2024-08-31-accounts - Park Avenue Bradford Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED COMPANY NUMBER: 10754974 (England and Wales) REGISTERED CHARITY NUMBER: 1180644

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PARK AVENUE BRADFORD LIMITED

Fortus Limited Business Advisors & Accountants Equinox House Clifton Park, Shipton Road York Yorkshire YO30 5PA

PARK AVENUE BRADFORD LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 August 2024

	Page
Report of the Trustees	1 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 to 13
Detailed Statement of Financial Activities	14 to 15

PARK AVENUE BRADFORD LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 August 2024

The Trustees present their report and financial statements for the year ended 31 August 2024 and confirm they comply with the Charities Act 2011, the trust deed dated 15 October 2018, the Companies Act 2006 and the Charities (FRS 102) SORP.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objects are for the benefit of the public generally and, in particular to:

Promote community participation in healthy recreation in particular by the provision of facilities for the playing of cricket;
Provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances or for the public at large with the object of improving their conditions of life.
Advance the education of children and young people through such means as the trustees think fit.

Grantmaking

The income of the Charity is applied at the discretion of the Trustees, subject to the objects of the Charity. Donations are accounted for when approved.

The trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This was the first year of operation of the impressive purpose-built, multi-lane, 'cricket-dome' facility on the site, the first of its kind in the country, which opened in November 2023. There has been tremendous demand for the facility with over 8,000 bookings to date representing over 40,000 users. The charity is immensely grateful to the England Cricket Board (ECB) and to Bradford Council for funding and procurement support respectively.

The expanded range of ground equipment was used extensively, thanks again to ECB funding, and provides the ability to support other local clubs and grounds.

The ground was in constant use throughout the summer with well over 100 games played from Yorkshire 2nd X1 and age group teams through regular men's and women's league cricket to casual community and junior usage. Summer activities for children were well attended and much appreciated.

The charity will look to continue to provide and promote the facilities for the playing of cricket at, but not exclusively, the Park Avenue Cricket Ground in Bradford as well as continuing to fulfil the Charities stated aims and objectives.

FINANCIAL REVIEW

Financial position

The amount of income during the year was £38,745 (2023 - £395,308) and the expenditure was £63,509 (2023 - £40,590). The charity's deficit was £24,764 (2023: surplus £354,718).

Reserves policy

The Charity continues to support a variety of causes and has funds at 31 August 2024 was £334,367 (2023: £359,131). This includes restricted funds of £6,834 (2023: £9,864) and a designated fixed asset fund of £312,394 (2023: £341,592). This leaves free reserves of £15,139 (2023: £7,675).

Cash balances are maintained to be able to meet outgoings and donation obligations from time to time. The Charity has the power to invest any funds that are not immediately required in any investments, securities or property.

Page 1

PARK AVENUE BRADFORD LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 August 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Under the Trust Deed, the appointment of new Trustees can only be made by the Founder Members: Yorkshire County Cricket Club, Yorkshire Cricket Foundation and the Yorkshire Cricket Board. Thereafter, the Trustees shall have power at any time to appoint any person to be a Trustee.

Organisational structure

Park Avenue Bradford Limited is a company limited by guarantee (number 10754974) and a charity established by Constitution and registered with the Charity Commission (registered charity number 1180644).

Related parties

None of the Trustees had an interest in any of the Charity's contracts either during or at the end of the financial year.

Risk management

The key risk faced by the Charities is maintaining the Park Avenue Cricket Ground in an appropriate state to fulfil the requirements of the local community to use it as a sporting venue. This is both a financial challenge and a security challenge. To mitigate this risk the Charity looks for donations which can both be used for improving facilities but also security to help maintain facilities.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

10754974 (England and Wales)

Registered Charity number

1180644

Registered office

Headingley Cricket Ground Kirkstall Lane Headingley Leeds West Yorkshire LS6 3DP

Trustees

A M Dawson (resigned 29.3.24) S R Hartley P A Malik Y Mohammed W G Saville (resigned 10.11.23)

These Trustees constitute Directors of the Charitable Company for the purposes of the Companies Act 2006.

Independent Examiner

Frances Howard, FCA Fortus Limited Business Advisors & Accountants Equinox House Clifton Park, Shipton Road York Yorkshire YO30 5PA

Page 2

PARK AVENUE BRADFORD LIMITED

REPORT OF THE TRUSTEES For The Year Ended 31 August 2024

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.................................................................... Y Mohammed - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PARK AVENUE BRADFORD LIMITED

Independent examiner's report to the trustees of Park Avenue Bradford Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Frances Howard, FCA

Fortus Limited Business Advisors & Accountants Equinox House Clifton Park, Shipton Road York Yorkshire YO30 5PA

Date: .............................................

