COMPANY REGISTRATION NUMBER : 07187744
SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS FOR YEAR ENDED 31 AUGUST 2024
Charity Number : 1147212
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Edmund Carr LLP Chartered Accountants 146 New London Road Chelmsford Essex CM2 OAW
SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
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CONTENTS PAGE
Company information 1
Trustees' annual report 2
Independent examiner's report to the Trustees 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
YEAR ENDED 31 AUGUST 2024
Charity Number 1147212
Company Number 07187744
Registered Office
Springfield Bees Pre-School Perryfields Community Hall Lawn Lane Chelmsford Essex CM1 7PP
Trustees
Debbie Pepper Chair Laura Hudson Treasurer (resigned November 2024) Sophie O'Sullivan Secretary Laura Martin Lauren Land (appointed November 2024) Daniel Clark (appointed November 2024)
Independent Examiner
Alex Stone FCCA Edmund Carr LLP 146 New London Road Chelmsford Essex CM2 0AW
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT
YEAR ENDED 31 AUGUST 2024
The trustees have pleasure in presenting their report and the unaudited financial statements for the charity for the year ending 31 August 2024.
The Trustees of the charity as shown on page 1 are also the directors of the charity.
Structure, Governance and Management
Springfield Bees Pre-School was incorporated on 12 March 2010 and was registered as a charity by the Charity Commission on 11 May 2012. The assets of the predecessor unincorporated charity, Springfield Bees Pre-School, were transferred into the new charity with effect from 1 June 2012.
The charity is governed by its Memorandum and Articles of Association. The Trustees, assisted by the Management Committee, are deemed sufficiently educated to provide management of the charity. The Trustees of the charity make all major decisions.
The charity trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks.
Public Benefit
The Trustees confirm that they have had due regard to guidance published by the Charity Commission on public benefit.
Objectives and Activities
The charity's objectives as set out in its governing document are to enhance the development and education of children, primarily under statutory school age, by working in partnership with parents to help children to learn and develop and add to the life and well-being of the local community.
The Pre-School offers 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. Springfield Bees Pre-School encourage the study of the needs of such children and their families and promoting public interest in and recognition of such needs.
Play helps young children to learn and develop through doing and talking, which research has shown to be the means by which young children learn to think. Our setting uses the Development Matters in the Early Years Foundation Stage guidance to plan and provide a range of play activities, which help children to make progress in each of the areas of learning and development. In some of these activities, children decide how they will use the activity and, in others, an adult takes the lead in helping the children to take part in the activity. In all activities, information from 'Development Matters' the Early Years Foundation Stage has been used to decide what equipment to provide and how to provide it.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 AUGUST 2024
Objectives and Activities (continued)
We aim to ensure that each child:
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is in a safe and stimulating environment;
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is given generous care and attention;
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has the chance to join in with other children and adults to live, play, work and learn together;
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is helped to take forward her/his learning and development by being encouraged to build on what she/he already knows and can do;
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has a personal key person who makes sure each child makes satisfactory progress;
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is in a setting that sees parents as partners in helping each child to learn and develop;
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is in a setting in which parents help to shape the service it offers.
Achievements and Performance
Following an Ofsted inspection in January, the Pre-school received a judgement of Outstanding in all areas. The report highlighted that, "all children, including those with SEND, achieve the best possible outcomes and are well prepared for success in their future learning." "Children and their families are warmly welcomed into this child friendly, exciting and inspiring environment." This is the highest accolade the Pre-school could receive and is as a result of meticulous planning, dedicated and knowledgeable staff and keeping children at the heart of all we do.
The Pre-school continued to provide many varied enrichment activities for children, including Moo Music, Superstar Sports, gardening and cooking, and year six reading Ambassadors from Perryfields Junior School. The Boswells School dance department invited us to be part of their annual community dance show, teaching the children a routine for the show. We had a Sports Week and Healthy Eating Week with activities and prizes.
We arranged visits from Essex Police, Essex Probation Service, MP Vicky Ford, Chelmsford Morris Dancers, Puppeteer and Storyteller - Mike Dodsworth. We also welcomed numerous parents to talk with the children about their festivities & celebrations.
We hosted a family weekend welly walk to provide an opportunity for parents to get to know each other. This event was one of serveral measures introduced to support childrens early language development. These included a 'Wow Word' Tree, a take home library service and various Borrow Bags. We invited parents to attend a story-telling workshop to encourage confidence in reading with children.
