Company Registration Number - 06622131
The Charity Registration Number is :- 1133641
Watlington Pre-school Limited
Report and Accounts
31 August 2020
## **Watlington Pre-school Limited**
## **Report and accounts for the year ended 31 August 2020**
## **Contents**
||**Page**||
|---|---|---|
|**Charity information**||1|
|**Trustees' Annual Report**||1|
|**Statement of directors' responsibilities**||6|
|**Independent Accountant's Report**||8|
|**_Funds Statements:-_**|||
|Statement of Financial Activities||10|
|Statement of Financial Activities - Prior Year statement||11|
|Movements in funds||12|
|Revaluation reserves||12|
|Revenue Funds||12|
|Fixed Asset funds||12|
|Summary of funds||12|
|Income and Expenditure account||13|
|**Balance sheet**||14|
|**Notes to the accounts**||16|
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
The Trustees present their Report and Accounts for the year ended 31 August 2020, which also comprises the Directors' Report required by the the Companies Act 2006.
## **Reference and administrative details**
## _**The charity name.**_
The legal name of the charity is:- Watlington Pre-school Limited
The charity is also known by its operating name, Watlington Pre-School
_**The charity's areas operation and UK charitable registration.**_
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1133641
_**Legal structure of the charity**_
The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.
The Governing Document is dated 17 June 2008
By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.
The trustees are all individuals.
## **The principal operating address, telephone number, email and web addresses of the charity are:-**
Rectory Lane Watlington, King's Lynn Norfolk, PE33 0HU Telephone 01553 811035 Email Address Web address
The registered office of the charity for Companies Act purposes is:-
Old Warden St Ann's Fort , King's Lynn Norfolk PE30 2EU
1
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
## **The Trustees in office on the date the report was approved were:-**
Victora Jane Wilkins Tracey Joanne Taylor Sarah Jo Oakley
## **The following persons served as Trustees during the year ended 31 August 2020 :-**
The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:-.
## _**Name**_
_**Appointed**_
## _**Resigned/Retired**_
Victora Jane Wilkins Tracey Joanne Taylor Sarah Jo Oakley
## **Objects and activities of the charity**
## _**The purposes of the charity as set out in its governing document.**_
Offering appropriate play, education and care facilities, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring opportunities are offered for all children whatever race, culturem religion, means or ability;
Encouraging the study of needs of such children and their families and promoting publinc interest in and recognition of such needs in local areas;
Instigating and adhering to and furthering the aims and objects of the Pre-School Learning Alliance.
In setting our objectives and planning our activities our trustees have given careful consideration to the Charity Commissions general guidance on public benefit,
2
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
## _**The main activities undertaken in relation to those purposes during the year.**_
The main activities of the charity are the provision of preschool education and all day child care for 2-4 year olds. The charity operates from 8.30am to 3pm during school term time to provide all day care for working parents or sessional preschool education to meet Foundation Stage objectives
## _**The main activities undertaken during the year to further the charity's purpose for the public benefit.**_
The pre-school maintains a full register of children. During the year to 31 August 2019 the preschool has continued to offer places for families that qualify for under 3 funding in addition offering places to childen both through access to funding and fee paying families.
Through Senco funding the preschol continues to offer additional assistance to children and families with
special needs.
Finally, the trustees have initiated a number of fund raising activies to provide the preschool with additonal resources
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
## **The main achievements and performance of the charity during the year.**
The pre-school maintains a full register of children. During the year to 31 August 2020 the preschool has continued to offer places for families that qualify for under 3 funding in addition offering places to childen both through access to funding and fee paying families.
Through Senco funding the preschol continues to offer additional assistance to children and families with
special needs.
Finally, the trustees have initiated a number of fund raising activies to provide the preschool with additonal resources
Additional suuport was given during the national lockdown to key workers etc.
3
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
## _**The difference the charity's performance during the year has made to the beneficiaries of the charity.**_
The children that attend the preschool continue to receive the support and education they require under the early years learning.
