Charity registration number 1102092
Company registration number 04732961 (England and Wales)
WOODEN TOPS DAY NURSERY LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2023
WOODEN TOPS DAY NURSERY LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs J Lloyd Mrs A Tindale Ms C Waja Mrs Julie Welch Charity number 1102092 Company number 04732961 Registered office Park Lane Centre Park Lane Woodside Telford Shropshire United Kingdom TF7 5QZ Independent examiner Azets Audit Services Column House London Road Shrewsbury Shropshire United Kingdom SY2 6NN
WOODEN TOPS DAY NURSERY LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
WOODEN TOPS DAY NURSERY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 MARCH 2023
The trustees present their annual report and financial statements for the year ended 30 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association incorporated 13 April 2003, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Standard for Smaller Entities published on 16th July 2014.
Objectives and activities
The charity's objects are to enhance the development and education of children, primarily under statutory school age. The organisation offers play, education, care facilities, training courses and encourages the study of the needs of children and their families and promotes public interest in and recognition of their needs. It instigates and adheres to the aims and objectives of the Pre-School Learning Alliance.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Wooden Tops Day Nursery is situated within a multi use complex Children's Centre, the nursery operates from a self contained area of the building, using five purpose built rooms which accommodates our 0-2's (room 1), we currently have one separate room that accommodates our 2-3's (room 2) and one room allocated to our Pre-School children and one room for the upcoming 3 year olds, getting them ready for preschool.
During the year the Charity has continued to run a day nursery.
A voluntary Board of Directors consisting of a variety of professionals and former parents are responsible for the running of Wooden Tops and all of which contribute effectively within specified areas of their experiences and knowledge.
Financial review
It is the policy of the charity to increase reserves, so that in the event of an income drop the charity can continue operating until other funds are secured.
There was a small deficit on the unrestricted funds for the year to March 2023 continuing a small deficit from March 2022. This reverses some of the surpluses made in the prior years.
With both employment and energy costs increasing with no commensurate rise in income the reserves of the Charity may be called upon to support the Charity in the short term. The trustees believe that the current level of reserves are sufficient for the charity as it stands but are constantly assessing the required level due to the ever changing regulatory and financial environment it finds itself in.
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Structure, governance and management
The charity is controlled by its governing document, the memorandum and articles of association incorporated 13th April 2003, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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 J Lloyd Mrs A Tindale Ms C Waja Mrs Julie Welch
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WOODEN TOPS DAY NURSERY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023
People who are interested in the charity are recruited by word of mouth or through other trustees. Their interest in the charity is discussed with them and existing trustees and are appointed if deemed suitable.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees' report was approved by the Board of Trustees.
..............................
Mrs A Tindale Trustee
Date: .............................................
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WOODEN TOPS DAY NURSERY LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WOODEN TOPS DAY NURSERY LTD
I report to the trustees on my examination of the financial statements of Wooden Tops Day Nursery Ltd (the charity) for the year ended 30 March 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 , 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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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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
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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.
Azets Audit Services
Column House London Road Shrewsbury Shropshire SY2 6NN United Kingdom
Dated: .........................
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WOODEN TOPS DAY NURSERY LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 - 3,811 Charitable activities 4 343,743 - Investments 5 4,076 - Total income 347,819 3,811 Expenditure on: Charitable activities 6 353,626 346 Net (expenditure)/income for the year/ Net movement in funds (5,807) 3,465 Fund balances at 1 April 2022 400,369 18,049 Fund balances at 30 March 2023 394,562 21,514 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 3,811 - 6,322 343,743 308,970 - 4,076 71 - 351,630 309,041 6,322 353,972 325,279 1,394 (2,342) (16,238) 4,928 418,418 416,607 13,121 416,076 400,369 18,049 |
Total 2022 £ 6,322 308,970 71 315,363 326,673 (11,310) 429,728 418,418 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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WOODEN TOPS DAY NURSERY LTD
BALANCE SHEET
AS AT 30 MARCH 2023
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Restricted funds 13 Unrestricted funds Designated funds 14 General unrestricted funds |
2023 £ 661 444,532 445,193 (32,622) 125,000 269,562 |
£ 3,505 412,571 416,076 21,514 394,562 416,076 |
2022 £ - 449,879 449,879 (35,206) 125,000 275,369 |
£ 3,745 414,673 |
|---|---|---|---|---|
| 418,418 | ||||
| 18,049 400,369 |
||||
| 418,418 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 March 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 .........................
.............................. Mrs A Tindale Trustee
Company registration number 04732961
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2023
1 Accounting policies
Charity information
Wooden Tops Day Nursery Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Park Lane Centre, Park Lane, Woodside, Telford, Shropshire, TF7 5QZ, United Kingdom.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's memorandum and articles of association, 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
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 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.
