Charity registration number 1068926 PLAY WALES I CHWARAE CYMRU ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 PLAY WALES I CHWARAE CYMRU CONTENTS Page Trustees report Statement of trustees responsibilities 15 Independent auditorfs report 16-18 Statement of financial activities 19 Balance sheet 20 Statement of cash flows 21 Notes to the financial statements 22-40 PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with Ihe accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities p￿parIng 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 Our objectives are to provide and assist in the provision for facilities and services for play recreation, education and other leisure-time occupation for all children residing in Wales. We act as a champion for children's play., increasing awareness and understanding throughout Wales of the critical importance of play to children and their well-being. To maintain and ensure appropriate representation and consultation on matters affecting children's play in Wales. To contribute and support playwork education training and workforce development in Waes so as to further the play interests of children through quality play Servi￿ provision and advocacy. In meeting these objectives our aim is to foster a more tolerant, understanding and informed active response among adults who are in a position to meet children's play needs both directly and indirectly and therefore to improve the well-being and participation of children wthin their communities. The focus of our work The principal activity of Play Waleslchwarae Cymru is to Influen￿ policy, strategic planning and practice of all agencies and organisations that have an interest in and a responsibility for children's play. This is achieved by providing information, technical advice and guidance related to play provision and workforce development., helping to identify needs and contributing to the increasing recognition of the profound importance of play as a critical component of children's development. Play Waleslchwarae Cymru provides a forum for playwork throughout Wales and undertakes a national representational role for playwork. As the national organisation for children's play in l•lales our strategic aims during the year were to.. Act as a critical fn'end of the Welsh Govemment Promote children's freely chosen independent play Advocate for children and their play needs Uphold their right to play on behalf of all the children of Ipkles Raise awareness of play needs at every level from national Government to local play schemes Represent play providers and playworkers offering expert advice. guidance, support, networking opportunities and conferences related to play, play policy, play provision and workforce development. These strategic aims are achieved through the foll0v￿ng principal activities.. Information Service Workforce development Play policy, advice and support. Ensurin our work delivers our aims Our work is regularly reviewed throughout the year, through Trustees meetings and meetings with advisory groups, and through the reporting mechanism for Welsh Govemment. The management team has also instituted an annual review and foward planning prO￿sS that evaluates our work and identifies areas for further development to effectively meet our aims. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We have referred to Charity Commission guidance on public benefit in conducting reviews of our aims and objectives. Trustees routinely consider how proposed or Current work contributes to the aims and objectives of Play Waleslchwarae Cymru. Public benefit statement Play Waleslchwarae Cymru is the national organisation for children's play in Wales,. an independent charity funded by the Welsh Govemment. The work of Play Waleslchwarae Cymru benefits the people of Wales by.. Responding to children's request (through consultation) for more and better places and opportunities to play Upholding and advocating for children's right to play (as stated in the United Nations Convention on the Rights of the Child) wthin national and regional forums and with decision making bodies Gathering and disseminating infomiation relating to the benefits of playing to anyone who is in a position to further children's play interests Promoting quality provision for play that is inclusive of all children and young people - meeting the needs of disabled children and children who are disadvantaged or excluded Sharing expertise and providing guidance and advice, thus enabling children's services within local authorities and voluntary agencies to offer quality play provision that meets children's needs - and to get the maximum benefit for children from financial provision for play Promoting and supporting quality training for playworkers and trainers thus contributing to the development of a skilled, expert Workfor￿ that also meets children's play needs. Quality play services contribute to the health and well-being of children and young people and also to the health and vibrancy of communities (Welsh Government Play Policy 2002). fr Our aims and objectives relate to benefiting the children of INales - where in 2021 there were more than half a million children aged Ck15 (among a total population of just over three million). Our services are largely offered free- some publications and events being offered on a non-profit making basis. Trustees re￿1ve no benefits and give their time voluntarily. Any expenses claimed are set out in the accounts. Our se￿1￿$ were used by.. Parents and carers Government officials Members of the public campaigning to instate or preserve play provision Organisations providing or supporting children's services- both local authority and voluntary Organisations providing children's play services both local authority and voluntary, as well as community councils Playworkers, play development workers and play development officers Playwork trainers and managers of playworkers Teachers, head teachers, governors and educational psychologists Academics and university institutions In the furtherance of these aims, the Trustees of Play Vwdleslchwarae Cymru have complied with the duty in section 17<5) of the Charities Act 2011 to have due regard to the Charity Commission's published general and sub-sector guidance conceming the operation of the Publi¢ Benefit requirement under the Act. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Information Service Ob'ective= To promote the value of children's play in Illales through the provision of timely arKI current information to our stakeholders Outcome: Play Wales produced and disseminated a wde variety of bilingual infomiation and ServI￿S including.. Play Wales Website.. Launched a new website in May 2023. As well as redesigning and restructuring the website, the work also included reviewing and updating all existing website content in-house and working with an external editor. Provided and maintained the on-going development of a website which is regularly updated with current items of interest to members and to those who have a responsibility for or an interest in children's play, playwork and play provision. We attracted a significant audience to the website- over 160,000 page views by approximately 55.000 users- over the year. Publications.