## _**The degree to which the achievements and performance during the year have benefited wider society.**_
The trustees are happy to report that the preschool is a important part of the village community offering support to both children and parents as required not only as part of the preschool learning alliance.
## **Structure, governance and management of the charity**
## _**The methods used to recruit and appoint new charity trustees.**_
New trustees are elected by the existing trustees.
All new trustees are selected through there involvment with the children attending the Pre-School.
Bankers NatWest Accountants MLJ Bookkeeping
4
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
## **Financial review**
## _**The charity's financial position at the end of the year ended 31 August 2020**_
The financial position of the charity at 31 August 2020 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
|Restricted Revenue Funds
**Total Funds**
**Net income/(expenditure)**
Unrestricted Revenue Funds available for the
general purposes of the charity|**2020**
**£**
12,524
46,217
21,786
**68,003**|**2019**
**£**
(1,757)
34,903
20,577
**55,480**|
|---|---|---|
## _**Financial review of the position at the reporting date, 31 August 2020 .**_
The trustees consider the financial performance by the charity during the year to have been satisfactory.
Specific changes in fixed assets are detailed in the notes to the accounts.
## _**Policies on reserves.**_
The trustees are mindful that adequate reserves must be maintained to allow the Pre-School to remain open.
With this in mind they are maintaining adequate reserves to ensure that the mobile can be kept maintained and that the wages can be paid at all times
## _**Availability and adequacy of assets of each of the funds**_
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund
5
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
## **Statement of the Directors Trustees's Responsibilities**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) .
In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
- to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of
recommended practice have been followed, subject to any material
departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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 also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
6
## **Watlington Pre-school Limited**
Company Registration Number - 06622131
## **Trustees' Annual Report for the year ended 31 August 2020**
## **Method of preparation of accounts - Small company provisions**
The financial statements are set out on pages 10 to 25.
The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)
These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
This report was approved by the board of trustees on 8 June 2021.
Tracey Joanne Taylor Director and Trustee
7
## **Watlington Pre-school Limited**
## **Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 August 2020**
I report on the financial statements of the charitable company on pages 10 to 25 for the year ended 31 August 2020 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) , effective January 2015 (The SORP), under the historical cost convention and the accounting policies set out on page 16.
## **Respective responsibilities of the Trustees and the Independent Examiner**
As described on page 6, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice , applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.
The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit under any legal provision, or otherwise, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under Section 145 of the Act;
b) follow the procedures in the General Directions given by the Charity Commission under section 145(5)(b) of the Act and;
c) state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Statement and scope of work undertaken**
I conducted my examination in accordance with the General Directions given by the Charity Commission under section 145(5)(b) of the Act, setting out the duties of an Independent Examiner in relation to the conducting of an Independent Examination. An Independent Examination includes a review of the accounting records kept by the charitable company and of the accounting systems employed by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, asTrustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit , and information supplied by theTrustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the Independent Examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.
