REGISTERED COMPANY NUMBER.. N1068112 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC102340 ort of the Trustees and Financial Statements for the Year Ended 31 March 2024 for Sm211 Wonders Childcare Acom Limited b Guarantee Lynn Drake & Co Ltd Statutory Auditors I st Floor 34 B-D Main Street Moira Co. Armagh BT67 OLE
Small Wonders Childcare Contents of the Financial Statements for the Year Ended 31 March 2024 Page Reference and Administrative Details Report of the Trustees 2 to 7 Report of the Independent Auditors to 11 Statement of Financlal Activities 12 Statement of Financial Position 13 Statement of Cash Flows 14 Notes to the Statement of Cash Flows 15 Notes to the Financial Statements 16 to 28 Detailed StatemeDt of Financial Activities 29 to 30
Small Wonders Childcare Reference 2nd Administrative Details for the Year Ended 31 March 2024 TRUSTEES Ms N MGCullough Ms L Kinnon Ms C Harrison Ms J Mercer Ms M Smith COMPANY SECRETARY Ms L Kinnon RECISTERED OFFICE Clo Shankill Womens Centre 3 Mayo Link Belfast Co. Antrim BT13 3BD REGISTERED COMPANY NUMBER N1068112 (Northern Ireland) RECISTERED CHARITY NUMBER NICI 02340 AUDITORS Lynn Drake & Co Ltd Statutory Auditors I st Floor 34 B-D Main Street Moira Co. Arniagh BT67 OLE
Small Wonders Childcare ort of the Trustees for the Year Ended 31 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 31 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 l January 2019). Mission Statement Small Wonders childcare supports the rights of the child and are committed to practice. which protects children from harm as outlined in articles 19 and 34 of the United Nations Convention on the Rights of the Child 1989 and in compliance with the Children (ND Order 1995. Small Wonders accept that the welfare of the child must be the paramount consideration before all else. It is our intention to create a child safe environment where children are valued in every respect. Aims (l) To provide quality care and comfort in a safe friendly environment. (2) To offer an early learning programme through the intervention of planned play activities that allow children to grow and enable them to reach their full potential. (3) To protect and encourage children and focus on positive behaviour. (4) To help develop children's confidence and a programme where children can value themselves and others through play. (5) To provide opportunities for creative and imaginative play where children explore their own identity and help build their self-esteem.
Small Wonders Childcare ort of the Trustees for the Year Ended 31 March 2024 OBJECTIVES AND ACTIVITIES Objectives (l) To ensure all persons providing direct care for children are vetted by a police check through Access NI. (2) To ensure staff caring for children are experienced, qualified, caring and professional. (3) To provide effective management for staff, trainees and volunteers through supervision. support and training. (4) To promote equal opportunities through our policies and to reflect this philosophy through practice and delivery of care in our early years setting. (5) To develop a partnership with parents by involving parents in children's care and sharing information and concerns. (6) To develop children's awareness of respect for diversity through play and books. (7) To develop a healthy eating programme and support children's health and well being. (8) To promote a strict no smoking (including vaping) policy and endeavour to create a healthy smoke flee environment for children. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ACHIEVEMENT AND PERFORMANCE Achievements To Date l All staff now minimum NVQ Level 3 qualified 2 3 Staff now qualified to Level 5 3 Our cook is NQ Level 2 qualified 4 2 relief staff within our bank of staff 5 Small Wonders celebrated its 15 years of operation 6 All staff achieved NVQ Level 2 Award in Food Safety & Catering 7 Our 5 * status from Environmental Health has been maintained 8 A wrap-around service has been established to provide services for children aged O-I l years 9 All Small Wonders servicesl facilities are running to full capacity with waiting lists. 10 We continue to provide a welcoming environment for all with a cross-community/ multi cultural ethos running throughout all of our services and facilities I l Minimum Childcare Standards are implemented and adhered to on a daily basis. 12 Small Wonders continue to works towards self-sustainability FINANCIAL REVIEW Financial position The company had net incoming resources for the year of £9,849 (2023: net outgoing resources of £47,838), which reflected the increase in trading activities during the year. Unrestricted funds increased by £9,977, while restricted funds decreased by £128.
