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2024-08-31-accounts

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 2024

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 - 34

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 2024

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
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
Chief executives
Anne Denny
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 2024

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,

Page 2

BOWS AND ARROWS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

We operated early education and childcare from seven Ofsted registered settings. Ofsted inspected Wellington Nursery in November 2023 and Forest Learners Nursery in March 2024, both nurseries were graded as outstanding in all areas and consequently all inspected nurseries in the group are graded outstanding. Therefore, we know children’s learning experiences and play is appropriate from our exceptional Ofsted grades.

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. Achieving consistent quality across our group of nurseries is challenging, but it is made considerably easier by have a dedicated and passionate staff team. Our core values and commitment to continuous improvement underpin our practice.

In April 2024 we decided to close The Children’s Triangle Nursery at the end of Summer Term 2024 and open a new nursery at the same site from Spring Term 2025. The main driver for this change was the inability to find a suitable Nursery Manager and to alter the operational terms of the nursery. The brave decision to close the nursery for one term to find suitable leadership emphasises our commitment to provide only high-quality early years provision. Whilst piecemeal management arrangements could have been organised, we considered our children, families and employees deserved more than a temporary fix.

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,

Internal data tells us that we have an accessible service with a diverse range of families.

Bows and Arrows Pedagogy is inspired by research and local need. We know our families well and our nurseries provide an appropriate curriculum for our communities. For examples our Forest School Sessions are particularly appropriate as a significant proportion of children live in flats and have limited access to natural spaces outdoors. The opportunity for children to participate in Forest School sessions is hugely beneficial; afterwards they are less likely to exhibit negative behaviour, have increased levels of self-esteem and selfconfidence and more likely to have improved physical stamina and concentration.

Page 3

BOWS AND ARROWS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

3 - encouraged parents to become involved in the activities of the nursery

Our established team of Family Support Practitioners improve family engagement. Our families tell us the FSP team make a real difference in giving advice, signposting and directly supporting children to accelerate their learning and development.

Learning happens everywhere, including the child’s home. Providing a home visit for every child enables us to involve parents from the very start.

We run several events across our nurseries to involve families including school leavers events, summer fetes, storytelling sessions and allotment days.

We conduct frequent parent surveys to gather information about parents' experiences, views, and use of childcare and early years provision. The surveys help us understand family preferences, expectations, and satisfaction levels. Families tell us they value our services and our childcare offer.

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:

We have partnered with other organisations to advance children outcomes, for example “Lets Talk Reading” regularly visit the nurseries to undertake reading sessions with the children.

Strategic Progress

The charity’s adopted a new strategic plan for the period 2024 – 2026. The plan aims to improve the financial and educational performance of the organisation.

Improved Financial Performance (to operate financially viable nurseries and to maintain company reserves)

To improve our financial performance, the nursery teams have prioritised child admissions at all nursery sites this year. The “Full Time Equivalent” (FTE) child occupancy has increased by 35% from June 2023 to June 2024.

Page 4

BOWS AND ARROWS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

To improve our educational performance, we have sought extended funding for key employees. As of 31st August 2024 we employ three Family Support Practitioners across the group, two of which have external grant funding secured to pay their salary costs for the next three years, we thank the Suffolk Freemasons and The Rope Trust for their generous donations to support this work. This funding gives us the financial security to plan and deliver our family offer over a longer period.

Going Concern

The Trustees have reviewed forecasts for the rest of the financial year and further considered the forecast surplus for the twelve months following approval of these accounts. 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.

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 surplus of £170,461 from operating activities in the period to 31st August 2024. The improved performance from FY 2022-23 can be attributed to a few factors including reduced expenditure for central services, reduced depreciation costs (as we have renewed our commercial leases) and less expenditure on salary costs.

Recent changes in the UK government's policy on childcare for working families has been influential this year. From September 2024 working parents of 9-month-olds were eligible for 15 hours of funded early education per week for 38 weeks a year and from September 2025 working parents of children under the age of five will be eligible for 30 hours of government-funded childcare per week. This change has meant that demand for childcare is high as families gear up for these changes. Our occupancy has grown and at peak times we have limited child registrations due to the inability to recruit suitable staff or because the number of children has reached full capacity for the space available.

Significant Financial Risks

A previous financial risk has been withdrawn and we have felt the benefits of this change during the current financial year. In April 2023 the government removed the cap on the number of apprentices that small employers can employ. Before this change, small employers who did not pay the apprenticeship levy were limited to a maximum of 10 new apprenticeships. This decision has been instrumental for developing and expanding our workforce as we now have access to a regular supply of Apprentice Early Years Educators to employ and train, to eventually become qualified practitioners.

These risks are mitigated by our good ability to analyse the position of the charity quickly & respond.

Page 5

BOWS AND ARROWS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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. At 31 August 2024, this level should be £400,000.

  2. To maintain assets when required. At 31st August 2024 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 2024, this level is £50,000.

This is a total of £500,000. The current free reserves is £601,949.

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.

