REGISTERED COMPANY NUMBER: 02913840 (England and Wales) REGISTERED CHARITY NUMBER: 1039121
CRANK NURSERY LIMITED
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CRANK NURSERY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 16 |
CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 March 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
The charity's objective and its principle activity is to utilise it's resources to benefit the public in such a way as to advance the education of children below compulsory school age by the provision of day care nursery facilities for such children. The children are mainly but not exclusively resident in Crank, Rainford, Billinge and Eccleston areas of St Helens. The charity is organised so that the Trustees meet regularly to manage its affairs. The remaining staff are employed in the Nursery.
In achieving these objectives and aims, the Trustees have identified the following specific purposes and value:
Organisational Purpose - Supporting children to be active citizens Organisational Values - Seeing the possibilities to make a positive difference
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Valuing and celebrating diversity
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Supporting rights, needs, choices and dreams
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Being responsible, sustainable and innovative in our work
STRATEGIC REPORT
Achievement and performance
The trustees are pleased to report a successful year, despite making a deficit this has been reduced from the previous year. The trustees feel the results are in line with expectations of the long-term strategy for the Nursery.
The Nursery has an excellent reputation in the surrounding area, staff turnover has remained low, and the number of children attending has stayed consistently high.
Financial review
From a financial point of view the results for the year show a deficit of £53,269 compared to a deficit for the previous year of £75,022. The main reason for this deficit is a sharp increase in staffing and associated costs. As indicated in previous reports, the trustees have continued to operate an on-going programme of property maintenance.
Progress of the charity against its objective
We have supported several local charities during the year, including Crank Village Community Association and Crank in Bloom.
Key performance indicators
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The Nursery has been awarded the highest possible score of 5 stars from Environmental Health and St Helens MBC scores on the doors and achieved the Healthy Eating Award.
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Positive feedback and comments from parents, local schools and the Local Authority Early Years team.
Significant Positive and Negative factors that have affected the Nursery
Staffing levels have remained stable with little staff turnover which the trustees consider is helpful for the development of the children attending the Nursery with high numbers of pupils being maintained.
The introduction of Local Authority funding for children from the age of 2 years has led to increased competition due to schools now introducing child care for those age groups. Parents are taking up provision in these school nurseries as this is a more cost-effective and convenient option and this could have an impact on attendance figures in the future.
Reserves Policy
The trustees have reviewed the Charity's need for reserves in line with guidance issued by the Charity Commission and have issued a detailed Reserves Policy. The charity has designated funds set aside for anticipated future expenditure as detailed in note 20 to the accounts. The trustees believe that in addition to known commitments, it is good financial practice to hold up to six months running costs in reserve, given that the charity's income could fluctuate.
An analysis of reserves at 31 March 2024 reveals that of total reserves of £211,133, £132,143 was held as designated funds leaving £78,990 as unrestricted general funds. This figure is equivalent to less than 1 month of running costs for the nursery.
Principal risks and uncertainties
The trustees consider the major strategic, business and operational risks that the charity faces each year when considering budgets and business plans. Systems have been developed to monitor and control these risks to mitigate any impact that the risks may have in the future.
Key management personnel
The Trustees consider the key management personnel to be the management team. The remuneration of the key management personnel is set by the trustees with reference to available benchmarks of competitor pay.
Page 1
CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STRATEGIC REPORT
Future plans
Plans for the future include the continuing maintenance and improvement of the nursery.
All staff will continue to keep their training up to date, including Paediatric first aid and Safeguarding. We are continually striving to achieve the best possible outcome for the children by providing qualified and experienced staff and maintaining the purchase of good quality resources and equipment.
To stay competitive with other settings the under 2s area is due to be refurbished. The nursery boiler needs to be replaced, a hardwired panic alarm system will be installed, additional door security and an electronic signing in system for staff is being explored.
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.
Crank Nursery is a Charitable Company Limited by Guarantee, governed by a Memorandum and Articles of Association.
Overall direction and supervision of the activities of the Association is exercised by a Management Committee of 4 Directors including the officers (Chair: Mrs BE Brighouse and Company Secretary: Mrs S. Roper). The day to day running of the Nursery is undertaken by Mrs Sarah Morgan, Manager.
