REGISTERED COMPANY NUMBER: 05885935 (England and Wales) REGISTERED CHARITY NUMBER: 1142554
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2021
for
First Step Pre-school Ltd
Stanley Joseph Limited Chartered Accountants Suite 1 Liberty House South Liberty Lane Bristol BS3 2ST
First Step Pre-school Ltd
Contents of the Financial Statements for the Year Ended 31 July 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 to 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 to 9 |
| Notes to the Financial Statements | 10 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
First Step Pre-school Ltd
Report of the Trustees for the Year Ended 31 July 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Principle activity and objects of the charity
The principal activity and object of the company and charity, in the period under review, was to advance the education of children below compulsory school age.
Public benefit
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
First Step Pre-school has been offering early childhood education and benefitting the community of Thornbury for the last thirty years. We welcome all children in the local community from every background.
We support children from 2 years to school age. Children learn and develop through play and realising that learning is fun. Foundations such as communication and language, behaviour, turn taking and being creative are some of the skills which will enable children to become independent and confident individuals within their local community.
Our work means we work closely with the local primary schools. This work is of benefit to our children and to the schools themselves as well as the wider community.
ACHIEVEMENT AND PERFORMANCE
Achievements, performance and financial review of the charity
The charity has continued to provide pre-school sessions for children from two to five years old as outlined above.
The Committee Members have continued to give their time to support the running of the pre-school. The Directors would like to thank everyone who gave their time and supported the fundraising activities and events carried out by the Charity in the year.
Income totalled £170,503 (2020: £173,265) and the total expenditure was £151,448 (2020: £164,555) resulting in a surplus of £19,055 (2020: £8,710 surplus) for the year. These funds have been applied to the objects of the charity. The financial position at the end of the year was such that the charity had sufficient liquid funds to cover its liabilities.
The directors are confident that the charity will continue to further achieve its objectives in future years.
Page 1
First Step Pre-school Ltd
Report of the Trustees
for the Year Ended 31 July 2021
FINANCIAL REVIEW
Reserves policy
In line with guidance issued by the Charity Commission, the Trustees have reviewed the charity's need for reserves. The balance of reserves in the general account stands at £71,092 (2020: £43,616).
The funds held by First Step Pre-school fall into two categories:
Restricted Funds
Money received through grants or specific fundraising are restricted funds and can only legally be used for the particular purpose or project that the donor provided them for. Restricted funds will need to be accounted for separately to ensure that they are not accidently used for another purpose. Occasionally, there is a time lag between the receipt of these funds and the related expenditure, thereby resulting in Pre-school holding the funds until payment is made.
Unrestricted Funds
Funds received from other sources of income (for example, payments for childcare places, or general fundraising), will generally be unrestricted funds and may be used as and when required, as costs become due. From the unrestricted funds we have set aside some money, called designated funds for specific purposed outlined in the section below. Any remaining funds are our reserves or working capital, which are freely available to spend on any of the charity's activities.
Income levels vary during the year, but expenditure levels remain relatively constant throughout. Income is at its lowest during the autumn term rising during the spring to its highest level in the summer term, this is due to the availability of grant funding. The Trustees consider it prudent that between 2 and 3 months administration and support costs should be kept in reserve. This level will ensure we have adequate resources to cover our outgoings whilst income is at its lowest level during the autumn term and to provide a suitable level of protection against delayed or late payments. The Trustees will monitor and review this reserve level with reference to income forecasts and changes in funding on an annual basis to ensure that it continues to meet the needs of the Pre-school and that it is balanced this with our responsibility to spend our income on promoting our charitable objectives.
Designated funds are amounts specifically excluded from being used to meet the day-to-day running costs of the Pre-school. Designated Funds currently held:
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General fundraising: these funds are spent at the discretion of the trustees to provide additional resources or pay for special events outside the normal running costs of the preschool.
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Freehold property repair and replacement: to cover repair and/or eventual replacement of the portable building at Christ the King School which does not have a "long" life. If required, this fund may also cover the cost of renegotiating the lease for the Christ the King site. This fund is built up by regular transfers from working capital.
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Crossways building fund and sinking fund: The building fund is the remaining money from the new building at Crossways and will be used to cover larger scale costs at Crossways. The sinking fund is to cover costs not borne by South Gloucestershire Council in provision of the leased Crossways building, or to meet any costs associated with negotiating Crossways lease rent reviews. The establishment of this fund forms part of the lease agreement and is built up by regular transfers from working capital until a cap is reached as determined by the lease agreement.
