Company registration number.. 06701980 Charity registration number.. 1127048 Kea Pre School Limited IA company limited by guarantee} Annual Report and Financial Statements for the Year Ended 31 December 2024
Kea Pre School Limited Contents Trustees Report 1 to5 Reference and Administrative Details Independent Examiner's Report 6t07 Statement of Financial Acts'vities Balance Sheet Notes to the Financial Stslements lOto18
Kea Pre School Limited Trustees Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024. Oblectlves and activltles Objects and aims The objects of the charity are lo enhance the development and education of children under the statutory schoo1 age by encouraging parents to understand and provide for the needs of their children through community groups, and to provide the necessary facilities for quality day care, recreation and education of children during the school day, out of school hours and during the holidays. The aims of the Charity are lo provide childcare al a modest price to allow parents lo continue in their work. Childcare should be of the utmost importanee and we aim lo deliver this. Public bgngfit Kea Pre School Ltd provides nursery acb'vilies for young children. The Iruslees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 1
Kea Pre School Limited Trustees Report Achievements and perfomance Kea Preschool is situated in the curtilage of Kea CP School in the Parish of Kea in Cornwall. The Charity manages the preschool for children aged two to five years and also provides breakf8sI facilities and after school facilitses for the preschool children and for the primary children from the adjoining primary school. The aim is lo provide high quality care and education ft)r our children al the most economic and affordable price. The area is not recognised as being economically deprived, bul there are many parents in the locality whose circumstances are difficult al this time, and we strive lo provide our service at the lowest possible price commensurate with excellent quality and imaginative objectives. Our aim is to serve the children, their families and the wider community by providing the best seNice that we can for the benefit of all concemed. The day-lo-day management of the preschool 15 in the hands of the presehool Manager, Tracey Verran, the Office Manager, Jo Polkinghorne. and three senior nominated staff. The preschool is currently rated overall "Good. by Ofsled, with a number of "Outstanding. markings. Staff members are all well qualified and training is continually kept up lo dale wth regular training events and courses. The staff alway5 strive lo ensure that all children are dealt with individually and their personal development is stressed al all times. Contact and Interaction with parents is extremely important for all concerned. Safeguarding of children, information and personal cir¢umstan¢e$ is a high priority. The preschool has a building for the main activities, and there is separate annex for use by our fv year old children. There is a spacious outside area with a good selection of stimulating play equipment. Outdoor learning is an integral part of our preschool day with regular outdoor learning sessions that lake place in oui outdoor classroom and on the grounds of Kea CP School. We have now provided a separate office and staff welfare space. This allows for better record keeping and business management arrangements. The space also provides a separate space for confidential conversations with staff, parents and other visitors. The vacated Spa in the main building is now re-allocated as a cloakroom and storage area, which has improved the space within main preschool room. There are currently 46 preschool children enrolled, with space for 30 on sile each day. We also have 83 chIldn on roll for breakfast club and afterschool club wraparound care. We provide the only preschool facilities on the parish of Kea and are appreciated by the local mrnunity and Parish Council, wlh whom we enjoy excellent relationships. Financial review The attached fi'nancial statements show the finances for the preschool for the year ended 31 December 2024. The accounts show a surplus for the year of £7,751 12023.. £13,801). Vve have endeavoured lo keep control of our running costs and maintain affordable fees in order to maintain reserves for the purchase of potential equipment in the future, Page 2
