REGISTERED COMPANY NUMBEIL. 04188152 (England and Wa]es} REGISTERED CHARrrY NUMBEIL. 1087832 THRESHERS DAY NURSERY UNAUDITED FINAI¥4CJAL STATEMEiYrs FOR THE YEAR ENDED 31 LIL4RCH 2024 Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BRI 3RA
THRESHERS DAY I¥URSERY CONTEIYTS OF THE FINANCIAL STATEMENTS for the year ended 31 Marcb 2024 Page Reference and adminlstr2tive details Report of the trusteei Independent examlner's report Statement of flnanclal activiiles Balance sheet IO to li Cash l]ow statsment 12 Notes to th¢ cash flow statement 13 Notes to the Ilnanelal slatement$ 14 to 20 Detalled statement of financlal actlvltle$ 21 to 22
THRESHERS DAY NURSERY REFERENCE AND ADMINISTRATIVE DETAILS for th¢ ended 31 Mareh 2024 TRUSTEES M Carney IP Chair T P Courtney FCCA Treasurer The Rev'd M T Skinner BA. MA S Moore I Dawson (appointed 12.9.23) L A Powrie C D Pierce (resigned 6.5.24) Mrs S Horler (2ppofftnted 7.11.23) T J P4 (appointed 5.8.24) Mrs L De Maid (resigned 9.6.23) T Fisher {SIgned 12.5.23) COMPANY SECRETARY l Dawson REGISTERED OFFICE 193 High Street St Mary Cray 0ingtOll KcT]t BR5 4AX RECI8TERED COMPANY 04188152 (England and Wales) REGISTERED CHARITY NtrMBER 1087832 INDEPENDENT EXAMINER 13erringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BRI 3RA BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ OFSTED UNIQUE REFERENCE 137251 Page I
THRESHERS DAY NURSERY REPORT OF THF, TRUSTEES for the year euded 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with th¢ fancial slatements of the charity for the year ¢rJded 31 March 2024. The iThstees b2ve adopted the provisious of Accounting and Reporting by Chlties.. Statement of Recommended Practice applicable to charities prq)aring their accounts in accordaD¢e with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND AcfIvITtES Objeetlves and aims Thc company was incory)ornted on 27 March 2001 and conrnenced operations in this forni on l April 2nOI. The charity is coustitutcd as a company limited by guarantee, and is accordingly governed by a Memorandum and ArtiLIcb of Associatio It is also a registered charity whose objectives are: To advance the education of children below school age in the London Boroiigh of13Tomley. To provid¢ for the care and education of ¢hildren in need of care duting out of school hoLWS and school holidays, To pVIde facilities for recreation and other leisure time o¢¢upation of yuch children in the interests of social welfare with the objects of improving the conditions of life for such children. Threshers Day Nursery is governed by the Board of TNst¢¢s and is registered by OFSTED for children from age 12 months to 5 years. Tbe nursery aims to make day care available to all sectors of the lo¢al WrnLlluDity. Fees are k¢pt as low as economically p(sIble and a discretionary bursary s¢hLrync is nm to assist fhmilies in need, including as¥ASting in the payment of ¢hildren' fccs wher¢ parents are experiencing fInancial difficiilties. The Nursery'g aim is to makc places available immediately on TequesL If this cannot be achieved thL ¢hild's name will go on a waiting list. Sympath¥tiL consideration .18 given to children rewrnmended by LB of Bromley Social Services Dep&rtment or by a GP or Health Visitor. To further these aims and objertives the Nursy will: Promote the Nursery in the local community Describe th¢ Nursery and its practices in tenns whi¢l) make it Llear that it welcomes all family m¢mber8 alld carcr8 regar(lless of culturaL cibnic, religious and social group or baving any disability. Remain open 51 weeks of the year- closing only for the Chrisllnas wLL.k. Advise all enquirers of the NUp0S OFS1'ED Regislrdtion. Maint&in a transparent fee and session structure. Page 2
THRESHERS DAY NURSERY REPORT OF THE TRUSTEES for the year ended 31 Mah 2024 OBJECTIVES AND ACTivrriES Operati(bn&l polley Th¢ Nursery is required to meet the Statutory and Non Statutory Requirements of the Early Yvdrs Foundation Stage as Tequiied by OFSTED and seeks to impmve the qua]ity of care for children by offering appropriate developmentsl activities with a high level of adult input in an enviroDrnent that is safe. stimulatillg and securc. The NurBery aim8 to provide opportunities for the chilthen to explore, acknowledge and to value similarities and differences betweell theM1Ve8 and others, as well as d¢v¢lop a sense of Independence and an ability to make choices and expre&8 their feelings. The Nursery is on the Early Yeats