Charity Registration No. 1074901
Company Registration No. 03639507 (England and Wales)
MID TYNE KIDS CLUB
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
MID TYNE KIDS CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Sarah Marshall | |
|---|---|---|
| Elizabeth Harris | (Appointed 10 January 2024) | |
| Becky Dawson | (Appointed 10 January 2024) | |
| Secretary | Fiona Hamilton | |
| Charity number | 1074901 | |
| Company number | 03639507 | |
| Principal address | C/o Broomley First School | |
| Main Road | ||
| Stocksfield | ||
| Northumberland | ||
| NE43 7NN | ||
| Registered office | C/o Broomley First School | |
| Main Road | ||
| Stocksfield | ||
| Northumberland | ||
| NE43 7NN | ||
| Independent examiner | John Hart | |
| St Matthews House | ||
| Haugh Lane | ||
| Hexham | ||
| Northumberland | ||
| NE46 3PU |
MID TYNE KIDS CLUB
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
MID TYNE KIDS CLUB
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their annual report and financial statements for the year ended 31 August 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the club's articles and memorandum of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The club's objectives are to provide good quality, affordable childcare both after school and during the school holidays. This is achieved by operating a Kids Club for children at First and Middle schools in the local area, in the age range 4 to 12 years old. The club operates from Broomley First School, Stocksfield.
Public benefit
The trustees have considered the guidance produced by the Charity Commission on the provision of public benefit and they confirm that public benefit has been provided by having aims that fall within the charitable purposes of the advancement of education.
Achievements and performance
It has been another extremely positive year for the club. The number of pupils utilising the club has continued to grow and further staff have been employed to support this expansion.
At the end of July 2023 our wonderful long-standing manager retired after more than 20 years in post. We cannot thank our manager enough for her hard-work and commitment to the club, which has undoubtedly shaped it into the vibrant service that it is for the children and parents who use it.
We were able to have a smooth transition for both children, parents and staff by appointing the club’s Deputy Manager, an experienced member of staff into the role of manager. The role of Deputy Manager was then filled by an experienced member of the current staff team. Throughout the year, we have continued to offer all staff the opportunity to access further training for their own personal development and to enhance the provision we can offer to our users.
The club has continued to be a secure and happy environment for the children to start or end their school day. We continue to cater for the needs of all children, across the age range. The staff work hard to ensure that the resources and environment are appropriate for all, and activities are planned for and appeal to a wide variety of ages and interests. As ever the club’s facilities have been maintained and updated, both indoor and outdoor resources have been purchased to ensure that a wide variety of activities are available for all.
The club also provides places for children who have special needs. Staff work closely with school staff and parents, communicating regularly to ensure that the needs of all children are met. Staff continually adapt their practice to ensure positive outcomes for all.
The holiday care we provide has seen an increase in subscription this year from both Broomley First School that we primarily serve, and from other local schools. Staff continue to offer a wide variety of activities, such as sports, arts, crafts, celebrations and they welcome specialist activities and speakers into the club for themed days.
The trustees would like to thank all staff for providing such a welcoming and nurturing environment to all children and their families. It is an important service that benefits the school community and supports many families.
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MID TYNE KIDS CLUB
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Financial review
The club has reported net expenditure of £1,063 (2022 - net income £2,173) and unrestricted funds of £37,803 (2022 - £38,866) are held at the year end, of which £30,000 represent designated funds.
2022/2023 saw the club’s numbers continue to increase. Updates were made to the club’s facilities, as well as updating resources in the club for children and organising activities and visitors during the school holidays. Overall, the finances of the club remain healthy with strong reserves.
Reserves policy
It is the policy of the club that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the club’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees decided it would be appropriate to formally recognise the club's reserves policy and set aside 6 months expenditure, calculated at £30,000, as a designated fund.
Principal Risks
The trustees have assessed the major risks to which the club is exposed, and are satisfied that systems are in place to mitigate exposure.
At the start of every academic year and new intake, the team work hard with the children to develop their awareness of safety procedures, such as in the event of a fire or other emergency, and the necessity to observe the rules of not leaving the premises. We are very aware of all the principal risks and regularly audit against the regular Health & Safety assessments conducted.
Future developments
The committee intend to continue to review prices due to the rise in the cost of living and the need to increase salaries.
The trustees also aim to enhance the facilities of the club further.
