Company Registration Number: 05871101 Charity Number: 1137866 ST BEDE'S CHILDCARE LIMITED A Company Limited by Guarantee Trustees, Report and Financial Statements For The Year Ended 31 August 2024 An independent member of mha bakertilly INTERNATIONAL
ST BEDE'S CHILDCARE LIMITED A COMPANY LIMITED BY GUARANTEE CONTENTS Members ofthe Board and Professional Advisers Trustees, Annual Report Independent Audilows Report statement of Financial Activities (incorporating Income and Expenditure Account) 10 Balance Sheet 11 Statement of Cash Flows 12 Notes lo the Financial Statements 13
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Registered ¢harlty name St Bede's Childcare Limited Charity registration number 1137866 Company registration number 05871101 Registered office CIO The Quill C of E Trust Morris Green Lane Bolton Lancashire BL3 3LJ Principal office The Quill C of E Trust Morris Green Lane Bolton Lancashire BL3 3LJ Trustees June Roberts Sarah Bagshaw Emma Balmer Anna Black Michael Caine Kimberley Dearden Karl Denton Emma Pendlebury Auditor MHA Richard House Winckley Square Preston PR13HP
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees submit their annual report and the financial statements of St Bede's Childcare Limited Ilhe charity) for the year ended 31 August 2024. The trustees have adopted the provisions of Ihe Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The financial slatemenls have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in awordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administrative details Reference and administrative details are shown in the schedule of rnembers of the board and professional advisers on page 1 of the financial statements. The trustees The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows.. J Roberts S Bagshaw M A Caine K Dearden E Balmer K Denton E Pendlebury A Black structure, governance and management Governing document The charity is governed by its memorandum and articles of association dated 10 July 2006. Trustees The number of Directors shall be not less than one. There is no maximum number of Directors. Directors are appointed by the Board as and when required. The trustees of the Charily receive extensive training via their individual professional organisalions. They engage in ongoing conlinuoLFS professional development through the Headship schemes, ICAEW, ACCA. CIPD and Ofsled-approved training providers. Pay and remLtneration for the Childcare Director will be reviewed annually by Sarah Bagshaw (CEO), Emma Pendlebury, and the Finance Director and will be linked to performance targets. Three of the trustees are directors of The Quill C of E Trust. The operation of the Charity is managed wilh assistance from staff at the school and services and costs are recharged by the Academy. Risk management The trustees have reviewed the risks to which the charity is subject and developed systems to mitigate these risks. Objectives and activities The objects of the charity are to provide better educational and childcare resources to enable all members of the community to play a fuller role in the local community and society at large. The charity provides nursery care and after school Clubs.
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The nursery provision aims to offer parents an extension to their home. where children will be loved, cared for and educated to the highest standard, allowing parents to return to work knowing their child's needs, likes and enjoyment are fully catered for. The trustees have taken into consideralion the Charity Commission guidance on public benefit. Strategic Report Achievements and performance In the year ended Augusl 2024 the charity moved forwards with several planned projects, continuing to build on our charitable aims and serve our local communits"es. Extensive refurbishment works were carried out at Baby Bede, our original flagship nursery in Bolton. The baby ri)om and pre-school rmS have been transformed and are now even mole welcoming for our children, cornplete with all new furnilure and resources. Works lo the toddler rooms are scheduled for the year ended 2025 which will complete this major overhaul of the nursery. A second capital project has been completed al Little Rainbows 2, one of our Leigh nurseries. The nursery has been expanded from 56 places to 87 places from 1st September 2024. The works have included a purpose-built state-of-the-art kitchen which will enable us to do our own catering instead of outsourcing which has been one of the charity's ambitions. The nursery also now has a brand new 40 place pre-school room and a stunning sensory room which all of the children in the nursery will be able to access. The charity launched the St Bede's Childcare Awards Evenl with a celebration evening in December 2023. This annual event will celebrale our employees and their achievements throughout the year. It has been launched by the directors, acting on feedback from our staff. The Hub CIC continued to rent a Community Room on a permanent basis at our Leigh site which also houses Little Rainbows 2 nursery. This has given us the opportunity lo engage in inler-generational activities which are mutually beneficial for Ir children and The Hub's service users, strengthening our bonds with the local community as we continue with our aim of making this building a centre of excellence in early years. The directors are pleased to have secured bookings for the second Community Room from September 2024 for the Later Life and Memory Service, working in partnership with The Hub. Tonge Moor OOSC opened on 1st September 2023. based at Tonge Moor Academy, one of the schools in The Quill C of E Trust with which the charity is affiliated. Occupancy has increased IhroLAghout the year and is forecast to remain strong going forwards. The Remuneration & Wellbeing Committee have continued theirworkwith regularstaff SUeyS which are followed up with 'You said. we did, feedback for the staff. The directors are pleased that the charity's performance remains strong financially. Financial revlew The detailed results for the charity are included in the Statement of Financial Activities. Net incoming resources for the year were £399,837 (2023: £256,494). Income from charitable activities increased by £393.809 from year ended 2023. (£3.015k v £2,621kl.
