**Registered number: 06784276 Charity number: 1129046**
## **BOWS AND ARROWS**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2023**
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 9|
|**Independent auditors' report on the financial statements**|10 - 13|
|**Statement of financial activities**|14|
|**Balance sheet**|15|
|**Statement of cash flows**|16|
|**Notes to the financial statements**|17 - 35|
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Trustees**|Mr S Greenacre, Trustee|
|---|---|
||Mrs C Atkins, Trustee|
||Mrs C Horne, Trustee (resigned 1 December 2023)|
||Mrs K Taylor, Chair|
||Ms B Ramsey, Trustee (Appointed 2 November 2022)|
||Mrs L Wilson, Trustee (Appointed 23 February 2023)|
|**Company registered**
**number**
06784276
**Charity registered**
**number**
1129046
**Registered office**
Wigwams Nursery
Whitton Church Lane
Ipswich
Suffolk
IP1 6LW
**Joint chief executives**
Anne Denny
Michelle Antczak
**Independent auditors**
Larking Gowen LLP
Chartered Accountants
1 Claydon Business Park
Great Blakenham
Ipswich
IP6 0NL
**Bankers**
Lloyds Bank Plc
PO Box 4
13 Cornhill
Ipswich
IP1 1DG
**Solicitors**
Gotelee Solicitors LLP
Elm Street
Ipswich
IP1 2AY||
Page 1
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 August 2023. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's Articles of Association, the Companies Act 2006 and “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 (FRS 102)”.
The annual report serves the purposes of both a Trustees’ report and a Directors’ report under company law.
Since the company qualifies as small under Section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.
The information on page 1 forms part of this report.
## **Our Goal**
Bows & Arrows envisages a time when all children, irrespective of race, culture, means or ability, can thrive within high quality and affordable childcare that has the needs of their families at its heart.
## **Public Benefit**
The Trustees confirm that they have complied with the duty in Section 17 of The Charities Act (2011) to have due regard to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on charitable educational establishments and advancement of education. Our main activity is the operation of ‘full daycare’ nurseries. Bows & Arrows has established high-quality settings in locations that will serve some of the most disadvantaged families in Ipswich. We have a significant number of children with additional needs, children for whom English is not their first language and children at risk.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable Objects**
To advance the education and development of young children, in particular in the borough of Ipswich, Suffolk, and in so doing:
1. offer appropriate learning experiences and play facilities;
2. ensure that our nurseries offer opportunities for all children whatever their race, culture, means or ability;
3. encourage parents to become involved in the activities of the nursery;
4. signpost families to additional support in the best interests of children attending the setting.
During the period, we continued to achieve the Charitable Objects in the following ways:
## **1- offered appropriate learning experiences and play facilities**
We achieved this aim in several ways,
- Operation of day-care nurseries
- Delivery of Forest School Sessions
- Teaching the revised Early Years Foundations Stage framework
Page 2
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
We operated early education and childcare from seven Ofsted registered settings. Nature Den Nursery was inspected by Ofsted in September 2022 and they received a ‘Good’ rating, the same grade as Wellington Nursery. All other inspected nurseries in the group are graded outstanding in all areas. Therefore, we know children’s learning experiences and play is appropriate from our Ofsted inspections.
In January 2023 the Trustees agreed the closure of The Nature Den Nursery from 31st March 2023, and a new nursery, Ravenswood Nursery, to open on 31st July 2023 in Ipswich. Demand for nursery places at The Nature Den has been lower than expected since the pandemic, hence the reason to close the nursery.
The Nursery Operations Manager oversees and monitors the educational standards and supports each Nursery Manager to run their settings effectively. We see evidence of her input through higher scores in children’s assessments and Ofsted inspection outcomes.
The knowledge and skills of our employees is a key driver in children’s outcomes. All employees receive a range of quality training and at least three internal Professional Development Days so our children experience appropriate learning. Additionally this year, four senior leaders visited Reggio Emilia for an International Study Week to deepen their understanding of the Reggio Emilia Approach and apply this knowledge in our work with children.
## **2 - ensured that our nurseries offer opportunities for all children whatever their race, culture, means or ability**
The Bows and Arrows nurseries are located within the top 20% most deprived neighbourhoods in the country and therefore we enrol many children from disadvantaged communities including children from diverse backgrounds and families with a low income. Operating in these areas is an active choice so we can reach those who need us most. All families had the opportunity to benefit from our service without unnecessary and unreasonable cost or restrictions. Specifically,
- Our nurseries were ‘open access’ i.e. any child could join the nursery subject to age, funding criteria (set by the Government) and/or payment of advertised session fees.
- Policies were in place to ensure we were inclusive, particularly the admissions policy and equal opportunities policy.
