**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**
**_________________________________________________________________________________**
## **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**
## **_________________________________________________________________________________________**
## **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:
- 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;
- 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;
- 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/…
1
**WORSTEAD PRE-SCHOOL**
## **_________________________________________________________________________________________**
## **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:
- Our income is lower this year, due a large number of children transitioning to school and lack of new registration.
- Fundraising raised £975.75
- Full funding received.
Expenditure notes:
- A good control of expenses. Regular monitoring of our financial position.
- The rise in employee costs due to NLW
- Rise in rental totalling £6,710.50
- Rise in expenditure due to needed to renew resources.
Our main income is still Government funding. This totalled £41,320.81
Cont’d/…
2
**WORSTEAD PRE-SCHOOL**
**_________________________________________________________________________________________**
## **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:
- selected suitable accounting policies and then applied them consistently;
- made judgments and estimates that are reasonable and prudent;
- stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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
3
**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:
- 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
- 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
4
**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|
5
## **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
6
**Notes forming part of the financial statements for the year ended 31 August 2022**
**WORSTEAD PRE-SCHOOL**
**_________________________________________________________________________________________**
## **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**
9
**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**
10