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2022-09-30-accounts

Charity Registered Number: 302925

THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

THE LONDON PLAYING FIELDS SOCIETY

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 10
Statement of Trustees' Responsibilities 11
Independent Auditor's Report on the Financial Statements 12 - 15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
Charity Balance Sheet 18
Consolidated Statement of Cash Flows 19
Notes to the Financial Statements 20 - 42

THE LONDON PLAYING FIELDS SOCIETY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Trustees The Hon William Cadogan
Colin Ainger
Jamie Dalrymple
Christine Double (resigned 1 June 2022)
Dennis Hone CBE
Sally Hopper
Henrietta Martin-Fisher
Lucy McCrickard
Anthony Ratcliffe
Andy Sutch
Cara Turtington
Andy Webb
Charity registered
number
302925
Principal address and
Registered Office
58 Bloomsbury Street
London
WC1B 3QT
Patron Honorary
Patron
HRH The Duke of Gloucester KG GCVO
The Rt Hon the Lord Mayor of the City of London
Chief Executive
Alex Welsh
Independent auditor
MHA
Statutory Auditor
6th Floor
2 London Wall Place
London, United Kingdom
EC2Y 5AU
Bankers
Bank of Scotland
33 Old Broad Street
London
BX2 1LB
Solicitors
BDB Pitmans LLP
One Bartholomew
London
EC1A 7BL
Investment advisors
Cazenove Capital Management
12 Moorgate
London
EC2R 6DA

Page 1

THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Council Members, being the Trustees of The London Playing Fields Society, present their report and financial statements for the year ended 30 September 2022. The financial statements have been prepared in accordance with the accounting policies set out in note1 to the financial statements and comply with the Society’s governing document, the Charities Act 2011 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS102) (‘Charities SORP’).

Structure, governance and management

The London Playing Fields Society was founded in 1890 and was constituted by Royal Charter on 31[st] October 1925, last amended 11 February 1998. The Society is a registered Charity, and it operates under the name of London Playing Fields Foundation (‘LPFF’).

The Trustees, who are also Council Members (and referred to as such), delegate day to day responsibility and administration to the Chief Executive who is supported by six head office staff and a team of grounds staff.

The Trustees and the Chief Executive comprise the Key Management Personnel of the Charity. The Council Members who served during the year were:

The Hon William Cadogan Colin Ainger Jamie Dalrymple Christine Double (resigned 1[st] June 2022) Dennis Hone CBE Sally Hopper Henrietta Martin-Fisher Lucy McCrickard Anthony Ratcliffe Andy Sutch Cara Turtington Andrew Webb

Appointment of Council Members is governed by the Charter of the Charity. The Committee of Council Members (The Council) is authorised to appoint new Council Members, who are suitably qualified, to fill vacancies arising through resignation or death of an existing Council Member. On appointment, Council Members undertake an induction process in which they are briefed on the Society’s activities and its operational framework and they meet quarterly during the year to monitor activities and to establish policies. The Council members have a huge amount of experience, both in business and Charity matters, and continuously seek to improve performance and efficiency, and to learn new and better ways of delivering the Society’s objectives. Council Members with relevant skills and experience are appointed to the key committees, the Finance and General Purposes Committee, the Funding and Communications Committee and the Remuneration Committee. The Society keeps Trustees informed on topical issues and provides ongoing training where necessary.

Remuneration policy

The Remuneration Committee meets annually to review staff pay, including that of Key Management Personnel and senior staff. A formal remuneration policy has been adopted by the Charity such that an annual staffing audit is produced for information and discussion at this meeting which includes consideration of industry comparisons, the National Living Wage and the London Living Wage and the Institute of Groundsmen recommended salary scales and benchmarks/parameters for the Chief Executive salary. Trustees are not remunerated.

Page 2

THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Objectives and activities

In setting the objectives and planning the activities of the Society, the Trustees have considered the Charity Commission’s general guidance on public benefit. The Society’s main objective is the protection, provision and promotion of playing fields in Greater London to encourage more people to take part in sport and physical activity. It caters particularly for the young, old, disabled and disadvantaged. It also provides resources and coaching facilities for students at schools, universities and colleges.

Our vision is to create a happier, healthier and more cohesive London by providing places to play sport forever. Given that hiring income does not fully cover operational expenditure, the Society continues to seek additional sources of finance to fund its charitable objectives.

We have four main beneficiary groups

The Council has paid due regard to guidance issued by the Charity Commission in deciding what activities the Society should undertake and, in reviewing this year’s activities, we have continued to remain faithful to our original objects, namely “to provide or assist in the provision of facilities for recreation or other leisure time activities in the interests of social welfare at places within or adjoining that area which formerly came within the administrative area of the Greater London Council including the provision of facilities for outdoor games and athletics for persons who by reasons of youth, age, infirmity or disablement, poverty or social and economic circumstances, may not otherwise have the opportunity to enjoy them.”

In this last year, we have continued to demonstrate:

We remain indebted to our founders who, back in 1890, foresaw the dangers of the rampant urbanisation of the capital and appreciated the need to protect its open spaces so that the growing population had somewhere to enjoy its sport. There are approximately 1500 playing fields sites in London and with 85% of playing fields in London owned by a local authority or local education authority, the Society is the “go to” organisation that local community groups turn to when faced with the loss of a local playing field. Since 2008 the Society has been maintaining a Fields at Risk Register and over the last year has continued to assist in the protection of fields considered to be vulnerable to building development.

The Society owns the following grounds:

Page 3

THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Risk management

The Council Members actively review via an annually updated Risk Register, the major risks which the Society faces. Having dealt with the restrictions imposed by the pandemic, it was hoped that the worst would be over but towards the end of the financial year in September 2022 it was clear that the two biggest risks were the rapidly increasing rate of inflation and the prospect of having to contend with a 400% increase in energy costs, both of which could lead to unprecedented levels of operational expenditure.

