Machynlleth Community Children’s Project Ltd. Nursery: 01654 702933 Pre-school:01654 702607 ## **Trustees’ Annual Report for the period:** **From 01/09/2023 To 31/08/2024** ## **Charity name: Machynlleth Community Children’s Project Ltd** **Charity registration number:** 1043102 ## **Objectives and Activities** As stated in the Memorandum of Association, MCCP’s objects are: _To advance the education of children up to the age of eight years in Machynlleth and the surrounding area by promoting facilities for daily care, recreation, and education. The charity also aims to promote high standards of childcare among parents and all individuals and organisations providing such facilities._ We aim to: - Provide high-quality day care that supports the development, care, and education of pre-school children in a safe and stimulating environment, where learning through play is encouraged in partnership with parents and carers. - Welcome and support parents and carers who wish to be actively involved in the provision’s activities, offering meaningful opportunities for participation. - Help parents and carers understand and meet the developmental needs of their children. - Encourage families to support their children in learning Welsh. The trustees give careful consideration to the Charity Commission’s Public Benefit Guidance in all decisionmaking processes. ## **Main Activities Undertaken Throughout the Year** ## **Trustee Meetings** ## **16 October 2023** - Agreed to increase preschool capacity from 19 to 24 children, pending CIW approval (granted on 12 December 2023). - A volunteer was appointed to support administrative tasks in the office. - Redecoration of the nursery setting was approved, with a timetable established. - A local raffle was organised to support fundraising efforts. - Trustees agreed to increase their presence at the setting and attend staff meetings regularly. ## **23 November 2023** - Confirmation received that preschool numbers would increase in the new year. Registered Charity/Elusen frestredig: 1043102 & Co Ltd by Guarantee/ Cwmni Cyfyngedig: 2714750 Machynlleth Community Children’s Project Ltd. Nursery: 01654 702933 Pre-school:01654 702607 - Plans made to organise a volunteer day at Ty Melfed. - Christmas raffle postponed. - Drafting of a setting closure procedure and a holiday planning procedure was agreed. - Sarah Tack agreed to take over the role of Responsible Individual (RI). ## **25 January 2024** - Pay increases for staff were approved. - Fee increases were agreed in line with wage adjustments. - Extension of three temporary staff contracts for a further six months was approved. - Staff concerns regarding a lack of direction were noted for further discussion. ## **19 February 2024** - High levels of staff sickness were reported. - The Early Years Education tender was announced, with a deadline before September 2024. - Concerns were raised about the workload of the Team Leader. ## **11 April 2024** - Nursery numbers continued to rise. - The Team Leader remained on sick leave. - The Flying Start tender was live and required completion. ## **8 May 2025** - The Business Manager received the resignation of the Team Leader. - Trustees agreed to advertise for a new Settings Manager. - All staff on temporary contracts were approved to be made permanent. ## **Operational Update** Due to increased demand in the local area, MCCP successfully applied to raise the number of preschool children we can care for at any one time. This capacity increased from 19 to 24 children, effective from January 2024. In April 2024, staff wages were increased in line with the National Living Wage. Correspondingly, childcare fees were adjusted to reflect this change. There have been several key staffing updates: - **Iona Sawtell** stepped down from her role as Responsible Individual (RI) but continues to serve as a trustee. - **Sarah Tack** was appointed as the new RI, effective from 23rd April 2024. - **Holly Davidson** , Team Leader, resigned from her position on 8th May 2025. Registered Charity/Elusen frestredig: 1043102 & Co Ltd by Guarantee/ Cwmni Cyfyngedig: 2714750 Machynlleth Community Children’s Project Ltd. Nursery: 01654 702933 Pre-school:01654 702607 - Following a recruitment process, a new **Settings Manager** was appointed on 21st June 2024, with an official start date of 1st September 2024. We are also pleased to report that MCCP was successful in its application to become a **Flying Start** setting. This was awarded on 30th May 2024 and will take effect from September 2024. ## **Achievements and Performance** Over the past year, Machynlleth Community Children’s Project has made significant progress in both service delivery and community