**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
- 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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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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continued...
## **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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continued...
## **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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continued...
## **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|
|---|---|
Page 11
continued...
## **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.
Page 12