REGISTERED COMPANY NUMBER: 07972222 (England and Wales) REGISTERED CHARITY NUMBER: 1159674
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
FOR
BRIGHT FUTURES EARLY LEARNING
Ainsworths Limited Chartered Accountants and Statutory Auditors Charter House Stansfield Street Nelson Lancashire BB9 9XY
BRIGHT FUTURES EARLY LEARNING
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Report of the Independent Auditors | 4 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | to | 10 |
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 20 |
BRIGHT FUTURES EARLY LEARNING (REGISTERED NUMBER: 07972222)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Company is established for the public benefit within the area of Rossendale Lancashire with the following objectives:
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to support the provision of education and the safe care of children under the statutory school age by maintaining and carrying on managing and developing the nursery.
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to advance the education and training in the care and education of children under the school age
We offer childcare places for Looked After Children to help provide stability and a routine for these children. We are part of an Early Years Team who offer support and training to other settings who may have had a bad inspection and require support to improve on these actions.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Throughout the year, we have continued to operate an outstanding, Ofsted registered nursery school. As a charitable company we ensure all surpluses are reinvested in the future of the children we care for.
Our aim is to ensure that we meet the needs and nurture the development of each individual child in our care, whilst play and learning should always be fun. Learning through play is recognised as being an excellent way of meeting the needs of individual children as they develop.
We have a highly qualified team of practitioners, who have a superb knowledge and understanding of the seven areas of learning and how children learn and develop.
FINANCIAL REVIEW
Financial position
The income of the Charity for the year increased 6% from £1,519,246 to £1,615,588.
However expenditure increased 22% from £1,397,384 to £1,707,094, mainly due to an increase in payroll costs of 24%.
As a consequence of the increase in expenditure far exceeding the increase in income, the Charity has recorded net expenditure this year of £91,506 (2023: £121,862 net income).
The trustees are paying close attention to the Charity's costs, monitoring these on a monthly basis, and taking remedial action where necessary to return the Charity to a net income position.
As a result of the net expenditure realised in the year, the total funds of the company have decreased from £297,724 to £206,218. These funds are entirely invested in the fixed assets of the charitable company.
Reserves policy
The trustees calculate free reserves as being the total funds of the charity excluding the net book value of fixed assets.
The free reserves of the charity at 31 March 2024 were £nil (2023: £nil) as all of the funds of the Charity are invested in fixed assets, predominantly the leasehold improvements at the Charity's second site in Bacup.
The Charities Commission recommends holding free reserves of between 3 and 6 months operating expenditure. The trustees aim for this level of reserves and are committed to restoring free reserves in the charity as soon as possible through future surpluses.
Page 1
BRIGHT FUTURES EARLY LEARNING (REGISTERED NUMBER: 07972222)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
FUTURE PLANS
No changes in the charity's operations are anticipated for the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of 1 March 2012, as amended on 20 May 2012 and 4 June 2013, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The charity was incorporated on 1 March 2012 (registration number 07972222).
The charity registered with the Charities Commission on 17 December 2014 (registration number 1159674).
Recruitment and appointment of new trustees
New trustees are appointed by existing board members on the basis of the professional and/or personal skills which they are able to offer towards the work of the charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07972222 (England and Wales)
Registered Charity number
1159674
Registered office
Calder Road Rawtenstall Rossendale Lancashire BB4 8HW
Trustees
K Mychajlyshyn (resigned 2.11.2023)
S V Charlesworth G L Nuttall A Hawksworth P A Cavaney A Hannah-Briggs (appointed 5.9.2024) A L Godolphin-Teague (appointed 5.9.2024)
Auditors
Ainsworths Limited Chartered Accountants and Statutory Auditors Charter House Stansfield Street Nelson Lancashire BB9 9XY
Nursery Manager
Ms A L Carr
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BRIGHT FUTURES EARLY LEARNING (REGISTERED NUMBER: 07972222)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Lloyds Bank Church Street Blackburn Lancashire BB2 1JQ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Bright Futures Early Learning for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 18th December 2024 and signed on its behalf by:
S V Charlesworth - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIGHT FUTURES EARLY LEARNING
Opinion
We have audited the financial statements of Bright Futures Early Learning (the 'charitable company') for the year ended 31st March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31st March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIGHT FUTURES EARLY LEARNING
Matters on which we are required to report by exception
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 Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIGHT FUTURES EARLY LEARNING
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Company and the nature of the sector in which it operates, we have identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, the Charities Act and Employment Law.
