REGISTERED COMPANY NUMBER: 04869234 (England and W•l¢s) REGISTERED CHARITY NUMBER: I J03781 STtL4TEGIC REPORT, REPORT OF THE TRUSTEES AND AUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MATCHBOX DAY NURSERY LIMrrED Johnsons Chartered Accountants Ststsjtory Auditor 1_2 Craven Road Ealing London W5 ?UA MATCHBOX DAY NURSERY LIMITED CONTENTSOF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Strategic report I to 2 Report of the tr115tees 3 to 6 Report of the independent auditors 7 to 10 Statement of fjnaneial Ittivities Balance sheet 12 Cash flow statem¢nt 13 Notes to the cA5h flow statement 14 Notes lo the fInaneial statements IS to 21 Detailed stAtement of fIn*ncial Aelivities MATCHBOX DAY NURSERY LIMITED srRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their stralegic report for the year ended 31 March 2024. REVIEW OF BUSINESS Please refer to the trustees report for the fInancial review for the current year. PRINCIPAL RISKS AND UNCERTAINTIES When operatin¢y a nursery in the UK, several principal risks and uncertainties could impact ihe business. These can be categorized into financial, operational, regulatory, and exlemal rtsks. FinAncial Risks Funding & Cash Flow Issues.. the nursery ￿ lies on government fuNJing (e.£., free ¢hildcare hours), which n)ay not always cover operational cosls. Delays in funding payments can crea* cash flow problems. Rising Costs: Increasing wages (due to minimum wage increases), rent, ulilities, and food costs can impact cashflows. RtsiThg premiums for liability insurance ¢an add to financiaI pressures. Low Occupancy Rates: If demand drops due to demographic changes or ec¢)nomic downlurns, revenue could decline. Operational Risks Staffing Jssues: Recruiting and retsining qualified childcare professionals is Challenging. especially with industy-wide slaff shortages. Safcguarding & Child Protection- Ensuring child safety and compliance with safeguarding procedures is critical. Any incidents can lead to repulational damage and legal conscquences. Health & Safety Con¢ern5- Accidents, food safety issues, or infectious disease outbreaks (e.g., norovirus, flu, or COVID-19) can disrupt operaiions. Parent Satisfaction & Reputation: Negative reviews or complaints from parents can harni reputation and reduce enrolmenl. Regulatory & Legal Risks Ofsied Inspections & Compliance.. Failing an Otsied inspection could lead to enforcement aciions. repulational damage, or even Closure. Changing Government Policies: Adjustments to early years fundin& ratios, or regulatory requirements can impact business operation5. Ernployment Law Cornpliance: Ensuring fair pay, conlraci management, and compliance with UK employment laws is essential. Data Protection (GDPR).. Managing sensitive child and parent data securely lo avoid legal penalties. ExternAI Risks Economic Downturn: A recession or financial Crisis could lead to fewer parents affording private child¢ar¢. Competition.. New nurseries opening in the area could affe¢t enrolment numbers. Pandemics & Public Health Crises.. Disease outbreaks may force closures. impacting income and staffing levels. Brexit-Related Supply Chain Issues: Costs for food. toys. and equipment may rise due to import delays or increased tariffs. Environmental Risks Extreme Weather Events: Flooding, snow, or stomis could disrupt operations or cause property damage. Sustsinability Regulations- Increasing environmental policiesmay require investment in e¢o-friendly solutions. Mitigation Strategies To reduce these risks, the nursery maintains strong financial planning and reserves. invests in staff training and retention programmes.The nursery also ensutys regularly reviews of safeguarding, health & safety, and cornpliance procedures and stay inforned on government poli¢ies and adapt acwrdingly. The nursery a150 build5 a strong local reputstion through quality service and parent engagement. Page I MATCHBOX DAY NURSERY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024 SECTION 172(1) STATEMENT The matters set out in section 172{1) (a) to (D of the CompanTes Act 2006 are that a director must act in the way Ihey consider, tn good faith. would be most likely to promote the success of the nursery for the benefit of its members as a whole. and in doing so have regard (amongst oiher matters) to: (a) the likely ¢on5equen¢es of any decision in ihe long terni, (b) the interests of the nursery's directors. (c) the need to foster the nursery's business relationships with suppliers, customers and otheTS. (d) Ihe impact of the nursery's operations on ihe community and the envin)nrnent. {¢) the desirability of the nursery rnaintaining a reputation for high standards of business conducL and (fj the nced to act fairly between members of the nursery, The directors, both individually and colleetively. consider that they have acted in good faith to protnote the success of the nursery for ihe benefil of its stakeholders as a whole (having regard to the