REGISTERED CHARITY NUMBER: 1003253
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2022
for
Middle Rasen Nursery
Middle Rasen Nursery
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 12 |
Middle Rasen Nursery
Report of the Trustees for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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
The Principal aim of the charity is to advance the education of children, primarily but not exclusively below compulsory school age by;
-
Providing safe and satisfying group play and planned educational activities
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Encouraging other charitable activities through which parents may help the children
Public benefit
The trustees have regard to the Charity Commission's general guidance on public benefit and always ensure that activities which we undertake are in line with our charitable objects and aims.
Volunteers
The charity actively encourages the use of volunteers to support them with delivering the charitable aims. Volunteers presently come from within the pool of members who are parents of those children enrolled with the nursery.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In the past year the charity has gone from strength to strength, the continuation of fundraising activities coupled with the drive and determination of our strong team of employees has seen the charity perform well this year. In addition to this the Nursery became a finalist at the Lincolnshire Nursery of the year awards, a massive achievement and further backed up by the fact we were the only Charity led nursery there.
We continue to receive support from a number of external donors for which we are extremely grateful, these include, The Wilkinson Trust, Market Rasen Tesco, WI Middle Rasen, Garnetts, Lincolnshire Coop and the middle rasen duck race.
It is with their continued support we have been able to enhance the offering which the children receive and enable us to provide a good quality Value for money offering to parents in the local area.
Fundraising activities
We were able to continue a number of fundraising events which had been started in the previous year linking up with Middle rasen nursery for a summer fair and and a sleep over on the school grounds for end of term . Additionally the staff team undertook a number of fundraising tasks to support the investment in room supplies for the children.
Page 1
Report of the Trustees for the Year Ended 31 December 2022
Middle Rasen Nursery
FINANCIAL REVIEW
Financial position
Following another year of continued expansion in terms of children within setting, Middle Rasen Nursery has made another strong surplus in the current year, solidifying the strong financial position they find themselves in. The Nursery continues to have a waiting list for the setting, and the committee are actively looking at how the provisions can be increased.
Despite the strong performance the increases within national minimum wage and the soaring cost of living have also had a strain on the nursery. A further rise in the minimum wage post year end saw the nursery increase its fees, however this had no meaningful impact upon the settings numbers.
Reserves policy
The Committee have established a policy whereby the free reserves, that being the unrestricted funds not committed or invested in tangible fixed assets, held by the charity, should be equivalent to approximately 3 months resources expended, which equates to £45,000 in general funds. At this level, the Management Committee feel that they would be able to continue running the organisation in the event of a loss of all funding sources. At 31 December 2022 the free reserves were £93,722 and as such above the expected level, however the committee continue to monitor funds available.
Going concern
The trustees consider the charity to be a going concern. The charity has reported another strong surplus in the current year and continue to go from strength to strength. There is waiting list for people wanting to use the nursery, There is caution around the future increases in national minimum wage as this has an impact in terms of the charity's available funds and the charges which need to levied on parents.
FUTURE PLANS
One of the key focusses of the board was and continues to be, to improve the communication between the staff of the Nursery and install a collective effort. As part of this process the board are working on ideas to improve staff welfare including the provision of a new staff room.
The future plans in the main though centre around the core aims which is to enhance the education of children. The nursery continues to look for the very best team to lead this provision, and has appointed a number of people since the year end who have enhanced an already great team.
The charity continues to explore the possibility of expanding its provision in order to eliminate the waiting list it currently has.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its constitution and represents an unincorporated charity.
Recruitment and appointment of new trustees
New trustees are recruited from the membership pool, that being parents of the children the nursery cares for. In addition to this the board are always keen to speak with external parties who are interested in bringing their expertise to enhance the board.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1003253
Page 2
Middle Rasen Nursery
Report of the Trustees for the Year Ended 31 December 2022
Principal address
North Street Middle Rasen MARKET RASEN Lincolnshire LN8 3TS
Trustees
Mrs R Moreton Mrs V Coulby (resigned 18.10.23) Mrs K James (resigned 17.10.22) Mrs K E Priestley (resigned 18.10.23) Mrs G Berry (resigned 18.10.23) Mrs C Snell J Langley Secretary (appointed 17.10.22) H Long (appointed 17.10.22) L Daubney (appointed 17.10.22) (resigned 18.10.23) Mr N Hunt (appointed 17.10.22) Mr A Withers-Adamson (appointed 17.10.22) (resigned 18.10.23) E Harker (appointed 17.10.22) (resigned 18.10.23) L J Palmer (appointed 17.10.22) (resigned 18.10.23)
Independent Examiner
Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN
Approved by order of the board of trustees on 18 October 2023 and signed on its behalf by:
J Langley - Trustee
Page 3
Independent Examiner's Report to the Trustees of Middle Rasen Nursery
Independent examiner's report to the trustees of Middle Rasen Nursery
I report to the charity trustees on my examination of the accounts of Middle Rasen Nursery (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Steve Robinson ACA
Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN
18 October 2023
Page 4
Middle Rasen Nursery
Statement of Financial Activities
for the Year Ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities 4 Nursery Provision Other trading activities 2 Investment income 3 Total EXPENDITURE ON Raising funds Charitable activities Nursery Provision Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 2,375 238,794 2,099 76 243,344 671 225,431 226,102 17,242 82,050 99,292 |
2021 Total funds £ 6,815 197,765 636 6 |
|---|---|---|
| 205,222 | ||
| 197 177,064 |
||
| 177,261 | ||
| 27,961 54,089 |
||
| 82,050 |
The notes form part of these financial statements
Page 5
Middle Rasen Nursery
Statement of Financial Position
31 December 2022
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted fund £ 5,570 9,535 89,826 99,361 (5,639) 93,722 99,292 99,292 99,292 99,292 |
2021 Total funds £ 6,963 11,251 77,224 88,475 (13,388) 75,087 82,050 82,050 82,050 82,050 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 18 October 2023 and were signed on its behalf by:
Mrs V Coulby - Trustee
The notes form part of these financial statements
Page 6
Middle Rasen Nursery
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. 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.