Page 6

BOWS AND ARROWS

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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:

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.

a. Methods of appointment or election of 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 2024

Plans for future periods

Trustees are actively exploring sustainable ways to advance the charity while remaining steadfast in upholding its core values; the selection of nursery locations and premises plays a pivotal role in this effort. Bows and Arrows regularly assess the suitability of our sites to ensure they meet standards for accessibility, capacity, and operational efficiency. In January 2025, the Board anticipates the opening of The Nest Nursery in Ipswich, which will provide full daycare services for babies, toddlers, and preschool-aged children. The primary focus will be on recruiting and supporting a dedicated team, delivering high-quality teaching and learning experiences, and maintaining the exceptional standards that define the entire nursery group.

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:

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:

Page 8

BOWS AND ARROWS (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Larking Gowen LLP, have indicated their willingness to continue in office.

The Trustees report was approved by order of the Board of Trustees, as the company directors and signed on its behalf by:

................................................ Mr S Greenacre Trustee

Date:

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 2024 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:

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:

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:

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:

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: 16/1/2025

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 2024

Note
Income from:
Donations and grants
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
2024
£
201,398
-
-
201,398
192,923
192,923
8,475
665,489
8,475
673,964		 Unrestricted
funds
2024
£
19,608
2,107,216
551
2,127,375
1,965,389
1,965,389
161,986
523,218
161,986
685,204		 Total
funds
2024
£
221,006
2,107,216
551
2,328,773
2,158,312
2,158,312
170,461
1,188,707
170,461
1,359,168		 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

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 34 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 2024

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		 24,132
696,313
720,445
(109,683)		 2024
£
748,406
748,406
610,762
1,359,168
1,359,168
673,964
685,204
1,359,168		 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

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:

The notes on pages 17 to 34 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 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Interest received
Net cash provided by/(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 34 form part of these financial statements		 2024
£
188,754
11,904
(12,200)
551
255
-
189,009
507,304
696,313		 2023
£
(429,605)
-
(16,200)
409
(15,791)
-
(445,396)
952,700
507,304

Page 16

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 Trustees have reviewed forecasts for the rest of the financial year and further considered the forecast surplus for the twelve months following approval of these accounts. 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 2024

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 2024

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 2024

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 2024

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 the 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 grants

Donations
Grants
Donations
Grants		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
11,928
201,398
7,680
201,398
19,608
Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
9,232
184,912
13,000
184,912
22,232		 Total
funds
2024
£
11,928
209,078
221,006
Total
funds
2023
£
9,232
197,912
207,144

Page 21

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

5. Income from charitable activities

Unrestricted
funds
2024
£
Fees receivable
864,791
Hot meals and consumable charges
70,296
Early education grants
1,172,129
2,107,216		 Total
funds
2024
£
864,791
70,296
1,172,129
2,107,216		 Total
funds
2023
£
757,739
32,097
874,064
1,663,900

6. Investment income

Unrestricted
funds
2024
£
Interest receivable
551
Analysis of expenditure by activities
Activities
undertaken
directly
2024
£
Activities in furtherance of charitable activities
1,718,234
Activities
undertaken
directly
2023
£
Activities in furtherance of charitable activities
1,653,863		 Total
funds
2024
£
551
Support
costs
2024
£
440,078
Support
costs
2023
£
479,986		 Total
funds
2023
£
409
Total
funds
2024
£
2,158,312
Total
funds
2023
£
2,133,849

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 2024

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		 Total
funds
2024
£
1,445,645
24,512
36,462
46,516
40,893
125
10,344
8,999
1,970
932
92,043
9,793
1,718,234		 As restated
Total
funds
2023
£
1,446,499
24,568
46,823
36,522
40,550
5,488
8,341
5,631
5,748
1,794
14,492
17,407
1,653,863

Page 23

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Activities
2024
£
Rent
53,440
Cleaning
7,883
Rates
3,430
Light & heat
12,769
Maintenance
24,080
Insurance
13,805
Telephone
9,464
Computer & IT costs
13,090
Travel & coach hire
7,512
Recruitment
2
DBS checks
1,800
Bad debts
2,906
Occupational health
2,941
Staff welfare
784
Staff costs
218,777
Disposal of assets
11,672
Governance costs
55,723
440,078
8.
Auditors' remuneration
Fees payable to the company's auditor for the audit of the company's
annual accounts		 Total
funds
2024
£
53,440
7,883
3,430
12,769
24,080
13,805
9,464
13,090
7,512
2
1,800
2,906
2,941
784
218,777
11,672
55,723
440,078
2024
£
14,310		 Total
funds
2023
£
68,326
6,795
5,769
39,733
29,490
16,797
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

Page 24

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
1,328,393
92,213
25,039
1,445,645		 As restated
2023
£
1,338,069
85,365
23,065
1,446,499

Redundancy payments amounted to £9,875 for the year (2023: £7,428)

The average number of persons employed by the company during the year was as follows:

Management
Support		 2024
No.
7
97
104		 2023
No.
8
93
101

No employee received remuneration amounting to more than £60,000 in either year.

