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 2021
FOR
ABACUS NURSERY AND CHILDCARE LIMITED
Stephen Hill Mid Kent Ltd Office 11 Romney Marsh Business Hub Mountfield Road New Romney Kent TN28 8LH
ABACUS NURSERY AND CHILDCARE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
| 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 2021
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 2021. 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 J M I Locke Mrs T Howard
Company Secretary
Independent Examiner Stephen Hill Mid Kent Ltd Office 11 Romney Marsh Business Hub Mountfield Road New Romney Kent TN28 8LH
Approved by order of the board of trustees on ............................................. 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 2021.
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 registered member of ICAEW 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:
-
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 Office 11 Romney Marsh Business Hub Mountfield Road New Romney Kent TN28 8LH
Date: .............................................
Page 2
ABACUS NURSERY AND CHILDCARE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 296,680 Investment income 2 45 Total 296,725 EXPENDITURE ON Raising funds 18,786 Other 372,993 Total 391,779 NET INCOME/(EXPENDITURE) (95,054) RECONCILIATION OF FUNDS Total funds brought forward 267,149 TOTAL FUNDS CARRIED FORWARD 172,095 |
Restricted fund £ - - - - - - - - - |
31.8.21 Total funds £ 296,680 45 296,725 18,786 372,993 391,779 (95,054) 267,149 172,095 |
31.8.20 Total funds £ 247,207 3 247,210 19,586 382,902 402,488 (155,278) 422,427 267,149 |
|---|---|---|---|
The notes form part of these financial statements
Page 3
ABACUS NURSERY AND CHILDCARE LIMITED
BALANCE SHEET 31 AUGUST 2021
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 3,304 CURRENT ASSETS Debtors 8 469 Cash at bank 171,042 171,511 CREDITORS Amounts falling due within one year 9 (2,720) NET CURRENT ASSETS 168,791 TOTAL ASSETS LESS CURRENT LIABILITIES 172,095 NET ASSETS 172,095 FUNDS 10 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
31.8.21 Total funds £ 3,304 469 171,042 171,511 (2,720) 168,791 172,095 172,095 172,095 172,095 |
31.8.20 Total funds £ 141,035 497 131,336 131,833 (5,719) 126,114 267,149 267,149 267,149 267,149 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 2021
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:
............................................. 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 2021
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 2021
| 2. INVESTMENT INCOME 31.8.21 £ Interest receivable - trading 45 3. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.8.21 £ Depreciation - owned assets 140,012 4. TRUSTEES' REMUNERATION AND BENEFITS During the year, remuneration was received by two trustees. Mrs S Browne and Mrs L Evans. Trustees' expenses |
31.8.20 £ 3 31.8.20 £ 140,841 |
|---|---|
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
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 247,207 Investment income 3 Total 247,210 EXPENDITURE ON Raising funds 19,586 Other 382,902 Total 402,488 NET INCOME/(EXPENDITURE) (155,278) |
31.8.21 14 Restricted fund £ - - - - - - - |
31.8.20 16 Total funds £ 247,207 3 247,210 19,586 382,902 402,488 (155,278) |
|---|---|---|
continued...
Page 7
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ RECONCILIATION OF FUNDS Total funds brought forward 422,427 - TOTAL FUNDS CARRIED FORWARD 267,149 - 7. TANGIBLE FIXED ASSETS Improvements to Plant and Computer property machinery equipment £ £ £ COST At 1 September 2020 580,444 57,164 7,882 Additions - 2,063 218 At 31 August 2021 580,444 59,227 8,100 DEPRECIATION At 1 September 2020 443,912 53,294 7,249 Charge for year 136,532 2,968 512 At 31 August 2021 580,444 56,262 7,761 NET BOOK VALUE At 31 August 2021 - 2,965 339 At 31 August 2020 136,532 3,870 633 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.21 £ Trade debtors 469 |
Total funds £ 422,427 267,149 Totals £ 645,490 2,281 647,771 504,455 140,012 644,467 3,304 141,035 31.8.20 £ 497 |
Total funds £ 422,427 |
|---|---|---|
| 267,149 |
continued...
Page 8
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accrued expenses 10. MOVEMENT IN FUNDS At 1.9.20 £ Unrestricted funds General fund 267,149 TOTAL FUNDS 267,149 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 296,725 TOTAL FUNDS 296,725 Comparatives for movement in funds At 1.9.19 £ Unrestricted funds General fund 422,427 TOTAL FUNDS 422,427 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 247,210 TOTAL FUNDS 247,210 |
31.8.21 31.8.20 £ £ 1 2,874 1,245 1,173 1,474 1,672 2,720 5,719 Net movement At in funds 31.8.21 £ £ (95,054) 172,095 (95,054) 172,095 Resources Movement expended in funds £ £ (391,779) (95,054) (391,779) (95,054) 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) |
|---|---|
continued...
Page 9
ABACUS NURSERY AND CHILDCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.19 £ 422,427 422,427 |
Net movement in funds £ (250,332) (250,332) |
At 31.8.21 £ 172,095 |
|---|---|---|---|
| 172,095 |
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 £ 543,935 543,935 |
Resources Movement expended in funds £ £ (794,267) (250,332) (794,267) (250,332) |
Resources Movement expended in funds £ £ (794,267) (250,332) (794,267) (250,332) |
|---|---|---|---|
| (250,332) |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2021.
Page 10
ABACUS NURSERY AND CHILDCARE LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| 31.8.21 | 31.8.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Fees collected | 64,591 | 55,256 |
| Fees collected via vouchers | 231,719 | 191,701 |
| Sundry income | 370 | 250 |
| 296,680 | 247,207 | |
| Investment income | ||
| Interest receivable - trading | 45 | 3 |
| Total incoming resources | 296,725 | 247,210 |
| EXPENDITURE | ||
| Other trading activities | ||
| Purchases | 18,786 | 19,586 |
| Support costs | ||
| Management | ||
| Wages | 195,574 | 204,993 |
| Pensions | 2,810 | 2,748 |
| Rent and rates | 3,902 | 4,160 |
| Insurance | 3,061 | 946 |
| Light and heat | 1,933 | 2,172 |
| Telephone | 794 | 1,559 |
| Post, stationery and computer | 3,261 | 3,141 |
| Advertising | - | 41 |
| Sundries | - | 729 |
| Travelling | - | 172 |
| Training | 1,395 | 2,644 |
| Subscriptions | 858 | 1,190 |
| Cleaning | 1,569 | 1,749 |
| Entertainment | 647 | 1,469 |
| Bad debts | - | 252 |
| Repairs and renewals | 3,962 | 8,545 |
| Collaboration share | 8,940 | - |
| 228,706 | 236,510 | |
| Finance | ||
| Bank charges | 264 | 473 |
| Improvements to property | 136,532 | 136,532 |
| Plant and machinery | 2,968 | 3,870 |
| Fixtures and fittings | 512 | 439 |
| 140,276 | 141,314 | |
| Governance costs | ||
| Accountancy fees | 2,616 | 3,228 |
| Carried forward | 2,616 | 3,228 |
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 2021
| 31.8.21 | 31.8.20 | |
|---|---|---|
| £ | £ | |
| Governance costs | ||
| Brought forward | 2,616 | 3,228 |
| Legal and professional fees | 1,395 | 1,850 |
| 4,011 | 5,078 | |
| Total resources expended | 391,779 | 402,488 |
| Net expenditure | (95,054) | (155,278) |
This page does not form part of the statutory financial statements
Page 12