Early Years Network Tower Hamlets (A company limited by guarantee)
Trustees’ Report and Financial Statements For the year ended 31 March 2021
Company no. 5384205 (England & Wales)
Charity no. 1110092
Early Years Network Tower Hamlets
Page 1
Financial Statements for Year Ended 31 March 2021
Contents
| Page | |
|---|---|
| Statutory information | 2 |
| Trustees’ report | 3-7 |
| Statement of directors’/trustees’ responsibilities | 8 |
| Report of the independent examiner | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes forming part of the financial statements | 12-18 |
Early Years Network Tower Hamlets
Page 2
Reference and Administration Details
Trustees Report-Statutory Information
| Charity Name: | Early Years Network Tower | Hamlets |
|---|---|---|
| Charity no: | 1110092 | |
| Company no: | 5384205 | |
| Principle &Registered | ||
| Office: | Weavers Community Space | |
| 15 Kelsey Street | ||
| Bethnal Green | ||
| London E2 6HD | ||
| Directors and Trustees: | Dolores Bray-Ash | Chair |
| Tracy McCormack | Vice-Chair | |
| Lorraine Dooley | Treasurer | |
| Kim May | ||
| Company Secretary: | Shahista Chaiwalla | |
| Independent Examiner: | Stuart Edwards & Co | |
| Chartered Accountants | ||
| Kemp House | ||
| 152-160 City Road | ||
| LONDON | ||
| EC1V 2NX | ||
| Bankers: | The Co-operative Bank | |
| 80 Cornhill | ||
| London EC3V 3NJ | ||
| Solicitors: | Bates Wells and Braithwaite | |
| Cheapside House | ||
| 138 Cheapside | ||
| London EC2V 6BB |
Early Years Network Tower Hamlets
Page 3
Trustees’ Report for the year ended 31 March 2021
Structure, Governance and Management
The Trustees of the Early Years Network Tower Hamlets (also known as EYNTH) are pleased to present their Annual Report and Financial Statement for the year ended 31 March 2021.
The trustees, who are also directors under company law, confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice -Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102
Organisational Structure
The EYNTH has a Management Committee of up to 12 members, who meet four times during the year and are responsible for the strategic direction and policy of the charity. At present the Committee has four members from a variety of professional backgrounds relevant to the work of the charity. The Secretary also sits on the Committee but has no voting rights. A Business Manager is appointed by the trustees to manage the day-today operation of the charity.
Governance and Management
Early Years Network Tower Hamlets (EYNTH) is a charitable company limited by guarantee, incorporated on 7 March 2005 and registered as a charity on 20 June 2005.
The company was established under a Memorandum of Association which established the objects and powers of the charitable company, and is governed under those Articles. The members of the Board of Trustees are elected for three years at the Annual General Meeting (AGM).
Recruitment and appointment of management committee
The directors of the company are also charity trustees for the purposes of charity law, and, under the company’s Articles, are known as members of the Management Committee.
All members of the Management Committee give their time voluntarily and receive no benefit from the charity. The Charity is grateful for this contribution without which the organisation would not function. Any expenses reimbursed by the charity are set out in note 8 to the accounts.
The following Trustees served during the year: Dolores Bray-Ash (Chair), Tracy McCormack (Vice-Chair), Lorraine Dooley (Treasurer) and Kim May
Risk Management
The trustees actively review the major risks facing the charity on a regular basis. They have established systems and procedures to mitigate those risks identified in the plan and implemented procedures designed to minimise any potential impact on the charity should those risks materialise.
Significant external risks of funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal controls risks are minimised by the implementation of procedures for authorisation of all transactions and projects.
The trustees have again reviewed the organisation’s financial situation and the resources available to the organisation. As a result of the organisational annual review, we are pleased with the improved systems for reporting and managing the finances of our organisation.
Procedures are in place to ensure the health and safety of staff, children and visitors to the organisation.
All risk assessments are reviewed periodically, including the Covid risk assessments and the cleaning schedules in place. These are reviewed as Government guidance is updated.
Early Years Network Tower Hamlets
Page 4
Objectives and Principle Activities
Our main areas of charitable activities are based on a) providing representation, Information and development, and administrative services, for early years’ providers in the voluntary sector b) to providing Full day care and Sessional care to children and young people and their families through the provision of a nursery setting.
