DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
Company registration number: 05115873 Charity registration number: 1108606
## Play Inclusion Project (PIP)
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2022
Rawcliffe & Co Limited Chartered Accountants Unit 1 Barons Court Graceways Whitehills Business Park Blackpool Lancashire FY4 5GP
Chartered Accountants
DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Contents**
|Trustees' Report|1 to 5|
|---|---|
|Independent Examiner's Report|6 to 7|
|Statement of Financial Activities|8|
|Balance Sheet|9 to 10|
|Notes to the Financial Statements|11 to 19|
DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2022.
## **Objectives and activities**
## _**Objects and aims**_
The charity’s mission statement is to ‘promote the social inclusion of children and young people with additional needs and disabilities within their local community’.
The aims of the charity are:
- To give social experiences to children and young people with additional needs and disabilities
- To promote the involvement of children and young people with additional needs and disabilities within their
- local community
- To provide appropriate leisure and social activities for children and young people with additional needs and
- disabilities
- To raise awareness of the needs of children and young people with additional needs and disabilities, therefore fostering a more diverse inclusive society
- To promote understanding and acceptance of disability
- To provide respite for parents and carers
## _**Significant activities**_
Play Inclusion Project had an extremely successful year financially however we continued to face challenges regarding aspects of delivery due to the continued impact of the Covid-19 pandemic. The year began with our Easter Activity Clubs and we were delighted to begin to welcome more children and young people to each session as the numbers in social bubbles increased. We were able to return to delivering activity clubs and weekly sessions to 12 - 15 children and young people, however; attendance was heavily influenced by the number of staff and children contracting the virus and/or being required to self-isolate. Summer activity clubs were heavily disrupted due to staff having to isolate which caused additional stress and pressure for Activity Coordinators.
We were successful with two tenders for Blackpool Council, the first was the contract for holiday Club for 8-18year olds with severe and complex disabilities and the second was a new contract for a weekend club to run alternate Saturdays, again for 8-18year olds with severe and complex disabilities. We launched the Weekend Club in April and its introduction has enabled the charity to offer additional respite to Blackpool parents and carers.
This year saw Play Inclusion Project became one of the HAF (Holiday and Food) partners for both Wyre and Fylde. HAF funding is for the provision of activities and food for children on free school meals during the Easter, Summer and Christmas school holidays.
The funding from The WO Street Transformation Fund was finally used for a new Transition Project. The initial application was for a 6month pilot project that involved recruiting mentors to support young adults with disabilities in Lancashire to volunteer in their local communities. However, there was a need for this age group to be able to socialise again due to the social isolation caused by the pandemic. Approval from the funders was sought and granted to change the use of the grant and a social group was set up.
In October we hired a heritage tram to take our children, young people and their families through Blackpool illuminations. This event was extremely popular and enjoyed by all and will become an annual event.
## _**Fundraising Events**_
Fundraising events were again limited this year. Collection tins were distributed at various locations and online fundraising came from Give as You Live, PayPal and Amazon.
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## **Play Inclusion Project (PIP)**
## **Trustees' Report**
## _**Use of volunteers**_
This financial year the charity became less dependent on volunteers, however; it remains committed to volunteer recruitment. Increased funding levels have enabled the charity to employ Sessional Support Workers to work at both weekly and activity club sessions. We do have a small dedicated team of volunteers, and we would like to thank them for their support and commitment. Our volunteers add value in terms of time and through the care, skills, knowledge and experience they bring to their role as Voluntary Support Workers.
An amazing 21 volunteers supported the charity during the year to 31 March 2022 and if it is estimated that if each volunteer gave 2 hours of their time for 48 weeks of the year this would give a total of 2016 hours of support. If then costed out at the minimum wage level of £8.91, this would equate to £17,962.56.
## **Achievements and performance**
Funding secured this year enabled us to deliver twelve projects within Blackpool, Preston, Fylde and Wyre. We would like to thank all our funders for their support, without which Play Inclusion Project would not be able to provide the service and activities we offer. Many children and young people throughout Blackpool, Preston, Fylde & Wyre have been able to access social and leisure activities because of this support.