Register in order to cornply with the requirernents of OFSTED. The Government fidS lo¢al authorities via the Early Years Funding Scheme lo pay for cbildren to rec£ive day care in carly year settings such as Thre8hers Day Nursery. Many of the children who attend Threshers are entitled to this funding. Three and four year olds have universal entitlements lo 15 hours a week funded care. An additional 15 hours of fimded care As provided to Working parents (30 hours IT] total). Two year old children who are dlsaavttaged are also entitled to funding. Sorne children are fjjnded by Social Services Department under the Cbildren Act 1989, scction 18 (childmi who require day care for purposes of g(X)d development of theit health, are (1isabled or in need of protection). Children WI do not meet th¢ Government funding criteria are also admittd to the Nursery ott a fee paying basts. Meals and rcfrhmentS are supplied. The charity employs 20 p¢nnanent staff as well a5 bank staff. apprentices, and offers placements to students who are studying childcare courses. The chlty Is organis&l so tliat the twstees mcet regulai'ly to manage its affairs. It has been announced in Parliarn¢nt that in the new tinancial year 2024 thcTC will be more support provided to famili&s, in tern)s of additional nded hours. It has been proposed that instead of fimdcit hnurs starting from the age of 3. it will now begin at 9 months. This will include 15 hours a week between th¢ ages of 9 months to 3 years, and between th¢ ages 3 years to 5 years it will continue at 30 hours a week. Publlc beneflt The tru8tee5 con8ider that the Objectiv and aims of the charity described above enabl¢ it to meet its obligations to the Charity Commission lo advance the education of children below school age ottd provide care and recreatlODal opportunities t(J Lhildren in the interests of social welfare and to improve the conditions of life for such children. These are fjjrther onfmcd by its achievements and performances as outlined herein. Page 3
THRESHERS DAY NURSERY REPORT OF THE TRU8TF,FS for the year ended 31 M4rcb 2024 STBATEGIC REPORT Achievement and performallce Charltable aelliTrlies The day to day running of the nursery is delegated by the trnstees to the Manager, Mrs Blerta Bejtya. Trust8 are appreciative of the hard work that Blerta and her team play in maintaining high Standards in day to day operations. Of particular note is the fine manner in which nursery management dealt witb the managing nursery activities while in tbeAr temporary relocation during the construction of the New wing. In September 2021, a new computer-based system called Yconnect, W8s introduced enabling interactive observations of the children at play to be posted to parents in real time by practitioners. This has been very successful in allowin parents to be involved in thc daily activities ot their child and ensuring th¢y ar¢ kept up to dafr at all titne8. A w¢¢kly sports class sponsored by the nursery was intrOdUd in March 2023. It provides recreational a¢tivities benefiting all of the children in tenns of fitne8s, fun and friendship in a safe and nuTtwing ¢nvironment, Supeised by professional coacbes, The NuTsery was inspected on December 8th 2022 by Ofsted, undei. sections 49 and 50 of th¢ Childcare Acl 2006. Two Trustees attended the inspection at the beginning of the day to outline the Board's priorities for the Nery, as set out in its 8lrate8i¢ plan 2022125. The Inspector undertook a "lean)ing wall(" with the Manager alld spoke to staff and paT¢nts. Ofsted's assessment was "Good" across all four categories of Quality of Education, Behaviour aad Attitudes, P¢rsondl DevelopmenL and Leadership and Manugyement. The Inspector Made two recommendations for Improvin8 Standards fL)rther. These concerned training and stair supervision, and planning lo ensure that all children are consistently challenged in their learning. The Lloard receives periodic r¢TJorts on the implementstion of tbese rL'Lomrnendalions. A 51aff appraisal system has been undertaken for all pemianent staff with targets established for the fiwther development of the Nursery. Appropriate training is provided to 8UPPOrt these plans. Early Years Advisory Tea¢her6 and an Area SENCO both provide a¢¢ess to specialist advice and support. Each ycar a Graduation Day AS held for all pre-school children and this lths proven to be popular. Parents have enjoyed celttbratin8 their child's joiuney at the nursery and