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← Papa's Park Ltd

2024-06-30-accounts

PAPA's Park Limited Company Limited by Guarantee

Company registered in England and Wales Registered number 06933866

Charity registered in England and Wales Registered number 1133711

Financial Statements to 30th June 2024

PAPA's Park Limited

Contents

Page
Legal and administrative information 1
Trustees' report 2 - 5
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8
Notes to the accounts 9 - 16

PAPA's Park Limited

Legal and administrative information

Trustees Mark Dyer Jacqueline Dyer Laura Harding Sarah Hackney Vaila McClure Dyfed Price Company Secretary Laura Harding Charity number 1133711 Company number 06933866 Registered office 10-17 Pulross Road London SW9 8AF Independent Examiner Kathleen Moss ACMA, CGMA Kathleen Moss Limited 48 Lawn Terrace London SE3 9LP Bankers HSBC 512 Brixton Road London SW9 8ER

1

PAPA's Park Limited

Trustees' Report

For the year ended 30th June 2024

The Trustees, who are directors for companies act purposes present their annual directors' report and unaudited accounts for the year ended 30th June 2024.

This is a directors' report as required by s417 of the Companies Act 2006. The directors confirm the financial statements comply with the current statutory requirements and the requirements of the memorandum and articles of association.

Directors and trustees

The directors for the charitable company are its trustees for the purposes of charity law. The directors serving in the year are:

Dyfed Price Joint Chair Jacqueline Dyer Laura Harding Secretary Vaila McClure Joint Chair Mark Dyer Sarah Hackney

Objectives and Activities

Objects: To promote the benefit of the inhabitants of, and persons employed in, Pulross Road and the surrounding areas

and the neighbourhood thereof without distinction of race, gender, or political religious or other opinions by associating the local authorities and/or voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interests of social welfare for play, recreation, sport and other leisure occupations, with the object of improving the conditions of life for said inhabitants, and particularly those who have need of such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances.

The basic service is to provide a publicly accessible sports pitch, playground and planted community garden for the benefit of the local community; open access and free to use. The playground has a young children’s play section, an age 7+ children’s play section and a multi-sports all-weather pitch. The grounds include a hall which is hired out at a low cost to provide a community space for children’s parties, church groups and any other local group to meet. A cafe on site provides local jobs and reasonably priced food and drink for local people and playground users.

The trustees have had regard to the Charity Commission guidance on public benefit.

Contribution made by volunteers: All Trustees live locally and give their time voluntarily and receive no remuneration or other benefits. A pool of other committee members and other volunteers help with a variety of administrative, fundraising and physical tasks to enable the park to function effectively.

Trustee selection

Trustees are elected by members attending the Annual General Meeting in May of each year.

Type of governing document

Memorandum and Articles. PAPAs Park Limited is a Charitable Company limited by guarantee.

2

PAPA's Park Limited

Achievements and Performance

The playground’s continuing operation represents a great public benefit to the community and the park has been open to the general public from morning until dusk every day of the year. It is used by young people from babies through to teenagers and provides a free, safe, open-access space to play, exercise, and enjoy the garden. It also provides a space for parents from each strand of Brixton’s diverse communities to meet and build friendships. Community fun days with stalls and free activities have been resumed however wherever possible smaller scale activities have been happening. The following activities have also continued: the hall has been used by local churches, community groups and children’s clubs, it is rented out at a moderate cost to provide a useful community amenity; the popular local branch of GoodGym uses the park as a base for their fitness and volunteering scheme; Football coaching, drumming classes and yoga have all taken place during the year along with community planting days.

As in previous years, the main achievement has been to continue to maintain the park as a viable entity and ensure financial stability.

Significant work has continued on the Hall and Café redevelopment. One of the key milestones: applying for planning permission was achieved and the outcome is awaited. As part of the planning process many additional surveys have been completed to ensure the new building is sustainable and accessible.

Funding from Lambeth Community Connections has been promised which will deliver almost 50% of the funds needed to rebuild the hall. City Bridge Trust has supported an Accessibility Audit which will ensure the new building will be accessible and provide for varying needs.

