Registered number: 13618036 Charity number: 1198372
THE PARK EDUCATION LTD
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE PARK EDUCATION LTD (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of financial activities | 9 |
| Income and expenditure account | 10 |
| Balance sheet | 11 - 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 24 |
THE PARK EDUCATION LTD (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Trustees |
|---|---|
| David Freed, Chair (appointed 30 March 2022) | |
| Philip Briggs (appointed 6 October 2021) | |
| Iain Neary (appointed 1 April 2022) | |
| Jonathon Baker (appointed 1 April 2022) | |
| Clive Harry (appointed 1 April 2022, resigned 13 September 2023) | |
| Neil Way (appointed 1 April 2022) | |
| Avril Baker (appointed 5 March 2023) | |
| Jane Britton (appointed 1 June 2023) | |
| Lucio Mesquita (appointed 1 June 2023) | |
| Company registered number 13618036 Charity registered number 1198372 Registered office The Park Daventry Road Knowle Bristol BS4 1DQ Company secretary Philip Briggs Auditors Randall & Payne LLP Chargrove House Shurdington Road Shurdington Cheltenham Gloucestershire GL51 4GA Bankers National Westminster Bank 290 Wells Road Knowle Bristol BS4 2QA |
Page 1
THE PARK EDUCATION LTD (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the Company for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Status
The Park Education Ltd is a company limited by guarantee (registration number 13618036) and granted charitable status by the Charity Commission on the 24th March 2022 under number 1198372.
Structure Governance and Management
The Park Education Limited is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association, the Companies Act 2006 and the Charities Act 2011. Its company registration number is 13618036 and its charity number is 1198372.
Investment Powers
Under the Memorandum and Articles of Association the charity has the power to make any investment that Trustees see fit.
The Directors
The Board of Directors, who are Trustees for the purpose of charity law, who served during the period and up to the date of this report are set out on page 1.
Appointment of New Trustees
New Trustees are recruited in line with the Memorandum and Articles of Association. Existing trustees are to be responsible for induction and training of new trustees.
Risk Review
The charity regularly considers the risks to which the charity is exposed at Trustees meeting. A formal risk register has not yet been prepared.
Going Concern
Having considered and reviewed the performance of the company, and forecasts for the next 12 months, the Trustees consider that it is appropriate to prepare the financial statements on a going concern basis.
Organisation
The Charity is managed by an elected board of Trustees. All board decisions are minuted. The Park Education Director is Louise Hunt who reports directly to the Trustees.
Page 2
THE PARK EDUCATION LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities
a. Policies and objectives
The objects of the charity are as follows:
-
a) to advance the education of the public, in particular, but not exclusively, by providing educational courses to young people aged 14-21 to develop their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;
-
b) To further or benefit the inhabitants of the local area without distinction of sex, sexual orientation, age, disability, nationality, race or of political, religious or other opinions by associating together the said inhabitants and the statutory authorities, voluntary and other organisations in a common effort to advance education and provide facilities in the interests of social welfare for employment and recreation, and with the object of improving the conditions of life for the said inhabitants;
-
c) To maintain, manage and promote the existing community centre known as the Park (whether alone or in co-operation with any statutory authority or other person or body) for activities provided by the charity in furtherance of the objects.
In the exercise of the charity’s powers, to that end the charity has paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.
Summary of main objectives in relation to the organisation’s objects are as follows:
-
1) Effective governance
-
2) Commitment to equalities and inclusion
-
3) Creation of policies and procedures underpinning efficient operation and administration
-
4) Sound business planning and financial management
-
5) Deliver Vocationally related education and training programmes
-
6) Contribution to employment and enterprise
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Summary of main achievements of the charity during the year
Governance
-
Matrix Accreditation review successful.
-
Regular meetings with City of Bristol college, including monthly quality reviews(which includes monitoring performance) fortnightly Curriculum link and safeguarding link.
-
All staff appraisals completed.
-
Due Diligence completed for the following years contract agreement.
-
Learner voice and parent surveys completed.
-
Parents evenings completed.
-
Attended and hosted the South Mans meeting (Multi Agency Network).
Staffing
-
Maternity cover tutor recruited.
