## GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## REGISTERED CHARITY NUMBER: 1101914 COMPANY NUMBER: 04882693 R J FRANCIS AND CO. Chartered Accountants & Registered Auditors Marshall Business Centre Faraday Road Hereford HR4 9NS GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 |CONTENTS:
Company Information
Trustees’ Annual Report
Accountants Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts|PAGE| |---|---| ||1
2 – 5
6
7
8
9 - 12| GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) COMPANY INFORMATION |Charity Name:|Gateway (Education & Childcare) Trust Limited| |---|---| |Charity Number:|1101914| |Company Number:|04882693| |Trustees/ Directors:|Mr A J Larkin, Chair of Trustees| ||Mrs H J Pearson| ||Mr D Squire| |Registered Office:|The Gateway Centre| ||Longworth Lane| ||Bartestree| ||Hereford| ||HR1 4GA| |Accountants:|R J Francis & Co Limited| ||Marshall Business Centre| ||Faraday Road| ||Hereford| ||HR4 9NS| |Solicitors:|Lambe Corner & Co| ||Bridge Street| ||Hereford| ||HR4 9DJ| |Bankers:|Lloyds TSB Bank plc| ||High Town| ||Hereford| ||HR1 2AE| (1) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED ## TRUSTEES’ ANNUAL REPORT ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 The Trustees, who are also Directors of the Charity for the purposes of the Companies Act, submit their financial statements for the year ended 31[st] August 2024. The Charity is a charitable Company limited by guarantee and was set up to provide pre-school nursery and out of school activities. It is governed by a memorandum and articles of association. ## **Structure, Governance and Management** The Trustees in office during the year were as follows: Mr A J Larkin, Chair of Trustees Mrs H J Pearson Mr D Squire The Company does not have share capital, being limited by guarantee. Mrs J Larkin is the senior staff member to whom day to day management of the Charity is delegated by the Trustees. Potential new Trustees are identified through local knowledge and contacts within the surrounding community and include interested parents using the children’s nursery, local professionals and members of the local community themselves. Discussions take place with potential new Trustees about: - Duties - Responsibilities - Aspirations of the Nursery - Meetings (timings / content) - Added value to the community The candidates also have the opportunity to attend meetings of the existing Trustees. The nursery comprises those members as detailed above. Decisions are made at the Trustees’ meetings on a majority basis, although outcomes are unusually unanimous in view of the commonality of desire to achieve the aims and objectives of the Trust for the benefit of the local and wider community and the nursery staff itself. (2) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## **Statement of Trustees’ Responsibilities** The Trustees (who are also Directors of the Charity for the purposes 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 charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable Company for the year. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently; - Observes the methods and principles in the Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable Company 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 charitable Company and hence for taking reasonable steps for the prevention of the detection of fraud and other irregularities. Insofar as the Trustees are aware: - There is no relevant information of which the charitable Company’s auditor is unaware: and - The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the auditor is aware of that information. ## **Reserves policy** It is the policy of the Charity to maintain unrestricted funds at a level which equates to approximately 3 months of unrestricted expenditure to provide sufficient funds to cover management, administration and support costs. Due to rising costs, we have been unable to maintain this, but we are taking action to ensure future reserves will be established, as explained in the financial review. ## **Risk** Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects. These procedures are regularly reviewed to ensure they meet the needs of the Charity. ## **Principle identified risks** ## _Cost Pressures_ Staffing remains the main overhead, particularly as child numbers increased again in the year and maternity cover continued. ## **Objectives and activities** The Charity is established to provide pre-school nursery and out of school activities. The object of the nursery is to enhance the development and education of the children under statutory school age by encouraging parents to understand and provide for the needs of their children