it is a proud moment for the staff and parents to see th¢ children growing up and what they have achieved. The Nursery pridcs itself on maintaining very positive relations with parents and lo ackn'eve this staff seek to behave in a professional manner at all ttmes. As much notice as possible is given when it becomes necessary to increase fees and, if appropriate, additional support may be available tl]rough th¢ Bursary Pund. Neiv Build A major objective of the Company ID its 2022125 Strategic Plan was the replacement of one of the two existing buildings with a suitable modular unit. The London Borough of Bromley granted planning pemlission for th¢ proposcd works on 8 December 2022, following an application submitted on 27 January 2022. The Company's Building Consultants SJH AssociatL'S undertook a tend¢ring exerciyc for the main contract and associated works during the Spring of 2023. The new unil was installed on 20 N0veber 2023 at a total project cost of £574,000 against the original estimate of £516,000. Suitable al*rnative a¢¢ommodation was sourced locally to enable the Nursery to continue as norn]al duting the building works, up to 31 January 2024. The Official Opening of the New wing took place on 19 July 2024, with local Council and community repr&8enÉatives in attend&nce, together with supporters, parents, children, siaff and Trustees. The first phase of Playscape Scheme bas con]rnencel with the installation of two purpose-built canopies. These will allow the cbildren to enjoy outdoor education and play in all weathers. The remaining elements of the scheme desi8ned by SJH Associates will be completed when fimds perniit. Page 4
THRESHERS DAY NURSERY RFPORT OF THE TRUSTEES for the year ended 31 Mrch 2024 STIL4TEGIC REPORT Flnan¢il revie Flnancial posltlon The major event of the current fiTwwial year was the coDstru¢tion of a new. purpose built wing at a capital cost of sorne £560.000. Staff and ¢hildren mov¢d offsite for some 6 months during constrnction, retsllnmg lo the new facility at the end of January. The financial position of the year for the nursery resulted in a sutplus of £11,999 (2023 - £137,721) which was acbieved after recognising a realised loss of £2,975 (2023 - £11.157) on th¢ CAF bond product following its sale on 23 June 2023 at a value of £ l (M),186. This operaling [clt were adversely affected by a fall in net income of 6170/• compared to the previous year caused by the disTuptive effect of being in temporary accommodation with reduced numbeTS of children, Nursery management continue to maintain a carefijl control over finan¢¢s. but extra LWts wer¢ incurr¢d in having io pay rent at hvo sites, plus htgh ellergy costs used during the building process, and higher legal costs incuTred reloting to the building programme. Depre¢iatioJ of £36,000 represented a 8ignificanl cbarge in the Accounts, The nuwry'8 a8sets are held in cash and short-terni 8e¢urities. Trnstees conlinuL' to seek the best retL while ensuring they are prote¥ted by the Financial Senrices CompLnsation cap. Th¢ higher interest Tatcs that Prevailed throughout the period resulted in an almost doubling of interest earned, Fundraising activities have generated welcome funds with the annual golf day raising some £6.400, and a successfifj quiz nighi also contn'buted to funds. The excellent support from the Fundraising Committee is much appreciAted.. Threshers 16 also gratthl to Barings who have been providing delicious homemade meals weekly for the last year. They have also supplied, on a quarterly basis, large food hainperB foT distribution to Threshers families, along with books and ststionary for the ¢llllthen. Reserves policy The dire¢tors have ¢onsider¢d the matter of reserves for the purpose of estab'Shjng the level that the charity should matnlain. At the year end, genLral undesignated Te8erves amount¢d to £459,382 (2023 £145,383). The propcrty improvement fimd was reduced to £0 (2023 £550,000) and the Bursary Fund remained at £5,000 (2023 - £5,000). Additional reserves were prepared during the year, a Disruption fimd amounÉed to £183,000 and a New Build filnd amounted to £65.lJOO. Incoming resources amounted to £5Crf),130 (2023 - £533,987) compiising of fees receivable of £187,357 (2023 - £201,595), Education grant £277.667 (2023 - £297,439), Local Authority Fees £9,723 (2023 - £15,030). donations and wntributions of £7,550 (2023 - £7,575). and investtnent income 01 £17.833 (2023 - £12,348). Unrestricted resource5 exp¢nded amounted in total to £488,132 (2023 - £385,109)- Total net Incomin(vutgolng) resouwes for the year w¢r¢ £11,999 (2023 - £137,721). Page 5
