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Charity registration number 1025599
Company registration number 2692394 (England and Wales)
PLOT 10 COMMUNITY PLAY PROJECT
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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PLOT 10 COMMUNITY PLAY PROJECT
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees A B Stannard C Cornford Z L Bishop F T Ngale V S Burns Charity number 1025599 Company number 2692394 Chief executive S Warren Registered office 128 Chalton Street London NW1 1JD Auditors Gerald Edelman LLP 73 Cornhill London EC3V 3QQ Bankers National Westminster Bank 166 Camden High Street London NW1 0NW
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PLOT 10 COMMUNITY PLAY PROJECT
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of Trustees' responsibilities | 4 |
| Independent auditor's report | 5 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 16 |
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PLOT 10 COMMUNITY PLAY PROJECT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report and accounts for the year ended 31 March 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and “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 2019)“.
Objectives and activities
The objects of the charity are the relief of children and young persons resident or receiving full time education by providing or assisting in the provision of facilities to further their educational, physical, mental and spiritual development so that the conditions of their life may be improved. This is achieved by the provision of play and youth work services in the Somers Town area of the London Borough of Camden.
Plot 10 aims to provide a safe, affordable, creative environment in which the children of Somers Town can play and learn, free from racism, bullying and fear, whilst allowing their parents / carers to work or to learn.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and setting the targets and goals for the year ahead. It is the belief of the Trustees that the work carried out and the services provided by the project hugely benefit the play and education of children in the local area.
The Trustees would also like to say thank you to all our volunteers and an especially huge thank you to Sally Warren and all the staff team for their hard work and commitment to the children and the project. Without them Plot 10 would not be the special place it is today. The work they do with the children is absolutely brilliant.
All Trustees give of their time freely and no trustees remuneration or other benefits were paid in the year under review.
A more detailed description of the activities of Plot 10 is available in the full Annual Report issued as a separate publication. This can be obtained directly upon request or from the website of the Charity Commission.
Achievements and performance
Throughout 2021- 2022 Plot 10 concentrated on rebuilding our numbers of child attendees which had been affected by several factors.
Plot 10 works to protect children and help them achieve what they want in life supporting them to: Be Healthy Stay Safe Enjoy and Achieve Make a Positive Contribution and Achieve Economic Wellbeing
We had been closed for several months the previous year due to the Lockdown and had lost a considerable amount of revenue in fees and when we re opened, under public health requirements we were only allowed two bubbles of 15 children most of which were CIN children and already paid for by the borough of Camden. We also had children whose parents were frontline workers such as nurses and those who worked in the public domain and were vital to the borough.
Once restrictions were lifted many parents still worked from home or were reluctant to mix their children with those not from their schools.
Despite this we continued to deliver quality play provision to the highest level following the aims of Every Child Matters, providing a COVID free zone whilst building back our number of children attending.
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PLOT 10 COMMUNITY PLAY PROJECT
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
One of our key aims was to help the children return to a more settled life.
Many of our children and parents had been traumatised by the whole pandemic and we offered support and a bit of normality in helping them navigate their way back into the real world.
Despite all these challenges , the staff along with the support of the Management Committee , were committed and dedicated to building Plot 10 back up . They did not waiver in their work with the children and families .
We continued in our partnership work with the other centres, signed up for the HAF project offering free meals and a space in the holidays to those on a low income or not working . This offered families financial respite, safe in the knowledge that their children were cared for in a professional and nurturing environment and that they were given a cooked meal daily.
Plot 10 returned to sitting on the board of the Play Providers forum reviewing referred and vulnerable children and offering spaces to those most in need allocating them to playcentres nearest to their homes.
We will continue to serve the community and it’s children.
Financial review
The net expenditure for the year amounted to £41,005 (2021: £3,793).
During the year under review income totalled £176,928 (2021: £218,466). Grants receivable from London Borough of Camden to fund play centre activities amounted to £110,588 (2021: £159,761). Fee income charged to project users increased by £17,876 (146%) to the sum of £30,100 due to prior year being affected by the Coronavirus pandemic.
Total expenditure amounted to £217,933 (2021: £222,259). An analysis of the expenditure on play centre activities can be found in notes to the accounts. Salary costs remained broadly similiar at £185,963. There were no fundraising costs incurred in 2022 (2021: £nil).
Due to the nature of the funding model it is difficult for the charity to build up significant reserves. The aim is to match expenditure against income on an annual basis. Any surplus arising is transferred to reserves for use against any future expenditure deficits. The reserves held at 31 March 2022 were £13,418.
In the year under review a deficit arose of £41,005. The local authority has confirmed funding to August 2024. This illustrates that the charity has a sustainable future serving the local community and is a going concern.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Plot 10 Community Play Project is a company limited by guarantee governed by its Memorandum and Articles of Association dated 28 February 1992. It is registered as a charity with the Charity Commission. The company does not have a share capital and the liability of it's members is limited to £1 each.
