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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 04256196 (England and Wales) REGISTERED CHARITY NUMBER: 1093661

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

HADLEY UNDER AND OVER 5'S LIMITED

D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB

HADLEY UNDER AND OVER 5'S LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31st March 2022

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13

HADLEY UNDER AND OVER 5'S LIMITED

REPORT OF THE TRUSTEES for the Year Ended 31st March 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2022. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES Objectives and aims

The Charitable objects are:

Public benefit

The main activity is undertaken to further our charitable objective for the public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity continues to provide a nursery to meet its charitable objectives.

FINANCIAL REVIEW

Financial position

The Trustees recognise that it is a challenging financial environment, made worse by Covid, that the charity is in and that there is a continual need to have close monitoring of the financial position, especially of the level of fees received compared to wages.

The current situation is under close review.

Reserves policy

The trustees have established a policy where the general fund "free reserves" should hold at least the equivalent of the cost of three months (and ideally six months) overheads to enable the charity to continue if there was a short term significant drop in income or donations.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04256196 (England and Wales)

Registered Charity number

1093661

Registered office

The Old School Buildings Hadley Park Road Telford Shropshire TF1 6PW

Page 1

HADLEY UNDER AND OVER 5'S LIMITED

REPORT OF THE TRUSTEES

for the Year Ended 31st March 2022

Trustees

Mrs S E Smith Retired (resigned 22.11.21) Mrs S J Phillips Independent consultant Mrs J A Olliver Employed

Independent Examiner

D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB

Approved by order of the board of trustees on 5th December 2022 and signed on its behalf by:

Mrs S J Phillips - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HADLEY UNDER AND OVER 5'S LIMITED

Independent examiner's report to the trustees of Hadley Under and Over 5's Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also 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 your charity's accounts as 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW 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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. 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

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Russell Ball ICAEW D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB

5th December 2022

Page 3

HADLEY UNDER AND OVER 5'S LIMITED

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,600
Charitable activities
Nursery
244,352
Other trading activities
2
40,497
Investment income
3
6
Total
287,455
EXPENDITURE ON
Raising funds
42,282
Charitable activities
Nursery
275,013
Total
317,295
NET INCOME/(EXPENDITURE)
(29,840)
RECONCILIATION OF FUNDS
Total funds brought forward
166,084
TOTAL FUNDS CARRIED FORWARD
136,244		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
55,363
55,363		 31.3.22
Total
funds
£
2,600
244,352
40,497
6
287,455
42,282
275,013
317,295
(29,840)
221,447
191,607		 31.3.21
Total
funds
£
300
259,632
21,589
45
281,566
38,323
251,446
289,769
(8,203)
229,650
221,447

The notes form part of these financial statements

Page 4

HADLEY UNDER AND OVER 5'S LIMITED

BALANCE SHEET

31st March 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
8
78,523
CURRENT ASSETS
Debtors
9
2,078
Cash at bank and in hand
59,764
61,842
CREDITORS
Amounts falling due within one year
10
(4,121)
NET CURRENT ASSETS
57,721
TOTAL ASSETS LESS CURRENT
LIABILITIES
136,244
NET ASSETS
136,244
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
fund
£
55,363
-
-
-
-
-
55,363
55,363		 31.3.22
Total
funds
£
133,886
2,078
59,764
61,842
(4,121)
57,721
191,607
191,607
136,244
55,363
191,607		 31.3.21
Total
funds
£
142,572
2,954
80,494
83,448
(4,573)
78,875
221,447
221,447
166,084
55,363
221,447

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

HADLEY UNDER AND OVER 5'S LIMITED

BALANCE SHEET - continued

31st March 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 5th December 2022 and were signed on its behalf by:

J A Olliver - Trustee

S J Phillips - Trustee

The notes form part of these financial statements

Page 6

HADLEY UNDER AND OVER 5'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31st March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to Freehold Property - at varying rates on cost
Tenants Improvements - 10% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 20% on reducing balance

Freehold property is not depreciated. The Trustees are of the view that the level of ongoing repair and maintenance of the property will result in the residual value of the property at the end of its useful life being greater than its original cost. This is reviewed annually by the Trustees.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 7

HADLEY UNDER AND OVER 5'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2022

2. OTHER TRADING ACTIVITIES

3.

4.

OTHER TRADING ACTIVITIES
31.3.22 31.3.21
£ £
Shop takings 40,497 21,589
INVESTMENT INCOME
31.3.22 31.3.21
£ £
Deposit account interest 6 45
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.22 31.3.21
£ £
Depreciation - owned assets 9,422 9,692

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.3.22 31.3.21
Nursery staff 17 17

No employees received emoluments in excess of £60,000.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
300
Charitable activities
Nursery
259,632
Other trading activities
21,589
Investment income
45
Total
281,566		 Restricted
fund
£
-
-
-
-
-		 Total
funds
£
300
259,632
21,589
45
281,566

EXPENDITURE ON

continued...

