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2021-03-31-accounts

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS STATEMENT OF ACCOUNTS

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS

STATEMENT OF ACCOUNTS

YEAR ENDED 31 MARCH 2021

Charity number 299740

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS CONTENTS

Page
Report of the Trustee 1 to 6
Independent Auditor's Report 7 to 11
Statement of Financial Activities (incorporating Income and Expenditure Account) 12
Balance sheet 13
Notes on the Accounts 14 to 18

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS REPORT OF THE TRUSTEE YEAR ENDED 31 MARCH 2021

The trustee is pleased to present its report together with the financial statements of the Charity for the year ending 31st March 2021.

Reference and administrative details

Registered name: The Five Parks Bournemouth i.e. King's, Queen's, Meyrick and Redhill Parks and Seafield Gardens Charity number: 299740 Principal Office: Town Hall, Bourne Avenue, Bournemouth, BH2 6DY Trustee: Bournemouth Christchurch & Poole Council (BCP) (Cabinet members see https://democracy.bcpcouncil.gov.uk/mgCommitteeDetails.aspx?ID=285) Chief Executive Officer: Andy McDonald Auditors: Grant Thornton UK LLP, 199 Avebury Blvd, Milton Keynes, MK9 1AU

Structure, Governance and Management

The accounts recognise the important position the Charity plays in the parks and gardens of the town and formalises the treatment of the Charity as a separate entity with its own transactions distinct from those of BCP Council.

Governing Document

The Charity was created under a number of Conveyances and Deeds of Exchange dated 1883 to 1906. These were between BCP Council's predecessor bodies known as the Bournemouth Commissioners and then the County Borough of Bournemouth. Further information is provided in the notes to the accounts - Tangible fixed assets note 5.

The legislation affecting the Five Parks and hence the Charity, was varied by s.25 to s.29 Bournemouth Borough Council Act 1985. Previously they were subject to the Bournemouth Park Lands Act 1889 and the Bournemouth Corporation Act 1900.

Under the Bournemouth Borough Council Act 1985 s.28 makes provision for the Council to manage and control the parks. This includes the provision of facilities (whether indoor or outdoor) for sports and recreations for the benefit of the public at large.

Governance

BCP Council manages the Charity in its role as trustee to the Charity.

Members of BCP Council are elected in democratic elections to their role as trustees. There are no formal policies or procedures adopted for the induction and training of trustees.

Recommendations from the Council Cabinet on Charity issues are referred to full meetings of the Council acting as trustee for the appropriate strategic decisions.

Page 1

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS REPORT OF THE TRUSTEE YEAR ENDED 31 MARCH 2021

Operational decisions on day to day management of the Charity are the responsibility of the Environment Service Director and Service Managers.

A clear distinction is drawn between the Council acting in its role as local authority and in its role of trustee of the Five Parks Charity.

The trustee has considered the risks that the Charity is exposed to but does not deem there to be any significant risk arising from its activities.

The Charity's main relationship is with BCP Council who delivers all maintenance and management services to the Charity.

The Charity is managed on the same basis as the Council's own recreation and open space service and is subject to the same codes and protocols specified in Bournemouth Act 1995.

Objectives and Activities

The principal aim of the Charity is to ensure the maintenance of the parks and recreation grounds, including public conveniences on charity land, in accordance with agreed specifications so that the residents of Bournemouth can continue to use them for leisure pursuits and to enjoy the benefits of open spaces.

The Charity strategies are defined by BCP Council open space strategy and as such it fulfils the Charity's objective as stated above.

In the case of all five of these parks the area of land that belongs exclusively to the Five Parks Charity is not the only area of open space in that location. In each case there are further adjoining parcels of land that belong to the Council. These parcels abut the Charity's land and can appear as part of one continuous park space to the user.

Where in so doing, the Charity's interests are in no way compromised, the total open space is managed and maintained in a manner to provide the best outcome for the land and the town's residents and visitors. Further details of the total area of each park area and the elements deemed to relate to the Charity's land are shown in note 1.

King's Park

The park offers cricket and football both with associated changing rooms and public toilets, an athletics track and pavilion, an outdoor and indoor bowls rink, a skate park, two playgrounds, two cafés, a plant nursery and an events area. Parkrun UK organises free weekly timed runs on the five kilometre running trail.

