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2024-03-31-accounts

Charity registration number 210163

Company registration number 361505 (England and Wales)

PARKHAVEN TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

PARKHAVEN TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr J Williams
K L Henderson
R Walker
M Vincent
J McKnight (Appointed 1 March 2024)
K Curran (Appointed 10 July 2023)
Secretary K Randall
Charity number 210163
Company number 361505
Auditor Mitchell Charlesworth (Audit) Limited
3rd Floor
5 Temple Square
Temple Street
Liverpool
L2 5RH
Bankers Lloyds Bank plc
Station House
Mercury Court
Tithebarn Street
Liverpool
Merseyside
L2 2QP
Solicitors Weightmans LLP
100 Old Hall Street
Liverpool
Merseyside
L3 9QJ

PARKHAVEN TRUST

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 9
Statement of financial activities 10 - 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 31

PARKHAVEN TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2024

The trustees (who are also the directors for the purposes of company law) present their report and financial statements for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Companies Act 2006 and "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)".

Objectives and activities

Parkhaven Trust's strategic objectives are given below with progress made during 2023-24 highlighted in the report.

Parkhaven Trust was established over a hundred and thirty-six years ago when it was called Maghull Homes for People with Epilepsy. In 1997, it changed its name to Parkhaven Trust.

The charity’s objects are:

To relieve the needs of older people and people with epilepsy, learning, physical and other disabilities without prejudice to the generality of the forgoing by the provision of community homes, residential care, nursing home care and a range of day and domiciliary care. Also to provide training opportunities for staff, service users and their carers.

Parkhaven Trust’s mission statement is “to be a centre of excellence and leaders in dementia care". The services provided:

Residential care

Support services

PARKHAVEN TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Public benefit statement

Parkhaven Trust is a provider of care for people in need. These services offer an excellent environment, standard and flexibility of care and are open to everyone either directly or through contracts with local authorities or the NHS. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

2023-24 was another important year for Parkhaven. The focus has been on the improvement of existing services with further development of the use of technology and innovation in care management and delivery. During the year Parkhaven Trust maintained standards met in the Data Security and Protection Toolkit (DSPT) which is an annual selfassessment for health and care organizations. As a care provider, it shows you what you need to do to keep people's information safe, and to protect your business from the risk of a data breach or a cyber-attack. Achieving this status also meant that following the successful implementation of electronic care planning at James Page, The Beeches and Parkhaven Court the charity could access the GP gateway scheme ensuring the successful sharing of health and care records between health care providers. Following the receipt of grant funding electronic care planning has now also been implemented at the White House and further investment has been made in IT equipment. Parkhaven has been represented at a number of care events to discuss our digital journey.

Parkhaven Trust is a member of the North West Coast Living Lab for Ageing and Dementia, hosted by Liverpool University and Parkhaven Trusts CEO chairs the Dementia Friendly Sefton group, working with statutory and voluntary organizations to improve the lives of people living with dementia in Sefton.

The manager of the White House won Sefton’s Citizen 4 Good Award and her team were a Care Team of the Year finalist with the Housing with Care Awards. The manager was also a finalist for the Lifetime Achievement award. Parkhaven Trust volunteers were recognized at the 2024 Sefton Volunteer Awards and Parkhaven Trust was a finalist in the Maghull Town Council Civic award and Winner of a Beacon Award for exceptional work during the pandemic.

Parkhaven Trust continues to engage an outside company to conduct the role of advisors to the charity in our approach to Health and Safety. The company conducts a review of policy, risk assessments for fire, premises and grounds, kitchen audits, delivered fire safety training programs and advised on incident reporting issues.

The Quality Strategy continued to improve quality with infection control continuing to be emphasized as a result of the pandemic and CHC fundamental standards used to ensure that services were compliant with good quality care. Parkhaven Trust remains a member of the National Care Forum, which has continued to be invaluable during 2023-24 with timely access to support and guidance on a number of issues. The updated internal audit framework of the charity was implemented during the year, including Trustee visits. The development needs and membership of committees for Trustees was reviewed. As in previous years service user/ family feedback was gathered during the year to assess how the charity was performing. The annual Staff Survey which was undertaken in September supports this with 89% of respondents recommending Parkhaven Trust as a good place to work. All services are rated as “Good” by CQC.

