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SESS MAGICAL MOMENTS PLAYGROUP NENTS me ey Operating as MAGICAL MOMENTS DAYCARE
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Holme Farm Vie Spa I ford Newark-on-Trent EDS Nottinghamshire oe a NG23 7HD Fn fs Tel: 01522 778330 a Mobile: 07860 557974 ae aor
email: andrewsaccounts@btinternet.com
MAGICAL MOMENTS PLAYGROUP CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Legal and administrdtive Inf0rynatn Trustees. report Independent examinerfs report Income and expendtture account Balance sheet Notes to the financial statements 1Q
MAGICAL MOMENTS PLAYGROUP LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 Registered charity number 1122943 Officers and trustees Carrie Greenfield Sarah Hare Inga Gvaramadze Phil Hare Richarcj Greenfield Chair Treasurer Secretary Committee Member Committee Member Registered office clo. St Giles Children's Centre Lamb Gardens Lincoln LN2 4EG Independent examiner Andrew Ogg LimtEed Holme Fam Spalford Newark-on-Trent Nottinghamshire NG23 7HD Bankers Santander UK plc 2 Trilon Square Regent's Place London NW1 3AN
MAGICAL MOMENTS PLAYGROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees submit their annual report and the financial slalements for the year ended 31 March 2024. In preparing the annual report and financial statements of the charity, the trustees have adopted the provision5 of Accounling and Reporting by Charities: Statement of Recommended Practice. applicable to charities preparing their accounls in accordance wrth the Financial Reporting Standard applicable to the UK and Republic of Ireuqnd (FRS102) (effective 1 January 2019), published on 2 October 2019. Structure, governance and management Magical Moments Daycare runs by the Pre-school Leaming Alliance Constitution 2008. The setting is run by a voluntary management committee. The Trustees are appointedlre-elected on an annual basis. We allow anyone to express an interest in joining the committee throughout the year. If we feel that we need members. they are invrted to the next meeting. AGM meetings are always advertised within the setting and we welcome any inlerested parties As a chair I will always meet separately with prospect members lo ensure that they understand what is involved and whether they are able to meet the needs. Full safeguarding procedures are followed for committee members with full DBS checks. No commrttee member is allowed to be in the setting unaccompanied until full confimalion has been received from Ofsted regarding their suitabiltty. The setting is a member of the Pre-school Leaming alliance and we are an agreed provider of Early Years Education for Lincolnshire County Council. The trustees are responsible for preparing the annual report and financial statements in accordance wrth applicable Lqws and regulations. Law applicable to thartties in England and Wales requires the trustees to prepare financial statements for each financial year which grve a true and fair VEW of the chanty's financial activities d uring the year and of its financial position at the end of the year. In preparing these statements, the trustees are select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and pnJdent; prepare the financial statements on the going concem basis unless tt is inappropriate to presume that the chartty will continue in operation. The trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and whh enable them to ensure that the financial statements comply with applicable law, regulations, and the Irust deed. They a also responsible for safeguarding the assets of the charity and hence for taking steps for prevenlion and detection of fraud The trustees together with the executive committee have made assessments of the major and financial operating risks that the chaftty faces and have put in place controls to mrtigate or eliminate these rrsks. They have regular meetings to review the positM)n of the tnjst and the level of reseNes. Objectives and activities The aim of the setting is to enhance the development and educalion of children from 6 weeks to 5 yeats by offering appropriate play, education and care facilities along with experiences that otherwise they may not encounter. We welcome all children regardless of faith. gender. circumstances, disability or family background. We are an inclusive setting. Children will leam through play and environmenl that enables us to cover the areas of Early Years Curriculum. Page 4