engagement. ## **Expansion of Provision** In response to growing local demand, we successfully increased our preschool capacity from 19 to 24 children, effective January 2024. These places are now consistently filled, and we’ve also welcomed a growing number of children under the age of two. ## **Community Engagement and Fundraising** We held several successful fundraising events, including our annual Danceathon, which raised over £600 to support the purchase of new resources. The event brought together staff, children, and the local community for an afternoon of continuous dancing and fun. Our Easter Egg Hunt was another highlight, attracting not only the children in our care but also families from the wider community. ## **Parental Involvement** We continue to benefit from strong parental engagement. A memorable moment this year was when a parent brought a lamb into the garden, giving children the opportunity to pet and feed it—a joyful and educational experience for all involved. ## **Governance and Staff Collaboration** Regular trustee and staff meetings are held throughout the year. A trustee is always present at staff meetings, and staff members are invited to attend trustee meetings, ensuring open communication and shared decision-making. The Responsible Individual (RI) maintains regular visits to the setting, conducting observations and offering support to staff as needed. Registered Charity/Elusen frestredig: 1043102 & Co Ltd by Guarantee/ Cwmni Cyfyngedig: 2714750 Machynlleth Community Children’s Project Ltd. Nursery: 01654 702933 Pre-school:01654 702607 ## **Staffing and Training** Due to increased child numbers, we extended three temporary staff contracts by an additional six months. All staff training remains current, and DBS checks have been completed as required. ## **Financial Review** ## **RESERVES POLICY** In January 2023 the Trustees reviewed the restricted Funds Policy. This policy explains why we hold a certain amount of our money in cash reserves, why we hold the level we hold and how this policy will be reviewed. ## **Machynlleth Community Children’s Project (MCCP) Ltd.’s Reserves** As a charitable company limited by guarantee, the Trustees acknowledge that each year the majority of income should be returned to the charity in terms of the services MCCP provides. However, as a sensible and professional organisation, it is important that a level of reserve is held which would be available should any unforeseen circumstance occur. MCCP is dependent on trading income and an element of grant funding, the nature of the organisation is such that it is unlikely to be able to secure any other type of funding from other sources. ## **Level of Reserves** In order to minimise the risk to the organisation, the Trustees have agreed the following: To maintain a level capable of meeting a sufficient operating reserve to meet the equivalent of two-month salary costs. Current assets surplus to the agreed operating reserve, should be used for strategic purposes of MCCP in developing its services and raising its standards. £24000 was bequeathed to MCCP to help facilitate a new nursery building. This is to be held in reserves until such a time that a new nursery building is acquired. At any time, this policy can be reviewed should the chair of the Trustees receive official notice from either two of the Trustee Board. Machynlleth Community Children’s Project Ltd hold £64690.00 in reserves as of January 2023. ## **This policy was reviewed February 2023.** ## **Further financial information** Registered Charity/Elusen frestredig: 1043102 & Co Ltd by Guarantee/ Cwmni Cyfyngedig: 2714750 Machynlleth Community Children’s Project Ltd. Nursery: 01654 702933 Pre-school:01654 702607 Fees continue to make up the majority of MCCP’s income. These include: - **Parent fees** - **Childcare Offer funding** - **Local authority funding** for Early Years Education places Additional income is generated through: - **Grants** from the local council - **Fundraising activities** - **Donations** from the community MCCP operates as a **not-for-profit charity** , with a sustainable financial model that covers overheads, payroll, and running costs primarily through fees and ongoing government childcare scheme grants. **Fundraising** plays a vital role in enhancing the quality of our provision. Funds raised are used to: - Purchase consumables for children - Invest in new resources for activities and workshops - Maintain a high standard of service delivery While we do not rely on individual grants for core operations, they are instrumental in supporting **infrastructure development** and **strategic improvements** . ## **Grants Secured in 2023–2024** - **Early Years Deprivation