CHARITY REGISTRATION NUMBER.. SC041375 Soroba Young Family Group Nursery Unaudited Financial Statements 31 March 2024 LEM Chartered accountants 5 Argyll Square Oban Argyll PA34 4AZ IAT EDA
Soroba Young Family Group Nursery Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial aciivities Notes to the detailed statement of financial activities 16 17
Soroba Young Family Group Nursery Trustees, Annual Report Year anded 31 March 2024 The trustees present their re)rt and the unaudited financial slalements ol the charity for the year ended 31 March 2024. Reference and administrative details Reglstered charity nam& Soroba Young Family Group Nursery Charity regi8tration nurnber SC041375 Principal offlce The tnJslee8 Independent examlner A Clemenl Associates C.A. rgyi Oban Argyll PA34 4AZ uare Structure* govemanee and rnanagemenl Organlsatlonal Wru¢lure The Charity is rnanaged by its board of Irustees, Govemance and Internal control The trustees have examlned the oharills exposure to strategic, linancial. busine88 and operational risks. The trustees are salisfied thal adequate systems and procedures are in plaGe, Risk mitigation and any changes to the identrfied risks are recorded in the minutes of the Board meetings. Objectlves and actlvllles Objects & Purposes ol the Charlty The aim of the group 15 to advance Ihe educatiors and social development of pre-school children wth Ihe emphasis on leaming through play In line with outcomes and experiences from the CurrFcLslum for Excellence Eady Level, SHANARRI & GIAFEC principles so Ihat they take a ConstrU1Ve place in the community and glving them a strong base for their lea,"ning lif& and helping thern 'be the best that they can bel,
Soroba Young Famlly Group Nursery Truste88' Annual Report (conllnu•d) Year ended 31 March 2024 Achievements and perforrnancé The nursery Is thrivrng and has reached our maximum capacity of 3-5 year olds receiving lunded ELC. Our two year old spaces are also lull with a mixture ot funded Eligible 2s and self funded places. There is a Continu waitlisl for 2 year old spaces. We continue to offer wrap around car8. nanclal revl•w The charty achieved a surplus for the year of £13,811 (2023.. deficit £18,035). Resenies Reserves are held to meel future costs. o !./0 . IF..... The irustees, annual report was approved on ... ... and signed on behalf of thg board of
Soroba Young Family Group Nursery Independent Examlnerfs Report to the Trustees of Soroba Young Famlly Group Nursery Year ended 31 March 2024 I report to the trustees on my examination of the flnancial slatemeftts ol Soroba Young Famlly Group Nursery (Ihe charill} for the y8ar ended 31 March 2024. Responslblllties and basis of report As the trustees of Ihe charity you are responsbi le for the preparation of the financial statomenls in accordance with the requiremgnts of the Charities and Trustee Inveslrnent (Scollandj Act 2005 Ilhe .2005 Act'l and the Charities Accounts (Scollandl Regulations 2006 (as amended). You are satisfied that your charily is not required by charity law to be audited and have chosen Instead to have an independent examination. I report in respe of my axaminaiion of the charitls tlnancial statements as carried OLrt under section 44{1)Ic) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulaiion 11 of the Charities Accounts (Scoiland) Regulations 2006 (as amended). Independent examlnerfs statement Since the charity has prepared rts accounts on an accwals basis your examiner must be a member of body listed In Regulation 11 {2} of the Charities Accounts (Scotland) Regulations 2006 {as amend8dl- l Can confirm that l am quajlfled to undertake Ihe examinalion because l am a registered member of ICAS which is one ol the listed bodies. I have completed my examination. I confirm that no matlgrs have come to my altenlion gNing me cause to believe thal in any material respect". accounling records were not kept as requlred by section 4411)(al of the 2005 Act and Regulation 4 of lh8 Chartties Accounts (Scotland) Regulallons 2006 {as amended)- or the linancial statem8nts do not accord Vdith those r8cDrds,' or the linanclal statements do nDI comply th the accounting requirements of Regulation 8 of the Charities Accounts Iscotlandl Regulations 2006 (as amended). I have no concerns and have come across no olher matters In eonnecllon Mth the examlnaiion to which atteniion should be drawn in thls report in order to gnable a proper understanding of the aTrpcup,ts to b? reuchc-d.
