MILTON KEYNES PLAY ASSOCIATION IA company Llmlted byEuarantee) REPORT OF THE DIREcfoRS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 MILTON KEYNES PLAY ASSOCIATION (A company Umlted by 8uarantee> COMPANY NUMBER: 03051975 CHARITY NUMBER: 1047318 CONTENTS PAGE Company Inf0m￿tIon Report of the Direttors Independent Examinerfs Report to Members Statement of Financial ActNities Balance Sheet Notes to the Financial Statements 9-14 MILTON KEYNES PLAY ASSOCIATION (A mmpany Llmlted by guarantee) LEGAL & ADMINISTrATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 Dlrectors In offlce durlng the year And on the date the report was approved, were as follows: Marie Diane Jay Jonathan Robert Elvin Gulraj Bariah IResi8ned 1411112024) Caroline Godfrey Sara Groocock-wllson Paul Sayer Jared Myers (Appointed 10 July 2025} th Prlncipal office: 2 Burners Lane Kiln Fami Milton Keynes Bucklnghamshire MKII 3HB Company Reglstratlon Number: 03051975 (England and Wales) Charity reglstratlon number: 1047318 Bankers: National Westminster Bank plc 80 High Street Stony Stratford Milton Keynes MKII IAI Independent Examiner: Ad Valorem Accountancy Services Ltd 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes MK12 5NN MILTON KEYNES PLAY ASSOCIATION (A company Llmtted by guarantee) REPORT OF THE DIREcfoRS FOR THE YEAR ENDED 31 MARCH 2025 The Directors, Ilsted on page l. who are also Trustees of the Association, present their report and the accounts for the Associatit)n for the year ended 31 March 2025. Structure. governance and management Governance The Milton Keyne5 Play Association is a company limited by guarantee and a registered charity and is governed by its Memorandum and Articles and Constttution. Trustee recruitment The Trustees are appointed by members at the AGM each year and are members of the public who have expressed a particular interest in serving as trustees of MKPA. New Trustee5 are introduced to the V￿rk of the MKPA by the staff and Trustees and provided with whatever assistance they need to perform their duties effectively. Or8anisatlonal strurture The Trustees/Direttors. meet as a Board on a re8ular basis and are responsible for the management of the affair5 of the MKPA. All major decisions are rnade by the Board, Includlng the approval of annual accounts as well as material a8reements, major capltal expendltures, budgets and strategic plans and they have delegated day to day operatlon decision5 to the senior staff. All Trustees are non-executive. MKPA is one of the lon8est running charltable or8anisations in Milton Keynes, with over 50 years, experience of supportlng chlldJs donated to the scrapstore has led to increased income. A5 a result of the increase in the minimum wage, costs have Increased for all areas of activities, offsetting the increased income. Reserves General reserves are needed to properly plan for unforeseen significant financial expendlture. The level of reserves is set by takin8 account of The financial risks to the charitWs activities and The charity's commitments to achieve an ooanised closure. The level of reserves is reviewed on an annual basls and In accordance wlth changes in risks and potential closure costs and the trustees conslder the current level of reserves is sufficient to meet future needs. Investment Pollcy The Trustee5 consider that the funds identrfied to meet the reser¥es policy should be held on deposlt accounts to maintain access and generate income. Funds available above this level are considered by the Trustees for investment in income generating assets. Polltl¢al and charltsble donatlons No charitable or political donations were made in this financial year. MILTON KEYNES PLAY ASSOCIATION (A company Llmlted by zuarantee) REPORT OF THE DIREcfoRS (coKfiNUeD) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlods The charity has developed the following strategic aims to move the charity fonvard and measure its success. To continue to offer activities that support children's learning through play To continue to embed the sustainable financial operating model To continue to increase funds generated through donations. grants and other activtties To promote and increase awareness of all our services and achievements in the community whilst increasing engagement with the charity To maintain the sustalnable strurture that helps grow our colleagues To contlnue to build on our improved use of technology and facilltles To continue to operate compllant and efficient governance TrusteW responsibllltles The Trustees (who are also the directors of Milton Keynes Play Association for the purposes of company law} are responsible for preparlng the Twstees Annual Report and the financial statement5 in accordance wrth appllcable law and regulations. Company law requires the Trustees/Directors to prepare financial statements for each flnanclal year. Under