CHARITY REGISTRATION NUMBER: 1037489
Flamstead Pre School Unaudited Financial Statements 31 July 2023
Flamstead Pre School
Financial Statements
Year ended 31 July 2023
----- Start of picture text -----
|||||
|---|---|---|---|
|Page|
|Trustees’|annual|report|2|
|Independent examiner's|report to the trustees|3|
|Statement|of financial|activities|4|
|Statement of financial|position|5|
|Notes to the financial|statements|6|
----- End of picture text -----
Flamstead Pre School
Trustees’ Annual Report
Year ended 31 July 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2023.
Reference and administrative details
| Registered charity name | Flamstead Pre-School |
|---|---|
| Charity registration number | 1037489 |
| Principal office | Village Hall |
| Church Road | |
| Flamstead | |
| St Albans | |
| AL3 8BN | |
| Hertfordshire | |
| TheTrustees |
| The Trustees | ||
|---|---|---|
| Emilie Griffin (resigned as Chair in May 2023) | ||
| Sushmita Dutta (joined in April, appointed Chair in May 2023) | ||
| Nigel Tully MBE | ||
| Rebecca Gisborne | ||
| Andrea Leather (resigned in May 2023) | ||
| Jennifer Evans (appointed May 2023) | ||
| Independent | examiner | ViadimiraCosierFCCA,BSc |
Structure, governance and management
The Trustees and the committee members are responsible for setting policies, managing and engaging staff, fundraising and organising social events. The staff are responsible for running the day-to-day operations of the Pre-School.
Trustee Recruitment
The trustees comprise at least 60% parents or grandparents of children attending the Pre-School (Family Members), and up to 40% co-opted residents of Flamstead Village (Affiliate Members). New Trustees are given instructions on their duties and responsibilities.
Objectives and activities
The Charity is governed by a constitution adopted on 1 September 2022, based on the Early Years Alliance Model Pre-School Constitution 2011.
The charity's objectives are to enhance the development and education of children under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups. The trustees have given due regard to the guidance on public benefit published by the Charity Commission and endeavour to make its facilities available to all children, some of whom receive funding.
1
Flamstead Pre School
Trustees’ Annual Report (continued) Year ended 31 July 2023
Achievements and performance
The Charity runs the Pre-School in Flamstead Village Hall. During the year the Pre-School provide facilities for up to 24 Children at any one time.
The Pre-School is required to have a staff to child ratio of 1 to 3 for children under age 2, a ratio of 1 to 4 for children under age 3 and a ratio of 1 to 8 for children over age 3.
The Charity's excess of expenditure over income was £6,234 (2022 £8,474). The trustees have worked hard to keep costs down whilst maintaining a high level of care; for the first time the charity was registered for Gift Aid, thereby helping the Trustees to generate significant donations to the Pre-School by local residents. The charity maintained the number of children attending the Pre-School despite a small increase in charges, thereby providing an improved fee income over the prior year. A successful effort was made to reduce the levels of long-term debtors, a legacy of the pandemic.
Financial review
Overall, the financial position has been challenging. Unfortunately, the Covid pandemic had a negative impact on the Preschool and hence the recovery period is longer than expected. The reserve funds can currently cover 1-2 months of running costs. Actions have been taken to improve the nursery's position by appointing new committee members and making significant changes to the nursery's structure and charging policy, including measures to rationalise operating costs. The trustees have no reason to consider that the Preschool will be unable to continue as a going concern.
The trustees’ annual report was approved on 20. 3.2624 and signed on behalf of the board of trustees by: Sushmita Dutta 2 a
----- Start of picture text -----
hair
----- End of picture text -----
2
Flamstead Pre School
Independent Examiner's Report to the Trustees of Flamstead Pre School Year ended 31 July 2023
I report to the trustees on my examination of the financial statements of Flamstead Pre School (the charity') for the year ended 31 July 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the financial statements do not accord with those records: or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Viadimira Cosier Independent Examiner
13 Dammersey Close Markyate St Albans Hertfordshire AL3 83S
Date: [P/03/2Y£ “a
3
|
|
|
| |
Flamstead Pre School
Statement of Financial Activities
Year ended 31 July 2023
| 2023 | 2023 | 2022 | |||
|---|---|---|---|---|---|
| Unrestricted | Total funds | Total funds | |||
| funds | |||||
| Note | £ | £ | £ | ||
| Income and endowments | |||||
| Donations and legacies | 4 | 7,331 | 7,331 | - | |
| Charitable activities | 5 | 78,429 | 78,429 | 72,102 | |
| Other income | 6 | 2,670 | 2,670 | 7/2 | |
| Investment income | 7 | 30 | 30 | 2 | |
| Total Income | 88,460 | 88,460 | 72,876 | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Cost of other trading activities | 8 | - | - | = | |
| Expenditure on charitable activities Total expenditure |
9,10 | 94,694 __94,694 |
94,694 _94,694 |
81,350 = 81,350 |
|
| Netmovement infunds | 6,234 | 6,234 | 8,474 | ||
| Reconciliation of funds | |||||
| Total funds brought forward Totalfundscarriedforward |
__-15,250, ____9,016 |
_ = |
_15,250 ___9,016__ |
___23,724 15,250 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
| | ] | |
The notes on pages 6 to 14 form part of these financial statements.