Our older children benefitted from sessions in the Infant school EYFS playground, along with school transition sessions & teacher visits.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 AUGUST 2024
Achievements and Performance (continued)
We continued to support the learning and development of our dedicated team, with both statutory & specific training. Most noticeably our Manager achieved an NPQ in Early Years Leadership the Early Years and Deputy completed the Early Years Professional Development Programme. Our Level 3 Mental Health First Aider completed the required requalification and all staff attended in person ASD training.
We succeeded in offering additional provision and support for several children with SEND, securing additional funding to facilitate dedicated and focused small group work, working closely together with parents and professionals to support each child.
The recruitment & retention of high-quality staff continues to be a challenge within the industry and is a priority for the Pre-school. The Pre-school has implemented many incentives to maximise staff satisfaction and continue to support staff as much as possible.
The government expansion to early years funding along with the reputation of the Pre-school has resulted in a long waiting list. Investigations into expansion are to be considered.
Financial Review
The Pre-school showed a surplus of £7,260 at the end of the period 2023/2024. This will be put towards increased adult:child ratios, purchasing equipment for our outside play area, a new computer for the office, as well as strengthening our reserves against future financial pressures.
The majority of income comes from local authority funding (74%), followed by fees (18%), grants (6%) and the remainder from snack, uniform, commission and interest. £305 was received from Chelmsford Rotary Club to buy SEND resources. To support families on low income, no snack charges are required for children eligible for FEEE2 or in receipt of SEN Premium or EYPP.
£1,938 was received in EYPP & IDACI payments; additional funding to support children from disadvantaged families. This was spent on targeted activities and training as well as appropriate resources to aid the development for the children who attract this funding.
Expenditure:
79% of our expenditure is spent on staff salaries & pensions, 8% on rent & utilities. The remaining expenditure was made up of day to day running costs such as: insurance, accountancy & professional fees, staff checks, equipment, telecoms, printing, stationery, setting resources, administration costs, snacks, postage, etc.
Enrichment: Moo Music sessions: £1,795 Superstar Sports sessions: £1,297 Self-select free Christmas shop: £136 Pre-School Equipment & Resources: £2,914
As of 31 August 2024 the current account held £ 27,836. The Reserve Account held £7,823 and £30 was held in petty cash.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 AUGUST 2024
Reserves
We aim to hold an appropriate level of reserves in place for potential future expenditure and to cover our legal financial obligations in the unlikely event the Pre-School should get into financial difficulties or experience unforeseen circumstances. However, we recognise that as a charity, we need to balance this with our duty to spend our income on charitable activity to further the aims and objectives of the Pre-School.
We need reserves in order to:
meet redundancy liabilities should the Pre-School have to close;
ensure continuity of service provision by holding a general contingency reserves equal to three months (i.e one quarter of annual expenditure) total expenditure, excluding maintenance and dilapidation;
Cover running costs during periods of lower income;
finance agreed expansion/renovation projects;
cover potential payments to debtors should the Pre-School have to close;
replace equipment as it wears out and carry out necessary maintenance;
The Committee carries out a regular assessment (at the financial year end) of the PreSchool’s needs to determine the amount of reserves required. In the event of the reserves falling significantly below the target level, the Pre-School will aim to restore these as soon as possible by increasing earned income and fundraising or reducing expenditure.
Statement of Trustees' Responsibilities
The trustees 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 that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 31 AUGUST 2024
Statement of Trustees' Responsibilities (continued)
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate 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.
Approved by the Trustees on 4 February 2025 and signed on their behalf:
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D Pepper
Chair of Trustees
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
YEAR ENDED 31 AUGUST 2024
I report on the accounts of the company for the year ended 31 August 2024 which are set out on pages 8 to 16.
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 Association of Chartered Cerified Accountants, 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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 independent examination; or
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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.