through the activities of the nursery. (3) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED ## TRUSTEES’ ANNUAL REPORT ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 The nursery promotes the care and education of children in need of care during out of school hours and during the school holidays. The nursery also seeks to promote, for the inhabitants of the parish of Lugwardine and Bartestree and the neighbourhood without distinction of sex, sexual orientation, race or of political, religious or other opinions, by associating together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants. ## **Achievements and Performance** The setting remains a charitable body governed by its objects and also remains a company limited by guarantee. The Trust owns the freehold of the buildings and land and governs the day-to-day activities of Gateway Nursery. Total income for the financial year end 31[st] August 2024 amounted to £754,481 with total expenditure of £730,829, creating a surplus for the year of £23,652. This is particularly pleasing given the heavy expenditure in the previous financial year and creating a much-welcomed surplus. Fee income is the major source of total income and has increased substantially this year from £699,871 for the twelve months to 31[st] August 2023, to £750,882. Whilst the increase in fees (up 7%) produced the uplift in overall income that we anticipated, overall costs also increased from £703,722 in 2023, to £730,829 (up 4%). In terms of the balance sheet, fixed assets at the end of the new financial year to 31[st] August 2024 stood at £291,987, from £306,506 at the 2023 financial year end. These fixed assets, as in previous years, comprise primarily land and buildings. Cash balances totalled £67,695, broadly level with £60,198 as at 31[st] August 2023. Healthy cash balances continue to be held in the business savings account for liquidity purposes. Total funds overall increased to £339,056 from £315,404 in the previous financial year. Staffing costs continue to remain the main overhead at £536,969, although this did reduce slightly from £545,324 in the 2022-23 financial year, and represents c. 73% of total costs. General running costs increased significantly from the previous financial year, with spending rising by just over £36,000. The main increase was reflected in premises expenses (up by c. £21,000 and due primarily to much-needed painting and decorating, a kitchen refit costing approximately £5,000, and the re-covering of our large polytunnel as planned). Utilities also increased by around £4,000. That said, we are particularly pleased that we were able to fund the majority of these cost increases through cashflow and we continue to maintain healthy cash balances. Further decorating work will be needed in the forthcoming financial year but we will monitor our cashflow position with the use of management accounts to ensure that we are again able to absorb these costs. We have a relatively stable staff cohort currently who provide a good mix of experience and feedback from parents continues to be excellent. The staff remain well led by our two main managers, Elaine Talbot and Sarah Reed, with Senior Manager Jude Larkin (and co-founder of Gateway) now focussing primarily on the financial administration of the business. Numbers of children attending the nursery remains healthy where we are still operating generally at full capacity, and we also continue to have a healthy waiting list (c. 2 years currently) and we continue to receive daily enquiries for places. Work is still required to improve the use of land and premises, with our double decker bus project in particular requiring completion plus the clearance of a large number of tyres from the grounds. We are also still intending to upgrade our fire and security systems. I would like to personally thank the other Trustees for their continued support and commitment and we in turn would once again like to thank all management and staff for their continued commitment to the setting, which is always gratefully recognised and appreciated. (4) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED ## TRUSTEES’ ANNUAL REPORT ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## **Statement of disclosure of information to accountants** We, the Directors of the Company who held office at the date of approval of these financial statements, as set out above, each confirm so far as we are aware, that: - There is no relevant audit information of which the Company’s accountants are unaware; and - we have taken all the steps that we ought to have taken as Directors in order to make ourselves aware of any relevant information and to establish