- There were no joining fees and no registration fees as this might restrict access to our services.
- We accepted funding for all our sessions, including sessions for eligible 2-year-old children.
- We did not charge families for additional elements such as excursions, consumables, family support services and participation in forest school sessions.
Internal data tells us that we have an accessible service with a diverse range of families including 25% with a special educational need, 4% with a safeguarding record and 16% of children who do not speak English as their first language.
## **3 - encouraged parents to become involved in the activities of the nursery**
Our established team of Family Support Practitioners improve family engagement. In summer term 2022 the FSP team worked with 106 parents (24%) and 171 children (39%) in either group work or individual interventions. Our families tell us (parent survey in Summer 2023 with 67 responses) the FSP team make a real difference in giving advice, signposting and directly supporting children to accelerate their learning and development.
Page 3
## **BOWS AND ARROWS (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **4 - signposted families to additional support in the best interests of children attending the setting**
We supported children by sensitively signposting parents and carers to other services including:
- Local Children’s Centres
- GP Surgeries
- Health Visitors
- Family Support Workers and Social Workers
- Speech and language support
- SEND services
- Families Information Service
Many families are experiencing significant rises to living costs and support for financial hardship is an ongoing theme this year.
## **Strategic Progress**
The charity’s strategy centres on ‘Growth’ and ‘Deepening’ meaning that it would reach more families in Ipswich to support (‘Growth’) and widen services beyond basic day-care as we know these add impact to children’s outcomes (‘Deepening’).
## Growth:
- An additional early year’s setting was added to the group through the separate Ofsted registration of Forest Learners Nursery.
- In Summer 2023 the group offered holiday care for school aged children as part of the Holiday Activities and Food Scheme. This scheme provided 20 additional childcare spaces during the summer holidays.
## Deepening:
- The team of 3.5 Full Time Equivalent Family Support Practitioners add value to our core work.
- Bows and Arrows is a partner organisation in the East of England Early Years Stronger Practice Hub, one of eighteen Department of Education designated Stronger Practice Hubs across England. The East of England Hub covers Suffolk, Norfolk, Cambridgeshire, and Peterborough offering bespoke support, training, conferences and network opportunities for all those working in Early Years. The reach and scope of this work provides vast opportunities to improve early years practice across a large geographical area. The operation of professional networks (East of England Stronger Practice Hub, Wellbeing 4 Educators Network, Employer Partnership with Suffolk College) influences positive work with children beyond our organisation.
## **Going Concern**
The Board of Trustees are content that the charity’s financial future is not at risk, not least, as a result the governments changes to childcare, meaning that eligible working parents of two year olds can access 15 hours of childcare from April 2024 onwards, and by September 2025 all children over the age of nine months will be entitled to 30 hours of funded childcare. This is positive in the long-term because it is a significant acknowledgement of the childcare sector as critical economic infrastructure. The policy is already leading to high demand for childcare places, and we believe the government will also invest further in training and apprenticeships to meet demand. Advances in this Government policy are an opportunity for the charity to support more families.
The Trustees have considered budgets and forecasts for the next 12 months. Reforecasting is undertaken regularly as expected future occupancy levels change. The Trustees have also considered the current financial position of the Charity.
Page 4
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
Therefore, after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **Financial Position**
The results for the year, and the charity’s financial position at the end of the year, are shown in the attached financial statements.
Bows & Arrows recorded a deficit of -£262,396 from operating activities in the period to 31st August 2023. The reduction from 2021-22 can be attributed to a reduction in grants and occupancy income and a general increase in costs, primarily energy costs and staff costs.
As at 31 August 2023, the Charity had unrestricted reserves of £523,218 and restricted reserves of 665,489.
In response to our financial performance in 2022-2023, we have made a number of changes for the forthcoming financial year. To improve income, we have introduced a consumable charge for families and we are pursuing investment opportunities from the company reserves. We have altered the childcare offer at Little Learners Nursery and Forest Learners Nursery to accommodate more children at a younger age group to accommodate the added demand for baby places. By 2025 staff childcare discounts (50% reduction on fees for selected staff) will no longer be subsidised by Bows and Arrows. The government are phasing in 30 hours of funded childcare for working families from 2024 onwards, consequently Bows and Arrows will not need to cover this expense for any child aged 1-5 years old.
## **Significant Financial Risks**
- There is a competitive market for high quality, qualified educators and we cannot serve families without the right people. If recruitment stalls, admissions (and income) will be restricted.
- Pressures from external funding continue. The charity’s main funding is early education funding from Government, and this accounts for circa 70% of income. A financial risk occurs when annual % increases to the funding rate don’t match increased delivery costs.
- The business requires suitable premises to operate within. Four of the nurseries have 10-year leases that are due to end before November 2026.
