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 2023
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 2023
| 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 2023
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 2023. 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:
-
to advance the education of children through the provision of nursery and pre-school care, and, after school provision which stimulates their growth and development through the safe and stimulating play,
-
in the interest of social welfare, to promote and provide recreational facilities and leisure time activities for children so their conditions of life may be improved.
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 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 remains satisfactory.
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 2023
Trustees
Mrs S J Phillips Independent consultant Mrs J A Olliver Employed Mrs M Buttery Trustee (appointed 2.3.23)
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 2023 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 2023.
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 member of the 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 2. the accounts do not accord with those records; or
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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
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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
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
5th December 2023
Page 3
HADLEY UNDER AND OVER 5'S LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 206 Charitable activities Nursery 254,116 Other trading activities 2 4,185 Investment income 3 70 Total 258,577 EXPENDITURE ON Raising funds 10,561 Charitable activities Nursery 259,206 Total 269,767 NET INCOME/(EXPENDITURE) (11,190) RECONCILIATION OF FUNDS Total funds brought forward 136,244 TOTAL FUNDS CARRIED FORWARD 125,054 |
Restricted fund £ - - - - - - - - - 55,363 55,363 |
31.3.23 Total funds £ 206 254,116 4,185 70 258,577 10,561 259,206 269,767 (11,190) 191,607 180,417 |
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 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
HADLEY UNDER AND OVER 5'S LIMITED
BALANCE SHEET
31st March 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 68,956 CURRENT ASSETS Debtors 9 2,280 Cash at bank and in hand 57,624 59,904 CREDITORS Amounts falling due within one year 10 (3,806) NET CURRENT ASSETS 56,098 TOTAL ASSETS LESS CURRENT LIABILITIES 125,054 NET ASSETS 125,054 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 55,363 - - - - - 55,363 55,363 |
31.3.23 Total funds £ 124,319 2,280 57,624 59,904 (3,806) 56,098 180,417 180,417 125,054 55,363 180,417 |
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 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
HADLEY UNDER AND OVER 5'S LIMITED
BALANCE SHEET - continued
31st March 2023
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 2023 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 2023
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 2023
2. OTHER TRADING ACTIVITIES
3.
4.
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Shop takings | 4,185 | 40,497 |
| INVESTMENT INCOME | ||
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Deposit account interest | 70 | 6 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Depreciation - owned assets | 9,257 | 9,422 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.3.23 | 31.3.22 | |
|---|---|---|
| Nursery staff | 16 | 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 2,600 Charitable activities Nursery 244,352 Other trading activities 40,497 Investment income 6 Total 287,455 |
Restricted fund £ - - - - - |
Total funds £ 2,600 244,352 40,497 6 |
|---|---|---|
| 287,455 |
EXPENDITURE ON
continued...
Page 8
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023
| 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 | 42,282 | - | 42,282 | ||
| Charitable activities | |||||
| Nursery | 275,013 | - | 275,013 | ||
| Total | 317,295 | - | 317,295 | ||
| NET INCOME/(EXPENDITURE) | (29,840) | - | (29,840) | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 166,084 | 55,363 | 221,447 | ||
| TOTAL FUNDS CARRIED FORWARD | 136,244 | 55,363 | 191,607 | ||
| 8. | TANGIBLE FIXED ASSETS | ||||
| Improvements | |||||
| to | |||||
| Freehold | Freehold | Tenants | |||
| property | Property | Improvements | |||
| £ | £ | £ | |||
| COST | |||||
| At 1st April 2022 | 56,966 | 176,037 | 13,700 | ||
| Additions | - | - | - | ||
| Disposals | - | - | (13,700) | ||
| At 31st March 2023 | 56,966 | 176,037 | - | ||
| DEPRECIATION | |||||
| At 1st April 2022 | - | 106,741 | 10,907 | ||
| Charge for year | - | 6,824 | 1,247 | ||
| Eliminated on disposal | - | - | (12,154) | ||
| At 31st March 2023 | - | 113,565 | - | ||
| NET BOOK VALUE | |||||
| At 31st March 2023 | 56,966 | 62,472 | - | ||
| At 31st March 2022 | 56,966 | 69,296 | 2,793 |
continued...
