Charlty reglstrdtion number 269936 Company reglstratlon number 01220667 (England and Wales} PARK CHARITABLE TRUST FOR GIRLS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
PARK CHARITABLE TRUST FOR GIRLS LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trnstees Mr M Ahmed Ms NAfzal MSA Ghafoor Officers Bursar MrRDLane Charlty number 2699&S Company numb•r 01220667 Reglstered office 283 Green Lanes Palmers Green London N134XS Audltor Georgiade$ Charalambou & Co LLP 283 Green Lanes Palmers Green Londo N134XS Bankgrs HSBC Bank PIC Ilford Branth 126 High Road Iword Essex IG1 1DA
PARK CHARITABLE TRUST FOR GIRLS LIMITED CONTENTS Page Trustees, report Independent auditorfs report ststement of fina1 activthes Balance sheet 10 Statement of cash Ilo 11 Notes to the finawal slatements 12-22
PARK CHARITABLE TRUST FOR GIRLS LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present Ih9ir annual report and financial statements for the year ended 31 August 2024. The finanaal stslernents havè been prepared in aOrdanCe wilh Ihe accounting l¢le$ sel out in note 1 Ic¢ the financial statements and cmY wrth the ch8rty$ goveming documenl, th¢ Companies Act 2006 and -Accounting and Reporting by Chanties". Statemènt of Recommende(I praCts appli¢abl& to tharlies preparing their ac¢ounts in aclordance wilh the Financtal Reporting Standard applicab in the UK arn1 Republ of Ireland IFRS 1021" leffectiva l January 2019). Obj•ctlv•$ and aedvtoes Charitable Objects The Charity's Objects, as sel out in its Trust Deed. "are to promote ar provide for thg advancement of education and in tx)nnection Ihewwth lo ¢)Jnduct, carry on, acquire and develop in U)e Unitèd Kingdom any boarding or day Sehool or Schools for Ihe edu10 of children.. Wth the dosure of the former Park School rt is the Tnjslees aim lo arnen¢J the Charitable Objects to indude a wder area of providing edu&ition lo benefit chikjren. Aims and Intsnded Impa¢t Followng the dosure of the fornier schocd C 31st August 2024 and the sale of the fomier school premises thè Trustees have resolved lo continue lo support educational needs of thildren and]IK other local schools. A formal ritable policy has not yet been determined. but thè Tnjstees 3nlKipate making grants to bolhlerther pupils andloi schools plus other comrnunrty groups invofved with the educ4tson andltsr welfarè ol children lo facilitate ongoing educalional needs. The Trustee8 hope tts be able to report in further detafl in the next annual reporL Objectives for th• Period During the period since the dosure ofthe school and the Sa of the premises the Trustees have simply inve$led the available funds in short tem banklmoney market deposit airg)unts, whi15t a fomal new tharitable polcy is being contemplated. No grants have yat been madè or approved. but the Twstees expeca to commence so dong through 2024r25. Public Benefit The TNstees have 0)Mpt vAth their duty to have due regard to thè guidance on Fbblic Benefft publishe(I by The Charrty Commi55ion in exercising their poww8 or dubes. The trust88s have paid due regard to guNJarKe i¥sue(I by the Char6ty Comm05sion In de"d1j what activilie$ the charity Should undertake. A¢hiev•m&nts and rforman Financial review The results for the year as sel oul on Page 9 sh¢M a SUfpIL¢S for the year of £37.026 12023= defi¢it of £1.919,387) sulling in a nel asset value at 31 August 2024 of £2,312,02012023'. £2,349,046>. IrNestment InMe amounted tci £82.113 {2023'. £111. Cash resen$ are prinapaty held in the bank's tUent bank 8ccount arKI short tem bank deposit accounts. The truslees conwder the resuhs Ihe year to be sattsfrd¢Aory.