that law, the TrusteeslDirectors have elected to prepare the financial statements in accordance wlth Unlted Klngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law, the Trustees/Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charrty and the income and expenditure of the charity for that period. In preparing these financial statements. the Directots are required to- Select suitable accounting policies and then apply them consistentlv; ObSe￿e the method5 and principles in the Charities SORP; Make judgements and accounting e5timate5 that are ￿8$Onable and prndent- and Prepare the financial Statements on the going concern basis unless sit is inappropriate to presume that the charity will continue in operation. The Trustee51Direttors are responsible for keeping adequate accounting records that are sufficient to show and explain the chariVs tran5attions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2C(16. They ère also responsible for safeguardlngthe assets of the charity and hence fortaking reasonable step5 for the preventlon and detection of fraud and other Irregularltles. Signed rder o e Trustees Carolin Steel MILTON KEYNES PLAY ASSOCIATION (A company Llmited by guarantee) INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2025 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025 whlch are set out on pages 7 to 14 Responsibilltles and basis of report As the charity trustees of the company land also it5 director5 for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Art 2006 {'the 2006 ACY). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Art and are eligible for independent examination, I report in respect of my examination of your compan¢s accounts as carried out under5ection 145 of the Charities Act 2011 ('the 2011 ACV). In carrying out my examination I have followed the Dirertions given by the Charity Commi55i0n under section 145151 {bl of the 2011 Act. Independent &Yamlner's statement The charity's gross income exceeded £250,(KJO and l am quallfied to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants, which is one of the listed bodies I have completed my examination. I confirm that no matters have come to my attention in connettion with the examination giving me cause to believe that in any material respect: accounting records were not kept In respect of the company as required by sertion 386 of the 2006 Art. or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reportln8 by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in Xbis'report in order to enable a proper understandin8 of the accounts to be reached. Date:........ Thomas Foot FCA Ad Valorem Accountancy Service5 Ltd 2 Manor Fann Court Old Wolverton Road Old Wolverton Milton Keynes MK12 5NN MILTON KEYNES PLAY ASSOCIATION IA company LlmDted by guarantee) sfATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Notes Unrestrlcted funds Restrkted funds Total funds Totsl lunds 2024 Income and Endowments Donations and legacies Grants Other income Membership fees Sundry Other trading attivitles Rent of surplus accommodation Income from charitable activities Play activities Sales of play materlals and scrapstore Tralnlng actlvltles Other Income 7.053 7,053 18,289 12,614 io 27,765 27.765 27,IIK 19,497 19,497 23.097 130,632 128,485 69,930 1,601 130,632 128,485 69930 1,601 106,286 109,723 61,995 442 Totsl Income and endowments 384,964 384,964 354,S46 Expemdlture Expenditure on charitable artivities Cost of play activities Cost of play materials and 5crap5tore Training Adrnini5trotion li 167,719 167,719 137,260 12 13 14 132217 70.635 11.347 132.217 70.635 11.347 124,162 63,725 10,413 Total expendlture 381.918 381,918 335,560 Net income/(deficitl before transfer Asset Purchase Net movernent in funds 3,046 29,987 iio,000) 18.987 3,046 3,046 Recondllatlon of lund5 Total funds brought fornvard 70,483 70,483 51,496 Total fvnds carried forward 73.529 73,529 70,483 The statement of Financial Artivlties indudes all galns and losses In the year and therefore a ststement of total recognised 8ains and losses has not been prepared. All of the above amounts relate to continuing activities. MILTON KEYNES PLAY ASSOCIATION (A company Umited by guarantee) The notes on pages 9 to 14 form part of these accounts Reglstered Number: 03051975 BALANCE SHEEr FOR THE YEAR ENDED 31 MARCH 2025 2025 Notes 2024 Flxed assets Assets Current assets Goods for resale Debtors & prepayments Cash in hand and at bank 20,346 16,856 67,185 103,251 61,390 79,255 170.436 140.645 Llabllitles Credltors: Amounts falling due wlthln one year Creditors & Accruals 117.253 87,018 117,253 87,018 Net Current Assets 53,183 53,627 Total Assets less Current Liabllfties 73,529 70.483 General funds Designated funds 16 73,529 70,483 Total unwtrlcted funds 73,529 70,483 Total charltyfunds 73,529 70,483 For the year ended 31 March 2025 the charity was entrtled to exemption from audit undersection 477 of the Companies Act 2006 relating to small companies. Trustees, responslbilities: The members have not requlred the company to obtaln an audlt of Its financial statements for the year in question in accordance wlth sectlon 476; The Trustees acknowledEe their responsibilrties for complying with the requirements of the A¢ with respect to accounting records and the preparation of financial statements. These financial statements were approved by the members of the commFttee on the ...... ........ . $18ned on their behalf b Carolin God ey (Direct rustee) The notes on pages 9 to 14fomi part of these accounts. MILTON KEYNES PLAY ASSOCIATION IA ¢ompany Umlted by 8U2rantee) NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 l. Statement of accountln8 poll¢les a. These financial statement5 have been prepared in compliance wlth FRS 102, Yhe Financial Reporting Standard applicable in the UK and the Republic of Ireland" the Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP IFRS 102) and the Charities Act 2011. b. The financial Statements are prepared on a going concern basis under the historical cost convention. modrfied to include certain items at fair volue. The financial statements are presented in sterling which is the funrtional currency of the charity and rounded to the nearest £. Forniat The company has taken advantageofthe provision5 of the Companies Att 2006 and presented an income and expenditure account in the form of a statement of financial activitie5 on the grounds that it enables thefinancial statements to show a true and fair view of the result forthe year. Dtsclosure exemptions The entity satisfied the criteria of bein8 a qualifying entlty as deftned in FRS 102. As such, advantage has been taken of the followlng dlsclosure exemptions available under paragraph 1.12 of FRS 102.. al No cash flow statement has been presented for the charity. bl Disclosures in respert of financial instruments have not been presented. c) No disclosure ha5 been given forthe aggregate remuneration of key management personnel. Fund a¢￿UntIng Unrestricted funds are those whlch are avallable to be used by the Trustees at their discretion in furtherance of the charlty's objects. Unrestrirted funds also include any funds designated by the Trustees for a specifit future purpose, Restrltted funds are those which must be used only In accordance with the specific Instructlons imposed by the donors. Direct Costs are charged as appropriate. but overheads are recovered from restricted funds only insofar as the terms of the funding permits. Income All incoming resources are included in the statement of financial activities when entitlement has passed to the chartty: it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income- Income frorn donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Legacy income Is recognised when receipt 15 probable and entitlement is established. Income from donated goods is measured at the fair value of thegoods unless thls is Imprartical to measure reliably, in which case the value is derived from the cost to the donor or the estlmated resale value. Donated facilitie5 and services are reco8nised in the accounts when received if the value can be reliably measured. No amounts are included for the contrlbution of general volunteers. Income from contrarts for the supply of services is reco8nlsed with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contrartual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restrlcted. MILTON KEYNES PLAY AssoaATION (A ¢ompany Llmlted by 8uaranteel NOTES TO THE HNANaAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 g. Expendlture All expenditure is accounted for on an accruals basis and has been classified under headlngs that ag8re8ate all Costs related to the category. When costs cannot be dirertly attributed to particular headlngs, they have been allocated to activitie5 on a ba515 consistent with the use of the resources. Goods for resale Stocks of 8oods for resale are value on the basis of cost. less any wovision for dirninution in value. Stocks of donated items are not valued on the balance sheet as this depends solely on member5. discretion. when makinga donation. Flxed assets All fixed assets are initially recorded at cost. Depretiation All assets wlll be depreclated at thefollowing rates, designed to wrlte off thelr cost less any residual value over thelr expected useful lives.. Fumltureand equipment IT equlpment Motor vehlcles Intangible asset5 25.00% stral8ht Ilne 33.33% stralght line 33,33% stral8ht Ilne 33.33% straight line Z Analysls of staff cost$. Trustee remuneratlon and cost of key management personnel 2025 2024 Staff costs Salarles Employerfs national insurance contributlons Employerfs pension contrlbutlons 227,560 11.589 2,820 182,664 14,177 2,443 241.969 