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2023-03-31-accounts

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens

Charity No. 299740

Trustee's Report and Audited Accounts

31 March 2023

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Contents

Pages
Trustee's Annual Report 2 to 7
Auditor's Report 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash flows 13
Notes to the Accounts 14 to 28
Detailed Statement of Financial Activities 29 to 30

Page 1

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Trustees Annual Report

The trustee presents their report with the audited financial statements of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 299740

Principal Office

Civic Centre Bourne Avenue Bournemouth Dorset BH2 6DY

Trustee

The following trustee served during the year:

BCP Council

Trustees holding title to charity property

BCP Council

Key Management Personnel

Chief Executive Officer A McDonald

Auditor

Hixsons 24 Cecil Avenue Bournemouth BH8 9EJ

Bankers

Barclays Leicester LE87 2BB

Page 2

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Trustees Annual Report

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.

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.

Page 3

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Trustees Annual Report

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.

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.

Page 4

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Trustees Annual Report

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 (£140,668), the Queen's Park Golf (£251,743) and pitch hire and rental across the parks (£17,641). 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 £15,373,099 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 13.

The Charity holds an unrestricted income fund of (£31,314) which is the value of the donated stock, cash held on behalf of the trust and creditors.

PLANS FOR FUTURE PERIODS

Provision of high quality accessible green space to residents and visitors alike and contribution towards Bournemouth’s vision as a vibrant, safe, green, fun and inclusive resort town.

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.

PRINCIPAL RISKS AND UNCERTAINTIES

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

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.

Page 5

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Trustees Annual Report

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 note 10.

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.

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.

Operational decisions on day to day management of the Charity are the responsibility of the Environment Director and the Commercial Operations Director and their 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.

The law applicable to charities requires the charity trustee to prepare financial statements which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to:

Page 6

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Trustees Annual Report

The trustee is responsible for keeping proper accounting records that 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure of information to auditor

So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.

Signed

BCP Council Trustee 26 January 2024

Page 7

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Audit Report Unqualified

Independent Auditor's Report to the Trustee of The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens

Opinion

We have audited the accounts of The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the Notes to the Accounts, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the accounts 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 group and parent charity's ability to continue as a going concern for a period of at least 12 months from when the accounts 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 accounts and our auditor’s report thereon. The trustee is responsible for the other information.

Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Page 8

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Audit Report Unqualified

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustee

As explained more fully in the trustee's responsibilities statement found in the trustee's report, the trustee is responsible for the preparation of accounts which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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 intends 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 accounts

We have been appointed under the Charities Act 2011, s. 145 and report in accordance with the regulations made under the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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

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

Page 9

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Audit Report Unqualified

Use of this report

This report is made solely to the charity's trustees, as a body, in accordance Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hixsons, Accountants and Statutory Auditors

24 Cecil Avenue

Bournemouth BH8 9EJ 26 January 2024

Hixsons is eligible for appointment as auditor in terms of the Companies Act 2006, s.1212.

Page 10

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Statement of Financial Activities

for the year ended 31 March 2023

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Total
Expenditure on:
Charitable activities
6
Other
7
Total
Net gains on investments
Net (expenditure)/income
8
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds		 Restricted
funds		 Total funds Total funds
2023 2023 2023 2022
£ £ £ £
518,169 - 518,169 604,303
410,052 - 410,052 517,588
9,550 - 9,550 7,595
937,771 - 937,771 1,129,486
616,333 - 616,333 530,289
303,811 230,453 534,264 512,622
920,144 230,453 1,150,597 1,042,911
- - - -
17,627 (230,453) (212,826) 86,575
- - - -
17,627 (230,453) (212,826) 86,575
- 35,953 35,953 3,736,604
17,627 (194,500) (176,873) 3,823,179
(48,941) 15,567,599 15,518,658 11,695,479
(31,314) 15,373,099 15,341,785 15,518,658

Page 11

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Balance Sheet

at 31 March 2023

Charity No. 299740
Fixed assets
Tangible assets
10
Current assets
Stocks
11
Cash held on behalf of trust
Creditors:Amount falling due within one year
12
Net current liabilities
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
13
Restricted income funds
Unrestricted funds
13
General funds
Total funds
Approved by the trustees on 26 January 2024		 2023
£
15,373,099
15,373,099
6,235
6,000
12,235
(43,549)
(31,314)
15,341,785
15,341,785
15,341,785
15,373,099
15,373,099
(31,314)
(31,314)
15,341,785		 2022
£
15,567,599
15,567,599
3,471
5,000
8,471
(57,412)
(48,941)
15,518,658
15,518,658
15,518,658
15,567,599
15,567,599
(48,941)
(48,941)
15,518,658

And signed on their behalf by:

BCP Council Trustee 26 January 2024

Page 12

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Statement of Cash flows

for the year ended 31 March 2023

Cash flows from operating activities
Net (expenditure)/income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Other gains/losses
Increase in stocks
Decrease in trade and other payables
Net cash provided by operating activities
Net cash used in investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
(176,873)
230,453
(35,953)
(2,764)
(13,863)
1,000
-
-
1,000
5,000
6,000		 2022
£
3,823,179
249,638
(3,736,604)
(393)
(6,178)
329,642
(324,642)
-
5,000
-
5,000
Components of cash and cash equivalents
Cash held on behalf of trust 6,000 5,000
6,000 5,000

Page 13

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

for the year ended 31 March 2023

Basis of preparation

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 Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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/documents/about-the-council/Draft-Statement-of-Accounts-2022-23.pdf Having given regard to Public Benefit Entity guidance the corporate trustee considers The Five Parks Bournemouth to be a Public Benefit Entity.