THRESHERS DAY NURSERY REPORT OF THE TRUSTEES for the year ended 31 m¢ 2(124 STRATEGIC REPORT Future plans It should be noted that by late September within 202415 the Board has already authorised payment of the new build costs of the Nursgry extension plus further costs of Playscapc items for our children and a refurbishment of the NUery kitchen from within the Propety knprovement Fund and General Fund set out withiti Note.15. Full details will appear with the 202415 Report and Accounts. Work has commenced with the landlords, the London Borough of Bromley, to review the lease, thIch is due to expire in December 2027. The Nursery is prole¢ted by a secured tenancy under the Landlord and Tenant Act1954. The Council has advised that it will commence discussions ¢oncemin8 the Nursery's new lease one year before the expiry of the eurrcnt lease on 21 December 2027. This will include the revised ren¢ whi¢h the Council has indicated will be based on a con]merciiil valuation, in accordance with its ncw policy. However, for charities such as Thr&shers Day Nursery, the new comn]er¢ial tent is likely to be phased in over a three-year period. It will b¢ n¢cessary in du¢ wurse for the Trustees to make apwopriats provision for the anticipated additional ¢ost, STRUCTURE, GOVERIYANCE AND MANAGEMENT Governkng document The charity is controlled by its governing document a Memorandum and Articles of A&sociation. IÉ is constituted as a limitsd company, limited by guarantee, as defined by the Comwies Act 1985. The Current Governing document was signed off by truslees in July 2020. Recruitment and Appolnlment of neTrv trustees The Board has the power to appoint additional trustees subject to a clearnnce from the Disclosure and Barying Service (DBS), formerly CIU3. and the approval of the Office for SlandArds in Education (OFSTED). New trustees with appropriak skil]s and backgrounds are welcomed by the Board of Trustees. Suitable candidates are usually appointcd on the retommendation of other trustees or local organisations. Trainin8 is provided where identified a$ helpful in fjjlfilling the role. Mr T Fisher resigned as a trustee and Chair on 12 May 2023 after 5 years of service dwing which time he guided the Nursery duling Ihc disruptive period caused by the Covid p]demI4 and helped lay plans for the replacement building. Mike Carney replaccd Tim as Chair on 7 June 2023 and led the SUCssl programrne of completing the New Wing. Mr I Dawson was appointed as trustee and Company Secretary on 12 September 2023 following approval by the Board. Rev M T Skinner has effected the haudover of the Company Secretary role to Mr l Dawson. MB S Horler was appointed as trustee on 7 November 2023 following app1 by the B0d. Key m2n4gement remuneration ThL ¢moluments of key management was as follows.. 2024 2023 Nurserymanager 42,353 38,693 Page 6
THRESHERS DAY NUtISERY REPORT OF TIIE TRUSTEES for the year ended 31 March 2024 STRUCTURE, GOVERNAI¥ICE AND MANAGEMENT Risk management The Safety of the childreo staf£ parents and visitors is of paramount importance. Risk assessments for Covid 19 and fire safety have been ca]ed out. Any reports by the Environmental He81th Officers (EHOS) are brought to the attention of the Trustees and any recommendations are promptly acted upon. The nursery h&8 agaTn been awarded 5 stars at the l&st EHO inspectio All of the policies of the nutsery are reviewed annually, or more frequently as changes to regulation8 come into place. This process ensur they are always in line with The Early Years Foundation Stage StatOry Framewo. At Thresiws Day Nursery, safeguarding is a key governance Priority. All safeguarding wncerns are reported to a designated truslce, Lynne Powrie, who works closely wiÉh the management on any issues. Concerns are raised with staff initially. Safeguarding is on the agenda of every board meeting and any reports are shared with the board. These reports would include the number, nature and resulting referrals that might occur and any reconllnendations an(UoT implications for the organisation. All staff are trained annually in 8afeguarding and work with a sound knowledge of Threshers safeguarding policy. The Manager and Deputy Manager receive Designated Safeguarding Leads training every two years and trustees also receive trainin8. Threshers follows the DBS Code of Prdctice and receives OFSTED inspeotions. Report of the ttustees. incorporating a Strategic Tor approved by order of the board of tStets, as the company directors, and signed on the board's behalf by.. 2os* T P Courtney FCCA - Trustee Page 7