8
## **Watlington Pre-school Limited**
## **Independent Examiner's Statement, Report and Opinion**
Subject to the limitations upon the scope of my work as detailed above , in connection with my examination, I can confirm that :-
The accounts of this charitable company are not required to be audited under Part 16 of the Companies Act 2006;
This is a report in respect of an examination carried out under 145 of the Act and in accordance with General Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;
and that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements :-
to keep accounting records in accordance with Section 386 of the Companies Act 2006 and Section 130 of The Charities Act 2011;
to prepare financial statements which accord with the accounting records and comply with the accounting requirements of Section 396 of the Companies Act 2006 and The Charities Act 2011 and;
have been prepared in accordance with the requirements of Section 396 of the Companies Act 2006 and and with the methods and principles set out in the FRS102 Statement of Recommended Practice - Accounting and Reporting by Charities (effective January 2016)
have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached;
Stuart Bellamy - Independent Examiner
Chartered Tax Advisors
Old Warden St Ann's Fort King's Lynn Norfolk PE30 2EU
This report was signed on 8 June 2021
9
## **Watlington Pre-school Limited - Statement of Financial Activities for the year ended 31 August 2020**
## _**Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 August 2020, as required by the Companies Act 2006)**_
|**Current year**
**Unrestricted Funds**
**2020**
**£**
**Income & Endowments from:**
Donations & Legacies
A1
18,054
Charitable activities
A2
89,619
Investments
A4
75
**Total income**
**A**
**107,748**
**Expenditure on:**
Raising funds
B1
424
Charitable activities
B2
96,009
**Total expenditure**
**B**
**96,433**
**Net income/(expenditure) for the year**
**11,315**
**Net income after transfers**
**A-B-C**
**11,315**
**11,315**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
34,903
**Total funds carried forward**
**46,218**
**SORP**
**Ref**
**Net movement in funds**|**Current year**
**Restricted Funds**
**2020**
**£**
1,833
-
-
**1,833**
-
624
**624**
**1,209**
**1,209**
**1,209**
20,577
**21,786**|**Current year**
**Total Funds**
**2020**
**£**
**19,887**
**89,619**
**75**
**109,581**
**424**
**96,633**
**97,057**
**12,524**
**12,524**
**12,524**
**55,480**
**68,004**|**Prior Year**
**Total Funds**
**2019**
**£**
4,337
105,279
1
**109,617**
258
111,116
**111,374**
**(1,757)**
**(1,757)**
**(1,757)**
57,237
**55,480**|
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.
All activities derive from continuing operations
**The notes attached on pages 16 to 25 form an integral part of these accounts.**
10
## **Watlington Pre-school Limited - Statement of Financial Activities for the year ended 31 August 2020**
## **Watlington Pre-school Limited - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP**
|**Income & Endowments from:**
Donations & Legacies
A1
Charitable activities
A2
Investments
A4
**Total income**
**A**
**Expenditure on:**
Raising funds
B1
Charitable activities
B2
**Total expenditure**
**B**
B4
**Net expenditure for the year**
**Transfers between funds**
**C**
**Net income after transfers**
**Other recognised gains/(losses)**
**Reconciliation of funds:-**
**E**
**Total funds brought forward**
**Total funds carried forward**
Net gains on investments
**SORP**
**Ref**
**Net movement in funds**|**Prior Year**
**Unrestricted Funds**
**2019**
**£**
4,726
99,483
2
104,211
868
107,307
**108,175**
-
(3,964)
-
(3,964)
-
**(3,964)**
36,585
**32,621**
|**Prior Year**
**Restricted Funds**
**2019**
**£**
1,182
-
-
1,182
-
5,141
**5,141**
-
(3,959)
-
(3,959)
-
**(3,959)**
20,652
**16,693**|**Prior Year**
**Total Funds**
**2019**
**£**
**4,337**
**105,279**
**1**
109,617
**258**
**111,116**
**111,374**
**-**
**(1,757)**
**-**
(1,757)
**-**
**(1,757)**
**57,237**
**55,480**|
|---|---|---|---|
## **All activities derive from continuing operations**
A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.'
**The notes attached on pages 16 to 25 form an integral part of these accounts.**
11
## **Watlington Pre-school Limited - Statement of Financial Activities for the year ended 31 August 2020**
## **Watlington Pre-school Limited - Resources applied in the year ended 31 August 2020 towards fixed assets for Charity use:-**
|Funds generated in the year as detailed in the SOFA
**Net resources available to fund charitable activities**|**2020**
**£**
12,524
**12,524**|**2019**
**£**
(1,757)
**(1,757)**|
|---|---|---|
The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.