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Reserves The trustees consider thal a reasonable level of free reserves is 1 month's running costs. This would be approximately £219,103. Free reserves are currently £1,010.927. Any free reserves that are not needed for increased running Costs will be used to fund future capital works and expansion. Extra reserves are being held so that the charity has a strong safety nel. Plans for Future Periods The directors are focussed on increasing the occupancy at Little Rainbows 2 in light of the recent expansion works. This nursery was forecast to be at capacity al 56 places in September 2024 so we are confident thal numbers will increase over the next 12 months. Occupancy is strong al the other 3 nurseries. Enquiry levels are consistently high al Little Owls in Standish and the directors continue to look for growth opportunities in the area. We are continuing with our rolling programme of improvemènts and refurbishment works at the nurseries. The directors are pleased to have secured bookings for Community Room 2 from September 2024 onwards and are working towards having a second full-time tenant. St Bede's Childcare is opening a third OOSC on 301h September 2024 at Washacre Academy. This school has recently ioined The Quill C of E Trust. As The Quill continues to welcome more schools into the Trust the charity will grow ergonomically in partnership with them. Principal Risks and Uncertaintles The main risks to the Charity are-. R8putational Risks and Ofsted Inspections None of the charity's settings have been inspected this year. The charity consistentty works towards all nurseries being graded as 'outstanding' and all OOSC meeting the required Ofsled standards All staff engage in regular training, both statutory and non-slatutory. The Childcare Director monitors the training undertaken by all staff and provides extra support where a need is identified. Our dedicated management teams all slrive to provide the best possible care for the children in the St Bede's 'family'. Increases in National Living Wag8 and Employers Costs Increases in NLW and costs of employment continue to be a concern for the charity and for the sector in general which is well documented in the national news. Childcare providers nationally are struggling with the government under-funding the 'free' hours that are offered to parents and finding that they have to increase fees to parents to cover the shorttall. Recent changes announced in the Budget are also a cause for concern. Staff reGruitment and retention Recruitment within the Early Years sector is still a concern. The Remuneration & Wellbeing Committee are continually reviewing rates of pay to ensure that our staff are well-rewarded and also looking at non-fi'nancial benefits to boosl staff morale and retention. Although the government lowered the legal staff'.children ralio in September 2023 for 2-year-olds St Bede's have not adopted this as we do not feel that it is best practice. It is becoming increasingly difficult to maintain the differentials between the staff grades and lo ensure that our management teams are adequately rewarded. The directors have introduced a bonus scheme for the Nursery Managers to try and mitigate this.