Page 2

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS REPORT OF THE TRUSTEE YEAR ENDED 31 MARCH 2021

Meyrick Park

The park offers an 18 hole golf course, two outdoor bowls rinks, tennis, two rugby pitches with training facilities and associated pavilion home to Oakmedians rugby club. There are woodland walks, other general amenity spaces and Town Centre events space.

Queen's Park

The park offers an 18 hole golf course, a rifle range, a children's playground, a cafe, trim trails and walks, a cycle path, woodland walks and other general amenity space plus a wildlife pond.

Redhill Park & Common

The park offers a children's playground and paddling pool, a cafe and associated public toilets, an events area, woodland walks and other general amenity space and the Redhill Common Local Nature Reserve.

Seafield Gardens

The park offers an outdoor bowling green and pavilion, general amenity space and a wildlife area.

Achievements and Performance

All charitable lands continue to be maintained directly by BCP Council through the grounds maintenance section of Parks Services.

The Five Parks facilities are used throughout the year by numerous local organisations and clubs, providing a valuable focal point and resource for the local populations. Council staff are providing maintenance services that include grass and hedge cutting, shrub and rose beds, tree stock, paddling pools and associated structures such as fences, walls and paths. Any shortfall of income is funded by BCP Council.

The Charity is realising BCP Council parks and open spaces strategies through its main objective. The performance of the Charity is highly dependent on the strategies imposed by the Council. These in turn reflects the needs and preferences of Bournemouth residents.

The main source of the Charity's income is from Meyrick Park and Queen's Park golf courses. Although Meyrick income is contractual there is still a risk of its reduction if the contractor negotiates a lower charge with the Council. With respect to the Queen's Park golf course income it is highly dependent on the economic climate and as noted in recent years declines sharply during economic downturn.

Parks continue to be very popular areas of open space for residents and visitors alike.

Page 3

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS REPORT OF THE TRUSTEE YEAR ENDED 31 MARCH 2021

Queen's Park golf course, Redhill Park and Seafield Gardens retained their Green Flag awards. To be eligible for a Green Flag Award®, sites must be freely accessible to the public and perform well against the following eight criteria:

The Charity performance can be measured through the number of visitors to the Parks. This in turn depends on several factors. The main one would be changes in the wider economy that affects the number of tourists to the Town and their disposable income level. Another important factor that affects the number of visitors to the Parks is the Council's strategy which determine what events are held during the year on the Charity's land. The Council also determines the Parks budget which in turn influences the quality and level of maintenance.

Implications of Covid-19

The facilities rented through commercial leases or used by numerous clubs and organisations were forced to close in line with national restrictions. This led to a delay in rental income receipts and the possibility that some of the tenants / licencees would cease to exist or default on rent payments due. Proceedings for non-payment of rent will not be legal until after 31[st] March 2021, therefore in line with Government regulations, negotiations have taken place with some tenants on rent payments with some payments being deferred until the next financial year. Given the uncertainty of the commercial lettings market and voluntary sector viability at present, it is felt better to support our existing tenants through this period of uncertainty, through extended payment windows than have sites handed back which can’t then be re-let.

All events within The Five Parks are under constant review and will be cancelled should the need arise. Meyrick Park golf income is still being received, although they may also ask for a deferred rent payment if another lockdown is enforced; however, Queen's Park golf course was closed in line with national restrictions and when closed no income was received and staff were furloughed. When restrictions were lifted, because of the desire of people wanting to enjoy sport outside and other private courses restricting access, the course was busy so generating more income. The closure will have a potential effect on future year’s income as season tickets are extended to cover the closed period. A prolonged closure of The Five Parks may cause some tenants to surrender their leases or be forced to cease trading.

Grounds maintenance has been impacted by the Council re-prioritising work towards the welfare and needs of residents, although parks in general have seen a surge in usage as people explore outside spaces, thus certain function have seen an increase such as litter collection. The Green Flag status of Queen's Park golf course, Redhill Park and Seafield Gardens was retained however Redhill Park did not retain its gold medal as a Large Park winner in the South & South East in Bloom as the Council did not enter because of the virus.