## **The notes attached on pages 16 to 25 form an integral part of these accounts.**
## **Movements in revenue and capital funds for the year ended 31 August 2020**
## **Revenue accumulated funds**
|Accumulated funds brought forward
**Closing revenue funds**
**Revaluation Reserve Fund**
At 1 September
**At 31 August**
**Summary of funds**
Revenue accumulated funds
Recognised gains and losses before
transfers|**Unrestricted**
**Funds**
**2020**
**£**
34,903
11,315
**46,218**
**46,218**
**Unrestricted**
**Funds**
**2020**
**£**
-
**-**
**Unrestricted**
**and**
**Designated funds**
**2020**
**£**
46,218|**Restricted**
**Funds**
**2020**
**£**
20,577
1,209
**21,786**
**21,786**
**Restricted**
**Funds**
**2020**
**£**
-
**-**
**Restricted**
**Funds**
**2020**
**£**
21,786|**Total**
**Funds**
**2020**
**£**
55,480
12,524
**68,004**
**68,004**
**Total**
**Funds**
**2020**
**£**
**-**
**-**
**Total**
**Funds**
**2020**
**£**
**68,004**|**Last year**
**Total Funds**
**2019**
**£**
**57,237**
(1,757)
**55,480**
**55,480**
**Last year**
**Total Funds**
**2019**
**£**
-
**-**
**Last Year**
**Total Funds**
**2019**
**£**
55,480|
|---|---|---|---|---|
**The notes attached on pages 16 to 25 form an integral part of these accounts.**
12
**Watlington Pre-school Limited - Statement of Financial Activities for the year ended 31 August 2020**
## **Watlington Pre-school Limited**
## **Income and Expenditure Account for the year ended 31 August 2020 as required by the Companies Act 2006**
|**_Income_**
Income from operations
Interest receivable
**Gross income in the year before exceptional items**
**Gross income in the year including exceptional items**
**_Expenditure_**
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Fundraising costs
Governance costs
Realised losses on disposals of social investments which are programme related
**Total expenditure in the year**
Tax on surplus on ordinary activities
**Retained surplus for the financial year**
**Net income after tax in the financial year**
**Net income before tax in the financial year**
Investment income|**2020**
**£**
109,506
75
**109,581**
**109,581**
94,658
1,362
424
613
-
**97,057**
12,524
-
**12,524**
**12,524**|**2019**
**£**
109,616
1
**109,617**
**109,617**
109,039
1,464
258
613
-
**111,374**
(1,757)
-
**(1,757)**
**(1,757)**|
|---|---|---|
All activities derive from continuing operations
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
## **The notes attached on pages 16 to 25 form an integral part of these accounts.**
13
## **Watlington Pre-school Limited - Balance Sheet as at 31 August 2020**
|||**SORP**|||||
|---|---|---|---|---|---|---|
||Note|**Ref**||**2020**||**2019**|
|||||**£**||**£**|
|**Fixed assets**||A|||||
|Tangible assets|8|A2||40,919||42,282|
|**Current assets**||B|||||
|Debtors|9|B2|1,634||2,809||
|Cash at bank and in hand||B4|27,244||12,497||
|**Total current assets**|||28,878||15,306||
|**Creditors: amounts falling due within**|||||||
|**one year**|10|C1|(1,794)||(2,108)||
|**Net current assets**||||27,084||13,198|
|**The total net assets of the charity**||||68,003||55,480|
|**The total net assets of the charity are**|**funded**|**by the**|**funds of the**|**charity, as follows:-**|||
|**Restricted funds**|||||||
|Restricted Revenue Funds|13|D2||21,786||20,577|
|**Unrestricted Funds**|||||||
|Unrestricted Revenue Funds|13|D3||46,217||34,903|
|**Designated Funds**|||||||
|**Total charity funds**||||68,003||55,480|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 9.
