2023-03-31-accounts

Charity number: 1063711

ST JAMES' PRE-SCHOOL MUSWELL HILL

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ST JAMES' PRE-SCHOOL MUSWELL HILL

Contents
	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2 - 7
Independent auditors' report on the financial statements	8 - 11
Statement of financial activities	12
Balance sheet	13
Notes to the financial statements	14 - 25

ST JAMES' PRE-SCHOOL MUSWELL HILL

Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 March 2023

Management committee	Cecilia McNelly, Chair
	Sheena Fawcett, Treasurer
	Lisa Murthen, Secretary & Co-Treasurer
	Susan Martin, Co-Treasurer
	Imogen Taylor, Fundraiser
	Maria Christodoulou, Co-Chair
Charity registered number 1063711 Principal office 171 Fortis Green Road London N10 3BG Website www.stjamespreschool.org.uk Email [e-mail] Independent auditors Sayers Butterworth LLP Chartered Accountants & Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW Bankers Barclays Bank Plc 810 High Road North Finchley London N12 9QZ Manager Tracey Sparks

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Trustees' report for the year ended 31 March 2023

The trustees present their report and the audited financial statements of the charity for the year ended 31 March 2022.

Structure, governance and management

a. Structure and governance

St James’ Pre-School Muswell Hill (referred to hereafter as “The Pre-School”), is a charitable unincorporated association. It is run by a committee of parents and community volunteers (the “Committee”). We follow the constitution laid down by the Pre-School Learning Alliance, which defines the roles of the Committee.

The Constitution was updated at the Annual General Meeting (AGM) in September 2014 to reflect the most recent model constitution issued by the Pre-School Learning Alliance. The Pre-School is answerable to Haringey Council and to the Charity Commission and is regulated by Ofsted.

b. Trustees

The AGM took place on 27th September 2022. All the present members stayed on from last year’s Committee. The Committee meets once a term and twice a term if anything urgent arises. Laura Betts, our Bursar, has been with us for five years.

c. Management

The Pre-School has a solid senior management team led by Tracey Sparks, Manager and Charlotte Baker, Deputy Manager. Charlotte is responsible for Health and Safety, deputising for Safeguarding when the manager is off the premises.

The staff provide a very high level of care and education, and the children continue to benefit from their experience and enthusiasm. Since the Covid-19 pandemic we prioritised the use of the outdoor areas and the hall space. We continue to start the day in this area and parents do not enter The Pre-School gate unless their child needs settling. Constant reflection with sufficient adult-led and child-initiated learning helped the children to learn and develop in a safe and happy environment. Continued professional development enhances the overall effectiveness and service provided. Staff members partake in online training sessions, with ideas being cascaded at staff meetings and implemented.

OBJECTIVES AND ACTIVITIES

a. Objectives

Our objective is to promote a safe and stimulating environment for the educational, emotional and personal development of under-5s. We encourage the growth of spiritual and moral values based on the Christian faith by maintaining a well-disciplined, yet happy and nurturing environment, that is inclusive and respects diversity.

Our vision is to provide a holistic environment where children thrive and are confident. They are provided with challenges, which stimulate and support their development. We were successfully inspected by Ofsted in September 2018. Our outcome was Good.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Trustees' report (continued) for the year ended 31 March 2023

OBJECTIVES AND ACTIVITIES (continued)

b. Main activities undertaken to further the charity's purposes for the public benefit

We aim to ensure that all sections of our community have access to The Pre-School through open, fair, and clearly communicated procedures. Children from less financially able households are being subsidised and supported by The Pre-School as part of our commitment to inclusiveness. We welcome all families whatever their belief, gender, race, ability or other protected characteristics.

The Pre-School is a member of the Early Years Alliance and we seek to further its aims through our work. We follow carefully the Early Years Foundation Stage (EYFS) framework and the four themes of the EYFS – development matters and the principles that inform them. Each child’s learning and development is unique. All are supported to be effective and motivated learners, through the Characteristics of Effective Learning.

The Committee and staff have given careful consideration to the Charity Commission’s general guidance on public benefit and have complied with their duty in respect of Section 17 of the Charities Act 2011.

We continue to have a member of St James’ Church on the Board of Trustees.