that the Company’s accountants are aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company’s Website. ## **Accountants** A resolution proposing that R J Francis & Co Limited be re-appointed as accountants of the Charity will be proposed at the Annual General Meeting. Signed on behalf of the Board of Trustees A J Larkin Chair of Trustees 30[th] May 2025 (5) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED ## ACCOUNTANTS REPORT ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## **Independent examiner’s report to the Trustees of Gateway (Education & Childcare) Trust Limited** I report on the accounts of the company for the year ended 31[st] August 2024 which are set out on pages 7 to 12. ## **Respective responsibilities of trustees and examiner** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. [The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW (Institute of Chartered Accountants in England and Wales).] Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** In connection with my examination, no matter has come to my attention: - which gives me reasonable cause to believe that, in any material respect, the requirements: - (a) to keep accounting records in accordance with section 386 of the Companies Act 2006, and - (b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities (revised 2005) have not been met, or - to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. A A Houston For and on behalf of R J Francis & Co Ltd 30[th] May 2025 Marshall Business Centre Faraday Road Hereford HR4 9NS (6) ## GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## STATEMENT OF FINANCIAL ACTIVITIES ## (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 |













|Note
INCOMING RESOURCES
Income resources from
generated funds
Interest received
Incoming resources from
charitable activities
2
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
3
Governance costs
4
TOTAL RESOURCES EXPENDED
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
8|Unrestricted
Funds
£
833
753,648
_______
754,481
_______
701,862
28,967
_______
730,829
_______
23,652
79,195
_______
102,847
_______|Restricted
Funds
£
-
-
_______
-
_______
-
-
_______
-
_______
-
236,209
_______
236,209
_______|Total Funds
2024
£
833
753,648
_______
754,481
_______
701,862
28,967
_______
730,829
_______
23,652
315,404
_______
£339,056
_______|Total Funds
2023
£
321
712,630
________
712,951
________
676,658
27,064
_______
703,722
_______
9,229
306,175
_______
£315,404
_______| |---|---|---|---|---|---| All amounts derive from continuing activities. There were no recognised gains or losses other than through the Statement of Financial Activities. (7) ## GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED ## (A Company limited by guarantee) ## BALANCE SHEET ## 31[ST] AUGUST 2024 |




|Note
£
FIXED ASSETS
Tangible Assets
5
CURRENT ASSETS
Debtors
6
4,972
Cash at Bank and in hand
67,695
_______
72,667
_______
CREDITORS:Amounts falling due
within one year
7
25,598
_______
NET CURRENT ASSETS / (LIABILITIES)
TOTAL ASSETS LESS TOTAL LIABILITIES
FUNDS
Unrestricted
8
Restricted
8|2024
£
£
291,987
17,672
60,198
_______
77,870
_______
68,972
_______
47,069
_______
£339,056
_______
102,847
236,209
_______
£339,056
_______|2023
£
306,506
8,898
_______
£315,404
_______
79,195
236,209
_______
£315,404
_______| |---|---|---|---| The Accounts have been delivered in accordance with the provisions applicable to Companies subject to the Small Companies Regime. The financial statements were approved and signed on behalf of the board on 30th May 2025. ........................................................ Director A J Larkin Chair of Trustees/Director Charity Number: 1101914 Company Number: 04882693 (8) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## 1. ACCOUNTING POLICIES ## a) Basis of preparing the financial statements The financial statements have been prepared in accordance with the charities SORP (FRS 102) “Accounting and Reporting by charities applicable in the UK and Republic of Ireland” and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## b) Fund Accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. ## c) Tangible Fixed Assets Tangible fixed assets are stated in the accounts at cost less deprecation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: |Motor Vehicles|-|20% Straight Line| |---|---|---| |Plant and Machinery|-|20% Straight Line| |Property Improvements|-|4% Straight Line| |Freehold Property|-|2% Straight Line| ## d) ## Incoming Resources Grants and Local Authority Fees are credited to the Statement of Financial Activities in the year for which they are received. Fees receivable and charges for services are accounted for in the year in which the service is provided. ## e) Resources Expended Resources expended are included in the Statement of Financial Activities on an accrual basis, inclusive of any value added tax which cannot be recovered. They are allocated to the particular activity to which they relate. ## 2. |


|ANALYSIS OF INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