The remuneration of key management for the year was £113,694 (2023: £133,369).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 25

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

11. Tangible fixed assets

Cost or valuation
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
On disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023
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
356,121
18,869
-
374,990
710,188
729,057		 Fixture,
fittings &
equipment
£
105,456
12,200
(16,332)
101,324
62,124
5,407
(4,425)
63,106
38,218
43,332
2024
£
7,963
4,461
11,708
24,132		 Total
£
1,190,634
12,200
(16,332)
1,186,502
418,245
24,276
(4,425)
438,096
748,406
772,389
2023
£
7,769
3,967
14,503
26,239

Page 26

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

13. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
15,092
19,891
5,118
69,582
109,683		 2023
£
19,473
23,430
5,255
69,067
117,225

14. Deferred income

Deferred income at 1 September 2023
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 August 2024		 2024
£
34,582
31,429
(34,582)
31,429		 2023
£
222,357
34,582
(222,357)
34,582

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 2024

15. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Fundraising
Restricted funds
Capital
Deprivation
SENCO
EYPP
Locality Grant
IOA-Summer Term Activities
5 to Thrive
Tell Your Story
Stronger Practice Hub
Beacon Commodities Fund
Experts and Mentors Program
Port Community Fund and RJB
Forest Schools Sessions
Rope Trust
Maple Park Priority Area
Early Talk Boost
Big Local Trust Community
Masonic Charitable MCF
Other restricted funds
Total of funds		 Balance at 1
September
2023
£
521,378
1,840
523,218
665,151
-
-
-
266
1
70
1
-
-
-
-
-
-
-
-
-
-
-
665,489
1,188,707		 Income
£
2,159,585
11,928
2,171,513
-
26,864
70,996
23,665
-
-
-
16,226
2,221
9,500
1,998
6,800
4,617
1,275
270
500
14,166
22,300
201,398
2,372,911		 Expenditure
£
(1,995,759)
(13,768)
(2,009,527)
(23,985)
(26,981)
(70,996)
(26,560)
(266)
(1)
(70)
(1)
(16,886)
(1,494)
(9,500)
(1,297)
(2,418)
(1,924)
(1,275)
(270)
-
-
(8,999)
(192,923)
(2,202,450)		 Transfers
in/out
£
-
-
-
-
117
-
2,895
-
-
-
660
-
-
-
-
-
-
-
-
-
(3,672)
-
-		 Balance at
31 August
2024
£
685,204
-
685,204
641,166
-
-
-
-
-
-
-
727
-
701
4,382
2,693
-
-
500
14,166
9,629
673,964
1,359,168

Page 28

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 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'.

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.

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.

Beacon Commodities Fund

This grant relates to a cooking project for a number of the nurseries.

Page 29

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Statement of funds (continued)

Experts and Mentors Program

This grant provides funding for an external individual to provide mentoring, advice and support to people outside of Bows and Arrows.

Port Community Fund and RJB

This grant also relates to a cooking project for a number of the nurseries.

Forest Schools Sessions

This grant provides funding for the staffing, travel and resources costs for one of the nurseries.

Rope Trust

This grant allows for family support services to be provided to one of the nurseries. This involves supporting families with their day to day life.

Maple Park

This grant allows the school to run cooking projects out of one of the nurseries.

Early Talk Boost

This grant relates to staffing costs as well as a thank you payment for one of the nurseries.

Big Local Trust Community

This grant provides funding for a farm trip for one of the nurseries.

Masonic Charitables MCF

This grant allows for family support services to be provided to one of the nurseries. This involves supporting families with their day to day life.

Other

Other small grants for restricted purposes.

Page 30

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Statement of funds (continued)

Statement of funds - prior 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 31

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
665,151
83,255
8,813
711,632
-
(109,683)
673,964
685,204
Restricted
funds
2023
Unrestricted
funds
2023
£
£
665,151
107,238
54,891
478,652
(54,553)
(62,672)
665,489
523,218		 Total
funds
2024
£
748,406
720,445
(109,683)
1,359,168
Total
funds
2023
£
772,389
533,543
(117,225)
1,188,707

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Interests from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 2024
£
170,461
24,276
(551)
2,107
(7,539)
188,754		 2023
£
(262,396)
80,175
(409)
1,909
(193,277)
(373,998)

Page 32

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

18. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
£
696,313
696,313		 2023
£
507,304
507,304

19. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2023
£
507,304
507,304		 Cash flows
At 31
August 2024
£
£
189,009
696,313
189,009
696,313

Page 33

BOWS AND ARROWS

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 £25,039 (2023: £23,065).

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 2024 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		 2024
£
39,566
15,368
19,706
74,640		 2023
£
41,772
27,777
20,067
89,616

Lease payments recognised as an expense during the year were £48,983 (2023: £34,148).

22. Related party transactions

During the year two trustees received childcare services with fees charged of £5,764 (2023 £11,340).

One trustee received a discount on childcare fees totalling £602 (2023 - £609).

Page 34