Grant** : £2,300 - **RRRS Grant** : £2,668.36 - **Capital Small Grants Scheme (PCC)** : £13,776.61 ## **Structure, Governance and Management** The company was established under a Memorandum of Association which establishes its objectives and powers and is governed under its Articles of Association. The organisation is a charitable company limited by guarantee, incorporated on 14th May 1992. Anyone interested in or approached about joining our board is made welcome to attend an initial meeting, after which they are asked to confirm their interest. Pending the completion of a Trustee Members form and nomination and seconding at an Ordinary Trustee meeting, that person is then co-opted onto the board. This person is officially voted in at the following AGM. Notes from Articles of Association read: “The Board of directors may at any time co-opt any person to the Board of Directors whether or not he/she is a Member of the Company. The Directors may appoint a person who is willing to act to be a Director provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles as the maximum number of directors. If not re-appointed at such Annual General Meetings/he shall vacate office at the conclusion of that meeting.” ## **Reference and Administrative details** Registered Charity/Elusen frestredig: 1043102 & Co Ltd by Guarantee/ Cwmni Cyfyngedig: 2714750 Machynlleth Community Children’s Project Ltd. Nursery: 01654 702933 Pre-school:01654 702607 |Charityname|Machynlleth CommunityChildren’s Project Ltd| |---|---| |Other name the charityuses|| |Registered charitynumber|1043102| |Charity’s principal address|Ty Melfed, Craigfryn, Machynlleth, Powys, SY20 8JB| |**Trustee name**|**Office (if any)**|**Dates acted if not**
**for wholeyear**|**Name of person (or body) entitled to**
**appoint trustee(if any)**| |---|---|---|---| |**Iona Sawtell**|**RI/Trustee**|**Appointed**
**13/04/2019**|| |**Sam Brown**|**Director**|**25/08/2021**|| |**Jaqueline**
**Lambourne**|**Director**|**25/08/2021**|| |**Sarah Tack**|**RI/Director**|**15/12/2021**|| |**Catrin Cullen**|**Secretary**|**16/05/2022**|| |**Kristina Vince-**
**Holt**|**Treasurer**|**15/05/2022**|| ## **Declarations** **The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees:** ## **Signature(s)** ## **Full names(s)** ## **Position** ## **Date** Registered Charity/Elusen frestredig: 1043102 & Co Ltd by Guarantee/ Cwmni Cyfyngedig: 2714750 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD REPORT AND FINANCIAL STATEMENTS coverin the ear ended 31st Au ust 2024 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD CONTENTS Page REPORT OF THE DIRECTORS, INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE ACCOUNTS 8-13 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD REPORT OF THE DIRECTORS, for the Year Ended 31st Au ust 2024 The directors present their report and financial statements for the year ended 31 st August 2024. REFERENCE AND ADMINISTRATIVE INFORMATION Chdirity Name MaCh)￿lIeth Community Children's Project Ltd Charity Registration Number I043102 Company Registration Number 2714750 Registered Office and Operational Address Mach)nlleth Community Children Project Ltd, Ty Melfed, Craigfryn, Machynlleth, Powys. SY20 8JB Directors Thc following have served as dircctors during the year . Iona Sawtell Sam Browne (resigned 01.09.24) Jacqueline Lambourne Sarth Tack Laura Stevens Catrin Cullen Kristina Vince-Holt Accountants Major and Evans, Bull House, 15 Penrallt StreeL Machynlleth, Powys. SY20 8AG Bankers Barclays, 26 Terrace Road, Aberystwyth, Ceredigion. SY23 2AE STRUCTURE, GOVERNANCE AND MANAGEMENT Thc organisation is a charitable company limited by guarantee, incorporated on 14th May 1992. The company was established under a Memorandum of Association which establishcs its objects and powers and is governed under its Articles of Assoclation. In the event of the company being wound up members are required to contribute an amount not exceeding £ l. MACHYNLLETH COMMUNITY CHtLDREN'S PROJECT LTD REPORT OF THE DIRECTORS, for the Year Ended 31st Au St 2024 continued STRUCTURE, GOVERNANCE AND MANAGEMENT (cont) Interest in MCCP Ltd directorship is welcomed at any time, howevcr an active recruitment progranune is implemented preceding the Annual General Meeting in a variety of media. Thi.8 may include verbal discussions, notices placed locally, prcss rclcascs, newsletters to members andlor via our database of local organisations across Bro Ddyfi. Applications are invit¢d from all membcrs of the community with an interest in enabling MCCP Ltd to achieve its aims and objectives. In line with our Equal Opportunities Policy we appoint Directors via a fair and transparent process regardless of age, gend¢r, social background, abilityldisability, culture, ethnic origin or religious belief.