- Produced and published Play for Wales, our bilingual magazine, ￿'ce a year - distributed free both printed and electronically to approximately 4.000 recipients who can further children's play interests in Wales. The Springlsummer 2023 issue was printed and distributed later than planned {October 2023} and the Autumnlwnter 2023 issue published on 1 March 2024 to mark Dydd Gwyl Dew. Continued working on the literature review we commissioned extemal academic researchers to undertake on our behalf. Outputs included= Publishing a short bilingual briefing to Introdu￿ the literature review Publishing a summary of the literature review which was also distributed to the 100 delegates who attended our national conference Commissioning Welsh translation of full report Proofing and editing of ftjll report before commenang design work. Redesigned a number of existing resour￿$ - information sheets, top tips and briefings - to fit with the new Play Wales brand. This work is ongoing and offers a good opportunity to review the content of our existing resources. Produced and disseminated a range of new and updated resources, including.. Ministerial Review ofPlay- A Play Wales summary Play deprivation.. the causes and consequences ft)r child development. and the potential ol playwoth information sheet A reading list for teachers- supporting children s play in schools. Continued to distribLrte printed copies of our three storybooks. Fun in the dungeon. Fun in the garden and Fun in the playground. Worked with our cartoonist to develop new resources to support leamers undertaking our training and qualifications. Disseminated and raised awareness about Play Wales. existing and updated resources, including information sheets, toolkits and storybooks. Celebrated Adult Leamers Week 2023 by making our series of playwork guides available in print for the first time. Continued promotion and dissemination of child friendly resources for the International Play Association to promote Artide 31 of the UNCRC and the key messages of General Comment no. 17. Produced and displayed five posters showcasing Play Wales work and partnership projects. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Engagement.. Continued to post regularly on Play Wales, bilingual social media channels and kept a watching brEf on the continued usefulness of various platfomis. Over 8,000 follow our Fa￿book pages and 9,000 follow our accounts on X (formerly Twitter). Put logether and distributed a monthly e-bulletin to approximately 4,000 recipients, which provides an oveNiew of what's new on the Play Wales website. Promoted play through the media thus raising awareness of the barriers to children having quality play opportunities and emphasising the importance of children's play. Maintained regular contact with Members of Padiament and Members of the Senedd through magazines, events, meetings and infomiation sheets - thus raising awareness of the importance to children of playing and the necessity to promote play-friendly decisions among planners and decision makers. Also, we sent a letter on behalf of all children in Wales to each Member of the Senedd to invite them to get involved in Playday 2023 events in their constituency. Contributed to online and in-person events in Wdles promoting the work of Play Wales and promoting quality play provision for children. An increase in online events since the pandemic has brought Play Wales and its work to a broader audience. Raised the profile of play in Wales and Play Wales intemationally by regularly contributing to play and children's rights related blogs, magazines and joumals. Continued to promote free Play Wales membership evergreen promotional materials to promote the offer. Conducted an evaluation of the Play Wales Information Service via an online Su￿eY and on&tO-one interviews with key stakeholders. Overwhelmingly positive response to our work and we will use constructive feedback provided to infomi future work. rebranded as 'supporters' using existing Miscellaneous.. Launched a new Play Wales logo and brand to coincide wth the new Play Wdles website. Contributed to the UK national Playday steering group and resources - thus supporting play services in providing Playday events for children, but also providing Welsh representation and support to a UK campaigning group highlighting barriers to qualty play experiences and recommending action. Outputs included.. Playday website amended in Spring 2023 in readiness for the annual campaign. Reviewed Terms of Reference for the steering group (Play Wales led on the original drafting) in readiness for 2024 campaign. Developed and distributed electronically bilingual resources to publicise Playday 2023 events used across the four nations (Play Wales led on the design work). Playday 2023 theme launched in May 2023 'Playing on a shoestring,. In March 2024 commenced in-house and four nations discussions about the theme for 2024 campaign. Playday website updated to allow organisers to register and promote their 2023 events online- moderating work shared be￿een Play Wales, PlayBoard Northem Ireland and Play Scotland. Continued to add new publications to the Play Wales, library. which offers the most comprehensive resource of play and playwork materials in Wales. This is open to visitors by appointment {although not promoted since the pandemic restncted this possibility), and largely supports our team with up to date infomiation, as well as play professionals and students studying play and playwork. Completed and launched This is why play is so important, a new documentsry film to celebrate and promote children's play in Wales. Two successful and well attended launch events held in Cardiff and Wrexham prior to making it available online. English and Welsh versions of the film produced with narration provided in both languages by Matthew Rhys. Film entered into film festivals and shown at international conferences such as the IPA Wortd triennial conference in Glasgow in June 2023 and Child in the City in Brussels in November 2023. Commissioned agency to produ￿ a montage of the play memories originally gathered for the film to be used at our national Conferen￿ in November 2023 and to further promote the film and the importance of play. Commissioned agency to produce short evergreen clips on specifi¢ topics from existing film footage for continued use on websites and social media to broaden appeal and engagement. Worked with a photographer to capture new photos for our library of images to be used on our websites, social media, campaign materials and in publications. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Maintained and updated Children's Play Policy Forum and Play Safety Forum websites on behalf of Ihe four nations. Continued to work to ensure that our database and communications are compliant with General Data Protection Regulations (GDPR). Playful Childhoods.. Worked wth a web developer to redesign and build a new website, which was launched on 20 November 2023 to mark Wodd Children's Day. Website development included a significant restructure of the content to improve user experien￿. The new website is hosted on a more cost- effective open-access platform. Continued to update the website, vthi¢h is aimed at parents and Carers, and promotes the importance of play and offers practical advice and guidance on providing play opportunities at home and in the community. Over the year, the website attracted 50.000 page views by 33,000 users. Continued to build our audience and increase engagement on bilingual pages on social media.. Facebook and Instagram. Over 5,000 follow our Facebook page and over 1,000 follow our Instagram account. Commenced the work of redesigning resources to fit with the new brand to ensure consistency with the new website. Continued to invest in Google Ads grant support to improve search engine rankings for Playful Ghildhoods with the aim of driving more traffic to the website - this continues to result in a significant traffic increase to the website. Worked with a PR company to develop and deliver a successfvl summer campaign aimed at target audiences to raise awareness of the importance of play and spreading the word about the Playful Childhoods website as a resour￿. Our five-week 'Playing on a shoestring, campaign, to fit with the 2023 Playday campaign, resulted in a 4500A increase in traffic to our English website and over 700 % increase on the Welsh website during the Campaign. Invested in advertorials for the first time, which was a key part of the campaign's success. Continued to engage wth Welsh Govemment colleagues to share messaging as part of the 'Parenling. Give it Time, campaign (now under the Teulu Cymru brand). Worked with a PR agency to produce short evergreen video clips