LAMESLEY CHILDCARE Charity number: 1122506 TRUSTEES ANNUAL REPORT 2022
Aims - To provide inclusive, quality, affordable childcare for families and children during school time to enable parents/carers to train, work, or access further education. Provide holiday care for families from Gateshead, North and South Tyneside. Create more jobs thus increase childcare places in all our provisions. Tender for new business and boost economic growth in our sector and the community.
Effects of COVID19 - Dealing with the after effects of COVID19 have been very challenging for the charity. Our desire to provide quality childcare to parents has been impacted by the lockdowns and mental and physical abilities of our staff. Some members of our staff were unable to work due to health problems and being affected by the virus. This put an enormous strain on the remaining staff who went above their normal duties to ensure the service could be delivered when the schools timetables returned to normal hours. We worked closely with all the school’s management teams to ensure that the service we provided was to an excellent standard and partnership working continues.
The clubs - We operate five breakfast clubs, five out of school clubs and one holiday clubs across the area. Offering wraparound care within school is advantageous for children, parents, school, and ourselves, as we work collectively to give children the best start in life and skills to equip them on their voyage of growing up. We can offer up to 300 breakfast club places per day and 300 out of school club places per day, thus provide parents with more childcare provider choice across the borough. Lamesley Childcare is committed to ensure that there are appropriately skilled and trained staff within all our provisions. This is to enable high quality and professional childcare delivery in a consistent and standardised way. Our Quality, Training and Recruitment manager continues to support managers in our existing and new provisions to improve quality and to support the coordinator to recruit and develop staff through training and inhouse mentoring. We
continue to review and restructure our staffing structure to enable all provisions to have the correct mix of highly skilled and trained staff and have increased our clerical officers’ hours to take on extra responsibility with the additional workload produced by our expansion and workplace pension. We are one of the few out of school providers who offer holiday care for working parents/carers in the borough, this much needed service ensures families can work 51 weeks of the year. We open over the Christmas period if parents require a service, this is not always needed but we continue to offer childcare and will open on request. We have approximately 485 registered families who use the service per annum and approximately 250 children per day using our breakfast clubs and afterschool clubs. We achieved an ‘Outstanding’ rating from Ofsted when we were inspected in our Harlow Green provision in December 2017 and a ‘Good@ rating for our Kells Lane provision, our Oakfield provision and our Springwell Village provision. Ofsted inspection gradings have changed from September 2019 and they no longer issue Outstanding, Good and Inadequate replaced with Met, ‘not met with actions’ or ‘not met with enforcement’. Our Andrew’s Church Hall holiday provision was rated Met as was our Lingey House breakfast and after school provision who achieved a Met this year. St John Boste breakfast and out of school provision are due their Ofsted inspection within the next few months. We employ 36 staff and 1 volunteer. We are currently recruiting four posts for playworkers as we aim to offer opportunities to long term unemployed young people and to help them to gain employment. We have experienced difficulties in recruiting staff and predict that this recruitment will take longer than we anticipated, this and longterm sick and maternity leave is impacting on the number of new children we are able to enrol at this time. We continue to offer free childcare to all staff who have nursery and school aged children as this enables parents back into employment as the wraparound hours we work suit parents with young children, this has proved advantageous in recruiting and retaining staff.
The staff - Staff have in place Health and Safety, Food Hygiene, Moving and Handling, Paediatric First Aid and Child Protection
plus a range of certified training to support them in their job and to offer the best possible care to our users. Our aim is to make sure this essential training is attended by all staff; that it fits into their working day and staff are not taking time off work to attend training. We have also registered for online training and all staff have sat a wide range of Safeguarding courses such as FGM, Recognising Abuse, Online Safety and Online Bullying. Due to the impact of Covid in raising issues such as Domestic Violence and Mental Health Level 2, has resulted in our staff obtaining qualifications to support families and staff who use work and use the service. Those identified as having issues are supported by staff and referred to our Occupational Health team where they can offer consultations and support funded by the charity. We continue to offer apprenticeships for young people in our community and we have recently recruited two young apprentices and offered a traineeship to a young person in the community. We encourage staff to enrol on further education courses to help them progress in the organisation. We have a board of Directors who are proactive in setting the direction of the charity and in developing our vision, as well as being committed to developing staff and projects, that raise the profile of the organisation.
