2024-08-31-accounts

Company Registration Number: 04176113 Charity Registration Number: 1113518

Green Lane Nursery and Child Care Centre Financial Statements For the Year Ending 31 August 2024

JANE ASCROFT ACCOUNTANCY LIMITED

Chartered Accountants Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

Green Lane Nursery and Child Care Centre

Financial Statements

Year Ended 31 August 2024

	Page
Trustees' Annual Report (Incorporating the Director's Report)	1
Independent Examiner's Report to the Trustees	5
Statement of Financial Activities (Including Income and Expenditure Account)	6
Statement of Financial Position	7
Statement of Cash Flows	8
Notes to the Financial Statements	9
The Following Pages Do Not Form Part of the Financial Statements
Detailed Statement of Financial Activities	17

Green Lane Nursery and Child Care Centre

Trustees' Annual Report (Incorporating the Director's Report)

Year Ended 31 August 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024.

Objectives and Activities

Objects

The objects of the charity are to advance education and support family life by aiding the personal development of children and families in the district of Teesdale, County Durham and in particular by the provision of pre-school education and care.

Careful consideration has been given to the Charity Commission's general guidance on public benefit and in particular its guidance on advancing education and fee charging.

Aims

Our aim is to provide first class childcare to fit into parents' work patterns so that they can be assured that their children are safe, secure and happy, enjoying a wide range of activities.

Activities and Strategy

Children from the age of 6 weeks are accommodated in our all day care facility; those aged 3 to 4 years are educated in the pre-school nursery with the opportunity of joining the reception class of Green Lane Church of England Primary School in the September of the year when they will be 5 years old.

The nursery is aiming to achieve the following:

• maintain child numbers;

• be consistently sustainable;

• keep highly qualified and motivated staff, and

• have the ability to purchase quality equipment.

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Green Lane Nursery and Child Care Centre

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year Ended 31 August 2024

Achievements and Performance

As I rightly should, I wish to start by expressing my thanks to the staff team we have at the Nursery, with our numbers as strong as they are, we rely on our wonderful staff who do a magnificent job in looking after the children to the highest standard. The continued professionalism and care that our staff display to parents/carers, organisations and others externally is exemplary. Similarly, the leadership team, namely our Nursery Manager, Mel and Business Manager, Jemma, who have without doubt proved to be an asset to our Nursery that many other settings would be envious of, my thanks for the tireless work they do above and beyond.

I personally wish to thank my fellow Directors for what they bring to our nursery. It is a pleasure to say we have added to our small number this year with a new Director. With the experience, knowledge and enthusiasm they bring, it makes each meeting a great experience. In order to maintain focus and provide for the future, we will again look to strengthen the board to continue to be as diverse as possible with our skill set. Decisions are never easy when on a board of Directors, however I'm proud to be part of this board in our professionalism to deliver the best Nursery setting in Barnard Castle.

We have been ably assisted by our accountant, Jane Ascroft, who has steered us through the finances of a business such as ours seamlessly. Our aim is to have a thriving business for years to come, but financial challenges are coming at us from all sides, rising living wage costs, running costs, and maintaining competitive fees for parents is a fine balance which we continue to deal with on an annual basis.

Jemma as Business Manager with her watchful eye on finances has again managed to show improvement in this year's accounts. Income increased from 2023 due to fee and funding rises, at a time when government scrutiny of funding is at an all time high. Expenditure also increased from 2023, due mainly to the rise in our salary costs to meet Living Wage rises and maintaining being a competitive employer, albeit not as steeply as other businesses, however as Directors we see this as essential if we are to be the best in town. Despite the expenditure increase we did finish the year with a profit to carry forward, something that will allow us to reinvest back into the business in this next financial year, with a program of improvements across the setting, as we continue to invest in ways which keep us unique and outstanding in our delivery.

With a committed board of Directors and excellent staff, we are working to continue to offer the 'Outstanding' level of care, attention to detail and dedication needed to operate a great Nursery.

Financial Review

Green Lane Nursery and Childcare Centre achieved income of £572,816 during the year (2023 - £531,488). Total expenditure was £565,349 (2023 - £485,500) giving a surplus OF £7,467 (2023 - £45,988).

