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2023-03-31-accounts

Charity registration number 1107519

Company registration number 05261351 (England and Wales)

KELTON NURSERY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

KELTON NURSERY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs W Carson
Mrs Nsar Kelly
Mr L Owen
Nursery Manager Ms L Darwin
Charity number 1107519
Company number 05261351
Registered office Kelton House
Park Avenue Mossley Hill
Liverpool
Merseyside
L18 8BT
Independent examiner Helen Furlong FCCA
McLintocks (NW) Limited
46 Hamilton Square
Birkenhead
Wirral
Merseyside
CH41 5AR

KELTON NURSERY

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Statement of cash flows 8
Notes to the financial statements 9 - 17

KELTON NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's 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) (effective 1 January 2019)".

Objectives and activities

The charity's objectives and principle activity is the provision of quality education to infants and children through the provision of day-care, after school, and holiday club services.

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

Our significant activities include:

In setting our objectives and planning our activities the trustees have also considered the Charity Commission's general guidance on public benefit.

As a not for profit organisation, all profits is invested back into the provision to ensure that it is fully resourced and fit for purpose.

Kelton Nursery and After School is open to everyone within the community and beyond. It provides government funded places, and offers bursarial assistance to ensure equality of access to the provision. The provision of bursary assisted places ensures the needs of families with low income or other additional needs are catered for.

The nursery fees are determined by running costs, not profit. We are committed to keeping our fees competitive, and fee increases are only considered to ensure the continuation of the service.

Being a Charity with a Board of Trustees that is made up from parents, means that families not only benefit from excellent childcare, but can develop their own skills and knowledge by becoming part of the governance of the provision. Parents and families involved in Kelton can feel they are contributing to the wider community by becoming involved in supporting a charitable cause.

KELTON NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

We have had a very challenging year at Kelton. Key achievements are as follows:

Recruitment

We have faced significant challenges (as have the rest of the country in a variety of sectors) around recruitment of staff which has put additional pressure on the leadership team to cover rooms to maintain ration. Covid has had a detrimental impact on the recruitment of childcare staff since lockdown ended in 2020 which remains a sector wide issue. As a result of this the setting has struggled to recruit and retain staff this year. The committee have been supporting the management team with recruitment initiatives to attract new employees.

New Intakes

The difficulties with recruitment have also resulted in the setting having to reduce the intake of children in the nursery. As we continue to have a challenge around attracting ne w staff the management team have reduced the intake of new children to ensure we have sufficient rations of staff to children.

Roof Repairs

We had invested significantly in roof repairs and concluded rook and other repairs this year that were planned in our asset strategy.

Inflation

The impact of inflation effected the operating margins within the setting which resulted in us raising the childcare fees in April 2023 to ensure we could cover the overheads of the business. We will be reviewing fees again in April 2024 to ensure that they are both fair and competitive.

Financial review

The charity has reported a deficit of £40,087 for the year to 31 March 2023 (2022: Surplus £6,357).

The impact of this deficit has resulted in a net current asset position of £(2,007) at the year end (2022: £47,596). Overall the charity has net assets of £726,097 (2022: £766,184). Free reserves (total reserves less fixed assets) amounted to a negative of £23,673 (2022 £4,703)

The trustees acknowledge the need for continued strong working capital management, together with regular review and monitoring of the number of children registered for its services on a month by month basis.

Reserves policy

It is the policy of the charity to try to build up modest unrestricted reserves, which are the free reserves of the charity, to a level which will provide assistance for the future operating costs. The trustees continue to work towards building reserves to an optimum range of between £65,000 and £195,000. At this level there would be sufficient free reserves to cover overhead costs for 1-3 months running costs.

Principal funding sources

The charity's primary source of income is generated from nursery fees. Fees are received in return for the provision of daycare, afterschool and holiday club services.

Investment policy and objectives

The charity’s funds are currently fully utilised for working capital with no surplus at this time for investment.

At such a time this position changes the trustees will develop a suitable policy and set of objectives for investment.

KELTON NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Risk Management

All existing policies and procedures are periodically reviewed by the senior management team to ensure that they continue to meet the changing needs of the charity and childcare business.

To support the management team, we have engaged a firm of Health and Safety consultants, who work with the staff to ensure all matters are dealt with appropriately.

The board have also engaged an HR consultant who is supporting develop a robust performance framework going forward.

