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2020-12-31-accounts

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (A company limited by guarantee)

DIRECTORS AND TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

HastingsWade Chartered Certified Accountants and Registered Auditors Stowmarket Suffolk

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS

Page
Directors’ and Trustees’ Report 1-2
Independent Examiner’s Report 3
Statement of Financial Activities 4
Balance Sheet 5-6
Notes to the Financial Statements 7-13

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

REPORT OF THE DIRECTORS AND TRUSTEES

The Trustees, some of whom are also directors, present their report and the financial statements of the company for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 published in October 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Name - Stowupland Preschool & The Mighty Oaks Charity Registration Number - 1128585 Company Registration Number - 06707472 Registered office and Operational Address - Church Road, Stowupland, Suffolk IP14 4BQ

Committee

The overall management and control of the Preschool shall vest in the individual members of its management committee. This consists of the Committee Officers who are the company directors and trustees of the preschool, and not less than two nor more than nine elected Members.

Appointment of new Trustees

Trustees are elected at the AGM in accordance with the constitution.

Committee Officers

Megan Clifford Treasurer and Director Sarah Douglas Chairperson and Director Sarah Faliveno Secretary and Director (appointed 15 October 2020) Victoria Greenwood Director (resigned 17 January 2020)

Committee Members

Katie Clark Secretary (resigned 15 October 2020) Leanne Eaton (appointed 15 October 2020) Vicky Freer (appointed 15 October 2020) Agnieszka Jeffries (appointed 15 October 2020) Catherine Page (appointed 15 October 2020)

1

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

REPORT OF THE DIRECTORS AND TRUSTEES (CONTINUED)

Professional Advisers

Bankers - HSBC Bank, Stowmarket, 20 Market Place, Stowmarket, IP14 1DW.

Independent Examiner - Mrs Christine Wade FCCA , HastingsWade, Chartered Certified Accountants, 58-60 Stowupland Road, Stowmarket, Suffolk, IP14 5AL.

Legal Status

Stowupland Preschool & The Mighty Oaks is a private charitable company limited by guarantee without share capital incorporated on 25 September 2008 registered in England and Wales.

Principal Activities and Aims

The company is a registered charity (Registration Number 1128585) whose charitable objectives are to promote, maintain, improve and advance the development of education primarily under statutory school age. In furthering the aims of the charity, the Trustees have considered the Charity Commission’s guidance on public benefit. To this end, we provide education of children as described in the local area. To facilitate this work, it is important that the building is maintained to a suitable standard and staffing provisions remain appropriate and of a good standard.

Review of Developments

Stowupland Preschool has seen a change in this financial year due to the impact of Covid-19. The charity has experienced a ‘lockdown’, a reduction in numbers and a change in practice. Fundraising has been affected and grants/schemes have been claimed to help maintain and support the business.

Review of Risks

The Trustees have carried out a review of significant risks to which the charity may be exposed and have taken action to put in place necessary systems to mitigate those risks.

Reserves Policy

The Trustees aim to maintain sufficient funds within the bank account to ensure expenditure can be met for a period of three months in the event there is no income.

Small Company Exemption

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the Board on 15 September 2021

Sarah Douglas - Chairperson and Director Megan Clifford – Treasurer and Director Sarah Faliveno – Secretary and Director

2

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF STOWUPLAND PRESCHOOL & THE MIGHTY OAKS

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020 which are set out on pages 4 to 13.

Responsibilities and basis of report

As the charity’s trustees of the Company (who are 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”). 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 that in any material respect:

  1. accounting records were not kept in accordance with section 386 of the Companies Act 2006; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with relevant accounting requirements under 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 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 (FRS102)).

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.

Christine D Wade FCCA HastingsWade Chartered Certified Accountants 58-60 Stowupland Road Stowmarket Suffolk IP14 5AL

20 September 2021

3

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account)

FOR THE YEAR ENDED 31 DECEMBER 2020

Note Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
Incoming resources
Voluntary income 3 282 - 282 126
Activities for 3 1,499 - 1,499 3,640
generating funds
Incoming resources 3 96,888 2,361 99,249 118,311
from charitable
activities
Grants 3 7,063 1,250 8,313 -
------------ ------------ ------------ ------------
105,732 3,611 109,343 122,077
------------ ------------ ------------ ------------
Resources expended
Fundraising trading 4 139 - 139 1,240
costs
Charitable activities 4 97,771 4,579 102,350 111,111
Governance costs 4 7,582 - 7,582 16,469
------------ ------------ ------------ ------------
105,492 4,579 110,071 128,820
------------ ------------ ------------ ------------
Net 240 (968) (728) (6,743)
(outgoing)/incoming
resources
Gross transfers - - - -
between funds
------------ ------------ ------------ ------------
Net movement in 240 (968) (728) (6,743)
funds
Total funds brought 22,929 2,091 25,020 31,763
forward
------------ ------------ ------------ ------------
Total funds carried 23,169 1,123 24,292 25,020
forward
------------ ------------ ------------ ------------