Where required, policies were reviewed and updated during the year to reflect any changes in principles and/or legislation. Policies provide a formal set of “business rules” for staff, to inform their decision-making. They are important as they set the principles of how an organisation works and help to ensure that business objectives are met, and risks are controlled.

The workforce development plan continues to enable Parkhaven Trust to meet its strategic objectives and support the workforce to provide the highest standards of care to service users. Parkhaven Trust is represented on the Liverpool City Region Employment and Skills Board, and Sefton VCF sector partnership board and has used membership to access additional support for our workforce. Parkhaven Trust has achieved Aspiring Level in the LCR (Liverpool City Region) Fair Employment Charter and recent results from the NCF Reward and Pay survey show we remain competitive in the market. Recent staff survey results also show an improvement in the score for employee engagement for the fifth consecutive year.

PARKHAVEN TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Parkhaven Trust endeavors to be excellent in all that it does and retains the Investors in People Gold standard. This is external recognition of the charity's commitment to the development, investment, and involvement of its staff. The excellence of the services is only possible because of the excellence of our staff.

Financial review

Parkhaven Trust has been supported by generous gifts, for which the charity is most grateful with £10,626 received in donations and fundraising during the year. Grants were received for the implementation of electronic care planning at the White House, garden equipment for our residential services, to improve Wi-Fi connectivity and purchase IT equipment that will support the ongoing technological advancements being made. Parkhaven Trust also received a grant for Live Music Therapy for people living with dementia at the Beeches. The Big Gardening Fundraiser continued throughout the year.

2023/24 has been a difficult year financially. A small uplift of fees was awarded by the Local Authorities for local authority funded placements and by the NHS for the funded nursing care rate. Parkhaven Trust has seen an increase in financial pressures from staffing pressure and agency costs, increases in utility costs and continued investment in information technology and care management software. Parkhaven Trust continues to remain committed to being a Real Living Wage employer. Parkhaven Trust remains clear that full cost recovery must be achieved for all services, and it is working very hard towards this. Where services do not balance income with expenditure, plans are put in place to address this. Parkhaven Trust aims to minimize its management overheads as far as possible with overheads representing 11% of fee income at the year-end. Each department across the charity has set a budget for the year with results discussed with the department heads monthly. In line with our strategy the 2023-24 budget was drafted to include a 5% surplus.

Reserves policy

The free reserves of Parkhaven Trust should be sufficient to cover any anticipated running costs for 3 months in order to ensure continuity of service should the charity experience difficulties with income streams. This is reviewed annually and considered in conjunction with the risk register.

Investment policy

The investment policy of Parkhaven Trust aims to minimise risk and maintain liquidity. Funds are diversified across banking institutions on short to medium term deposits, which can be easily accessed in line with the charity's reserves policy. Interest rates are reviewed to ensure the most competitive rates are sourced. Trustees are briefed on the status of investment values and interest rates on a quarterly basis or more frequently if significant changes arise.

Risk policy

At all times the charity is aware of the need to minimise the risk that it faces. Risks and the risk register are reviewed quarterly by the Parkhaven Trust Board. This is then used to inform the work and priorities of the charity for the coming months.

Summary

The primary aim of Parkhaven Trust is to ensure that service users receive high quality services that they want and need, in a safe and excellent environment. We will build on the history and sustainability demonstrated for more than a century. Those that set up the charity showed foresight and generosity in establishing Parkhaven Trust. It now serves different but no less crucial functions in affording domiciliary, day and residential care for older people, people with dementia and people with learning disabilities. The Trustees are keen that this continues to demonstrate a real commitment to providing excellent and innovative services that meet the needs of those that require services now and in the future.

Structure, governance and management

The charity is a company limited by guarantee, incorporated on 29th May 1940 and is therefore governed by a Memorandum and Articles of Association which have been subject to revision and were formally adopted in September 2008. The Memorandum and Articles of Association were reviewed in 2022 and updated to reflect current guidance .

