ort of the Director and Trustees and Financial Statements for the ear ended 31 March 2024 for Sutton O ortuni Pre-school
Sutton O ortuni Pre-school Contents of the Financial Ststements for the Year Ended 31 March 2024 Page Company Infonnation Report of the Trustees Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
Sutton O ortuni Pre-school Com For the an Information ear to 31 March 2024 CHARITY NUMBER: 1132408 COMPANY REGISTRATION NO: 05804311 TRUSTEES: Mrs A Wood- Chairperson Miss D Grindrod - Company Secretary Mrs M Deane-Resigned October 2023 Mrs E Bender Mrs F Grindrod - Resigned October 2023 Mrs C Rayner Mrs L Francis Mr D Heighes Mr J Malia- Treasurer ADDRESS: Rear Of 16-18 Stanley Park Road & Fronting Holmwood Gardens Wallington Surrey SM6 OEU ACCOUNTANTS Freshwater Associates Ltd Chartered Certified Accountants and Registered Auditors 1 Gemini Court, 42a Throwley Way Sutton Surrey SM14AF BANKERS Barclays Bank 161 Woodcote Road Wallington SM6 ONF Page 1
Sutton O ortuni Pre-school ort of the Trustees ear to 31 March 2024 For the Structure overnance and mana ement Sutton Opportunity Pre-school is constituted by Trust Deed dated July 1990 and is a registered charity. The pre-school adopted the Pre-school Learning Alliance model 'Memorandum and Articles of Association, on 11 July 2006 and was incorporated as a private limited company (No. 5804311) under The Companies Act 1985 to 1989 Companies Limited by Guarantee and not having share capital on 3 May 2006. The TrusteelDirectors for the period were: Mrs A Wood - Chairperson Miss D Grindrod - Company Secretary Mr J Malia- Treasurer Mrs E Bender Mrs F Grindrod - resigned October 2023 Mrs C Rayner Mrs L Francis Mr D Heighes Mrs M Deane- resigned October 2023 Ob'ectives and Activities Our Development Priorities for 2023-24 were the following: A Outcomes A1 Moving to new premises and managing transition for the children. A2 Ofsted readiness preparation after move. B Curriculum B1 To enhance staff skills in developing numeracy knowledge B2 To develop knowledge bases in supporting inclusive activities that our neurotypical and neurodiverse children can partake in together. C Mana ement C1 Continue to pursue extemal funding sources for training and resources. C2 Trustees to undertake in person observations and development of a training program for Trustees. Page 2
Sutton O ortuni Pre-school Actions/Outcomes A1 The pre-school is undertaking a premises move to a new location following the termination of the existing lease. This is a big change for our children and their families and requires a delicate transition process to accomplish. We will be taking some additional time off outside of holiday periods to make sure the building is fit for purpose before re-opening. A2 Alongside the new move. this pushes the prospect of an Ofsted inspection into the immediate future. Staff are undertaking training and support from the pre-school management team in ensuring that they are as prepared for this visit as possible. B1 Internal training on maths and numeracy skills became the focus for this academic year and as such, staff were upskilled in a manner befitting the new Ofsted criteria. B2 Ongoing reflective CPD took place with regards to the potential for more inclusive activities within the pre-school. This involved a back-to-basics approach to EYFS and considered actions by key-workers. C1 The management team and committee board are always on the outlook for viable external funding sources to enable them to better support the pre-school in future endeavours year. C2 Trustees were allocated development areas of the pre-school and carried out independent visits based on those areas to better understand the intricacies of early years learning and the running of the pre-school itself. These include finances, leadership and management and teaching and learning. Activities During the course of the year, the number of children on roll decreased from 32 to 28 children. As with the previous financial year, Sutton Opportunity Pre-school's growing reputation as high-quality providers of inclusive early years education there are large numbers of applications for placement of children with SEN and so our push for the next financial year will be to search out ways that we can increase our numbers of children without additional needs to enable us to continue providing inclusivity within our provision. We have also had a decrease in numbers following the move to the new premises which caused travel issues for some of our families. We carried out access, safeguarding and data protection audits to ensure that we are meeting all of our statutory and professional obligations. These are always updated annually and reported back to Trustees to identify actions and monitor impact. Page 3