The annexed notes form an integral part of these financial statements

4

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

BALANCE SHEET AS 31 DECEMBER 2020

Note Unrestricted Restricted Total Total
fund fund 2020 2019
£ £ £ £
Fixed assets
Tangible assets 7 2,850 - 2,850 3,350
----------- ----------- ------------ ------------
Current assets
Stock 200 - 200 50
Debtors 8 3,213 - 3,213 1,218
Cash at bank and in 36,784 1,123 37,907 38,312
hand
------------ ------------ ------------ ------------
40,197 1,123 41,320 39,580
----------- ----------- ------------ ------------
Creditors: amounts 9 19,878 - 19,878 17,910
falling due within
one year
------------ ------------ ------------ ------------
Net current assets 20,319 1,123 21,442 21,670
------------ ------------ ------------ ------------
Net assets 23,169 1,123 24,292 25,020
------------ ------------ ------------ ------------
Funds
Unrestricted funds 23,169 - 23,169 22,929
Restricted funds - 1,123 1,123 2,091
------------ ------------ ------------ ------------
Total funds 23,169 1,123 24,292 25,020
------------ ------------ ------------ ------------

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

(Continued overleaf)

5

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

BALANCE SHEET AS AT 31 December 2020 (continued)

The financial statements were approved by the trustees on 15 September 2021

Signed on behalf of the Board

Sarah Douglas – Chairperson and Director Megan Clifford – Treasurer and Director Sarah Faliveno – Secretary and Director

The annexed notes form an integral part of these financial statements

6

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES

1 STATUTORY INFORMATION

Stowupland Preschool & The Mighty Oaks is a private company, limited by guarantee, registered in England and Wales. The company’s registered number and registered address can be found on page 1 of the financial statements. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

2 BASIS OF PREPARATION

The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been 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 issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.

a) Incoming resources

These are included in the Statement of Financial Activities (SoFA) when:

b) Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

c) Grants payable

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

d) Tangible fixed assets for use by the charity

These are capitalised if they can be used for more than one year and cost at least £100. They are valued at cost.

Depreciation is provided at 25% reducing balance in order to write off each asset over its estimated useful life.

e) Stocks

These are valued at the lower of cost or market value.

7

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES (CONTINUED)

3 ANALYSIS OF INCOMING RESOURCES

Voluntary income
2020 2019
£ £
Donations 282 126
Activities for generating
funds
2020 2019
£ £
Fundraising 1,338 3,583
Clothing sales 161 57
--------- ---------
1,499 3.640
Incoming resources from
charitable activities
2020 2019
£ £
Unrestricted income
funds
Early education funding 83,496 96,566
(EYFS)
Additional special grant 513 -
Fees-preschool 12,879 14,180
------------ ------------
96,888 110,746
Restricted income funds
Early years pupil premium, 2,361 7,565
Additional special grant and
SEN High Tariff and
Inclusion
------------ ------------
99,249 118,311
------------ ------------

8

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES (CONTINUED)

3 ANALYSIS OF INCOMING RESOURCES (CONTINUED)

Grants
2020 2019
£ £
Unrestricted income
funds
Covid-19 Grants 7,063 -
Restricted income funds
Locality Grants 1,250 -
------------ -----------
8,313 -
------------
------------

4 ANALYSIS OF RESOURCES EXPENDED

Fundraising trading costs
2020 2019
£ £
Cost of fundraising 139 1,240
--------- ---------
139 1,240
--------- ---------
Charitable activities
2020 2019
£ £
Unrestricted funds
Wages, fees and NI 92,571 97,486
contributions
Activities and crafts 528 1,522
Groceries and 2,326 2,543
refreshments
Hall hire 120 972
Repairs and renewals 160 1,741
Staff training 918 257
Depreciation and loss on 1,148 1,116
disposal
----------- ------------
97,771 105,637
------------ ------------

9

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES (CONTINUED )

