Charity Registration Number: 1135312 Company Registration Number: 07178036
ST MAWGAN PRE-SCHOOL LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 AUGUST 2022
| ST MAWGAN PRE-SCHOOL LIMITED | |
|---|---|
| Contents of the Financial Statements | |
| For the Year Ending 31 August 2022 | |
| Page | |
| Company Information | 2 |
| Report of the Trustees | 3-5 |
| Independent Examiners Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-15 |
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ST MAWGAN PRE-SCHOOL LIMITED
COMPANY INFORMATION FOR THE YEAR ENDED 31 AUGUST 2022
Directors: Mrs K Backway Mrs S B Elias Ms B Szabo Mrs H Raby Mrs C Russell Mrs E Gibbs Secretary: Mrs.B Szabo Registered Office: Mor Workspace Treloggan Lane Newquay TR7 2FP Company Registered Number: 07178036 Registered Charity Number: 1135312 Accountants: Linggard and Thomas Ltd Mor Workspace Treloggan Lane Newquay TR7 2FP
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ST MAWGAN PRE-SCHOOL LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 AUGUST 2022
The Directors present their report with the Financial Statements for the year ending 31 August 2022.
STATUS AND ADMINISTRATION
The Charity is a company limited by guarantee and a registered charity with the Charity Commission. It was incorporated on 4 March 2010. The accounts comply with current statutory requirements and the charity’s governing documents, Memorandum and Articles of Association and the Statement of Recommended Practice (SORP 2005).
AIM AND PURPOSE
St Mawgan Pre-School Limited has the responsibility of running a pre-school for the benefit of the local community.
OBJECTIVES AND ACTIVITIES
St Mawgan Pre-School Limited is committed to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups and by:
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Offering appropriate play, education and care facilities, family learning and extended hours groups, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability.
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Encourage the study of the needs of such children and their families and promoting public interest in and recognition of such needs in the local areas.
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Instigating and adhering to and furthering the aims and objects of the Pre-School Learning Alliance.
STRUCTURE, GOVERNANCE AND MANAGEMENT
St Mawgan Pre-School Limited is governed by its Trustee Board which is responsible for setting the strategic direction of the company and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of St Mawgan Pre School Limited and for ensuring that the charity satisfies its legal and contractual obligations. Trustees meet on a regular basis.
The Trustees (directors) during the period under review were: Mrs K Backway (6 October 2020 to present) Mrs S B Elias (28 January 2021 to present) Ms B Szabo (25 July 2020 to present) Mrs H Raby (9 September 2021 to present) Mrs C Russell (16 June 2022 to present) Mrs E Gibbs (16 June 2022 to present)
The directors are appointed according to the Articles of Association and are referred to in that document as the Board of Trustees
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ST MAWGAN PRE-SCHOOL LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 AUGUST 2022 (CONTINUED)
REVIEW OF FINANCIAL ACTIVITIES
The financial results for the year are set out in the Statement of Financial Activities on page 7 and the position at the end of the year is shown in the Balance Sheet on page 8.
St Mawgan Pre-School Limited own computer equipment which are disclosed as tangible fixed assets in the financial statements.
The pre-school meet in the village Community Hall, where it has use of a large hall and associated facilities and pays a rent to the organization that operate the hall.
The pre-school employed five members of staff, all of whom have appropriate early years qualifications at the accounting year end.
Incoming resources in the period were £74,182.
A surplus of £3,925 was made in the year. At 31 August 2022 total reserves were £8,420, all of which represented funds introduced by the members on the incorporation of the pre-school on 4 March 2010.
To assess the performance up to 31 August 2022, the following SWOT has been prepared:-
Strengths
There are well qualified, highly motivated staff. Good Ofsted inspection in the past few years. Substantial unrestricted funds are held by the company. Considerable waiting list of children.
Weaknesses
Children numbers are limited due to the premises. The premises are not designed specifically to be used as a pre school. Varying levels of support and engagement from parents of enrolled children. Decreased enrolment and staffing challenges during the COVID-19 pandemic.
Opportunities
To raise the profile of the pre school in order to attract more parents to support the pre school.
Threats
Fundraising from all sources will be more difficult in the present economic climate. Reputation risks (for example an accident involving injury to children or failure to meet service commitments). The opportunity to raise prices is constrained by what local parents will find affordable. Covid-19 pandemic and the operating restrictions being placed on the pre-school.
Summary of SWOT findings
The pre-school is an established service within the district and informal feedback indicates that it is highly valued by the users. Reputation risks can be diminished by ensuring that constant training remains a high priority.
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ST MAWGAN PRE-SCHOOL LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 AUGUST 2022 (CONTINUED)
RESERVES POLICY
All funds at the moment are unrestricted to allow the pre-school to have sufficient funds at its disposal to meet the daily running expenses, as income is dependent on the number of children in the region who will be attending the pre-school. Implementing a plan for raising funds for day to day running of the pre-school is therefore a priority, but the long-term aim is to obtain funding by whatever means are available for the company to own its own premises.
