Charity Registration No. 1123537
Company Registration No. 06280924 (England and Wales)
ST JOSEPH'S NURSERY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ST JOSEPH'S NURSERY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr L Ayling Ms A Lister Ms E Coles Ms S Coltro Ms G Owen (Appointed 26 October 2020) Ms R Perry (Appointed 24 March 2021)
Charity number 1123537 Company number 06280924 Principal address St Joseph's Place Devizes Wiltshire SN10 1DD Registered office St Joseph's Nursery St Joseph's Place Devizes Wiltshire SN10 1DD Independent examiner David Owen & Co 17 The Market Place Devizes Wiltshire SN10 1HT
ST JOSEPH'S NURSERY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
ST JOSEPH'S NURSERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles (incorporated 15 June 2007) , the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity's objectives are to enhance the development and education of children, primarily under statutory school age, by encouraging parents to understand and provide for the needs of their children through community groups and by:
-
Offering appropriate play, education, care facilities and training courses, together with the right of parents to take responsibility for, and to become involved in, the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability;
-
Encouraging the study of the needs of such children, and their families, and promoting public interest in and recognition of such needs;
-
Instigating, adhering to and furthering the aim of the pre-school learning alliances.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Coronavirus continued to affect the nursery, with limited opportunities for fundraising events and further challenges for staff and our families.We found new and inventive ways to reach our fundraisers, utilising social media to promote awareness of our raffle, and the nursery carpark for child friendly table-top sales. We would like to thank everyone who supported our nursery, and particularly some very generous benefactors who paid for lots of raffle tickets and made healthy donations
We would like to thank everyone for supporting the nursery.
Financial review
The charitable company ended the year with a deficit of £25,447 (2020 - surplus of £5,332) . The charitable companies total funds as at 31 March 20 21 were £ 78,284 , which are made up of £ 66,437 of unrestricted funds and £ 11,847 of restricted funds.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 1 -
ST JOSEPH'S NURSERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Dr L Ayling Ms A Lister Ms E Coles Ms S Coltro Ms L Guinnane (Resigned 24 March 2021) Ms G Owen (Appointed 26 October 2020) Ms R Perry (Appointed 24 March 2021)
The trustees are generally recruited from the parents of children attending the nursery.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Nursery Manager is responsible for the day to day running of the nursery.
- 2 -
ST JOSEPH'S NURSERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Statement of trustees' responsibilities
The trustees, who are also the directors of St Joseph's Nursery for the purpose 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).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations,and the provisions of the trust deed. 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 trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees' r eport was approved by the Board of Trustees.
Ms E Coles
Trustee Dated: 21 March 2022
- 3 -
ST JOSEPH'S NURSERY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST JOSEPH'S NURSERY
I report to the trustees on my examination of the financial statements of St Joseph's Nursery (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable 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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements 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 financial statements to be reached.
Mr J Bunton ACA David Owen & Co
17 The Market Place Devizes Wiltshire SN10 1HT
Dated: 21 March 2022
- 4 -
ST JOSEPH'S NURSERY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 150,274 3,295 Investments 4 2 - Total income 150,276 3,295 Expenditure on: Charitable activities 5 178,818 200 Net (expenditure)/income for the year/ Net movement in funds (28,542) 3,095 Fund balances at 1 April 2020 94,979 8,752 Fund balances at 31 March 2021 66,437 11,847 |
Total 2021 £ 153,569 2 153,571 179,018 (25,447) 103,731 78,284 |
Total 2020 £ 159,533 6 159,539 154,207 5,332 98,398 103,730 |
|---|---|---|
The statement of financial activities includes 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.
- 5 -
ST JOSEPH'S NURSERY
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Restricted funds Unrestricted funds |
2021 £ 984 76,361 77,345 (2,961) |
£ 3,900 74,384 78,284 11,847 66,437 78,284 |
2020 £ 384 102,385 102,769 (3,626) |
£ 4,587 99,143 103,730 8,751 94,979 103,730 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 21 March 2022
Ms E Coles Trustee
Company Registration No. 06280924
- 6 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
St Joseph's Nursery is a private company limited by guarantee incorporated in England and Wales. The registered office is St Joseph's Nursery, St Joseph's Place, Devizes, Wiltshire, SN10 1DD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles (incorporated 15 June 2007), the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The trustees are however mindful that these financial statements have been approved at a time when the coronavirus pandemic is affecting many businesses.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 7 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure is reported as part of the expenditure to which it relates .
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees.
All costs are allocated between expenditure categories of the SoFA on a basis designed to reflect the use of the resource.
1.6 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.