matters set out in section 172 of ihe Act) in the decisions taken during Ihe year. Approved by order of the board of tru5ttts on... ..and si8ned on its behalf by: MSBA ebb- TNsfre MATCHBOX DAY NURSERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The tNstees, who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for ihe year ended 31 March 2024. The trustees have odopted the provisions of Accounting and Reporting by Charilies: Siatement of Recommended Practic¢ applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)- Objectives and aims Matchbox is a Community Nursery which opened in 2003. The nursery offers 98 full tiine equivalent place5 for children aged from 3 months to 5 years of age. Matchbox is a registered charity ihat uses a self-sustaining sociaI enlerprise mi)del. The trustees ensure ihat any surplus 15 reinvested back into the busines5 to provide more childcare places for children in an area of high disadvanlage. We developed an ambitious growih plan to meet the needs of more children and families. This has taken us five years due to delays that were mainly ¢aus¢d by the Covid-19 pand¢mic. This year this came to fruition. and w¢ opened our new nursery facility at Aberfeldy Village, providing an additional 48 places for children. The nurseries are open Monday to Friday 8.00am to 6.00pm throughout the year, excluding staff training days, bank holidays and ihe Chrislmas week where we elose Completely. We recognise the benefits of Early Years Education and Care for Child￿n. Young brains are built by Iheir experiences in early years, which fundamentally shape5 their whole lives, influencing Iheir future in areas such as heallh, well-being and career development. Our Nursery teams work hard lo provide high quality care and education to the children in our care and also to support their families. Our aim is to become part of ihe local community Ihat we opernie in. We have a gocd partnership with our landlord, Poplar Harca, and work closely with the local community centres that are run by our laiidlord. We are also planning on some joint Stay and Play sessions Wltli the local doctor'5 surgery at the Aberfeldy Village when they open in the next few months. As a learning organisalion, we seek to further improve our competence in delivery of high quality Early Years Care and Education that is accessible and affordable. Recruitment has been challenging as we compete with not just other nurseries but oiher sectors who are also trying to attract stsff. Underpinning this was our concern about ihe physical and mental well-being of our staff as they worked harder and harder to cover staff shortages. We made the decision five years ago, when we slarted plans to open a second nursery. to tske the route of apprenticeships for recruiting staff. Wilh the extreme 5UPPOrt and help of OUT Staff, we trained several apprentices to take on childcare prnctitioner roles at both nurseries. We have also helped oihers to gain their childcare qualifications who have moved on to work elsewhere in ihe sector. We are committed tt) continuing with our apprenticeship progrdmme and will soon recruit more apprentices to start their trdinina toward5 qualification. Our staff team consisls of the Nursery Manager. two Deputy Managers￿rIY Years Teachers. Office Administrator, Room Leaders, Room Depuli¢s and Childcare Practilioners. There are also Catering sthff, who pKivide daily cooked meals for all the children at both n￿r￿rI¢s. Our gtaff members have a vartety of qualifications and experiences which all add up to the service we offer. We are committed to continuing the professional development of all our staff and all regularly attend training for CPD. Matchbox Nurseries continue to be run by a rnanagernent team which takes care of the day to day running of the nursery and has a Committee which is made up of interested people who meet four times a year. We have a small committee and this year there are no Trustees that have children at either nursery. though most have had children in the past. We ty very hard ￿ encourage new members, most people using the nurseries have busy lives and do not want to commit to adding lo their workload. Page 3 MATCHBOX DAY NURSERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 21124 This year the government has availed more funding to working parents which directly impacts the operations of the nursery. The 15-hour free entitlement provided by the government for 2. 