Page 4

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS REPORT OF THE TRUSTEE YEAR ENDED 31 MARCH 2021

Financial Review

Financial position and reserves policy

Historically the Council, in its role as local authority and corporate trustee, has provided donated services each year sufficient for the Charity to achieve breakeven and meet any liabilities as they fall due. This is currently the policy that is expected to continue and so the accounts have been prepared on a going concern basis. The trustee considers that there are no material uncertainties about the Charity's ability to continue as a going concern.

The Charity's assets are its share of the freehold land, buildings and sports / play equipment. These primarily consist of the golf pavilions and clubhouses, a lodge, the athletic stadium, bowls and tennis pavilions and other ancillary buildings. Furthermore there are the playgrounds, play areas and a skate park.

Other than the donation from the Council the main sources of funding this year are the Meyrick Park Golf (£141k), the Queen's Park Golf (£232k) and pitch hire and rental across the parks (£140k). The net revenue expenditure supported the objective of the Charity by the maintenance of charitable open spaces, the provision of sports facilities and the management of Five Parks.

The restricted income fund of £11,775,991 is held on trust to be retained for the benefit of the Charity as a capital fund. The trustee must permanently maintain the whole of the fund. The fund consists of assets that are used for the purposes of the Charity and changes in the value of the assets. There are restrictions over the use and disposal of the assets, and as such these are classed as restricted funds. The net revenue expenditure supports the objective of the Charity. Details are contained in Note 9.

The Charity holds an unrestricted income fund of (£60,512) which is the value of the donated stock and creditors.

Plans for Future Periods

Provision of high quality accessible green space to residents and visitors alike and contribution

Public Benefit

The trustee has taken the Charity Commission's guidance on public benefit into consideration. The gardens are provided for the enjoyment of the public without charge and there continues to be investment in and improvements to the Parks' infrastructure.

Responsibilities of the trustee

The Law requires 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 its net movement in funds for that period.

The Charity trustee is responsible for preparing a trustees annual report and financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom generally accepted accounting practice).

Page 5

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS REPORT OF THE TRUSTEE YEAR ENDED 31 MARCH 2021

In preparing these financial statements, the trustee is required to:

a. select suitable accounting policies and then apply them consistently;

b. observe the methods and principles in the Charities SORP

c. make judgements and estimates that are reasonable and prudent;

d. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,

e. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The trustee is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with the requirements of the Charities Act 2011. It is 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.

Disclosure of Information to Auditor

Each of the persons who are trustees at the time when this Trustee Report is approved has confirmed that:

●so far as that trustee is aware, there is no relevant audit information of which the Charity's auditor is unaware, and

●the trustee has taken all the steps that ought to have been taken as a trustee in order to make them aware of any relevant audit information and to establish that the Charity's auditor is aware of that information.

By Order of the trustee

Signed

Name Councillor Drew Mellor , on behalf of trustee Date 27/01/2022

Page 6

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KINGS, QUEENS, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 MARCH 2021

Independent auditor’s report to the trustee of The Five Parks Bournemouth i.e. Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens

Opinion

We have audited the financial statements of The Five Parks Bournemouth i.e. Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens (the ‘charity’) for the year ended 31 March 2021, which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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

We are responsible for concluding on the appropriateness of the trustee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease to continue as a going concern.

In our evaluation of the trustee’s conclusions, we considered the inherent risks associated with the charity’s business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustee and the related disclosures and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

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.

Page 7

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KINGS, QUEENS, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 MARCH 2021

Independent auditor’s report to the trustee of The Five Parks Bournemouth i.e. Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens (continued)

In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The responsibilities of the trustee with respect to going concern are described in the ‘Responsibilities of the trustee for the financial statements’ section of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in the Trustee’s Annual Report, other than the financial statements and our auditor’s report thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustee for the financial statements

As explained more fully in the Trustee’s Responsibilities Statement set out on page 6, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustee determines 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 trustee is 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 trustee either intend to liquidate the charity 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.

