyone of any background, age, or physical ability to be social and
## **Welcome to the 2022-2023 parkrun annual report**
active together in the great outdoors.
previously considered themselves ‘inactive’ have
taken part in parkrun. The average fi nish time has continued to slow, refl ecting our ambitions to attract those for whom physical activity has not previously been the norm.
It’s been fantastic to see the charity preparing itself to be fi t for the future - onboarding new commercial and strategic partners worldwide, expanding retail off erings, and improving governance. It is vital that the charity is, and remains, in the best possible position to be free, for everyone, forever, for generations to come.
On behalf of the Board of Trustees, I’d like to extend our thanks to the staff , ambassadors, volunteers, event teams and those who simply join us each weekend, for making parkrun so special. There are many challenges ahead I’m sure, but we look forward to continuing our work together, building a worldclass organisation, striving towards a truly healthier and happier planet.
Across the 22 countries where parkrun operates, more than 2,200 events take place every single weekend; providing free opportunities for the 8 million plus people who are registered to be active in their local community, and these numbers are only going in one direction: Up.
Sincerely
This year too, more than 110,000 people who had
Gavin Megaw
Discover more about our Trustees here:
www.parkrun.com/governance/
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## Chief Executive Off icer’s refl ections
**We started the 2022-2023 fi nancial year with cautious optimism. The COVID-19 pandemic and the risk it posed to our global operations was receding, and with the return of parkrun events around the world, our thoughts turned to rebuilding and renewal.**
The fi rst phase of the rebuilding was to take stock. Despite events returning, average attendances were resolutely lower post-Covid than before lockdowns (including a stark drop in participation from those in lower socio-economic groups). Our insight was telling us that we weren’t yet ‘back to normal’, that habits had changed, and that many felt they were not fi t enough to participate. From an event delivery perspective, we were also hearing from teams that it was more diffi cult to fi nd volunteers.
needed to invest in key areas of the charity before we could contemplate the next period of signifi cant growth.
all events have access to a defi brillator; and restructuring to lay the foundations for the rapid growth we are forecasting over the next fi ve years and beyond.
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+25%
staff
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**+77% events[*]**
Alongside continuing to re-establish events and increase participation, the fi nancial year saw us prioritise developing a new fi ve year strategy; recommitting to stronger governance; investing in the central administration (growing headcount by more than 25%); ensuring
It has given me great joy to meet with and speak to so many people from all aspects of the parkrun community over the past 12 months and I would like to thank everyone involved for your contribution to the parkrun movement.
Our own internal staff survey and insight work confi rmed the need for change. It was clear we
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Russ Jeff erys
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parkrun global weekly event participation
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In particular I’d like to
600,000
thank the thousands of
volunteers, my colleagues,
non-executive directors and 400,000
Trustees for your dedication
and support.
200,000
Sincerely
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
COVID-19
Global parkrun event Forecast global parkrun event
participation 2015-2023 participation 2023-2028
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Russ Jeff erys
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*events delivered 1 February 2022 - 31 January 2023 compared to the previous fi nancial year
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## Introduction
**The focus of the 2022-2023 fi nancial year (February 2022 - January 2023) was to refocus post-pandemic and lay the foundations for a new fi ve year strategy.**
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parkrun:
the five year
global
strategy
A healthier happier planet 2023-2028
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Income increased by almost We’re proud to present a third this fi nancial year (to our latest annual report more than £7 million), which and accounts, detailing enabled critical investment our commitments in the organisation including to strengthening the a number of key hires. organisation for the future; _to help more parkruns,_ At the end of the year we _reach more people, and_ launched an ambitious _change more lives._
_**“The new strategy is the result of an incredible team effort and we are so proud to present it to the world.**_
At the end of the year we launched an ambitious new fi ve year strategy, focused on growing well, and creating a world class organisation that is fi t to deliver a powerful global mission: empowering anyone and everyone to be social, active and together in the great outdoors; through our 2,200 (and counting) event locations across 22 countries around the globe.
The following document sets out our accounts, but also highlights our achievements in safeguarding and growing parkrun: **showcasing our investments in people, infrastructure and partnerships;** to continue making the world healthier and happier; and protecting parkrun for future generations.
_**It’s the fi rst time that parkrun has shared a strategy publicly and is the most collaborative and far–reaching plan the charity has ever produced.”**_
– Russ Jefferys, parkrun CEO
**+29.6% income**
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Discover more about our
strategy here:
parkrun.me/5yearstrategy
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## What is parkrun?
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FREE
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ld
Free community events around the wor
&
5k 2k
There are 5k Saturday parkruns &
2k junior parkruns on Sunday mornings
in open spaces (not just parks!)
everyone is welcome
join
us!
Find your local
parkrun and join us!
parkrun.com/
countries/
to walk, jog, run, voluntee r
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8 | inTrodUCTion
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
The strategy has two main objectives **for parkrun, as a health and wellbeing charity:** To be recognised (internally & externally) as a **world-class organisation**
Our vision remains simple: **to create a** healthier and happ ier planet
Our mission underpins that: **supporting anyone and everyone to be active, to come together and be social, in the great outdoors.**
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WORLD-CLASS
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and reaCh
BiGGer imPaCT
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The nee d is . than ever greater
To be a truly global movement with **an even bigger impact and reach**
10 | inTrodUCTion
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## Our values Family **We act with humility and always put the family fi rst.** We’re humble. We know a lot but not everything. We take responsibility, acknowledge personal errors, and are open to learning, developing and improving. There’s no room for ego and no one is bigger than the family. We lead by example, and we share in our successes. u
## Fairness
**We act with kindness, compassion, and fairness.**
We’re kind, caring, compassionate and empathetic. We assume others mean well. We’re aware of our actions and how what we do impacts others. We apply our founding principles of equality and inclusivity to every situation and opportunity.
## Recognition
**We recognise and respect each other.**
We see and hear each other. We respect ourselves and others, support and help one another, listen attentively, and celebrate the uniqueness, strengths and diversity of our family.
## Authenticity
## Bravery
**We are honest, authentic, and accountable.**
## **We are brave, bold, and creative.**
Trustworthiness, honesty and integrity are foundational to our family. We’re honest about what we know and what we don’t know. We hold each other to account. We communicate
We’re ambitious and dynamic. We dream big, make bold decisions, challenge the status quo and get things done. We’re not afraid to question, innovate and be diff erent.
with transparency and empathy, acknowledging that communication infl uences behaviours, emotions and feelings, and underpins eff ective collaboration.
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## The impact
**what is the parkrun practice initiative?**
**what is junior parkrun?**
The parkrun practice initiative is all about making links between GP practices and local parkruns. It was launched in 2018 by the Royal College of General Practitioners (RCGP) and parkrun. It connects patients and staff to nearby events, encouraging everyone to come along and spend time together safely outdoors, to improve both physical and mental health, as well as combatting things like loneliness.
junior parkrun takes place on a Sunday morning in Australia, Ireland and the UK. It’s centred around a 2k course, aimed at children aged four - 14, their friends, relatives, parents and carers. It’s a chance for the whole family to spend time together, taking part in a free activity outside.
More than 13 million instances of participation have been recorded from 1 February 2022 through to 31 January 2023.
are twinned with a local parkrun across Australia, Ireland and the UK.
This year alone, the **junior event** series (2k events which take part on Sunday mornings across Australia, Ireland and the UK), delivered over
**This includes over 1.5 million individual people, with over a third of those as volunteers, amounting to over 1.75 million volunteer occasions.**
**18,000 events across 425 locations** . More than 130,000 juniors crossed a fi nish line with more than 750,000 junior parkruns completed, with 43,000 volunteers participating almost 350,000 times.
More than 110,000 participants this year marked themselves as ‘inactive’ upon registering for parkrun, and over this period more than half a million people took part in a parkrun event for the very fi rst time.
In 2022, junior parkrun celebrated its twelfth anniversary. Over the years, more than 370 junior parkrun events have been launched across Australia, Ireland and the UK. A jaw dropping 430,000 diff erent juniors have participated more than 3.8 million times!
**Over 10,000 people have taken part in parkrun’s 48 events on custodial sites** around the world and **almost 2,000 GP surgeries**
**11.5M 1.5M volunteering occassions locations 2,200+ 20+ countries 8.5M+ people registered**
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
**For parkrun to** Insight was showing us **unlock its true** that existing barriers **potential it must** remained, but had **retain its razor** been amplifi ed and **sharp focus on** exacerbated by a global **reaching those** pandemic. More than **who may need** ever before people were **it most.** telling us they felt they As parkrun fi nisher weren’t fi t enough, they numbers remained down would be too slow, they in 2022, in comparison to would stand out or look those we were seeing presilly, and they’d lost their pandemic we knew we confi dence. This, on top had to act. of the undeniable shift in habits post-lockdown.
So October 2022 saw the launch of parkwalk; a visible and demonstrable commitment to not only acknowledging but celebrating walking at parkrun. We renamed our social accounts, launched a new retail range, and introduced a new volunteer role globally: the parkwalker. A role that remains in place.
_**“The campaign gave ‘permission’ for people to walk. We had always had walkers before but having a walking focused month seemed popular with both regular parkrun walkers and other people who would not have considered walking.”**_
_**“It brought back runners who felt that they had become ‘too slow’ and it led to greater understanding that walking at parkrun is a done thing.”**_
**– 2023 survey on parkwalk**
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A clear upturn in participation
followed, and we fi nished
2022 in the strongest
position since the start of the
pandemic. With more than
60,000 starting their parkrun
story this year.
parkrun insight
+90% 9 99.5% 40K
0.5M+ 110K+ 0.6M+ +75%
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We take time to understand what’s happening in our communities around the world. In the 2022-2023 fi nancial year, well in excess of 40,000 survey responses were received, analysed and fedback on by our small team. These include questions around volunteering, barriers to participation, and sentiment towards the parkrun brand.
We also survey in our smaller territories. This year surveys were translated into eight languages in addition to English, covering nine territories: Denmark, Finland, Germany, Italy, Netherlands, New Zealand, Norway, Poland and Sweden; getting 3,220 responses!
research. In 2019, 60,000 responses were received to a survey sent to UK based parkrunners to understand the health and wellbeing impact of events. This year we have repeated the same premise in Australia, sending a survey to more than 675,000 parkrunners, responses to which will be analysed by an academic as part of a PhD study.
From time to time parkrun also commissions external
*675,000 parkrunners were sent the survey in Australia.
16 | The imPaCT
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
**“** _**For decades now, the ‘running’ and ‘health’ magazine sector has too often been complicit in perpetuating a toxic image of physical activity. We are committed to changing this. It’s time to really challenge what it means to be physically active, what you wear, or how you take part. You don’t need to be afraid, you don’t have to win, or feel competitive. It’s time for a ‘running magazine’ to be inclusive, representative, supportive and kind. A publication that celebrates joining in, showing up, and taking part, no matter what that might look like.”**_
This fi scal year has also seen parkrun make signifi cant investments in its commitment to inclusivity.
about taking their fi rst tentative steps into physical activity. The magazine introduces traditional ‘training’, like trying out hills, without using any ‘running language’ or setting impossible targets; instead, there’s advice suitable for all abilities and circumstances.
the events, communities seen parkrun make and people that defi ne signifi cant investments in its parkrun. The magazine commitment to inclusivity. also aims to address wider health, social and In the UK, we’ve launched wellbeing issues: there are a print magazine. The 48no pictures of airbrushed, page, twice-yearly editions fi ltered models, and all of are full of features and the articles are gentle and stories about wellbeing, easy to understand; making getting active and, of it perfectly pitched for those course, a celebration of who might be thinking More parkruns. More people. More lives changed.
Russ Jefferys, parkrun CEO
Keeping parkruns as safe as possible is vital to our vision and mission. This fi nancial year we made a huge commitment: to get every single parkrun event around the world an automated external defi brillator (AED). Although critical heartrelated incidents at parkrun are rare, where they do occur at events with access to an AED, independent research has found a 65% survival rate.
