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COMPANY REGISTRATION NUMBER: 04176113
CHARITY REGISTRATION NUMBER: 1113518
Green Lane Nursery and Child Care Centre
Unaudited Financial Statements
For the Year Ending
31 August 2024
Green Lane Nursery and Child Care Centre
Financial Statements
Year Ended 31 August 2024
Page
Trustees' Annual Report (Incorporating the Director's Report)
1
Independent Examiner's Report to the Trustees
4
Statement of Financial Activities (Including Income and Expenditure Account)
5
Statement of Financial Position
6
Statement of Cash Flows
7
Notes to the Financial Statements
8
Green Lane Nursery and Child Care Centre
Trustees' Annual Report (Incorporating the Director's Report)
Year Ended 31 August 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024 .
Objectives and Activities
Objects
The objects of the charity are to advance education and support family life by aiding the personal development of children and families in the district of Teesdale, County Durham and in particular by the provision of pre-school education and care.
Careful consideration has been given to the Charity Commission's general guidance on public benefit and in particular its guidance on advancing education and fee charging.
Aims
Our aim is to provide first class childcare to fit into parents' work patterns so that they can be assured that their children are safe, secure and happy, enjoying a wide range of activities.
Activities and Strategy
Children from the age of 6 weeks are accommodated in our all day care facility; those aged 3 to 4 years are educated in the pre-school nursery with the opportunity of joining the reception class of Green Lane Church of England Primary School in the September of the year when they will be 5 years old.
The nursery is aiming to achieve the following:
- maintain child numbers;
- be consistently sustainable;
- keep highly qualified and motivated staff, and
- have the ability to purchase quality equipment.
Achievements and Performance
As I rightly should, I wish to start by expressing my thanks to the staff team we have at the Nursery, with our numbers as strong as they are, we rely on our wonderful staff who do a magnificent job in looking after the children to the highest standard. The continued professionalism and care that our staff display to parents/carers, organisations and others externally is exemplary. Similarly, the leadership team, namely our Nursery Manager, Mel and Business Manager, Jemma, who have without doubt proved to be an asset to our Nursery that many other settings would be envious of, my thanks for the tireless work they do above and beyond.
I personally wish to thank my fellow Directors for what they bring to our nursery. It is a pleasure to say we have added to our small number this year with a new Director. With the experience, knowledge and enthusiasm they bring, it makes each meeting a great experience. In order to maintain focus and provide for the future, we will again look to strengthen the board to continue to be as diverse as possible with our skill set. Decisions are never easy when on a board of Directors, however I'm proud to be part of this board in our professionalism to deliver the best Nursery setting in Barnard Castle.
We have been ably assisted by our accountant, Jane Ascroft, who has steered us through the finances of a business such as ours seamlessly. Our aim is to have a thriving business for years to come, but financial challenges are coming at us from all sides, rising living wage costs, running costs, and maintaining competitive fees for parents is a fine balance which we continue to deal with on an annual basis.
Jemma as Business Manager with her watchful eye on finances has again managed to show improvement in this year's accounts. Income increased from 2023 due to fee and funding rises, at a time when government scrutiny of funding is at an all time high. Expenditure also increased from 2023, due mainly to the rise in our salary costs to meet Living Wage rises and maintaining being a competitive employer, albeit not as steeply as other businesses, however as Directors we see this as essential if we are to be the best in town. Despite the expenditure increase we did finish the year with a profit to carry forward, something that will allow us to reinvest back into the business in this next financial year, with a program of improvements across the setting, as we continue to invest in ways which keep us unique and outstanding in our delivery.
With a committed board of Directors and excellent staff, we are working to continue to offer the 'Outstanding' level of care, attention to detail and dedication needed to operate a great Nursery.
Financial Review
Green Lane Nursery and Childcare Centre achieved income of £572,816 during the year (2023 - £531,488). Total expenditure was £565,349 (2023 - £485,500) giving a surplus OF £7,467 (2023 - £45,988).
At 31st August 2024 net assets totalled £310,821 (2023 - £303,354).
Reserves Policy
The Directors have agreed a reserves policy to cover 3 months of costs and redundancies which amounts to approximately £100,000. A fundraising account is held with any money raised earmarked for new equipment and the improvement of the fabric of the nursery.