These risks are mitigated by our good ability to analyse the position of the charity quickly & respond.
## **Reserves policy**
Bows & Arrows holds reserves:
1. To protect the continuity of the charity’s work in the event of any sudden, enforced cessation in trading e.g. loss of registration, force majeure, or withdrawal of grant funding from Suffolk County Council. The charity aims to keep 3 months’ worth of expenditure for this purpose. At 31 August 2023, this level should be £400,000.
2. To maintain assets when required. At 31st August 2023 this figure should be £50,000.
3. To provide the capital to deliver our strategic plan. These are 'opportunistic reserves', set aside to enable the charity to evolve and take advantage of strategic development opportunities. At 31st August 2023, this level is £50,000.
This is a total of £500,000. The current free reserves is £415,980. Taking into account the increased Government funded hours and improved outlook for 2024 and 2025 the Trustees anticipate bringing reserves up to the target level.
Page 5
## **BOWS AND ARROWS (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
By dividing the reserves into these levels, the charity is confident that it has considered all the different risks that the charity may face and has adequate money in reserve to deal with them.
## **Principal funding sources**
The principal source of funding is the Early Education Funding for 3 and 4 year olds, and the Two-Year-Old Funding. There are other funds which support our work (such as the Disability Access Fund) which are provided by the local authority, Suffolk County Council. The Council oversee the use of the funds and periodically undertake funding audits to check the funds have been spent appropriately.
We also receive a significant income from nursery fees, i.e. money paid to the nurseries by families or other sponsors.
## **Fundraising Regulator**
In the year, fundraising represented 0.5% income. The Charity is committed to good fundraising practice and follows the Code of Fundraising Practice. No complaints have been registered against the Charity during the year under review.
## **Investments**
The charity has no investments.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Organisational Structure & Decision Making**
Bows and Arrows is a registered charity and a company limited by guarantee and a non-profit making organisation. We are governed by a Board of Trustees. Trustees are appointed from our client base of parents, representatives from the local community, or representatives from partner organisations.
Our Articles of Association state that “when complete, the Trustees consist of at least three, and not more than 10 individuals”. The board of trustees requires breadth and depth of experience to carry out its duties effectively and efficiently. A trustee’s most important attribute is the passion for the work that the nurseries undertake. Where possible the charity considers that the skills and experience of the board should comprise the following:
- A trustee with a legal background
- A trustee with a financial/accounting background
- A trustee with educational experience
- A trustee with senior management/business experience
- A trustee with awareness of equal opportunities or disabilities
The trustees meet 4 times a year, with additional meetings as necessary. The Board is responsible for strategic direction, for ensuring proper governance of Bows & Arrows activities and for risk.
A Chief Executive Officer is appointed by the trustees to manage the day-to-day operations of the charity. The Board expects the Chief Executive Officer to take both strategic and operational decisions based on the budget and delegated authorities. The Board expects that all decision making will be within Bows & Arrows objectives and policies.
Page 6
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Recruitment and appointment of new trustees**
From time to time, the Trustees together with the Chief Executive consider the leadership skills that would benefit the charity. Accordingly, they will seek to recruit new Trustees – wheresoever possible, from families connected to the charity.
## **Key management salaries**
Pay at all levels is set in line with the organisational pay structure. Pay for the Chief Executive is decided by the Board.
## **Risk management**
Trustees have a prudent attitude to risk and seek to foresee and avoid any major risks to our activity. Medium risks are reviewed regularly at Trustee meetings and management meetings. Risk assessments are completed regularly. These processes have been successful so far in minimising any significant risk to the company and those people that use its services
Page 7
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Trustees' responsibilities in relation to the financial statements**
The trustees (who are also the directors of Bows and Arrows for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires 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 year. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Statement of Recommended Practice, “Accounting and Reporting by Charities”. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- The charity is operating efficiently and effectively;
- Its assets are safeguarded against unauthorised use or disposition;
- Proper records are maintained and financial information used within the charity or for publication is reliable; and
- The charity complies with relevant laws and regulations.
In accordance with company law, as the company’s directors, we certify that:
- so far as we are aware, there is no relevant information of which the company’s auditors are unaware; and
- as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Page 8
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023**
## **Disclosure of information to auditors**
Each of the persons who are at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Larking Gowen LLP, have indicated their willingness to continue in office.
Approved by order of the board of Trustees and signed on their behalf by:
**----- Start of picture text -----**
................................................ Mr S Greenacre
**----- End of picture text -----**
Approved by the Trustees on: 15 May 2024
Page 9
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWS AND ARROWS**
## **Opinion**
We have audited the financial statements of Bows and Arrows (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources 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; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Larking Gowen has assisted with year end reconciliations. This service is covered by exemptions in the FRC Ethical Standard in paragraph 6.11 and 6.15, applying to audits of Small Entities.
