ISLINGTON PLAY ASSOCIATION (Prlvate Company Llmlted by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 COMPANY NO. 3989283 CHARITY NO. 1086165 Leyl and admlnlstrativ• infornialion R•port of th• trust•a• 24 R•port of th• auditors 8t•t•m•nt of Fln•nclal Acilvlu B•lanco Sho•t 11 CaBh Flw St•t•m•nt 12 Accountlng pollcl 13-14 Not•s fomilng p•rt of th• fln•ncl•l •tat•m•nts 1&19 ISLINGTON PLAY ASSOCIATION (Prlvate C(Hnpany Llmitod by GuarantO0) For tho y•ar ended 31•t March 2024 L•gal and Administrative infonnation Trustees and dlr•ctor8 E C Haynes (Appointed on 2010912023) V Manyukhin IAppointed on 2010912023) W Famlnu (Appolnted on 2010912023) (Appolntsd on 2610912023) (Appointsd on 2010912023) K Grellier D M Langsdon A Castro HEO Burchett R Stephens A Kashyap BA Tennant (R8signed on 18110r2023) (Reslgned on 2810712023) (Resigned on 1811012023) K•y rnanag•m•nt & p•rsonn•l S Keeton-Actlng -Chlef EXe￿IlVe up to September 2 Lou188 John8-Shepherd - Chlef Executlve from Octobgr 2023 W Jeav88- Managlng Dlrector (8ppolnted on 01112r2023) Ghebrey88U8- Financa Dlractor Admlnl•tratlon and r•glst•r•d offlc•: 164 Mackenzle Road London N7 8SE Charfty r•gl•tration no.: 1088165 Company reglstrnllon no.: 03989283 {England & Walgs) Wob•it•: htty)'.Ilw￿.I81lngtonpIaY.Org.U￿I Audltor•: SCB (Accountants) Umlted Chartarnd Accountsnts & Reglst8rad Audltor8 31 Sadr¥lll8 Street Manche8t8r M13LZ Bank•rn: COIF Charlty Funds Ctroparative Bank Barclay8 Bank Fundlng Authorltlos.. LorKlon Borough of Islington ISUNGTON PLAY ASSOCIATION (Private Company LIMit￿ by Guarantee) Directofs and Trustse's Report For the year ended 31•1 March 2024 The Trustees are pleased to present their annual report for the year ended 31 March 2024 which is also prepa￿d to meet the requirements for a directorfs report and accA)unts for Companies Act purposes. The finanual ststements comply with the Charities Act 2011, the Companies Act 2(K16. the Memorandum and Articles of Association. and knounting and ReFX)rtin9 by Charitbe$: Ststement of Reoynmended Practice (effective l January 2019) applicable to charitie8 preparing their accounts in accordance viith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). OBJECTIVES AND ACTivrriES Experfence Islinglon Play Association has been fighting for children's rights for ovér SO years. The organisation has always stayed close to its community activist roots, vthing dosely with parents, carers and communty members who want to ensure thal the best P0551ble environment is cra8ted for children and young p￿pIe speafically here in this highly overcrowded, over built urban area. From its start as a pressure group supportlng local people to create adventure playgrounds and other play provision in the borough, to its modem incamatson as a provider of services for children and young pe(Jple and carnpaigner ftjr the rights of th8 child, the tharity has always had the playing child at the heart of all its vnrt. Play Is fundamontally important becau88 it is here, In the spaca that chlldren flll for th8mselv8S. that their Intrlnslc moilv8tlon, their own developmental aims and Ihelr pornonal experience of lrfe can be explored. tested out and assimilaied into their live$. For children living in challenging circumstances. b8 they Bocial. physical. or material. play is the keyNay that resilience, serf- confidence and indep8ndence can be incwsed. It 18 8180 thn)ugh play Ihat children leam to interact and coordinate with other people. Play is what happ8n5 when children are given the Space to be Ihemselves and explore their wodd, learning about wthat works and what doe8 not in pursuit of their own intrinsic aim8. The problernB we Bre trying to solve.. Parental f8ar around perceived threats from extemal factors such 08 cars and strangers reducing children's independence and 8gency The impact of 80cial media and technology. Wor8e health outcomes because of unheallhy life8tyie8 and 8lress. 4. Cost of IbviThJ crisi8 affectsng families many of whom are INiThJ in poverty Tr8n8ient communitie8, reducing children's local connectlons and 8 8ense ol b8longlrvJ The things that lamilies tell us maka a difference are.. Sale spaces lo go th81 are free Welcoming adu118 with children's best outcomes at heart Interestsng places which are exciting, di8tracting and involving Friends, peoplé to talk to, plai%s to share experience8 Role models, mentors and links to other services that can holp At IPA wa have a focu8 on free adventure playgrounds and a welcomlng open children's centre providing sarvlcas and wraparound th81 families have told us that they wanl. Organi8ational Aims, we will contlnue to.. Run an organisation that remains financially sustainable and stable 2. Provide high quality, flexible and relevant services with a focu8 on those m08t in need 3. Maintaln. develop, and expand unique spacgs for play 4. Create and lead innovative projec15 for children, young people and the community 5. Champlon the importance of play for children'5 health and happiness, thgir development and continued resilienca. Fullllllng tho mlsslon In 2023-24 During the year had 1.118 children attend our Adventu￿ Playgrounds making a total of 26,324 VI￿tS. There were 51% female and 49% male, over half ofall the child￿n {719} were ag8d 8-12. Th8 ethnic breakdown wa5 48% white, 19% mixed backgrDund. 18% black or black British. 1 % Asian or Asian British, 4% other ethnicity an(110% not known. Our nursery has worked wth 65 number of children throughout the year. The biggest challenge for our families in 2023 ha$ been the cost<*f-living crisis, with families sometimes having to choose betsveen heating and eating. 