ACHIEVEMENTS AND PERFORMANCE

a. Outstanding achievements throughout the year include:

• We have had to focus on building social and emotional skill as some children have been more emotional, angry, anxious and withdrawn post the Covid-19 pandemic. As a result, we have employed a part-time practitioner to support us with the emotional health and well-being of the children. This additional adult to child ratio on a Monday, has been a support for all, enhancing the quality provision.

• We have had a less challenging year compared to the previous year with the Covid-19 pandemic. Our good practice regarding infectious diseases is still in place.

• Developing stronger partnerships with parents has been another focus area. Key persons’ communication with parents have increased, with regular updates on the development of their child through calls or meetings with parents. This would also include our SEN Coordinator (SENCO), when necessary, where anxieties and/or speech and language needed addressing. Our weekly Tapestry Application observations and quarterly newsletters have also improved this partnership and communication.

• We have reviewed our curriculum and plan daily to shape the activities and experiences for our children based on their needs and interests, always having in mind the knowledge and skills we would like them to acquire before they leave us. The curriculum is largely co-created with the children. We continue to focus on early language and extending vocabulary. Some children have needed support with speech and language, although only leading to one referral. We have created a cosy corner which has created an opportunity for our SENCO to work closely with a small group of children. This is also an important area for a child to use to self-regulate or co-regulate with an adult.

• We continue to improve our outdoor curriculum. In May 2022 we had the opening of our growing garden by our previous manager, Shirley Welton. The garden was purchased through funds raised from a live comedy show in February 2022. This extension now has three growing beds; one for flowers, another for vegetables and an herb garden. It has a seating area which we use as our outdoor classroom. We have developed a beautiful garden for the children to enjoy hands on experiences and learn about the importance of sustainability. We continue to compost our waste and use our worms to nourish the soil and encourage the use of the water butt. Phase Two of our garden project included installing a new trellis with a large chalkboard and an alphabet board. We also invested in two wooden garden benches.

• We continue to foster a strong relationship with parents, other professionals, the local authority and St James’ Church. A St James’ Church under-5’s worker reads weekly bible stories and sings with the children. Parents and volunteers work together to fundraise, provide support and share their skills. Parents are

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Trustees' report (continued) for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

encouraged to come and read in our sessions to the children and share their expertise. One mum shared her knowledge on bats, another mum is in dentistry and shared the importance of oral health. Parents came in and talked about Channukah. We had music week in June and a family with siblings from 16 years ago returned to play the violin and cello.

• We support our local community and have been involved in projects such as donating food to the Soup Kitchen for Harvest Festival and donating Christmas Hampers to families in need. We also visited a local home for the elderly, valuing inter-generational contact.

• We are confident that the children who go into Reception are well prepared. They are independent and have developed a sense of self-confidence and built up their self-esteem. Staff liaise closely with parents to support the child’s learning and well-being, seeking additional support where needed. This year’s cohort have been impacted by the Covid-19 pandemic and we have worked hard especially with communication, language and personal, social and emotional development.

• All staff are Paediatric First Aid trained and updated their training in June 2022. All are up to date with Safeguarding training. We have particularly focused on training relating to supporting emotional regulation and social skills. At our Staff meetings we share our knowledge on this subject and put our ideas into practice.

• Staff meeting are held regularly on zoom and we meet up face to face on a half-termly basis.

b. Number of children

Having changed our registration with Ofsted from a maximum of 26 children to 30 children per day, this buffer provides coverage should we go over our maximum intake. We have continued to maintain the numbers to below 25 children usually, due to the additional behavioral needs. This extra buffer allows us to meet the family’s needs too.

The Summer Term is the busiest term, although there are typically less children on a Monday and Friday.

The Autumn Term there saw a lower demand for Monday and Friday sessions. Three children attended our Breakfast club from 8.30am to 9am. Children under 3 were fewer than the previous year. 16 children remained and had their second year with us.

In the Spring Term, the afternoons were at full capacity and we had to extend our staffing levels.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Trustees' report (continued) for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

c. Children's activities

We held a Summer Party in June 2022, with fun activities and a bouncy castle for our children. Donations were accepted at the door. This was a fun event and replaced our annual Spring Fair fundraiser. With the funds raised, we were able to donate to a Ukrainian Relief Fund.