14
## **Watlington Pre-school Limited - Balance Sheet as at 31 August 2020**
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
Tracey Joanne Taylor Trustee Approved by the board of trustees on 8 June 2021
**The notes attached on pages 16 to 25 form an integral part of these accounts.**
15
## **Watlington Pre-school Limited**
## **Notes to the Accounts for the year ended 31 August 2020**
## **1 Accounting policies**
## _**Policies relating to the production of the accounts.**_
## **Basis of preparation and accounting convention**
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) ,effective January 2016, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.
## _**Policies relating to expenditure on goods and services provided to the charity.**_
## **Recognition of liabilities and expenditure**
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
## **Volunteers**
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note5.
## _**Policies relating to assets, liabilities and provisions and other matters.**_
## _**Tangible fixed assets**_
Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.
Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value ove estimated useful lives.
Freehold premises 2 % straight line Plant and machinery 20 % straight line
16
## **Watlington Pre-school Limited**
## **Notes to the Accounts for the year ended 31 August 2020**
## **Debtors**
Debtors are measured at their recoverable amounts at the balance sheet date.
## **Creditors and provisions**
If this applies , enter suitable text to comply with SORP 10.81. Describe the basis on which creditors and provisions for liabilities and charges are recognised and measured
## **Financial instruments including cash and bank balances**
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
## **Pensions - defined contribution schemes**
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
## **2 Liability to taxation**
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt 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 Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
## **3 Winding up or dissolution of the charity**
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
## **4 Net surplus before tax in the financial year**
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|The net surplus before tax in the financial year is stated after charging:-|||
|Depreciation of owned fixed assets|1,362|1,464|
|Pension costs|3,089|2,476|
## **5 The contribution of volunteers**
The charity depends on the support of its volunteers, which is much appreciated.
The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.
17
## **Watlington Pre-school Limited**
## **Notes to the Accounts for the year ended 31 August 2020**
## **6 Staff costs and emoluments**
|**_Salary costs_**
**2020**
**£**
Gross Salaries excluding trustees and key management personnel
72,925
3,089
Trustees' Remuneration as detailed in note 0
-
**Total salaries, wages and related costs**
**76,014**
**_Numbers of full time employees or full time equivalents_**
**2020**
The average number of total staff employed in the year was
7
The average number of part time staff employed in the year was
3
The average number of full time staff employed in the year was
4
The estimated full time equivalent number of all staff employed in the year was
7
**_The estimated equivalent number of full time staff deployed in different activities in the year was:-_**
Engaged on charitable activities
7
**_The estimated full time equivalent number of all staff employed as above_**
7
Employer's operating costs of defined contribution pension schemes|**2019**
**£**
88,842
2,476
-
**91,318**
**2019**
7
3
4
7
7
7|
|---|---|
Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
## **7 Remuneration and payments to Trustees and persons connected with them**
No trustees or persons connected with them received any remuneration from the charity, or any related entity.