-
The charity’s purposes, as set out in the objects contained in the company’s Memorandum of Association, are: � To enhance the development and education of children and the families of children primarily under statutory school age, within the London Borough of Tower Hamlets, by encouraging parents to understand and provide for the needs of their children through community groups.
-
To offer continuing support and encouragement and help to these groups.
-
To run a nursery.
We review our aims, objectives and activities at our management committee meetings. The review looks at achievements and plans future outcomes. The review also helps us to ensure that our aims, objectives and activities remain focused on our stated purposes.
Public Benefit
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The trustees confirm they have paid due regard to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
All our charitable activities are undertaken to further our charitable purposes, as embodied in our Charitable Objects, Vision and Mission Statement, for the public benefit.
The Charity furthers its charitable purposes for the public benefit through its provision of activities, facilities and information to children, young people and families.
Achievements and Performance
Infrastructure Support to Early Years Providers
Recruiting Level 3-Qualified staff for early year’s settings has been an issue over many years, however due to Covid the situation only got worse. Many of the settings that we support found it impossible to recruit new staff and keep the settings financially viable. Demand for EYNTH’s HR support and infrastructure support Services remains high, we were able to support groups with recruitment and HR support.
In an increasingly challenging environment, and three years after the withdrawal of the funding for infrastructure support services by the local authority, the resilience, flexibility and consistent quality of delivery of services is truly extraordinary. EYNTH continued to provide payroll and HR services to early years settings on a nominal charge basis.
These achievements evidence the critical role EYNTH plays in supporting the Voluntary Sector Childcare providers in Tower Hamlets.
Early Years Network Tower Hamlets
Page 5
Weavers Fields Community Nursery
Our Ofsted rated ‘Outstanding’ Weavers Fields Community Nursery continues to be oversubscribed. WFCN strive to provide good quality affordable full day care to parents returning back to work. The total number of children who attended the Weavers Fields Community Nursery during the financial year 2020 -2021 was 31. The number is far lower than the previous year of 46, due to uncertainty of lockdown and keeping the setting open.
Regular newsletters are used to keep in touch with parents and allow good communication. Key persons build relationships with parents on an informal basis and communicate with them regularly about their children's learning journeys and next steps for development. The Trustees, together with management, have continued offering 30 hours of free childcare to families.
It has been a challenging year for the Nursery as we are were unable to invite new prospective parent’s onsite for a visit. Visits had to be organised on a Saturday which worked for majority of working parents however they were unable to see the nursery in action.
The Manager and all staff working in the Nursery and Pre-school ensures that the setting complies with revised Ofsted requirement and the EYFS curriculum.
Weavers Fields Pre-School
The pre-school has been providing fantastic opportunities to funded 2 and 3 year olds children to access quality sessional care provision since September 2018. The pre-school in registered under the same registration as the Weavers Fields Community nursery. The total number of children who attended the pre-school during the financial year 2020 -2021 was 31. EYNTH will continue to focus on increasing the capacity of children and staff during the coming year.
Pre-school staff have had the fantastic opportunity to work with the London Borough of Tower Hamlets Early Year’s team on “Attention Tower Hamlets” programme, which was based around increasing concentration on children and for children with SEND needs. The Pre-school was able to support families with complex needs, and made speech and language referrals and were able to support transition of children with Educational Health Care plans.
Financial review
A deficit of £65,965 has occurred this year, compared to a surplus of £48,910 for the previous year. This deficit is largely due to a charge of £80,766 in respect of the amortisation of some of the building costs in the developing of the Weavers Fields Pre-School. The amount of these amortisation cost was able to be set against a similar credit from the capital grant reserve, set up using the grant income given for the purpose of establishing the Pre-School facilities.
The Trustee's reserves policy has enabled the Trustees to consider, plan and react accordingly to the ever changing circumstances in the knowledge that immediate costs could be met without income.
Staff were given a pay rise in April 21, in line with the National Living Wage. This will continue to be considered in conjunction with any future forecasting and budgets as the Trustees and management are committed in retaining staff.
The return of children to the nursery, and new intake in September 2021 remained at a reasonable level and thus the Trustees are hopeful, assuming minimal impact by Covid, that during 2021/22 attendance and fees will recover to similar levels as in previous years.
Early Years Network Tower Hamlets
Page 6
Principal Funding Sources
The Financial Support Services project is funded through charging the service users.
The principal funding sources for the Nursery were through fees, nursery vouchers and the 3 year old nursery educational grant.