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First Step Pre-school Ltd
Report of the Trustees
for the Year Ended 31 July 2021
The Trustees will review this reserve level on an annual basis to ensure that it continues to meet the needs of the Pre-school this is done in the budget setting
The Charity's bank accounts are interest-bearing. Restricted and Designated Funds are placed in deposit accounts until required.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05885935 (England and Wales)
Registered Charity number
1142554
Registered office
C/O Crossways Infants School Knapp Road Thornbury Bristol S GLOS BS35 2HQ
Trustees
G V Seamark Treasurer (resigned 25.11.20) J Spence Chair R Wheeler Vice Chair (resigned 26.5.21) S Bertram (resigned 31.8.20) E Goodeve-Docker (appointed 24.3.21) Ms S Curtis (appointed 25.9.20) A Cooper (appointed 25.11.20) Ms M Ball (appointed 25.11.20) A Cave (appointed 25.11.20) Ms K Campbell (appointed 25.11.20) Ms N Chilton (appointed 25.11.20) Mrs A Thompson (appointed 25.11.20) Ms S Turner (appointed 25.11.20)
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First Ste p-school Lld Re rt of the Twstees for the Year Ended 31 Ju 2021 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Stanley Joseph Limited Chartered Accountants Suite1 Liberty House South Libety L8ne Bristol BS3 2ST MANAGEMENT AND GOVERNANCE Ttustees lor Ihe Charity, also Directors of the company, are elected each year at the Annual General Meets'ng and are known as 'fhe committee,. Candidates are proposed and seconded by the AGM attendees., election is by a show of hands or a written vote. The committee meets about 6 times per year. Approved by order of the board of trustees on ............. ... . ......................... end signed on ils behalf by.. oodeve-Docker- Trustee Page 4
Independent Examiner's Report to the Trustees of First Step Pre-school Ltd
Independent examiner's report to the trustees of First Step Pre-school Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity's 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 charity'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.
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Inde endenl Examiner's Re First Ste Pre-school Ltd rt to the TTUStees of Independent examinefs ststement I have completed my examination. I confirm that no mattef5 have come to my attention in connection with the examinab'on giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2CK)6 Act,. or the accounts do noi accord wtth those records., or the accounts do not comply wth the accounting requirements of SectiC 396 of the 2006 Act other than any requirement that the accounts give a true and fair wew which is nol a matter considered as part of an indeFEndent examination,. or the accounts have not been prepared in accordan th the methods and principles of the Stslement of Recommended Practi for a(£ounting arKI rewrling by chaiitEs (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)1. I have no concems and have come across no other matters in connecti(m with the examinatton lo whi attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Philip Helps Institute of Charterett Accountants in England and Wales Stanley Joseph Limited Chartered Accountants Suite 1 Liberty House South Liberty Lane Bristol BS3 2ST 2q .ZoL Page 6
First Step Pre-school Ltd
Statement of Financial Activities
for the Year Ended 31 July 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Charitable activities 167,505 Donations and legacies 2 2,955 Investment income 3 43 Total 170,503 EXPENDITURE ON Charitable activities Charitable activities 151,448 Other - Total 151,448 NET INCOME 19,055 RECONCILIATION OF FUNDS Total funds brought forward 101,225 TOTAL FUNDS CARRIED FORWARD 120,280 |
Restricted fund £ - - - - - - - - - - |
31.7.21 Total funds £ 167,505 2,955 43 170,503 151,448 - 151,448 19,055 101,225 120,280 |
31.7.20 Total funds £ 172,453 658 154 173,265 163,695 860 164,555 8,710 92,515 101,225 |
|---|---|---|---|
The notes form part of these financial statements
Page 7
First Step Pre-school Ltd
Statement of Financial Position
| 31 July 2021 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 7 - CURRENT ASSETS Debtors 8 - Cash at bank and in hand 124,086 124,086 CREDITORS Amounts falling due within one year 9 (3,806) NET CURRENT ASSETS 120,280 TOTAL ASSETS LESS CURRENT LIABILITIES 120,280 NET ASSETS 120,280 FUNDS 10 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - |
31.7.21 Total funds £ - - 124,086 124,086 (3,806) 120,280 120,280 120,280 120,280 120,280 |
31.7.20 Total funds £ 15,000 946 89,794 90,740 (4,515) 86,225 101,225 101,225 101,225 101,225 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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First Ste Pre-sehool Ltd ststement of Finan21 Position - continued 31 Ju 2021 These financial statements have been Prepar in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financia tatements were approved by the Board of Trustees and authorised for issue on and were signed on ils behalf by.. oodeve-Docker- Twslee The tK)les form part Df Ihese financial slalements Page g
First Step Pre-school Ltd
Notes to the Financial Statements for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Portable buildings - 10% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the Trustee's Report.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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First Step Pre-school Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES - continued
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
| indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
||
|---|---|---|---|