4 ANALYSIS OF RESOURCES EXPENDED (CONTINUED )

2020 2019
£ £
Restricted funds
Wages, fees and NI 330 5,230
contributions
Activities and crafts 4,249 244
----------- -----------
4,579 5,474
------------ ------------
102,350 111,111
------------- -----------
Governance costs
2020 2019
£ £
Communications 994 993
Postage, stationery & 648 2,229
copying
Insurances 1,271 1,175
Premises 2,191 4,966
Sundry and professional 1.085 6,133
fees (includes registration
and licence fees)
Companies House fee 13 13
Independent Examiner’s 1,380 960
fee
------------ ------------
7,582 16,469
------------ ------------

5 TRANSACTIONS WITH TRUSTEES

In 2019 included in sundry expenses and professional fees was £270 paid to S Mayhew a trustee of the charity and £1,198 to N Everitt a trustee of the charity for services rendered outside their duties as trustees and committee members. There were no such payments in 2020.

No trustee was paid expenses in the year (2019:nil).

10

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES (CONTINUED)

6 STAFF COSTS

Average number of employees

2020 2019
11 12
----------- -----------

No employees received total employment benefits of more than £60,000 (2019: nil).

There is a NEST pension scheme operated by the charity.

2020 2019
£ £
Wages and salaries 90,801 100,108
Social security - 503
Defined contribution pension costs 2,100 2,105
----------- -----------
92,901 102,716
----------- -----------

7 TANGIBLE FIXED ASSETS

Fixtures, fittings &
equipment
£
Cost
At 1 January 2020 23,370
Additions 650
Disposals (2,383)
-----------
At 31 December 2020 21,637
-----------
Depreciation
At 1 January 2020 20,020
Charge for the year 950
Depreciation on disposals (2,183)
-----------
At 31 December 2020 18,787
-----------
Net book value at 31 December 2020 2,850
-----------
Net book value at 31 December 2019 3,350
, -----------

11

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES (CONTINUED)

8 DEBTORS

2020 2019
£ £
Trade debtors 2,286 200
Prepayments 927 1,018
------------ ------------
3,213 1,218
------------ ------------

9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020 2019
£ £
Trade creditors 379 1,555
Accruals and deferred income 19,127 16,355
Tax and Social Security 372 -
------------ ------------
19,878 17,910
------------ ------------

10 RESTRICTED FUNDS

The restricted funds include funding that has to be spent on resources or staffing to help assist the child in their learning and development and a Locality Grant towards new flooring and soft furnishings.

11 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total Total
funds Funds Funds Funds
2020 2020 2020 2019
£ £ £ £
Tangible fixed 2,850 - 2,850 3,350
assets
Net current assets 20.319 1,123 21,442 21,670
----------- ----------- ----------- -----------
Net assets 23,169 1,123 24,292 25,020
----------- ----------- ----------- -----------

12

STOWUPLAND PRESCHOOL & THE MIGHTY OAKS (Registered Number 06707472) (A company limited by guarantee)

YEAR ENDED 31 DECEMBER 2020

NOTES (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

Unrestricted Unrestricted Restricted Total Total Total
funds Funds Funds Funds
2019 2019 2019 2018
£ £ £ £
Tangible fixed 3,350 - 3,350 4,207
assets
Net current assets 19,579 2,091 21,670 27,556
----------- ----------- ----------- -----------
Net assets 22,929 2,091 25,020 31,763
----------- ----------- ----------- -----------
MOVEMENT IN FUNDS
At 1 January Incoming Outgoing Transfers At 31 December
2020 Resources Resources 2020
£ £ £ £ £
Unrestricted funds 22,929 105,732 (105,492) - 23,169
Restricted funds 2,091 3,611 (4,579) - 1,123
----------- ----------- ----------- ----------- -----------
25,020 109,343 (110,071) - 24,292
======
======		 ====== ======
 ======
At 1 January Incoming Outgoing Transfers At 31 December
2019 Resources Resources 2019
£ £ £ £ £
Unrestricted funds 31,763 114,512 (123,346) - 22,929
Restricted funds - 7,565 (5,474) - 2,091
----------- ----------- ----------- ----------- -----------
31,763 122,077 (128,820) - 25,020
====== ====== ====== ====== ======

12 MOVEMENT IN FUNDS

13 RELATED PARTIES

There were no related party transactions in the year.

14 CAPITAL COMMITMENTS

The company had no capital commitments at 31 December 2020 or 31 December 2019.

15 CONTROLLING PARTY

The charity is controlled by the Trustees.

13