WORSTEAD PRE-SCHOOL
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
Registered Charity no: 1041749
WORSTEAD PRE-SCHOOL
| _________________ | _________________ |
|---|---|
| Contents |
Page |
| Trustees’ report | 1 - 3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the Financial Statements | 7 - 10 |
WORSTEAD PRE-SCHOOL
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General information
| Principal address: | Worstead Pre-school |
|---|---|
| Queen Elizabeth Hall | |
| Ruin Road | |
| Worstead | |
| NR28 9WH | |
| Trustees: | Mrs K Plane (Chair) (Appointed 23/09/2020) |
| Mrs E Hudson (Secretary) (Appointed 02/11/2021) | |
| Mrs L Willoughby (Treasurer) | |
| Mrs F Day (Resigned 02/11/2021) | |
| Mrs J Liu (Appointed 23/09/2020 & Resigned 02/11/2021) | |
| Mrs C Gwilliam (Appointed 23/09/2020) | |
| Ms L Sandell (Resigned 08/09/2020) | |
| Mrs H Fenwick (Resigned 23/09/2020) | |
| Mrs V Nicholson (Resigned 23/09/2020) | |
| Bankers: | National Westminster Bank PLC |
| 21 Gentleman’s Walk | |
| Norwich | |
| Norfolk | |
| NR2 1NA | |
| Independent examiner: | A Orves FCCA FCA |
| For and on behalf of | |
| Sexty & Co | |
| Chartered Certified Accountants | |
| and Registered Auditors | |
| 2a Church Street | |
| North Walsham | |
| NR28 9DA |
WORSTEAD PRE-SCHOOL
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Report of the trustees for the year ended 31 August 2021
The trustees of Worstead pre-school present their annual report and financial statements for the year ended 31 August 2021 which have been prepared in accordance with the accounting policies set out in note 1 to the financial statements.
Structure and Management
Worstead Pre-school is a registered charity (No. 1041749) and is governed by its constitution adopted on 15 October 1992 as amended on 24 September 2019.
The management and control of Worstead Pre-school is the responsibility of the management committee whose members are also trustees.
Members are elected to the management committee and to be trustees at the Annual General Meeting and at the first Committee meeting following the Annual General Meeting at which the newly elected members of the Committee are elected they shall choose from amongst their number the members who will act as Chair, Treasurer and Vice Chair.
Objects and activities
The objects of the Pre-school are to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups and by:
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a) offering appropriate play, education and care facilities, family learning and extended hours groups, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability;
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b) encouraging the study of the needs of such children and their families and promoting public interest in and recognition of such needs in the local areas;
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c) instigating and adhering to and furthering the aims and objects of the Pre-school Learning Alliance.
Report from Acting Chair at AGM (Jennifer Liu)
We have certainly had a different year, but successful all the same. Staff appraisals went really well and the children seemed to have settled nicely after the winter lockdown. I have only been acting as chair for the past few months so would like to invite Kirsty to add her bit if she would like to, as she has more experience of being the committee chair, but even in a short time I have seen how well the staff have coped with some real challenges over the past year. It is a shame that we have not yet been able to finalise the lease with the village hall, so I think this should be made a priority as it’s hanging over all of us to some extent. We have a number of new staff who appear to be doing very well and welcome to Karen our newest recruit. I hope the staff can continue grow in terms of training, experience and confidence and I wish the school and children the best for the future.
Cont’d/…
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WORSTEAD PRE-SCHOOL
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Report of the trustees for the year ended 31 August 2021 continued
Report from Supervisor (Clare Gwilliam)
We welcome back everyone and settle in new families, numbers are on the increase we started the term with 20 children on the register and now have 26 on the books and we are only in November. Unfortunately, we have lost 2 of our children due to siblings starting schools and parents finding it difficult to be in 2 places at once.
The year gone was a difficult year but the staff, committee, parents and most importantly children have coped extremely well.
Policies were updated and sent out to parents.
We are having to move our resources as the Queen Elizabeth village hall would like the rooms back to turn back into changing rooms. They have offered alternative storage space and we will be having discussions on how this is going to work for the best.
We welcomed new staff members to the team Karen our administrator, Adele our pre-school practitioner and Bethany our newly qualified practitioner. Everyone has fitted into the team fantastically.