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Number of new fi rst time parkrun
participants globally over the past
three fi nancial years
600,000
500,000
400,000
300,000
200,000
100,000
2020- 2021- 2022-
2021 2022 2023
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Our Virtual Volunteer App remains in use across all territories, making the process of timing and barcode scanning easier and quicker, and helping to reduce barriers to volunteering for those that may have previously been
daunted by the prospect of using the previous equipment. We continue to allow digital scanning from phones, and remain committed to making delivering and participating in parkruns as seamless and stress free as possible.
18 | The imPaCT
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ParKrUn GLoBaL LimiTed ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023 FinanCiaL Year 2022 - 2023
## The people
Delivering such huge reach and impact requires a commitment to fi rst class resourcing and infrastructure across the organisation, something the charity has begun striving for across the 2022-2023 fi nancial year.
Signifi cant investment in headcount has started to put parkrun Global in the best possible position to achieve its strategic goals. Delivered and recruited
within budget, the global organisation headcount has now increased from 40 to 51.
parkrun’s commitment to providing inclusive opportunities includes staff recruitment, and this fi nancial year the organisation has taken on three paid internships; as part of our commitment to developing people at the start of their careers.
There has also been a focus on plugging skills gaps, and ensuring parkrun has the vital capabilities it needs
in-house to succeed across the world. Hires during this period include a Social Media Manager, Graphic Designer, a dedicated Finance Manager in the Asia Pacifi c region, plus further recruitment into safeguarding, operations, data and insight, and the commercial, partnership, retail and fundraising
functions. Recruitment also commenced for a dedicated, full time Diversity, Equity and Inclusion Lead.
Appointments were made to the senior positions of Head of People and Culture, and Head of Commercial and Fundraising, who joined a newly strengthened Senior Leadership Team with Russ Jeff erys as incoming Chief Executive Offi cer, joined by Global Heads of Communications,
Finance and Health and Wellbeing, and the Global Chief Operating Offi cer; with founder Paul Sinton-
Hewitt in an Executive Director role.
The two new senior positions enabled the creation of two new teams covering their respective areas of expertise. The Head of Commercial and Fundraising provides a renewed focus on partnerships, fundraising
and retail. And the Head of People and Culture is beginning to address the themes and actions regarding culture identifi ed in the Review, Reset Refresh report that was undertaken in early 2022, covering all aspects of staff , volunteering and safeguarding.
The charity also invested in two global Executive Administration roles to support leadership.
20 | The PeoPLe
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
Find out about ambassador roles here: volunteer.parkrun.com/ principles/ambassadors
## Ambass adors At the beating heart October 2022 with nearly
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October 2022 with nearly proofi ng the charity, the 300 delegates joining for aim was to not only increase the number of Trustees but the fi rst time post-Covid. The three day event covered specifi cally to appoint those topics such as strategy, that provide expertise in communication, diversity the areas of technology, and welcomed a rich safeguarding, fi nance, roster of guest speakers. governance and diversity. Conferences were also held in-person in Germany, Ireland and Asia Pacifi c region (APAC) with many parkrun Global now smaller virtual engagement, benefi ts from the and question & answer following Global Board. sessions spanning the year. www.parkrun.com/
At the beating heart of parkrun remains a dedicated and passionate global group of volunteer ambassadors; supporting everything from event delivery and set up, to critical incident management, social media and photography. The signifi cant investments in structure and resourcing allows the charity to scale up engagement, retention and recruitment of ambassadors.
www.parkrun.com/ governance
A major trustee recruitment exercise began in August 2022. In line with future
A UK Ambassadors Conference was held in
22 | The PeoPLe
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## The partnerships
**The organisation’s investment in commercial and fundraising has already led to signifi cant growth in this area, including in some of the less mature territories.**
1[st] February 2022 - 31[st] January 2023 has seen the strengthening of our existing partnerships, as well as cultivating and attracting new and lucrative partnerships around the world.
We’ve been working closely with our partners to deliver key campaigns across the fi nancial year, to bring them closer to our parkrun communities and align activities with our mission and vision.
## Highlights include:
**Global**
joined as global partner, stepping up to
presenting partner in Germany, Netherlands & USA,
and rights across every territory – long term support
of our mission.
**Australia:**
ran a national advertising campaign across Australia, aimed at breaking down the barriers to participation by showcasing that parkrun is about community and movement, and not speed. The out of home advertising included bus stops and billboards; the fi rst time parkrun in Australia has been involved in paid advertising of this nature.
**Ireland:**
The More Than Running summer 2022 campaign won an award for highlighting that parkrun is so much more than a run.
Fresh food partner launched exclusive parkrunner coupon codes, accessed through the parkrun newsletter each week and supported by their Lidl Plus app. Lidl also started an internal campaign to promote parkrun and encourage attendance of Lidl staff , supported by internal incentives and rewards.
launched Digital fi tness partner fi ve parkrun programmes on their audio fi tness app, all specifi cally designed for parkrunners and including a walk to 5k programme.
**UK:**
Charity partners
encouraged parkrunners to walk or run as part of their Running Down Dementia campaign, and parkrun Founder Paul Sinton-Hewitt lent his support to December 2022’s Santa Forgot fundraising campaign. This charity partnership has now raised more than £2 million pounds.
24 | The ParTnershiPs
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## Commercial partners
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Global:
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## Activations **[ – bringing our partners ] closer to the action**
**Australia:**
**Ireland: Japan: New Zealand:**
**South Africa:**
**This year we’ve welcomed:**
**UK:**
The charity saw renewals from Brooks in the UK & IE, and Vitality in the UK & South Africa. In May 2022 we also announced that parkrun will continue to receive support from Sport
25 parkrun events visited, including supporting high profi le campaigns, demonstrating their coff ee machines and giving out samples to parkrunners.
32 events, taking trainers down to parkrun events and allowing parkrunners to walk, run and volunteer in Brooks trainers to try.
38 events visited, handing out iPRO samples to parkrunners.
England for an additional fi ve years as part of their _Uniting the Movement_ strategy.
34 events visited, handing out co-branded t-shirts.
Three events visited as part of their More Than Running campaign.
76 activations, including 29 Retail store teams volunteering, 35 Health check van visits, and the National Roadshow, ‘Live Better Lounge’ hit 12 events across every state and territory.
Ten activations took
watches to parkrun events for parkrunners to try whilst walking, running and volunteering.
Approximately eight activations a month. Activations include wear tests of various brands of shoes for parkrunners to try during the 5k or while volunteering.
The commercial and partnerships team also worked with partners to increase mutual brand awareness at a number of high profi le events, such as the _National Running Show_ .
26 | The ParTnershiPs
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ParKrUn GLoBaL LimiTed ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023 FinanCiaL Year 2022 - 2023
- Strategic partners at parkrun **parkrun collaborates with a number of other organisations on a strategic level**
**parkrun collaborates with a number of other organisations on a strategic level to achieve its charitable objectives. These non-commercial relationships allow us to reach new audiences, and increase our social impact; particularly in areas such as social prescribing and community rehabilitation.**
Social prescribing – a case study:
_Since the parkrun practice initiative was born in June 2018, some practices have gone one step further and set up parkrun events in their own communities. When Sheffield based Dr Hart set up the first GP-inspired parkrun in the UK, he asked the receptionist Jo to take the lead. Jo explains:_
Almost 2,000 GP surgeries across Australia, Ireland and the UK are partnered with their local parkrun event as part of the ‘parkrun practice’ initiative. The surgeries signpost to parkrun as safe and inclusive spaces to tackle issues such as loneliness, and improve physical and mental health for both staff and patients.
_“I’ve previously suffered with anxiety and depression, I was in a serious relationship which took a bit of a turn for the worse and it ended up being an abusive relationship. He pushed me over the edge and it stripped me of my confidence and self belief… I thought I was falling apart before I started parkrun and I think parkrun helped me to pull myself back together.”_
_**“Aside from the obvious physical health benefits of encouraging movement, I see first hand the psychological benefits, not just from the physical activity of parkrun but from becoming a member of the parkrun community. For me, parkrun encapsulates the positive impact that community-led initiatives can have on some of the most marginalised and vulnerable in our society”.**_
Also across Australia, Ireland and the UK more than 30 parkrun events are established on custodial estates. In the UK this partnership between His Majesty’s Prison Service and parkrun celebrated five years in November 2022, and so far an incredible 13,000 people have walked, run and volunteered at custodial events. Across the world, an amazing 55,000 walks and runs have been recorded.
Professor Rosie Meek, a leading expert in the field of physical activity interventions on the custodial estate.
28 | The ParTnershiPs
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Committ ee s and governance
## Organisational structure, governance and management
parkrun Global Limited is a charitable company limited by guarantee, incorporated on 28 January 2015 in England and Wales (with company number 09411750) and registered with the Charity Commission for England and Wales (with registered number 1170562) as a charity on 10 October 2017.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its articles of association.
The charitable company’s objects are to promote community participation in health recreation by:
- Organising and providing running events, and
- Creating opportunities for members of the community to participate in and/or volunteer at such running events.
## Trustee recruitment, app ointment and training
Trustees are appointed in accordance with Sport England’s Code for Sport Governance and the Charity Commission’s Governance Code. The Nominations Committee handles new trustee recruitment, and new Trustees are appointed by an ordinary resolution of the members or by cooption by the Trustees. The minimum number of Trustees is three and the maximum number is 12.
On joining the organisation, new Trustees meet the Chair, the other Trustees and the Senior Leadership Team before their fi rst meeting. In addition, they are invited to join members of the staff team on location visiting event teams and meeting volunteers. They are given full access to the Senior Leadership Team to develop their understanding of the organisation. They are also given a copy of the Charity Commission’s
guidance to become a new trustee (CC3).
The Global Board meets six times a year with occasional additional meetings as needed. The Trustee role is unremunerated, but Trustees are able to claim expenses where relevant.
The Global Board is accountable for the work of The Charity. The matters reserved for parkrun’s Global Board include
the approval of strategy, the budget, holding the Senior Leadership Team to account for the delivery of the business plan and the annual report and Accounts. The Board also retains oversight of management controls and corporate governance, along with the appointment of Trustees and the Chief Executive.
## **Sub-committees**
parkrun Global has appointed fi ve committees to help with the execution of its responsibilities. Members are appointed by the Global Board. The committees meet regularly and members are listed in the Reference and Administrative Information section (pp.66-67).
The parkrun Global Board has delegated authority to the Chief Executive who leads the Senior Leadership Team for oversight of
parkrun Global and its subsidiaries.
The Senior Leadership Team comprises the Chief Executive, Chief Operating Offi cer, Head of Finance, Head of Health and Wellbeing, Head of People and Culture, Head of Communications, Head of Commercial and Fundraising, and the Founder and Executive Director.
During the fi nancial year, the Board reviewed and agreed organisational pay through the annual budget, and the Remuneration Committee undertook some benchmarking of senior pay in consideration of good practice in the charity sector.
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ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
ParKrUn GLoBaL LimiTed FinanCiaL Year 2022 - 2023
## The Charity Governance Code
parkrun Global fully Each subsidiary is supports the Charity registered in its country Governance Code, of incorporation and has recognising its importance its own Board, which is in promoting good responsible for delivering governance. parkrun Global parkrun in line with the does, and will continue to, global framework within improve its own governance that territory. where necessary in accordance with the Code, In addition to the territorial and has an action plan subsidiaries listed above, in place to ensure full parkrun Global Ltd has compliance. a wholly-owned noncharitable subsidiary, **Subsidiaries** parkrun Trading Limited, parkrun Global Ltd has the which undertakes parkrun’s following subsidiaries: commercial activities. parkrun Trading Limited is parkrun UK Ltd incorporated as a company parkrun Australia Ltd to conduct trading activities parkrun South Africa NPC to support parkrun’s parkrun US charitable objectives. It parkrun Canada donates its profits to The parkrun Japan Charity via a distribution. The payment from parkrun Trading Limited to The Charity in 2022-2023 was £255,335 (2021-2022 £103,000).
manufacture and sell the CONTRA range of ethically produced running apparel. It was decided on the 1[st] November 2022, that the CONTRA range stock and all future sales would be transferred to parkrun Trading Ltd. It is for this reason that PSH Retail Ltd has now ceased trading and will be formally dissolved as a company in 2023, having paid all creditors in full.
parkrun Trading Limited is incorporated in England and Wales (with company number 06053983).