The principal funding sources for the Pre-school were through Early Learning for 2 year old and 3 year old nursery educational grant.
Investment Policy
The policy of the Management Committee is to place surplus funds into an interest bearing account whilst maintaining sufficient funds in a current bank account to cover immediate liabilities.
Reserves Policy
The Management Committee ensures that sufficient reserves are maintained to allow the charity to continue to undertake its day to day activities, should any unforeseen circumstances arise. The Management Committee has considered its Reserves Policy in light of the main risks to the organisation. The committee recognises that the organisation needs to have sufficient reserves to allow it to cover known liabilities and contingencies, absorb setbacks and take advantage of change and opportunity. It has therefore established a policy whereby the general funds not committed or invested in tangible fixed assets held by the charity should be equivalent to between 6 and 12 months of the annual expenditure.
Note 17 sets out an analysis of the designated reserves. The reserves are needed to meet the working capital requirements of the charity, and the Management Committee are confident that they would be able to continue the current activities of the charity in the event of a significant drop in funding.
Designated reserves are utilised as and when needed. The committee recognises that without the availability of these reserves the pre-school development project would not have been possible. The committee also recognises that without the availability of reserves the financial stability of the whole organisation would not have been possible in this world pandemic crisis. Such a reserve policy has been invaluable this year due to Covid, and will, in the following year offering security in our ability to remain open and deal with the challenges of this pandemic.
It is likely that the pre-school and nursery will require subsidy in 2021/22 whilst it recovers and starts to building up children’s numbers.
Plans for the Future
EYNTH will continue to champion the provision of high quality education and care in London Borough of Tower Hamlets. EYNTH will continue to provide support for early year’s providers though the infrastructure support that will strengthen the sector during a period of great uncertainty and financial pressure.
Infrastructure Support to Early Years Providers
EYNTH will continue to provide “Financial Support services for Voluntary Sector Sessional or Full Day-care Childcare Providers”.
Weavers Fields Community Nursery
We will continue to develop and expand Weavers Field Community Nursery with the aim of providing a centre of excellence in child care provision for the local community. We continue to maintain a healthy waiting list of children and we continually explore a number of options as part of the review process to keep the nursery financially sustainable and viable.
The priority for the nursery next year is to further develop the garden area.
Early Years Network Tower Hamlets
Page 7
Weavers Fields Pre-School
A shortage of Early Learning for 2 year old places remains the Local Authority main concern. The take up of funded places remain at its low as parents build up their confidence in sending their children outside of their home environment. The pre-school facilitates funded childcare places for parents of 2 and 3 year olds looking for sessional care. We will work with the Children Centres and the Local Authority Early Years’ Service to increase the intake of children.
The priority for the pre-school is to advertise its services to local families to increase the uptake of funded places.
Acknowledgment
EYNTH would like to thank the committee and staff for the smooth running of the organisation in this challenging and exciting time. EYNTH would also like to take this opportunity to thank London Borough of Tower Hamlets, Providence Row Housing association, Parents and all the early years’ providers in Tower Hamlets for their continuous support.
Small Company Exemptions
This report has been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 applicable to companies subject to the small companies’ regime and with the Charities Statement of Recommended Practice (FRS102).
Approval
This report was approved by the trustees on …………………………. 2021 and signed on their behalf by:
...................................................... Dolores Bray-Ash, Director and Trustee
......................................................
Tracy McCormack, Director and Trustee
Early Years Network Tower Hamlets
Page 8
Statement of Directors’/Trustees’ Responsibilities
The trustees (who are also directors of the Early Years Network Tower Hamlets for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Statement of Recommended Practice (SORP) for Charities;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards 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 charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees who are also the directors of the Company for the purposes of company law, are responsible for the preparation of the trustees report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Early Years Network Tower Hamlets
Page 9
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE EARLY YEARS NETWORK TOWER HAMLETS
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31[st] March 2021 which are set out on pages 10 to 18
Responsibilities and basis of report
As the charity trustees (and also the directors of the company 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 company’s accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act).
Independent examiner’s statement
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in Section 145 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants (England & Wales).