LBL has committed to a longer lease which will enable the charity to access funding from additional sources.

Financial Review

Despite continuing challenges, the charity remains solvent with funds to continue to operate in the medium term.

The general policy is that the charity should hold a fund of no less than £4,000 to allow for a float for running and emergency costs. As there are no paid staff employed no reserve is required for staff.

At 30th June 2024 the charity had reserves of £30,727 (2023: £31,981), of which £3,000 related to restricted income funds (2023: nil).

The unrestricted reserves of £27,727 (2023: £31,981) were split between general funds of £18,011 (2023: £22,265) and funds designated by trustees of £9,716 (2023: £9,716):

Designated funds:

£3,716: funds held for repairs and refurbishment of hall, (2023: £3,716). £6,000: funds held for maintenance of the sports pitch.

Income received in the year amounted to £32,635 (2023: £21,754) of which £5,922 was restricted for specific purposes (2023: £1,170) and £26,713 was unrestricted for general purposes (2023: £20,584). Expenditure in the year totalled £33,889 (2023: £42,280). Expenditure of restricted income funds totalled £2,142 (2023: £5,697) with £31,747 (2023: £36,583) of expenditure from unrestricted income funds. In the year we received £2,000 of pro-bono mentoring from High Trees.

3

PAPA's Park Limited

Principal sources of funds

Hall and Café rental, and Sports Pitch Hire form the main income streams. Local fundraising during events and through text to donate continue to provide additional money. We have also submitted applications for funding to Trusts & Foundations, with some successes.

The charity has no significant or long term investments.

Principal risks facing the charity

Continuing pressure on income due to the poor state of the ageing building. The building is at the end of its life, and this prevents additional income being generated. It also means the charity is not able to provide as many services to the community as it would wish to.

Fund and grant making bodies have focussed predominantly on the cost-of-living crisis meaning there are fewer opportunities available for other areas and where funds are open the landscape is much more competitive.

4

PAPA's Park Limited

continued Trustees' Report

Trustee responsibilities

The trustees (who are also directors of PAPA's Park Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 in the event of the charity winding up whilst he or she is a member or within 12 months afer membership ceases. Trustees are members of the charity, but this entitles them only to voting rights.

Our Independent Examiner, as appointed by the board, Kathleen Moss ACMA, CGMA

The company has taken advantage of the small companies' exemption in preparing the report above. The trustees declare that they have approved the trustees' report (including directors' report) above.

Signed on behalf of the charity's trustees/directors:

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5

Independent Examiner's Report

To the Trustees of PAPA's Park Ltd

Charity no: 1133711, Company no: 06933866

I report to the trustees on my examination of the financial statements of PAPA's Park Ltd for the year ended 30th June 2024 which comprise the Statement of Financial Activities, the Balance Sheet and associated notes.

Respective responsibilities of Trustees and examiner

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act").

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for Independent Examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

20th March 2025

Kathleen Moss ACMA, CGMA

Kathleen Moss Limited

48 Lawn Terrace London SE3 9LP

6

PAPA's Park Limited

Statement of Financial Activities (including Income and Expenditure Account) For the year ended 30th June 2024

Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds Funds 2024 Funds Funds 2023
Income from: Note £ £ £ £ £ £
Donations 3 6,131 1,142 7,273 2,335 - 2,335
Charitable activities 4 20,194 4,780 24,974 17,977 1,170 19,147
Interest received 5 388 - 388 272 - 272
Other
Total income 26,713 5,922 32,635 20,584 1,170 21,754
Expenditure on: 6
Raising funds 107 - 107 216 - 216
Charitable activities 31,640 2,142 33,782 36,367 5,697 42,064
Total expenditure 31,747 2,142 33,889 36,583 5,697 42,280
Net income/
(expenditure) for the
year 7 (5,034) 3,780 (1,254) (15,999) ( 4,527)
 (20,526)
Reconciliation of funds
Total funds brought
forward 31,981 - 31,981 49,366 3,141 52,507
Transfer between funds 780 (780) - (1,386) 1,386 -
Total funds carried forward £27,727 £ 3,000 £30,727 £31,981 £ - £31,981

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than

The accompanying Notes to the Accounts form part of these financial statements. Movements in funds are disclosed in Note 11.