151irvJton is the 53rd most deprived local authority in England and the 6th most deprived borough in London. It has th8 1 Oth highest level of income deprivation affecting children {indices of Multiple Deprivation 2019). ISLINGTON PLAY ASSOCIATION (Prfvato Company Limited by Guarantee) Directo￿3 and Trustee's Report For the year ended 31*1 March 2024 We understand that children's unmet needs affect their ability to play and in tum to reap the benefits of pl8y, and that b8ing well fed is key to ihis. In response io this iswe. we have worked hard lo provide thousands of lunches to children throughout all school holidays, vmrking in partnership with The Mayors Fund Holiday Activities and Fc•)d and Kiichen Social. Children help prepara and cook lunches for everyone. We also provlded free Take and Make boxes so Ihat families had the Ing￿dIents to cook healthy meals together. We provide 2 infomial foodbanks at our Adventu￿ Playgrounds throughout the year through our work with the Felix Project. Lumpy Hlll Adventure Playground has worked with local Voluntee￿ to establish a wonderful vegetable garden, giving children and families the opportunity io leam how to grow food. The garden was such a success it won iwo Islington in Bloom awards this year! Wa delivered Islington'8 National Playday free event celebrating and promoting Children's Right to Play (Article 31 UN Convention on the Rights of the thild) working our partner Awesome's Adventure Playground Staff. Playday 2023 was a great succass and despita the rainy weather children cYJntinu8d to play and have fvn. Our nursery al Paradise Park opens all year r(wnd and they have Wofked hard lo provide a stimulating environment tK)th indoors and out and provide healthy meals viith a varied menu so that children leam about and laste a variety of healthy foods at a young age. Such a stimulating environment ￿ntributeS to children's learniry and development and in giving children the best start. Wa are pleased that Martln Luther Klng Advantura Playground reopened In th8 Summar of 2023. wlth 8 new bulldlng raady for generations of children into the future. This has been a great opportunlty to $lart an Adventure Playground from scratch wilh children's involvernent all the way. Children have been able to experience the traditional adventure playground activity of building dens and play slnjctures wlth the support of staff. 18aming how to U88 tools. being creative and brtnglng their own designs into realty. This experience has provlded a grgal sense of achi8vem8nl for those Involved and helps to contribute to the design of the playground. We are partiuJlady proud of the owner8hip children have and the contribution8 they make lo their Adventure Playground8. 18llngton is the London borough wlth the second least Fjublic green space of all London boroughs (GLA'S London Borough wofiles 20111 so our playground5 are Important safe spaces for children to play outskle. We know Ihat play provides 8 language for children to lel off steam and express Ihemselves and that the multiple benefits of play help children build fe3ilience both physically and emotionally. Play is 8130 great fun and provides important P081tive moments where the world b8comes a better place. The impact of play goes some way in mitlgating ihe dlfflcultles children exp8ri8nce in their live8. 8eyond the numbers of children who attend our playgrounds and nursery 8ile8 are the unique expertences that each child has. the friendships created, the sens6 of belonglng, the space to expeflment and en￿Y challenging or messy play. and the supportive relationships our slaff develop with both thildren and families. Play really d088 benefit communitlas. Chall•ng•• 202V24: Challeng8s this year. have been in reducing the Senlor M8n8gement Tearn due to budget cuts. This ha8 required managing changa to enBuf8 a smooth tr8nsition. The budget forthe Adveniura Playgrounds contract h88 reduced con8ider8bly and w0￿1ng on Juslainabilty 18 key to our ongoing Recruibng Eady Years practitioners is an ongoing challenge as there Is a nalional shortage In the Earfy Years workforce. We have h8d lo employ agency slaff which has had 8 synif￿an1 impact on the budget. 8tructur•. Gov•rnanpA and Manag•m•nt Governlng Docum•nt Islinglon Play Association ts a company limited by guardntee and is a registered charity. The company vms establi8hed under Memorandum of Assoclalion which eslablished the objects and powers of the charftable company and is govemed urKler its Articles ofAssociation. In the event oflhe company being wound up mernber8 are required to contribute an amount not exceeding £1. Rocruitm•nt & Appointment of Tru5tegs Appointment of dlred0rn￿rUste8S is govemed by Ihe Memorandum & Articles of Association. New Twstees undergo tralning on their legal obligations as under Charity Law, the decision-making process. the business plan and recent perfomwnce of the charity. ISLINGTON PLAY ASSOCIATION (Privats Company Limitsd by Guarantee) Directorfs and Trusteo's Roport For the year ended 31*1 March 2024 Oryanlsatlonal Slructuro Isllngton Play Associal￿n (IPA) ig managed by a board of directors. Directors also serve as trustees for the purpose of charity law. Recruitrnent of tru5tee5 is managed as and vrt￿n needed and is planned to fill gaps in knowledge a5 fidentfified by the ManagirwJ Director and trustees. A recruitmenl process is followed which indudes an applicatlon and interview. Directors are elected by members of the charitable company at an annual general meeting and officer positions confimed annually. AdditK)nally. the l)oard may co-opt individuals to seNe as directors, bljt any person so appointed may retain office only until the next annual general meeting when they are enti￿ad to staThl for full election. Induction processes and docurnents are in place and are carried outioinly by staff and exlsling trustees. The Directors meet a minimum of five times a year to review the affairs of the charitable company. A llnance. audit and risk. committeo rnaets at least four times 8 year to review remuneration of peTronnel. annual budgets, and