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 that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Stuart Edwards Member of the Institute of Chartered Accountants (England & Wales) Kemp House 152-160 City Road LONDON EC1V 2NX
.....................................................................Date
Page 10
| Early Years Network Tower Hamlets Statement of Financial Activities & Income and Expenditure Account For the Year Ended 31st March 2021 Notes Income and endowments from: Voluntary income 3 Investments Charitable Activities 4 TOTAL INCOME Expenditure on : Raising Funds Charitable Expenditure Representation, Information & Development 5 Weavers Fields Pre-School 5 Weavers Fields Community Nursery 5 Other :Governance Costs TOTAL RESOURCES EXPENDED 5 Net Income/Expenditure for the year Net Movement in funds 6 Transfer between funds Funds balances at 1 April 2020 Funds balances at 31 March 2021 18 |
Restricted Unrestricted Total Funds Funds £ £ £ 35,127 35,127 1,069 1,069 - 307,242 307,242 - 343,438 343,438 £ £ £ - - 47,384 47,384 - 139,376 139,376 - 219,515 219,515 - 3,128 3,128 - 409,403 409,403 - (65,965) (65,965) (80,766) 80,766 - 237,351 472,295 709,646 156,585 487,096 643,681 |
2020 Restricted Funds £ 30,000 |
Page 10 2020 2020 Unrestricted Total Funds £ £ 3,000 3,000 2,526 2,526 379,791 409,791 |
|
|---|---|---|---|---|
| 30,000 | 385,317 415,317 |
|||
| £ 30,000 |
£ £ - 15,761 45,761 59,528 59,528 257,335 257,335 3,783 3,783 |
|||
| 30,000 | 336,407 366,407 |
|||
| - 237,351 |
48,910 48,910 - 423,385 660,736 |
|||
| 237,351 | 472,295 709,646 |
The statement of financial activities include all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Early Years Network Tower Hamlets Balance Sheet As at 31st March 2021
Page 11
| Early Years Network Tower Hamlets Balance Sheet As at 31st March 2021 |
|||
|---|---|---|---|
| FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Investments Cash at bank & in hand LIABILITIES Creditors : Amounts falling due within one year NET CURRENT ASSETS NET ASSETS FUNDS OF THE CHARITY Unrestricted Funds Restricted Funds TOTAL CHARITY FUNDS |
Notes £ 10 12 10,883 13 205,099 562,957 778,939 14 235,464 235,464 17/18 15/16 18 |
2021 £ 100,206 543,475 643,681 £ 487,096 156,585 643,681 |
2020 £ 181,192 |
| 15,370 204,030 486,635 |
|||
| 706,035 | |||
| 177,581 | |||
| 177,581 | |||
| 528,454 | |||
| 709,646 | |||
| £ 472,295 237,351 |
|||
| 709,646 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006, relating to small companies, and no members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of accounts.
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime.
The accounts were approved by the trustees on:
.................................................................................................... Date .................................................................................................... Dolores Bray-Ash Director .................................................................................................... Tracy McCormack Director
The notes on pages 12 to 18 form part of these financial statements.
Page 12
Early Years Network Tower Hamlets Notes to the Financial Statements For the Year Ended 31st March 2021
1. Accounting Policies a) Basis of preparation of the financial statements The financial statements accounts are 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 (FRS102) and the Companies Act 2006.
The company has taken advantage of the exemptions available to smaller charities not to prepare a Statement of Cashflows within the financial statements. The functional currency of the Charity is sterling , and the amounts in the financial statements are rounded to the nearest pound. b) Legal Status Early Years Network Tower Hamlets is a private charitable company, limited by guarantee, and registered in England & Wales. The company meets the definition of a public benefit entity. In the event of the Charity being wound up, the liability of each member in respect of their guarantee is limited to an amount not exceeding £1. The registered address is Weavers' Community Space, 15 Kelsey St, Bethnal Green, London E2 6HD. c) Fund Accounting Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds are unrestricted funds earmarked by the management committee for particular purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with any other costs agreed by the donor. d) Incoming Resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Donations are recognised on receipt. e) Resources expended The expenses classifed as 'Charitable Activities' are those directly attributable to the general objects of the charity. ' Raising funds' are those expenses incurred in seeking funding for the charity. 'Governance costs' comprise all costs incurred in governing the charity. f) Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Fixed assets with a useful life greater than one year and a purchase price exceeding £500 are capitalised , and depreciated over its expected useful life, usually 4 years. Leased assets are amortised over the period of the lease using the 'sum of digits' method. g) Impairment of tangible fixed assets At each reporting date , the charity reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. if such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss ( if any). h) Charitable funds Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds are unrestricted funds earmarked by the management committee for particular purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with any other costs agreed by the donor.