## **Financial review**
The Charity continues to rely heavily on charitable donations and grants provided by the Local Authorities and other funding bodies to help pay for staff, running costs and costs associated with delivering activities and projects.
The charity is becoming more financially sustainable though increased funding levels and also as there has been an increase in the number of families wishing to access our activities via their social care packages. Families accessing via this route are charged an hourly rate of £13.50 per hour.
From August 2021, Lancashire County Council returned to paying an hourly rate per child as opposed to a session rate which was adopted whilst Covid-19 impacted attendance levels. The funding arrangements with Lancashire County Council see the charity get paid following delivery however, the new Blackpool Short Breaks contract is for £100,043.40 per annum which is invoiced monthly, regardless of the number of sessions delivered which helped to improve cash flow.
## _**Policy on reserves**_
The charity is working towards unrestricted funds that equate to three months costs plus the cost of closure. The trustees consider the level of unrestricted income each year. Reserves are required to meet the working capital requirements of the charity and to fund existing projects. Unrestricted funds at 31st March 2022 have increased from £19,569 to £26,352.
Income generated was £254,478. The charity is trying to help more children and young adults which is in line with our mission statement to 'Promote Social inclusion through play and education within all activities and childcare settings'. A deficit of £6,304 in the year was deducted from our total reserves.
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## **Play Inclusion Project (PIP)**
## **Trustees' Report**
## _**Principal funding sources**_
## Blackpool Borough Council - Short Breaks
This funding enabled us to provide Short Break activities during school holidays and alternate Saturdays for 8-18year olds with severe and complex disabilities. The Activity Club and Weekend Club were both based at Devonshire Primary Academy and included both in house activities and trips within the local community. A new referral route cam into effect with the new contracts and all referrals must now come from the Social Care Team.
## Lancashire County Council - Lancashire Break Time
This funding enabled us to provide Short Break activities during school holidays in Wyre and Preston for 8-18year olds with additional needs and disabilities. The Activity Clubs were based at Cleveleys Community Church in Wyre, and across various venues in Preston and included both in house activities and trips within the local community.
Lancashire Break Time also funded weekly activities in Preston, Fylde and Wyre. Throughout the year two weekly youth clubs were delivered in Wyre and a youth club and a sensory session at The Space Centre along with tea at McDonalds was delivered in Preston. A weekly youth club was delivered in Fylde which was based at St Cuthbert’s Parish Centre. All of the weekly activities were for 6-18year olds with additional needs and disabilities.
## WO Street Transformation Fund
The funding received in 2020 was used to deliver social activities for 18-25year olds with additional needs and disabilities. Activities included tea out, cinema, bowling and quiz nights.
## HAF
This funding enabled us to provide subsidised places at the Summer and Christmas activity clubs for children and young people in receipt of free school meals. The costs of trips and activities for the children attending through HAF were also covered and a food subsidy was paid to parents for the days their child attended.
Funding was also received from the HAF programme to deliver training to other providers, offer Team teach Training to our Support Workers and to buy equipment and resources.
## Russell Haldane Foundation
This grant covered the office rent until the end of 2021.
## Sign High Say Hi!
We recommenced our partnership work with Sign Hi Say Hi! in May 2021.
Donations were received from ZX Digital on a monthly basis and other donations were received from Glasdon and The Shepherd Street Trust, these were used for activities and resources across all areas.
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## **Play Inclusion Project (PIP)**
## **Trustees' Report**
## **Reference and Administrative Details**
Charity Registration Number: 1108606 Company Registration Number: 05115873 The charity is incorporated in England & Wales. Registered Office: Office 1 & 2, 13-15 Preston Street Fleetwood Lancashire FY7 6JA Independent Examiner: Rawcliffe & Co Limited Chartered Accountants Unit 1 Barons Court Graceways Whitehills Business Park Blackpool Lancashire FY4 5GP
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mrs Pamela Margaret Ogden Mrs Carol Ann Gradwell Mr Ian Christopher Harrison
## **Financial instruments**
## _**Objectives and policies**_
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The charity does not use derivative financial instruments for speculative purposes.
## _**Cash flow risk**_
The main cashflow risk relates to the availablity of grant funding which is applied for each year. The risk is that one of the grant providers does not offer funds. The charity limits this risk by obtaining funds from multiple sources as listed earlier in this report. The charity also conducts fund raising activites to help cashflow.