At 31st August 2024 net assets totalled £310,821 (2023 - £303,354).

Reserves Policy

The Directors have agreed a reserves policy to cover 3 months of costs and redundancies which amounts to approximately £100,000. A fundraising account is held with any money raised earmarked for new equipment and the improvement of the fabric of the nursery. At 31[st] August 2024 reserves totalled £310,821. Some of these reserves will be spent in the 24/25 financial year on a new outdoor play area and increases to staff National Insurance costs.

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Green Lane Nursery and Child Care Centre

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year Ended 31 August 2024

Structure, Governance and Management

Nature of the governing document

Green Lane Nursery & Childcare Centre is a charitable company limited by guarantee, incorporated on 9th March 2001 and is governed by its Memorandum and Articles of Association.

Management

The policy and general management of the affairs of the nursery are directed by the trustees. The day-to-day management of the nursery is carried out by the manager.

Recruitment and appointment of trustees

Trustees are recruited with a view to sound experience and professional expertise. Appointment is conditional on the approval of the Trustees generally.

Reference and Administrative Details

Registered charity name	Green Lane Nursery and Child	Care Centre
Charity registration number	1113518
Company registration number	04176113
Principal office and registered	Green Lane
office	Barnard Castle
	County Durham
	DL12 8LG
The Trustees
	Iain Brown
	Sarah Hamilton
	David Ewart
	Anthony Mawer
	Laura Francis	(Appointed 20 March 2024)
Independent Examiner	Jane Ascroft FCA MA (Cantab)
	Enterprise House
	Harmire Enterprise Park
	Barnard Castle
	County Durham
	DL12 8XP

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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Green Lane Nursery and Child Care Centre

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year Ended 31 August 2024

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Iain Brown Trustee

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Green Lane Nursery and Child Care Centre

Independent Examiner's Report to the Trustees of Green Lane Nursery and Child Care Centre

Year Ended 31 August 2024

I report to the trustees on my examination of the financial statements of Green Lane Nursery and Child Care Centre ('the charity') for the year ended 31 August 2024.

Responsibilities and Basis of Report

As the trustees of the company (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 accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 Institute of Chartered Accountants in England and Wales (ICAEW), 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:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

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

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 accounts to be reached.

Jane Ascroft FCA MA (Cantab) Independent Examiner

Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

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Green Lane Nursery and Child Care Centre

Statement of Financial Activities (including income and expenditure account)

Year Ended 31 August 2024

		2024		2023
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Charitable activities	5	571,705	571,705	531,202
Investment income	6	1,111	1,111	286
		─────────	─────────	─────────
Total income		572,816	572,816	531,488
		═════════	═════════	═════════
Expenditure
Expenditure on charitable activities	7,8	565,349	565,349	485,500
		─────────	─────────	─────────
Total expenditure		565,349	565,349	485,500
		═════════	═════════	═════════
		─────────	─────────	─────────
Net income and net movement in funds		7,467	7,467	45,988
		═════════	═════════	═════════
Reconciliation of funds
Total funds brought forward		303,354	303,354	257,366
		─────────	─────────	─────────
Total funds carried forward		310,821	310,821	303,354
		═════════	═════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 15 form part of these financial statements.

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Green Lane Nursery and Child Care Centre

Statement of Financial Position

31 August 2024

		2024		2023
	Note	£	£	£
Fixed Assets
Tangible fixed assets	13		37,229	25,440
Current Assets
Debtors	14	18,912		12,881
Cash at bank and in hand		300,582		273,333
		─────────		─────────
		319,494		286,214
Creditors: amounts falling due within one year	15	45,902		8,300
		─────────		─────────
Net Current Assets			273,592	277,914
			─────────	─────────
Total Assets Less Current Liabilities			310,821	303,354
			─────────	─────────
Net Assets			310,821	303,354
			═════════	═════════
Funds of the Charity
Unrestricted funds			310,821	303,354
			─────────	─────────
Total charity funds	17		310,821	303,354
			═════════	═════════

For the year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• 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;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Iain Brown Trustee

David Ewart Trustee

The notes on pages 9 to 15 form part of these financial statements.