The trustees, who are also the directors for the purpose of company law, who served during the year were:-
A B Stannard C Cornford Z L Bishop F T Ngale V S Burns
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PLOT 10 COMMUNITY PLAY PROJECT
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
Persuant to the terms of its memorandum and articles of association the Board shall consist of a minimum of four and a maximum of eight Trustees.
The Trustees have the power to appoint new trustees at their discretion. All new Trustees are provided with sufficient background information regarding the charity's finances and activities in order to ensure they can carry out their role in a satisfactory and responsible manner. Training is provided if considered appropriate.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of winding up.
The board of Trustees adminster the charity and meets at least three times a year. A Chief Executive is appointed by the Trustees to run the day to day operations of the charity. The Chief Executive has authority, delegated by the Trustees, for operational matters including finance, employment and the charity's core activities.
Auditors
The auditors, Gerald Edelman LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Disclosure of information to the Auditors
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
On behalf of the board of Trustees
..............................
A B Stannard
Trustee 12/21/2022 Dated: .........................
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PLOT 10 COMMUNITY PLAY PROJECT
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees, who are also the directors of Plot 10 Community Play Project for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PLOT 10 COMMUNITY PLAY PROJECT
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PLOT 10 COMMUNITY PLAY PROJECT
Opinion
We have audited the financial statements of Plot 10 Community Play Project (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, 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).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Material uncertainty related to going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in 1.2 to the financial statements concerning the charity's ability to continue as a going concern.
The charity principal source of funding is grant received from London Borough of Camden. As at the date of this report such support is guaranteed until August 2024, however this alone is not sufficient to support the activities of the Charity. Fee income has been impacted in recent years and seen a significant decline. This indicates the existence of a material uncertainty which may cast significant doubt on the charity’s ability to continue as going concern.
The trustees are of the opinion that the presentation of the company's financial performance and position under the going concern basis is not materially different to that under the break-up basis and, accordingly, the financial statements do not include adjustments that would result if the going concern basis was inappropriate.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is
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not appropriate; or
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the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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PLOT 10 COMMUNITY PLAY PROJECT
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PLOT 10 COMMUNITY PLAY PROJECT
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
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the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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.
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PLOT 10 COMMUNITY PLAY PROJECT
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PLOT 10 COMMUNITY PLAY PROJECT
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.
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.
Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 March 2022.
We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.
The extent to which the audit was considered capable of detecting irregularities including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
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Enquiring of management of whether they are aware of any non-compliance with laws and regulations.
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Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.
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Enquiring of management their internal controls established to mitigate risk related to fraud or noncompliance with laws and regulations.
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Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals; revenue recognition; staff working when on furlough.
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Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act 2006, data protection, anti-bribery, employment, health and safety.
Audit response to risks identified
Fraud due to management override
To address the risk of fraud through management bias and override of controls, we:
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Performed analytical procedures to identify any unusual or unexpected relationships.
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Auditing the risk of management override of controls, including through testing journal entries for appropriateness.
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Investigated the rationale behind significant or unusual transactions.
Irregularities and non-compliance with laws and regulations
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
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Agreeing financial statements disclosures to underlying supporting documentation.
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Reviewing minutes of meetings of those charged with governance.
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Enquiring of management as to actual and potential litigation claims.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the tustees of Plot 10 Community Play Project.
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PLOT 10 COMMUNITY PLAY PROJECT
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PLOT 10 COMMUNITY PLAY PROJECT
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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 charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Hiten Patel (Senior Statutory Auditor) for and on behalf of Gerald Edelman LLP
21 December 2022 .........................
Chartered Accountants Statutory Auditor
73 Cornhill London EC3V 3QQ
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PLOT 10 COMMUNITY PLAY PROJECT
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations | 3 | 9,677 | 5,995 |
| Fees receivable | 4 | 137,149 | 200,238 |
| Grants receivable | 5 | 30,100 | 12,224 |
| Investments | 6 | 2 | 9 |
| Total income | 176,928 | 218,466 | |
| Expenditure on: | |||
| Charitable activities | 7 | 217,933 | 222,259 |
| Net expenditure for the year/ | |||
| Net movement in funds | (41,005) | (3,793) | |
| Fund balances at 1 April 2021 | 54,423 | 58,216 | |
| Fund balances at 31 March 2022 | 13,418 | 54,423 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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PLOT 10 COMMUNITY PLAY PROJECT
BALANCE SHEET
AS AT 31 MARCH 2022
| 2022 Notes £ Fixed assets 10 Current assets Debtors 11 - Cash at bank and in hand 18,308 18,308 Creditors: amounts falling due within one year 12 (11,923) Net current assets Total assets less current liabilities Income funds Unrestricted funds The accounts were approved by the Board of Trustees on .......................... .............................. A B Stannard Trustee 12/21/2022 |
2021 £ £ 7,033 21 59,923 59,944 (13,951) 6,385 13,418 13,418 13,418 |
£ 8,430 45,993 |
|---|---|---|
| 54,423 | ||
| 54,423 | ||
| 54,423 | ||
Company Registration No. 2692394
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PLOT 10 COMMUNITY PLAY PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Plot 10 Community Play Project is a private company limited by guarantee incorporated in England and Wales. The registered office is 128 Chalton Street, London, NW1 1JD.