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
## _**Liquidity risk**_
The charity does not have debtors or high stock levels. All activities are planned and costed based on available grant funding to mitigate liquidity risk.
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DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Trustees' Report**
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Play Inclusion Project (PIP) for the purposes 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and 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 standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 11 January 2023 and signed on its behalf by:
**----- Start of picture text -----**
.........................................
**----- End of picture text -----**
......................................... Mrs Carol Ann Gradwell Trustee
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DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Independent Examiner's Report to the trustees of Play Inclusion Project (PIP) ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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## **Play Inclusion Project (PIP)**
## **Independent Examiner's Report to the trustees of Play Inclusion Project (PIP) ('the Company')**
## **Independent examiner’s statement**
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of Play Inclusion Project (PIP) as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Joseph Tantram c/o Rawcliffe and Co Limited Chartered Accountants ICAEW
Unit 1 Barons Court Graceways Whitehills Business Park Blackpool Lancashire FY4 5GP
11 January 2023
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DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Other income
Total income
**Expenditure on:**
Other expenditure
5
Total expenditure
Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14
**Note**
**Income and Endowments from:**
Donations and legacies
3
Other trading activities
4
Other income
Total income
**Expenditure on:**
Other expenditure
5
Total expenditure
Net (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
196,357
50,273
3
246,633
(239,850)
(239,850)
6,783
6,783
19,569
26,352
**Unrestricted**
**funds**
**£**
115,536
15,509
9
131,054
(131,741)
(131,741)
(687)
(687)
20,256
19,569|**Restricted**
**funds**
**£**
7,845
-
-
7,845
(20,932)
(20,932)
(13,087)
(13,087)
14,071
984
**Restricted**
**funds**
**£**
44,209
-
-
44,209
(35,942)
(35,942)
8,267
8,267
5,804
14,071|**Total**
**2022**
**£**
204,202
50,273
3|
|---|---|---|---|
||||254,478|
||||(260,782)|
||||(260,782)|
||||(6,304)|
||||(6,304)
33,640|
||||27,336|
||||**Total**
**2021**
**£**
159,745
15,509
9|
||||175,263|
||||(167,683)|
||||(167,683)|
||||7,580|
||||7,580
26,060|
||||33,640|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 14.
The notes on pages 11 to 19 form an integral part of these financial statements. Page 8
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## **Play Inclusion Project (PIP)**
## **(Registration number: 05115873 ) Balance Sheet as at 31 March 2022**
|**Note**
**Fixed assets**
Tangible assets
10
**Current assets**
Debtors
11
Cash at bank and in hand
12
**Creditors: Amounts falling due within one year**
13
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
14|**2022**
**£**
1,918
444
32,852
33,296
(7,878)
25,418
27,336
984
26,352
27,336|**2021**
**£**
413
335
38,326|
|---|---|---|
|||38,661
(5,434)|
|||33,227|
|||33,640|
|||14,071
19,569|
|||33,640|
The notes on pages 11 to 19 form an integral part of these financial statements. Page 9
DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **(Registration number: 05115873 ) Balance Sheet as at 31 March 2022**
For the financial year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 8 to 19 were approved by the trustees, and authorised for issue on 11 January 2023 and signed on their behalf by:
......................................... Mr Ian Christopher Harrison Trustee
The notes on pages 11 to 19 form an integral part of these financial statements. Page 10
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## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Office 1 & 2, 13-15 Preston Street Fleetwood Lancashire FY7 6JA
These financial statements were authorised for issue by the trustees on 11 January 2023.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Play Inclusion Project (PIP) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
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## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £500.00 or more are initially recorded at cost.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Fixtures and fittings|25% reducing balance|
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
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## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
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## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Pensions and other post retirement obligations**
The charity operates a defined benefit pension scheme.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## _**Debt instruments**_
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
## _**Investments**_
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
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## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## _**Derivative financial instruments**_
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from companies, trusts
and similar proceeds
Grants, including capital grants;
Government grants|**Unrestricted**
**funds**
**General**
**£**
4,748
191,609
196,357|**Restricted**
**funds**
**£**
-
7,845
7,845|**Total**
**2022**
**£**
4,748
199,454
204,202|**Total**
**2021**
**£**
2,883
156,862|
|---|---|---|---|---|
|||||159,745|
## **4 Income from other trading activities**
|Other income from other trading activities
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
50,273
50,273
15,509|**Total**
**funds**
**£**
50,273|
|---|---|---|
|||50,273|
|||15,509|
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DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **5 Other expenditure**
|**Note**
Staff costs
Wages and salaries
Social security
Pension costs
Other staff costs
Depreciation, amortisation and other similar
costs
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
171,615
3,407
1,963
3,499
311
180,795
99,384|**Restricted**
**funds**
**£**
7,845
-
-
-
328
8,173
27,665|**Total**
**funds**
**£**
179,460
3,407
1,963
3,499
639|
|---|---|---|---|
||||188,968|
||||127,049|
## **6 Government grants**
As part of the Government's COVID-19 support, furlough grants were received during the year. These grants were then used to pay the wages of furloughed staff members.