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Factors likely to affect future financial performance or position Local Competition st Bede's Childcare monitor the local markets and have good relatsonships with Wigan and Bolton local authorities. The directors continually monitor occupancy and enquiry levels. This includes asking new and prospective parents where they heard about us. The managers also follow up all lost enquiries, looking for ways to improve. Changes in govemment policy and funding Recent increases in the number of childcare hours that the govemment will fund for parents are a positive move for the sector. However, funding rates continue to be an issue. The directors engage with local forums and keep up to date with all developmenls. Going Concern Occupancy in all nurseries is high and there are no indications of this decreasing. We now have more capacity at Little Rainbows 2 and are confident that occupancy will grow in this nursery as local demand for the government funded hours increases. Enquiry levels are high at all of the nurseries. Demand for OOSC places is consistent at Morris Green OOSC even though it has never returned to pre-pandemic levels. Demand is growing at Tonge Moor OOSC and we have a third OOSC opening in the year ended 2025. The charity's cash-flow position is strong and the trustees consider that our reserves are sufficient to continue to meet all running costs. Fundraising standards information The charity does not currently raise funds from Ihe public. Responsibilities of the trustees The trustees (who are also directors of Sl Bede's Childcare Limited for the purposes of cornpany law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordanGe with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the truslees 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, Inc1LIng the income and expenditure, of the charitable company for that period.
Dowslgn Env8lop8 ID.. D74B5F1&CDEA47E4.9331.EeA)1FODB998E ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 In preparing these financial slatements. the truslees are required io.. select suilable accounting policies and then apply them consistently; observe the methods and principles in Ihe Charities SORP 2019 IFRS1021', make judgements and estimatgs that are reasonable and pNdenl- stale whether applicable UK Accounling Standards have been followed, subject lo any malerial deparlures disclosed and explained in the financial slalements.. prepare the financial stalements on the going concem basis unless it is inappropriate lo presume thal the charitable company will conb'nue in operalion. The ITuslees are responsible for keeping adequate a¢countin9 r8rdS that disdose wth reasonable accuracy al 3ny lime the finan¢ial position of the charitable company and enable them lo ensure that the financial sialements comply with the Companies Acl 21X)6. They are also responsible for safeguaiding the assets of Ihe charilable company and hence for taking rea$able steps for the prevention and detecti(M) of fraud and other irfegularilies. In so far as the trustees are aware= there is no relevant audit infomalion of which Ihe charitable company's auditor is unaware.. and the Iruslees have taken all steps thal they oughl lo have taken lo make themselves aware of any relevant audit information and lo esiablish Ihal the auditor is aware of Ihal informalbn. Audltor The audllor. MHA are deemed lo be re-appointed under seCIn 487 (21 of the Companies Act 2006. Small company provlslons This report has been prepared in accordance with the Stalemenl of Recommended Practice 'Accounting and Reporting by Charities". and in accordance with the special provisii)ns for small companies under Part 15 of ihe Companies Act 26. Signed by order of the Iruslees Sarah Bagshaw Trustee Regislered office.. The Quill C of E Trust Morris Green Lane Bolton Lancashire BL3 3LJ
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of St Bede's Childcare Limited (the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes lo the financial statements, including significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Slarkdard 102 The Financial Reporting Slandard appliGable in the UK and Republic of Ireland (United kQ'n9dom Generally Accepted Accounting Praclice). 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 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been propedy prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with Ihe requirements of the Companies Act 2006. Basis for opinion We conducted our aljdit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of Ihe financial stalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slatemenls in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit eviden we have oblained is sufficient and appropriale to provide a basis for our opinion. 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 Slgnificant doubt on the chariiable company's abilily to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other informalion The other information comprises the information included in the trustees annual report. olher than the financial statements and our auditor's 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 wilh the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a malerial misstalement 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 reqLFired to report that fact. We have nothing to rerx)rt in Ihis regard.
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2024 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the trustees, report (incorporating the directors, reporl) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, reporl has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the trustees report. Matters on whlch we are required to report by exception We have nothing to report in respect ofthe following matters in relation to which the Companies Act 2006 require 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 froffl branches nol visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are nol 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 directors, reporl. Responslbllilies of the trustees As explained more fully in the Trustees. Responsibilities Slatement sel out on page 5. the trustees {who are also the directors of St Bede's Childcare Limited 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 misstatements, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability lo Continue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboul whether the linancial statements as a whole are free from material rnisslatement, whether due to fraud or error, and lo issue an auditor's 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 IUKI 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 Ihe basis of these financial statements.