NDEPFNDFNT EXAMIIYER',S REPORT TO'fHE TRUSTEES OF THRESHERS DA Y NLIISERY Independent examln¢rfs pOrt ts) the Int¢ of Thr¢shers Day Nur%ery ethe Compony,) I r¢port to tk rharity trustees on myexala1lQD ot.. th¢ acL'uunty of the Company for the year ehded 31 Marcb 2ff24. RwDnslbllltie5 und bosls of repnrt As th¢ ¢harrtYs trugttes of the Company (wid also its dir¢¢tors for th¢ purpose& of £omwy law) voii are sponsible for the prepatIon of the a)unts IFJ ciccordance Fvith th¢ rcquirom¢nts ufth¢ Compani&s Act 20Q6 (the 2006 Acv). Having satisfied myself that th¢ accounts of the Ccimpllny are iiot requtred to b¥ audited under Pdrt 16 of the 2006 Act ond are eligible for independent cxainination, I report in resped of my examiiiation of y'otw charitv's a¢Èounts a5 LarrAed out under 8¢ction 145 of the Chatitiis Act 2011 Ctho 2011 A¢V). In Lurrying out examination I have followed the Directions given by the Chanty Commwion under SeL%ion 145(5) (b) of ihe 201 k Act. Independent exxmlner's statement Since your charity's gross in¢om¢ ex¢È¢dèd £250,000 your examiner MYSÉ be a member of a listed body. t ran ¢onfinn that I am qualified ts) ndertak¢ the txarnination b¢cause l am a member u&. the Inatitute of Cbartered Accountants fftn England and Wales, which is one of th¢ listed bodies. I have completed my examination. I cohfim) no matters hai'e come to ms attention in cohnection with th¢ examlnation giving rne oause to believe: accoLmEing rOrdS were not kept kn respect of the Lornpaiiy &$ I'¢quir¢d by Sectlon 386 of the 2006 Act; or th¢ uccounts do nut accord with tlioqe records. or the accounts do not gnplY w'ith the dLcountiiig r¢quiremeiits of Section 396 of the 26 Act other Ihan any requircmcnt that the accounls give a tnie and t.air view which li not u matter COlL%idered as of an independent examiD4tion; or th¢ a¢counts have not b¢en prepared ui accorthiee with the m¢thods and principl¢s of tlie Statement of Recommended Praeiic'v for accouiiting ond reporting by Charities (appli¢abl¢ io Charities preparing their accounts in accordance with the Financftal Report8 Stsiidard app1]ble in tl)e UK )d Republic of Ireland (FRS 102)). I hav¢ no con¢erns and have ¢ome a¢ros$ no other niatter5 in connection wryth tFie examination to whi¢h attention shoLdd be drawn in this report in ordw to thioble A proper understanding of the ac¢ouiilS lo be reached. Paul S Allan Bsocsc FCA Berringers LLP Chaffer¢d. Accountants LygoT] House 50 IA>ndott Road Bromley RI 3RA Pa¥e 8
THRESHERS DAY NURSERY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPEIWITURE ACCOU for the year ended 31 March 2024 2024 Tolal funds 2023 Total Unrestri¢tsd fun(Ls Restricted fLmds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 7JSO 7,550 7.575 Ch*ritable aedvltles Provision of care and education 474,747 474,747 514,064 Investhient income 17033 17033 12,348 Total 5(Ml,130 500,130 533,987 EXPENDITURE ON ChArltsble actlvltles Provision of care and education 485,156 485,156 385,109 Net gainsl(losses) on invtments (1975) (2,975) (11,157) NET INCOME 11,999 11,999 137,721 RECONCILIATION OF FifNDS Totsl fithds brought forward 700 J83 700J83 562,662 TOTAL FUNDS CARRIED FORWARD 712J82 712J82 7(10,383 The notes fom] part of these fuwlcial statemen15 Page 9
THRESHERS DAY NURSERY BALANCE SHEET 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Note5 FIXED ASSETS Tangible assets tnvestments 10 52&471 528,471 8,753 101761 528,471 52&471 110,514 CURRENT ASSETS Debtor5 Cash at bank and in hand 12 17,020 250,617 17,020 250 617 22,349 267,637 267,637 603,295 CREDITORS Amounts falling due within one year 13 (83,726) (83,726) (13,426) NET CURRENT ASSETS 183,911 589 869 TOTAL ASSETS LESS CURRENT LIABILITIES 712,382 712,382 700.383 NET ASSETS 712 712J82 700 383 FUNDS Unrestricted funds 15 700 383 TOTAL FUI¥DS 700 383 The charitable cornpany is entitled to exemption from audit under S¢¢tion 477 of the Companies Act 2006 for the year ended 31 March 2024. The member5 have not required the company to obtain an audit of its fancial statements for th¢ year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The notes forni part of these fmancial statetnents Page 10 continued...