Page 13
Early Years Network Tower Hamlets Notes Forming Part of the Financial Statements For the Year Ended 31st March 2021
1. ACCOUNTING POLICIES (Continued)
i) Resources Expended:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.
Costs relating to a particular activity are allocated directly. Other costs are allocated on an appropriate basis such as staff time or estimated usage.
j) Cash and cash equivalents
Cash and cash equivalents include cash in hand , deposits held on call with banks, other short-term liquid investmentswith original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
k) Financial Instruments
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
l) Employee benefits
The cost of unused holiday entitlements is charged in the period in which the employee services are received.
m) Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2. Critical accounting estimates and judgements
In the application of the charity's accounting policies the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.
Page 14
Early Years Network Tower Hamlets Notes to the Financial Statements For the Year Ended 31st March 2021
| 3. Voluntary Income from donations Sundry Income & Donations HMRC CVJRS 4. Income from Charitable Actvities L.B.Tower Hamlets : ~Early Years Service S.L.A. ~Two Year Olds Capital Funding Training Course Income Service Charges to Playgroups Nursery Fees & L.A Funding Pre-School LA Funding Sundry 5. Charitable Expenditure Representation, Information & Development Weavers Fields PreSchool Weavers Fields Community Nursery Governance Costs Total Spend Analysis of Charitable Expenditure Representation, Information & Development Weavers Fields PreSchool Weavers Fields Community Nursery |
3. Voluntary Income from donations Sundry Income & Donations HMRC CVJRS 4. Income from Charitable Actvities L.B.Tower Hamlets : ~Early Years Service S.L.A. ~Two Year Olds Capital Funding Training Course Income Service Charges to Playgroups Nursery Fees & L.A Funding Pre-School LA Funding Sundry 5. Charitable Expenditure Representation, Information & Development Weavers Fields PreSchool Weavers Fields Community Nursery Governance Costs Total Spend Analysis of Charitable Expenditure Representation, Information & Development Weavers Fields PreSchool Weavers Fields Community Nursery |
& grants Restricted Unrestricted Total Funds Funds £ £ £ 5,092 5,092 30,035 30,035 - 35,127 35,127 Restricted Unrestricted Total Funds Funds £ £ £ - - - 13,650 13,650 217,591 217,591 76,001 76,001 - - 307,242 307,242 Restricted Unrestricted Total Funds Funds £ £ £ 47,384 47,384 139,376 139,376 219,515 219,515 - 406,275 406,275 3,128 3,128 - 409,403 409,403 Salaries Other Total £ £ £ 42,829 4,555 47,384 42,570 96,806 139,376 184,131 35,384 219,515 269,530 136,745 406,275 |
2020 Restricted Funds £ |
2020 Restricted Funds £ |
2020 2020 Unrestricted Total Funds £ £ 3,000 3,000 |
2020 2020 Unrestricted Total Funds £ £ 3,000 3,000 |
|
|---|---|---|---|---|---|---|---|
| - | 3,000 3,000 |
||||||
| 2020 Restricted Funds £ 30,000 |
2020 2020 Unrestricted Total Funds £ £ 30,000 - - - 306,758 306,758 71,923 71,923 1,110 1,110 |
||||||
| 30,000 | 379,791 409,791 |
||||||
y |
2020 Restricted Funds £ 30,000 |
2020 2020 Unrestricted Total Funds £ £ 15,761 45,761 59,528 59,528 257,335 257,335 |
|||||
| 30,000 | 332,624 362,624 3,783 3,783 |
||||||
| 30,000 | 336,407 366,407 |
||||||
| 2020 Salaries £ 39,828 39,592 201,160 |
2020 2020 Other Total £ £ 5,933 45,761 19,936 59,528 56,175 257,335 |
||||||
| 280,580 | 82,044 362,624 |
Page 15
Early Years Network Tower Hamlets Notes to the Financial Statements For the Year Ended 31st March 2021
| 6. NET INCOMING RESOURCES FOR THE YEAR This is stated after charging Depreciation Independent Examiner's Fees 7. STAFF COSTS AND NUMBERS Salaries and Wages Employer's NI (net of S.M.P.) Employer's Pension Contribution No employee received emoluments of more than £60,000. |
2021 £ - 2,150 £ 246,523 18,423 4,584 264,946 |
2020 £ - 2,150 |
|
|---|---|---|---|
| £ 255,679 19,906 4,997 |
|||
| 275,585 | |||
The directors/trustees do not receive any remuneration in respect of their services as directors/trustees.
