Company registration number: 04968688 Charity registration number: 1101047 BUSY BEES NURSERY & PRE￿cHOoL LIMITED (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 WJJames&Co Chartered Accountants Bishop House 10 Wheat Street Brecon Powys LD3 7DG Busy Bees Nursery & Pre-school Limited Contents Reference and Administrative Detalls Trustees, Report 2toS Independent Examinevs Report 6t07 Statement of Financial Activities Balance Sheet Notes to the Financial Statemenls IOto22 Busy Bees Nursery & Pre-sehool Limited Reference and Administrntive Details Chalrnian Mr M Browning Trustees Mr M Browning Mrs J Walters Miss H Plumbstead Miss K Green Miss E Williams Mrs J Little Mrs Carla Smith MT5 Kimberly Davies Seeretsry Mrs H Manns Senlor Management l Leadership Mrs H Manns. Manager Team Charity Registration Number 1101047 Company Registration Number 04968688 The charity is incorporated in England ond Wales. Registered Office The Beehive Clifford HeTeford Herefordshire HR3 SHA Independent Examiner WJJarnes&Co Chartered Accountants Bishop House l O Wheat Street Brecon Powys LD3 7DG Page I Busy Bees Nursery & Pre-sehool Limited Trustees, Report The trustees, who are directors for the purposes of company law. present th¢ annual report together with the finan¢ial statements and auditors, report of the charitable company for the year ended 31 March 2024. Objectives and getlvlties Objects and alms The objects of the Busy Bees Nursery & Pre-school Limited are to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of ¢hildren through community groups and by: Demonstrating a commitment to safe guarding Offering appropriate play. education and care facilities and training courses, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability. Encourdging the study of the needs of such children and their families and promoting public interest in and recognition of such needs. Instigating and adhereing to and furthering the aims and objective of the Pre-school Learning Alliance. Pxbllc benefll Busy Bees provides vtial childcare facilities for many families in an extremely rurnl area enabling people to return io work who other+vise would not be able to do so. The trustees confirni that ihey have complied wilh the requirements of section 17 of the Charities Act 201 I to have due regard to th¢ public benefit guidance published by the Charity Commission for England and Wales. Pag¢ 2 Busy Bees Nursery & Pre-school Limited Trustees, Report Achievemenls and performance The new classroom we built in January 2023 continues to be successful in offering extra spaces for local families. however sufficiency remain5 an issue as our waiting times on spaces have increased from 2 years to 3 years. We are currently working with the local authority with how to move forward with Ihis, but no plans in the pipeline at ihe moment. The legal dispute over data ha5 now been settled. Our insurance company took the lead on this. and no further a¢tion is required. Luckily we have recovered from the financial impact of thi¥ and the business appears to be going from strength to strength. The government have rolled out new funding options for WOTking families. This came &s quite a surprise and therefore has forced the business to look at fee structure. With the majority of the setting now becoming government funded, this will put the fuiure of the company at financial risk, as funding does not cover costs. We held a consultation with families and agreed ihat voluntary contributions are needed when funding is offered to protect the financial security of the setting. We will continue to monitor and review the impact of these changes. Trdining remains an important part of the business with a third of the workforce Currently trdining to upskill their knowledge and qualifications. The irnpact for the setting is that we are operating with an extremely skilled workforce. and we are now a grdduate led setting. This is extremely valuable in the field of early years education and as a result our children's attainment levels have increased. Busy Bees Continues to support the community 20 years after it opened it doors. The manager has been in position for 10 of those years and shortly after the financial year ended in April 2024 we received our first outsianding rating following an Ofsted inspection. A party to celebraie the achievements of the setting was planned for laler Ihat year. Flnancial review Policy on reserves The Trustees regularly review their reserves policy to ensure the continuity of services. The trustees have discussed maintaining a reserve of between 3 and 6 Months total expenditure which is between £97.000 and £193,000. The Free Reserves as ai 31 March 2024 was £500.257 which 15 above Lqrget level. Coing con¢ern Taking a¢¢ount of the Trust's assets, the