2024-03-31-accounts - Play Radnor / Radnorshire Play Network

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Charity registration number: 1021896

PLAY RADNOR

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

PLAY RADNOR

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

INDEX

Page
1 - 3	Report of the Trustees
4	Independent Examiner’s Report
5	Statement of Financial Activities
	(including Income and Expenditure Account)
6	Balance Sheet
7 - 13	Notes to the Financial Statements

PLAY RADNOR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report, together with the Financial Statements of the Charity for the year ended 31 March 2024.

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 467 children , over 41 sessions.

There is more information in the Play Radnor/Chwarae Maesyfed 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 £75,997 (2023 - £146,066). Expenditure was £96,832 compared to £125,594 for the previous year. Net expenditure for the year was £20,835 compared to net income of £20,472 for the previous year. The net movement in funds were net expenditure for Restricted Funds of £23,338 (2023 - net income of £21,453) and net income for Unrestricted Funds of £2,503 (2023 - Net expenditure £961) 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 9 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 (2023 - £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 2024 were £293 (31 March 2023 - £Nil).

PLAY RADNOR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Name: Play Radnor Registered Charity Number: 1021896 Registered Office: The Play Hub Temple Street Llandrindod Wells Powys LD1 5HW Trustees: Owen Griffkin (Chair) Louise Bell Nicholas Tuffnell Gwawr Tuffnell Owen Howard (resigned September 2023) Lisa Horne (appointed October 2023) Bankers: HSBC Bank plc Middleton Street Llandrindod Wells Powys LD1 5EU Independent Examiner: A C Jones BSc (Econ), FCA 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.

PLAY RADNOR

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 29th January 2025 signed on their behalf by:

Owen Griffkin Chair

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 2024, which are set out on pages 5 to 13.

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:

examine the accounts under section 145 of the 2011 Act;
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
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:

(1) Which gives us reasonable cause to believe that in any material respect the requirements
to keep accounting records in accordance with section 130 of the 2011 Act; and
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
(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

29th January 2025

PLAY RADNOR

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

INCOME Note Donations and Legacies Charitable Activities Other Trading Activities Other Income TOTAL INCOME 2 EXPENDITURE Charitables Activities TOTAL EXPENDITURE 3 NET INCOME/(EXPENDITURE) BEFORE TRANSFERS Transfer Between Funds 9 NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS FOR THE YEAR Total Funds Brought Forward Total Funds Carried Forward	Unrestricted Funds £ - - - 75,997 75,997 76,964 76,964 (967) 3,470 2,503 19,918 22,421	Restricted Funds £ - - - - - 19,868 19,868 (19,868) (3,470) (23,338) 330,881 307,543	Total Funds Year Ended 31/3/2024 £ - - - 75,997 75,997 96,832 96,832 (20,835) - (20,835) 350,799 329,964	Total Funds Year Ended 31/3/2023 £ 597 70,846 20,868 53,755
				146,066
				125,594
				125,594
				20,472 -
				20,472 330,327
				350,799

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 7 to 13 form an integral part of these Financial Statements.

PLAY RADNOR

BALANCE SHEET AT 31 MARCH 2024

FIXED ASSETS Note Tangible Assets 5 CURRENT ASSETS Debtors 6 Cash at Bank and In Hand CURRENT LIABILITIES Creditors Amount Falling Due Within One Year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM LIABILITIES Creditors Amount Falling Due After One Year 8 NET ASSETS 12 THE FUNDS OF THE CHARITY Unrestricted Funds 10 Restricted Funds 11 TOTAL FUNDS 12	2024 £ £ 339,292 339,292 18,621 - 18,621 (16,092) 2,529 341,821 (11,857) 329,964 22,421 307,543 329,964	2023 £ £ 346,120 346,120 20,209 4,787 24,996 (7,093) 17,903 364,023 (13,224) 350,799 19,918 330,881 350,799	2023 £ £ 346,120 346,120 20,209 4,787 24,996 (7,093) 17,903 364,023 (13,224) 350,799 19,918 330,881 350,799

			364,023 (13,224)
			350,799
			19,918 330,881
			350,799

Approved by the Trustees on 29th January 2025 and signed on their behalf by:

Owen Griffkin Chairman

The notes on pages 7 to 13 form an integral part of these Financial Statements

PLAY RADNOR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

PLAY RADNOR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

ACCOUNTING POLICIES (CONTINUED)

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.

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2 INCOME Donations and Legacies: Donations Income from Charitable Activities: Grants Receivable Transfer of Grants from Play Radnor / Chwarae Maesyfed Play Session Other Trading Activities: Fundraising Income 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: Powys County Council BBC Llandrindod Wells Town Council Masonic Charitable Foundation WCVA	Unrestricted Funds £ - - - - - - - - - - - - 75,997 - - 75,997 75,997 Unrestricted Funds £ - - - - - -	Restricted Funds £ - - - - - - - - - - - - - - - - - Restricted Funds £ - - - - - -	Total Funds Year Ended 31/3/2024 £ - - - - - - - - - - - - 75,997 - - 75,997 75,997 Year Ended 31/3/2024 £ - - - - - -	Total Funds Year Ended 31/3/2023 £ 597
				597
				57,347 12,168 1,331
				70,846
				777 16,218 3,599 274
				20,868
				159 44,727 8,825 44
				53,755
				146,066
				Year Ended 31/3/2023 £ 9,961 32,136 250 5,000 10,000
				57,347