Docusign Envelope ID.. D74B5F13QOEA47E4-9331-E601FI)D8998E ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE INOEPENDENT AUDITOR'S REPORT TO THE PAEMBERS FOR THE YEAR ENDED 31 AUGUST 2024 IrrUlarities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures In line wilh our responsibilities, outlined above, to delecl material misslalemenls in respect ol irregularities. including fraud. The extent to which our procedures are capable of delting irregularili@s. including fraud is detailed below.. Enquiry of management. those Charged wilh governance around adual a1 FK)tenlial liligalion and claims.. Reviewing minules of meetings of those tharged wilh governanc8. Reviewing financial statement disclosures and lesling to supp(yting documentation to assess e(Mnpliance th applicatAe laws and regulations.. Review of legal and professK)nal expendilure lo identify any ewdence of ongoing liligalK)n or enquiries Auditing the risk of management override of controls. including Ihrough testing journal entries and other adjustmenis for appropriateness. and evaluaung Ihe btjsiness rationale of signtficant ITansaclions outside the normal course of business.: Reviewing the systems for recording VenUe and tested a sample of sales throughout the year, lo test they have been invoiced. Owing lo the inherent limilalions of an audit, there is a risk Ihat we wll nol detect all irregularities. includino those leading to a malerial misslalement in the financial slalemenls or non-complian wilh regulat). This risk increases the more thal compliance with a law or regulation is removed from Ihe events and Iransaclions reflected in the financial stalements, as we will be less likety to becA)me aware of instances of non-compliance. The risk is also greater regarding irregularities oc¢urrtng ijue lo fraud rather than error. as fraud involves Inlerktional concealmenl, forgery, collusion. omission misrepresentation. A further de5CTiplion of our respon5ibi1it18s is available on the Finanual RerM)rting Counal's website at.. hllps".Ilww.fr¢.org.uklOur-WorklAudiUAudil-and-assurancelSiandards-and-guidancelSlaiidards-and-guidance- for-audilorslAudil0rs-restJ)nsibilils-fOr-aud1UDes¢ripII0n-of-aU1I0rS-[eSponsibilities-fOr-8udl[.aSpx. This description fomis part of our auditor's report. Use of our report This report is made solety lo the thariiable company's members. as a dy. in aCCordare with Chapter 3 of Part 16 of the Companies Acl 2(X)6. Our audit work has been undertaken so that we mvJhl slate lo the charilable company's members those matters we are required lo slate lo Ihem in an audilor's report and for no other purpose. To the fullest extent permitted by Law. we do nol accept or assume responsibility to anyone other than the charitable company and Ihe ¢harilab18 u)MpanS members as a body, for our audit work, for this report. or for the opinions we have formed. Nlcola Mason MAICantab) FCA DChA Senior Stalulory Auditor Foi and on beh811 of MHA. Stalvlw Audilor Preston. United Kingdom May 28, 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales {registered number OC455542)
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total Funds 2023 Total Funds Unrestricted funds Restricted funds Note Income and endowments from: Donations and legacies Ch2ritable activities Investments 2,091 2,621.282 g79 3.013.446 13,781 1,834 3,015,280 13,781 Total income and endowments 3,027,227 1,834 3,029,061 2,624,352 Expenditure on: Charitable activities 617 2,628,368 1,306 2,629,674 2, 367, 858 Total expenditure 2.628.368 1,306 2,629,674 2,367,858 Net Income l (expendlturel 398,859 528 399,387 256,494 Transfers beiween funds Net movement in funds 398,859 528 399,387 256,494 Reconciliation of funds Total funds brought forward 1,911.991 1,911,991 1,655,497 Total funds Carried forward 2,310,850 528 2,311,378 1,911,991 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. -10-