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Alex Stone FCCA
146 New London Road Chelmsford CM2 0AW
24 February 2025
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 AUGUST 2024
| INCOME FROM: Investments 2 Charitable activities 3 TOTAL INCOME EXPENDITURE ON: Charitable activities 4 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward Total funds carried forward |
Unrestricted funds £ 117 272,767 272,884 263,432 263,432 / 9,452 21,227 30,679 |
Restricted funds £ - - - 2,192 2,192 ( 2,192) 30,696 28,504 |
Total 2024 £ 117 272,767 272,884 265,624 265,624 7,260 51,923 59,183 |
Total 2023 (As restated) £ 23 250,048 250,071 244,973 244,973 5,098 46,825 51,923 |
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The charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The notes on pages 10 to 16 form part of these financial statements.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
31 AUGUST 2024
| Note FIXED ASSETS 9 CURRENT ASSETS Debtors 10 Cash at bank and in hand CREDITORS: Amounts falling due within one year 11 NET CURRENT ASSETS NET ASSETS FUNDS OF THE CHARITY Unrestricted funds 12 Restricted funds 13 TOTAL CHARITY FUNDS |
£ £ 28,504 - 35,689 35,689 5,010 30,679 59,183 30,679 28,504 59,183 2024 |
2023 (As restated) £ 30,696 - 61,677 61,677 40,450 21,227 51,923 21,227 30,696 51,923 |
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
• The members have not required the company to obtain an audit 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.
These accounts were approved by the trustees on 4 February 2025 and are signed on their behalf by:
….....................................................................................
D PEPPER
Chair of Trustees
Company Registration No: 07187744
The notes on pages 10 to 16 form part of these financial statements.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 (effective 1 January 2019) (Charities SORP FRS 102) and the Companies Act 2006.
Legal status
Springfield Bees Pre-School Company Limited is a charitable company limited by guarantee. It is incorporated in England and Wales and its registered address is Perryfields Community Hall, Lawn Lane, Chelmsford, Essex CM1 7PP. The company meets the definition of a public benefit entity under FRS 102.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Incoming resources
Income from fees, donations and grants is included in incoming resources when these are receivable, except when donors specify that donations and grants given to the charity must be used in future accounting periods and the income is deferred until those periods.
Resources expended
All expenditure is accounted for on an accruals basis and includes VAT as the charity is not VAT registered. The majority of expenditure is directly attributable to specific charitable activities. Support costs relate to expenditure to support the charitable activities of the charity which cannot be directly attributed to charitable activities. Governance costs are associated with the governance arrangements of the charity.
Fixed assets and depreciation
Leasehold improvements funded by capital funding grants are capitalised and written off over the term of the lease (20 years). Playschool equipment is not capitalised as its residual value once in use is deemed to be minimal.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognized at their settlement amount.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES CONTINUED
Fund accounting
Funds held by the charity are either:
Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity.
2. INVESTMENT INCOME
| Unrestricted funds £ Bank interest receivable 117 Total 2023 23 |
Restricted funds £ - - |
Total 2024 £ 117 23 |
Total 2023 £ 23 |
|---|---|---|---|
All of the charity's investment income arises from an interest bearing deposit account.
3. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds £ Fees 49,091 ECC funded fees 201,705 Other grant income 16,204 Other income 5,462 Fundraising income 305 272,767 Total 2023 250,048 |
Restricted funds £ - - - - - - |
Total 2024 £ 49,091 201,705 16,204 5,462 305 272,767 250,048 |
Total 2023 (As restated) £ 47,187 189,640 8,224 4,997 - 250,048 |
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024
4. COSTS OF CHARITABLE ACTIVITIES
| Staff costs Equipment and supplies Other direct costs Support costs(Note 5) Governance costs(Note 6) Total 2023 |
Unrestricted funds £ 208,985 6,069 5,656 220,710 37,470 5,252 263,432 242,781 |
Restricted funds £ - - - - 2,192 - 2,192 2,192 |
Total 2024 £ 208,985 6,069 5,656 220,710 39,662 5,252 265,624 244,973 |
Total 2023 £ 191,419 6,577 4,974 202,970 37,082 4,921 244,973 |
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5. SUPPORT COSTS
| Rent Utilities Insurance Training Depreciation Miscellaneous expenses Total 2023 |
Unrestricted funds £ 15,001 10,840 1,543 3,337 - 6,749 37,470 34,890 |
Restricted funds £ - - - - 2,192 - 2,192 2,192 |
Total 2024 £ 15,001 10,840 1,543 3,337 2,192 6,749 39,662 37,082 |
Total 2023 £ 14,992 9,485 1,477 1,959 2,192 6,977 37,082 |
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
6. GOVERNANCE COSTS
| Accounting services Payroll/Pension costs Independent Examiner's fee Fees payable to Independent Examiner Legal & Professional fees Membership fees Total 2023 7. ANALYSIS OF STAFF COSTS Wages and salaries Employer pension contributions Social security costs |
Unrestricted funds £ 1,196 2,544 580 4,320 193 739 5,252 4,921 |
Restricted funds £ - - - - - - - - |
Total 2024 £ 1,196 2,544 580 4,320 193 739 5,252 4,921 2024 £ 195,375 6,034 7,576 208,985 |
Total 2023 £ 1,133 2,604 550 4,287 13 621 4,921 2023 £ 181,592 4,433 5,394 191,419 |
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There were an average of 13 staff employed during the year (2023: 15).