PLAY RADNOR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3 EXPENDITURE Charitable Activities: Costs Directly Allocated to Charitable Activities: Salaries, National Insurance and Pension Staff Expenses Staff Training Insurances Light and Heat Repairs and Renewals Printing, Postage and Stationery Promotion and Publicity Telephone and Internet Computer and Software Vehicle Expenses Legal and Professional Payroll Fees Bank Charges Cleaning and Waste Disposal Toys, Equipment and Play Resources Activities and Events General Running Costs Subscriptions and Licences Interest on Overdue Taxation Bank Loan Interest Depreciation Recharge of Costs from Play Radnor / Chwarae Maesyfed Governance Costs (See Note 5) Total Expenditure Analysis of Governance Costs: Salaries, National Insurance and Pension Telephone and Internet Printing, Postage and Stationery Accountancy Independent Examiner’s Fee	Unrestricted Funds £ 75,997 - - - - - - - - - - - - - - - - - - 9 342 16 - 600 76,964 - - - 300 300 600	Restricted Funds £ - - - - - - - - - - - - - - - - - - - - - 6,812 13,056 - 19,868 - - - - - -	Total Funds Year Ended 31/3/2024 £ 75,997 - - - - - - - - - - - - - - - - - - 9 342 6,828 13,056 600 96,832 - - - 300 300 600	Total Funds Year Ended 31/3/2023 £ 76,318 381 1,128 2,128 2,333 6,127 151 228 463 1,016 131 45 705 201 277 3,743 16,564 463 270 - - 7,805 - 5,117
				125,594
				2,648 52 17 2,100 300
				5,117

4 STAFF COSTS Wages and Salaries Staff Pension Costs Average number of employees	2024 £ 75,039 958 75,997 9	2023 £ 78,166 800
		78,966
		11

PLAY RADNOR

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

5 TANGIBLE ASSETS Freehold Buildings Equipment, Fixtures and Fittings Cost or Revaluation £ £ At 1 April 2023 341,380 14,417 Additions - - At 31 March 2024 341,380 14,417 Depreciation At 1 April 2023 7,185 11,744 Charge for the year 1,437 2,628 At 31 March 2024 8,622 14,372 Net Book Value At 31 March 2024 332,758 45 At 31 March 2023 334,195 2,673 6 DEBTORS Other Debtors Amount Due from Play Radnor / Chwarae Maesyfed Prepayments 7 CREDITORS: Amounts falling due within one year Other Creditors Accruals Tax and Social Security Costs WCVA Loan Recharge of Expenses from Play Radnor / Chwarae Maesyfed 8 CREDITORS: Amounts falling due after one year WCVA Loan	Computer Equipment £ 3,969 - 3,969 3,218 638 3,856 113 751	Motor Vehicles £ 20,154 - 20,154 11,653 2,125 13,778 6,376 8,501 2024 £ - 18,621 - 18,621 2024 £ - 600 1,173 1,263 13,056 16,092 2024 £ 11,857 11,857	Total £ 379,920 -
			379,920
			33,800 6,828
			40,628
			339,292
			346,120
			2023 £ 467 18,025 1,717
			20,209
			2023 £ 2,641 2,400 1,132 920 -
			7,093
			2023 £ 13,224
			13,224

At 31 March 2024 the WCVA Loan outstanding for more than one year was £13,244. Of this, £7,952 is repayable more than five year

PLAY RADNOR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9 TRANSFER BETWEEN FUNDS The Transfer Between Funds In The Year Are: Transfer of Core costs from Unrestricted Funds to Restricted Funds 10 UNRESTRICTED FUNDS At 1/4/2023 Income Unrestricted Funds: £ £ General Funds 19,918 75,997 Total Unrestricted Funds 19,918 75,997 11 RESTRICTED FUNDS At 1/4/2023 Income Restricted Income Funds: £ £ Thumbs Up 14,091 - Multi Sensory 838 - Hedley - Art Equipment 1,500 - Youth Market 148 - TUP Friends 2,185 - 18,762 - Restricted Capital Funds: Big Lottery - Building 126,418 - Play Fort 7,182 - Kitchen Equipment 831 - Improvements to Building 29,198 - Acoustic Equipment etc 407 - Flooring 1,345 - Building Extension 136,404 - Van 8,437 - Gazebo 90 - Laptops 525 - Laptop (Thumbs up) 226 - Paved Pathway 1,056 - 312,119 - Total Restricted Funds 330,881 -	Expenditure £ (76,964) (76,964) Expenditure £ (12,806) - (250) - - (13,056) - (1,437) (831) - (407) (1,345) - (2,109) (45) (525) (113) - (6,812) (19,868)	Unrestricted Funds £ 3,470 3,470 Transfers £ 3,470 3,470 Transfers £ (1,285) - - - (2,185) (3,470) - - - - - - - - - - - - - (3,470)	Restricted Funds £ (3,470)
			(3,470)
			At 31/3/2024 £ 22,421
			22,421
			At 31/3/2024 £ - 838 1,250 148 -
			2,236
			126,418 5,745 - 29,198 - - 136,404 6,328 45 - 113 1,056
			305,307
			307,543

PLAY RADNOR

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

The purposes of Restricted Income Funds are:

Thumbs Up - weekly group for children with disabilities and their siblings.

Multi Sensory - funding for multi sensory resources.

Hedley Art Equipment - funding for art equipment and resources for new art room

Youth Market - previous project that is not currently running.

TUP Friends - fundraising by parents/carers of children attending TUP.

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds Restricted Funds	Tangible Fixed Assets £ 33,985 305,307 339,292	Net Current Assets £ 293 2,236 2,529	Long Term Liabilities £ (11,857) - (11,857)	Total £ 22,421 307,543
				329,964

13 TRUSTEES REMUNERATION AND EXPENSES

No Trustees were reimbursed in the year for costs incurred in attending meetings and expenses incurred for volunteer work (2023 - £Nil). No costs were incurred in the year for meetings of the Executive Committee (2023 - 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.