4
Flamstead Pre School
Statement of Financial Position
31 July 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Note | £ | E | |
| Fixed assets | |||
| Tangible fixed assets | 15 | 140 | 375 |
| Current assets | 1400 | 375 | |
| Debtors | 16 | 4,692 | 10,737 |
| Cash at bank and in hand | 5,424 | 4,982 | |
| 10,116 | 15,719 | ||
| Creditors: amounts falling due within one year | 17 | 1,240 | 844 |
| Netcurrent assets | ___8,876_ | _14,875 _ | |
| Total assets lesscurrent liabilities | __9,016_ | 15,250 | |
| Netassets | 9,016 | 15,250 | |
| Funds ofthe Charity | |||
| Unrestricted funds | 19 | 9,016 | 15,250 |
| TotalCharityfunds | 9,016 | 15,250 |
These Financia statements were approved by the board of trustees and authorised for issue on FO... 2OLG-..., and are signed on behalf of the board by:
Stuushmita Dutta air
5
Flamstead Pre School
Notes to the Financial Statements
Year ended 31 July 2023
- General Information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Village Hall, Church Road, Flamstead, St Albans, Hertfordshire, AL3 8BN.
- 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 Charities Act 2011.
- 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.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The company has taken the advantage of the exemption in Financial Reporting Standard 102 Section 1A from the requirement to produce a Cash Flow Statement and disclosure on Financial Instruments on the grounds that the charity is small.
Judgements and key sources of estimation uncertainty
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.
Income tax
The Pre School is a registered charity and accordingly is exempt from taxation on its income and gains whilst they are applied for charitable purposes.
6
Flamstead Pre School Notes to the Financial Statements (continued) Year ended 31 July 2023
3. Accounting policies (continued)
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 earmarked 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 terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
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:
-
e 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.
7
Flamstead Pre School Notes to the Financial Statements (continuea) Year ended 31 July 2023
3. Accounting policies
(continued) Resources
expended
Expenditure is recognised on an accruals basis asa 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, noncharitable trading activities, and the sale of donated goods.
-
e expenditure on charitable activities indudes 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.
-
e other expenditure indudes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs 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.
Operating leases
Lease payments are recognised as an expense over the lease term ona straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straightline basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment 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 the 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 offsets 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:
Equipment
- 33.3% straight line
8
Flamstead Pre School
Notes to the Financial Statements (continued) Year ended 31 July 2023
3, Accounting policies (continued) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. 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 it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating 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-generating 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.
4.Donations and legacies
----- Start of picture text -----
2023 2022
Unrestricted Total funds Total funds
funds
£ £ £
Donations
Donations and legacies 7.331 7,331 .
5. Charitable activities
2023 2022
Unrestricted Total funds Total
funds funds
£ £ £
Charitable.. activities..
Fees 78,429
sss ene n ——78,429_ _72,102
----- End of picture text -----
Charitable.. activities.. Fees
9
Flamstead Pre School
Notes to the Financial Statements (continued) Year ended 31 July 2023
6. Other income
Other income
Other income
7. Investment income
Other income
Interest received
- Costs of other trading activities
Cost of other trading activities Cost of other trading activities
----- Start of picture text -----
2023 2022
Unrestricted Total funds Total funds
funds
£ £ £
2,670 2,670 772
2023 2022
Unrestricted Total funds Total funds
funds
£ £ £
30 30 2
2023 2022
Unrestricted Total funds Total funds
funds
£ £ £
- = =
----- End of picture text -----
10
Flamstead Pre School
Notes to the Financial Statements (continued) Year ended 31 July 2023
9. Expenditure on charitable activities
.