METHOD, APPOINTMENT, INDUCTION AND TRAINING OF TRUSTEES
All of the trustees are respected members of the local community and understand the ethos of our charity. The trustees have a background in business and/or working with children and have current enhanced DBS checks.
New trustees must be nominated by an existing member of the Nursery Board.
Potential new trustees will be invited for an informal visit to the Nursery and to meet the Board. If the Board deem the candidate suitable, the next stage in the procedure would be for them to be invited for an interview with the Board and the Nursery Manager. Following the interview a vote will be held and if agreed by a majority of the Board the candidate will be invited to join the Board as a Trustee.
Training of the Trustees is an ongoing process governed by the needs of the Nursery.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02913840 (England and Wales)
Registered Charity number
1039121
Registered office
Crank Nursery Crank Hill Crank St Helens Merseyside WA11 7SD
Trustees
Mr J Adams (resigned 13.4.23) Mrs B E Brighouse Mrs P A Davenport Mr A J Lyons Mrs N J Garner (appointed 18.7.24)
Company Secretary
Mrs S Roper
Page 2
CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Auditors
Livesey Spottiswood Ltd Chartered Accountants and Statutory Auditors 17 George Street St Helens Merseyside WA10 1DB
Bankers
NatWest Bank plc 5 Ormskirk St St Helens Merseyside WA10 1DR
DISABLED EMPLOYEES
In accordance with the charity's Equal Opportunity Policy, the Charity has an established fair employment practice in the recruitment, selection, retention and training of disabled staff.
EMPLOYEE INVOLVEMENT
Employees attend regular staff meetings where their opinions on various nursery matters can be discussed and debated. The nursery has implemented a number of detailed policies regarding:
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Equality and Inclusion
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Safer recruitment
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Health and Safety
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Safeguarding and Welfare
The full details of all policies are available in the nursery.
BENEFIT TO THE PUBLIC
The Trustees confirm they have regard for the Public Benefit guidance issued by the Charity Commission as the Charities Act 2011 requires the Charity to demonstrate the Public Benefit of our aims.
The charity provides affordable, quality childcare for children within the local community along with employment for over 40 members of staff. The nursery also allows the use of the premises for the local community to use for fund raising purposes and as a polling station.
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees (who are also the directors of Crank Nursery Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES' RESPONSIBILITY STATEMENT - continued
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 12 November 2024 and signed on the board's behalf by:
Mrs S Roper - Secretary
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
Opinion
We have audited the financial statements of Crank Nursery Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and the provisions available for small entities, in the circumstances set out in note 21 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are planned and performed to detect irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
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Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;
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Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amount; and
-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations.
There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Other matter
The financial statements for the year ended 31 March 2023 were unaudited.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Hudd BA FCA (Senior Statutory Auditor) for and on behalf of Livesey Spottiswood Ltd Chartered Accountants and Statutory Auditors 17 George Street St Helens Merseyside WA10 1DB Date: .............................................
Page 6
CRANK NURSERY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Operation of nursery Activities for generating funds 3 Investment income 4 Other income Total EXPENDITURE ON Raising funds 6 Charitable activities 7 Operation of nursery Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 212,888 838,515 2,406 2,598 3,300 1,059,707 1,096 1,111,880 1,112,976 (53,269) 264,402 211,133 |
Restricted fund £ 859 - - - - 859 - 859 859 - - - |
2024 Total funds £ 213,747 838,515 2,406 2,598 3,300 1,060,566 1,096 1,112,739 1,113,835 (53,269) 264,402 211,133 |
2023 Total funds £ 216,707 681,872 3,763 1,047 - 903,389 - 978,411 978,411 (75,022) 339,424 264,402 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 7
CRANK NURSERY LIMITED (REGISTERED NUMBER: 02913840)
BALANCE SHEET 31 MARCH 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 12 66,063 CURRENT ASSETS Debtors 13 14,519 Cash at bank 226,633 241,152 CREDITORS Amounts falling due within one year 14 (96,082) NET CURRENT ASSETS 145,070 TOTAL ASSETS LESS CURRENT LIABILITIES 211,133 NET ASSETS 211,133 FUNDS 16 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