MAGICAL MOMENTS PLAYGROUP TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In explaining how the activrties of the charity rrEet the public benefit of its work, the trustees have met the requirements of the Charittes Act 2011. Achievements and performance We always aim to run on a full roll of children. At the point of April 2023. we had 52 on roll, 32 of those are funded children of which 12 pay additional top up fees. We had 20 private fee-paying children on roll. Overall. this was a decrease of 12 children on roll from last year. We had 1 more funded child topping up fees in comparison to last year. As of March 2024, we had increased the children on roll to 60 which was an increase of 8 children. 31 Children were funded places and 14 of those topped up their fees which again has increased for us from 12. We also had 29 fee paying children which has increased by 9 from the start of the financial year. By March 2024 we had 13 members of paid staff. 3 of these staff members were completing apprenticeships. 10 of our staff have full paediatric first aid training and food hygiene certrficates. All of our staff are on the 6 year safeguarding pathway. All polices are reviewed on an annual basis and available for anyone to read at any time of the year. Some of the number5 of children have fluctuated throughout the year. It has not been a consistent flow. Thi8 is down to many reasons, such as the inability to accept children due to ratio and the cost of the childcare for parents. We have opted to operate a very flexible approach to sessions so thal we can meet the needs of the area we are in and working families along with the wrap around facility that we do with the nursery school next door to us. We have opted to do stretched funding so this can also accommodale childcare into the school holidays. We have made it our mission to ensure we can offer the best possible solutions to meet all parental needs. We have ensured that opportunities for pupil premium children are met wrth separatelsmaller sessions for children with additional needs and also doing outside activities such as community gardening groups. We hold an annual sports day for all children and invite parents along. We hold various lebratIonS throughout the year. Finances Financially, things have still been a balancing act for this year, although there has been improvement. We have made a loss this year. which is not the intention of the setting. We have been impacted with higher staffing costs due to staff having to work extra to cover sickness and staff shortages and having the factor in the increase of National Minimum Wage, we always aim to pay above the minimum wage for childcare staff. We have done our best to have some schemes in place to help wrth staff retention and ensure that staff do feel valued and support wtth any mental health issues. We have been hugely impacted with the cost of living crisis and with the cost of food being what it is. We strive to keep our fees as low as possible as we are serving a deprived area. We have ended the 23124 financial year with a balance in the bank of £25.626. This amount is less th8n the previous financial year but an irrprovement from the year before. This is due to the of cAre nsing, the increase in NMW is one of the bKJgest impacts to our business and the huge cost of groceries to ensure all children receive a hot and nutritious meal and allovts us to continue with the Healthy Schools Stalus. We try to keep our fee increases to a minimum so that this does impact our families too much and this decision is taken on an annual basis. We have met all needs of the setting. Page 5
Reserves As we are a not-for-profrt organisation, we have a reserve fund held £15.906 at the end of the year. We are hopeful this wll start to grow again over timè bul also enable us to carry the business throtsgh diffi¢ull limes. Due lo the larger outgoings this financial year we have not placed any further funds into the deposit account and we have had to use a sum of £5000 from this account to see us through. Moving fornvard we should not need to do this. We hold this reserves fund to enable us lo operate rf there is a drop in income or to see the setting through any form of difficult time. This can be a¢ssed at any time. ON BEHALF OF THE BOARD: Carrie IK(c&[.[ reenfield Trustee - Chair 27 January 2025 Page