The Group Consolidated Statements include The Charity and its subsidiaries. The financial results for 2022-2023 of all subsidiaries are summarised in Note 14a to the Financial Statements.
## **Risk management**
The Governance and parkrun Trading Ltd Risk Committee has has a subsidiary responsibility for oversight company, PSH and review of the risk Retail Ltd management policy and (incorporated process, and reviews the in England and risk register on a quarterly Wales with basis. The Board reviews company number the risk register on an 11222647), annual basis following which works reports by the committee. with suppliers to
further
The Risk Manager, working with the Senior Leadership Team, is responsible for the risk register, reviewing the significant operational and organisational risks on a regular basis, and ensuring that appropriate internal controls and actions are in place and aimed at mitigating risks.
cancellations of events continues to be a threat. parkrun will continue to work with national bodies and health organisations to ensure that any future event cancellations are minimised and events can return where appropriate as quickly as possible.
economic downturn. There
is therefore a risk of a reduction in our income which would further limit our ability to deliver our strategic objectives. The Board deem it sensible therefore to maintain a high level of reserves and an appropriate investment plan to offset these pressures should they arise, and to ensure the commercial strategy is based on achieving a diverse revenue stream.
The risk register considers the impact and likelihood of the risks. Ownership of the risks is assigned to a member of the Senior Leadership Team who is accountable for ensuring controls, policies and procedures are implemented and improved.
**Economic risks**
ensuring controls, policies The worsening economic a high level of reserves and procedures are environment, increasing and an appropriate implemented and improved. cost of living, rising prices investment plan to offset and associated economic these pressures should The Trustees consider the pressures creates a risk to they arise, and to ensure principal risks to the Charity the organisation. Inflation the commercial strategy and its subsidiaries to be in and price rises increase is based on achieving a the following areas: our cost base and cost of diverse revenue stream. delivery, either directly **Closure of all events in** with suppliers or indirectly **Data security a region over the short,** through our ability to **medium, or long term** maintain an appropriately As parkrun grows in **(blanket cancellations).** sized and skilled workforce. popularity around the The parkrun community, world, with thousands more The vast majority of our supporters and people registering every parkrun events around the wider stakeholders who week, we are aware that world have returned after provide vital income to we face increasing threats the Covid-19 pandemic. the organisation through and challenges in relation However, a resurgence in regular donations, retail to cyber crime and data the virus (or the discovery purchases, grants and protection. Additionally, of a new virus) and a return sponsorship, are all there is an increased risk to restrictions that require feeling the effects of the to the organisation from
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Financial review
failure to manage our data, information systems and processes appropriately. A successful cyber attack or significant data breach could lead to loss of data, an inability to deliver events and services and ultimately lead to reputational impact and damage for the organisation as well as possible regulatory noncompliance and fines. We continue to review our IT security policies and procedures, implementing enhancements wherever necessary, work which will continue during 2023–2024.
## **Organisational growth**
One of the impacts of the Covid-19 pandemic is the negative impact on public health and wellbeing. Coupled with the deteriorating economic climate and the cost of living crisis, parkrun (as a
regular, of children and vulnerable free to adults participating every access week, there is a risk of a health and serious safeguarding or wellbeing medical incident occurring initiative) at any time. In addition has never been to ensuring that every needed more. parkrun event has access Since returning postto an Automated External Covid, we have seen Defibrillator (AED) and strong demand for new basic first aid kit, we have events in existing territories, a centralised system and and in new locations around oversight of all safeguarding the world. The organisation and medical incidents needs to be able to respond through a global incident to this demand, to be able reporting system. We to expand, but to do so undertake regular reviews sustainably. The risk is of safeguarding and medical that our limited resources incidents and processes, and ensure that we have and small back office team is overwhelmed suitable safeguarding by an increasing and controls and checks in place unmanageable workload. for event volunteers.
## **Reputational risks**
**The strong cash reserves and clarity around a new five year strategy give us the confidence we need to invest in the team and resources in order to respond to these opportunities and challenges in a sustainable way.**
The Trustees work hard to ensure parkrun has a robust set of policies and agreements in place (such as whistleblowing, volunteer agreements, health and safety, safeguarding, social media and cyber security) which help to mitigate against damage to reputation that could result from failures in these areas.
## **Safeguarding and medical incidents**
Given the size and scale of parkrun, with thousands
During the financial year to 31st January 2023 we were delighted to see the vast majority of parkrun events around the world return, after two years of significant impact from the global pandemic.
Investment in our growth strategy began following the full return of all events, and as expected, costs rose significantly compared to the previous year.
Total expenditure was £7,302,125 (2022 £4,339,988).
The large increase in expenditure was due to several factors.
We transferred our retail offering onto the parkrun shop, so we are now bearing the full costs of our retail products, rather than receiving a royalty/ commission from third party suppliers.
The financial statements include a full year of transactions from parkrun Australia for the first time. In the previous year parkrun Australia only became a subsidiary from July.
We have also increased staff levels across all areas of the organisation, to enable us to sustain growth over the next few years, with investment in people having been a priority this year.
In addition, we saw a return to our ambassador conferences in many
countries around the world, celebrating the contribution and achievements of our ambassadors, which we weren’t able to do during the pandemic.
Moreover, we increased turnover in both charitable and trading activities, with our renewal of the Sport England Grant
and an increase in retail revenue and sponsorship throughout the year.
Total income was £7,248,475 (2022 £5,590,956).
**We expect to see continued growth in income and expenditure as parkrun grow around the world in line with our new 5 year strategy (2023-2028).**
The group has net assets of £3,321,567 (2022 £3,375,217),
represented by unrestricted funds of £2,744,807 (2022 £2,992,672) and restricted funds of £576,760 (2022 £382,545).
The Trustees are satisfied with the overall net asset position and the current split between unrestricted (82.6%) and restricted reserves (17.4%).
The Trustees continually monitor cash flow requirements and are pleased to see the cash held at the end of the year has increased to £2,444,833 from £1,792,980 in 2022.
Funds provided through parkrun donations continue to help support costs at individual events. The Trustees are grateful for the continued support from the participants themselves. At the year end, an increase in funds to £401,760 from the 2022 position of £382,545, were available to support individual event specific funding requirements going forward.
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PARKRUN GLOBAL LIMITED
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
FINANCIAL YEAR 2022 - 2023
## Reserves policy
The Trustees have considered the future viability of the group and its ability to continue as a going concern, while regularly monitoring cash flow forecasts. Having reviewed the makeup of the group’s working capital and net current assets position at the year-end, the Trustees are confident that the group has sufficient resources to continue with its operations and seek to achieve its objectives. Consequently, the financial statements
have been prepared on a going concern basis.
The current reserves position remains strong with restricted funds totaling £576,760 (2022 £382,545) and the general funds total £2,744,807 (2022 £2,992,672). The detail of the funding provided is given in Note 21 of the accounts.
The reserves policy is calculated and assessed according to an overall risk
## Fundraising
parkrun continues to supporting this growing expand, opening new network, ensuring events every weekend consistency and safety are across the globe and increasing and maintaining therefore the costs the key founding principle associated that participation should be with at no cost to the individual, will inevitably increase significantly too.
The Trustees support a responsible approach to increasing scale, however it is important that parkrun continues to develop a range of commercial strategies to raise funds to support
policy. Due to fixed assets being required for the functional operation of the charity, the general reserves after deducting the fixed assets figure is £1,759,044. While the reserves remain strong, the Trustees would like to see an increase in general reserves over the next few years, in line with the overall growth of the organisation.
growing overheads. The Trustees continue to pursue a strategy of building self sufficiency through a diverse range of revenue streams.
In the 2022-2023 financial year 78.3% of parkrun Global's revenue was generated in the UK (80% in 2021-2022). parkrun continues to diversify income streams and aims to reduce reliance on the UK. Revenue is generated through four main income streams, as follows.
## Sponsorship
Sponsorship continues to be parkrun Global's largest source of income with 35.7% of income in 2022-2023 (up from 31.6% in 2021-2022).
parkrun Global continued to work with long-standing partners in the 2022-2023 year, extending rights agreements with partners such as Brooks to secure long-term contracts that saw the rights extended to new territories and also gaining their support to help grow parkrun in smaller markets.
parkrun's sponsorship packages include rights to access the parkrun community through email, social media, digital branding and event activations. Working with partners who share parkrun's ethos for inclusivity, health and wellbeing is paramount and we continue to explore partners across the globe that can support our mission.
## Grant funding
During the financial year, parkrun worked with Sport England on specific projects.
In the financial year, parkrun secured a £5m grant from sport England, for the five year period 2022-2027.
## Retail
Retail continues to be an important and growing part of our commercial strategy, as parkrun seeks to avoid an over-reliance on any one revenue stream. The continued focus on the new parkrun shop and the range of products available meant that retail contributed 32.1% of revenue in 2022-2023 (24.3% in 2021-2022).
## Donations
The online donation platform, parkrun Forever continues to be the main source of unrestricted fundraising income. In the financial year parkrun Forever continued to be an important part of parkrun’s revenue mix with over £434,390 including GiftAid raised in 20222023, (£451,069 in 2021-
2022). parkrun Global is exploring implementing new fundraising products over the coming year to build a more diverse portoflio of ways for the public to support parkrun's charitable endeavours. In 2022-2023 parkrun Global registered with the fundraising platform JustGiving to allow direct donations from the general public through the parkrun UK website.
In the year, parkrun Global Ltd received no complaints in relation to fundraising. We ensure that both our staff and our partners protect vulnerable people and others from unreasonable intrusion on a person’s privacy, unreasonably persistent approaches or undue attention.
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Future Plans
We believe that human beings have an innate need to be active, social and outdoors. That these are essential conditions for good health and wellbeing. But we also know that modern life makes it challenging for these needs to be met. Add to that we’re facing a health crisis, exacerbated by Covid-19, which is only set to get worse with the tough economic headwinds we’re facing.
It’s clear then that access to free, regular, outdoor, social, community-focused physical activity has never been so important. It’s never been needed more.
These statements are not just anecdotal: academic research and our own insight is categorical: parkrun can and does change, even save, lives.
Our ambition is to transform parkrun into a truly global movement, and world-class organisation, positively impacting the health and happiness of millions of people across increasingly diverse communities: no matter
who they are, no matter where they live.
We must grow and shape our movement to reach those that may have the most to gain.
As we embark on the ambitious five year strategy our focus will be on setting measurable targets to guide us on our mission; to reposition parkrun as a health charity that is ready and able to play its part in improving health and wellbeing, by supporting thousands of local community events to succeed and thrive.
We will be investing in the right skills base and staffing structure to support parkrun as it grows: particularly in the areas of volunteer management, commercial and fundraising, and technology; future proofing the parkrun movement for generations to come.
## Statement of Trustees’ responsibilities
The Trustees (who are also directors of parkrun Global Limited for the purposes of company law) are responsible for preparing the Trustees’ annual 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 which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application
of resources, including the income and expenditure, of the charitable company or group 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 in the Charities sorP
- Make judgements and estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards and statements of recommended practice 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 charity will continue in operation
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment
(Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and
included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
detection of fraud and other
The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
irregularities.
