COMPANY REGISTRATION NUMBER: N1603898 CHARITY REGISTRATION NUMBER: 105710 Happy Days Community Childcare Centre Company Limited by Guarantee Financial Statements 31 March 2025 AUBREY CAMPBELL & COMPANY Chartered Accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT
Happy Days Community Childcare Centre Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Nots Income and endowments Donations and legacies Investment income 766,947 323 3,794 770,741 323 688,348 411 Total Income 767,270 3,794 771,064 688,759 Expenditure Expenditure on charitable activities Total expenditure 762,152 4,540 766,692 735,208 762,152 4,540 766,692 735,208 Net incomel(expenditure) and net movement In funds 5,118 (746) 4,372 {46,449) Reconciliatlon of funds Total funds brought fOard Total funds carried fonNard (14,990) (9,872) 1,892 (13,098) (8,726) 33,351 1,146 (13,098) The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho notes on pages 18 to 27 forni part of thoso flnanclal statemonts. 15-
Happy Days Community Childcare Centre Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 13 6,763 7.823 Current assets Debtors Cash at bank and in hand 14 7,988 40,907 2,693 34,007 48,895 36.700 Creditors: amounts falling due within one year Net current assets 15 64,384 57,621 (15,489 (8.726) (8,726) (20,921) (13,098) 113,098} Total assets less current liabilitles Net Ilablllties Funds of the charity Restricled funds Unrestricted funds 1,146 19,872) (8,7261 1.892 (14,990) (13,098) Total charity funds 18 These financial statements were approved by the board of trustees and authorised for issue on 4 December 2025. and are signed on behalf of the board by-. Pastor J Payne Trustee Mrs H Kyle Trustee The notos on pages 18 to 27 form part of these flnanclal staternents. 16-
Happy Days Community Childcare Centre Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operating activities Net incomel(expenditure) 4,372 (46,449) Adjustments for Depreciation of tangible fixed assets Olher interest receivable and similar income Accrued (income)lexpenses 2.908 (323) {6,687) 2,915 {411) 4,244 Changes in.. Trade and other debtors Trade and other creditors {5,306) 13,461 8,425 1,074 (2,600) (41,227) Cash generated from operations Interest received 323 411 Net cash frorn/(used in) operating activities ,748 (40,816) Cash flows from investing activities Purchase of tangible assets Nel cash used in investing activities (1,848) (1,848) (1,002) (1,002) Net increasel(decreasel In cash and cash equivalents Cash and cash equlvalents at beginnlng of year Cash and cash equlvalents at end of year 6,900 34,007 40,907 (41,818} 75,825 34,007 The note8 on pages 18 to 27 fomi part of those financial statsmgnts. 17-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit entity and a private company limited by guarantee, registered in N Ireland and a regiSted charity in Northern Ireland. The address of the registered office is 14 Garryduff Road, Ballymoney, BT53 7AF. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern The Trustees are satisfied that there continue5 to be demand for high quality childcare in the local area, and that they have successfully maintained market share. A comprehensive evaluation of the company's service delivery was performed to identify potential weaknesses and to implement necessary changes. This has led to an increase in fee income of £39,743. In addition, introducing the Nl Childcare Subsidy Scheme in September 2024 has been an ovemhelming success, contributing £41,861 to the resultant in-year surplus. Atthough childcare provision continues to be affected by increasing operating costs, not least fuelled by increases in the National Living and National Minimum Wage, the Trustees are hopeful that the return to surplus will perpetuate in future years, and that the overall financial position of the company will improve. The Trustees are most grateful to have the ongoing support of Ballymoney Church of God, who continue to appreciate the immense contribution that Happy Days makes on a daily basis within our community. Their commitment, demonstrated by their effort5 to transform the business, is clear. Their goal is suslainabilily. The Trustees are nonetheless mindful that should income fall, subsidies become unavailable or expenditure increase pervasively, the going concern basis of preparation may become invalid. The financial statements have been prepared on a going concern basis, Ihe validity of which depends on the operational success of the charity and ongoing support from the third parties alluded to above, they do not include any adjustments that would result from withdrawal of this support. Accordingly, it has been assumed that the company will be able to continue in operational existence for the foreseeable future and to meet its liabilities as they fall due. In such circLsmstances, the going concern basis of preparation may become invalid, and adjustments would have to be made to reduce the value of assels lo their recoverable amount to provide for any further liabilities which might arise, and to reclassify fixed assets as current asset5. 18-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accounting policies (contlnuodj Judgements and key sources of estlmatlon uncertainty The pparatIOn 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. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming r8sources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. 19-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2025 Accounting policies fcontlnued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charrtable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to Charitable activities. other expenditure includes all expenditure that is neither lated to raising funds for the charity nor part of its expenditure on charitable activities. All cosls are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible asset5 Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within Ihe statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it oftsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Motor Vehicles Equipment 250/0 reducing balance 209/0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out al each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amounl, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. -20-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Ststements (¢onllnued) Year ended 31 March 2025 Accounting policles (¢ontlnuedJ Impalrment of fixed assets (¢ontlnu•dJ For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-genepting units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Short temi employee benefits The company provides short term benefrts including holiday pay to their employees. These are recognised as an expense in the period in which the service is received. Financlal instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequentty measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Vvhere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are Subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instrumenls in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objedive evidence of impairment at the end of each reporting date. If there is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 21
