## **Little Owls (Broseley)**
**Charity No. 1043532**
## **Trustees' Report and Unaudited Accounts**
**31 March 2024**
**Little Owls (Broseley) Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Note to the Accounts|6 to 12|
|Statement of Cash flows|13|
|Detailed Statement of Financial Activities|14 to 15|
Page 1
**Little Owls (Broseley) Trustees Annual Report**
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Charity No. 1043532**
## **Principal Office**
Dark Lane School Campus Dark Lane Broseley Shropshire TF12 5LW
## **Trustees**
The following trustees served during the year:
L. Bailey K. Harley K. Lawrence S. Hatton
## **Accountants**
P1 Accounting Services Ltd C11 Tweedale Industrial Est Madeley Telford TF7 4JR
## **Bankers**
Lloyds Bank PLC 8 High Street Bridgnorth Shropshire WV16 4DN
## **OBJECTIVES AND ACTIVITIES**
The aims of the charity are to enhance the development and education of the children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups. This is done by offering the appropriate play, education and care facilities, family learning and extended hours groups, together with the rights of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability. We continue to develop our practice with continued professional development ensuring our staff operate to the highest standard. We receive government funding for three and four year olds and continue to offer sufficient places for parents to use this entitlement.
## **ACHIEVEMENTS AND PERFORMANCE**
With increasing costs across most sectors, we have tried to keep our prices low to ensure all families can still access affordable, good quality childcare. Following an OFSTED inspection in September 2022, we maintained the grading of 'Good' which has allowed the nursery to continue claiming the 2-year old funding.
Page 2
**Little Owls (Broseley) Trustees Annual Report**
## **FINANCIAL REVIEW**
Any reserves generated are placed in a deposit account to pay for unexpected contingencies and to build up a reserve to pay for replacement fixed assets.
## **PLANS FOR FUTURE PERIODS**
Our plan is to continue to provide nursery services at the standard achieved in the past and to expand the activities offered to both children and parents throughout the year. However, we anticipate a challenging year ahead due to the new funding being introduced from April 2024 for two-year olds and 9-month olds from September 2024, and a gradual increase until September 2025.
After September 25, we are also looking at increasing the nursery fees to support the increase in outgoings including National Minimum Wage. We are in talks with Broseley CofE Primary school, as they have shown an interest in taking on the nursey, but also exploring other possible ways to manage the setting to ensure we are sustainable. The structure of the nursery is set to remain the same and investment is to be made in both staff training and the services currently offered.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The nursery is registered with Ofsted. The terms of this registration means the nursery must adhere to their welfare requirements. These are regulated by Ofsted through their inspections. The nursery is also regulated termly by Shropshire Council. HR policies are currently developed through the support of Peninsula.
A nursery manager is employed to oversee the day to day running of the nursery. The parent committee meet every six to eight weeks to oversee and support this. The nursery also employs several other staff including administration and room leaders.
## **Statement of trustees' responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are a group of people charged with the governance of the charity. During the year, no trustee had any financial interest in the charity.
Signed on behalf of the charity's trustees
Stacey Hatton Chairperson/trustee 20 December 2024
Page 3
**Little Owls (Broseley) Statement of Financial Activities**
## **for the year ended 31 March 2024**
|**Notes**
**Income and endowments**
**from:**
Charitable activities
3
Investments
4
**Total**
**Expenditure on:**
Charitable activities
5
Other
6
**Total**
Net gains on investments
**Net income/(expenditure)**
7
Transfers between funds
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**||||
|---|---|---|---|
||**Unrestricted**
**funds**|**Total funds**|**Total funds**|
||**2024**|**2024**|**2023**|
||**£**|**£**|**£**|
|||||
||367,756|367,756|338,552|
||227|227|106|
||367,983|367,983|338,658|
|||||
||17,166|17,166|16,932|
||350,405|350,405|340,992|
||367,571|367,571|357,924|
||-|-|-|
||412|412|(19,266)|
||-|-|-|
||412|412|(19,266)|
|||||
||412|412|(19,266)|
|||||
||110,687|110,687|129,953|
||111,099|111,099|110,687|
|||||
|||||
|||||
Page 4
**Little Owls (Broseley) Balance Sheet**
**at 31 March 2024**
|**Charity No. 1043532**
**Fixed assets**
Tangible assets
9
**Current assets**
Debtors
10
Cash at bank and in hand
**Creditors:**Amount falling due within one year
11
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset or liability**
**Total net assets**
**The funds of the charity**
**Restricted funds**
12
**Unrestricted funds**
12
General funds
**Reserves**
12
**Total funds**|**2024**
**£**
96,782
96,782
118
18,612
18,730
(4,413)
14,317
111,099
111,099
111,099
111,099
111,099
111,099|**2023**
**£**
104,223|
|---|---|---|
|||104,223
118
11,114|
|||11,232
(4,768)|
|||6,464
110,687|
|||110,687|
|||110,687|
|||110,687|
|||110,687|
|||110,687|
Approved by the trustees on 20 December 2024
And signed on their behalf by:
S. Hatton Chairperson/trustee 20 December 2024
Page 5
**Little Owls (Broseley) Notes to the Accounts**
## **for the year ended 31 March 2024**
- 1 **Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Change in basis of accounting or to previous**
## **accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **Fund accounting**
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
## **Income**
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 6
**Little Owls (Broseley) Notes to the Accounts**
## **Expenditure**
- Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
- Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
- Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
- Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
- Other expenditure These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Freehold investment property**
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other 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 party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 7
**Little Owls (Broseley) Notes to the Accounts**
## **Leased assets**
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
## **Pension costs**
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds.