Soroba Young Famlly Group Nursery Statement of Flnancial Activities Year ended 31 March 2024 2024 Restricted lunds Tolal funds 2023 Unrestricted funds Tota] funds Note Income and endowments Donations and legacies Charitable activsties Fundraising activities Investment income 10,076 215,022 1.505 77 249.823 2,443 433 249,823 433 Total Income 252,699 252,699 226,680 Expendlture Expenditure on charitable activities Total expenditure 237,027 237,027 1,861 1,861 238,888 238,888 244.715 244,715 Net In¢ornel{expenditure) and net movement In funds 15.672 11,861) 13,811 118,0351 Reconciliatlon of funds Total funds brought forward Total funds carried fonvard 135,796 151,468 6,499 4,638 142,295 156,106 160,330 142,295 The statement of financial activitigs includes all gains and losses recognised in the year. All income and expenditure derive from continuing activtslies. The notes on pages 6 to 14 form part ot these flnanclal statements.
Soroba Young Family Group Nursery Slatempnt of Flnancial Positlon 31 March 2024 2024 2023 Note Flxed assets Tangible frxed assets 14 9,102 13,402 Current a&8ets Debtors Cash al bank and in hand 15 360 151,296 151,656 800 131.082 131.882 Creditors.. amounts falllng due wlthln one year Net current a&8els 16 4.652 147,004 156,106 2,989 128,893 142,295 142,295 Totsl ?ssots1088 current liabilltles Net as8ets 156,106 Funds ol the charlty Restricted funds Unrestricted funds 4,638 151,468 156,106 6,499 135,796 142,295 Total ¢harily funds 17 These financial statements were approved by the board of trustees authoTised for issue on i..../.o X¥ d Jn beialf of Ih. rd by.. rusiee The notes on pages 6 to 14 lomi pJrt ol thests tlnanelal ststements.
Soroba Young Family Group Nursery Notes to the Flnanclal Ststements Year ended 31 March 2024 General inlormatlon The charity is a public benefit entity and a re The address of the principal offlce is Islered charit in Scotland a.Id is unincor orated. Stalamenl of compliance These financial statements have been prepar8d in compliance with FRS 102. 'Th• Financial Reporting Slandaro applicable In the UK and the Republlc ol Ireland,, the Staiemern of Recommended Practice applicable to charfties preparing their aountS in accordance with Ihe Financiai Raporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1 Q2) (Charities SORP IFRS 102)) and the Charrlies and Trustee Investment (Scolland) Act 2005 and th8 Charity Accounls (Scotland) Regulations 2006 {as amended). Accounting pollcSes Basls of preparation Th8 fTnancial stalemenls have b6Èn prepared on the historical cost basis, as modified by the revaluation of certain financial assels and liabililles an¢J investment properties measured at fair value through income or expenditure. The financial statements are prepared in s1erling, which is the funlonal ¢wrrency of the enlty. Going ooncern There are no materlal un¢ertainties about the charitls abillty to continue. Disclosure exernptions The entity satlsfies the criteria of being a qualityng entity as delined in FRS 102. As such, advantage has been laken of the following dlsclosure exemptions available under paragraph 1.12 ol FRS 102: la) No cash flow statement has been presented for the company, {b) Disclosures in respect of financial instruments have noi been presented. Judgements and key sources of eslimatlon uncertalnty Thg preparation of the financial slalemenls requir8s management to make ju(hJemenls. esiimates and assumptions that affect the amounts reported. These esiimates and judgéments are conlinually reviewed and are based on experience and olher factors. including expeclalions of futLJrÈ events that are believed to be reasonable under Ihe circumstances.