PARKHAVEN TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Trustees

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Dr J Williams N W Adshead (Resigned 23 October 2023) M P Copple (Resigned 23 October 2023) K L Henderson R Walker M Vincent J McKnight (Appointed 1 March 2024) K Curran (Appointed 10 July 2023)

Trustee appointment, induction and training

Trustees are appointed for a three year tenure with the possibility of renewal. Trustees are appointed following an open recruitment process which comprises advertising in the local press, online and interviews. Parkhaven Trust is keen to ensure it has an appropriate skill mix to reflect the needs and focus of the charity.

All new Trustees receive a comprehensive induction pack and programme. The induction programme includes a meeting with the Senior Management Team and visits to all services. All Trustees have an enhanced DBS check and an annual review with the Chair of Parkhaven Trust.

The Parkhaven Trust Audit Schedule requires a Trustee to visit every service within the charity twice per year. Reports on the visits are then completed and forwarded to the CEO and relevant managers for action as necessary.

Organisation

A Board of Trustees administers the charity. The Board of Trustees met four times during the twelve-month period April 2023 to March 2024. The purpose of the Board is to ensure a clear strategic direction and to hold the organization to account. The agendas of the meetings reflect these objectives. In addition, three sub-committees meet on a regular basis, these include:

The Senior Management Team

Day to day management of the charity is delegated to the senior managers. The senior management team for 2023/24 was:

The remuneration for each post is considered based on the responsibilities of the post, the market rate for similar positions and performance of the post holder.

PARKHAVEN TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Statement of trustees' responsibilities

The trustees, who are also the directors of Parkhaven Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

K Randall

Company Secretary Dated: 31 July 2024

PARKHAVEN TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF PARKHAVEN TRUST

Opinion

We have audited the financial statements of Parkhaven Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the 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 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 our audit:

PARKHAVEN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARKHAVEN TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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 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

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, is detailed below.

PARKHAVEN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARKHAVEN TRUST

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the charity's Statement of Financial Activities, (ii) the charity's accounting policy for revenue recognition (iii) the overstatement of salary and other costs (iv) the assumptions used in the calculation of the valuation of the surplus or deficit on the defined benefit pension scheme and the movements for the year. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body .

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty. These included the registration with the Care Quality Commission and Data Protection Regulations.

PARKHAVEN TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARKHAVEN TRUST

Audit response to risks identified

As a result of performing the above, we identified the presentation of the charity's Statement of Financial Activities, revenue recognition and overstatement of wages and other costs as the key audit matters related to the potential risk of fraud. The key audit matters section of our report explains the matters in more detail and also describes the specific procedures we performed in response to those key audit matters.

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

Use of our report

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. 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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Casey (Senior Statutory Auditor) for and on behalf of Mitchell Charlesworth (Audit) Limited 7 August 2024

Accountants Statutory Auditor 3rd Floor 5 Temple Square Temple Street Liverpool L2 5RH

PARKHAVEN TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donations and legacies
3
10,626
Charitable activities
4
5,963,322
Investments
5
531
Other income
6
-
Total income
5,974,479
Expenditure on:
Charitable activities
7
5,681,041
Net income for the year/
Net incoming resources
293,438
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
(42,418)
Net movement in funds
251,020
Fund balances at 1 April 2023
12,428,242
Fund balances at 31 March 2024
12,679,262		 Restricted
funds
2024
£
59,225
-
-
-
59,225
8,990
50,235
-
50,235
18,544
68,779		 Total
2024
£
69,851
5,963,322
531
-
6,033,704
5,690,031
343,673
(42,418)
301,255
12,446,786
12,748,041		 Total
2023
£
63,952
5,373,826
557
22,634
5,460,969
5,255,856
205,113
(17,924)
187,189
12,259,597
12,446,786

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PARKHAVEN TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Comparative information at 31 March 2023