## **Conclusions relating to going concern**
In auditing the financial 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 significant 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 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 10
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWS AND ARROWS (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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.
## **Opinion 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.
- 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 our 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 Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Page 11
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWS AND ARROWS (CONTINUED)**
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditors' 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 an Auditors' report 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 (UK) will always detect a material misstatement 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 users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Due to the field in which the Charity operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; GDPR, safeguarding, serious incident reporting and compliance with the financial UK Companies Act.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Challenging assumptions and judgements made by management in their significant accounting estimates; and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 12
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOWS AND ARROWS (CONTINUED)**
## **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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Giles Kerkham FCA DChA (Senior statutory auditor)**
for and on behalf of **Larking Gowen LLP** Chartered Accountants Statutory Auditors 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL
Date: 17 May 2024
Page 13
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Investments
6
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2023**
**£**
**184,912**
**-**
**-**
**184,912**
**259,115**
**259,115**
**(74,203)**
**739,692**
**(74,203)**
**665,489**|**Unrestricted**
**funds**
**2023**
**£**
**22,232**
**1,663,900**
**409**
**1,686,541**
**1,874,734**
**1,874,734**
**(188,193)**
**711,411**
**(188,193)**
**523,218**|**Total**
**funds**
**2023**
**£**
**207,144**
**1,663,900**
**409**
**1,871,453**
**2,133,849**
**2,133,849**
**(262,396)**
**1,451,103**
**(262,396)**
**1,188,707**|_Total_
_funds_
_2022_
_£_
_287,055_
_1,660,851_
_60_
_1,947,966_|
|---|---|---|---|---|
|||||_1,944,683_
_1,944,683_|
|||||_3,283_|
|||||_1,447,820_
_3,283_
_1,451,103_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 35 form part of these financial statements.
Page 14
## **BOWS AND ARROWS (A company limited by guarantee) REGISTERED NUMBER: 06784276**
## **BALANCE SHEET AS AT 31 AUGUST 2023**
|**Note**
**Fixed assets**
Tangible assets
11
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
15
Unrestricted funds
15
**Total funds**|**26,239**
**507,304**
**533,543**
**(117,225)**|**2023**
**£**
**772,389**
**772,389**
**416,318**
**1,188,707**
**1,188,707**
**665,489**
**523,218**
**1,188,707**|_28,148_
_952,700_
_980,848_
_(310,502)_|_2022_
_£_
_780,757_|
|---|---|---|---|---|
|||||_780,757_
_670,346_|
|||||_1,451,103_|
|||||_1,451,103_|
|||||_739,692_
_711,411_|
|||||_1,451,103_|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
**Mr S Greenacre** Trustee Date: 15 May 2024
The notes on pages 17 to 35 form part of these financial statements.
Page 15
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 17 to 35 form part of these financial statements|**2023**
**£**
**(429,605)**
**(16,200)**
**409**
**(15,791)**
**-**
**(445,396)**
**952,700**
**507,304**|_As restated_
_2022_
_£_
_79,525_
_(29,027)_
_60_
**(28,967)**
**-**
**50,558**
_902,142_
_952,700_|
|---|---|---|
Page 16
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. General information**
Bows and Arrows is a company, limited by guarantee and has no share capital, incorporated in England and Wales, registration number 06784276. The registered office is Wigwams Nursery, Whitton Church Lane, Ipswich, Suffolk, IP1 6LW.
## **2. Accounting policies**
## **Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bows and Arrows meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in Sterling and rounded to the nearest £.
## **2.1 Going concern**
The Board of Trustees are content that the charity’s financial future is not at risk, not least, as a result the governments changes to childcare, meaning that eligible working parents of two year olds can access 15 hours of childcare from April 2024 onwards, and by September 2025 all children over the age of nine months will be entitled to 30 hours of funded childcare. This is positive in the long-term because it is a significant acknowledgement of the childcare sector as critical economic infrastructure. The policy is already leading to high demand for childcare places, and we believe the government will also invest further in training and apprenticeships to meet demand. Advances in this Government policy are an opportunity for the charity to support more families.
The Trustees have considered budgets and forecasts for the next 12 months. Reforecasting is undertaken regularly as expected future occupancy levels change. The Trustees have also considered the current financial position of the Charity.
Therefore, after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **2.2 Legal status of the Charity**
The Charity is a company by limited guarantee and has no share capital. Each of the members has undertaken to contribute an amount not exceeding £10 towards the assets of the company in the event of the same being wound up , while he or she is a member, or within one year after he or she ceases to be a member, and the assets being insufficient to cover the company's debts and liabilities.