-
• Additional LSA recruited.
Page 3
THE PARK EDUCATION LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
-
Member of staff became a fully qualified SENCo.
-
CPD ongoing for all employees.
Finance
-
Education income increased as the demand for the provision grew.
-
Successful funding bid from Feeding Bristol for cooking sessions.
Operation and Admin
-
Policies are being reviewed on a quarterly basis and signed off at Trust meetings.
-
Implementation of filtering and monitoring system in line with DFE standards
-
External Verification of vocational courses was successful.
-
Current learners who will be progressing have had interviews, visits to college and taster sessions.
Equalities and Inclusion
-
Most of our students have EHCP’s, therefore lots of additional support is required for these young people.
-
• Continuation of Talk Speech Language therapy for students.
-
SEN youth club continuing and successful.
-
Student council implemented and successful.
Education and Training
-
Held The Parks Got Talent! Great event where learners showcased their talents.
-
EHCP review meetings for all students.
-
Held open mornings, visits and tours for potential new students.
-
Responded to 35 consults to see if we can meet student needs for new cohort.
-
Learners received information talk from the college and have visited each site to look around.
-
Visits and enrichment continued – eg Train travel training and visit to Bath market
-
trip to Wake the Tiger, Inclusive cricket sessions ran by Somerset cricket club, music enrichment sessions.
-
New kitchen area completed and cooking sessions started and working well.
-
Delivery started of Sexual Health and relationships
-
Achievement document already circulated – all KPIs exceeded.
-
Completion of all qualifications and exams.
-
Successful transition of learners to new provisions.
-
Summer activities held – including, horse riding, trips to Weston and Exmouth, bowling.
-
Taster and transition sessions for all new learners.
-
Good start to the new academic year – 34 full time learners, 3 New Fosseway courses.
-
CPoMs system working well.
Employment and Enterprise
-
Successful work experiences and placements.
-
Student fundraising via cake sales, tuck shop and other activities.
-
Enterprise project started with year 2 and they held 2 stalls at CoBC Christmas market and Pensioners Party.
Page 4
THE PARK EDUCATION LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
Financial review
a. Financial Review
Incoming resources for the charity were £510,481 compared to £520,954 in year ended 31st March 2023.
Expenditure was £508,196 compared to £516,028 in year ended 31st March 2023.
b. Reserves policy
The trustees consider that reserves are an inherent part of The Park Education risk management process. The need for reserves will vary depending on The Park Education financial position and the assessment of the risks The Park Education faces at a particular time.
The Park Education Trustees have determined a reserves policy to maintain reserves at a level consistent with established good business practice and that is prudent. Free reserves at 31st March 2024 were £6,728.
Plans for future periods
-
Governance
-
Address operational profile of the trustee membership to ensure diversity is maintained.
-
Plan for expansion of the provision.
-
- Operations and Staffing
-
To ensure all policies are up to date.
-
Look at recruiting additional staff for increased number of students.
-
Ensure staff CPD is up to date.
-
Education
-
Continue to develop the education provision.
-
Joint working with other providers to improve the Education offer across South Bristol.
-
Explore opportunities of working closely with Oasis Academy following the redevelopment.
-
- Employment
-
Strengthen links with local employers of all sizes.
-
Offer work placements in different areas.
-
Prioritise local applications when recruiting
Page 5
THE PARK EDUCATION LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees 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 also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
David Freed
David Freed (Dec 4, 2024 11:37 GMT)
................................................ David Freed Trustee
Date: 04/12/2024
Page 6
THE PARK EDUCATION LTD (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent examiner's report to the Trustees of The Park Education Ltd ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Company (and 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 the Company's accounts 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.
Page 7
THE PARK EDUCATION LTD (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants of Scotland (ICAS), which is one of the listed bodies.