to help support parents give their children time. space and freedom to play at home and in their neighbourhood all low-cost play ideas to take into account the ￿st-Of-llvIng crisis. Using the clips on an on-going basis via Playful Childhoods website in blog articles and on social media, as well as sharing wth our e-mailing list. Using findings from external evaluation of the Playful Childh(K)ds website and social media, which included an online survey and focus groups with parents and those who work with children and families to infomi our work and explore future developments, where budget allows. Positive and constructive feedback received which has resulted in us commissioning new written content. Workforce development Qbi£0￿.. To contribute to the professional development of the play and playwork workforce in Wales Outcome.. Play Wales was active in a range of activities relating to training and workforce development to further the play interests of children in Wales, induding= Supported and advised the Welsh Govemment on issues relating to the play and playwork workforce. Provided specific advice and guidance in relalion to Workfor￿ issues to inform the Welsh Government's Ministerial Review of Play Action Plan. Provided specific advice to the Welsh Govemment on emerging Workfo￿ related issues induding.. the review of the Exceptions Order and National Minimum standards and on plans to regulate the playwork workforce. Delivered four Playwork Education and Training Council Wales (PETC) meetings supporting a dialogue between playwork employers, national organisations, the Welsh Government, Social Care Wales and Qualifications Wales. Continued to work to actions within A play fiiendly wortrforce for Wales, Play Wales, plan for the ongoing development of the play and playwork Workfor￿$. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Developed the infrastructure for the national delivery of playwork qualifications by supporting the development and continued operation of six Training Centres. This includes the quality assurance of L2APP, MAHPS and P3 qualifications as well as supporting trainers and assessors, reviewing assessment methods and advising on delivery. Supported the review of Agored Cymru playwork qualifications. Appointed a part-time freelance qualifications co-ordinator to support with training and qualifications. Developed a business case for the review of the National Occupational Standards for Playwork, on behalf of the UK Playwork NOS Consortium, in preparation for a future review. Approval was received from the UK standards and frameworks panel to take forward this work during 2024125. Worked with PETC Wales and other partners to identify funding for the sustainable delivery of playwork qualifications and build the infrastw¢ture of trainers, using a range of funding models including the Welsh Government Training and Support Programme. Delivered the Award in Delivering Dynamic Playwork Training (ADDaPT) to 21 learners across Wales. Delivered the International Playwork= Foundation Practitioner course to 10 learners in the Netherlands, working in partnership wth the children's organisation Jantje Beton. Explored mechanisms for li￿nsinglendOrsement aclivity of Play Wales, training in other Countries. Contributed to Social Care Wales, Eady Years Ne￿Ork meeting and task and finish groups. Contributed to Education and Training Standards Wales (ETS Wales). Contributed to Playwork Education and Training Councils in England, Scotland and Northern Ireland to promote four nations planning for Workfor￿ development. Contributed to Social Care Wales, Qualifications Standards Advisory Group (QSAGI including membership of task and finish groups looking at the development of a transitional qualification into childcare. Maintained the list of Required Qualrfications to woth within the Playwort Sector in Wales and qualifications flow chart on behalf of PETC Wales. Developed a new Play Wales endorsed course- Let's talk about play- for approved tutors to deliver as professional development in local areas of IAlales. Contributed to the advisory group for the 'We Care. recruitment campaign by Social Care Wales. Piloted Chwarae o Safrjn, a new quality assuran￿ framework for playwork. Contributed to a four-nations working group for a new playwork in schools, qualification Provided seminars, training opportunities and conferences to facilitate the provision of quality play seNices to children, including delivering.. our first national conference since 2019 held in Cardiff in November 2023. titled Ministerial Review of Play: what next? a ￿o￿aY face-tcFface Playworkers Forum event for 49 delegates, themes for the event were playwork in other contexts and practical skills a number of papers at the Intemational Play Association Conference in Glasgow o launch events for the new This is why playing is so important film a practical playwork skills workshop for playworkers in Denbighshire a series of Continuing Professional Development in-person workshops for Cardiff Play Services team a Championing play= the role of public health workshop for practitioners and managers. Delivered a range of presentations for= Supporting Families and NEST Community of Practice Community Focused Schools officers in Caerphilly Cardiff University School of Geography summer school Supporting Children and Families Facing Crisis Conference (British Academy Conference). Planned and delivered a series of themed online webinars.. Playful Childhoods webinar, Mud, mess and fancy dress aimed at promoting our campaign resources to those working directly wth families Exploring the links be￿een playwork and youth work Reusing stuff for play Vvhat makes a great space to play Stay and play project.. support for play after schcol. aimed at schools in Monmouthshire. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Play policy Ob"ective.' To work wth individuals, organisations and networks to inform the development of policy and matters related to children's play in Wales Outcome.. Play Wales was involved in a variety of UK and woddwide policy groups attending meetings of relevant organisations to ensure UK wde initiatives reflect development and best Practi￿ in Wales.. Play Safety Forum Children's Play Policy Forum National Playday Steering Group International Play Association (IPA) Cymru Wales and IPA World Learning through Landscapes Board. Additionally, on a UK and international level, Play Vwdles.. Provided support and guidan￿ to colleagues at Play Aotearoa (Intemational Play Association New Zealand}, Sport New Zealand and Playright (Hong Kong). Continued to provide support for IPA World to adhere to requirements as an international charity registered in England and Wales. Collaborated with colleagues in Portugal to form an agreement regarding the use of Play Wales publications. Provided secretariat support for Intemational Play Association (IPA) Cymru Wales branch and delivered a range of presentations, workshops and poster presentations for the IPA World triennial 2023 conference. Hosted a student placement from Cardiff University to galher data for all-wales survey work. Engaged with various local public health teams to promote the importance of play. Collaborated with Starlight Children's Foundation to support Hospital Play Specialists in Wales. Supported the co-ordinating and judging the Annual Playwork Awards at the National Playwork Conference in Eastbourne. Continued research partnerships with University of Bristol, University of Gloucestershire, Swansea University and Cardiff University advising on a wide range of research topics.. Play in schools Play and humour Play in the early years and family engagement Play, physical activity, and wellbeing Play and engagement with children. Play Wales also responded to relevant national consultations.. Child Poverty Strategy for Wales Structure of the school year Professional registration of Y￿rkfOrCe Use of Dormant Funds Children, young people and the built environment (cckordinated by UK Government Levelling Up, Housing and Communities Committee) National Practice Framework Do disabled children and young people have equal access to education and childcare? (inquiry undertaken by the Children and Young People and Education Senedd Committee) Additionally, Play Wales.. Undertook activity to sustain leaming from the Community Play Ambassador Project, a thre&year project funded by the Healthy Ath've Fund, induding the development and production of an endorsed play and playwork course. Implemented the Play Awareness Projed, funded by the Aneurin Bevan Gwent Public Health Team. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Undertook an audit of play in hospital for Cwm Taf Morgannwg Public Health Team. Developed and implemented an early years outdoor play project for Cardiff and Vale of Glamorgan Public Health. Acted as secretariat and report writers to the Ministerial Review of Play Steering Group. Contributed to various academic publications. Undertook fundraising aclivity in line with our Fundraising Strategy, which resulted in securing funding to.. develop and provide reSoUr￿S for stakeholders and partners to implement after school play projects pilot a project to develop a project to understand and support the play needs for children in temporary accommodation. Advice and support QbJ££￿'. To provide specialist knowledge regarding all issues about and affecting children's play Outcome.. Play Wales was involved in a variety of INales wde working groups to ensure that children's play acquires the status it deserves.. Wales UNCRC Monitoring Group Eady Years Action Group Children's Rights in Eady Years Network Children in Wales Policy Council Active Healthy Kids IAHK) Wales Expert Group- lead on active play indicator Welsh Government Building a Healthier Wales Task and Finish Group- Ministerial Priorities Welsh Govemment Anti-Racist Wales Childcare and Play Governance Group and associated sul> groups Welsh Government Childcare and Play Stakeholder Group Welsh Government Eady Childhood Education and Care (ECEC) Action Plan Stakeholder Group Senedd Cross Party Group for Children and Families Care Inspectorate Wales Childcare and Play Working Group. QUIC￿.. Play Wales has supported the development of a strategic approach to children's play through.. Contributed to actions arising from the Ministerial Review of Play, such as.. Published a summary of the Ministerial Review of Play Steering Group report Developing a children's version of the Ministerial Review of Play Steering Group report Reviewed the Play Sufficiency Assessment Template and Toolkit. with local authority play sufficiency officers. Collaborated with Early Years Wales and Sport Wales on The Foundations Framework Developing Good Practice in Physical Activity and Sporting Environments for Children aged 3-11 years. Facilitated meetings for play sufficiency leads. Gathered examples of play sufficiency from local aLrthorities across Wales for future dissemination. Facilitated check-in meetings for open access playwork providers. Collaborated with the National Centre for Population Health and Well-being Research {NCPHWR) to pilot an app which supports children to rate their communities for play and physical activity. Published a pan-wales analysis of children's play satisfaction surveys. Continued to work with commissioned researchers to update the evidence on the value of play from a public and social policy perspective in Wales. Contributed to the UNCRC Monitoring Group's Civil Society Altemative Report to the UN Committee. Provided advice for the development of Community Focused Schools guidance. Collaborated with Welsh Govemment play policy, active travel and education officials to plan and deliver a local authority engagement event to promote funding and partnership opportunities. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Outcome.. Play Wales has supported play at delivery level through: Ensuring that local community groups are signposted to and supported appropriately by local support networks. We received and responded to a broad range of queries via social media. telephone and email from parents, elected members, sd)ools and small organisations during the last year. The queries include questions about qualifications, research queries from students, funding for play equipment and play areas, support for saving school playing fields. job advertising and requests for letters of support for funding applications. Providing non-managerial professional development support to play development officers throughout Wales. Providing advice regarding play officer recruitment to local authorities and voluntary organisations. Providing support for voluntary sector play projects. Presentations at local {online and in person) play sufficiency events and conferences throughout Wales. Providing advice regarding play Spa￿ design and development. Supporting local communities and several communities to establish resident-led street closures for play. Working with organisations and council officers to develop street play initiatives in Bridgend. Working with Vale of Glamorgan Counal to develop and implement a street play programme. Working with partners in the Vale of Glamorgan and Bridgend to consider play in secondary schools. Working with Bridgend and Carmarthenshire local authorities to develop projects which source and supply loose parts materials for play. Providing support for Mtrexham Play Network to consider a strategy for a 'Capital of play, for a fviure City of Culture bid. Quality Assurance We continue to maintain the systems, reviewing and updating as appropriate, developed when Play Wales achieved the PQASSO Quality Mark Level 1 (NCVO quality assuran￿ scheme). Financial review Play Wales continues to be reliant upon core funding from the Welsh Govemment. The funding from tre Welsh Government has been secured until 31 March 2025. The charity made an unrestricted deficit of £19,461 for the year ending 31 March 2024 (2023.. surplus of £58.602). Defined Benefit Pension Scheme Play Wales is a member of the Local Government Pension scheme operated through Cardiff and The Vale of Glamorgan. The defined benefit scheme currently has a surplus of £1,320,000 (2023.. surplus of £940,IXJO}. The Trustees recognise that the current pension surplus is highly volatile due to changes in accounting estimate and assumptions used by the actuaries when valuing the scheme. A surplus is only recognised to the exient of reduced future contributions to the plan. Reserves Statement Play Wales intends to maintain the level of free reserves that equates to between six and ￿e1ve months of annual expenditure. The financial reserves are set aside to ensure financial stability for staff and its members and to ensure that the current activities would be maintained in the event of a period of unforeseen difficulty. The calculation of the required level of reserves is integral to Play Wales's planning, budget and fore13St cycle. The free reseNes available to the charity (excluding the fixed asset, the designated fund and the penS￿n reserve) were £254,173 (2023.. £295,164). Investment Policy The Trustees regularly review the amount that the organisation requires to ensure that they are adequate to fulfil its continuing obligations. Currently the charity takes a cautious approach to investing, minimising the level of risk. PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for the Future 2024-2025 Play Wales will continue to work to promote children's play and act as an advocate for children aThJ their play needs. Particularly, we anticipate that we will undertake the following: Continue to support providers of play opportunities to respond to changes in the social, political and financial landscape in a play friendly way. Support the Welsh Govemment to achieve the milestones set out in the Ministerial Review of Play. Continue to deliver a communication seNice aimed at our broad constituency through the provision of focused publications, direct mailing and up to date websites