GLENULLIN GHILDCARE TRUST Proflt and Loss Account for the year ended 31 December 2023 Notes 2023 2022 Turnover 307,692 280,044 Cost of sales {23,765) (16,455) Gross profrt 283,927 263,589 Administrative expenses (296,538) (273,605) Operating loss {12.611) (10,016) Loss on ordlnary actlvltles before taxatlon (12,611) {10,016) Tax on loss on ordinary activities Loss for the flnanclal year (12,611} (10,016) Rotalned loss for the flnanclal year 12.611 10,016 All activities derive from continuing operations. The notes on pages 17 10 21 form part of these financial statements. There are no other recognised gains or losses other than the profit for the year. Accordingly no statement of totsl recognised gains and losses is given. There is no material difference between the profit on ordinary activities before taxation and the proftt for the financial year stated above, and their historic cost equivalents. 15 GLENULLIN CHILDCARE TRUST Balance Sheet as at 31 December 2023 Notos 2023 2022 Fixed assets Tangible assets 58.521 67,268 Current assets Debtors Cash at bank and in hand 23,539 29,265 52,804 14,381 57,257 71,638 Creditors: amounts falling due wlthln one year (15,0181 (21,520) Net current assets 37,786 50.118 Total assèts lass current Ilablllties 96,307 117,386 Credltors: amounts falllng due after more than one year (1,151) (9,619) Net assets 95,156 107.767 Capltal and reserves Profit and loss account 95,156 107,767 Shareholders. funds 95,156 107,767 The director are satisfsed that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. Members have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. Approved by the b¢Ydrd on 28 October 2024 Q mniQ kJioc.. ciLJJ Raichéal Mhic Niocaill Treasurer Matthew Godwin Chairperson 16 GLENULLIN CHILDCARE TRUST Notes to the Accounts for the year ended 31 December 2023 Accounting policies The accounts have been prepared under the historical cost Gonvention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 20081. Turnover Turnover represents Ihe value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Depreciation Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Leasehold Improvements Fixtures & Fittings Nursery Equipment 12.5 % reducing balance 150/0 reducing balance O % reducing balance Stocks Stock is valued at the lower of cost and net realisable value. Fund accounting The charity maintains various types of funds as follows.. Restricted Funds grants, donations and legacies received which are allocated by the donor for specific purposes. Unrestricted Funds: Designated Funds.. amounts which have been put aside out of unrestricted funds at the discretion of the committee, and which are therefore not available for other purposes. General unrestricted funds- ￿ present unrestricted income which is expendable at the discretion of the committee in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capitsl investment. Incomlng rosources All income is recognised in the statement of financial activities when the Gonditions for receipt have been met and there is reasonable assurance of receipt. Allocatlon of costs The committee's operating costs are allocated between expenditure for charitable purposes, and The company operates a defined contribution pension scheme. Contributions are charged to the Direct charltable expenditure Direct charilable expenditure includes all expenditure directly related to the objects of the charity. 17 GLENULLIN CHILDCARE TRUST Notes to the Accounts for the year ended 31 December 2023 Income Unrestricted Restricted 2023 2022 Fee income Fund raising evenls Halifax Foundation Nl Milk returns Snack and resource donation Clothes bank 251,714 4.312 4,500 901 1,675 40 263,142 251,714 4,312 4,500 901 1,675 40 263,142 227,221 630 499 1,600 229,950 Total grants receivable Grants towards capitsl costs Grants receivable 44,550 12,541 12,541 57,091 12,541 44,550 307,692 62.635 12,541 50,094 280,044 44.550 307.692 Informatlon regarding Employees and dlrectors 2023 2022 Wages and salaries Furlough and statuory payments recoverable Pensions Employers NIC 256.406 (10,932) 8,223 7.546 261,243 231,540 (11,8771 7,743 5,643 233,049 The averag8 monthly number of employees . Management Childcare Staff 20 19 18 GLENULLIN CHILDCARE TRUST Notes to the Accounts for the year ended 31 December 2023 3 Tangible fixed assets Leasehold Improvements Nursery Equipment Fixtures & Fittings Total Gost At 1 January 2023 At 31 December 2023 261.427 261,427 45,531 45.531 5,120 5,120 312,078 312.078 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 207,664 6,721 