Page 17
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full Statement of Financial Activities when receivable. Grants, where entitlement is conditional on the delivery of specific performance by the Charity, are recognised when the Charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the Charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
Investment income is included when receivable.
Income from charitable activities are accounted for when earned.
Income from grants, where related to performance and specific deliverables, are accounted for as the Charity earns the right to consideration by its performance.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis under the following headings:
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked the the strategic management of the Charity.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of resources. Costs relating to these are allocated directly. Other costs such as governance costs are apportioned on an appropriate basis e.g. by revenue generated.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 18
**BOWS AND ARROWS**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.6 Taxation**
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.7 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
Long-term leasehold property - over the lower of either the term of the lease or 50 years Fixtures, fittings & equipment - 10% on cost
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 19
**(A company limited by guarantee)**
## **BOWS AND ARROWS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **2. Accounting policies (continued)**
## **2.11 Financial instruments**
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.12 Operating leases**
Rental paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
## **2.13 Pensions**
The pension costs charged in the accounts represent the contributions payable by the Charity during the year.
## **2.14 Employee benefits**
The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as a part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2.15 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 20
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **3. Critical accounting estimates and areas of judgment**
In application of the accounting policies, the trustees are required to make judgements, estimates and assumptions about th carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.
## **4. Income from donations and legacies**
|Donations
Grants
Donations
Grants|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
9,232
184,912
13,000
184,912
22,232
_Restricted_
_funds_
_2022_
_Unrestricted_
_funds_
_2022_
_£_
_£_
_-_
_5,376_
_269,656_
_12,023_
_269,656_
_17,399_|**Total**
**funds**
**2023**
**£**
**9,232**
**197,912**
**207,144**|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_5,376_
_281,679_
_287,055_|
Page 21
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2023**
**£**
Fees receivable
757,739
Hot meals
32,097
Early education grants
874,064
1,663,900
**Investment income**
**Unrestricted**
**funds**
**2023**
**£**
Interest receivable
409
**Analysis of expenditure by activities**
**Activities**
**undertaken**
**directly**
**2023**
**£**
Activities in furtherance of charitable activities
1,653,863
_Activities_
_undertaken_
_directly_
_2022_
_£_
Activities in furtherance of charitable activities
_1,493,975_|**Total**
**funds**
**2023**
**£**
**757,739**
**32,097**
**874,064**
**1,663,900**
**Total**
**funds**
**2023**
**£**
**409**
**Support**
**costs**
**2023**
**£**
479,986
_Support_
_costs_
_2022_
_£_
_450,708_|_Total_
_funds_
_2022_
_£_
_649,671_
_43,706_
_967,474_
_1,660,851_|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_60_|
|||**Total**
**funds**
**2023**
**£**
**2,133,849**|
|||_Total_
_funds_
_2022_
_£_
_1,944,683_|
## **6. Investment income**
## **7. Analysis of expenditure by activities**
Page 22
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Depreciation
Cleaning
Hot meals & snacks
Nursery resources
Marketing
Fundraising expenditure
DAF
EY pupil premium
SENDCO
Resources
Training
Nursery equipment|**Total**
**funds**
**2023**
**£**
**1,312,636**
**24,568**
**46,823**
**36,522**
**40,550**
**5,488**
**8,341**
**5,631**
**5,748**
**1,794**
**148,355**
**17,407**
**-**
**1,653,863**|_Total_
_funds_
_2022_
_£_
_1,253,771_
_80,421_
_-_
_34,398_
_32,816_
_2,828_
_4,619_
_5,381_
_8,569_
_1,842_
_38,610_
_27,679_
_3,041_
_1,493,975_|
|---|---|---|
Page 23
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **7. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|**Activities**
**2023**
**£**
Rent
68,326
Cleaning
6,795
Rates
5,769
Light & heat
40,046
Maintenance
29,490
Insurance
16,797
Staff discounts
(313)
Telephone
11,695
Computer & IT costs
11,037
Travel & coach hire
9,105
Recruitment
7,191
DBS checks
2,081
Bad debts
5,174
Occupational health
4,157
Staff welfare
1,044
Staff costs
215,102
Governance costs
46,490
479,986
**8.**
**Auditors' remuneration**
Fees payable to the company's auditor for the audit of the company's
annual accounts|**Total**
**funds**
**2023**
**£**
**68,326**
**6,795**
**5,769**
**40,046**
**29,490**
**16,797**
**(313)**
**11,695**
**11,037**
**9,105**
**7,191**
**2,081**
**5,174**
**4,157**
**1,044**
**215,102**
**46,490**
**479,986**
**2023**
**£**
**13,500**|_Total_
_funds_
_2022_
_£_
_52,654_
_6,282_
_5,644_
_18,558_
_67,304_
_11,276_
_1,638_
_8,488_
_17,477_
_3,242_
_150_
_1,557_
_649_
_2,514_
_1,206_
_230,387_
_21,682_
_450,708_|
|---|---|---|
|||_2022_
_£_
_7,008_|
Page 24
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **9. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2023**
**£**
**1,204,206**
**85,365**
**23,065**
**1,312,636**|_2022_
_£_
_1,170,848_
_64,913_
_18,010_|
|---|---|---|
|||_1,253,771_|
Redundancy payments amounted to £7,428 for the year (2022:NIL)
The average number of persons employed by the company during the year was as follows:
|Management
Support|**2023**
**No.**
**8**
**93**
**101**|_2022_
_No._
_9_
_87_|
|---|---|---|
|||_96_|
No employee received remuneration amounting to more than £60,000 in either year.
