Registered number: 03835684 Charity number: 1078643
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Notes to the financial statements | 11 - 22 |
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020
Trustees S Radford, Chair (resigned 12 November 2019) N L Edwards (appointed 20 November 2019, resigned 30 December 2020) J Dolman T Allard F Lloyd, Chair J M Botwright Company registered number 03835684 Charity registered number 1078643 Registered office Station Road Worstead North Walsham Norfolk NR28 9SA Company secretary F Lloyd Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 1
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020
The Trustees present their annual report together with the financial statements of the company for the year 1 September 2019 to 31 August 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 1.
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
The principle aims and objectives of the company are to enhance the education of children through the provision of a nursery setting; providing high quality childcare, teaching and learning by adhering to and practicing the standards laid down by the Early Years Foundation Stage on a non-profit basis. Session times will be flexible with the offering of funded places to parents and families including those in financial need.
b. Strategies for achieving objectives
The company will always be aiming to maintain the standard at which it currently runs. To enable this we will maintain staff qualifications and training to ensure best practice is used, new training and qualifications will be accessed where necessary to continuously improve the company going forward. Communication is key to the company’s success, with all employees striving for the same goals and outcomes. Ongoing communication with parents / carers supports a positive home and nursery working relationship for the best interests of the child. To obtain sufficient quality resources the company uses a range of fundraising techniques.
c. Activities undertaken to achieve objectives
Staff undertake a variety of training courses, accessing both face to face and online taught training to promote high quality care, teaching and learning. Regular staff meetings take place giving all a voice and encouraging discussion about the setting and continuous development. Many fundraising activities are undertaken such as quiz nights and raffles, the children also become involved in fundraising by engaging in activities such as arts and crafts which can be sold at a small fee. Tapestry, an online learning journal, is completed weekly for each child, giving parents access to the most recent learning their child has been participating in. Parents are encouraged to add to this from home to make it a shared learning document.
d. Main activities undertaken to further the company's purposes for the public benefit
The company provides very flexible childcare sessions which allow parents to arrange nursery times around work more easily. We aim to provide inclusive childcare for the whole community; working parents, funded places, low income families and SEND children and families. Children have the opportunity to access engaging, inspiring and age appropriate activities alongside social interactions with peers that cannot always be accessed within the home environment; covering all areas of learning and ultimately working towards school readiness.
Page 2
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Achievements and performance
a. Main achievements of the company
The Trustees and management have worked to maintain the nursery that is financially viable and operating well. The Trustees are developing both their own roles and those of the nursery management to maintain and improve this level of operation.
The nursery was inspected by Ofsted on 29 August 2018 and was graded overall "good". This is recognition for the hardworking management and staff team who have worked tirelessly to raise the standards within the nursery. The nursery has set a target to attain an "outstanding" judgement in the next assessment.
In consultation with the nursery management, the nursery has been operating a highly flexible approach to both session times and session uptake. This has allowed the nursery to cater for shift workers with changing shift patterns in addition to parents wanting casual hours childcare.
The Trustees would like to recognise the performance and dedication of the management team in maintaining and improving the standards within the nursery and the service received by our parents.
b. Fundraising activities and income generation
Our usual main open day annual event was unavoidably cancelled. We were fortunate enough to have a donation from Waitrose early in the year.
Fundraisers we achieved in limited circumstances included a quiz night, halloween party, raffles, easyfundraising.org, christmas cards, a colouring competition and a fun 'guess how many sweets were in the jar.'
Our fundraising committee was put on hold this year.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is projected to have sufficient income to meet its financial liabilities as they fall due and for this reason the Trustees continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
It is the intention of the Trustees to build up a level of reserves to enable the company to meet operating expenditure for 2 months, amounting to approximately £50,000. As at 31 August 2020, the company had free reserves (unrestricted funds excluding fixed assets and bank loans) of £46,377.
c. Principal funding
The company’s principal funding source is from nursery fees.
Page 3
RAINBOW CHILDREN'S NURSERY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
d. Financial summary
Income resources amounted to £289,303. After incurring costs of £294,774 the net expense for the period amounted to £5,471 as shown on page 8.
During the year, at the point the nursery closed, we took advantage of the offered 12 month payment holiday on our mortgage. The interest element of £125 was still due and proving manageable.