We have evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inappropriate use of the going concern basis and management bias in accounting estimates and judgements. Our audit procedures designed to address these risks included, but were not limited to:
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Enquires with management, regarding any known or suspected instances of non-compliance with laws and regulations, and fraud;
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Agreement of the financial statement disclosures to the underlying supporting documentation;
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
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Auditing the risk of management override of controls;
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Challenging assumptions and judgements made by management in their significant accounting estimates;
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Reviewing board minutes and other evidence gathered;
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Obtaining an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment by misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
REPORT OF THE INDEPENDEKfALI[oRsTO ThE MLMBERS OF BRIGHT FLTURES EARLY LEARNING Use of our report This rciort is mad£ solely Éo L4e charitable eompatys rnanbery, as a iKwty, in accordance with CThapter 3 of Part 16 of the Compati1 Act 2006. OLf audit so that we might st*c to the charilablt wmpanls nbErS those atterS we 2rc required to swe w them in an auditirt Tq and foi no (ther PUTpo To the fi]Uest extcnt permitted by law, we do DDt accwt or TqX)nsibility to anyone othu thall the ¢baritsble ¢ompally and dLe ¢haritable compallYsm¢mb¥s &s a E(Kly. for ouroudit WO for thJ"s rqK¢ or fortheopinion5 wehavc fomied. Michae] Heys (Senior Statutory Auditor) foraLd on behalf of AiDswortlL8Limit and StatuioryAuditor8 Stansfjeld Str6 NeLsoll BB9 9XY 18thDetr2o24
BRIGHT FUTURES EARLY LEARNING
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Charitable activities 6 Operation of a children's nursery Other trading activities 4 Investment income 5 Other income Total EXPENDITURE ON Charitable activities 7 Operation of a children's nursery NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.24 Unrestricted fund £ 1,350 1,613,284 938 16 1,000 1,616,588 1,708,094 (91,506) 297,724 206,218 |
31.3.23 Total funds £ 850 1,513,850 1,520 26 3,000 |
|---|---|---|
| 1,519,246 | ||
| 1,397,384 | ||
| 121,862 175,862 |
||
| 297,724 |
The notes form part of these financial statements
Page 8
BRIGHT FUTURES EARLY LEARNING (REGISTERED NUMBER: 07972222)
BALANCE SHEET 31ST MARCH 2024
| Notes FIXED ASSETS Tangible assets 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 18 Unrestricted funds TOTAL FUNDS |
31.3.24 Unrestricted fund £ 637,837 31,584 19,873 51,457 (107,341) (55,884) 581,953 (375,735) 206,218 206,218 206,218 |
31.3.23 Total funds £ 648,525 30,399 137,655 168,054 (84,902) 83,152 731,677 (433,953) 297,724 297,724 297,724 |
|---|---|---|
The notes form part of these financial statements
continued...