18
## **Watlington Pre-school Limited**
## **Notes to the Accounts for the year ended 31 August 2020**
## **8 Tangible fixed assets**
|**Cost**
At 1 September 2019
**At 31 August 2020**
**Depreciation**
At 1 September 2019
Charge for the year
**At 31 August 2020**
**Net book value**
At 31 August 2020
At 31 August 2019
**9 Debtors**
Trade debtors
Prepayments and accrued income
Other debtors
**10 Creditors: amounts falling due within one year**
Trade creditors
Accruals
PAYE, NIC VAT and other taxes
Other creditors
**11 Income and Expenditure account summary**
**At 1 September 2019**
Surplus/(loss) after tax for the year
**At 31 August 2020**|**Land and**
**Buildings**
£
43,635
**43,635**
5,207
784
**5,991**
**37,644**
**38,428**|**Plant &**
**Machinery**
£
10,356
**10,356**
6,502
579
**7,081**
**3,275**
**3,854**|**Motor**
**Vehicles**
£
-
**-**
-
-
**-**
**-**
**-**
**2020**
**£**
715
919
-
**1,634**
**2020**
**£**
185
899
710
-
**1,794**
**2020**
**£**
55,480
12,524
**68,004**|**Total**
£
53,991
**53,991**
11,709
1,363
**13,072**
**40,919**
**42,282**
**2019**
**£**
282
535
1,992
**2,809**
**2019**
**£**
745
866
-
497
**2,108**
**2019**
**£**
57,237
(1,757)
**55,480**|
|---|---|---|---|---|
19
## **Watlington Pre-school Limited**
## **Notes to the Accounts for the year ended 31 August 2020**
## **12 Particulars of how particular funds are represented by assets and liabilities**
|**_At 31 August 2020_**
Tangible Fixed Assets
Investments at valuation:-
Current Assets
Current Liabilities
**At 1 September 2019**
Tangible Fixed Assets
Investments at valuation:-
Current Assets
Current Liabilities|**Unrestricted**
**funds**
**£**
40,919
7,092
(1,794)
**46,217**
**Unrestricted**
**funds**
**£**
42,282
(5,271)
(2,108)
**34,903**|**Designated**
**funds**
**£**
-
-
-
**-**
**Designated**
**funds**
**£**
-
-
-
**-**|**Restricted**
**funds**
**£**
-
21,786
-
**21,786**
**Restricted**
**funds**
**£**
-
20,577
-
**20,577**|**Total**
**Funds**
**£**
**40,919**
**28,878**
**(1,794)**
**68,003**
**Total**
**Funds**
**£**
**42,282**
**15,306**
**(2,108)**
**55,480**|
|---|---|---|---|---|
## **13 Change in total funds over the year as shown in Note 12 , analysed by individual funds**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**Total unrestricted and designated funds**
**_Restricted funds:-_**
Mobile fund
**Total restricted funds**
**Total charity funds**|**£**
34,903
**34,903**
20,577
**20,577**
**55,480**
**Funds brought**
**forward from**
**2019**|**See Note 14**
**£**
11,315
**11,315**
1,284
**1,284**
**12,599**
**Movement in**
**funds in 2020**|**See Note 0**
**£**
-
**-**
-
**-**
**-**
**Transfers**
**between**
**funds in 2020**|**£**
**46,218**
**46,218**
**21,861**
**21,861**
**68,079**
**Funds**
**carried**
**forward to**
**2021**|
|---|---|---|---|---|
20
## **Watlington Pre-school Limited**
## **Notes to the Accounts for the year ended 31 August 2020 14 Analysis of movements in funds over the year as shown in Note 13**
|**_Unrestricted and designated funds:-_**
Unrestricted Revenue Funds
**_Restricted funds:-_**
Mobile Fund|**Income**
**2020**
**£**
107,748
1,208
**108,956**|**Expenditure**
**2020**
**£**
(96,433)
(84)
**(96,517)**|**Other**
**Gains &**
**Losses**
**2020**
**£**
-
-
**-**|**Movement**
**in funds**
**2020**
**£**
**11,315**
**1,124**
**12,439**|
|---|---|---|---|---|
## **15 The purposes for which the funds as detailed in note 13 are held by the charity are:-**
## _**Unrestricted and designated funds:-**_
Unrestricted Revenue Funds
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
## _**Restricted funds:-**_
Funds relating to the purchase and maintainence of the pre-school mobile Mobile fund building
## **16 Ultimate controlling party**
The charity is under the control of its legal members.
