AIGBURTH OPPORTUNITIES
also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
ANNUAL REPORT AND ACCOUNTS
for the year ended
31st March 2024
REGISTERED NUMBER: 2025421 CHARITY NUMBER: 700705
AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Accounts
for the year ended 31st March 2024
| Contents | Page |
|---|---|
| Company Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities (including Income and Expenditure Account) | 9 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Accounts | 13 |
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Company Information for the year ended 31st March 2024
| Company number: | 2025421 |
|---|---|
| Charity number: | 700705 |
| Patrons: | Dame Lorna E Muirhead DCVO DBE CStJ DL FRCOG |
| Colonel (Ret) J.A.Harkon MBE TD DL | |
| Major (Ret) R.W. Bevan MBE | |
| Trustees: | Mr Ronald Basnett |
| Father David Gamble (resigned 10 December 2023) | |
| Mrs Patricia Fearn | |
| Ms Belinda Perez | |
| Nursery Manager: | Nicola Holding |
| Registered office: | Future House |
| 25 Pomona Street | |
| Liverpool | |
| L3 5TL | |
| Bankers: | Lloyds Bank plc |
| Liverpool Law Courts | |
| Merchants Court | |
| 2 - 12 Lord Street | |
| Liverpool | |
| L2 1TS | |
| Independent Examiner: | Mr P L Griffiths FCA DchA |
| Mitchell Charlesworth | |
| Accountants | |
| 3rd Floor | |
| 5 Temple Square | |
| Temple Street | |
| Liverpool | |
| L2 5RH | |
| Solicitors: | Brabners LLP |
| Horton House | |
| Exchange Flags | |
| Liverpool | |
| L2 3YL |
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Report of the Trustees for the year ended 31st March 2024
The trustees (who are also the directors of the company for the purposes of company law) present their report together with the accounts of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Trustees
The trustees who served during the year are detailed on page 1.
Objectives and activities
The objectives of this Charity are always to provide the best possible childcare for local residents and visiting students, at an affordable price. Coupled with this is a genuine desire to see the ongoing development of not only the children, but of the staff we employ and the carers we encounter.
Our specific objectives through April 2023 to March 2024 were to recruit Level 3 staff so as to achieve our aim of opening a new room and increasing access to our childcare services to more people.
After our disappointing Ofsted inspection, we also needed to focus on improving and maintaining the required standards, whilst continuing to provide a safe and joyful environment for all those connected with Little Explorers.
The overall objectives of the charity are set out in its mission statement:
To promote the value of learning by creating a purposeful learning environment that enables learners to meet and to exceed their aspirations.
To provide opportunities which enhance and develop the social and economic structure of the local communities that Aigburth Training Opportunities serves.
To support and develop staff, thereby ensuring that the learning environment we aim to create is conducive to the occupational area we offer.
The aim of the charity is to provide quality training and childcare facilities that enables people to realise their aspirations in being able to access employment and or further/higher education.
In 2023/24 the main objectives of the charity were:
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To continue in our aim of providing education for learners, staff and carers.
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To provide opportunities to those who have difficulty in accessing training and employment.
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To provide affordable and culturally diverse childcare facilities for the community
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To develop staff, in relation to higher qualifications and information, advice and guidance, so the company can aid and contribute to the wider community.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Report of the Trustees for the year ended 31st March 2024
Public benefit statement
The trustees have had due regard to the guidance published by the Charity Commission on public benefit.
Strategic Report
Achievements and performance
2023/24 began with a new Assistant Manager having been appointed. This obviously altered the dynamic of the nursery – and everyone had to adapt to a new person and a new distribution of responsibilities.
Fees were increased in April and with the National Minimum Wage going up – so did wages for all the staff (who are paid above the NMW).
Two new trainees were brought on board in May 2024, but we lost another Level 3 to Maternity Leave. Efforts continued to find suitably qualified personnel.
In July we finally found someone to fill the position of Cook. With staffing levels manageable, and the Assistant Manager completing her three months’ probation, the manager planned her well-deserved annual leave for August.
Alas – the newly appointed Assistant Manager did not seem content. Her personal plans seemed to be conflicting with her role, and despite best efforts by one of our Trustees to listen and offer help, she resigned, and left at the end of August.