Page 8

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KINGS, QUEENS, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 MARCH 2021

Independent auditor’s report to the trustee of The Five Parks Bournemouth i.e. Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens (continued)

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.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks (The Charities Act 2011, the Charities SORP 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);

We enquired of management, concerning the charity’s policies and procedures relating to:

We enquired of management, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur, by evaluating incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls and fraudulent revenue recognition. We determined that the principal risks were in relation to:

Page 9

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KINGS, QUEENS, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 MARCH 2021

Independent auditor’s report to the trustee of The Five Parks Bournemouth i.e. Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens (continued)

Our audit procedures involved:

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:

In assessing the potential risks of material misstatement, we obtained an understanding of:

Page 10

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KINGS, QUEENS, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 MARCH 2021

Independent auditor’s report to the trustee of The Five Parks Bournemouth i.e. Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens (continued)

Use of our report

This report is made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Milton Keynes

28/1/2022

Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 11

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

STATEMENT O
F FINANCIAL ACTI		 THE FIVE PARKS BOURNEM
AND RE
VITIES (INCORPORATING I		 THE FIVE PARKS BOURNEM
AND RE
VITIES (INCORPORATING I		 OUT
DHIL
NCO		 H i.e. KING'S, QUEEN'S, MEYRICK
L PARKS AND SEAFIELD GARDENS
ME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2021		 H i.e. KING'S, QUEEN'S, MEYRICK
L PARKS AND SEAFIELD GARDENS
ME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2021
Note
Income & endowments from:
Donations and legacies:
Donated services received
11.
Other trading activities:
Commercial trading operations
2.
Charitable activities
Golf course related
3.
Pitch hire and rental income
Miscellaneous fees and charges
Total income and endowments
Expenditure on:
Charitable activities
4.
Queen's Park golfing, golf shop, catering and bar
Other Staffing (non-Queen's Park)
General Premises and Maintenance
Other Costs
Depreciation
5.
Total expenditure
Net movement in funds
Total funds brought forward
Gains / (losses) on Revaluation - restricted income fund
9.
Depreciation - restricted income fund
9.
Movement in Current assets
8.
Total funds carried forward		 Unrestricted
£


292,207

4,290
296,497

372,364
372,364
140,417
140,417
0
0
512,781
809,278

195,612
195,612
243,526
243,526
112,410
112,410
257,730
257,730
809,278

0
809,278
0
(23,326)

0

0

(37,186)
(60,512)
Ye		 d
Ye		 Restricted
ar to 31st March 20		 Total
£
292,207
4,290
296,497
372,364
140,417
0
512,781
809,278
195,612
243,526
112,410
257,730
809,278
251,488
1,060,766
(251,488)
11,076,674
907,479
(251,488)
(37,186)
11,695,479
21		 400,720
166,982
0
235,441
233,220
146,293
293,539		 Unrestricted
RESTATED
£
329,601
11,190
340,791

400,720

166,982

0
567,702
908,493

235,441

233,220

146,293

293,539
908,493
0
908,493
0
(34,019)
0
0
10,693
(23,326)
Yea		 Restricted
RESTATED
£
0
0
0
0
0
0
0
0
0
0
0
0
0
248,828
248,828
(248,828)
11,010,000
338,828
(248,828)
0
11,100,000
r to 31st March 2		 Total
RESTATED
£
329,601
11,190
340,791
400,720
166,982
0
567,702
908,493
235,441
233,220
146,293
293,539
908,493
248,828
1,157,321
(248,828)
10,975,981
338,828
(248,828)
10,693
11,076,674
020
£
0
0
0
0
0
0
0
0
0
0
0
0
0
251,488
251,488
(251,488)
11,100,000
907,479
(251,488)
0
11,755,991

All of the activities are derived from the continuing operations of the charity.

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DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
AND REDHILL PARKS AND SEAFIELD GARDENS
BALANCE SHEET
YEAR ENDED 31 MARCH 2021		 PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
AND REDHILL PARKS AND SEAFIELD GARDENS
BALANCE SHEET
YEAR ENDED 31 MARCH 2021		 PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
AND REDHILL PARKS AND SEAFIELD GARDENS
BALANCE SHEET
YEAR ENDED 31 MARCH 2021		 PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
AND REDHILL PARKS AND SEAFIELD GARDENS
BALANCE SHEET
YEAR ENDED 31 MARCH 2021		 PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
AND REDHILL PARKS AND SEAFIELD GARDENS
BALANCE SHEET
YEAR ENDED 31 MARCH 2021
Tangible Assets
Stock
Creditors
Total net assets
Funds of the charity
Unrestricted income fund
Restricted income fund
Total charity funds		 Note
5.
6.
7.
8.
9.		 As at 31st March
2021
£
11,755,991
3,078
(63,590)
11,695,479
(60,512)
11,755,991
11,695,479		 As at 31st March
2020
RESTATED
£
11,100,000
3,523
(26,849)
11,076,674
(23,326)
11,100,000
11,076,674

The notes on pages 14 to 18 form part of these accounts.

