## WILLAND PRE-SCHOOL
## FINANCIAL STATEMENTS YEAR ENDED 1 NOVEMBER 2023
|Contents
Reference and administration details
Trustees report
Statement of trustees responsibilities
Independent examiners report
Statement of financial activities
Balance sheet
Notes to the financial statements
Charity number 1140942
Company number 06629805|Page|
|---|---|
||
1
2-3
4
5
6
7
8-11|
## 1 WILLAND PRE-SCHOOL TRUSTEES ANNUAL REPORT YEAR ENDED 1 NOVEMBER 2023
## **REFERENCE AND ADMINISTRATION DETAILS Charity name:**
Willand Pre-School
**Registered Charity Number:**
1140942
**Registered company number**
06629805
**Principal address:**
School Drive Gables Road Willand Devon EX15 2QL
**Trustees** :
**Company secretary Independent examiner:**
David Maynard Yvonne Baker Jodie Pocock David Maynard
Mrs M Hutchings Apsleys LLP Chartered Accountants 21 Bampton Street Tiverton Devon EX16 6AA
**Bankers:**
HSBC plc 29 Fore Street Tiverton Devon EX16 6NA
2
## WILLAND PRE-SCHOOL TRUSTEES ANNUAL REPORT YEAR ENDED 1 NOVEMBER 2023
## (CONTINUED)
The Trustees present their report and the financial statements of the charity for the year ended 1 November 2023. 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.
## **OBJECTIVES AND ACTIVITIES**
## **Summary of the objects of the charity set out in its governing document:**
The objects of the Pre-school are 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.
## **Summary of the main activities in relation to the above objectives:**
The pre-school is responsible for providing pre-school education and services to children aged between 2.5 years and 5 years via sessional care during weekdays for 38 weeks of the year. In addition the setting provides additional before school, after school and school holiday services to both pre-school and primary school children.
We seek to fulfil our objectives by:
- Offering appropriate play, education and care facilities and training courses, 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;
- Encouraging the study of the needs of such children and their families and promoting public interest in and recognition of such needs;
- Instigating and adhering to and furthering the aims and objects of the Pre-school Learning Alliance.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Summary of the main achievements of the charity during the year**
Continuation of the first class provision of pre-school educational requirements to the community.
Close liaison with the local Primary School to ensure smooth transition of children from pre-school education into primary education.
Further enhancement and development of the pre-school environment and equipment.
Continued provision of wider care arrangements including breakfast club, after-school club and holiday club.
3
## WILLAND PRE-SCHOOL TRUSTEES ANNUAL REPORT YEAR ENDED 1 NOVEMBER 2023
(CONTINUED)
## **FINANCIAL REVIEW**
## **Financial performance**
As at 1 November 2023 Willand Pre-school had a surplus of £130,213 (2022: £79,903).
## **Principal sources of funds**
The primary source of funds comes from the government funding of pre-school education, which all parents are entitled to receive.
## **Charity’s policy on reserves**
Reserves are maintained such that in the event of the pre-school ceasing to exist that adequate funds are available to make any appropriate payments required to staff. Further that funds are available to address any unexpected expenditure which may arise.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
**Governing document:** Articles and Memorandum of Association **Constitution:** Charitable company **Trustee selection methods:** Appointed
## **OTHER**
The trustees have had regard to the Charity Commission guidance on public benefit and believe this is achieved via the charity's objectives and activities.
4
## WILLAND PRE-SCHOOL STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees (who are also directors of Willand Pre-School for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared taking advantage of the small companies exemption of Section 415A of the Companies Act 2006.
This report was approved by the board of directors and trustees on ………………………….. and signed on its behalf by:
Signature: …………………………………… **Mr David Maynard - Trustee**
5 INDEPENDENT EXAMINER'S REPORT
## TO THE TRUSTEES OF WILLAND PRE-SCHOOL
I report to the charity trustees on my examination of the accounts of the company for the year ended 1 November 2023 which are set out on pages 6 to 12.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors 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**
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an 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 (FRS 102).
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.
**Mrs M Hutchings Apsleys LLP Chartered Accountants Tiverton Devon EX16 6AA** Date……………………..
6
## WILLAND PRE-SCHOOL STATEMENT OF FINANCIAL ACTIVITIES
## (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 1 NOVEMBER 2023
|Income from
Charitable activities
Grant income
Investment activities
Total income
Expenditure
- Charitable activities
- Governance costs
Total expenditure
Net income (expenditure) before transfers
Transfer between funds
Net movements in funds
Total funds brought forward
Total funds carried forward|Notes
3
4
5|Unrestricted
funds
£
498,041
31,200
4,006|Unrestricted
funds
£
498,041
31,200
4,006||2023
Total
funds
£
498,041
31,200
4,006||2022
Total
funds
£
417,731
-
238|
|---|---|---|---|---|---|---|---|
||||533,247||533,247||417,969|
||||396,312
6,722||396,312
6,722||329,774
8,292|
||||403,034||403,034||338,066|
||||130,213
-||130,213
-||79,903
-|
||||130,213
792,124||130,213
792,124||79,903
712,221|
||||922,337||922,337||792,124|
|Fixed assets
Tangible fixed assets
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling
due within one year
Net current assets
Total assets less current liabilities
Net assets
Funds
Unrestricted funds
Restricted funds|Note
£
8
9
-
416,500
416,500
10
5,884
7
WILLAND PRE-SCHOOL
BALANCE SHEET
AS AT 1 NOVEMBER 2023|Note
£
8
9
-
416,500
416,500
10
5,884
7
WILLAND PRE-SCHOOL
BALANCE SHEET
AS AT 1 NOVEMBER 2023||2023
£
511,721
410,616|£
-
330,409|2022
£
468,186
323,938|
|---|---|---|---|---|---|---|
||Note
8
9
10||||||
|||416,500|||330,409||
|||5,884|||6,471||
||||||||
|||||922,337||792,124|
|||||922,337||792,124|
|||||922,337
-||792,124
-|
|||||922,337||792,124|
For the year ended 1 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the board of directors on ……………. and signed on their behalf by:
........................................... Mr David Maynard - Trustee
Company registration number 06629805
The notes on pages 8 to 12 form part of these financial statements.