When COVID-19 started, we furloughed as many of our staff as possible. As and when it was allowable, we reintroduced children and staff gradually, keeping within expected limits and guidance. The staffing ratios were maintained within the Ofsted regulations.
Children numbers declined sharply in September 2019 in line with the normal trend. As a result of the pandemic, we had no children in April and May and numbers were not at our usual high capacity in June, July and August. Please note that this position changed significantly in the next financial year, starting from an approximate 30% increase from September 2020.
e. Investments policy
The company does not have funds available for long term investment and therefore funds not immediately required are on bank deposit.
Structure, governance and management
a. Constitution
The organisation is a charitable company limited by guarantee, incorporated on 3 September 1999 and registered as a charity on 16 December 1999. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
b. Methods of appointment or election of Trustees
The company aims to recruit Trustees with a wide range of business and sector experience from which the company will benefit. Under the Articles of Association, Trustees co-opted during the year must stand down at the AGM and stand for re-election. One third of the Trustees must retire at each AGM.
c. Policies adopted for the induction and training of Trustees
New Trustees are provided with copies of:
-
The company’s Memorandum and Articles of Association
-
The latest accounts of the company
-
Charity Commission guidance notes CC3 – “The Essential Trustee”
In addition Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
Page 4
RAINBOW CHILDREN'S NURSERY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Structure, governance and management (continued)
d. Organisational structure and decision making
The Trustees, who meet monthly, administer the company. The day to day operations of the company are managed by the Nursery and Business Manager, Deputy Manager and an Office Manager.
The Trustees have plans to re-establish a fundraising sub-committee to organise and plan fundraising activities.
e. Risk management
The Trustees have reviewed the major risks to the company in accordance with the Statement of Recommended Practice and do not consider there are any significant matters of concern.
Plans for future periods
To continue to increase the profile of the nursery through local advertising and via social media (namely a public Facebook page).
Maintain a constant uptake of new Trustees as we recognise the issue that some Trustees wish to leave post when their child leaves nursery for school.
To continue to review the fee structure including meal charges to keep up with the national minimum / living wage increases.
To work towards obtaining an 'outstanding' Ofsted rating.
To review the feasibility of extending our baby room capacity.
Page 5
RAINBOW CHILDREN'S NURSERY LIMITED {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 Statsment of Trustees. responsibilities The Trustees {who are also the directors of the company for the ptjrposes of company lawl are responsible for preparing the Trustees, report and the financi31 statements in accordan with applicable law and United Kiwom Accounting Standards (Untted Kingdom Generally Accepted Accounting Practi1. Company law requires the Trustees to prepare financial st*ements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of its incoming resources ancl 2ppliealion of resources, including ils income and expenditure. for that perl_ In preparing these financial statements. the Trustees are required lo.. select suitable accounting policies and then appty them o)ngislently. observe the methods and principles of the Chattties SORP IFRS 1021", ake judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements". prepare the financial statements on the going Conrn basis unless it is inappropriate lo presume that the company will continue in business. The Trustees are responsib ft)r keeping 8dequ8te accounting records that are sufticienl lo show and explain the company's ttansactions and ¢Jisclose wrth reasonable accuracy at any time the financial posrtion of the company aTrd enable them to ensure that the financtal slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitsès. Approved by order of the members crf the board of Twstees and signed on their behalF by. T Allard Dale.. Page 6
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020
Independent Examiner's Report to the Trustees of Rainbow Children's Nursery Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 August 2020.
Responsibilities and Basis of Report
As the Trustees of the company (and its directors for the purposes 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 the accounts of the company 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 company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying 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 confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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 examination; or
-
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.
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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 21[st] May 2021
Mr F M E Shippam BSc FCA DChA
MA Partners LLP
Page 7
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2020 £ - - - - - - 6 6 (6) 6 (6) - |
Unrestricted funds 2020 £ 17 254,294 34,919 73 289,303 - 294,768 294,768 (5,465) 125,394 (5,465) 119,929 |
Total funds 2020 £ 17 254,294 34,919 73 289,303 - 294,774 294,774 (5,471) 125,400 (5,471) 119,929 |
Total funds 2019 £ - 284,321 1,930 52 |
|---|---|---|---|---|
| 286,303 | ||||
| 574 275,824 |
||||
| 276,398 | ||||
| 9,905 | ||||
| 115,495 9,905 |
||||
| 125,400 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 22 form part of these financial statements.
