2023-08-31-accounts

Charity registration number 1096356

Company registration number 04451272 (England and Wales)

BOOMERANG KIDS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

BOOMERANG KIDS

LEGAL AND ADMINISTRATIVE INFORMATION

Directors' and trustees	Mrs H Hicks
	Ms P Rafizadeh-Farahani
	Mr R J Rogers
	Ms C S Samaroo
	Ms M L Rogers
Secretary	Ms M L Rogers
Charity number	1096356
Company number	04451272
Registered office	4 Frederick Terrace
	Frederick Place
	Brighton
	East Sussex
	England
	BN1 1AX
Independent examiner	Oliver Read FCCA ACA
	James Todd and Co
	Drayton House
	Drayton Lane
	Chichester
	West Sussex
	England
	PO20 2EW

BOOMERANG KIDS

CONTENTS

	Page
Trustees' report	1 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Statement of cash flows	8
Notes to the financial statements	9 - 18

BOOMERANG KIDS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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

The Charity's objects ("the Objects") are:

To advance the education of children up to the age of eleven, in and around the parish of Saltdean, East Sussex, in particular by:

a) the provision of pre-school, after school and other childcare facilities. b) the provision of relevant training courses for parents, volunteers and staff.

The group is registered with Ofsted to have the capacity to supply up to eighty one children each session. These include up to fifteen baby places for children under two years of age.

Staff are encouraged to continue their personal development plans and are sponsoring 2 senior members of staff with their university degrees in childcare and education.

The setting for employed graduate staff last year, and alongside this, to balance the finances, 2 apprentices. This works well, however, the further increase in the living wage is a concern as it affects more senior staff too. Increasing junior staff wages has a knock on affect across the nursery. The extra 6 hours study time a week to pay apprentices at the £11.44 per hour (April 2024) adds concerns to the monthly staffing costs.

Parents fees have been increased, but due to pressure on household finances this has been carefully conservative. A fees comparison audit of other nurseries has been completed and Boomerang Kids is still considered competitive.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

• 1 -

BOOMERANG KIDS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

The baby room numbers continue to be high an an increase in speech and language delay has been noted across the nursery.

The affects of Covid on children's development continues. These children now move up into our pre-school rooms and we continue to support them.

Staff well-being continues as a priority. Several staff have requested flexible working hours and adjustments are being worked out, however, these don't always fit with the business needs, and more part-time staff is costly to the setting. Increases in training, uniforms and HR requirements. Small things such as social events, comfortable staff room items and well-being inset days are planned.

Several long standing staff have decided to either retire or change careers paths. Nursery work is stressful and low paid; government funding for the 'free' hours is still low. The announcement in the budget that more children will be eligible for this, meaning a lower income to the setting, has caused disappointment and frustration.

The added relaxing of staff ratios, meaning more children per staff member to look after, has caused many to re-consider career options and we have decided NOT to change our ratios from our current ones, as we believe it would impact on quality of care and staff well-being.

It is not possible to operate at full capacity, empty sessions on odd days are hard to navigate and fill. High numbers of SEN (26) in the setting take time to provide for, as do children with English as an additional language (25). The setting is currently attempting to recruit experienced practitioners and this is proving difficult. 1 child currently needs 1:1 care, partly financially supported by Brighton Council.

The setting looked into innovative ideas to retain staff. Due to high housing costs in the area, we looked into purchasing property and renting to staff at affordable rental. However, the unsettled markets and Charities Aid Foundation bank high costs to arrange the mortgage, made this unavailable.

2 staff continue working for the DfE to work under the 'Experts and Mentors program'. This is aimed at mitigating the affects of Covid on child development. The interview process was intense with only 700 places across the UK, 2 of which are at Boomerang Kids. We are very proud of the staff involved. These staff will go out to other settings and support them in improving practice and outcomes for children. This will not affect their day to day work at Boomerang Kids. Payment from the DfE for their DfE wages will come via our payroll system, and will be identified separately in the accounts for clarity. Other Boomerang Kids staff will then have access to the DfE training programmes related to this work.

Financial review

During the year, the charity had a surplus of £39,236 (2022: £9,341), of which £45,594 (2022: £18,183) was a surplus from unrestricted funds, and £6,358 (2022: £8,842) was a deficit from restricted funds. In response to deficits in previous years, the setting has increased its fees from September 2021 and there will be an annual increase every September. Parental contracts have been altered to allow a further mid-year increase, should there be a need for financial sustainability.

At the balance sheet date, total funds stood at £972,442 (2022: £933,206) which £359,684 (2022: £314,090) was unrestricted funds, and £612,758 (2022: £619,116) was restricted funds in relation to the restricted asset, the barn. At the balance sheet date a transfer of £13,974 (2022: £11,503) was made from unrestricted funds to restricted funds, to reflect the movement on the loan and the property over which it is secured.

Reserves policy

The trustees wish to hold reserves of at least three months running costs, which equates to approximately £150,000. As at the year-end, the charity had free reserves of £359,684 (2022: £314,090). The trustees are confident that the charity is a going concern as long as financial budgeting and careful financial monitoring continues.

