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2021-03-31-accounts

Charity Registration No. 1015045

Company Registration No. 02581092 (England and Wales)

TIK-TOK NURSERY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

TIK-TOK NURSERY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P J Maughan A C Miller F I Milburn M Nurse R Richardson Charity number 1015045 Company number 02581092 Registered office The Boulevard Holmes Drive Gateshead Tyne And Wear England NE10 0DJ Independent examiner William Sawyer Murray and Lamb A6 Kingfisher House Kingsway Team Valley Trading Estate Tyne & Wear NE11 0JQ

TIK-TOK NURSERY

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Summary income and expenditure account 7
Balance sheet 8 - 9
Statement of cash flows 10
Notes to the financial statements 11 - 21

TIK-TOK NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity 's governing document, the Companies Act 2006 and "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

TIK-TOK was set up as a community nursery in East Gateshead in May 1991 gaining charitable status in 1992. A second Nursery at Hertfordshire House, Pelaw was opened in June 2015.

TIK-TOK provides high quality affordable childcare to the local community, supporting those parents who wish to either return to work or continue with their education. Its aim is to work in partnership with parents to promote a stimulating and exciting environment where children can progress at their own rate. The purpose built buildings, funded with substantial support from public sector sources, provide us with the opportunity to realise these aspirations. The Company's

Memorandum provides for operating as has been described above - it would need to be amended if the Company sought to introduce significant diversity.

Public benefit

The trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission with regard to public benefit statements. Public benefit is inherent in the objects of the Charity.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.

Achievements and performance

The trustees have complied with their duty in' Section 4 of the 2006 Charities Act and have due regard to guidance published by the Charity Commission. In summary;

We offer free nursery education for 2 year olds who now receive 15 hours of free childcare per week, as required by current government policy and strongly support Gateshead Council's Sure Start Policy.

We also provide up to 30 hours per week free nursery education for 3-5 year olds. We offer these hours flexibly in order to support those parents wishing to return to work or higher education.

We use the funding streams available to us to improve the personal and professional development of all of our staff and continue to implement a rigorous and tailored programme of staff training.

Under the guidance of OFSTED and the Self Evaluation procedure our staff continue to reflect on the service we offer to ensure best practice. Our Special Educational Needs Co-ordinators continue to work closely with the Early Years Inclusion and Child Development Teams to improve outcomes for the children in our care who require additional support.

The most recent Ofsted inspections were: Hawks Road – June 2019 – assessment “Good”. Pelaw – August 2016 – First inspection - assessment “Good”.

TIK-TOK NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

OVERVIEW - COVID

The year has been dominated by COVID. The declaration of a pandemic in March 2020 resulted in both nurseries being locked-down with effect from Friday 27 th March. They remained closed until 31 st May, reopening 1 st June for four days a week and returned to full-time five days a week on 1 st September.

The number of children in attendance in June was low and the take up in July gradual but this allowed management the opportunity to introduce working practices necessary to safeguard staff and children alike given the new restrictions. The start of the Autumn term in September re-introduced a sense of normality to activity levels.

The Governments welcome decision toward grants for the Summer term based on March forecast figures, was a significant influence on how we implemented the Job Retention Scheme.

A limited number of staff were furloughed based on the level of fee income at each nursery. No one received less than 80% of their salary on a month by month basis. The majority received 100% apart from the month of August when no grant assisted children were in attendance.

The long term effect of the pandemic remains unknown but we are confident in our ability to retain the necessary flexibility to deal with the unexpected.

Future levels of activity will depend on the usual factors: trends in birth rates locally; competition for pre-school children; and the numbers of student parents attending the local college.

We will continue to seek to employ well-qualified, caring staff and will intensify staff training as an essential part of our plans for the future. The investment in well-motivated staff can only have a positive impact on the level of care and education that the nurseries provide and the manner in which it is delivered.

Financial review

Principal funding sources

The key funders of the operations undertaken by the charity are central and local government under their childcare initiatives. The contributions from these bodies are augmented by parental contributions, normally a 55:45 split. In the year under review, routine child care initiatives via local government amounted to 65%, the parental contributions 23%.

Routine grant contributions included the special arrangements for the summer term, plus a significant top-up payment to assist in overcoming the initial effects of the pandemic. The total for the year was c95% of the 2019/20 level.