Soroba Young Family Group Nursery Notes to the Financlal Statements (conllnuedj Year ended 31 March 2024 Accounting policies (ntInued) Fund accountlng Unrestricted funds are avallable for use at Ihe discretion ot the trustees to turther any of Ihe charity's purposes. Designated funds are unrestricted funds earmarked by ihe trustees for particular future project or ccrnmttment. Reslricted funds are subjected to restriclions on Iheir expendilure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Income All income is included in the stalement of financial activities when entitlemenl has passed to the charlly, it is probable that the eGonomic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specilic policies are applied lo particular categories ot Income.. income from donations or grants is recognlsed when there Is evidence of 8ntitlement to the gift. receipt is probable and ils amount can be measured reliably. legacy income is recognised when recelpi Is probable and entitlement is established. income from donated goods is measured at the fair vaiue ol the goods unless this is impracticle to measure reliably, in which case the value is derivecl from the cost to Ihe donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliabily measured. No amounts are included for Ihe 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 unrestrlcted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned il unspent. in which case it may be regarded as restricled, Expendilure Expenditure is recognispd on an accruals basls as a liability is incurred. Expenditure includes any VAT which cannol be lully recover8d. and is classified under headings of the statement ol financial activities to which it relates., expenditure on ralsing tunds includes the costs ol all fundrasing activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on Charitable activities includes ail costs incurred by a charity In undertaking activities thal further its charilable aims for Ihe benefft of its beneficiaries, including those support costs and costs relating to the governance of Ihe charity apportioned to charitable activities. other expenditure Includes all expenditure that is neilher related to raising funds for the charity nor part of its 8xpenclitur& on charitable activities.
Soroba Young Family Group Nursery Notes to the Financial Statements (contlnuod) Year ended 31 March 2024 Accounting policies (continu•dJ Expendllure (contInid) All cosls are allocated lo expenditure categories reflecting ihe use of the resource. Direct cosls attributable to a single activity are allocated directly to thal a¢tivity- Shared costs are apprortioned belween the aetivities they contribute to on a reasonable, justrfiable and consistent basis. Tangible assets Tangible assets are initially recorded al cost. and subsequenlly stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at the falr value al the date ol revaluation less any subsequent accumulated depreciation and subsequent accumulated impairmenl losses. An increase in the carrying amounl of an asset as a result ol a revaluation, is recognised in other recognised gains and105ses. unless it reverses a charge for impaSrment that has previously been recognised as expendilure within the statement of financial a¢livitses. A decrease in the carrying amount of an asset as a result of revaluation, is recDgnised in olher recDgnlsed gTrS and losses, except to which il offsets any prevlous revaluation gain, in which case the loss is shown within other recognised galns and losses on the statement of financial activities. Depreclalion Depreciation is calculated so as to write off the cost or valuation of an asset, 18ss Ils residual value, over the use*ul econornic life of that asset as follows- Equipmenl 25V• Straighl line Impairment of fixed assets A review for indicators of impaiment is carried oul al each reporting dale. with the recoverable amount being estimated where such indicators exisl. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly, Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when il is not possible to estimate the recoverable amounl of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generaiing unit is the $Mlest identifiable group of assets that Includes the asset and generates cash inflows that largely Independent of the cash Inflows Irom other assets or groups of assets. For impairment tesling of goodwll, the goodwill acquired in a business combination Ss. frorn the acquisition date, allocated lo each of Ihg cash-generating units that are expected to benefit from the synergies of the combination. irrespectNe of whether other assets or liabilities of the charity are assigned to Ihose unlts. Financial Instruments A financial asset or a linancial liability Is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised al the amount CeiVable or payable Including any related transaction costs.
