Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
Company registration number: 7668404 Charity number: 1144850
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 AUGUST 2024
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 - 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 - 18 |
Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (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 M Brown Mrs J Buick Mrs D Browne Company registered number 7668404 Charity registered number 1144850 Registered office and Whitmoor Road principal operating office Bagshot Surrey GU19 5QE Accountants Menzies LLP Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Bankers HSBC Bank Plc Slough Berkshire SL1 1JF Solicitors Blaser Mills 40 Oxford Road High Wycombe Buckinghamshire HP11 2EE Independent Examiner Janice Matthews FCA Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual report together with the financial statements of the Company for the year 1 September 2023 to 31 August 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
The main purpose for the nursery is as stated within the mission statement: to provide high quality child-care and education for children aged three months to five years of age.
As a charitable organization, the nursery seeks to provide affordable and flexible child-care and any surplus funds are reinvested in the nursery (Little Echoes is a non-profit making organization). The nursery prides itself on its highly professional approach to childcare and to the management of its activities, both of which are significantly supported by the ability to invest all surplus funds back into the business. This was the basis by which Little Echoes was able to provide the significant financial resources necessary to negotiate the period of significant financial insecurity during the COVID crisis.
Little Echoes has built its reputation and success to date around the exceptional quality of childcare provided. This care is structured around a strong educational ethos within the nursery. Great attention is placed on maintaining this high quality of child-care, reflected in our strong reputation in the local community. The nursery’s premises provide many opportunities for building upon this including indoor and outdoor play areas, a sensory room and access to a large adjacent playing field.
Little Echoes places great emphasis on ensuring that staff are appropriately trained and qualified and all undertake additional training with at least two courses each year. This helps to keep up to date with changes and developments within the profession. It also enables Little Echoes to recruit and retain high quality nursery staff as we grow. The nursery recognises long service achievements of staff, including the Manager, Jane, who has been with the nursery for more than 20 years, and a number of staff have 5 &10 years’ service.
The Trustees have had regard to Charity Commission guidance on public benefit and are confident that the activities of the charity are fully compliant with this guidance.
Achievements and performance
The nursery owns its own premises in Bagshot and invests heavily in maintaining and improving these. The premises have ample indoor and outdoor space for the three age-groups catered for as well as a kitchen, office and staff room. The security of tenure of its own premises goes a long way to managing some of the uncertainties and risks to which such organisations are exposed. The financial and operational security afforded by this ownership makes Little Echoes relatively unusual amongst other nursery operators and safeguards the business from unpredictable and unsupportive landlords.
Numbers of children attending the nursery remain robust, with the most popular times and days often over-subscribed. Most parents now reserve places for their children well in advance of their starting dates in order to ensure availability. The nursery largely relies on word-of-mouth to reach our potential market and seldom has need to advertise.
Recent changes in Government funding rules for pre-school children will result in up to 30 hours of free childcare for many families. This change will be fully operational by the autumn of 2025. This is resulting in a significant shift in the source of income for nurseries from individual families to government (administered in the case of Little Echoes by the County Council). Government determines the fee scales for the 30 hours of ‘free childcare’ with nurseries now dependent on what government judges to be adequate and fair hourly rates. Little Echoes recognises the financial benefit this brings to some families and has been keen to be supportive, despite significant uncertainty and a loss of financial independence for nurseries. The nursery has engaged fully with the new scheme and will offer free hours for qualifying families, despite the Government’s rates for some age groups being significantly lower than our own market rates.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
The nursery offers a wide range of activities to children based on its excellent facilities, including an all-weather indoor play area, well-equipped kitchen (and resident chef) offering home cooked food made daily from fresh ingredients, several outdoor play areas and a sensory room. The site also has spacious staff room facilities. Little Echoes offers opportunities for all children whatever their race, culture, religion, means or ability, including those who require special care or additional attention from staff.
Over the past year, a number of improvements have been undertaken, including extensive internal redecorations, purchase of kitchen appliances and a number of new gates, doors and windows. Further improvements to the building fabric and the replacement of life-expired fittings are planned for the current year.