PARK CHARITABLE TRUST FOR GIRLS LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Golng concom th the sale of the former school premises the Trustees are sab"sfied that the fsjnds on deposit are currentty generating sufficient income to meet the day to day liabilities of the companylcharity. The Trustees anlicipale investsng the company fvnds into other caprtal assets lo improvg the incy)rne over the next tsvefve months. The Trustees bejiave the company is a goiTrJ ¢on(em. Res•r4es policy The unrestricted règ8Nes at th8 end of the ffinancial year were £2,306.957, whth indudes designated fixed asset reserves of £nil, giving free ieserves of £2.306,957_ The School policy is theref to continuè to monitor and increase our free fftserves by means of future annLEal (weTing surpbjses. Investrnent policy and powe The chariws investment powers are detailed in its Memorandum atKI Artths of A55wation. 11 currently adopts a ptslicy of investing any surplus deposits on a rnoney market account A COIF Charities depo8rt fund 18 also held lo invest Cash sums not needed wthin 28 days. Ri¥k management The Trustees are consideriThJ investing the fvnds lo produce an improved rate of fttum over the currgnl Interest eamed, arKI also to protect th8 capital valuÈ of the funds againsl inflalKJn. Structure. governan¢• and man4gement Gov•ming document The goveming dowmenl of the charity is its Memorandum and Arts"des of Association. dating from 1975 as amended in 2001. 2012 and 2023, which sets out the purpos8$ of the charity as to promote and provide for the advancement of education. The Artides of Association were amended by a SperJ"al Resolution dated 31st Mar¢h 2023 as detailed bdow. Trustees of the Chartty are also dirèctor5 of the charptable company and mÈmbers of the goveming body of the School. In view of the dosure arKI sale of the s¢knl fLarther revised Memorandum and Articles of Asso¢lation may be deemed necessary, whith 15 caJTrenUy under reviw by professional advisors. Amendment tg the Companys Memor4ndum and Arfl¢les ofAs8oei#tion By a Special Resoluiion dated 31st 2023 the folknwing ¢arys to the Memorandum of Articles wera approved.. 1. amending articl8 2.2 and replacang bt with the fojhming: 2.2 Thgrè 1$ a quorum 8t a gener meekng if the number of members personally present is at ast 2 amending articlg 3.1 and replacing it with the flOw1ng'. 3.1 the Govemors a$ (*arrty tNsteg$ have cc#rtrol of the drity and ils proporty and funds and thall when cornplele consist of at least 5 but IesS Olhewse deteFrninetJ by ordinary SOlUtiOn) Shall not be subject to any MamuM 3. deleting arlide 3.2 in tts 8ntirety and 3 shal be renumbered a¢>xJrdiThJty 4. amending artide 4.2 and replacing it with the foNoMng'. 42 a quorum al a meeting ofthe G0vem0 is 2 Govemors or 50% ofthe GcNeming Body. whi¢hever is tha smalter
PARK CHARITABLE TRUST FOR GIRLS LIMrrED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Stat4nwnt of Inmteey. Mponjibe The trustees. V&tho are also the directors of Part Charrlablg Tntst for Girts Lwnitad frr purpose of ojmpany law, are responsible for preparing the Trustees, ReFNt arwj the financial statements in acfxJrd3ncè with opplKable law and United Kingdom Accounting Standards (United lfjrbgdom GeneraItyAepIedAO))un1Ing Pwticel. Cornpany Lay raquwes the trustees to wepwe fttwKial slatements for oath ffinanc year gi¥E a IrL and fair of tho stsle of affairs of thaiity arvj of the in(xsming resour arvj appFiotrJn of rasourt¥s, induding tho ino)me and expendit¥Jr8. of the charit¥ble company for that year. In preparing these finanoal lements. the trust¥ are required to: - se18Ct suitabla a(tountirKJ pok8s and thèn appty Ih8m wwsl". . tsbsoNo the mat$ and prfnupth in Ihe Chaiilies SORP.. - m&ko jLvJgements aThJ eslimatgs that roasonaL48 aNI Prnt.. - stale whether applicable UK AcLThinting Standards been folkyd. suti8(a to arky matorlal departures discbs•J and ewained in the finanud 3tatements" wxl - prepare the financAa! staewts on the lIj c1jn basls urkn it i8 knappropriate to presumo that the tharity 11 Contin in oF4iabon. Thg In4Stees are responsible for keeping adeW ao)xmting rgcorrfs that disthe with reasonable accura¢y at any time the finawal posillon tsf the drity and enable thom to ensurè Ihat the finawal statements ¢ompty with the Companles A¢t 20ChS. They a also rgsrrtnsible for safeguarding the assets of the thaiity arbj lnce for taking reasonatAe steps for ihe pvantion and dtti of fraud and other irragularibés. Audltor In aC(>)rdan with tha 1mpanS arlKaes. a r9$0hJtion woposlrvJ that G8tygiB Charalafflx & Co LLP b rèappointed as aLKlitor ofthe company wa be PLrt at a Genar Meeting. Dl8dosurn of inforniation to auditor Eadi of the trustees has confmied that Ih8r• Is no informalw)n of whth try are awar8 which is r818vant to th8 audit, but of whK the aLKlitor is un8waft. Th8y have fvrth8r confirmed that have takgn appropriate steps lo identy such relevant Informalion K1 to 8stat4ish that the alItOr Os are ofsLth infonnation. Tha trust ' r•port was appToved by the BOo ofTrustees. MsNAtsI Trwtee
