Registered Charity 1104647 Company Number 05103983
LITTLE SWANS (NORFOLK)
REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
LITTLE SWANS (NORFOLK)
CONTENTS FOR THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Directors | 2 |
| Independent Examiners’ Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 7 |
LITTLE SWANS (NORFOLK)
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2022
| Directors | T Frascogna |
|---|---|
| K Smith | |
| J Cole | |
| A Scott-Curtis | |
| Registered Office | 21 Market Place |
| Dereham | |
| Norfolk | |
| NR19 2AX | |
| Accountants | Farnell Clarke (Dereham) Limited |
| 21 Market Place | |
| Dereham | |
| Norfolk | |
| NR19 2AX | |
| Bankers | Lloyds TSB |
| 38 Market Place | |
| Dereham | |
| Norfolk | |
| NR19 1BX | |
| Solicitors | Spire Solicitors LLP |
| The Priory | |
| Church Street | |
| Dereham | |
| Norfolk | |
| NR19 1DW |
LITTLE SWANS (NORFOLK)
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2022
The Directors submit their annual report and the unaudited financial statements for the year ended 31 August 2022. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities
The charity is a charitable company limited by guarantee and was set up on 16 April 2004. It is governed by a Memorandum and Articles of Association. Its objects are to encourage the development and education of children under statutory school age.
Review of Activities
The activities and financial results of the charity are set out in the Income and Expenditure Account on page 4.
Governance
Company and 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 period. In preparing those financial statements, the trustees have:
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Selected suitable accounting policies and then applied them consistently;
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Made judgements and estimates that are reasonable and prudent;
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Stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepared the financial statements on the going concern basis.
The trustees have overall responsibility for ensuring that the charity has 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 Companies Act 2006. 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.
The report was approved by the Board on ……………………………………………. and was signed on its behalf by:
……………………………………………………… Director
……………………………………………………… Name
LITTLE SWANS (NORFOLK)
INDEPENDENT EXAMINERS REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
We report on the accounts to the Directors of Little Swans (Norfolk) for the year ended 31 August 2022, which are set out on pages 4 to 7.
Respective Responsibilities of Directors and Examiner
The charity’s Directors are responsible for the preparation of the accounts. The charity’s Directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is our responsibility to:
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a. Examine the accounts (under section 145 of the 2011 Act);
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b. Follow procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
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c. State whether particular matters have come to our attention.
Basis of Independent Examiners Statement
Our examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Directors concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent Examiners Statement
In connection with our examination, no matter has come to our attention:
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Which gives us reasonable cause to believe that in any material respect the requirements to:
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a) Keep accounting records in accordance with section 386 of the Companies Act 2006; and
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b) Prepare accounts which accord with the accounting records and to comply with the accounting requirements of 396 of the Companies Act 2006 and principles of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’.
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To which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
In our opinion, no matter has come to our attention in connection with our examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Farnell Clarke (Dereham) Limited 21 Market Place Dereham Norfolk NR19 2AX
Date: .............................................
LITTLE SWANS (NORFOLK)
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME | ||
| Fees | 16,890 | 8,679 |
| Nursery grants | 52,059 | 74,464 |
| Uniform | 119 | 197 |
| Donations | 1,251 | 2,693 |
| Fundraising | 327 | 1,143 |
| Bank interest | 1 | - |
| ______ | ______ | |
| 70,647 | 87,176 | |
| ______ | ______ | |
| EXPENDITURE | ||
| Games and sundry equipment | 861 | 706 |
| Specials and outings | 115 | - |
| Insurance | 987 | 886 |
| Telephone | 688 | 643 |
| Postage, printing and stationery | 152 | 190 |
| Cleaning and refreshments | 426 | 447 |
| Subscriptions | 914 | 987 |
| Village Hall rent | 8,583 | 9,425 |
| Staff salaries | 54,994 | 59,938 |
| Employer pension contributions | 1,651 | 1,481 |
| Staff training | 1,164 | - |
| Uniform (net of stock movement) | 224 | 131 |
| Miscellaneous | 35 | 13 |
| Accountancy fees | 1,008 | 1,092 |
| Property repairs | - | 75 |
| ______ | ______ | |
| 71,802 | 76,014 | |
| ______ | ______ | |
| Net movement in funds | (1,155) | 11,162 |
| Fund as at 1 September 2021 | 33,489 | 22,327 |
| ______ | ______ | |
| Fund carried forward at 31 August 2022 | 32,334 | 33,489 |
| ______ | ______ |
LITTLE SWANS (NORFOLK)
BALANCE SHEET
| 31 AUGUST 2022 | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | £ | £ | |||
| FIXED ASSETS | |||||
| Equipment | 25,266 | 25,266 | |||
| CURRENT ASSETS | |||||
| Stock | 2 | 20 | 20 | ||
| Debtors | - | - | |||
| Other debtors | 1,150 | 2,623 | |||
| Cash in bank and in hand | 17,044 | 16,084 | |||
| Wages paid in advance | - | 1,568 | |||
| ______ | 18,214 | ______ | 20,295 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 3 | (1,050) | (1,976) | ||
| ______ | ______ | ||||
| Net Assets | 42,430 | 43,585 | |||
| ______ | ______ | ||||
| FUNDS | |||||
| Unrestricted funds - general | 32,334 | 33,489 | |||
| Revaluation Reserve | 4 | 10,096 | 10,096 | ||
| ______ | ______ | ||||
| 42,430 | 43,585 | ||||
| ______ | ______ |
LITTLE SWANS (NORFOLK)
BALANCE SHEET - CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2022
The Company is exempt from the requirements relating to preparing audited accounts in accordance with Section 477 of the Companies Act 2006. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board on ……………………………………………. and were signed on its behalf by:
……………………………………………………… Director
……………………………………………………… Name
LITTLE SWANS (NORFOLK)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
1. Accounting Policies
a) Basis of Preparation The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
b) Company Status The charity is a company limited by guarantee. The members of the company are the directors named on Page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per director of the company.
c) Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity.
d) Resources Explained All incoming resources are included in the Statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
2. Stock
Stock consists of purchased goods for resale. Stocks are valued at the lower of cost and net realisable value.
3. Creditors
Amounts falling due within one year:
| Amounts falling due within one year: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Accruals | 1,050 | 1,092 |
| Other taxes and social security | - | 883 |
| ______ | ______ | |
| 1,050 | 1,975 | |
| ______ | ______ |
4. Revaluation Reserve
The Revaluation Reserve represents the difference between the value of equipment, as assessed by the directors at 31 August 2022, and the actual amount paid for the equipment at the same date. An original valuation of £49,852 was reduced by 50% to reflect the overall condition of the equipment at that time, to a figure of £25,266. The cost of any new additions in the year are added to equipment and their value is immediately reduced by 50% to show a fair value at 31 August 2022.