DIRECTORS’ RESPONSIBILITIES
Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the charitable company’s state of affairs at the end of the year and of its income and expenditure for that year.
In preparing those accounts, the trustees are required to:
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a) select suitable accounting policies and then apply them consistently;
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b) make judgments and estimates that are reasonable and prudent;
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c) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for ensuring that the company maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against material loss or unauthorized use and to prevent and detect fraud and other irregularities.
This report has been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies’ regime and follows the recommendations in Accounting and Reporting by Charities (FRS 102).
Signed on behalf of the trustees
Mrs Helen Raby
Dated :
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE
UNAUDITED ACCOUNTS OF ST MAWGAN PRE-SCHOOL LIMITED
I report on the accounts of the company for the year ended 31 August 2022 set out on pages 7 to 13.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this period under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under Part 16 of the Company Act 2006 and is eligible for an independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiners’ report
My examination was carried out in accordance with the 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 consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiners’ statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that, in any material respect, the requirements:
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a) to keep accounting records in accordance with s386 of the Companies Act 2006; and
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b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice (FRS 102)
have not been met ; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Linggard and Thomas Mor Workspace Treloggan Lane Newquay TR7 2FP
Date:
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ST MAWGAN PRE-SCHOOL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Notes Incoming Resources Incoming resources from generated funds Voluntary income Funding 2 Activities for generating funds: Investment income: Interest Receivable Incoming resources from charitable activities Fees received and other income 3 Total Incoming Resources Resources Expended Costs of generating funds Costs of generating voluntary income 4 Charitable activities 5 Governance costs 6 Total Resources Expended Net Incoming / (Outgoing)resources for the year Net movement in funds Transfers between funds Reconciliation of Funds Total funds brought forward Total funds carried forward |
Unrestricted Funds 2022 £ 47,779 26,403 74,182 6,752 62,696 809 70,257 3,925 3,925 - (14,553) (10,628) |
Restricted Funds 2022 £ - - - - - - - - - - - - - |
Total Funds 2022 £ 47,779 26,403 74,182 6,752 62,696 809 70,257 3,925 3,925 - (14,553) (10,628) |
Total Funds 2021 £ 31,035 - 20,096 |
|---|---|---|---|---|
| 51,131 | ||||
| 3,596 45,498 945 |
||||
| 50,039 | ||||
| 1,092 1,092 - |
||||
| (15,645) (14,553) |
The statement of financial activities includes all gains and losses in the period. All incoming resources and resources expended derive from continuing activities.
These financial statements do not incorporate the significant value attributed to volunteers’ hours and other intangible incoming resources that contributed to the activities of the organization.
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ST MAWGAN PRE-SCHOOL LIMITED
BALANCE SHEET AT 31 AUGUST 2022
| Notes FIXED ASSETS Tangible Assets 9 CURRENT ASSETS Stock Debtors & Prepayments 10 Cash at Bank and in hand CURRENT LIABILITIES: Amounts falling due within one year 11 NET CURRENT ASSETS NON CURRENT LIABILITIES: Amounts falling due after one year TOTAL NET ASSETS REPRESENTED BY Unrestricted Fund 12 Accumulated Fund Designated Funds |
2022 £ £ 167 267 418 8,471 9,156 (895) 8,261 - 8,428 8,428 - 8,428 8,428 |
2021 £ £ 223 133 1,059 8,835 10,027 (747) 9,280 (5,000) 4,503 4,503 - 4,503 4,503 |
2021 £ £ 223 133 1,059 8,835 10,027 (747) 9,280 (5,000) 4,503 4,503 - 4,503 4,503 |
|---|---|---|---|
| 4,503 | |||
| 4,503 | |||
| 4,503 |
The trustees are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.
The accounts 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 and in accordance with FRS 102 SORP.
The notes form part of these Financial Statements
Signatory: Mrs Helen Raby
Approved by the Board on ……………………..
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
1. ACCOUNTING POLICIES
a) General
The Financial Statements have been prepared under the historical cost convention and follow the recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102).
b) Incoming Resources
Voluntary income is recognized as incoming resources when receivable, except in so far as they are incapable of financial measurement.
When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
Incoming resources are recognized in the financial statements when the effect of a transaction or other event results in an increase in the Charity’s assets. Dependent upon:
1. The Charity’s entitlement to the income
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When it is virtually certain that the income resource will be received
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When the monetary value of the income can be measured with sufficient reliability
c) Resources Expended
Resources expended are recognized in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned on an appropriate basis.
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Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.
d) Tangible Fixed Assets & Depreciation
Tangible fixed assets are valued at historic cost less any transaction costs. No revaluations are required as all assets have a short life. No de minimis value has been set and assets have been reviewed for impairments by the trustees.