Docusign Envelope ID.. D7485F1 &CDEA-47E4-9331-EfrfI1FODB998E ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 AUGUST 2024 2024 Total Funds 2023 Tolal Funds UnrestrlctÈd funds Restrlcted funds Note Fixed assets Intangible assels Tangible assets 13 14 672 1,097.088 672 1.097.088 1.056 897,988 1,097.760 1.097.760 899.044 Current assets Debtors Cash al bank and in hand 15 45.517 1.585,181 45.517 1.585,709 52,146 1,338,356 528 1,630.698 528 1.631.226 1,390,502 Credltors: amounts falllng due withln one year 16 {285.473) 1285,473) 192,872) Net current assets 1,345,225 528 1,345.753 1,197,630 Total assets less current liabilities 2.442.985 528 2,443,513 2,096,674 Creditors: amounts falling due after more than one year 17 {132,135) {132,135) (184.683J Net assets 2.310.850 528 2,311,378 1,911,991 Charlty Funds Reslrieled income funds Unreslricled funds 528 528 2,311.378 2,310,850 1.911.991 Total charily funds 2.310.850 528 2,311,378 1,911,991 The accounts have been prepared in accordance with the proonS applicaNe lo companies subject lo the small companies. regime. These financial slalemenls approved and aulhorised for L8sue by the members of the committee on ..May.27,-2025.... and are slgned on their behalf by= Sarah Bagshaw Director The noles on pages 13 10 25 form part of these financi81 st81ements. Company Registration Number.. 05871101
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flow frorn operating activltles: Net cash flow fmm operating activitles 22 519,385 318,186 Cash flow from Investlng activlties: Payments to acquire tangible fixed assets Interest received (234,533) 13,781 (13,167) 979 Net cash flow fmm investing activities (220.752} (12,188} Cash flow from financing activities Repayrnent of long term loans Interest paid (45,2531 (6,027) (42.997} (6,464) Net cash flow from financing activities {51,280) (49,461) Net in¢reasel(decrease) in cash and cash equivalents 247.353 256,537 Cash and cash equivalents at 1 September 2023 1,338,356 1,081,819 Cash and cash equivalents at 31 August 2024 1,585,709 1,338,356 -12-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policles General information and basis of preparation St Bede's Childcare Limited is a charity registered in England and also a company limited by guarantee. n the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of Ihese financial statements. The nature of the charity's operations and principal activities are the operation of full day care nursery provision for children from 6 weeks to 4 years all year around together with breakfast, after school and holiday care for 3 to 11 year olds. The charity Gonslitules a public benefit enlity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their acGounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011 , the Companies Act 2006 and UK Generally ACpIed Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearesl pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Going concern The trustees are required to assesswhetherthe use ofgoing concem is appropriate, ie whether there are any material uncertainties related to events or conditions thal may cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from Ihe date of authorisation of the accounts. Occupancy in all nurseries is high and there are no indications of this decreasing. We now have more capacity at Little Rainbows 2 and are Gonfident that occupancy will grow in this nursery as local demand for the government funded hours increases. Enquiry levels are high at all of the nurseries. Demand for OOSC places is Gonsistent at Morris Green OOSC even though it has never retumed to pre-pandemic levels. Demand is growing at Tonge Moor OOSC and we have a third OOSC opening in the year ended 2025. The charity's cash-flow position is strong and the trustees consider that our reserves are sufficient to continue to meet all running costs. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of Ihe general objectives of the charity and which have nol been designated for other purposes. Designated funds Gomprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to Ihe financial statements. Restricted funds are funds which are lo be used in accordance wilh specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost 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. -13-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (contlnued) Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally enliiled to the income after any performance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. Incorne from government and other grants are recognised at fair value when the charily has entitlement after any performance conditions have been met. it is probable that the income will be received and the amount can be measured reliably. If entitlement is not metlhen Ihese amounts are deferred. Grants where the application of the 9rant is