OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Boomerang Kids

2024-08-31-accounts

Charity registration number 1096356 (England and Wales)

Company registration number 04451272

BOOMERANG KIDS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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 Saltdean Barn
Oval Park
Arundel Drive West
Brighton
East Sussex
England
BN2 8SJ
Independent examiner Oliver Read FCCA ACA
James Todd and Co
Drayton House
Drayton Lane
West Sussex
England
PO20 2EW

BOOMERANG KIDS

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cash flows 7
Notes to the financial statements 8 - 17

BOOMERANG KIDS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

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 11, 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.

Public benefit

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

Achievements and performance

The baby room numbers continue to be high and 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.

Nursery work is stressful and low paid, government funding for the 'free' hours is still low. By September 2025 most children will be covered by funding rather than private fees. The announcement in the budget that yet another rise to minimum wage and NI contributions alongside a lower income 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 (18) in the setting take time to provide for, as do children with English as an additional language (21). 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 unviable. The setting continues to have the same issues and is still considering its options around purchasing property.

BOOMERANG KIDS

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

FOR THE YEAR ENDED 31 AUGUST 2024

Two staff have now finished working for the DfE under the ‘Experts and Mentors program’ This was aimed at mitigating the affects of covid on children development. These staff have supported other nurseries and schools in improving practice and outcomes for children. Payment from the DfE for their DfE wages has come via our payroll system and will be identified separately in the accounts for clarity. Other BK staff will then have access to the DfE training programs related to this work.

Financial review

During the year, the charity had a deficit of £13,502 (2023: surplus £39,236), of which £2,704 (2023: surplus £45,594) was a deficit from unrestricted funds, and £10,798 (2023: deficit £6,358) was a deficit from restricted funds. In response to deficits in previous years, the setting has increased its fees from September 2023 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 £958,940 (2023: £972,442), of which £356,980 (2023: £359,684) was unrestricted funds, and £601,960 (2023: £612,758) was restricted funds in relation to the restricted asset, the barn. At the balance sheet date, a transfer of £9,534 (2023: £13,974) 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 £356,980 (2023: £359,684). The trustees are confident that the charity is a going concern as long as financial budgeting and careful financial monitoring continues.

The setting employed graduate staff last year and alongside this to balance the finances, three 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 six hours study time a week to pay apprentices at the £11.44 per hour (April 2024) adds concerns to the monthly staffing costs with further increase due in April 2025.

Professional advice on a new fees structure has been obtained as the setting recognised the need to get support with financial decisions. The government funding covers more and more age groups of children which is a huge concern as the low rate paid does not cover the settings costs and BK is not allowed under government funding rules, to add parental fee ‘top up’ to mitigate the losses. By September 2025 nearly all children, and therefore all fee income, will be via government funding. This leaves the setting battling with balancing reducing its costs and trying to maintain quality.

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 put in place a senior team to support her in the running of the nursery. They have also arranged flexible working hours.

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

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 number 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.

BOOMERANG KIDS

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

FOR THE YEAR ENDED 31 AUGUST 2024

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.

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).

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

Mrs H Hicks

Trustee

18 February 2025

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 2024.

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.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 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. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 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:

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 West Sussex PO20 2EW England

Dated: 12 March 2025

BOOMERANG KIDS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
7,345
-
Charitable activities
4
846,235
-
Investments
5
237
-
Total income
853,817
-
Expenditure on:
Charitable activities
6
846,987
20,332
Total expenditure
846,987
20,332
Net income/(expenditure)
6,830
(20,332)
Transfers between funds
(9,534)
9,534
Net movement in funds
(2,704)
(10,798)
Reconciliation of funds:
Fund balances at 1 September
2023
359,684
612,758
Fund balances at 31 August 2024
356,980
601,960		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
7,345
20,500
-
846,235
848,422
-
237
201
-
853,817
869,123
-
867,319
809,555
20,332
867,319
809,555
20,332
(13,502)
59,568
(20,332)
-
(13,974)
13,974
(13,502)
45,594
(6,358)
972,442
314,090
619,116
958,940
359,684
612,758		 Total
2023
£
20,500
848,422
201
869,123
829,887
829,887
39,236
-
39,236
933,206
972,442

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

BOOMERANG KIDS

BALANCE SHEET

AS AT 31 AUGUST 2024

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
17		 2024
£
6,901
393,200
400,101
(55,716)		 £
663,364
344,385
1,007,749
(48,809)
958,940
601,960
356,980
958,940		 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

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 2024.

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 18 February 2025

Mrs H Hicks

Trustee

Company registration number 04451272 (England and Wales)

BOOMERANG KIDS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/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 (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(1,790)
237
(9,534)		 £
(7,213)
(1,553)
(9,534)
(18,300)
411,500
393,200		 2023
£
(971)
201
(13,974)		 £
25,723
(770)
(13,974)
10,979
400,521
411,500

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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. 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.