Assets costing in excess of £100 are capitalised as tangible fixed assets and carried at cost, net of depreciation and any provision for impairment.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 8 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.10 Taxation
St Joseph's Nursery, as a registered charity, obtains exemption from taxation under part 10, ITA 2007 and s.256 TCGA 1992.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 9 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
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.
3 Donations and legacies
| Unrestricted | Restricted | Total |
Total | |
|---|---|---|---|---|
| funds | funds | |||
| 2021 | 2021 | 2021 |
2020 | |
| £ | £ | £ |
£ | |
| Donations and gifts | 19,360 | 3,295 | 22,655 |
20,854 |
| Legacies receivable | 130,914 | - | 130,914 |
138,679 |
| For the year ended 31 March 2021 | 150,274 | 3,295 | 153,569 |
159,533 |
| Wiltshire Council funding receivable | ||||
| 2 year olds | 31,833 | - | 31,833 |
29,925 |
| 3/4 year olds | 88,102 | - | 88,102 |
105,505 |
| EYPP | 4,025 | - | 4,025 |
2,634 |
| Mid term adjustment | 1,230 | - | 1,230 |
540 |
| Other funding | 524 | - | 524 |
75 |
| Covid 19 funding | 5,200 | - | 5,200 |
- |
| 130,914 | - | 130,914 |
138,679 | |
| Investments | ||||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Interest receivable | 2 | 6 |
4 Investments
- 10 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
5 Charitable activities
| Direct and | Direct and | |
|---|---|---|
| support | support | |
| costs for | costs for | |
| charitable | charitable | |
| activities | activities | |
| 2021 | 2020 | |
| £ | £ | |
| Staff costs | 140,292 | 120,511 |
| Depreciation and impairment | 688 | 810 |
| Consumables | 9,863 | 10,797 |
| Lunches | 645 | 5,322 |
| Other direct costs | 536 | 1,246 |
| 152,024 | 138,686 | |
| Share of support costs (see note 6) | 24,902 | 13,608 |
| Share of governance costs (see note 6) | 2,092 | 1,913 |
| 179,018 | 154,207 | |
| Analysis by fund | ||
| Unrestricted funds | 178,818 | 153,990 |
| Restricted funds | 200 | 217 |
| 179,018 | 154,207 |
- 11 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Support costs
| Support costs Governance costs £ £ Staff training 894 - Rent payable 1,500 - Rates 360 - Insurance 1,003 - Light and heat 1,505 - Cleaning 66 - Repairs and maintenance 17,432 - Telephone and broadband 1,317 - Computer costs 230 - Professional fees 595 - Audit and Accounts fees - 2,079 Legal and professional - 13 24,902 2,092 Analysed between Charitable activities 24,902 2,092 |
2021 £ 894 1,500 360 1,003 1,505 66 17,432 1,317 230 595 2,079 13 26,994 26,994 |
2020 £ 672 1,500 1,443 2,195 1,521 66 4,379 1,461 230 141 1,900 13 15,521 15,521 |
|---|---|---|
Governance costs includes payments to the accountants of £ 1,080 for independent examination fees (20 20 - £ 1,000 ).
7 Trustees
None of the trustees received any remuneration or were reimbursed with any expenses. (20 20 - nil ).
- 12 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
8 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | ||
|---|---|---|---|
| 12 | 13 | ||
| Employment costs | 2021 | 2020 | |
| £ | £ | ||
| Wages and salaries | 138,666 | 119,222 | |
| Other pension costs | 1,626 | 1,289 | |
| 140,292 | 120,511 | ||
| 9 | Tangible fixed assets | ||
| Fixtures, fittings & equipment | |||
| £ | |||
| Cost | |||
| At 1 April 2020 | 10,786 | ||
| At 31 March 2021 | 10,786 | ||
| Depreciation and impairment | |||
| At 1 April 2020 | 6,198 | ||
| Depreciation charged in the year | 688 | ||
| At 31 March 2021 | 6,886 | ||
| Carrying amount | |||
| At 31 March 2021 | 3,900 | ||
| At 31 March 2020 | 4,587 | ||
| 10 | Debtors | ||
| 2021 | 2020 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 630 | - | |
| Prepayments and accrued income | 354 | 384 | |
| 984 | 384 |
- 13 -
ST JOSEPH'S NURSERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
11 Creditors: amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income Analysis of net assets between funds Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 March 2021 are represented by: Tangible assets 3,900 - Current assets/(liabilities) 74,384 - 78,284 - |
2021 £ 438 303 2,220 2,961 Total 2021 £ 3,900 74,384 78,284 |
2020 £ 1,882 564 1,180 3,626 Total 2020 £ 4,587 99,143 103,730 |
|
|---|---|---|---|
12 Analysis of net assets between funds
13 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
- 14 -