THRESHERS DAY NURSERY BALANCE SHEET- ¢onÉinued 31 March 2024 The trustees acl(nowledge their responsibilities for (a) ellsuring that the charitable cornpany keeps accounting records that comply with Sections 3 86 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each fmancial year and of its sU1S or deficit for each fman¢ial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requlrements of th¢ Companies Act 2006 relating to financial ststsments, so far as applicable to the charitable Company. nancial statements were appn)ved by the Board of Trustees and authorised foi issue on and were signed on its beha]f by.. T P Courtney FCCA - Trustee The notss forni part of these fll)ancial statements Pagell
THRESHERS DAY NURSERY CASH FLOW STATtI MLNT for the year ¢llded 31 March 2024 2024 2023 Notes Casb flows from operatlng activities Cash g¢nerated from operations 114146 131.002 Net cash provided by operating activities 114,846 131,002 Cash flows from investing actlvities Purchase of tangibl¢ fixed assets Puh&se of fixed asset investments Sale of fixed asset investm¢nts Interest received (561,794) (1,400) 100,186 17,833 (85) (3.896) 12,348 Net eash (used in)Iprovided by investing activities (445.175) 8,367 Change In ¢8$h and eAsh equlvalents fin the repiirtlng period Cash coih equivalents at the beglnnlng of the reporting period (330,329) 139,369 580,946 441,577 Cash and cash equlvalents at the end fyf the reporting perlod 250,617 580,946 The llOte forni part of these financial statements Page 12
THRESHERS DAY IRSERy NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2&24 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM oPERATG AcfiviTIES 2024 2023 Net income for the reportlng period (as per the Statement of IlnaneiAI aetivitles) Adjustments for: Depreciation charges Losses on investments Loss on disposal of fed &ssets Interest received Decrea8el(increas¢) in debtors IDcrcase in creditor8 11,999 137,721 36,076 2,975 6,000 (17033) S J311 70,299 4,933 11.157 42 (12,348) (13,078) 2,575 Net cash provided by operation$ 11£846 131.002 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 580,946 (330,329) 250,617 580,946 (330J29) 250,617 Total 580,946 (3_30,329) 250,617 The notes fomi part of these financial statemeDts Page 13
THRESHERS DAY NURSERY NOTES TQ THF. FINANCLiL STATEMENTS for the year ended 31 March 2024 ACCOUNTINC POLICIES Basls of preparing the finaTrclal staiements The financial statements of the charitable ¢otnpany, which 16 a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Acnting and ReTthing by Charities.. Ststement of Reconllnended Practice applicable to charities preparing their accounts in aordance with the Financial Rq)orting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Finaneial Reporting Standard applicable in the UK and Republic of Ireland, and the Coiiipanie8 Act 2006. The financial statements have been prepaTed under the historical cost convention, with the exception of investrnents which are included at market value. as modified by the revaluation of certain assets. Ineome All income is recognised in the Statement of Financial Activities once the charity Iw entitlement to the funds, it is probable that the income will bc received and th¢ tllnount can be measured reliably. Donations includes voluntary income fi'om fimdtaising activities. Expenditure Liabilities are recognised as expenditure as soon as there is & legal or constsuctive obligation committing the charity to that cxpcnditure, it 1$ probable that a transfer of economic benefits will be required in settlement and the amount of the Oblili0n can be measured reliably. Expenditure is accounted for on an accruals ba$is and h&8 been ¢lassified under headings that awgate all cost wlated to the cate80ry. Where Costs cannot be directly attributed to particular headings they have been allouatcd to activities on a basis ¢onsistent with the use of resources. Gov¢rnance costs Governance costs comprise the legal and ststutory costs of operating the chwity. Tangible fixed assets Depreciation is provided at the following annual rdtes in order to write off each asset over its estirnat useful life. New Build 2024 tmprovementS to property Fixture, fittin88 & equipment qtraight line over 25 years Straight line over10 yeaTS and Straight line over 3 years 331J/o on cost The Trustees consider that no impainnent of fixed a$$ets is deemed neceuary. Taxatlon The charity is exempt from corpordtion t&K on its charitsble activities. Fund accounthig Unrestricted funds can be used in accordance with the chitable objectives at the discretion of the trllstees. Further explanation of the nature and purpose of each fid is included in the notes to the financial statements. Pensfion eosts and other post-retirement benefits The charitable company operates a defiiied contrlbution pension scheme. Contributions payable to the Charitable company's pU10n schem¢ are Gharged to the Ststement of Financial ActivEties in the pui(Kl to which they r¢lat¢. Play equlpment The purchase of play equipment is debited to the Income and EXpenditll Account each year. In addition the ¢harity receives many items of play ¢quipment and consutnables frorn donations during the year but it is not possible to quantify the value. Page 14 continued..,
TIIRESHERS DAY NURSERY NOTES TO THE FtNANCIAL STATEMENTS - continued for the year ended 31 March 21124 ACCOUNTING POLICIES- continued Investments Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes net gains and losses arising on ttvaluations. DONATIONS AIYD LEGACIES 2024 2023 Donations 7,5 7,575 INVESTMENT INCOME 2024 2023 Dq)osit account interest Investhjent income from quoted investments 16,433 1,41KI 8,453 3,895 17033 12.348 ¥COlv FROM CFIARITABLE ACTIvrriES 2024 2023 IA)cal Authority Fees Parents, Fees Education grants 9,723 187,357 277,667 15.030 201.595 310,699 474,747 514,064 CHARITABLE ACTIVITIES COSTS 2024 2023 Provision of care and education Wages, Social Security & Pension NuTSery Costs Support Costs 337,545 133,689 13,922 313,571 61,045 10,493 485,156 385.109 Page 15 conltnued...