• 2 -

BOOMERANG KIDS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Major risks

The trustees annually review the risks that the charity faces. These risks continue to be mainly related to finance. Helen Hicks, founder of Boomerang Kids, is an important part of the charity's risk assessment and considered to be another risk should she leave or retire.

The trustees have a risk management strategy which comprises the following:

• a review of the risks the charity faces

• the establishment of systems and procedures to mitigate those risks once identified

• the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise

The trustees are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee, company number 04451272, charity registration umber 1096356, and is governed by its Memorandum and Articles of Association. The flysheet to the accounts gives details of the charity's principle addresses and those of other relevant organisations.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs H Hicks

Ms P Rafizadeh-Farahani

Mr R J Rogers Ms C S Samaroo Ms M L Rogers

Recruitment and appointment of trustees

The Memorandum and Articles of Association provides for a minimum of three trustees. Were there a requirement for new trustees, these would be identified and appointed by the remaining trustees.

Training for new and existing trustees is undertaken as required.

The chair of trustees is responsible for the induction of any new trustee, which involves awareness of a trustee's responsibility and philosophical approach to the charity. A new trustee would receive copies of the previous year's annual report and accounts, and a copy of the Charity Commission leaflet 'The Essential Trustee: What You Need to Know'.

The day-to-day running of the group is delegated to the manager, Mrs H Hicks.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

• 3 -

BOOMERANG KIDS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Statement of trustees' responsibilities

The trustees, who are also the directors of Boomerang Kids for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Mrs H Hicks

Trustee

29 April 2024

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BOOMERANG KIDS

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF BOOMERANG KIDS

I report to the trustees on my examination of the financial statements of Boomerang Kids (the charity) for the year ended 31 August 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA ACA, 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 that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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

• 4 the financial statements 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 financial statements to be reached.

Oliver Read FCCA ACA

James Todd and Co Drayton House Drayton Lane Chichester West Sussex PO20 2EW England

Dated: 29 April 2024

• 5 -

BOOMERANG KIDS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 20,500 - Charitable activities 4 848,422 - Investments 5 201 - Total income 869,123 - Charitable activities 6 809,555 20,332 Net income/(expenditure) 59,568 (20,332) Transfers between funds (13,974) 13,974 Net movement in funds 45,594 (6,358) Reconciliation of funds: Fund balances at 1 September 2022 314,090 619,116 Fund balances at 31 August 2023 359,684 612,758	Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 20,500 8,932 - 848,422 803,358 - 201 476 - 869,123 812,766 - 829,887 783,080 20,345 39,236 29,686 (20,345) - (11,503) 11,503 39,236 18,183 (8,842) 933,206 295,907 627,958 972,442 314,090 619,116	Total 2022 £ 8,932 803,358 476
		812,766
		803,425
		9,341 -
		9,341 923,865
		933,206

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 6 -

BOOMERANG KIDS

BALANCE SHEET

AS AT 31 AUGUST 2023

Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets The funds of the charity Restricted income funds 16 Unrestricted funds	2023 £ 6,648 411,500 418,148 74,210	£ 683,336 343,938 1,027,274 (54,832) 972,442 612,758 359,684 972,442	2022 £ 7,322 400,521 407,843 109,426	£ 704,493 298,417 1,002,910 (69,704) 933,206 619,116 314,090 933,206

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 29 April 2024

Mrs H Hicks

Trustee

Company registration number 04451272 (England and Wales)

• 7 -

BOOMERANG KIDS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

Notes Cash flows from operating activities Cash generated from operations 20 Investing activities Purchase of tangible fixed assets Investment income received Net cash used in investing activities Financing activities Repayment of bank loans Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2023 £ (971) 201 (13,974)	£ 25,723 (770) (13,974) 10,979 400,521 411,500	2022 £ (2,415) 476 (11,503)	£ 53,631 (1,939) (11,503) 40,189 360,332 400,521

• 8 -

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Boomerang Kids is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Frederick Terrace, Frederick Place, Brighton, East Sussex, BN1 1AX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

• 9 -

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings 50 years straight line Fixtures and fittings 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

• 10 -

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Government grants	20,500	8,932

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BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

4 Income from charitable activities

		Unrestricted	Unrestricted
		funds	funds
		2023	2022
		£	£
	Nursery income
	Sale of goods	619,358	583,731
	Performance related grants	229,064	219,627
		848,422	803,358
5	Income from investments
		Unrestricted	Unrestricted
		funds	funds
		2023	2022
		£	£
	Interest receivable	201	476
6	Expenditure on charitable activities
		Nursery	Nursery
		running costs	running costs
		2023	2022
		£	£
	Direct costs
	Staff costs	663,559	626,929
	Depreciation and impairment	22,129	23,038
	Nursery running expenses	131,647	143,450
		817,335	793,417
	Share of support and governance costs (see note 7)
	Governance	12,552	10,008
		829,887	803,425
	Analysis by fund
	Unrestricted funds	809,555	783,080
	Restricted funds	20,332	20,345
		829,887	803,425

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BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

7 Support costs allocated to activities

Governance costs Analysed between: Nursery running costs Governance costs comprise: Legal and professional Accountancy fees Bookkeeping fees	2023 £ 12,552 12,552 2023 £ 3,294 4,458 4,800 12,552	2022 £ 10,008
		10,008
		2022 £ 108 5,100 4,800
		10,008

8 Directors' and trustees

Mrs H Hicks, a trustee, was paid £49,980 in salary (2022: £49,980), and £5,121 in pension contributions (2022: £5,121) during the year in her capacity as Nursery Manager, as authorised by the trustees and the Charity Commission. A further £4,500 (2022: £4,500) was paid to Mrs H Hicks, but this related to work done on behalf of the Department of Education.