Signed Name , on behalf of the trustee Date

Page 13

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

1. Statement of Accounting Policies

a. Basis of accounting

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102). Section 1A of FRS 102 has been applied and no Statement of Cashflows has been prepared.

The Five Parks Bournemouth's corporate trustee includes the Charity in its consolidated financial statements. The consolidated financial statements are prepared under the International Financial Reporting Standards and are available to the public at https://www.bcpcouncil.gov.uk/About-the-council/Budgets-and-finance/Annual-accounts.aspx. In these financial statements the Five Parks Bournemouth is considered to be a qualifying entity (for the purpose of this FRS) and has applied exemptions available under FRS 102 in respect of the requirement to present a cashflow statement. Having given regard to Public Benefit Entity guidance the corporate trustee considers The Five Parks Bournemouth to be a Public Benefit Entity.

Going Concern

Historically the Council, in its role as local authority and corporate trustee, has provided donated services each year sufficient for the Charity to achieve break-even and meet any liabilities as they fall due. This is currently the policy that is expected to continue and so the accounts have been prepared on a going concern basis. The Council has confirmed in writing that it will fund any losses incurred for the foreseeable future.

BCP Council and Parks' land areas

As of 1st April 2019 the Council became part of a new authority Bournemouth, Christchurch and Poole Council (BCP) and the policy of donation has passed to the new authority.

This is enshrined in the following two UK Statutory Instruments:

Each of the borough parks within the Charity also occupy adjacent areas of land that belongs to the BCP Council. The proportion of Council lands varies for each park. The Council manages each of these borough parks on an integrated basis. Each individual park has to be managed and maintained regardless to the boundary of Charity and Council land. Furthermore, for organisational efficiency, the Council has to organise its maintenance activities across nearly 800 hectares of parks, woodland and open spaces.

Information is provided below to aid users understanding of the Charity's share of the greater parks' land areas.

King's Park
Meyrick Park
Queen's park
Redhill Park & Common
Seafield Gardens		 Five Parks land
(hectare)
25.6
46.0
47.3
15.9
1.0		 Council land (hectare)
19.2
16.1
13.7
3.2
1.5		 Total (hectare)
44.8
62.1
61.0
19.1
2.5		 Charity
hectare %
57%
74%
78%
83%
40%

This means that some maintenance and management expenditure is accounted for on a wider basis than these five charitable parks. This necessitates the use of apportionments for certain expenditure calculations. Due to its nature, income is accounted separately for each park area.

b. Income recognition

Income from donations and legacies in the form of Donated Services received is recognised in the year that the matching unfunded element of expenditure is incurred. The policy of BCP Council has been to subsidise the Charity to the extent each year of its income shortfall.

Income from commercial trading activities and charitable activities is recognised at point of sale. The allocation of the income is based on the area occupied by the Charity as a proportion of total area occupied by the income generating activity.

c. Expenditure recognition

Costs of raising funds - as generated funds are such a minor part of the Charity's income, no specific costs are attributed to the activities. An estimate of the value of this service is reflected in the Statement of Financial Activities on an accrual basis.

Charitable activities - includes the direct costs of maintaining the parks, the Queen's Park golf infrastructure, the cost of the Council staff and the machinery utilised in the landscaping, gardening and horticulture. Most of the costs are allocated based on proportion of area covered by the Charity in comparison to the total area covered by the Parks Services. Where the actual costs are easily identifiable the total cost has been used.

Staff are issued contracts of employment by BCP Council and the costs are included within the Donated Services Received value disclosed in the accounts. No staff are directly employed by the Charity.

Other supplies and services are detailed in Note 4.

