Charity Number: 1021896
PLAY RADNOR
ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
PLAY RADNOR
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 20223
CONTENTS
| Page | |
|---|---|
| 1 - 2 | Report of the Trustees |
| 3 | Independent Examiner’s Report |
| 4 | Statement of Financial Activities |
| (including Income and Expenditure Account) | |
| 5 | Balance Sheet |
| 6 - 12 | Notes to the Financial Statements |
PLAY RADNOR
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their report, together with the Financial Statements of the Charity for the year ended 31 March 2023.
OUR PURPOSE AND OBJECTIVES
The objects of the charity is established to provide the provision of facilities for recreation and other occupations for children resident in the districts of Radnorshire/North Brecknock being facilities (A) of which such children have need by reason of their youth or social and economic circumstances and (B) which will improve the conditions of life for such children by promoting their physical, mental and spiritual well-being.
ACTIVITIES AND PERFORMANCE
Although this organisation is being supplanted by the new Play Radnor/ Chwarae Maesyfed CIO , these accounts cover a period when the Thumbs Up Project was still using this account/business for incoming grants from Children in Need.
Thumbs Up provides children with disabilities and their siblings, with a safe, structured and fun environment in which to play, make friends and develop vital social skills. In this financial year we supported 439 children , over 40 sessions.
There is more information in the Play Radnor/Chwarae Measyfed report.
PLANS FOR THE FUTURE
This organisation is in the process of being wound down as a new Charitable Incorporated Organisation, Play Radnor/Chwarae Maesyfed has been set up to take over the charitable aims and objectives of this one.
The process of transferring assets from this organisation to the new organisation will be finished in the next financial year.
FINANCIAL REVIEW
Total Incoming Resources in the year were £146,066 (2022 - £151,325). Expenditure was £125,594 compared to £153,626 for the previous year. Net income for the year was £20,472 compared to net expenditure of £2,301 for the previous year. The net movement in funds were net income for Restricted Funds of £21,453 (2022 - net income of £4,699) and net expenditure for Unrestricted Funds of £961 (2022 - Net income £7,144) details of which are provided in the notes to the Financial Statements.
Details of Income and Expenditure are given in the Statement of Financial Activities on page 5 of the report. The Principal Funding Sources are summarised in note 2 on page 8 of the Financial Statements.
RESERVES POLICY
The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets, or held in designated funds, (‘the free reserves’) held by the Charity should be approximately three months of core costs expended which is estimated at approximately £16,000 (2022 - £16,000). At this level the Trustees feel they would be able to continue the current activities of the Charity in the event of a significant drop in funding. The actual free reserves at 31 March 2023 were £Nil (31 March 2022 - £789) and the trustees have a strategy to build reserves through planned operating surpluses in future years.
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PLAY RADNOR
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023
LEGAL AND ADMINISTRATIVE INFORMATION
Charity Name Play Radnor Charity Registration Number: 1021896 Charity Address: The Play Hub Temple Street Llandrindod Wells Powys LD1 5HW Trustees: Owen Griffkin (Chair) Louise Bell Nicholas Tuffnell Gwawr Tuffnell Bankers: HSBC Bank plc Middleton Street Llandrindod Wells Powys LD1 5EU Independent Examiner: A C Jones of Andrew Jones & Co Chartered Accountants The Old Surgery Spa Road Llandrindod Wells Powys LD1 5EY
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is governed by a constitution adopted on 28 April 1993 as amended in July 2001 and on 13 November 2003.
Organisational Structure
The policy and general management of the affairs of the Association shall be directed by the Trustees, an Executive Committee (‘the Committee’) which shall meet not less than four times a year and when complete shall consist of not less than three members.
Nomination and Election
The Trustees shall be elected at the Annual General Meeting of the Association.
Risk Review
The Trustees have conducted their own review of the major risks to which the Charity is exposed, and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure they still meet the needs of the Charity.