financial manag8menL other sub oxnmittee5 and director5. worf(ing groups are fomied as requlred. cUrren￿Y a People and Culture group meets at least 4 times per year. Leadershlp After a period of interim leadership, the organisation is now led by a Managlng Director who over8888 all a8pect8 of the services. provides strategic direction, and advocates ft)r the tharity's mission and aims both intemalty and extemally. The Managing Director line manages all site managers who deliver front line service8. The senior manag8m8nl t8am is madè up of thg Managing Director and Finance Director, the latter b8iThJ responsible for the budgeting and management of the accounts and line management of the finance tèam. Workforc• We hava a finance team and People and Business Manager. and managers are in place at each site of $ervic8 delivery be It Adventure Playground or Nursery. and they are re8pon$ible for line m8n8gemenl, Health 8nd Safety, Safeguarding and frontline engagament. We h8ve a receptionistlfacilities manager and teams ofPlayworkers and Earlyyears Practitioner5 who work direcuy with childrén throughout the year. IPA Is commltted to thè London Living Wage and eno)urages appllcations frorn the local communlty. IPA racognlses that 8XC8llent staff are fundamental to the delivery of the mission and 18 committed to using HR practices to support and manage staff i55ue& In a timely and effI￿ent way. All staff have regular supeNlslon and annual apprai8a18. IPA encourages application5 from all communltles and actively aims io recrult people reflective of the diverse population served. IPA is proud lo be a local employer and signed up lo the London Livlng wage. Rl•k M•naqement All major risks to which the charity is exposed, as idenlrfied by the senior management loam of the organisalion and the tru8lee8. are actively revl6weO and systems and procedures are in place io manage those risks. IPA'8 risk reg￿ter uses a system to quantify and rank Specific risk items ac￿rdIng to cert8in cri10ri8 such as financi81 implication8 for the organisation and is regularty reviewed al trustee meétings. All risks are then discussed, and mitigation strategies developed by rnanagemenl and the trustees. Dynamic risk assessments also fom) part of the management System 811owin9 for rapid response lo changing guidance and regulation. R•lat•d partl None of the Trust88s receive remuneration or other benefit in Iheir c8p8city as Trustees of the charity. Any connection between Trustee of the charity and org8ni5ation providing servic88 to the charity must be disclosed to the full board of Trustees in the same way as any contractual relation8hipviith a related paty. In the cJJrrent year no such related party transaction8 were reported. Publlc b•n•fft The trustee5 have complied with the duty in Section 4 of Ihe 3006 Charities Act to have due regard to guldance published by the Charity Commission. including public benefrt guidance. and consider that IPA'S mission. aims and activilles are for the public benefit. The effecliveness of the of the charivs work is discussed al trustee meetings and decisions made as necessary. Al planning is based on achievlng the core aims of the charity to support. increase and improve play opportunities for children and youTrJ people in order that they may have the best start possible to thelr lives. Expérièn￿ and leaming a￿ used to adapt and change the development plans as nece88ary. Consistent consultation and feedbad< provide real evidenc* of th8 effect of the charity as do the continued granting of funding by govemment streams and recognition through awards. Flnanclal revlew The Staternenl of Financial Activities shovts a total ino)rna for the year arnounted to £1.513,251 wth total expendliure amounllng to E1.697.302 leaving a deficit in the year of £184,051. In 2023r24. the cost-of4iving increase for staff salaries across the organisation. vhiich follows the council pay scale. was signif￿ant to a(xount for the unprecedented infiation r8te at the time. Additionally. the national shortage of Earfy Years Practitioners has meant an increase in the use of agency workers instead of contracted staff. AwJmulated reserves at the balance sheet date amounted to £139.770. ISUNGTON PLAY ASSOCIATION (Privatè Company Limlt•d by Guarante•) Dlrectorfs and Trust•e's Report For the year ended 31 rt March 2024 Prineipal funding sources Principle fijnding for sOU￿e$ 2023124 were Islington Council through iwo commissioned o)ntracls fuffilled through five Adventure Playgrounds and a Children's Centre, fees from services and grants from the Mayors Fund for London. the Local Initiative Fund, Tesco Community Grants and from corporate volunteers through the Big Alliance. The capital estate now includes Paradise Park Children's Centre. Lumpy Hill, Crumble8. Timbuktu. Toffee Park and Martin Lulher lfjng Adventure Playgrounds. Investment powers and pollcy The Memorandum & Artides ofAssoci81ion authorisas the Trustees to make and hold investments using the general funds of the charity. Res•rv•s policy and going concern The Trustees have established a reserves pdicy. reviewed at least annually. Within unrestrided funds, £42,500 (2023.. £95,000) is designated to cover do8ure costs for up to three months if the charity ceases operations. This designated fund excludes contracted 8eNces. i.e.. Paradise Park Children'8 Centre and the five playground3. The remaining funds would be utilised by the charity for various purposes, including reinvesting in the children's centrg using surpluse5 it gongrated In previou5 year5, operating capital, and supporting the furtherance of the tharity's objeclives. Fundrnl•lng •tandard8 The Islington Play Associatlon Is not roglsiorod wlth Fundraising Regulator and thé charity has not carried out any significant fundraising activiti88. Flxod AM•ts The movement in fixed assets are 