SMAII Wonders Childcare ort of the Trustees for the Year Ended 31 March 2024 FUTURE PLANS Small Wonders will continue to grow as a social economy business with a strong staff team and Management Committee. The business has two buildings, one solely dedicated to childcare and the other currently housing Afterschools. This first floor space will continue to be shared with SWC classes and activities in order to utilise maximum capacity of space. We will continue to promote and advertise our services in order to meet the needs of both the business and the parents who use this facility for the quality care of their children. We will promote the unique cross- community aspect of our facility as a shared space and welcoming space for all. The childcare provided and the facilities are set at a very high standard and are regularly inspected and regulated by Social Services and by Environment Health. All policies and procedures are reviewed annually and all new policies are approved by the Management Committee and implemented by Small Wonders Manager. Risk Management The Management Committee has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. These procedures and periodically reviewed to ensure that they continue to meet the needs of the business. The policies in place are - Admissions Policy Child Management Behaviour Policy, Designated Child Protection Officer Equal Opportunities Policy Health & Safety Policy Medicine Policy No Smoking Policy Settling in Policy Policy for Outings Sick Child Policy Whistle Blowing Policy Toileting and Personal Care Policy Child Protection Policy Comments and Complaints Policy Good Practice Policy Policy for a Missing Child Partnership with Parentslcarers Policy Observation and Record Keeping and Assessment Policy Healthy Eating Policy Risk Assessment Policy Emergency Policy Maintenance of Play Equipment Policy Policy on Medicines, Food and Drink Policy Transport Policy Security Policy Uniform Policy Supporting Children with Special Needs Policy Social Networking Policy
Small Wonders Childcare ort of the Trustees for the Year Ended 31 March 2024 Mobile Phone Policy Absence of Manager Policy First Aid Policy Pet Policy. Photography & Videography Policy Play Policy. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trust, and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2006. Recruitment and appointment of new trustees The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. None of the Trustees have any beneficial interest in the company. Organisational structure SWC has a Management Committee of up to 5 members who meet quarterly and are responsible for the strategic direction and policy of the charity. At present the Committee has 5 members from a variety of professional backgrounds relevant to the work of the charity. Chairperson Nikki Mccullough Secretary Lesley-Anne Kinnon Director Margaret Smith Director Joan Mercer Director Cora Harrison A scheme of delegation is in place and day to day responsibility for the provision of the services rest with Small Wonders Manager, four Room Leaders and full staff team. Small Wonders Manager is Line Managed by Shankill women's Centre Senior Management. Small Wonders Manager is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. Induction and training of new trustees New trustees will usually be familiar with the work of the Daycare having been associated with it in some form. Induction takes place by one to one meetings with the Chairperson and the Centre Manager to ascertain more information about the management of the Centre and their role within it. They are also furnished with and given an explanation on various documentation.. Memorandum and Articles, Organisational plans and Annual Reports, latest minutes and any up to date development plans. Ongoing training is offered to management committee on an ongoing and ad hoc basis. This is usually provided under the membership of NICVA. Reserves Policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Small Wonders Childcare ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties Early Years- The Organisation for Young Children Early Year5 IS the largest organisation in Northern Ireland for young children. We are a non-profit making organisation and have been working since 1965 to promote high quality childcare for children aged 0-12 and their families. Currently Early Years provides information and training for parents, childcare providers. employers and local authorities. We hope this website will help you to find out more about early childcare and education. Social Services The Belfast Trust is committed to providing services to support children, young people and their families. We aim to work with and support families so that children can live in a safe, nurturing environment. The Trust offers a range of services to families where children may not thrive and reach their full potential without some help - this includes children in need of protection. we are also responsible for childr¢n who. for a variety of r¢asons, cannot remain with their own families and who are "looked after" by the Trust. The registration process requires the Trust to complete vetting checks on people who are applying to look after children or people who will be living on, or regular visitors to, the premises where children are to be looked after. Access Nl is the legally mandated organisation, which the Trust uses to process the vetting checks on prospective childminders, prospective and iegistered owners of private day care and the committee chairpersons of group day care, which are not privately owned. Employers for Childeare Are a campaigning charity which developed from a community project set up in 1998, encouraging employers to implement family friendly policies in the workplace. The founding Chief Executive Officer quickly identified the barrier that the lack