Once again, the dynamic was altered. This, coupled with a commissioned “friendly” inspection of the premises & practices, led to a lowering of morale amidst the staff.
However measures were immediately put in place which addressed these issues, such as refresher courses, clearer definitions of all staff’s responsibilities, reviews of the layout of used areas and a light refurbishment of the rooms. This involved all staff – and a sense of camaraderie returned.
Autumn set in, and so did a mounting general anxiety about the next Ofsted inspection. All staff were prepared, the nursery looked wonderful, and feedback from parents and carers continued to be extremely positive and encouraging.
Adverts in Indeed brought some potential Level 3s, but they all proved unsuitable in the end.
In early December we had the expected Ofsted re-inspection. The inspector was happy with a lot of the improvements and the overall running of the nursery – but focussed on the management and trustee status, where some paperwork was not in order. Yet again the one-word damnation was used – and efforts to put the paperwork in order, which was a simple affair, were not helped by conflicting advice and convoluted paths to making things right in the eyes of Ofsted. Within a matter of weeks all the required formalities had been completed, but the inspection results would hang over the nursery for another year. This restricted the children on funding that could be recruited, and coupled with the lack of Level 3 staff meant that yet again – plans for expansion were hampered.
Decisions were made to provide more support for the manager and one of the trustees with Early Years experience committed to spending more time at the nursery. Our most senior Nursery Nurse was also given more responsibilities to ease the burden on the manager.
A more dynamic approach to arrears on fees was also implemented. Minor actions recommended by the Ofsted report were also actioned.
2024 started with a determination to keep doing what the Nursery does best i.e. looking after the children and communicating with and supporting the carers and staff. Despite the restrictions, our waiting lists were full, and with the imminent extra funded hours for 2-year-olds to commence in April, we looked forward to a more prosperous year.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Report of the Trustees
for the year ended 31st March 2024
Strategic Report
Financial review
In 2023/24 income from charitable activities increased from £288,023 to £ £325,414.
The number of invoices per week remained similar to 2022/23 but the average per invoice increased significantly. Clearly the fee rise contributed to this, but the number of days where fees were being charged as opposed to being funded was also a factor. This was corroborated by a decrease in funding from £64.5K in 22/23 to £58K in 23/24.
Donations consisted of £150 by the local masons, and a small deposit surplus which was gifted.
A small amount (£100) was raised by hiring out a room at the weekend.
Most expenses remained comparable to the previous year, with the most obvious increases being consumables and wages.
In the case of the former, the cost of food increased dramatically due to inflation. An average shop increased from around £100 to £130 a week.
Wages needed to increase to stay ahead of the National Minimum Wage increases. Due to the freeze on the tax threshold, more employees were paying Employer’s NI and Employer’s pension contributions. We also had an assistant manager at £26.5K p.a. for five months. Wage costs were up by £37.7K over last year. This was partially reduced by the £5K Employer’s Allowance and £11.5K recovered S.M.P
Further small increases in expenditure were due to our nursery software doubling in price, extra training for the staff and increased DBS checks for all new staff.
As a result there was a deficit in this financial year of £7,845 (2023 £12,795).
The trustees aim to keep a reserve of unrestricted funds sufficient to ensure the smooth running of the charity for approximately three months.
The Statement of Financial Activities shows a decrease in funds for the year of £7,845, a drop of 6.2%.
The Balance Sheet position indicates reserves, unrestricted as to purpose, amounting to £118,614. There are no restricted reserves.
Policy on remuneration of key management personnel
The charity is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives.
The Board undertakes an annual review of salaries with the support of the nursery manager, although the nursery manager does not participate in the discussions around their own salary. All salary reviews take account of the financial position of the organisation.
When carrying out its reviews, the Board has regard to:
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salary levels in the sector generally;
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making sure that pay rates are competitive;
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the remuneration package as a whole including pension contributions; and
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rewarding good performance .
It is the aim of this charity to work towards paying a “living wage” and the financial position is reviewed regularly with this aim in mind. A salary scale for all staff has been implemented depending on age, qualifications and experience.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Report of the Trustees for the year ended 31st March 2024
Risk management
The trustees confirm that the major foreseeable risks to the charity are those of:
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proposed increases in the N.M.W and Employer’s NI contributions, coupled with the lowering of the threshold on Employer’s NI, which will add approximately £25,000 to the wage bill.