8hown In note 13 of the flnanclal 8tatsrnent8. Plans for future p•rlods For the year 2024125, fundlng has been sècured from the London Borough of Islington. with total grants amounting lo £519,712 for the fwe pl3y9rounds and an indicative budget of £697.139 for Paradis8 Park Children's Centre. These Iwo commissioned 8er4ices arg the core activitses of the Charity. The Trustees aim to fvrther develop the children'8 centre, enhancing nursery education and outreach sarvice8 in Islington and the surrounding areas. Dlr•¢tor• •nd Tru•t The Trustees who are Director5 forthe purpose ofcornpany18wvtho hav8 sepied duriry the year and up io the date ofthis report are set out on pago 1. TTU*t••• rnJponBlblllths In rnlallon lo th• financial statomonts The charity TnJ8tee8 (wlx) are also Directors of the Company for the purposes of company law) are re8pon8ible for prep8rlng a Trustees, annual report and financial slalemenls in accordance with 8ppIic8ble law and United Kingdom Accounting Standard8 (United lfjngdom Generally Accepted Accounts'ng Practice). Company law require8 the Trustees lo prepare financial Btatements for each financial y68r. Under that law the Trustees hav8 elected io prepare the financial statements in accorrlance with United Kingdom Generally Accepted Accounling Practi(x (United Kingdom Accounting Standards and applicable law). Under company18w the Trustees musl not approvo the financial slatementg unless they are satisfied that they that give a true and fair view of the stat8 of affalrs of the company and of it8 income and expenditure for that period. In preparing these ffinancial statements, the Trustees are required to: select sultablo accountlng pollcles and apply thom conslstsnuy. obs8rvo the methods and principles in the Charilies SORP. make judgments and estimates that are rea50nablo 8fKI prudont. state wholher applicable UK accounting siandards have t)een followed, 8ubject io any maiorial departuros dlsdosed and explained in the ffinancial statements. prepare financial statements on a going concem basis unl885 It is Inappropriate to presume that the charity will conllnue in op9ration. The Trustees a￿ responsible for keeping X¢oUn￿ng rewds which Oisdose with reasonable ac￿raCY at any time th8 financial position of the charity and enable them to ensure that the financial ststemgnts comply with the Companies Act 2006. They are also ￿ponSIble for safeguarrjing the assets ofthe chanty and hence for taking ￿asonable sleps for the p￿Vent￿)n and deieciion of fraud and other irregulates. The trustees are responsible for maintenance and integrity of the corporate arKI financial infomiation included on the thariiable company's website. Legi81ation in the United lfjngdom goveming prgparation and di88gminaiion of financial statemgnts may differ from legislation in other jurisdictions. ISLINGTON PLAY ASSOCIATION (Prlvatè Company Limitsd by Guarantee) Directo￿$ and Trustee's Report For th• yoar •nd•d 31* Mareh 2024 Statement ag to dlsclosur• to our audltors In so far as the Trustees are aware at the time of approving our Trustees. annual report.. there Is no relevant information. being infomiation needed by the auditor in connection with preparing their report, of which the compan￿$ auditor is unaware., and the Trustees. ha￿ng made enquiries of fellow Directors and the 1X￿panY auditor that they (xjght to have individually tsken, have each taken all steps thal helshe is Obl￿ed io take as a director in order to make thernselves aw8re of any relévant audit infomiation and to establish that the auditor is aware of that infornation. AUDITORS A ￿$Olu￿.on will be proposed and agreed at the Annual General Meeting SCB (Accountants) Ltd be r8-appointed as auditors of the Charity for Ihe ensuing year. APPROVAL This report along with the strategic report was approved by the 808rd of Directors and Trustees .... lis behalf: . 2024 and signed on K•lly Gr•lll•r Chalr ISUNGTON PLAY ASSOCIATION (Prfvats Company Limiied by Guarantee) Indépendent AudIt0￿S Report to the Membor of Islinglon Play Assoclatlon Opinion We have audited the financial Statements of Islington Play Association for the year ended 31 March 2024, which compris8 the Statement of Financial ￿t￿lIeS (summary Income and Expendiiure Account). balance sheet, cashflow statement and notes to the financial statements, including a summary of signFficant accounting policies. The financial ￿pOrting frameworf¢ that has been applied in their preparaiK)n 18 applicable law, and United Kingdom Accountin9 Slandards (United ￿ngdorn Generally Accepted Accounting Praclice), including FRS 102 Yhe Financial Rep)rting Standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements.. - give a true and fair view of the stale of the charitable companls affairs as at 31 March 2024, and of its incoming resources and application of resources. including its Income and expenditure, for the year then ended; - have baen properfy prepared in ac4xJrdance with the United Kingdom Generally Accepied Accounting Practica. and - have baen prepared In accordance with the requiremenls of tha Companie8 Act 2006. Basls of oplnlon We conduct8d our audit in accordance with Intemalional Standards on Audlting (UK) (ISAS (UK)) and applicable law. Our responslbililies under those slandards are furtherdescribed in the Auditorfs responslbilities for the audit of the financial statements section of our report. We are independent ofthe charitable company in 8ccord8nce with the ethlcal requirements that are Televant to our audlt of the financial statements In the UK, including the FRC'S Ethical Stand8rd. and we have fulfllled our other elhlc81 responsibilitses in accordance with these requirements. We beli8Vg that the audit evidence we have obtained 18 sufficient and appropriate lo provide a basis for our opinion. Conclu•l¢)n• r•latlng to golng conc•m. In audib'ng the financial