Particulars of employees:
| The average weekly number of full-time equivalent employees during the year was as follows : F.T.E No Representation, Information & Development 0.75 Weavers Fields Community Nursery 8.00 Weavers Fields Pre-School 2.00 10.75 |
F.T.E No 0.75 8.00 2.00 |
|---|---|
| 10.75 |
8. TRUSTEE & RELATED PARTY TRANSACTIONS
No directors/trustees or any person connected with them received remuneration in the year in respect of their services as directors/trustees . (2020 £Nil)
Travel expenses of £682 (2020 £637) were reimbursed to one (2020 one) director/trustee during the year. No directors/trustees, or any person connected to them or related to the charity , had any personal interest in any contract or transaction. (2020 None)
Owing to the nature of EYNTH'S operations, as set out in the trustees 'report, and the composition of its' trustees, transactions may occur with local playgroups with which trustees have a connection. All such transactions are conducted at arm's length and in accordance with EYNTH'S normal procedures.
There were no other related party transactions during the year.
9. TAXATION
The charitable company is exempt from corporation tax on its' charitable activities.
Page 16
Early Years Network Tower Hamlets Notes to the Financial Statements For the Year Ended 31st March 2021
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS Cost Opening Balance Additions Closing Balance Depreciation Opening Balance Charge for the year Closing Balance NET BOOK VALUE NET BOOK VALUE LAST YEAR |
Weavers Field Office Computer Pre-School Equipment Equipment Costs Total £ £ £ £ 29,551 16,252 180,535 226,338 - |
| 29,551 16,252 180,535 226,338 |
|
| 29,550 15,596 - 45,146 220 80,766 220 |
|
| 29,550 15,816 - 45,366 |
|
| 1 436 99,769 100,206 |
|
| 1 656 180,535 181,192 |
The company signed a lease in respect of its' premises at 15 Kelsey St on the 19th December 2005 for a period of 26 years. On the 5th April 2016 the company signed a lease for a period of 20 years in respect of premises at Drapers City Foyer,Mape St,London E2. The amortised costs of the PreSchool are set off against the Capital Reserve over the term of the lease on the sum of digits method. The charge in the year represents 5 years amortisation due to the delay in the opening of the Pre-school and the Covid 19 Pandemic.
| 11. Financial Instruments Carrying amount of financial assets Debt instruments measured at amortised cost (Operating debt 0% Interest) Debt instruments measured at amortised cost (Investment debt at 0.75% Interest, 12 month deposit maturing October 2020) Carrying amount of financial liabilities Measured at amortised cost 12. DEBTORS & PREPAYMENTS Trade Debtors Prepayments & Accrued Income 13. INVESTMENTS Short term deposit with Nationwide Bank Opening Balance Interest Received Closing Balance 14. CREDITORS :Amounts falling due within one year: Trade Creditors Taxation and Social Security Other Creditors & Accrued Income Bank Overdraft |
2021 £ 10,883 205,099 £ 235,464 £ 7,827 3,056 10,883 £ 205,099 £ 204,029 1,070 205,099 £ 173,179 933 61,352 235,464 |
2020 £ 15,370 |
|---|---|---|
| 204,029 | ||
| £ 177,581 |
||
| £ 12,212 3,158 |
||
| 15,370 | ||
| £ 204,029 |
||
| £ 201,503 2,526 |
||
| 204,029 | ||
| £ 112,145 - 65,436 - |
||
| 177,581 |
Page 17
Early Years Network Tower Hamlets Notes to the Financial Statements For the Year Ended 31st March 2021
| 15. RESTRICTED FUNDS Grant Income L.B.Tower Hamlets: ~Early Years Service S.L.A. Direct Charitable Expenditure Representation, Information & Development Weavers Fields Community Nursery Net Incoming/Outgoing Resources Funds Brought Forward Transfer (to)/from general funds Funds Carried forward |
Representation, Weavers Weavers Total Information , Field Field Development Community Pre- Nursery School £ £ £ £ - - - - - - £ £ £ £ - - - - - - - - - - 54,316 2,500 180,535 237,351 (80,766) (80,766) 54,316 2,500 99,769 156,585 |
2020 £ 30,000 |
|---|---|---|
| 30,000 | ||
| £ 30,000 - |
||
| 30,000 | ||
| - 237,351 |
||
| 237,351 |
The transfer of £80,766 represents 5 years amortisation of the building costs in dveloping the Weavers Field PreSchool
In accordance with Section 37 of the Local Government and Housing Act 1989, we confirm that the funding below from the L.B. Of Tower Hamlets was used for the purposes for which it was given, as follows:
| Early Years Professionals Fund 16. MOVEMENT IN RESTRICTED FUNDS L.B.Tower Hamlets: ~Early Years Service S.L.A. ~Nursery Funding ~Two Year Olds Capital Funding Restricted Reserve |
At Incoming Outgoing Transfer At 1st April Resources Resources 31st March 2020 2021 £ £ £ £ £ 2,500 2,500 |
|---|---|
| 2,500 - - - 2,500 |
|
| At Incoming Outgoing At 1st April Resources Resources Transfer 31st March 2020 2021 £ £ £ £ £ - - - - 2,500 2,500 180,535 (80,766) 99,769 54,316 54,316 |
|
| 237,351 - - (80,766) 156,585 |
Purpose of Funding
Early Years Service S.L.A.- to fund the infrastructure support services to Early Years Groups. NurseryFunds - to fund training of Early Years Professionals Two Year Olds Capital Funding- to Fund Development of Weavers Field Pre-School Restricted Reserve Fund - to fund representation, development, training and support to Early Years Groups.