2024
2023
£
£
Fees
750,882
699,871
Other Income
2,766
1,079
Other Grant Income
-
3,600
Insurance Claim
-
8,080
_______
______
£753,648
£712,630
_______
______| |---|---| ## (9) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## 3. ANALYSIS OF RESOURCES EXPENDED |4.|Basis of
Charitable Activities
Allocation
Teaching and care of children
Wages
Direct
Foods and disposables
Direct
Training expenses and healthcare
Direct
Sundry
Direct
Activity Costs
Direct
Running costs
Light, heat & power
Direct
Grounds maintenance
Direct
Premises expenses
Direct
Sundry expenses
Direct
Telephone, postage and stationery
Direct
Advertising
Direct
Travel and motor running
Direct
Equipment repairs
Direct
Insurance
Direct
Computer Expenses
Direct
Administration Costs
Depreciation
Direct
Bank charges and interest
Direct
Total charitable activities costs
Governance costs
Accountancy
Direct
Legal and professional
Direct
NET INCOMING RESOURCES
Net incoming resources are stated after charging
Accountancy
Depreciation|Charitable
Activities
£
536,969
25,315
1,439
907
6,617
______
571,247
______
15,101
7,793
31,635
7,585
8,094
563
17,009
7,864
6,457
5,621
______
107,722
______
20,670
2,223
______
82,893
______
701,862
______
-
-
______
-
______|Governance
Total
Total
Costs
2024
2023
£
£
£
-
536,969
545,324
-
25,315
24,590
-
1,439
1,487
-
907
2,315
-
6,617
5,895
______
______
______
-
571,247
579,611
______
______
______
-
15,101
9,073
-
7,793
5,786
-
31,635
10,298
-
7,585
7,410
-
8,094
6,317
-
563
367
-
17,009
15,345
-
7,864
6,843
-
6,457
4,915
-
5,621
5,335
______
______
______
-
107,722
71,689
______
______
______
-
20,670
22,386
-
2,223
2,972
______
______
______
-
22,893
25,358
______
______
______
-
701,862
676,658
______
______
______
21,942
21,942
6,845
7,025
7,025
20,219
______
______
______
28,967
28,967
27,064
______
______
______
2024
2023
£
£
7,025
6,845
20,670
21,883
______
______| |---|---|---|---| ||||| (10) ## GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 |5.
6.
7.|TANGIBLE FIXED ASSETS Telephone
Exchange
Property
Conversion Improvements
£
£
Cost
At 1stApril 2023
59,226
191,561
Additions
-
500
Disposals
-
-
______
______
At 31stAugust 2024
59,226
192,061
______
______
Depreciation
At 1stApril 2023
36,521
62,754
Charge for the Year
2,369
7,663
On Disposals
-
-
______
______
At 31stAugust 2024
38,890
70,417
______
______
Net Book Value
At 31stAugust 2024
20,336
121,644
______
______
At 31stAugust 2023
22,705
128,807
______
______
DEBTORS
Trade Debtors
Other Debtors and Prepayments
CREDITORS:Amounts falling due within one Year
Trade Creditors
Other creditors & accruals
Other Taxation and Social Security
J Larkin
Bank Overdraft|Land &
Buildings
£
239,376
-
-
_______
239,376
_______
97,751
4,788
-
_______
102,539
_______
136,837
_______
141,625
_______|Equipment
Fixtures &
Fittings
£
124,424
5,651
-
_______
130,075
_______
111,370
5,535
-
_______
116,905
_______
13,170
_______
13,054
_______|Motor
Vehicles
Total
£
£
1,575
616,162
-
6,151
-
-
_______
______
1,575
622,313
_______
______
1,260
309,656
315
20,670
-
-
_______
______
1,575
330,326
_______
______
-
£291,987
_______
______
315
£306,506
_______
______
2024
2023
£
£
279
3,956
4,693
13,716
______
______
£4,972
£17,672
______
______
7,485
10,916
10,577
18,965
7,380
8,477
156
240
-
30,374
______
______
£25,598
£68,972
______
______| |---|---|---|---|---| (11) GATEWAY (EDUCATION & CHILDCARE) TRUST LIMITED (A Company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31[ST] AUGUST 2024 ## 8. |MOVEMENT IN FUNDS
Unrestricted funds
Restricted funds
Net assets at 31stAugust 2024|At
01.09.23
£
79,195
236,209
_______
315,404
_______|Incoming
Resources
£
754,481
-
______
754,481
______|Outgoing
Resources
£
730,829
-
_______
730,829
_______|At
31.08.24| |---|---|---|---|---| |||||£
102,847
236,209
_______
339,056
_______| ## 9. RELATED PARTY TRANSACTIONS Included within creditors are expenses due to Mrs J Larkin, who is the wife of Mr A J Larkin, of £156. During this year Mrs A J Larkin was employed as the senior manager and paid remuneration of £42,444 in total covering the year. Included within premises expenses are cleaning and maintenance services totalling £4,031, provided by Prozone Services Ltd, a company operated by the chair of trustees, A J Larkin. All transactions were at strictly agreed commercial rates. (12)