statements, we have conduded that the directors, use of Ihe going concem b8818 of accounbro In the preparation of the financial Statements Is appropriate. Based on the work we have performed, we have r￿1 identif￿d any matenal uncertaintles relating to events or conditions that. indlvldually or collectively. may caBt signlficanl doubt on the entivs ability to conts'nue as a going concern for 8 period of at least Iwelve months from when the financial stalemgnts are aulh0ri8ed for issue. Our re8ponsibilities and Ihe responsibilltles of the director8 respect to going concem are described in the relevant sections ol thi8 report. Othor Inforniatlon The other information comprises the infomiation induded In the annual report. other than the financi818tatements and our auditorfs report thereon. The directors are re8pon8ible for the other info￿allOn. opinion on the financial stalemants does not (x)ver the other information and, except to the extent otheTh•hse explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connaction viith our audit of the financial stslements, our responslbillty is to ffjad the other infomwlion and. in doing so. consider whether the othèr infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othanmse appear8 to be malerialty misstated. If we identify such malerlal Inconsi8tencies or apparent material misstatements, are required to determine whether there 18 a material mi88tatement in the financial statements or a material misstatement ofthe other infonnation. If, based on the work we have perfomied, we conclude that there18 a matèrtal mi8Statament of this other inforynatson we aro réquired io rep¢)rt that fact. We have nothing lo report in this regard. Opinlon on othor matter pr•scrlb•d by th• Comp•nlM Act 2006 In our opinion, based on the work undertaken in the course of the audlt: -the information given in the trustees, report for the financial year for which the financial statements are prepared Is consistent with th8 financial statements,. and -the Trustees report has been prepared in accordance with applic8ble18gal requirgments- ISLINGTON PLAY ASSOCIATION (Prlvato Company Llmlted by Guarantoe) Independent Audltovs Report to the Memb•r of Isllngton Play Association Matters on whlch wa aro roqulred to report by oxceptlon In the light of our knowledga and understanding of the charilable o)mpany and its enwronment obtained in the cour8e of the audit. we have not identified material misslatements in the dlrectoTr' report. We have nothiThJ to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion.. 4d8quats accounting rocords have not been kep( or retum5 adequate for our audii have not been re￿i¥8d from branches not visited by us.. or -the financial statements arB not in agreement with the accounting rgcords and rotums,. or -certain disclosures of directors. remuneration specified by law a￿ not made. or -we have not received all the information arbd explanations we require for our audit,. or -the trustees were not enti￿ed to prepare the financial statements in acwrdance with the Small compani8s' regime and take advantage of the small companies. exemption in preparing the Direciors. and Trustees, Report. R￿PonSIbIlItIa¥ of trustsos As explained more fully In the tru8t888' r88ponsibilitlas 6t8tement, the trusiaes (who are also the director8 of the charitable company for the purposes of ¢u)mpany law) are responsible for the prèpafation of th8 financial statements and for being satisf￿1 that they give a true and fair view, and For such intemal control as the trustees detemiine Is neL*ssary to enable the preparats'on of financlal statements that are free from material misstslement, whether due to fraud or error. In preparlng tha financlal statement8, the trustees ar8 re8ponslble for assessing ihe charitable cornpanl8 ability to continue as going concem, disclosing, as applicable, matters related lo going concem and using the going concem basis of 8ccounting unless the Iru81008 8ith8r intend to liquidate th8 ch8ritAble company or to caase oparatlons. or have no reallstlc altsm8tive but k) do so. Auditor• r•spon8ibilltio8 for th• audit of th• fin•ncl•l stat•m•nt• Our objective3 are io oblain reasonable assurance atK)Ut whether the financial 8tatements as 8 whole are free from material mi8stalem8nl, whether dua to fraud or error, and lo188ue an auditorf8 report that Includes our opinion Reasonable a88urance Is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA8 (UK} will always detect a material Missialements when it exists. Misst81ements can arise from fraud or error 8nd 8ffj con8ld6red material if. Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of usern taken on the basls of these financial statements. The oxtgnt to whith our procedure8 are eapable of dotacting Irregularlttes, Indudlng fraud18 detailed below.. Irregularitles, induding fraud, are Instances of nonvcompliance with lo￿ and regulatlons. We deslgn prorAdure8 In Ilne wlth our reSp(￿81b11itieS, oU￿1n8d above, to detect maiorial mis81atamants in rospeci to lffegularltle8. Including fraud. We gained an understsnding of the legal and regulatory framework 8ppIic8ble to the company arKI the industy in which it operates, and considered the risk of acts by the ￿MpanY that were contrary to applicable laws and regulatsons, induding fraud. We discussed with the Director8 the policies and procedures in place regarding ￿mplI8n¢8 with laws and regulation8. Wa di8¢ussed among8t the audit team the identified laws and regulations and rernained alert to any irKlic4tions of non-¢ompliance. Durtng the audit we focussed on laws and regulation8 which could reasonably b8 expected to give ribe to a material misstatement in the financial slalements, induding, but not limited to. the Companies Act 2006, UK tax legislation, Charity Act 2011 and SORP 2019. Our tests induded agreeing the financial 81atemenl