Finances – A high percentage of our current expenditure is on maintaining a supply of high-quality games and activities for children in all of our settings, printing and IT, rent and utilities. Source of income/finance Parents’ payments in the form of childcare fees are our main source of income. Marketing and selling childcare places help reduce the risk of any shortfall in funds and good housekeeping, with our accounts being audited every six months by a local accountancy firm, Murray Lamb. Six weekly meetings were held by Trustees via ZOOM and later in the year in person to monitor and evaluate finances and to review the vision of Lamesley Childcare.
Trustee signature: C Kennedy
Trustee name: Christine Kennedy Date: 23.01.2023
Company registrntion numbor 062284381England and Wa1951 OFFICE COPY LAMESLEY CHILDCARE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
LAMESLEY CHILDCARE coNTErS Page Dlre¢tor6' report Accountants. rewt Income artsj expond6ture a¢Unt Balance tsheet Notes to the financial statements
LAMESLEY CHILDCARE DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The dlrectors present thr annual repryt and financial stslemenls f the year end8d 31 Mah 2022. Prlnclpal activiti88 The principal actlvSty of the company conlinued to be that of a thild care cenlre. Dirèctorn The diroGtors who held office during the year aNI up to the dat8 of signature of the financial staiements were as follows.. Mrs JoarbAtexand8rs Mrs Tracy Dawson chr18b.ne Kennedy Small companle$ exemptron This report has been preparad In accordarKg vJilh ts wovisions applitble lo companies entiued to the small comp8nios exemption. By order of the board Joan Alexanders Date..
LMESLEy CHILDCARE CHARTERED ACCOUNTANTS. REPORT TO THE 80ARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAMESLEY CHILDCARE FOR THE YEAR ENDED 31 MARCH 2022 In order to assist you lo hjlfil your duties under the Companies Act 2C4]6, we have prepared for your apkyoval the financial statements of Lamesley Childcare for th8 year ended 31 March 2022 set out on pages 3 to 9 from the company's xcountiro records and frcm information and explanations you have given us. A5 a practir membèr fim of the Instrtute of Chart8r8d Accountants in England ond Wale8 (ICAEWI, we are subject to its ethical and other professional requirements which are detailed at Mty5'.IAwhv.i¢aew.comlrewlation This p)rt Is made solely to the Board of Directors of Lamèsley Chiklcare, as o body, in accordance th the tems of our engagement lettèr dated 31 Marth 2008. Our work has been undertaken $olely to prepare for your 8pproval the financral statements of Lamesley Childc8re and slal8 those matters that we have agreed to state lo the Board of Diredors of LameeY Childcare, a$ a body, in this report in 8ccordance wlh ICAEW Technical Release 07116 AAF. To the fijllest extent pernirtted by law, we th) not accept or assume resp)nsibilty to anyone other Ihan Lamesley Childcare and its Board of Directors 8$ a body. tor our work or for this report. It is your duty to enyure that Lam8sl8y Chiklcare has kapl *Jequate 8ccounting racords and to prepare ¥tslutory finanaal statements that give a true and fair eW of the assets, Ilablltties, ffinanclal position and sury)lus of Lamesley ChIld¢re. You consi(kr that Lamesley Childcar618 exempt fTom the ststutory audit requirement for the year. We have n()t been instructed to carry txrt an audit or a review of the ffin8nci81 ststements of Lamesley Childcare. For this reason, we have not verffied the accuracy or complet9ness of the accounting records or informelion and explanations you have gwen to us and we do not, Iherafore, express any opinion on stalLrtory fironcial slatemenls. Munxy and Lamb Chartered Accountants 12 BeMer Court, Hownsgill Ind Pork Consett Co Durham DH8 7BL
LAMESLEY CHILDCARE IMCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Income Adrninistralive expenses Other operating iwme 482.348 1485.1381 9,655 230,558 {431.2371 169,263 Operating surpluslldeflc5ti 6.865 131.4181 Interest reIvable and similar income 27 40 8urplu&l{deflcft) before taxatlon 6,892 131,3761 Tax on surpluslldefi¢itl SurpfupJld•ficit) for tho financial yaar 6,892 131,3761 The income and expenditure account has been prepared on the basis that all operations are continuing oFerations.