The nursery was inspected by Ofsted during 2021 and achieved a ‘Good’ status. We are particularly proud of our catering and of our full-time chef’s hard work. We offer the children exceptional fresh and varied food and are proud of our 5-star Food Hygiene Award, recently received.
Financial review
2023-2024 continued to be impacted by the ‘cost-of-living crisis’ with the cost of food, utilities and asset maintenance continuing to rise at 3-4%. In addition, changes to minimum wage legislation resulted in staff salary costs rising at well above the prevailing rate of inflation. The Trustees were aware of the impact of childcare costs on family finances and attempted to keep fee increases as low as possible. However, we were also minded of the need to avoid a financial loss after barely breaking even the previous year. We believe a surplus for the year of £26,792 is a reasonable return on a turnover of £685,462 and is indicative of a financially secure operation. This surplus has been added to the nursery’s cash balances, which now stand at £373,302.
Little Echoes is planning maintain this surplus of funds that can be used for investment projects, long term maintenance of the premises and act as a buffer against future risks and uncertainties. The COVID 19 crisis and recent inflationary pressures illustrate the type of unplanned events for which an element of financial and operational resilience is required.
The operating costs of the building are under regular review and our maintenance and renewal schedule is intended, in part, to ensure maximisation of the long-term asset value. We also aim to ensure that maintenance and renewal costs are broadly equivalent each year and to avoid extreme peaks and troughs of expenditure.
Demand for places continues at equivalent levels to previous years. Significant housing developments are underway in the catchment of the nursery and the Trustees are confident that the local market around Bagshot will generate a healthy demand for the high-quality services offered by Little Echoes and that the long-term future of the nursery remains secure.
The Trustees and Management are confident that Little Echoes is trading profitably and is projecting that this will continue for the coming year despite the continued challenges of further rises in staffing costs and economic uncertainty. This reflects the fact that the nursery finances remain robust, despite recent high inflation levels, with a growing roll and continued enquiries about new places.
The Trustees will maintain their policy on fees of having a competitive position in the local market and providing affordable, high-quality child-care to the local community. Whilst the nursery is registered for 65 children (at any one time), it is not our intention to operate to this capacity as we believe a higher level of individual care brings significant benefit to the children. The reserves of the charity are substantially invested in the nursery building of Whitmoor Rd, with working capital provided by careful management of resources.
The Accounts are accordingly prepared on the Going Concern basis.
Structure, governance and management
Little Echoes is a registered educational charity, constituted as a limited company. The charity is overseen by trustees, who are directors of the charitable trust.
There are currently three Trustees with appointments being confirmed by the Chair of the Trust. There are no time limits on the length of service of a trustee. The Trustees have no financial interests in the business. The Trustees are assisted by a part time book-keeper who oversees payroll and general management information. Trustees are appointed via a unanimous vote of the existing Trustees. Any Trustees or the Nursery Manager can nominate a candidate.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
The Nursery is managed by full time manager, Ms Jane Gratton.
The Trustees and Manager form an Executive Committee which meets, on average, every six weeks. This Committee also acts as the Nursery’s Finance Committee, of which the book-keeper is also a member. The Executive Committee deals with investments, business planning, staff salaries and other significant areas of cost, setting of nursery fees and other notable issues raised by the nursery’s management.
Strategic risks are reviewed by the Executive Committee who ensure that appropriate actions are taken to manage such risks.
A Parents’ Committee exists to provide engagement with and feedback to nursery management and to plan fund raising events. This meets monthly.
Nursery management have full day to day responsibility and accountability for operation of the charitable business, within the limits agreed with the Trustees.
Little Echoes is a member of the Pre-School Learning Alliance, who provided support in establishing the business in 1991 and from whom it has received PLA Accreditation. It also has Investors in People status, which was renewed following an inspection in 2020.
Plans for future periods
The Trustees and Management produce an annual investment and capital renewal plan which prioritises significant expenditure on equipment and the fabric of the site. Over the coming year, it is intended to concentrate on further improvements to the exterior facilities and general renewal of life-expired assets. We also recognise that some adaptations will be required to ensure smooth compliance with the Government’s expanded scheme for subsidised childcare.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Mrs J Buick (Trustee)
Date: 02-Apr-2025
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINERS' REPORT
Independent Examiner's Report to the Trustees of Little Echoes Day Nursery Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2024.