PARK CHARITABLE TRUST FOR GIRLS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARK CHARITABLE TRUST FOR GIRLS LIMITED Opinlon We have audited the financial statements of Park Charttable Trust for Girts Limited (the 'chartty'l for the year ended 31 August 2024 which comprise the stslemenl of financial acttvtlies. the balan sheet, thg slalement of cash flows and notes to the )Inanaal statements, induding signrficant a¢¢ounb'ng pdioes. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountsng Standards, including Financial Reporting Stsndard 102 The Finanual Rèporting Sland8r(l applKable in the UK and Republ of Ireland {United lQngdom Generally Accepted Accounkn"w Pract). In our opinion. the financial stslements-. give a true and fair view of the state of the charitable companls affairs as al 31 August 2024 and of ils irKoming resource5 and appllcation of resources. induding its income and expenditure, for th& year then ended.. have been properfy prepared in accordance V•ith Unrted Kingdom Generalty Acwted Aceounling Practice., and have been prepared in accordano the wuirements ofthe CompaniesAct 2006. Basls lor oplnlon Wo conductod our audit in adance th Intemational Standards on Audthng {UKI IISAS IUKI} and applicable law. Our responsibilities under those slandords are fvrther described in the AuditoWs SponSi1111eS for th8 audit of the financial statet$ section of our reporL are independent of the charity in aGcordan¢e wth the ethical requirements that are relevant to our audit of the financial statements in the UK, including tho FRC'S Ethical Standard, and we have fulfilled our other ethical resF>onsibiliti"es in accordance wth these requirements. We believe that the audit emdence have obtsined is sufficaent aThJ appropriate to provide a basis for our Onon. Concluslons relating to going concem In auditing the finanGiaJ slalements, we have conduded that the trustees. use of the going concom basis of accounting In the preparation of the firbancial ststemenls is appropriate. Based on the work we have performed. we have not idenlnled any material uncertainties relating to events ol eondilions that, indiwdually or c(Alectiveiy, may east sgnffieant doubt on the ¢harity's ability to continue as a going ern for a period of at least IvAve months from vthen the finanual statements are authorised for issue. Our responsibilities and the wponsibilrties of ts trustees 7Mth resped to goirvj concem are described in the relevant sections of thi$ report. Other Inforniatlon The other information comprises the Infomiation Induoed In the annual report otheT than the finanaal statement$ and our auditorfs report thereon. The trustees are responsible for the other inforniation contained within the annual report. Our opinion on the finanual statements does not cover the other information and, eXpt to the exlonl olhemise expli¢rfy staled in our report, we do not express any fonn of assuran¢e condusion thereon. Our responsibility is lo read the other infom)ation and. in dcing so, COnder whether the other infomation is materially inconsislenl wth the financi statements or our kncmledge obtsined in the course of the audrt, or otherwise appears to be materially misstated. Ef we iderrtrty suth material inconsisteniies or apparenl material misstatements. we are requirod to detemline whether this gives nse to a malerid mi5Statement in the financial statements themselve8. If. based on the work we have performed, condude that there is a material misstatement of this other information, we are roquired to rewt that fact have nothing to report In this regard. Oplnlons on other matter5 prexrib•d by th• Companles Act 2006 In our opinion, based on the work undertaken in the wjrse of our audit.. the infornialion given in the tnjstees, port for the financial year for Ithich the financial statements are prepared, which iridudes the directors. report prepared for the purposes of company law. is consi8tenl wth th8 rinancial slalements., and the directors, report induded within thg trustee6' report ha8 been prepared in accordance with applicable legal r4uirements.
