REGISTERED COMPANY NUMBER: 06580163 (England and Wales) REGISTERED CHARITY NUMBER.. 1126581 Trustees, Report and Financial Statements for the Year Ended 31 May 2024 for The Rainbow Centre (Marham) Stephenson Smart (East Anglial Limited Chartered accountants & statutory auditor 22-26 King street King's Lynn Norfolk PE30 IHJ
The Rainbow Centre (Marham) Contents of the Financial Statements for the Year Ended 31 May 2024 Page Trustees, Report Report of the Independent Auditors Statement of Financial Activities io Balance Sheet li Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statements 14 to 20 Detailed Statement of Flnanclal Actlvities 21 to 22
The Rainbow Centre (Marham) Trustees. Report for the Year Ended 31 May 2024 The trustees who are also directors of the charity for the purposes of the Cornpanie5 Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. Objectives and activities Objectives and aims The Charity's Objects, as set out in the Constitution are to enhance the care, development and education of children primarily under statutory school age, but also in Breakfast and After School Clubs by encouraging parents to understand and provide for the needs of their children through community groups and by.. Offering appropriate play facilities and training courses together with the right of parents to take responsibility for and 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. Encouraging the study of the needs of such children and their families and promoting public interest in and recognition of such needs in the local area. Providing a safe and secure environment, where parents are happy in the knowled8e that their children receive quality care. Advancing the education of children by offering a supportive, challenging and encouraging environment, where children can relax, have fun and be with friends. Providing a reliable and consistent service. Worki ng within a frarnework that ensures equality of opportunity for all children and families. I nstigating and adhering to and furthering the aims of the Pre-school Learning Alliance. Within these Objects, the Centre's aim is to provide the highest quality learnin8 and care in a loving, nurturing, safe environrnent that is vibrant, purposeful, challenging and supportive to enable children to fulfil their potential and stand the best chance of developing into confident and successful learners. Publlc benefit The Trustees have a duty to report on public benefit by explaining the significant activities undertaken in order to carry out our aims for the public benefit and our achievements measured against those aims. We confirm that we have had regard to the Charity Commission's guidance on public benefit in reporting on the Charity's activities and achievements.
The Rainbow Centre (Marham) Trustees, Report for the Year Ended 31 May 2024 Achievement and performance Charitable activities Operational performance of the centre This year has seen the Centre contin ue to provide an excellent service. Continuous improvements have been made through evaluation and reflection of our practice as we strive to raise Standards and improve the children's lives. Th is is reflected in the results of the most recent OFSTED inspection held in May 2019, where for the third time an outstanding grade was achieved overall. An inspection by Norfolk County Council in October 2010 also graded the Centre as outstanding. With ongoing training at the top of our agenda, we continue to celebrate many staff gaining their National Vocational Qualification INVQI at levels 2, 3, 4 and 5. One member of staff has also achieved level 6. The Centre Manager is a graduate of the Early Years Professional Status IEYPSI qualification. The Charity continually seeks to develop and improve the Centre, to enable the provision of childcare of the highest quality. In order to set firm foundations upon which children can build, the Charity aims to maximise the opportunities offered to children, and to give them memorable and long-lasting experiences. To add to the developments of previous period5, the Charity has further enhanced the Centre's facilities by: • Refreshing and renewing the resources available to assist children with learning through play, notably with new mud kitchens in the outside area. These developments, both in and outdoors. will enable child-focused activitie5 to continue promoting holistic development and learning through the gvidelines of the statutory Early Years Foundation Stage Document. Past developments have proven to be very successful and an enhancement to the Centre'5 environment. It promulgates the ethos of the Centre, which is that the child is at the centre of the curriculum. Investment performance The funds held by the Centre are banked through the Service Institute Fund ISIFI . Interest is not currently being paid on this account. With interest rates now increasing the Trustees are considering alternative investments that rnay increase interest receivable. The trustees, having in mind the liquidity requirements of operatin8 the Centre, have maintained a policy of keeping funds in a current account that is easily accessible. Financial review Principal funding sources The results for the year and the charity's financial position at the year end are shown in the attached financial statements. The charity has continued to raise the majority of its funds throLJgh fees paid by parents and grants received. The trustees consider the results for the year to be be satisfactory. Donated services and facilities The Rainbow Centre occupies a build ing owned by The Defence Inf rastructure Organisation. Rent payments for use of the building began on the 1st October 2016 at a reduced rate, the reduction from the market value of rent is treated as donated income. The Defence Infrastructure Orgasnisation also pays for the lighting and heating of the Centre. The value of these donated amounts is included in the Statement of Financial Activities and detailed in note 2 to the financial statements. The Trustees give of their time freelv.