Statement of Trustees’ Responsibilities
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
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(a) select suitable accounting policies and then apply them consistently;
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(b) make judgements and estimates that are reasonable and prudent;
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(c) state whether applicable accounting Standards and Statements of Recommended Practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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(d) prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy, the financial position of the charity, and which enable them to both ascertain the financial position of the charity and ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities issued in March 2005.
Approved by the Trustees on 1 December 2023 signed on their behalf by:
Owen Griffkin Chair
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PLAY RADNOR
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS TO THE TRUSTEES OF PLAY RADNOR
I report on the accounts of the Charity for the year ended 31 March 2023, which are set out on pages 4 to 12.
Respective Responsibilities of Trustees and Examiner
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioner. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner’s Statement
In connection with my examination, no matter has come to our attention:
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(1) Which gives us reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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(2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
A C Jones BSc (Econ) FCA Andrew Jones & Co Chartered Accountants The Old Surgery Spa Road Llandrindod Wells Powys LD1 5EY
11 December 2023
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PLAY RADNOR
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note INCOME Donations and Legacies Charitable Activities Other Trading Activities Other Income TOTAL INCOME 2 EXPENDITURE Charitable Activities TOTAL EXPENDITURE 3 NET INCOME/(EXPENDITURE) BEFORE TRANSFERS Transfers Between Funds 5 NET INCOME/(EXPENDITURE) AND NET MOVEMENT FUNDS FOR THE YEAR Total Funds Brought Forward Total Funds Carried Forward |
Unrestricted Funds £ 457 6,440 4,650 53,746 65,293 80,777 80,777 (15,484) 14,503 (981) 20,899 19,918 |
Restricted Funds £ 140 64,406 16,218 9 80,773 44,817 44,817 35,956 (14,503) 21,453 309,428 330,881 |
(Restated) Total Total Funds Funds Year Ended Year Ended 31/03/2023 31/03/2022 £ £ 597 3,370 70,846 90,386 20,868 20,542 53,755 37,027 146,066 151,325 125,594 153,626 125,594 153,626 20,472 (2,301) - - 20,472 (2,301) 330,327 332,628 350,799 330,327 |
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The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 6 to 12 form an integral part of these Financial Statements.
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PLAY RADNOR BALANCE SHEET AT 31 MARCH 2023
| Note FIXED ASSETS Tangible Assets 6 CURRENT ASSETS Debtors 7 Cash at Bank and In Hand CURRENT LIABILITIES Creditors amount falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES Creditors amount falling due after one year 9 NET ASSETS 12 THE FUNDS OF THE CHARITY General Funds 10 Restricted Funds 11 TOTAL FUNDS 12 |
£ £ £ £ 346,120 301,678 346,120 301,678 20,209 29,115 4,787 16,887 24,996 46,002 (7,093) (3,209) 17,903 42,793 364,023 344,471 (13,224) (14,144) 350,799 330,327 19,918 20,899 330,881 309,428 350,799 330,327 2023 2022 (Restated) |
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Approved by the Trustees on 1 December 2023 and signed on their behalf by:
Owen Griffkin Chairman
The notes on pages 6 to 12 form an integral part of these Financial Statements
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PLAY RADNOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 ACCOUNTING POLICIES
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) (effective 1 January 2015) – (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Preparation of Accounts on a Going Concern Basis
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern but the period considered is less than twelve months as the Charity is in the process of being wound down as a new Charitable Incorporated Organisation, Play Radnor/Chwarae Maesyfed has been set up to take over the charitable aims and objectives of this Charity.
Exemption from Preparing a Cash Flow Statement
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements .
Incoming Resources
Incoming resources including capital grants for the purchase of fixed assets are included in full in the Statement of Financial Activities when these are receivable.
Incoming resources in the form of donated assets have been included in the Income and Expenditure Account at a reasonable estimate of their value and capitalised where appropriate.
Resources Expended
Resources expended are accounted for on an accruals basis inclusive of VAT which cannot be recovered.