Kea Pre School Limited Trustees Report Policy on rgsgrvès The charity's reserves policy is to build up sufficient reserves lo cover 811 liabilities as and when they fall due. The minimum level of reserves required for this will be continually reviewed by the board of Trustees. We have maintained a reserve of finan lo ensure we comply with Charity Commission recommendati'ons, and currently hold unrestricted, free reserves of £75,142 which are considered adequate. Structure, governance and management Nature of governlng document The charity is limited by guarantee and governed by the Memorandum and Articles of Assocation. The company was incorporated on 18 September 2008 and commenced trade on 1 January 2009 upon the transfer of activities and funds from Kea Pre School (charity registration number 10292161. The company was registered as a charity on 4 December 2008. Organlsational structure The running of the pre school is overseen by the board of Iruslees There a three trLJStees. We have endeavoured lo apply sUcSsion management unsuccessfully. it is an ongoing situation. Subject to meetsng the requiremenls in the Articles, the charity may appoint new trustees by ordinary resolution. The day lo day running of the pre school is the responsibility of the manager, but strategic decisions are dealt with by the board of trustees. Arrangements for setting key managèmgnt Porsonnol romuneratlon Pre school manager remuneration is set al the current average for a Similar position. Adminislralor muneralion is sel al current average for similar position. Statement of trustees. responslbilities The trustees Iwho are also the directors of Kea Pre School Limited for the purposes of company lawl are responsible for prepanng the trustee5' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating lo small companies. Company law requires the trustees to prepare financial slalements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the ch8rilable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial slalemenls, the trustees are required to.. select suitable accounting policies and apply them consi5tently', observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards, ¢omprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial stslements.. and prepare the financial statements on the going concern basis unless rt is inappropriate to presume that the charitabSe company will continue in business. Page 3
Kea Pre School Limited Trustees Report The Iruslees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. 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 are responsible for the maintenance and integrity of the corporate and fi'nancial information included on the eharilable company's website. Legislation governing the prepamtion and dissemination of financial ststements may differ from legislation in olherjurisdiclions. Small companles provlsion statement This report has been prepared in accordance with the small Companies regime under the Companies Act 2006. The annual report was behalf by.. pproved by the trustees of the charity on io./.a/.25... and signed on its Stuart Anthony Pearson Trustee Page 4
Kea Pre School Limited Trustees Report Reference and Administrative Details Charity Registration Number 1127048 Company Registration Number 06701980 The charity is incorporated in England Kea Truro Cornwall TR3 6AY Registered Office Accountants Francis Clark LLP Lowin House Tregolls Road Truro TR12NA Trustees and officers The trustees and officers serving during the year and since the year end were as follows.. Trustees.. Janine Vicky Allen David Charles Gibson Clewlow Stuart Anthony Pearson Page 5
Kea Pre School Limited Independent Examiner's Report to the trustees of Kea Pre School Limited {'the Company,) I report lo the charity Iruslees on my examination of the accounts of the Company for the year ended 31 December 2024. Responslblltties and basls of report As the charity's trustees of the Company land also ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Ael'l. Having satisfied myself that the accounts of the Company a 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 I'the 2011 Acl'l. In carrying out my examination I have followed the Directi'ons given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinef s statement Since the Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of Inslilule of Chartered Accountants in England and Wales IICAEWI, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connectson with the examination giving me cause lo believe.. 1. accounting records were not kept in respect of Kea Pre School Limited as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accoun15 give a 'lrue and fair view, which is not a matter considered as part of an independent examination,. or 4. the a¢counts have not been prepad in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable lo eharities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102>1. I have no COnrnS 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 ac¢oL¢nts lo be reached. Page 6
Kea Pre School Limited Independent Examinerfs Report to the trustees of Kea Pre School Limited ('the Company,) Darren Perry BA IHon$l ACA DChA Institute of Chartered Accountants in England and Wales IICAEW} Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR12NA Date..6./u.l. 25. Page 7