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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 04/12/2024
Benjamin Burch (Independent Examiner) ACA
Randall & Payne LLP Chartered Accountants & Independent Examiners Chargrove House Shurdington Road Cheltenham Gloucestershire GL51 4GA
Page 8
THE PARK EDUCATION LTD (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 15,405 495,076 510,481 508,196 508,196 2,285 9,776 2,285 12,061 |
Total funds 2024 £ 15,405 495,076 510,481 508,196 508,196 2,285 9,776 2,285 12,061 |
Total funds 2023 £ 11,800 509,154 |
|---|---|---|---|
| 520,954 | |||
| 516,028 | |||
| 516,028 | |||
| 4,926 | |||
| 4,850 4,926 |
|||
| 9,776 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 24 form part of these financial statements.
Page 9
THE PARK EDUCATION LTD (A company limited by guarantee)
SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| Gross income in the reporting period Less: Total expenditure Net income for the reporting period |
Total funds 2024 £ 510,481 (508,196) 2,285 |
Total funds 2023 £ 520,954 (516,028) 4,926 |
|---|---|---|
The notes on pages 14 to 24 form part of these financial statements.
Page 10
THE PARK EDUCATION LTD (A company limited by guarantee) REGISTERED NUMBER: 13618036
BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Total net liabilities / assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
3,400 49,644 53,044 (46,316) |
2024 £ 5,333 5,333 6,728 12,061 12,061 - 12,061 12,061 |
- 39,134 39,134 (37,090) |
2023 £ 7,732 |
|---|---|---|---|---|
| 7,732 2,044 |
||||
| 9,776 | ||||
| 9,776 | ||||
| - 9,776 |
||||
| 9,776 |
Page 11
THE PARK EDUCATION LTD
(A company limited by guarantee) REGISTERED NUMBER: 13618036
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
David Freed
David Freed (Dec 4, 2024 11:37 GMT)
................................................
David Freed
Trustee
Date: 04/12/2024
The notes on pages 14 to 24 form part of these financial statements.
Page 12
THE PARK EDUCATION LTD (A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 24 form part of these financial statements |
2024 £ 12,710 (2,200) (2,200) - 10,510 39,134 49,644 |
2023 £ 34,134 |
|---|---|---|
| - | ||
| - | ||
| - | ||
| 34,134 5,000 |
||
| 39,134 | ||
Page 13
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Park Education Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Park Community Centre Limited is deemed to be the ultimate controlling party and parent undertaking of The Park Education Ltd.The Park Community Centre Limited is a registered Charity (Number: 1140834). The Park Education Ltd is included in the Consolidated Financial Statements of The Park Community Centre Limited, whose Financial Statements are publically available at the following address:
The Park Daventry Road Knowle Bristol BS4 1DQ
1.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
1.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Page 14
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.4 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment - 33% Straight line
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.9 Financial instruments
The Company 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.
Page 15
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 16
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Income from donations and legacies
| Donations Donation from parent charity Total 2023 |
Unrestricted funds 2024 £ 405 15,000 15,405 11,800 |
Total funds 2024 £ 405 15,000 15,405 11,800 |
Total funds 2023 £ 1,800 10,000 |
|---|---|---|---|
| 11,800 | |||
3. Income from charitable activities
| Common Room Hire Grants Supporting education activities Training course income Total 2023 |
Unrestricted funds 2024 £ 980 4,441 489,655 495,076 509,154 |
Total funds 2024 £ 980 4,441 489,655 495,076 509,154 |
Total funds 2023 £ 664 16,618 491,872 |
|---|---|---|---|
| 509,154 | |||
Page 17
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Analysis of expenditure on charitable activities
Summary by fund type
| Staff costs Resources Other Direct Costs Depreciation Overheads Professional fees Total 2023 |
Unrestricted funds 2024 £ 309,154 40,244 3,642 4,599 148,319 2,238 508,196 516,028 |
Total 2024 £ 309,154 40,244 3,642 4,599 148,319 2,238 508,196 516,028 |
Total 2023 £ 323,812 42,951 7,529 3,866 137,870 - |
|---|---|---|---|
| 516,028 | |||
5. Analysis of expenditure by activities
| Staff costs Resources Other Direct Costs Depreciation Overheads Professional fees Total 2023 |
Activities undertaken directly 2024 £ 309,153 40,244 3,642 4,599 - 2,239 359,877 378,158 |
Support costs 2024 £ - - - - 148,319 - 148,319 137,870 |
Total funds 2024 £ 309,153 40,244 3,642 4,599 148,319 2,239 508,196 516,028 |
Total funds 2023 £ 323,812 42,951 7,529 3,866 137,870 - |
|---|---|---|---|---|
| 516,028 | ||||
Page 18
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 276,966 23,270 6,454 306,690 |
2023 £ 291,615 22,490 5,530 |
|---|---|---|
| 319,635 |
The average number of persons employed by the Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 17 | 14 |
No employee received remuneration amounting to more than £60,000 in either year.