PARK CHARITABLE TRUST FOR GIRLS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARK CHARITABLE TRUST FOR GIRLS LIMITED Matters on which we aro requirod to report by oxceptlon In the light of the knowtedge and understanding of the tharity and enwronmenl obtained in the urse of the audit, we have not identified matsrial misstatements in the directOTS' report indudad Kwthin the trustees, report. We have nothirvJ lo report in respect of the fo1ng matttrs in relakn to which the Companies Act 2006 requires us to report lo you if, in our opinhJn'. adequate accounting rec(ds have not bean kept. or retums adeql for our audit have not been received from branches not visrted by us,. or the finanrjal statements are not in agreement with the accounb'ng records and retums. or ertain dIlosureS of Iruslees, remuneration specffied bylaw arg not made,. or we have not received all the infom)ats"on and exKAanations we require for our aLKIit'. or the trustees were not entrtled lo prepare the financid statements in accordance wth thg small companies iegime and lake advantage of the Small companies. exemp$ in kyeparing the trustees. raport and from the requirement to prepare a Strateg rep Respon5ibllttles of tru$tge5 As explained more fully in the statement of trustees. reSpbIlItieS, th8 tnjstees, who are also the directors of the eharty for the purpose of oJmpany law. are resp)nsible for the preparation of the financial statements and for being satisfied that they give a true and fair VFew, and for such intemal control as the trustees determine is necessary lo enable the prepaTats'on of finanaa slalements th are free from material misstement. whether due to fraud or error. In preparing the finanei81 statements. th8 trustees are r9sponsible for assessing the charity's ability to continue as a going COnM. disdosing. as apicable. matter5 related to goiry concern and using the going concern bas of accounting unless the trustees etther intend lo IBJuidate the charitable company or to cease operations. or have no realistic alternaVe to do so. Audltorfs responslblltties for the audit ofthe financlal ststsm¢nts Our objectives are lo obtain reaSonae assurance about whether the financial stalements as 3 whole ar8 frge fr(Im material misstatement, whether ijue lo fraud or error, and to issue an auditors report that indudes our opinion. Reasonable assurance is a high level of assuran¢e but is not a guarantee that an audit conducted in accordance th ISAS IUKI will afvRys detect a material misstslement when il exists. Mis*#ements can arise from fraud or error and a consided material if. individually or in the aggregate. could reasonably be exp9¢ted to influence the economic decisions of user5 taken on the basis of these finant4al statements. Irregularities. Including fraud. are Instances of nonacompllance with laws and Tegulallons.. We design procedures in line wth our responsibilth"es, ouuined above, lo detect material misststements in respect of iryegularilies, including fraud. The extent to our procedures are capable of detecting irregularities, induding fraud 16 detalied below".
PARK CHARITABLE TRUST FOR GIRLS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARK CHARITABLE TRUST FOR GIRLS LIMITED The èxtent to whlch the audlt was ¢onslderqd capabl• of detsctlng irregularll5è5 In¢ludlng fraud Our approach to idenlrfying and a&8essing the risks of material misstatement in respect of irregularities, including fraud and non-complian¢e with laws and regul"ons. vr4$ as fOlW$. the engagement partner ensured that the engagement team collectively had the appropriate eompelen¢g, capabilities, and skills to idenbfy or reeognise nOrcoMplIsce with applicable laws and regulations. • we idenffied the laws and regulations applicable lo the thartty through discussions trustees and other management, arKI from our knovledgg and experience of the charity se¢tor. we focused on specific law5 and regulations whic) considered may have a direct material efffj on the rinancial statements or the operations of the charrty. induding the Compaiies Act 2006, the Charities SORP FRS 102, Charities Aet 2011, EducatFon and Skills Act 2008, Children Act 2004. taxation legislation, data protection, anli-bribery. employment and heatth and safety legislab"on,' we assessed the extent of compliance wrth the laws and regulations entffied ab)ve through moking enquiries of management and inspecb'ng legal cOeSndenCe. and idenb.fied laws and regulations were MMunICated thin the audrt tsam regulaty and the team remainad alert to instances of non<0mplian throughout the aud We assessed the suseeptibility of the chaws finanod ststements to material misstatement, induding obtainlng an understanding of how fraud might ¢Jccur, by". making enquiries of