disclosures to undedying supporting documentation and enquiries wilh management. Our procedures in relation to fraud included but were not limited to: inquires of rnanagement whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarfling risk of fraud such as opportunities for fraudulent maniwlation offinancial statements. We delemined that the principal risks related to posting manual joumal entries to manipulate financial perfomiance and management bias thn)ugh judgements in ac￿}untIng estimates. We also addressed the risk of rnanagernent override of intem81 controls. induding testing joumals and appropriateness of other entries in Ihe nominal ledger. reviewing transactions around the end of the reporting period. and evaluating whether there wa8 evidence of bia8 by the director5 that represented a risk of material misstatement due lo fraud. ISLINGTON PLAY ASSOCIATION IPrl¥at¢ Cumpany Lknlted by Guarantee) Independent Audltor's Roport to the M•ml*r of Isllngton Pl•y As•uci¥llon Because of ihe inh8renl limhalions of an 8udlt. Ih8Te Is a risk that we wlli not Llete¢l all irregularltles, Indudlng those leading to a material misBlalement in the financi81 statements or non-2J)mpliance with rBgulalion. This risk increases the more Ihal comrAiance ¥￿th a law or reyulalion is removed from the even& and transactions rellecled in the financlal stalemenls, as we will be less Ilkely to become aware Df Insiance$ of non- compllanc8. Thè risk is also greater regarding Irregulari1188 occurrlng due lo fraud rather than error, as ffaud involv88 inl@ntional concealment, forgèry, colluslon. omission or misropre5enlalion, A further descrSption of our respon8lblliiie$ fw Ihe audit ol the financial slatemenls Is locate¢Y on Iha Flnandal Reporllng Coun¢il'$ websfte al wtht.frc.or .uklaudll rcsponslbllllles. This descripiion forms part of our Budilorf8 report. Use ol our r•port Thls report Is m8d8 solely to ihe companls members, as a body, tn accor¢lance with Chapter 3 01 Part 16 of Ihe Comp8n*88 A¢t 2Q06. Our audit work has been undertakert so Ihot we mlght stale to the companys members Iheie matt8rs we are r6quir8d lo $1810 to them in Bn audilorfs report and lor no olhar purpose. To th8 fvlle81 extent p8rmitt8d by law. we do not accept or assume responsibillty to dnyona alher than tho compary and the companls membefs as a body, lor our eudll work. for this report. or for the o￿nIOnS wts have forrned. Jeffrèy Bor BIC FCA (Senlor Statutory Audltor) For and on b•half ot SC8 (Accountants) Ltd, Statutory Audltor. 31 Sackvllle Street Manchèster M13LZ Date: 2910712024 ISLINGTON PLAY ASSOCIATION (Prlvato Compary Limited by Guarantee) Statomont For Financial Activities For tho yoar •nded 31•t Marth 2024 Unrestrlctedl D•signat•d R•strict•d Funds Fund• Notes 2024 (>ants and DonatKJns knccxne from ch8rilable act￿1￿8 Other irtomé 3.045 1,095,774 1,OB8,819 1,029,575 369,661 5.382 417.477 1.095.774 1.513,251 1.401.204 Exp•ndltur• Dinct charitatAe acts¥ii*s ernent & Alministrallon 587,119 14,409 1,095,774 1,882,893 1,397.599 14.409 16,320 Total Exp•ndllur• 601.528 1.095,774 1.697.302 1.413.919 N•t Incom•lI•￿ndttUr0) & n•1 n¥)v•mDnt In funds b•for• tr•n•for• (184,051 > (184.051) (12.715) Trnn•f•r of fund8 Not Incornl{•xp•ndttur•} & n•t Thw•n*nt In fund• aft•r transf•rn (184,051) (184,051) (12,715) Total fund•, brought fonh•rd 17 323,821 3YJ,821 336,536 Total fund•. c•rrl•d forthwd 139.770 139,770 323.821 The statement offinancial activities also complies v￿th the requirement of income and expenditure account under the companies ad 2008. CONTINUING OPERATIONS None of companies, o¢tivity were affjuired or discontinued during the above iwo fin8ncial periods. TOTAL RECOGNISED GAINS AND LOSSES. The company ha8 no recognised gains or losses other than above movgmenl in Ihe funds of above ￿ financial periods. The notes on the page of 13 to 19 frjmi part of this ac(¥)unt. 10 ISLINGTON PLAY ASSOCIATION {Prlvato Company Llmll•d by Gu•rnnt••) Statement For Fln•nclal Acllvltlos For the y•ar ended 31•t March 2024 Not•s Flxed assets Tanuible assets 13 32,551 19,4 Curr6nt amets Debtors Cash at b￿k aThJ in haThl 14 24,331 259.908 59,197 405.216 284,239 464.413 Uablltti•s falli￿j due wilh 15 (158.2551 {129,988) Not Lwrr•nt au•t• 125,984 334.426 Cr&JIt￿l faliyj due allAr mtxo Itwn LTh S•V 16 (18,765) {30.074) Nat as••ts 139.rnl 373,821 Th• fund• al th• chw Lknrestrtknj fund8: DesWJrra￿j fvnds.. 17 97,270 42,500 228,821 95.0(K) Totsl chKityfund• 139,770 323.821 The TrustO08 have prepared the accounl In accordance with sectian8 398 of tha compani88 8Ct 2006 8nd Sections 138 01 the ch8ritie8 act 2011.The88 accounts are prepared In accordance with the special provision8 ol Part 15 of the Cornpanles Act relating to small companie8 and con8titute the annual acci)unt8 required by the Companial knt 2006 and are for circulats'on to members of th8 company. The accounts were approved by the Board of Oirecaors and Trustees on ond were Signed on its behalf by. Kelly Grellior Chair Dean Mth801 Lar￿$ Treasuror Company R•glstr*tlon No: 3989283 The rK)tes on tre page af 13 to 19 lomi part of these account. 