Structure, Governance and Management
Nature of the governing document
Green Lane Nursery & Childcare Centre is a charitable company limited by guarantee, incorporated on 9th March 2001 and is governed by its Memorandum and Articles of Association.
Management
The policy and general management of the affairs of the nursery are directed by the trustees. The day-to-day management of the nursery is carried out by the manager.
Recruitment and appointment of trustees
Trustees are recruited with a view to sound experience and professional expertise. Appointment is conditional on the approval of the Trustees generally.
Reference and Administrative Details
Registered charity name
Green Lane Nursery and Child Care Centre
Charity registration number
1113518
Company registration number
04176113
Principal office and registered
Green Lane
office
Barnard Castle
County Durham
DL12 8LG
The Trustees
Iain Brown
Sarah Hamilton
David Ewart
Anthony Mawer
Laura Francis
(Appointed 20 March 2024)
Independent Examiner
Jane Ascroft FCA MA (Cantab)
Enterprise House
Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8XT
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 29 April 2025 and signed on behalf of the board of trustees by:
Iain Brown
Trustee
Green Lane Nursery and Child Care Centre
Independent Examiner's Report to the Trustees of Green Lane Nursery and Child Care Centre
Year Ended 31 August 2024
I report to the trustees on my examination of the financial statements of Green Lane Nursery and Child Care Centre ('the charity') for the year ended 31 August 2024.
Responsibilities and Basis of Report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 the charity’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 the Institute of Chartered Accountants in England and Wales (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 the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
Jane Ascroft FCA MA (Cantab) Independent Examiner
Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
29 April 2025
Green Lane Nursery and Child Care Centre
Statement of Financial Activities
(including income and expenditure account)
Year Ended 31 August 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Charitable activities
5
571,705
571,705
531,202
Investment income
6
1,111
1,111
286
---------
---------
---------
Total income
572,816
572,816
531,488
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
565,349
565,349
485,500
---------
---------
---------
Total expenditure
565,349
565,349
485,500
---------
---------
---------
---------
---------
---------
Net income and net movement in funds
7,467
7,467
45,988
---------
---------
---------
Reconciliation of funds
Total funds brought forward
303,354
303,354
257,366
---------
---------
---------
Total funds carried forward
310,821
310,821
303,354
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Green Lane Nursery and Child Care Centre
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible fixed assets
13
37,229
25,440
Current Assets
Debtors
14
18,912
12,881
Cash at bank and in hand
300,582
273,333
---------
---------
319,494
286,214
Creditors: amounts falling due within one year
15
45,902
8,300
---------
---------
Net Current Assets
273,592
277,914
---------
---------
Total Assets Less Current Liabilities
310,821
303,354
---------
---------
Net Assets
310,821
303,354
---------
---------
Funds of the Charity
Unrestricted funds
310,821
303,354
---------
---------
Total charity funds
17
310,821
303,354
---------
---------
For the year ending 31 August 2024 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 company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Iain Brown
David Ewart
Trustee
Trustee
Green Lane Nursery and Child Care Centre
Statement of Cash Flows
Year Ended 31 August 2024
2024
2023
£
£
Cash Flows from Operating Activities
Net income
7,467
45,988
Adjustments for:
Depreciation of tangible fixed assets
12,410
8,481
Other interest receivable and similar income
( 1,111)
( 286)
Accrued expenses
60
Changes in:
Trade and other debtors
( 6,031)
1,133
Trade and other creditors
37,602
( 27,209)
--------
--------
Cash generated from operations
50,337
28,167
Interest received
1,111
286
--------
--------
Net cash from operating activities
51,448
28,453
--------
--------
Cash Flows from Investing Activities
Purchase of tangible assets
( 24,199)
( 3,804)
--------
--------
Net cash used in investing activities
( 24,199)
( 3,804)
--------
--------
Net Increase in Cash and Cash Equivalents
27,249
24,649
Cash and Cash Equivalents at Beginning of Year
273,333
248,684
---------
---------
Cash and Cash Equivalents at End of Year
300,582
273,333
---------
---------
Green Lane Nursery and Child Care Centre
Notes to the Financial Statements
Year Ended 31 August 2024
1. General Information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Green Lane, Barnard Castle, County Durham, DL12 8LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The entity is a Public Benefit Entity.