| If an impairment loss subsequently reverses, the carry amount of the asset is increased | |||
| to the revised estimate of its recoverable amount, but not in excess of | the amount that | ||
| would have been determined had no impairment loss been recognised for the asset in | |||
| prior years. A reversal of an impairment loss is recognised immediately in profit or loss. | |||
| 2. | DONATIONS AND LEGACIES | ||
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Fundraising events | 2,955 | 658 | |
| 3. | INVESTMENT INCOME | ||
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Deposit account interest | 43 | 154 | |
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Depreciation - owned assets | - | 3,000 |
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First Step Pre-school Ltd
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Charitable activities 172,453 Donations and legacies 658 Investment income 154 Total 173,265 EXPENDITURE ON Charitable activities Charitable activities 163,695 Other 860 Total 164,555 NET INCOME 8,710 RECONCILIATION OF FUNDS Total funds brought forward 92,515 TOTAL FUNDS CARRIED FORWARD 101,225 |
Restricted fund £ - - - - - - - - - - |
Total funds £ 172,453 658 154 173,265 163,695 860 164,555 8,710 92,515 101,225 |
|---|---|---|
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First Step Pre-school Ltd
Notes to the Financial Statements - continued
| for the Year Ended 31 July 2021 7. TANGIBLE FIXED ASSETS COST At 1 August 2020 Disposals At 31 July 2021 DEPRECIATION At 1 August 2020 Eliminated on disposal At 31 July 2021 NET BOOK VALUE At 31 July 2021 At 31 July 2020 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.21 £ Trade debtors - |
Freehold property £ 24,000 (24,000) - 9,000 (9,000) - - 15,000 31.7.20 £ 946 |
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First Step Pre-school Ltd
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses 10. MOVEMENT IN FUNDS Unrestricted funds General fund Designated funds Property funds TOTAL FUNDS Net movement in funds, included in the above Unrestricted funds General fund Designated funds Property funds TOTAL FUNDS |
At 1.8.20 £ 43,616 42,609 15,000 101,225 101,225 are as follows: |
Net movement in funds £ 31,077 2,978 (15,000) 19,055 19,055 Incoming resources £ 167,505 2,998 - 170,503 170,503 |
31.7.21 31.7.20 £ £ 3,806 4,515 Transfers between At funds 31.7.21 £ £ (3,601) 71,092 3,601 49,188 - - - 120,280 - 120,280 Resources Movement expended in funds £ £ (136,428) 31,077 (20) 2,978 (15,000) (15,000) (151,448) 19,055 (151,448) 19,055 |
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First Step Pre-school Ltd
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Designated funds Property funds TOTAL FUNDS |
Net Transfers movement between At At 1.8.19 in funds funds 31.7.20 £ £ £ £ 33,459 18,744 (8,587) 43,616 35,056 (1,034) 8,587 42,609 24,000 (9,000) - 15,000 92,515 8,710 - 101,225 92,515 8,710 - 101,225 |
|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated funds Property funds TOTAL FUNDS |
Incoming resources £ 172,453 812 - 173,265 173,265 |
Resources Movement expended in funds £ £ (153,709) 18,744 (1,846) (1,034) (9,000) (9,000) (164,555) 8,710 (164,555) 8,710 |
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First Step Pre-school Ltd
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated funds Property funds TOTAL FUNDS |
At 1.8.19 £ 33,459 35,056 24,000 92,515 92,515 |
Net movement in funds £ 49,821 1,944 (24,000) 27,765 27,765 |
Transfers between funds £ (12,188) 12,188 - - - |
At 31.7.21 £ 71,092 49,188 - 120,280 120,280 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated funds Property funds TOTAL FUNDS |
Incoming resources £ 339,958 3,810 - 343,768 343,768 |
Resources Movement expended in funds £ £ (290,137) 49,821 (1,866) 1,944 (24,000) (24,000) (316,003) 27,765 (316,003) 27,765 |
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First Step Pre-school Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2020 or for the year ended 31 July 2019.
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First Step Pre-school Ltd
Detailed Statement of Financial Activities for the Year Ended 31 July 2021
| INCOME AND ENDOWMENTS Charitable activities Fees Grant funding Milk refund Donations and legacies Fundraising events Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Rates and water Insurance Light and heat Telephone Stationery & computer costs Sundries Milk Equipment and materials Toys Outings and events Repairs and renewals Uniforms Accountancy DBS checks Carried forward |
31.7.21 £ 15,307 151,663 535 167,505 2,955 43 170,503 106,128 6,447 3,280 - 3,094 2,321 589 2,335 899 602 3,543 - - 774 345 1,023 169 131,549 |
31.7.20 £ 14,664 156,681 1,108 172,453 658 154 173,265 126,228 3,101 895 438 2,996 3,526 692 2,614 381 1,137 2,323 1,516 310 4,473 255 1,017 73 151,975 |
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This page does not form part of the statutory financial statements
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First Step Pre-school Ltd
| Detailed Statement of Financial Activities for the Year Ended 31 July 2021 Charitable activities Brought forward Training Fundraising costs Rent and CTK lease Freehold property Impairment losses for tangible fixed assets Other Crossways building Total resources expended Net income |
31.7.21 £ 131,549 979 20 3,900 - 15,000 151,448 - 151,448 19,055 |
31.7.20 £ 151,975 1,300 20 1,400 3,000 6,000 163,695 860 164,555 8,710 |
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This page does not form part of the statutory financial statements
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