Responsibilities and Basis of Report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 03-Apr-2025
Janice Matthews FCA
Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (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 legacies 3 Charitable activities 4 Investments 5 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 |
Unrestricted funds 2024 £ 1,097 677,939 6,426 685,462 658,670 658,670 26,792 626,918 26,792 653,710 |
Total funds 2024 £ 1,097 677,939 6,426 685,462 658,670 658,670 26,792 626,918 26,792 653,710 |
Total funds 2023 £ - 600,981 2,997 |
|---|---|---|---|
| 603,978 | |||
| 603,146 | |||
| 603,146 | |||
| 832 | |||
| 626,086 832 |
|||
| 626,918 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 18 form part of these financial statements.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 7668404
BALANCE SHEET AS AT 31 AUGUST 2024
| Note Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
373,302 373,302 (35,823) |
2024 £ 468,148 468,148 337,479 805,627 (151,917) 653,710 - 653,710 653,710 |
349,161 349,161 (33,685) |
2023 £ 480,154 480,154 315,476 795,630 (168,712) 626,918 - 626,918 626,918 |
|---|---|---|---|---|
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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 M Brown Director
Date: 02-Apr-2025
The notes on pages 10 to 18 form part of these financial statements.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (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 Net cash provided by investing activities Cash flows from financing activities Repayments of borrowing Interest paid on loan Net cash used in 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 |
2024 £ 57,988 - (16,840) (17,007) (33,847) 24,141 349,161 373,302 |
2023 £ 28,842 - (15,959) (12,753) (28,712) 130 349,031 349,161 |
|---|---|---|
The notes on pages 10 to 18 form part of these financial statements
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. General information
Little Echoes Day Nursery Limited is a private charitable company limited by guarantee and incorporated in England & Wales. The address can be found on page 1 and details of the principal activities are set out in the Trustees' Report.
2. Accounting policies
2.1 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.
Little Echoes Day Nursery Limited 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.
2.2 Going concern
The charity has a significant level of reserves and financial forecasts indicate that the nursery will be able to meet its financial obligations for at least twelve months from the date of approval of these financial statements.
These accounts are accordingly prepared on the Going Concern basis.
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from the provision of Nursery Education is recognised as the service is provided.
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.
Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities are costs incurred on the provision of nursery education, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Accounting policies (continued)
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold property | - over 50 years |
|---|---|
| Freehold land | - nil |
| Fixtures and fittings | - 10% straight line |
| Computer equipment | - 20% reducing balance |
2.6 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.
2.7 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.8 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.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Fundraising events | 1,097 | 1,097 | - |
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
4. Income from charitable activities
| Nursery fees Total 2023 Deposit interest Investment income Total 2023 Analysis of expenditure by activities Provision of Nursery Education |
Unrestricted funds 2024 £ 677,939 600,981 Unrestricted funds 2024 £ 6,426 2,997 Activities undertaken directly 2024 £ 627,726 |
Total funds 2024 £ 677,939 600,981 Total funds 2024 £ 6,426 2,997 Support costs 2024 £ 30,944 |
Total funds 2023 £ 600,981 |
|---|---|---|---|
| Total funds 2023 £ 2,997 |
|||
| Total funds 2024 £ 658,670 |
5. Deposit interest
6. Analysis of expenditure by activities
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Staff costs Depreciation Rates & Water Light & Heat Repairs & Maintenance Insurance Telephone Expendable equipment, trips & consumables Training Subscriptions Food costs Advertising Sundry expenses Equipment hire & leasing Total 2023 |
Provision of Nursery Education 2024 £ 514,191 12,006 4,383 26,330 12,562 4,617 1,257 17,997 1,616 2,501 22,337 1,401 2,146 4,382 627,726 580,441 |
Total funds 2024 £ 514,191 12,006 4,383 26,330 12,562 4,617 1,257 17,997 1,616 2,501 22,337 1,401 2,146 4,382 627,726 580,441 |
Total funds 2023 £ 441,478 12,039 8,923 26,304 30,550 3,090 1,134 18,266 3,259 4,122 22,019 1,966 3,125 4,166 |
|---|---|---|---|
| 580,441 | |||
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Other Office expenses Accountancy fees Bank Charges Bank loan interest Sundry expenses Total 2023 7. Staff costs Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Provision of Nursery Education 2024 £ 204 5,478 193 17,007 8,062 30,944 22,705 |
Total funds 2024 £ 204 5,478 193 17,007 8,062 30,944 22,705 2024 £ 486,881 19,783 7,527 514,191 |
Total funds 2023 £ 232 5,510 164 12,753 4,046 |
|---|---|---|---|
| 22,705 | |||
| 2023 £ 413,450 20,861 7,167 |
|||
| 441,478 |
The average number of persons employed by the Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Staff | 23 | 23 |
No employee received remuneration amounting to more than £60,000 in either year.
