Registered number: 06589495
(A company limited by guarantee)
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
CONTENTS
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
OFFICERS AND PROFESSIONAL ADVISERS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Directors present their audited financial statements for the year ended 31 July 2024. This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. Note that for the purposes of Company law, the Directors of the Charitable Company are also its Trustees. Therefore the below Directors' Report also comprises the Trustees' Report
Name and registered office of the Charitable Company
The full name of the Charitable Company is Bright Beginnings Childcare Centre Leeds ("Bright Beginnings" or "the Charitable Company"), incorporated in England & Wales, and its principal and registered office is Nexus Discovery Way, University of Leeds, Leeds LS2 3AA. The registered company number is 06589495
Registered charity number
The Charitable Company is administered by the University of Leeds and is established in connection with the University and is hence regarded as exempt under the provisions of the Charities Act 2011 and does not require a separate registration.
Objectives and activities for the public benefit
As set out in the articles of association, the principal activity of the Charitable Company is the provision of childcare services to children of staff and students of the University of Leeds ("the University"). The Directors confirm that these activities are for the purposes of public benefit and that they have had regard to Charity Commission's guidance on public benefit.
∙Provision of high-quality childcare for up to 168 children between 3 months and 5 years for staff and students of the University of Leeds and Leeds University Union
∙Operating playschemes during school holidays for up to 32 children between 3 and 12 years
∙Provision of opportunities for children to grow within a caring, secure and stimulating environment
∙Provision of relevant and appropriate training opportunities for staff
The Bright Beginning's Centre offers space and time for children to explore and discover the world around them, providing opportunities for children to take controlled and calculated 'risks'. Our children come from a variety of backgrounds, cultures and beliefs and this is reflected in our respect for each individual child and the way in which the Centre is managed.
We encourage an interest in learning by providing varied activities. Self-help and social skills are developed through adult interaction and support. Children are encouraged to discuss their experiences and activities undertaken at the Centre. Practitioners will observe and assess children following the Early Years Foundation Stage Curriculum (EYFS). We measure the performance of the children by means of internal audits and individual tracking of children's progress through the EYFS curriculum.
Achievements and performance
As the University of Leeds continues to adopt flexible working arrangements, occupancy levels have not recovered as expected. Higher nursery fees translated into increased income.
There is continual pressure on costs due to ongoing inflation and management are taking steps to ensure the Centre is run with sustainable efficiency while still focusing on the key priorities to maintain the excellent standard of provision.
As a staff team, we regularly review our practice, policies and procedures, to ensure that they meet local and national guidelines and requirements, whilst ensuring the care we offer is of the highest quality and standard. Bright Beginnings was graded Outstanding in all areas at their last Ofsted inspection in August 2019. The professional development of Bright Beginnings' workforce is a key part of the strategy for maintaining high-quality care and education within the setting. Training and support are provided for all staff in the Centre. In the year, we continue to support three Apprentice Childcare Practitioners who are working through the scheme to achieve their Level 3 in Early Years Care and Education Qualification.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
Review of activities and future prospects
The nature of performance and operations in the period met with the objectives of the Charitable Company. The Charitable Company is committed to continuing to provide childcare services in line with its aims and objectives.
The immediate focus over the coming year is to continue to grow the number of families benefitting from the educational activities, along with continued investment in the facilities. Management continues to focus on controlling costs, whilst at the same time maintaining the excellent provision in order to attract new families from the University community and other local education establishments in Leeds City Centre.
Financial results and reserves
The Charitable Company generated a net profit of £148,590 (2023: profit £104,682) from a total income of £1,817,449 (2023: £1,713,417). Reserves at the year end amount to £705,255 (2023: £556,665). The Directors are satisfied with the future prospects of the Charitable Company.
Average occupancy rates for the year ended July 2024 were 59.5% which is lower than the prior year of 65%. Overall income has increased this year due to increases in Nursery fees.
Total expenditure has increased to £1,668,859 from £1,608,735 due to general inflation and spend on building improvements.
Reserves policy
The Charitable Company aims to maintain free reserves in unrestricted funds to support activities throughout the year to fulfil the objectives of the Charitable Company. There is no further policy around reserves. The balance held as unrestricted reserves at 31 July 2024 was £705,255 (2023: £538,441), which is in line with management expectations.
Going concern
The Directors have reviewed the financial health of the Charitable Company, taking into account the economic conditions and recent global events. Income is growing at a steady pace with surplus exceeding the 2019 results for the first time. Costs continue to be managed within an inflationary economy. The Charitable Company has healthy cash reserves, and forecasts show growth in income over the next five years, contributing to increased surpluses.
The Directors have received a letter of support from the University as the parent undertaking signalling the University's willingness to provide the necessary financial support to allow the Charitable Company to meet its liabilities as they fall due in the normal course of business. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed.
On this basis, the Directors believe that the Charitable Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis.
Structure, governance and management
The governing document of the Charitable Company is the memorandum and articles of association. The University of Leeds is the sole member of the Charitable Company. The member promises, if the Charitable Company is dissolved while it is a member or within twelve months after it ceases to be a member, to contribute such sum (not exceeding £10) as may be demanded of it towards the payment of the debts and liabilities of the Charitable Company incurred before it ceases to be a member, and of the costs, charges and expenses of winding up.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
Appointment of directors
In line with the articles of association, the University of Leeds as sole member of the Charitable Company appoints the Directors upon recommendation by the Board. The composition of the Board of Directors is specified as up to six individuals nominated by the University and up to two individuals nominated by Leeds University Union. Both the University and Leeds University Union seek to ensure that the Board of Directors is representative of those with an interest in the services and facilities offered by the Charitable Company. The Board has taken the further step of establishing an appointing panel and seeking applications from parents who are also a University member of staff or student.
