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← Duchy Preschool And Playgroup

2023-08-31-accounts

DUCHY PRE-SCHOOL AND PLAYGROUP

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

Charity Registration Number: 1157005

DUCHY PRE-SCHOOL AND PLAYGROUP TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

CONTENTS

Page
Trustees Annual Report 1 - 3
Receipts and Payments Account 4
Statement of Assets and Liabilities 5
Independent Examiners Report 6

DUCHY PRE-SCHOOL AND PLAYGROUP TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

The Trustees have pleasure in presenting their report along with the Financial Statements for the year ended 31[st] August 2023. The financial statements have been prepared in accordance with current statutory requirements, the charity’s governing documents, and the recommendations of the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2005) and complies with applicable law. We have also referred to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing our aims and objectives for the year.

Objectives and Activities

Objectives

Nestled in the centre of Bradninch, The Duchy Pre-school is at the heart of our community, providing Early Years Education for all eligible children in the area.

As a non-profit organisation, we're proud of the service we provide to local families and the fun, nurturing, safe learning environment we offer our children. Parents can access our childcare in ways that fit in better with work.

How our activities deliver public benefit

The Duchy Pre-school and Playgroup is monitored by OFSTED and along with meeting all their requirements, the charity provides quality access to the national Early Years Curriculum for all eligible children, by:

Achievements and Performance

Child numbers remained consistent with 2022. Although we saw a decrease of 38% in fee paying children, the amount of funded children increased by 37.2%. We expect this trend to continue further into 2023/2024 as a result of the increase in the funded hours offered to 2-year-old working families by the Government.

Although we can report a 13% increase in total sales, we experienced a 21% rise in total costs this year, some of this increase can be attributed to the cost of our utilities, such as our gas and electric, which has risen by over 160%, plus investments in staff training and the increase to the minimum wage.

We introduced our first ever Summer Holiday Club in July/August on a trial basis. It was very much deemed a success which we hope to expand on during Summer 2024.

The trustees are very aware of, and grateful for, the significant contribution made by volunteers in many different ways. Their help is particularly appreciated when providing help with fundraising activities. And of course, all trustees contribute their time voluntarily, which is invaluable. Staff also contribute far more than their paid hours, which is equally appreciated, and without this the playgroup could not operate sustainably. Trustees monitor issues this could cause with the National Minimum Wage and are confident that wages remain legally compliant.

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DUCHY PRE-SCHOOL AND PLAYGROUP TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

Overview and Future Plans

To further invest in the pre-school outside space offering and to maintain the inside space to a suitable standard.

After the success of our Summer Holiday Club, we plan to expand on this offer further, introducing additional days and increasing the range of children we are able to cater for.

Financial Review

Total receipts for the year to 31 August 2023 amounted to £138,328 (year ended 31 August 2022 £114,197).

Total payments for the year to 31 August 2023 amounted to £145,731 (year ended 31 August 2022 £120,213).

The charity holds £28,047 in their bank account (year ended 31 August 2022 £36,597).

The charity’s principal source of funding is Early Years Entitlement Funding from Devon County Council. As a centre of excellence for Early Years Education in Devon, as also receive discretionary grants. Community fundraising activities are carried out to enable the charity to enhance the provision above the level funded by Early Years.

Other sources of funding include fees from parents for elective sessions.

Reserves Policy

The charity has a formal policy of holding sufficient working capital and contingency funds in reserve to ensure the sustainability of the charity. In addition, the policy requires the charity to work towards building sufficient reserves to cover statutory and contractual costs in the event of winding up.

Risk Management Policy

The Trustees have assessed the major risks to which the Charity is exposed, in particular those relating to the operations and finances of the Charity and are satisfied that systems are in place to mitigate their exposure to major risks.

Fundraising Policy

Fundraising is essential to the preschool. We host at least 2 coffee mornings a year, as well as the annual Christmas Fayre, we also host other events such as children's discos at local music festival and help/participate at other local events, all with the aim of raising funds for the preschool.

Structure, Governance and Management

The Charity’s objects and regulations are set out in the charity’s Preschool Learning Alliance CIO Institution. The charity incorporated as a charitable organization on 12[th] May 2014, with all undertakings from the unincorporated charity transferred on 1[st] September 2016.

All Trustees are elected annually at the AGM and/or co-opted pending the AGM, with 50% retiring at each year.