Page 14

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

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.

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

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Page 15

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

Fund accounting

Unrestricted funds

These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. The fund is the net of donated stock, cash held on behalf of trust, trader creditors and deferred income.

These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.

These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

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 restricted reserve fund compromises the fixed asset costs, revaluations and depreciation.

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.

Page 16

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

Income Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. 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. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 17

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

Expenditure Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. 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.

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. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Page 18

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

Tangible fixed assets

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

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.

In 2023 the valuations were undertaken by the external company Wilks, Head and Eve whose employees are accredited by the Royal Institute of Chartered Surveyors (RICS) so are considered to be independent of the Charity. 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.

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

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash at bank is equal and opposite to the sum of the creditors. The Trust does not have its own bank account - all payments are are paid from the BCP Council's main bank account.

Page 19

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2022
£
255,278
541,971
7,595
804,844
530,289
262,984
793,273
11,571
11,571
-
11,571
(60,512)
(48,941)		 Restricted
funds
2022
£
324,642
-
-
324,642
-
249,638
249,638
75,004
75,004
3,736,604
3,811,608
11,755,991
15,567,599		 Total funds
2022
£
579,920
541,971
7,595
1,129,486
530,289
512,622
1,042,911
86,575
86,575
3,736,604
3,823,179
11,695,479
15,518,658

Page 20

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

3 Income from donations and legacies

Income from donations and legacies
Donated services received
Donated assets received		 Unrestricted
£
518,169
-
518,169		 Total
2023
£
518,169
-
518,169		 Total
2022
£
279,661
324,642
604,303

2022 Donated services received has been restated to £279,661 from £255,278 to offset pitch hire and rental income incorrectly included in the 2022 accounts.

4 Income from charitable activities

Income from charitable activities
Queen's Park & Meyrick Park
golf course
Pitch hire and rental income
Queen's Park - golf
Queen's Park - golf shop
Meyrick Park - rental income		 Unrestricted
£
392,411
17,641
410,052
241,728
10,015
140,668
392,411		 Total
2023
£
392,411
17,641
410,052
241,728
10,015
140,668
392,411		 Total
2022
£
475,068
42,520
517,588
321,689
12,711
140,668
475,068

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.

2022 Pitch hire and rental income has been restated to £42,520 from £66,903 as income was incorrectly included in the 2022 accounts.

Page 21

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

5 Income from other trading activities

Income from other trading activities
Commercial trading
operations		 Unrestricted
£
9,550
9,550		 Total
2023
£
9,550
9,550		 Total
2022
£
7,595
7,595

Page 22

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

6 Expenditure on charitable activities

Expenditure on charitable activities
Expenditure on charitable
activities
Queen's Park & Meyrick Park
golf course
Other staffing (non Queen's
Park)
General premises and
maintenance
Governance costs
Audit fees
Queen's Park & Meyrick Park golf course
Golf shop, bar and catering purchases
Golf, retail and catering staffing
Premises & Other costs
Other staffing (non Queen's Park)
Grounds maintenance
Management staff		 Unrestricted
£
245,037
232,833
132,463
6,000
616,333
20,296
208,534
16,207
245,037
194,558
38,275
232,833		 Total
2023
£
245,037
232,833
132,463
6,000
616,333
20,296
208,534
16,207
245,037
194,558
38,275
232,833		 Total
2022
£
200,714
217,064
107,511
5,000
530,289
17,863
173,749
9,102
200,714
178,684
38,380
217,064

Staff costs has been calculated based on the tasks they were carrying out rather than the section they were working for.

All staff are employed by BCP Council and not the Charity.

The average number of staff employed by BCP Council during the year, on a full time equivalent basis for their Five Parks related duties, was 6.9 (2021-22 10.3). No employees earned more than £60,000 for their Five Parks related duties. There were no transactions involving trustee or related parties and there were no ex-gratia payments.

Governance costs incurred are met by BCP Council. These are audit fees. External auditor payments were £6,000 net of VAT.

Page 23

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

7 Other expenditure

7
Other expenditure
Other costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
Other Costs
Transport and machinery
Supplies, Services & Third
Party Payments
Security costs
Operating costs
8
Net (expenditure)/income before transfers
This is stated after charging:
Depreciation of owned fixed assets
9
Staff costs		 Unrestricted
£
303,811
-
79,308
111,938
80,018
32,547
303,811		 Restricted
£
-
230,453
-
-
-
-
2023
£
230,453		 Total
2023
£
303,811
230,453
79,308
111,938
80,018
32,547
303,811		 Total
2022
£
262,984
249,638
68,511
80,723
75,647
38,103
262,984
2022
£
249,638

No employee received emoluments in excess of £60,000.