Governance costs – these comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include those related to preparing statutory accounts, the statutory audit legal fees and costs of Committee meetings.

Page 14

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK AND REDHILL PARKS AND SEAFIELD GARDENS NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021

d. Tangible fixed assets

The asset valuations policy treats that amounts of less than £1,000 are charged to revenue in the year of expenditure.

Assets are depreciated on a straight line basis over their estimated useful lives as follows: Freehold buildings - golf clubhouse and pavilions, bowls pavilions, lodge, athletic stadium, tennis pavilions and other ancillary buildings 50 years Freehold buildings - minor buildings, certain improvements to main buildings 10-25 years Plant and Equipment 4 years

Plant and equipment is not revalued and carrying value is considered to be a reasonable proxy for fair value.

No depreciation is charged in the year of acquisition.

For assets that are revalued the carrying amount recognised is the sum of the prior year asset valuation brought forward plus prior year additions, less prior year disposals and decommissions and any prior cost revaluation adjustments.

Assets are revalued at the 31 March by the external company Bruton Knowles who hold the Fellow of the Royal Institute of Chartered Surveyors (FRICS) qualification. Assets are assessed as to whether there is any indication that they may be impaired. Where indications exist and any possible differences are estimated to be material, the recoverable amount of the asset is estimated and any shortfall is recognised as an impairment loss.

Impairment losses are accounted for in the following ways:

Where an impairment loss is subsequently reversed the reversal is credited to the SoFA up to the amount of the original loss, adjusted for depreciation that would have been charged if the loss had not been recognised.

e. Funds structure

The Charity has both an unrestricted income fund and a restricted reserve fund. The unrestricted income fund compromises funds which the trustee is free to use for any purpose in furtherance of the charitable objects. The restricted reserve fund compromises the fixed asset costs, revaluations and depreciation and cannot be freely used.

f. Leases

Where the Charity grants an operating lease over an item of property, plant or equipment the asset is retained in the Balance Sheet. Rental income is credited to Commercial Operations line under Activities for Generating Funds in the Statement of Financial Activities.

g. Revaluation gains or losses

Any revaluation gains or losses are adjusted through the Statement of Financial Activities.

h. Prior period adjustment

The Charity land area of Meyrick Park is only 74% so this should be reflected in the value of the assets held. In 2019-20 th value was 100% and so the 2019-20 accounts in Note 5 have been adjusted to correct this. The impact on the assets and funds brought forward at 1 April 2019 is a reduction of £750,000 and the impact on the net movement in funds for the year ended 31 March 2020 is a positive movement of £13,000.

2. Analysis of income and endowments from
Commercial trading operations
Commission and fees for events
3. Charitable activities
Golf course related
Queen's Park golfing
Queen's Park golf shop
Meyrick Park rental of golf course		 £
£
2020-21
2019-20
4,290
11,190
£
£
2020-21
2019-20
221,942
251,154
9,754
8,898
231,696
260,052
140,668
140,668
372,364
400,720

The Queen's Park golf course is operated by the Charity. The vast majority of the golf course land belongs to the Charity. Therefore, in order to improve the value to a user of these financial statements, the full income and costs related to the operation are included herein.

All the Queen's Park income is recognised as a charitable activity. This is due to the integral nature of catering and retail activities to the running of the golfing experience. It is the approach adopted by the leading UK charities in the sector.

Meyrick Park golf course and its buildings were let out in 1995 on a 99 year lease to a commercial operator. The golf course is built across both the Charity's and a substantial element of the Council's land. Therefore, the rental income has been apportioned based on the golf course area, 74% of which is based on Charity land, with only that element accounted for herein.