of affordabl¢, quality childcare presents to working parents. Our eth05 IS to address childcare, not as a social issue, but as a labour mark¢t and economic issue. EVENTS SINCE THE END OF THE YEAR Infomiation relating to events since the end of the year is given in the notes to the financial statements. STATEMEIYT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Small Wonders Childcare 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Small Wonders Cbildcare ort of the Trustees for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued 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 select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basls unless it is inappropriate to presume that th¢ 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: there is no relevant audit information of which the charitable company's auditors are unaware. and 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 awar¢ of that information. AUDITORS The auditors, Lynn Drake & Co Ltd. will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 21 November 2024 and signed on its behalf by: Ms M Smith - Trustee
ort of the Inde endent Auditors to the Trustees and Members of Small Wonders ChiIdc8re Opinion We have audited the financial statements of Small Wonders Childcare (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including it5 income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and 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 arc 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 ar¢ 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 statetnents. our responsibility 15 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.
ort of the Inde endent Auditors to the Trustees and Members of Small Wonders Childcare Opinions OJA Other matters prescribed by the Companies Act 2006 In our opinion, based on the Work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with applicable legal requireTnents. 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: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. or 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 trustee5 determine is ne¢essary 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 operatKons, or have no realistic alternative but to do so.
Re ort of the Inde endent Auditors to the Trustees and Members of Small Wonders Childcare 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 alway5 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: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of iriegularities. including fraud. In particular, we looked at where management made subjective judgements, for example in respect of accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion. we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management for risk of fraud. Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations as those that have a direct impact on the determination of material amounts and disclosures in the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and identified the greatest potential for fraud. We communicated the identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. Audit procedures performed included, but were not limited to: Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Reviewing the financial statement disclosures and testing to supporting documentation, Review of board meeting minutes of those charged with governance. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also:_ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and approprTate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations. or the override of internal control. Obtain an understanding of internal control 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 Charities internal control. 10
ort of the Inde endent Auditors to the Trustees and Members of Small Wonders Childeare Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud or error. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charities ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including significant deficiencies in internal control that we identify during our audit. 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.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other pur ose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other th the charitable company and the charitable company's members as a body, for our audit work, for this rep or for the opinions we have fomied. Billy Drake nior Statutory Auditor) for and on behalf of Lynn Drake & Co Ltd Statutory Auditors I st Floor 34 B-D Main Street Moira Co. Armagh BT67 OLE 21 November 2024
Small Wonders Childeare Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 50.759 50,759 41,055 Charitable activities Grants Receivable 20,953 20,953 6,800 Other trading activities 555,073 555,073 548,286 Total 605,832 20,953 626.785 596,141 EXPENDITURE ON Charitable activities Charitable Activities Governance Costs 592,349 3,506 21,081 613,430 3,506 640,979 3,000 Total 595,855 21,081 616.936 643.979 NET INCOMEI(EXPENDITURE) 9,977 (128) 9,849 (47,838) RECONCILIATION OF FUNDS Total funds brought forward 60,571 385 60,956 108,794 TOTAL FUNDS CARRIED FORWARD 70,548 257 70,805 60,956 The notes form part of these financial statements 12
Small Wonders Childcare Statement of Financial PositlOD 31 March 2024 31.3.24 31.3.23 Notes FIXED ASSETS Tangible assets 6,197 7,810 CURRENT ASSETS Debtors Cash at bank L2 12,442 99,959 23,879 86,979 112.401 110.858 CREDITORS Amounts falling due within one year 13 (47,793) (57,712) NET CURRENT ASSETS 64,608 53,146 TOTAL ASSETS LESS CURRENT LIABILITIES 70,805 60,956 NET ASSETS 70,805 60,956 FUNDS Unrestricted fund5 Restricted funds 15 70,548 257 60.571 385 TOTAL FUNDS 70,805 60,956 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 Trustee5 and authorised for issue on 21 November 2024 and were signed on its behalf by., M Smith- Trustee J Mercer - Trustee The notes form part of these financial statements 13