Page 4

PARK AVENUE BRADFORD LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) For The Year Ended 31 August 2024

Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 1,000 Charitable activities 3 Hire of facilities 37,745 Other income - Total 38,745 EXPENDITURE ON Charitable activities 4 Repairs & Maintenance 336 Office and administration 60,980 Other 2,193 Total 63,509 NET INCOME/(EXPENDITURE) (24,764) Transfers between funds 14 3,030 Net movement in funds (21,734) RECONCILIATION OF FUNDS Total funds brought forward 349,267 TOTAL FUNDS CARRIED FORWARD 327,533	Year ended 31.8.24 Restricted Total fund funds £ £ - 1,000 - 37,745 - - - 38,745 - 336 - 60,980 - 2,193 - 63,509 - (24,764) (3,030) - (3,030) (24,764) 9,864 359,131 6,834 334,367	Period 1.6.22 to 31.8.23 Total funds £ 385,476 9,360 472 395,308 18,016 18,971 3,603 40,590 354,718 - 354,718 4,413 359,131

The notes form part of these financial statements

Page 5

PARK AVENUE BRADFORD LIMITED

BALANCE SHEET 31 August 2024

Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 312,394 CURRENT ASSETS Debtors 11 23,353 Cash at bank 17,319 40,672 CREDITORS Amounts falling due within one year 12 (25,533) NET CURRENT ASSETS 15,139 TOTAL ASSETS LESS CURRENT LIABILITIES 327,533 NET ASSETS 327,533 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS	Restricted fund £ - - 6,834 6,834 - 6,834 6,834 6,834	2024 Total funds £ 312,394 23,353 24,153 47,506 (25,533) 21,973 334,367 334,367 327,533 6,834 334,367	2023 Total funds £ 341,592 18,848 1,307 20,155 (2,616) 17,539 359,131 359,131 349,267 9,864 359,131

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Y Mohammed - Trustee

The notes form part of these financial statements

Page 6

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 August 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donated services are accounted for at a reasonable estimate of their value to the charity and are included in the statement of financial activities as income when receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 10% on cost Plant and machinery - 15 -33% straight line

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 7

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Year ended 31.8.24 £ Donations - Grants - Donated services and facilities 1,000 1,000	Period 1.6.22 to 31.8.23 £ 7,500 73,072 304,904
	385,476

Donated services and facilities includes donated assets of £nil (2023: £287,694) from City of Bradford Metropolitan Council, donated services from Yorkshire County Cricket Club of £nil (2023: £16,377) for staff costs and services, and donated services from 2 individuals of £1,000 (2023: £833 from 3 individuals) for accountancy services.

Grants received, included in the above, are as follows:

					Period
					1.6.22
			Year ended		to
			31.8.24		31.8.23
			£		£
	Morrisons Foundation			-	73,072
3.	INCOME FROM CHARITABLE	ACTIVITIES
					Period
					1.6.22
			Year ended		to
			31.8.24		31.8.23
		Activity	£		£
	Pitch Hire	Hire of facilities	3,500		4,250
	Net Hire	Hire of facilities	34,245		5,110
			37,745		9,360

4. CHARITABLE ACTIVITIES COSTS

Repairs & Maintenance Office and administration	Support Direct costs (see Costs note 5) £ £ 336 - 57,114 3,866 57,450 3,866	Totals £ 336 60,980 61,316

continued...

Page 8

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

5. SUPPORT COSTS

SUPPORT COSTS
		Governance
	Finance	costs	Totals
	£	£	£
Office and administration	191	3,675	3,866
Support costs, included in the above, are as follows:
			Period
			1.6.22
		Year ended	to
		31.8.24	31.8.23
		Office
		and	Total
		administration	activities
		£	£
Bank charges		191	215
Accountancy fees		1,000	833
Independent examiners fees		2,640	2,520
Other governance costs		35	35
		3,866	3,603

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

		Period
		1.6.22
	Year ended	to
	31.8.24	31.8.23
	£	£
Depreciation - owned assets	30,035	10,227
Deficit on disposal of fixed assets	2,193	-

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the period ended 31 August 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 August 2024 nor the period ended 31 August 2023.

continued...

Page 9

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

8. STAFF COSTS

STAFF COSTS
		Period
		1.6.22
	Year ended	to
	31.8.24	31.8.23
	£	£
Wages and salaries	14,296	15,696
Social security costs	759	503
Other pension costs	518	178
	15,573	16,377
The average monthly number of employees during the year was as follows:
		Period
		1.6.22
	Year ended	to
	31.8.24	31.8.23
Total	1	1

No employees received emoluments in excess of £60,000 during the current or prior year.

continued...

Page 10

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 312,404 Charitable activities Hire of facilities 9,360 Other income 472 Total 322,236 EXPENDITURE ON Charitable activities Repairs & Maintenance 18,016 Office and administration 18,971 Other 3,603 Total 40,590 NET INCOME 281,646 Transfers between funds 63,208 Net movement in funds 344,854 RECONCILIATION OF FUNDS Total funds brought forward 4,413 TOTAL FUNDS CARRIED FORWARD 349,267	Restricted fund £ 73,072 - - 73,072 - - - - 73,072 (63,208) 9,864 - 9,864	Total funds £ 385,476 9,360 472 395,308 18,016 18,971 3,603 40,590 354,718 - 354,718 4,413 359,131

continued...

