REGISTERED COMPANY NUMBER: 05477383 (England and Wales) REGISTERED CHARITY NUMBER: 1111536
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
FOR
ABACUS NURSERY AND CHILDCARE LIMITED
Stephen Hill Mid Kent Ltd 44 High Street New Romney Kent TN28 8BZ
ABACUS NURSERY AND CHILDCARE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | to | 5 |
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
ABACUS NURSERY AND CHILDCARE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020
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 2020. 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05477383 (England and Wales)
Registered Charity number
1111536
Registered office
Abacus Nursery Craythorne Lane New Romney Kent TN28 8BL
Trustees
Mrs G J Singfield Mrs L J Evans Mrs S J Browne Mrs S Common Mrs J M I Locke
Company Secretary
Independent Examiner
Stephen Hill Mid Kent Ltd 44 High Street New Romney Kent TN28 8BZ
Approved by order of the board of trustees on 14 March 2021 and signed on its behalf by:
Mrs S J Browne - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ABACUS NURSERY AND CHILDCARE LIMITED
Independent examiner's report to the trustees of Abacus Nursery and Childcare Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.
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
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:
-
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
-
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.
Tim Lister FCA ICAEW Stephen Hill Mid Kent Ltd 44 High Street New Romney Kent TN28 8BZ
14 March 2021
Page 2
ABACUS NURSERY AND CHILDCARE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 247,207 Investment income 2 3 Total 247,210 EXPENDITURE ON Raising funds 19,586 Other 382,902 Total 402,488 NET INCOME/(EXPENDITURE) (155,278) RECONCILIATION OF FUNDS Total funds brought forward 422,427 TOTAL FUNDS CARRIED FORWARD 267,149 |
Restricted fund £ - - - - - - - - - |
31.8.20 Total funds £ 247,207 3 247,210 19,586 382,902 402,488 (155,278) 422,427 267,149 |
31.8.19 Total funds £ 288,190 44 288,234 17,430 403,744 421,174 (132,940) 555,367 422,427 |
|---|---|---|---|
The notes form part of these financial statements
Page 3
ABACUS NURSERY AND CHILDCARE LIMITED
BALANCE SHEET 31 AUGUST 2020
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 141,035 CURRENT ASSETS Debtors 8 497 Cash at bank 131,336 131,833 CREDITORS Amounts falling due within one year 9 (5,719) NET CURRENT ASSETS 126,114 TOTAL ASSETS LESS CURRENT LIABILITIES 267,149 NET ASSETS 267,149 FUNDS 10 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
31.8.20 Total funds £ 141,035 497 131,336 131,833 (5,719) 126,114 267,149 267,149 267,149 267,149 |
31.8.19 Total funds £ 281,296 485 145,204 145,689 (4,558) 141,131 422,427 422,427 422,427 422,427 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 4
ABACUS NURSERY AND CHILDCARE LIMITED
BALANCE SHEET - continued 31 AUGUST 2020
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 14 March 2021 and were signed on its behalf by:
Mrs L J Evans - Trustee
Mrs S J Browne - Trustee
The notes form part of these financial statements
Page 5
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost Plant and machinery - 50% on reducing balance Computer equipment - 33% 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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
2. INVESTMENT INCOME
| 2. | INVESTMENT INCOME | ||
|---|---|---|---|
| 31.8.20 | 31.8.19 | ||
| £ | £ | ||
| Interest receivable - trading | 3 | 44 | |
| 3. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.8.20 | 31.8.19 | ||
| £ | £ | ||
| Depreciation - owned assets | 140,841 | 144,516 |
4. TRUSTEES' REMUNERATION AND BENEFITS
During the year, remuneration was received by two trustees. Mrs S Browne and Mrs L Evans.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Staff No employees received emoluments in excess of £60,000. 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 288,190 Investment income 44 Total 288,234 EXPENDITURE ON Raising funds 17,430 Other 403,744 Total 421,174 NET INCOME/(EXPENDITURE) (132,940) |
31.8.20 16 Restricted fund £ - - - - - - - |
31.8.19 16 Total funds £ 288,190 44 288,234 17,430 403,744 421,174 (132,940) |
|---|---|---|
continued...