Sutton O ortuni Pre-school Our Facebook group and Instagram channel is continuing to grow stronger and is actively utilised by staff and parents to keep one another aware of special events and local community opportunities. This has also been supplemented by a separate open Facebook page which allows parents to view details of our provision without signing up to a group. Our website has been updated and is being monitored regularly by a member of staff in the team. Financial matters The pre-school has had a difficult financial footing this year following the loss of the pre-school manager in September 2023 and issues with the banks in the months following that. It has taken us some time to find our footing again but hopefully with the move due for completion and numbers on roll rising we should find ourselves financially stable again next financial year. Staffin Staffing has had some changes in this financial year. Following the unexpected loss of our manager, Fern Grindrod, in September 2023, we have placed our Deputy Manager under acting-up capacity on a temporary basis to replace her. This has resulted in a staffing shift for roles amongst existing staff. No additional members have been taken on in this year. Fundraisin We have not actively engaged in large fundraising projects this financial year due to the move to a new premises and upheaval this has caused in the pre-school. We will be looking at some large fundraising projects next financial year. Safe uardin Keeping children safe in the widest sense is of prime importance to all our work. We have 'safeguarding' as an item on the agendas of all staff and management committee meetings to ensure that it is always at the forefiont of all that we do. Page 4
Pro issues The pre-school is in the process of a move to a new premises following termination of our existing lease. We will be ensuring it is fit for purpose prior to opening again to our children. As a small charity, we cannot survive without the dedication of our staff, the tremendous support from parents, trustees, friends and ourjoint work with a great number of professionals and other agencies. We are very grateful to all of them. Mrs A Wood Chairperson Dated.. For and on behalf of the Management Committee (I Ir2 /2/* Page 5
Sutton O ortuni Pre-school Inde endent Examiner's Re ort on the Accounts We report to the trustees of Sutton Opportunity Pre-school on the Accounts of the charity for the period ended 31 March 2024, which are set out on pages 7 to 13. Respective responsibilities of Trustees and examiner As the charity's Trustees, you are responsible for the preparation of the Accounts,. you consider that the audit requirement of Section 144 of the Charities Act 2011 (the Act) does not apply and that an independent examination is needed. It is our responsibility to examine the Accounts under Section 145 of the Act and to state. on the basis of procedures specified in the General Directions given by the Charity Commissioners under Section 145(5) of the Act, whether particular matters have come to our attention. Basis of independent examineVs statement Our examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes onsideration of any unusual items or disclosures in the Accounts and seeking explanations from the Trustees concerning any such matters. The prOdureS undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the Accounts. Independent examiner's statement In the course of our examination, no matter has come to our attention which gives us reasonable cause to believe that, in any material respect, the Trustees have not met the requirements to ensure that: proper accounting records are kept (in accordance with section 130 of the 2011 Act). and Accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or 2. to which. in our opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached. Freshwater As Chartered C 1 Gemini C Sutton Surrey SM14A es Limited ccountants and Registered Auditors Throwley Way ified urt, 42 Dated: IIIIL / Page 6
