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 2024
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 2024
| 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 2024
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 2024. 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 2024
Trustees
Mrs S J Phillips Independent consultant Mrs J A Olliver Employed Mrs M Buttery Trustee
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 24th October 2024 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 2024.
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
-
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
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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
24th October 2024
Page 3
HADLEY UNDER AND OVER 5'S LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Charitable activities Nursery 285,107 Other trading activities 2 - Investment income 3 608 Total 285,715 EXPENDITURE ON Raising funds - Charitable activities Nursery 250,414 Total 250,414 NET INCOME/(EXPENDITURE) 35,301 RECONCILIATION OF FUNDS Total funds brought forward 125,054 TOTAL FUNDS CARRIED FORWARD 160,355 |
Restricted fund £ - - - - - - - - - 55,363 55,363 |
31.3.24 31.3.23 Total Total funds funds £ £ - 206 285,107 254,116 - 4,185 608 70 285,715 258,577 - 10,561 250,414 259,206 250,414 269,767 35,301 (11,190) 180,417 191,607 215,718 180,417 |
|---|---|---|
The notes form part of these financial statements
Page 4
HADLEY UNDER AND OVER 5'S LIMITED
BALANCE SHEET 31st March 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 61,578 CURRENT ASSETS Debtors 9 2,104 Cash at bank and in hand 100,264 102,368 CREDITORS Amounts falling due within one year 10 (3,591) NET CURRENT ASSETS 98,777 TOTAL ASSETS LESS CURRENT LIABILITIES 160,355 NET ASSETS 160,355 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 55,363 - - - - - 55,363 55,363 |
31.3.24 Total funds £ 116,941 2,104 100,264 102,368 (3,591) 98,777 215,718 215,718 160,355 55,363 215,718 |
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 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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
-
(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 2024
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 24th October 2024 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 2024
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 |
|---|---|
| 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 2024
2. OTHER TRADING ACTIVITIES
3.
4.
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Shop takings | - | 4,185 |
| INVESTMENT INCOME | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Deposit account interest | 608 | 70 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Depreciation - owned assets | 7,933 | 9,257 |
5.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.3.24 | 31.3.23 | |
|---|---|---|
| Nursery staff | 13 | 16 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2024
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 206 Charitable activities Nursery 254,116 Other trading activities 4,185 Investment income 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 |
Total funds £ 206 254,116 4,185 70 258,577 10,561 259,206 269,767 (11,190) 191,607 180,417 |
|---|---|---|
continued...
Page 9
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2024
8. TANGIBLE FIXED ASSETS
| Improvements to Freehold Freehold property Property £ £ COST At 1st April 2023 56,966 176,037 Additions - - At 31st March 2024 56,966 176,037 DEPRECIATION At 1st April 2023 - 113,565 Charge for year - 6,824 At 31st March 2024 - 120,389 NET BOOK VALUE At 31st March 2024 56,966 55,648 At 31st March 2023 56,966 62,472 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Building TOTAL FUNDS |
Fixtures and Computer fittings equipment £ £ 54,835 15,755 555 - 55,390 15,755 53,191 12,518 461 648 53,652 13,166 1,738 2,589 1,644 3,237 31.3.24 £ 2,104 31.3.24 £ 3,591 Net movement At 1.4.23 in funds £ £ 125,054 35,301 55,363 - 180,417 35,301 |
Totals £ 303,593 555 |
|---|---|---|
| 304,148 | ||
| 179,274 7,933 |
||
| 187,207 | ||
| 116,941 | ||
| 124,319 | ||
| 31.3.23 £ 2,280 31.3.23 £ 3,806 At 31.3.24 £ 160,355 55,363 |
||
| 215,718 |
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
11. MOVEMENT IN FUNDS
continued...
Page 10
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2024
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 285,715 285,715 |
Resources Movement expended in funds £ £ (250,414) 35,301 (250,414) 35,301 |
Resources Movement expended in funds £ £ (250,414) 35,301 (250,414) 35,301 |
|---|---|---|---|
| 35,301 |
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Building TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 136,244 55,363 191,607 Incoming resources £ 258,577 258,577 |
Net movement At in funds 31.3.23 £ £ (11,190) 125,054 - 55,363 (11,190) 180,417 Resources Movement expended in funds £ £ (269,767) (11,190) (269,767) (11,190) |
At 31.3.23 £ 125,054 55,363 |
|---|---|---|---|
| 180,417 | |||
| (11,190) |
continued...
Page 11
HADLEY UNDER AND OVER 5'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st March 2024
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Building TOTAL FUNDS |
At 1.4.22 £ 136,244 55,363 191,607 |
Net movement in funds £ 24,111 - 24,111 |
At 31.3.24 £ 160,355 55,363 |
|---|---|---|---|
| 215,718 |
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 £ 544,292 544,292 |
Resources Movement expended in funds £ £ (520,181) 24,111 (520,181) 24,111 |
Resources Movement expended in funds £ £ (520,181) 24,111 (520,181) 24,111 |
|---|---|---|---|
| 24,111 |
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 2024.
Page 12
HADLEY UNDER AND OVER 5'S LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st March 2024
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations and grants | - | 206 |
| Other trading activities | ||
| Shop takings | - | 4,185 |
| Investment income | ||
| Deposit account interest | 608 | 70 |
| Charitable activities | ||
| Fees received | 285,107 | 254,116 |
| Total incoming resources | 285,715 | 258,577 |
| EXPENDITURE | ||
| Other trading activities | ||
| Shop rent, service charge and insurance | - | 5,658 |
| Shop other expenses including wages | - | 4,903 |
| - | 10,561 | |
| Charitable activities | ||
| Wages | 180,655 | 189,050 |
| Pensions | 3,226 | 2,893 |
| Rates and insurance | 5,059 | 5,036 |
| Premises expenses | 15,859 | 14,731 |
| Light and heat | 9,457 | 6,802 |
| Telephone | 7,133 | 5,160 |
| Post, stationery and cleaning | 7,762 | 9,671 |
| Sundries | 6,784 | 8,463 |
| Catering expenses | 2,786 | 4,508 |
| Rent | 960 | 935 |
| Accountancy and payroll support | 2,800 | 2,700 |
| Depreciation - improvements to freehold property | 6,824 | 6,824 |
| Depreciation - fixtures and fittings | 461 | 454 |
| Depreciation - tenants improvements | - | 1,247 |
| Depreciation - computers | 648 | 732 |
| 250,414 | 259,206 | |
| Total resources expended | 250,414 | 269,767 |
| Net income/(expenditure) | 35,301 | (11,190) |
This page does not form part of the statutory financial statements
Page 13