Page 9
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023
| 8. TANGIBLE FIXED ASSETS - continued Fixtures and fittings £ COST At 1st April 2022 54,835 Additions - Disposals - At 31st March 2023 54,835 DEPRECIATION At 1st April 2022 52,737 Charge for year 454 Eliminated on disposal - At 31st March 2023 53,191 NET BOOK VALUE At 31st March 2023 1,644 At 31st March 2022 2,098 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 11. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 136,244 Restricted funds Building 55,363 TOTAL FUNDS 191,607 |
Computer equipment £ 14,519 1,236 - 15,755 11,786 732 - 12,518 3,237 2,733 31.3.23 £ 2,280 31.3.23 £ 3,806 Net movement in funds £ (11,190) - (11,190) |
Totals £ 316,057 1,236 (13,700) 303,593 182,171 9,257 (12,154) 179,274 124,319 133,886 31.3.22 £ 2,078 31.3.22 £ 4,121 At 31.3.23 £ 125,054 55,363 180,417 |
|---|---|---|
continued...
Page 10
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 258,577 TOTAL FUNDS 258,577 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General fund 166,084 Restricted funds Building 55,363 TOTAL FUNDS 221,447 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 287,455 TOTAL FUNDS 287,455 A current year 12 months and prior year 12 months combined position is as follows: At 1.4.21 £ Unrestricted funds General fund 166,084 Restricted funds Building 55,363 TOTAL FUNDS 221,447 |
Resources Movement expended in funds £ £ (269,767) (11,190) (269,767) (11,190) Net movement At in funds 31.3.22 £ £ (29,840) 136,244 - 55,363 (29,840) 191,607 Resources Movement expended in funds £ £ (317,295) (29,840) (317,295) (29,840) Net movement At in funds 31.3.23 £ £ (41,030) 125,054 - 55,363 (41,030) 180,417 |
|---|---|
continued...
Page 11
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2023
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 £ 546,032 546,032 |
Resources Movement expended in funds £ £ (587,062) (41,030) (587,062) (41,030) |
|---|---|---|
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 2023.
Page 12
HADLEY UNDER AND OVER 5'S LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations and grants | 206 | 2,600 |
| Other trading activities | ||
| Shop takings | 4,185 | 40,497 |
| Investment income | ||
| Deposit account interest | 70 | 6 |
| Charitable activities | ||
| Fees received | 254,116 | 244,352 |
| Total incoming resources | 258,577 | 287,455 |
| EXPENDITURE | ||
| Other trading activities | ||
| Shop rent, service charge and insurance | 5,658 | 26,945 |
| Shop other expenses including wages | 4,903 | 15,337 |
| 10,561 | 42,282 | |
| Charitable activities | ||
| Wages | 189,050 | 199,068 |
| Pensions | 2,893 | 2,755 |
| Rates and insurance | 5,036 | 4,011 |
| Premises expenses | 14,731 | 21,661 |
| Light and heat | 6,802 | 7,202 |
| Telephone | 5,160 | 4,530 |
| Post, stationery and cleaning | 9,671 | 8,409 |
| Training and courses | - | 1,261 |
| Sundries | 8,463 | 7,423 |
| Catering expenses | 4,508 | 5,771 |
| Rent | 935 | 900 |
| Accountancy and payroll support | 2,700 | 2,600 |
| Depreciation - improvements to freehold | ||
| property | 6,824 | 6,817 |
| Depreciation - fixtures and fittings | 454 | 551 |
| Depreciation - tenants improvements | 1,247 | 1,370 |
| Depreciation - computers | 732 | 684 |
| 259,206 | 275,013 | |
| Total resources expended | 269,767 | 317,295 |
| Net expenditure | (11,190) | (29,840) |
This page does not form part of the statutory financial statements
Page 13