REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
TIME-OUT CLUB |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
TIME-OUT CLUB |
TIME-OUT CLUB |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Report of the Trustees | 1 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 8 |
TIME-OUT CLUB (REGISTERED NUMBER: SC161576) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
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 30 June 2024. 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 ethos is child-centred, community based, and our profile is one of professionalism, that enables us to work within the required legislative and regulatory framework of our profession. |
Our aim is to provide your child/ren with an environment where they can play, learn new skills, and enjoy socialising. |
We ensure that we will employ confident and competent staff, who have a sound understanding of their roles and responsibilities together with experience, qualifications, SSSC registrations and PVG membership to enter the childcare workforce. |
We will demonstrate a process of critical evaluation on the, The Care Inspectorate New Quality Framework (March 2022) for Day-care of children, childminding and school-aged childcare. Together with six high-level questions for an improvement program for future developments and any factors that influence it. |
Operating to all the current legal requirements and national policies. |
Promoting local community resources and inter-professional involvement. |
- | What key outcomes have we achieved? |
- | How well do we meet the needs of our service users? |
- | How good is our delivery of services? |
- | How good is our management? |
- | How good is our leadership? |
- | What is our capacity for improvement? |
We will employ confident and competent staff, who are suitable to enter the childcare workforce with a sound understanding of their roles and responsibilities; they will have equal access to all training. |
We will provide a balanced range of activities for the children. |
When planning the activity programme the staff will use the children's suggestions, opinions, developmental needs, ages, and stages together with the attendance pattern of each child. |
We will operate a continual self-evaluation scheme and involve all staff, children and parents/carers in this process. |
We will encourage parents, children and young people to contribute and participate in TOC by;- |
- | Appealing for ideas, suggestions and participation for day to day activities. |
- | Organising both Board meetings and children's council meetings. |
- | Making information about the service readily available to members of the community. |
All staff will be registered with the SSSC and adhere to the Codes of Practice. |
We aim to provide best practice for childcare workers, parents, children and young people. |
Significant activities |
The principal activity of the charitable company during the year was that of the provision of after school care and activities for children in Milngavie and environs. |
Public benefit |
The trustees confirm that the charitable company is a public benefit entity. |
TIME-OUT CLUB (REGISTERED NUMBER: SC161576) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Creating multiple outdoor spaces for the children to play and enjoy. |
19 staff. |
7 Board members. |
FINANCIAL REVIEW |
Financial position |
The trustees consider the charitable company to be in a healthy financial position at the year end. |
Reserves policy |
The charitable company pledges any reserves to the continued development of all activities and projects current and future. The charitable company is working towards a two month operational reserves policy. |
Going concern |
The trustees will analyse the charity's financial position each Board meeting which will allow the charity to continue operating for the foreseeable future. |
FUTURE PLANS |
To develop additional useful links within the community to support outdoor play and learning. |
Our staff team will continue, educating and developing themselves to ensure qualified and knowledgeable workforce. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The organisation is a charitable company limited by guarantee, incorporated on 14 November 1995. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up the members are required to contribute an amount not exceeding £1. |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law. Any member wishing to be considered for election as a trustee is required to lodge a signed written notice with the company for approval at the annual general meeting. The maximum permitted number of trustees is 7. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
TIME-OUT CLUB (REGISTERED NUMBER: SC161576) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
Trustees |
Trustees who are not directors |
Shona Burnside membership Nov 2023 |
Treasurer |
C J Accounting |
Company Secretary |
Independent Examiner |
Sharles Ltd |
Chartered Accountants |
29 Brandon Street |
Hamilton |
ML3 6DA |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Time-Out Club |
I report on the accounts for the year ended 30 June 2024 set out on pages five to twelve. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Keith Edwards CA |
The Institute of Chartered Accountants of Scotland |
Sharles Ltd |
Chartered Accountants |
29 Brandon Street |
Hamilton |
ML3 6DA |
24 October 2024 |
TIME-OUT CLUB |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 151,264 |
TIME-OUT CLUB (REGISTERED NUMBER: SC161576) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 6 |
Unrestricted funds | 151,264 |
TOTAL FUNDS | 151,264 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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. |
TIME-OUT CLUB (REGISTERED NUMBER: SC161576) |
Balance Sheet - continued |
30 June 2024 |
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 |
TIME-OUT CLUB |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
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. |
The financial statements have been prepared on a going concern basis. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Statement of compliance |
There were no material departures from the Charities SORP (FRS 102). |
Statutory information |
Time-Out Club is a charitable company, limited by guarantee, registered in Scotland. The company and charity registration numbers and registered office address can be found in the reference and administrative details section of the Report of the Trustees. |
Income |
Fees and registrations 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. |
Grant income is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. |
A grant that is subject to performance conditions received in advance of delivering the services required by those conditions is accounted for as a deferred income liability on the Balance Sheet. Deferred income is released to the Statement of Financial Activities in the reporting period in which the performance conditions are met. |
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. The charitable company is not registered for VAT and therefore all expenditure is shown gross of irrecoverable VAT. |
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. |
Operating leases |
Short term rentals and hires are charged to the statement of financial activities as the expense is incurred. |
TIME-OUT CLUB |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
1. | ACCOUNTING POLICIES - continued |
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. |
Basic 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 its financial instruments. |
Other debtors: |
Other debtors, including prepayments and accrued income, are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents: |
Cash and cash equivalents comprise cash at bank and on hand. |
Other creditors: |
Other creditors, including accruals and deferred income, are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 23,661 | 22,574 |
Independent examination | 1,140 | 1,080 |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. |
One of the trustees is also an employee of the charitable company. While they receive remuneration as an employee, they receive no remuneration for being a trustee. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. |
TIME-OUT CLUB |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Trustees who are also directors | 6 | 6 |
Trustees who are not directors | 1 | 1 |
Full time & part time staff | 19 | 19 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
6. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.7.23 | in funds | 30.6.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 151,264 | (30,688 | ) | 120,576 |
TOTAL FUNDS | (30,688 | ) | 120,576 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 416,792 | (447,480 | ) | (30,688 | ) |
TOTAL FUNDS | ( |
) | (30,688 | ) |
TIME-OUT CLUB |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.7.22 | in funds | 30.6.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 143,473 | 7,791 | 151,264 |
TOTAL FUNDS | 143,473 | 7,791 | 151,264 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 448,027 | (440,236 | ) | 7,791 |
TOTAL FUNDS | 448,027 | (440,236 | ) | 7,791 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.7.22 | in funds | 30.6.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 143,473 | (22,897 | ) | 120,576 |
TOTAL FUNDS | 143,473 | (22,897 | ) | 120,576 |
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 | 864,819 | (887,716 | ) | (22,897 | ) |
TOTAL FUNDS | 864,819 | (887,716 | ) | (22,897 | ) |
TIME-OUT CLUB |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 30 June 2024 nor for the year ended 30 June 2023. |