* Expressions of interest in directorship are received by the Management Committee for consideration and are democratically elected on the basis of suitability to undertake the required responsibilities. AII Directors receive an induction handbook containing latest accounts, copies of minutes, governing document, Charity Commission publications detailing legal responsibilities and other relevant inforniation. (In accordance with Charity Law guidelines) OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT These are stated in the Memorandum of Association to advance the education of children up to the age of twelve years in Machynlleth and surrounding area by promoting facilities for daily care. recreation and education of such children, and by promoting good standards of child care by the parents of such children and all persons and organisations providing suLh facilities. In exercising their powers the directors have complied with their duty to have regard to the guidance on public benefit published by thc Charity Cornmission. FINANCIAL REVIEW The Statemcnt of Financial Activities is shown on page 6 to the Accounts, and shows income of £301,747 and expenditure of £307,270. resulting in net expenditure of £5,523 as analysed between the various fLmds detailed therein. All the assets as shown in the Ba]ance Sheet are held for the purpose of the company's charitable objectives. After making appropriate enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD REPORT OF THE DIRECTORS, for the Year Ended 31st Au st 2024 ¢ontillued DIRECTORS, RESPONSIBILITIES Company law requires the dircctors to prcpare financial statements for each financial year which give a true and fair view of the state of the company and of the su￿lUsIdef1Clt of the company for that period. In preparing these financial statements, the directors are required to select suitable accounting policies and then to apply them consistently. making judgements and estimates that are reasonable and prudent, and prepare th¢ financial statements on a going concern basis, unless it is inappropriate to assume that the company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company, and enable them to ensure that the financial statements comply with thc Companies Act 2006. They are also responsible for safeguarding the assets of the company, and hcnce for taking reasonable steps for the prev¢ntion and detection of fraud and other irregularities. SMALL COMPANY RULES The company has taken advantage of the small companies, exemption in preparing the report above. By OrdeT of the Board Kristina Vince-Holt (T￿Stee) 23JDI125 Date INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD I report to the charity trnstees on my examination of the accounts of the Company for the year ended 31 st August 2024. Responsibilities and Basis of Report As the charity's trustees of the Company (alld also its directors for the purposcs of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that thc accounts of the Company arc not required to be audited under Part 16 of the 2006 Act alld are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of thc Charitics Act 20 I l ('the 201 l Act,). In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent Examiner's Statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirni that l am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving mc cause to bclieve: accounting records were not kept in respect of the Company as required by section 386 of thc 2006 Act; or 2. th¢ accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent ¢xamination' or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD Continued 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. R W Evans Bsc Econ(Hons), FCCA Major and Evans, Chartered Certified Accountants, Bull House, 15 Penrallt StreeL Machynlleth, Powys. MACHYNLLETH COMIIIUNITY CHILDREN'S PROJECT LTD STATEMENT OF FINANCIAL ACTIVITIES includin Income and Ex cnditurc Account For the Year Ended 31st Au ust 2024 2024 2024 Total Funds 2024 Total Funds 2023 Note Restricted Unrestrieted Funds Funds INCOME Donations and Legacies Gifts and Fundraising Grants Charitable Activities Fees Investment Income 1.073 1,073 21,694 3,509 43,907 21.694 277,822 1,158 277,822 1,158 287,433 237 21,694 280,053 301,747 335,086 EXPENDITURE Charitable Activities 24,838 282,432 307,270 332,235 24,838 282,432 307,270 332,235 Net Incomel(Expenditure) {3,144) {2,379) (5523) 2,851 R¢conciliatioD of Funds . Total Funds Brought FoNiard 15,844 81,742 97,586 94,735 Total Funds Carried Forward 12,700 79J63 92,063 97,586 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT Ltd BALANCE SHEFT as at 