Kea Pre School Limited Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restrictgd funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Investment income Charitable activities 654 1.315 282.810 654 1,315 282.810 1,813 131 254,559 Total income 284,779 284.779 256,503 Expendlture on: Charitable activities 1276,348 680 277,028 242,702 Total expenditure 276,348 680 277,028 242,702 Nel incomel{expendilurel 8,431 680 7,751 13,801 Net movement in funds 8,431 16801 7,751 13,801 Reconclllation of funds Total funds brought forward Total funds carried forward 113,911 680 114,591 100,790 14 122,342 122,342 114.591 All of the charity's activities derive from continuing operations during the above tsvo periods. All transactions in the comparative period related lo unreslricled fund5. The funds breakdown for 2023 is shown in note 14. The note5 on pages 10 10 18 fonm an integral part of these finanaal statements. Page 8
Kea Pre School Limited (Registration number.. 06701980) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets Current assots Debtors Cash at bank and in hand 10 47.200 25,906 16,085 71.121 12,181 87,358 12 87,206 99,539 Credltors: Amounts falllng due within one year 13 12,064 10,854 Net current assets 75,142 88,685 Net assets 122,342 114,591 Funds of tho charity: Restricted income funds Restricted funds 680 Unrestricted Incorne fund$ Unreslricled funds 122,342 113,911 Total funds 14 122,342 114,591 For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities.. The members have not required the charity to obtsin an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounb'ng records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating lo companies subject to the small companies girne within Part 15 of the Companies Act 2006. The financial statements on pages 8 10 18 were approved by the trustees, and aulhorised for issue on CJl-.Ql.'LS... and signed on their behalf by.. Stuart Anthony Pearson Trustee The notes on pages 10 to 18 forni an integral part of these financial statements. Page 9
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limited by guarantee. incorporated in England, and consequently does not have share capital. Each of the members is liable lo contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered offi is.. Kea Truro Cornwall TR3 6AY 2 Accounting poli¢ie$ Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Ch3rities' Statement of Recommended Practice lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211 lissued in October 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation Kea Pre School Limited meets the definition of a public beneftl entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe ststed in the relevant accounting policy notes. Golng concem The trtJslee5 consider that there are no material uncertainties about the charity's ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All income is rec(nISed once the charity has enlillemenl to the in¢ome. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 10
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement dale. In the event that a donation 15 subject lo conditions that require a level of performance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilmenl of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Investment income Income from investments is included in the year in which il 15 receivable. Expendlture All expenditure is recognised once there is a legal or constructive obligation lo that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that category. Charltable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Taxation The charity is considered to pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain5 Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Tangible fixed assets Individual fixed assets costing £250 or more are initially recorded al cost. less any subsequent awumulaled depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets $0 as to write off the c051 or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Land & Buildings Furniture & Equipment Depreclatlon method and rate 10'/o Slraighl line 250A Reducing balance Page11
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Trade debtors Trade debtors are amounts due from customers for seNices performed in the ordinary course of business. Trade debtors are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is estsblished when there is objective evidence that the charity will not be able lo collect all amounts due according lo the original terms of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deF)osils, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change In value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, lo defer settlement of the creditor for al least e1ve months after the reporting date. If there is an unconditional right lo defer settlement lor al least fv1ve months after the reporting date, they are presented as non-current Trade creditors are recognised initially at the transaction pnce and subsequently measured at amortised cost using the effective interest method. Fund structure General funds are unrestrieled funds that are available for use at the trustees discretion in furtherance of the objectives of the ¢harity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Flnancial Instruments Classificatlon Financial assets and financial liabilities are recognised when the charity becomes a paty to the conlraclual provisions of the instrument. Financial liabilities are ¢lassified according to the substsn¢e of the contractual arrangements entered into. Page 12