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Green Lane Nursery and Child Care Centre

Statement of Cash Flows

Year Ended 31 August 2024

	2024	2023
	£	£
Cash Flows from Operating Activities
Net income	7,467	45,988
Adjustments for:
Depreciation of tangible fixed assets	12,410	8,481
Other interest receivable and similar income	(1,111)	(286)
Accrued expenses	–	60
Changes in:
Trade and other debtors	(6,031)	1,133
Trade and other creditors	37,602	(27,209)
	────────	────────
Cash generated from operations	50,337	28,167
Interest received	1,111	286
	────────	────────
Net cash from operating activities	51,448	28,453
	════════	════════
Cash Flows from Investing Activities
Purchase of tangible assets	(24,199)	(3,804)
	────────	────────
Net cash used in investing activities	(24,199)	(3,804)
	════════	════════
Net Increase in Cash and Cash Equivalents	27,249	24,649
Cash and Cash Equivalents at Beginning of Year	273,333	248,684
	─────────	─────────
Cash and Cash Equivalents at End of Year	300,582	273,333
	═════════	═════════

The notes on pages 9 to 15 form part of these financial statements.

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements

Year Ended 31 August 2024

1. General Information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Green Lane, Barnard Castle, County Durham, DL12 8LG.

2. Statement of Compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investments measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The entity is a Public Benefit Entity.

Going Concern

There are no material uncertainties about the charity’s ability to continue.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees consider that there are no significant judgements or estimates affecting these financial statements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Designated funds are unrestricted funds earmarked by the trustees for specific purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

3. Accounting Policies (continued)

Income

All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Income from fees and local authority funding is accounted for when earned.

Investment income is included when receivable.

Expenditure

Expenditure is recognised on an accruals 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.

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

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.

Tangible Assets

Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £500 are not capitalised.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment - 25% reducing balance Property Improvements - 25% reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

3. Accounting Policies (continued)

Impairment of Fixed Assets (continued)

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

3. Accounting Policies (continued)

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

4. Limited by Guarantee

The company is limited by guarantee. At 31st August 2024 there were 5 members each of whom had undertaken to contribute an amount not exceeding £1 in the event of a winding up.

5. Charitable Activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Fees	369,734	369,734	367,386	367,386
Local authority funding	201,187	201,187	163,816	163,816
Fundraising income	784	784	–	–
	─────────	─────────	─────────	─────────
	571,705 ═════════	571,705 ═════════	531,202 ═════════	531,202 ═════════

6. Investment Income

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Bank interest receivable	1,111	1,111	286	286
		═══════	═══════	════	════
7.	Expenditure on Charitable Activities	by Fund Type
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Childcare costs - see page 17	565,349	565,349	485,500	485,500
		═════════	═════════	═════════	═════════

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

8. Expenditure on Charitable Activities by Activity Type

		Activities
		undertaken	Total funds	Total fund
		directly	2024	2023
		£	£	£
	Childcare costs - see page 17	565,349	565,349	485,500
		═════════	═════════	═════════
9.	Net Income
	Net income is stated after charging/(crediting):
			2024	2023
			£	£
	Depreciation of tangible fixed assets		12,410	8,481
			════════	═══════
10.	Independent Examination Fees
			2024	2023
			£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements		780	756
	Other financial services		864	836
			───────	───────
			1,644	1,592
			═══════	═══════
11.	Staff Costs
	The total staff costs and employee benefits for the reporting period are analysed as			follows:
			2024	2023
			£	£
	Wages and salaries		416,730	384,972
	Social security costs		26,527	22,205
	Employer contributions to pension plans		8,015	6,604
			─────────	─────────
			451,272 ═════════	413,781 ═════════

The average head count of employees during the year was 22 (2023: 22). The average	The average head count of employees during the year was 22 (2023: 22). The average	number
of full-time equivalent employees during the year is analysed as follows:
	2024	2023
	No.	No.
Number of childcare staff	22	22
	════	════

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

12. Trustee Remuneration and Expenses

During the year trustees received no remuneration or expenses (2023 - Nil).