31st Au ust 2024 Notes 2024 2023 Fixed Assets Tangible Assets 2,446 3,027 Current Assets Debtors Cash at Bank Cash in Hand 10,707 5 81,837 8,505 93,597 269 102.371 92,544 Creditors . Amounts falling due within one year 2,927 7,812 Net Current Assets 89,617 94,559 Total Assets less Current Liabilities 92,063 97,586 Total Net Assets 92,063 97,586 Financed by . Funds - Unre8tricted Restricted 8(a) 8(b) 79,363 12,700 92,063 81,742 15,844 97,586 The company was entitled to exemption from audit under s477 of the Companles Act 2006 relating to small companies. Th¢ members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acla]owledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP. 9 3107.1.25........... and signed on its behalf by Approved by the Board of Trustees on .... Kristina Vince-Holt (Trustee) Jacqueline Lambourne (Trustee) MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 l. Accounting Policies a) Basis of Preparation of Financial Statements The Financial Stat¢mcnts have been prepared ID accordance with Accounling and Reporting by CharÉties . Statement of Rccommcndcd PTacticc applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (issued in October 2019 - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102) and the Companies Act 2006. Machynlleth Community Children's Project Ltd meets the definition of a public bcncfit ¢ntity under FRS102. Assets and liabilities are initially recognised at historical cost or tTansaction value unless othe￿iSe stated in the relevant accounting policy. b) Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised. c) Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 Continued e) Tangible Fixed Assets Expenditure on tangible fixed assets is capitalised at cost. Depreciation of tangible fixed assets is calculated to write off the cost less estimated residual value of each asset over its expected use￿1 life using the reducing balance method as follows . Furniture, Fixtures, Fittings and Equipment 15 % per annum Computer Equipment 33 % per annum Leasehold Land and Buildings Over the Period of the Lease (Straight Line Method) fj Debtors Trade and other debtors are recognised at the settlement amount due after any tTade discount offered. Prepayments are valued at the amount prepaid. g) Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at their settlement amount after allowing for any trade discounts due. h) 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. i) Pensions The charity contributes to employees, pension plans and the pension charge represents the amounts payable by the charity to the plans in respect of the year. j) Funds Restricted Funds Income received from public sector bodies and others to be used in ￿rthcrance of particular aspects of the objects of the charity is separated and treated as restricted funds. ii) Unrestricted Funds Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au st 2024 Continued 2024 2024 Restricted Unrestrieted Funds Funds Total Funds 2024 Total Funds 2023 2. Charitablc Activities Rcsources for Children Direct Miscellaneous Expenses 4,488 4,834 618 9,322 618 9.251 209 Gross Wages Pension Costs Rent and Rates Heat, Light and Power Travelling and Entertainment Printing and Ststionery Telephone and Computer Charges Software Subscriptions Accountancy Repairs and Renewals Bad Debts Subscriptions and Licences Tralning Insurance General Expenses Cleaning Prcmises F.xpenses conSull￿bIeS Hygiene/Disposal Bank Charges Depreciation 9,867 243,649 2,930 I,149 3,123 182 2,039 3,810 2,565 1,650 1,838 275 336 1,067 4,767 253,516 2.930 1,149 3,123 182 2,039 3,810 2,565 1,650 7,925 275 336 1,067 4,767 275,535 3,765 1,064 2.241 318 2,602 3,406 2,494 1.680 1,756 386 318 967 6,087 13 1,484 15,862 2,655 5,300 172 757 607 1,211 1,204 3,984 112 482 607 5,508 1,204 3,984 112 581 4,297 99 24,838 282,432 307,270 332,235 io- MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au Continued ust 2024 3. Fixed Assets - tangible assets Leasehold Computers Furniture Land and and other Fixtures Buildings Equipment and Fittings Total Cost/Valuation . at 1st September 2023 Expenditure in Year 39,992 23,391 16,192 79,575 39,992 23,391 16,192 79,575 Depreciation . at I st September 2023 Amount provided in year 39,992 22,686 233 22.919 13,870 348 14,218 76,548 581 77,129 39,992 Net Book Value at 31st August 2024 472 1,974 2,446 Net Book Value at 3 1st August 2023 705 2,322 3,027 4. Debtors 2024 2023 Fees Other Debtors 10707 8505 10,707 8,505 5. Cash at Bank 2024 2023 Current Accounts Deposit Accounts 14,471 67,366 81,837 27,703 65,894 93,597 6. Creditors . amounts falling due within one year 2024 2023 Other Creditors Accruals 1,367 1,560 2,927 6.252 1,560 7,812 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 