WORSTEAD PRE-SCHOOL
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
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 H Pilkington (Chair) (Appointed 28/12/2022) |
| Mrs E Brown (Secretary) (Appointed 02/11/2021) | |
| Mrs D Dean (Treasurer) (Appointed 25/10/2022) | |
| Mrs L Willoughby (Resigned 25/10/2022) | |
| Mrs K Plane (Resigned 28/12/2022) | |
| 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 2022
The trustees of Worstead pre-school present their annual report and financial statements for the year ended 31 August 2022 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 Chair (Hayley Pilkington)
I have taken over from Kirsty. I haven’t been in post very long as chair so I am still learning the ropes. The staff are very experienced in what they do so I have full trust in them.
We have had a very quiet year compared to previous. We are very low on child numbers and we are trialling new ways to encourage our intake i.e. changing our opening hours to accommodate working parents. I hope that these new offers will create more children coming into our pre-school.
The lease has now been finalised and we are building better relations with the village hall
Cont’d/…
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WORSTEAD PRE-SCHOOL
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Report of the trustees for the year ended 31 August 2022 continued
Report from Supervisor (Clare Gwilliam)
The year seems to be going quickly as we are already approaching March.
We are sadly losing one of our highly valued members of staff due to low numbers of children and not enough hours, we wish Emma all the very best in her new adventure and I’m sure everyone will agree we will miss her very much.
We have been busy trying to come up with ways to encourage new families and help our existing families, one way is to open for longer so we are now open from 8 – 4 every day. We have been talking about opening for school holidays to existing children, but this needs further investigation to ensure its going to work.
The number of children on our books is currently 25, unfortunately due to some family circumstances we will be losing two this year, so for obvious reasons we need to make up our numbers.
Bethany and Emma A have been busy giving the outside area a much needed tidy up and move around and I would like to extend my thanks to them both for their creative ideas and hard work it really has made all the difference to the preschool, and the children are enjoying playing outside.
Its lovely to have Sally back and I hope she is enjoying being back as much as we are enjoying having her.
Adele continues to be busy supporting families and ensuring every child is included and has equal opportunities. As a SENCO (special education needs co Ordinator) she is always on hand to help children and families get the best support and works hard to ensure this happens when it is needed.
Myself and Karen have been working on the policies and have finally completed the safeguarding policy to a high standard and look forward to receiving our safer accreditation.
All policies are being reviewed by all staff so we continue to work towards making the pre-school the best it can be for the children and families in our care.
Thank you everyone.
Clare Gwilliam
Financial Report from Pre-School Administrator (Karen Norfolk)
| Current | Business (contingency fund) | |
|---|---|---|
| Balance at Beginning of year | £58,563 | £36,012 |
| Balance at End of year | £34,780 | £36,029 |
| Balance of Petty Cash | £220 | |
| Our income for the year to 31stAugust 22 | £74,939 | |
| Our expenditure for the year to 31stAugust 22 | £97,133 | |
| Total expenditure over income | £22,194 |
Income notes:
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Our income is lower this year, due a large number of children transitioning to school and lack of new registration.
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Fundraising raised £975.75
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Full funding received.
Expenditure notes:
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A good control of expenses. Regular monitoring of our financial position.
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The rise in employee costs due to NLW
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Rise in rental totalling £6,710.50
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Rise in expenditure due to needed to renew resources.
Our main income is still Government funding. This totalled £41,320.81
Cont’d/…
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WORSTEAD PRE-SCHOOL
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Report of the trustees for the year ended 31 August 2022 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 £36,012. 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 23 February 2023 and signed on their behalf by:-
Mrs H Pilkington Chair of Trustees
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WORSTEAD PRE-SCHOOL
_________________ 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 2022 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: 23 February 2023
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WORSTEAD PRE-SCHOOL
_________________ Statement of Financial Activities for the year ended 31 August 2022
| Note Unrestricted Funds Restricted Funds Designated Funds £ £ £ Incoming resources Incoming resources from generated funds: Activities for generating funds 2 976 - - Investment income 3 - - 17 Total incoming resources from generated funds 976 - 17 Incoming resources from charitable activities 4 69,567 - - Other incoming resources 5 4,379 - - Total incoming resources 74,922 - 17 Resources expended Costs of generating funds: Fundraising trading cost of goods sold and other costs 6 - - - Total resources expended for generated funds - - - Cost of charitable activities 7 90,413 725 - Governance costs 8 1,363 - - Other resources expended 9 4,632 - - Total resources expended 96,408 725 - Net incoming resources for the year (21,486) (725) 17 Funds brought forward 57,183 725 36,012 35,697 - 36,029 Transfers between funds - - - Funds carried forward 35,697 - 36,029 |
Total 2022 £ 976 17 993 69,567 4,379 74,939 - - 91,138 1,363 4,632 97,133 (22,194) 93,920 71,726 - 71,726 |
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 |
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WORSTEAD PRE-SCHOOL
_________________ Balance Sheet as at 31 August 2022
| Note Unrestricted Funds Restricted Funds Designated Funds £ £ £ Fixed assets Tangible assets 10 4,243 - - Current assets Debtors 11 1,398 - - Cash at bank and in hand 12 35,000 - 36,029 40,641 - 36,029 Current liabilities Creditors: amounts falling due Within one year 13 4,944 - - Net current assets 35,697 - 36,029 Total assets less current liabilities 35,697 - 36,029 Creditors: amounts falling due after more than one year 14 - - - Net assets 35,697 - 36,029 Charity funds Unrestricted funds 17 35,697 - 36,029 Restricted funds 17 - - - Total funds 35,697 - 36,029 |
Total T 2022 £ 4,243 1,398 71,029 76,670 4,944 71,726 71,726 - 71,726 71,726 - 71,726 |
Total 2021 £ 6,464 588 95,050 95,638 4,547 91,091 97,555 3,635 93,920 93,195 725 93,920 |
|---|---|---|
The notes on pages 7 to 10 form part of these financial statements.