Expenditure is directly attributable to specific activities and has been included in cost categories of costs of generating funds, charitable expenditure provision of hospice and governance of the Charity.
Where costs cannot be directly attributed to these categories in respect of administration expenses, it is estimated based on activity levels that 90% of these costs are attributable to direct charitable expenditure and 10% to governance.
Tangible Fixed Assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold Property No deprecation Play Fort 10% on cost Equipment, Fixtures and Fittings 20% on cost Computer Equipment 33.33% on cost Motor Vehicles 25% on cost
The residual value of the Freehold Property is considered to be at least equal to the carrying value of Freehold Property in the Financial Statements and therefore no depreciation has been provided on the building as this would be immaterial.
Voluntary Help and Gifts in Kind
No value has been put on the voluntary help received during the year.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
Cash at Bank and in Hand
Cash at bank and cash 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.
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.
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PLAY RADNOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Accounting for Separate Funds
The financial statements of a charity must differentiate between restricted and unrestricted funds.
Restricted funds are funds subject to specific conditions, imposed by the donor or by the specific terms of the charity appeal less amounts expended for these purposes. Designated funds are income funds of the Charity which have been set aside for specific purposes, less amounts expended for these purposes. Unrestricted funds are all the other funds of the charity.
Pensions
The charity operates a defined contribution pension scheme for its employees. The assets of this scheme are held separately from those of the charity, being invested with insurance companies. Pension costs charged in the Statement of Financial Activities disclosed in note 7 represent contributions payable by the charity in the year.
Concessionary Loans
Concessionary loans are measured in accordance with the accounting treatment set out in FRS 102 PBE34.90 to PBE 34.97.
PLAY RADNOR
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| INCOME Donations and Legacies: Donations Income from Charitable Activities: Grants Receivable Transfer of Grants from Play Radnor / Chwarae Maesyfed Play Sessions Other Trading Activities: Fundraising Income Charity Shop Service Contracts Hall Hire Toy Hire Other Income: Sundry Receipts Recharge of Wages to Play Radnor / Chwarae Maesyfed Recharge of Costs to Play Radnor / Chwarae Maesyfed Investment Income TOTAL INCOME GRANTS Grants received in the year were as under: WCVA: Third Sector Resilience Fund for Wales Phase 2 Community Foundation Wales Powys County Council National Lottery Awards for All BBC HMRC Bernard Sunley Foundation Hedley Foundation B & Q Foundation Llandrindod Wells Town Council Masonic Charitable Foundation WCVA |
Unrestricted Funds £ 457 457 5,500 - 940 6,440 777 - - 3,599 274 4,650 150 44,727 8,825 44 53,746 65,293 Unrestricted Funds £ - - - - 500 - - - - - 5,000 - 5,500 |
Restricted Funds £ 140 140 51,847 12,168 391 64,406 - - 16,218 - - 16,218 9 - - - 9 80,773 Restricted Funds £ - - 9,961 - 31,636 - - - - 250 - 10,000 51,847 |