7

PAPA's Park Limited

Balance Sheet As at 30th June 2024

Note 2024 2023
£ £
Fixed assets 10 £9,775
Current assets
Debtors 8 7,349 3,000
Cash at bank and in hand Cash at bank and in hand 15,392 29,761
22,741 32,761
Creditors: Amount falling Creditors: Amount falling
due within one year 9 ( 1,789) ( 780)
Net current assets 20,952 31,981
Total assets less current liabilities 20,952 31,981
Net assets 10 £30,727 £31,981
Funds 11
Restricted Funds 3,000
Unrestricted Funds Unrestricted Funds
Designated Funds
General Fund		 9,716
18,011
Total funds £30,727 £31,981

The charity is entitled to the exemption from the audit requirement contained in s477 of the Companies Act 2006, for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with s476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.

The notes on the following pages form part of these accounts.

The accounts were approved by the Board on lg/ 0 s;gned Trustee / Director ~~Name - \FED Preicé _~~ = yal Company Registration No. 06933866 Charity Registration No 1133711

8

PAPA's Park Limited

Notes to the financial statements for year ended 30th June 2024

1 Statutory information

PAPA's Park Limited is a charitable company, limited by guarantee, registered in England and Wales. The charitable company’s registered number is 06933866 and Charity registered number is 1133711. The registered office address and principle place of business is 10-17 Pulross Road, London, SW9 8AF. The functional currency is sterling.

2 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

2a Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ((September 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

Assets and liabilities are inititally recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

2b Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102. The trustees have had due regard to the Charity Commission's Public Benefit guidance when excercising powers and duties to which the guidance is relevant.

2c Going Concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The charitable company can comfortably operate based on confirmed funding with sufficient reserves.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The impact of the Covid 19 crisis has been significant for the park. The Trustees have worked hard to raise funds to ensure the park has been able to survive despite the first lockdown in 2020 and subsequent lockdowns. Through accessing emergency grants from Sport England and also Lambeth Council grants.

2d Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Where donations and grants are restricted to future accounting periods, they are deferred and recognised in those future accounting periods. Grants for immediate financial support and assistance, or to reimburse costs previously incurred, are recognised immediately.

9

PAPA's Park Limited

Notes to the financial statements for year ended 30th June 2024: continued

2e Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank.

2f Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

2g Expenditure and basis of apportioning costs

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to which it relates and has been classified under headings that aggregate all costs related to the category. Expenditure is classified under the following activity headings:

Raising funds: Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Charitable activites: Expenditure on charitable activities includes the costs of delivering activities servicesfor its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. These costs incorporate Governance costs which include those costs associated with meeting the constitutional and statutory requirements of the charity, examination fees and costs linked to the strategic management of the charity.

2h Debtors

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

2i Creditors and provisions

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.

2j Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments. The trustees seek to use short term deposits to maximise the return on monies held at the bank and to manage cash flow.

The charitable company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value.

10

PAPA's Park Limited

Notes to the financial statements for year ended 30th June 2024: continued

2k Pensions

The company has no employees and therefore has no pension liability.

2l Fundraising

The charitable company has not used 3rd party fundraising organisations. Funds are raised through individual donations, grants from Trusts, Foundations and Government grants and contracts, hall hire and membership fees. Some fundraising events have also been carried out.

2m Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements as it is impractical to estimate such value. Where services and facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