The financial statements were approved by the Management Committee on 23 February 2023 and were signed on its behalf by:-
Mrs H Pilkington - Chair
Mrs D Dean - Treasurer
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Notes forming part of the financial statements for the year ended 31 August 2022
WORSTEAD PRE-SCHOOL
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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 17 17 2. Activities for generating funds Fundraising |
2022 £ 17 17 2022 £ 976 976 |
2021 £ 1,858 |
|---|---|---|
| 1,858 | ||
| 2021 £ 4 |
||
| 4 |
7 Notes forming part of the financial statements for the year ended 31 August 2022 continued
WORSTEAD PRE-SCHOOL
| ____________ 4. Incoming resources from charitable activities Fees Norfolk County Council Consumables Unrestricted Restricted 5. Other incoming resources Funds Funds £ £ Miscellaneous 2,108 - Donations 154 - Other grants 2,117 - 4,379 - Other grants include £2,117 released from deferred income. 6. Fundraising trading cost of goods sold and other costs Fundraising costs Unrestricted Restricted 7. Costs of charitable activities Funds Funds £ £ Wages 73,189 - Pensions 881 - Training Courses 1,918 - Rent 7,071 - Repairs and renewals 3,084 - Children’s equipment 85 725 Insurance 1,023 - Printing, postage and stationery 905 - Advertising 166 - Website expenses - - Telephone 856 - Children’s uniforms - - Craft materials 1,235 - 90,413 725 8. Governance costs Independent examiners fee |
______ 2022 £ 25,740 43,417 410 69,567 2022 £ 2,108 154 2,117 4,379 2022 £ - - 2022 £ 73,189 881 1,918 7,071 3,084 810 1,023 905 166 - 856 - 1,235 91,138 2022 £ 1,363 1,363 |
______ 2022 £ 25,740 43,417 410 69,567 2022 £ 2,108 154 2,117 4,379 2022 £ - - 2022 £ 73,189 881 1,918 7,071 3,084 810 1,023 905 166 - 856 - 1,235 91,138 2022 £ 1,363 1,363 |
_____ 2021 £ 15,189 91,531 1,391 108,111 2021 £ 89 266 6,316 6,671 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 |
|---|---|---|---|
8 Notes forming part of the financial statements for the year ended 31 August 2022 continued
WORSTEAD PRE-SCHOOL
| ____________ 9. Other resources expended Refreshments and staff entertainment Cleaning Subscriptions Miscellaneous Depreciation 10. Fixed assets Children’s Equipment £ Cost At 1 September 2021 12,542 Additions - Disposals - At 31 August 2022 12,542 Depreciation At 1 September 2021 6,618 Depreciation for the year 2,358 Disposals At 31 August 2022 8,976 Net Book Value At 31 August 2021 5,924 At 31 August 2022 3,566 11. Debtors Fees Prepayments Taxation and social security 12. Cash at bank and in hand NatWest - Current Account NatWest - Reserve Account Petty Cash 13. Creditors – Amounts falling due within one year Trade creditors Other creditors Taxation and social security Accruals |
______ 2022 £ 317 398 1,007 292 2,618 4,632 Computer Equipment £ 3,095 396 - 3,491 2,555 259 2,814 540 677 2022 £ 24 627 747 1,398 2022 £ 34,780 36,029 220 71,029 2022 £ 70 3,634 - 1,240 4,944 |
_____ 2021 £ 283 424 1,113 1,174 2,539 5,533 Total £ 15,637 396 - 16,033 9,173 2,617 11,790 6,464 4,243 2021 £ 13 575 - 588 2021 £ 58,563 36,012 475 95,050 2021 £ - 2,414 893 1,240 4,547 |
|---|---|---|
Notes forming part of the financial statements for the year ended 31 August 2022 continued
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WORSTEAD PRE-SCHOOL
| ________ 14. Creditors – Amounts falling due after one year Other creditors |
______ 2022 £ - - |
___ 2021 £ 3,635 3,635 |
|---|---|---|
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 |
2022 £ 73,189 881 74,070 |
2021 £ 71,299 574 |
|---|---|---|
| 71,873 |
The average number of employees during the year was 8 (2021 - 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 2021 Income Expenditure Transfers Balance at 31 Aug 2022 57,183 74,922 (96,408) - 35,697 36,012 17 - - 36,029 |
|---|---|
| 93,195 74,939 (96,408) - 71,726 725 - (725) - - |
|
| 93,920 74,939 (97,133) - 71,726 |
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 equalled the estimate of such costs at £36,014 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 was used during the year to purchase forest school equipment such as hammers, saws and balsa wood for 2-4 year olds.
18. Related party transactions
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