(Restated) Total Funds Total Funds Year Ended Year Ended 31/03/2023 31/03/2022 £ £ 597 3,370 597 3,370 57,347 90,386 12,168 - 1,331 - 70,846 90,386 777 693 - 1,031 16,218 16,841 3,599 1,977 274 - 20,868 20,542 159 1,383 44,727 16,895 8,825 18,749 44 - 53,755 37,027 146,066 151,325 (Restated) Year Ended Year Ended 31/03/2023 31/03/2022 £ £ - 42,431 - 6,600 9,961 3,831 - 9,995 32,136 10,546 - 483 - 10,000 - 1,500 - 5,000 250 - 5,000 - 10,000 - 57,347 90,386 |
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2 INCOME
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PLAY RADNOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 3 EXPENDITURE Unrestricted Funds Charitable Activities: £ Costs Directly Allocated to Activities: Salaries, National Insurance and Pension 63,937 Staff Expenses 8 Staff Training - Insurances 2,128 Light and Heat 2,333 Repairs and Renewals 2,436 Printing, Postage and Stationery 14 Promotion and Publicity 228 Telephone and Internet 463 Computer and Software 756 Vehicle Expenses 131 Legal and Professional 45 Payroll Fees 705 Bank Charges 201 Cleaning and Waste Disposal 277 Toys, Equipment and Play Resources 908 Activities and Events 1,991 General Running Costs 463 Subscriptions and Licences 238 Depreciation 203 Transfer of Grants to Play Radnor / Chwarae Maesyfed - Governance Costs (See below) 3,312 80,777 Analysis of Governance Costs Salaries, National Insurance and Pension 858 Telephone and Internet 52 Printing, Postage and Stationery 2 Accountancy 2,100 Independent Examiner’s Fee 300 3,312 4 STAFF COSTS Wages and Salaries Staff Pension Costs Average number of employees 5 TRANSFER BETWEEN FUNDS The transfer between funds in the year are: Transfer of Unrestricted Funds to Restricted Funds Transfer of Core costs from Unrestricted Funds to Restricted |
Restricted Funds £ 12,381 373 1,128 - - 3,691 137 - - 260 - - - - - 2,835 14,573 - 32 7,602 - 1,805 44,817 1,790 - 15 - - 1,805 |
Total Funds Total Funds Year Ended Year Ended 31/03/2023 31/03/2022 £ £ 76,318 92,742 381 114 1,128 140 2,128 2,057 2,333 1,713 6,127 3,894 151 479 228 122 463 631 1,016 71 131 1,212 45 - 705 805 201 138 277 513 3,743 3,154 16,564 15,210 463 109 270 - 7,805 8,860 - 16,816 5,117 4,846 125,594 153,626 2,648 2,322 52 70 17 54 2,100 2,100 300 300 5,117 4,846 2023 2022 £ £ 78,166 94,084 800 980 78,966 95,064 11 11 Unrestricted Restricted Funds Funds £ £ (341) 341 14,844 (14,844) 14,503 (14,503) |
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PLAY RADNOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 6 TANGIBLE FIXED ASSETS Freehold Buildings £ Cost or Revaluation At 1 April 2022 289,472 Additions 51,908 At 31 March 2023 341,380 Depreciation At 1 April 2022 5,748 Charge for year 1,437 At 31 March 2023 7,185 Carrying Amount At 31 March 2023 334,195 At 31 March 2022 283,724 7 Amount Due from Play Radnor / Chwarae Maesyfed 8 9 DEBTORS Other Creditors Accruals CREDITORS: Amounts falling due after one year WCVA Loan Other Debtors Prepayments CREDITORS: Amounts falling due within one year WCVA Loan Tax and Social Security Costs |
Equipment, Fixtures and Fittings £ 14,417 - 14,417 9,016 2,728 11,744 2,673 5,401 |
Computer Equipment £ 3,630 339 3,969 2,413 805 3,218 751 1,217 |
Motor Vehicles Total £ £ 20,154 327,673 - 52,247 20,154 379,920 8,818 25,995 2,835 7,805 11,653 33,800 8,501 346,120 11,336 301,678 2023 2022 £ £ 467 110 18,025 28,305 1,717 700 20,209 29,115 2023 2022 £ £ 2,641 408 2,400 2,220 1,132 581 920 - 7,093 3,209 2023 2022 £ £ 13,224 14,144 13,224 14,144 |
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At 31 March 2023 the WCVA Loan outstanding for more than one year was £13,224 of which, £7,952 is repayable more than five years after the reporting date.