Every member of the charity is obliged to contribute such amount as may be required not exceeding **£10** to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
21
## **Watlington Pre-school Limited**
## **Detailed analysis of income and expenditure for the year ended 31 August 2020 as required by the SORP 2015**
_**This analysis is classsified by conventional nominal descriptions and not by activity.**_
## **17 Donations and Legacies**
|**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted Funds**
**2020**
**2020**
**£**
**£**
**Donations and gifts from individuals**
7,554
1,833
**7,554**
**1,833**
**Revenue grants from government and public bodies**
500
-
10,000
-
**10,500**
**-**
**Total Donations and Legacies**
**A1**
**18,054**
**1,833**
**Income from charitable activities - Trading Activities**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted Funds**
**2020**
**2020**
**£**
**£**
**Primary purpose and ancillary trading**
89,487
-
132
-
**89,619**
**-**
**Total public sector revenue grants**
Government Covid 19 support payment
Small donations individually less than
£1000
Small grants individually less than £1000
**Total donations and gifts from**
**individuals**
Sale of goods and services in accordance
with the charity's objects
Ancillary trading in support of primary
purpose trading
**Total Primary purpose and ancillary**
**trading**|**Current year**
**Total Funds**
**2020**
**£**
**9,387**
**9,387**
**500**
**10,000**
**10,500**
**19,887**
**Current year**
**Total Funds**
**2020**
**£**
**89,487**
**132**
**89,619**|**Prior Year**
**Total Funds**
**2019**
**£**
4,337
**4,337**
-
-
**-**
**4,337**
**Prior Year**
**Total Funds**
**2019**
**£**
104,614
665
**105,279**|
|---|---|---|
## **18 Income from charitable activities - Trading Activities**
22
## **Watlington Pre-school Limited**
## **Detailed analysis of income and expenditure for the year ended 31 August 2020 as required by the SORP 2015**
## **19 Total Income from charitable activities**
|Total income from charitable trading
**_Total from charitable activities_**
**A2**
**Investment income**
Bank Interest Receivable
**Total investment income**
**A4**|**Current year**
**Unrestricted**
**Funds**
**£**
**2020**
89,619
**89,619**
**Current year**
**Unrestricted**
**Funds**
**2020**
**£**
75
**75**|**Current year**
**Restricted Funds**
**£**
**2020**
-
**-**
**Current year**
**Restricted Funds**
**2020**
**£**
-
**-**|**Current year**
**Total Funds**
**£**
**2020**
**89,619**
**89,619**
**Current year**
**Total Funds**
**2020**
**£**
**75**
**75**|**Prior Year**
**Total Funds**
**£**
**2019**
105,279
**105,279**
**Prior Year**
**Total Funds**
**2019**
**£**
1
**1**|
|---|---|---|---|---|
## **20 Investment income**
## **21 Expenditure on charitable activities - Direct spending**
|**Total direct spending**
**B2a**
Gross wages and salaries - charitable
activities
Travel and Subsistence - Charitable
Activities
Temporary Staff - Charitable Activities
Defined contribution pension costs -
charitable activities|**Current year**
**Unrestricted**
**Funds**
**2020**
**£**
72,925
3,089
-
-
**76,014**|**Current year**
**Restricted Funds**
**2020**
**£**
-
-
-
-
**-**|**Current year**
**Total Funds**
**2020**
**£**
**72,925**
**3,089**
**-**
**-**
**76,014**|**Prior Year**
**Total Funds**
**2019**
**£**
88,800
2,476
42
18
**91,336**|
|---|---|---|---|---|
23
## **Watlington Pre-school Limited**
## **Detailed analysis of income and expenditure for the year ended 31 August 2020 as required by the SORP 2015**
|**22 **|**Expenditure on charitable activities - Charitable trading**|**Expenditure on charitable activities - Charitable trading**|**Expenditure on charitable activities - Charitable trading**|**Expenditure on charitable activities - Charitable trading**|||
|---|---|---|---|---|---|---|