The parental contributions for the year were significantly reduced at 44% of the 2019/20 level. This reflected the effect of COVID on parental work arrangements and level of confidence in returning to normality. Claims under the Job Retention Scheme for furloughed employees accounted for 12% of total income and enabled the charity to pursue its commitment to care for the staff and their welfare. The balance of income included:

Financial Position

Net incoming resources increased by £45,612 on Unrestricted funds to £785,402, whilst endowment Funds have reduced by £32,760 to £668,564. Net current assets at 31 March 2021 amounted to £422,715.

Reserves Policy

It continues to be the policy of the charitable company to maintain unrestricted funds, which are our free reserves, at a level sufficient to cover fluctuations in income based on projection relating to child numbers on a term by term basis. The amount of such reserves at 31st March 2021 is £785,402.

TIK-TOK NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The key funders of the operations undertaken by the charity are central and local government under their respective childcare initiatives. The contributions from these bodies which amount to 56% of our total income, together with the parental contributions ensure the continuous flow of funds to enable the provision of nursery services of the highest quality.

The attainment of high awards from the Ofsted inspections will ensure that the charity remains on the referral lists of the local authority and safeguard future funding.

Investment policy and objectives

Funds that are not immediately required are invested in suitable deposits, attempting to maximise the return, risk free.

Going concern

Given the level of net assets held at 31st March 2021, the trustees consider the charity to be a going concern.

Indemnity

A qualifying third party indemnity is in force for the benefit of the Trustees.

Structure, governance and management

Hawks Road Community Nursery Limited is a company limited by guarantee, and a registered charity. It operates under the name of TIK - TOK and is governed by its Memorandum and Articles of Association. The Memorandum established the objectives and owners of the charitable company

Charity No. 1015045. Company Registration No. 02581092

The trustees who are also the directors for the purpose of company law, and Endif Endif} who served during the year and up to the date of signature of the financial statements were:

P J Maughan

A C Miller

F I Milburn

M Nurse

R Richardson

Trustees

Hawks Road Community Nursery Limited adheres to the guidelines issued by the Charity Commission for the induction and training of Trustees.

Trustees are elected by the membership at the Annual General Meeting.

All new trustees are given an induction pack detailing the Charity's constitution, strategic plans, recent annual report and accounts and the Charity Commission leaflet - cc3 (a).

TIK-TOK NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

The day to day management of both nurseries is delegated to a fully qualified Manager ,Ms K Harker and Mrs S Siddons, who are supported by nursery staff working both full and part time fitting in with home commitments (family friendly policies). All other decisions are made by agreement of the Trustees at management committee meetings. In house financial systems are in place and are supervised by a qualified member of staff.

TIK-TOK is registered with Gateshead Social Services working closely to the local authority Guidelines. The nursery is inspected on a regular basis by OFSTED.

The registered office of the charity is :- The Boulevard Holmes Drive Gateshead NE10 0DJ

Risk management

The Trustees are aware of their responsibilities under current Charity legalisation, and the need for a robust and creditable risks policy.

Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Systems have been established to ensure that risks are reviewed on a regular basis and findings reported to the Board.

The trustees' r eport was approved by the Board of Trustees.

R Richardson Trustee Dated: 4 August 2021

TIK-TOK NURSERY

INDEPENDENT EXAMINER'S REPORT TO THE OF TIK-TOK NURSERY

I report to the on my examination of the financial statements of Tik-Tok Nursery (the ) for the year ended 31 March 2021.

Responsibilities and basis of report

As the of the (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 financial statements of the 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 ’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the ’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 , 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 that in any material respect:

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 financial statements to be reached.

