REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Maldwyn Nursery & Family Centre |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Maldwyn Nursery & Family Centre |
Maldwyn Nursery & Family Centre |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Report of the Trustees | 1 | to | 7 |
Independent Examiner's Report | 8 |
Statement of Financial Activities | 9 |
Balance Sheet | 10 | to | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 | to | 21 |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Our aims and objectives are: |
- To provide high quality, affordable childcare, where everyone is welcome. |
- To create a warm, welcoming, safe, caring and stimulating environment where each child can develop their social, emotional and educational potential, whilst becoming independent young learners. |
- To offer a rich, stimulating, challenging balanced curriculum based on the Early Years Foundation Phase. |
- To ensure that the individual's rights to equal opportunities are met regardless of race, religion, gender and ability. |
- To work in partnership with parents and carers, sharing our professional understanding with their specialised knowledge of their children's development. |
Public benefit |
We are confident that the Charity has achieved its primary purpose of providing affordable childcare. This is apparent when comparing costs and standards with those of other providers in the area and is especially true when comparing like for like fees as our nursery does not charge for extras. In addition, our Estyn and CIW inspections indicated that we provide a good level of childcare. |
The Nursery continues to operate an inclusive policy, welcoming all children through its doors. Assistance is provided with fees, where appropriate, and we work closely with local social services' staff to provide emergency places when required. |
The trustees have had regard to the Charity Commission's guidance on public benefit when exercising any powers or duties to which the guidance is relevant. |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
This year we held two fundraising events. We held a quiz night in the local area which raised over £50. The quiz night was a great success and we look forward to hosting more in the future. |
We also held a Halloween Party which included Hampers which were raffled off. This was incredibly successful and we managed to raise over £600. This greatly surpassed our expectations and we look forward to making this a yearly event. |
Services that we provide: |
- Full day care |
- Flying Start funded hours |
- Foundation Phase funded hours |
- Afterschool Club |
- Holiday club |
- All meals, drinks, and snacks provided |
We offer after school services during term times. We collect the children by foot, children from Ysgol Calon Yr Dderwen (previously Ladywell Green School, Hafren School) Ysgol Dafydd Llwyd, Penygloddfa School and St Mary's Roman Catholic School. |
We also welcome children from other schools, but parents will need to arrange delivery and pick up of children to Nursery premises. |
This year saw the demand for afterschool club fall slightly and back to 16 children per day. Due to the nursery being able to accommodate 16 children the decision was made to stop renting the school hall and bring afterschool club back into the nursery full time. The children enjoyed the range of activities on offer and the opportunity to use the nursery park. |
Our users continue to rate us very highly and are appreciative of the efforts and flexibility shown by the staff and the nursery as a whole. |
We had our CIW inspection in October 2023 where we were rated GOOD in all four focus areas which we are really proud of. The feedback we got from the inspector was highly positive. We are excited for our next inspection where we believe we can push forward to outstanding in all areas. |
Once again, our thanks go to all staff for their determination and hard work. |
A highly motivated and skilled workforce is essential to comply with CIW and Health & Safety regulations and we are fortunate in having a professional and loyal workforce. |
FINANCIAL REVIEW |
Financial position |
The statement of Financial Activities show a surplus for the year of £19,030 (2022: £62,491), and reserves now stand at £248,193 (2022: £229,163). |
Principal funding sources |
The principal funding source of the Nursery remains fees and there is no reason why we cannot remain a thriving, sustainable venture. We are not dependent on grants for sustainability and are, thus, less dependent on political whims. Our fees remain lower than all other nurseries in the area, continuing to give excellent value for money. We continue to be a significant local employer and remain confident as to the future viability of the charity. |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
FINANCIAL REVIEW |
Investment policy and objectives |
Under the memorandum and articles of association, the charity has the power to make any investments, which the Trustees see fit. Aside from retaining a prudent amount in reserves each year, the charity's funds are all spent in the short term. There are no funds available for long term investment. |
Funds surplus to day-to-day needs, which are held in Barclays Bank, are invested in COIF Charity Fund. Since these funds constitute our reserves it is important that they are invested in low risk category and that they can be accessed in the short term. They are therefore invested in the deposit account and funds are available without notice. |
Reserves policy |
The Charity's funds have all been applied in accordance with its objectives. The Charity's assets are all being maintained in the furtherance of these objectives. |