Page 24

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

10 Tangible fixed assets

Tangible fixed assets
Cost or revaluation
At 1 April 2022
Revaluation
At 31 March 2023
Depreciation and
impairment
Depreciation charge for the
year
Revaluation
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 £
15,567,599
(194,500)
15,373,099
230,453
(230,453)
-
15,373,099
15,567,599		 £
15,567,599
(194,500)
15,373,099
230,453
(230,453)
-
15,373,099
15,567,599

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.

In 2023 the valuations were undertaken by the external company Wilks, Head & Eve whose employees are accredited by the Royal Institute of Chartered Surveyors (RICS) so are considered to be independent of the Charity. 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. The year-end revaluation means that the year's depreciation is added back to fixed assets.

There were no capital commitments at the year end.

Page 25

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

11 Stocks

11 Stocks
Goods for resale and consumables
Carrying value analysed by activities
Queen's Park & Meyrick Park golf course
12 Creditors:
amounts falling due within one year
Accruals
Deferred income		 2023
£
6,235
6,235
2023
£
6,235
6,235
2023
£		 2022
£
3,471
3,471
2022
£
3,471
3,471
2022
£
9,985 5,000
33,564 52,412
43,549 57,412

Page 26

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

13 Movement in funds

Restricted funds:
Restricted income funds:
Maintenance of parks and
recreation grounds
Total
Unrestricted funds:
General funds
Total funds		 At 1 April
2022
15,567,599
15,567,599
(48,941)
15,518,658		 Incoming
resources
(including
other
gains/losses)
£
35,953
35,953
937,771
973,724		 Resources
expended
£
(230,453)
(230,453)
(920,144)
(1,150,597)		 At 31
March
2023
£
15,373,099
15,373,099
(31,314)
15,341,785

Total funds

Purposes and restrictions in relation to the funds:

Restricted funds: Maintenance of parks and This fund is restricted because these assets assist in the principal aim of recreation grounds 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 restricted reserve fund compromises the fixed asset costs, revaluations and depreciation.

14 Analysis of net assets between funds

Analysis of net assets between funds
Fixed assets
Net current assets		 Unrestricted
funds
£
-
(31,314)
(31,314)		 Restricted
funds
£
15,373,099
-
15,373,099		 Total
£
15,373,099
(31,314)
15,341,785

Page 27

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Notes to the Accounts

15 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 April
2022
£		 Cash flows
£		 At 31
March
2023
£
5,000 1,000 6,000
5,000
5,000		 1,000
1,000		 6,000
6,000
Related party disclosures
2023
2022
Transactions with related parties
£
£
Name of related party
BCP Council in its role as local authority
Description of relationship
between the parties
Trustee
Donations received from related party
518,169
604,303
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		 2022
£
604,303

16 Related party disclosures

https://www.bcpcouncil.gov.uk/documents/about-the-council/Draft-Statement-of-Accounts-2022-23.pdf 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.

Page 28

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Detailed Statement of Financial Activities

for the year ended 31 March 2023

Income and endowments from:
Donations and legacies
Donated services received
Donated assets received
Charitable activities
Queen's Park & Meyrick Park golf
course
Pitch hire and rental income
Other trading activities
Commercial trading operations
Total income and endowments
Expenditure on:
Charitable activities
Queen's Park & Meyrick Park golf
course
Other staffing (non Queen's Park)
General premises and
maintenance
Governance costs
Governance costs
Total of expenditure on charitable
activities
Other expenditure
Other costs
General administrative costs,
including depreciation and
amortisation
Depreciation of land and
buildings
Total of expenditure of other costs
Total expenditure
Net gains on investments		 Unrestricted
funds
2023
£
518,169
-
518,169
392,411
17,641
410,052
9,550
9,550
937,771
245,037
232,833
132,463
610,333
6,000
6,000
616,333
303,811
303,811
-
-
303,811
920,144
-		 Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
230,453
230,453
230,453
230,453
-		 Total funds
2023
£
518,169
-
518,169
392,411
17,641
410,052
9,550
9,550
937,771
245,037
232,833
132,463
610,333
6,000
6,000
616,333
303,811
303,811
230,453
230,453
534,264
1,150,597
-		 Total funds
2022
£
279,661
324,642
604,303
475,068
42,520
517,588
7,595
7,595
1,129,486
200,714
217,064
107,511
525,289
5,000
5,000
530,289
262,984
262,984
249,638
249,638
512,622
1,042,911
-

Page 29

The Five Parks, Bournemouth ie Kings, Queens, Meyrick and Redhill Parks and Seafield Gardens Detailed Statement of Financial Activities

Net (expenditure)/income
Net (expenditure)/income before
other gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 17,627
17,627
-
17,627
(48,941)
(31,314)		 (230,453)
(230,453)
35,953
(194,500)
15,567,599
15,373,099		 (212,826)
(212,826)
35,953
(176,873)
15,518,658
15,341,785		 86,575
86,575
3,736,604
3,823,179
11,695,479
15,518,658

Page 30