11

PAPA's Park Limited

Notes to the financial statements for year ending 30th June 2024: continued

3 Donations and legacies
2024 2024 2024 2023 2023 2023
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Donations 4,131 1,142 5,273 2,335 - 2,335
Gift In Kind - Mentoring 2,000 - 2,000 - - -
£ 6,131 £ 1,142 £ 7,273 £ 2,335 £ - £ 2,335
4 Income from charitable activities
Unrestricted Restricted Total Unrestricted Restricted Total
Grant income £ £ £ £ £ £
PostCode Lottery - 500 500 - - -
Worshipful Company of
Marketers		 - 2,500 2,500 - - -
Lambeth Council 1,000 1,000 -
Lambeth - Windrush 75 - 780 780 - 1,170 1,170
£ - £ 4,780 £ 4,780 £ - £ 1,170 £ 1,170
Unrestricted Restricted Total Unrestricted Restricted Total
Other charitable activities £ £ £ £ £ £
Café rental 3,064 - 3,064 3,400 - 3,400
Hall hire 3,459 - 3,459 4,003 - 4,003
Pitch hire 13,254 - 13,254 9,452 - 9,452
Membership fees 417 - 417 1,122 - 1,122
£ 20,194 - £ 20,194 £ 17,977 - £ 17,977
Total income from
charitable activities		 £ 20,194 £ 4,780 £ 24,974 £ 17,977 £ 1,170 £ 19,147
5 Interest received Unrestricted Restricted Total Unrestricted Restricted Total
Bank Interest £ 388 - £ 388 £ 272 - £ 272

12

Notes to the financial statements for year ending 30th June 2024: continued

PAPA's Park Limited

6 Expenditure

Expenditure represents the following direct and apportioned costs

Playground repairs
Planting
Hall repairs
Community Project
Electricity
Cleaning
Ground maintenance
Waste clearance
Water
Safety check
Insurance
Accountancy
Administrative expenses
Gift in Kind - Mentoring
Bank charges
Business rates
Other
Total expenditure
Playground repairs
Hall refurbishment
Community Project
Electricity
Cleaning
Ground maintenance
Waste clearance
Water
Safety check
Insurance
Accountancy
Administrative expenses
Bank charges
Business rates
Other
Total expenditure
Expenditure -prior year
comparative:		 Restricted
Charitable Governance
Charitable
2024
Fundraising
activities
costs
activities
Total
£
£
£
£
£
-
3,754
-
2,142
5,896
-
-
-
-
-
-
715
-
-
715
-
-
-
-
-
-
3,193
-
-
3,193
-
3,838
-
-
3,838
-
2,315
-
-
2,315
-
1,902
-
-
1,902
-
6,722
-
-
6,722
-
-
-
-
-
-
3,780
-
-
3,780
-
-
780
-
780
-
686
-
-
686
-
2,000
-
-
2,000
107
-
86
-
193
-
496
-
-
496
-
1,310
63
-
1,373
Unrestricted
£ 107
£ 30,711
£ 929
£ 2,142
£ 33,889
2023
£
£
£
£
£
-
2,476
-
-
2,476
-
12,284
-
-
12,284
-
-
-
5,697
5,697
-
4,020
-
-
4,020
-
4,421
-
-
4,421
-
4,110
-
-
4,110
-
1,633
-
-
1,633
-
2,412
-
-
2,412
-
378
-
-
378
-
5,732
-
-
5,732
-
-
720
-
720
-
306
-
-
306
-
-
117
-
117
-
87
-
-
87
216
530
-
-
746
£ 216
£ 38,389
£ 837
£ 5,697
£ 45,139

13

Notes to the financial statements for year ending 30th June 2024: continued

PAPA's Park Limited

7 Net income for the year

There is no depreciation charged as all playground equipment is written off in year of purchase. The playground is administered by volunteers therefore there are currently no staff costs

2024 2023
£ £
Independent examination £780 £780
8 Debtors 2024 2023
Due within one year: £ £
Debtors 3,101 -
Prepayments 4,248 3,000
7,349 £3,000
9 Creditors 2024 2023
Amounts falling due within one year: £ £
Accruals 1,739 780
Accounts Payable 50
£1,789 £780
10 Fixed Assets
Costs relating to proposed new building, held as Work in Progress until building is finalised.
2024 2023
£ £
Building related costs £9,775 -
11 Analysis of net assets between funds Unrestricted Funds Restricted Total
Funds Funds
2024 2024 2024
£ £ £
Fund Balances at 30 June 2024 are represented by:
Fixed Assets - 9,775 9,775
Current Assets 19,741 3,000 22,741
Creditors: Amounts falling due
within one year (1,789) - (1,789)
Total net assets £17,952 £12,775 £30,727
2023 2023 2023
£ £ £
Fund Balances at 30 June 2023 are represented by:
Current Assets 32,761 - 32,761
Creditors: Amounts falling due
within one year (780) - (780)
Total net assets £31,981 £ - £31,981