Soroba Young Family Group Nursery Notes to the Financlal Statements (continu•d) Year ended 31 March 2024 Ac¢ountlng policies {continu8dJ Financial Instrumenls (contlnued) Current assets and current liabilities are subsequentty measured at the cash or other consideration expecled to be paid or received and not discounted. Debt instruments are subsequenlly measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be rneasured reliably, the investment is subsequently measured at fair value wth changes in far vaiue 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 lar value, unless paymenl lor an asset is deferred beyond normal business terms or financed at a rate of interest that is nol a market rate, in which case the asset is measured al the present value of the future payments discounted at a market rale of interest for a similar debt instrument. Other financial instruments are subsequenlly measured at fair value, wtth any changes recognlsed in the statement of linancial activities. with the exception of hedging inslruments In a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impaimient at the end ol each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading In the slatemenl of financial activff(ies in which the initiaj gain was recognised. For all equity instruments regardless of 8¢gnificance, and other financial assets that are individually significant. these are assessed IndividulY for impairment. Other financial assets are efther assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immedialety, to Ihe extent that Ihe reversa does not result in a carwng amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacles Unrestricled Funds Restricted Total Funds Funds 2024 Donations Donations Grants Ar91 & Bute Council Unrestricted Funds Reslricled Total Funds Funds 2023 Donalions Donalions 500 500
Soroba Young Family Group Nursery Notes to the Financial Staiements (coniinued) Year ended 31 March 2024 Donatlons and legacles (eontlnued) unre$tried Restricted Total Funds Funds Funds 2023 Grants Argyll & Bute Council 9,576 9,576 9,576 10,076 500 Charltable activities Unrestricted Tolal Funds Unreslricted Total Funds Funds 2024 Funds 2023 Early Years funding AdditlDnal SLJPPOrt Needs fundlng Fee5 229,511 2,798 17,514 249,823 229,571 2,798 17.514 249,823 199,974 199,974 15.048 215.022 15,048 215,022 Fundraising activities Unrestricted Tolal Funds Unr8Strlcted Total Funds Funds 2024 Funds 2023 Fundraising income 2,443 2.443 1,505 1,505 Investrnent In¢ome Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 433 433 77 77 Expenditure on charitable acllvities by fund type Unrgstricied Funds Restricted Total Funds Funds 2024 Early Years Education Support costs 235,947 1,080 237,027 1,861 237.808 1,080 238,888 1,861 Unrestricted Funds Restricled Total Funds Funds 2023 Early Years Education Support Costs 240,586 996 3.133 243.719 996 241,582 3,133 244,715 10
Soroba Young Family Group Nursery Notes to the Financial Statements (continuedj Year ended 31 March 2024 Expendlture on Charitable acllvltles by actrvity lype Activities undertaken directiy Support costs Tolal funds 2024 Total tund 2023 Early Years Education Governance costs 237.808 237,808 1,080 243.719 996 1,080 1,080 237,808 238,888 244,715 10. Net Ineomel(expenditure) Net in¢ome/(expenditure) is stated after chargingl{crediting}.' 2024 2023 Depreciation of tangible fixed assets 6,928 6,272 11. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examinalion of the linancial statements 1,080 996 12. Staff costs The total staff costs and émployee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries 188,410 184.061 The average head count ot employe8s during the year was 1012023: 9). No employee received employee benefils of more than £60,000 during the year12023: Nil}. 13. Trustee remuneratlon and expenses The ¢harty trustees were noi paid and did not receive any remuneration, benefits in kind or reimbursement ol expense5 in their capacity as trustee during the year. No trustee received payment tor professional or other services supplied to the charity. 11
Soroba Young Family Group Nursery Notes to the Flnancial Statements (ContInu} Year ended 31 March 2024 14. Tanglble fixed assets Equipment Cost At l Apr 2023 Additions 25,085 2.628 27,713 At 31 Mar 2024 Deprecialion At 1 Apr 2023 Charge for the year At 31 Mar 2024 11.683 6,928 18.611 Carrying amount At 31 Mar 2024 9,102 13,402 At 31 Mar 2023 15. Debtors 2024 2023 Other debtors 360 800 16. Credltors: amounts falllng due within one year 2024 2023 Accruals and deterred income 4,6S2 2,989 17. Analysis of charitable funds Unrestricted funds At Transfers 31 Mar 2024 Al 1 Apr 2023 Income Expenditure General funds 135,796 252,699 1237.027} 151.468 At Transfers 31 Mar 2023 Al 1 Apr 2022 Income Expenditure General funds 160,330 217,104 (241,582) (56) 135,796 12
