Milestones Childcare Ltd (Registered charity number 1132071) (Company limited by guarantee. Registered Number 06850078) FINANCIAL STATEMENTS for the year ended 31 March 2024 Contents Page Legal and administrative infomiation Trustees, report Examinerfs report Statement of financial activits'es Balance sheet Notes to the accounts 9-10
Milestones Childcare Ltd Legal and administrative inforniation Trustees P Askew K Hamlin C Clayton Registered Charity number 1132071 Company Ltd by Guarantee number 06850078 Principal address 20 Verdant Way Sheffield S5 6LE Independent examiner Craig Williamson The Ghyll Threapland Aspatria CA7 2EL Bank Unity Trust Bank Nine Brindleyplace Birmingham B12HB
Milestones Childcare Ltd Trustee report The Trustees present their annual report and financial ststements for the year ended 31 March 2024 which are aSso prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements compy with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards for Smaller Entities. Structure, govemance and management The Charitable Company is governed by the Memorandum and Articles of Association incorporated 17 March 2009 and was entered on the Register of Charits'es effective 12 October 2009. The company has no share capital. The guarantee of each member is limited to £1. Milestones is managed by a voluntary Board of Directors and day to day running of the charity is undertaken by the appointed Early Years Childcare Manager who manages a team of paid staff. New Trustees are recruited by invitation and or application. They are representative of the community, (either geographical or of interest). A full induction must be undertaken by all new trustees and a ski118 analysis completed. The Trustees meet at regular intealS during the year and are responsible for the strategic direction and policy of the charity. The trustees who served during the year are listed on page 2 on the report. Objectlve and Activltles To enhance the development and education of children under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups. Public benefit statement The trustees of Milestones give due consideration to the Charity Commission public benefit guidance, when Carrying out activities to meet its aims. Our beneficiaries are pre-school children and their families. The activities this year continued to meet the sim to enhance the development and education of children of or below statutory school age by encouraging parents to understsnd and provide for the needs of their children through community groups.
Milestones Childcare Ltd TThstee report Achievements and performance Milestones has continued to build from the last few years following the challenges of the Covid Pandemic. It has been a difficult time financially and there have been some staffing changes and difficult decisions to be Made. The staff are working extremely hard to manage the financial pressures we are experiencing by looking for free ways to improve the settj'ng for the benefit of the children. This year we have upgraded some of the nursery equipment ftureS and fittings Outdoor taps • Garden recourses • Painting and decorating the foyer We have also tried to work hard on taking our children out on trips, some families don't have the funds to be able to take their children out so we ty to make this an essential part of our vision New recourses for outings Bonfire paty . Christmas party . Trips to the farm and museums and Bridlington this year • Supporting parents with hospitsl visits etc The nursery has also been able to set up food donations for those parents that are struggling. This has been done by the kind donations of fare share and Asda. This has meant that families who are struggling have felt able to approach the staff for support. The nursery has also Improved their IT and Facebook page and infomation and ideas for parents are shared on this forum. This has proven to be popular with parents and has led to an increase in interest locally with parents looking for a setting for their children to start attending. Parents support groups for sleepldieuroutines has been introduced and this is proving to be beneficial for those new parents who may need some extra support. Over the last few weeks, we have been successful in operating a sensory playgroup, this is a free session for toddlers in the local area and run by volunteer. this is proving to be a valid resource. Training continues to be at the top of the agenda and recent first aid training for all staff has taken place. We encourage apprentishIpS and students on health and social Ca courses. We continue to work with local professionals to build on relationships formed for better outcomes for the children in our care. Milestones continues to operale in difficult financial times. but we have a happy and productive workforce whose focus is on improving the learning outcomes and working alongside the EYFS for the sake of the children in their care. Milestones is a happy place to be, and this is evident when you spend time with the Children who are Gleatly benefiting from the professionalism of the slaff who work there. Our resent Otsted rating was GOOD Reserves policy: The charity has a policy of maintsining sufficient free reserves, which are not committed or invested in fixed assets. to meet.. unexpected costs such as redundancy, breakdown of essential equipment, staff cover re illness, maternity leave, etc and unavoidable running costs for a period of at least 6 months in the event of grant income being withdrawn. This commitment is now estimated to be approximately £171,000, which will be approximately 6 month's expenditure at £146,000, repair and maintenance £3.000 and potential redundancy at £22,000. Our unrestricted reserves currently stand at £68,390