The remuneration of key management for the year was £133,369.
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 August 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
Page 25
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **11. Tangible fixed assets**
|**Cost or valuation**
At 1 September 2022
Additions
At 31 August 2023
**Depreciation**
At 1 September 2022
Charge for the year
At 31 August 2023
**Net book value**
At 31 August 2023
_At 31 August 2022_
Land and buildings comprise long leasehold properties.
**12.**
**Debtors**
**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**Land &**
**buildings**
**£**
**1,085,178**
**-**
**1,085,178**
**337,252**
**18,869**
**356,121**
**729,057**
_747,926_||**Fixture,**
**fittings &**
**equipment**
**£**
**89,256**
**16,200**
**105,456**
**56,425**
**5,699**
**62,124**
**43,332**
_32,831_
**2023**
**£**
**7,769**
**3,967**
**14,503**
**26,239**|**Total**
**£**
**1,174,434**
**16,200**
**1,190,634**|
|---|---|---|---|---|
|||||**393,677**
**24,568**
**418,245**|
|||||**772,389**|
|||||_780,757_|
|||||_2022_
_£_
_11,622_
_16,526_
_-_
_28,148_|
Page 26
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2023**
**£**
**19,473**
**23,430**
**5,255**
**69,067**
**117,225**|_2022_
_£_
_20,350_
_22,875_
_4,443_
_262,834_|
|---|---|---|
|||_310,502_|
## **14. Deferred income**
|Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods
**Deferred income at 31 August 2023**|**2023**
**£**
**222,357**
**34,582**
**(222,357)**
**34,582**|_2022_
_£_
_234,741_
_222,357_
_(234,741)_|
|---|---|---|
|||_222,357_|
Deferred income relates to nursery fees received in advance of the Autumn term.
Page 27
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds
Fundraising
**Restricted funds**
Capital
Deprivation
SENCO
EYPP
Locality Grant
PVI-ELSA
PVI-PD Day
IOA-Family Support Practitioner
IOA-Summer Term Activities
IOA-Early Years
Implementation
Engaged Communities
Reggio
5 to Thrive
Tell Your Story
Covid Restart
CPD
Strong School Start
Stronger Practice Hub
Other restricted funds
**Total of funds**|**Balance at 1**
**September**
**2022**
**£**
**709,351**
**2,060**
**711,411**
**682,701**
**-**
**-**
**-**
**11,570**
**6,302**
**8,090**
**184**
**14,625**
**4,389**
**3,876**
**44**
**828**
**6,573**
**420**
**90**
**-**
**-**
**739,692**
**1,451,103**|**Income**
**£**
**1,677,845**
**8,696**
**1,686,541**
**-**
**26,247**
**69,924**
**18,022**
**1,000**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**11,458**
**58,261**
**184,912**
**1,871,453**|**Expenditure**
**£**
**(1,865,818)**
**(8,916)**
**(1,874,734)**
**(17,550)**
**(26,247)**
**(69,924)**
**(18,022)**
**(734)**
**-**
**(10,520)**
**(15,442)**
**(183)**
**(14,625)**
**(4,389)**
**(3,876)**
**26**
**(827)**
**(6,573)**
**(420)**
**(90)**
**(11,458)**
**(58,261)**
**(259,115)**
**(2,133,849)**|**Transfers**
**in/out**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(11,570)**
**4,218**
**7,352**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 August**
**2023**
**£**
**521,378**
**1,840**
**523,218**|
|---|---|---|---|---|---|
||||||**665,151**
**-**
**-**
**-**
**266**
**-**
**-**
**-**
**1**
**-**
**-**
**-**
**70**
**1**
**-**
**-**
**-**
**-**
**-**
**665,489**|
||||||**1,188,707**|
Page 28
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Statement of funds (continued)**
The income funds of the Charity include restricted funds comprising the following grants held on trust for specific purposes:
## _Deprivation_
Fund to be used to improve outcomes for children, living in deprived areas, attending our various settings. The money is provided by Suffolk County Council.