Page 15

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOU
A		 RNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
ND REDHILL PARKS AND SEAFIELD GARDENS
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2021
4. Analysis of expenditure on
Queen's Park golfing, golf shop, catering and bar
Golf shop, bar and catering purchases
Golf, retail and catering staffing
Premises & Other costs
Other Staffing (non-Queen's Park)
Grounds Maintenance
Management Staff
Staff costs has been calculated based on the tasks they were carrying out rather
The average number of staff employed during the year, on a full time equivalent
No employees earned more than £60,000 for their Five Parks related duties. The
trustee or related parties and there were no ex-gratia payments. External audito
All staff are employed by BCP Council and not the Charity.		 £
£
2020-21
2019-20
16,486
23,006
160,280
158,720
18,846
53,715
195,612
235,441
2020-21
2019-20
206,973
196,951
36,553
36,269
243,526
233,220
than the section they were working for.
basis, was10.3 (2019-20 10.8)
re were no transactions involving
r payments were £10,000 net of VAT.
General Premises and Maintenance
Other supplies and services
Transport and Machinery
Supplies, Services & Third Party Payments
Security costs
Operating costs
Governance costs
Governance costs incurred are met by BCP Council. These are audit fees.		 2020-21
2019-20
112,410
146,293
70,810
61,697
65,569
109,898
74,269
71,357
37,082
40,587
247,730
283,539
2020-21
2019-20
10,000
10,000

Page 16

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOURNEMOUTH
AND REDHILL		 i.e. KING'S, QUEEN
PARKS AND SEAFIEL
NOTES TO THE
YEAR ENDED 31 M		 'S, MEYRICK
D GARDENS
ACCOUNTS
ARCH 2021
5. Tangible fixed assets
2019-20
Asset valuation or historical cost bro
forward
Depreciation brought forward
Net book value brought forward
Additions
Disposals and decommissions
Cost Revaluation adjustment
Transfer between classes
Depreciation charge for year
Depreciation on disposals
Depreciation revaluation adjustment
2020-21
Asset valuation or historical cost bro
forward
Depreciation brought forward
Net book value brought forward
Additions
Disposals and decommissions
Cost Revaluation adjustment
Transfer between classes
Depreciation charge for year
Depreciation on disposals
Depreciation revaluation adjustment
Net book value carried forward
Net book value carried forward		 ught
s
ught
s		 Freehold Land RESTATED
& Buildings
£
1,010,000
0
1,010,000
0
0
90,000
0
(248,828)
0
248,828
1,100,000
1,100,000
0
1,100,000
0
0
655,991
0
(251,488)
0
251,488
1,755,991		 Plant
& Equipment
£
0
1
0
0
1
0
0
0
0
0
0
0
0
1
0
1
0
0
1
0
0
0
0
0
0
0
0
1		 RESTATED
Total
£
1,010,000
0
1,010,000
0
0
90,000
0
(248,828)
0
248,828
1,100,000
1,100,000
0
1,100,000
0
0
655,991
0
(251,488)
0
251,488
1,755,991

1
1
1
1
1
1

Prior Period Adjustment

The 2019-20 "Asset Valuation or historical cost brought forward" has been restated from £11,760,000 to £11,010,000, the "Depreciation charge for year" has been restated from (£261,828) to (£248,828) and "Depreciation revaluation adjustments" has been restated from £261,828 to £248,828 to reflect the land in Meyrick Park that is under the Charity's control - 74% (previously 100%) - see Note 1 above.

The effect of the various governing documents is to transfer substantially all the risks and rewards of ownership to the Charity and the Council. Therefore the accounting treatment herein has been adopted with the assets capitalised in the Charity's balance sheet. The related revenue activities of the Charity are recognised in the Statement of Financial Activities.

The assets of the Charity are treated as comprising the freehold interest (based on the Council as trustee's right to manage) in the land, buildings and recreational equipment within the parks. The land gifted to the Charity as an endowment has no intrinsic value. The remaining assets are all restricted in their use in the furtherance of the Charity's objectives. Further details are contained in the trustee's report.

Valuation

The Charity accounts for its unencumbered share of the assets using the same approach to valuation as adopted by the Council's Property Services department when preparing valuations for the Council. The trustee consider this to be a fair, cost effective and pragmatic basis.

Assets are revalued at the 31 March by the external company Bruton Knowles who hold the Fellow of the Royal Institute of Chartered Surveyors (FRICS) qualification. Assets are assessed as to whether there is any indication that they may be impaired. Where indications exist and any possible differences are estimated to be material, the recoverable amount of the asset is estimated and any shortfall is recognised as an impairment loss.

Assets included in the Balance Sheet at fair value are re-valued annually to ensure that their carrying amount is not materially different from their fair value at the year-end.

There were no capital commitments at the year end.

