Company registration number: 08176186 Charity registration number: 1150088 Snapdragons Pre School (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2024 WESTCOTTS CMARTERED AC¢OUNTAIIT & BUSIMESS ADVISERS
Snapdragons Pre School Contents Reference and Administrallve Details Trustses, Report 2to4 Independent Examinerfs Report ststement of Financial Adivities Balance Sheet Notes to the Financial Ststements 8t017
Snapdragons Pre School Reference and Adminlstrative Details Charity Registration Number 1150088 Company Registration Number 08176186 Registered Office Jackets Lane Northam Bideford Devon EX39 1 HT Trustees: Josie Grant (resigned 30 December 2024) Renae Morton Kate Stone Keeley Marshall (resigned 4 February 2024) Eleanor StaY Gemma Hudson, (Resigned 11 June 2024, appointed 6 December 2024) James Corey (resigned 14 September 2024) Emma Doble (appointed 7 February 2024 and resigned 14 September 2024) Charlotte Wilson (appointed 4 February 2024) Rachel FOrShe (appointed 11 June 2024) The charity is incorporated in England and Wales. West¢otts (SW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Independent Examiner Page 1
Snapdragons Pre School Trustees. Report Structure, governance and management Trustees As of 31 August 2023, Snapdragons Pre-school had seven trustees who currently also serve as directors of the company. Getnma Hudson is the Chair of Tnjstees as well as the administrator Rachel Forsohe is Otsled nominated person. orate Govemance The trustees meet three times a year with directors, meetings held less regulady, however infomiation is regularly reviewed and shared by the trustees through electronic means. Trustees are nominated and voted for at the Annual General Meeting. Objectives and activities The objects of Snapdragons 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 and by. Offering appropriate play, education. care facilities and training courses together with the help of parents to take responsibility to become involved in the activities of such groups and ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability. Encouraglng the study of the needs of such children and their families and promoting public interest and recognition of such needs. Instigating and adhering to furthering the aims and objects of the Pre-school Learning Allian. Public Benefit The trustees consider that the objects of Snapdragon Pre-school. as stated above, comply with the Charities and Public Benefit- Summary guidance for Charity Trustees (January 2008). The trustees unanimously agree that the requirement for due regard to the Public Benefit guidance has been satisfied as govemment funded places are available to all children. Page 2
Snapdragons Pre School Trustees. Report Achievements and perfomiance During the period Snapdragons Pre-school had many achievements to report on. The main achievements include. Pupil places have been high with most sessions being full. Staffing remains consistent and continues to be reviewed to ensure that the setting is managed to EYFS standards. 4 staff are level 3 qualified. We have started the new 2 year old working entitlement funding introduced in April. The overall prof51e of Snapdragons remains high and provides a high-level service to the community- . Ail policies have been reviewed and updated according to the Pre-school Learning Alliance. We continue to maintain and improve the Preschool property to meet the needs of the Children. All staff continue to improve their skills with regular courses. Financial review During the year there were net incoming resources of £11.227 (2023: net incoming resources of £3,416). Devon County Council funding received in relation to nursery hours worked totalled £118,274 (2023: £95,762) for the year. Fees received during the year decreased from £28,172 in 2023 to £24,617 in 2024. During the year wages increased from £93.475 to £96.756. Reserves Poli To ensure future financial sustainability for Snapdragons Pre-school, the Trustees have set a target to hokl £25-£30,000 cash reserves which represent half a term wnning costs. As of 31 August 2024, the cash held in bank accounts totalled £63,965 12023.. £59,348) which currently exceeds the Trustees tar9et. The total reserves as of 31 August 2023 are £69,208 {2023: £57,981) Plans for future periods. Our plans for future periods include the following. . Trying to do more fundraising activities now that things have setued down with Covid 19. Continuing to improve staff knowledge with courses. . Continuing to make improvements to the setting. Small companies provision statement This report has been prepared in a¢¢ordance with the small companies regime under the Companies Act 2006. Page 3
Snapdragons Pre School Trustaas. Report The annual report was approved by th8 trte85 of the (tharfty onTrlslzS arKI dgned on Its bthaif by. Gemma Hudson Trustse Page 4
Snapdragons Pre School Independent Examlner's Report to the trustees of Snapdragons Pre School {'the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. 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'5 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 I have Completed my examination. I confirm that no matters have come to my attention in connection wrth the examination giving me cause to believe: accounting records were not kept in respect of Snapdragons Pre School as requlred 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 independent 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 reportlng by charities lapplicable 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 concems 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. Catherine Williams FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Barnstaple Devon EX31 1SQ Date:.. Page 5