The Trustees and Directors have established a policy whereby the unrestricted funds not committed or invested in tangible or intangible fixed assets (i.e. free reserves) held by the Charity should be sufficient to cover salaries for a period of three months operational costs. This is estimated to be in the region of £126,000. Net current assets on the balance sheet, being free reserves, currently stand at £197,262 (2022: £178,429. Efforts continue to build free reserves in a sustainable manner and this will remain under review by the Management & Committee. Management & Committee are working on how we can raise these funds to the desirable amount and are confident we can see some improvement on this in the future. |
Going concern |
After making appropriate enquiries, the Trustees have a reasonable expectation that the nursery has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. |
Management and trustees regularly risk assess any potential concerns that may affect the business and operations. |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
FUTURE PLANS |
We always aim to improve our Nursery and the opportunities we can provide to the children in our care. Our future development plans are based on our Nursery's aims and objectives: |
To create a warm, welcoming, safe, caring and stimulating environment where each child can develop their social, emotional and educational potential, whilst becoming independent young learners. |
This year we have continued to invest in the building and improve the facilities which we offer to children. This includes changing the access ramp and middle decking to non-slip boards for added safety and providing a surface which can be accessed all year round. |
We continue to invest in the staff through the completion of different training and always encourage staff to increase their knowledge base and include this in their practice. Courses/Training which has been completed by staff are Childcare Level 3, Incredible Beginnings, Adventures with Alice, Autism awareness and play work. Training is something the nursery will continue to invest in and provide opportunity for staff to advance their skills. |
To work in partnership with parents and carers, sharing our professional understanding with their specialised knowledge of their children's development. |
We started the year by using a combination of Parenta and SeeSaw app to communicate with parents which was viewed positively on the whole. We however wanted to simplify this process and put all of the information in one place so in September introduced the Family app. The app has allowed for the high levels of communication on the SeeSaw app including photos with the added benefit of invoicing, permission and information being in one place. The app has given parents the opportunity to reach out to staff members easier and send messages regarding their child. The app also provides more information than before, making it easier for parents to update permissions, notify of holidays, enquire about extra sessions. Changes within the nursery are able to be communicated quickly and giving parents the opportunities to respond. |
Each room held an open session either during the working week or on a weekend. This was to give parents the opportunity to discuss their child's development with key workers in a relaxed environment where they wouldn't be rushed for time. |
The nursery now uses Famly to send invoices with parents and all the children's contact information is stored. |
To offer a rich, stimulating, challenging balanced curriculum based on the New Curriculum in Wales. |
We implement the principles of the New Curriculum with an emphasis on Child Led learning, children's choice and in the moment planning. |
We have 3+ funding for children available from the term after they turn 3 until starting school and work closely with Powys Childcare team to ensure they are accessing high quality childcare and getting them prepared for school. |
Flying start is implemented within the two's room for some children and child led learning is prevalent throughout the room. We have regular meetings and engage with Powys Flying Start Team and Powys Advisory teacher which allows us to continually improve and provide in line with their expectations. |
To provide high quality, affordable childcare, where everyone is welcome. |
We ensure that the individual's rights to equal opportunities are met regardless of race, religion, gender and ability. |
We continue to offer the Childcare Offer for our 3 and 4 year olds accessing our 3 year old room. This allows working parents of 3 and 4 year olds to be able to access funding to cover up to 30 hours of their childcare costs which helps many of our families financially. |
Throughout the next year we will continue to ensure our prices remain affordable without compromising the care of the children we care for, we will always look to support parents throughout any hardship they may experience so that the child is always best cared for. We will continue to provide equal opportunities throughout entrance to the nursery, activities within the nursery and the care the children receive, always planning our environment so that it's suitable for a mixture of ages and abilities so that all children are supported and challenged to further their development through play, fun and laughter. We continue to offer a 50% discount retainer fee on sessions not attended due to sickness, holidays or absences allowing more flexibility for families. All costs for food, snacks and drinks is also included in the session cost. |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The subscribing members of the company undertake to contribute £1 each in the event of its winding up. |