The outbreak of Covd-19 has impacted global financial markets and as at the valuation date, less weight can be attached to previous market evidence to inform opinions of value. There is an unprecedented set of circumstances on which to base a judgement. Valuations are therefore reported on the basis of 'material valuation uncertainty' as per RICS guidance. Consequently, less certainty and a higher degree of caution should be attached to the valuation. At the current time, it is not possible to accurately predict the longevity and severity of the impact of Covid-19 on the economy. Therefore, values have been based on the situation prior to Covid-19, on the assumption that values will be restored when the real estate market becomes more fluid.

6. Stock
Opening Stock
Movement During the year
Closing Stock		 £
£
2020-21
2019-20
3,523
4,627
(445)
(1,104)
3,078
3,523

Page 17

DocuSign Envelope ID: 987EC13E-E2B2-41D0-B9A7-B3E12E2440A4

THE FIVE PARKS BOU
A		 RNEMOUTH i.e. KING'S, QUEEN'S, MEYRICK
ND REDHILL PARKS AND SEAFIELD GARDENS
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2021
7. Creditors
Opening Balance
Movement during the year
Receipts in Advance
8. Unrestricted income fund
Opening Balance
Stock movement during the year
Creditor movement during the year
Balance carried forward
These balances relate to assets donated by BCP Council, stock & creditors.
9. Restricted income fund
Balance brought forward
Depreciation charge for year
Gain on revaluation of fixed assets
Balance carried forward		 £
£
2020-21
2019-20
26,849
38,646
36,741
(11,797)
63,590
26,849
RESTATED
£
£
2020-21
2019-20
(23,326)
(34,019)
(445)
(1,104)
(36,741)
11,797
(60,512)
(23,326)
RESTATED
£
£
2020-21
2019-20
11,100,000
11,010,000
(251,488)
(248,828)
907,479
338,828
11,755,991
11,100,000

This fund is restricted because these assets assist in the principal aim of the Charity which is to ensure the maintenance of the parks and recreation grounds, including public conveniences on Charity land, in accordance with agreed specifications so that the residents of Bournemouth can continue to use them for leisure pursuits and to enjoy the benefits of open spaces. Restrictions exist over the disposal of the land and property and plant.

The full value of the total revalued amount and the cost of any fixed asset additions since the last valuation is credited to the restricted reserve fund.

The full carrying amount of the assets is reflected in the restricted reserve fund and the full movement in revaluation and full depreciation charge are reflected in the Statement of Financial Activities.

10. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible Fixed Assets
Current Assets
Creditors due within one year
Analysis of net assets between funds - prior year
Tangible Fixed Assets
Current Assets
Creditors due within one year		 Unrestricted funds £
Restricted funds £
Total funds £
0
11,755,991
11,755,991
3,078
0
3,078
(63,590)
0
(63,590)
(60,512)
11,755,991
11,695,479
RESTATED
Unrestricted funds £
Restricted funds £
Total funds £
0
11,100,000
11,100,000
3,523
0
3,523
(26,849)
0
(26,849)
(23,326)
11,100,000
11,076,674

11. Related party transactions

The Five Parks Bournemouth's corporate trustee includes the Charity in its consolidated financial statements. The consolidated financial statements are prepared under International Financial Reporting Standards and are available to the public at https://www.bcpcouncil.gov.uk/About-the-council/Budgets-and-finance/Documents/Draft-Statement-of-Accounts-2020-21.pdf In these financial statements The Five Parks Bournemouth is considered to be a qualifying entity (for the purpose of this FRS) and has applied the exemptions available under FRS 102 in respect of the requirement to present a cashflow statement. Having given regard to Public Benefit Entity guidance the corporate trustee considers The Five Parks Bournemouth to be a Public Benefit Entity.

The Charity has a close working relationship with BCP Council (the ultimate controlling party) acting in its role as local authority.

The Charity trustees were not paid or reimbursed expenses during the year and no Charity trustee received any emolument or payment for professional or other service.

As disclosed in the analysis of resources expended, the Council provides staff who maintain the gardens. The Council has historically subsidised the annual deficits of the Charity.

Donated services received
BCP Council in its role as local authority
Donated assets received
BCP Council in its role as local authority		 £
£
2020-21
2019-20
292,207
329,601
0
0

Page 18