Page 10

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 August 2024

10. TANGIBLE FIXED ASSETS

Improvements to Plant and property machinery £ £ COST At 1 September 2023 13,200 338,619 Additions - 3,030 Disposals - (2,820) At 31 August 2024 13,200 338,829 DEPRECIATION At 1 September 2023 1,100 9,127 Charge for year 1,320 28,715 Eliminated on disposal - (627) At 31 August 2024 2,420 37,215 NET BOOK VALUE At 31 August 2024 10,780 301,614 At 31 August 2023 12,100 329,492	Totals £ 351,819 3,030 (2,820) 352,029 10,227 30,035 (627) 39,635 312,394 341,592

Included in Plant and Machinery are donated assets with a net book value at 31 August 2024 of £258,925 (2023: £281,940).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors Prepayments and accrued income	2024 £ 22,686 667 23,353	2023 £ 18,242 606 18,848

continued...

Page 11

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social security and other taxes Other creditors Accruals and deferred income	2024 £ - 762 24,771 25,533	2023 £ 7 73 2,536 2,616

13. LEASING AGREEMENTS

Tenancy at will

On 22 May 2017 City of Bradford Metropolitan District Council granted a tenancy at will to Park Avenue Bradford Limited to use the cricket ground, pavilion and nets for a peppercorn rent of £1 per annum and to take over the maintenance of the site. If Park Avenue Bradford Limited vacates the site the tenancy is terminated.

14. MOVEMENT IN FUNDS

Unrestricted funds General Fund Fixed Asset Fund Restricted funds Morrisons Grant Fund TOTAL FUNDS	Net movement At 1.9.23 in funds £ £ 7,675 5,271 341,592 (30,035) 349,267 (24,764) 9,864 - 359,131 (24,764)	Transfers between funds £ 2,193 837 3,030 (3,030) -	At 31.8.24 £ 15,139 312,394 327,533 6,834 334,367

Net movement in funds, included in the above are as follows:

Unrestricted funds General Fund Fixed Asset Fund TOTAL FUNDS	Movemen Income Expenditure in funds £ £ £ 38,745 (33,474) 5,271 - (30,035) (30,035) 38,745 (63,509) (24,764) 38,745 (63,509) (24,764)

continued...

Page 12

PARK AVENUE BRADFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 August 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General Fund Fixed Asset Fund Restricted funds Morrisons Grant Fund TOTAL FUNDS	Net movement At 1.6.22 in funds £ £ 4,413 291,873 - (10,227) 4,413 281,646 - 73,072 4,413 354,718	Transfers between funds £ (288,611) 351,819 63,208 (63,208) -	At 31.8.23 £ 7,675 341,592 349,267 9,864 359,131

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General Fund Fixed Asset Fund Restricted funds Morrisons Grant Fund TOTAL FUNDS	Movement Income Expenditure in funds £ £ £ 322,236 (30,363) 291,873 - (10,227) (10,227) 322,236 (40,590) 281,646 73,072 - 73,072 395,308 (40,590) 354,718

Restricted funds:

Morrisons grant fund - This fund represents a restricted grant by The Morrisons Foundation for the purchase of capital equipment. The transfer represents the movement of assets into the Fixed Asset fund.

15. RELATED PARTY DISCLOSURES

Yorkshire County Cricket Club are a founder member of Park Avenue Bradford Limited.

In the prior year the charity received £7,500 capital contribution from Yorkshire County Cricket Club.

In the prior year Yorkshire County Cricket Club funded the payroll costs of £16,377 and payment of a fine of £375. There was £16,297 outstanding at the year end.

Page 13

PARK AVENUE BRADFORD LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 August 2024

		Period
		1.6.22
	Year ended	to
	31.8.24	31.8.23
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations	-	7,500
Grants	-	73,072
Donated services and facilities	1,000	304,904
	1,000	385,476
Charitable activities
Pitch Hire	3,500	4,250
Net Hire	34,245	5,110
	37,745	9,360
Other income
Sundry income	-	472
Total income	38,745	395,308
EXPENDITURE
Charitable activities
Wages	14,296	15,696
Social security	759	503
Pensions	518	178
Rates and water	3,039	425
Light and heat	4,594	480
Groundsman equipment	336	3,120
Security	-	2,335
Operations	2,416	2,597
Administration	375	-
Waste disposal	1,082	1,426
Depreciation of tangible fixed assets	30,035	10,227
	57,450	36,987
Other
Loss on sale of tangible fixed assets	2,193	-
Support costs
Finance
Bank charges	191	215
Governance costs
Accountancy fees	1,000	833
Carried forward	1,000	833

This page does not form part of the statutory financial statements

Page 14

PARK AVENUE BRADFORD LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31 August 2024

		Period
		1.6.22
	Year ended	to
	31.8.24	31.8.23
	£	£
Governance costs
Brought forward	1,000	833
Independent examiners fees	2,640	2,520
Other governance costs	35	35
	3,675	3,388
Total expenditure	63,509	40,590
Net (expenditure)/income	(24,764)	354,718

This page does not form part of the statutory financial statements

Page 15