The current account bank balance is currently circa £7.8k, with an additional £24.2k in the deposit account, and the club therefore remains financially strong.
Structure, governance and management
The club is a company limited by guarantee. The governing document is the memorandum and articles of association and the operations of the club are overseen by the board of trustees who are also directors of the club and act on a voluntary basis. Having this structure in place allows wage costs to be minimised and therefore keep childcare affordable. The trustees meet regularly to review the financial performance of the club and resolve any operational issues.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Kate McGill (Resigned 10 January 2024) Sarah Marshall Fiona Hamilton (Resigned 10 January 2024) Elizabeth Harris (Appointed 10 January 2024) Becky Dawson (Appointed 10 January 2024)
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MID TYNE KIDS CLUB
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
New trustees are actively encouraged from parents of children attending the club. At each Annual General Meeting one third of the trustees retire and can offer themselves for re-election. Our trustee induction procedures ensure familiarity with all of terms of reference, Job Descriptions, Volunteer Policy; ensuring DBS in place, and with procedures for reading and signing to confirm understanding and knowledge of all club policies and procedures, with any role specific training required in handover from Chair, Secretary or Treasurer roles being provided.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Day to day operation of the club is assigned to the club manager.
This report has been written Elizabeth Harris who has taken on the role of chair in January 2024
The trustees' report was approved by the Board of Trustees.
Dated: 1 May 2024
Sarah Marshall Director and trustee
Elizabeth Harris Director and trustee
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MID TYNE KIDS CLUB
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MID TYNE KIDS CLUB
I report to the trustees on my examination of the financial statements of Mid Tyne Kids Club (the club) for the year ended 31 August 2023.
Responsibilities and basis of report
As the trustees of the club (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the club are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the club’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the club as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 examination; or
-
4 the financial statements 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).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
John Hart
St Matthews House Haugh Lane Hexham Northumberland NE46 3PU
Dated: 1 May 2024
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MID TYNE KIDS CLUB
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
| Current financial year Unrestricted Unrestricted funds funds general designated 2023 2023 Notes £ £ Income from: Charitable activities - income 2 74,628 - Investments 3 24 - Total income 74,652 - Expenditure on: Charitable activities - expenditure 4 75,715 - Net (expenditure)/income for the year Net movement in funds (1,063) - Fund balances at 1 September 2022 8,866 30,000 Fund balances at 31 August 2023 7,803 30,000 |
Total 2023 £ 74,628 24 74,652 75,715 (1,063) 38,866 37,803 |
Total 2022 £ 66,443 3 |
|---|---|---|
| 66,446 | ||
| 64,273 | ||
| 2,173 36,693 |
||
| 38,866 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MID TYNE KIDS CLUB
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
Prior financial year
| Prior financial year | |
|---|---|
| Unrestricted Unrestricted funds funds general designated 2022 2022 Notes £ £ Income from: Charitable activities - income 2 66,443 - Investments 3 3 - Total income 66,446 - Expenditure on: Charitable activities - expenditure 4 64,273 - Net (expenditure)/income for the year/ Net movement in funds 2,173 - Fund balances at 1 September 2021 6,693 30,000 Fund balances at 31 August 2022 8,866 30,000 |
Total 2022 £ 66,443 3 |
| 66,446 | |
| 64,273 | |
| 2,173 36,693 |
|
| 38,866 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MID TYNE KIDS CLUB
BALANCE SHEET
AS AT 31 AUGUST 2023
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Unrestricted funds-general Designated funds 13 General unrestricted funds |
2023 £ 8,995 32,713 41,708 (9,232) 30,000 7,803 |
2022 £ £ 5,327 7,574 36,177 43,751 (11,582) 32,476 37,803 30,000 8,866 37,803 37,803 |
£ 6,697 32,169 |
|---|---|---|---|
| 38,866 | |||
| 38,866 | |||
| 38,866 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 1 May 2024
Sarah Marshall Trustee Company Registration No. 03639507
Elizabeth Harris Trustee
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MID TYNE KIDS CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
Charity information
Mid Tyne Kids Club is a private company limited by guarantee incorporated in England and Wales. The registered office is C/o Broomley First School, Main Road, Stocksfield, Northumberland, NE43 7NN.
The club is a public benefit entity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the club's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The club is a Public Benefit Entity as defined by FRS 102.
The club has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the club. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the club has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the club is legally entitled, after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Fee income, for childcare services, is recorded in the period to which it relates.