All existing policies and procedures are periodically reviewed by the senior management team to ensure that they continue to meet the changing needs of the charity and childcare business.

The Board of Trustees continue to work with the management team to review the risk register.

All existing policies and procedures are periodically reviewed by the senior management team to ensure that they continue to meet the changing needs of the charity and childcare business.

The Board of Trustees began the process of creating a risk register last year, this continues in its development, and will be reviewed during the year.

Plans for future periods

Our key priorities for the coming year are as follows:

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The organisation is a charitable company limited by guarantee, incorporated on 15 October 2004 and registered as a charity on 7 January 2005. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up the members are required to contribute an amount not exceeding £10.

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 W Carson Mrs Nsar Kelly Mr L Owen

KELTON NURSERY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, one third of directors must retire at annual general meeting. The trustees of the charity are appointed by the members at each Annual General Meeting.

We are in the process of recruiting new trustees and see this as a valuable development to ensure the structure of an effective committee.

Organisational structure

The trustees meet on a regular basis and are responsible for the strategic direction and policy of the charity. Fee increases, wage awards and an annual budget are set by the trustees and performance against an agreed budget is reviewed monthly. The day to day operational management of the charity is carried out by the senior management team, supported by external financial and HR support.

Related Parties

None of our trustees receive remuneration or other benefit from their work with the charity. Any relationship between a trustee or manager of the charity with a related party must be disclosed to the full board of trustees on appointment, a declaration of conflict of interest is also a standing agenda item at the bi-monthly trustee meetings. In the current year no such related party transactions were reported.

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

Mrs Nsar Kelly

Trustee

20 December 2023

KELTON NURSERY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KELTON NURSERY

I report to the trustees on my examination of the financial statements of Kelton Nursery (the charity) for the year ended 31 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 the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Helen Furlong FCCA McLintocks (NW) Limited

46 Hamilton Square Birkenhead Wirral Merseyside CH41 5AR Dated: .........................

KELTON NURSERY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 - 2,257
Charitable activities 4 773,156 805,164
Total income 773,156 807,421
Expenditure on:
Charitable activities 5 813,243 801,064
Net (expenditure)/income for the year/
Net movement in funds (40,087) 6,357
Fund balances at 1 April 2022 766,184 759,827
Fund balances at 31 March 2023 726,097 766,184

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.

KELTON NURSERY

BALANCE SHEET

AS AT 31 MARCH 2023

2023
Notes
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
18,782
Cash at bank and in hand
79,515
98,297
Creditors: amounts falling due within
one year
13
(100,304)
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
14
Net assets
Income funds
Unrestricted funds		 2022
£
£
749,771
17,009
202,694
219,703
(172,107)
(2,007)
747,764
(21,667)
726,097
726,097
726,097		 £
761,481
47,596
809,077
(42,893)
766,184
766,184
766,184

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 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 20 December 2023

Mrs Nsar Kelly

Trustee

Company Registration No. 05261351

KELTON NURSERY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
17
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(92,677)
(1,875)
(1,875)
(28,627)
(28,627)
(123,179)
202,694
79,515		 2022
£
(1,949)
(26,690)		 £
86,815
(1,949)
(26,690)
58,176
144,518
202,694

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Kelton Nursery is a private company limited by guarantee incorporated in England and Wales. The registered office is Kelton House, Park Avenue Mossley Hill, Liverpool, Merseyside, L18 8BT.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors 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.

Grants are included as income from activities in furtherance of the charity's objectives where these amount to a contract for services but as voluntary income where the money is given in response to an appeal or with greater freedom for use.

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

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 allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.

Support costs are those costs that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administration costs. Where support costs cannot be directly attributable to particular headings they have been allocated on a percentage of time spent on these activities.

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:

Freehold land and buildings 1% on cost Fixtures and fittings 25% reducing balance Equipment 25% on cost Motor vehicles 25% 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.