Over December 2022 the children enjoyed performing in our annual Nativity Play, which took place at The PreSchool hall. This was an opportunity for all to socialise, with refreshments and a visit from Santa.

We visited St James’ Church for the Christmas Experience with our Pre-School families. This is an interactive storytelling session of the birth of Jesus.

We visited the Fire Station, had a visit from the local police and had a Wild Science visit, which included the children meeting unusual reptiles, mammals and amphibians. We were able to experience hatching chicks and handling them, lasting over a fortnight.

Our enrichment programme continued and in the Autumn term, we had 12 sessions provided by The Little Foxes Club, which included physical and ball activities; a fun and dynamic class teaching new ball skills and eye-hand co-ordination. In the Spring term we had a member of the Beam Academy do Yoga and Mindfulness, and our regular Enjoy a Ball we had in the Summer term.

Our annual sponsored Wheelie Ride was a success and generated funds towards The Pre-School.

FINANCIAL REVIEW

a. Overview

For the financial year ended 31 March 2023 the accounts reflect a profit of £6,760 The Statement of Financial Activities shows a total income of £186,539 and total expenditure of £179,779.

b. Reserve fund

In the event of a significant drop in funding, there are enough reserve funds to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised.

This year Pre-School contingency fund has remained at £37,500. This is the equivalent of three months’ salaries and employer’s national insurance plus core costs such as rent and utilities. The Reserve Fund remains within The Pre-School easy access account. We also have £6,057 in our Fund for New Equipment and £5,774 in our Special Projects Fund.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Trustees' report (continued) for the year ended 31 March 2023

c. Funding

Our main source of income comes from the government’s 15 and 30-hour funding for eligible children. This year it was planned to increase from £5.20 per hour to £5.65 per hour. Instead, the hourly rate was paid at £6.02 per hour. We charged £9.00 per hour to parents and deducted the £6.02 received from Haringey Council for any funded hours. As from the new academic year in September 2022 parents paid £2.98 per hour which was inclusive of all additional enrichment activities. Haringey have now addressed the overpayment, resulting in the present year, 2023/24 funding being reduced by a considerable amount, to £5.70 per hour.

Through fundraising, donations and Gift Aid we raised £2,597. This enabled us to give a donation of £224 to charity.

d. Expenditure

The Pre-School continues to be mindful of the need to manage costs but has been able to invest appropriately in areas that we consider critical to achieve our objective of providing a stimulating learning environment for the children. This has included Enrichment Activities (Entertainment) throughout the year at a cost of £3,003.

Staff have undertaken mandatory training costing £2,076.

This year rent and utilities remained the same as the previous year: £600 per month and £250 per month respectively.

e. Monitoring

The Committee monitors income and expenditure against the budget carefully every half-term. Finances are discussed at finance meetings attended by the Bursar, Treasurer, Co-Treasurer, Chair and Manager. The outcomes of these meetings are reported by the Treasurer and Bursar at the following Committee meeting.

Salary reviews and budget reviews have all been decided at separate meetings and then agreed at Committee meetings.

PLANS FOR FUTURE PERIODS

The Pre-School has finished the year with a profit of £6,760.

The Pre-school committee needs to monitor the impact of this fee structure in terms of the number of registered children and importantly how many hours they attend. The Pre-School will continue to closely monitor the fee structure to ensure it remains inclusive, open and transparent to parents. In the 2023/24 year we are aware that fewer children than usual are currently enrolled for the autumn term. This will have an impact on our income for the year.

The Committee gave much consideration to awarding the 4% pay rise from April 2023. This is a below inflation pay rise and the decision was made after careful consideration of our finances.

Three staff members who need to travel by car to work were offered a 50% reimbursement of their parking permit costs. This will continue to be reviewed on an annual basis.

There is a planned rise to rent and utilities which will impact from summer 2023.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Trustees' report (continued) for the year ended 31 March 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

In so far as the trustees are aware:

• there is no relevant audit information of which the charity's auditor is unaware; and

• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information

Approved by order of the members of the board of Trustees and signed on their behalf by:

Cecilia McNelly Chair of Committee Date: 26 September 2023

Sheena Fawcett Treasurer

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Independent auditors' report to the Members of St James' Pre-School Muswell Hill

Opinion

We have audited the financial statements of St James' Pre-School Muswell Hill (the 'charity') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Independent auditors' report to the Members of St James' Pre-School Muswell Hill (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement set out on page 6, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Independent auditors' report to the Members of St James' Pre-School Muswell Hill (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards.