Unrestricted
funds
2023
Notes
£
Income and endowments from:
Donations and legacies
3
16,852
Charitable activities
4
5,373,826
Investments
5
557
Other income
6
22,634
Total income
5,413,869
Expenditure on:
Charitable activities
7
5,210,420
Net incoming resources before transfers
203,449
Gross transfers between funds
422,870
Net income for the year/
Net incoming resources
626,319
Other recognised gains and losses
Actuarial loss on defined benefit pension schemes
(17,924)
Net movement in funds
608,395
Fund balances at 1 April 2022
11,819,847
Fund balances at 31 March 2023
12,428,242		 Restricted
funds
2023
£
47,100
-
-
-
47,100
45,436
1,664
(422,870)
(421,206)
-
(421,206)
439,750
18,544		 Total
2023
£
63,952
5,373,826
557
22,634
5,460,969
5,255,856
205,113
-
205,113
(17,924)
187,189
12,259,597
12,446,786

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PARKHAVEN TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Defined benefit pension liability
18
The funds of the charity
Restricted income funds
19
Unrestricted funds		 2024
£
1,190,204
431,389
1,621,593
(582,325)		 £
11,708,771
2
11,708,773
1,039,268
12,748,041
-
68,779
12,679,262
12,748,041		 2023
£
1,015,635
552,478
1,568,113
(582,394)		 £
11,461,065
2
11,461,067
985,719
12,446,786
-
18,544
12,428,242
12,446,786

The financial statements were approved by the trustees on 31 July 2024

Dr J Williams Trustee

Company registration number 361505 (England and Wales)

PARKHAVEN TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(323,857)
-
531
-		 £
202,237
(323,326)
-
(121,089)
552,478
431,389		 2023
£
(36,910)
22,634
557
(507,500)		 £
(13,346)
(13,719)
(507,500)
(534,565)
1,087,043
552,478

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Parkhaven Trust is a private company limited by guarantee incorporated in England and Wales. The address of the registered office is given in the legal and administrative information in these financial statements. The nature of the charity’s operations and principal activities are described in the Trustees’ Report on pages 1 and 2.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity where they have not been designated for other purposes.

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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.

1.4 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity but it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, can be measured reliably and the charity has control over the items. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.

The charity receives grants in respect of staff training. Income from government and other grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If the charity does not have entitlement the amounts are deferred.

Voluntary income is only deferred when:

Income from charitable activity incorporating care fees is deferred until entitlement to the income has passed when received in advance.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes interest and rent. Interest income is recognised using the effective interest method and rent income is recognised as the charity’s right to receive payment is established.

Other income includes gains on disposals of tangible fixed assets.

1.5 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 are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a pro-rata basis consistent with use of the resources.

The analysis of these costs is included in note 8.

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Individual assets are capitalised on the balance sheet where their cost exceeds £500.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land and buildings Not depreciated
Fixtures and fittings 10% / 20% per annum
Motor vehicles 10% / 20% per annum

Depreciation is not provided on freehold land and buildings as they are maintained to a high standard and have such a long expected useful life that any depreciation charge is not considered material.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Investments in subsidiaries are measured at cost less impairment.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes.

1.12 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Redundancy pay is payable when the employment of an individual who has been with the charity for more than two years is terminated.

1.13 Retirement benefits

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

The charity also operates a defined benefit plan for the benefit of its employees. A liability for the charity’s obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
10,626
-
Grants receivable
-
59,225
10,626
59,225		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
10,626
16,852
-
59,225
-
47,100
69,851
16,852
47,100		 Total
2023
£
16,852
47,100
63,952

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Charitable activities
Care fees 5,963,322 5,373,826
5 Investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 531 557
6 Other income
Total Unrestricted
funds
2024 2023
£ £
Net gain on disposal of tangible fixed assets - 22,634

