**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 2023** ## **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 2023** **----- Start of picture text -----**
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
**----- End of picture text -----**
**NITON PRE-SCHOOL** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** 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 2023. 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** In September 2022 two members of our staff started studying for their qualifications. There was a successful transition of children through to both Niton & Brighstone Primary Schools and our staff visited other schools with children that chose an alternative school. In September there was a huge change for us as we took over the After School Club for Niton Primary. This meant changing our opening hours to accommodate working parents, we increased our staff hours and numbers and employed another administrator to deal with the running of the after school club and all paperwork associated with it. We took part in the Brighstone Christmas tree festival, with both preschools displaying the children's work. In the spring term of 2023, the preschool was awarded a grant from Learning Through Landscapes and a trainer came from the mainland to train staff in outdoor play. In May we celebrated the Coronation of the King in both preschools with a royal party. In July we celebrated the children going to school with graduation ceremonies in both settings and a leavers trip to Marwell Zoo. ## **FINANCIAL REVIEW** ## **Financial position** Total incoming resources for the year amounted to £351,670 (2022: £313,867) and resources expended for the year amounted to £306,561 (2022: £257,370). There was a surplus for the year of £45,109 compared to a surplus of £56,497 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 £314,638 in unrestricted reserves, and of this reserves not invested in fixed assets amounts to £273,427. Held in a restricted fund is a grant of £500 received in the year from Wight Aid Foundation for a new fence at the Brighstone preschool. Page 1 **NITON PRE-SCHOOL** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023** ## **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 **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 2023. ## **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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 2023** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
626
**Charitable activities**
Childcare services
348,475
Fundraising
3
255
Investment income
4
1,814
**Total**
351,170
**EXPENDITURE ON**
**Charitable activities**
Childcare services
306,561
**NET INCOME**
44,609
**RECONCILIATION OF FUNDS**
Total funds brought forward
270,029
**TOTAL FUNDS CARRIED FORWARD**
314,638|Restricted
fund
£
-
500
-
-
500
-
500
-
500|2023
Total
funds
£
626
348,975
255
1,814
351,670
306,561
45,109
270,029
315,138|2022
Total
funds
£
297
313,492
-
78
313,867
257,370
56,497
213,532
270,029| |---|---|---|---| The notes form part of these financial statements Page 4 **NITON PRE-SCHOOL** ## **BALANCE SHEET 31 AUGUST 2023** |Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
9
41,211
**CURRENT ASSETS**
Debtors
10
2,748
Cash at bank
277,758
280,506
**CREDITORS**
Amounts falling due within one year
11
(7,079)
**NET CURRENT ASSETS**
273,427
**TOTAL ASSETS LESS CURRENT LIABILITIES**
314,638
**NET ASSETS**
314,638
**FUNDS**
13
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
-
500
500
-
500
500
500|2023
Total
funds
£
41,211
2,748
278,258
281,006
(7,079)
273,927
315,138
315,138
314,638
500
315,138|2022
Total
funds
£
6,600
2,544
305,961
308,505
(45,076)
263,429
270,029
270,029
270,029
-
270,029| |---|---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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... Page 5 **NITON PRE-SCHOOL** **BALANCE SHEET - continued 31 AUGUST 2023** 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 Page 6 **NITON PRE-SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **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... Page 7 **NITON PRE-SCHOOL** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** ## **2. DONATIONS AND LEGACIES** |**2.**
**DONATIONS AND LEGACIES**|| |---|---| |Donations|2023
2022
£
£
626
297| |**3.**
**FUNDRAISING**
Fundraising|2023
2022
£
£
255
-| |**4.**
**INVESTMENT INCOME**
Bank interest received|2023
2022
£
£
1,814
78| |**5.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Independent examiner's fees
Depreciation - owned assets
Deficit on disposal of fixed assets|2023
2022
£
£
2,400
2,400
3,510
2,200
1,307
-| ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. continued... Page 8 **NITON PRE-SCHOOL** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** ## **7. STAFF COSTS** The average monthly number of employees during the year was as follows: |Full-time equivalent
No employees received emoluments in excess of £60,000.
**8.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
297
**Charitable activities**
Childcare services
313,492
Investment income
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|2023
15
Restricted
fund
£
-
-
-
-
-
-
-
-|2022
16
Total
funds
£
297
313,492
78
313,867
257,370
56,497
213,532
270,029| |---|---|---| continued... Page 9 **NITON PRE-SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** ## **9. TANGIBLE FIXED ASSETS** |Buildings
Plant and
& structures
machinery
£
£
**COST**
At 1 September 2022
-
27,413
Additions
30,679
8,749
Disposals
-
(10,384)
At 31 August 2023
30,679
25,778
**DEPRECIATION**
At 1 September 2022
-
20,813
Charge for year
-
3,510
Eliminated on disposal
-
(9,077)
At 31 August 2023
-
15,246
**NET BOOK VALUE**
At 31 August 2023
30,679
10,532
At 31 August 2022
-
6,600
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Other debtors
1,600
Prepayments
1,148
2,748
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Payments on account
-
Trade creditors
-
Social security and other taxes
1,766
Other creditors
4
Accrued expenses
5,309
7,079|Totals
£
27,413
39,428
(10,384)
56,457
20,813
3,510
(9,077)
15,246
41,211
6,600
2022
£
1,600
944
2,544
2022
£
40,750
115
1,016
4
3,191
45,076| |---|---| continued... Page 10 **NITON PRE-SCHOOL** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** ## **12. 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. ## **13. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**Restricted funds**
Wight Aid Foundation
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Wight Aid Foundation
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.22
£
270,029
-
270,029
Incoming
resources
£
351,170
500
351,670
At 1.9.21
£
213,532
213,532|Net
movement
At
in funds
31.8.23
£
£
44,609
314,638
500
500
45,109
315,138
Resources
Movement
expended
in funds
£
£
(306,561)
44,609
-
500
(306,561)
45,109
Net
movement
At
in funds
31.8.22
£
£
56,497
270,029
56,497
270,029| |---|---|---| continued... Page 11 **NITON PRE-SCHOOL** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023** ## **13. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
313,867
313,867|Resources
Movement
expended
in funds
£
£
(257,370)
56,497
(257,370)
56,497| |---|---|---| ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 August 2023. Page 12 **NITON PRE-SCHOOL** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Fundraising**
Fundraising
**Investment income**
Bank interest received
**Charitable activities**
Dinners
Fees
Trip
Grants
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Purchases
Outings
Grants to institutions
**Support costs**
**Finance**
Loss on sale of tangible fixed assets
**Other**
Rates light & water
Insurance
Telephone
Postage and stationery
Advertising
Repairs & renewals
Carried forward|2023
£
626
255
1,814
735
157,383
540
190,317
348,975
351,670
240,251
9,891
2,046
60
252,248
1,307
6,391
3,466
928
1,632
280
18,011
30,708|2022
£
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
13,744| |---|---|---| This page does not form part of the statutory financial statements Page 13 **NITON PRE-SCHOOL** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023** |**Other**
Brought forward
Cleaning
Training
Sundries
Professional fees
Subscriptions
Bank charges
Lease
Depreciation of tangible fixed assets
**Governance costs**
Independent examiner's fees
Total resources expended
**Net income**|2023
£
30,708
1,990
1,148
2,497
2,325
3,047
117
5,263
3,511
50,606
2,400
306,561
45,109|2022
£
13,744
2,865
1,643
1,592
3,426
2,646
170
4,739
2,200
33,025
2,400
257,370
56,497| |---|---|---| This page does not form part of the statutory financial statements Page 14