The average monthly number of employees during the year was 17 (2023: 14), calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension contributions were £63,020 (2023: £42,423).
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
8. Tangible fixed assets
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 |
Office equipment £ 11,598 2,200 |
|---|---|
| 13,798 |
Page 19
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Tangible fixed assets (continued)
| Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Debtors Due within one year Trade debtors Creditors: Amounts falling due within one year Loan from parent charity Trade creditors Amounts owed to parent charity Other taxation and social security Accruals and deferred income |
2024 £ 3,400 |
Office equipment £ 3,866 4,599 8,465 5,333 7,732 2023 £ - |
|
|---|---|---|---|
| 3,400 | - | ||
| 2024 £ 8,985 13,952 7,209 4,486 11,684 |
2023 £ - 7,234 7,209 9,932 12,715 |
||
| 46,316 | 37,090 |
9. Debtors
10. Creditors: Amounts falling due within one year
During the year £15,000 of the amount due to the parent charity (2023 : £10,000) was waived by The Park Community Centre. The amount waived has been recorded as donation income in the current year.
Page 20
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 49,644 | 39,134 |
Financial assets measured at fair value through income and expenditure comprise of cash at bank and in hand.
Page 21
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Statement of funds
Statement of funds - current year
| Balance at 1 April 2023 £ Unrestricted funds General Funds - all funds 9,776 Statement of funds - prior year Balance at 1 April 2022 £ Unrestricted funds General Funds - all funds 4,850 13. Analysis of net assets between funds Analysis of net assets between funds - current period Tangible fixed assets Current assets Creditors due within one year Total |
Income £ 510,481 Income £ 520,954 |
Expenditure £ (508,196) Expenditure £ (516,028) Unrestricted funds 2024 £ 5,333 53,044 (46,315) 12,061 |
Expenditure £ (508,196) Expenditure £ (516,028) Unrestricted funds 2024 £ 5,333 53,044 (46,315) 12,061 |
Balance at 31 March 2024 £ 12,061 Balance at 31 March 2023 £ 9,776 Total funds 2024 £ 5,333 53,044 (46,316) |
|
|---|---|---|---|---|---|
| 12,061 | |||||
| 12,061 |
Page 22
THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 7,732 39,134 (37,090) 9,776 |
Total funds 2023 £ 7,732 39,134 (37,090) |
|---|---|---|
| 9,776 |
14. Reconciliation of net movement in funds to net cash flow from operating activities
15.
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in debtors Increase in creditors Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2024 £ 2,285 4,599 (3,400) 9,226 12,710 2024 £ 49,644 49,644 |
2023 £ 4,926 |
|---|---|---|
| 3,866 - 35,342 |
||
| 44,134 | ||
| 2023 £ 39,134 |
||
| 39,134 |
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THE PARK EDUCATION LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year |
At 1 April 2023 £ 39,134 - 39,134 |
Cash flows £ 10,510 - 10,510 |
At 31 March 2024 £ 49,644 - |
|---|---|---|---|
| 49,644 |
17. Related party transactions
At 31 March 2024 The Park Education owed £20,797 (2023: £17,209) to The Park Community Centre Limited. The Park Education Limited was charged rent and other charges of £113,514 (2023: £117,203) during the year to 31 March 2024.
18. Controlling party
The Park Community Centre Limited is deemed to be the ultimate controlling party and parent undertaking of The Park Education Ltd.The Park Community Centre Limited is a registered Charity (Number: 1140834). The Park Education Ltd is included in the Consolidated Financial Statements of The Park Community Centre Limited, whose Financial Statements are publically available at the following address:
The Park Daventry Road Knowle Bristol BS4 1DQ
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