Trustees hav¢ a reasonable expectation that Busy Bees has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Trustees and officers The trustees and otTicers serving during the year and since the year end We￿ as follows: Page 3 Busy Bees Nursery & Pre-school Limited Trustees, Report Trustees: Mr M Browning Mrs J Walters Miss H Plumbstead Miss K Green Miss E Williams Mrs J Little Mrs Carla Smith Mrs Kimberly Davies Ch&irrnan: Mr M Browning Structur& govern2nee and management Nathre oJgoverniftg documenl Busy Bees Nurs¢ry & Pre-school Limited was incorporaied on 18th November 2003 and is a company limited by guarantee. Busy Bees is a non-profit making orgnanisation and are members of the Pre-school Learning Alliance. The governing document is the Memorandum and Articles or AS￿cIalI0n, Recrullinenl and appolnlnKnl oftntsiees Committee officers and Committee members $0 elecied shall serve until the end of the next following Annual General Meeting at which they were elecied. Committee member c(Kipted pursuant to Anicle 4.2.3 may join the Committee at any time on the invitstion of the Committee but shall retire at the next Annual Generdl Meeting. No Co￿PIed Committee member shall serve on the Committee for more than four consecutive years. In the event of the dealh or resignation of an elected Committee Member. the vacancy shall be filled until the next Annual General Meeting by a Member appointed by the Committee All voting members shall be eligible to sland for election to the committee, except paid employees of the Pre-school who cannot be ￿MMIttee members or vote ￿ meetings. Employee& OT their representative. can be invited ¢0 attend any or all committee meetings in an advisory capacity and should norn￿llY be so invited, but need not attend the whole of such meetings. Paid employees of ￿ Pre-school may hold Affiliate Membership and may attend General Meetings in that capacity. Iwt may nol vote on matters affecting tern￿ and conditions of employmenL The Commiltee members shall be elected for a ¢emi of one year at the Annual Generdl Meeting. Retiring Committee oificers and Committee members are eligible for re-election unless they have already served on the committee in any capacity for six consecutive years. A number of the directors were re-elecied at the Annual Genernl Meeting and have remained in posi throughout the year. This together with the new appointees after the year end has ensured continuity through this key time for the charity while the new building process was ongoin& The continuity has also ensured strong support for the Busy Bees, manager and staff. Page 4 Busy Bees Nursery & Pre-school Limited Trustees, Report Orgrtntsallonal slruclure The overall managmenl and control of the Pre-school is ve51ed in the individual member5 of its management committee who are principally the charity's Irusiees. The Committee consists of a Chair, Treasurer and Secretary (the Committee Officers) and noi less than two and not more than nine elected members and not more than three members COwOPted by the committee. Statement of trustees, responsibilltles The trustees (who are also the directors of Busy Bees Nursery & Pre-school Limited for ihe purposcs of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires ihe Iruslees to prepare financial ststements for each financial year. Under company law the trustees must not approve the financial statemenis unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including ils in¢ome and expenditure. of the charitable company for that period. In preparing these financial stalement& the trustees are required to: selecl suitable accounting tK)licies and apply them consistently" observe the methods and principle5 in the Charities SORP. make judgements and estimates that are reasonable and prudent; slale whether applicable accounting standard& comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the fjnancial statements: and prepare the financial siatements on the going concern basis unless it is inappropriate to presume that the chariiable ¢ompany will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charilable company and enable them to ensure that the fjnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the &ssets of the charitable company and hence for taking reasonable sleps for the prevention and detedion of fraud and other irregularities. The annual report was approved by the trustees of the charity on 13 December 2024 and signed on ils behalf by: Mr M Browning Chainnan and trustee Page 5 Busy Bees Nursery & Pre•School Limited Independent Examiner's Report to the trustees of Busy Bees Nursery & Pre-school Limited ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 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 a¢¢ounts as carried out under section 145 of the Charities Act 2011 ('Ihe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission und¢r section 145(5)(b) of the 2011 Act. Indep¢nd¢nt examiner's slatement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 201 l Act. I confinn that l am qualified to undertake the examination because l am a member of The Institute of Chartered A¢rountants in England and Wales which is one of the listed bodies. I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving rne Cause to believe: awounting records were not kept in respect of Busy Bees Nursery & Pre-school Limited as required by section 386 of the 2006 Act" or 2. the accounts do not accord with those records; or 3. 