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PLAY RADNOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
(Restated)
10 UNRESTRICTED FUNDS
| UNRESTRICTED FUNDS Unrestricted Funds: General Funds Total Unrestricted Funds RESTRICTED FUNDS Restricted Income Funds: Town Council Stay and Play Thumbs Up Tesco Groundworks WCVA Multi Sensory Comic Relief Hedley - Art Equipment HAF Youth Market TUP Friends Lantern Workshop Building Repairs Restricted Capital Funds: Big Lottery - Building Play Fort Kitchen Equipment Improvements to Building Acoustic Equipment etc Flooring Building Extension Van Gazebo Laptop (2021) Laptops Laptop (Thumbs up) Paved Pathway (PCC) Total Restricted Funds |
At 01/04/2022 £ 20,899 20,899 (Restated) At 01/04/2022 £ 148 - 7,405 396 883 838 3,219 1,500 1,524 148 2,185 75 - 18,321 126,418 8,619 1,661 29,198 815 2,691 109,185 11,250 139 80 1,051 - - 291,107 309,428 |
Income £ 65,293 65,293 Incoming Resources £ 12 250 31,773 - - - - - 16,218 - - 391 3,854 52,498 - - - - - - 27,219 - - - - - 1,056 28,275 80,773 |
Expenditure £ (80,777) (80,777) Outoing Resources £ (474) (250) (15,808) (329) (910) - (122) - (15,077) - - (391) (3,854) (37,215) - (1,437) (830) - (408) (1,346) - (2,813) (49) (80) (526) (113) - (7,602) (44,817) |
At Transfers 31/03/2023 £ £ 14,503 19,918 14,503 19,918 At Transfers 31/03/2023 £ £ 314 - - - (9,279) 14,091 (67) - 27 - - 838 (3,097) - - 1,500 (2,665) - - 148 - 2,185 (75) - - - (14,842) 18,762 - 126,418 - 7,182 - 831 - 29,198 - 407 - 1,345 - 136,404 - 8,437 - 90 - - - 525 339 226 - 1,056 339 312,119 (14,503) 330,881 |
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11 RESTRICTED FUNDS
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PLAY RADNOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
The purposes of Restricted Income Funds are as under:
Llandrindod Wells Town Council - funding for tables, play equipment and resources.
Building Extension - funding for capital costs of extension.
Thumbs Up - weekly group for children with disabilities and their siblings.
Tesco Groundworks - funding for equipment and outdoor improvements.
WCVA - recovery fund for new posts including cleaner, playworkers and toy library.
Multi Sensory - funding for multi sensory resources.
Comic Relief - early years projects for children aged 0-3 and their parent/carers.
Hedley Art Equipment - funding for art equipment and resources for new art room.
HAF - provision of play sessions during the summer holidays and administrative and managerial support for summer coordinator.
Youth Market - previous project that is not currently running.
TUP Friends - fundraising by parents/carers of children attending TUP.
Lantern Workshop - funding for provision of two lantern workshops.
Building Repairs – funding to replace boiler.
| Unrestricted Funds Restricted Funds ANALYSIS OF NET ASSETS BETWEEN FUNDS |
Tangible Fixed Assets £ 34,001 312,119 346,120 |
Net Current Assets £ (859) 18,762 17,903 |
Long Term Liabilities Total £ £ (13,224) 19,918 - 330,881 (13,224) 350,799 |
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12 ANALYSIS OF NET ASSETS BETWEEN FUNDS
13 TRUSTEES REMUNERATION AND EXPENSES
No Trustees were reimbursed in the year for costs incurred in attending meetings and expenses incurred for volunteer work (2022 - £Nil). No costs were incurred in the year for meetings of the Executive Committee (2022 - Nil).
No Trustees were employed in the year. No other Trustee or any person connected with them has received or is due to receive any remuneration for the period directly or indirectly from the charity’s funds.
14 TAXATION
Play Radnor is a registered charity and is therefore not liable to taxation.
15 FINANCIAL STATEMENTS
The comparative figures for the year ended 31 March 2022 have been restated to account for a loan from WCVA of £14,144 as creditors: amounts falling due after one year and decrease Grants Receivable by the same amount.
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