3 and 4 year-olds is used by a high proportion of our parents. There is also an additional 15 hours free childcare for eligible working parents of 3 year olds. From April 2024 this was extended initially lo working parents of 2 year olds and from September 2024 ihis has been extended to children from 9 months old. In 2025 this increases to 30 hours for all children from 9 months upwards. We encourage parents to apply for this fundir]g and will help as much as possible with the pro¢e55. We a150 advise parents to register for Tax Free childca￿. All of these schemes make chlldcare MO￿ affordable which is 8cx)d for all parents. We continue lo see many changes lo Ihe local area. Most of the managernent team and trustees have been involved with not only this nursery but other settingslgroup5 over many years around this area. There continues lo be a high need for childcare places. mostly due to continued developmenl in ihe area around our nursery on Burdett. The new nursery at Aberfeldy Village is also part of a very big regeneration area. The result of this is that the Burdett nursery is very full and has very little availability in all rooms and the new Aberfeldy nursery is close to capacity already. Financial Review This year has seen all cosis increasing compared to last year due io ihe opening of the new nursery. This has Put pressure on our finances, but overall, we have had a good year in the Burdett nursery and mad¢ a good start at our new Aberfeldy nursery. Total income from boih nurseries £1,453,982 as ihe Burdett Nursery was operational the whole year and Aberfeldy opened from September 2023. Our toial expendiiure was £1,512.690 for both nurseries. Ihis includes the cost of setting up Ihe new nursery, lease and rental expenses, depreciation charges, nursery food, staff costs and legal costs. So although it is a deficit year the actual cashflows were positive even when factoring in the cosls of opening the new nursery. This coming year we have plan5 in place to refurbish and change ihe layout of the rooms at Burdett nursery. We will combine the baby rooms with the other children to make a joined up ¢hild¢a￿ facility. We have seen how well this works during the covid times, and used ihis design for the Aberfeldy nursery. We hope to complete this over the summer period 10 be ready for the September 2024 terni. Staff perfornlance We arc all very thankful for the incredible hard work from staff and a￿ amazed by the variety of aclivities that goes on lo provide such a rich, diverse. and fun environment for all our children. Our ou15ide area5 continue to be ulilised to full capacity. A lot of our time is speni outside exploring aiid learning. It continues to be a great success in ail seasons. We also make a lot of use of our forest school area for the children. We continue to celebrate notable awareness raising day4 such as World Book Day. Sports Relief and Children in Need. International Mud Day, Den Day, etc. This year ￿ have also added our own dress up days and therne days on a bigger scale: superhero days, magic day, science day and many more. We continue to have a good ￿ lationship wilh local schools. and some transition visits from local teacliers have gone ahcad this year. Thcrc coiitinues to be a lot of information sharing around the children's transition lo school and this mixture seems to be working well. We continue to support children with additional needs. and our staff have continued to be supported and 1rdined by outside professionals, when needed. We would again like lo thank all the slaff involved in this. as well as the outreach team5 and all other professionals involved in this. The staff team have been consistent this year, with sorne stair tranSfe￿Ing to the Aberfeldy nursery and taking on lead roles and our qualified apprentices taking on childcare practitioner roles. Our 2 Nursery DepulieslEarly Years Teachers continue lo oversee the rooms and guide planning and observations of the children. We continue to work closely with the playgroup, Staff really support each other. We are all extremely proud of the achievements of everybody at both nurseries and would like to thank them for the dedication and commitment they have shown thrnughout the year to deliver quality service. We would like to thank everybody who has been involved in the smooth runnin¢T of ihe nurseries and playgroup especially the Apprentices, Students, Poplar HARCA. Children's Community Nursing Team, Child Development Team and LBTH Early Education Servi¢e. Page 4 MA TCHBOX DAY NURSERY LIMITED REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing documen( a deed of trus1. and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Company Dumber 04869234 (England and Wales) Registered Charity number 1103781 Registered office 1 & 2 Butler House Burdett Road London E14 7AB Trustees Ms D Aston Work-Life Balance Adviser R Clarke Youth And Community Leader Ms K Hogger Dome51i Ms L Traversi Recruitment Manager Ms B A W¢bb Nursery Deputy Manager CompAny SecretRry ADWebb Auditors Johnsons Chartered Accountsnts Statutory Auditor 1-2 Craven Road Ealing London W5 2UA STATEMENTOF TRUSTEES, RFSPONSIBILITIES The trustees {who are also the dir¢¢tors of Malchbox Day Nursery Limited for the purposes of company law) are responsible for preparing the Report of the trustees and the financial stalemenis in accordance with applicable law and United Kingdom Accounting Stsndards (L'nited Kingdom Generally Accepted