THRESHERS DAY NttKSERY NOTES TO THE FINANCtAL STATEMENT,8 - eontinued for the year ended 31 March 2024 SUPPORT COSTS Governance cosls Totals Provision of care and education 12J22 1,600 13922 NET INCOME/(EXPENDITURE) Nct incomel(¢xpenditurc} is stated after chargiDg/(crediting): 2024 2023 Depreciation- owned assets Defi¢it on disposal of fLxcd assets 3A076 6,UOO 4,932 42 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneration or other benefits for the year end¢d 31 March 2024 nor for the year ended 3 l March 2023. Trust¢e5' expense8 There were no trustees, expenscs paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 2024 2023 Saknies Social Searity costs Pensions Cleaning Training Recltment costs 306,1)03 13,602 7A62 5,668 3,890 920 286,93 L 12,538 6,017 5,200 2,157 728 337,545 313,571 No employee earned more than £60,000 per annurll. There were 15 (2023 - 15) 11 time ernployees assisted by part time employees and volunteers during the year, all engaged in chltable activities. The total average number of staff employed was 20 {2023 - 22). Page 16 continued..
THRESItEKS DAY NURSERY NOTES TO THE FINANCIAL STATF,IKENTS - continued for the year end 31 March 2024 io. TANGIBLE FIXED ASSETS Improvements Fixture, fittings & equipment New Build 2024 property Totals COST At l April 2023 Additions Disposals 24&331 54,487 {172209) 61,097 12J09 (30A85) 309.428 561.794 {202,794) 494998 At 31 March 2024 494998 130,609 42021 66&428 DEt PRECIATION At l April 2023 Charge for year Eliminated on disposal 248,076 9,703 (172,209) 52,599 6573 (24W5) 300,675 3Q076 {196,794) 19,800 At 31 March 2024 19000 8S570 34W7 139,957 NET BOOK VALUE At 31 March 2024 475,198 45,039 8,234 528,471 At 31 March 2023 255 8,498 8.753 ii. FIXED ASSET JNVESTMENTS There were no illvesltnent assets outside the UL Cost at 31 March 2024 Cost at 31 March 2023 101,76 I The investments were Withdra on 23 June 2023 for a total of £100,186. Any gain or loss on the Sale is taken to the Statement of Financial Activities. 12. DEBTORS: AMOUNfs FALLIIYG DUE WITHIN OIYE YEAR 2024 2023 Debtors Prepayments and accrued income io,Ko 6,150 10,495 11,854 17,020 22,349 Page 17 continued...
TIlliESHERS DAY NURSERY NOTES TO THE FINANCLIL STATEMF,NTS- condnued for the year ended 31 MarLh 2024 13. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Social 8ecuTity and other taxes Fee5 Received in Advance Accruals and deferred income 4J02 630 78,794 3,361 682 9,383 83,726 13,426 14. LEASING AGREEMENTS Minimum lease payments under nOn-CanlIable operating leas fall due as follows: 2024 2023 Within one year Between one and five years tn more than five years 8,957 27,974 6,578 26.312 36,931 32.890 These commitments relats to the Current rental of the property and increase in line with inflation. The lease wa8 increased to £1,963.03 per quarter from 25 December 2022 and to £2,331.18 per quarter from 22 Deeember 2023. The current lease with the London Borough of Bromley expires on 22 December 2027. 15. MOVEMENT IN FUNDS Net movement in fimds Transfers between fid8 At 31.3.24 At 1.4.23 UnrestrACted fund• General fund Property Improvement Fund Bursary Fund Disruption Fund New Build Fund 145J83 55(b,QllO 5,O(Kl 11,999 302,000 (550,000} 459,382 5,000 183.000 65,000 183,000 65,0011 700J83 11,999 712,382 TOTAL FUNDS 700J83 11,999 711382 Net movement in fimds, included iu the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unr¢5tricted fund8 General fund 500,130 (48&156) (1975) 11.999 TOTAL FUNDS 500,130 (485,156) (2,975) 11,999 Page 18 continued..
