Event with games and refreshments cost hosts time (4)
I believe the answer is:
fete
'event' is the definition.
(I have seen 'Charitable event ' mean 'fete' so perhaps 'event' could also mean 'fete')
'cost hosts time' is the wordplay.
'cost' becomes 'fee' (fee is a kind of cost).
'hosts' is an insertion indicator (inserted letters are welcomed or hosted).
'time' becomes 't' (abbreviation).
'fee' placed around 't' is 'FETE'.
'with games and refreshments' acts as a link.
This may not be correct. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for fete that I've seen before include "Outdoor charity function" , "Outdoor fundraiser" , "Marilyn Monroe's real first name' constellation" , "Outdoor festivity" , "Festival, fiesta" .)