Accounting Prdctice). Company law requires the truslccs lo preparc financial statements for each financial year which give a lrne and fair view of the state of affairs of the charilable company and of ihe incoming resources and application of resources, including the income and expenditure, of the charitable company for thal period. In preparing those financial statements, the trustees are required to select suitable aocounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. rnake judgement5 and ¢stimates that are reasonable and pruden¢ stale whether applicable accounting standards have been followed. subject to any material departure5 dis¢losed and explained in Ihe financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to p￿SuMe that the charitable company will continue in business. The truslees are responsible for keepin proper accountino Tecord5 which disclose wtth reasonable accuracy at any Itme the financial position of the charitsble company and to enable them to ensure that the financial stalements comply with the Companie5 Act 2006. They are also responsible for safeguardintr the assets of the charitable company and hence for taking reasonable Steps for th¢ prevention and detection of fraud and oiher irregularities. Page 5 MATCHBOX DAY NURSERY LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENTOF TRUSTEES, RESPONSIBILITIES- continued In so far as the trustees are aw2re= there is no relevant audit infomiation of which the charitable company's auditors are unaware. and Ihe trustees have tsken all steps thal they ought to have thken to make themselves aware of any relevant audit inforniation and to establish that the auditors are aware of that information. AUDITORS The auditors, Johnsons Chartered Accouniants, will be proposed for re-appointment at the forthcoming Annual General Meeling. Appr()v¢d by order of the board of trustees on..... .. .. .and signed on its behalf by.. MSBA - Trustee REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MATCHBOX DAY NURSERY LIMITED Opinion We have audii¢d the financial statements of Matchbox Day Nursery Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Ststement of financial activities, the Balance sheet. the Cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting ftamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements". give a true and fair view of the slate of the charitable company's affairs as at 31 March 2024 alld of its incoming resources and application of resources including its income and expenditur4 for the year then ended- have been properly prepared in aecordanee with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requiTements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under ihose standards are further described in the Auditors. responsibilities for the audit of the fsnancial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial staiements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other eihical responsibilili¢s in accordance with Ih¢s¢ r¢quirem¢nls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Conclusions relAting to going concern In audiling the financial slalcmcn15, we have concluded that the trustees. use of the 80ing eoneern basis of aeeounting in the preparation of the financial statements is appropriate. Based on the work we have perfollned, we have not idenlified any material uncerfainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to conlinue as a going concern for a period of al least twelve monih5 from when Ihe financial slatements are auihorised for issue. Our responsibilities and ihe responsibilities of the trustees with respect to going concern are described in the relevant sections of this report, Other information The Iruslees are responsible for the other information. The other inforniation comprises the infomation included in the Annual report, other than the financial staiemenls and our Report of the independent audilols thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise expli¢illy stated in our report. we do not expre55 any forni of assurdnce conclusion thereon. In connection with our audit of ihe financial stafrments, our responsibility is to read the oiher information and, in doing so. consider whether the other infonnalion is materially inconsi51enl with the financial slalemenls or our knowledge obiained in Ihe audit or otherwise appears to be materially missiated. If we identify such material inconsisten¢i¢s or apparent material misstatemenls. we are required io delerniine whether this gives rise lo a material misstatement in the financial stalemcnts themselves. If. based on the WOTk we have perfo￿ned. we Conclude that there is a material misstatement of this other infomation. we are required to report that facl. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audil: the informalion given in the Sts71egic report and the Report of the trustees for the financial year for which the financial stateinents are prepared is con5j5tenl with ihe financial stalements. and the Sirateoic report and the Report of the trustees has been prepared in accordance wilh applicable legal requirements. Page 7 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MATCHBOX DAY NURSERY LIMITED Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the charltsble company and its environment obtained in the course of Ihe audit, we have not identified material misstatements in the Strategic report and the Report of ihe tt115tees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to Teport to you if. in our opinion.. adequate accounting records have not been kept or rethrns adequate for our audit have not been received froin branches not visited by us- or the financial statemenls are not in agTeement with the accouJ)ting records and ffturns. or certain disc105ure5 of truslees. remuneration specified by law are nol made; or w¢ have not received all the infomiation and explanations we require for our audiL Responsibilities of trustees As explained more fully in the Statement of trustees, responsibililies. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of ihe fmancial statements and for being satisfied that they give a true and fair view. and for such internal control as ihe trustees deterniine is necessary to enable ihe prepardtion of financial statements that are free from material misstatemenL wheiher due to frAud or etTOr. In preparing the financial statements. the trustees are responsible for assessing the charitable company'5 ability lo continue as a going concem. disclosing. as applicable. matters relaied to going concem and using Ihe going concern basis of accounting unless the trustees either iniend to liquidaie ihe eharitable company or io cease operations, or have no realistic alternative but to do so. REPORTOF THE INDEPENDENT AUDITORSTO THE MEMBERSOF MATCHBOX DAY NURSERY LIMITED Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue a Rq)ort of the independent audilors that includes our opinion. Reasonable assurance is a high level of assurdnce, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could ffasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. The extent to which our procedures aTe capable of detecting irregularities, including fraud is detailed below: Extent to which the audit was Considered tapabk of detecting irregularities, including frdud We identify and assess the risks of material misstatement of the financial stslements, whether due to fraud or error, and then design and perfomi audil pro¢edures responsive to th0￿ risk4 including obtaining audit evidence that is Sufficient and appropriate to provide a basis for our opinion. Identification And assessment of potentiil risks In identifying and assessing polential risks related to irregularities in idenlifying and assessing risks of material misstalernent in respe¢l of irregularities. including frdud and non-compliance with laws and regulations. we conducted: Discussions wilh those charged with £ovemance and those who review the compan￿$ internal ethics and compliance reportin8 summaries, including th0￿ concerning invesliga(ions- Enquiries of management. including obtaining and reviewing supporting do¢umentalion. concerning the company's material policies and procedures relaiing to identifying, evalualing and complying wilh laws and regulations and whether Ihey were awa￿ of any instances of non-¢omplian¢e relaiing to the detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud- and the internal eonlrols established to rniligate risks related to fraud or non-compliance with laws and regulations: Our review of the company's remuneralion policies, and key drivers for remuneration and bonus levels; - Our review of any material trartsactions with related parties and key individtsds. and Discussions among the engagement team regarding how and where fraud might occur in the finaneial slaiemenls and any potenlial indicators of fraud. The engagement team includes the Audit Director and staff who have extensive experience of working wilh companies in the same sectors as the company, and this experience was relevant to the discussion about where fraud risks may arise. Risks arising from legal and regulatory frnmeworks We are also required to perfomi specific procedure5 to respond to the risk of management override. We also obtained an understanding of the legal and reoulatory frameworks in which the company opera1es, focusints on provisions of those areas that had a direct effect on the deterniination of material amounts and disclosures in the financial slalements. We did not identify any material audit matters related to the w)tential risk of fraud or non-complian￿ with laws and ulations from our work: (t) Revieiving management override ofcontrol4 (li) Testing the appropriateness of journal enlries and other accounting adjustments. (iii) Assessino whether the judgements made in making a¢couniing estimates are indicative of a potential bias. and (iv) Evaluating the business rdtionale of any 5ionifi¢ant tran5a¢tions that are unusual or outside the noThal course of business. We also communicated our assessment of the relevant laws and regulations and potential fraud risks lo all engagement team members, and remained alert to any indications of fraud or nonvcompliance wilh laws and regulalions throughout the audit. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at w%¥w.frc.org.uklauditorsresponsibilities. This descriptTOn fornis part of our Report of the Independent Aiiditors. REPORTOF THE INDEPENDENT AUDITORSTO THE MEMBERS OF MATCHBOX DAY NURSERY LIMITED Use of our reEMJrt This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company'5 members those matters we are requiffd tr) slale to them in an auditors, report and for no oiher pu￿oSe. To the fullest extent perniitted by law, we do not accept or assume responsibÈlity to anyone other than the charilable company and the charÈtable compan 's members &$ a body. for our audit work. for this report. or for the opinions we have fornled. Edmund Cartwright FMAAT FCCA (Senior Statutory Auditor) for and on behalf of Johnsons Charteffd Accountants Ststutory Auditor 1-2 Crdven Road Ealing London W5 2UA Date: 21 st Feb 2025 Note: Lcgislation in Ihe United Kingdom goveming the preparation and dissemination of financial stalements may differ from legislation in other jurisdictions. Page 10 MATCHBOX DAV NURSERY LIMITED STATEMETr4T OF Fly ANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unaudited 2023 Total funds 2$ re$tated 2024 Unrestricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 62 116 Charttable activities Charitsble 1,443327 995,773 Investment income Other income 3,993 6.600 1,261 Total 1.453.982 997.150 EXPF.NDITIJRE ON Charitable aetivitie5 Charitsble .507.683 986.945 NET INCOiWIEI(EXPENDITURE) (53.701) 10,205 RECONCILIATION OF FUNDS TotRI funds brought forward As previously reported Prior year adjuslment 752.904 16,200 758,899 10 As restAted 769,104 758,899 TOTAL FUNDS CARRIED FORWARD 715,403 769,104 The notes fomi part of ihese financial stalements Paaell MATCHBOX DAY NURSERY LIMITED BALANCE SHEET 31 MARCH 2024 Unaudited 2023 Tolal funds as restated 2024 Unrestricted fund Notes FtXED ASSETS Intangible assets Tangible assets 157,275 3)6.924 16,200 426J45 12 494,199 442,545 CURRENT ASSETS Debtors Cash at bank and in hand 13 25.568 252,570 9.249 326,810 278.138 336.059 CREDITORS Amounts falling due within one year 14 (39,580) (9,500) IYET CURRENT ASSETS 238,558 326,559 TOTAL ASSETS LESS CURRENT LIABILITIES 732,757 769,104 CREDITORS Amounts falling due after more Ihan one year 15 {17,354) NET ASSETS 715,403 769,104 FUNDS Unrestricted funds 17 715.403 769.104 TOTAL FUNDS 715,403 769,104 The financial statements were approved by the Board of Trustees and authorised for issue .and were signed on its behalf by: B A Webb - Trustee The notes form part of these financial statements Page 12 MATCHBOX DAY NURSERY LIMITED CASH FLOW ￿rATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Un*udited 2023 2024 as reslated Notes Cash flows from operating activities Cash generated from operations 110.661 29,086 Net cash provided by operating a¢tivities 110,661 29,086 Cash flows from investing activities Purchase of intangible fixed assets Purchase of tangible fixed &8sets Interest received (145.800) (43.094) 3.993 (16,200) {21,969) 1,261 Net cash used in investing aciivili¢s 1184,901) (36,908) Change in CAsh and cash equivAlents in the reporting period Cash cash equivalents At the beginning of the reporting period (74240) (7.822) 326,810 334,632 Cash and cash equlvalents at the end or the reporting period 252,570 326,810 The notes fom) part of these financial stalemen15 Page IJ MATCHBOX DAY NURSERY LIMITED NOTESTO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET (EXPENDITUREYINCOME TO NET CASH FIAIW FROM OPERATING ACTIVITIES Unaudited 2023 as restated 2024 Net (expenditure)lincome for the reporting period (as per the Statement of finaneial aetivities) Adjustments for: Depreciation charges Interest received (Increase)Idecrease in debtors Increase in creditors {53,701) 10,205 137.240 (3,993) (16,319) 47,434 10.141 (1.261) 6,965 3,036 Net ¢Ash provided by operntioms 10,661 29.086 ANALYSIS OF CHANGES IN NET FUNDS Unaudited At 114rA3 Cash flow At 3J13124 Net eash Cash at bank and in hand 326,810 (74,240) 252,570 326,810 (74,240) 252,570 Total 326.810 74 25? 