as well as social media engagement. Contribute to and inform local, national and intemational advocacy through project work and membership of committees and groups. Support local authorities and third sector organisations to engage and respond to national policy through events, network facilitation and advice. Continue to work with The National Centre for Population Health & Wellbeing Research (NCPHWR) to identify what children say about access to play and what they would like in terms of play. Review and implement A play friendly wothforce for Wales, our workforce development plan based on findings from the Welsh Play Workforce Study undertaken by Swansea University. Work with approved ￿ntreS to ensure that the delivery of Agored Cymru playwork qualifications, and other training, continues to be of quality and responds to the needs of the workforce. Pilot and launch the Chwarae o Safon Playwork Quality Assurance Framework. Work with local Public Health Teams to agree and share messages regarding children's play. Undertake and publish a pan-wales report of suprfeys completed by children across local authority areas in Vwales as part of their Play Sufficiency Assessments in 2025. Deliver a range of Playful Childhoods campaigns to support parents and carers to provide sufficient opportunities for children to play at home and in their communities. Continue to promote our latest film to ￿lebrate children's play in Wdles and promote the importarKe of play in every child's life. Develop and deliver a range of events and training opportunities for playworkers and others whose work impacts on children. Review, update and implement our Fundraising Strategy to enable delivery of additional projects. Work with Starlight Children's Foundation to support the health play sector in Wales. Lead the review of the National Occupational Standards for Playwork, on behalf of the UK Playwork NOS Consortium. Work with Intemational partners to support them to deliver endorsed playwork training. To ensure these services are developed and delivered as effectively as possible we will: Continually review and develop Play Vvales. operational plan. 10- PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management rnin Play Wales I Chwarae Cymru is a Charitable Incorporated Organisation (CIO), registered on 28 March 1998 and govemed by its 'foundation" model ¢onsts'tution resolLrtion dated 18 February 2019. Govemance is undertaken by a Board of Trustees. Every trustee is appointed for a temi of three years and in selecting individuals for appointment as a charity trustee, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. There must be at least three charity trustees. If the number falls below the minimum the remaining trustee or trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee. There are currently nine trustees appointed. There is no maximum number of charity trustees that may be appointed to the charity. Tr inin New Trustees meet the Director and other Trustees prior to their first meeting and receive an indLKtion pack containing the following.. Minutes and papers of last three Board meetings A copy of the current version of constitution Report of the Trustees and Financial Statements (latest) Trustee Specification and Temis of Referen Play Wales membership information and fom Welsh Government Play Policy Implementation Plan Play Wales leaflets and poster The Fi￿[ Claim.. publication The latest issues of Play for Wales magazine. Functions of the Board of Trustees include: To have control of the Charity and its property and funds To have responsibility for overall govemance and strategic direction To develop the aims, objectives and organisational goals in accordance with the governing document, legal and regulatory guidelines To ensure that Play Wales I Chwarae Cymru and its representative's function within the legal and regulatory frameworf( of the sector and in line with the organisation's goveming document, continually striving for best practice in goveman To uphold the fiduciary duty invested in the position, undertaking such duties in a way that adds to public confidence and trust Interviewing, appointing and monitoring the y￿rk and activities of senior staff. The Board of Trustees is accountable in varying degrees to a variety of individuals and organisati)ns including service users, members, funders and The Charity Commission. anisational structure Play Wales is a membership organisation. The members of Ihe charity are its Board of Trustees. The trustees have created an associate non-voting membership which is open to organisations and individuals from voluntary, statutory and independent sectors. however these members do not qualify as members for any purpose under the Charities Acts, General Regulations or Dissolution Regulations. 11 PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Director is responsible to the Board of Trustees for the day-to-day management of the organisation. At the end of March 2024 there is a Director, an Assistant Director, Office Manager, Communications Manager, Workforce Development offi￿r, Finance Officer and an Administration & Events Assisstant. Play Wales has Memorandums of Understanding wth Soaal Care Wales. Play England, Play Scotland a￿1 PlayBoard Northern Ireland. Risk mana ement A risk register has been established and is updated frequently with an appropriate action plan. Where necessary, systems and procedures have been established to mitigate the risks the charity faces. Controls are in place to minimise internal risks by the implementation of procedures for authorisation of all transactions and projects. Health and safety reviews are carried out regularly. The Board of Twstees has conducted a review of the major risks to which the organisation is exposed. It has identified that a disproportionate reliance on Welsh Govemment funding remains a high risk to Play Wales and sources of other funding need to be sought so Play Wales can continue to provide the service it delivers to Wales. They also identified that the change in Welsh Govemment Cabinet ministers could have a detrimental effect on the relationship Play Wales has with its main funder. The Board of Trustees is also aware that fundraising activities have a high risk of ending unfavourably for Play Wales. A fundraising strategy linked to the strategic plan has been developed detailing actions that may be Considered to mitigate this risk. 12- PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administative details Charity name Play Wlales I Chwarae Cymru Charity number 1068926 Principal office Park House Greyfriars Road Cardiff CF10 3AF Trustees DrAnne Crowley- Treasurer Rhian Barrance Malcolm King Keith Towler- Chair Ronan Lyons Dr Jacky Tyrie Dr Elspeth Clark Hana Hersi Dr Matluba Khan Key management personnel Mike Greenaway- Director Marianne Mannello-Assistant Director Auditors Azets Audit servI￿s Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers The Co-operative PLC PO Box 250 Skelmersdale WN86 CAF Bank PLC 25 Kings Hill Avenue lQngs Hill West Malling Kent ME19 4JQ Solicitors Geldards 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ 13- PLAY WALES I CHWARAE CYMRU TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Insurers Keegan & Pennykid Insuran￿ Brokers Limited 50 Queen Street Edinburgh EH2 3NS The trustees report was approved by the Board of Trustees. K Towler- Trustee Dated= 1211212024 14- PLAY WALES I CHWARAE CYMRU STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 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 A¢￿pted Accounting Practice). The law applicable to charities in England and Vwdles 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 of the charity for that year. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., state whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going COn￿M basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose wth reasonable accuracy al any time the financial position of 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 charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 15- PLAY WALES I CHWARAE CYMRU INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PLAY WALES I CHWARAE CYMRU Opinion We have audited the financial statements of Play Wales I Chwarae Cymru (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordance viith the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors ￿sponsIbl1111eS for the audit ol 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 ststements 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 suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded 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 charity's ability to continue as a going concern for a period of at least twelve months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the twstees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the fina￿la1 statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 wth Ihe financial statements or our knowledge obtained in the course of the audit, or othe￿iSe 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 materkgl 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 infomiation, we are required to report that fact. We have nothing to report in Ihis regard. Matters on which we are required to report by exception We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the information given in the financial statements is inconsistent in any material respect wth the trustees report., or SLrfficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. 16- PLAY WALES I CHWARAE CYMRU INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLAY WALES I CHWARAE CYMRU Responsibilities of trustees As explained more fully in the statement of trustees responsibilities, the trustees 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 ne￿SSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or e￿or. In preparing the financial statements, the trustees are responsible for assessing the charity s ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounts'ng unless the trustees either intend to ￿ase cperations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 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 th 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 Ihe basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Extent to which the audit was considered Capable of detecting irregularities, including fraud Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity. its activities. its control environment, and likely fvture developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and n0￿COmplI8nce with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with g0Veman￿ around actual and potential litigation and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged Y￿th governance., Assessing the extent of compliance with the laws and regulations considered to have a dired material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 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 norFcompliance 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 norFcomplian¢e. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentstions, or the override of internal control. 17- PLAY WALES I CHWARAE CYMRU INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PLAY WALES I CHWARAE CYMRU Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance wth "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)" (as amended) 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 now been withdrawn. This has been done in order for the financial ststements to provide a true and fair view in accordance with current Generally Accepted Accounting Practi￿. Use of our report This report is made solely to the 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 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 charity and the charity's trustees as a body, for our audit work. for this report. or for the opinions we have formed. Aiov hthF Azets Audit Services 6 January 2025 Chartered Accountants ststutory Auditor Ty DeTw, Lime Tree Court Cardiff Gate Business Park Cardiff United Kingdom CF23 8AB Azets Audit SeNices is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 18- PLAY WALES I CHWARAE CYMRU STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Un￿striCted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 10.075 468.356 11.852 10.075 480.356 11.852 12.000 800.411 2,449 47,343 847,754 2.449 Total income 490.283 12.000 502.283 802,860 47,343 850.203 Charitsble adivities 509,744 6,582 516,326 744,258 36,761 781,019 Net {outgoing)lincoming resources (19,461) 5.418 (14.043) 58,602 10,582 69,184 Other recognised gains and losses Actuarial loss on defined benefit pension schemes (70,000) (70.000) (150,000) {150,000) Net movement in funds (89.461) 5.418 (84.043) (91,398) 10,582 {80,816) Fund balances at 1 April 2023 672,638 10,582 683,220 764,036 764,036 Fund balances at 31 March 2024 583.177 16.000 599.177 672,638 10,582 683,220 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from Continuing adivities. 19- PLAY WALES I CHWARAE CYMRU BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 11 Current assets Debtors Cash at bank and in hand 12 35,362 721,084 318,426 675,167 756.446 993,593 Creditors: amounts falling due within one year 13 (157.269) (310.373) Net current assets 599,177 683,220 Total assets le$$ cur￿nt liabilities 599,177 683,220 Net assets excluding pension liability 599,177 683,220 Net assets 599.177 683,220 Income funds Restricted funds nr 16 16.000 10.582 Designated funds General unrestrided funds 17 329,004 254,173 377,474 295,164 583,177 672,638 599,177 683,220 1211212024 The financial statements were approved by the Trustees on ......................... Mr K Towler Trustee -20- PLAY WALES I CHWARAE CYMRU STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated froml(absorbed by) operations 21 34,065 {201,610) Investing activities Investment income received 11.852 2.449 Net cash generated from investing activities 11,852 2,449 Net cash used in financing activities Net increasel(decreasel in cash and cash equivalents 45.917 (199.161) Cash and cash equivalents at beginning of year 675,167 874,328 Cash and cash equivalents at end of year 721,084 675,167 21 PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation Play Wales is a charitable incorporated organisation whose principal office is Park House, Greyfriars Road, Cardiff, CF10 3AF. 1.1 Accounting convention The financial statements have been prepared in accordan￿ with the charity's governing document, the Charities Act 2011 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)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in steding. which is the fijnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal a¢￿UntIng policies adopted are set out below. 1.2 Going concern These accounts have been prepared on a going cOn￿M basis. The charity is predominantly ￿nded from public sector grants from Welsh Govemment. The funding arrangements from Welsh Govemment have been agreed until March 2025. The Trustees have prepared forecasts for the next twelve months. The trustees believe that these forecasts are based on realistic income assumptions and are confident that the chanty wll continue to be able to meet its liabilities as they fall due. Accordingly the Trustees believe that it is appropriate for the financial statements to be prepared on the going concern basis. 1.3 Charitable funds Unrestricted fijnds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for S1￿C1fIC purposes. The purposes and uses of the designated fvnds are set out in the notes to the financial statements. Restricted ￿ndS are subject to specific conditions by donors as to how they may be used. The purpjses and uses of the restricted funds are set out in the notes to the financial statements. 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 re￿ipt. 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. -22- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) Investment income is included when receivable. Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity IBS entitlement to the funds, any perfomiance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Capital grants are released to the Slatement of Financial Activities in Ihe year of receipt. Fixed assets relating to (xpital grants are capitalised, and depreciation charged is offset against the grant income, in a restricted fund. Income from conferences and events is recognised at the date the Conferen￿ takes place. Match funding Where a project has been undertaken on the condition that the grant fijnding will be matched by funding from the charity's reserves the income from the grant funder is shown as restricted income and only the expenditure reclaimed by the grant funder is shown as restricted expenditure. That part of the project expenditure which is met by the charity is induded viithin unrestricted expenditure. A summary of tPe matched funding is included in the notes to the accounts. 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir￿ costs and shared costs, including support costs involved in undertaking each activity. Direct costs attrlbuta1￿e to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. Costs associated with conferences and events are recognised at the date at which the conference takes place. Expenditure on charitable activities includes all costs relating to the furtheran￿ of the charitls objectives as stated in the trustee's report and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs have been allocated between govemance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. 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 and fittings 200h reducing balance The gain or loss arising on the disposal of an asset is detemiined as the difference be￿een the sale proceeds and the carying value of the asset. and is recognised in the statement of financial activities. Fumiture, fixtures and fittings and computer equipment costing less than £5,000 are not capitalised but are expensed through the Statement of Financial Activities. -23- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi 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 intents'on to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which indude 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. Derecognition of financial assets Financial assets are derecognised only when the contraclual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inits'ally recognised at transaction price unless the arrangement constitutes a finanang transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilits'es 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 ServI￿S that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classffied 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. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. -24- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.9 Employee benefits The costs of short-temi employee beneffts are recognised as a liability and an expense, unless thcse costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday ent￿ement 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 The cost of providing benefits under defined benefit plans is detemiined separately for each plan using the projected unit credit method, and is based on actuarial advi￿. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred. The net interest element is determined by multiplying the net defined benefit liability by the discount rate. taking into account any changes in the net defined benefft liability during the period as a result of contribution and benefit payments. The net interest is recognised in incomel{expenditure) for the year. Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the retum on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to incomel(expenditure) in subsequent periods. The net defined benefit pension asset or liability in the balan￿ sheet comprises the total for each plan of the present value of the defined benefit obligation {using a discount rate based on high quality corporate bonds}, less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. 1.11 Leases Rentals payable under operating leases are charged to expenditure on a straight line basis over the term of the relevant lease. 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 cfflly that period, or in the period of the revision and future periods where the revision affects both current and future periods. -25- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements Icontinued) Key sources of estimation uncertainty Defined benefrt pension scheme As set out in notes, the charity operates a defined benefit pension scheme for all qualifying empbyees. The accounting cost of these benefits and the present value of the pension liabilities involved judgements about uncertain events including such factors as the life expectancy of members, the salary progression of current employees, price inflation and the discount rate used to calculate the net present value of the future pension payments. Estimates are used for all of these factors in determining the pension costs and liabilities incorporated in the financial statements. The assumptions reflect historical experience and judgement regarding future expectations and external actuarial specialists are also used to assist the exercise. The present value of the defined benefit obligation is less than the fair value of plan assets as at 31 March 2024 and therefore the defined benefit plan is in a surplus position. An entity can only recognise a plan surplus to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. The plan surplus has therefore been restricted as seen in the Retirement benefit scheme note. Donations and legacies Unrestricted funds Total 2024 2023 Donations and gifts 10,075 -26- OrOrOe40 o￿ONIn￿o 0￿-In￿rrn OOtr- (Do￿￿¢00 tr¢￿ In￿re0￿ c¥J COCMr Oorin to Ln o) ¢0 oroo 000 o¢D OOrlD Or £ E u)>L) ¢X3C( >LYJzu5￿u)￿0 PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 11,852 2,449 Charitable activities Infonnation Workforce Play policy. services development advice & support 2024 Total Total 2024 2024 2024 2023 staff costs Printing, translation, art and advertising Training and consultancy Administration and meeting costs Computer and website Other staff costs Publications costs Conference and project costs 10,000 38 27,159 40 12,875 12,840 9,664 5,000 682 1,186 22,875 53,689 14,278 15,418 58,129 172,966 5,040 3,565 682 12 12,942 16,150 108 24,963 1,400 21,306 11,756 108 5,864 19,099 22,814 54.857 61.346 139,017 261,800 Share of support costs {see note 7) Share of governan￿ costs (see note 7) 120,970 4,800 120,970 4,800 120,969 4,800 362,909 509,221 14,400 9,998 148,584 180,627 187,115 516,326 781,019 Analysis by fund Unrestricted funds Restricted ￿ndS 148,584 180,627 180,533 6,582 509,744 744,258 6,582 36,761 148,584 180,627 187,115 516,326 781,019 -29- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 Support Governance Costs costs 2023 Staff costs Staff training Premises Propety running costs Administration and meeting costs Communications, computer and website Legal, professional and subscriptions Net pension finance cost 335.358 7.814 37.020 711 335.358 7.814 37.020 711 374.679 10,879 38,675 4.065 374,679 10,879 38,675 4,065 4,012 4,012 26,582 26,582 14,436 14.436 51,079 51,079 3.558 (40.000) 3.558 (40.000) 3.262 3.262 Audit, accountancy and other fees 14,400 14,400 9,998 9,998 362.909 14.400 377.309 509,221 9,998 519,219 Analysed between Charitable activities 362.909 14.400 377.309 509.221 9,998 519.219 Governance cosls includes payments to the auditors of £13,400 (2023.. £8,600) for audit fees and £1,000 12023= £1,000) for accountancy fees. In the prior year, the remaining fees related to amounts payable to other parties in relation to the defined benefit pension scheme reports. Trustees None of the trustees (or any persons connected y￿th them) re￿iVed any remuneration or benefits from the charity during the year or prior year. 3 trustees were reimbursed for travel expenses in the year totalling £343 (2023= £382). -30- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Direct charitable expenditure Other expenses Total Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 275,478 23,735 59,019 295,746 27,842 104,780 358,232 428.368 other pension costs Other pension costs include the FRS 102 defined benefit pension charges consisting of.. Current service costs.. £60,000 (2023= £110.000) Net interest charge.. £nil {2023= net interest income £10,000) Total charge= £60,000 (2023.. £100,000) Actual employer ¢ontribLrtions made to the scheme during the year totalled: £90,000 (2023: £90,000). See Retirement benefit schemes note for further details. Full time equivalents The average monthly number of full time equivalents during the year was 5.54 (2023.. 