Each of the Trustees confirms that:
• So far as the trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware
The Trustees’ annual report audit information of which which includes the strategic the charitable company’s auditor is unaware report has been approved • The trustee has taken by the Trustees on 18[th] all the steps that he/ October 2023 and signed she ought to have taken on their behalf by as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
Gavin Megaw Chair of Trustees parkrun Global Limited
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information
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PARKRUN GLOBAL LIMITED PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023 FINANCIAL YEAR 2022 - 2023
## Independent auditor’s report
**Independent auditor’s report to the members of parkrun Global Limited**
Opinion
policies. The financial view of the state of the group’s and of the parent reporting framework charitable company’s that has been applied affairs as at 31 January in their preparation is 2023 and of the group’s applicable law and United incoming resources and application of resources, Kingdom Accounting including its income and Standards, including FRS expenditure, for the year 102 The Financial Reporting then ended Standard applicable in the • Have been properly prepared in accordance UK and Republic of Ireland with United Kingdom (United Kingdom Generally Generally Accepted Accepted Accounting Accounting Practice Practice). • Have been prepared in accordance with the In our opinion, the financial requirements of the Companies Act 2006 and statements: the Charities Act 2011
view of the state of the group’s and of the parent charitable company’s affairs as at 31 January 2023 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
We have audited the financial statements of parkrun Global Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 January 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting
• Give a true and fair
## Basis for opinion
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.
statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we
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 Auditor’s responsibilities for the audit of the group financial
Conclusions relating to going concern In auditing the financial statements, we have ability to continue as a concluded that the Trustees’ use of the going concern of at least twelve months basis of accounting in the from when the financial preparation of the financial statements is appropriate. for issue.
on parkrun Global Limited’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.
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
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the Trustees’ annual report other than the group financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the group 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 group 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 group 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.
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- The information given in the Trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements
- The Trustees’ annual report has been prepared in accordance with applicable legal requirements
## Responsibilities of Trustees
As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ annual report, the Trustees (who are also the directors of the parent 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.
## Auditor’s responsibilities for the audit of the financial statements
## Matters on which we are required to report by exception
- In the light of the knowledge • Adequate accounting and understanding of records have not been the group and the parent kept by the parent charitable company and charitable company, or their environment obtained returns adequate for in the course of the audit, our audit have not been received from branches
- we have not identified material misstatements in not visited by us; or the Trustees’ annual report. • The parent charitable
- We have not received all the information and explanations we require for our audit; or
• The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ annual report and from the requirement to prepare a strategic report.
- The parent charitable company financial statements are not in agreement with the accounting records and returns; or
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:
- Certain disclosures of Trustees’ remuneration specified by law are not made; or
We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.
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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the 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 are set out below.
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Capability of the audit in detecting irregularities
- The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.
of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
- In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We inspected the minutes of meetings of those charged with governance.
- We obtained an
understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.
- We enquired of management, and the Finance and Audit Committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of noncompliance throughout the audit.
• Detecting and indications of nonresponding to the compliance throughout risks of fraud and the audit. whether they have • We reviewed any reports knowledge of any made to regulators. actual, suspected, • or alleged We reviewed the financial fraud; statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
## Use of our report
body, for our audit work, for this report, or for the opinions we have formed.
This report is made solely to the charitable company’s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a
Fleur Holden (Senior statutory auditor)
date
for and on behalf of Sayer Vincent LLP, Statutory Auditor
**A further description of our responsibilities is available on the Financial Reporting Council’s website at:** www.frc.org.uk/ auditorsresponsibilities **. This description forms part of our auditor’s report.**
Invicta House, 108-114 Golden Lane, LONDON, eC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
- In addressing the risk of fraud through management override
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Financial statements
Consolidated statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 January 2023
**----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
note £ £ £ £ £ £
Income from:
Donations 2 434,390 137,708 572,098 451,069 116,037 567,106
Charitable activities
Event related income 3 627,243 1,133,000 1,760,243 433,407 - 433,407
Other trading activities 4 4,912,487 - 4,912,487 3,129,064 - 3,129,064
Investments 5 3,647 - 3,647 992 - 992
other 6 - - - 1,460,387 - 1,460,387
Total income 5,977,767 1,270,708 7,248,475 5,474,919 116,037 5,590,956
Expenditure on:
Raising funds 7 1,702,100 - 1,702,100 1,040,349 - 1,040,349
Charitable activities
Event related expenses 7 4,523,532 1,076,493 5,600,025 1,989,030 1,310,609 3,299,639
Total expenditure 6,225,632 1,076,493 7,302,125 3,029,379 1,310,609 4,339,988
Net movement in funds (247,865) 194,215 (53,650) 2,445,540 (1,194,572) 1,250,968
Reconciliation of funds:
Total funds brought forward 2,992,672 382,545 3,375,217 547,132 1,577,117 2,124,249
Total funds carried forward 2,744,807 576,760 3,321,567 2,992,672 382,545 3,375,217
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Balance sheets As at 31 January 2023
**Company number:**
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09411750
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The group The charity
2023 2022 2023 2022
note £ £ £ £
Fixed assets:
Tangible assets 13 985,763 519,631 154,717 -
Investments 14 - - 1,000 1,000
985,763 519,631 155,717 1,000
Current assets:
Stock 16 1,226,015 1,192,260 - -
Debtors 17 1,093,943 896,923 1,095,343 907,651
Cash at bank and in hand 2,444,833 1,792,980 218,222 240,859
4,764,791 3,882,163 1,313,565 1,148,510
Liabilities:
Creditors: amounts falling 18 (2,403,782) (991,577) (85,291) (24,149)
due within one year
Net current assets 2,361,009 2,890,586 1,228,274 1,124,361
Total assets less current 3,346,772 3,410,217 1,383,991 1,125,361
liabilities
Creditors: amounts falling 19 (25,205) (35,000) - -
due after one year
Total net assets 3,321,567 3,375,217 1,383,991 1,125,361
Funds: 22a
Restricted income funds 576,760 382,545 - -
Unrestricted income funds 2,744,807 2,992,672 1,383,991 1,125,361
Total funds 3,321,567 3,375,217 1,383,991 1,125,361
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Approved by the Trustees on 18[th] october 2023 and signed on their behalf by
**Jeremy Townsend** Interim Chair (from October 2023) parkrun Global Limited
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 22a to the financial statements.
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PARKRUN GLOBAL LIMITED PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023 FINANCIAL YEAR 2022 - 2023
## Consolidated statement of cash flows
business is Frameworks, 2 Sheen Road, Richmond, TW9 1AE.
For the year ended 31 January 2023
**----- Start of picture text -----**
2023 2022
£ £ £ £
Cash flows from operating activities
Net income for the reporting period (53,650) 1,250,968
(as per the statement of financial activities)
Depreciation charges 190,233 124,883
Interest from investments (3,647) (992)
Cash received on acquisition of subsidiary - (1,197,426)
Increase in stocks (33,755) (463,156)
(Increase)/decrease in debtors (197,020) 1,259,146
Increase/(decrease) in creditors 1,413,464 (431,592)
Net cash provided by operating activities 1,315,625 541,831
Cash flows from investing activities:
Cash received on acquisition of subsidiary - 1,197,426
Interest received 3,647 992
Purchase of fixed assets (656,365) (374,218)
Net cash (used in)/provided by investing activities (652,718) 824,200
662,907 1,366,031
Cash flows from financing activities:
Repayments of borrowing (11,054) (3,741)
Net cash used in financing activities (11,054) (3,741)
Change in cash and cash equivalents in the year 651,853 1,362,290
Cash and cash equivalents at the beginning of the year 1,792,980 430,690
Cash and cash equivalents at the end of the year 2,444,833 1,792,980
**----- End of picture text -----**
## **b. Basis of preparation**
The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## Analysis of cash and cash equivalents and of net debt
**----- Start of picture text -----**
at 1 February 2022 Cash flows Other non-cash changes At 31 January 2023
£ £ £ £
Cash at bank and in hand 1,792,980 651,853 - 2,444,833
Loans (46,259) 11,054 - (35,205)
Total 1,746,721 662,907 - 2,409,628
**----- End of picture text -----**
**Basis of consolidation** These financial statements consolidate the results of the charity and its wholly-owned subsidiaries parkrun Limited, parkrun Trading Limited, parkrun South Africa NPC and parkrun Australia Ltd on a line by line basis. The results of PSH Retail Limited which is a wholly owned subsidiary of parkrun
Notes to the financial statements **For the year ended 31 January 2023 1. Accounting policies a. Statutory information**
**a. Statutory information** parkrun Global Limited is a charitable company limited by guarantee,
incorporated and registered in England and Wales. The
company's registered office address and principal place of
Trading Limited are also included. Transactions and balances between the charity and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the five entities are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented as a summary of the result for the year is disclosed in the notes to the accounts.
Under Section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.
Both parkrun U.S. and parkrun Canada subsidiaries are not consolidated within the financial statements as the directors believe the relationship will not continue in its current form and their inclusion within the consolidation has no significant
bearing on the results for the year.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## **c. Public benefit entity**
The charity meets the definition of a public benefit entity under FRS 102.
## **d. Going concern**
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
parkrun has a number of income streams ranging from grants, partners and supporters, to retail sales and fundraising, via donations and event related income.
With contracts and agreements in place over a number of years, parkrun firmly believes there are currently no
foreseeable circumstances which would question the continuation of parkrun and therefore the Trustees believe that the current level of financial support is sufficient to enable parkrun to continue to thrive and operate as a going concern.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## **e. Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that
the amount can be measured reliably.
## Income from
government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
## **f. Interest receivable**
- Interest on funds held under the following is an estimate, based on deposit is included activity headings: on staff time, of the when receivable and amount attributable to the amount can be • Costs of raising funds each activity. measured reliably by the relate to the costs • Organising parkrun charity; this is normally incurred by the charity events: 88% upon notification of the in inducing third parties interest paid or payable to make voluntary • Commercial by the bank. contributions to it, sponsorship: 12% as well as the cost of
- **g. Fund accounting** any activities with a
- Restricted funds are fundraising purpose
is an estimate, based on staff time, of the amount attributable to each activity.
## **g. Fund accounting**
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
- Expenditure on charitable activities includes the costs of running events undertaken to further the purposes of the charity and their associated support costs
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
## irrecoverable vaT
purposes. is charged as a cost against the activity for **h. Expenditure and** which the expenditure **irrecoverable VAT** was incurred. Governance costs are Expenditure is the costs associated **i. Costs of raising funds** recognised once there with the governance is a legal or constructive Resources expended arrangements of the obligation to make are allocated to the charity. These costs a payment to a third particular activity where are associated with party, it is probable the cost relates directly constitutional and that settlement will to that activity. statutory requirements be required and and include any costs the amount of the Support and associated with the obligation can be governance costs are strategic management measured reliably. re-allocated to each of the charity’s activities. of the activities on the Expenditure is classified following basis which
## **h. Expenditure and irrecoverable VAT**
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## **j. Operating leases**
Rental charges are charged on a straight line basis over the term of the lease.
depreciation rates in use are as follows:
- Plant and machinery: 33% on cost and 10% on cost
## **k. Tangible fixed assets**
- Fixtures and fittings: 20% on cost
Items of equipment are capitalised where the 20% on cost purchase price exceeds £500. Depreciation • Computer equipment: costs are allocated to 50% reducing balance activities on the basis of and 33% on cost the use of the related assets in those activities. **l. Investments in** Assets are reviewed **subsidiaries** for impairment if Investments in circumstances indicate subsidiaries are at cost. their carrying value **m. Stocks** may exceed their net realisable value and Stocks are stated at value in use. the lower of cost and
Stocks are stated at the lower of cost and estimated selling price. In general, cost is determined on a first in first out basis and includes transport and handling costs. Provision is made where necessary for obsolete, slow moving and defective stocks.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The
## **n. Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid
- **o. Cash at bank and in hand**
Cash at bank and cash 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.
- **p. Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **q. Financial instruments**
The charity 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.
## **r. Pensions**
The group operates a defined contribution pension scheme. Contributions payable to the group’s pension scheme are charged period to which they relate. to profit or loss in the
## **2. INCOME FROM DONATIONS**
**----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Gifts and 434,390 137,708 572,098 451,069 116,037 567,106
donations
434,390 137,708 572,098 451,069 116,037 567,106
**----- End of picture text -----**
## **3. INCOME FROM CHARITABLE ACTIVITIES**
**----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Event related income 627,243 - 627,243 428,066 - 428,066
Grants - 1,133,000 1,133,000 5,341 - 5,341
Total income from 627,243 1,133,000 1,760,243 433,407 - 433,407
charitable activities
**----- End of picture text -----**
The detail of restricted grants is given in Note 22.