Fair share continues to donate food which the staff take turns in picking up once a week. This gives the children plenty of choices and chances to try foods which they might not normally such as dragon fruit and different fresh breads.
The staff have all been extremely busy. Sally completed her level 3 special education needs qualification, all staff have attended first aid training and many webinars, Emma will be attending a lead practitioner safeguarding course, Adele is now in the process of her level 3 special education needs qualification and Bethany will be attending a safeguarding course. We will continue to feedback and keep each other updated on changes and ideas that could better our provision.
As always, I extend my greatest thanks to staff who work incredibly hard, to committee for their continued support and to parents and carers for helping to make the pre-school what it is today.
Financial Report from Pre-School Administrator (Karen Norfolk)
| Current | Business (contingency fund) | |
|---|---|---|
| Balance at Beginning of year | £46,034 | £36,008 |
| Balance at End of year | £58,563 | £36,012 |
| Balance of Petty Cash | £475 | |
| Our income for the year to 31stAugust 21 | £116,644 | |
| Our expenditure for the year to 31stAugust 21 | £95,000 | |
| Total income over expenditure | £21,644 |
Income notes:
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Our income was higher this year, due to a very strong number of children on the books.
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We had a large number of funded 2-year olds, which has equated to more sessions.
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We received Tesco Forest School Grant - £725.
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Full funding received for summer term.
Expenditure notes:
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A good control of expenses. Regular monitoring of our financial position.
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No major purchases.
Our main income is still Government funding. This totalled £91,531 Income for our standard fees totalled £15,189
We raised £2,124 from other initiatives. Such as car boot sale, online jumble sale, donations etc.
Cont’d/…
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WORSTEAD PRE-SCHOOL
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Report of the trustees for the year ended 31 August 2021 continued
Just to remind everyone that the Business Account (Contingency Fund) is there in case of emergencies, redundancies etc. I have calculated what we would need to cover three months trading and redundancy costs and this equates to £32,554. Therefore, I do not propose that we need to transfer anything through to this account at the current time.
Reserves policy
The Trustees have established a policy whereby the unrestricted funds held by the charity are maintained at such a level that the Trustees feel they would be able to continue the current activities of the charity in the event of a significant drop in income. The charity’s policy is to hold sufficient reserves that cover 3 months of expenditure. At the balance sheet date the unrestricted reserves amounted to £93,195 which the Trustees consider to be satisfactory.
The Trustees are satisfied with the financial position of the charity as shown in these financial statements.
Public Benefit Statement
The trustees confirm that they have complied with section 17 of the Charities Act 2011 to have due regards to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.
Risk management
The charity monitors its risk on an ongoing basis and is constantly reviewing policies in order to mitigate those risks throughout 2021 and beyond.
Internal risks are minimised by the implementation of procedures for authorization of all projects and to ensure consistent and quality delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they meet the needs of the charity.
Governance and internal control
Charity 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 charity and of the surplus or deficit of the charity for that year. In preparing those financial statements, the trustees have:
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selected suitable accounting policies and then applied them consistently;
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made judgments and estimates that are reasonable and prudent;
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stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepared the financial statements on the going concern basis.
The trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent examiner
Mr A Orves FCCA FCA is willing to continue as independent examiner and a proposal regarding his reappointment will be put to the next annual general meeting.
This report was approved by the Management Committee on 01 April 2022 and signed on their behalf by:-
Mrs K Plane Chair of Trustees
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WORSTEAD PRE-SCHOOL
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Independent Examiner’s Report to the Trustees of the Worstead Pre-school
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2021 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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:
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1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2) the accounts do not accord with those records; or
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3) the accounts 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.