6.74). Key management personnel Key management personnel oversee the directing. controlling and operating the charity on a day-towday basis. The pay of senior staff is reviewed annually and increased in line with the pay scales for education professionals employed under Soulbury pay and conditions. The Soulbury committee has issued advice and guidance on where different levels of posts should be pla￿d on the pay scale that the charity has followed. The total employee benefits of the key management personnel of the charity were £174,647 12023= £164,346). The number of employees whose annual remuneration was £60.000 or more were.. 2024 Number 2023 Number £60,000- £69,999 31 PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The charity is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects. 11 Tangible fixed assets Fixtures and fittings Cost At 1 April 2023 18.076 At 31 March 2024 18.076 Depreciation and impaimient At 1 April 2023 18,076 At 31 March 2024 18,076 Carrying amount At 31 March 2024 At 31 March 2023 12 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 25,962 9,400 4,300 314,126 35,362 318,426 13 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 5,913 51,706 61,646 14,983 23,021 7,030 47,486 219,704 4,897 31,256 14 157,269 310,373 -32- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Deferred income 2024 2023 Arising from grants, memberships, events and training 51,706 47,486 Deferred income is included in the financial ststements as follows= 2024 2023 Deferred income is included within.. Current liabilities 51,706 47,486 Movements in the year.. Brought forward Released from previous periods Resources deferred in the year 47,486 (47,486) 51,706 34,999 {22,813) 35,300 Deferred income at 31 March 2024 51.706 47.486 15 Retirement benefit schemes Defined benefit schemes The company participates in the Cardiff and Vale Local Government Pension Scheme which is a defined benefit scheme based on final pensionable salary. The assets of the scheme are held separately from those of the charity. The scheme actuary carries out a triennial valuation of the scheme in order to assess funding requirements. The most recent valuation was camed out by Aon as at 31 March 2022 which has been updated to reflect conditions at the balance sheet date. The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of retum on investments and the rate of increase in salaries and pensions. The triennial valuation carried out to assess funding requirements is different to the valuation carried out for the inclusion in these financial statements. The actuary, Aon, has undertaken a valuation to take into account the requirements of FRS 102 in order to assess the liabilities of the fund as at 31 March 2024. Liabilities are valued on an actuarial basis using the projected unit method. which assesses the future liabilities discounted to their present value. Key assumptions 2024 2023 Discount rate Expected rate of increase of pensions in payment Expected rate of salary increases CPI inflation Pension accounts revaluation rate -33- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Retirement benefit schemes Icontinued) Mortality assumptions The assumed life expectations on retirement at age 65 are: 2024 Years 2023 Years Retiring today Males Females 22.1 24.3 22.6 24.7 Retiring in 20 years Males Females 22.7 25.3 23.2 25.8 Amounts recognised in the profit and loss account.. 2024 2023 Current seNice cost Net interest on defined benefft liabilityl(asset) 60,000 (40,000) 110,000 {10,000) Total costs 20,000 100,000 Amounts taken to other comprehensive income" 2024 2023 Actual retum on scheme assets Less.. calculated interest element (370,000) 150,000 60,000 90,000 Return on scheme assets exduding interest income Actuarial changes related to obligations Effects of changes in the amount of surplus that is not recoverable (220,000) (90,000) 380,000 150,000 {940,000) 940,000 Total costs 70,000 150,000 PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Retirement benefit schemes Icontinued) The amounts included in the balan￿ sheet arising from the charity's obligations in respect of defined benefit plans are as follows= 2024 2023 Present value of defined benefit obligations Fair value of plan assets 2,320,000 2,280,000 {3,640,000) (3,220,000) Surplus in scheme (1,320,000) {940,000) Restriction on scheme assets 1,320,000 940,000 Total liability recognised Movements in the present value of defined benefit obligations.. 2024 Liabilities at 1 April 2023 Current service cost Benefits paid Contributions from scheme members Actuarial gains and losses Interest cost 2,280,000 60,000 {60,000) 20,000 {90.000) 110.000 At 31 March 2024 2,320.000 The defined benefit obligations arise from plans which are wholly unfunded. Movements in the fair value of plan assets.. 2024 Fair value of assets at 1 April 2023 Interest income Return on plan assets (exduding amounts included in net interest) Benefits paid Contributions by the employer Contributions by scheme members 3,220.000 150,000 220,000 {60,000) 90,000 20,000 At 31 March 2024 3,640,000 -35- PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Retirement benefit schemes Icontinued) The fair value of plan assets at the reporting period end was as follows: 2024 2023 Equity instruments Property Government Bonds Corporate Bonds Multi Asset Credit Cash Other 2.530,000 230,000 310,000 270,000 200,000 80,000 20,000 2,190.000 230.000 280.000 250.000 170,000 100,000 3,640,000 3,220,000 ¢ryo o(wo no rO(WO ¢D￿rI0 OOOT 0000 oomr 000 000￿- oom fLi fo 00000 00000 oomo* tL LL LL ￿ ci (n 7J f) ij r) 7J*r 7J* TS* PLAY WALES I CHWARAE CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Operating lease commitments At the reporting end date the charity had outstsnding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows= 2024 2023 Within one year Between two and five years 14,401 25,763 14.471 14,401 40.234 20 Related party transactions During the year Play Wales made payments of £nil {2023'. £60,117) on behalf of another not for profit organisation, the Intemational Play Association (IPA Vvorfd). In the prior year Play Wales was subseyuently reimbursed for the payments made. The CEO is a trustee of the not for profit organisation noted above. 21 Cash generated from operations 2024 2023 Deficit for the year {14.043) 69.184 Adjustments for= Investment income recognised in statement of financial activities Difference between pension charge and cash contributions (11,852) (70,000) (2,449) 10,000 Movements in working capital.. Decrease/(increasel in debtors (Decrease) in creditors Increase in deferred income 283,064 (157,324) 4,220 {276,407) (14,425) 12,487 Cash generated froml{absorbed by) operations 34.065 {201.610) 22 Anatysis of changes in net funds The charity had no debt during the year. 23 Custodian funds Play Wales holds funds on behalf of IPA Wkdles, a member organisation of the Intemational Play Association (IPA World). During the year Play Wales made payments of £183 (2023.. £nil) on behalf of IPA Wales. The Charity received income totalling £302 (2023.. £Nil) on behalf of IPA Wdles during the year. The Charity donated £Nil to the organisation (2023.. £5,000). Funds totalling £5,017 (2023: £4,898) were held on behalf of IPA Wales at the balance sheet date. -40-