The Rainbow Centre Imarham) Trustees, Report for the Year Ended 31 May 2024 Financial review Reserves policy The charity seeks to maintain a level of reserves to meet its needs for the foreseeable future whilst enabling it to meet the needs of the children using the service, the Trustee5 also always try to maintain reserves high enough to cover minimu m statutory redundancy payments currently circa £257,000 should the centre ever have to close. Reserves are funds which are unrestricted and undesignated and which are not represented by tangible fixed assets held for charitable use. At the year end the charity held reserves totalling £381,917. The trustees designate funds from time to time to enable the costs of larger projects to be met. Future plans Key objectives are,. to continue to provide outstanding care. The centre a150 wishes to retain their core of highly trained staff. The Centre will continue to encourage and support staff training, with a focus on increasing knowledge of child protection, first aid and outdoor learning. Staff wishing to gain their NVQ in child care will also be supported, with the Centre contributing up to 50% depending on the course. towards the costs of working towards levels 2 and 3. The Centre also intends to continue to encourage and bu ild community relationships with the families who use the Centre. Appropriate staffing leve15 are to be maintained to allow the centre to provide childcare to those eligible for the additiona1 Government funded hour5 being offered to 2 year olds from April 2024. Structure, governance and management Governing document The Rainbow Centre Imarhaml is a company limited by guarantee, governed by its Memorandum & Articles of Association dated 29 April 2008. It is a registered charity, established on 29 April 2008, at which point it took over the operation of the Service of its predecessor charity. Anybody can apply to become a member of the company. The liability of each member is limited to £1 in the event of the company having to be wound up. Recruitment and appointment of new trustees Trustees are elected at the Annual General Meeting. One third of the trustees must retire in rotation at each Annual General Meeting, but may be re-appointed at the same rneeting. No trustee of the air-force rank of Squadron Leader or above shall be entitled to retire unless a new trustee of the saTne rank or above is first appointed. The trustees may at any time co-opt any person suitably qualified to be appointed as a trustee to fill a casual vacancy or as an additional trustee. Co-opted trustees retain their office until the next Annual General Meeting, but are then eligible for re-election. Trustees, vacancies are advertised locally as they arise. New trustees receive an ind uction into the workings of the Centre and are provided with Terrns of Reference relevant to their position. All trustees are required to have Disclosure and Barring checks. The cost of Trustee's Indemnity I nsu rance for the period was included within the charity's annual insurance policy and as such cannot be separately determined. Organisational structure The trustees are responsible for the overall management and control of the Centre and aim to meet at least every four months. The day to day running of the Centre is delegated to the Centre Manager, Mrs D Gent.
The Rainbow Centre {Marharn} Trustees, Report for the Year Ended 31 May 2024 Structure, governance and management Key management remuneration Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £66,12812023'.£60,2411. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Detailed considerations of risk are delegated to the Centre Manager who identifies and assesses risk and establishes the necessary controls. The key controls used by the Charity include.. Setting formal agendas for all Committee and Board Meetings. Providing detailed Terms of Reference for all Committee Members. • Ma intaining a comprehensive strategic plan, budgets and management account5. Establishing an organisational structure with line management. Maintaining written policies. Providing clear authorisation with approval levels. Vetting procedures for the protection of the vulnerable. The trustees are satisfied that the rnajor risks have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Reference and administrative details Registered Company number 065801631 England and Wales) Registered Charity number 1126581 Registered office Elm Road Upper Marham King's Lynn Norfolk PE33 9NF
The Rainbow Centre {Marhaml Trustees, Report for the Year Ended 31 May 2024 Trustees Mrs D M Gent Sqn Ldr B J Norton (resigned 7.9.20231 Sqn Ldr DA Smith Mr GJ Walker Mrs CM Wilson (resigned 15.8.20231 Sqn Ldr M R C A Hayward Mrs R Portlock (resigned 15.8.20231 Lt O N Adams (appointed 7.7.20231 (resigned 6.1.20241 Sqn Ldr P A Grimes Mrs E C Wallace lappointed 25.8.20231 Iresigned 13.6.20241 Mrs C P A Wigglesworth Sqn Ldr P A Hitchen Chairman lappointed 18.6.20241 Mrs C M l Hall lappointed 13.6.20241 Wg Cdr A R Mclean (appointed 30.10.20231 Company Secretary Mrs D M Gent Auditors Stephenson Smart (East Anglial Limited Chartered accountants & statutory auditor 22-26 King Street King'5 Lynn Norfolk PE30 IHJ Bankers SIF RAF Marham Ki ng's Lynn Norfolk PE33 9NF Website https'.//www.marhamrainbowcentre.com/ Statement of trustees, responsibilities The trustees (who are also the directors of The Rainbow Centre (Marhaml for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Ki ngdom Generally Accepted Accou nting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law req uire5 the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then a pply them consistently; observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent,. prepare the financial statement5 ori the going concern basis unless it is inappropriate to pre5urne that the charitable company will continue in business.