None of the employees' emoluments exceeded £60,000.
8. TRUSTEES REMUNERATION
None of the trustees or persons connected with them received any remuneration for their services as a trustee during the current or preceding year.
During the year three Trustees were paid a total of £28,431 (2022: 2 Trustees - £26,813) in respect of childcare services provided to the charity as employees. Steps are being taken to recruit additional Trustees to ensure a minority of Trustees are employees, as required by the charity's governing document.
None of the trustees were reimbursed expenses incurred when acting on behalf of the company during the year.
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
9. FIXED ASSETS
| Cost At 1st September 2023 Additions |
Leasehold Total Improvements £ £ 43,848 43,848 - - |
|---|---|
| At 31st August 2024 | 43,848 43,848 |
| Depreciation At 1st September 2023 Charge for the year |
13,152 13,152 2,192 2,192 |
| At 31st August 2024 | 15,344 15,344 |
| Net Book Value At 31st August 2024 |
28,504 28,504 |
| At 31st August 2023 | 30,696 30,696 |
| 10. DEBTORS Prepayments and accrued income |
2024 2023 £ £ - - |
| 11. CREDITORS: Amounts falling due within one year Accruals Taxation and social security Deferred income |
2024 2023 (As restated) £ £ 3,599 14,599 1,411 1,406 - 24,445 |
| 5,010 40,450 |
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024
12. UNRESTRICTED FUNDS
| Current year: Unrestricted funds Prior year: Unrestricted funds 13. RESTRICTED FUNDS Current year: ECC Capital Grant Prior year: ECC Capital Grant |
Balance 01/09/2023 £ (As restated) 21,227 Balance 01/09/2022 £ (As restated) 13,937 Balance 01/09/2023 £ 30,696 Balance 01/09/2022 £ 32,888 |
Income £ 272,884 Income £ (As restated) 250,071 Income £ - Income £ - |
Expenditure £ 263,432 Expenditure £ 242,781 Expenditure £ 2,192 Expenditure £ 2,192 |
Balance 31/08/2024 £ 30,679 Balance 31/08/2023 £ (As restated) 21,227 Balance 31/08/2024 £ 28,504 Balance 31/08/2023 £ 30,696 |
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The ECC capital grant was used to fund the building works on an additional room for the preschool.
14. ANALYSIS OF NET ASSETS (between restricted and unrestricted funds)
| Current year: Restricted funds Unrestricted funds Total funds Prior year: Restricted funds Unrestricted funds |
Tangible fixed assets £ 28,504 - 28,504 Tangible fixed assets £ (As restated) 30,696 - 30,696 |
Other net assets £ - 30,679 30,679 Other net assets £ (As restated) - 21,227 21,227 |
Total £ 28,504 30,679 59,183 Total £ (As restated) 30,696 21,227 51,923 |
|---|---|---|---|
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SPRINGFIELD BEES PRE-SCHOOL COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024
15. RELATED PARTIES
There were no related party transactions during the year
16. COMPANY LIMITED BY GUARANTEE
Every member of the company undertakes to pay such amount as may be required not exceeding £1 towards the company's assets if the company should be wound up while he, she or it remains a Member or within one year after they cease to be a Member towards the costs of dissolution and the liabilities incurred by the company while the contributor was a Member.
17. OPERATING LEASE COMMITMENTS
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Within one year Between one and five years |
2024 7,514 - 7,514 |
2023 7,231 - 7,231 |
|---|---|---|
18. CONTINGENT LIABILITY
During 2017/18 Essex County Council provided capital funding of £43,838 towards the refurbishment of a new preschool room in the premises leased by the pre-school from the Council. Under the terms of the Capital Funding Agreement, the Council has the right to the reclaim the value of the asset improvement for a period of 10 years after completion of the capital works in the event of the pre-school ceasing to operate.
19. PRIOR YEAR RESTATEMENT
Fees received from ECC were previously recognised on a receipts basis and are now being recognised on an accruals basis. The prior year figures have therefore been restated. The effect of the restatement is to decrease reserves at 31.8.22 by £26,764 and at 31.8.23 by £24,445, reducing fee income in 2023 by £2,319.
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