In the circumstances, the Council Members believe that maintaining reserves at a level at least equivalent to twelve months’ general fund expenditure, combined with an annual review of the controls over key financial data, will continue to provide sufficient resources in the event of future unforeseen adverse conditions. Aside from the cost of living and energy crises, the other major risk is that the Society’s leisure facility buildings are not adequately maintained and fall below statutory requirements and the level of amenity for users becomes unacceptable. The Society has therefore set aside an unrestricted designated legacy fund to cover major maintenance and refurbishment of its buildings. Indeed, in September 2022 this fund was used to finance the replacement of the boilers at Douglas Eyre Sports Centre at a cost of £416,367. The Council Members have also examined other operational and business risks faced by the Society and confirm that they have established appropriate business controls to mitigate and manage the risks.

Fundraising

In common with other charities the sources of revenue funding on which we have relied to undertake this sports-based “social inclusion” work have been diminishing, and this is a cause for concern. The revenue grant income for our projects back in 2008 accounted for a third of the Society’s annual income but over the period to 30[th] September 2022 it dropped to barely 10%.

As an alternative income source, we recognised that the most effective way in which we could promote the value of LPFF and persuade people to donate to our cause was to organise social events. The LPFF Quiz at the Oval and the Gala Dinner at the Savoy have therefore emerged as the two major fundraising events organised by the Society. Both are facilitated by the Society’s staff. Neither a professional fundraiser nor a commercial participator organises these activities. The aim is to raise money via table sales, sponsorship, donations, auction items, pledges and raffle. Neither event is bound by any voluntary scheme for regulating fundraising, but the Society does follow best practice laid down by the Institute of Fundraising. Each event has an organising committee comprising Trustees and volunteers who assist in the sale of tickets and the acquisition of auction items. The activities of each committee are overseen and monitored by the Chief Executive who ensures that accurate records are kept of monies raised and costs expended. Minutes are taken at every meeting. During the year we received no complaints related to our fundraising activities.

The Gala Dinner is pivotal to our fundraising effort and has raised well over a million pounds since 2011. With the 2020 Gala Dinner being replaced by a virtual quiz due to the pandemic, it came as a relief to organise a live event again on 25[th] November 2021. The Dinner, which attracted 280 guests, raised £165,592 making it the third highest grossing event (after 2018 and 2019). This was a remarkable achievement considering the post Covid-19 backdrop. In a climate of great uncertainty, the Committee demonstrated commendable courage, drive and ingenuity in pushing ahead with the event and in the process selling 28 tables and acquiring six live and 41 silent auction items of the highest quality. Not only that, the 2021 Gala Dinner was in the opinion of many regular guests, the best ever in terms of atmosphere and ambience.

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THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

The LPFF Quiz which took place at The Oval on 12[th] May 2022 attracted a record number of guests (280) many of whom were attending their first LPFF event. Despite this being the best ever in terms of ambience, quality of the quiz and numbers attending, the net £18,480 raised was £4,264 less than 2021 largely due to the under performance of the Live Auction and the fact there was a much younger audience.

During the year the Society benefitted from two legacies from former Trustees - £43,000 from Evan Stone and £50,000 from Jack Miller. There were no restrictions on how the gifts should be spent and following consultation with Trustees, it was decided to use £30,000 on the boiler replacements works (specifically new shower panels) at Douglas Eyre Sports Centre. In recognition of these gifts, the classroom in the centre will be named the Miller Stone Room and a suitably engraved plaque has been mounted.

Achievements and performance

For the first time in 18 months the 2021-2022 football season took place without having to follow any Covid-19 protocols, meaning that our clubs had unrestricted use of the changing rooms and pavilions. Having endured the worst that the pandemic could throw at them, we were concerned that some of the schools and clubs that had historically used our grounds might not come back.

Reassuringly club utilisation rates for the Society’s weekend football pitches for the 2021-2022 season showed a 6% increase from 67% to 73% on the pre-pandemic levels of 2018-2019. For our weekend cricket pitches the increase was even more marked with a jump from 87% in 2019 to 98% in 2022.

For schools the pandemic put an immediate stop to inter school football and cricket fixtures at all levels and whilst there was a return to curricular PE lessons on our grounds, we were very apprehensive about whether inter school sport would re-emerge once the Covid-19 restrictions were lifted. Even prior to the pandemic fewer pupils were playing sport outside school, mainly due to:

In the summer of 2021 we had actively marketed our facilities to the school sport organisers and, as a result of a “willingness to go the extra mile to stage school matches, finals and festivals and at a very fair price”, a total of 208 school matches were played at our four north east London grounds. These included:

Roy Gerbaldi and Dave Agass, the respective Secretaries of Redbridge and Newham Schools Football Association, said that LPFF facilities were exceptional and credit the Society as the main reason why district football is still alive in that part of the county. Phil Sammons, Secretary of Essex Schools Football Association, commended the Foundation for the excellent standard of facilities noting:

“We regularly use the LPFF for our National and Regional, Inter County fixture programme involving both boys and girls. We are always provided with high quality playing surfaces and a similar level of off field service and facilities. In times of declining facility provision, it is very difficult to find a venue where we can call upon three pitches of the highest standard to stage our matches”.

Page 5

THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

In terms of our commitment to club activity for young people, 73% of all football played on the Society’s grounds catered for schools, youth and junior development none more so than LMPF Greenwich which, as a dedicated small sided game centre for youth football, hosted 553 teams playing 1,172 matches an average 47 games each weekend. For cricket, the five wickets at Fairlop Oak and LMPF Redbridge provided the perfect backdrop for the Metropolitan Essex Cricket Association midweek youth competitions where 96 matches were played.

Thankfully FA Coach Education courses returned to Douglas Eyre Sports Centre in January 2022 following a two year period when no courses had taken place due to the pandemic. Changes in the way in which The FA administers its courses has resulted in fewer courses but since the turn of the year four courses took place and it is anticipated that this the frequency will increase.

In addition to providing places for schools and clubs to play and practise, the Society continued to develop a wide programme of sport based social inclusion activities at its grounds that address the main barriers to participation in sport and are free of charge. These included the Green Hearts project which provides flexible access to informal walking, jogging and running at Douglas Eyre Sports Centre. Keeping our grounds open during the pandemic so that local residents could use our fields to exercise on a regular and socially distanced basis did much to enhance our reputation with the local community some of whom described Green Hearts “as a life saver”.