Continued 7. Analysis of Total Net Assets between Funds 2024 2024 Restricted Unrestricted Funds Funds Total Tangible Fixed Assets . Leasehold Land and Buildings . Cost Depreciation Net Book Value Computers and Other Equipment . Cost Depreciation Net Book Value Furniture, Fixtures and Fittings .' Cost Depreciation Net Book Value 38,192 38,192 1,800 1,800 20,711 20,694 17 2,680 2,225 455 472 6,346 5.831 515 9,846 8,387 1,459 1,974 532 1,914 2,446 Current Assets . Debtors and Prepayments Cash at Bank Cash in Hand 10,707 69,669 10,707 81,837 12,168 12,168 80,376 92,544 Creditors . - amounts falling due within one year 2,927 2,927 Creditors . - amounts falling due after more than one year 12,168 77,449 89,617 Net Current Assets 12,168 77,449 89,617 Total Assets less Liabilities 12,700 79,363 92,063 12- MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 Continued 8. Funds Balance 1st September 2023 Movement in Resources Inter Fund Balance Transfers 31st August 2024 Incoming Outgoing (a) Unrestricted fund: 81,742 280,053 282,432 79,363 (b) Restricted funds: 15,844 21,694 24,838 12,700 Totals 97,586 301,747 307,270 92,063 13 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD REPORT AND FINANCIAL STATEMENTS coverin the ear ended 31st Au ust 2024 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD CONTENTS Page REPORT OF THE DIRECTORS, INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE ACCOUNTS 8-13 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD REPORT OF THE DIRECTORS, for the Year Ended 31st Au ust 2024 The directors present their report and financial statements for the year ended 31 st August 2024. REFERENCE AND ADMINISTRATIVE INFORMATION Chdirity Name MaCh)￿lIeth Community Children's Project Ltd Charity Registration Number I043102 Company Registration Number 2714750 Registered Office and Operational Address Mach)nlleth Community Children Project Ltd, Ty Melfed, Craigfryn, Machynlleth, Powys. SY20 8JB Directors Thc following have served as dircctors during the year . Iona Sawtell Sam Browne (resigned 01.09.24) Jacqueline Lambourne Sarth Tack Laura Stevens Catrin Cullen Kristina Vince-Holt Accountants Major and Evans, Bull House, 15 Penrallt StreeL Machynlleth, Powys. SY20 8AG Bankers Barclays, 26 Terrace Road, Aberystwyth, Ceredigion. SY23 2AE STRUCTURE, GOVERNANCE AND MANAGEMENT Thc organisation is a charitable company limited by guarantee, incorporated on 14th May 1992. The company was established under a Memorandum of Association which establishcs its objects and powers and is governed under its Articles of Assoclation. In the event of the company being wound up members are required to contribute an amount not exceeding £ l. MACHYNLLETH COMMUNITY CHtLDREN'S PROJECT LTD REPORT OF THE DIRECTORS, for the Year Ended 31st Au St 2024 continued STRUCTURE, GOVERNANCE AND MANAGEMENT (cont) Interest in MCCP Ltd directorship is welcomed at any time, howevcr an active recruitment progranune is implemented preceding the Annual General Meeting in a variety of media. Thi.8 may include verbal discussions, notices placed locally, prcss rclcascs, newsletters to members andlor via our database of local organisations across Bro Ddyfi. Applications are invit¢d from all membcrs of the community with an interest in enabling MCCP Ltd to achieve its aims and objectives. In line with our Equal Opportunities Policy we appoint Directors via a fair and transparent process regardless of age, gend¢r, social background, abilityldisability, culture, ethnic origin or religious belief.* Expressions of interest in directorship are received by the Management Committee for consideration and are democratically elected on the basis of suitability to undertake the required responsibilities. AII Directors receive an induction handbook containing latest accounts, copies of minutes, governing document, Charity Commission publications detailing legal responsibilities and other relevant inforniation. (In accordance with Charity Law guidelines) OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT These are stated in the Memorandum of Association to advance the education of children up to the age of twelve years in Machynlleth and surrounding area by promoting facilities for daily care. recreation and education of such children, and by promoting good standards of child care by the parents of such children and all persons and organisations providing suLh facilities. In exercising their powers the directors have complied with their duty to have regard to the guidance on public benefit published by thc Charity Cornmission. FINANCIAL REVIEW The Statemcnt of Financial Activities is shown on page 6 to the Accounts, and shows income of £301,747 and expenditure