Page 18
Early Years Network Tower Hamlets Notes to the Financial Statements For the Year Ended 31st March 2021
17. DESIGNATED FUNDS
| 17. DESIGNATED FUNDS a Staff Contingency Fund b Financial Services Support Cash Flow Fund c Nursery Cash Flow/Contingency Fund d Weavers Pre-School Development Fund e Training Course Development Fund f Office furniture and Equipment Fund g Premises Development & Maintenance Fund h Health & Safety/Quality Assurance |
At At 1st April Transfers 31st March 2020 2021 £ £ £ 98,222 98,222 30,000 30,000 20,000 20,000 25,977 25,977 65,086 65,086 20,000 20,000 42,487 42,487 7,000 7,000 |
|---|---|
| 308,772 - 308,772 |
Designated Funds
-
a This fund is to cover liabilities arising from contracts of employment with staff and the potential cost of cover for staff redundencies, staff on maternity leave, paternity leave, sick leave and compansionate leave.
-
b This fund is to support the cash flow problems arising from late payments of grants; and to provide an element of continuity of service in the event of any loss of funding.
-
c This fund provides cash flow cover for the community nursery.
-
d As part of commitment to the Early Learning for Two Year Olds Capital Funding agreement, this fund will facilitate the development of the Weavers Fields PreSchool pre-school and support the Cashflow.
-
e This fund is to support the set up of childcare Training Course and to support cash flow issues.
-
f This fund is to cover the cost of new computers and other new office equipment, furnishings.
-
g This provides for the cyclical internal/external refurbishment and development of the premises. h This fund is to cover the cost of improvements to health and safety practice and to fund the further development of quality assurance in service provision.
18. MOVEMENT IN TOTAL FUNDS
| MOVEMENT IN TOTAL FUNDS Restricted Funds (Note 15/16) Unrestricted Funds Designated Funds (Note 17) General Funds Total Unrestricted Funds Total Funds |
At Incoming Outgoing Transfers to At 1st April Resources Resources Reserves 31st March 2020 2021 |
|---|---|
| 237,351 - - (80,766) 156,586 |
|
| 308,772 308,772 163,522 343,438 (409,402) 80,766 178,323 |
|
| 472,294 343,438 (409,403) - 487,095 |
|
| 709,646 343,438 (409,403) - 643,681 |
19. Other Commitments
| At 31st March the company had annual commitments under it's leases as follows: - premises at 15 Kelsey St London E2: Expiry date Sinking fund per annum over five years - premises at Drapers City Foyer,Mape St,London E2: Expiry date Rent per annum over five years |
2021 £ 3,009 £ 15,000 |
2020 £ 3,009 |
|---|---|---|
| £ - |
20. Contingent Liabilities
Under the terms of the charity's lease of it's premises, a sinking fund is being established from payments made by the charity to the Landlord, amounting to £2,835 per annum over the term of the lease. This sinking fund is to be used by the Landlord to meet
the Landlord's repair obligations outlined in the lease. In the event of the Landlord's repair obligations under the lease being in excess of the sinking fund, the charity can, under the terms of the lease, be called on to fund any shortfall.