8. Independent examiner's remuneration
The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,643 (2023 - £1,555), and accountancy services of £3,835 (2023 - £3,760).
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. 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) .
10. Tangible fixed assets
| Cost or valuation At 1 September 2023 At 31 August 2024 Depreciation At 1 September 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 |
Freehold property £ 543,014 543,014 83,864 7,240 91,104 451,910 459,150 |
Fixtures and fittings £ 126,828 126,828 106,484 4,634 111,118 15,710 20,344 |
Computer equipment £ 4,149 4,149 3,489 132 3,621 528 660 |
Total £ 673,991 |
|---|---|---|---|---|
| 673,991 | ||||
| 193,837 12,006 |
||||
| 205,843 | ||||
| 468,148 | ||||
| 480,154 |
The freehold property is provided as security against the mortgage (Note 11)
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 23,568 1,997 5,596 - 4,662 35,823 |
2023 £ 20,338 - 8,343 84 4,920 |
|---|---|---|
| 33,685 |
The bank has a First Legal Mortgage over the freehold property of Little Echoes Day Nursery Limited, known as Little Echoes, Whitmoor Road, Bagshot, Surrey, GU19 5QE. In addition, there is a debenture comprising fixed and floating charges over all the assets and undertaking of Little Echoes Day Nursery Limited including all present and future freehold and leasehold property, book and other debts, chattels, and goodwill and uncalled capital, both present and future. The amount secured is £172,937 (2023: £189,050) including £147,655 (2023: £168,712) over more than one year.
12. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans | 151,917 | 168,712 |
Included within creditors falling due after more than one year is an amount of £60,465 (2023: £80,172) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Statement of funds - prior year Unrestricted funds General Funds |
Balance at 1 September 2023 £ 626,918 Balance at 1 September 2022 £ 626,086 |
Income £ 685,462 Income £ 603,978 |
Expenditure £ (658,670) Expenditure £ (603,146) |
Balance at 31 August 2024 £ 653,710 |
|---|---|---|---|---|
| Balance at 31 August 2023 £ 626,918 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2024 £ 468,148 373,302 (35,823) (151,917) 653,710 |
Total funds 2024 £ 468,148 373,302 (35,823) (151,917) 653,710 |
|---|---|---|
15. Company limited by guarantee
The company is a company limited by guarantee and had no share capital. Members' liability is limited by individual guarantee to a maximum of £10 each in accordance with the Memorandum and Articles of Association.
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Docusign Envelope ID: 292A2074-C2B4-419B-A7BF-CAC0DB38EFEC
LITTLE ECHOES DAY NURSERY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid on loan Decrease in debtors Increase in creditors Net cash provided by operating activities 17. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2024 £ 26,792 12,006 17,007 - 2,183 57,988 2024 £ 373,302 373,302 |
2023 £ 832 |
|---|---|---|
| 12,039 12,753 640 2,578 |
||
| 28,842 | ||
| 2023 £ 349,161 |
||
| 349,161 |
18. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year Debt due after 1 year |
At 1 September 2023 £ 349,161 (20,338) (168,712) 160,111 |
Cash flows £ 24,141 13,565 - 37,706 |
Transfers £ - (16,795) 16,795 - |
At 31 August 2024 £ 373,302 (23,568) (151,917) 197,817 |
|---|---|---|---|---|
19. Related party transactions
The aggregate remuneration for key management personnel during the year was £75,000 (2023 - £75,000). There were no other related party transactions during the year.
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