COMPANY REGISTRATION NUMBER: 05865642 CHARITY REGISTRATION NUMBER.. 1125005 Millom Stepping Stones Company Limited by Guarantee Unaudited Financial Statements 31 July 2024 Chartered accountants Whitehaven
Millom Stepping Stones Company Limited by Guarantee Financial Statements Year ended 31 July 2024 Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Page Statement of financial activities (includin8 income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the financlal statements Detailed statement of financial activities 20 Notes to the detailed statement of financial activities 22
Millom Stepping Stones Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 July 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statement5 of the charity for the year ended 31 July 2024. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. Achlevements and performance The number of children attending remains high. The introduction of free hours from the Government for 2 year old children of working parents has increased our numbers considerably. We employ 24 members of staff which includes 3 apprentices. Financlal revlew We have updated the playground used by the younger children with funds from fundraising and donations received in the previous financial year. Staff wage rates increased according to the national living wage and fees which parents pay increased in line with this. The increasin8 national living wage continues to be quite difficult to cover. We continue to fundraise and have had a lot of support from parents and local businesses. Objectlves and actlvlties The objects of the Pre-school are to enhance the development and education of children primarily under statutory school age.
Millom Stepping Stones Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 July 2024 Strurture. governance and management Governln8 Document Millom Stepping Stones is an independent registered charity (No: 1125005) and Company Limited by Guarantee (No.. 058656421. It is governed by its Memorandum and Articles dated 4 July 2006. The objects of the Pre-school I'the Objects l are to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups and by:_ 3.1 Offering appropriate play, education and care facilities and trainin8 courses, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability; 3.2 Encouraging the study of the needs of such children and their families and promoting public interest in and recognition of such needs; 3.3 Instigating and adhering to and ftsrtherin8 the aim5 and objects of the Pre-school Learning Alliance. Trustee Inductlon and Tralnlng New Trustees undergo induction into the organisation and undergo a CRB check.They are also encouraged to attend training events, where appropriate. In addition, Trustees are also required to use any specific knowledge or experience to help the Board reach sound decisions. This can include scrutinising papers, leading discussions, focusing on key issues, providing advice and guidance on new initiatives etc. Rlsk Management Risk assessments are completed on an ongoing basis. Organisatlonal Structure Day-to-day management of the organisation and the delivery of objectives are provided by the manager under Supervision of the directors. Related Partles The charity works with Millom Infants, Parkview Nursery and Millom Childrens Centre. Key mana8ement personnel remuneratlon The trustees consider the Board of Trustees and the chief executive as comprising the key rnanagement personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 16 to the accounts. The pay of the charity's chief executive is reviewed annually and assessed in accordance with average earnings. The remuneration is also bench-marked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.
Millom Stepping Stones Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Icontinuedj Year ended 31 July 2024 Reference and adminlstrative detalls Registered charlty name Millom Stepping Stones 1125005 Charity reglstration number Company registration number 05865642 Principal office and registered office St. Georges Road Millom LA18 4LE Cumbria The trustees K A Bradley Kjames S Clarke Company secretary M.Tyson Independent examlner lan Scott BAlhonsl, FCA, DChA Whitehaven The trustees, annual report and the strategic report were approved on 8 April 2025 and signed on behalf of the board of trustees by.. M.Tyson Charity Secretary
Millom Stepping Stones Company Limited by Guarantee Independent Examlner's Report to the Trustees of Millom Stepplng Stones Year ended 31 July 2024 I report to the trustees on my examination of the financial statements of Millom Stepping Stones I'the charity'l for the year ended 31 July 2024. Responsibilities and basis of report As the trustees of the company land also its director5 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 20061'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 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5llbl of the 2011 Art. 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 l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales {ICAEWI, 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: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of sertion 396 of the 2006 Act other than any requirement that the accounts 8ive a 'true and fair, view which 15 not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountin8 and reportin8 by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
Millom Stepping Stones Company Limited by Guarantee Independent Examiner's Report to the Trustees of Millom Stepping Stones (continuedj Year ended 31 July 2024 I have no concerns and have come across no other matter5 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. lan Scott BAlhons), FCA, DChA Independent Examiner Whitehaven
Millom Stepping Stones Company Limited by Guarantee Statement of Flnancial Artivities (including income and expenditure account) Year ended 31 July 2024 2024 Unrestricted funds Total funds 2023 Total funds Income and endowments Donations and legacies Charitable activities Other trading activities Investment income Total Income Note 180,433 220,685 443 4,480 180,433 220,685 443 4,480 150,958 193,664 1,154 1,464 406,041 406,041 Expenditure Expenditure on charitable activities Total expenditure 347,240 9,10 398,167 398.167 348,241 398,167 398.167 348,241 Net Income/(expenditure) and net movement in funds 7,874 7,874 11,ooii Reconclliation of funds Total funds brought forward Total funds carried forward 213,981 213,981 214,982 221,855 221,855 The statement of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuin8 activities. 213,981 The note5 on pages 9 to 18 form part of these financial statements.
Millom Stepping Stones Company Limited by Guarantee Statement of Financial Position 31 July 2024 2024 2023 Fixed assets Tan8ible fixed assets Note 16 12,396 5,664 Current assets Debtors Cash at bank and in hand 17 334 214,621 411 210,167 214,955 210,578 Creditors: amounts fallin8 due wlthin one year Net current assets Total assets less current liabllltles Net assets 18 5,496 2,261 209,459 208,317 221,855 213,981 221,855 213,981 Funds of the charity Unrestricted funds Total char5ty funds 221,855 213,981 20 221.855 213,981 For the year endln8 31 July 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 vear 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. The statement of financial position continues on the following page. The notes on pages 9 to 18 form part of these financial statements.