## **Receipt of donated goods, facilities and services**
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 8
**Little Owls (Broseley)**
## **Notes to the Accounts**
## 2 **Statement of Financial Activities - prior year**
|2
**Statement of Financial Activities - prior year**||||
|---|---|---|---|
|**Income and endowments from:**
Charitable activities
Investments
**Total**
**Expenditure on:**
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
3
**Income from charitable activities**
4
**Income from investments**|**Unrestricted**
**£**
367,756
367,756
**Unrestricted**
**£**
227
227|**Unrestricted**
**funds**
**2023**
**£**
338,552
106
338,658
16,932
340,992
357,924
(19,266)
(19,266)
(19,266)
129,953
110,687
**Total**
**2024**
**£**
367,756
367,756
**Total**
**2024**
**£**
227
227|**Total funds**
**2023**
**£**
338,552
106|
||||338,658
16,932
340,992|
||||357,924|
||||(19,266)|
||||(19,266)|
||||(19,266)
129,953|
||||110,687|
||||**Total**
**2023**
**£**
338,552|
||||338,552|
||||**Total**
**2023**
**£**
106|
||||106|
Page 9
**Little Owls (Broseley) Notes to the Accounts**
## 5 **Expenditure on charitable activities**
|**Unrestricted**
**£**
_Expenditure on charitable_
_activities_
17,166
_Governance costs_
17,166
6
**Other expenditure**
**Unrestricted**
**£**
Employee costs
298,319
Premises costs
26,857
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
7,441
General administrative costs
13,169
Legal and professional costs
4,619
350,405
7
**Net income/(expenditure) before**
**transfers**
**2024**
This is stated after charging:
**£**
Depreciation of owned fixed assets
7,441
8
**Staff costs**
**2024**
Salaries and wages
284,283
Social security costs
8,920
Pension costs
4,208
297,411
No employee received emoluments in excess of £60,000.|**Total**
**2024**
**£**
17,166
17,166
**Total**
**2024**
**£**
298,319
26,857
7,441
13,169
4,619
350,405|**Total**
**2023**
**£**
16,932|
|---|---|---|
|||16,932|
|||**Total**
**2023**
**£**
288,249
24,990
7,544
14,022
6,187|
|||340,992|
|||**2023**
**£**
7,544
**2023**
276,276
7,643
3,862|
|||287,781|
||||
Page 10
**Little Owls (Broseley) Notes to the Accounts**
## 9 **Tangible fixed assets**
|9|**Tangible fixed assets**||||||||
|---|---|---|---|---|---|---|---|---|
|||||**£**||**£**||**£**|
||**Cost or revaluation**||||||||
||At 1 April 2023|||166,936||42,376||209,312|
||At 31 March 2024|||166,936||42,376||209,312|
||**Depreciation and**||||||||
||**impairment**||||||||
||At 1 April 2023|||69,988||35,101||105,089|
||Depreciation charge for the|||6,677||764||7,441|
||year||||||||
||At 31 March 2024|||76,665||35,865||112,530|
||**Net book values**||||||||
||At 31 March 2024|||90,271||6,511||96,782|
||At 31 March 2023|||96,948||7,275||104,223|
|10|**Debtors**||||||||
|||||**2024**||||**2023**|
|||||**£**||||**£**|
||Other debtors|||118||||118|
|||||118||||118|
|11|**Creditors:**||||||||
||amounts falling due within one year||||||||
|||||**2024**||||**2023**|
|||||**£**||||**£**|
||Trade creditors|||4,222||||2,755|
||Other taxes and social security|||-||||693|
||Accruals|||191||||1,320|
|||||4,413||||4,768|
|12|**Movement in funds**||||||||
|||||**Incoming**|||||
|||||**resources**||||**At 31**|
|||**At 1 April**||**(including**
**other**||**Resources**
**expended**||**March**
**2024**|
|||**2023**||**gains/losses)**|||||
|||||**£**||**£**||**£**|
||**Restricted funds:**||||||||
||**Unrestricted funds:**||||||||
||**General funds**|110,687||367,983||(367,571)||111,099|
||**Total funds**|110,687||367,983||(367,571)||111,099|
Page 11
**Little Owls (Broseley) Notes to the Accounts**
## 13 **Analysis of net assets between funds**
|13 **Analysis of net assets between funds**||||