Recruitment and appointment of new trustees |
The Board has the power to appoint additional trustees as it considers fit to do so. No trustee has any beneficial interest in the company. |
The Directors of the company are also Charity Trustees for the purpose of Charity law and under the Company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of one year and must be re-elected at the next Annual General meeting. |
The board aims to provide a balance of business, family user and childcare skills on the Management Committee. |
Organisational structure and decision making |
The Management Committee meet bi-monthly and are responsible for the strategic direction and policy of the Charity. Currently the Committee has several members from a variety of professional backgrounds relevant to the work of the Charity. The Company Secretary and a Staff Representative also sit on the Committee but have no voting rights. |
A system of delegation is in place and day to day responsibility for the provisions of the services rest with the Manager along with the Management Team. The manager is the Responsible Individual, personal in charge, safeguarding officer, ALNCO and health and safety officer and is responsible for ensuring the Nursery delivered the services specified, all financial matters and ensuring that key performance indicators are met individual supervision of the staff and ensuring that the team continue to develop their skills and working practices in line with good practice. The deputy manager is also responsible individual, person in charge and deputy safeguarding officer. The deputy manager supports the manager with all day-to-day tasks, including running the nursery in the managers absence. We have a named deputy who takes on these responsibility in the absence of both management. |
The trustees have considered the salary of key management personnel in line with best practice. |
Induction and training of new trustees |
Most trustees are already familiar with the practical work of the Charity as they are usually users of the Nursery's services. |
They will be personally introduced to members of the Board by the Chairman and they will give a brief verbal introduction of her/him self. They will receive a copy of the Committee Members Handbook which contains information on Directors' duties and responsibilities along with the Charity Commission's handout and brief details of the Nursery's services. |
Related parties |
The Charity ensures that necessary disclosures of any interest are made and registered as necessary at Committee meetings. In so far as it is complimentary to the Charity's objectives, the Charity is guided by both local and national policy. |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
A review of potential risks to the Charity was carried out which highlighted the following as the major risks: |
- Loss of building due to fire or storm damage (adequate insurance cover is in place). In the event of either occurrence, there is also Business Interruption Insurance in place to allow us to operate from other premises for a maximum of 12 months, whilst rebuilding or repair takes place. If no other premises can be found, the cover in place will pay staff wages for up to one year. The boilers, alarms and fire equipment are subject to annual maintenance whilst the electrical (PAT), following a review by the Trustees, are now carried out every other year, last testing carried out in September 2023. |
- Loss of contents due to fire, storm damage or theft (adequate insurance cover is in place). |
- Potential negligence or abuse by staff (references and a full employment history are taken up for all new staff and all staff have a DBS check every three years or as required by statute). |
- Reduction in demand for child places. The flexibility exists to review staff contracts if and when demand falls by a significant amount. Also, all efforts are made to ensure that the services offered by the Centre are of the highest quality, which is supported by the fact the Centre currently holds FSA level 5 Food Rating. |
The Trustees are therefore satisfied that the major risks to which the Charity is exposed have been reviewed and systems have been established to mitigate those risks. |
All policies and Procedures and Risk Assessments are regularly updated and are reviewed at least annually. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Morgan Griffiths LLP |
Chartered Accountants |
Cross Chambers |
9 High Street |
Newtown |
Powys |
SY16 2NY |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Senior Management |
Mr Ian Hancocks - Nursery Manager |
Miss Chelsea Thorley - Deputy Manager |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Maldwyn Nursery & Family Centre |
Independent examiner's report to the trustees of Maldwyn Nursery & Family Centre ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. |
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. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 the Company 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. |
Thomas Landers BA FCA |
Morgan Griffiths LLP |
Chartered Accountants |
Cross Chambers |
9 High Street |
Newtown |
Powys |
SY16 2NY |
25 September 2024 |
Maldwyn Nursery & Family Centre |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 229,163 |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 229,163 |
TOTAL FUNDS | 229,163 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Maldwyn Nursery & Family Centre (Registered number: 02573297) |
Balance Sheet - continued |
31 December 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Maldwyn Nursery & Family Centre |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 30,251 | 46,302 |