Small Wonders Childcare Statement of Cash Flows for the Year Ended 31 March 2024 3l,3.24 31.3.23 Notes Cash flows from operating activitie5 Cash generated from operations 12,980 (30,889) Net cash provided by/(used in) operating activities 12,980 (30,889) Cbange in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 12.980 (30,889) 86.979 117,868 Cash and cash equivalents at the end of the reporting period 99,959 86.979 The notes form part of these financial statements 14
Small Wonders Childcare Notes to the Statement of Cash Flows for the Year Ended 31 March 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net incornel(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Decrease in debtors (Decrease)/increase in creditors 9,849 (47.838) 1,613 11,437 (9,919) .613 5,032 10,304 Net cash provided byl(used in) operations 12,980 (30,889) ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank 86,979 12,980 99.959 86,979 12,980 99.959 Total 86,979 12,980 99,959 The notes form part of these financial statements 15
Small Wonders Childeare Note5 to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basi5 of preparing the financial statements Summary of significant accounttng policies (a) General information and basis of preparation Small Wonders Childcare is constituted as a company limited by guarantee incorporated in Northern Ireland (N1068112), In the event of the charity being would up, the liability in respect of the guarantee is limited to £1 per member of the charity. 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 (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2013. the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements are prepared on a going concern basis under the historical cost convention. modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.. 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. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the financial statements. 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. Further explanation of the nature and purpose of each fund is included 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 b¢ received. 16 ontinued...
Small Wonders Childcare Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Basis of preparing the fiDaneial statements 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.Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. Income received from collections is recognised when received. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the Charity would be willing to pay in the open market for such facilities and services. A Corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustecs, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognis¢d. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed, On these occasions, the legacy is treated as a contingent asset and disclosed. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. The charity receives government grants which are detailed within the notes to these financial statements. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. (D) Expenditure recognition All expenditure is accounted for on an accruals basis, inclusive of VAT which cannot be recovered 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: Costs of raising funds includes the costs associated with attracting voluntary incomes. Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect natur¢ necessary to support them. and Other expenditure represents those items not falling into the categories above. Irrecoverable V AT is charged as an expense against the activity for which expenditure arose. 17 continued...
Small Wonders Childcare Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- eontinued Basis of preparing tbe financial statements Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued a5 soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. (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, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detail basis and other overheads have been allocated on a basis consistent with the use of resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. (fj Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impaimient losses. Cost includes costs directly attributable to making the ass¢t 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: Motor Vehicles Equipment I 00/0 Straight Line 200/0 Straight Line (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) Financial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement 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 Set'S cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment105s is recognised in profit or loss unles5 the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. 18 ontinued...
Sm211 Wonders Childcare Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Basis of preparing the financial Statements O) Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. (k) Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations. net of future finance charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. (l) Tax No provision is required for taxation as the company is defined as a charity for taxation purposes. The charity is a registered charity and so such is entitled to certain tax exemptions on income and profIts from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. (m) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustee5 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. (n) Accounting estimates and areas ofjudgement The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include.. (i) estimating the useful economic life of tangible fixed assets (li) allocation of expenditure and support costs Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to thc charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. l9 continued...