The procedure for appointing of Trustees, is by an existing Trustees recommending a potential candidate.

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DUCHY PRE-SCHOOL AND PLAYGROUP TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

Reference and Administration Details Registered Charity Number: 1157005

Trustees and Members: John Porter (Chair) Jennifer Ryding (Treasurer) Rev’d Hannah Mears Tracey Mortimore (to June 2023) Keith Herselman (to June 2023) Registered Address Millway, Bradninch, Exeter, EX5 4NL

Bankers CAF Bank, 25 Kings Avenue, Kings Hill, West Malling, Kent, ME19 4JQ

Accountants Merlin Accountancy Services Ltd, 2[nd] Floor, 33 Longbrook Street, Exeter, EX4 6AW

Approved by Duchy Pre-School and Playgroup on 4 June 2024 and signed on its behalf by:

Trustee: John Porter, Chair ……………………………………………………

Trustee: Jenny Ryding, Treasurer ……………………………………………………

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DUCHY PRE-SCHOOL AND PLAYGROUP TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

Receipts and Payments Account

Receipts
Fees
DCC Grants and Funding
Other Grants
Fundraising and Donations
Total Receipts
Payments
Wages and Salaries
Staff Training, Health & Safety and Other
Kitchen Costs
Play Costs
Rent, Rates and Premises Costs
Repairs and Renewals
Light and Heat
Insurance and Subscriptions
Telephone and IT
Printing, Postage and Stationery
Accountancy and Professional Fees
Fundraising Costs
Bank Charges
Miscellaneous
Total Payments
Excess of Receipts over Payments
Bank Balance at 1stSeptember 2022
Bank Balance at 31stAugust 2023		 2023
£
£
29,089
95,527
1,550
12,162
138,328
117,195
2,894
2,268
2,157
7,500
1,817
4,274
1,155
3,730
760
525
1,107
59
290
145,731
(7,403)
36,597
29,194		 2023
£
£
29,089
95,527
1,550
12,162
138,328
117,195
2,894
2,268
2,157
7,500
1,817
4,274
1,155
3,730
760
525
1,107
59
290
145,731
(7,403)
36,597
29,194		 2022
£
£
40,101
69,593
1,144
3,359
114,197
88,809
2,336
2,154
2,024
7,000
9,586
1,560
1,051
2,016
588
551
765
98
1,676
120,213
(6,016)
42,613
36,597		 2022
£
£
40,101
69,593
1,144
3,359
114,197
88,809
2,336
2,154
2,024
7,000
9,586
1,560
1,051
2,016
588
551
765
98
1,676
120,213
(6,016)
42,613
36,597
117,195
2,894
2,268
2,157
7,500
1,817
4,274
1,155
3,730
760
525
1,107
59
290
88,809
2,336
2,154
2,024
7,000
9,586
1,560
1,051
2,016
588
551
765
98
1,676
145,731 120,213
(7,403)
36,597		 (6,016)
42,613
29,194 36,597

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DUCHY PRE-SCHOOL AND PLAYGROUP TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

Statement of Assets and Liabilities at 31[st] August 2023

Unrestricted Funds
Cash Funds
Petty Cash
Bank Current Account
Current Assets
Sales Debtors
SS & Other Taxes
Current Liabilities
Other Creditors		 2023
Total
£
1,147
28,047
29,194
558
2,195
191
31,756		 2022
Total
£
-
36,597
36,597
128
699
-
37,424

Approved by Duchy Pre-School and Playgroup on 4 June 2024 and signed on its behalf by:

Trustee: John Porter, Chair ……………………………………………………

Trustee: Jenny Ryding, Treasurer ……………………………………………………

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INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF

DUCHY PRE-SCHOOL AND PLAYGROUP

Year Ended 31 AUGUST 2023

I report on the accounts for the year ended 31 August 2023, which are set out on pages 4 and 5.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view, and the report is limited to these matters set out in the statement below.

Independent Examiner’s Statement

In the course of my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:

  2. proper accounting records are kept in accordance with section 386 of the Companies Act 2006; and

  3. accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities (revised 2005) have not been met; or

  4. to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

G M Corby BSc FCA Merlin Accountancy Services Ltd Signed: …………………………………… 2[nd] Floor 33 Longbrook Street 25/06/2024 Exeter Date: ……………………………………… EX4 6AW

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