The amount of grants recognised in the financial statements was £7,845 (2021 - £27,643).
## **7 Net incoming/outgoing resources**
Net (outgoing)/incoming resources for the year include:
|Depreciation of fixed assets
**8**
**Staff costs**
The aggregate payroll costs were as follows:
**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs
Other staff costs|**2022**
**£**
639
**2022**
**£**
179,460
3,407
1,963
3,499
188,329|**2021**
**£**
138|
|---|---|---|
|||**2021**
**£**
121,535
1,488
1,470
2,418|
|||126,911|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
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DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
|Average number of employees|**2022**
**No**
33|**2021**
**No**
17|
|---|---|---|
7 (2021 - 6) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £1,963 (2021 - £1,470).
No employee received emoluments of more than £60,000 during the year.
## **9 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **10 Tangible fixed assets**
|**Cost**
At 1 April 2021
Additions
At 31 March 2022
**Depreciation**
At 1 April 2021
Charge for the year
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021
**11 Debtors**
Prepayments
**12 Cash and cash equivalents**
Cash at bank||**Furniture and**
**equipment**
**£**
13,042
2,144
15,186
12,629
639
13,268
1,918
413
**2022**
**£**
444
**2022**
**£**
32,852|**Furniture and**
**equipment**
**£**
13,042
2,144
15,186
12,629
639
13,268
1,918
413
**2022**
**£**
444
**2022**
**£**
32,852|**Total**
**£**
13,042
2,144
15,186
12,629
639
13,268
1,918
413
**2021**
**£**
335|
|---|---|---|---|---|
|||15,186|||
|||12,629
639|||
|||13,268|||
|||1,918|||
|||413|||
|||**2022**
**£**
444
**2022**
**£**
32,852|||
|||||**2021**
**£**
38,326|
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DocuSign Envelope ID: 39441785-BDB8-4E1F-A89F-5062B9BC69DF
## **Play Inclusion Project (PIP)**
## **Notes to the Financial Statements for the Year Ended 31 March 2022**
## **13 Creditors: amounts falling due within one year**
|Other taxation and social security
Other creditors
Pension scheme creditor
Accruals
**14 Funds**
**Unrestricted funds**
General
**Restricted funds**
**Total funds**
**Unrestricted funds**
General
**Restricted funds**
**Total funds**|**Balance at 1**
**April 2021**
**£**
19,569
14,071
33,640
**Balance at 1**
**April 2020**
**£**
20,256
5,804
26,060|**Incoming**
**resources**
**£**
246,633
7,845
254,478
**Incoming**
**resources**
**£**
131,054
44,209
175,263|**2022**
**£**
2,372
309
989
4,208
7,878
**Resources**
**expended**
**£**
(239,850)
(20,932)
(260,782)
**Resources**
**expended**
**£**
(131,741)
(35,942)
(167,683)|**2021**
**£**
1,131
100
303
3,900|
|---|---|---|---|---|
|||||5,434|
|||||**Balance at 31**
**March 2022**
**£**
26,352
984|
|||||27,336|
|||||**Balance at 31**
**March 2021**
**£**
19,569
14,071|
|||||33,640|
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