## **4. INCOME FROM OTHER TRADING ACTIVITIES**
**----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Retail sales and 2,328,270 - 2,328,270 1,360,741 - 1,360,741
advertising
Corporate 2,584,217 - 2,584,217 1,768,323 - 1,768,323
sponsorship
4,912,487 - 4,912,487 3,129,064 - 3,129,064
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## **5. INCOME FROM INVESTMENTS**
**----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Bank Interest 3,647 - 3,647 992 - 992
3,647 - 3,647 992 - 992
**----- End of picture text -----**
## **6. OTHER INCOME**
**----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
recovery of retail - - - 73,555 - 73,555
commission
Fair value of net - - - 1,386,832 - 1,386,832
assets received on the
acquisition of parkrun
Australia. (see note 14)
- - - 1,460,387 - 1,460,387
**----- End of picture text -----**
## **7. ANALYSIS OF EXPENDITURE**
## **7a. Current year**
**----- Start of picture text -----**
Charitable activities
Raising funds Event related Governance costs Support costs 2023 Total 2022 Total
£ £ £ £ £ £
Staff costs (Note 9) 424,280 1,747,548 - 497,734 2,669,562 1,987,153
Retail and advertising costs 878,781 - - - 878,781 449,815
Direct event costs - 1,484,735 - - 1,484,735 632,465
Event equipment depreciation - 153,029 - - 153,029 114,206
Office and admin 53,150 392,105 - 346,059 791,314 557,803
Consultancy and agency fees 226,454 234,188 - - 460,642 372,251
Software and IT costs - 104,804 - 26,201 131,005 69,824
Travel and staff expenses - 496,754 - 38,142 534,896 60,310
Legal and professional - 111,008 65,759 21,394 198,161 96,161
1,582,665 4,724,171 65,759 929,530 7,302,125 4,339,988
Support costs 111,544 817,986 - (929,530) - -
Governance costs 7,891 57,868 (65,759) - - -
Total expenditure 2023 1,702,100 5,600,025 - - 7,302,125
Total expenditure 2022 1,040,349 3,299,639 - - 4,339,988
**----- End of picture text -----**
## **7b. Prior year**
**----- Start of picture text -----**
Charitable activities
Raising funds Event related Governance costs Support costs 2022 Total
£ £ £ £ £
Staff costs (Note 9) 258,379 1,238,437 - 490,337 1,987,153
Retail and advertising costs 449,815 - - - 449,815
Direct event costs - 632,465 - - 632,465
Event equipment depreciation - 114,206 - - 114,206
Office and admin 56,077 320,923 - 180,803 557,803
Consultancy and agency fees 186,847 185,404 - - 372,251
Software and IT costs - 55,859 - 13,965 69,824
Travel and staff expenses - 50,757 - 9,553 60,310
Legal and professional - 47,226 39,842 9,093 96,161
951,118 2,645,277 39,842 703,751 4,339,988
Support costs 84,450 619,301 - (703,751) -
Governance costs 4,781 35,061 (39,842) - -
Total expenditure 2022 1,040,349 3,299,639 - - 4,339,988
**----- End of picture text -----**
## **8. NET MOVEMENT IN FUNDS**
This is stated after charging /crediting:
**----- Start of picture text -----**
2023 2022
£ £
Depreciation 190,233 124,883
Interest payable 1,125 1,653
Operating lease rentals:
Property 119,758 84,702
Auditor's remuneration (excluding VAT):
Audit of Charity 4,500 3,400
Audit of subsidiary companies 17,200 19,200
Under accrual of prior year audit fees 2,000 -
Fees for other services 12,500 -
Overseas audit fees 8,165 2,808
Foreign exchange (gains) or losses (87,768) 1,837
**----- End of picture text -----**
## **9. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL**
Staff costs were as follows:
**----- Start of picture text -----**
2023 2022
£ £
Salaries and wages 2,277,975 1,684,998
Social security costs 179,852 145,723
Employer’s contribution to defined contribution pension schemes 205,183 149,965
Other forms of employee benefits 6,552 6,467
2,669,562 1,987,153
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
The following number of employees received employee benefits (excluding employer pension costs and employer’s national insurance) during the year between:
**----- Start of picture text -----**
2023 2022
No. No.
£60,000 – £69,999 3 3
£70,000 – £79,999 3 1
£80,000 – £89,999 2 -
£90,000 – £99,999 - 1
£100,000 – £109,999 1 1
£110,000 – £119,999 1 -
£120,000 – £129,999 1 -
£150,000 – £159,999 - 1
**----- End of picture text -----**
The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £587,914 (2022: £621,655).
The charity Trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil).
No Trustees expenses were paid in the year ended 31 January 2023. (2022 : £nil).
## **10. STAFF NUMBERS**
The average number of employees (head count based on number of staff employed) during the year was 49 (2022: 34). Total number of employees at year end: 51.
## **11. RELATED PARTY TRANSACTIONS**
Paul Sinton-Hewitt the founder of parkrun and Trustee (Resigned 28 June 2022) of parkrun Global was paid £86,209 (2022: £77,654) for his daily work in promoting parkrun within the UK and Globally and performing ad hoc services to sponsors, grant providers , and the wider community as and when required. Payments to the founder as an employee are allowed under the provisions of the articles of association. Paul Sinton-Hewitt also received commission payments totalling £9,740 in the year from a consultancy agreement with a supplier to PSH Retail Ltd (2022: £20,180). The consultancy agreement which was approved prior to PSH Retail Ltd becoming a subsidiary and continued to be approved thereafter by the Board of Trustees ceased in June 2022.
Jo Sinton-Hewitt the wife of Paul Sinton Hewitt is employed by parkun Limited in the role of Event and Customer support and receives a commercial salary of £31,167 for the role (2022: £37,429).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
## **12. TAXATION**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity’s trading subsidiaries parkrun Limited, parkrun Trading Limited and PSH Retail Limited distribute under Gift Aid available profits to the parent charity.
## **13. TANGIBLE FIXED ASSETS**
**----- Start of picture text -----**
The group Fixtures and fittings Computer equipment Plant and machinery Total
Cost £ £ £ £
At the start of the year 19,712 57,505 956,753 1,033,970
Additions in year 177,128 35,862 443,375 656,365
At the end of the year 196,840 93,367 1,400,128 1,690,335
Depreciation
At the start of the year 16,557 47,424 450,358 514,339
Charge for the year 20,970 16,234 153,029 190,233
At the end of the year 37,527 63,658 603,387 704,572
Net book value at the end of the year 159,313 29,709 796,741 985,763
At the start of the year 3,155 10,081 506,395 519,631
The charity Fixtures and fittings Total
Cost £ £
Additions in year 173,366 173,366
At the end of the year 173,366 173,366
Depreciation
Charge for the year 18,649 18,649
At the end of the year 18,649 18,649
Net book value at the end of the year 154,717 154,717
**----- End of picture text -----**
All of the above assets are used for charitable purposes.
## **14. INVESTMENT IN SUBSIDIARY UNDERTAKINGS**
The parent charity’s investments at the Balance Sheet date in the share capital of companies include the following:
**----- Start of picture text -----**
2023 2022
£ £
Cost b/fwd and c/fwd 1,000 1,000
**----- End of picture text -----**
The investment above relates to the charity’s 100% share holding in parkrun Trading Limited, other subsidiaries do not have share capital but are limited by guarantee and an overview of their results and reserves is shown below.
All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distrbuted under Gift Aid to the parent charity from the UK subsidiaries.
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PARKRUN GLOBAL LIMITED
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
FINANCIAL YEAR 2022 - 2023
## **parkrun Limited**
The charity is the sole member of parkrun Limited, a company registered in England. The company number is 07289574. The registered office address is Frameworks, 2 Sheen Road, Richmond, TW9 1AE.
Included within turnover below is a management charge of £2,150,000 (2022: £1,383,333) to parkrun Trading Limited for the supply of staff and support services.
## **parkrun Trading Limited**
The charity owns the whole of the issued ordinary share capital of parkrun Trading Limited, a company registered in England. The company number is 06053983. The registered office address is Frameworks, 2 Sheen Road, Richmond, TW9 1AE.
The subsidiary is used for non-primary purpose trading activities.
The trustee J C Townsend is also a director of the subsidiary.
Included within Administrative expenses below is a management charge of £2,150,000 (2022: £1,383,333) from parkrun Ltd who supplies staff and support services to parkrun Trading Limited.
## **PSH Retail Ltd**
parkrun Trading Limited owns the whole of the issued ordinary share capital of PSH Retail Ltd, a company registered in England. The company number is 11222647. The registered office address is Frameworks, 2 Sheen Road, Richmond, TW9 1AE.
The subsidiary is used for non-primary purpose trading activities. The company ceased to trade on the 31 January 2023 and nearly all assets and liabilities have been transferred to parkrun Trading Limited leaving the company with year end reserves of £10.
The trustee P Sinton-Hewitt is also a director of the subsidiary.
## **parkrun South Africa NPC**
The charity is the sole member of parkrun South Africa NPC, a company registered in South Africa. The company number is 2011/132302/08. The registered office address is 6 Barkly Road, Parktown, 2193.
## **parkrun Australia Ltd**
The charity became the sole member of parkrun Australia Ltd on the 16 July 2021, a company registered in Australia. The company number is 605 539 213. The registered office address is Unit 10 82-86 Minnie Street Southport QLD 4215.
The inclusion of parkrun Australia as a subsidiary was detailed in the 2022 financial statements, and includes parkrun Japan financials.
No consideration was paid to parkrun Global by parkrun Australia Ltd in relation to the acquisition in the financial year 2021-2022. parkrun Australia Ltd’s audited annual financial statements are available on request.
## **parkrun U.S.**
Registered office: Registered in the United States of America.
Nature of business: to provide parkrun events in the USA.
parkrun U.S. is registered as a Non-profit Company and parkrun Global Limited is the sole member.
parkrun U.S. is currently dormant and has no assets or liabilities. The directors do not consider the transactions within parkrun U.S. or parkrun Canada to be significant enough to warrant consolidation within the Group accounts.
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## **A summary of the results of the subsidiaries is shown below:**
Amounts owed to/from the parent undertaking are shown in notes 17 and 18.