Snapdragons Pre School Statement of Financlal Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 250 123,934 142,891 831 727 142,891 831 727 Total income 144.449 144.449 124,189 Expenditure on: Charitsble activities (133.222) 133,222 {133,222) (120,773) (120,773) Total expenditure Net income 133,222 11,227 11,227 3,416 Net movement in funds 11.227 11,227 3,416 Reconciliation of funds Totsl funds brought forward Total funds carried fotward 57,981 69,208 57,981 69,208 54,565 18 57,981 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2023 is shown in note 18. The notes on pages 8 to 17 form an integral part of these financial statements. Page 6
Snapdragons Pre School (Reglstration number: 08176186) Balance Sheet as at 31 August 2024 2024 2023 Nots Flxed assets Tangiblè assets Gurrent assets Debtors Cash at bank and in harml 14 1,822 15,101 63.965 8,091 59.348 15 16 79,066 67,439 111.280) 56.159 57,981 Crnditors: Amounts falllng due within one year Net current assets 17 10.422 68,644 69.208 Net assets Funds of the charlty: UnroBtrf¢tod income fund8 Unr&stricted fund8 57,981 57.981 69.208 69.208 T¢)tal funds For the financial year ending 31 August 2024 the charity was entitled to ax8mptlon from alt under sectlon 477 of the Companies AGI 2006 relating to small companies. 18 Dlrectors, respcmsibllltles: The members have not requlred tha charity to obtain an audlt of Its a(xounts for the year In question in accordanca with sectton 478; and The directors acknowledge Iheir responsibilitles for complying wlth thè r8qulremants of tha Act wlth respect to accounting records and the preparatii)n of aClt8. These financlal ststements have been pr8pared In accordance with the special provlsions relating to companies subject to the small companles regirne within Part 15 of Ihe Companies Act 2006. The financial 8tsternents on pages 6 to 17 were approved by Ihe trustses, and authorised for issue on s*.2% and signed on th8lr behalf by. Gemma Hudson Trustee Tha notes on pages 8 to 17 fom an Integral part of the8e financlal stst8ments. Page 7
Snapdragons Pre School Notes to the Financlal Statements for the Year Ended 31 August 2024 1 Charity status The d)arty is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: Jackets Lane Northam Bideford Devon EX39 1 HT 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting pollcies applied in the preparation of these financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otheiSe stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slatement of Recommended PraGtice {applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Basis of preparation Snapdragons Pre School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢ognised at historical Cost or transaction value unless otheTwise stated in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional currency of the entity. Going concern The twstees consider that there are no material uncertainties about the charitrfs ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the ¢harity. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 8
Snapdragons Pre School Notes to the Financlal Ststements for the Year Ended 31 August 2024 Grants recelvable Grants are recognised when the charity has an entitlement to the funds and any nditionS linked to the grants have been met. Where performance o)nditions are attached to the grant and are yet to be met, the income is recognised as a liability and induded on the balance sheet as deferred income to be released. Investment income Dividends are re¢ognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or Constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliabty. All costs are allocated to the applicable expenditure heading that aggregate similar Costs to that category. Where ¢osts cannot be directly attributed to partl¢ular headings they have been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basis of time spent, and depreciation Charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charftable activities Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and seNices 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. Support costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the use of reSoUrs, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Govemment grants Government grants are recognised based on the accrual model and are measured at the fair value of the a&8et reiVed or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are regnised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finan Act 2010 and therefore it meets the definition of a charitable company for UK wrporation tsx purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Page 9