Page 7
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ RECONCILIATION OF FUNDS Total funds brought forward 555,367 - TOTAL FUNDS CARRIED FORWARD 422,427 - 7. TANGIBLE FIXED ASSETS Improvements to Plant and Computer property machinery equipment £ £ £ COST At 1 September 2019 580,444 57,164 7,302 Additions - - 580 At 31 August 2020 580,444 57,164 7,882 DEPRECIATION At 1 September 2019 307,380 49,424 6,810 Charge for year 136,532 3,870 439 At 31 August 2020 443,912 53,294 7,249 NET BOOK VALUE At 31 August 2020 136,532 3,870 633 At 31 August 2019 273,064 7,740 492 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.20 £ Trade debtors 497 |
Total funds £ 555,367 422,427 Totals £ 644,910 580 645,490 363,614 140,841 504,455 141,035 281,296 31.8.19 £ 485 |
Total funds £ 555,367 |
|---|---|---|
| 422,427 |
continued...
Page 8
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accrued expenses 10. 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 1.9.19 £ 422,427 422,427 Incoming resources £ 247,210 247,210 At 1.9.18 £ 555,367 555,367 |
31.8.20 31.8.19 £ £ 2,874 2,332 1,173 653 1,672 1,573 5,719 4,558 Net movement At in funds 31.8.20 £ £ (155,278) 267,149 (155,278) 267,149 Resources Movement expended in funds £ £ (402,488) (155,278) (402,488) (155,278) Net movement At in funds 31.8.19 £ £ (132,940) 422,427 (132,940) 422,427 |
|---|---|---|
continued...
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ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 288,234 TOTAL FUNDS 288,234 A current year 12 months and prior year 12 months combined position is as follows: At 1.9.18 £ Unrestricted funds General fund 555,367 TOTAL FUNDS 555,367 |
Resources Movement expended in funds £ £ (421,174) (132,940) (421,174) (132,940) Net movement At in funds 31.8.20 £ £ (288,218) 267,149 (288,218) 267,149 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 535,444 535,444 |
Resources Movement expended in funds £ £ (823,662) (288,218) (823,662) (288,218) |
|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
Page 10
ABACUS NURSERY AND CHILDCARE LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| 31.8.20 | 31.8.19 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Fees collected | 55,256 | 71,226 |
| Fees collected via vouchers | 191,701 | 216,964 |
| Sundry income | 250 | - |
| 247,207 | 288,190 | |
| Investment income | ||
| Interest receivable - trading | 3 | 44 |
| Total incoming resources | 247,210 | 288,234 |
| EXPENDITURE | ||
| Other trading activities | ||
| Purchases | 19,586 | 17,430 |
| Support costs | ||
| Management | ||
| Wages | 204,993 | 195,755 |
| Pensions | 2,748 | 5,474 |
| Rent and rates | 4,160 | 19,795 |
| Insurance | 946 | 2,860 |
| Light and heat | 2,172 | 1,715 |
| Telephone | 1,559 | 1,913 |
| Post, stationery and computer | 3,141 | 4,620 |
| Advertising | 41 | 988 |
| Sundries | 729 | 361 |
| Travelling | 172 | 97 |
| Training | 2,644 | 5,344 |
| Subscriptions | 1,190 | 1,108 |
| Cleaning | 1,749 | 2,338 |
| Entertainment | 1,469 | 1,745 |
| Bad debts | 252 | 1,278 |
| Repairs and renewals | 8,545 | 9,297 |
| 236,510 | 254,688 | |
| Finance | ||
| Bank charges | 473 | 361 |
| PAYE interest | - | 4 |
| Improvements to property | 136,532 | 136,532 |
| Plant and machinery | 3,870 | 7,739 |
| Fixtures and fittings | 439 | 246 |
| 141,314 | 144,882 |
This page does not form part of the statutory financial statements
Page 11
ABACUS NURSERY AND CHILDCARE LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020
| 31.8.20 | 31.8.19 | |
|---|---|---|
| £ | £ | |
| Finance | ||
| Governance costs | ||
| Accountancy fees | 3,228 | 3,217 |
| Legal and professional fees | 1,850 | 957 |
| 5,078 | 4,174 | |
| Total resources expended | 402,488 | 421,174 |
| Net expenditure | (155,278) | (132,940) |
This page does not form part of the statutory financial statements
Page 12