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAGICAL MOMENTS PLAYGROUP l pOrt lo the twstees on my examination of the accounts of Magical Moments Playgroup (the Charity) for the year ended 31 March 2024. Responsibilities and basis of report As the chartty trustees of the Charity you are responsible forlhe preparation of the accounts in accordance th the requirements of the Chartties Act 2011 {'the Act,). I report in respect of my examinatDn of the Charity's accounts Caled out undef section 145 of the 2011 Act and in carying out my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Act. Independent examiner's stslement I have cornpleted my examination. I confinn that no material Matte have come lo my attention in connection with the examination giving me cause to believe that in any malenal respect.. 1. accounting records were not kept in respect of the Charity as required by section 130 of the Act,. or 2. the accounts do not accord wtth those records; or 3. the ac¢ounts do not compty th the applicable requirements conceming the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 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. I have no cOnmS 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 Ihe accounts to be Andrew Ogg FCA Director Andrew Ogg Limited Chartered Accountants Holme Fann Spalford Newark-on-Trent Nottinghamshire NG23 7HD 27 January 2025 Page 7
MAGICAL MOMENTS PLAYGROUP STATEMENT OF FINANCIAL ACTIVITIES incorporating the INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME FROM: Local Authority funding Private fees Fundraising Trips Other income Bank interest 124,052 115,178 186 1,451 717 736 123,045 86,887 2,650 1.266 200 170 Totsl income 242,320 214,218 EXPENDITURE ON: Charitable activities Slafff costs Training Prefflises expenses Groceries and cleaning supplies Children's grfts and party rtems Activity materials and resources Trips Repairs and rnaintenance Voucher scheme 226.745 340 1,575 6.936 427 1,831 510 3.227 1.900 212,643 969 5,953 7,036 524 4.695 1,029 1,246 2,725 243.491 236,820 Raisin funds Fundraising Other costs Accountancy and independent examination Telephone Travel expenses Advertising and website Printing and stationery Bank charges Other expenses 500 332 149 281 1,239 360 1,818 500 160 201 257 1,819 360 1,240 4.679 4,537 Total expenditure 248,170 241,357 NET INCOMEIIEXPENOITURE) 5,850 Page 8
MAGICAL MOMENTS PLAYGROUP BALANCE SHEET AT 31 MARCH 2024 2024 2023 FIXED ASSETS Note Tangible assets CURRENT ASSETS Bank current account Pety cash Bank deposit account 25,626 1.111 15.906 27.040 1.283 20.170 42,643 48,493 CREDITORS Amounts falling due viithin one year NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES 5CK) 42,143 47,993 42,143 47.993 NET ASSETS 42,143 47,993 UNRESTRICTED FUNDS Al 1 April 2023 Nel incorningl(outgoing) resources TOTAL FUNDS 47,993 (5,8501 75.132 (27.139) 42,143 47,993 These finanal statements were approved by the board of trustees on 27 January 2025 and were signed on its behalf by: Carrie Greenfield - Chair Page
MAGICAL MOMENTS PLAYGROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The principal accounting palicies adopled in the preparation of the financial statements are set out below and have remained unchanged from the pViouS year. and also have been consistently applied within the same accounts. a) Accounting convention The financial slalemenls have been prePad under the historical cost convention. bl Incoming resources All Incoming resources are included on the income and expenditure account when the charity is legally enlilled lo the income and the amount can be quantified wlh asonable accuracy. Gifts in kind donated for distribution are included al valuation and recogni%ed as income when they are distributed lo the projects. Gtfts donated for resale a included as income when they are sold. Donated facilities a included al the value to the charity where this can be quantrfied and third party is bearing the cost. No amounts are induded in the financial statements for services donated by volunteer5. ) Resources expended All expenditure is accounted for on an accruaL% basis and has been classified under headings that aggregate all costs related lo the category. ere costs cannol be directly atlribuled lo particular headings, they have been alk>caled to aclivilies on a basis nSIstent wlh the use of the resources, Fund-raising costs are those incuThEd in seeking voluntary contributions and do nol include the costs of disseminating information in support of the charitable aclivilies. Support costs are those costs incurred directly in Support of expendrture on the objects of the charity and include project management carried out by offIrS. Management and administration cosls are those incurred in connection with administration of the charily and Comp1rdn with constrtutional and statutory requirements. d) Taxation The charity is exempt from corporation lax on rts charitsble activrties. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratton orother benefits for the years ended 31 March 2023 and 2024. Trustees. expenses There were no trustees, expenses paid for the yeats ended 31 March 2023 and 2024. ULTIMATE CONTROLLING PARTY The trustees appointed to the rronagement committee control the chaiity. Page 10