Sutton O ortuni Pre-school Statement of Financial Activities includin Income & Ex Year Ended 31 March 2024 enditure Account Notes Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Incoming Resources InGoming resources from generated funds Voluntary income.. Donations and gifts Activities for generating funds.- Investment income Fundraising Other 1,218 3,214 1,218 3,214 168 695 Income Resources from charitable activities Grants received Fees - Parental 212.625 212,625 11,529 208,934 20,510 11.529 Total incoming resources 15,961 212,625 228,586 230,307 Resources Expended Costs of generating funds Costs of generating voluntary income Fundraising costs Charitable activities Governance costs 332 33,904 3,102 332 275.393 3,102 767 245,798 1,278 241,488 Total resources expended 37.338 241,488 278,827 247,843 NEf INCOMINGI{OUTGOINGS) FOR YEAR (21,377) (28,863) (50,241) (17,536} Contlnulng Operations None of the company's activities were acquired or discontinued during the current and previous years. Total Recognised Galns and Losses The charity has no recognised gains or losses other than the incomel(outgoings) for the year and the previous year. Page 7
Sutton O ortuni Pre-school Balance Sheet as at 31 March 2024 2024 2023 Notes FIXED ASSETS: Tangible Assets 6,824 9,099 CURRENT ASSETS: Debtors Cash at Bank and In Hand 10 6,966 4,724 CREDITORS: Amounts falling due within one year NET CURRENT ASSETS. 31,627 79,593 TOTAL ASSETS LESS CURRENT LIABILITIES: 38,451 88,692 RESERVES: Restricted Funds General Funds 12 12 57,590 86,453 38,451 88,692 For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ON BEHALF OF THE BOARD: A. Wood- Chair Approved by the Board on Ii/iz/£< The notes on following pages form part of these financial statements Page 8
Sutton O ortuni Pre-school Notes to the Financial Statements for the Year ended 31 March 2024 ACCOUNTING POLICIES 1.1a Basis of preparation of Accounts The financial statements are prepared under the historical cost convention and include the results of the charity's operations which are described in the Directors, and Trustees, Report and all of which are continuing. The Accounts have been prepared in compliance with the Statement of Recommended Practi. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)) and the Companies Act 2006. The charity has taken advantage of the exemption in Financial Reporting Standard No. 1 (revised) from the requirement to produce a cashflow statement. 1.1b Reconciliation with previous Generally Accepted Accounting Practice In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS102 and the Charities SORP FRS102 the restatement of the comparative items was required. No restatement was required. 1.1c Fund Accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the temis of a grant. 1.2 Tangible Fixed Assets and Depreciation Tangible Fixed Assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of Fixed Assets, less their estimated residual value, over their expected useful lives on the following bases: Computer Equipment Fixtures and Fittings 25 /0 reducing balance 25¢)/o reducing balance 1.3 Incoming Resources Voluntary income and donations are accounted for as received by the charity. The income from fundraising ventures is shown gross, with the associated costs included in fundraising costs. No permanent endowments have been received in the period, but these are dealt with through the Statement of Financial Activities when received. The value of sep4ices provided by volunteers has not been included in these Accounts. Page 9
Sutton O ortuni Pre-school Notes to the Financial Statements for the Year ended 31 March 2024 1.4 Value Added Tax Value Added Tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities. 1.5 Resources expended Administration expenditure includes all expenditure directly related to the charitable activity which is based within the premises. This includes costs of running office premises, staff salaries for administrative staff and accountancy fees, as detailed in note 4. Charitable expenditure comprises those costs incurred by the chartty 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 neSSary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resour. Costs relating to a particular activity are allocated directly. 1.6 Finance and operating leases Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period they are incurred. Assets obtained under finance leases are capitalised as tangible fixed assets. Obligations under such leases are included in creditors net of finance charge allocated to future periods. The finance element of each payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate on the net obligation outstanding in each period. 1.7 Fundraising costs Fundraising expenditure comprises costs incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging of special fundraising events. INCOMING RESOURCES FROM GENERATED FUNDS 2024 2023 Investment income Fundraising 1.218 168 695 863 All donations are treated as an unrestricted fund. Investment income is derived from interest receivable on cash deposits. Page 10