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 4. the accounts have not been prepared in ac¢ordan¢e with the methods and principles of the Ststement of R¢¢ommended Prnctice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard 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, Page 6 Busy Bees Nursery & Pre-sehool Limited Independent ExAminer's Report to the trustees of Busy Bees Nursery & Pre-sebool Limited ('the Company,) K R Saunders-Jo Chartered Accou Institute of Chartered Accountants in England and Wales WJJames&Co Bishop House l O Wheat Street Brecon Powys LD3 7DG Sc Hons FCA FALA 13 December 2024 Page 7 Busy Bees Nursery & Pre-school Limited Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrleted funds Total 2024 Total 2023 Note Ineome and Endowments from: Donations and legacies Charitable activities Other trading a¢tivities Investment income 12274 340,648 166,730 53 12,274 340,648 166,730 53 6,089 243,129 179,098 Total income 519,705 519,705 428,324 Expendilure on: Chariiable a¢tiviti¢s 434,890 434.890 Total expenditure Net incorne (434,890) (434.890 (386,860) 84,815 84,815 41,464 Net movement in funds 84,815 84,815 41.464 Reeonclllatlon of funds Total funds broughi forward Total funds carried forward 415,442 415,442 373,978 18 500,257 500,257 415,442 All of the charity's activities derive from ¢onlinuin8 operations during the above two periods. The funds breakdown for 2023 is shown in note 18. The notes on pages l O to 22 fom an integral part of these financial statements. Page 8 Busy Bees Nursery & Pre-sehool Limited (Registration number: 04968688) Balance Sheet as at 31 March 2024 2023 Nole Fixed a$5ets Tangible assets Current assets Debtors Cash at bank and in hand 14 322215 283,717 15 16 47,534 141,050 26,168 114,242 188,584 140.410 Creditors: Amounts falllng due within one y¢Ydr 17 (10,542) (8.685) Net current assets 178,042 131,725 Net a&sets 500257 415,442 Funds ofthe eharlty: Unrestricted income funds Unrestricted funds 500.257 415,442 Total funds 18 500,257 415,442 For the financial year ending 31 March 2W24 the charity was entitled to exemption fTOtn audit under section 477 of the Companies Act 2006 relating io small companies. Directors, responsibilities: The members have not wuired the charity to obtain an audit of its accounts for ihe year in question in accordance with section 476" and The directors acknowledge their responsibilities for comptying with the requirements of the Act with respect to accounting re¢ords and the preparation of accounts. The financial slalements on pages 8 to 22 were approved by the In￿ees. and authorised for issue on 13 December 2024 and signed on their behalf by: Mr M BrO￿ing Chairnian and trustee The notes on pages 10 to 22 fotrn an integral part of these financial ststements. Page 9 Busy Bees Nursery & Pre-school Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2024 I Charity status The charity is limited by guarantee, incorporated in Wales, and consequently doe5 not have share capital. Each of the trustees is liable to contribute an amount not exceeding £ I towards lh¢ assets of the charity in the event of liquidation. The address of its re8iStered office is: The Beehive Clifford Hereford Herefordshire HR3 SHA These financial statements were authorised for issue by the trustees on 13 December 2024. 2 Aceountlng pollcles Summary of slgnlfl¢ant Aecountlng polleles and key aceountlng estlmgtes The principal a¢counting policies applied in the preparation of these financial statement5 are set out below. These policies have been consistently applied to 011 th¢ years Presente￿ unless otherwise stat¢d. Statement of compllanee Th¢ finan¢ial statements have been prepared in accordance with A¢countin8 and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basls of preparatlon Busy Bees Nursery & Pre-school Limited meets the definition of a public benefjt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant a¢¢ounting policy notes. Golng concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that rnay cast significant doubl on the ability of the charity to continue as a going