The other project that continued throughout the year was the ground breaking Coping Through Football, an innovative project that uses sport to focus on the recovery of adults and young people experiencing mental health problems with the intention of helping them to live more independently. It utilises football and the environment around it to engage with over 200 individuals per year who, due to lived experience, are often reluctant or hesitant to accept mental health services. Many participants report experiencing barriers to accessing services, and of the two hundred or so participants who attend over the course of the year we know that for many the project is the only consistent mental health support they may receive.

The project delivers six sessions across two LPFS sites in Waltham Forest and Redbridge and it accepts participants who reside in four north-east London boroughs and demonstrates the benefits of a multi-agency, evidence-led, user-focused approach recovery model. Two main impacts of the project have emerged. Firstly, the project has improved the lives of some of our most vulnerable individuals and frequently those at most risk. We have achieved this by supporting participants to actively adopt more positive coping strategies and to make improved lifestyle choices and by working with agencies to establish suicide prevention initiatives. Secondly, given that roughly a third of adult attendees have a diagnosis of Schizophrenia, with the project assisting in the recovery of individuals discharged from acute services to stay well living in the community, we calculate that there is a significant cost benefit to NELFT services as the financial impact of acute care is high.

Case Study JS “I was depressed. The antidepressants were not doing much. They never made me feel any better. I was referred to Coping Through Football and when they said football my eyes opened wide! Doing the technical training was a challenge. I’ve never done that type of training before. In my country we just played a match. But at Coping Through Football I learnt more skills and it got me in shape. I have some health conditions (cardiovascular issues, neurological issues) so for the medical doctor's they were really impressed. It was important for them to see me doing something as part of my recovery. You know to take part in the football it requires a lot of motivation, a lot of effort and the doctors could see the effort I made.

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THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

On the football pitch I’m getting to know my body, improving my balance and coordination. Coping Through Football is like a doctor's appointment, you don't want to miss it. Coping Through Football has brought a spark to my life, given me something to put in the diary. At the end of the week, I would look back and say the week was fulfilled: ‘I went to football, mission accomplished’.

Saturday Morning Soccer, a project designed to increase activity levels in children who are not currently in teams and might otherwise have been sitting at home, recommenced following the end of lockdown. It provides a fulfilling weekly football experience for primary school girls and boys who have historically not been involved in organised football. Staffed by FA qualified coaches from one of our partner clubs LOASS, these Saturday morning sessions on our 3G pitch at Douglas Eyre Sports Centre have proved extremely popular.

Case study. A parent’s story:

My daughter started playing football at Saturday Morning Soccer and she is now trying to get into the West Ham development squad. She changed from a non-sporty person to someone wanting to study sport at university. And she said it is all thanks to Saturday Morning Soccer at Douglas Eyre !”

The Society is the first port of call when people are concerned about the loss of a playing field. Once a playing field is lost, it is lost forever, so when it comes to protection our mantra is ‘no net loss of pitches and if they are lost to development they should be replaced’. We know that the public health and social value of playing fields to local communities is huge and that is why we are committed to opposing the current and future loss of playing fields in London.

We have therefore continued to fulfil our strategic role as the leading body throughout Greater London in the protection of playing fields and their promotion as a means of creating healthier, more active local communities. Our ‘Fields at Risk Register’ provides an early warning system for fields under imminent threat of sale or development and over the last two decades has helped save over twenty grounds. In order to focus minds, we have produced a Charter for Playing Fields in London which is a call to action for the Greater London Authority, local authorities and sporting bodies to adopt a long-term view of the contribution playing fields make to improving and enriching the lives of Londoners.

Employees and Trustees

From a staffing point of view the Society said goodbye to its long serving Operations Director Paul Baker who retired in April. Appointed in 2008, Paul had been pivotal in helping the Society modernise its facilities with the refurbishment of the pavilions at LMPF Greenford and Douglas Eyre Sports Centre and the installation of two new 3G pitches. He has been replaced by Charlie Dehaan who takes on the role of Operations Manager.

Another key contributor to the Society’s work over the past two decades was Trustee Christine Double who stood down in June. Having joined the Charity in 2005 as the only female Trustee on the board at that time, Christine was a trailblazer who was very instrumental in the recruitment of other similarly highly influential women at the top of their game and the historic gender imbalance was soon addressed. During her time she ensured that the Society stayed faithful to its founding objects especially in the way that we use sport and physical activity to enrich the lives of disadvantaged individuals and groups.

Page 7

THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Financial review

The income of the Group for the year amounted to £1,552,681 (2021 - £1,435,783). Included are grants of £101,333 (2021 - £112,000) for Coping Through Football. Details of income are set out in Notes 4 to 7 of the accounts. The total resources expended by the Group amounted to £1,864,226 (2021 - £1,602,495). The net expenditure before revaluation of investments was £311,545 (2021 - £166,712). Revaluation of investments amounted to a decrease of £202,093 (2021 – an increase of £367,576). Net movement in Group Funds for the year was a decrease of £513,638 (2021 – an increase of £200,864) comprised a decrease in restricted funds of £49,697, and an decrease in unrestricted funds of £463,941. The underlying financial position of the Society is that income from usage of grounds remains insufficient to cover all necessary operational and maintenance costs.

The decrease in the restricted fund comprises the depreciation on properties and equipment. The purposes of the designated funds are set out in Note 19 to the accounts. As at 30th September 2022 the Group held restricted funds of £1,358,906 (2021 - £1,408,603).