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

13. Tangible Fixed Assets

			Property
		Equipment	mprovements	Total
		£	£	£
	Cost
	At 1 September 2023	93,955	52,716	146,671
	Additions	2,745	21,454	24,199
		────────	────────	─────────
	At 31 August 2024	96,700	74,170	170,870
		════════	════════	═════════
	Depreciation
	At 1 September 2023	76,701	44,530	121,231
	Charge for the year	5,000	7,410	12,410
		────────	────────	─────────
	At 31 August 2024	81,701	51,940	133,641
		════════	════════	═════════
	Carrying amount
	At 31 August 2024	14,999	22,230	37,229
		════════	════════	═════════
	At 31 August 2023	17,254	8,186	25,440
		════════	════════	═════════
14.	Debtors
			2024	2023
			£	£
	Trade debtors		18,912	12,225
	Prepayments and accrued income		–	656
			────────	────────
			18,912	12,881
			════════	════════
15.	Creditors: amounts falling due within one year
			2024	2023
			£	£
	Trade creditors		3,926	141
	Accruals and deferred income		780	780
	Social security and other taxes		7,652	5,644
	Deferred income		31,739	–
	Other creditors		1,805	1,735
			────────	───────
			45,902 ════════	8,300 ═══════

16. Pensions and Other Post Retirement Benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £8,015 (2023: £6,604).

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Green Lane Nursery and Child Care Centre

Notes to the Financial Statements (continued)

Year Ended 31 August 2024

17. Analysis of Charitable Funds

Unrestricted funds

Unrestricted funds
		At				At
	1	September			31 August
		2023	Income	Expenditure		2024
		£	£	£		£
General funds		303,354	572,816	(565,349)		310,821
		═════════	═════════	═════════		═════════
		At
	1	September			At	31 August
		2022	Income	Expenditure		2023
		£	£	£		£
General funds		257,366	531,488	(485,500)		303,354
		═════════	═════════	═════════		═════════

18. Analysis of Net Assets Between Funds

		Unrestricted	Total Funds
		Funds	2024
		£	£
Tangible fixed assets		37,229	37,229
Current assets		319,494	319,494
Creditors less than 1 year		(45,902)	(45,902)
		─────────	─────────
Net assets		310,821	310,821
		═════════	═════════
		Unrestricted	Total Funds
		Funds	2023
		£	£
Tangible fixed assets		25,440	25,440
Current assets		286,214	286,214
Creditors less than 1 year		(8,300)	(8,300)
		─────────	─────────
Net assets		303,354	303,354
		═════════	═════════
Analysis of Changes in Net Debt
			At
	At 1 Sep 2023	Cash flows	31 Aug 2024
	£	£	£
Cash at bank and in hand	273,333	27,249	300,582
	═════════	════════	═════════

19. Analysis of Changes in Net Debt

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Green Lane Nursery and Child Care Centre

Management Information

Year Ended 31 August 2024

The Following Pages Do Not Form Part of the Financial Statements.

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Green Lane Nursery and Child Care Centre

Detailed Statement of Financial Activities

Year Ended 31 August 2024

	2024	2023
	£	£
Income and endowments
Charitable activities
Fees	369,734	367,386
Local authority funding	201,187	163,816
Fundraising income	784	–
	─────────	─────────
	571,705	531,202
	─────────	─────────
Investment income
Bank interest receivable	1,111	286
	───────	────
	─────────	─────────
Total income	572,816	531,488
	═════════	═════════
Expenditure
Wages/salaries	416,730	384,972
Employer's NIC	26,527	22,205
Employer's pension contributions	8,015	6,604
Rent	18,699	15,675
Repairs & maintenance	7,262	1,828
Insurance	3,356	799
Staff training	13,594	1,791
Legal and professional fees	2,037	2,103
Telephone	4,894	4,018
Stationery & postage	5,095	4,065
Depreciation	12,410	8,481
Equipment & Supplies	18,425	11,949
Food & Refreshments	26,309	20,055
Sundry costs	1,996	955
	─────────	─────────
Total expenditure	565,349	485,500
	═════════	═════════
	─────────	─────────
Net income	7,467	45,988
	═════════	═════════

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