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Agency costs
Other staff costs
Rent, rates and water
Heat, light and power
Cleaning, maintenance and medical supplies
Catering
Activity costs
Travel
Equipment costs
Insurance
Telephone and communications
Fees and licences
Share of support and governance costs (see note 8)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 Care and
support
services
2024
£
3,691,738
67,275
483,376
94,656
207,160
244,905
186,956
99,983
28,936
4,626
1,369
81,233
15,811
68,239
5,276,263
368,258
45,510
5,690,031
5,681,041
8,990
5,690,031		 Care and
support
services
2023
£
3,541,437
61,808
411,036
96,348
181,822
178,581
138,684
100,137
18,250
6,485
18,616
76,910
15,572
53,149
4,898,835
321,245
35,776
5,255,856
5,210,420
45,436
5,255,856

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Staff costs
Depreciation
Operating lease charges
Office costs
Legal and professional
Information technology
Advertising and marketing
Loan interest
Governance costs
Analysed between:
Care and support services
Governance costs comprise:
Audit fees
Trustees insurance
Pension scheme advisory
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Loss/(profit) on disposal of tangible fixed assets
Operating lease charges		 2024
£
274,347
8,872
8,100
8,769
24,201
28,592
15,377
-
45,510
413,768
413,768
2024
£
7,770
1,860
35,880
45,510
2024
£
7,770
76,148
-
8,100		 2023
£
243,160
8,135
8,034
12,736
18,304
15,789
14,553
534
35,776
357,021
357,021
2023
£
7,400
1,860
26,516
35,776
2023
£
7,400
69,943
(22,634)
8,034

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

The trustees did not have any expenses reimbursed during the current or preceding year.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Employees

The average monthly number of employees during the year was:

Care and ancillary services
Support
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The average number of full time equivalents was 146 (2023 158).
The number of employees whose annual remuneration was £60,000 or more were:
£80,001 to £90,000		 2024
Number
190
11
201
2024
£
3,640,874
274,932
50,279
3,966,085
2024
Number
1		 2023
Number
160
10
170
2023
£
3,452,120
259,686
72,791
3,784,597
2023
Number
1

12 Interest payable and similar expenses

Interest on bank loans totalling £Nil (2023 £534) was paid during the year.

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 April 2023
11,116,593
Additions
229,250
At 31 March 2024
11,345,843
Depreciation and impairment
At 1 April 2023
-
Depreciation charged in the year
-
At 31 March 2024
-
Carrying amount
At 31 March 2024
11,345,843
At 31 March 2023
11,116,594		 Fixtures and
fittings
Motor vehicles
£
£
724,247
45,801
94,607
-
818,854
45,801
379,778
45,801
76,148
-
455,926
45,801
362,928
-
344,471
-		 Total
£
11,886,641
323,857
12,210,498
425,579
76,148
501,727
11,708,771
11,461,065
15 Fixed asset investments
Other investments
Cost or valuation
At 1 April 2023 & 31 March 2024 2
Carrying amount
At 31 March 2024 2
At 31 March 2023 2
2024 2023
Other investments comprise: Notes £ £
Investments in subsidiaries 2 2

The company owns the whole of the issued ordinary share capital of The Maghull Homes Limited, a company incorporated in England and Wales. The company has not traded during the year and its share capital and reserves at 31 March 2024 amounted to £2.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
309,875
3,690
876,639
1,190,204		 2023
£
286,883
2,997
725,755
1,015,635

17 Creditors: amounts falling due within one year

Other taxation and social security
Payments received on account
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
62,082
154,694
210,751
45,618
109,180
582,325		 2023
£
52,980
199,525
192,368
21,064
116,457
582,394

18 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £49,361 (2023 - £70,715).

Defined benefit schemes

The charity operates a defined benefit pension plan for qualifying employees providing benefits based upon final pensionable pay. The pension plan is funded by the payment of contributions in accordance with the advice of the scheme actuary and assets of the plan are held in a separately administered fund.

The most recent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation was carried out at 31st March 2023.