of £307,270. resulting in net expenditure of £5,523 as analysed between the various fLmds detailed therein. All the assets as shown in the Ba]ance Sheet are held for the purpose of the company's charitable objectives. After making appropriate enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD REPORT OF THE DIRECTORS, for the Year Ended 31st Au st 2024 ¢ontillued DIRECTORS, RESPONSIBILITIES Company law requires the dircctors to prcpare financial statements for each financial year which give a true and fair view of the state of the company and of the su￿lUsIdef1Clt of the company for that period. In preparing these financial statements, the directors are required to select suitable accounting policies and then to apply them consistently. making judgements and estimates that are reasonable and prudent, and prepare th¢ financial statements on a going concern basis, unless it is inappropriate to assume that the company will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company, and enable them to ensure that the financial statements comply with thc Companies Act 2006. They are also responsible for safeguarding the assets of the company, and hcnce for taking reasonable steps for the prev¢ntion and detection of fraud and other irregularities. SMALL COMPANY RULES The company has taken advantage of the small companies, exemption in preparing the report above. By OrdeT of the Board Kristina Vince-Holt (T￿Stee) 23JDI125 Date INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD I report to the charity trnstees on my examination of the accounts of the Company for the year ended 31 st August 2024. Responsibilities and Basis of Report As the charity's trustees of the Company (alld also its directors for the purposcs of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that thc accounts of the Company arc not required to be audited under Part 16 of the 2006 Act alld are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of thc Charitics Act 20 I l ('the 201 l Act,). In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent Examiner's Statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirni that l am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving mc cause to bclieve: accounting records were not kept in respect of the Company as required by section 386 of thc 2006 Act; or 2. th¢ accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent ¢xamination' or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD Continued 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. R W Evans Bsc Econ(Hons), FCCA Major and Evans, Chartered Certified Accountants, Bull House, 15 Penrallt StreeL Machynlleth, Powys. MACHYNLLETH COMIIIUNITY CHILDREN'S PROJECT LTD STATEMENT OF FINANCIAL ACTIVITIES includin Income and Ex cnditurc Account For the Year Ended 31st Au ust 2024 2024 2024 Total Funds 2024 Total Funds 2023 Note Restricted Unrestrieted Funds Funds INCOME Donations and Legacies Gifts and Fundraising Grants Charitable Activities Fees Investment Income 1.073 1,073 21,694 3,509 43,907 21.694 277,822 1,158 277,822 1,158 287,433 237 21,694 280,053 301,747 335,086 EXPENDITURE Charitable Activities 24,838 282,432 307,270 332,235 24,838 282,432 307,270 332,235 Net Incomel(Expenditure) {3,144) {2,379) (5523) 2,851 R¢conciliatioD of Funds . Total Funds Brought FoNiard 15,844 81,742 97,586 94,735 Total Funds Carried Forward 12,700 79J63 92,063 97,586 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT Ltd BALANCE SHEFT as at 31st Au ust 2024 Notes 2024 2023 Fixed Assets Tangible Assets 2,446 3,027 Current Assets Debtors Cash at Bank Cash in Hand 10,707 5 81,837 8,505 93,597 269 102.371 92,544 Creditors . Amounts falling due within one year 2,927 7,812 Net Current Assets 89,617 94,559 Total Assets less Current Liabilities 92,063 97,586 Total Net Assets 92,063 97,586 Financed by . Funds - Unre8tricted Restricted 8(a) 8(b) 79,363 12,700 92,063 81,742 15,844 97,586 The company was entitled to exemption from audit under s477 of the Companles Act 2006 relating to small companies. Th¢ members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acla]owledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP. 9 3107.1.25........... and signed on its behalf by Approved by the Board of Trustees on .... Kristina Vince-Holt (Trustee) Jacqueline Lambourne (Trustee) MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 l. Accounting Policies a) Basis of Preparation of Financial Statements The Financial Stat¢mcnts have been prepared ID accordance with Accounling and Reporting by CharÉties . Statement of Rccommcndcd PTacticc applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (issued in October 2019 - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102) and