Snapdragons Pre School Notes to the Flnancial Statements for the Year Ended 31 August 2024 Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuatlon. less any estimated residual value, over their expected useful economic life as follows: Asset Class Depreciation method and rate Fixtures, fittings and equipment 250A straight line Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference belween the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Actlvities over the period of the relevant borrowing. Interest expense is recognised on the basls of the effective interest method and is induded in interest payable and similar charges. Borrowings are classified as current liabilities unless the Charity has an unconditional right to defer settlement of the liability for at least Iwelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charty. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes 8 party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered Into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 10
Snapdragons Pre School Notes to the Financial Statements for the Year Ended 31 August 2024 Recognltlon and measurement All financial assets and liabilities are initially measured at transactlon price (in¢luding transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transa¢tion, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to setue on a net basis. or to realise the asset and settle the liabilty simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, but not all. significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged. Canlled or expires. 3 Income from donations and legacies Unrestricted funds General Total 2023 Grants receivable 250 250 Page11
Snapdragons Pre School Notes to the Flnancial Statements for the Year Ended 31 August 2024 4 Income from charitable activities Unrestricted funds General Total 2024 DCC Funding Fees 118,274 24.617 118.274 24,617 142,891 142.891 Unrestricted funds General Total 2023 DCC Funding Fees 95,762 28,172 123.934 95.762 28.172 123,934 5 Income from other trading activities Unrestricted funds General Total 2024 Fundraising income 831 831 6 Investment income Unrestricted funds General Total 2024 Bank interest receivable 727 727 Unrestricted funds General Total 2023 Bank interest receivable Page 12
Snapdragons Pre School Notes to the Flnancial Statements for the Year Ended 31 August 2024 7 Expenditure on charitable activities Unrestricted funds General Total 2024 Note Snapdragons Pre-school Allocated support costs 130,415 2,807 130.415 2,807 133,222 133,222 Unrestricted funds General Total 2023 Note Snapdragons Pre-school Allocated support Costs 117,975 2,798 120,773 117.975 2,798 120,773 Analysis of support costs Support costs allocated to charitable activities Total 2024 Total 2023 Independent Examiners Fees Payroll costs Telephone Bank charges 1,353 1.288 100 1,211 199 1.254 200 2,807 2,798 Page 13
Snapdragons Pre School Notes to the Financial Statements for the Year Ended 31 August 2024 9 Net incomingloutgoing resources Net incoming resources for the year indude: 2024 2023 Depreciation of fixed assets 1,258 2.274 10 Trustees remuneration and expenses During the year no trustees received remuneration in respect of being a trustee. Expenses were reimbursed to trustees on receipt of valid purchase invoices. During the year one trustee was paid remuneration in the period totalling £12,07012023= £11,244) in respect of her pre-school employment. 11 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 94,538 470 1,748 96,756 92,167 1,308 93,475 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 2023 Pre-school staff No employee received emoluments of more than £60,000 during the year. 12 Independent examiner's remuneration 2024 2023 Examination of the financial statements 1.353 1.288 13 Taxation The charity is a registered charity and is therefore exempt from taxation. Page 14
Snapdragons Pre School Notes to the Financial Statements for the Year Ended 31 August 2024 14 Tangible fixed assets Furniture and equipment Total Cost At 1 September 2023 30,732 30,732 At 31 August 2024 30,732 30,732 Depreciation At 1 September 2023 At 31 August 2024 Net book value 30,168 30,168 30,168 30,168 At 31 August 2024 At 31 August 2023 564 564 564 15 Debtors 2024 2023 Prepayrnents 15,101 8,091 16 Cash and ¢ash equivalents 2024 2023 Cash at bank 63,965 59,348 17 Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals 8,800 1,622 10,422 9.818 1,462 11.280 Page 15
Snapdragons Pre School Notes to the Financial Statements for the Year Ended 31 August 2024 18 Funds Balance at 1 September 2023 Balance at 31 August 2024 Incoming resources Resources expended Unrestricted funds General General funds 57,981 144,449 133,222 69,208 Balance at 1 September 2022 Balance at 31 August 2023 Incoming resources Resources expended Unrestricted funds General General funds 54,565 124,189 1120,773 57,981 The General Fund represents the net assets of Snapdragons Pre-school which are not designated for particular purposes. Page 16
Snapdragons Pre School Notes to the Financial Statements for the Year Ended 31 August 2024 19 Analysis of net assets between funds Unrestricted funds General Total funds at 31 August 2024 Tangible fixed assets Current assets Current liabilities 564 79,066 10,422 564 79,066 (10,422) 69,208 Total net assets 69,208 Unrestricted funds General Total funds at 31 August 2023 Tangible fixed assets Current assets Current liabilities 1,822 67,439 111,280) 57.981 1.822 67.439 11,280 Total net assets 57,981 20 Related party transactions There were no related party transactions in the year. Page 17