William Sawyer

Murray and Lamb A6 Kingfisher House Kingsway Team Valley Trading Estate Tyne & Wear NE11 0JQ

Dated: 4 August 2021

TIK-TOK NURSERY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Endowment
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
-
-
Charitable activities
4
560,619
-
Investments
5
5,900
-
Total income
566,519
-
Expenditure on:
Raising funds
6
415,331
32,760
Charitable activities
7
105,576
-
Total resources
expended
520,907
32,760
Net movement in funds
45,612
(32,760)
Fund balances at 1
April 2020
739,790
701,324
Fund balances at 31
March 2021
785,402
668,564		 TotalUnrestricted Endowment
funds
funds
2021
2020
2020
£
£
£
-
307
-
560,619
687,887
-
5,900
4,574
-
566,519
692,768
-
448,091
512,956
30,639
105,576
144,403
-
553,667
657,359
30,639
12,852
35,409
(30,639)
1,441,114
704,381
731,963
1,453,966
739,790
701,324		 Total
2020
£
307
687,887
4,574
692,768
543,595
144,403
687,998
4,770
1,436,344
1,441,114

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

TIK-TOK NURSERY

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

All income funds
2021
£
Gross income
566,519
Total expenditure from income funds
520,907
Net income for the year
45,612		 2020
£
692,768
657,359
35,409

TIK-TOK NURSERY

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
Capital funds
Endowment funds - general
16
Income funds
Unrestricted funds		 2021
£
£
1,031,251
12,532
431,159
443,691
(20,976)
422,715
1,453,966
-
1,453,966
668,564
785,402
1,453,966		 2020
£
£
1,069,964
11,184
394,368
405,552
(32,782)
372,770
1,442,734
(1,620)
1,441,114
701,324
739,790
1,441,114

TIK-TOK NURSERY

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2021

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the on 4 August 2021

R Richardson

Trustee

Company Registration No. 02581092

TIK-TOK NURSERY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
19
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in)
investing activities
Financing activities
Payment of obligations under finance
leases
Net cash (used in)/generated from
financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
-
5,900
(3,888)		 £
34,779
5,900
(3,888)
36,791
394,368
431,159		 2020
£
(9,756)
4,574
5,508		 £
45,770
(5,182)
5,508
46,096
348,272
394,368

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Tik-Tok Nursery is a private company limited by guarantee incorporated in England and Wales. The registered office is The Boulevard, Holmes Drive, Gateshead, Tyne And Wear, NE10 0DJ, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)". The is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Income

Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 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 costs 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.

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 2% on cost Plant and equipment 20% on cost and 10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2 Critical accounting estimates and judgements

In the application of the ’s accounting policies, the are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3 Donations and legacies

Total Unrestricted
funds
2021
2020
£
£
Other -
307
Charitable activities
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Nursery Fees 492,202
684,887
Sundry Income 68,417
3,000
560,619
687,887
Investments
Unrestricted Unrestricted
funds
funds
2021
2020
£
£
Interest receivable 5,900
4,574
Raising funds
Unrestricted Endowment Total Unrestricted Endowment
Total
funds
funds		 funds
funds
general general
2021
2021		 2021 2020
2020
2020
£
£		 £ £
£
£
Fundraising and publicity
Depreciation and
impairment -
32,760		 32,760 -
30,639
30,639

4 Charitable activities

5 Investments

6 Raising funds

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Raising funds
Trading costs
Staff costs		 415,331
415,331		 -
32,760		 415,331
448,091		 512,956
512,956		 (Continued)
-
512,956
30,639
543,595

7 Charitable activities

Charitable
expenses
Depreciation
2021
2021
£
£
Depreciation and
impairment
-
5,952
Other operating
leases
4,625
-
Rates and water
3,025
-
Insurance
8,228
-
Light and heat
10,675
-
Telephone
1,237
-
Postage and
stationary
1,866
-
Sundries
10,840
-
Other Costs - Food
6,667
-
Play Materials &
Equipment
921
-
Repairs &
Maintenance
10,261
-
Travel
114
-
Bad and doubtful
debts
(1,503)
-
Advertising
-
-
Professional Fees
4,503
-
Sundry other costs
-
-
Bank charges
189
-
61,648
5,952
Share of support
costs (see note 8)
37,976
-
99,624
5,952		 Total
2021
Charitable
expenses
Depreciatio
n
2020
2020
£
£
£
5,952
-
4,146
4,625
3,998
-
3,025
12,207
-
8,228
7,896
-
10,675
13,923
-
1,237
6,187
-
1,866
2,627
-
10,840
14,587
-
6,667
15,940
-
921
4,609
-
10,261
7,914
-
114
437
-
(1,503)
428
-
-
700
-
4,503
2,273
-
-
1,663
-
189
58
-
67,600
95,447
4,146
37,976
44,810
-
105,576
140,257
4,146		 Total
2020
£
4,146
3,998
12,207
7,896
13,923
6,187
2,627
14,587
15,940
4,609
7,914
437
428
700
2,273
1,663
58
99,593
44,810
144,403