1.5 Expenditure
Expenditure is recorded on an accruals basis, inclusive of VAT.
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MID TYNE KIDS CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Assets are capitalised where their cost is greater than £100.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Portacabin Depreciated over 20 years Equipment 15% reducing balance Fixtures and Fittings 15% reducing balance
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at banks and any bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
Basic financial assets, including debtors and cash and bank balances are measured at transaction price.
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Income from charitable activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Operating a Kids Club | ||
| Fee income | 74,628 | 66,443 |
| Income from investments | ||
| Unrestricted | Unrestricted | |
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 24 | 3 |
3 Income from investments
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MID TYNE KIDS CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
4 Charitable activities - expenditure
| Staff costs Depreciation and impairment Provision of services Share of support costs (see note 5) Share of governance costs (see note 5) Support costs allocated to activities Governance costs Analysed between: Operating a Kids Club |
|
|---|---|
5 Support costs allocated to activities
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the club during the year. No expenses were paid to any of the trustees.
7 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 |
|---|---|
| Number | Number |
| 7 | 6 |
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MID TYNE KIDS CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
| 7 Employees Employment costs Wages and salaries Other pension costs |
(Continued) 2023 2022 £ £ 57,807 48,448 258 468 58,065 48,916 |
(Continued) 2023 2022 £ £ 57,807 48,448 258 468 58,065 48,916 |
|---|---|---|
| 48,916 |
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
8 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.
9 Tangible fixed assets
| Portacabin Equipment Fixtures and Fittings £ £ £ Cost At 1 September 2022 48,280 2,811 2,200 At 31 August 2023 48,280 2,811 2,200 Depreciation and impairment At 1 September 2022 44,666 1,229 699 Depreciation charged in the year 908 236 226 At 31 August 2023 45,574 1,465 925 Carrying amount At 31 August 2023 2,706 1,346 1,275 At 31 August 2022 3,614 1,581 1,502 |
Total £ 53,291 |
|---|---|
| 53,291 | |
| 46,594 1,370 |
|
| 47,964 | |
| 5,327 | |
| 6,697 |
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MID TYNE KIDS CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
| 10 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 11 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ 8,372 623 8,995 2023 £ 6,354 2,878 9,232 |
2022 £ 7,574 - |
|---|---|---|
| 7,574 | ||
| 2022 £ 9,242 2,340 |
||
| 11,582 |
12 Unrestricted funds -
These are unrestricted funds which are material to the club's activities.
| At 1 | At 31 August | At 31 August | |
|---|---|---|---|
| September | 2023 | ||
| 2022 | |||
| £ | £ | ||
| 30,000 | 30,000 | ||
| Previous year: | At 1 | At 31 August | |
| September | 2022 | ||
| 2021 | |||
| £ | £ | ||
| 30,000 | 30,000 |
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MID TYNE KIDS CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 | Incoming | Resources | At 31 August | |
|---|---|---|---|---|
| September | resources | expended | 2023 | |
| 2022 | ||||
| £ | £ | £ | £ | |
| Reserve fund | 30,000 | - | - | 30,000 |
| General funds | (21,134) | 74,652 | (75,715) | (22,197) |
| 8,866 | 74,652 | (75,715) | 7,803 | |
| Previous year: | At 1 | Incoming | Resources | At 31 August |
| September | resources | expended | 2022 | |
| 2021 | ||||
| £ | £ | £ | £ | |
| Reserve fund | 30,000 | - | - | 30,000 |
| General funds | (23,307) | 66,446 | (64,273) | (21,134) |
| 6,693 | 66,446 | (64,273) | 8,866 |
Reserve fund: the trustees agreed to formally set up a designated fund to represent 6 months expenditure that may be required, should there be a significant drop in funding, which would enable the club to provide continuity of care, whilst the future options for the club were being investigated.
14 Analysis of net assets between funds
| Unrestricted funds Designated funds 2023 2023 £ £ Fund balances at 31 August 2023 are represented by: Tangible assets 5,327 - Current assets/(liabilities) 2,476 30,000 7,803 30,000 |
Total Unrestricted funds Designated funds 2023 2022 2022 £ £ £ 5,327 6,697 - 32,476 2,169 30,000 37,803 8,866 30,000 |
Total 2022 £ 6,697 32,169 |
|---|---|---|
| 38,866 |
15 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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