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

Donations and gifts
Government CJRS grant		 Total Unrestricted
funds
2023
2022
£
£
-
75
-
2,182
-
2,257		 Total Unrestricted
funds
2023
2022
£
£
-
75
-
2,182
-
2,257
2,257

4 Charitable activities

Day nursery
Day nursery
and after
and after
school
school
services services
2023 2022
£ £
Nursery fees 559,205 570,524
Afterschool fees 61,750 62,147
Holiday care 19,177 17,110
Early years' funding 133,024 155,383
773,156 805,164

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Charitable activities

Day nursery
Day nursery
and after
and after
school
school
services services
2023 2022
£ £
Staff costs 626,809 573,916
Depreciation and impairment 13,586 14,794
Food and kitchen costs 22,365 21,219
Nursery resources and equipment 22,481 16,847
Insurance 4,334 4,089
Rates 9,270 2,858
Travel and motor expenses 5,143 4,438
Printing, stationery and postage 2,909 3,793
Internet, computer and telephone costs 7,403 7,461
Repairs and maintenance 28,652 79,784
Electricity and gas 21,281 16,636
Sundry expenses 3,269 10,272
Security costs 8,408 7,479
Hygiene and waste costs 6,927 8,925
Leasing and equipment costs 6,394 6,394
Training and subscriptions 5,780 2,677
795,011 781,582
Share of support costs (see note 6) 15,232 16,482
Share of governance costs (see note 6) 3,000 3,000
813,243 801,064

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Support costs

Payroll and bookkeeping
fees
Consultancy fees
Legal and professional
fees
Bank charges
Loan interest paid
Accountancy
Legal and professional
Independent examination
fee
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
10,563
-
-
-
1,900
-
1,196
-
1,573
-
-
1,800
-
1,200
-
-
15,232
3,000
15,232
3,000		 2023
£
10,563
-
1,900
1,196
1,573
1,800
1,200
-
18,232
18,232		 Support
costs
Governance
costs
£
£
11,010
-
380
-
2,190
-
1,321
-
1,581
-
-
1,800
-
-
-
1,200
16,482
3,000
16,482
3,000		 2022
£
11,010
380
2,190
1,321
1,581
1,800
-
1,200
19,482
19,482

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

Charitable staff
Management staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
27
2
29
2023
£
584,955
32,958
8,896
626,809		 2022
Number
28
2
30
2022
£
537,993
28,016
7,907
573,916

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

8 Employees

(Continued)

The key management remuneration amounted to £73,589 (2022 £68,171).

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

9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 April 2022
901,445
43,444
Additions
-
1,161
At 31 March 2023
901,445
44,605
Depreciation and impairment
At 1 April 2022
152,536
33,877
Depreciation charged in the year
9,011
2,670
At 31 March 2023
161,547
36,547
Carrying amount
At 31 March 2023
739,898
8,058
At 31 March 2022
748,909
9,566		 Equipment Motor vehicles
£
£
111,771
29,520
714
-
112,485
29,520
108,765
29,520
1,905
-
110,670
29,520
1,815
-
3,006
-		 Total
£
1,086,180
1,875
1,088,055
324,698
13,586
338,284
749,771
761,481

11 Debtors

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2023
£
17,338
1,444
18,782		 2022
£
11,219
5,790
17,009

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Loans and overdrafts

Bank loans
Payable within one year
Payable after one year		 2023
£
42,742
21,075
21,667		 2022
£
71,368
28,475
42,893

The bank loan is secured by the legal charges over freehold property Kelton House and David House Cottage, Park Avenue, Liverpool, dated 14 November 2005.

13 Creditors: amounts falling due within one year

Notes
Bank loans
12
Other taxation and social security
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Notes
Bank loans
12		 2023
£
21,075
-
42,709
36,520
100,304
2023
£
21,667		 2022
£
28,475
7,557
40,364
95,711
172,107
2022
£
42,893

14 Creditors: amounts falling due after more than one year

15 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. At 31 March 2023 there was an amount outstanding of £1,804 (2022 £1,632)

16 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

KELTON NURSERY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

17 Cash generated from operations 2023 2022
£ £
(Deficit)/surpus for the year (40,087) 6,357
Adjustments for:
Depreciation and impairment of tangible fixed assets 13,586 14,794
Movements in working capital:
(Increase) in debtors (1,773) (3,177)
(Decrease)/increase in creditors (64,403) 68,841
Cash (absorbed by)/generated from operations (92,677) 86,815
18 Analysis of changes in net funds
At 1 April 2022 Cash flowsAt 31 March 2023
£ £ £
Cash at bank and in hand 202,694 (123,179) 79,515
Loans falling due within one year (28,475) 7,400 (21,075)
Loans falling due after more than one year (42,893) 21,226 (21,667)
131,326 (94,553) 36,773