## _Special Education Needs Coordinator (SENCO)_
Grants given to nurseries to fund the work of SENCO in supporting children registered at the nurseries who have additional needs. The money is provided by Suffolk County Council.
## _Early Years Pupil Premium (EYPP)_
The Early Years Pupil Premium (EYPP) is additional funding from DfE, via Suffolk County Council, for Early Years providers to help them improve the education they provide for disadvantaged 3- and 4- yearolds.
## _Ipswich Opportunity Area ('IOA')-Summer Term Activities_
A grant provided to fund activities for school readiness including summer outdoor learning and the provision of book bags and other useful resources.
## _Ipswich Opportunity Area-Family Support Practitioner_ s
A grant provided to support employment of a number of family support practitioners to assist with the challenges facing families as a result of the COVID pandemic. This included facilitation of home learning and the assistance with the transition for children from a pre-school setting to a school.
## _Ipswich Opportunity Area-PVI 'Emotional Literacy Support Assistant (ELSA) Training'_
A training grant for early years settings to develop the workforce in line with Ipswich Opportunity Area aims. This element of funding was to provide Emotional Literacy Support Assistant (ELSA) training for our staff.
## _Ipswich Opportunity Area-PVI 'Professional Development Day'_
Funds provided by the Ipswich Opportunity Area to provide an inspiring one-day conference for all Bows and Arrows staff on the professional development day in April 2020. The conference was to provide training and workshops on physical and mental health. The training was postponed due to COVID 19, and these funds are being used for alternative professional development training as agreed with IOA.
## _Engaged Communities_
Grant provided to support our nurseries following the COVID-19 pandemic.
## _Ipswich Opportunity Area-Facilitating Links_
This fund enables education settings outside of Ipswich to share learning and best practice. We planned to send three employees to Italy for one weeks training in March 2020. The training was postponed due to COVID 19 but takes place in April 2023.
Page 29
**(A company limited by guarantee)**
## **BOWS AND ARROWS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Statement of funds (continued)**
## _Ipswich Opportunities Area-Wellbeing Hub_
We have been able to support the quality of provision in Suffolk with the creation of the Suffolk Resilience & Wellbeing Network. These hubs advice,support and COD range of wellbeing approaches. Led by Anne Denny, the Wellbeing for Educators Network has been created to support those working in an educational setting in Ipswich Area.
## _Ipswich Opportunities Area-Early Implementation Lead_
This fund enabled time for senior practitioner at each setting to effectively implement other IOA funded projects.
_Ipswich Opportunities Area-Strong School Start_
This provided time to improve speech and language and children's personal, social and emotional development and resilience. It incorporated visits, buddying and networking with our children's feeder schools. Meetings focused on family support and school transition too.
## I _pswich Opportunities Area- Tell You Story_
This grant allows for a project with an artist or arts-based organisation to develop oracy and emotional literacy.
## _Suffolk County Council- Five To Thrive_
The programme supports healthy communication and brain development through 5 building blocks of 'Respond, Cuddle, Relax, Play. Talk'.
_Community Action Suffolk- Covid Restart Fund_
This grant supported our return to Forest School trips after the pandemic. It allowed for additional transport, more resources and storage.
## _DAF_
The Disability Access Fund (DAF) is funding that enables early years providers to support children aged 3 to 4 with disabilities or special educational needs. It is awarded to any early years setting who provides funded education to 3 or 4-year-olds who receive disability living allowance (DLA) and is paid via Suffolk County Council.
## _Locality grant_
Suffolk County Councillor’s each have an annual locality budget of £8,000 to spend in their area to benefit the community. Councillor Inga Lockington kindly awarded Wellington Nursery £1,000 to develop the garden area.
## _Reggio_
Facilitating Links Fund from Ipswich Opportunity Area, to support schools and other education settings within the Ipswich Opportunity Area to visit education settings outside of Ipswich to share learning and best practice. This fund paid for practitioners to visit Reggio Emilia in Italy for the International Study Week. The fund expenditure was delayed due to the Pandemic.
Page 30
## **BOWS AND ARROWS (A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Statement of funds (continued)**
## _Stronger Practice hub_
Launched in 2022, and one of 18 hubs across the country, the East of England Stronger Practice Hub is part of the Department for Education’s covid recovery package. The hub provides advice, shares good practice and offers evidence-based professional development for early years practitioners across Suffolk, Norfolk and Cambridgeshire. Anne Denny is a hub partner.
## _Other_
Other small grants for restricted purposes.