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Statements (¢ontlnu•d) Year ended 31 March 2025 Accounting policles fcontlnu8d) Flnancial instruments {continuedJ For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds whal the carrying amount would have been had the impaimient not previously been recognised. Defined Contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Wheri contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee The company is limited by guarantee, has no share capital and is recognised as a Charity by HM Revenue and Customs. The liability of members of the company is limited to £1 per member. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2025 Donations Fees Milk scheme Fundraising for Macmillan Cancer Support Fundraising for Children in Need Fundraising for Sandelford School Fundraising for Nl Children's Hospice Commissions from Tempest Photography Fundraising for Harry's Help Fundraising for Save the Children Other donations 764,972 1,745 764,972 1,745 268 268 190 190 176 225 40 176 225 40 Grants H&SCB Grant All AgeslBeth Johnston Foundation Grant 3,000 125 3,000 125 766.947 3,794 770,741 -22-
Happy Days Community Childcare Centre Company Llmited by Guarantee Notes to the Financial Statements fcontlnu•dJ Year ended 31 March 2025 Donatlons and legacies (continued) Unrestricted Funds Restricted Total Funds Funds 2024 Donations Fees Milk scheme Fundraising for Macmillan Cancer Support Fundraising for Children in Need Fundraising for Sandelford School Fundraising for Nl Children's Hospice Commissions from Tempest Photography Fundraising for Harry's Help Fundraising for Save the Children Other donations 683,369 1,734 683,369 1,734 398 226 135 158 168 398 226 135 158 168 Grants H&SCB Grant All AgeslBeth Johnston Foundation Grant 2,160 2,160 685,271 3,077 688,348 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest receivable 323 323 411 411 Expendlture on charitable activltles by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Childcare provision Support costs 759,152 3,000 762.152 4,540 763,692 3,000 766,692 4,540 Unrestricted Funds Restricted Total Fund5 Funds 2024 Childcare provision Support costs 728,385 3,000 3,823 732,208 3,000 731.385 3,823 735,208 -23-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Ststements {¢ontlnu•d) Year ended 31 March 2025 Expenditure on charltsble activitles by activity type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Childcare provision Govemance Costs 763,692 763,692 3,000 732.208 3.000 3.000 763,692 3,000 766,692 735,208 Net incomel(expenditure) Net in¢omel(expenditure) is stated after chargingl(crediting}'. 2025 2024 Depreciation of tangible fixed assets 2,908 2,915 10. Auditors remuneration 2025 2024 Fees payable for the audit of the financial statements 3,000 3,000 Fees payable to the charity's auditor and its associates for other services.. Other non-audit services 6,328 4.030 11. Staff costs The total staff costs and employee benefrts for the reporting period are analysed as follows: 2025 2024 Wages and salaries Employer contributions to pension plans 634,317 17,612 600,657 15,924 651,929 616,581 The average head count of employees during the year was 38 (2024.. 37). The average number of full-time equivalent employees during the year is analysed as follows.. 2025 2024 No. Number of management staff Number of nursery staff 36 35 38 37 No employee received employee benefils of more than £60,000 during the year {2024.' Nil). -24-
Happy Days Community Childcare Centre Company Limlted by Guarantee Notes to the Financial Statements {contlnuedJ Year ended 31 March 2025 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity were received by any of the trustees. 13. Tangible fixed assets Motor vehicles Equipment Totsl Cost At 1 April 2024 Additions Disposals At 31 March 2025 15,300 16,239 1,848 (313) 17,774 31,539 1,848 (313) 33,074 15,300 Depreclation At 1 April 2024 Charge for the year Disposals At 31 March 2025 11,669 908 12,047 2,000 (313) 13,734 23,716 2,908 {313) 26.311 12,577 Carrylng amount At 31 March 2025 2.723 4,040 6.763 At 31 March 2024 3,631 4,192 7,823 14. Debtors 2025 2024 Trade debtors Prepayments and accrued income 7,113 875 1,820 873 7,988 2,693 15. Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income Social security and other tsxes Pension credltor 54,425 6,381 3,578 48,218 6,382 3,021 64,384 57,621 16. Deferred Income 2025 2024 Amount deferred in year 28,684 15,779 -25-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 16. Deferred income (contlnued) In the current year the charity has deferred income of £28,684 (2024.. £15,779). This relates to invoices raised in the current year for childcare provision post year end. 17. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £17,612 (2024: £15,924). 18. Analysis of charitable funds Unrestricted funds At 31 March 202 At 1 April 2024 Income Expenditure General funds (14,990) 767,270 (762,152) (9,872) Al 31 March 202 At 1 April 2023 Income Expenditure General funds 30,713 685,682 (731,385) (14,990) Restrlcted funds At 31 March 202 At 1 April 2024 Income Expenditure Restricted Fund - Happy Days Community Childcare 1,892 3,794 (4,540) 1,146 At 31 March 202 At 1 April 2023 Income Expenditure Restricted Fund - Happy Days Community Childcare 2,638 3,077 (3,823) 1,892 -26-
Happy Days Community Childcare Centre Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2025 19. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net Ilabllltles 5,617 48,895 (64,384) (9,872) 1,146 6,763 48,895 164,384) (8,726) 1,146 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net liabilities 5,931 36,700 {57,621) 1,892 7,823 36,700 (57,621) {14,990) 1,892 (13,098) 20. Financial instruments Where reduced disclosures are applied, disclosures from the Companies Act 2006 still need to be made regarding the fair value of the instruments in each category and the changes in value recognised in profit and loss. Disclosures of the significant assumptions underlying the valuation models and techniques used, and exient and nature of derivative instruments are also quIred. 21. Analysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand 34.007 6,900 40,907 22. Related partles During the year, Happy Days Community Childcare Centre paid £33,000 (2024.. £37,700) to the Church of God at Ballymoney. This was by way of a long established Service Level Agreement. In the prior period an amount of £4,150 was wriiten off relating to a car loan that the charity loaned from the church. -27-