Key assumptions
2024 2023
% %
Discount rate 4.85 4.5
Expected rate of inflation 3.20 3.31
Pension increases (RPI max 5.0%) 3.07 3.16
Pension increases (RPI max 5.0%, min 3.0%) 3.67 3.71

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Retirement benefit schemes (Continued)
Mortality assumptions
The assumed life expectations on retirement at age 65 are:
2024 2023
Years Years
Retiring today
- Males 21.2 21.7
- Females 23.4 23.9
Retiring in 20 years
- Males 22.1 22.7
- Females 24.6 25
Amounts recognised in the profit and loss account:
2024 2023
£ £
Other costs and income 918 2,076
Amounts taken to other comprehensive income:
2024 2023
£ £
Actual return on scheme assets (139,775) 114,718
Less: calculated interest element 102,267 79,725
Return on scheme assets excluding interest income (37,508) 194,443
Actuarial changes related to obligations (136,211) (659,381)
Effects of changes in the amount of surplus that is not recoverable 216,137 482,862
Total costs 42,418 17,924
The amounts included in the balance sheet arising from the charity's obligations in
respect of defined benefit plans are as follows:
2024 2023
£ £
Present value of defined benefit obligations 2,183,671 2,327,602
Fair value of plan assets (3,371,283) (3,299,077)
Surplus in scheme (1,187,612) (971,475)
Restriction on scheme assets 1,187,612 971,475
Total liability recognised - -

18 Retirement benefit schemes

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Retirement benefit schemes (Continued)
Movements in the present value of defined benefit obligations:
2024
£
Liabilities at 1 April 2023 2,327,602
Benefits paid (109,987)
Actuarial gains and losses (136,211)
Interest cost 102,267
At 31 March 2024 2,183,671
The defined benefit obligations arise from plans funded as follows:
2024
£
Wholly unfunded obligations -
Wholly or partly funded obligations 2,187,671
2,183,671
Movements in the fair value of plan assets:
2024
£
Fair value of assets at 1 April 2023 3,299,077
Interest income 102,267
Return on plan assets (excluding amounts included in net interest) 37,508
Benefits paid (109,987)
Contributions by the employer 43,336
Other (918)
At 31 March 2024 3,371,283

The actual return on plan assets was £139,775 (2023 - £114,718).

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Retirement benefit schemes

(Continued)

The fair value of plan assets at the reporting period end was as follows:

The fair value of plan assets at the reporting period end was as follows:
Debt instruments
Equities and property
Fixed interest bonds
Cash and other
Annuities		 2024
£
2,883,462
-
-
139,741
348,080
3,371,283		 2023
£
-
1,454,020
1,033,273
437,761
374,023
3,299,077

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
PH Holt Foundation
Home Improvement Fund
Sefton Social Services - Digital
Transformation Fund		 April 2023
£
5,264
13,280
-
18,544		 Incoming
resources
£
-
-
59,225
59,225		 Resources
expended
£
(1,316)
(4,074)
(3,600)
(8,990)		 Transfers
At 31 March
2024
£
£
-
3,948
-
9,206
-
55,625
-
68,779		 Transfers
At 31 March
2024
£
£
-
3,948
-
9,206
-
55,625
-
68,779
68,779

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

19 Restricted funds (Continued)
Previous year: At 1 April 2022 Incoming Resources Transfers At 31 March
resources expended 2023
£ £ £ £ £
Big Lottery Grant Fund 7,870 - - (7,870) -
Sefton Social Services 140,000 - - (140,000) -
Garfield Weston 50,000 - - (50,000) -
Dunhill Medical Centre 85,000 - - (85,000) -
Clothworkers Foundation 40,000 - - (40,000) -
The Woolfson Foundation 100,000 - - (100,000) -
PH Holt Foundation 6,580 - (1,316) - 5,264
Home Improvement Fund 10,300 6,300 (3,320) - 13,280
Infection Control Fund - 23,000 (23,000) - -
Workforce Recruitment and
Retention Fund - 14,800 (14,800) - -
PH Holt Foundation - 3,000 (3,000) - -
439,750 47,100 (45,436) (422,870) 18,544

The PH Holt Foundation provided a grant of for the purchase of a sensory table at the Willow Centre.

A grant of £16,600 was received through Sefton Council's Capital Home Improvement Programme to replace the flooring at James Page with dementia friendly flooring and to provide a sensory table at The Beeches.