The Trustees have the power to make and hold investments using the general funds of the Society and to change investment allocations based on the advice of professional advisors. The Trustees also have the authority to appoint professional investment managers at a reasonable remuneration and have placed limited constraints on their investment managers in respect of holding investments. The investment portfolio is managed by Cazenove Capital. The portfolio delivered a return of 10.8% (2021 – 13.7% ) over the year, net of costs and expenses. The main long-term objective for the portfolio is to achieve an average annual return of inflation (UK CPI) plus 3.5%. The Society has adopted an ethical investment policy. This policy ensures that the Society’s assets are invested in line with its aims. Trustees do not wish to adopt an exclusionary policy, but individual investments may be excluded if perceived to conflict with the Society’s purpose. Trustees wish their investment manager to use their best endeavours to preclude investment in tobacco, alcohol and arms or collective funds with more than 20% of assets in these categories.

Subsidiary

The Society has a wholly owned subsidiary, Wadham Lodge Sports Centre Limited. The principal activity of the Company is the hiring out of sports facilities. Further details are provided in Note 16. The performance of this subsidiary was satisfactory during the year.

Reserves policy

At 30 September 2022 the Society had reserves of £7,717,375 (2021 - £8,231,013). Restricted Funds for current activities amounted to £1,358,906 (2021 - £1,408,603) of which £1,322,535 (2021 - £1,396,700) were invested in tangible fixed assets. A further £3,673,233 (2021 - £3,447,029) of unrestricted designated funds are also invested in tangible fixed assets. In total £4,995,768 (2021 - £4,843,729) of the Society’s funds represent the net book value of tangible fixed assets after depreciation as of 30th September 2022, the vast majority of which is the playing fields and associated leisure facility buildings owned by the Society. The Society depreciates these assets over 40 years and recognises that its leisure facility buildings will require major maintenance and refurbishment during their useful life and eventually total replacement.

In 2021 the Trustees reviewed the likely capital expenditure contribution that the Society will need to make to these maintenance and replacement costs and the level of provision required. These were estimated to be £800,000 for a new pavilion and artificial pitch at Boston Manor, £400,000 for replacement of major M&E plant at Douglas Eyre, £100,000 for reinstatement and improvements to Avenue Park stadium and £400,000 for the major refurbishment of the pavilion at Redbridge, giving a total of £1,700,000. In September 2022 the fund was used to finance the replacement of the boilers at Douglas Eyre Sorts Centre at a cost of £416,367. The shower panels included in the works were funded from the legacies of former Trustees Evan Stone and Jack Miller.

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THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Trustees have resolved to review the adequacy of this provision during 2023.

As a result, the Society had an unrestricted designated Legacy fund amounting to £1,283,633 at 30th September 2022 put aside to meet these requirements. The free reserves of the Society amount to £1,401,603 being total unrestricted funds of £6,358,469 less tangible fixed assets of £3,673,233, and the designated unrestricted Legacy fund of £1,283,633.

The Trustees reviewed the reserves policy and agreed a prudent approach that free reserves should be maintained at a level at least equivalent to twelve month’s general fund expenditure. The Trustees currently consider that reserves at this level will ensure that, in the event of a significant drop in funding, or major unforeseen or uninsured incident, they will be able to continue the Society’s current activities whilst having sufficient time to consider and implement additional ways of raising funds. General fund expenditure for the year to 30th September 2022 was £1,507,624 and free reserves are therefore £106,021 less than this. However, given the uncertainty regarding the ongoing cost of living and energy crises, and the potential requirement to draw on these free reserves in the near future the Trustees have considered this deficit is reasonable as the free reserves calculation includes an unrealised investment loss of £202,093 which is held as a revaluation reserves.

These reserves are subjected to market volatilities and therefore could reduce significantly if there is a downturn in the global markets. As such holding the reserves as a buffer to mitigate this risk has been deemed appropriate.

Plans for the future

Against a background of rising inflation and energy costs and the concomitant ramifications for local leisure services, the Society is determined to play a key role in making London a better place to visit and in which to live and work. In these challenging conditions, it will continue to follow the 4 M’s model of playing fields operation by modernising, managing, marketing and maintaining its facilities so that they are accessible, affordable and attractive.

In March 2022 Trustees and executive staff met on an Away Day to draft the key components of a new Three Year Plan 2022-2025. Given the threat posed to the charity’s financial sustainability by the turbulent economic climate, it was decided to take a pragmatic approach with priority given in Years 1 and 2 to maximising earned income, reducing gas and electricity costs and increasing fundraising. The eight themes cover the following inter-connected themes:

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THE LONDON PLAYING FIELDS SOCIETY

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

Following a rebranding exercise on 15 May 2023 the trading name of the company’s independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Approved by order of the Members of the Board of Trustees and signed on its behalf by:

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………………………… Dennis Hone CBE Trustee Date: 15/5/2023

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THE LONDON PLAYING FIELDS SOCIETY

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

The Trustees 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by order of the Members of the Board of Trustees and signed on its behalf by:

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................................................ Dennis Hone CBE Trustee Date: 15/5/2023

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THE LONDON PLAYING FIELDS SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON PLAYING FIELDS SOCIETY

Opinion

We have audited the financial statements of The London Playing Fields Society (the 'Parent Charity') and its subsidiaries (the 'Group') for the year ended 30 September 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE LONDON PLAYING FIELDS SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON PLAYING FIELDS SOCIETY (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

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THE LONDON PLAYING FIELDS SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON PLAYING FIELDS SOCIETY (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 14

THE LONDON PLAYING FIELDS SOCIETY

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON PLAYING FIELDS SOCIETY (CONTINUED)

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

Use of our report

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

MHA

Statutory Auditor London, United Kingdom Date: 12/06/2023

MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)

Page 15

THE LONDON PLAYING FIELDS SOCIETY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net (expenditure) before revaluation
of investments
Revaluation of investments
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
172,029
928,826
324,176
26,317
1,451,348
132,736
1,580,460
1,713,196
(261,848)
(202,093)
(463,941)
6,822,410
(463,941)
6,358,469		 Restricted
funds
2022
£
-
101,333
-
-
101,333
-
151,030
151,030
(49,697)
-
(49,697)
1,408,603
(49,697)
1,358,906		 Total
funds
2022
£
172,029
1,030,159
324,176
26,317
1,552,681
132,736
1,731,490
1,864,226
(311,545)
(202,093)
(513,638)
8,231,013
(513,638)
7,717,375		 Total
funds
2021
£
76,251
1,184,210
143,129
32,193
1,435,783
82,330
1,520,165
1,602,495
(166,712)
367,576
200,864
8,030,149
200,864
8,231,013

All income and expenditure derive from continuing activities.