Board induction and training
New Board members are given various company policies and pieces of information to familiarise themselves with the Charitable Company. Their induction process is then reviewed, assessing individual needs and ensuring they have been met. All Trustees also undertake a DBS check and are briefed on Safeguarding requirements during the autumn board meeting. The Company Secretary provides an induction briefing to new trustees in addition to providing the various documents. The Board undertakes an annual review of its own effectiveness.
The Directors of the Charitable Company delegate the day-to-day management to Angela Hynes, who is classified as key management personnel. Remuneration for key management is agreed by the Directors based on current market rates.
Risk management
The Directors have examined the major business, strategic and operational risks that the Charitable Company faces and confirms that systems have been established to enable the production of regular reports. These reports provide the oversight needed for the Directors to take any necessary steps to mitigate risks. The principal risk faced by the Charitable Company is a decline in the number of children attending the Centre. This is mitigated through ongoing support by the University of Leeds and cost reduction by closing rooms when they are not needed.
Directors
The Directors who served throughout the year and subsequently are shown on page 1.
Directors' indemnities
The Charitable Company has made qualifying third-party indemnity provisions for the benefit of the Directors which were made during the year and remain in force at the date of this report.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
Statement of Directors' responsibilities
The Directors, who are also Trustees of Bright Beginnings Childcare Centre Leeds for the purposes of Charity law, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS I02 "The financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the Directors to prepare financial statements for each financial year which 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 the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that 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.
Disclosure of information to auditor
In so far as the Directors are aware:
∙there is no relevant audit information of which the Charitable Company's auditor is unaware, and
∙the Directors have taken all steps that ought to have been taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditor
Armstrong Watson Audit Limited has been reappointed as the statutory auditor of the financial statements.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of Companies Act 2006.
Approved by order of the members of the Board of Directors and signed on their behalf by:
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
We have audited the financial statements of Bright Beginnings Childcare Centre Leeds (the 'charitable company') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS (CONTINUED)
The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
As explained more fully in the Directors' responsibilities statement, the Directors (who are also the trustees of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS (CONTINUED)
Armstrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach non-compliance to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, such as the Charities Act 2011 and the Health and Safety at Work Act 1974;
∙we identified the laws and regulations applicable to the charitable company through discussions with Trustees and other management;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙tested the operating effectiveness of key controls over purchase cycles on a sample basis.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS (CONTINUED)
∙
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
REGISTERED NUMBER: 06589495
BALANCE SHEET
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic Ireland'.
2.Accounting policies
Bright Beginnings Childcare Centre Leeds, a public benefit entity, is incorporated in England and Wales as a company limited by guarantee not having share capital. The Directors of the Charitable Company are also its Trustees. The Charitable Company is exempt under the provisions of the Charities Act 2011 and does not require a separate registration from the University of Leeds, as noted on page 2. The registered office is given on page 1.
The Directors have received a letter of support from the University as the parent undertaking signalling the University's willingness to provide the necessary financial support to allow the Charitable Company to meet its liabilities as they fall due in the normal course of business. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed. On this basis, the Directors believe that the Charitable Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis.
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of the University of Leeds. As such, advantage has been taken of the exemption to present a cash flow statement for the Charitable Company, and related party transactions with other Group companies.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Income is recognised when the Charitable Company has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income consists of nursery fees and play scheme fees; fees are invoiced at the start of the term and income is recognised as the services are provided.
The Charitable Company receives government grant funding for specific aspects of childcare provision. Expenditure on charitable activities includes support costs. Support costs are costs relating to those functions that assist the work of the Charitable Company but do not directly undertake charitable activities, including back office costs, finance, personnel, payroll and governance costs which support the Nursery. These costs have been allocated between the cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7.
The Charitable Company holds restricted funds.
Restricted funds are funds subject to specific restrictions imposed by the funding authorities and donors. These funds are not available for the Directors to apply at their discretion. The purpose and use of the restricted funds is for the provision of training as stipulated by the funding authority.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost less any impairment. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Concessionary loans are initially measured at the amount received or paid. In subsequent years, the carrying amount of concessionary loans is adjusted to reflect any accrued interest payable or receivable, less any impairment loss.
The Charitable Company is limited by guarantee for an amount not exceeding £1 per Director Member, the Directors being the members of the Charitable Company under the limited guarantee.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
The company is party to two pension schemes; a defined contribution scheme and the University of Leeds defined benefit scheme (PAS). PAS is a multi-employer scheme for which it is not possible to identify the assets and liabilities to its members, therefore this scheme is accounted for as a defined contribution scheme.
The Charitable Company is not liable for the obligations of other entities within PAS and no liability is recognised other than the contributions as they become payable. The last valuation of PAS took place as at 31 March 2023. The results of the PAS valuation showed a funding level of 133% and a surplus of £131m. Obligations for contributions to defined contribution pension plans are recognised as an expense in unrestricted funds in the Statement of Financial Activities in the periods during which services are rendered by employees.
In the application of the Charitable Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
.Analysis of expenditure by activities (continued)
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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BRIGHT BEGINNINGS CHILDCARE CENTRE LEEDS
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
17.Analysis of net assets between funds (continued)
In the opinion of the Directors, the ultimate parent and controlling party is the
Consolidated financial statements of the only group into which the Charitable Company is consolidated are available from the University of Leeds,
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