||||**Current year**|**Current year**|**Current year**|**Prior Year**|
||||**Unrestricted**|**Restricted Funds**|**Total Funds**|**Total Funds**|
||||**Funds**||||
||||**2020**|**2020**|**2020**|**2019**|
||||**£**|**£**|**£**|**£**|
||Cost of goods for primary purpose trading||5,266|-|**5,266**|5,662|
||**_Reallocated from support costs_**||**_12,587_**|**_918_**|**13,505**|**_21,150_**|
||**Total charitable trading costs**|**B2b**|**17,853**|**918**|**18,771**|**26,812**|
|**23**|**Support costs for charitable activities**||||||
||**Current year**
**Unrestricted**
**Funds**
**2020**
**£**
**_Employee costs not included in direct costs_**|||**Current year**
**Restricted Funds**
**2020**
**£**|**Current year**
**Total Funds**
**2020**
**£**|**Prior Year**
**Total Funds**
**2019**
**£**|
||Training and welfare - staff||382|-|**382**|1,214|
||**_Premises Expenses_**||||||
||Rates and water charges||374|-|**374**|309|
||Room Hire||91|-|**91**|258|
||Light heat and power||2,026|-|**2,026**|1,481|
||Cleaning and waste management
Premises repairs, renewals and
maintenance||1,825
1,156|-
84|**1,825**
**1,240**|1,554
1,275|
||**_Administrative overheads_**||||||
||Telephone, fax and internet||811|-|**811**|1,355|
||Postage||-|-|**-**|21|
||Stationery and printing||1,367|-|**1,367**|1,772|
||Membership subscriptions||70|-|**70**|344|
||Hire of equipment||155|-|**155**|-|
||Software licences and expenses||904|-|**904**|660|
||Advertising and marketing||-|-|**-**|30|
||Liabilty and contents insurance||1,918|-|**1,918**|700|
||Sundry expenses||1,040|-|**1,040**|8|
||**_Professional fees paid to advisors_**|**_other than the auditor_**||**_or examiner_**|||
||Accountancy fees other than examination
or audit fees||1,155|-|**1,155**|1,020|
||Legal fees||20|-|**20**|40|
||**_Financial costs_**
Depreciation & Amortisation in total for the
period||822|540|**1,362**|1,464|
||**Support costs before reallocation**||**14,116**|**624**|**14,740**|**13,505**|
24
## **Watlington Pre-school Limited**
## **Detailed analysis of income and expenditure for the year ended 31 August 2020 as required by the SORP 2015**
## _**Less support costs reallocated to specific activities**_
|To charitable trading costs
**Total support costs**|(12,587)
**1,529**|(918)
**(294)**|**(13,505)**
**1,235**|(21,150)
**(7,645)**|
|---|---|---|---|---|
The basis of allocation of costs between activities is described under accounting policies
## **24 Other Expenditure - Governance costs**
|**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted Funds**
**2020**
**2020**
**£**
**£**
Independent Examiner's fees
613
-
**Total Governance costs**
**613**
**-**
**Total Charitable expenditure**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted Funds**
**2020**
**2020**
**£**
**£**
Total direct spending
**B2a**
76,014
-
Total charitable trading costs
**B2b**
17,853
918
Total support costs
**B2d**
1,529
(294)
Total Governance costs
**B2e**
613
-
**Total charitable expenditure**
**B2**
**96,009**
**624**
**Expenditure on raising funds and costs of investment management**
**Current year**
**Current year**
**Unrestricted**
**Funds**
**Restricted Funds**
**2020**
**2020**
**£**
**£**
Cost of fundraising activities
424
-
**Total fundraising costs**
**B1**
**424**
**-**|**Current year**
**Total Funds**
**2020**
**£**
**613**
**613**
**Current year**
**Total Funds**
**2020**
**£**
**76,014**
**18,771**
**1,235**
**613**
**96,633**
**Current year**
**Total Funds**
**2020**
**£**
**424**
**424**|**Prior Year**
**Total Funds**
**2019**
**£**
613
**613**
**Prior Year**
**Total Funds**
**2019**
**£**
91,336
26,812
(7,645)
613
**111,116**
**Prior Year**
**Total Funds**
**2019**
**£**
258
**258**|
|---|---|---|
## **25 Total Charitable expenditure**
## **26 Expenditure on raising funds and costs of investment management**
25