LAMESLEY CHILDCARE BALANCE SHEET ASAT31 MARCH 2022 2022 2021 Flxed a$$•ts Tangible assets 12,311 19,073 Current a88ets Deblors Cash at bank and in hand 5.207 267,164 5,994 197.251 272,371 203245 Crodltorl: amounts tslllng duo wlthln ono yoar (132,962) 177,490) Plet current assots 139,409 125,755 Ngt a880ts 151,720 144,828 Reser Income and expenditure atLount 151,720 144,828 Members, funds 151,720 144,828 For the firanci81 year and1 31 March 2022 th& company was tIlled to exemption from audrt under Section 477 of the CompaniesAct 2006 relating to small companies. The dlrectors ackncA¥ledge Illr respon''11e3 for tomplying wilh the requirements of the Compani8s Ad 20 with respect lo acwJnlirYJ records and the preparatlon of financial slal&ment8. The members have not requlred the company to cbtaln an 8LbJit of Its ff nancial statements for the ye8r In questlon in accordance with sec*lon 476. These financial ststements hove been prepared in aCcdanCe the provisiefis applicable to companies subject to th8 small Companies regime. The financial statements were approved by the bowd of directors and authorised for Issue on ......................... and are gned on Its behalf by.. Joan Alexanders ctor Company Regl$tr•tlon No. 06228438
L.AMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 A¢covnting poIici•s Company Inft>miatlon Lamesley Chlldtare Is a private company limited by guarantee incofporated in England and I185. The registered offlce is StAndrews Church Hall, Lamesley Crossroads, Lamerjey, Gateshead. NE11 OEU. 1.1 Accounting convèntion These finanrial $1olement$ have been prepared in accordance Mth FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. l FRS 1021 ond the requirements of the comnI?5 Act 2006 as applicable to companies Se¢t to the small ts)mpanies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required lo show a true arKI fair view. The financial stslements gre prepared in jtsrting. which 15 the fvnrtional currency of the company. Monetary amounts in these finanaal stslemenls are rounded to the nearèst £. The financial statements have been prepared under the hi81orical o)st convention, Imodified lo indude the revaluation of freehold properbes and to indude investment properties and certain financial inslrumenls at fair valuel. The prinpaI accounting policies adopted are sel out below. 1.2 Income and expendtture Income and expenses ar8 included in the financial sl01om8nl$ a$ thgy b8Me receivable 01 due. Expen8e8 include VAT where applicable as the company camot redakn It. 1.3 Tanglblo ffxtd ass8ts Tangible fixed assets are initially measure(l at Cost and 8ubsequenUy measured at cost or valuation. net of depSt10n and any impairment losses. Depreclalion Is recognised so os to write off the cost or valuation of assets less their redual valuas over their Useful lives on the foll¢)wing basg$.' Fixture5, filting¥ & equipment 15% Reducing balance The galn or loss adslng on the dS8p08al of an asset 18 detemined as the differen bean the 88le pro¢god$ and the rying value of the assfrt, and 1$ credited or charged to surplus or deficit. 1A Impalmient of Ilxed assets At each r8POrting period 8nd dat8, th8 company r8vi8ws the carying amounts of its langil)le assets lo determlne whether there Is any Indicatlon that those 885el8 have suffered an impaimient loss. If any such indicaliDn exists, the recoverable amount of the a88et 18 estimated in order lo delennine the extent of the impaimienl loss lif any). Wnere il is not possible to 8slimale the recoverable amount of an individ1 asset, the company estimates the recoverable amount of the cash-generating unil lo which the asset belongs. 1.6 Cash and cash •qulvalènts Cash and cash equivalents are basic financial assets and Indude cash in hand. d8wts held al c811 banks, other short-temi liquid investments original molurilies of three months or less, ond bank overdrafts. Bank overdrafts are sknm within bOrrong$ in current liabilitios.
LAMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (Conilnuedl 1.6 Flnan¢lal In$trum•nts The company has elected to aPY the &0VISIOnS of Section 11 'Basic Financial Instrument$. and Section 12 'Other Finanoal Instruments Issues, of FRS 102 to all of ils finanrAal instruments. Financial instruments are recognised in the companls balance sheet Yknen the company become$ paty to the contractual pmwsions ofthe instrumenL Flnanclal assets and li8bilibÈ$ are off¥et, vAlh the net amounts presented in the finanual stat&morts, wn there Is a legally enforeeable right lo sel off the reccgni$ed amounts and there18 an Intention to settle on a nat basls or lo realise the asset and settle the liability simultsneously. Basic financial assets Basic financ4al asse15, whith indude dobtor5 and cash and bank balances, are initially measured al transacti Pr including transaCtiC costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a fin8ncing transaction, where the transaction is measured al the present value of the fulure receipts discounted 81 a market rale of interest. Financial assets classtfied as receivatAe within one year are not amortised. classif?0 of Ilnanclal Ilabnltles Financial liabilities and equity instruments are classthed according to Ihg substsnce of the contradual arrangements entered into. An equity instrument 13 any contract that ewdences a residu interest in the assets of the company after deductiThJ all ot it5 liabilities. 8aslc flnandal liabili¢i•$ Ba51¢ financial liabilitie5, including creditors. bank loans, loans from fellow group ¢ompani88 and preference shares that are dassffied as debt, ar& initially recognised al transaction price unless the arrangement constitutes 8 finarlg transaction. vthere the debt instrument Is measured at the present value of the fuiura payments dIounted at a market rate of Interest. Finandal Ilabllltl&g clagslfied as payable wlthin one year we not amortised. Debt instruments are sub8equenlly carried at amc4118ed cost. uslng the effectlve interest r8te method. Trade creditors are obligations to pay for goods or servi¢e¥ that have been acqulred in th8 ordinary course business from suppliers. Amounts payable are classiffied as Irrent liatilrties if payin8nt is due within one year or le¥s. If not, they are presented 98 non-cijrrent liabilities. Trade creditors are Tecognised initially at transaction price subsequenuy measured at am(ytised cost Using the 8ffective intere81 method. 1.7 Tax•tlon The company is exempt Ibm ¢orForation lax. it being a company not carrying on a business for the purwses of making a profit. 1.8 R•tlrement bfrneffts Payments lo defined contrilwtion retirement ben8fit schomes are ciarged as an exFense as they fall due. 1.9 L•as88 Rentals payable under operating leases. including any lease inGentives recwved. are charged to profft or loss on g straight line basis over the tem of the levant lease except %there another more sy81ematic b*is 1$ more repre5entatlve of the Ilme pattem in which economic benefits from the leases asset ar8 consumad.
L,AMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2022 A¢countlng pollcle8 IContinu8d 1.10 Gov¢mment grants Govemment grants are recognised al the fair value of the asset re1v or reivable en there is reasonable assurance that the grant condil'ons will b& met and the grants will be recelved. A grant that spwifies p9rformance conditions 18 recognised in income when the p8rfomiance conditions are mel. Where a grant does not performance conditions it 18 recognised in income when the proceeds are received receivable. A grant received befora the recognition criteria are satlsffied 18 recognised as a Judgements and key sourcas of estimatlon un¢•rt4lnty In the applicati¢ of the compony's aOUntr.ng polirAe$, the directors ale required to make judgem8nl8, estimat8S and assumptions about the carrying amount of assets and liabilities that are not readily appatgnt frcffl other sources. The estimates and assoclated assumptions are based on hlstoric81 exp8rience and other factCf8 that are considered to be reievanl. A(*ual results may dlffer from these estimates. The estimates 8ThJ underfying assumw'ons are reviewed on an ongoing basis. Remsions to accounting estimates are iecognised in the peritid in which the ostimate is revised vthere the revr5ron affects clY that period, or in thg period of th8 ravision and future riods where the revision affects both tsjrranl and futuie Per$. Employ905 average monthly numbgr of persons lirKludlng director8) ployed by the eompany during the yoar was.. 2022 Number 2021 Numb•r Total 35 35
L.AMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 FlnanGlal commlbnents. guarantees and contlngent Ilabilltlel Th& Company is mairrtaining sufficlent serveS to have the funds to meet a redundancy cost of £51.648 In event olthe company ceaslng.