Page 31
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General funds
Fundraising
**Restricted funds**
Capital
Deprivation
SENCO
EYPP
DAF
Restricted projects
PVI-ELSA
PVI-PD Day
IOA-Family Support Practitioner
IOA-Summer Term Activities
IOA-Wellbeing Hub
IOA-Early Years Implementation
Engaged Communities
Reggio
5 to Thrive
Tell Your Story
Covid Restart
CPD
Strong School Start
**Total of funds**|_Balance at_
_1 September_
_2021_
_£_
_661,628_
_1,303_
_662,931_
_756,420_
_-_
_-_
_-_
_-_
_11,570_
_7,573_
_4,553_
_184_
_-_
_-_
_4,589_
_-_
_-_
_-_
_-_
_-_
_-_
_784,889_
_1,447,820_|_Income_
_£_
_1,689,500_
_5,375_
_1,694,875_
_-_
_23,397_
_71,436_
_17,373_
_12,023_
_-_
_-_
_71,469_
_-_
_5,384_
_14,625_
_664_
_-_
_1,500_
_17,500_
_14,936_
_420_
_2,364_
_253,091_
_1,947,966_|_Expenditure_
_£_
_(1,641,777)_
_(4,618)_
_(1,646,395)_
_(73,719)_
_(23,397)_
_(71,436)_
_(17,373)_
_(12,023)_
_-_
_(1,271)_
_(67,932)_
_-_
_(5,384)_
_-_
_(864)_
_3,876_
_(1,456)_
_(16,672)_
_(8,363)_
_-_
_(2,274)_
_(298,288)_
_(1,944,683)_|_Balance at_
_31 August_
_2022_
_£_
_709,351_
_2,060_
_711,411_|
|---|---|---|---|---|
|||||_682,701_
_-_
_-_
_-_
_-_
_11,570_
_6,302_
_8,090_
_184_
_-_
_14,625_
_4,389_
_3,876_
_44_
_828_
_6,573_
_420_
_90_
_739,692_|
|||||_1,451,103_|
Page 32
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
665,151
107,238
54,891
478,652
(54,553)
(62,672)
665,489
523,218|**Total**
**funds**
**2023**
**£**
**772,389**
**533,543**
**(117,225)**
**1,188,707**|
|---|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2022_
_£_
_-_
_56,991_
_-_
_56,991_|_Restricted_
_funds - class_
_ii_
_2022_
_£_
_682,701_
_-_
_-_
_682,701_|_Unrestricted_
_funds_
_2022_
_£_
_98,056_
_923,857_
_(310,502)_
_711,411_|_Total_
_funds_
_2022_
_£_
_780,757_
_980,848_
_(310,502)_
_1,451,103_|
|---|---|---|---|---|
Page 33
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement
Activities)
**Adjustments for:**
Depreciation charges
Interests from investments
Decrease/(increase) in debtors
Increase in creditors
**Net cash provided by/(used in) operating activities**
**18.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**19.**
**Analysis of changes in net debt**
Cash at bank and in hand|of Financial
**At 1**
**September**
**2022**
**£**
**952,700**
**952,700**|**2023**
_2022_
**£**
_£_
**(262,396)**
_3,283_
**80,175**
_81,493_
**(409)**
_(60)_
**-**
_(7,674)_
**-**
_2,483_
**(182,630)**
_79,525_
**2023**
_2022_
**£**
_£_
**507,304**
_952,700_
**507,304**
_952,700_
**Cash flows**
**At 31**
**August 2023**
**£**
**£**
**(445,396)**
**507,304**
**(445,396)**
**507,304**|
|---|---|---|
Page 34
## **BOWS AND ARROWS**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **20. Pension commitments**
The Charity operates a group personal pension scheme, the assets of which are held in an independently administered fund. Employer's contributions paid during the year amounted to £23,244 (2022: £18,010).
All staff are allocated to either a nursery setting or a project fund which they work on. Project funds will dictate the charitable activity the employer pension contributions should go against as an expense. All projects are noted as being restricted or unrestricted funds so the project fund allocated for the employee to work on will dictate whether the individual employer pension contributions go against restricted or unrestricted funds.
## **21. Operating lease commitments**
At 31 August 2023 the company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years|**2023**
**£**
**41,772**
**27,777**
**20,067**
**89,616**|_2022_
_£_
_20,687_
_6,792_
_-_|
|---|---|---|
|||_27,479_|
Lease payments recognised as an expense during the year were £34,148 (2022: £33,687).
## **22. Related party transactions**
During the year two trustees received childcare services with fees charged of £11,340 (2022 one trustee - £6,450). One trustee received a discount on childcare fees totalling £609 (2022 - £Nil).
Page 35