The notes on pages 20 to 42 form part of these financial statements.

Page 16

THE LONDON PLAYING FIELDS SOCIETY

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Tangible fixed assets
15
Investments
16
Current assets
Debtors: Amounts falling due within one year
17
Cash at bank and in hand
22
Creditors: Amounts falling due within one
year
18
Net current assets
Total net assets
Group funds
Restricted funds
19
Unrestricted funds
19
Total funds		 2022
£
206,465
799,962
1,006,427
(406,185)		 2022
£
4,995,769
2,121,364
7,117,133
600,242
7,717,375
1,358,906
6,358,469
7,717,375		 2021
£
210,752
738,352
949,104
(317,680)		 2021
£
4,843,729
2,755,860
7,599,589
631,424
8,231,013
1,408,603
6,822,410
8,231,013

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ The Hon William Cadogan Trustee Date: 15/5/2023

----- Start of picture text -----
................................................
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................................................ Dennis Hone CBE Trustee Date: 15/5/2023

The notes on pages 20 to 42 form part of these financial statements.

Page 17

THE LONDON PLAYING FIELDS SOCIETY

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets
Tangible fixed assets
15
Investments
16
Current assets
Debtors: Amounts falling due within one year
17
Cash at bank and in hand
Creditors: Amounts falling due within one
year
18
Net current assets
Total net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds		 2022
£
264,053
497,897
761,950
(395,818)		 2022
£
4,995,769
2,121,366
7,117,135
366,132
7,483,267
1,358,906
6,124,361
7,483,267		 2021
£
199,531
717,015
916,546
(285,888)		 2021
£
4,843,729
2,755,862
7,599,591
630,658
8,230,249
1,408,603
6,821,646
8,230,249

The Charity's net movement in funds for the year was deficit £ 746,982 (2021 - surplus £200,100).

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

----- Start of picture text -----
................................................
----- End of picture text -----

................................................ ................................................ The Hon William Cadogan Dennis Hone CBE Trustee Trustee Date: 15/5/2023 Date: 15/5/2023

The notes on pages 20 to 42 form part of these financial statements.

Page 18

THE LONDON PLAYING FIELDS SOCIETY

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Note
Cash flows provided by operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Investment income
7
Purchase of tangible fixed assets
15
Proceeds from sale of investments
16
Purchase of investments
16
Cash movement on investments
16
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22		 2022
£
34,667
26,317
(431,777)
1,153,282
(646,783)
(74,096)
26,943
61,610
738,352
799,962		 2021
£
280,563
32,193
(14,240)
1,061,619
(1,037,794)
(4,770)
37,008
317,571
420,781
738,352

The notes on pages 20 to 42 form part of these financial statements.

Page 19

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. General information

The London Playing Fields Society operating under the name of the London Playing Fields Foundation is a registered Charity and is registered with the Charity Commission (Charity Registered Number: 302925).

The address of the registered office is given in the Group and Charity information on page 1 of these financial statements.

The nature of the Group and Charity's operations and principal activities are detailed within the Trustees Report.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The London Playing Fields Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements have been presented in sterling, which is also the functional currency of the Group and are rounded to the nearest pound.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

Page 20

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.2 Income

Income is included in the Consolidated Statement of Financial Activities (SOFA) when the Group is legally entitled to the income, the amount can be quantified, and its receipt is probable. No amounts are included in the financial statements for services donated by volunteers. Income is deferred where it relates to a service to be provided in a future accounting period or the grant is specified by the funder as being for a future accounting period.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

2.3 Government grants

The Charity receives government grants. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

2.4 Expenditure

Expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered.

Expenditure on raising funds includes all expenditure incurred by the Group associated with attracting voluntary income, running events and managing the Group’s investments.

Charitable expenditure comprises those costs incurred by the Group in the delivery of its activities and services for its beneficiaries. It includes costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Expenditure which is directly attributable to specific activities has been included in these costs categories. Where costs are attributable to more than one activity, e.g. support costs, they have been apportioned across the cost categories on a basis consistent with the use of these resources. Support costs comprise principally Head Office running costs. Where Head Office staff support more than one activity their salary is apportioned on a percentage basis across the cost categories. Governance costs are included within support costs.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 21

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold land - not depreciated - Buildings erected on or after 2.5% per annum, straight-line 1988 - Plant and machinery 10% per annum, straight-line - Fixtures, fittings and equipment 20% per annum, straight-line

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Revaluation of investments’ in the Consolidated Statement of Financial Activities.

Following a review of the accounting policies the Trustees have chosen to adopt the mark to market basis of accounting for investments. The change of this policy does not alter the figures presented in the 2021 financial statements and as a result the comparatives in this set of accounts remain unchanged.

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.8 Debtors

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

Page 22

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.11 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.12 Going concern

The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Group and Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Group and Charity has adequate resources to continue in operational existence for the foreseeable future. The Group and Charity therefore continues to adopt the going concern basis in preparing its financial statements. The Trustees have concluded that there are no material uncertainties in relation to going concern.

2.13 Financial instruments

The Group does not have a material holding in complex financial instruments. The Group only holds basic financial instruments. The financial assets and liabilities of the Group are as follows:

Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 17. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost as detailed in Note 18. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply obligation to deliver charitable services rather than cash or another financial instrument.

Page 23

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

2. Accounting policies (continued)

2.14 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.15 Employee benefits

When employees have rendered service to the Group, short-term employee benefits to which employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The Group operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. Critical accounting estimates and areas of judgement

There are no material judgments or key sources of estimation uncertainty that are considered to have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities in this financial year or within the the next financial year.