management as to vthere they considered there was su8ceptibilty lo fraud, their knoedge of actual. suspected and alleged fraud." and considering the intemal controls in place lo mitigate risks of fraud aTrJ non-complkance wth laws and regulatis. To add$S the risk of fraud through management bias and override of contrds. we.. performed analytical procedures to identify any unusual or WXFCted relationships: tested joumal entries lo identify unusual tranwts"ons', assessed whether judgements and assumptions made in detemiining the accounting estimates Set out in note 1 were indicative of potential bia¥.' and investigated the raknonak behind gnIficant or unusual tranSOlonS. In response lo the risk of irregularitses and norpcompSrance laws and regUtionS, wo de&gned procedure8 which induded, bul were not limrted to.. ageIng financial statement disdosures to undertying SUPFrtxt"ng documentstion.. reading the minutes of meeth.ngs ofthose charged wtth govemants; enquiring of management as lo actLtal and Wential lib"gation and daims." and reviewing correspondence wth HMRC, relevant regulators induding the ¢harity mmISSion, independent s¢hools inspectorate and the charity's legal advisors. There are inherent Ilmilalions in (Mjr audit procedu$ described above. The more removed that 18ws and regulations are from financial transactions. the less like it is th8t wo woukl beEomo awara of non-compliance. Auditing Standards also limit the audit procedur requir&J lo identify non-complice laws and regulations lo enquiry of the trustees and other managemerrt and the inspection of regulatory a)d legal correspondence. rf any. Material misstatements that aris8 due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collugon. A further description of our responsibilities is availats4e on the Financial Reporting Council's websTte al.. http3.'11 www.frc.org.uklaudtiorsresponsibilities. This descriplion fomis part of our auditorfs repott
PARK CHARITABLE TRUST FOR GIRLS LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PARK CHARITABLE TRUST FOR GIRLS LIMITED Masud Abdu14(aTim Isonior Statutory Audltor) for and on behalf of Georylades Charalambou & Co LLP Chartered Certlfied A¢¢ountants ststutory Audltor 283 Green Lane$ Palmers Green London N134XS
PARK CHARITABLE TRUST FOR GIRLS LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unr•strlct•d Rostrlcted funds funds 2024 2024 Tolal Unrestrkted Rtricted funds fund$ 2023 2023 Totsl 2024 2023 Income and ondowments from: Donations and legaaes Charitable activities Invèstments Other income 4,098 1.486,280 11 2.989,691 4,098 1.486,280 11 2,989.691 82.113 82.113 Total in¢om• 82.113 82.113 4.480.080 4.480.080 Expendiiure on: Charitable activities Other eXndItUre 119.139 119,139 2,467,122 93,591 2.467,122 93,591 12 Total 8xpenditur8 119.139 119,139 2.5&),713 2,560,713 Net Incomel{exp8ndltur•} and movement In funds (37,0261 (37.026) 1.919.367 1.919.367 Reconclllatlon of funds". Fund balances at 1 September 2023 2,343.983 5,063 2.349.046 424,616 5,063 429,679 Fund balances at 31 August 2024 2.306,957 5.063 2.312,020 2,343,983 5,063 2,349,046
PARK CHARITABLE TRUST FOR GIRLS LIMITED BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Cury•nl 18$0ts D8blorn Cash at bank and in hand 14 3,313,208 199,300 2.371.308 2.395294 Crpdltors: amounts falllng due ¥thhlTr one yoar 3.512, 16 (83274) (1.163,5221 N81 current assets 2.312.020 2.349,046 2.312.OXI 2,349.046 Incom• fund• Restricae(I funds Unrestricted funds General unrgslriced funds 16 5.063 17 2.306.957 2.343,983 2,X6.957 2.343.983 2.312,Oa) 2.349.046 The fin aal 8tatern WE approved by thg Tru8lees on......................... Ms N Afzal Company rogi•trntlon numbor 01220667 10-
PARK CHARITABLE TRUST FOR GIRLS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notey Cash floK from operdtlng actfvilies Cash generated froml{abs¢Jfbed by) operations 2.089.895 13,633,225) Invesung actfvitles Proceeds from disposal of tangible fixed assets Investment income rewved 3,880,581 11 82,113 Net cash 98norated from Investing aetivltles 82.113 3.B80,592 Flnanclng actfvitles Repayment of bank loans (193.6751 Net ca$h used In financlng actlvltl•s 1193,6751 N•t Increase In cash and cash equlvalents 2.172,008 53,692 Cash and cash equivalents at beginning of year 199,300 145,608 Cash and cash wulvalents at end of year 2.371,308 199,300