Company registrntion numbor 062284381England and Wa1951 OFFICE COPY LAMESLEY CHILDCARE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
LAMESLEY CHILDCARE coNTErS Page Dlre¢tor6' report Accountants. rewt Income artsj expond6ture a¢Unt Balance tsheet Notes to the financial statements
LAMESLEY CHILDCARE DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The dlrectors present thr annual repryt and financial stslemenls f the year end8d 31 Mah 2022. Prlnclpal activiti88 The principal actlvSty of the company conlinued to be that of a thild care cenlre. Dirèctorn The diroGtors who held office during the year aNI up to the dat8 of signature of the financial staiements were as follows.. Mrs JoarbAtexand8rs Mrs Tracy Dawson chr18b.ne Kennedy Small companle$ exemptron This report has been preparad In accordarKg vJilh ts wovisions applitble lo companies entiued to the small comp8nios exemption. By order of the board Joan Alexanders Date..
LMESLEy CHILDCARE CHARTERED ACCOUNTANTS. REPORT TO THE 80ARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAMESLEY CHILDCARE FOR THE YEAR ENDED 31 MARCH 2022 In order to assist you lo hjlfil your duties under the Companies Act 2C4]6, we have prepared for your apkyoval the financial statements of Lamesley Childcare for th8 year ended 31 March 2022 set out on pages 3 to 9 from the company's xcountiro records and frcm information and explanations you have given us. A5 a practir membèr fim of the Instrtute of Chart8r8d Accountants in England ond Wale8 (ICAEWI, we are subject to its ethical and other professional requirements which are detailed at Mty5'.IAwhv.i¢aew.comlrewlation This p)rt Is made solely to the Board of Directors of Lamèsley Chiklcare, as o body, in accordance th the tems of our engagement lettèr dated 31 Marth 2008. Our work has been undertaken $olely to prepare for your 8pproval the financral statements of Lamesley Childc8re and slal8 those matters that we have agreed to state lo the Board of Diredors of LameeY Childcare, a$ a body, in this report in 8ccordance wlh ICAEW Technical Release 07116 AAF. To the fijllest extent pernirtted by law, we th) not accept or assume resp)nsibilty to anyone other Ihan Lamesley Childcare and its Board of Directors 8$ a body. tor our work or for this report. It is your duty to enyure that Lam8sl8y Chiklcare has kapl *Jequate 8ccounting racords and to prepare ¥tslutory finanaal statements that give a true and fair eW of the assets, Ilablltties, ffinanclal position and sury)lus of Lamesley ChIld¢re. You consi(kr that Lamesley Childcar618 exempt fTom the ststutory audit requirement for the year. We have n()t been instructed to carry txrt an audit or a review of the ffin8nci81 ststements of Lamesley Childcare. For this reason, we have not verffied the accuracy or complet9ness of the accounting records or informelion and explanations you have gwen to us and we do not, Iherafore, express any opinion on stalLrtory fironcial slatemenls. Munxy and Lamb Chartered Accountants 12 BeMer Court, Hownsgill Ind Pork Consett Co Durham DH8 7BL
LAMESLEY CHILDCARE IMCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Income Adrninistralive expenses Other operating iwme 482.348 1485.1381 9,655 230,558 {431.2371 169,263 Operating surpluslldeflc5ti 6.865 131.4181 Interest reIvable and similar income 27 40 8urplu&l{deflcft) before taxatlon 6,892 131,3761 Tax on surpluslldefi¢itl SurpfupJld•ficit) for tho financial yaar 6,892 131,3761 The income and expenditure account has been prepared on the basis that all operations are continuing oFerations.