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8
Support costs
Support
costs
Governance
costs
£
£
Staff costs
36,176
-
Accountancy Fees
1,800
-
37,976
-
Analysed between
Charitable activities
37,976
-		 2021
Support
costs
Governance
costs
£
£
£
36,176
43,035
-
1,800
1,775
-
37,976
44,810
-
37,976
44,810
-		 2020
£
43,035
1,775
44,810
44,810

Governance costs includes payments to the auditors of £ 1,800 (2020- £ 1,775 ) for audit fees.

9 Net movement in funds 2021 2020
£ £
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets 38,712 34,785

10 Trustees' Remuneration and Benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustee' expenses

During the year travelling and other sundry expenses totalling £114 (2020: £412) were reimbursed to one trustee.

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

11 Employees

The average monthly number of employees during the year was:

Core Staff
Nursery Staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
2
32
34
2021
£
424,584
15,548
11,375
451,507		 2020
Number
2
41
43
2020
£
535,777
6,963
13,251
555,991

There were no employees whose annual remuneration was £60,000 or more.

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12
Tangible fixed assets
Leasehold
land and
buildings
£
Cost
At 1 April 2020
1,637,994
At 31 March 2021
1,637,994
Depreciation and impairment
At 1 April 2020
598,032
Depreciation charged in the year
32,760
At 31 March 2021
630,792
Carrying amount
At 31 March 2021
1,007,202
At 31 March 2020
1,039,962
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Notes
Obligations under finance leases
Trade creditors
Other creditors
Accruals and deferred income		 Plant and
equipment
£
56,667
56,667
26,666
5,952
32,618
24,049
30,002
2021
£
220
5,170
7,142
12,532
2021
£
1,620
671
13,895
4,790
20,976		 Total
£
1,694,661
1,694,661
624,698
38,712
663,410
1,031,251
1,069,964
2020
£
4,694
-
6,490
11,184
2020
£
3,888
3,502
20,386
5,006
32,782

Included within accrued expenses is an amount of £2,065 (2020 £2,238) relating to pension commitments. Included within other creditors is an amount of £10,455 (2020 £17,672) relating to incoming resources deferred in the current year. This is a combination of GMBC funding and childcare vouchers received in advance for April 2021 fees.

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

15 Creditors: amounts falling due after more than one year
2021 2020
Notes £ £
Obligations under finance leases - 1,620

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16 Endowment funds

Endowment funds represent assets which must be held permanently by the charitable company . Income arising on the endowment funds can be used in accordance with the objects of the charitable company and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 April 2019

£
731,963
731,963		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations
gains and
losses
Balance at
1 April 2020

£
£
£
£
£
-
(30,639)
-
-
701,324
-
(30,639)
-
-
701,324		 Movement in funds
Incoming
resources
Resources
expended
Transfers Revaluations
gains and
losses
Balance at
31 March 2021
£
£
£
£
£
-
(32,760)
-
-
668,564
-
(32,760)
-
-
668,564

TIK-TOK NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

17 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Tangible assets
362,687
668,564
Current assets/
(liabilities)
422,715
-
Long term liabilities
-
-
785,402
668,564		 TotalUnrestricted
funds
Endowment
funds
2021
2020
2020
£
£
£
1,031,251
368,640
701,324
422,715
372,770
-
-
(1,620)
-
1,453,966
739,790
701,324		 Total
2020
£
1,069,964
372,770
(1,620)
1,441,114

18 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

19 Cash generated from operations

Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in stocks
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Cash generated from operations
Analysis of changes in net funds
At
Cash at bank and in hand
Obligations under finance leases		 1 April 2020
£
394,368
(5,508)
388,860		 2021
£
12,852
(5,900)
38,712
1
(1,348)
(9,538)
34,779
Cash flows At 31
£
36,791
3,888
40,679		 2020
£
4,770
(4,574)
34,785
-
3,279
7,510
45,770
March 2021
£
431,159
(1,620)
429,539

20 Analysis of changes in net funds