| 2023 | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Total | funds | Total funds | |||
| funds | ||||||
| £ | £ | £ | ||||
| Expenditure on charitable | ||||||
| activities | ||||||
| Wages and salaries | 75,712 | 75,712 | 65,886 | |||
| Sub-contractors | 267 | 267 | 1,134 | |||
| Pension contributions | —. | 1,113 | 1,113 | 897 | ||
| Rent | 8,748 | 8,748 | 5,834 | |||
| Legal and professional fees | 3,144 | 3,144 | 2,775 | |||
| Material and equipment | 1,868 | 1,868 | 1,808 | |||
| Advertising | 696 | 696 | 25 | |||
| Telephone | 251 | 251 | 230 | |||
| Recruitment cost | 47 | 47 | 103 | |||
| Insurance | 877 | 877 | 787 | |||
| Subscription | 686 | 686 | 735 | |||
| Training | 246 | 246 | 580 | |||
| Donations | 300 | 300 | - | |||
| Bank charges | 48 | 48 | 41 | |||
| Other office cost | 421 | 421 | 246 | |||
| Legal fees | 35 | 35 | 35 | |||
| Total Income | 94,459 | 94,459 | 81,116 | |||
| 10. Depreciation |
||||||
| 2023 | 2022 | |||||
| Unrestricted | Total | funds | Total funds | |||
| funds | ||||||
| £ | £ | £ | ||||
| Depreciation of tangible fixed | ||||||
| assets | ||||||
| Depreciationofofficeequipment | 235 | 235 | 234 |
Depreciation of tangible fixed assets Depreciation of office equipment
11
Flamstead Pre School
Notes to the Financial Statements (continued) Year ended 31 July 2023
11. Cost of other trading activities
| 11. | Cost of other trading activities | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Unrestricted | Total funds | Total funds | ||
| funds | ||||
| £ | £ | £ | ||
| Cost | of other trading activities | |||
| Material and equipment | ecsesapsmananttin | _ | _ 2 | |
| 12. | Independent examination fees | |||
| 2023 | 2022 | |||
| Unrestricted | Total funds | Total funds | ||
| funds | ||||
| £ | £ | £ | ||
| Fee payable to the independent | ||||
| examiner for: | ||||
| Independent examination of the | 690 | 690 | 690 | |
| financialstatements |
13. Staff cost
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | £ | ||
| Wages and salaries | 75,712 | 75,712 | 65,886 | |
| Employees benefits | - | - | “ | |
| Employer contributions to pension plan | 1,413 | 1,113 | 897 | |
| 76,825 | 76,825 | 66,783 |
The average head count of employees during the year was 8 (2022: 7)
No employee received employee benefits of more than £60,000 during the year (2022: ENil).
14. Trustee remuneration and expenses
No Trustee remuneration or other expenses were paid during the year (2022: ENil).
12
Flamstead Pre School
Notes to the Financial Statements (continued)
Year ended 31 July 2023
| 3 ible fixed assets 15. Tangible |
Equipment |
|---|---|
| £ | |
| Cost | |
| At 1 August 2022 | 2,796 |
| Additions | eae |
| At 31 July 2023 | 2,796 |
| Depreciation | |
| At 1 August 2022 | 2,421 |
| Charge for the year | 285 |
| At 31 July 2023 | 2,656 ae ee SO |
| Carrying amount | |
| At 31 July 2022 | 375 |
| At 31 July 2023 | 140 |
| 16. Debtors |
|
| 2023 | |
| £ | |
| Trade debtors | 3,708 |
| Prepayments | 291 |
| Other debtors | 693 |
| 4,692 | |
| 17. Creditors: amounts falling due within one year | |
| 2023 | |
| £ | |
| Trade creditors | 303 |
| Accrualsand deferred income | 690 |
| Social security and Pension | 247 |
| 1,240 |
18. Pensions and other post-retirement benefits
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,113 (2022: £897).
13
19. Analysis of charitable funds Unrestricted funds
| 01 | August 2022 | Income | Expenditure | 31 July | ||
|---|---|---|---|---|---|---|
| 2023 | ||||||
| £ | £ | £ | £ | |||
| Unrestricted | fund | 15,250 | 88,460 | (94,694) | 9,016 | |
| ____15,250_ | _72,876 | (81,350) | S906 |
Flamstead Pre School
Notes to the Financial Statements (continueg) Year ended 31 July 2023
20. Related parties
The trustees are usually parents of children attending the Pre School and are charged the same rate as other parents.
14