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcie Charlty Infomlatlon Park Charitable Trust for Girts Limited is a private compary limited by guarattee incorporated in England and Wales. The registered office is 283 Green Lanes, Palmers Green. London, N13 4XS. 1.1 Accountlng Conventlon The financid statements have been prepared in aco)rdance wrth the chantls goveming duMellt, the Companies Act 2006, FRS 102 Yhe FinancAal RekKYting Standard applicable in the UK and Republic of Ireland. I"FRS 1021 and the Charities SORP -Accounting and Reporting by Chari(ies.' Statement of Recommended Practice applicable to charities preparing their accounts in acwrtlance th the Finanaal Reporting Standard appIlble in the UK and Republic of IreL7r¥J {FRS 102)" leffective 1 January 20191. The charity is a Public Benefft Entity as defined by FRS 102. The financial statements are prepared in sterling, which 1$ the funclional rrencY of the charity. Monetary amounts in these finanaal statements are rounded to the nearest £. The finanaal statements have been prepar&J the historical cost conventton. The pri1paI accounting p)licies adopted are set out below. 1.2 Going Concern At the time of approving the financ?al statements. trustees have a reasonable expectation that the charty has adequate resources to continue in operational exi$lence for the foresèeable future. Thus the trustees eonlinue to adopt the going coneem basis of accounting in preparing the finanal statements. 1.3 Charltable funds Unrestricted fvnds comprise the accmU1aled surplus on general funds that are available for use al the dis(¥etion of the trustees in furtherance of the objeclThies of the charity. Restricted funds are funds subjed to 5peoal corTrdrbons imposed by the dortor. The funds are not therefore available for the work performed by the charity other than that speufied by th& donor. 1A Income other Incoming resourc Other income is induded in the period in the chanty is enbtle(I to receiFI. measurement and Proba'llty. Donatlons in klnd Vvhere non-monetary donations are received these are recorded in the accounts at the best estimate of fair value of the goods or seM¢e donated. The donabons are shown under incoming resources from generated funds on the statement of finanu81 aclivities. 12-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontlnuod) 1.5 Expendlturn Liabilities are recognised as SourCeS expethd as scon as there is a Iggal or constructive obligation commitbng the tharity lo the expenditure. EX[XIlture is summarised under functional headings. The irrecoverable element of VAT is inclLMled wth the item of expense lo wlich it relates. All expenditure is accounted for on an acryuals basis and has been das$ified under the headings that aggregate all costs related to that category. W)ere costs cannot be directy apportioned to p¥bcular headings they have been allocated to activ"eS on a basis CCSistent with the use of resources. appl$ to goveman¢e costs in these accounts. Governan costs are the tosts associated wrth the governance arrangements of the Charity which relate to the general running of the Charrty as ¢)pposed to those costs associated th hjndraising or charitable activty. Included in this Category are costs as%x#ated vmh the straiegic as opposed lo daY-laY management ofthe Charity's activrties. Support Costs Support costs ar8 those costs. whith as&st the th of the charity. but are not dirocuy invotved in the maknng or receiving of donations. Support costs indijde payroll Costs of the administrator and Offi staff not directy relating to the raising of funds or the making of donations. dong other costs such as Govemance and advettisirv 1.6 Fixed asset Snvostments Investments are slated al cost. less a provision for pwmanent diminuti(m in Wdlue. 1.7 Cash and cash gqulvalents Cash and cash equivalents indude cash in hand. deposits hekl at c411 wth banks. other $hort-torm liquid investments with original maturibes of three months or less, and bank overthafts. Bank overdrafts are Shown thin borrowings in ojrrent liabilities. 1.8 Flnaneial instnirngnts The ¢harity has elected to apply the t¥owsions of secb.on 11 'Ba5ic Fina181 Instwments. and Section 12 'other Finandal InstnRments Issues. of FRS 102 10 al of rt8 financial instrt5msts. FinanciJ instruments are recognised in the thaiitys balar sheet when Iho charity bècomes paty to the contractual provisions of the instrument. Basic Ilnancialassets B8si¢ financial assets, indude debtors arKI cash and bank baknces. are initialty measLtrgd at transaction price including transactlon costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanong transa¢tion, vthere the transacb'on 18 measured al the present value of the ftrture recelpts discounted al a markgt rate of intgrgst. Finanaol assets 8&8ified as re1¥able tti1n one year are not amortised. 