8
## WILLAND PRE-SCHOOL NOTES TO THE FINANCIAL STATEMENTS
## YEAR ENDED 1 NOVEMBER 2023
## **1. Summary of significant accounting policies**
## **(a) General information and basis of preparation**
Willand Pre-School is a private company limited by guarantee and does not have a share capital. The company is a registered charity in England within the United Kingdom. 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.
The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), 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, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **(b) Funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **(c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Investment income is earned through holding assets for investment purposes. It includes interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method.
9
## WILLAND PRE-SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 1 NOVEMBER 2023
## **(d) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities; and
- Governance costs
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
## **(h) Tangible fixed assets**
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Office equipment 25% reducing balance Furniture and equipment 25% reducing balance Computers 3 years straight line
No depreciation has been provided on the new building, play area, porch and shed included within freehold property.
## **(k) Investments**
Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.
## **(m) Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **(g) Cash**
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
## **(u) Employee benefits**
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
## **(v) Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **(j) Going concern**
Following the global impact of 'COVID-19', at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
10
## WILLAND PRE-SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 1 NOVEMBER 2023
## 3. Charitable activities
|Charitable activities|||||||
|---|---|---|---|---|---|---|
|Pre School fees
Nursery education grant
Grant income
Willand PC - Section 106 Grant||Unrestricted
£
270,488
227,553||2023
Total
£
270,488
227,553||2022
Total
£
227,072
190,659|
|||498,041||498,041||417,731|
|||£
Unrestricted
31,200||2023
£
Total
31,200||2022
£
Total
-|
|||31,200||31,200||-|
## 4. Grant income
## 5. Resources expended
|Resources expended|||||||||
|---|---|---|---|---|---|---|---|---|
|Wages
Training costs
Rent
Rates
Water charges
Light and heat
Insurance
Repairs and renewals
Consumables and equipment
Cleaning and hygiene
Depreciation
Telephone
Printing, postage and stationery
Accountancy
Independent examination fee
Payroll and bookkeeping
Professional fees
Advertising
Subscription
Bank charges
Children’s refreshment
School dinners
Sundry expenses
Outings|Charitable
activities
£
318,713
2,212
1,500
1,654
1,811
6,295
1,356
21,504
14,679
474
4,204
684
629
-
-
-
908
1,803
887
-
7,181
9,600
-
218||Governance
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
-
1,248
672
1,821
1,083
-
-
623
-
-
1,275
-||
|2023
Total
funds
£
318,713
2,212
1,500
1,654
1,811
6,295
1,356
21,504
14,679
474
4,204
684
629
1,248
672
1,821
1,991
1,803
887
623
7,181
9,600
1,275
218|
|2022
Total
funds
£
277,716
1,007
1,500
1,606
2,266
5,529
1,654
8,867
5,349
2,917
4,183
1,181
780
1,248
672
1,660
1,951
430
742
1,155
5,827
6,300
2,514
1,012|
|||396,312||6,722||403,034||338,066|
11
WILLAND PRE-SCHOOL
## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 1 NOVEMBER 2023
|6.
Trustees remuneration and
re-imbursed expenses
Trustees remuneration
Trustees expenses||2023
£
Nil||2022
£
Nil|
|---|---|---|---|---|
|||Nil||Nil|
|7.
Wages and salaries
Wages and salaries
Social security cost
Pension
Average number of employees|
|2023
£
302,099
11,624
4,990|
|2022
£
269,691
5,358
2,667|
|---|---|---|---|---|
|||318,713||277,716|
|||24||22|
There are no employees with emoluments above £60000
- 8 Fixed assets – assets used by charity
|Fixed assets – assets used by charity||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Cost
At 2 November 2022
Added
At 1 November 2023
Depreciation
At 2 November 2022
Charge for the year
At 1 November 2023
Net book value
At 1 November 2023
At 1 November 2022|
|Freehold
Property
£
456,542
43,256|
|Office
equipment
£
160
-|
|Furniture
and
equipment
£
37,425
3,632|Computers
£
5,485
851|
|2023
Total
£
499,612
47,739|
|||499,798||160||41,057|6,336||547,351|
||
|-
-||153
2|
|26,181
3,722|5,092
480|
|31,426
4,204|
|||-||155||29,903|5,572||35,630|
|||499,798||5||11,154|764||511,721|
|||456,542||7||11,244|393||468,186|
9. Debtors
Other debtors
||2023
£
-||2022
£
-|
|---|---|---|---|
||-||-|
12
## WILLAND PRE-SCHOOL
## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 1 NOVEMBER 2023
10. Creditors: Amounts falling due within one year
|Creditors: Amounts falling due within one year|||||
|---|---|---|---|---|
|Trade creditors
Other creditors
Accruals and deferred income||2023
£
2,050
1,664
2,170||2022
£
2,883
1,418
2,170|
|||5,884||6,471|
11. Related Party Transactions
There were no related party transactions during the year.