Net cash provided by operating activities | 30,251 | 46,302 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,240 | ) | (3,681 | ) |
Interest received | 2,773 | 403 |
Net cash used in investing activities | (1,467 | ) | (3,278 | ) |
Change in cash and cash equivalents in the reporting period |
28,784 |
43,024 |
Cash and cash equivalents at the beginning of the reporting period |
98,834 |
55,810 |
Cash and cash equivalents at the end of the reporting period |
127,618 |
98,834 |
Maldwyn Nursery & Family Centre |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.12.23 | 31.12.22 |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) |
19,030 |
62,491 |
Adjustments for: |
Depreciation charges | 4,043 | 3,438 |
Interest received | (2,773 | ) | (403 | ) |
Decrease/(increase) in debtors | 13,051 | (22,858 | ) |
(Decrease)/increase in creditors | (3,100 | ) | 3,634 |
Net cash provided by operations | 30,251 | 46,302 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 98,834 | 28,784 | 127,618 |
98,834 | 28,784 | 127,618 |
Debt |
Debts falling due within 1 year | (4,685 | ) | - | (4,685 | ) |
(4,685 | ) | - | (4,685 | ) |
Total | 94,149 | 28,784 | 122,933 |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | DONATIONS AND LEGACIES |
31.12.23 | 31.12.22 |
£ | £ |
Donations |
3. | INVESTMENT INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
31.12.23 | 31.12.22 |
Activity | £ | £ |
Childcare fees | Childcare | 403,861 | 432,611 |
Other income | Childcare | 1,155 | 2,972 |
Grants | Childcare | 130,506 | 73,490 |
Grants received, included in the above, are as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Welsh Assembly | 4,159 | - |
Flying Start | 74,860 | 44,467 |
PCC - Childcare Offer | - | 7,599 |
PCC - Cwtch | - | 1,430 |
PCC - Child Development | 1,338 | 2,720 |
PCC - Early Years Development | - | 420 |
PCC - Early Years Pupil Development | - | 4,600 |
PCC - EYEA | - | 5,147 |
PCC - RRRS | - | 5,188 |
PCC - Other | 12,577 | 1,919 |
PCC - 3+ Funding | 37,572 | - |
130,506 | 73,490 |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 6) | note 7) | Totals |
£ | £ | £ |
Childcare | 515,987 | 3,278 | 519,265 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.12.23 | 31.12.22 |
£ | £ |
Trustees' remuneration etc | 40,360 | 36,592 |
Staff costs | 394,516 | 329,024 |
Rates and water | 4,464 | 5,259 |
Insurance | 4,367 | 4,015 |
Light and heat | 8,368 | 1,587 |
Telephone | 2,545 | 1,597 |
Postage and stationery | 1,565 | 1,354 |
Sundries | 2,517 | 2,392 |
Food | 16,192 | 13,660 |
Cleaning & Consumables | 4,007 | 7,976 |
Toys | 6,535 | 12,434 |
Trips and Drama | 3,509 | 977 |
Travel | 457 | - |
Repairs and Renewals | 17,204 | 19,244 |
Bank charges | 194 | 173 |
Advertising | - | 195 |
Administration | 4,277 | 3,504 |
Training | 867 | 1,409 |
Depreciation | 4,043 | 3,438 |
515,987 | 444,830 |
7. | SUPPORT COSTS |
Governance |
costs |
£ |
Childcare | 3,278 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
31.12.23 | 31.12.22 |
£ | £ |
Trustees' salaries |
Trustees' social security |
Trustees' pension contributions to money purchase schemes |
The above remuneration was paid to Mr I Hancocks purely in respect of his employment as nursery manager. No element of this remuneration is in relation to his trusteeship. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
10. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Nursery manager | 1 | 1 |
Nursery staff | 27 | 28 |
The charity considers its key management personnel comprise the senior management listed on page 7. The total employment benefits including employer pension contributions of the key management personnel for the year ended 31 December 2023 were £61,496 (2022: £55,933). |
The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in either period was nil. |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 166,672 | - |
TOTAL FUNDS CARRIED FORWARD | 229,163 | - | 229,163 |
12. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Social security and other taxes |
Accrued expenses |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year on demand: |
Other loans | 4,685 | 4,685 |
16. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
31.12.23 | 31.12.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
£ | £ | £ | £ |
Fixed assets | 50,931 | - | 50,931 | 50,734 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
248,193 | - | 248,193 | 229,163 |
17. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 229,163 | 19,030 | 248,193 |
TOTAL FUNDS | 19,030 | 248,193 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 538,295 | (519,265 | ) | 19,030 |
TOTAL FUNDS | ( |
) | 19,030 |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 166,672 | 62,491 | 229,163 |
TOTAL FUNDS | 166,672 | 62,491 | 229,163 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 509,601 | (447,110 | ) | 62,491 |
TOTAL FUNDS | 509,601 | (447,110 | ) | 62,491 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 166,672 | 81,521 | 248,193 |
TOTAL FUNDS | 166,672 | 81,521 | 248,193 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,047,896 | (966,375 | ) | 81,521 |
TOTAL FUNDS | 1,047,896 | (966,375 | ) | 81,521 |
Maldwyn Nursery & Family Centre |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | RELATED PARTY DISCLOSURES |
Nursery fees amounting to £11,656 (2022 £15,719) were paid by trustees and the senior management, of which £587 (2022 £799) was outstanding at the year end. No beneficial interest is held in these related party transactions. |
The charity made no repayments (2022 : Nil) against an interest-free loan, with no fixed repayment date, from M Jarvis (former Company Secretary). The balance at the year end was £4,685 (2022 £4,685). |