Page 8

HADLEY UNDER AND OVER 5'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2022

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund fund funds
£ £ £
Raising funds 38,323 - 38,323
Charitable activities
Nursery 251,446 - 251,446
Total 289,769 - 289,769
NET INCOME/(EXPENDITURE) (8,203) - (8,203)
RECONCILIATION OF FUNDS
Total funds brought forward 174,287 55,363 229,650
TOTAL FUNDS CARRIED FORWARD 166,084 55,363 221,447
8. TANGIBLE FIXED ASSETS
Improvements
to
Freehold Freehold Tenants
property Property Improvements
£ £ £
COST
At 1st April 2021 56,966 175,301 13,700
Additions - 736 -
At 31st March 2022 56,966 176,037 13,700
DEPRECIATION
At 1st April 2021 - 99,924 9,537
Charge for year - 6,817 1,370
At 31st March 2022 - 106,741 10,907
NET BOOK VALUE
At 31st March 2022 56,966 69,296 2,793
At 31st March 2021 56,966 75,377 4,163

continued...

Page 9

HADLEY UNDER AND OVER 5'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2022

8.
TANGIBLE FIXED ASSETS - continued
Fixtures
and
fittings
£
COST
At 1st April 2021
54,835
Additions
-
At 31st March 2022
54,835
DEPRECIATION
At 1st April 2021
52,186
Charge for year
551
At 31st March 2022
52,737
NET BOOK VALUE
At 31st March 2022
2,098
At 31st March 2021
2,649
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
11.
MOVEMENT IN FUNDS
At 1.4.21
£
Unrestricted funds
General fund
166,084
Restricted funds
Building
55,363
TOTAL FUNDS
221,447		 Computer
equipment
£
14,519
-
14,519
11,102
684
11,786
2,733
3,417
31.3.22
£
2,078
31.3.22
£
4,121
Net
movement
in funds
£
(29,840)
-
(29,840)		 Totals
£
315,321
736
316,057
172,749
9,422
182,171
133,886
142,572
31.3.21
£
2,954
31.3.21
£
4,573
At
31.3.22
£
136,244
55,363
191,607

continued...

Page 10

HADLEY UNDER AND OVER 5'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2022

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
287,455
TOTAL FUNDS
287,455
Comparatives for movement in funds
At 1.4.20
£
Unrestricted funds
General fund
174,287
Restricted funds
Building
55,363
TOTAL FUNDS
229,650
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
281,566
TOTAL FUNDS
281,566
A current year 12 months and prior year 12 months combined position is as follows:
At 1.4.20
£
Unrestricted funds
General fund
174,287
Restricted funds
Building
55,363
TOTAL FUNDS
229,650		 Resources
Movement
expended
in funds
£
£
(317,295)
(29,840)
(317,295)
(29,840)
Net
movement
At
in funds
31.3.21
£
£
(8,203)
166,084
-
55,363
(8,203)
221,447
Resources
Movement
expended
in funds
£
£
(289,769)
(8,203)
(289,769)
(8,203)
Net
movement
At
in funds
31.3.22
£
£
(38,043)
136,244
-
55,363
(38,043)
191,607

continued...

Page 11

HADLEY UNDER AND OVER 5'S LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2022

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
569,021
569,021		 Resources
Movement
expended
in funds
£
£
(607,064)
(38,043)
(607,064)
(38,043)

The Restricted Fund represents amounts donated specifically towards the purchase of the nursery building.

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2022.

Page 12

HADLEY UNDER AND OVER 5'S LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2022

31.3.22 31.3.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations and grants 2,600 300
Other trading activities
Shop takings 40,497 21,589
Investment income
Deposit account interest 6 45
Charitable activities
Fees received 244,352 197,377
CJRS - Furlough receipts - 41,255
Council Covid Grants - 21,000
244,352 259,632
Total incoming resources 287,455 281,566
EXPENDITURE
Other trading activities
Shop rent, service charge and insurance 26,945 26,954
Shop other expenses including wages 15,337 11,369
42,282 38,323
Charitable activities
Wages 199,068 186,468
Pensions 2,755 2,721
Rates and insurance 4,011 3,991
Premises expenses 21,661 15,121
Light and heat 7,202 4,362
Telephone 4,530 4,958
Post, stationery and cleaning 8,409 7,775
Training and courses 1,261 324
Sundries 7,423 8,679
Catering expenses 5,771 3,855
Rent 900 900
Accountancy and payroll support 2,600 2,600
Depreciation - improvements to freehold
property 6,817 6,795
Depreciation - fixtures and fittings 551 672
Depreciation - tenants improvements 1,370 1,370
Depreciation - computers 684 855
275,013 251,446
Total resources expended 317,295 289,769
Net expenditure (29,840) (8,203)

This page does not form part of the statutory financial statements

Page 13