14

PAPA's Park Limited

Notes to the financial statements for year ending 30th June 2024: continued

12 Funds

Restricted Funds
PostCode Lottery
Worshipful Company of
Marketers
Repair our Park
Lambeth - Windrush 75
Total Restricted Funds
Unrestricted funds:
Designated funds:
roof/hall
Designated funds: pitch
General funds
Total funds
Fund movements were as
follows:		 At 1st Jul
2023
Incoming
Outgoing
Transfers
between
funds
At 30th Jun
2024
£
£
£
£
£
-
500
-
-
500
-
2,500
-
-
2,500
2,142
(2,142)
-
-
780
-
(780)
-
-
5,922
(2,142)
(780)
3,000
3,716
-
-
-
3,716
6,000
-
-
-
6,000
22,265
26,713
(31,747)
780
18,011
£31,981
£32,635
(£33,889)
-
£30,727

Restricted Funds

PostCode Lottery: £500 received for gardening: to cover planting pollinators, an activity for the kids and equipment in 2024/25.

The Marketors: £2,500 received to create a fresh, vibrant website with associated marketing; working in partnership with 18a Productions in 2024/25 creating new payment options for local residents to become members.

Repair our Park: Crowdfunder to support repairs to the park, Lambeth matched the Crowdfunded donations with £1000.

Windrush 75: funding received to support Windrush celebrations in the park. Balance of grant received in 2023/24 to cover expenditure in June 2023.

Groundwork London: £4,959 received for the costs of Improving biodiversity in Papa's Park.

Transfers between funds: £780 to cover costs financed from General Funds in 2022/23. 2022/23: £1,494 allocation of General Funds to support Windrush 75 celebrations. £33 to transfer small remaining balance.

Designated funds: roof/hall: Funds held for repairs and refurbishment of the hall and roof.

Designated funds: pitch: Funds held for maintenance of sports pitch.

15

PAPA's Park Limited

Notes to the financial statements for year ending 30th June 2024: continued

Funds -prior year comparison
Fund movements were as Transfers
follows: At 1st Jul between At 30th
2022 Incoming Outgoing funds Jun 2023
£ £ £ £ £
Restricted Funds
Groundwork London 3,141 - (3,108) ( 33)
 -
Lambeth - Windrush 75 - 1,170 (2,589) 1,419 -
Total Restricted Funds 3,141 1,170 (5,697) 1,386 -
Unrestricted funds:
Designated funds: roof/hall 16,000 - (12,284) - 3,716
Designated funds: pitch 6,000 - - - 6,000
General funds 27,366 20,584 (24,299) ( 1,386) 22,265
Total funds £52,507 £21,754 (£42,280) - £31,981

13 Legal status of the charity and liability of members

The charity is a company limited by guarantee, incorporated in England and Wales (registration no: 06933866) and has no share capital. The liability of each member in the event of winding up is limited to £10 for waged members over 18, £5 for unwaged members over 18 and £1 for members under 18.

14 Taxation

The charitable company is registered as a charity and all of its income falls within the exemptions under Part 11 of the Corporation Tax Act 2010.

15 Related parties

There are no related party transactions to disclose for 2024 (2023: none). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

16 Trustees

None of the trustees (or any person connected with them) received any remunerations from the charity during the year. No reimbursements were made to trustees in 2024 (2023: £nil) for travelling and other expenses and no payments were made direct to third parties.

17 Operating lease commitments

There are no commitments under non-cancellable operating leases at June 2024 (2023:Nil).

18 Contingent assets or liabilities

There are no contingent assets or liabilities at June 2024 (2023:Nil).

19 Ultimate controlling party

The charitable company was under the control of the Trustees during the period under review. There is no single ultimate controlling party.

16