Sefton Council provided Infection Control Funding of £23,000 to enable the charity to meet its payroll obligations in periods of enforced staff absence and other disruption. This funding was administered by the Department of Health and Social Care.

Sefton Council provided Workforce Recruitment and Retention Funding of £14,800 to enable the charity to recruit and maintain the necessary quota of staff. This funding was administered by the Department of Health and Social Care.

The PH Holt Foundation provided a grant of £3,000 for music services.

Sefton Council provided Digital Transformation funding of £59,225 to enable the charity to digitalise the White House and Parkhaven Court.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
£
Buildings
development
fund
404,712
General funds
12,023,530
12,428,242
Pension fund
-
12,428,242
Previous year:
At 1 April 2022
£
Buildings
development
fund
572,424
General funds
11,247,423
11,819,847
Pension fund
-
11,819,847		 Incoming
resources
£
-
5,974,479
5,974,479
-
5,974,479
Incoming
resources
£
-
5,413,869
5,413,869
-
5,413,869		 Resources
expended
£
(100,516)
(5,622,943)
(5,723,459)
42,418
(5,681,041)
Resources
expended
£
(167,712)
(5,060,632)
(5,228,344)
17,924
(5,210,420)		 TransfersGains and losses
At 31 March
2024
£
£
£
-
-
304,196
-
-
12,375,066
-
-
12,679,262
-
(42,418)
-
-
(42,418)
12,679,262
TransfersGains and losses
At 31 March
2023
£
£
£
-
-
404,712
422,870
-
12,023,530
422,870
-
12,428,242
-
(17,924)
-
422,870
(17,924)
12,428,242		 TransfersGains and losses
At 31 March
2024
£
£
£
-
-
304,196
-
-
12,375,066
-
-
12,679,262
-
(42,418)
-
-
(42,418)
12,679,262
TransfersGains and losses
At 31 March
2023
£
£
£
-
-
404,712
422,870
-
12,023,530
422,870
-
12,428,242
-
(17,924)
-
422,870
(17,924)
12,428,242
12,428,242
-
12,428,242

The trustees have set aside the proceeds from the sales of land and properties as a buildings development fund.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21
Analysis of net assets between funds
Unrestricted
funds
2024
£
Fund balances at 31
March 2024 are
represented by:
Tangible assets
11,639,992
Investments
2
Current assets/(liabilities)
1,039,268
12,679,262		 Restricted
funds
2024
£
68,779
-
-
68,779		 Total
Unrestricted
funds
2024
2023
£
£
11,708,771
11,442,521
2
2
1,039,268
985,719
12,748,041
12,428,242		 Restricted
funds
2023
£
18,544
-
-
18,544		 Total
2023
£
11,461,065
2
985,719
12,446,786

22 Capital commitments

Amounts contracted for but not provided in the financial statements:

There were no capital commitments at 31st March 2024 (2023 £Nil).

23 Operating lease commitments

Lessee

The total future minimum lease payments under non-cancellable operating losses are as follows:

Within one year
Between two and five years		 2024
£
4,638
17,393
22,031		 2023
£
5,908
10,150
16,058

24 Related party transactions

The key management personnel received remuneration in the year of £288,559 (2023: £302,097).

The key management personnel of the Trust comprise the Chief Executive, Operations Manager, Finance Manager, Human Resources Business Partner, Estates Manager, Marketing Manager and Community Services Manager.

PARKHAVEN TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

25 Cash generated from operations 2024 2023
£ £
Surplus for the year 343,673 205,113
Adjustments for:
Investment income recognised in statement of financial activities (531) (557)
Gain on disposal of tangible fixed assets - (22,634)
Depreciation and impairment of tangible fixed assets 76,148 69,943
Other recognised gain(loss) on pension scheme (42,418) (17,925)
Movements in working capital:
(Increase) in debtors (174,566) (47,336)
(Decrease) in creditors (69) (199,950)
Cash generated from/(absorbed by) operations 202,237 (13,346)

26 Analysis of changes in net funds

The charity had no material debt during the year.