Mllestones Childcare Ltd Trustee report Trustees responslbilities for the financial statements Company and charity law requires the trustees to prepare financial statements for each financial period which show the state of affairs of the charity and of net income or expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to: Q select suitable accounting policies and apply them consistently: make judgements and estimates that are reasonable and prudent. Cl prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. Cl state whether applicable accounts'ng stsndards of recommended practice have been followed subject to any departures disclosed and explained in the financial statements. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustees to prepare financial ststements. The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevents'on of fraud and other irregularities. This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. This report was approved by the Trustees on fl their behalf by: d is signed on K HamSin Trustee
Milestones Childcare Ltd Independent Examiner's report on the Accounts of Milestones Childcare Ltd for the year ended 31 March 2024 I report on the accounls of the company for the year erKled 31 March 2024. which are set out on pages 7 to . Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that th8 charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: D examine the accounts under section 145 of the 2011 Act; Q to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (51(b) of the 2011 Act-, and Ei to stale whether particular matters have cornè to my attention. Basi8 of Independent examiner's roport My examination w8s carried out in accordance with the general Directions given by the Charity Commission. An examination include5 a review of the accounting records kept by the charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence Ihat would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examinar's statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord wilh the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (2) to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounl eached. Signed: Craig William50n White Rose Accounting for Charities The Ghyll Threapland Aspatria CA7 2EL Date:
Milestones Childcare Ltd Balance Sheet as at 31 March 2024 2024 2023 Notes Current assets Balance at bank and cash in hand Prepayments Total current assets 66,924 1,966 68,890 48,858 1,743 50,601 Creditors: amounts falling due within one year (500) (475) Net current assetsl(liabilities) 68.390 50,126 Total assets less current liabilities 68,390 50,126 Net assets 68,390 50,126 Represented by Unrestricted general fund 68,390 68,390 50,126 50,126 For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directovs responsibllitles. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The directors acknow5edge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. This report was approved by the Trustees onth•and is signed on their behalf by: K Hamlin Trustee
Milestones Childcare Ltd statement of financial activities for the year ended 31 March 2024 Notes Total 2023 Total 2022 Income from Grants Fees Sundry income & donations Total income 287,459 31,181 1,047 233,928 29,458 2,754 6,14 Expenditure on Staff Training Travel Premises Utilities Refurbishment, repairs and maintenance Equipment, books and software Cleaning and hygiene Childrens refreshments Consumables Activities Membership and subscription Stationary, printing and postage Telephone Insurance Independent examination Bank charges Other Expenses Total expenditure 216,606 1,680 27 19,043 9,819 6,775 10,111 16,028 2,061 5,517 1,142 1,228 2,970 2,530 3,147 500 645 1,595 192,992 2,116 53 27,198 8,997 1,828 3,032 15,822 2,666 5,895 40 2,151 4,304 2,030 3,130 475 588 1,349 74,66 Net incomingl(outgoing)resources 18,263 (8,526) Fund balances brought fonmard 50,126 58,651 Fund balances carried forward 68,390 50,126
Milestone5 Childcare Ltd Notes to the accounts for the year ended 31 March 2024 Accounting policies:. (a) Basis of preparation The Financial Statements have been prepared in accordance with the Companies Act 2006, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 (effective from January 2015 and updated with effect frorn January 2018) - (the Charities SORP (FRS102)), as modified for smaller charities. The Charsty meets the definition of a public benefit entity as defined under FRS102. (b) Accounting for income Donations and sundry income are accounted for on receipts basis. Grant income and fee income are accounted for on an accruals basis, insofar as it is prudent to do so. (c) Accounting for purchases with an expected life of more than one year It has been considered prudent to write off the costs of such items in the year of purchase Grants Grants received during the year were:. Total 2024 Total 2023 Sheffield City Council - FEF Sheffield City Council - Positive Balance Sheffield City Council -Disability Access Sheffield City Council -EYPP Sheffield City Council -Extended Hours Sheffield City Council -Deprivation Componment Sheffield City Council -Investrnent Funding Sheffield City Council -EHCP Sheffield City Council -EYIP Apprenticeship Scheme 222,167 7,828 183,345 6,115 7,681 6,911 12,027 6,312 10,297 8,184 12.633 13,477 10,483 12,187 500 287,459 1,240 233.928 Staff numbers and costs:_ Wages and salaries Employers National Insurance Pension 198,185 14,550 3,871 216,606 177,751 12,412 2,829 192,992 The average number of employees during the year was 13, all of whom were engaged in activities in furtheran of the objects of the charity. No employees received emoluments in eXsS of £50,000 per year Trustees are not remunerated. No trustees received reirnbursement of out-of-pocket expenses.
Milestones Childcare Ltd Notes to the accounts (Gontinued) for the year ended 31 March 2024 4 Prepayments:_ These are ServIS and expenses that have been paid for in advance but not used during the accounting period. They are in respect of: 2024 2023 Insurance 1,966 1,966 1,743 1,743 5 Creditors and accruals These are expenses owed by the group but not paid during the accounting period. They are in respect of: 2024 2023 Independent examination 500 500 475 475 10