13-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢¢ountlng pollclos {Contlnued} Basic financial liabilities Basic financial liabilrties, indurfing creditors and bank loans are intiially recognised at transaction price unlèss the arrangement constrtutes a financing transa¢b"on, where the debt instrument is measured 81 the present value of the trture payments discounted * a market rate of interest. Financaal liabilities classified as payable within one year are not amortised. Trade creditors ar6 obligations to pay for goc¥Js or services that have been acquired in the ordinary Course of operations from suppliers. Amounts payabte are dafied as current liabilities if payment is due wlhin one year or less. If not, they are presented as non-current liabilities. Trade ¢redilors a recognised initially at transaction price and subsequentty measured at amorb.sed $1 u&ng the effeth.ve interest method. Derncognlllon )Illnanclal Ilabilities Financial liabilities a derecogniJ when the charitys contrxttMI obligations expire or are di$¢harged or cancelled. 1.9 Employ98 befteffts The cost of any unused hdiday entitlement is recognised in the period in vknith the employee's services are received. Tefminatron benefits are recognised immediatdy as an expense the charity is demonstrabty committed to terniinate the employment of an employee or to tgnnination benefits. 1.10 Leasos Rentsls appliCae lo operating leases vh)ere substantialty all of the benefits and risks of ovmership remain th the fes8or are tharged in the statement of financial aCb¥'65 on a straight line basis over the period of the lease. Criucal accountlng 08tlmates and Judgem8nls In the application of tha ¢harWs accounb.ng poliae$. the trustees a required to make judgemonls, estimates and assumptions about the car.ng amount of assets and liabilrties that are not readily apparent from other sources. The estimates and assoc48ted assumptions are based on historical èxp8rienco and other facors that are Considered to be relevanL Acaual regJlt$ may differ from the8e e5ts'mates. The estimales and undedy¢ng assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates ale recognised in the period in which the 8stimate is revised where thg revision affeds only that period, or in the period of the revision and futyre Feriods where the revisioi affecls both current and futuro periods. Most ofthe ffgures shown in the aeeounts are based on actud known sludert numbers and sums oulstsnding are based on invoices subsequenuy Teceived and amounts. 1th are deem&1 to be collectablg. Income from donations and legaci8S Unrestrfctsd Unrostrlctsd funds funds 2024 2023 D(atIOnS and 9ift8 4.098 14-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from eharftabh actlYÉli•ts Unrestrlcted Unrestrlcted funds funds 2024 2023 Educatlon Gross fees due Less.. bursaries School trips Other fees and income 1,495,215 186,878} 21,047 56,896 1.486,280 The income from schoot fees, incoming resources from generated funds and other educational income was all unreslrict8d. In the prior year120231 all other income was unrestricted. Income from investments Unrestrfcted Unrestrlcted funds fvnds 2024 2023 Interest receivabl8 82,113 11 Other income Unro$trlcted Unr•stricted fund$ funds 2024 2023 Net gain on disp)8al of tangible ffiX assets 2,989,691 15-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expendlturè on charitable aetivltle8 Education 2024 Educatlon 2023 Diroct costs Slaff costs Educabonal resources Text books and school supplies Examinabon fee$ Sports and coach hire Staff training Subscriptions Sch1 trips Insurance Repairs and maintenanee 1.758,822 4.774 6.388 11,283 26,113 1,S08 4,832 29,154 20,350 22,187 766 4,656 1,110 0.532 1,883,411 Share of support and governan costs (stt note 81 Support Govemance 98,207 14,400 550,711 33,000 119,139 2.467,122 Anatysls by fund Unrestricted funds 119.139 2,467,122 Total resour exponded In ts year were £119.139 12023".£2,560,713} of which £nll was re8trfcted (2023.'£nill. 16-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs Support Gov•rnance osts 2024 Support Governance costs costs 2023 Staff costs Rates and water Telephone Laundry and dearng Calertng and refreshments Legal and professional 22.652 11,838 16,308 4.800 27.452 11,836 16,308 214.275 21.468 9,187 3.472 15,01 229,275 21,468 9,187 3,472 17.941 17.941 9,404 9.404 Spèèch day Seryice, licence and copyright agreements Other eosts Interest and charges Advertising costs Light and heat Printing, postsge and stationery Bad debts and provi 118,978 277 118,978 277 11.856 1.303 111 150 11,858 1.303 111 150 104.746 19,239 104,746 19,239 4,968 5,189 16.837 5,189 16,837 3,026 21.582 3,026 21.562 14,136 14.136 Audit fees 9.600 18.000 18,000 98,208 14.400 112,608 55D,711 33,000 583,711 Analysed befven CharItae activrties 98,206 14.400 112.6C 550.711 33.O¢Jo 583,711 Govemance costs indudes payments to the auditors of £9.600{2023 £18.000) for aLKif( fees. N•t movomgat In funds 2024 2023 The nel movement in fvnds is stated after charg1ntylcng)". Fees payable for the audit of the thantys finanoal statements Lossllprofill on disposal of tsryible fixed assets 9,600 18,000 12,951,263) 10 Thi$tO08 None of the trustees {or *by persons connectsd them) received any remun9Tation or benefits from the charty during the year. 17-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Employtss The averag& monthly number of emF4oyees dunNJ the yearwas.. 