• It is considered that compliance with Health and Safety regulations, GDPR and Employment legislation may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Independent auditors' report to the Members of St James' Pre-School Muswell Hill (continued)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Sayers Butterworth LLP

Chartered Accountants & Statutory Auditor

3rd Floor 12 Gough Square

London

EC4A 3DW

Date:

Sayers Butterworth LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Statement of financial activities for the year ended 31 March 2023

Note Income from: Donations and capital grants 2 Charitable activities 3 Other trading activities 4 Investments Total income Expenditure on: Raising funds Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2023 £ - - - - - - 11,827 11,827 (11,827) 17,227 (11,827) 5,400	Unrestricted funds 2023 £ 1,116 183,849 1,481 93 186,539 418 167,534 167,952 18,587 124,206 18,587 142,793	Total funds 2023 £ 1,116 183,849 1,481 93 186,539 418 179,361 179,779 6,760 141,433 6,760 148,193	Total funds 2022 £ 5,752 166,092 18,534 24
				190,402
				1,290 162,152
				163,442
				26,960
				114,473 26,960
				141,433

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 25 form part of these financial statements.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Balance sheet as at 31 March 2023

Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds	6,924 144,275 151,199 (8,406)	2023 £ 5,400 5,400 142,793 148,193 5,400 142,793 148,193	8,760 137,640 146,400 (10,967)	2022 £ 6,000
				6,000 135,433
				141,433
				17,227 124,206
				141,433

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Cecilia McNelly Chair of Committee Date: 26 September 2023

Sheena Fawcett Treasurer

The notes on pages 14 to 25 form part of these financial statements.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

St James' Pre-School Muswell Hill meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Fund structure

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific funds. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.3 Incoming resources

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants receivable where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. Where income is received in advance of its recognition it is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

1. Accounting policies (continued)

1.4 Resources expended and irrecoverable VAT

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Expenditure is accounted for on an accruals basis and has been included under expenses categories that aggregate all costs for allocation to activities. Where costs cannot directly be attributed to particular activities, they have been allocated on a basis consistent with the use of resources.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

1.5 Costs of generating funds

The costs of generating funds are those costs attributable to generating income for the charity, other than those costs incurred in undertaking charitable activities or the costs incurred in undertaking trading activities in furtherance of the charity's objects. The costs of generating funds represent fundraising costs, including expenses for fundraising activities.

1.6 Charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the charity.

1.7 Governance costs

Governance costs comprise all costs attributable to ensuring the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to audit fees together with support costs.

1.8 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

• Leasehold Improvements 10% straight line

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

1. Accounting policies (continued)

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Creditors and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation.

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

2. Voluntary income

Donations Gift Aid Total 2023 Donations Gift Aid Total 2022	Restricted funds 2023 Unrestricted funds 2023 £ £ - 1,070 - 46 - 1,116 Restricted funds 2022 Unrestricted funds 2022 £ £ 2,000 2,548 - 1,204 2,000 3,752	Total funds 2023 £ 1,070 46
		1,116
		Total funds 2022 £ 4,548 1,204
		5,752

3. Incoming resources from charitable activities

Unrestricted funds 2023 £ Pre-school fees 183,849 Unrestricted funds 2022 £ Pre-school fees 166,092	Total funds 2023 £ 183,849
	Total funds 2022 £ 166,092

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

4. Income from other trading activities

Unrestricted funds 2023 £ Fundraising 1,481 Restricted funds 2022 Unrestricted funds 2022 £ £ Fundraising 17,227 1,307	Total funds 2023 £ 1,481
	Total funds 2022 £ 18,534

5. Analysis of expenditure on charitable activities

Unrestricted funds Restricted funds Unrestricted funds Restricted funds	Activities undertaken directly 2023 £ 167,534 11,827 179,361 Activities undertaken directly 2022 £ 160,152 2,000 162,152	Total funds 2023 £ 167,534 11,827
		179,361
		Total funds 2022 £ 160,152 2,000
		162,152