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the increase in funded hours not being covered adequately by the funding received for three year olds.
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the cost of living increases affecting families such that they cease to use childcare facilities.
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lack of suitably qualified staff.
These are reviewed at each Board meeting and the nursery manager is responsible for ensuring that strategies are in place to counteract the effects of any changes.
Plans for future periods
The hope for 2024/25 remains very much the same as all those after the Covid outbreak, namely to be able to expand, take on more qualified staff, and continue to bring in trainees to give them a chance learn and grow.
In times of increasing world conflicts, we are proud that our nursery continues to thrive. Little Explorers provides a peaceful and positive environment in which multiple ethnicity, differing faiths and diverse customs and origins are celebrated and welcomed. In promoting these principles within the nursery, we also extend that ethos throughout the world through word of mouth, as satisfied parents and carers return to their homelands.
Work will continue to improve the nursery in all areas and we are certain that this will result in a better outcome on the next Ofsted inspection.
Other plans:
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explore new initiatives to support the families of the children in our care as well as the local community
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reach out to Local Authority Services to reinforce our commitment to help if emergency childcare is needed
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continue to seek out new apprentices to offer more learning opportunities to young people
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maintain a wage system that remunerates the staff as well as the finances allow
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a review of fees charged in line with current inflation
Structure, governance and management
The charity is constituted as a company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association, which was amended in January 2007 to allow for current governance arrangements. It is also known by the names of "Aigburth Training Opportunities" and "ATO". The nursery is known as Little Explorers Day Nursery
There were four trustees during the period from 1 April 2022 to December 2023 and three from December 2023 to the date of signing this report as shown on page 1. New trustees are recruited and appointed by arrangement with the existing trustees. Each trustee's individual liability in the event of winding-up is limited to £1.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Report of the Trustees for the year ended 31st March 2024
Organisation
The Board meets every twelve weeks and an Annual General Meeting (AGM) is held prior to the Reports and Financial Statements being submitted to Companies House and to the Charity Commission.
The CEO was appointed by the trustees to manage and oversee the day-to-day operations of the charity.
To ensure effective working practice the CEO has full delegated authority approved by the trustees. This includes both strategic and operational concerns, including; finance, employment, management of training contracts, staff and business development.
Recruitment, appointment, induction and training of trustees
Both the trustees and the CEO have a responsibility to recruit suitable trustees to the Board. From time to time approaches are made to the charity by individuals and organisations who wish to support the charity in continuing or developing the support they afford their beneficiaries.
Potential trustees are then nominated by either current trustees or by the Chief Executive Officer ("CEO").
A discussion is held at either the quarterly planned Board meetings or at additional meetings held to nominate prospective members.
Once the nomination has been agreed by the trustees, an informal interview is undertaken by the Chair with the nominee.
During this interview the Chair will discuss the company history and working ethos, and explain what qualities are required of potential trustees.
When the Chair has satisfied him/herself that the nominee would be a suitable and supportive trustee, a Board meeting is called to officially appoint the new trustee.
New trustees undergo an induction day with the Chair and CEO at the company’s registered office. This is usually done within the first month of appointment at a time that is conducive to all parties, and consists of:
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Briefing the new trustee as regards their legal obligation under company and charity law;
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The content of the Memorandum and Articles of Association;
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The decision-making process;
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The current business plan;
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Financial performance;
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The company structure;
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Meeting with employees;
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The new trustee's role in the overall scheme.
The new trustee also completes any paperwork required for registering as a director with Companies House and receives a copy of "The Burden of Responsibility" by Stephan Drew together with Charity Commission publications booklet CC3,"The essential trustee".
As part of the company’s Safeguarding policy, all new and recently appointed trustees are subject to an enhanced DBS check prior to taking up their position.
Trustees are encouraged to attend meetings, as and when required, training events and information days that are pertinent to the company’s running and objectives.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Report of the Trustees
for the year ended 31st March 2024
Related parties
Other parties which the charity associates with are:-
Social Services NWTS (North West Training Services) Adult Learning Services Liverpool Community College Blackburne House Job Centres
All the above use the nursery’s resources and so contribute to our income.