2024 Number 2023 Number Teaching Administration and other 24 Total 31 Employment ¢osts 2024 2023 ges and 8alaries Soci81 security costs Other pension costs Redundancy costs 27.452 1,437,025 158,071 225,085 165,916 27.452 1,986,097 The number ofemployees whose annual remuneration vras more than £60.ODO is as follows" 2024 Numb•r 2023 Number £80,001-£70.000 12 Oth•r Total Unr•scted funds 2024 2023 Net loss on disposal of tsngitle fixed assets nanong Costs Other expenditure 38,428 12,710 42,453 93,591 18-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Taxatlon The charity is exempt from to¥ation ¢)n its aclNibes because all rts income is aPie for charrtable pUOSe$. 14 Debtors Amounts falllng due wlthin one year 2024 2023 Trade debtors Other debtors Prepayment8 and accrued income 2.720 33,C66 3,273,365 6,837 21.266 23,986 3,313,268 15 Cr•dltor8: amounts f•lllng due within one year 2024 2023 Other taxation and sooal securrty Payments re¢eived on account Trade creditors Other Creditors AcCruS 349 49,800 3,809 355,276 84,400 145,555 578.291 29.316 83,274 1,183,522 16 Rostrlctsd funds The restricted fiJnd8 of the ch*ity ¢ompri8è th& unexpended balances of donaticms and grants held on tru8t Sublt to SFecrfic condrbons by donors as to hcw they may be used. At 1 At 31 August Sèptember 2024 2023 Patricia lambert prize fvnd Travel fvnd 138 4,925 138 4,925 5,063 5,063 19-
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 16 Restrl¢ted funds {Contlnued) Prevlous year: At 1 At 31 August September 2023 2022 PalricAa lambert prize fund Travel fund 138 4.925 138 4.925 5.063 5,063 The prize funds are hdd for the awarding of prizes for Speal achievement. The travel fun(i 15 a grant rece by the SCI[, lo purchasg C8iitsl Items vknith will enUrage or enable more sustsinable travel to School.
PARK CHARITABLE TRUST FOR GIRLS LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Relatod party tran¢tOn$ Remungratlon of key management personnel The remunerati¢)n of key management [sOnnel vras as fou 2024 2023 Aggregate comFensation 182,499 20 Cash gOnerat from 0ratIOnS 2024 2023 (Defi¢itllsurpus for the year (37,0271 1.919.367 Adjustments for. Investment income recognised in statement of ffinaal acb¥rbes Gan on disposal of tangible fixed assets (82,1131 12.951,2631 Movements in worknng captial" Decreasellincreasel in debtor5 (Decrea8ellirKre8se in cre(lrtofs IDecrease) in deferred income 3,289,282 (1,CI80,2471 {3,275,115) 869.224 1195,427) Cash g•ngrated fromllabsorbgd by} operntlons 2.089.895 13.633,2251 21 Anatysls of ¢hangeg In n•t funds The charity had no material delrt during the year.
Park Charitable Trust for Girls Limited DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 INCOME Fees due Bursaries. scholarships & other reduttions Deposit interest accrued School trips Donations Other income Surplus ari5in8 on sale of freehold 1,495,215 186,6781 li 21.047 4,098 56,695 2,989.691 82.113 Total Income TEACHING COSTS Educational resources Wages and salaries Text books and school supplies Examination fees Sports and coach hire Staff tralning Subscriptions Loss on 5ale/depreciation of fixed assets School trips 4,773 1.756,822 6.388 11,283 26.114 1,508 34,832 38,428 29.154 766 PREMISES cosrs Rent Insurance Repairs and maintenan 11.767 4,656 20,350 22,187 This pa8e does not fom) part of the statutory audited actounts and is for information purposes only 21
Park Charitable Trust for Girls Limited DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 315t Au8USt 2024 2024 2023 SUPPORT COSTS Wages and salaries Rates and water Telephone Laundry and cleaning Catering and refreshments Legal and professional fees Speech day Service, licences and copyri8hts Other tosts Bank charges and Inte5t Advertising Light and hezt Printin& postage and stationery Travel 22,652 69 16,307 214,275 21,467 9.187 3.472 17.941 118,978 277 104,746 19.239 1.107 5,189 16.837 14,136 9,404 12,966 730 iii 150 -137 2,676 OTHER COSTS Fines and penalties Short term finance intere5t/charges Bad debts written off Bad debt provision 1.054 3,859 42,453 1,546 20.016 GOVERNANCE COSTS Auditor's remuneration Apportionment of senior stsff costs (time spent) 18.(XK) 15,1XKI COSTS OF GENERATING FINANCE Bank loan Inte$t payable TOTAL EXPENDITURE NET INCOMING RESOURCES FOR THE PERIOD This page does not fomi part of the statutory audited accounts and is for inforniation purposes only 22