Page 9
BRIGHT FUTURES EARLY LEARNING (REGISTERED NUMBER: 07972222)
BALANCE SHEET - continued 31ST MARCH 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 18th December 2024 and were signed on its behalf by:
S V Charlesworth - Trustee
A L Godolphin-Teague - Trustee
A Hannah-Briggs - Trustee
The notes form part of these financial statements
Page 10
BRIGHT FUTURES EARLY LEARNING
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash used in investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.24 £ (28,529) (24,247) (52,776) (28,561) 16 (28,545) (36,461) (36,461) (117,782) 137,655 19,873 |
31.3.23 £ 158,999 (17,759) 141,240 (61,666) 26 (61,640) (24,135) (24,135) 55,465 82,190 137,655 |
|---|---|---|
The notes form part of these financial statements
Page 11
BRIGHT FUTURES EARLY LEARNING
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest received Interest paid Increase in debtors Increase/(decrease) in creditors Net cash (used in)/provided by operations |
31.3.24 £ (91,506) 38,925 324 (16) 24,247 (1,185) 682 (28,529) |
31.3.23 £ 121,862 37,175 - (26) 17,759 (7,046) (10,725) 158,999 |
|---|---|---|
- ANALYSIS OF CHANGES IN NET DEBT
| At 1.4.23 | Cash flow | At 31.3.24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 137,655 | (117,782) | 19,873 |
| 137,655 | (117,782) | 19,873 | |
| Debt | |||
| Debts falling due within 1 year | (37,142) | (907) | (38,049) |
| Debts falling due after 1 year | (344,647) | 37,368 | (307,279) |
| (381,789) | 36,461 | (345,328) | |
| Total | (244,134) | (81,321) | (325,455) |
The notes form part of these financial statements
Page 12
BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. STATUTORY INFORMATION
Bright Futures Nursery School Limited is a charitable company, limited by guarantee, registered in England and Wales. The charity and company registered numbers and the registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Bright Futures Nursery School Limited meets the definition of a public benefit entity under FRS 102.
Significant judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgement has had the most significant effect on amounts recognised in the financial statements.
Fixed assets
Fixed assets are included in the financial statements in accordance with the accounting policy given. The depreciation policies are determined by the estimated useful life of the relevant assets which requires the trustees to make a judgement. The improvements to leasehold property are written off over the term of the lease, and the fixtures and fittings are considered to have an estimated useful life of 5 years and are accordingly depreciated over this period. Should any such fixtures be sold or otherwise disposed of, whether before or after their useful estimated life, a resulting surplus or deficit may arise which will be recorded in the Statement of Financial Activities at the point of sale.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
In respect of government funded childcare where termly remittances are received, the income is recognised in the period to which the funding relates, and any income received in advance is deferred to the following accounting period and recognised as a deferred income liability in the Balance Sheet. The same policy is applied to fees received in advance which relate to a subsequent accounting period.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Support costs are not separately disclosed as the charity only has one activity and all costs are therefore attributable to that one activity.
continued...
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BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the period of the lease Fixtures and fittings - 20% on cost
Assets under construction are not depreciated until they are brought into use.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
3. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Grants | 1,350 | 850 |
| Grants received, included in the above, are as follows: | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Charities Aid Foundation | 1,350 | 850 |
continued...
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BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
| 4. OTHER TRADING ACTIVITIES Fundraising events 5. INVESTMENT INCOME Deposit account interest 6. INCOME FROM CHARITABLE ACTIVITIES Activity Fees paid Operation of a children's nursery Voucher fees Operation of a children's nursery 7. CHARITABLE ACTIVITIES COSTS Operation of a children's nursery 8. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Hire of plant and machinery Deficit on disposal of fixed assets Auditors Remuneration: Audit services Auditors Remuneration: Non-audit services |
31.3.24 £ 938 31.3.24 £ 16 31.3.24 £ 1,032,536 580,748 1,613,284 31.3.24 £ 38,925 17,787 324 4,700 5,180 |
31.3.23 £ 1,520 31.3.23 £ 26 31.3.23 £ 994,938 518,912 |
|---|---|---|
| 1,513,850 | ||
| Direct Costs £ 1,708,094 |
||
| 31.3.23 £ 37,175 19,186 - 4,500 3,452 |
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continued...
BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
9. TRUSTEES' REMUNERATION AND BENEFITS
No trustees were remunerated for services provided in their capacity as trustee for the year ended 31st March 2024 nor for the year ended 31st March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023.
10. STAFF COSTS
| STAFF COSTS | |||
|---|---|---|---|
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Management and administration Nursery staff |
31.3.24 £ 1,021,545 53,910 61,634 1,137,089 31.3.24 3 56 59 |
31.3.23 £ 819,769 42,167 47,473 |
|
| 909,409 | |||
| 31.3.23 3 52 55 |
No employees received emoluments in excess of £60,000.