1.1 Accounting convention
The accounts have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"("FRS102)", “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 Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The accounts are prepared on a going concern basis which is dependent upon the continuing support of the London Borough of Camden. Grants from this source have been confirmed up to and including August 2024, however this alone is not sufficient to support the activities of the Charity. Fee income has been impacted in recent years and seen a significant decline. This indicates the existence of a material uncertainty which may cast significant doubt on the charity’s ability to continue as going concern.
The charity's net expenditure was £41,005 during the year ended 31 March 2022. The trustees are confident that the charity has adequate resources available to it in order to continue to operate for the foreseeable future and for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements do not include adjustments that would result if the charity was unable to continue as a going concern.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
All other income is included on an accruals basis.
1.5 Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable amount of VAT is included in the expense to which it relates.
Charitable activities costs comprise expenditure directly associated with the operation and development of the play centre plus other support costs.
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PLOT 10 COMMUNITY PLAY PROJECT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Support costs include governance costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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PLOT 10 COMMUNITY PLAY PROJECT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11 Taxation
As a registered charity the Society is exempt from taxation on its activities which fall within the scope of Part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
1.12 Amenities
The London Borough of Camden meets the lease charges on Agency premises and sites. The value of these amenities are not included in the Statement of Financial Activities.
1.13 Restricted funds
Restricted funds when receivable are subject to specific conditions by donors as to how they may be used.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fundraising | 9,677 | 5,995 |
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DocuSign Envelope ID: B9813BBF-A9D0-4C79-804B-C7B1DA4AC5DBDocuSign Envelope ID: 147407CE-F66E-4652-95D9-BCD225B33528
PLOT 10 COMMUNITY PLAY PROJECT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
4 Grant Receivable
| London Borough of Camden Coronavirus Job Retention Scheme 5 Fees Receivable Fees receivable 6 Investments Interest receivable 7 Charitable activities Play centre operations Staff costs Premises overheads costs Depreciation and impairment Operating costs Support costs |
2022 £ 110,588 26,561 137,149 2022 £ 30,100 2022 £ 2 2022 £ 185,963 12,159 1,398 12,326 211,846 6,087 217,933 |
2021 £ 159,761 40,477 |
|---|---|---|
| 200,238 | ||
| 2021 £ 12,224 |
||
| 2021 £ 9 |
||
| 2021 £ 192,395 12,391 1,746 8,890 |
||
| 215,422 6,837 |
||
| 222,259 |
Support costs includes payments to the auditors of £3,500 (2021 - £3,500) for audit fees.
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DocuSign Envelope ID: B9813BBF-A9D0-4C79-804B-C7B1DA4AC5DBDocuSign Envelope ID: 147407CE-F66E-4652-95D9-BCD225B33528
PLOT 10 COMMUNITY PLAY PROJECT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were refunded to the Trustees in the year.
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 8 | 9 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 171,503 | 179,725 |
| Social security costs | 11,038 | 11,868 |
| Other costs | 3,422 | 802 |
| 185,963 | 192,395 | |
| Tangible fixed assets | ||
| Fixtures, fittings & equipment | ||
| £ | ||
| Cost | ||
| At 1 April 2021 | 56,485 | |
| Disposals | (48,055) | |
| At 31 March 2022 | 8,430 | |
| Depreciation and impairment | ||
| At 1 April 2021 | 48,054 | |
| Depreciation charged in the year | 1,398 | |
| Eliminated in respect of disposals | (48,055) | |
| At 31 March 2022 | 1,397 | |
| Carrying amount | ||
| At 31 March 2022 | 7,033 | |
| At 31 March 2021 | 8,430 |
10 Tangible fixed assets
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DocuSign Envelope ID: B9813BBF-A9D0-4C79-804B-C7B1DA4AC5DBDocuSign Envelope ID: 147407CE-F66E-4652-95D9-BCD225B33528
PLOT 10 COMMUNITY PLAY PROJECT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 11 Debtors Amounts falling due within one year: Prepayments and accrued income 12 Creditors: amounts falling due within one year Other taxation and social security Accruals 13 Financial instruments Carrying amount of financial liabilities Measured at amortised cost 14 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. Aggregate compensation |
2022 £ - 2022 £ 7,213 4,710 11,923 2022 £ 4,710 2022 £ 41,674 |
2021 £ 21 |
|---|---|---|
| 2021 £ 4,636 9,315 |
||
| 13,951 | ||
| 2021 £ 9,315 |
||
| 2021 £ 42,124 |
There were no other disclosable related party transactions during the year (2021 - £nil).
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