Page 8
RAINBOW CHILDREN'S NURSERY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 03835684
BALANCE SHEET AS AT 31 AUGUST 2020
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
4,917 255 53,792 58,964 (15,184) |
2020 £ 154,605 154,605 43,780 198,385 (78,456) 119,929 - 119,929 119,929 |
6,432 255 56,680 63,367 (20,831) |
2019 £ 161,405 161,405 42,536 203,941 (78,541) 125,400 6 125,394 125,400 |
|---|---|---|---|---|
Page 9
RAINBOW CHILDREN'S NURSERY UMITED IA company limited by guarantee) REGISTERED NUMBER: 03835684 BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2020 Thè company wa8 enlilled to exemption from audrt under section 471 of the Companie5 Act 2006. The members have not required the company to obtain an audit for the year in question in aceordance wrth sectB)n 476 of Companies Act 2006. The Trustee5 acknowtedge their respcmsibiliiies for cornpng yth the requirements of the Act with respect lo accounting records and preparalron of financial slalements. The financial statements have been prepared in accordan wrth the provisions applicable to entities subject lo the small companies regime. The finaneial slalements were approved and authoris8d for issue by the Trustees and sned on theii behaLf by.. T Ajlanl Dale.. The notes on pages 11 to 22 fomi part of these financial statements. Page 10
RAINBOW CHILDREN'S NURSERY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
1. Company status
The company is a company limited by guarantee and a company incorporated in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Rainbow Children's Nursery Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 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.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
2.3 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 on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 11
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation (continued)
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
- Freehold property 2% straight line - Property improvements 10% straight line - Office equipment 25% reducing balance / straight line - Computer equipment 25% straight line
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
Page 12
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2019 | |
| £ | £ | £ | |
| Donations | 17 | 17 | - |
4. Income from charitable activities
| Unrestricted funds 2020 £ Fees rendered 137,259 Grants received 117,035 254,294 |
Total funds 2020 £ 137,259 117,035 254,294 |
Total funds 2019 £ 177,402 106,919 |
|---|---|---|
| 284,321 |
Page 13
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
5. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2020 £ Fundraising income 1,226 Furlough income 33,693 34,919 6. Investment income Unrestricted funds 2020 £ Investment income 73 7. Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2020 £ Costs of generating voluntary income - |
Total funds 2020 £ 1,226 33,693 34,919 Total funds 2020 £ 73 Total funds 2020 £ - |
Total funds 2019 £ 1,930 - |
|---|---|---|
| 1,930 | ||
| Total funds 2019 £ 52 |
||
| Total funds 2019 £ 574 |
Page 14
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
8. Analysis of expenditure by activities
| Nursery activities Total 2019 |
Activities undertaken directly 2020 £ 275,446 254,500 |
Support costs 2020 £ 19,328 21,324 |
Total funds 2020 £ 294,774 275,824 |
Total funds 2019 £ 275,824 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Light and heat Property repairs and maintenance Hygiene and cleaning Consumables and equipement Meals and refreshments Equipment hire Insurance Bad debts Water Sundry expenses |
Total funds 2020 £ 233,899 8,081 7,855 6,833 5,735 5,282 3,384 2,627 1,100 584 64 275,446 |
Total funds 2019 £ 213,267 6,419 6,201 7,785 4,439 7,443 5,558 2,607 220 561 - |
|---|---|---|
| 254,500 |
Page 15
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Governance costs Telephone Loan interest payable Subscriptions Postage and stationery Computer costs Advertising Training Legal and professional fees Bank charges and interest Sundry expenses |
Total funds 2020 £ 7,019 2,435 1,892 1,832 1,068 1,314 972 910 894 513 334 145 19,328 |
Total funds 2019 £ 7,243 1,917 2,657 2,206 1,220 1,471 2,965 437 534 73 368 232 |
|---|---|---|
| 21,324 |
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £850 (2019 - £850) , and other accountancy fees of £1,067 ( 2019 - £1,070 ).