Statement of trustees’ responsibilities
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on an ongoing concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By Order of the Trustees
R Basnett Trustee
20 December 2024
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Mitchell Charlesworth
Accountants
5 Temple Square Temple Street Liverpool L2 5RH
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
AIGBURTH OPPORTUNITIES
also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 9 to 21.
Responsibilities and basis of report
As the charity trustees of the company (and also 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 your company’s accounts as 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 that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Mikel cheba
P L Griffiths FCA DChA MITCHELL CHARLESWORTH Liverpool
20 December 2024
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31st March 2024
| Notes Unrestricted Restricted £ £ Income from: Donations and legacies 2 1,199 - Charitable activities 3 324,215 - Total income 325,414 - Expenditure on: Charitable activities 4 333,259 - Total expenditure 333,259 - Net income/(expenditure)for the year 9 (7,845) - Total funds brought forward 126,459 - Total funds carried forward 118,614 - |
Total 2024 £ 1,199 324,215 325,414 333,259 333,259 (7,845) 126,459 118,614 |
Total 2023 £ 2,862 285,161 288,023 300,818 300,818 (12,795) 139,254 126,459 |
|---|---|---|
The charity has no recognised gains or losses other than the results for the year as set out above.
The notes on pages 13 to 21 form part of these accounts.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31st March 2024
Comparative information for the year ended 31st March 2023
| Notes Unrestricted Restricted £ £ Income from: Donations and legacies 2 2,862 - Charitable activities 3 284,831 330 Total income 287,693 330 Expenditure on: Charitable activities 4 300,488 330 Total expenditure 300,488 330 Net income/(expenditure)for the year 9 (12,795) - Total funds brought forward 139,254 - Total funds carried forward 126,459 - |
Total 2023 £ 2,862 285,161 288,023 300,818 300,818 (12,795) 139,254 126,459 |
Total 2022 £ 15,955 237,710 |
|---|---|---|
| 253,665 | ||
| 250,808 | ||
| 250,808 | ||
| 2,857 136,397 |
||
| 139,254 |
The charity has no recognised gains or losses other than the results for the year as set out above.
The notes on pages 13 to 21 form part of these accounts.
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AIGBURTH OPPORTUNITIES
also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Balance Sheet 31st March 2024
| Notes | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed assets | |||||||
| Tangible assets | 11 | 23,118 | 27,934 | ||||
| Current assets | |||||||
| Debtors | 12 | 22,490 | 23,741 | ||||
| Cash at bank and in hand | 120,394 | 122,473 |
|||||
| 142,884 | 146,214 | ||||||
| Creditors | |||||||
| Amounts falling due within one year | 13 | 47,388 | 47,689 |
||||
| Net current assets | 95,496 | 98,525 | |||||
| Net assets | 118,614 | 126,459 | |||||
| Unrestricted funds | |||||||
| General funds | 15 | 118,614 | 126,459 | ||||
| Restricted funds | |||||||
| Restricted income funds | 16 | - | - | ||||
| Total funds | 17 | 118,614 | 126,459 |
For the year ended 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for:
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a) the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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b) the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The accounts on pages 9 to 21 were approved by the Trustees and authorised for issue on 20 December 2024 and signed on their behalf by:-
Ron Bacnett
R Basnett Trustee
Company Registration Number: 4174619
The notes on pages 13 to 21 form part of these accounts.
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AIGBURTH OPPORTUNITIES
also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Statement of Cash Flows for the year ended 31st March 2024
| Notes Cash flow from operating activities 20 Cash flow from investing activities Payments to acquire tangible fixed assets Net cash flow from investing activities Change in cash and cash equivalents in the year ending 31st March 2024 Cash and cash equivalents as at 1st April 2023 Cash and cash equivalents as at 31st March 2024 21 |
2024 £ £ (1,659) (420) (420) (2,079) 122,473 120,394 |
2023 £ £ (10,958) (646) (646) (11,604) 134,077 122,473 |
|---|---|---|
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
1. Summary of significant accounting policies
(a) General information and basis of preparation
Aigburth Opportunities is a company limited by guarantee and a registered charity in the United Kingdom. In 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 these financial statements. The nature of the charity’s operations and principal activities are set out in the Trustees’ Report on page 2.