the Companies Act 2006. Machynlleth Community Children's Project Ltd meets the definition of a public bcncfit ¢ntity under FRS102. Assets and liabilities are initially recognised at historical cost or tTansaction value unless othe￿iSe stated in the relevant accounting policy. b) Income All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised. c) Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 Continued e) Tangible Fixed Assets Expenditure on tangible fixed assets is capitalised at cost. Depreciation of tangible fixed assets is calculated to write off the cost less estimated residual value of each asset over its expected use￿1 life using the reducing balance method as follows . Furniture, Fixtures, Fittings and Equipment 15 % per annum Computer Equipment 33 % per annum Leasehold Land and Buildings Over the Period of the Lease (Straight Line Method) fj Debtors Trade and other debtors are recognised at the settlement amount due after any tTade discount offered. Prepayments are valued at the amount prepaid. g) Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at their settlement amount after allowing for any trade discounts due. h) 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. i) Pensions The charity contributes to employees, pension plans and the pension charge represents the amounts payable by the charity to the plans in respect of the year. j) Funds Restricted Funds Income received from public sector bodies and others to be used in ￿rthcrance of particular aspects of the objects of the charity is separated and treated as restricted funds. ii) Unrestricted Funds Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au st 2024 Continued 2024 2024 Restricted Unrestrieted Funds Funds Total Funds 2024 Total Funds 2023 2. Charitablc Activities Rcsources for Children Direct Miscellaneous Expenses 4,488 4,834 618 9,322 618 9.251 209 Gross Wages Pension Costs Rent and Rates Heat, Light and Power Travelling and Entertainment Printing and Ststionery Telephone and Computer Charges Software Subscriptions Accountancy Repairs and Renewals Bad Debts Subscriptions and Licences Tralning Insurance General Expenses Cleaning Prcmises F.xpenses conSull￿bIeS Hygiene/Disposal Bank Charges Depreciation 9,867 243,649 2,930 I,149 3,123 182 2,039 3,810 2,565 1,650 1,838 275 336 1,067 4,767 253,516 2.930 1,149 3,123 182 2,039 3,810 2,565 1,650 7,925 275 336 1,067 4,767 275,535 3,765 1,064 2.241 318 2,602 3,406 2,494 1.680 1,756 386 318 967 6,087 13 1,484 15,862 2,655 5,300 172 757 607 1,211 1,204 3,984 112 482 607 5,508 1,204 3,984 112 581 4,297 99 24,838 282,432 307,270 332,235 io- MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au Continued ust 2024 3. Fixed Assets - tangible assets Leasehold Computers Furniture Land and and other Fixtures Buildings Equipment and Fittings Total Cost/Valuation . at 1st September 2023 Expenditure in Year 39,992 23,391 16,192 79,575 39,992 23,391 16,192 79,575 Depreciation . at I st September 2023 Amount provided in year 39,992 22,686 233 22.919 13,870 348 14,218 76,548 581 77,129 39,992 Net Book Value at 31st August 2024 472 1,974 2,446 Net Book Value at 3 1st August 2023 705 2,322 3,027 4. Debtors 2024 2023 Fees Other Debtors 10707 8505 10,707 8,505 5. Cash at Bank 2024 2023 Current Accounts Deposit Accounts 14,471 67,366 81,837 27,703 65,894 93,597 6. Creditors . amounts falling due within one year 2024 2023 Other Creditors Accruals 1,367 1,560 2,927 6.252 1,560 7,812 MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 Continued 7. Analysis of Total Net Assets between Funds 2024 2024 Restricted Unrestricted Funds Funds Total Tangible Fixed Assets . Leasehold Land and Buildings . Cost Depreciation Net Book Value Computers and Other Equipment . Cost Depreciation Net Book Value Furniture, Fixtures and Fittings .' Cost Depreciation Net Book Value 38,192 38,192 1,800 1,800 20,711 20,694 17 2,680 2,225 455 472 6,346 5.831 515 9,846 8,387 1,459 1,974 532 1,914 2,446 Current Assets . Debtors and Prepayments Cash at Bank Cash in Hand 10,707 69,669 10,707 81,837 12,168 12,168 80,376 92,544 Creditors . - amounts falling due within one year 2,927 2,927 Creditors . - amounts falling due after more than one year 12,168 77,449 89,617 Net Current Assets 12,168 77,449 89,617 Total Assets less Liabilities 12,700 79,363 92,063 12- MACHYNLLETH COMMUNITY CHILDREN'S PROJECT LTD NOTES FORMING PART OF THE FINANCIAL STATEMENTS for the Year Ended 31st Au ust 2024 Continued 8. Funds Balance 1st September 2023 Movement in Resources Inter Fund Balance Transfers 31st August 2024 Incoming Outgoing (a) Unrestricted fund: 81,742 280,053 282,432 79,363 (b) Restricted funds: 15,844 21,694 24,838 12,700 Totals 97,586 301,747 307,270 92,063 13