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 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.
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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:
Building renovations 2% on cost Fixtures, fittings & equipment 20% on cost Computers 20% on cost
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.
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 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 Donations and legacies
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Graduate leader support fund | 3,811 | 6,322 |
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
4 Charitable activities
| Revenue grants Other income |
Grant income 2023 £ 268,452 75,291 343,743 |
Grant income 2022 £ 240,513 68,457 |
|---|---|---|
| 308,970 |
5 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 4,076 | 71 |
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023
6 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Staff costs | 245,428 | 220,263 |
| Depreciation and impairment | 240 | 265 |
| Rent | 60,675 | 56,129 |
| Child education & development | 1,644 | 11,765 |
| Telephone | 1,080 | 1,230 |
| Postage & stationery | 3,259 | 3,345 |
| Advertising | 446 | - |
| Repairs & renewals | 4,392 | 6,241 |
| Household & cleaning | 1,115 | 1,759 |
| Catering | 18,056 | 13,901 |
| Sundry expenses | 2,959 | 3,943 |
| Other charitable expenditure | 14,678 | 7,832 |
| 353,972 | 326,673 | |
| 353,972 | 326,673 | |
| Analysis by fund | ||
| Unrestricted funds | 353,626 | 325,279 |
| Restricted funds | 346 | 1,394 |
| 353,972 | 326,673 |
7 Trustees
None of the trustees received any remuneration during the year.
There were no trustees' expenses paid for the year nor for the year ended 31 March 2022.
8 Employees
The average monthly number of employees during the year was:
| Childcare Administration Total |
2023 Number 17 3 20 |
2022 Number 18 3 |
|---|---|---|
| 21 |
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023
| 8 Employees Employment costs Wages and salaries Social security costs |
(Continued) 2023 2022 £ £ 236,801 214,819 5,486 2,763 245,428 220,263 |
(Continued) 2023 2022 £ £ 236,801 214,819 5,486 2,763 245,428 220,263 |
|---|---|---|
| 220,263 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from corporation tax on its charitable activities.
10 Tangible fixed assets
| Building renovations Fixtures, fittings & equipment Computers £ £ £ Cost At 1 April 2022 4,574 28,909 1,039 At 30 March 2023 4,574 28,909 1,039 Depreciation and impairment At 1 April 2022 1,493 28,244 1,039 Depreciation charged in the year 62 179 - At 30 March 2023 1,555 28,423 1,039 Carrying amount At 30 March 2023 3,019 486 - At 31 March 2022 3,081 664 - 11 Debtors 2023 Amounts falling due within one year: £ Prepayments and accrued income 661 |
Total £ 34,522 |
|---|---|
| 34,522 | |
| 30,776 241 |
|
| 31,017 | |
| 3,505 | |
| 3,745 | |
| 2022 £ - |
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 MARCH 2023
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Other creditors Accruals and deferred income |
2023 £ - 438 32,184 32,622 |
2022 £ 1,884 - 33,322 |
| 35,206 |
13 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | ||
| 1 April 2021 | resources | expended | 1 April 2022 | resources | expended | 30 | March 2023 | |
| £ | £ | £ | £ | £ | £ | £ | ||
| Graduate | ||||||||
| Leader Fund | 13,121 | 6,322 | (1,394) | 18,049 | 3,811 | (346) | 21,514 |
Graduate leader fund
This fund is restricted for use in the further training of graduates.
14 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement | Movement | |||||
|---|---|---|---|---|---|---|
| in funds | in funds | |||||
| Balance at | Incoming | Balance at | Incoming | Balance at |
||
| 1 | April 2021 | resources | 1 April 2022 | resources | 30 March 2023 | |
| £ | £ | £ | £ | £ | ||
| Close down fund | 125,000 | - | 125,000 | - | 125,000 | |
| 125,000 | - | 125,000 | - | 125,000 |
The close down fund represents funds designated for the graceful shut down of the nursery should the need arise. The designated funds represents an estimate of the wage costs, redundancy payments, lease and contractual obligations and associated costs of shut down.
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WOODEN TOPS DAY NURSERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
| 15 Analysis of net assets between funds Unrestricted Restricted 2023 2023 £ £ Fund balances at 30 March 2023 are represented by: Tangible assets 3,505 - Current assets/(liabilities) 391,057 21,514 394,562 21,514 |
Total Unrestricted Restricted 2023 2022 2022 £ £ £ 3,505 3,745 - 412,571 396,624 18,049 416,076 400,369 18,049 |
Total 2022 £ 3,745 414,673 |
|---|---|---|
| 418,418 |
16 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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