Total employee benefits paid to the charity's key management personnel for the year ended 31st March 2024 was £64,586 (2023: £75,087).
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Operation of a children's nursery Other trading activities Investment income Other income Total EXPENDITURE ON Charitable activities Operation of a children's nursery |
Unrestricted fund £ 850 1,513,850 1,520 26 3,000 |
| 1,519,246 | |
| 1,397,384 |
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continued...
BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 12. TANGIBLE FIXED ASSETS Improvements to property £ COST At 1st April 2023 633,812 Additions 25,150 Disposals - At 31st March 2024 658,962 DEPRECIATION At 1st April 2023 46,791 Charge for year 19,920 Eliminated on disposal - At 31st March 2024 66,711 NET BOOK VALUE At 31st March 2024 592,251 At 31st March 2023 587,021 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments |
Fixtures and fittings £ 122,096 3,411 (360) 125,147 60,592 19,005 (36) 79,561 45,586 61,504 31.3.24 £ 9,084 22,500 - 31,584 |
Unrestricted fund £ 121,862 175,862 |
Unrestricted fund £ 121,862 175,862 |
|---|---|---|---|
| 297,724 | |||
| Totals £ 755,908 28,561 (360) 784,109 107,383 38,925 (36) 146,272 637,837 648,525 31.3.23 £ - 26,439 3,960 30,399 |
continued...
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BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Bank loans and overdrafts (see note 16) Other loans (see note 16) Trade creditors Social security and other taxes Accruals and deferred income Deferred government grants |
31.3.24 £ 5,294 32,755 30,000 19,635 18,807 850 107,341 |
31.3.23 £ 5,000 32,142 32,621 4,255 10,034 850 |
| 84,902 |
There was no deferred income at the end of the current nor previous year. In the previous year, £19,068 of deferred income was released to income in the Statement of Financial Activities. There was no deferred income released to income in the Statement of Financial Activities in the current year.
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 16) Other loans (see note 16) Trade creditors Deferred government grants |
31.3.24 £ 27,353 279,926 37,500 30,956 375,735 |
31.3.23 £ 33,333 311,314 57,500 31,806 |
|---|---|---|
| 433,953 |
16. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Bank loans Other loans Amounts falling between one and two years: Bank loans Other loans Amounts falling due between two and five years: Bank loans Other loans |
31.3.24 £ 5,294 32,755 38,049 5,294 33,094 38,388 15,882 99,565 115,447 |
31.3.23 £ 5,000 32,142 |
|---|---|---|
| 37,142 | ||
| 5,000 32,753 |
||
| 37,753 | ||
| 15,000 99,565 |
||
| 114,565 |
continued...
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BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
16. LOANS - continued
| 16. LOANS - continued |
||
|---|---|---|
| Amounts falling due in more than five years: Repayable by instalments: Bank loans Other loans 17. SECURED DEBTS The following secured debts are included within creditors: Other loans |
31.3.24 £ 6,177 147,267 153,444 31.3.24 £ 312,681 |
31.3.23 £ 13,333 178,996 192,329 |
| 31.3.23 £ 343,456 |
The other loan is secured by way of fixed and floating charges over the assets of the charitable company.
18. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 297,724 297,724 Incoming resources £ 1,616,588 1,616,588 |
Net movement in funds £ (91,506) (91,506) Resources expended £ (1,708,094 ) (1,708,094 ) |
At 31.3.24 £ 206,218 206,218 Movement in funds £ (91,506) |
At 31.3.24 £ 206,218 |
| 206,218 | ||||
| (91,506) |
continued...
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BRIGHT FUTURES EARLY LEARNING
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.22 £ Unrestricted funds General fund 175,862 TOTAL FUNDS 175,862 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,519,246 TOTAL FUNDS 1,519,246 |
Net movement in funds £ 121,862 121,862 Resources expended £ (1,397,384 ) (1,397,384 ) |
At 31.3.23 £ 297,724 297,724 Movement in funds £ 121,862 121,862 |
|---|---|---|
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2024.
Page 20