Going Concern
There are no material uncertainties about the charity’s ability to continue .
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees consider that there are no significant judgements or estimates affecting these financial statements.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values. Designated funds are unrestricted funds earmarked by the trustees for specific purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
Income
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Income from fees and local authority funding is accounted for when earned. Investment income is included when receivable.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
Tangible Assets
Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £500 are not capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Property Improvements
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Cash at Bank and in Hand
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.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Taxation
The company 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 company 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.
4. Limited by Guarantee
The company is limited by guarantee. At 31st August 2024 there were 5 members each of whom had undertaken to contribute an amount not exceeding £1 in the event of a winding up.
5. Charitable Activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Fees
369,734
369,734
367,386
367,386
Local authority funding
201,187
201,187
163,816
163,816
Fundraising income
784
784
---------
---------
---------
---------
571,705
571,705
531,202
531,202
---------
---------
---------
---------
6. Investment Income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Bank interest receivable
1,111
1,111
286
286
-------
-------
----
----
7. Expenditure on Charitable Activities by Fund Type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Childcare costs - see page 17
565,349
565,349
485,500
485,500
---------
---------
---------
---------
8. Expenditure on Charitable Activities by Activity Type
Activities undertaken directly
Total funds 2024
Total fund 2023
£
£
£
Childcare costs - see page 17
565,349
565,349
485,500
---------
---------
---------
9. Net Income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
12,410
8,481
--------
-------
10. Independent Examination Fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
780
756
Other financial services
864
836
-------
-------
1,644
1,592
-------
-------
11. Staff Costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
416,730
384,972
Social security costs
26,527
22,205
Employer contributions to pension plans
8,015
6,604
---------
---------
451,272
413,781
---------
---------
The average head count of employees during the year was 22 (2023: 22 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of childcare staff
22
22
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee Remuneration and Expenses
During the year trustees received no remuneration or expenses (2023 - Nil).
13. Tangible Fixed Assets
Equipment
Property improvements
Total
£
£
£
Cost
At 1 September 2023
93,955
52,716
146,671
Additions
2,745
21,454
24,199
--------
--------
---------
At 31 August 2024
96,700
74,170
170,870
--------
--------
---------
Depreciation
At 1 September 2023
76,701
44,530
121,231
Charge for the year
5,000
7,410
12,410
--------
--------
---------
At 31 August 2024
81,701
51,940
133,641
--------
--------
---------
Carrying amount
At 31 August 2024
14,999
22,230
37,229
--------
--------
---------
At 31 August 2023
17,254
8,186
25,440
--------
--------
---------
14. Debtors
2024
2023
£
£
Trade debtors
18,912
12,225
Prepayments and accrued income
656
--------
--------
18,912
12,881
--------
--------
15. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,926
141
Accruals and deferred income
780
780
Social security and other taxes
7,652
5,644
Deferred income
31,739
Other creditors
1,805
1,735
--------
-------
45,902
8,300
--------
-------
16. Pensions and Other Post Retirement Benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 8,015 (2023: £ 6,604 ).
17. Analysis of Charitable Funds
Unrestricted funds
At 1 September 2023
Income
Expenditure
At 31 August 2024
£
£
£
£
General funds
303,354
572,816
(565,349)
310,821
---------
---------
---------
---------
At 1 September 2022
Income
Expenditure
At 31 August 2023
£
£
£
£
General funds
257,366
531,488
(485,500)
303,354
---------
---------
---------
---------
18. Analysis of Net Assets Between Funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
37,229
37,229
Current assets
319,494
319,494
Creditors less than 1 year
(45,902)
(45,902)
---------
---------
Net assets
310,821
310,821
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
25,440
25,440
Current assets
286,214
286,214
Creditors less than 1 year
(8,300)
(8,300)
---------
---------
Net assets
303,354
303,354
---------
---------
19. Analysis of Changes in Net Debt
At 1 Sep 2023
Cash flows
At 31 Aug 2024
£
£
£
Cash at bank and in hand
273,333
27,249
300,582
---------
--------
---------