determined by the funder are included as restricted funds. Grants where there are no conditions set by the funders other than Ihe general objects of the charity are included as unrestricted funds. Grants are accrued when any conditions on their receipt have been met and are deferred where conditions on their receipt have not been met. Investment income is earned through holding assets for investment purposes such as shares and property. It includes interest. Interest income is recognised using the effective interest method. Fees income represents amounts re1vable for childcare sèrvices within the year. Expenditure recognition All expenditure is accounted for on an aGcruals basis and has been classified under headings that aggregate all cosls related to the category. Expendilure is recognised where there is a legal or constructive obligation lo make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following heading.. Expendilure on charitable activities includes all costs relating to the operating of the nurseries and clubs. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Intangible assets - website development Website development costs are capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for amortising website development is 5 years. Provision is made for any impairment. Tangible fixed assets Tangible fixed assets are stated at cost (or deemed cost) less accumulated deprecialion and accumulated impairment losses. Cosl indudes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets. at rales calculated to write off the cost. less estimated residual value, of each asset on a systematic basis over its expectèd useful life as follows.. Freehold property Leasehold property Fixtures and fittings 2%- 10.kn per annum straight line 20h _ 10°k per annum straight line 10°k _ 200/0 per annum straight line Debtors and creditors receivablelpayable wlthin one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. -14-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction cosls. Subsequently, they are measured at amortised cost using Ihe effective interest rate method, less impairmenL If an arrangement consij'tutes a finance transaction it is measured at present value. Leases Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. Tax The chanty is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definilion of a charitable company for UK corporation tax purposes. Judgements and key sources of estlmation uncertainty There have been no significant judgements made in the process of preparing the financial statements. There have been no key assumptions concerning the future and other key sources of estimation uncertainty at the reF)Orting date that have a significant risk ofcausing a material adjustment to the carrying amounts of assets and liabilities within the nexl financial year. Donations and legacies Unrestricted Funds Restricted funds 2024 Total Funds 2023 Total Funds Donations 2,091 2,091 -15-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable activities Unrestricted Funds Restricted funds 2024 Total Funds 2023 Total Funds Grant Fees other income 587 2,978,493 34,366 587 2,978,493 36,200 2,606,461 14,821 1,834 3,013,446 1,834 3,015,280 2, 621,282 Income from investments Unrestricted Funds Restricted funds 2024 Total Funds 2023 Total Funds Bank interest receivable 13,781 13,781 979 All other income in the year ended 31 August 2024 was unrestricted. -1
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities by fund type Unrestricted Funds Restricted funds 2024 Total Funds 2023 Total Funds Wages and salaries Food Heat and light Rent and rates Repairs and mainlenance Cleaning and caretaking Insurance Telephone Equipment and activities Legal and professional Depreciation Senior management recharge Administration Bank interest (note 11) Olher expenses Amorlisation Bad debt written off Governance costs (note 7) 1.882.953 143,841 61,073 113,723 39,820 30,535 20,513 7,258 83.140 26,863 35,433 149,039 3,263 23.217 1,882,953 144,000 61,073 113.723 39,820 30.535 20,513 7,258 84,017 26,863 35,433 149,039 3,533 23,217 1,663,017 136,691 81,118 113,413 33,912 32,955 16,524 9,212 55,605 10,887 31,466 143,200 488 20,733 10,912 384 2,150 5,191 159 877 270 384 (2,338) 9,650 384 {2,3381 9,650 2.628,368 1,306 2.629,674 2.367,858 In 2023 there were no cosls relating lo restricted