570 The notes forni part of these financial staiemenls Page 14 MATCHBOX DAY NURSERY LIMITED NOTES TO THE Flh'ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AcCOuNT￿G POLICIES B7dSiS of prepAring the fjnancial statements The financial statements of the charitsble company. which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities prepaTing iheir accounts in a¢¢ordan¢e with ihe Financial Reporttng Standard applicable in ihe UK and Republic of Ireland (FRS 102) (eÉTective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, and the CompaniLs Act 2006. The f￿ancial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Aelivities once the charity has entitlement to the funds. it is probable that the income will b¢ r¢c¢ived and th¢ amount can b¢ m¢asur¢d r¢liably. Expenditure Liabilities are recogT]ised as expenditure as soon as there is a legal or ¢onstru¢tTve obligation committing the charity to that expenditure. it is probable that a Iransfer of economi¢ benefits will be requir¢d in settleinent and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been ¢la55ified under heading5 Ihat aggrcgate all cost ff laled to the ¢ale80ry. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis con5lStent with ihe use of sources. Tangible rtxed asset5 Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Improvements to propety Plant and machinery 50/0 on reducing balance 12.80/0 on cost TAXation The charity is exempt from corporation tsx on its charitable aclivilies. Fund accounllng Unrestricted funds can be used in accordance with ihe charilable objectives at the discretion of the I￿SleeS. Restricted funds can only be used for particular reslrieted pujposes within the objects of the eharity. Restrictions arise when specified by the donor or when funds are rnised for particular restricted purposes. Further explanation of the nature and purpose of each fund 15 included in the notes to the fmancial statements. Pension costs and other post-retirement b¢nefits Thc charithble company operates a dLfined contribution pcnsiot) scheme. Contributions payable to Ihe charitable company's pension scheme aff charged to the Statement of Financial Activilies in the period to which they relate. Pa￿e 15 continued... MATCHBOX DAY NURSERY LIMITED NOTES TO THE FLNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 LIIARCH 2024 DONATIONS AND LECACIES Unaudited 2023 as restated 2024 Donations 62 INVESTMENT INCOME Unaudited 2023 2024 as restated Deposit account interest 3,993 1,261 INCOME FROM CHARITABLE ACTIVITIES Un8udited 2023 As reslAted 2024 Activity Charitable Fees 1.443327 995,773 The charity has not received any restricted funds in the current year (2023: Nil) CHARITABLE ACTIVITIES COSTS Unaudited 2023 2024 Charitable 1,507,683 986,945 NET INCOMEI(EXPENDITURE) Net incomeJ(expenditure) is ststed after ¢hargingl(¢rediling): Unaudited 2023 as restated 2024 Depreciation - owned assets Lease assel amorti5ation Audit fees 132,515 4,725 12,000 10,141 TRUSTEES, REMUNER4TION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Ma￿h 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for ihe year ended 31 March 2024 nor for the year ended 31 March 2023. ontinued... MATCHBOX DAY NURSERY LIMITED NOTESTO THE FtNANCIAL sfATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS Unaudited 2023 s restated 2024 Wages and sa]aries Social security costs Other pension costs 989,407 57,283 11,819 836,114 21,451 4,150 1,058,509 861,715 The average monihly number of employees during the year was as follows: 2024 2023 as restated 37 Total staff 45 No employees r¢¢eived ernoluments in excess of £60,000. COMPAIL4TIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unludited Unrestricted fund as restated INCOME AIYD ENDOWMENTS FROM Donations and legacies Charitable activities Charitable 995,773 Investment income ,261 Totol 997,150 EXPEIYDITURE ON Charitable activitie5 Charitable 986,945 NET ]NCOME 10,205 RECONCILIATEON OF FUNDS Total funds brought forward 758,899 TOTAL FUNDS CARIUED FORWARD 769,104 Page 17 continued... MATCHBOX DAY NURSERY LIMITED NOTES TO THE FINANCIAL STA TEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 io. PRIOR YEAR ADJUSTMENT In the prior year the charity inconrctly cxpensed in full the premium paid on the lease of12 Aberfeldy Square amounting to £16,200. Due to thi4 charitable expenditure reduced by £16200 and total fund5 carried forward increase by £16.200. The following table summarises the impact of the Rstatement of the 2023 reported numbers. FinAneial items 2023 Previously presented 1.003,145 2023 Net adjustments (16.200) 16,200 16,200 As rest4ted 986,945 16.200 769.104 Expenditure Inlangible asset- lease ass Fund 752,904 ii. INTANCIBLE FIXED ASSETS Legse asset Cost At l April 2023 - unaudited Additions 16.200 145,800 At 31 March 2024 162,000 Amortisation Charge for year 4,725 Net book VAlue At 31 March 2024 157,275 At 31 March 2023- unaudited 16,200 The intangible asset relales to lease premium that has been paid in line with the lease agreement that will be arnortised over the life of the lease. 12. TANGIBLE FIXED ASSETS Improvements to property Plant llnd machinery Totsls Cost At l April 2023 -unaudited Additions 878,010 240,502 43,094 ,118,512 43,094 At Jl March 2024 878.010 283.596 1,161.606 Deprteiation At l April 20?J_ unaudited Charge for year 51),039 120,440 179,128 12,075 692.167 132,515 At 31 March 2024 633,479 191203 824,682 Net book value At 31 Matrh 2024 244,531 92,393 336,924 At 31 March 202i - un