Donated services and facilities:
Donated services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Grants:
Income from grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
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.
Raising funds
Interest on funds held on deposit's is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery Fixtures and fittings
- 20% on reducing balance - 20% on reducing balance
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continued...
Middle Rasen Nursery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Computer equipment - 20% on reducing balance
Taxation
The charity is exempt from tax and VAT 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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Going concern
The charity's main source of income is from the provision of childcare services, both funded and non funded. The trustees confirm that they are not aware of any circumstances which indicate there will be any cessation of the provision of these services. Furthermore the charity continues to strive to generate additional funding where possible, and as such the financial statements are prepared on a going concern basis.
Financial instruments
The charity 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 their settlement value.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fundraising events | 2,099 | 636 |
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Middle Rasen Nursery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
3. INVESTMENT INCOME
| 3. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Deposit account interest | 76 | 6 | ||
| 4. | INCOME FROM CHARITABLE ACTIVITIES | |||
| 2022 | 2021 | |||
| Activity | £ | £ | ||
| Childcare services | Nursery Provision | 238,794 | 197,765 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2022 £ 179,212 6,708 3,008 188,928 |
2021 £ 139,470 4,072 2,275 |
|---|---|---|
| 145,817 |
The average monthly number of employees during the year was as follows:
| Nursery practitioners Administration |
2022 11 1 12 |
2021 10 1 |
|---|---|---|
| 11 |
No employees received emoluments in excess of £60,000.
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Middle Rasen Nursery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
7. TANGIBLE FIXED ASSETS
| Fixtures Plant and and Computer machinery fittings equipment £ £ £ COST At 1 January 2022 and 31 December 2022 17,967 12,894 7,272 DEPRECIATION At 1 January 2022 15,687 10,782 4,701 Charge for year 456 423 514 At 31 December 2022 16,143 11,205 5,215 NET BOOK VALUE At 31 December 2022 1,824 1,689 2,057 At 31 December 2021 2,280 2,112 2,571 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade debtors 8,189 Prepayments 1,346 9,535 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade creditors 1,220 Social security and other taxes - Other creditors 716 Accruals and deferred income 3,703 5,639 |
Totals £ 38,133 |
|---|---|
| 31,170 1,393 |
|
| 32,563 | |
| 5,570 | |
| 6,963 | |
| 2021 £ 9,931 1,320 |
|
| 11,251 | |
| 2021 £ 152 958 419 11,859 |
|
| 13,388 |
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Middle Rasen Nursery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. MOVEMENT IN FUNDS
| Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 82,050 17,242 TOTAL FUNDS 82,050 17,242 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 243,344 (226,102) TOTAL FUNDS 243,344 (226,102) Comparatives for movement in funds Net movement At 1.1.21 in funds £ £ Unrestricted funds General fund 54,089 27,961 TOTAL FUNDS 54,089 27,961 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 205,222 (177,261) TOTAL FUNDS 205,222 (177,261) |
At 31.12.22 £ 99,292 99,292 Movement in funds £ 17,242 17,242 At 31.12.21 £ 82,050 82,050 Movement in funds £ 27,961 27,961 |
|---|---|
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Middle Rasen Nursery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| At 1.1.21 £ Unrestricted funds General fund 54,089 TOTAL FUNDS 54,089 A current year 12 months and prior year 12 months combined included in the above are as follows: Incoming resources £ Unrestricted funds General fund 448,566 TOTAL FUNDS 448,566 |
Net movement At in funds 31.12.22 £ £ 45,203 99,292 45,203 99,292 net movement in fund Resources Movement expended in funds £ £ (403,363) 45,203 (403,363) 45,203 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
11. RELATED PARTY DISCLOSURES
Various members of the board utilised the nursery provisions throughout the year, this was done so on normal commercial terms and at the same rates as other members.
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