funds. -17-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charltable activities by activity type Direct charitable costs Support Costs 2024 Total Funds Wages and salaries Food Heat and light Rent and rates Repairs and rnainlenance Cleaning and caretaking Insurance Telephone Equipment and activities Legal and professional Depreciation Senior managemenl recharge Administration Bank interest (note 11) other expenses Amortisalion Bad debt written off Governance costs (note 7} 1,882,953 144,000 61,073 113.723 39,820 1,882.953 144,000 61,073 113,723 39,409 30,946 20,513 7,258 84,017 26,863 35,433 152,206 3,533 23,217 30,535 20,513 7,258 84,017 26,863 35,433 149,039 3,533 23,217 384 384 {2,3381 9,650 (2,338) 9.650 2,323,248 3,426 2,629,674 Direct charitable costs Support Costs 2023 Total Funds Wages and salaries Food Heat and light Rent and rates Repairs and maintenan Cleaning and caretaking Insurance Telephon8 Equipment and activitl8S Legal and professional Depreciation Senior management recharge Administration Bank interest (note 11) other expenses Amortisation Bad debt written off Governance costs (note 7) 1,663,017 136,691 81,118 113,413 33.912 1,663,017 t36,691 81,178 113.413 33,972 32,955 16,524 9,272 55, 605 10,887 31.466 143,200 488 20. 733 10,912 384 2, 150 5,191 32.955 16,524 9,212 55, 605 10,887 31.466 143,200 488 20, 733 10,912 384 2,150 5,191 2,085.906 281,952 2,367,858 -18-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Governance costs Unrestricted Funds Restricted funds 2024 Total Funds 2023 Total Funds Audit and Accountancy fees 9,650 9,650 5.191 Auditor's remuneration The auditor's remuneration amounts to an audit fee of £9,650 (2023.. £5,191) including VAT. Trustees, and key management personnel remuneration and expenses The total amount of employee benefits received by key management personnel is £188,581 12023.. £175,702). The charity considers its key management personnel comprise the senior management staff, whose employee benefits are recharged by The Quill C of E trust, and the Childcare DireGtor, whose employee benefits are included on the charity's own payroll. Three trustees received remuneration (including employee benefits recharged by The Quill C of E Trust) of £98,408 during Ihe year {2023'. three trustees £89,674). The trustees had expenses reimbursed during the year of £1,503 (2023.. £1,042). 10 Staff costs and employee benefits The average mnthly number of employees during the year was as follows". 2024 2023 No Management Nursery and after school club workers 10 84 89 104 94 The total staff costs and employees benefits were as follows: 2024 2023 Wages and salaries Social security Defined contribution pension costs 1,750,777 100,021 32,155 1,556,551 79,196 27,270 1,882.953 1,663,017 Wages and salaries includes £54,25412023: £72.768) ofstaff charges atcost from The Quill C of E Trust. No employees received lotal employee benefits (excluding employer pension c05tsl of more than £60,000 (2023.. Nil). -19-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11 Interest payable and similar expenses 2024 2023 Bank loans and overdrafts 23,217 20.733 23,217 20, 733 12 Net Incomlng Resources Net incoming resources is staled after charging 2024 2023 Depreciation Amortisation Auditors, remuneralion (net ofVAT) 35,433 31,466 384 5,191 9,650 13 Intanglble assets Goodwill Webslte Total Cost Al I September 2023 Additions 270,000 1.920 2T1,920 Al 31 August 2024 270,000 1,920 271,920 Amortisatlon date to At I Seplember 2023 Charge in the period 270.000 864 384 270,864 384 At 31 August 2024 270,000 1,248 271,248 Net book valuè At 31 August 2024 672 672 At 31 August 2023 1,056 1,056 -21>
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14 Tangible fixed assets Land and buildings Fixtures & fittings Total Cost At I September 2023 Additions Disposals 1,033,203 209,663 47,275 24,870 1,080,478 234.533 At 31 August 2024 1,242,866 72.145 1,315,011 Depreciation Al I September 2023 Charge in the period Eliminated on disposals 162,137 27,967 20,353 7.466 182,490 35,433 At 31 August 2024 190,104 27,819 217.923 Net book value At 31 August 2024 1.052.762 44,326 1,097,088 At 31 August 2023 871.066 26.922 897,988 The net book value of land and buildings comprised.. 