THRESHERS DAY IYURSERY NOTES TO THE FtNANCIAL STATEMENTS - CotInUed for the year ended 31 M&rnh 2024 15. MOVEMENT IN FUNDS- continued Comparattves for movement In funds Net movetnent in thnds TrSfe[S between fLd8 At 31.3.23 At 1.4.22 Unrestricted fund8 General fund Propety improvement Fund Bursary Fund 219,170 338,492 5,000 138,110 (211,897) 211,508 389 145,383 550,000 5.000 (389) 562,662 137,721 700.383 TOTAL FUNDS 562.662 137,721 7(K),383 Comparative net movement in funds, included in the above are as follows., Incorning resource5 Resources expended Gains and losse5 Movement in funds Unrestricted tsnds Gcncrnl fid Bursary Fund 533,987 (384,720) (389) (11,157) 138,110 (389) 533,987 (385,109) (11,157) 137,721 TOTAL FUNDS 533,987 (385,109) (11,157) 137.721 Deglgnated Funds Current year at 31.03.2024 Unrestricted In accordance with Charity Conllnisslon guidelines, the Board has made the following provisions having regard to its attitude to risk. Dismption Fund - This fund was set up to cover any prolonged period of dislocation or terniination of Nu)Eery activities, comprising £73,000 of liabilities to cover employee benLfits if the Charity had to cease trading, and £110,000 being 3 month5 Worth of fixed operating costs. FurtheT, the Board aed to retain a minimum reserve in various cash deposits of some £183.000. This sum will be reviewed periodically and updated necessary. New Build Fund- This fid was set up to cover a potential liability that may arise from the New building proj¢cL Bursary Fund- This fund was set up to help disadvantaged children attending the Nursery. Page 19 continued...
NOTES TO THF, FINANCtAL STATELIIENTS - contlnued for the year ended 31 March 2024 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 20
TIlliESHERS DAY IWRSERY DETAILED STATEMENT OF FINANC,IAL ACTIVITIES for the year ended 31 March 2024 2024 2023 INCOME AIYD ENDOWMENTS Donations and legacles Donations 7A50 7.575 Investment income Deposil account interest Investment income from quoted investments 16,433 1,400 8,453 3,895 17,833 12,348 Charltable activltles Local Authority Fees Parents, Fees Education Grant 9,723 187,357 277,667 15,030 201,595 297,439 474,747 514,064 Total Ancomlng resources 500,130 533,987 EXPEIYDITURE Charltable #¢dvltley Wages Social security Pensions Rent Light, heat water & insurance Telephone Printing> Postage, stationery & olyice expenses Sundties Repairs & rnaintenanee Food & drink Play equipment & welfare Nappies, wipes & disposa18 Child supwTrrt costs Bad debts Depreciation of improvements Plant and ma¢hinery Depreciation of fixÉures & fittings s on sale of tangible fixed assets 317231 13,602 7,462 295,016 12,538 6,017 7,244 11,249 1,105 3,647 3,967 8,485 8,954 7,354 3,889 389 (213) 1,729 21,260 921 3,987 6,520 8,379 7,215 3,476 lJ56 307 9,703 19,800 6J73 000 3,204 42 471,234 374,616 Support Costs This page does not fotm part of th¢ statutory financial statements Page 21
THRESHERS DAY IYURSERY DETAllD STATEMENT OF FINANCIAL ACTtVlTIES for the year ended 31 March 21)24 2024 2023 Support eosts Other LeEal & professional fees 12,322 9,093 Governamce costs Independent exajnination 1,600 1,4CK) Totsl rOUrceS expended 485,156 385.109 Net kncome before gains and losses 14,974 148.878 Reulised rccogn18ed gAins llnd losses Realised gains on illvesthnent assets (2,975) Net Income 11,999 148,878 This page does not fonn part of the slatstory financial staternents Page 22