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.

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.

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

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.

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.

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

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
2024 2023
£ £
Donations and gifts 295 -
Government grants 7,050 20,500
7,345 20,500

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Nursery income
Sale of goods 574,025 619,358
Performance related grants 272,210 229,064
846,235 848,422
5 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 237 201
6 Expenditure on charitable activities
Nursery Nursery
running costs running costs
2024 2023
£ £
Direct costs
Staff costs 692,023 663,559
Depreciation and impairment 21,762 22,129
Nursery running expenses 144,405 131,647
858,190 817,335
Share of support and governance costs (see note 7)
Governance 9,129 12,552
867,319 829,887
Analysis by fund
Unrestricted funds 846,987 809,555
Restricted funds 20,332 20,332
867,319 829,887

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

7 Support costs allocated to activities

Governance costs
Analysed between:
Nursery running costs
Governance costs comprise:
Legal and professional
Accountancy fees
Bookkeeping fees		 2024
£
9,129
9,129
2024
£
131
4,198
4,800
9,129		 2023
£
12,552
12,552
2023
£
3,294
4,458
4,800
12,552

8 Directors' and trustees

Mrs H Hicks, a trustee, was paid £50,480 in salary (2023: £49,980), and £5,121 in pension contributions (2023: £5,121) during the year in her capacity as Nursery Manager, as authorised by the trustees and the Charity Commission. In 2023, a further £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		 2024
Number
37
2024
£
651,484
23,750
16,789
692,023		 2023
Number
35
2023
£
608,492
39,472
15,595
663,559

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

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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

Leasehold land
and buildings
£
Cost
At 1 September 2023
1,016,574
Additions
-
Disposals
-
At 31 August 2024
1,016,574
Depreciation and impairment
At 1 September 2023
334,896
Depreciation charged in the year
20,332
Eliminated in respect of disposals
-
At 31 August 2024
355,228
Carrying amount
At 31 August 2024
661,346
At 31 August 2023
681,678
12
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Fixtures and
fittings
£
49,591
1,790
(14,006)
37,375
47,933
1,430
(14,006)
35,357
2,018
1,658
2024
£
163
6,738
6,901		 Total
£
1,066,165
1,790
(14,006)
1,053,949
382,829
21,762
(14,006)
390,585
663,364
683,336
2023
£
78
6,570
6,648

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

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		 2024
£
59,386
10,577
48,809
-		 2023
£
68,920
14,088
54,832
7,166

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
Trade creditors
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Bank loans
13		 2024
£
10,577
9,526
24,819
6,314
4,480
55,716
2024
£
48,809		 2023
£
14,088
11,528
38,004
6,230
4,360
74,210
2023
£
54,832

15 Creditors: amounts falling due after more than one year

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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
2023 expended 2024
£ £ £ £
Barn and garden 612,758 (20,332) 9,534 601,960
Previous year: At 1 September Resources Transfers At 31 August
2022 expended 2023
£ £ £ £
Barn and garden 619,116 (20,332) 13,974 612,758

The restricted fund originally related to grant income that was received to renovate Saltdean Barn and its garden. Now Saltdean Barn and garden has been renovated it now represents the net book value of Saltdean Barn and 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
2023 resources expended 2024
£ £ £ £ £
General funds 359,684 853,817 (846,987) (9,534) 356,980
Previous year: 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

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

18 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
2,018
661,346
Current assets/(liabilities)
354,962
(10,577)
Long term liabilities
-
(48,809)
356,980
601,960
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 August 2023:
Tangible assets
1,659
681,677
Current assets/(liabilities)
358,025
(14,087)
Long term liabilities
-
(54,832)
359,684
612,758		 Total
2024
£
663,364
344,385
(48,809)
958,940
Total
2023
£
683,336
343,938
(54,832)
972,442

19 Related party transactions

There were no disclosable related party transactions during the year (2023 - none), apart from the remuneration disclosed in note 8.

20 Cash (absorbed by)/generated from operations

Cash (absorbed by)/generated from operations
(Deficit)/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:
(Increase)/decrease in debtors
(Decrease) in creditors
Cash (absorbed by)/generated from operations		 2024
£
(13,502)
(237)
21,762
(253)
(14,983)
(7,213)		 2023
£
39,235
(201)
22,129
674
(36,114)
25,723

BOOMERANG KIDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

21 Analysis of changes in net funds
At 1 September Cash flows At 31 August 2024
2023
£ £ £
Cash at bank and in hand 411,500 (18,300) 393,200
Loans falling due within one year (14,088) 3,511 (10,577)
Loans falling due after more than one year (54,832) 6,023 (48,809)
342,580 (8,766) 333,814