Page 24

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

4. Income from donations and legacies

Unrestricted
funds
2022
£
Donations
79,028
Legacies
93,001
172,029
Unrestricted
funds
2021
£
Donations
76,251		 Total
funds
2022
£
79,028
93,001
172,029
Total
funds
2021
£
76,251

Page 25

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

5. Income from charitable activities

Unrestricted
funds
2022
£
Hiring charges
447,577
Other ground activities
8,255
Rental income
436,321
Catering
31,948
Other income
4,725
Covid-19 related grants
-
Total 2022
928,826
Unrestricted
funds
2021
£
Hiring charges
363,735
Other ground activities
7,200
Rental income
399,575
Other income
29,675
Covid-19 related grants
272,025
Total 2021
1,072,210		 Restricted
funds
2022
£
-
101,333
-
-
-
-
101,333
Restricted
funds
2021
£
-
112,000
-
-
-
112,000		 Total
funds
2022
£
447,577
109,588
436,321
31,948
4,725
-
1,030,159
Total
funds
2021
£
363,735
119,200
399,575
29,675
272,025
1,184,210

Included within income relating to other ground activities are the following restricted government grants:

There are no unfulfilled conditions or other contingencies attached to the government grants above.

Also included within the income above are business grants of £NIL (2021 - £225,108) claimed due to the COVID-19 crisis and £NIL (2021 - £46,917) claimed under the job retention scheme for furloughed staff.

Page 26

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

6. Income from other trading activities

Unrestricted
funds
2022
£
Annual Quiz
65,655
Gala Dinner
220,921
Other trading income
37,600
Total 2022
324,176
Unrestricted
funds
2021
£
Virtual Quiz in place of Gala Dinner
80,848
Sports Quiz
41,781
Other trading income
20,500
143,129		 Total
funds
2022
£
65,655
220,921
37,600
324,176
Total
funds
2021
£
80,848
41,781
20,500
143,129

7. Investment income

Unrestricted
funds
2022
£
Income from listed investments
26,317
Unrestricted
funds
2021
£
Income from listed investments
32,193		 Total
funds
2022
£
26,317
Total
funds
2021
£
32,193

Page 27

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

8. Expenditure on raising funds

Unrestricted
funds
2022
£
Other raising funds
Costs of generating donations and grants
32,661
Fundraising event costs
78,893
Investment management costs
21,182
Total 2022
132,736
Unrestricted
funds
2021
£
Other raising funds
Costs of generating donations and grants
34,600
Fundraising event costs
26,315
Investment management costs
21,415
Total 2021
82,330		 Total
funds
2022
£
32,661
78,893
21,182
132,736
Total
funds
2021
£
34,600
26,315
21,415
82,330

Page 28

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

9. Analysis of expenditure on charitable activities - by fund

Unrestricted
funds
2022
£
Grounds
1,580,460
Unrestricted
funds
2021
£
Grounds
1,335,320		 Restricted
funds
2022
£
151,030
Restricted
funds
2021
£
184,845		 Total
funds
2022
£
1,731,490
Total
funds
2021
£
1,520,165

10. Analysis of expenditure on charitable activities - by type

Grounds
Grounds		 Activities
undertaken
directly
2022
£
1,403,932
Activities
undertaken
directly
2021
£
1,254,052		 Support
costs
2022
£
327,558
Support
costs
2021
£
266,113		 Total
funds
2022
£
1,731,490
Total
funds
2021
£
1,520,165

Page 29

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10. Analysis of expenditure on charitable activities - by type (continued) Analysis of support costs

Staff costs
Grounds expenditure
Governance costs
11.
Governance costs
Auditor's remuneration - Audit services
Auditor's remuneration - Non-Audit services
Auditor's remuneration - Over accrual of prior year fees
Auditor's remuneration - Bookkeeping and VAT services
Auditor's remuneration - Accountancy advisory services
Professional fees
12.
Auditor's remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
Accounts preparation
Taxation compliance services
Bookkeeping and VAT sevices
Accountancy advisory services		 Total
funds
2022
£
108,399
189,742
29,417
327,558
2022
£
14,250
4,475
(2,480)
3,905
5,370
3,897
29,417
2022
£
14,250
3,500
975
3,905
5,370		 Total
funds
2021
£
101,089
147,530
17,494
266,113
2021
£
8,775
8,719
-
-
-
-
17,494
2021
£
8,775
7,744
975
-
-

Page 30

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

13. Staff costs

Wages and salaries
Social security costs
Pension costs		 Group
2022
£
689,847
58,119
28,692
776,658		 Group
2021
£
645,532
56,816
29,452
731,800		 Charity
2022
£
689,847
58,119
28,692
776,658		 Charity
2021
£
645,532
56,816
29,452
731,800

The average number of persons employed by the Group during the year was as follows:

Grounds staff
Management and administration		 Group
2022
No.
25
6
31		 Group
2021
No.
20
7
27		 Charity
2022
No.
25
6
31		 Charity
2021
No.
20
7
27

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2022 2021
No. No.
In the band £60,001 - £70,000 - 1
In the band £90,001 - £100,000 1 1

The total amount of employee benefits received by Key Management Personnel is £116,804 (2021 - £113,679). The Charity considers its Key Management Personnel to be the CEO and the Trustees.

Page 31

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

14. Trustees' remuneration and expenses

During the year, no Trustees received or waived any remuneration or other benefits (2021 - £NIL) .

During the year, no Trustee expenses have been incurred (2021 - £NIL) .

15. Tangible fixed assets

Group and Charity

Cost or valuation
At 1 October 2021
Additions
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Land and
buildings
£
9,971,389
6,750
9,978,139
5,231,773
256,606
5,488,379
4,489,760
4,739,616		 Plant and
machinery
£
913,762
425,027
1,338,789
815,362
20,762
836,124
502,665
98,400		 Fixtures and
fittings
£
57,943
-
57,943
52,230
2,369
54,599
3,344
5,713		 Total
£
10,943,094
431,777
11,374,871
6,099,365
279,737
6,379,102
4,995,769
4,843,729

Land and buildings include land of £428,743 (2021 - £428,743) which is not depreciated.

Land and buildings are freehold with the exception of £700,000 of buildings and £48,412 of land in respect of London Marathon Playing Field Greenford which is long leasehold.