2024 Total funds £ 66,063 14,519 226,633 241,152 (96,082) 145,070 211,133 211,133 211,133 211,133 |
2023 Total funds £ 56,183 17,996 312,597 330,593 (122,374) 208,219 264,402 264,402 264,402 264,402 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 November 2024 and were signed on its behalf by:
Mrs B E Brighouse - Trustee
The notes form part of these financial statements
Page 8
CRANK NURSERY LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (62,460) (3,375) (65,835) (20,129) (20,129) (85,964) 312,597 226,633 |
2023 £ (10,310) - (10,310) (45,538) (45,538) (55,848) 368,445 312,597 |
|---|---|---|
The notes form part of these financial statements
Page 9
CRANK NURSERY LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| 1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW | FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Net expenditure for the reporting period (as per the Statement of Financial | |||||
| Activities) | (53,269) | (75,022) | |||
| Adjustments for: | |||||
| Depreciation charges | 10,249 | 9,593 | |||
| Interest paid | 3,375 | - | |||
| Decrease/(increase) in debtors | 3,477 | (3,251) | |||
| (Decrease)/increase in creditors | (26,292) | 58,370 | |||
| Net cash used in operations | (62,460) | (10,310) | |||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | ||||
| At | 1/4/23 | Cash flow | At 31/3/24 | ||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 312,597 | (85,964) | 226,633 | ||
| 312,597 | (85,964) | 226,633 | |||
| Total | 312,597 | (85,964) | 226,633 |
The notes form part of these financial statements
Page 10
CRANK NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling which is the functional currency of the charity.
Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be reliably measured.
Income from Nursery fees are included in the Statement of Financial Activities (SOFA) when: -the charity becomes entitled to the fees and any conditions for receipt are met, -the trustees are reasonably certain they will receive it; and -the trustees are reasonably certain that the value can be reliably measured
Interest on deposit account funds held is included when receivable and the amount can be measured reliably by the charity which is normally upon notification of the interest paid or payable by the bank.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. All 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 attributable to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Fixed assets are capitalised at cost where acquired, or management's approximate valuation of cost where donated.
Depreciation is provided to write off the cost, less an estimated residual value, or all fixed assets evenly over their expected economic useful lives on a reducing balance basis as follows:-
Classroom equipment - 25% on reducing balance / 10% on cost Fixtures and fittings - 20% on reducing balance Computer equipment - 33% on reducing balance
The need for any impairment of a fixed asset write-down is considered if there is concern over the carrying value of an asset and is assessed by comparing that carrying value against the value in use or realisable value of the asset when appropriate.
Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Fund accounting
Designated funds have been established out of the charity's unrestricted general fund to cover anticipated future expenditure. These funds are being built up in a reserve account with the charity's bankers.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
continued...
Page 11
CRANK NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Going concern
The trustees consider that there are no material uncertainties about the ability of Crank Nursery Limited to continue as a going concern.
Grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
2. DONATIONS AND LEGACIES
| Grants Grants received, included in the above, are as follows: |
2024 £ 213,747 |
2023 £ 216,707 |
||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| St. Helens Borough Council (Unrestricted) | 207,050 | 211,834 | ||
| Milk Grant (Unrestricted) | 5,838 | 4,873 | ||
| DAF Funding (Restricted) | 859 | - | ||
| 213,747 | 216,707 | |||
3.
ACTIVITIES FOR GENERATING FUNDS
| ACTIVITIES FOR GENERATING FUNDS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Income from fayres, raffles and lottery | 2,406 | 3,763 |
All income from activities for generating funds in the current year relates to unrestricted funds.
4. INVESTMENT INCOME
5.
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Interest received | 2,598 | 1,047 | |
| All investment income in the current and previous year relates to unrestricted funds. | |||
| INCOME FROM CHARITABLE ACTIVITIES | |||
| 2024 | 2023 | ||
| Activity | £ | £ | |
| Nursery fees | Operation of nursery | 838,515 | 681,872 |
INCOME FROM CHARITABLE ACTIVITIES
All income from charitable activities in the current and previous year relates to unrestricted funds.
continued...
Page 12
CRANK NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. RAISING FUNDS
Fundraising costs
| Fundraising costs | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Organised event costs | 1,096 | - |
All expenditure in relation to other trading activities in the current year relates to unrestricted funds.