The Rainbow Centre (Marham) Trustees, Report for the Year Ended 31 May 2024 Statement of trustees, responsibilities - continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial posltion of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far a5 the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditors The auditors, Stephenson Smart (East Anglial Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 30, September 2024 and signed on its behalf by.. Sqn Ldr P A Hitchen Chairman Mrs DM Gent- Trustee
Report of the Independent Auditors to the Members of The Rainbow Centre Imarham) Opinion We have audited the financial statements of The Rainbow Centre Imarhaml (the 'charitable company'l for the year ended 3 1 May 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Staternent and notes to the f inancial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 May 2024 and of its incoming resou rces and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the U K and Republic of Ireland,, and have been prepared in accordance with the req uirements of the Companies Act 2006. Basis for opinion We conducted our avdit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical req uirement5 that are relevant to our audit of the financial statement5 in the UK, inclvding the FRC'S Ethical Standard, and we have fu Ifilled our other ethical responsibilities in accordance with these reouirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the f inancial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signif icant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the re5ponsibilitie5 Of the trustees with respect to 80in8 concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the f inancial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, Dur responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Report of the Independent Auditors to the Members of The Rainbow Centre {Marham) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Tru5tees' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 req uires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the trustee5' Report. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibi lities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and u5inB the going concern basis of accounting u nless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Irregularities, includin8 fraud, are instances of non-compliance with laws and regulation5. We design procedures inline with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. includ ing fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and asses5 the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perforrn audit procedures responsive to those risks, includ ing obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/a uditorsresponsibilities. Th is description forms part of our Report of the Independent Auditor5.
Report of the Independent Auditors to the Members of The Rainbow Centre (Marham) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Christopher Goad BFP FCA (Senior Statutory Auditor) for and on behalf of Stephenson Smart l East Anglial Limited Chartered accou ntants & statutory auditor 22-26 King Street King's Lynn Norfolk PE30 IHJ 30th September 2024
The Rainbow Centre (Marham) Statement of Financial Activities for the Year Ended 31 May 2024 31.5.24 Total funds 31.5.23 Total funds Unrestricted funds Restrirted fund Notes Income and endowments from Donations and grants 494,893 494,893 472,416 Charitable activities Provision of childcare services 1,107,639 1,107,639 1,026,502 Other trading activities 401 401 707 Total 1.602,933 1.602.933 1,499,625 Expenditure on Raising funds 401 401 706 Charltable actlvltSes Provision of childcare services 1,616,838 1,616,838 1,444,402 Total 1,617,239 1,617,239 1,445,108 NET INCOME/IEXPENDITURE) 114,3061 114,3061 54,517 Reconciliation of funds Total fu nds brought forward 403,521 403,521 349,004 Total funds carried forward 389,215 389,215 403,521 The notes form part of these financial statements 10
The Rainbow Centre (Marham} Balance Sheet 31 May 2024 31.5.24 Total funds 31.5.23 Total funds Unrestricted funds Restricted fund Notes Fixed assets Tangible assets li 7,298 7,298 4,839 Current assets Debtors Cash at bank 12 10,523 435,905 10,523 435,905 7,245 455,640 446,428 446,428 462,885 Creditors Amounts fallirsg due within one year 13 164,5111 164.5111 164,2031 Net Current assets 381,917 381,917 398,682 Total a55ets less current liabilities 389,215 389,215 403,521 NET ASSETS 389,215 389,215 403,521 Funds Unrestricted funds 15 389,215 403,521 Total funds 389,215 403,521 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 30, September 2024 and were 518ned ors its behalf by: Sqn Ldr Philip Hitchen Chairman Mrs D M Gent - Trustee The notes form part of these financial statements 11
The Rainbow Centre {Marham) Cash Flow Statement for the Year Ended 31 May 2024 31.5.24 31.5.23 Notes Cash flows from operating activities Cash generated f rom operations 115,1011 61,566 Net cash (used inllprovided by operating activities 115,1011 61,566 Cash flows from investing activities Purchase of tangible fixed assets 14,6341 Net cash (used inl/provided by investing activities 14,6341 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 119,7351 61,566 455,640 394,074 Cash and cash equivalents at the end of the reporting period 435,905 455,640 The notes form part of these financial statements 12