The Society’s sports grounds and buildings are for functional use and therefore have not been re-valued.

£416,367 of the total Plant and machinery additions relates to a capital boiler project.

Page 32

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

16. Fixed asset investments

Group
Cost or valuation
At 1 October 2021
Additions
Disposals at carrying value
Revaluation
Movement in cash
At 30 September 2022
Charity
Cost or valuation
At 1 October 2021
Additions
Disposals at carrying value
Revaluation
Movement in cash
At 30 September 2022		 Listed
investments
£
2,728,098
646,783
(1,153,282)
(202,093)
-
2,019,506		 Listed
investments
£
2,728,098
646,783
(1,153,282)
(202,093)
-
2,019,506
Cash held
as part of
investment
portfolio
£
27,762
-
-
-
74,096
101,858		 Cash held
as part of
investment
portfolio
£
27,762
-
-
-
74,096
101,858
Investment
in
subsidiary
company
£
2
-
-
-
-
2		 Total
£
2,755,860
646,783
(1,153,282)
(202,093)
74,096
2,121,364
Total
£
2,755,862
646,783
(1,153,282)
(202,093)
74,096
2,121,366

Page 33

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

16. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Class of Holding Included in
number shares consolidation
Wadham Lodge Sports Centre Limited 02933068 Ordinary 100% Yes
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss) Net assets
£ £ for the year £
£
Wadham Lodge Sports Centre Limited 231,509 1,835 233,344 234,110

The wholly owned trading subsidiary, Wadham Lodge Sports Centre Limited, is incorporated in England and Wales (Company Registered Number 02933068). The registered office address of Wadham Lodge Sports Centre Limited is 58 Bloomsbury Street, London, WC1B 3QT.

Wadham Lodge Sports Centre Limited undertakes the trading activities of its Parent Charity, The London Playing Fields Society (Charity Registered Number 302925) and pays all of its profits to the Parent Charity under the gift aid scheme.

In both financial years all income and expenditure was allocated to Unrestricted funds.

The transfer under gift aid of the trading profits of Wadham Lodge Sports Centre Limited as a distribution to the Charity was £NIL (2021 - £198,594) . On consolidation a number of Group transactions have been eliminated. The amounts owed from Wadham Lodge Sports Centre Limited to the Charity at 30 September 2022 was £57,588 (2021 - £10,410) .

A summary of the financial performance of the subsidiary in isolation is above.

Page 34

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
VAT recoverable		 Group
2022
£
72,169
-
-
91,008
43,288
206,465		 Group
2021
£
189,039
-
143
21,570
-
210,752		 Charity
2022
£
72,169
57,588
-
91,008
43,288
264,053		 Charity
2021
£
167,408
10,410
143
21,570
-
199,531

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 October
Resources deferred during the year
Amounts released from previous periods
Deferred income at 30 September		 Group
2022
£
236,824
33,830
14,344
121,187
406,185
Group
2022
£
119,934
40,100
(83,267)
76,767		 Group
2021
£
95,745
37,323
-
184,612
317,680
Group
2021
£
103,292
119,934
(103,292)
119,934		 Charity
2022
£
231,182
33,830
14,344
116,462
395,818
Charity
2022
£
119,934
40,100
(83,267)
76,767		 Charity
2021
£
95,745
16,883
-
173,260
285,888
Charity
2021
£
103,292
119,934
(103,292)
119,934

Deferred income at both the current and prior year-ends related to future fundraising events, multi-year grant funding, pitch hire contracts, and rent invoiced in advance.

Page 35

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

19. Statement of funds

Statement of funds - current year


Unrestricted funds
Designated funds
Fixed Assets Fund
Legacy Fund
General funds
Unrestricted general
funds
Revaluation reserve
Total Unrestricted
funds
Restricted funds
The London Marathon
Charitable Trust Fund
Coping Through Football
Bernard Sunley
Charitable Foundation
The Football Foundation
Green Hearts
The Big Give
Total of funds		 Balance at 1
October
2021
£
3,447,029
1,700,000
5,147,029
800,302
875,079
1,675,381
6,822,410
1,194,388
4,535
3,635
198,677
2,393
4,975
1,408,603
8,231,013		 Income
£
-
-
-
1,451,348
-
1,451,348
1,451,348
-
101,333
-
-
-
-
101,333
1,552,681		 Expenditure
£
(205,572)
-
(205,572)
(1,507,624)
-
(1,507,624)
(1,713,196)
(52,089)
(76,865)
-
(22,076)
-
-
(151,030)
(1,864,226)		 Transfers
in/out
£
431,776
(416,367)
15,409
(15,409)
-
(15,409)
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
(202,093)
(202,093)
(202,093)
-
-
-
-
-
-
-
(202,093)		 Balance at
30
September
2022
£
3,673,233
1,283,633
4,956,866
728,617
672,986
1,401,603
6,358,469
1,142,299
29,003
3,635
176,601
2,393
4,975
1,358,906
7,717,375

Page 36

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

19. Statement of funds (continued)

Designated fund

The Fixed Asset Fund represents the net book value of the fixed assets owned by the Group after depreciation which do not form part of the restricted funds. A transfer into this fund of £63,782 from the Unrestricted general fund represents capital additions in the year made using unrestricted general funds. A transfer into this fund of £368,495 from The Legacy Fund represents capital additions in the year made using designated funds.

The Legacy Fund represents investments designated for major maintenance, refurbishment and eventual replacement of leisure facility buildings within the next ten years.

General fund

The Unrestricted general funds reflect funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

The Revaluation reserve represents the accumulation of net revaluation gains and losses recorded to Fixed asset investments.

Restricted funds

The London Marathon Charitable Trust Fund

The London Marathon Charitable Trust Fund comprises three sports grounds, being the London Marathon Playing Field Greenwich, the London Marathon Playing Field Redbridge and the London Marathon Playing Field Greenford, £75,000 grant funding for the artificial turf pitch (ATP) at Peter May Sports Centre and £20,000 grant funding for new gates at Avenue Park. The movement on this fund represents the depreciation charge on these three grounds and the artificial turf pitch.