concern. The trustees make this assessmenl in respect of a period of one year from the date of approval of the financial statements. Exemption from preparing a Cash flow statemenl The charity Opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow ststement in these financial statements. Page 10 Busy Bees Nursery & Pre-school Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Income and endowments All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured r¢liably. Donallons andlezacles Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions thai require a level of perforniance by the charity bcfor¢ the charity is entitled to the funds. Ihe income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those condilion5 is wholty within the control of the ¢harity and it is probable that these conditions will be fulfilled in the reFK>rting period. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been rnet. Where perforniance conditions are attached io the grant and are yet to be meL the income is recognised as a liability and included on the balance sheet as defeThed income io be released. Expenditure All expenditure is r￿OgnIsed once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allo¢ated to the applicable expenditure heading that aggregate similar costs to ihai category. Where costs cannoi be directly attributed to particular headings they have been allocated on a basis consistent with the use of ffsources, with centrnl stsff Costs allocated on the basis of time spent. and depreciation charges alloc*ed on the portion of the asset's use. Other support costs are allocated ba￿1 on the spread of staff costs. All resources expended are inclusive of irrecoverable VAT, Clian¢able a¢￿￿'lieS Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and Services for its beneficiaries. It includes both costs that can be alloc*ed dIT￿t]Y to such activities and those costs of an indirect nature necessary to SUPFKJrt them. Support costs Support costs include centrdl functions and have been allocated to activity Cost categories on a basis consistent with the use of resource4 for example. allocating property costs by floor areas. or per capit4 stsff costs by the time spent and other costs by their usage. Governance eosts These include the costs attribulable to the charity's compliance with constitutional and statutory requirements. including audiL strdtegic management and trustees meetings and reimbursed expenses. Government grants Government Wts are recognised based on the accrual model and are measured al the fair value of the asset received or receivable. Grants are classified as relating either to r¢venue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the wel. Where part of a grant relating to an asset is deferred. it is recognised as deferred income. Pagell Busy Bees Nursery & Pre-school Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Irrecoverable VAT Irrecoverable VAT is charged against the category of resources eX￿ded for which il was incurred. Taxallon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Acl 2010 and therefore it meets the definition of a charitable company for UK corporntion tax purposes. Accordingly, the charity IS Potentially exempt from taxation in respect of income or capital gains received within categories overed by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the T￿ation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitabl¢ purp)se Tanglble flxed assets Individual fixed assets costing £250.00 or more are initially re¢orded at cos Depreciation and amortisation Depreciation is provided on tangible fjxed assets ￿ as to write off the cost or valualion, less any estimated residual value, over their expected useful economic life as follows: Asset elas$ Land and buildings Play and nursery equipment otTJce equipment Depreciation method and rate Straight line of 25 years 25Yo Reducing balance basis 25•/0 Straight line basis Trade debtor5 Trade debtors are amounts due from ¢ustomers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairnient. A provision for the impairnent of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original tenns of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposi￿ and other short-terni highly liquid investments that are readily convertible to a known amount of wh and are subject to an insignificant risk of change in value. Trade eredltors Trade credilor5 are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as curreni liabilities if the charity does not have an unconditional Tight, at the end of the reporting period. to defer settlement of the creditor for at least twelve monihs after ihe reporting dale. If there is an unconditional right to defer settlement for at lea51 twelve months after the reporting date. they are Presented as non