199,284 EmPlo￿e numbers The average number of full- time staff employed by the Association 5.5 (2024: 51 In addition. up to 85 seasonal staff are employed on a temporary basi5 during school holidays. There are no employees with emoluments above £60,OtXI. The key management personnel of the charity comprise the General Manager, Play Coordinator, Training Manager and scrapstore Mana8er. Thelr total salarles were £106,760 (2024 . £95.4991 3. Trustee￿ expenses The Trustees receive no remuneratlon In respect of the services they perform for the Associatlon but can be reimbursed in respect of the travel and subslstence expenses they incur in attendln8 meetlngs, funttions etc. No remuneratlon or benefits In klnd were paid to any trustee during the year12024: £NII}. io MILTON KEYNES PLAY ASSOCIATION (A company Llmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS (corinNUED) FOR THE YEAR ENDED 31 MARCH 2025 Tangible and Intanglble Ilxed assets Motor IT Furnlture & Total Vehlcles Equipment Equlpment Cost As at l April 2024 Additions/lDisposalsl 17,425 17,181 72,129 8,OiJ) 106.735 As at 31 March 2025 17.425 17,181 80,129 114.735 Oepreclatlon As at l April 2024 Charge for the year 6.097 2,305 15,140 1,860 68,642 89,879 4.510 As at 31 March 2025 8,402 17.(K)I 68.986 94,389 Net Book Values As at 31 March 2025 9,023 11,143 20,346 As at 31 March 2024 11,328 2,041 3,487 16,856 Debtors (amounts falling due wlthln l year) 2025 2024 Trade debtors Prepayments & ac¢rued income 59,591 7,594 58.121 3,269 67,185 61,390 6. Cash at bank artd In hand Petty cash Current accounts 1,617 45,082 5A09 38,043 339 Investment account Fixed Deposit Account 56,551 35,064 103.251 79,255 li MILTON KEYNES PLAY ASSOCIATION (A company Umlted by guarantee) NOTES TO THE HNANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 7. Credltors (amounts fallln8 du¢ wlthln l year) 2025 2024 Trade credltors 15.864 650 4,603 1,774 Social Securlty & other taxes Other creditors Accruals & income received in advance 114 IIJO.625 80,641 117,253 87,018 & Income from charitable artivities- Play activktes play Service income 15 received largely from Parish and Town Councils, who contribute towards the delivery of the Open Access Play Sessions in the school holidays. Incorne from generated funds- donatlons 2025 2024 Donations 7.053 18.289 7,053 18,289 10. Grants 2025 2024 MK Councll (HAF) 12,614 12,614 11. Expenditure- Play Actlvltles 2025 restricted Unrestrirted Total Staff & administration costs Play Projects Open Access Sessions Overheads allocation 102,876 102,876 84,222 24,529 40.314 24,529 40.314 18.178 34,860 167,719 167,719 137,260 See above note re8arding the allocation of overheads. 12 MILTON KEYNES PLAY ASSOCIATION (A wmpany Llmited by guarantee) NOTES TO THE FINANaAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12. Expenditure- Scrapstore 2025 2024 Unrestrlrted restricted Total Total Staff & administration costs Shop Stock Overheads allocation 57,070 9,529 65,618 57,070 9,529 65.618 57,949 13,113 53.100 132,217 132,217 124,162 See above note regarding the allocatlon of overheads. 13. Expenditure-Tralnln8 2025 restrlrted 2024 Unrestrlrted Total Total Staff & administration Tutors & materials Overheads allocation 10,742 33,055 26,838 10,742 33,055 26.838 15,976 25,049 22.700 70,635 70,635 63,725 Overheads are allocated to restricted activities to the extent that the funding terms permlt. Unrecovered overheads ore treated a5 expendtture on unrestricted activities. See above note regarding the all¢xatlon of overheads. 14. Expenditure-Administration 2025 2024 Unrestrlcted restrftted Total Total Staff & administratlon costs 6,836 4,511 7,708 4,511 7,708 2,705 Depreciation 11,347 11,347 10,413 13 MILTON KEYNES PLAY ASSOCIATIOM IA company Ufflited byguaranteel NOTES TO THE FINANaAL STATEMENT51CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 IS. Intème funds General Desi8nated Total Funds 2025 Total Funds 2024 As at l Aprll 2024 Surplus for the year Transfers 70,483 70,483 3,046 51.496 18.987 As at 31 March 2025 73,529 73,529 70,483 16. Movement5 In Funds Bfvid Income/ Transfer Expendlture/ Transfer Cfwd General Unrestrlcted Funds Restricted funds- A55et purchase 70,483 384,964 {381,918) 73.529 Total 70,483 384,964 (381.9181 73,529 Restrlcted Funds Donation from Marshalls for Van Purchase of vans 10,000 {iO,O(M)I Totsl 17. Ana￿1$ of net ossets between funds Ton8lble Fixed Net Current Totsl Unrestrlrted Income Funds General Unrestrlrted Funds Deslgnated Unrestrlcted Funds 20,346 53,183 73,529 20,346 53,183 73,529 18. Taxatlon The Assoclatlon by virtue of its charitsble status Is exempt from taxatlon on Its ordlnary artlvities. 19. Status The Assoclatlon Is a company limited by guarantee {no. 03051975} not havin8 a share capital (the guarantee being restricted to £1 per member} and a regIste￿d charlty Ino. 1047318). 14