Soroba Young Family Group Nursery Notes to the Financial Statements (¢ontlnuod) Year ended 31 March 2024 17. Analysis of charitable funds (contlnued) Restrs¢ted funds Al Transfers 31 Mar 2024 At 1 Apr 2023 Income Expenditure Early Years Outdoor Granl Early Years Outdoor Grani- Equipment Early Years Indoor Grant Early Years Indoor Grant Equipment 470 470 2,704 449 (902) 1,802 449 2.878 6,499 (959) 11,861) 1,917 4,638 At Transfers 31 Mar 2023 At 1 Apr 2022 Income Expenditure Early Years Outdoor Granl Early Years Outdoor Grant- Equipment Early Years Indoor Grant Early Years Indoor Grant Equipment 1.530 (1,060) 470 3.550 661 (902) {212) 56 2,704 449 3.835 9,576 {9591 (3,133) 2,876 6.499 56 Early Years Outdoor Grant Grant funding was received from Argyll & Bute Council in the prior yeai to purchase waterproof clothing for both children and staff. Child walerproofs were purchased during ihe year and staff walerproofs will be purchased in Ihe next financial year, after the summer break. Early Yèars Outdoor Grant- Equipment Grant funding was recelved from Argyll & Bute Council to purchase outdoor equipment. Outdoor equipment Gosling £3,606 was capitalised during the prior year and will be depreciated over 4 years. The annual dèprecialion charge wll be allocated 10 1his restricted fund. Early Years Indoor Grant Grant funding was received from Argyll & Bute Council in the prior year to purchase indoor educational supplies. Earfy Years Indoor Grant- Equipment Grant funding was received from Arg% & Bule Council to purchase indoor equipment. Indoor equipment costing £3,835 was capilalised during Ihe prior y8ar and will be depreciated over 4 years. The annual depreciation charge will be allocated lo this resiricted fund. 13
Soroba Young Family Group Nursery Notes to the Financial Statements foontinu•d) Year ended 31 March 2024 18. Analysls of net assets between funds Unrestricled Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assels Creditors less than 1 year 5.383 150.737 {4,652) 151,468 3.719 919 9,102 151.656 (4,8521 156,106 Nel assets 4,638 Unrestricted Funds Restricled Tolal Fvnds Funds 2023 Tangible fixed assets Currenl assets Creditors less Ihan 1 year 13,402 131,882 12,989) 142,295 13,402 131,882 (2.989) 142,295 Net assets 14
Soroba Young Family Group Nursery Management Informatlon Year ended 31 March 2024 The followlng pages do not forni part of the flnancial stalernents. 15
Soroba Young Family Group Nursery Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations Ar91 & Bute Council 500 9.576 10,076 Charitable aetlvttles Early Years funding Additional Support Needs funding Fees 229.511 2.798 17,514 249,823 199,974 15,048 215,022 Fundraising activilies Fundraising income 2,443 1,505 Investmenl incorne Bank inleresl receivable 433 77 Total in¢ome 252,699 226,680 Expenditure Expenditure on charltable acltvities Purchases Wages and salaries Rent Rales and water Light and heat Repairs and maintenance Other molorltravel costs Legal and professional fees Telephone Other olfice costs Depreciation Educaiional supplies Children's outdoor clothing & unifomis Miscellaneous costs 4,796 188,410 9,402 917 3,294 5,153 2,859 1,080 4,372 1.500 6,928 8.855 528 794 4,822 184,061 6,955 979 6,424 15,339 1.173 996 2,907 2.400 6,272 10.572 1.060 755 238.888 244.715 Total expenditure 238,888 244,715 Net incomel(expendlture) 13,811 118,0351 16
Soroba Young Family Group Nursery Notes to the Detailed Statement ot Financial Activities Year ended 31 March 2024 2024 2023 Expendlture on charitable activities Early Years Education Activities undertaken directly Foods and milk Wages and salarles Renl Rates & water ghl & heat Repairs & maintenance Travel and outings Telephone, IT and postage Bookkeeping costs Depreciation Educational supplies Childrens outdoor clothing and uniforms Miscellaneous costs 4.796 188,410 9,402 917 3,294 5,153 2.859 4.372 1.500 6,928 8,855 528 794 4,822 184,061 6,955 979 6,424 15,339 1,173 2,907 2,400 6,272 10,572 1,060 755 237,808 243.719 Govemance costs Accountancy lees 1,080 996 Expenditure on charitable activities 238,888 244,715 17