The charity constitutes a public benefit entity 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 accounts 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 Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.
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.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the 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.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
1. Summary of significant accounting policies (continued)
(c) Income recognition (continued)
Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to special performance conditions and is recognised as earned as the related services are provided. Grant income included in this category provides funding to support performance activities and is recognised when there is entitlement, certainty of receipt and the amounts can be measured with sufficient reliability.
Investment income is earned through holding assets for investment purposes such as bank deposits. It essentially includes interest which is recognised using the effective interest method.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to 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 headings:
- Expenditure on charitable activities includes expenditure on the operation of an on-site nursery.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the registered office. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 5.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Building improvements - 10% per annum Fixtures and fittings - 25% per annum
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
1. Summary of significant accounting policies (continued)
(g) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(h) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
(i) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
(j) Leases
Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
(k) 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.
(l) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(m) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties including the arising from Covid-19, exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
| 2. Income from donations and legacies Donations Other grants 3. Income from charitable activities Unrestricted Restricted funds funds £ £ Nursery income 324,115 - Rents and other income 100 - 324,215 - |
Unrestricted funds Total Total 2024 2023 £ £ 199 637 1,000 2,225 1,199 2,862 Total Total 2024 2023 £ £ 324,115 284,831 100 330 324,215 285,161 |
Unrestricted funds Total Total 2024 2023 £ £ 199 637 1,000 2,225 1,199 2,862 Total Total 2024 2023 £ £ 324,115 284,831 100 330 324,215 285,161 |
|---|---|---|
| 2,862 | ||
| Total 2023 £ 284,831 330 |
||
| 285,161 |
£330 of the above income for 2023 was attributable to restricted funds and £284,331 was attributable to unrestricted funds.
| 4. | Analysis of expenditure on charitable | Direct | Support | Total | Total |
|---|---|---|---|---|---|
| activities | costs | costs | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Direct charitable expenditure | |||||
| Nursery | 257,196 | 76,063 | 333,259 | 300,818 |
£nil (2023 £330) of the above costs were attributed to restricted funds and £333,259 (2023 £300,488) of the above costs were attributed to unrestricted funds.
| 5. Support costs Salaries Establishment expenses Communications Office costs Other Governance costs (see note 6) Total support costs |
Total 2024 £ 28,531 28,711 7,060 1,817 7,298 2,646 76,063 |
Total 2023 £ 24,752 28,346 6,684 1,617 7,094 2,050 70,543 |
|---|---|---|
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
| 6. Governance costs Independent examination Legal and professional 7. Staff costs and numbers Salaries and wages Social security costs Other pension costs |
Total 2024 £ 1,950 696 2,646 Total 2024 £ 248,211 12,110 4,646 264,967 |
Total 2023 £ 1,800 250 |
|---|---|---|
| 2,050 | ||
| Total 2023 £ 230,088 10,603 3,082 |
||
| 243,773 |
No employee received benefits (excluding employer pension costs) of more than £60,000 during the year.
| The average weekly number of employees during the year, calculated on | Number | Number |
|---|---|---|
| the basis of full time equivalents, was as follows:- | 2024 | 2023 |
| Total | 15 |
14 |
8. Trustees’ and key management remuneration
One of the trustees, Ms Belinda Perez provides bookkeeping services to the charity. Fees for her services from this date amounted to £4,443 (2023 £4,144).
The total amount of employee benefits received by key management personnel is £48,454 (2023 £50,454).
The charity considers its key management personnel to comprise the Nursery Manager and Assistant Manager.