Depreciation is provided at the following annual rates in order to write off each asset over it’s estimated useful life:-
Computer equipment — Straight line over 3 years Equipment — 25% reducing balance basis
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
e) Realized and unrealized gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realized gains and losses on asset disposals are calculated as the difference between sales proceeds and the net book value recorded in the accounts.
f) Unrestricted Funds
Unrestricted funds are grants and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
g) Designated Funds
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. The use of such funds is at the Trustees’ discretion.
h) Restricted Funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of support costs.
2. FUNDING
| Cornwall Council | Unrestricted Funds 2022 £ 47,779 47,779 |
Restricted Funds 2022 £ - - |
Total Funds 2022 £ 47,779 47,779 |
Total Funds 2021 £ 31,035 |
|---|---|---|---|---|
| 31,035 |
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
| Fees Income from fundraising activities Other income Donations Grants |
Unrestricted Funds 2022 £ 20,360 643 384 4,016 1,000 26,403 |
Restricted Funds 2022 £ - - - - - - |
Total Funds 2022 £ 20,360 643 384 4,016 1,000 26,403 |
Total Funds 2021 £ 14,761 520 50 2,308 2,457 |
|---|---|---|---|---|
| 20,096 |
4. COSTS OF GENERATING VOLUNTARY INCOME
| Insurance Rent |
Unrestricted Funds 2022 £ 947 5,805 6,752 |
Restricted Funds 2022 £ - - - |
Total Funds 2022 £ 947 5,805 6,752 |
Total Funds 2021 £ 849 2,747 |
|---|---|---|---|---|
| 3,596 |
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
5. CHARITABLE ACTIYITIES
| Wages Books, play equipment, etc Refreshments Cleaning expenses Pension contributions Expenses for fund raising events Uniforms Training expenses Stationery Membership & licenses Sundry expenses Repairs & renewals Depreciation Excursions |
Unrestricted Funds 2022 £ 55,239 2,970 611 91 1,304 89 55 160 326 746 599 - 56 450 62,696 |
Restricted Funds 2022 £ - - - - - - - - - - - - - - - |
Total Funds 2022 £ 55,239 2,970 611 91 1,304 89 55 160 326 746 599 - 56 450 62,696 |
Total Funds 2021 £ 40,339 181 1,026 - 1,217 - 123 1,499 277 580 181 - 75 - |
|---|---|---|---|---|
| 45,498 |
6. GOVERNANCE COSTS
| Accountancy fees Payroll bureau fees |
Unrestricted Funds 2022 £ 570 239 809 |
Restricted Funds 2022 £ - - - |
Total Funds 2022 £ 570 239 809 |
Total Funds 2021 £ 296 649 |
|---|---|---|---|---|
| 945 |
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
7. TRUSTEES
None of the trustees (or any persons connected with them) received any remuneration or reimbursement of out- of-pocket expenses during the period.
8. TAXATION
The charitable company is exempt from Corporation Tax on its charitable activities.
9. TANGIBLE FIXED ASSETS
| Cost as at 1 September 2021 Additions Disposals Cost as at 31 August 2022 Depreciation as at 1 September 2021 Depreciation charge for the year Depreciation on disposals Depreciation as at 31 August 2022 Net Book Value as at 31 August 2021 Net Book Value as at 31 August 2022 |
Equipment £ 1,736 - - 1,736 1,513 56 - 1,569 223 167 |
Computer Equipment £ 2,788 - - 2,788 2,788 - - 2,788 - - |
Total £ 4,524 - - |
|---|---|---|---|
| 4,524 | |||
| 4,301 56 - |
|||
| 4,357 | |||
| 223 | |||
| 167 |
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
10. DEBTORS
| Trade Debtors | 2022 418 418 |
2021 1,059 |
|---|---|---|
| 1,059 |
11. CREDITORS
| Trade creditors Social security and other taxes |
2022 270 625 895 |
2021 270 477 |
|---|---|---|
| 747 |
12. UNRESTRICTED FUNDS
| Funds introduced by members on incorporation General funds |
Balance at 1 September 2021 £ 19,056 (14,553) 4,503 |
Incoming resources £ 74,182 74,182 |
Movement in funds expenditure £ (70,257) (70,257) |
Transfers £ - - - |
Balance at 31 August 2022 £ 19,056 (10,628) |
|---|---|---|---|---|---|
| 8,428 |
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ST MAWGAN PRE-SCHOOL LIMITED
Notes to the Financial Statements for the Year Ended 31 August 2022
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Net current assets Total net assets |
Restricted Funds £ - - |
Unrestricted Funds £ 8,428 8,428 |
Designated Funds £ - |
2022 Total Funds £ 8,428 8,428 |
2021 Total Funds £ 4,503 |
|---|---|---|---|---|---|
| 4,503 |
14. GUARANTEE
The company is limited by guarantee. Each member has guaranteed the sum of £1 on winding up.
15. GOING CONCERN
The COVID-19 Pandemic caused the Preschool to be closed during a period of lockdown, however since the restrictions have eased the Preschool has remained open. The trustees therefore consider the pre-school can and will continue to operate for the for seeable future and the going concern basis is appropriate.
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