214,385 32,026 2,026 34,052 5,120 244,810 8,747 253,557 5,120 Net book value At 31 December 2023 47,042 11,479 58,521 At 31 December 2022 53,763 13,505 67,268 4 Debtors 2023 2022 Trade debtors Bad debt provision 24,689 (1,150) 23,539 15,531 (1,1501 14,381 5 Cradltors: amounts falling due within one year 2023 2022 Trade creditors Other creditors Amounts owed to related parties Deferred income 2,467 4.083 2,602 6.377 note 12 note 7 8.468 15,018 12,541 21.520 19 GLENULLIN CHILDCARE TRUST Notes to the Accounts for the year ended 31 December 2023 6 Creditors: amounts falling due after one year 2023 2022 Deferred income 1,151 9,619 1,151 9,619 This is deferred grant income which represents funding received in respect of capital costs not yet released to th8 profit and loss account. Nursery Equipment Flxtures & Fittings Total At start of year Received during y8ar Released during year 22,160 22,160 12,541 9,619 12,541 9,619 To be released within one year - after more Ihan one year 8,468 1,151 9,619 8,468 1,151 9,619 Movement in restrlcted funds Capltal Spend Expenditure Balance at year end Income Early Years Bright Start Paid Through HSC8 - building refurbishments 12,541 12,541 12,541 (12,541) 9 Taxation H M Revenue & Customs have accepted that the Glenullin Childcare Trust is a charity for tax purposes, all income and gains are exempt from tax, provided they are only applied for charitable purposes. 20 GLENULLIN CHILDCARE TRUST Notes to the Accounts for the year ended 31 December 2023 10 Contingencies and commitments At the year-end, funders reserve the right to withhold any or all of the payments andlor require the Trust to repay part or all of the grant if there is a substantial or malerial change in the nature, scale or timing of the project, or if the grant is used for purposes other than those spacified in the application or agreed variations. 11 Post balance sheet evènts There were no post balance sheet events to report. 12 Related party transactions During the period, the company entered into transactions, in the ordinary course of business wilh other related parties. Transactions entered into, and trading balances outstanding at 31 December 2021, are as follows.. Balance owed froml(to) related party Related party Nature of transaction Cost Community conlribution Patricia Mullan Loan to Trust Patricia Mullan originally provided a loan of £9721 to the Glenullin Childcare Trust in 2007 as the Irust had to raise this sum as part of their community contribution towards a Capital funding package supported by Invest Nl. The amount borrowed and repaid during the intervening period leaves the balance at £0. Sharg capltal Glenullin Childcare Trust being a company limited by guarantee and having no share capital. 21 GLENULLIN CHILDCARE TRUST Schedules to the Profit and Loss Account for the year ended 31 December 2023 The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. 2023 2022 Turnover Grants receivable Early Years Childcare Sustainability Fund EA Regional Getting ready lo Leam EA Regional Outdoor Learning EA Regional Empowering Improvement Department of Fuel Grant DFC Hearing Equipment Fee income Energy Bills Support Scheme CFNI Evishagaran Halifax Foundation Nl EA Regional Engage11 &111 Fund raising events Milk returns Snack and resource donation Clothes bank 38,112 32,616 10,167 500 1,000 800 800 1,091 227,221 590 251,714 600 4,000 4,500 1,248 4,312 901 1,675 40 3,120 630 499 1,600 307,692 280,044 Cost of sales Food Materialsloutings 16,019 7,746 23,765 13,508 2,947 16,455 Gross profit 283,927 263.589 Administrative expenses Employee costs.. Wages and salaries Furlough and statuory payments recoverable Pensions Employers NIC Training Uniforms 256,406 110.932) 8,223 7,546 570 756 262,569 231,540 (11.877) 7,743 5,643 294 537 233,880 Premises costs.. Rent Rates Repairs and renewals Light and heat Cleaning 14,560 320 1,846 5.460 4,240 26,426 14,560 571 6,198 7,420 3,096 31.845 23 GLENULLIN CHILDCARE TRUST Schedulos to the Profit and Loss Account for the year ended 31 December 2023 The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regirne. 2023 2022 General administrative expenses= Telephone and postage Stationery and printing Bank charges Insurance Depreciation Release of grant on capitsl expenditure Sundry expenses 819 2,668 219 2,089 8.746 (12,541) 465 2,465 716 2,683 262 1.186 10,064 {12,541) 397 2,767 Legal and professional costs: Accountancy fees Payroll services Other professional fees 1,440 1,859 1,779 5,078 1,260 2,226 1.627 5.113 296,538 273,605 Operating loss 12,611 10,016 24