LAMESLEY CHILDCARE BALANCE SHEET ASAT31 MARCH 2022 2022 2021 Flxed a$$•ts Tangible assets 12,311 19,073 Current a88ets Deblors Cash at bank and in hand 5.207 267,164 5,994 197.251 272,371 203245 Crodltorl: amounts tslllng duo wlthln ono yoar (132,962) 177,490) Plet current assots 139,409 125,755 Ngt a880ts 151,720 144,828 Reser Income and expenditure atLount 151,720 144,828 Members, funds 151,720 144,828 For the firanci81 year and1 31 March 2022 th& company was tIlled to exemption from audrt under Section 477 of the CompaniesAct 2006 relating to small companies. The dlrectors ackncA¥ledge Illr respon''11e3 for tomplying wilh the requirements of the Compani8s Ad 20 with respect lo acwJnlirYJ records and the preparatlon of financial slal&ment8. The members have not requlred the company to cbtaln an 8LbJit of Its ff nancial statements for the ye8r In questlon in accordance with sec*lon 476. These financial ststements hove been prepared in aCcdanCe the provisiefis applicable to companies subject to th8 small Companies regime. The financial statements were approved by the bowd of directors and authorised for Issue on ......................... and are gned on Its behalf by.. Joan Alexanders ctor Company Regl$tr•tlon No. 06228438
L.AMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 A¢covnting poIici•s Company Inft>miatlon Lamesley Chlldtare Is a private company limited by guarantee incofporated in England and I185. The registered offlce is StAndrews Church Hall, Lamesley Crossroads, Lamerjey, Gateshead. NE11 OEU. 1.1 Accounting convèntion These finanrial $1olement$ have been prepared in accordance Mth FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. l FRS 1021 ond the requirements of the comnI?5 Act 2006 as applicable to companies Se¢t to the small ts)mpanies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required lo show a true arKI fair view. The financial stslements gre prepared in jtsrting. which 15 the fvnrtional currency of the company. Monetary amounts in these finanaal stslemenls are rounded to the nearèst £. The financial statements have been prepared under the hi81orical o)st convention, Imodified lo indude the revaluation of freehold properbes and to indude investment properties and certain financial inslrumenls at fair valuel. The prinpaI accounting policies adopted are sel out below. 1.2 Income and expendtture Income and expenses ar8 included in the financial sl01om8nl$ a$ thgy b8Me receivable 01 due. Expen8e8 include VAT where applicable as the company camot redakn It. 1.3 Tanglblo ffxtd ass8ts Tangible fixed assets are initially measure(l at Cost and 8ubsequenUy measured at cost or valuation. net of depSt10n and any impairment losses. Depreclalion Is recognised so os to write off the cost or valuation of assets less their redual valuas over their Useful lives on the foll¢)wing basg$.' Fixture5, filting¥ & equipment 15% Reducing balance The galn or loss adslng on the dS8p08al of an asset 18 detemined as the differen bean the 88le pro¢god$ and the rying value of the assfrt, and 1$ credited or charged to surplus or deficit. 1A Impalmient of Ilxed assets At each r8POrting period 8nd dat8, th8 company r8vi8ws the carying amounts of its langil)le assets lo determlne whether there Is any Indicatlon that those 885el8 have suffered an impaimient loss. If any such indicaliDn exists, the recoverable amount of the a88et 18 estimated in order lo delennine the extent of the impaimienl loss lif any). Wnere il is not possible to 8slimale the recoverable amount of an individ1 asset, the company estimates the recoverable amount of the cash-generating unil lo which the asset belongs. 1.6 Cash and cash •qulvalènts Cash and cash equivalents are basic financial assets and Indude cash in hand. d8wts held al c811 banks, other short-temi liquid investments original molurilies of three months or less, ond bank overdrafts. Bank overdrafts are sknm within bOrrong$ in current liabilitios.
LAMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (Conilnuedl 1.6 Flnan¢lal In$trum•nts The company has elected to aPY the &0VISIOnS of Section 11 'Basic Financial Instrument$. and Section 12 'Other Finanoal Instruments Issues, of FRS 102 to all of ils finanrAal instruments. Financial instruments are recognised in the companls balance sheet Yknen the company become$ paty to the contractual pmwsions ofthe instrumenL Flnanclal assets and li8bilibÈ$ are off¥et, vAlh the net amounts presented in the finanual stat&morts, wn there Is a legally enforeeable right lo sel off the reccgni$ed amounts and there18 an Intention to settle on a nat basls or lo realise the asset and settle the liability simultsneously. Basic financial assets Basic financ4al asse15, whith indude dobtor5 and cash and bank balances, are initially measured al transacti Pr including transaCtiC costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a fin8ncing transaction, where the transaction is measured al the present value of the fulure receipts discounted 81 a market rale of interest. Financial assets classtfied as receivatAe within one year are not amortised. classif?0 of Ilnanclal Ilabnltles Financial liabilities and equity instruments are classthed according to Ihg substsnce of the contradual arrangements entered into. An equity instrument 13 any contract that ewdences a residu interest in the assets of the company after deductiThJ all ot it5 liabilities. 8aslc flnandal liabili¢i•$ Ba51¢ financial liabilitie5, including creditors. bank loans, loans from fellow group ¢ompani88 and preference shares that are dassffied as debt, ar& initially recognised al transaction price unless the arrangement constitutes 8 finarlg transaction. vthere the debt instrument Is measured at the present value of the fuiura payments dIounted at a market rate of Interest. Finandal Ilabllltl&g clagslfied as payable wlthin one year we not amortised. Debt instruments are sub8equenlly carried at amc4118ed cost. uslng the effectlve interest r8te method. Trade creditors are obligations to pay for goods or servi¢e¥ that have been acqulred in th8 ordinary course business from suppliers. Amounts payable are classiffied as Irrent liatilrties if payin8nt is due within one year or le¥s. If not, they are presented 98 non-cijrrent liabilities. Trade creditors are Tecognised initially at transaction price subsequenuy measured at am(ytised cost Using the 8ffective intere81 method. 1.7 Tax•tlon The company is exempt Ibm ¢orForation lax. it being a company not carrying on a business for the purwses of making a profit. 1.8 R•tlrement bfrneffts Payments lo defined contrilwtion retirement ben8fit schomes are ciarged as an exFense as they fall due. 1.9 L•as88 Rentals payable under operating leases. including any lease inGentives recwved. are charged to profft or loss on g straight line basis over the tem of the levant lease except %there another more sy81ematic b*is 1$ more repre5entatlve of the Ilme pattem in which economic benefits from the leases asset ar8 consumad.
L,AMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2022 A¢countlng pollcle8 IContinu8d 1.10 Gov¢mment grants Govemment grants are recognised al the fair value of the asset re1v or reivable en there is reasonable assurance that the grant condil'ons will b& met and the grants will be recelved. A grant that spwifies p9rformance conditions 18 recognised in income when the p8rfomiance conditions are mel. Where a grant does not performance conditions it 18 recognised in income when the proceeds are received receivable. A grant received befora the recognition criteria are satlsffied 18 recognised as a Judgements and key sourcas of estimatlon un¢•rt4lnty In the applicati¢ of the compony's aOUntr.ng polirAe$, the directors ale required to make judgem8nl8, estimat8S and assumptions about the carrying amount of assets and liabilities that are not readily appatgnt frcffl other sources. The estimates and assoclated assumptions are based on hlstoric81 exp8rience and other factCf8 that are considered to be reievanl. A(*ual results may dlffer from these estimates. The estimates 8ThJ underfying assumw'ons are reviewed on an ongoing basis. Remsions to accounting estimates are iecognised in the peritid in which the ostimate is revised vthere the revr5ron affects clY that period, or in thg period of th8 ravision and future riods where the revision affects both tsjrranl and futuie Per$. Employ905 average monthly numbgr of persons lirKludlng director8) ployed by the eompany during the yoar was.. 2022 Number 2021 Numb•r Total 35 35
L.AMESLEY CHILDCARE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 FlnanGlal commlbnents. guarantees and contlngent Ilabilltlel Th& Company is mairrtaining sufficlent serveS to have the funds to meet a redundancy cost of £51.648 In event olthe company ceaslng.