11 ISUNGTON PLAY A&8OCIATION (Privato Company Limlted by Guarant••) Statsment of Cash Flows For tha ￿ar •ndod 31•t March 2024 Notes 2024 Ca•h used in operating actlvltlas 19 117,533 88.339 Cash from investing aGtlvltle• t Income Purchase of tanglbl8 fixed assets {21.848) {18.824) Cash pravld•d byl (u8ed In) Investlng aGtlvttlo8 16.466 16.855 Cash flow• from flnandng actfvlllos Rwent of borwiThJ (11.309) (8.867) Cash u••d In flnanclng actlvlil•• 11.309 8.667 hcreagel (d8crea8e) In ¢￿h & c88h equlvalBnts In the year Cash & cash oqulvalants at the baglnnirKJ of the year 405,216 Totsl cash & cash equlvahnt• at th• •nd of th• s•v 259,￿8 405.216 12 ISLINGTON PLAY ASSOCIATION (Privat• Company Llmli•d by Guarnntoo) Accounting Policie• Fof th• ￿ar •ndod 31Bt Marth 2024 untin The principal a¢cA)untlrwd policios are 8ummarf8ed below. The a￿oUnting polKies ha¥8 b88n applied eon858tenliy thffju*K)Ut the year and in the pr8coOing ye•r. B￿1$ of Prnparation The Flnancial 8tatemonts have boen prepared In a￿rdanc£ with Accountlw and Reportlng of ¢*arltle6.' SORP applkable to charltles prepariTha thelr ace%)unts in aC￿[da[￿e with Financial Reporting Standard applicabl8 In th8 UK and Republic of Ireland (FRS 102) (effective date 1 January 2019}- Charftle8 SORP (FRS 102}. the financial Mpoi￿rt9 Standard appllcable In the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.181ington Play Association meet tha deflnitlon of Charity uThler FRS 102. The financial 8tatem8nt8 ara prepared In Stedlng, *thlch Is the functional of tha charlty. Monetsry amount In those financial statements Is rounded to thé n•arn8t £. Assets and liabllltle8 are initially r•MgnLwd at historical cost ￿ transacllon value unle•• otherth •lat•d kn Ihe felovanl aeeounting pdlcy {notos). Pr•paratlon of •¢¢ounl• •>n • 9•lng ¢onc•rn bul• The Charllys Financial Statements 8how net deficlt of £184,051 mainly becau88 of Increase In nurnery ltaff crfjrr￿rK1S runnlrvj cost of tha Charity. See note 3 for more Infomwtion and to tho arnount and 80urce8 of these. grnnts. Int•r••t •nd Inv••lm•nt In¢om• r•c•lvabl• Inieresl on funds held C￿ detx)stt and Inc￿ from investrwnts held 18 Indudod rocelvJbl• •rKI tho amount can bè measured reliabl8 by the charlty. Fund *ccountlng Unre8tricted fiJnd8 arn Mllabl• to w)ond on a(thrf118B that furfher any of tho PUryKXS01 of charlty. Do8lgnated fiJnd8 are unrestridod funds of Ihe chartty whlch the trustees have decided at tholr discreoon to Set 881da for 8 8pocific purpose. Restricted fijnds are donations or grants whkh th8 donor has 8peiified aro to be solety u•ed for a parbcular pUl￿e or arna of the IPA work or projects belrwj und8rtak8n by IPA. 13 ISLINGTON PLAY ASSOCIATION {Privat• Company Limited by Guarantoo) Accounting Policies For the year ended 31•t March 2024 Expendlture and irrncoverable VAT Expenditure is recognised once there is a legal or constructNe obligation to make 8 payment to a third paty. it is probable that settlement will be ￿qUi￿￿, and the amount of the obligation can be measured reliably Expendiiure is dassffied under Ihe following headings. expenditure on charitable actimties indudes the cost of operating the nursery and outreach services. management and administration indude support costs for those functions that assist the work of the tharity. Irrecoverable VAT is chargéd as a cost against the aclivty for which the expenditure has been incurred. Operatlng leases Rentals paid under operating leases are Charged to incom6 on a straight-line basis over the le838 temi. Tanglblo flxed assets Tangible fixed as8els for use by the charity are stated at cost less depreclatlon. Indivldual flxed asset costlng £500 or more aro capitalised as cost. Dep￿￿atIOn li provided at rates cal￿18ted to write off the cost or valuatlon of fixed a88ets, less thelr esllmated re81dual value. over thalr expected usofvl lives on tho follo￿n9 b88i8: -Fixtures & Fitbng5 - 25% reducing balance. -Proporty - 25% reducing balance D•btorB Trade and other debtor8 are recogni8ed at the seW8ment amount due after any trade discount offered. Prepayments are valuad at tha amount prepaid n8t of any trade discounts due. Cash at bonk and in hand Cash at bank and in hand includes ca8h and Short tern highly liquid investrnent8 With a short maturity of less than three month8 from the date of acquisition or opening of the deposit or similar account. Cr•dltor• and provlBlon• Creditor8 and provi8ions are recogni8ed where the charity has a pre88nt obligation resulting from a p88t event that wll probabty result in the transfer of funds to a third party and the amount due to settle tha obligation can be m888ured or estlmated reliably. Financlal In•trum•nt8 IPA has finanaal ass81s and financial liabiliiie8 of a kind that qualify as basic financial instrumen18. The Charity d088 not acquire put options, derivatives or other complex financial instruments. P•nslon• The charty operates a defined contrlbutlon penslon scheme on behalf of Its employees. Contrlbutions ere charged to the Stalement ol Flnanclal Acllvllles In the perlod In whlch they are paYa￿e. Judymont and koy r•*ourc•s of •stlmated unc•rtalnty In the applicatson of the company's accounting pollcles. the charfty is requI￿d to make judgments. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The e5timale5 and associated assumptions are based on hi5toric81 experience and oth8r factor th8t are considered to be relevant. Actual ￿SuIts may differ from these 8stimat8s. The estimat8S and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estirnates are rewnised in the period in vthith the estimate 15 revised where the revision affects onty that period, Of in the period of the revlslon and fvture period vthere the revision affects both ￿rrent and future periods. 14 ISLINGTON PLAY ASSOCIATION (Private Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENT For the year ¢ndod 3101 March 2024 1 Logal statug of th• Charity Islington Play Association is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 2 Financlal ￿rfOr￿￿nea of tho charity Income 2024 1 513251 1.674.127 14.409 8,766 1.394.918 16.320 2.681 Expenditure on manag￿Tran1 and •Jmknlslralion Depr￿191 1413919 Net tncomo Tolal funds broughtforward Total funds carried forward Represented ty. Unrestricted fur (184.051) 323 821 139770 (12.715) 336 536 J Inc4Jrn from D¢)natlon• and Grnnt• 2024 2023 L8 l•llngkn)- Core Grnnt Lagacl8S Other kncom Ku8uma Tru8t UK The Calty F￿tr￿1 Other8 Lorthn fund 984.19) 113.834 12.500 1e.797 5,250 1.029.575 Of the £ 1,098,819 grants and donation incorne in year endlry 31at March 2024 {2023: £1,029,575) £1,095,774 were r88trict8d funds (2023: £1,026.801) and £3,045 wére unr88trici8d funds (2023: £2,773). 