|---|---|---|---|
|Fixed assets
Net current assets
14 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**At 1 April**
**2023**
**£**|**Unrestricted**
**funds**
**£**
96,782
14,317
111,099
**Cash flows**
**£**|**Total**
**£**
96,782
14,317|
||||111,099|
||||**At 31**
**March**
**2024**
**£**|
||11,114|7,498|18,612|
||11,114
11,114|7,498
7,498|18,612|
||||18,612|
|||||
|15 **Commitments**
**_Pension commitments_**
The pension cost charge to the charity
amounted to:|**2024**
**£**
4,208||**2023**
**£**
3,862|
Page 12
**Little Owls (Broseley) Statement of Cash flows**
**for the year ended 31 March 2024**
|**Cash flows from operating activities**
**Net income/(expenditure) per Statement of Financial Activities**
**Adjustments for:**
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Decrease in trade and other receivables
Decrease in trade and other payables
**Net cash provided by/(used in) operating activities**
**Cash flows from investing activities**
Dividends, interest and rents from investments
**Net cash from investing activities**
**Net cash from financing activities**
**Net increase/(decrease) in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**|**2024**
**£**
412
7,441
(227)
-
(355)
7,271
227
227
-
7,498
11,114
18,612|**2023**
**£**
(19,266)
7,544
(106)
345
(448)|
|---|---|---|
|||(11,931)
106|
|||106|
||||
|||-|
||||
|||(11,825)|
|||22,939|
|||11,114|
||||
|**Components of cash and cash equivalents**|||
|Cash and bank balances|18,612|11,114|
||||
||18,612|11,114|
Page 13
**Little Owls (Broseley) Detailed Statement of Financial Activities**
## **for the year ended 31 March 2024**
|**Income and endowments from:**
Charitable activities
Investments
**Total income and endowments**
**Expenditure on:**
Charitable activities
**Total of expenditure on charitable**
**activities**
Employee costs
Salaries/wages
Employer's NIC
Pension costs
Staff entertainment
Staff recruitment
Staff training
Premises costs
Rent
Rates
Light, heat and power
Premises cleaning
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Depreciation of
Bank charges
Equipment leasing and hire
charges
General insurances|**Unrestricted**
**funds**
**2024**
**£**
367,756
367,756
227
227
367,983
17,166
17,166
17,166
284,283
8,920
4,208
592
-
316
298,319
3,840
1,036
6,823
4,625
8,050
2,483
26,857
7,441
34
6,163
2,329|**Total funds**
**2024**
**£**
367,756
367,756
227
227
367,983
17,166
17,166
17,166
284,283
8,920
4,208
592
-
316
298,319
3,840
1,036
6,823
4,625
8,050
2,483
26,857
7,441
34
6,163
2,329|**Total funds**
**2023**
**£**
338,552|
|---|---|---|---|
||||338,552|
||||106|
||||106|
||||338,658
16,932|
||||16,932|
||||16,932
276,276
7,643
3,862
419
49
-|
||||288,249|
||||3,840
510
7,128
5,219
5,369
2,924|
||||24,990|
||||7,544
(105)
7,654
2,511|
Page 14
## **Little Owls (Broseley)**
## **Detailed Statement of Financial Activities**
|Software, IT support and related
costs
Stationery and printing
Subscriptions
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
costs
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments
**Net income/(expenditure)**
**Net income/(expenditure) before**
**other gains/(losses)**
Other Gains
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|426
987
1,025
2,205
20,610
2,387
2,232
4,619
350,405
367,571
-
412
412
-
412
110,687
111,099|426
987
1,025
2,205
20,610
2,387
2,232
4,619
350,405
367,571
-
412
412
-
412
110,687
111,099|525
956
1,048
1,433|
|---|---|---|---|
||||21,566|
||||3,955
2,232|
||||6,187|
|||||
||||340,992|
||||357,924
-|
||||(19,266)|
||||(19,266)
-|
||||(19,266)|
||||129,953|
||||110,687|
Page 15