2024 2023 Land and buildings- Freehold Leasehold Leasehold Improvements 261.069 765,602 26,091 213,514 657,552 1,052,762 871.066 1S Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 10,726 34,326 465 11,097 24,317 16,732 45,517 52,146 -21-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16 Creditors Amounts falling due within one year 2024 2023 Bank loan Trade creditors Accruals and deferred income Other creditors 56,924 111,872 87,435 29,242 32,439 38,712 66,253 55,468 285,473 192,872 17 Creditors . Amounts falling due after more than one year 2024 2023 Bank loan 132,135 184,683 The bank loan is secured by a first legal Gharge over the assets of Baby Bede Private Day Nursery, Little Owls Private Day Nursery and Little Rainbows 2 Private Day Nursery. The amount repayable after more than five years is £nil. 18 Deferred income 2024 2023 Balance brought forward at 1 September 2023 Amounts deferred in Ihe year Amounts released to income 9,313 32.972 {9,313) 12,130 9,313 {12,130} 32,972 9,313 Deferred income comprises fee income received in advance. 19 Movements in funds Current year At1 September 2023 At31 August 2024 Incoming resources Outgoing resources Transfers Unrestricted fund Designated fund Restricted fund 1,747,813 164.178 3.027,227 (2,627,395) 19731 (1,306) (39,630) 39.630 2,108,015 202,835 528 1.834 1,911,991 3.029,(1 (2,629,674) 2,311,378 -22-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20 Movements in funds (continued) Designated funds The directors have designated an amount equal to the lower of 2.5 % of Ihe audited nel balance of the balance sheet at 31 August and the reconciled bank balance to be transferred to a hardship fund for the benefit of the public. In addition. places are held open al each venue to be used at the discretion of the Directors to aid in safeguarding andlor where particular areas of hardship are identified within families accessing our childcare. Prioryear Atl September 2022 At31 August 2023 Incoming resources Outgoing resources Transfers Unrestricted fund Designated fund Restricted fund 1,524,172 131.325 2,624,352 (2,367.252) (606} {33,459} 33,459 1,747,813 164,178 1,655,497 2,624,352 {2,367,858) 1,911,991 21 Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 Land and Buildings 2023 Landand Buildings Operating leases which expire Within 1 year Within 2 10 5 years More than 5 years 58.326 199,777 210.000 58,038 120,000 240,000 468,103 418,038 -23-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22 Reconciliation of net incomel(expenditure) to net cash flow from operatlng actlvities 2024 2023 Net incomel(expenditure) for the period 399,387 256,494 Interest receivable Interest payable Amortisalion of intangible fixed assets Depreciation and impairment of tangible fixed assets {Profit)ILoss on disposal of tangible fixed assels Decreasel(increasel in debtors Decrease in creditors (13,781} 23,217 35,433 384 (979) 20, 733 384 31,466 1,980 19.826 (11,718) 6,629 68,116 Net cash flow from operating activities 519,385 318,186 23 Analysis of net debt Other non- cash changes I September 2023 31 August 2024 Cash flow Net cash.. Cash at bank and in hand 1.338.356 247,353 1,585,709 Debt.. Bank loans (217.122) 45,253 (17,190) 1189,059) Net debt 1.121.234 292,606 {17,1901 1,396,650 24 Related party transactions The directors consider that there is no overall controlling party. The Quill C of E Trust is considered to be a related paty as the directors of the charity are also part of the management team of the school. Included within the accounts is a balance of £25,899 (2023.. £21,750) due to The Quill C of E Trust, and a balance of £1,225 due from Tonge Moore Academy (2023: £nil). Management recharges of £152,206 {2023'. £143,200) have been charged from The Quill C of E Trusl during the period. Three trustees received remuneration (including employee benefits recharged by The Quill C of E Trust) of £98,408 during the year {2023.' three trustees £89,674). St Bede Teaching School Limited is also considered lo be a related party as there are common directors of the companies. During the year, St Bede Teaching Schwl Limited made donations totalling £nil 12023.. £2,091) to St Bede's Childcare Limited. -24-
ST BEDE'S CHILDCARE LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25 Company limited by guarantee The charity is a company limited by guarantee. In the event of the charity being wound up or dissolved, each member undertakes to conlribute such amount as is required, not exceeding £1, for payment of any debts or liabilities. -2&