Small Wonders Childcare Notes to the Financi21 Statements - continued for the Year Ended 31 March 2024 DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations 50,759 41,055 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Childcare Fees Room Hire After Schools Bus/ Transportation Sundry Income Childcare Catering Insurance Claim 339,836 8,730 194,384 215 2,267 5,382 4.259 332,912 3.167 201,982 600 2,625 7,000 555,073 548,286 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Grants Receivable Grants 20,953 6,800 Grants received, included in the above. are as follows.. 31.3.24 31.3.23 Belfast City Council - Summer Scheme D¢partment of Health Belfast City Council - Revenue 953 5,000 1,800 20,000 20,953 6,800 20 continued..
Small Wonders Childcare Notes to the Financi21 Statements - CODtinued for the Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Charitable Activities Governance Costs 608,852 2,366 4,578 1,140 613,430 3,506 611.218 5,718 616,936 SUPPORT COSTS Governance costs Finance Totals Charitable Activities Governance Costs 678 3,900 1,140 4,578 1,140 678 5,040 5,718 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargIn(crediting)'. 31.3.24 31.3.23 Accountancy Fee Audit Fee Depreciation - owned assets Hire of plant and machinery 2,400 2,640 1,613 2,681 3,000 1.613 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 21 continued...
Small Wonders Childcare Notes to the Financial Statements - continued for the Year Ended 31 March 2024 STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 416.517 18,468 6.210 478.737 21,025 15,307 441.195 515.069 The average monthly number of employees during the year was as follows: 31.3.24 29 31.3.23 39 Management & Administration No employees received emoluments in excess of £60,000. The key management personnel of the charity comprise of the Chief Executive and Senior management team. The salaries paid to key management personnel being the Chief Executive Officer, Finance Manager. and Programme Co-ordinator during the year totalled £89,714. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 41.055 41,055 Charitable activities Grants Receivable 6,800 6,800 Other trading activities 548,286 548,286 Total 589,341 6,800 596,141 EXPENDITURE ON Charitable activities Charitable Activities Governance Costs 634,051 3,000 6,928 640,979 3,000 Total 637,051 6,928 643.979 NET INCOMEI(EXPENDITURE) (47,710) (128) (47,838) RECONCILIATION OF FUNDS Total funds brought forward 108,281 513 108,794 22 continued,..
Small Wonders Chlldcare Notes to the Financial Statements - continued for the Year Ended 31 March 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted Total fund funds funds TOTAL FUNDS CIIRRIED FORWARD 60.571 385 60,956 11. TANGIBLE FIXED ASSETS Motor vehicles Equipment Totals COST At l April 2023 and 31 March 2024 14,850 8.816 23,666 DEPRECIATION At l April 2023 Charge for year 7,425 1,485 8,431 l28 15,856 1,613 At 31 March 2024 8,910 8,559 17,469 NET BOOK VALUE At 31 March 2024 5,940 257 6.197 At 31 March 2023 7,425 385 7,810 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Belfast City Council Prepaynients 9.814 12,567 170 1.000 10,142 2,628 12,442 23,879 23 continued...
Sn]all Wonders Childcare Notes to the Financial Statements- continued for the Year Ended 31 March 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 SWC Intercompany Accruals and deferred income 38,497 9.296 38,497 19,215 47,793 57,712 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund funds Fixed assets Current assets Current liabilities 5.940 112,401 (47,793) 257 6,197 l12,401 (47,793) 7,810 110,858 (57,712) 70,548 257 70,805 60,956 15. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds General fund 60,571 9.977 70,548 Restricted funds HSCB 385 (128) 257 TOTAL FUNDS 60.956 9,849 70,805 24 continued...
Small Wonders Childcare Notes to the Financial Statements - continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 605,832 (595,855) 9,977 Restricted funds BCC Summer Scheme HSCB BCC Revenue 953 (953) (128) (20,000) (128) 20.000 20,953 (21,081) (128) TOTAL FUNDS 626.785 (616,936) 9.849 Comparatives for movement in funds Net movement in funds At 3113123 At 114122 Unrestricted funds eneral fund 108.281 (47.710) 60,571 Restricted funds HSCB 513 (128) 385 TOTAL FUNDS 108,794 (47,838) 60,956 25 continued...