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

5. Analysis of expenditure on charitable activities (continued)

Analysis of direct costs

Unrestricted funds 2023 £ Depreciation - Salaries, pension & N.I. 129,984 Staff training 2,076 Food, drinks, toys & equipment 3,827 Machinery and repairs 6,027 Rent 7,200 Insurance 1,243 Printing, postage, stationery and telephone 971 Sundry expenses 1,375 Health and safety 1,022 Cleaning 1,053 Utilities 3,000 Parking permit 326 Entertaining 3,003 Bank charges 101 Advertising 135 Governance costs 6,191 167,534	Restricted funds 2023 £ 600 - - - 11,227 - - - - - - - - - - - - 11,827	Total funds 2023 £ 600 129,984 2,076 3,827 17,254 7,200 1,243 971 1,375 1,022 1,053 3,000 326 3,003 101 135 6,191
		179,361

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

5. Analysis of expenditure on charitable activities (continued)

Analysis of direct costs (continued)

Unrestricted funds 2022 £ Depreciation 1,448 Salaries, pension & N.I. 123,176 Staff training 850 Food, drinks, toys and equipment 2,907 Machinery and repairs 4,627 Rent 7,200 Insurance 1,100 Printing, postage, stationery and telephone 928 Sundry expenses 1,832 Health and safety 743 Cleaning 1,125 Utilities 3,000 Entertaining 3,996 Bank charges 179 Advertising 1,084 Governance costs 5,957 160,152 Auditors' remuneration Fees payable to the charity's auditor for the audit of the charity's annual accounts	Restricted funds 2022 £ - - - - 2,000 - - - - - - - - - - - 2,000 2023 £ 3,060	Total funds 2022 £ 1,448 123,176 850 2,907 6,627 7,200 1,100 928 1,832 743 1,125 3,000 3,996 179 1,084 5,957
		162,152
		2022 £ 2,880

6. Auditors' remuneration

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

7. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2023 £ 116,022 4,271 9,691 129,984	2022 £ 110,520 4,168 8,488
		123,176

The average number of persons employed by the charity during the year was as follows:

	2023	2022
	No.	No.
Employees	9	7

No employee received remuneration amounting to more than £60,000 in either year.

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

9. Tangible fixed assets

Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	Leasehold improvements £ 48,757
	48,757
	42,757 600
	43,357
	5,400
	6,000

10. Debtors

Other debtors Prepayments and accrued income	2023 £ 4,483 2,441 6,924	2022 £ 6,317 2,443
		8,760

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

11. Creditors: Amounts falling due within one year

Other creditors Accruals and deferred income	2023 £ 4,480 3,926 8,406	2022 £ 5,420 5,547
		10,967

Deferred income relates to Pre-School fees received in advance

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

12. Statement of funds

Unrestricted funds Restricted funds Kitchen and garden fund Total of funds Statement of funds - prior year Unrestricted funds Unrestricted funds Restricted funds Kitchen and garden fund Heater fund Total of funds	Balance at 1 April 2022 £ 124,206 17,227 141,433 Balance at 1 April 2021 £ 114,473 - - - 114,473	Income £ 186,539 - 186,539 Income £ 171,175 17,227 2,000 19,227 190,402	Expenditure £ (167,952) (11,827) (179,779) Expenditure £ (161,442) - (2,000) (2,000) (163,442)	Balance at 31 March 2023 £ 142,793
				5,400
				148,193
				Balance at 31 March 2022 £ 124,206
				17,227 -
				17,227
				141,433

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ST JAMES' PRE-SCHOOL MUSWELL HILL

Notes to the financial statements for the year ended 31 March 2023

13. Analysis of net assets between funds

Tangible fixed assets Current assets Creditors due within one year Total	Restricted funds 2023 Unrestricted funds 2023 £ £ 5,400 - - 151,199 - (8,406) 5,400 142,793	Total funds 2023 £ 5,400 151,199 (8,406) 148,193

Included within the above unrestricted current assets of £135,173 are amounts designated to a Salary Reserve of £37,500, a Capital Expenditure Reserve of £6,057 and a Special Projects Reserve of £5,774.

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year	Restricted funds 2022 £ 6,000 11,227 - 17,227	Unrestricted funds 2022 £ - 135,173 (10,967) 124,206	Total funds 2022 £ 6,000 146,400 (10,967) 141,433

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