7. CHARITABLE ACTIVITIES COSTS
| Support | |||
|---|---|---|---|
| Direct | costs (see | ||
| Costs | note 8) | Totals | |
| £ | £ | £ | |
| Operation of nursery | 1,040,356 | 72,383 | 1,112,739 |
The expenditure in relation to charitable activities costs in the current year was £1,112,739 of which £1,111,880 was unrestricted and £859 was restricted (2023: £978,411 all unrestricted).
8. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Operation of nursery | 54,612 | 17,771 | 72,383 |
All expenditure in relation to support costs in the current and previous year was unrestricted.
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 5,700 | - |
| Depreciation - owned assets | 10,249 | 9,593 |
| Independent examiner's remuneration | - | 2,750 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
11. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 832,081 42,414 21,439 895,934 |
2023 £ 727,460 41,996 18,800 |
|---|---|---|
| 788,256 |
continued...
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CRANK NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. STAFF COSTS - continued
The average monthly number of employees during the year was as follows:
| Direct charitable Administration |
2024 42 4 46 |
2023 33 3 36 |
|---|---|---|
No employees received emoluments in excess of £60,000.
The total employee benefits of the key management personnel of the Nursery were £101,933 (2023: £100,721).
Indemnity insurance for the trustees is included at a premium of £787 (2023 - £504).
12. TANGIBLE FIXED ASSETS
| Classroom equipment £ COST At 1 April 2023 92,267 Additions - At 31 March 2024 92,267 DEPRECIATION At 1 April 2023 57,880 Charge for year 4,131 At 31 March 2024 62,011 NET BOOK VALUE At 31 March 2024 30,256 At 31 March 2023 34,387 |
Fixtures and Computer fittings equipment £ £ 101,591 10,529 20,129 - 121,720 10,529 83,184 7,140 5,000 1,118 88,184 8,258 33,536 2,271 18,407 3,389 |
Totals £ 204,387 20,129 |
|---|---|---|
| 224,516 | ||
| 148,204 10,249 |
||
| 158,453 | ||
| 66,063 | ||
| 56,183 |
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income |
2024 £ 10,831 3,688 14,519 |
2023 £ 13,983 4,013 17,996 |
|---|---|---|
continued...
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CRANK NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
2024 £ 7,759 12,051 4,379 71,893 96,082 |
2023 £ 740 67,945 5,101 48,588 |
| 122,374 |
15. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years In more than five years |
2024 £ 287 3,696 549,333 553,316 |
2023 £ - 1,568 571,333 |
|---|---|---|
| 572,901 |
The charity leases the building from which it operates, on a long lease until 31 July 2045 at an initial amount of £20,000 per annum, with yearly incremental increases until 1 August 2027. After this date, the rent is reviewed every 3 years.
16. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
At 1/4/23 £ 264,402 264,402 Incoming resources £ 1,059,707 859 1,060,566 |
Net movement in funds £ (53,269) (53,269) Resources expended £ (1,112,976) (859) (1,113,835) |
At 31/3/24 £ 211,133 211,133 Movement in funds £ (53,269) - |
At 31/3/24 £ 211,133 |
|---|---|---|---|---|
| 211,133 | ||||
| (53,269) |
continued...
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CRANK NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Net movement At At 1/4/22 in funds 31/3/23 £ £ £ 339,424 (75,022) 264,402 339,424 (75,022) 264,402 Incoming Resources Movement resources expended in funds £ £ £ 903,389 (978,411) (75,022) 903,389 (978,411) (75,022) |
|---|---|
17. EMPLOYEE BENEFIT OBLIGATIONS
During the year the company made contributions to a defined contribution pension scheme. The amount paid during the year was £21,439 (2023: £18,800). At 31 March 2024, £4,364 (2023 - £5,028) was due in respect of outstanding pension contributions.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024 nor for the year ended 31 March 2023.
19. COMPANY LIMITED BY GUARANTEE
The Charity is a company Limited by Guarantee and has no share capital.
20. DESIGNATED FUNDS
To cover anticipated future expenditure, funds are being built up in a reserve account with the NatWest. At the year end the balances were as follows:-
| balances were as follows:- | |
|---|---|
| £ | |
| Repairs and improvements fund | 40,000 |
| Staff costs fund | 20,000 |
| Future lease commitment fund | 70,000 |
| Friends of Crank | 2,143 |
21. PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors for routine payroll services, and assist with the preparation of the financial statements.
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