Small Wonders Childcare Notes to the Financial Statements- continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - Continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 589.341 (637,051) (47,710) Restricted funds BCC Summer Scheme Department of Health HSCB 5,000 1,800 (5,000) (1.800) (128) (128) 6,800 (6,928) (128) TOTAL FUNDS 596.141 (643,979) (47.838) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 3113124 At 114122 Unrestricted funds General fund 108,281 (37.733) 70.548 Restricted funds HSCB 513 (256) 257 TOTAL FUNDS 108,794 (37.989) 70,805 26 continued...
Small Wonders Childcare Notes to the Financial Statements- continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,195,173 (1,232,906) (37,733) Restricted funds BCC Summer Scheme Department of Health HSCB BCC Revenue 5.953 1.800 (5,953) (1,800) (256) (20,000) (256) 20,000 27,753 (28,009) (256) TOTAL FUNDS 1,222,926 (1.260,915) (37,989) 16. RELATED PARTY DISCLOSURES Transactions wlth Related Parties During the year the charity entered into the following transactions with related parties:. During the year Small Wonders Childcare entered into transactions with Shankill Womens Centre. a related party. At the balance sheet date, the amount owed to Shankill Womens Centr¢ was £38,497 (2023 Small Wonders Childcare owed £38,497). 17. POST BALANCE SHEET EVENTS There were no events after the reporting period therefore no material issues need disclosed. 18. LIMITED BY GUARANTEE The company is limited by guarantee and has no share capital. 27 continued.,.
Small Wonders Childcare Notes to the Financial Statement5 - continued for the Year Ended 31 March 2024 19. WINDING UP Every member of the Company undertakes to contribute to the assets of the Company, in the event of the same being wound up while it is a member, or within one year after it ceases to be a member, for payment of the debts and liabilities of the Company contracted before it ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributor's among themselves, such amount as may be required not exceeding one pound. 28
Small Wonders Childcare Detailed Statement of Financial Activities for the Year Ended 31 Mareh 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Donations 50,759 41,055 Other trading activities Childcare Fees Room Hire After Schools Bus/ Transportation Sundry Income Childcare Catering Insurance Claim 339,836 8,730 194,384 215 2,267 5,382 4,259 332,912 3,167 201,982 600 2,625 7,000 555,073 548.286 Charitable activities Grants 20,953 6,800 Total incoming resources 626,785 596,141 EXPENDITURE Charitable Activities Wages Social security Pensions Hire of Equipment Rates and water Insurance Light and heat Telephone Postage and stationery Sundries Cleaning Creche Materials Creche Activities Creche Catering Equipment- Small Value Staff Training Staff Travel Summer Scheme Activities Carried forward 416,517 18,468 6,210 2,68l 2,263 7,274 14,665 3,401 1,019 2.299 3,861 2,807 8,345 14,066 478,737 21,025 15,307 2,l99 7,658 16,650 2,739 2,058 3,915 3,995 4.932 14.028 4.789 621 1,167 2,066 551 582.437 898 550 505.324 This page does not form part of the statutory financial statements 29
Small Wonders Childcare Detailed Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 31.3.23 Charitable activities Brought forward Facilitation Repairs and Maintenance Rent Motor Expenses Legal and Professional Fees Subscriptions IT Costs Service Level Agreements Depreciation of tangible fixed assets 505,324 582,437 519 21.900 31.003 2,202 337 22,461 32,403 1,581 416 131 2,814 44,475 1,613 1,613 611,218 640,011 Support costs Finance Bank charges 678 968 Governance costs Accountancy Fee Audit Fee 2,400 2.640 3,000 5,040 3,000 Total resources expended 616,936 643,979 Net incomel(expenditure) 9,849 (47,838) This page does not form part of the statutory financial statements 30