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Recognltlon and measurement All financial assets and liabilities are initially measured at transaction pri {irscluding transaction coslsl, except for those financial assets classified as al fair value through profil or loss, which are initially measured al lair value (which is normally the transaction price excluding transaction costs). unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted al a market rate of interest for a Similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right lo sel off the recognised amounts and the charity intend$ either to settle on a nel basis, or to realise the asset and settle the liability simultaneously. Financial assets are dere¢[niSed when and only when al the contractual rights lo the cash flows from the financial asset expire or are settled, bl the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, but not all, significant risks and rewards of ownership, ha5 transferred Control of the asset lo another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 3 Incorno from donatlons and legacles Unrestricted Funds Total 2024 Total 2023 Donations 654 654 1,813 1,813 654 654 Page13
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 4 Income from charitable activitigs Unrestrieted Funds Total 2024 Total 2023 School fees NEGIEYP funding Misc income 127,798 154,213 799 127,798 154,213 799 137.343 114,289 2,927 282,810 282,810 254,559 5 Investment income Unrestricted Funds Total 2024 Total 2023 Interest receivable 1,315 1,315 131 6 Expenditure on charltable activities Unrg$trict9d Funds Total 2024 Total 2023 Depreciation. amortisation and other similar cos15 Staff costs Nursery activities Support costs 16,138 197,735 30,469 32,686 16.138 197,735 30,469 32.686 18,579 177,156 29,378 17,589 277,028 277,028 242,702 7 Trustees remuneration and expenses No Iruslees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 14
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 8 Staff cost5 The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were: Wages & Salaries Staff NIC (Employers) Stsff pensions 181,836 7,450 8,449 164,348 5.775 7.033 197,735 177,156 The monthly average number of persons (including senior management I leadership leaml employed by the charity during the year expressed as full time equivalents was as follows.. 2024 No 12 2023 No 12 Average number of employees No employee received emoluments of more than £60,000 during the year. The lolal employee benefits of the key management personnel of the charity, comprising the trustees, pre school manager and offiTr managerwere £50,99612023". £45,327). 9 Taxatlon The charity is a registered charity and is therefore exempl from tsx8tion. Page 15
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 10 Tanglble flxed assets Land and Furniture and buildings equipment Total Cost Al 1 January 2024 Additions 139,391 37,432 20,251 159,642 37,432 Al 31 December 2024 176,823 20,251 197,074 Depreciation Al 1 January 2024 Charge for the year 127,400 12,659 6,336 3.479 133.736 16,138 At 31 Dember 2024 140.059 9,815 149,874 Ngt book value At 31 December 2024 36,764 10,436 47,200 At 31 December 2023 11,991 13,915 25,906 11 Debtors 2024 2023 Trade debtors Prepayments Other debtors 11,958 379 3,748 16,085 9,032 973 2,176 12,181 12 Cash and cash equlvalents 2024 2023 Cash on hand Cash at bank 123 70,998 80 87,278 71,121 87.358 P89è 16
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 13 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other laxalion and social security Other creditors Accruals 4.245 3,005 1.914 2,900 12,064 4,405 2.168 1,581 2,700 10,854 14 Funds Balance at 31 December 2024 Balance at 1 January 2024 Incomlng resources Resources expended Unrestrlcted funds Gengral General 113,911 284,779 1276,3481 122,342 Restricted funds Tesco Community Grant 680 680 Total funds 114,591 284,779 277,028 122,342 Balance at 31 December 2023 Balance at 1 January 2023 Incoming resources Resources expended Unrestrlcted funds Ggnoral General 99.938 256.503 1242,5301 113,911 Restricted Tesco Community Grant 852 172 680 Total funds 100.790 256,503 242,702 114.591 The specific purposes for which the fvnds are to be applied are a$ follows.. The Tesco Community Grant was for outdoor equipment. Page 17
Kea Pre School Limited Notes to the Financial Statements for the Year Ended 31 December 2024 15 Analysis of not assets between funds Total funds at31 Decembor 2024 Unrestricted funds Gengral Tangible fixed assets Current assets Current liabilitie5 47,200 87,206 12,064 47,200 87,206 12.064 Totsl net assets 122,342 122.342 Total funds at31 December 2023 Unrestrieted lunds General Restrlcted funds Tangible fixed asse15 Current assets Current liabilities 25,906 98,859 10,854 25,906 99,539 10.854 680 Total net assets 113,911 680 114.591 16 Related party transactions There were no related paty transactions in the year. Page 18