None of the other trustees (or any persons connected with them) received any remuneration or benefits from the companycharity during the year.

9 Employees

The average monthly number of employees during the year was:

Employment costs Wages and salaries Social security costs Other pension costs	2023 Number 35 2023 £ 608,492 39,472 15,595 663,559	2022 Number 35
		2022 £ 576,935 35,471 14,523
		626,929

There were no employees whose annual remuneration was more than £60,000.

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BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Tangible fixed assets

11 Tangible fixed assets
Leasehold land and buildings £ Cost At 1 September 2022 1,016,574 Additions - At 31 August 2023 1,016,574 Depreciation and impairment At 1 September 2022 314,564 Depreciation charged in the year 20,332 At 31 August 2023 334,896 Carrying amount At 31 August 2023 681,678 At 31 August 2022 702,010 12 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income	Fixtures and fittings £ 48,620 971 49,591 46,136 1,797 47,933 1,658 2,483 2023 £ - 78 6,570 6,648	Total £ 1,065,194 971
		1,066,165
		360,700 22,129
		382,829
		683,336
		704,493
		2022 £ 1,894 3,959 1,469
		7,322

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BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

13 Loans and overdrafts

Loans and overdrafts
Bank loans Payable within one year Payable after one year Amounts included above which fall due after five years: Payable by instalments	2023 £ 68,920 14,088 54,832 7,166	2022 £ 82,894
		13,190 69,704
		16,945

The bank loan is secured by a fixed charge over the leasehold premises, Saltdean Barn, limited to £200,000. At the year end the interest rate was 1.6%.

14 Creditors: amounts falling due within one year

Notes Bank loans 13 Other taxation and social security Payments received on account Trade creditors Other creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 13	2023 £ 14,088 11,528 - 38,004 6,230 4,360 74,210 2023 £ 54,832	2022 £ 13,190 9,203 43,234 33,862 5,577 4,360
		109,426
		2022 £ 69,704

15 Creditors: amounts falling due after more than one year

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BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At	1 September	Resources	Transfers	At 31 August
		2022	expended		2023
		£	£	£	£
Barn and garden		619,116	(20,332)	13,974	612,758
Previous year:	At	1 September	Resources	Transfers	At 31 August
		2021	expended		2022
		£	£	£	£
Barn and garden		627,958	(20,345)	11,503	619,116

The restricted fund originally related to grant income that was received to renovate Saltdean Barn and its garden. Now saltdean Barnand garden have been renovated it now represents the net book value of Saltdean Barnand garden. Subsequently a loan was also taken out for further property improvements which was secured against Saltdean Barn, so it has also been allocated to the restricted fund.

The movement in the year reflects the net movement on the asset and loan.

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 September	Incoming	Resources	Transfers	At 31 August
	2022	resources	expended		2023
	£	£	£	£	£
General funds	314,090	869,123	(809,555)	(13,974)	359,684
Previous year:	At 1 September	Incoming	Resources	Transfers	At 31 August
	2021	resources	expended		2022
	£	£	£	£	£
General funds	295,907	812,766	(783,080)	(11,503)	314,090

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BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

18 Analysis of net assets between funds

Unrestricted Restricted funds funds 2023 2023 £ £ Fund balances at 31 August 2023 are represented by: Tangible assets 1,659 681,677 Current assets/(liabilities) 358,025 (14,087) Long term liabilities - (54,832) 359,684 612,758 Unrestricted Restricted funds funds 2022 2022 £ £ Fund balances at 31 August 2022 are represented by: Tangible assets 2,483 702,010 Current assets/(liabilities) 311,607 (13,190) Long term liabilities - (69,704) 314,090 619,116

Total 2023 £ 683,336 343,938 (54,832) 972,442 Total 2022 £ 704,493 298,417 (69,704) 933,206

19 Related party transactions

There were no disclosable related party transactions during the year (2022 - none), apart from the remuneration disclosed in note 8.

20 Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets Movements in working capital: Decrease in debtors (Decrease)/increase in creditors Cash generated from operations	2023 £ 39,235 (201) 22,129 674 (36,114) 25,723	2022 £ 9,341 (476) 23,038 12,935 8,793 53,631

• 17 -

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

21	Analysis of changes in net funds
		At 1 September	Cash flows At	31 August 2023
		2022
		£	£	£
	Cash at bank and in hand	400,521	10,979	411,500
	Loans falling due within one year	(13,190)	(898)	(14,088)
	Loans falling due after more than one year	(69,704)	14,872	(54,832)
		317,627	24,953	342,580

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