9.
| Net income/(expenditure) for the year | Total | Total |
|---|---|---|
| 2024 | 2023 | |
| This is stated after charging/(crediting): | £ | £ |
| Depreciation | 5,236 | 6,926 |
| External examiner’s fees: | ||
| Independent examination | 1,950 | 1,800 |
| Operating lease payments: | ||
| Equipment | 332 | 332 |
| Land and buildings | 15,000 | 15,000 |
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
10. Taxation
The company is exempt from corporation tax on its charitable activities.
| 11. Tangible fixed assets Plant, Fixtures, Nursery machinery and fittings and improvements motor vehicles equipment £ £ £ Cost At 1st April 2023 204,678 64,850 94,962 Additions 420 - - At 31st March 2024 205,098 64,850 94,962 Depreciation At 1st April 2023 197,677 46,935 91,944 Charge for the year 2,449 1,791 996 At 31st March 2024 200,126 48,726 92,940 Net book value At 31st March 2024 4,972 16,124 2,022 At 31st March 2023 7,001 17,915 3,018 12. Debtors 2024 £ Trade debtors 14,853 Prepayments and accrued income 7,637 22,490 13. Creditors: Amounts falling due within one year 2024 £ Trade creditors 8,732 Taxation and social security 3,042 Accruals and deferred income 25,800 Other creditors 9,814 47,388 |
Total £ 364,490 420 364,910 336,556 5,236 341,792 23,118 |
|---|---|
| 27,934 | |
| 2023 £ 15,860 7,881 23,741 |
|
| 2023 £ 6,829 3,637 25,650 11,573 47,689 |
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AIGBURTH OPPORTUNITIES
also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
| 14. Unrestricted funds At Incoming Resources 01.04.23 Resources Expended £ £ £ General funds 126,459 325,414 (333,259) Comparative information in respect of the preceding period is as follows: At Incoming Resources 01.04.22 Resources Expended £ £ £ General funds 139,254 287,693 (300,488) 15. Restricted funds At Incoming Resources 01.04.23 Resources Expended £ £ £ Liverpool EAL funding - - - |
At 31.03.24 £ 118,614 |
|---|---|
| At 31.03.23 £ 126,459 |
|
| At 31.03.24 £ - |
Liverpool EAL funding - this was provided towards supporting English as a second language.
Comparative information in respect of the preceding period is as follows:
| At | Incoming | Resources | At | |
|---|---|---|---|---|
| 01.04.22 | Resources | Expended | 31.03.23 | |
| £ | £ | £ | £ | |
| Liverpool EAL funding | - | 330 | (330) | - |
School Improvement Liverpool - this was a grant towards Special Educational Needs Co-ordinator training for a member of staff.
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AIGBURTH OPPORTUNITIES also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
| 16. Analysis of net assets between funds Unrestricted funds £ Tangible fixed assets 23,118 Net current assets 95,496 118,614 Comparative information in respect of the preceding period is as follows: Unrestricted funds £ Tangible fixed assets 27,934 Net current assets 98,525 126,459 |
Restricted Funds £ - - - Restricted Funds £ - - - |
Total £ 23,118 95,496 118,614 Total £ 27,934 98,525 126,459 |
|---|---|---|
17. Members’ liability
The company is limited by guarantee and has no share capital. Every member of the charity undertakes to contribute to the assets of the charity, in the event of being wound up while he or she is a member or within one year of ceasing to be a member for debts and liabilities of the charity contracted before he or she ceases to be a member, such amount as may be required not exceeding £1.
18. Ultimate controlling party
In the opinion of the trustees, there is no ultimate controlling party.
19. Capital commitments
The charity had no capital commitments at 31st March 2024 (2023 £Nil).
| 20. Reconciliation of net income/(expenditure) to net cash flow from operating activities Net income/(expenditure) for the year Depreciation charges Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash flow from operating activities |
Total 2024 £ (7,845) 5,236 1,251 (301) (1,659) |
Total 2023 £ (12,795) 6,926 (11,634) 6,545 (10,958) |
|---|---|---|
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AIGBURTH OPPORTUNITIES
also known as “ATO AND LITTLE EXPLORERS DAY NURSERY”
Notes to the Accounts Year ended 31st March 2024
| 21. | Analysis of cash and cash equivalents | Total | Total | |
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Cash in hand | 1,294 | 1,552 | ||
| Cash at bank | 119,100 | 120,921 | ||
| Total of cash and cash equivalents | 120,394 | 122,473 | ||
| 22. | Analysis of net debt | |||
| At 31 March | ||||
| At 1 April 2023 | Cash flows | 2024 | ||
| £ | £ | £ | ||
| Cash in hand | 1,552 | (258) | 1,294 | |
| Cash at bank | 120,921 | (1,821) | 119,100 | |
| 122,473 | (2,079) | 120,394 |
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