Coping Through Football Fund

The Coping Through Football Fund is applied in support of the Coping Through Football programme. This is being used to expand the Coping Through Football project, which helps people with mental health problems get their lives back on track and across our London boroughs. Income represents donations from The Sackler Family, Khayami Foundation and LBWF Public Health.

The Football Foundation

The Football Foundation Fund represents grant funding received from the Premier League and FA Facilities Fund for the new ATP at Peter May Sports Centre. The expenditure represents the depreciation charge on the ATP.

The Big Give

£7,000 was raised in the Big Give Christmas Challenge in prior years to fund Kick-start Coaching courses. Kick-start Coaching is a project which helps disadvantaged Londoners improve their lives by gaining sports coach qualifications. By providing free places on FA courses to our project beneficiaries we help participants build their skills and confidence and make a positive contribution in their local community.

Page 37

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed Assets Fund
Legacy Fund
General funds
Unrestricted general
funds
Revaluation reserve
Total Unrestricted
funds
Restricted funds
The London Marathon
Charitable Trust Fund
Coping Through
Football
Bernard Sunley
Charitable Foundation
The Football Foundation
Green Hearts
The Big Give
Total of funds		 Balance at
1 October
2020
£
3,635,456
1,388,521
5,023,977
1,173,826
350,898
1,524,724
6,548,701
1,246,477
2,215
4,635
220,753
2,393
4,975
1,481,448
8,030,149		 Income
£
-
-
-
1,323,783
-
1,323,783
1,323,783
-
112,000
-
-
-
-
112,000
1,435,783		 Expenditure
£
(202,667)
-
(202,667)
(1,214,983)
-
(1,214,983)
(1,417,650)
(52,089)
(109,680)
(1,000)
(22,076)
-
-
(184,845)
(1,602,495)		 Transfers
in/out
£
14,240
311,479
325,719
(482,324)
156,605
(325,719)
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
367,576
367,576
367,576
-
-
-
-
-
-
-
367,576		 Balance at
30
September
2021
£
3,447,029
1,700,000
5,147,029
800,302
875,079
1,675,381
6,822,410
1,194,388
4,535
3,635
198,677
2,393
4,975
1,408,603
8,231,013

Page 38

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
3,673,234
Fixed asset investments
2,121,364
Current assets
970,056
Creditors due within one year
(406,185)
Total
6,358,469
Analysis of net assets between funds - prior year
Unrestricted
funds
2021
£
Tangible fixed assets
3,447,029
Fixed asset investments
2,755,860
Current assets
937,201
Creditors due within one year
(317,680)
Total
6,822,410		 Restricted
funds
2022
£
1,322,535
-
36,371
-
1,358,906
Restricted
funds
2021
£
1,396,700
-
11,903
-
1,408,603		 Total
funds
2022
£
4,995,769
2,121,364
1,006,427
(406,185)
7,717,375
Total
funds
2021
£
4,843,729
2,755,860
949,104
(317,680)
8,231,013

Page 39

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/income for the year (as per Statement of
Financial Activities)
Adjustments for:
Depreciation charges
15
Revaluation gains on investments
16
Investment income
7
Decrease in debtors
17
Increase in creditors
18
Net cash provided by operating activities
22.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
23.
Analysis of changes in net debt
At 1
October
2021
£
Cash at bank and in hand
738,352
738,352		 Group
2022
£
(513,638)
279,737
202,093
(26,317)
4,287
88,505
34,667
Group
2022
£
799,962
799,962
Cash flows
£
61,610
61,610		 Group
2021
£
200,864
277,832
(367,576)
(32,193)
167,119
34,517
280,563
Group
2021
£
738,352
738,352
At 30
September
2022
£
799,962
799,962

Page 40

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

24. Contingent liabilities

Sport England hold a second charge over London Marathon Playing Field Greenford in respect of grant monies advanced in 2011 for the refurbishment of the pavilion at that ground. The grant, which amounted to £430,296, may be repayable if the ground ceases to be used for sporting purposes within the period to 2032.

The London Marathon Charitable Trust holds a second legal charge over London Marathon Playing Field Greenwich; a first charge is held by The Secretary of State for Defence. A sum of £110,000 is repayable to the London Marathon Charitable Trust in the event of this ground being sold.

London Marathon Playing Field Redbridge is jointly owned by the Society and The London Marathon Charitable Trust as tenants in common. A sum of £401,000 is repayable to The London Marathon Charitable Trust in the event of this ground being sold.

The London Marathon Charitable Trust holds a first legal charge over London Marathon Playing Field Greenford. Half of the net sale proceeds or a sum of £700,000, whichever is greater is repayable to the London Marathon Charitable Trust in the event of the ground being sold.

Page 41

THE LONDON PLAYING FIELDS SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

25. Operating lease commitments

At 30 September 2022 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Land and Buildings:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2022
£
36,500
115,583
-
152,083		 Group
2021
£
36,500
146,000
6,083
188,583		 Charity
2022
£
36,500
115,583
-
152,083		 Charity
2021
£
36,500
146,000
6,083
188,583

The following lease payments have been recognised as an expense in the Consolidated Statement of Financial Activities:

Operating lease rentals Group
2022
£
36,500
36,500		 Group
2021
£
36,991
36,991		 Charity
2022
£
36,500
36,500		 Charity
2021
£
36,991
36,991

26. Related party transactions

None of the Council received any remuneration or expenses in the year (2021 - £NIL).

During the year, tables and / or tickets were purchased for the annual Gala Dinner and pledges made, to the total of £11,050 (2021 - £20,090) , by the following Trustees or their related parties – The Honourable William Cadogan and Andy Sutch (2021 - The Honourable WIlliam Cadogan, Jamie Dalrymple, Sally Hopper, Andy Sutch, Andy Webb and Anthony Ratcliffe). Included in unrestricted donations was £75,100 received from Trustees (2021 - £75,310) .

27. Controlling party

The Trustees do not consider that there is any single controlling party.

Page 42