## **14a. Results of the subsidiaries: Current year**
**----- Start of picture text -----**
parkrun Limited parkrun Trading Ltd PSH Retail Ltd parkrun South Africa NPC Australia Ltd.parkrun
2023 2023 2023 2023 2023
£ £ £ £ £
Turnover 1,974,746 3,329,514 101,167 20,806 1,356,210
Turnover from sales to subsidiary 2,150,000 - - 193,888 -
Turnover from sales to parent 600,000 - - - -
Cost of sales - - (74,621) - -
Gross profit 4,724,746 3,329,514 26,546 214,694 1,356,210
Administrative expenses (see above) (4,495,220) (913,580) (1,515) (211,135) (1,242,805)
Management charge payable to fellow subsidiary (2,150,000)
Management charge payable to parent undertaking - - (25,000) - (316,727)
Profit on ordinary activities before interest and taxation 229,526 265,934 31 3,559 (203,322)
Interest receivable and similar income 16 - - - 3,631
Interest payable - (730) (22) - -
Profit on ordinary activities before taxation 229,542 265,204 9 3,559 (199,691)
- - - - -
Taxation on profit on ordinary activities
Profit for the financial year 229,542 265,204 9 3,559 (199,691)
Retained earnings
Total retained earnings brought forward 611,874 241,157 9,929 16,453 1,370,443
Profit for the financial year 229,542 265,204 9 3,559 (199,691)
Distribution under Gift Aid to parent charity (420,066) (255,335) (9,929) - -
Total retained earnings carried forward 421,350 251,026 9 20,012 1,170,752
The aggregate of the assets, liabilities and reserves was:
Assets 2,526,657 1,926,431 29,533 23,593 1,824,493
Liabilities (2,105,307) (1,674,405) (29,523) (3,581) (653,741)
Reserves 421,350 252,026 10 20,012 1,170,752
**----- End of picture text -----**
**----- Start of picture text -----**
parkrun Limited parkrun Trading Ltd PSH Retail Ltd parkrun South africa nPC parkrun Australia Ltd. 7 months
2022 2022 2022 2022 2022
£ £ £ £ £
Retained earnings
Total retained earnings brought forward 168,233 93,242 73,795 14,405 1,386,832
Profit for the financial year 461,141 250,915 9,929 2,048 (16,389)
Distribution under Gift Aid to parent charity (17,500) (103,000) (73,795) - -
Total retained earnings carried forward 611,874 241,157 9,929 16,453 1,370,443
The aggregate of the assets, liabilities and reserves was:
Assets 1,475,964 1,383,646 868,393 22,316 1,574,026
Liabilities (864,090) (1,141,489) (858,463) (5,863) (203,583)
Reserves 611,874 241,157 9,930 16,453 1,370,443
**----- End of picture text -----**
## **15. PARENT CHARITY**
The parent charity’s gross income and the results for the year are disclosed as follows:
**----- Start of picture text -----**
2023 2022
£ £
Gross income 1,410,638 660,975
Result for the year 258,630 309,120
**----- End of picture text -----**
## **16. STOCK OF RETAIL CLOTHING AND MERCHANDISE**
**----- Start of picture text -----**
The group The charity
2023 2022 2023 2022
£ £ £ £
Finished goods 1,226,015 1,192,260 - -
**----- End of picture text -----**
## **14b. Results of the subsidiaries: Prior year**
**----- Start of picture text -----**
parkrun Limited parkrun Trading Ltd PSH Retail Ltd parkrun South africa nPC parkrun Australia Ltd. 7 months
2022 2022 2022 2022 2022
£ £ £ £ £
Turnover 1,762,396 2,064,358 338,887 1,779 457,091
Turnover from recharges to subsidiary 1,383,333 - - 158,683 -
Turnover from recharges to parent 100,000 - - - -
Cost of sales (see below) - - (400,088) - -
Management charge payable to subsidiary - (1,383,333) - - -
Gross profit 3,245,729 681,025 (61,201) 160,462 457,091
Administrative expenses (see below) (2,784,588) (428,798) (2,400) (158,414) (471,191)
Management charge payable to parent undertaking - - - - (3,281)
Profit on ordinary activities before interest and taxation 461,141 252,227 (63,601) 2,048 (17,381)
Interest receivable and similar income - - 73,555 - 992
Interest payable - (1,312) (25) -
Profit on ordinary activities before taxation 461,141 250,915 9,929 2,048 (16,389)
- - - -
Taxation on profit on ordinary activities
Profit for the financial year 461,141 250,915 9,929 2,048 (16,389)
**----- End of picture text -----**
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PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## **17. DEBTORS**
**----- Start of picture text -----**
The group The charity
2023 2022 2023 2022
£ £ £ £
Trade debtors 432,673 512,933 - -
Other debtors 14,204 20,306 - -
Amounts due from group undertakings - - 883,505 730,439
vaT - - 16,789 2,235
Prepayments 120,854 87,723 93,546 43,677
Accrued income 526,212 275,961 101,503 131,300
1,093,943 896,923 1,095,343 907,651
**----- End of picture text -----**
## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
The group The charity
2023 2022 2023 2022
£ £ £ £
Bank Loan 10,000 11,259 - -
Trade creditors 765,578 282,583 44,497 14,318
Taxation and social security 128,025 92,059 - -
Other creditors 45,937 1,923 - -
Accruals 437,212 135,037 40,794 9,831
Deferred income (note 20) 1,017,030 468,716 - -
2,403,782 991,577 85,291 24,149
**----- End of picture text -----**
## **20. DEFERRED INCOME**
Deferred income comprises amounts invoiced where the period covered by the agreement/invoice extends beyond the year end and as such the income has been spread over the period to which it relates.
**----- Start of picture text -----**
The group The charity
2023 2022 2023 2022
£ £ £ £
Balance at the beginning of the year 468,716 822,029 - -
Amount released to income in the year (468,716) (822,029) - -
Amount deferred in the year 1,017,030 468,716 - -
Balance at the end of the year 1,017,030 468,716 - -
**----- End of picture text -----**
## **21. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS**
**----- Start of picture text -----**
21a. Current year
General unrestricted Restricted funds Total funds
£ £
Tangible fixed assets 985,763 - 985,763
Net current assets 1,784,249 576,760 2,361,009
Long term liabilities (25,205) - (25,205)
Net assets at 31 January 2023 2,744,807 576,760 3,321,567
21b. Prior year
General unrestricted Restricted funds Total funds
£ £
Tangible fixed assets 519,631 - 519,631
Net current assets 2,508,041 382,545 2,890,586
Long term liabilities (35,000) - (35,000)
Net assets at 31 January 2022 2,992,672 382,545 3,375,217
**----- End of picture text -----**
## **19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**----- Start of picture text -----**
The group The charity
2023 2022 2023 2022
£ £ £ £
Bank Loan 25,205 35,000 - -
**----- End of picture text -----**
parkrun received a £50,000 unsecured Bounce Back loan guaranteed by the Government and this is being repaid by monthly instalments. £25,205 of this loan is repayable after more than one year and the balance of £10,000 is included within Creditors: amounts falling due within one year (note 18). Interest on the loan is being paid at the rate of 2.5% per annum.
62 | FinanCiaL sTaTemenTs
FinanCiaL sTaTemenTs | 63
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## **22. MOVEMENTS IN FUNDS**
## **22a. Current year**
**----- Start of picture text -----**
at 1 February 2022 Income & gains Expenditure & losses Transfers At 31 January 2023
£ £ £ £
Restricted funds:
Sport England - 1,133,000 (958,000) - 175,000
parkrun Events 382,545 137,708 (118,493) - 401,760
Total restricted funds 382,545 1,270,708 (1,076,493) - 576,760
Unrestricted funds:
General funds 2,992,672 5,977,767 (6,225,632) - 2,744,807
Total unrestricted funds 2,992,672 5,977,767 (6,225,632) - 2,744,807
Total funds 3,375,217 7,248,475 (7,302,125) - 3,321,567
**----- End of picture text -----**
The narrative to explain the purpose of each fund is given at the foot of the note below.
## **22b. Prior year**
**----- Start of picture text -----**
at 1 February 2021 Income & gains Expenditure & losses Transfers At 31 January 2022
£ £ £ £
Restricted funds:
Sport England 1,200,000 - (1,200,000) - -
parkrun Events 377,117 116,037 (110,609) - 382,545
Total restricted funds 1,577,117 116,037 (1,310,609) - 382,545
Unrestricted funds:
General funds 547,132 5,474,919 (3,029,379) - 2,992,672
Total unrestricted funds 547,132 5,474,919 (3,029,379) - 2,992,672
Total funds 2,124,249 5,590,956 (4,339,988) - 3,375,217
**----- End of picture text -----**
## **Purposes of restricted funds**
Sport England has provided funds to increase female participation and to increase participation of communities in areas of high social deprivation.
parkrun event funds represent donations provided by parkrunners to support individual events.
## **23. OPERATING LEASE COMMITMENTS PAYABLE AS A LESSEE**
The group’s total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:
**----- Start of picture text -----**
Property
2023 2022
£ £
Less than one year 201,519 75,252
One to five years 481,620 94,076
683,139 169,328
**----- End of picture text -----**
The charity has no future lease payments under non-cancellable operating leases.
## **24. LEGAL STATUS OF THE CHARITY**
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
**----- Start of picture text -----**
64 | FinanCiaL sTaTemenTs
**----- End of picture text -----**
FinanCiaL sTaTemenTs | 65
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023
## Reference and administrative information
## Committee membership (current officers):
## **Safeguarding Committee**
## **Nominations Committee**
Gavin Megaw (Chair) _(Resigned 27 July 2023)_ Jeremy Townsend Christine Gibbons
Gavin Megaw (Chair) _(Resigned 27 July 2023)_ sarah Powell
## **Remuneration Committee**
## **Finance and Audit**
Gavin Megaw (Chair) _(Resigned 27 July 2023)_ Jeremy Townsend Christine Gibbons
## **Committee**
Jeremy Townsend (Chair) John Vickers
## **Governance and Risk Committee**
Christine Gibbons (Chair) Gordon Seabright Kate Chhatwal (external member)
## **parkrun Global Limited**
**Reference and administrative information for the year ended 31 January 2023**
## Trustees
Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Gavin Megaw (Chair) _(Resigned 27 July 2023)_ Paul Sinton-Hewitt _(Resigned 28 June 2022)_ Christine Gibbons Jeremy Townsend
**Trustees appointed to Global Board from 25 January 2023:**
Sonya Byers sarah Powell Gordon Seabright John Vickers nat Poulter David Dinsmore _(Resigned 6 February 2023)_
**Trustees appointed to Global Board from 22 March 2023:**
Sir Jonathan Van Tam
## **Registered office and operational address**
Frameworks 2 Sheen Road Richmond TW9 1AE **Company number:** 09411750
**Country of registration:** England & Wales
## **Auditor**
## **Bankers**
Sayer Vincent LLP Santander Chartered Accountants and 2 Triton Square Statutory Auditor Regent’s Place Invicta House, London 108-114 Golden Lane NW1 3AN London eC1Y 0TL
**Country of Solicitors incorporation:** United Kingdom Muckle LLP 32 Gallowgate **Charity number:** Newcastle Upon Tyne 1175062 ne1 4BF
66 | reFerenCe and adminisTraTive inFormaTion
reFerenCe and adminisTraTive inFormaTion | 67
PARKRUN GLOBAL LIMITED PARKRUN GLOBAL LIMITED FINANCIAL YEAR 2022 - 2023 FINANCIAL YEAR 2022 - 2023
**REGISTERED NUMBER: 07289574 (England and Wales)**
## **Directors' Report and**
**Financial Statements for the Year Ended 31 January 2023**
## **for**
**parkrun Limited (A company Limited by Guarantee)**
**parkrun Limited (A company Limited by Guarantee)**
## **Contents of the Financial Statements for the Year Ended 31 January 2023**
||**Page**|
|---|---|
|**Company Information**|1|
|**Directors' Report**|2|
|**Statement of Directors' Responsibilities**|4|
|**Independent Auditors' Report**|5|
|**Statement of Income and Retained Earnings**|9|
|**Balance Sheet**|10|
|**Notes to the Financial Statements**|11|
**parkrun Limited (A company Limited by Guarantee)**
## **Company Information for the Year Ended 31 January 2023**
**DIRECTORS:** T Williams D R Moorcroft R J Borthwick Ms R Morris R J Jefferys **REGISTERED OFFICE:** Frameworks 2 Sheen Road Richmond TW9 1AE **REGISTERED NUMBER:** 07289574 (England and Wales)
## **AUDITORS:**
Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
Page 1
**parkrun Limited (A company Limited by Guarantee) (Registered number: 07289574)**
**Directors' Report for the Year Ended 31 January 2023**
The directors present their report with the financial statements of the company for the year ended 31 January 2023.
## **PRINCIPAL ACTIVITY**
The principal activity of the company in the year under review was that of the promotion and organisation of free weekly runs in parks throughout the UK, and the provision of volunteering opportunities at those events.
## **REVIEW OF BUSINESS**
parkrun Ltd is responsible for delivering parkrun events (5k and junior 2k events) in the UK. parkruns are free, weekly, physical activity events that are accessible to people of all abilities and backgrounds, delivered in local communities by volunteers.
The financial year saw the return of all UK events, after the pandemic had significantly impacted the previous two years. Participation is steadily climbing back to pre-pandemic levels.
Our turnover increased to £4,724,746 from £3,245,729 in 2021/22, while administrative expenses also increased to £4,495,220 from £2,784,588. The increase in administrative expenses was partly due to our planned investment in recruitment of staff, which is a big part of our ambitious growth strategy.
parkrun is committed to supporting communities to be healthier and happier and to targeting those communities that have most to benefit from the provision of free physical activity or volunteering.
## **DIRECTORS**
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.
T Williams D R Moorcroft R J Borthwick Ms R Morris R J Jefferys
Other changes in directors holding office are as follows:
Ms H J Corne - resigned 18 January 2023
## **DONATIONS**
The directors are pleased to confirm that during the year they were able to distribute under gift aid £420,066 (2022 : £17,500) in relation to the 2022 profits to the parent charitable company parkrun Global Limited to enable it to pursue its charitable objectives.The directors intend to distribute the 2023 profits by way of gift aid in the current year.