A Orves FCCA FCA For and on behalf of Sexty & Co Chartered Certified Accountants and Registered Auditors 2a Church Street North Walsham Norfolk NR28 9DA
Date: 01 April 2022
WORSTEAD PRE-SCHOOL
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Statement of Financial Activities for the year ended 31 August 2021
| Note Unrestricted Funds Restricted Funds Designated Funds £ £ £ Incoming resources Incoming resources from generated funds: Activities for generating funds 2 1,858 - - Investment income 3 - - 4 Total incoming resources from generated funds 1,858 - 4 Incoming resources from charitable activities 4 108,111 - - Other incoming resources 5 5,946 725 - Total incoming resources 115,915 725 4 Resources expended Costs of generating funds: Fundraising trading cost of goods sold and other costs 6 354 - - Total resources expended for generated funds 354 - - Cost of charitable activities 7 87,938 - - Governance costs 8 1,175 - - Other resources expended 9 5,533 - - Total resources expended 95,000 - - Net incoming resources for the year 20,915 725 4 Funds brought forward 36,268 - 36,008 57,183 725 36,012 Transfers between funds - - - Funds carried forward 57,183 725 36,012 |
Total 2021 £ 1,858 4 1,862 108,111 6,671 116,644 354 354 87,938 1,175 5,533 95,000 21,644 72,276 93,920 - 93,920 |
Total 2020 £ 1,078 60 |
|
|---|---|---|---|
| 1,138 95,206 8,155 |
|||
| 104,499 | |||
| 84 84 90,296 1,268 5,421 |
|||
| 97,069 | |||
| 7,430 64,846 72,276 - 72,276 |
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WORSTEAD PRE-SCHOOL
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Balance Sheet as at 31 August 2021
| Note Unrestricted Funds Restricted Funds Designated Funds £ £ £ Fixed assets Tangible assets 10 6,464 - - Current assets Debtors 11 588 - - Cash at bank and in hand 12 58,313 725 36,012 58,901 725 36,012 Current liabilities Creditors: amounts falling due Within one year 13 4,547 - - Net current assets 54,354 725 36,012 Total assets less current liabilities 60,818 725 36,012 Creditors: amounts falling due after more than one year 14 3,635 - - Net assets 57,183 725 36,012 Charity funds Unrestricted funds 17 57,183 - 36,012 Restricted funds 17 - 725 - Total funds 57,183 725 36,012 |
Total T 2021 £ 6,464 588 95,050 95,638 4,547 91,091 97,555 3,635 93,920 93,195 725 93,920 |
Total 2020 £ 9,003 519 82,076 82,595 13,569 69,026 78,029 5,753 72,276 72,276 - 72,276 |
|---|---|---|
The notes on pages 7 to 10 form part of these financial statements.
The financial statements were approved by the Management Committee on 01 April 2022 and were signed on its behalf by:-
Mrs K Plane - Chair
Mrs L Willoughby - Treasurer
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WORSTEAD PRE-SCHOOL
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Notes forming part of the financial statements for the year ended 31 August 2021
1 Accounting policies
a. Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit as defined by FRS 102.
b. Incoming resources
Income from operating activities in furtherance of the charity’s objects is included in the period in which the charity is entitled to receipt.
c. Resources expended
Resources expended are recognised in the period in which they are incurred.
d. Grants
Grants are recognised in full in the Statement of Financial Activities in the year they are receivable.
e. Government grants
The charity received government grants during the prior year in respect of the Job Retention Scheme. This was accounted for in line with the above accounting policy for grants.
f. Funds
Unrestricted funds
These comprise funds which the trustees are free to use for any purpose in furtherance of the charity’s objects.
Restricted funds
These comprise funds which have been received but must be spent on a specific type of expenditure.
Designated funds
The designated fund is represented by monies held in the NatWest Reserve Account set aside as a contingency fund.
g. Tangible fixed assets
Individual fixed assets are capitalised at cost. Depreciation is charged at the following rates: - Children’s equipment 20% Straight Line - Computer equipment 20% Straight Line
h. Debtors and creditors
Debtors and creditors with no stated interest rate are recorded at transaction price.
| Designated Funds 3. Investment income £ Bank interest 4 4 2. Activities for generating funds Fundraising |
2021 £ 4 4 2021 £ 1,858 1,858 |
2020 £ 60 60 2020 £ 1,078 1,078 |
|---|---|---|
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WORSTEAD PRE-SCHOOL
_________________ Notes forming part of the financial statements for the year ended 31 August 2021 continued
| 4. Incoming resources from charitable activities Fees Norfolk County Council Consumables Unrestricted Restricted 5. Other incoming resources Funds Funds £ £ Miscellaneous 89 - Donations 266 - Government grants – Job retention scheme - - Other grants 5,591 725 5,946 725 |
2021 £ 15,189 91,531 1,391 108,111 2021 £ 89 266 - 6,316 6,671 |
2021 £ 15,189 91,531 1,391 108,111 2021 £ 89 266 - 6,316 6,671 |
2020 £ 10,438 83,632 1,136 95,206 2020 £ 110 2,311 3,617 2,117 8,155 |
|---|---|---|---|
Other grants include a £3,473 QI grant from Norfolk County Council, a £725 grant from Tesco and £2,118 released from deferred income.