The Rainbow Centre (Marham) Notes to the Cash Flow Statement for the Year Ended 31 May 2024 Reconciliation of net {expenditure}/income to net cash flow from operating activities 31.5.24 31.5.23 Net (expenditure)/income for the reporting period {as per the Statement of Financial Activities) Adjustments for: Depreciation charges Increase in debtors Increase in creditors 114,3061 54,517 2,175 13,2781 308 1,613 19471 6,383 Net cash {used Inllprovlded by operations 115,1011 61,566 Analysis of changes in net funds At 1.6.23 Cash flow At 31.5.24 Net cash Cash at bank 455,640 119,7351 435,905 455,640 119,7351 435,905 Total 455,640 119,7351 43S,905 The notes form part of these financial statements 13
The Rainbow Centre Imarham) Notes to the Financial Statements for the Year Ended 31 May 2024 Accounting policies Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the U K and Republic of Ireland, and the Companie5 Act 2006. The financial statements have been prepared under the historical cost convention. The financial statement5 are prepared in sterling, which is the f unctional currency of the entitv. Figures are rounded to the nearest whole pound sterling. The financial statements cover an individual entity Income All income is included In the statemÈnt of financial activities when entitlement has passed to the charity, it is probable that the economic benefits 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: Fundraising income is credited to unrestricted funds in the period in which the fundraising event is held. Income from grants is included in incoming resources on an accruals basis. Where the grant is for the general purposes of the charity it is credited to unrestricted funds. Where the use of the 8rant has been specified by the grantor, it is credited to restricted funds. Expenditure Resources expended are included in the Statement of Financial Activities on an accruals basis. Irrecoverable VAT is included with the item of expense to which it relates. The cost of generating funds includes all costs relating to fundraising events. Resources expended on charitable activities include all costs relating to the provision of childcare services. Governance costs comprise the costs of running the charity, including external audit, legal advice and the costs of complying with constitutional and statutory requ irements. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings 25% p.a. reducing balance Tangible fixed assets costing over £1,500 are capitalised unless it is felt that the cost has been covered bv grants in that year or the costs are in respect of improvements to the outdoor area and therefore cannot be removed from the property. Where assets are not capitalised, the resources expended are shown in the Statement of Financial Activities in the same year as any related income. Taxation The charity is exempt from corporation tax on its charitable activities. 14
The Rainbow Centre {Marham) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 Accounting policies - continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the tru5tee5. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial statements. Operatlng leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Donated goods These are included in incoming resources (with an equivalent arnount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. Debtors Debtors are measured at thei r recoverable amounts,. the amount the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services. Creditors Cred itors are recognised for the amount that the charity anticipates it will pay to settle the debt or the amount it has received as an advance payment for goods or services it must provide. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assu mptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation5 of future events that are believed to be reasonable under the circumstances. Government grants Government grants are recognised using the accruals rnethod. Going concern There are no material uncerta intie5 about the charity's ability to continue. 15
The Rainbow Centre Imarham) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 Donations and grants 31.5.24 31.5.23 Donations Grants Donated services and facilities 57 432,787 62,049 409,849 62,567 494,893 472,416 Included within grants received £432,787 12023.. £409,849) is £432,787 12023.. £407,849) of unrestricted income from Norfolk County Council for Childcare provision and £nil12023.' £2,300) of restricted income for first aid training. Other trading activities 31.5.24 31.5.23 Fundraising events 401 707 Income from charitable attivities 31.5.24 31.5.23 Activity Provision of childcare services Provision of childcare 1,107,639 1,026,S02 Ralsln8 funds Other tradin8 activitie5 31.5.24 31.5.23 Purchases 401 706 Charitable activities costs Support costs {see note 71 Direct Costs Totals Provision of childcare services 1,612,198 4,640 1,616,838 16