Millom Stepping Stones Company Limited by Guarantee Statement of Financial Position (tontlnuedj 31 July 2024 These financial statements were approved by the board of trustees and authorised for issue on 8 April 2025, and are signed on behalf of the board by: g T(tho3 K James Trustee The notes on pages 9 to 18 form part o* these financial statements.
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2024 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 St. Georges Road, Millom, LA18 4LE, Cumbria. 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 1021 Icharities SORP IFRS 102)) and the Companies Act 2006. Accountln8 policles 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 investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Goin8 concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The charity has taken advantage of the disclosure exemptions permitted by the Charities SORP 2015 IFRS1021 regarding the inclusion of a Statement of Cashflows as the Charity is a small charity as def ined in Update Bulletin l of the Charities SORP IFR5102).
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements fcontlnuèdj Year ended 31 July 2024 Accountin8 pollcies ittyitlnuedj 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. Sl8nificant judgements The directors consider there were no significant judgements in preparing the financial statements. Key sources of estimatlon uncertainty Accounting estimates and assumptions are made concernin8 the future and, by their nature, will rarely equal the related actual outcome. The directors consider there are no key sources of estimation uncertaintv. Cash at bank and In hand Cash at bank and cash in hand Includes cash and short term highly liquid investments with a short maturlty of three months or less f rom the date of acquisition or opening of the deposit or similar account (other than those for investment purposes). Fund accountln8 Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restritted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. -io-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statementslcontintsedj Year ended 31 July 2024 Accounting policies (contlnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it 15 probable that the economic benef its associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is reco8nised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable tradin8 activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aim5 for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities, 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 to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justif iable and consistent basis. li-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 July 2024 Accounting pollcies {contlnuedJ Tangible assets All fixed assets are initially recorded at cost. 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: Short leasehold property Equipment 14% strai8ht line 25% straight line 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 reportin8 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 identif iable group of assets that includes the asset and generates cash inflows that lar8ely independent of the cash inflows from other assets or groups of assets. 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 A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transartion costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. -12-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements {contlnuedJ Year ended 31 July 2024 Accounting policies (contlnuedj Financial Instruments Icontlntsedj Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with chan8es in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset Is measured at the present value of the future payments dlscounted at a market rate of interest for a similar debt instrument, Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, With the exception of hedging instruments in a designated hed8ing relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an irnpairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics, Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon 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 reportin8 date in which the employees render the related service, the liability is measured on discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limlted by guarantee The company is limited by guarantee and the members of the company are liable for no more than £1 each should the company's assets be wound up. 13-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial StatementS(continuedl Year ended 31 July 2024 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants Cumbria County Council Other grant income 165,433 15,000 165,433 15,000 135,458 15,500 135,458 15,500 180,433 180,433 150,958 150,958 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Pre-school Fees 220,685 220,685 193,664 193,664 Other tradin8 actlvitles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events 443 443 1,154 1,154 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 4,480 4,480 1,464 1,464 -14-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements (¢ontinued} Year ended 31 July 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Activity type I Support Costs 334,800 63,367 334,800 63,367 398,167 398,167 Unrestricted Funds Restricted Total Funds Funds 2023 Activity type I Support costs 261,452 53,650 33,139 294,S91 53,650 315,102 33,139 348,241 10. Expendlture on charitable activlties by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Activity type I Governance costs 334,800 62,202 1,165 397,002 1.165 347,113 1,128 334,800 63,367 398.167 348,241 11. Analysls of support costs Analysis of support costs activity I Total 2024 Total 2023 Staff costs Premises Governance costs 58,505 3,697 1.165 58.505 3.697 1.165 49,146 3,376 1,128 63,367 63,367 53,650 12. Net in¢ome/(expenditurel Net income/lexpenditurel is stated after charging/lcreditingl: 2024 2023 Depreciation of tangible fixed assets 3,617 35,971 -15-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements Icontinued) Year ended 31 July 2024 13. Independent examinatlon fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the f inancial statements 1.134 1,104 14. Staff costs The total staff cost5 and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 301,446 13,970 4,751 3,488 239.241 4,837 3,366 2,175 323,655 249,619 The average head count of employees during the year was 2412023.. 231. The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Number of direct charitable staff Number of management and administration staff 22 21 24 23 No employee received employee beneflts of more than £60,000 during the year12023.' Nill. 15. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 16-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements Icontlnuedl Year ended 31 July 2024 16. Tangible fixed assets Land and buildin8S Equipment Total Cost At l August 2023 Additions 231,973 20,208 10,349 252,181 10,349 At 31 July 2024 231,973 30,557 262,530 Depreclatlon At I Au8USt 2023 Charge for the year At 31 July 2024 231,973 14,544 3,617 246,517 3,617 231,973 18,161 250,134 Carrylng amount At 31July 2024 12,396 12,396 At 31 July 2023 5,664 5,664 17. Debtors 2024 2023 Prepayments and accrued income 334 411 18. Credltors: amounts falllng due withln one year 2024 2023 Accruals and deferred income Social securlty and other taxes 2,950 2,546 2,261 5,496 2,261 19. Pensions and other post retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £4,75112023'. £3,366>. -17-
Millom Stepping Stones Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 July 2024 20. Analysls of charitable fund5 Unrestrlcted funds At I Au8USt 2023 At Income Expenditure 31 July 2024 General funds 213.981 406,041 1398,1671 221,855 At l August 2022 At Income Expenditure 31 July 2023 General funds 181,843 347,240 1315,1021 213,981 21. Analysls of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than l year 12,396 214,955 15.4961 12,396 214,955 (5,496) Net assets 221,855 221,855 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than l year 5,664 210,578 12,2611 5,664 210,578 12,2611 Net assets 213,981 213,981 18-