| 6. Fundraising trading cost of goods sold and other costs Fundraising costs 7. Costs of charitable activities Wages Pensions Training courses Rent Repairs and renewals Children’s equipment Insurance Printing, postage and stationery Advertising Website expenses Telephone Children’s uniforms Craft materials 8. Governance costs Independent examiners fee |
2021 £ 354 354 2021 £ 71,299 574 85 5,565 2,263 3,098 929 1,098 120 123 1,124 1,254 406 87,938 2021 £ 1,175 1,175 |
2020 £ 84 |
|---|---|---|
| 84 | ||
| 2020 £ 79,060 974 1,133 3,490 1.065 734 856 1,161 - 123 1,140 427 133 |
||
| 90,296 | ||
| 2020 £ 1,268 |
||
| 1,268 |
8
WORSTEAD PRE-SCHOOL
_________________ Notes forming part of the financial statements for the year ended 31 August 2021 continued
| 9. Other resources expended Refreshments and staff entertainment Cleaning Subscriptions Miscellaneous Depreciation 10. Fixed assets Children’s Equipment £ Cost At 1 September 2020 12,542 Additions - Disposals - At 31 August 2021 12,542 Depreciation At 1 September 2020 4,259 Depreciation for the year 2,359 Disposals - At 31 August 2021 6,618 Net Book Value At 31 August 2021 5,924 At 31 August 2020 8,283 11. Debtors Fees Prepayments 12. Cash at bank and in hand NatWest - Current Account NatWest - Reserve Account Petty Cash 13. Creditors – Amounts falling due within one year Other creditors Taxation and social security Accruals |
2021 £ 283 424 1,113 1,174 2,539 5,533 Computer Equipment £ 3,095 - - 3,095 2,375 180 - 2,555 540 720 2021 £ 13 575 588 2021 £ 58,563 36,012 475 95,050 2021 £ 2,414 893 1,240 4,547 |
2020 £ 173 506 617 997 3,128 |
|---|---|---|
| 5,421 | ||
| Total £ 15,637 - - |
||
| 15,637 6,634 2,539 - |
||
| 9,173 6,464 |
||
| 9,003 | ||
| 2020 £ - 519 |
||
| 519 | ||
| 2020 £ 46,034 36,008 34 |
||
| 82,076 | ||
| 2020 £ 11,104 1,055 1,410 |
||
| 13,569 |
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WORSTEAD PRE-SCHOOL
_________________ Notes forming part of the financial statements for the year ended 31 August 2021 continued
| 14. Creditors – Amounts falling due after one year Other creditors |
2021 £ 3,635 3,635 |
2020 £ 5,753 |
|---|---|---|
| 5,753 |
15. Trustee remuneration and expenses
None of the trustees received any remuneration during the year.
Trustees were reimbursed for minor charity expenses during the year which were individually always less than £100.
| 16. Employee emoluments Wages Employer’s contribution to defined contribution pension schemes |
2021 £ 71,299 574 71,873 |
2020 £ 79,060 974 |
|---|---|---|
| 80,034 |
The average number of employees during the year was 9 (2020 - 9).
There are no employees who received total employee benefits of more than £60,000.
17. Fund reconciliation
| Unrestricted Funds Designated Funds Total Unrestricted Funds Restricted Funds Total Funds |
Balance at 1 Sep 2020 Income Expenditure Transfers Balance at 31 Aug 2021 36,268 115,915 (95,000) - 57,183 36,008 4 - - 36,012 |
|---|---|
| 72,276 115,919 (95,000) - 93,195 - 725 - - 725 |
|
| 72,276 116,644 (95,000) - 93,920 |
Designated Funds
Designated funds are held in the Business Reserve Account in case of emergencies, redundancies etc. These funds should cover three months trading and redundancy costs. At the year end the balance was higher than the estimate of such costs at £32,554 and therefore no transfer to the account was required.
Restricted Funds
Tesco Community Grant: To help/fund The Forest School which enables children to do more learning outside, to challenge, take risk and help with wellbeing and emotional support. The grant will be used to purchase forest school equipment such as hammers, saws and balsa wood for 2-4 year olds.
18.
Related party transactions
10