Sutton O ortuni Pre-school Notes to the Financial Statements for the Year ended 31 March 2024 INCOME AND RESOURCES FROM ACTIVITIES TO FURTHER THE CHARITY'S OBJECTIVES Fees were received during the year from the following sources: Total Funds Total Funds 2024 2023 Fees- London Borough of Sutton Fees - Parental 212,625 208,934 RESOURCES EXPENDED Basis of Allocation Fund Raising Direct Charitable Activities Governance Restricted Unrestricted Total 2024 Total 2023 Costs directly related to activities Staff costs Direct Equipment Direct Training Direct 239,721 1.505 239,721 1,505 480 211,939 4,115 644 480 Support Costs allocated to activities Rent & Rates Direct Light and heat Direct Repairs and Renewals Direct Insurance Direct Catering Direct other staff costs Direct Telephone Direct Post & Stationery Direct Fundraising Costs Direct Depreciation Direct Professional Fees Direct Bank Charges Direct Cleaning Direct Travelling Direct Clothing Direct School Activities Direct Sundries Direct Computer Expenses Direct Subscriptions & Licences Direct Health & Safety Direct 13,394 4,027 1,490 988 2,149 2.030 289 651 13,394 4,027 1,490 988 2,149 2,030 289 651 332 2,275 3,102 114 637 183 385 1,420 38 1,702 1,179 735 278,827 8,894 1,454 1,700 960 2,098 61 288 1,578 767 3,033 1,278 132 620 332 262 2.013 3,102 114 637 183 385 1,420 38 1.702 1,179 735 33,904 3,102 225 2,725 97 1,752 1,552 332 241,488 247,843 NET INCOMEI{OUTGOING) RESOURCES FOR THE YEAR 2024 2023 This is stated after charging: Depreciation of tangible fixed assets owned by the charity 2,275 3,033 Page11
Sutton O ortuni Pre-school Notes to the Financial Statements for the Year ended 31 March 2024 STAFF COSTS No remuneration was paid to Trustees for carrying out their duties as Trustees during the year, nor were any expenses reimbursed to them. The staff costs of the remaining staff were.. 2024 2023 Salaries & Social Security costs Pension costs 237,005 209,718 239 721 211939 The average number of staff employed, calculated as full time equivalents during the year was as follows: 2024 2023 Direct charitable work Administrative 12 12 13 13 No employee received remuneration of more than £60,000. Pension costs are allocated to activities in proportion to related staffing costs incurred and are wholly charged to unrestricted funds. The number of employees at the end of the year totalled 13 (2023.13). The workplace pension scheme operated by NEST is available to new and existing employees of the charity entitled to join unless they have exercised their right to opt out of the scheme. TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS Four members of the management committee reiVed remuneration during the year in relation to their employment and not to their role as Trustees. The total remuneration paid to members of the management committee was £71.961. (2023- four members, £80,354). No other members of the management committee received any remuneration during the year. No travel costs were reimbursed to any trustee during the year (2023 - nil). No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2023 - nil). TAXATION As a charty Sutton Opportunity Pre-school is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable gains act 1992 to the extent that these are applied to its Charitable objects. No tsx charges have arisen in the Charity. Page 12
Sutton O ortuni Pre-school Notes to the Financial Statements for the Year ended 31 March 2023 TANGIBLE FIXED ASSErs Computer Fixtures & Ftttings Total Cost At 1 April 2023 Additions At 31 March 2024 5,422 16,351 21",773 Depreciation At 1 April 2023 Charge for Year At 31 March 2024 4,374 262 8,300 12,674 Net Book Value At 31 March 2024 786 At 31 March 2023 10. DEBTORS 2024 2023 Prepayments Other debtors Trade Debtors 70 174 116 11. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors Tax and Social Security Accruals 592 8,285 2,415 12. MOVEMENT IN FUNDS At 1 April 2023 Income Expenditure Transfers At 31 March 2024 Restricted Funds: LB of Sutton 86.453 212.625 241,488 57,590 Unrestricted Funds: General Fund 2,238 15,961 37.338 (19,139) 88.691 228,586 278,827 38,451 Restricted funds are used for the activities explained in the Trustees report Page 13