REGISTERED COMPANY NUMBER: 02573297 (England and Wales)

REGISTERED CHARITY NUMBER: 1001917

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Maldwyn Nursery & Family Centre

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

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 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 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.

ACHIEVEMENTS 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.

Our users continue to rate us very highly and appreciate the flexibility we have and how we work alongside parents to help.

We had two CIW inspections over the course of the year. We are delighted that in September 2024 we were awarded three GOOD's and Well Being marked as excellent. The feedback we received from the inspector was highly positive, and is why we are excited for our next inspection where we believe we can push forward to outstanding across 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 £15,393 (2023: £19,030), and reserves now stand at £263,586 (2023: 248,193).

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.

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 £211,167 (2023: £197,262. 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.

FUTURE PLANS

We have a continuous aim to improve the nursery and the opportunities we can provide to the children in our care. Our future development plans are based on the nurseries aims and objectives:

To provide high quality, affordable childcare, where everyone is welcome

We ensure that the individual right to equal opportunities are met regardless of race, religion, gender and ability. This is delivered through a combination of our different policies including equal opportunities policy and providing appropriate training to staff. The nursery also considers the local economy and ensures we are competitively priced for the area to allow more to afford childcare.

We continue to offer funding in the form of flying start, educational hours and the childcare offer. These greatly reduce the financial burden which is placed on parents and we encourage parents to apply for what they are eligible for. 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 continue to offer a 50% retainer fee for child sickness and holidays giving families more flexibility. All food, snack, drinks and activities are included within the session costs.

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.

We have continued to invest in the building and surrounding areas and looking to improve the facilities we have on offer. This includes decorating and new resources being purchased. To add to the experience a partition wall was built separating two rooms, this has reduced the transfer of noise across the two rooms.

We have made a continued investment in staff through the completion of different training and always encouraged staff to increase their knowledge base and include this in their practice. Courses attending included incredible beginnings, Childcare level 3, autism awareness and play work. The nursery also paid for all staff to receive their group B safeguarding training highlighting the commitment to training.

To offer a rich, stimulating, challenging balanced curriculum based on the Early Years Foundation Phase

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 work in partnership with parents and carers, sharing our professional understanding with their specialised knowledge of their children's development.

We use the Famly app to share key information with parents throughout the day. The app allows for high levels of two-way communication between families and staff at the nursery.

Each room holds open sessions with families giving them the opportunity to come into the nursery and discuss their child's development. This also happens daily with hand overs and the strengthening of bonds between families and their key worker.

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.

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

02573297 (England and Wales)

Registered Charity number

1001917

Registered office

Maldwyn Nursery

Park Lane

Newtown

Powys

SY16 1DE

Trustees

H Summers

W D Richards

S Price

E Thomas

J A White

I B Hancocks Nursery Manager

H Richards

C Higgins

Independent Examiner

Morgan Griffiths LLP

Chartered Accountants

Cross Chambers

9 High Street

Newtown

Powys

SY16 2NY

Senior Management

Mr Ian Hancocks - Nursery Manager

Miss Chelsea Thorley - Deputy Manager

Approved by order of the board of trustees on 26 September 2025 and signed on its behalf by:

I B Hancocks - Trustee

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 2024.

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

26 September 2025

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

3

Childcare

626,294

-

626,294

535,522

Investment income

2

3,747

-

3,747

2,773

Total

630,041

-

630,041

538,295

EXPENDITURE ON

Charitable activities

4

Childcare

614,648

-

614,648

519,265

NET INCOME

15,393

-

15,393

19,030

RECONCILIATION OF FUNDS

Total funds brought forward

248,193

-

248,193

229,163

TOTAL FUNDS CARRIED FORWARD

263,586

-

263,586

248,193

31.12.24

31.12.23

Notes

£

£

FIXED ASSETS

Tangible assets

11

52,419

50,931

CURRENT ASSETS

Debtors

12

72,310

76,689

Cash at bank and in hand

145,921

127,618

218,231

204,307

CREDITORS

Amounts falling due within one year

13

(7,064

)

(7,045

)

NET CURRENT ASSETS

211,167

197,262

TOTAL ASSETS LESS CURRENT LIABILITIES

263,586

248,193

NET ASSETS

263,586

248,193

FUNDS

16

Unrestricted funds

263,586

248,193

TOTAL FUNDS

263,586

248,193

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 26 September 2025 and were signed on its behalf by:

I B Hancocks - Trustee

Cash flows from operating activities

Cash generated from operations

1

21,100

30,251

Net cash provided by operating activities

21,100

30,251

Cash flows from investing activities

Purchase of tangible fixed assets

(6,544

)

(4,240

)

Interest received

3,747

2,773

Net cash used in investing activities

(2,797

)

(1,467

)

Change in cash and cash equivalents in the reporting period

18,303

28,784

Cash and cash equivalents at the beginning of the reporting period

127,618

98,834

Cash and cash equivalents at the end of the reporting period

145,921

127,618

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.12.24

31.12.23

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

15,393

19,030

Adjustments for:

Depreciation charges

5,056

4,043

Interest received

(3,747

)

(2,773

)

Decrease in debtors

4,380

13,051

Increase/(decrease) in creditors

18

(3,100

)

Net cash provided by operations

21,100

30,251

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

127,618

18,303

145,921

127,618

18,303

145,921

Debt

Debts falling due within 1 year

(4,685

)

-

(4,685

)

(4,685

)

-

(4,685

)

Total

122,933

18,303

141,236

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

-

4% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

2.	INVESTMENT INCOME

31.12.24

31.12.23

£

£

Deposit account interest

3,747

2,773

3.	INCOME FROM CHARITABLE ACTIVITIES

31.12.24

31.12.23

Activity

£

£

Childcare fees

Childcare

481,126

403,861

Other income

Childcare

1,775

1,155

Grants

Childcare

143,393

130,506

626,294

535,522

Grants received, included in the above, are as follows:

31.12.24

31.12.23

£

£

Welsh Assembly

-

4,159

Flying Start

58,076

74,860

PCC - Child Development

-

1,338

PCC - Early Years Pupil Development

2,449

-

PCC - RRRS

3,844

-

PCC - Other

3,473

12,577

PCC - 3+ Funding

61,358

37,572

PCC - Capital

14,193

-

143,393

130,506

4.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 5)

note 6)

Totals

£

£

£

Childcare

610,928

3,720

614,648

5.	DIRECT COSTS OF CHARITABLE ACTIVITIES

31.12.24

31.12.23

£

£

Trustees' remuneration etc

43,534

40,360

Staff costs

471,187

394,516

Rates and water

4,814

4,464

Insurance

4,203

4,367

Light and heat

9,403

8,368

Telephone

1,104

2,545

Postage and stationery

2,017

1,565

Sundries

2,569

2,517

Food

15,862

16,192

Cleaning & Consumables

4,712

4,007

Toys

12,287

6,535

Trips and Drama

2,102

3,509

Travel

-

457

Repairs and Renewals

21,308

17,204

Bank charges

144

194

Administration

8,169

4,277

Training

1,785

867

Subscriptions

672

-

Depreciation

5,056

4,043

610,928

515,987

6.	SUPPORT COSTS

Governance

costs

£

Childcare

3,720

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Depreciation - owned assets

5,056

4,043

8.	TRUSTEES' REMUNERATION AND BENEFITS

31.12.24

31.12.23

£

£

Trustees' salaries

38,507

35,788

Trustees' social security

4,059

3,685

Trustees' pension contributions to money purchase schemes

968

887

43,534

40,360

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 2024 nor for the year ended 31 December 2023.

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Nursery manager

1

1

Nursery staff

28

27

29

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 2024 were £66,500 (2023: £61,496).

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in either period was nil.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Childcare

535,522

-

535,522

Investment income

2,773

-

2,773

Total

538,295

-

538,295

EXPENDITURE ON

Charitable activities

Childcare

519,265

-

519,265

NET INCOME

19,030

-

19,030

RECONCILIATION OF FUNDS

Total funds brought forward

229,163

-

229,163

TOTAL FUNDS CARRIED FORWARD

248,193

-

248,193

11.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

100,562

47,241

8,760

11,373

167,936

Additions

-

-

6,175

369

6,544

At 31 December 2024

100,562

47,241

14,935

11,742

174,480

DEPRECIATION

At 1 January 2024

56,216

45,524

5,800

9,465

117,005

Charge for year

1,774

430

2,283

569

5,056

At 31 December 2024

57,990

45,954

8,083

10,034

122,061

NET BOOK VALUE

At 31 December 2024

42,572

1,287

6,852

1,708

52,419

At 31 December 2023

44,346

1,717

2,960

1,908

50,931

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

61,369

76,689

Prepayments and accrued income

10,941

-

72,310

76,689