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2020 £ 218,794 11,442 3,663 233,899 |
2019 £ 201,099 8,412 3,756 |
|---|---|---|
| 213,267 |
Page 16
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
10. Staff costs (continued)
The average number of persons employed by the company during the year was as follows:
| Managers and supervisors Nursery nurses, assistants and cooks Administration |
2020 No. 5 11 1 17 |
2019 No. 4 10 1 |
|---|---|---|
| 15 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 August 2020, no Trustee expenses have been incurred (2019 - £NIL) .
Page 17
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
12. Tangible fixed assets
| Cost or valuation At 1 September 2019 Additions At 31 August 2020 Depreciation At 1 September 2019 Charge for the year At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 13. Debtors Due within one year Trade debtors Prepayments and accrued income 14. Current asset investments Unlisted investments |
Freehold property £ 248,257 - 248,257 88,450 6,533 94,983 153,274 159,806 |
Office equipment £ 44,218 160 44,378 42,959 358 43,317 1,061 1,260 |
Computer equipment £ 5,319 59 5,378 4,980 128 5,108 270 339 2020 £ 4,359 558 4,917 2020 £ 255 |
Total £ 297,794 219 |
|
|---|---|---|---|---|---|
| 298,013 | |||||
| 136,389 7,019 |
|||||
| 143,408 | |||||
| 154,605 | |||||
| 161,405 | |||||
| 2019 £ 6,090 342 6,432 2019 £ 255 |
Page 18
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
15. Creditors: Amounts falling due within one year
| Bank loan Trade creditors Other taxation and social security Accruals and deferred income Deferred income at 1 September 2019 Resources deferred during the year Amounts released from previous periods |
2020 £ 2,597 4,386 2,751 5,450 15,184 2020 £ 3,921 3,455 (3,921) 3,455 |
2019 £ 6,125 6,219 2,631 5,856 |
|---|---|---|
| 20,831 | ||
| 2019 £ 3,529 3,921 (3,529) |
||
| 3,921 |
The bank loan is secured by a legal charge over the freehold property.
16. Creditors: Amounts falling due after more than one year
Bank loan
| 2020 | 2019 |
|---|---|
| £ | £ |
| 78,456 | 78,541 |
The bank loan is being repaid monthly, there was a mortgage holiday during the year up to the end of March 2021 where the mortgage was interest only.
The bank loan is secured by a legal charge over the freehold property.
Page 19
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
17. Statement of funds
| Statement of funds - current year Unrestricted funds General Funds Restricted funds Out of School Club Total of funds Statement of funds - prior year Unrestricted funds General Funds Restricted funds Out of School Club Total of funds |
Balance at 1 September 2019 £ 125,394 6 125,400 Balance at 1 September 2018 £ 115,487 8 115,495 |
Income £ 289,303 - 289,303 Income £ 286,303 - 286,303 |
Expenditure £ (294,768) (6) (294,774) Expenditure £ (276,396) (2) (276,398) |
Balance at 31 August 2020 £ 119,929 |
|---|---|---|---|---|
| - | ||||
| 119,929 | ||||
| Balance at 31 August 2019 £ 125,394 |
||||
| 6 | ||||
| 125,400 |
Page 20
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
18. Summary of funds
| Summary of funds - current year General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 September 2019 £ 125,394 6 125,400 Balance at 1 September 2018 £ 115,487 8 115,495 |
Income £ 289,303 - 289,303 Income £ 286,303 - 286,303 |
Expenditure £ (294,768) (6) (294,774) Expenditure £ (276,396) (2) (276,398) |
Balance at 31 August 2020 £ 119,929 - |
|---|---|---|---|---|
| 119,929 | ||||
| Balance at 31 August 2019 £ 125,394 6 |
||||
| 125,400 |
19. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2020 £ Tangible fixed assets 154,605 Current assets 58,964 Creditors due within one year (12,587) Creditors due in more than one year (81,053) Total 119,929 |
Total funds 2020 £ 154,605 58,964 (12,587) (81,053) |
|---|---|
| 119,929 |
Page 21
RAINBOW CHILDREN'S NURSERY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
19. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Restricted funds 2019 £ 6 - - - 6 |
Unrestricted funds 2019 £ 161,399 63,368 (20,832) (78,541) 125,394 |
Total funds 2019 £ 161,405 63,368 (20,832) (78,541) 125,400 |
|---|---|---|---|
20. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. No amounts were payable to the fund at the balance sheet date.
21. Related party transactions
The company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the company at 31 August 2020.
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