REGISTERED COMPANY NUMBER: 04838026 (England and Wales) REGISTERED CHARITY NUMBER: 1100496
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
FOR
NITON PRE-SCHOOL
Garbetts (IOW) Limited Exchange House St Cross Lane Newport Isle of Wight PO30 5BZ
NITON PRE-SCHOOL
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13 to 14
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NITON PRE-SCHOOL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The governing document of the charity is the Memorandum of Articles of Association dated 11 July 2003.
The charity offers appropriate play, education and care facilities and training courses, together with the right of parents to take responsibility for, and become involved in, activities such as groups.
The aim of the charity is to ensure that children from all races, cultures, religion and means of ability are seeing the benefit of the aims and objectives set by the Pre-school Learning Alliance.
ACHIEVEMENT AND PERFORMANCE
Review of the year
Financially this has been a challenging year with the majority of 3 & 4-year-olds claiming 30 hours funded childcare. Our charging fees are £5.50 an hour but the government funding was only £4.19 therefore leaving us with a shortfall of £1.31 an hour per child. This is a national issue, and we look forward to a fairer budget in 2023.
The staff have undergone many varied training courses, with most of the workforce undergoing training in Makaton signing. The government offered an extensive 6-month course in Early Years professional development. This was completed by 2 members of staff. It was a Teams course which enabled us to work alongside participants from all over the country from Cornwall to Birmingham and as far as Scotland.
FINANCIAL REVIEW
Financial position
Total incoming resources for the year amounted to £313,867 (2021: £307,322) and resources expended for the year amounted to £257,370 (2021: £271,049). There was a surplus for the year of £56,497 compared to a surplus of £36,273 in the previous year.
Reserves policy
The trustees maintain a level of reserves so that the charity has sufficient funds to support any short term cash deficits, meet unanticipated expenditure and to cover long term maintenance costs.
At the year end the charity holds £270,029 in unrestricted reserves, and of this reserves not invested in fixed assets amounts to £263,429. No material amounts have been designated.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04838026 (England and Wales)
Registered Charity number
1100496
Page 1
NITON PRE-SCHOOL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
Registered office School Lane Niton Isle of Wight PO38 2BP Trustees Ms J Hill Chair/Preschool manager S J Chatfield K D Gow Mrs K Wyeth Company Secretary Mrs K Wyeth Independent Examiner Garbetts (IOW) Limited Exchange House St Cross Lane Newport Isle of Wight PO30 5BZ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Ms J Hill - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NITON PRE-SCHOOL
Independent examiner's report to the trustees of Niton Pre-School ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Mark Paxton
Garbetts (IOW) Limited Exchange House St Cross Lane Newport Isle of Wight PO30 5BZ
Date: .............................................
Page 3
NITON PRE-SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 297 Charitable activities Childcare services 313,492 Investment income 3 78 Total 313,867 EXPENDITURE ON Charitable activities Childcare services 257,370 NET INCOME 56,497 RECONCILIATION OF FUNDS Total funds brought forward 213,532 TOTAL FUNDS CARRIED FORWARD 270,029 |
2021 Total funds £ 12,262 295,048 12 307,322 271,049 36,273 177,259 213,532 |
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The notes form part of these financial statements
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NITON PRE-SCHOOL
BALANCE SHEET 31 AUGUST 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 6,600 CURRENT ASSETS Debtors 9 2,544 Cash at bank and in hand 305,961 308,505 CREDITORS Amounts falling due within one year 10 (45,076) NET CURRENT ASSETS 263,429 TOTAL ASSETS LESS CURRENT LIABILITIES 270,029 NET ASSETS 270,029 FUNDS 12 Unrestricted funds 270,029 TOTAL FUNDS 270,029 |
2021 Total funds £ 8,800 4,835 245,209 250,044 (45,312) 204,732 213,532 213,532 213,532 213,532 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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NITON PRE-SCHOOL
BALANCE SHEET - continued 31 AUGUST 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Hill - Trustee
The notes form part of these financial statements
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NITON PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
- 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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NITON PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
| 2. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: COVID-19 3. INVESTMENT INCOME Bank interest received 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examiner's fees Depreciation - owned assets |
2022 £ 297 - 297 2022 £ - 2022 £ 78 2022 £ 2,400 2,200 |
2021 £ 499 11,763 12,262 2021 £ 11,763 2021 £ 12 2021 £ 2,400 2,934 |
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5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
continued...
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NITON PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
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6. STAFF COSTS
The average monthly number of employees during the year was as follows:
2022 2021
Full-time equivalent 16 16
No employees received emoluments in excess of £60,000.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 12,262
Charitable activities
Childcare services 295,048
Investment income 12
Total 307,322
EXPENDITURE ON
Charitable activities
Childcare services 271,049
NET INCOME 36,273
RECONCILIATION OF FUNDS
Total funds brought forward 177,259
TOTAL FUNDS CARRIED FORWARD 213,532
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NITON PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
8. TANGIBLE FIXED ASSETS
| COST At 1 September 2021 and 31 August 2022 DEPRECIATION At 1 September 2021 Charge for year At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Payments on account Trade creditors Social security and other taxes Other creditors Accrued expenses |
Plant and machinery £ 27,413 18,613 2,200 20,813 6,600 8,800 2022 2021 £ £ - 2,244 1,600 1,600 944 991 2,544 4,835 2022 2021 £ £ 40,750 39,830 114 372 1,016 1,994 4 4 3,192 3,112 45,076 45,312 |
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NITON PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
11. LEASING AGREEMENTS
The Charity is committed to paying rent, calculated at 7% of the income of Brighstone Pre-School, together with a fair and reasonable proportion of utilities costs, on an ongoing 5 year lease.
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1.9.21 £ 213,532 213,532 Incoming resources £ 313,867 313,867 At 1.9.20 £ 177,259 177,259 |
Net movement At in funds 31.8.22 £ £ 56,497 270,029 56,497 270,029 Resources Movement expended in funds £ £ (257,370) 56,497 (257,370) 56,497 Net movement At in funds 31.8.21 £ £ 36,273 213,532 36,273 213,532 |
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NITON PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 307,322 307,322 |
Resources Movement expended in funds £ £ (271,049) 36,273 (271,049) 36,273 |
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13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2022.
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NITON PRE-SCHOOL
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Investment income Bank interest received Charitable activities Dinners Fees Grants Total incoming resources EXPENDITURE Charitable activities Wages Purchases Grants to institutions Support costs Other Rates light & water Insurance Telephone Postage and stationery Advertising Repairs & renewals Cleaning Training Sundries Professional fees Subscriptions Carried forward |
2022 £ 297 - 297 78 423 121,360 191,709 313,492 313,867 210,327 11,458 160 221,945 4,208 4,053 1,000 895 1,189 2,399 2,865 1,643 1,592 3,426 2,646 25,916 |
2021 £ 499 11,763 12,262 12 909 101,072 193,067 295,048 307,322 219,956 10,080 60 230,096 3,260 3,574 1,066 1,572 958 5,323 4,818 1,322 1,861 2,685 1,557 27,996 |
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This page does not form part of the statutory financial statements
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NITON PRE-SCHOOL
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Other Brought forward Bank charges Lease Depreciation of tangible fixed assets Governance costs Independent examiner's fees Total resources expended Net income |
2022 £ 25,916 170 4,739 2,200 33,025 2,400 257,370 56,497 |
2021 £ 27,996 158 7,466 2,933 38,553 2,400 271,049 36,273 |
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This page does not form part of the statutory financial statements
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