2024 2023 bNAty 8UPlXlrtYy play actsiAty anckng educallon of chlk1ren- 369,661 These were attrlbuted lully b unrastrlcted funds for the ojrrent year and prevlous year. S Incoffti from oth•r ¢harft•bl• actlvltl•s Fund ral•lng 2024 2023 These We￿ attributed fvlly to unrestrithd fvnds ft)r th8 cuffent year and previous year 15 ISLINGTON PLAY ASSOCIATION (Prlvato Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENT For the ￿ar ondod 3161 March 2024 is of expendlture on ch¥ltsble actt¥ltl•$ Deshjnated 2024 2023 Restrictthl fund Suppcrting Play acli¥ity Drect costs 587,119 1.095,774 1,682.893 1.397.599 587.119 1,681893 1.397,599 Of the £1,397.599 exp8ndiiure in 2023, £370.798 was charged to unre$tri¢ted fund and £1,026.801 to restricted fund. 7 of gov•rnanc• and support co•t 2024 2023 5.289 7.2LM) il & p£c￿nIor￿ Foos 14.409 Thesa were attributed fully to unrestricted funds for tha currant year and prelfjous year. N•t Incom• l(•xp•ndltur•) for th• ￿•r 2024 2023 Thls18 8tat•J aftor chllrgkng: DeFKeciatlon -owrnd os89ts 8.7e6 2.681 9 Jnalsws of staff costs, tru•l•• r•nwn•r•tlon •nd •xpon••4 •nd th• co•t of koy minagern•nt ￿rIOnnaI 2024 2023 Wag8s and sala Employers nallonal insurance EmployBrn Pen8ion aw & s8881(￿81 staff 984.793 76,922 22,531 905.927 21.132 avwage number of staff durfng tho 5wr wwe as folltr*s: Dlrect charllatJ18 p4lmini8tralion & 8UPSX)rt 70 70 76 avttage number of rn￿ty agency slaff empbyed durfry the was 5.75 {2023: 2). ThJmt¢r Ofern￿Oya8$ wtr￿e total emFlosw t¢neffts (excluding emF4oyer pens*)n) p*e wllhin thè ￿9& of£60,000 to £69.999 In the The key management personnel of the charity are as shown on page 1. The total ernployee benefits of the key management personnel of the charity were £167,111 {2023.' £140.922). 10 Trustoerf rnnwneratlon Th8 trustees were not pad or r￿9p#Ed any other b8nofts from the Charity durrfj the ￿ar in thelr capacty as trustees. 11 Related partytransaciions There were no related party trartsactlrms for the y￿r erKled 31 NÈrch 2024 12 Corporatlon Tax Th8 Charity 18 exemptfrom tax ￿ ncome arrfl gain8 faliry WIth￿ section 505 of the Taxes kt 1988 252 the Taxakn of Charge*e Gakns kt 1992 to the extent IPot Ihese are applied to 118 ch8rilabl8 dji￿. 16 ISLINGTON PLAY ASSOCIATION {Privalo Company Limitèd by Guarantsè) NOTES TO THE FINANCIAL STATEMENT For the year ended 31•1 March 2024 13 T•nglbl• Ilx•d asMts Cos( At 14)rl 2023 31,364 12.540 At 31 Tr*knh 2024 At 1 2023 Chwge in 31 fvP•ch 2024 11.895 8.786 10.046 1.849 At 31 2024 At 31 Dkrch 2023 14 D•b Amoun18 due wlthln on• yoor: Trade debtoryd Feas dobtor PrnpayThents 52,079 5,981 15 Crodltor• knounts fall*0 du• wlthln or• yeor: Trade credllorn FeeB C￿110￿ & depoBIts othgr Gredltorn Fknllday p8y 8¢cru81 58.774 25.378 31.382 9.120 21,916 9.120 LoonB 16 Cr•dltor• unt• falllng du• nx•r• th•n on• yD¥: 17 b•tMv•n fund bmlms b•t*••ft N•t aM•ts Unr•thd G•nernl D••lgn•tsd TaWa ftt8d a88ets t a¥sots t•rTn liabilli8s 32,551 32,551 125.984 18.765 139.7TO 42,500 b•t*von ￿nd b•t*Ton N•t NT•tWrnvlou• J•v Unr•Jtrlrt•d G•n•r•l D•*ign•t•d TarvJU8 f￿￿1 a858ts Netcurrent ￿Sets tem liabi1th8s 19.469 239,426 30.074 19,469 334.426 30.074 3a821 94lJOO 17 ISLINGTON PLAY ASSOCIATION (Prlvato Company Llmlt•d by Guarantee) NOTES TO THE FIMANCIAL STATEMENT For th• y••r •nd•d 31•t mA￿h 2024 18 Analy•l• of Funds B•l•ne• Ineomlng R•saur¢M Tr•nsf•r B*lanc• at 31103r2024 Restrlctod Funds LB I￿inGton- c￿ Granl L8gacle8 other Income London Mayorfs fund 964.190 113,834 12.500 5,250 95.77 (964,190) (113,834> (12,500) 5,250 1.095,774 Vnr••trlct•d Funds Gonoral fund5 De8ignAled Funds 228,821 417,477 (601.528) 52,500 52.500 97.270 42.500 23,82 417,4 601.528 Tol•l fund• 3.82 1.51 .251 (1,697. .770 An•￿1* of Fund• . Pr•vlou• ￿1• 8•lanc• Incoffllng R••ourc•• Trnn•f•r ￿lanc• at J1A13R023 R•strlGt•d Fund• LB Isllngton - Core Grant Ku8uma Trust UK The Cally Festival Oth8r¥ Londan ￿nd 988.605 34.400 16.796 (966.605> 134,4001 (16.7961 (2.5001 (6.500) 6,500 Unrn•trlat•d Funds Genornl fund8 Dubgnated Fund# 241,537 374,402 (387,118) 228,821 21 Tot•1 fund• 11. D••crfpllon, naturn & purpom of lund•: Unr••lrlct•d fund: Unreslricled fund indudes both the general fund whlch represents fund avallabla to spent at the dlNcr8tlon of the trustees after allowng lor all designated fund8. D••lgnat•d fund: The designated fund rnpremnts monies designatad by the trusteex to cmr dosure cost up 10 6 month8 in the event of the charity Cease to op8r8te. R•strl¢t•d funds: L81811ngton-Core Grant.. Thi81• mainly two Ix>uncll funded commls8lon 8eNlces aimed 8t provldlng one chlklren centre and flve adventure playgrounds. Ku•um* Tnmt UK: Th18 iYoJect18 to 8UPPOrt the opef8ti¢)n of 8 k]ds dimatè café at ctumblei castle adventure playgffjurKI8. Calty F••t Prohct.. This annual event. held on Caledonbon road in IS￿l0n. wr¥es the purpo88 of bringing tWher Olff8renl Jegments of I￿IngtOn c(*nmunlty to cel8brata. London MayoVs Fund: Th18 focus on provlslon of good qualty hollday for chIld￿n Includlng the provision of nutrltlonally balanced meals over the 8chool holidays. Oth•r Income: This represents •m811 grants aimed at 8UPFX)rting various #eNices prowdgd by the organisation. 18 ISLINGTON PLAY ASSOCIATION (Privat• Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENT For tho yoar •nd•d 31•t March 2024 19 R•condllatlon of n•t nh)v•rrnnt In funds to n•t cash Ilowfrom op•railng aGtlvltl•s Net Mo¥Em￿t kn furth for tr* reporti￿ ￿lod {aB per SOFA) (184.051) (12.715) P41ustrnents tr. Depreciation Ch￿e8 Interest income Decreas￿(1nCrease) In debtors DeCreas￿{lnerea8e) in cr8dit(X8 2,681 (1,968) 129,889 (29,548) (5,382) N•t cash provld•d by{uMd In) opratlng actlvlll•s (117.533) 20. Ultlmat• Controlllng Party The charity was under the control of the Bo8rd of TnJst888 throughout th8 y88r. 19