## **GOING CONCERN**
The Directors have considered the future viability of the Company and its ability to continue as a going concern, and regularly monitor cash flow forecasts. Having reviewed the makeup of current liabilities at the year end the directors are confident that the majority of items included will have little impact on the cashflow of the company going forward and therefore, the directors are satisfied that, for the foreseeable future, the Company can continue with its operations and seek to achieve its objectives. Consequently, the financial statements have been prepared on a going concern basis
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
**parkrun Limited**
## **(A company Limited by Guarantee) (Registered number: 07289574)**
## **Directors' Report for the Year Ended 31 January 2023**
## **AUDITORS**
Sayer Vincent LLP were appointed as auditors in September 2019.
Pursuant to section 487 of the Companies Act 2006 the auditor will be deemed to be reappointed and Sayer Vincent LLP will therefore continue in office.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **ON BEHALF OF THE BOARD:**
.........................................................
R J Jefferys - Director
Date: 25 October 2023
Page 3
**parkrun Limited (A company Limited by Guarantee)**
**Statement of Directors' Responsibilities for the Year Ended 31 January 2023**
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).
Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent ; and
- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Page 4
**Independent Auditors' Report to the Members of parkrun Limited (A company Limited by Guarantee) (Registered number: 07289574)**
## **Opinion**
We have audited the financial statements of parkrun Limited (A company Limited by Guarantee) (the 'company') for the year ended 31 January 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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 company's affairs as at the 31 January 2023 and of its result for the year then ended ;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the directors' annual report other than the financial statements and our auditor's report thereon. The directors 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.
Page 5
**Independent Auditors' Report to the Members of parkrun Limited (A company Limited by Guarantee) (Registered number: 07289574)**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.
## **Responsibilities of directors**
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 6
**Independent Auditors' Report to the Members of parkrun Limited (A company Limited by Guarantee) (Registered number: 07289574)**
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the company from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 7
**Independent Auditors' Report to the Members of parkrun Limited (A company Limited by Guarantee) (Registered number: 07289574)**
## **Use of our report**
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Fleur Holden (Senior Statutory Auditor) for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
30 October 2023
Page 8
## **parkrun Limited (A company Limited by Guarantee)**
## **Statement of Income and Retained Earnings for the Year Ended 31 January 2023**
|Notes
**TURNOVER**
Administrative expenses
**OPERATING PROFIT**
4
Interest receivable and similar income
**PROFIT BEFORE TAXATION**
Tax on profit
**PROFIT FOR THE FINANCIAL YEAR**
Retained earnings at beginning of year
Distribution to parent charity under gift aid
**RETAINED EARNINGS AT END OF**
**YEAR**|2023
£
4,724,746
(4,495,220)
229,526
16
229,542
-
229,542
611,874
(420,066)
421,350|2022
£
3,245,729
(2,784,588)
461,141
-
461,141
-
461,141
168,233
(17,500)
611,874|
|---|---|---|
The notes on pages 11 to 13 form part of these financial statements
Page 9
## **parkrun Limited**
## **(A company Limited by Guarantee) (Registered number: 07289574)**
## **Balance Sheet 31 January 2023**
|Notes
**FIXED ASSETS**
Tangible assets
5
**CURRENT ASSETS**
Stocks
Debtors
6
Cash at bank
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT (LIABILITIES)/ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one
year
8
**NET ASSETS**
**RESERVES**
Retained earnings|2023
£
598,498
396,987
1,098,451
132,721
1,628,159
(1,780,102)
(151,943)
446,555
(25,205)
421,350
421,350
421,350|2022
£
281,285
485,657
607,581
101,441
1,194,679
(829,090)
365,589
646,874
(35,000)
611,874
611,874
611,874|
|---|---|---|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:
......................................................... R J Jefferys - Director
The notes on pages 11 to 13 form part of these financial statements
Page 10
**parkrun Limited (A company Limited by Guarantee)**
**Notes to the Financial Statements for the Year Ended 31 January 2023**
## 1. **STATUTORY INFORMATION**
parkrun Limited is a private company, limited by guarantee, registered and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
## 2. **ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Going concern**
The directors consider the company to be a going concern. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors have considered current financial information and forecasts and are satisfied that the company has sufficient reserves to continue as a going concern for the next financial year. The company has long term relationships with partners, commercial sponsors and Sport England covering the next 12 months and the directors have no reason to believe that this commercial support will change going forward.
## **Critical accounting judgements and key sources of estimation uncertainty**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from these estimates. The directors do not consider that there are any significant judgements applicable to these financial statements.
## **Turnover**
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company receives grants and sponsorship from the public and third parties and recognises the income from these sources over the term of the agreement to which the funds relate. As a result a proportion of such income may be deferred to future periods and shown within other creditors within the financial statements. Income from donations for which there are no performance related conditions is recognised in the year in which it is received.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost and 10% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation and deferred tax**
The company is a subsidiary of parkrun Global Limited a registered charity and as such no taxation charge is expected to arise as all profits will be distributed to the charity under Gift Aid. Also as a result no provision is required for deferred tax.
continued...
Page 11
**parkrunLimited (A company Limited by Guarantee)**
**Notes to the Financial Statements - continued for the Year Ended 31 January 2023**
## 2. **ACCOUNTING POLICIES - continued**
## **Leasing commitments**
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
## 3. **EMPLOYEES AND DIRECTORS**
The average number of employees during the year was 32 (2022 - 25).
## 4. **OPERATING PROFIT**
The operating profit is stated after charging:
|Depreciation - owned assets
Auditor's remuneration current year
Auditor's fees for other services|2023
£
107,605
8,700
9,600|2022
£
91,680
11,200
-|
|---|---|---|
## 5.
## **TANGIBLE FIXED ASSETS**
|**COST**
At 1 February 2022
Additions
At 31 January 2023
**DEPRECIATION**
At 1 February 2022
Charge for year
At 31 January 2023
**NET BOOK VALUE**
At 31 January 2023
At 31 January 2022|Plant and
machinery
£
690,496
389,680
1,080,176
418,793
91,163
509,956
570,220
271,703|Fixtures
and
fittings
£
18,418
3,762
22,180
15,860
2,129
17,989
4,191
2,558|Computer
equipment
£
50,551
31,376
81,927
43,527
14,313
57,840
24,087
7,024|Totals
£
759,465
424,818
1,184,283
478,180
107,605
585,785
598,498
281,285|
|---|---|---|---|---|
continued...
Page 12
## **parkrun Limited (A company Limited by Guarantee)**
## **Notes to the Financial Statements - continued for the Year Ended 31 January 2023**
|6.
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
7.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts
Trade creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors
8.
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE**
**YEAR**
Bank loans|2023
£
26,831
787,785
283,835
1,098,451
2023
£
10,000
547,403
585,098
58,399
579,202
1,780,102
2023
£
25,205|2022
£
45,041
458,974
103,566
607,581
2022
£
11,259
110,111
555,891
45,298
106,531
829,090
2022
£
35,000|
|---|---|---|
||||
## 9. **RELATED PARTY DISCLOSURES**
parkrun is a member of a group of companies that has as its parent company parkrun Global Limited, a registered charity, whose registered office is Frameworks, 2 Sheen Road, Richmond, TW9 1AE. The accounts of parkrun Global Limited can be downloaded from the Charity Commission website.
Page 13
**REGISTERED NUMBER: 06053983 (England and Wales)**
**Directors' Report and**
**Financial Statements for the Year Ended 31 January 2023**
**for**
**parkrun Trading Limited**
**parkrun Trading Limited**
**Contents of the Financial Statements for the Year Ended 31 January 2023**
||**Page**|
|---|---|
|**Company Information**|1|
|**Directors' Report**|2|
|**Statement of Directors' Responsibilities**|4|
|**Independent Auditors' Report**|5|
|**Statement of Income and Retained Earnings**|9|
|**Balance Sheet**|10|
|**Notes to the Financial Statements**|11|
**parkrun Trading Limited**
## **Company Information for the Year Ended 31 January 2023**
**DIRECTORS:** J C Townsend R J Jefferys **REGISTERED OFFICE:** Frameworks 2 Sheen Road Richmond TW9 1AE **REGISTERED NUMBER:** 06053983 (England and Wales) **AUDITORS:** Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
Page 1
**parkrun Trading Limited (Registered number: 06053983)**
## **Directors' Report for the Year Ended 31 January 2023**
The directors present their report with the financial statements of the company for the year ended 31 January 2023.
## **PRINCIPAL ACTIVITY**
The principal activity of the company in the year under review was that of the development, maintenance and support of the Global parkrun technology platform, provision of event services to all parkrun entities, the management of international parkrun territories and the commercial activities of parkrun Global Ltd and it's subsidiaries.
## **REVIEW OF BUSINESS**
The financial year saw the return of all UK events, after the pandemic had significantly impacted the previous two years.
As a consequence our turnover increased to £3,329,514. We also saw an increase in overheads to £3,164,153.
Our partners and commercial sponsors continued to play a vital role in supporting parkrun. During the financial year we made the decision to bring the Contra clothing range back into the parkun Trading Limited entity and ceased trading in the subsidiary PSH Retail Ltd.
parkrun continues to dedicate itself to providing accessibility to physical activity and volunteering opportunities, free of charge, through local, community, volunteer delivered events and has already begun to expand, with new events starting across most territories in 2022.
## **DIRECTORS**
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.
J C Townsend R J Jefferys
## **DONATIONS**
The directors are pleased to confirm that during the year they were able to distribute under gift aid £255,335 (2022 : £103,000) during the year to the parent charitable company parkrun Global Limited to enable it to pursue its charitable objectives. The directors intend to distribute the 2023 profits by way of gift aid in the current year.
## **GOING CONCERN**
The directors have considered the future viability of the Company and its ability to continue as a going concern, and regularly monitor cash flow forecasts. Having reviewed the makeup of current liabilities at the year end the directors are confident that the majority of items included will have little impact on the cashflow of the company going forward and therefore, the directors are satisfied that, for the foreseeable future, the Company can continue with its operations and seek to achieve its objectives. Consequently, the financial statements have been prepared on a going concern basis
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
## **AUDITORS**
Sayer Vincent LLP were appointed as auditors in September 2019.
Pursuant to section 487 of the Companies Act 2006 the auditor will be deemed to be reappointed and Sayer Vincent will therefore continue in office.
Page 2
## **parkrun Trading Limited (Registered number: 06053983)**
## **Directors' Report for the Year Ended 31 January 2023**
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **ON BEHALF OF THE BOARD:**
.........................................................
R J Jefferys - Director
Date 25 October 2023
Page 3
**parkrun Trading Limited**
**Statement of Directors' Responsibilities for the Year Ended 31 January 2023**
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).
Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent ; and
- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Page 4
**Independent Auditors' Report to the Members of Parkrun Trading Limited (Registered number: 06053983)**
## **Opinion**
We have audited the financial statements of parkrun Trading Limited (the 'company') for the year ended 31 January 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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 company's affairs as at the 31 January 2023 and of its result for the year then ended ;
- have been properly prepared in accordance with United Kingdom Generally Accepted accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the directors' annual report other than the financial statements and our auditor's report thereon. The directors 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.
Page 5
**Independent Auditors' Report to the Members of Parkrun Trading Limited (Registered number: 06053983)**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.