The Rainbow Centre (Marham) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 Support costs Governance costs Provision of childcare services 4.640 All support costs have been allocated to the sole charitable activity of the charity being the provision of childcare services. Net incorne/lexpenditurel Net income/lexpenditurel is stated after charging/lcreditingl: 31.5.24 31.5.23 Auditors, remuneration Depreciation - owned assets Other operating leases Operating leases- equ ipment 4,640 2,175 51,000 600 4,360 1,613 51,000 600 Trustees, remuneratlon and beneflts Mrs D Gent, a trustee, received remuneration amounting to £66,128 12023 .' £60,241) in her role as Centre Manager. Included within this figure was £15,96712023'. £14,522) in respect of pension contributions. The level of remu neration was agreed on an arms-length basis, by the Board of Trustee5 Wlthout the involvement of Mrs D Gent. No other trustees or persons connected with trustee5 have received any remuneration during the year. Tru5tee5' expense5 There were no trustees, expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. io. Staff costs 31.5.24 31.5.23 Wages and salaries Social security costs Other pension costs 1,231, 108 103,329 47,839 1,099,925 83,007 41,930 1,382,276 1,224,862 17
The Rainbow Centre {Marham) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 io. Staff costs- continued The average monthly number of employees during the year was as follows- 31.5.24 31.5.23 Management staff Administrative staff Production staff 48 48 55 55 No staff members received emoluments lexcluding Employers Pension contributions) in excess of £60,000. ii. Tangible fixed assets Flxtures and fittings Cost At l June 2023 Additions 21,162 4,634 At 31 May 2024 25,796 Depreciation At l June 2023 Charge for year 16,323 2,175 At 31 May 2024 18,498 Net book value At 31 May 2024 7,298 At 31 May 2023 4,839 12. Debtors: arnount5 falling due within one year 31.5.24 31.5.23 Trade debtors Prepayments and accrued income 5,807 4,716 2,737 4,508 10,523 7,245 18
The Rainbow Centre {Marham) Notes to the Financial Statements - continued for the Year Ended 31 May 2024 13. Creditors: amounts falling due within one year 31.5.24 31.5.23 Trade creditors Other creditors Accruals and deferred income 7,899 40,530 16,082 6,854 42,193 15,156 64,511 64,203 Incl uded within Other creditors 15 £25,543,12023.. £16,8341 relating to deferred incorne in respect of grants receivable for childcare to be provided after the period end. 14. Leasing agreements Minimu m lease payment5 under non-cancellable operating leases f311 due as follows.. 31.5.24 31.5.23 Within one year 600 600 15. Movement in funds Net movement in funds At 1.6.23 At 31.5.24 Unrestricted fund5 General fund 403,521 114,3061 389,215 TOTAL FUNDS 403,521 114,3061 389,215 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,602,933 11,617,239) 114,3061 TOTAL FUNDS 1,602,933 11,617,239) 114,3061 19
The Rainbow Centre {Marham} Notes to the Financial Statements - continued for the Year Ended 31 May 2024 15. Movement in funds- continued Comparatives for movement in funds Net movement in funds At 1.6.22 At 31.5.23 Unrestricted funds General fund 349,004 54,517 403,521 TOTAL FUNDS 349,004 54,517 403,521 Comparative net movement i n funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,497,625 11,443, 1081 54,517 Restricted funds First Aid Training 2,000 12,0001 TOTAL FUNDS 1,499,625 11,445,108) 54,517 Restricted expenditure of £nil12023.' £2,000) was for first aid refresher training. 16. Related party disclosures There were no related party transactions for the year ended 31 May 2024. 17. Ultimate controlling party The charity was controlled by the trustees throughout the current and previous period. 20
The Rainbow Centre {Marham) Detailed Statement of Financial Activities for the Year Ended 31 May 2024 31.5.24 31.5.23 Income and endowments Donations and grants Donations Grants Donated services and facilities 57 432,787 62,049 409,849 62,567 494.893 472,416 Other trading activitles Fundraising events 401 707 Charitable activities Provision of childcare 1,107,639 1,026,502 Total incomin8 resources 1,602,933 1,499,625 Expendlture Other trading activities Fundraising events 401 706 Charitable activities Wages Social security Pensions Operating leases- buildings Insurance Light and heat Groceries and consumables Repairs and maintenance Legal and professional fees Office costs Equipment and improvements Staff training Staff welfare Depreciation of tangible fixed assets 1,231,108 103,329 47,839 51,000 3,770 23,357 56,269 4,111 4,482 7,595 70,798 365 6,000 2,175 1,099,925 83,007 41,930 51,000 3,408 22,787 55,235 35,066 4,084 10,132 28,986 2,252 617 1,613 1,612,198 1,440,042 Support costs Governance costs Auditors, remuneration 4,640 4,360 This page does not form part of the statutory financial statements 21
The Rainbow Centre {Marham) Detailed Statement of Financial Activities for the Year Ended 31 May 2024 31.5.24 31.5.23 Total resources expended 1,617,239 1,445.108 Net lexpenditurel/income 114,3061 54,517 This page does not form part of the statutory financial statements 22