## **Responsibilities of directors**
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 6
**Independent Auditors' Report to the Members of Parkrun Trading Limited (Registered number: 06053983)**
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the company from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 7
**Independent Auditors' Report to the Members of Parkrun Trading Limited (Registered number: 06053983)**
## **Use of our report**
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Fleur Holden (Senior Statutory Auditor) for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
30 October 2023
Page 8
## **parkrun Trading Limited**
## **Statement of Income and Retained Earnings for the Year Ended 31 January 2023**
|Notes
**TURNOVER**
Administrative expenses
**OPERATING PROFIT**
4
Interest payable and similar expenses
**PROFIT BEFORE TAXATION**
Tax on profit
**PROFIT FOR THE FINANCIAL YEAR**
Retained earnings at beginning of year
Distribution to parent charity under gift aid
**RETAINED EARNINGS AT END OF**
**YEAR**|2023
£
3,329,514
(3,164,153)
165,361
(730)
164,631
-
164,631
241,157
(255,335)
150,453|2022
£
2,064,358
(1,812,131)
252,227
(1,312)
250,915
-
250,915
93,242
(103,000)
241,157|
|---|---|---|
The notes on pages 11 to 13 form part of these financial statements
Page 9
## **parkrun Trading Limited (Registered number: 06053983)**
## **Balance Sheet 31 January 2023**
|Notes
**FIXED ASSETS**
Tangible assets
5
Investments
6
**CURRENT ASSETS**
Stocks
Debtors
7
Cash at bank
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CAPITAL AND RESERVES**
Called up share capital
Retained earnings
**SHAREHOLDERS' FUNDS**|2023
£
-
1
1
829,028
501,303
495,526
1,825,857
(1,674,405)
151,452
151,453
1,000
150,453
151,453|2022
£
-
1
1
-
1,178,653
204,992
1,383,645
(1,141,489)
242,156
242,157
1,000
241,157
242,157|
|---|---|---|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:
......................................................... R J Jefferys - Director
The notes on pages 11 to 13 form part of these financial statements
Page 10
**parkrun Trading Limited**
**Notes to the Financial Statements for the Year Ended 31 January 2023**
## 1. **STATUTORY INFORMATION**
parkrun Trading Limited is a private company, limited by shares, registered and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
## 2. **ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Going concern**
The directors consider the company to be a going concern. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors have considered current financial information and forecasts and are satisfied that the company has sufficient reserves to continue as a going concern for the next financial year. The company has long term relationships with partners, commercial sponsors and Sport England covering the next 12 months and the directors have no reason to believe that this commercial support will change going forward.
## **Critical accounting judgements and key sources of estimation uncertainty**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from these estimates.
The directors have considered the significant judgements applicable to the financial statements, and have concluded that these are limited to;
- A requirement to allow for a provision relating to old or slow moving items of Contra clothing stock. All ranges of clothing were considered and reviewed and based on current sales figures the directors identified areas where a write down in value was required.
## **Turnover**
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 50% on reducing balance
## **Investments in subsidiaries**
Investments in subsidiary undertakings are recognised at cost.
parkrun Trading Limited owns the whole of the share capital of PSH Retail Ltd. parkrun Trading Limited has taken exemption from the requirement to prepare group accounts because it is itself a subsidiary of parkrun Global Limited whose registered office is at Frameworks, 2 Sheen Road, Richmond, TW9 1AE. The accounts of parkrun Global Limited can be downloaded from the Charity Commission website.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
continued...
Page 11
**parkrun Trading Limited**
**Notes to the Financial Statements - continued for the Year Ended 31 January 2023**
## 2. **ACCOUNTING POLICIES - continued**
## **Taxation and deferred tax**
The company is a subsidiary of parkrun Global Limited a registered charity and as such no taxation charge is expected to arise as all profits will be distributed to the charity under Gift Aid. Also as a result no provision is required for deferred tax.
## **Research and development**
Expenditure on research and development is written off in the year in which it is incurred.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## 3. **EMPLOYEES AND DIRECTORS**
The average number of employees during the year was 2 (2022 - 2).
## 4. **OPERATING PROFIT**
The operating profit is stated after charging:
|Depreciation - owned assets
Auditors remuneration|2023
£
-
7,500|2022
£
563
6,200|
|---|---|---|
## 5.
## **TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||
|---|---|
||Computer|
||equipment|
||£|
|**COST**||
|At 1 February 2022||
|and 31 January 2023|1,687|
|**DEPRECIATION**||
|At 1 February 2022||
|and 31 January 2023|1,687|
|**NET BOOK VALUE**||
|At 31 January 2023|-|
|At 31 January 2022|-|
continued...
Page 12
**parkrun Trading Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 January 2023**
## 6. **FIXED ASSET INVESTMENTS**
|**COST**
At 1 February 2022
and 31 January 2023
**NET BOOK VALUE**
At 31 January 2023
At 31 January 2022
7.
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
8.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors|2023
£
398,450
29,424
73,429
501,303
2023
£
16,021
889,837
158,357
610,190
1,674,405|Shares in
group
undertakings
£
1
1
1
2022
£
419,361
688,186
71,106
1,178,653
2022
£
91,889
558,974
97,361
393,265
1,141,489|
|---|---|---|
## 9. **RELATED PARTY DISCLOSURES**
parkrun Trading Limited is a member of a group of companies that has as its parent company parkrun Global Limited, a registered charity, whose registered office is Frameworks, 2 Sheen Road, Richmond, TW9 1AE. The accounts of parkrun Global Limited can be downloaded from the Charity Commission website.
Page 13
**REGISTERED NUMBER: 11222647 (England and Wales)**
## **Directors' Report and**
**Financial Statements for the Year Ended 31 January 2023**
**for**
**PSH Retail Ltd**
**PSH Retail Ltd**
## **Contents of the Financial Statements for the Year Ended 31 January 2023**
||**Page**|
|---|---|
|**Company Information**|1|
|**Directors' Report**|2|
|**Statement of Directors' Responsibilities**|3|
|**Independent Auditors' Report**|4|
|**Statement of Income and Retained Earnings**|8|
|**Balance Sheet**|9|
|**Notes to the Financial Statements**|10|
**PSH Retail Ltd**
## **Company Information for the Year Ended 31 January 2023**
**DIRECTORS:** P Sinton-Hewitt R J Jefferys **REGISTERED OFFICE:** Frameworks 2 Sheen Road Richmond TW9 1AE **REGISTERED NUMBER:** 11222647 (England and Wales) **AUDITORS:** Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
Page 1
**PSH Retail Ltd (Registered number: 11222647)**
## **Directors' Report for the Year Ended 31 January 2023**
The directors present their report with the financial statements of the company for the year ended 31 January 2023.
## **PRINCIPAL ACTIVITY**
PSH Retail Ltd is committed to providing top quality, ethically produced sports clothing designed in an extensive range of sizes to fit everyone and at affordable prices. All our sportswear garments are manufactured in European factories, using high quality, technical fabrics where we can guarantee staff are paid a fair wage.
## **REVIEW OF BUSINESS**
A decision was made part way through the financial year to move stock and subsequent sales of the Contra range back into parkrun Trading Limited as at the 1 November 2022. As a consequence, PSH Retail Ltd has ceased trading and the company accounts are no longer prepared on a going concern basis. This has had no effect on the values stated within the financial statements.
The company has since paid all remaining outstanding creditors at the year end in full, and it will be formally struck off as a Company in 2023.
## **DIRECTORS**
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.
P Sinton-Hewitt
R J Jefferys
## **DONATIONS**
The company is a subsidiary of parkrun Global Limited a registered charity. The directors are pleased to confirm that during the year they were able to distribute under gift aid £9,929 to the parent charitable company parkrun Global Limited to enable it to pursue its charitable objectives.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
## **AUDITORS**
Pursuant to section 487 of the Companies Act 2006 the auditor will be deemed to be reappointed and Sayer Vincent LLP will therefore continue in office.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **ON BEHALF OF THE BOARD:**
............................................... R J Jefferys - Director
Date 25 October 2023
Page 2
**PSH Retail Ltd**
**Statement of Directors' Responsibilities for the Year Ended 31 January 2023**
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with applicable law and Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice applicable to Smaller Entities).
Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent ; and
- assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
- use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Page 3
**Independent Auditors' Report to the Members of PSH Retail Ltd (Registered number: 11222647)**
## **Opinion**
We have audited the financial statements of PSH Retail Ltd (the 'company') for the year ended 31 January 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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 company's affairs as at the 31 January 2023 and of its result for the year then ended ;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Emphasis of matter - going concern**
Without modifying our opinion, we draw attention to the disclosures in the directors' annual report and note 2 of the financial statements that it is the directors' intention to strike this entity from the Register of Companies. As the company's ongoing operations are ceasing the directors have not prepared these financial statements on a going concern basis.
## **Other information**
The other information comprises the information included in the directors' annual report other than the financial statements and our auditor's report thereon. The directors 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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.
Page 4
**Independent Auditors' Report to the Members of PSH Retail Ltd (Registered number: 11222647)**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.
## **Responsibilities of directors**
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 5
**Independent Auditors' Report to the Members of PSH Retail Ltd (Registered number: 11222647)**
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 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 are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the company from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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**Independent Auditors' Report to the Members of PSH Retail Ltd (Registered number: 11222647)**
## **Use of our report**
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Fleur Holden (Senior Statutory Auditor) for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL
30 October 2023
Page 7
**PSH Retail Ltd**
## **Statement of Income and Retained Earnings for the Year Ended 31 January 2023**
|Notes
**TURNOVER**
Cost of sales
**GROSS PROFIT/(LOSS)**
Administrative expenses
Other operating income
**OPERATING PROFIT**
4
Interest payable and similar expenses
**PROFIT BEFORE TAXATION**
Tax on profit
**PROFIT FOR THE FINANCIAL YEAR**
Retained earnings at beginning of year
Distribution to parent charity under gift aid
**RETAINED EARNINGS AT END OF**
**YEAR**|2023
£
101,167
(74,621)
26,546
(26,515)
31
-
31
(22)
9
-
9
9,929
(9,929)
9|2022
£
338,887
(400,088)
(61,201)
(2,400)
(63,601)
73,555
9,954
(25)
9,929
-
9,929
73,795
(73,795)
9,929|
|---|---|---|
The notes form part of these financial statements
Page 8
## **PSH Retail Ltd (Registered number: 11222647)**
## **Balance Sheet 31 January 2023**
|Notes
**CURRENT ASSETS**
Stocks
Debtors
5
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
6
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CAPITAL AND RESERVES**
Called up share capital
Retained earnings|2023
£
-
-
29,533
29,533
(29,523)
10
10
1
9
10|2022
£
706,603
82,577
79,213
868,393
(858,463)
9,930
9,930
1
9,929
9,930|
|---|---|---|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:
......................................................... R J Jefferys - Director
The notes form part of these financial statements
Page 9
**PSH Retail Ltd**
**Notes to the Financial Statements for the Year Ended 31 January 2023**
## 1. **STATUTORY INFORMATION**
PSH Retail Limited is a private company, limited by guarantee, registered and incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
## 2. **ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Going concern**
The company ceased to trade on the 1 November 2022 following the directors decision to move the stock and subsequent sales of the Contra range to another company within the group. The company has since paid all remaining outstanding creditors at the year end in full, and it will be formally struck off as a Company in 2023. As such the financial statements have not been prepared on a going concern basis but this has had no effect on the stated balance sheet values.
## **Turnover**
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation and deferred taxation**
The company is a subsidiary of parkrun Trading Limited which in turn is a subsidiary of parkrun Global Limited a registered charity and as such no taxation charge is expected to arise as all profits will be distributed to the charity under Gift Aid. Also as a result no provision is required for deferred tax.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## 3. **EMPLOYEES AND DIRECTORS**
The average number of employees during the year was 2 (2022 - 2).
## 4. **OPERATING PROFIT**
The operating profit is stated after charging:
|Auditors' remuneration|2023
£
1,500|2022
£
1,800|
|---|---|---|
continued...
Page 10
**PSH Retail Ltd**
**Notes to the Financial Statements - continued for the Year Ended 31 January 2023**
|5.
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Amounts owed by group undertakings
Other debtors
6.
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Amounts owed to group undertakings
Other creditors||2023
£
-
-
-
2023
£
-
28,023
1,500
29,523|2022
£
451
82,126
82,577
2022
£
93,027
763,186
2,250|2022
£
451
82,126|
|---|---|---|---|---|
|||||82,577|
||||858,463||
## 7. **RELATED PARTY DISCLOSURES**
PSH Retail Limited is a member of a group of companies that has as its parent company parkrun Global Limited, a registered charity, whose registered office is Frameworks, 2 Sheen Road, Richmond, TW9 1AE. The accounts of parkrun Global Limited can be downloaded from the Charity Commission website.
Page 11