Charity registration number: 1159106 Woodford Community Pre-school Annual Report and Financial Statements for the Year Ended 31 August 2024 WESTCOTTS CHARTERED ACCOVNTA14TS BUSIFIE5S ADVISERS
Woodford Community Pr8-School Reference and Adminlstratlve Detalls Chairperson Mrs Alison Escott Trustees Mrs Alison Escott Mrs Jodie Littlejohn Mrs Laura Haylock Mrs Susan Westbrook Mrs Michelle Brooke-williams (resigned 1310212025) 1159106 Charity Registration Number Prlnclpal Offlce Greenway Avenue Woodford Plympton Plymouth PL7 4RR Independent Examlner Matthew Keane ACCA Independent examiner Wastcotts Plym House 3 Longbridge Road Plymouth PL6 8LT Page 1
Woodford Community Pre-school Trustees, Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2024. Objectlves and actlviti88 Objects and aims Woodford Community Pre-school aims to enhance the development and education of children under statutory school age and encourage parents to understand and provide for the needs of their children with support from ourselves and other agencies. Publlc beneflt We offer appropriate play, education and care facilities and ensure the group offers opportunities for all children, whatever their race, culture, religion, means or ability. The staff attend regular training to update their skills and knowledge and we regularly review our policies to ensure they are up to date with current legislation. We meet with parents regularly to infomi them of their child's progress and encourage parent participation. The Trustees work closely with staff in order to continually develop and enhance the pre-school. We have close links with the local primary schools and liaise with them at the end of every school year to ensure a Smooth transition for children leaving pre-school in the summer term. We have very experienced SENCO'S who work closely with parents and outside agencies to give a high level of support to children with additional needs. We have developed really good working relationships with these agencies over the years. Our Trustees are very pro-active in our setting and contribute immensely to the Management duties. They meet regularly as a committee and also with staff to ensure effective communication. They give up a lot of their time to help with fun days and fundraising activities. The trustees confirm that they have complied with the requirements of 8ection 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Walas. Achlevements and performance In October 2023, the setting received a vlsit fomi Ofsted the outcome was 'Requires Improvement,, focussing on inconsistency with curriculum planning and delivery. Claire Dixon (Business Manager) left the setting in November 2023. Kelsey Watson was appointed as Pre-school Manager. This fonned a restructure in management with Glenda Clamp stepping down from Pre-school Leader to Pre-school Coordinator, Amie Beasley remained as Deputy Pre-school Manager and took on responsibility for finance and payroll. In January 2024, Kathryn Hurn was employed as Deputy Pre-school Manager with responsibilty for Curriculum and Planning. Both Kelsey and Kathryn had exiensive experience in Early Years in Primary School setting. Kelsey and her team liaised with Early Years Advisory Team to address the recommendations in the Ofsted report. The Early Years Advisory Team undertook observations throughout the academic year to support the development of the curriculum. The setting v8 reinspected in July 2024 and the outcome was 'Good'. Changes to Government funding came into place in April 2024. This increased 2 year old places at the pre-school and has allowed the setting to open and run both roorns at different age groups Monday-Friday. Page 2
Woodford Community Pre-school Trustees, Report (continued) Financial review Our principle source of income is generated from the Early Years Funding which all children receive from the term after their 2nd Birthday. We also have children who receive Me2 Funding for 2-year-old children who meet the criteria. This is also funded through the Eady Years team. We Invol fees for extra sessions and also for children who do not receive funding. During the year fundraise to purchase new equipment and resources for the children. Our largest area of expendrture is staff wages, however due to adult-child ratios this is not something that we can change. Rent is also high but there are no other available buildings in the local area that we could use. Our rental agreement is reviewed annually and when the Church decide to make an increase, we do not have much control over this. We do however have a good relationship with the Church members, and they do take into consideration our high costs when considering increasing aur rent. Pollcy on rnsarnes We have built our contingency money over the last few years so that should we have to make redundancies, have enough money to make this payment. At the end of the financial year, any surplus funds are used to help with our Autumn term when our numbers are usually lower. This helps towards our rent and classroom consumables. Structure, governance and management Natur• of govemlng document Constitution for Incorporated Organisations. CIO - Foundation Registered 06 Nov 2014. Recruitment and appointment of trustees New members are elected at the AGM but are also welcome to volunteer to join our Trustees at any time throughout the year. Organisational structurn We are led by Management Trustees who adhere to the Constitution and our Policies and Procedures. Employee Involv9ment Before the AGM, anyone who expresses an interest in joining the Trustees are free to ask any questions to staff or existing Trustee Members. The Chairperson and Stsff will explain in depth about their roles and responsibilities should they wish to become involved. We have access to CommitteerUStee training through our Early Years Department for Trustee's to attend. This is provided at no cost to them. We have insurance to protect the Trustees against Financial Risk. We have a named Child Protection Officer and all staff have completed Child Protection training and attend regular updates. We have strict policies and procedures regarding Early Years and receive vRekly updates on new legislation and have regular meetings with our Early Years Advisory Teacher. Our Trustees volunteer their time and receive no remuneration or benefits. Page 3
Woodford Community Pre-school Trustees. Report (continued) Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities 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 charity and of the incoming resources and application of resources of the charty for th8t period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them con81Stently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charrty will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation governing the preparation and di&%emination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by.. and signed on its rsA Ison Escott Chairman and Trustee Twstee Page 4
Woodford Community Preschool Independent Examiner's Report to the trustees of Woodford Community Pre-school I report to the trustees on my examination of the accounts of Woodford Community Pre-school for the year ended 31 August 2024. Responsibilities and basis of report As the charity trustees of Woodford Community Pre-school you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Woodford Community Pre-school's accounts carried out under section 145 of th& 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Sectlon 145(5)(b) of the Act. Indepandent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cau8e to believe that in any materlal respect.. 1. accounting records were not kept in respect of Woodford Community Pre-school as required by section 130 of the Act- or 2. the accounts do not accord wrth those record8; or 3. the accounts do not comply wrth the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair vievl which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matter8 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. atthew Keane ACCA Independent examiner Westcotts Plym House 3 Longbridge Road Plymouth PL6 8LT Date.. 0.4...0.6...2. Page 5
Woodford Community Pre-school Statement of Financial Activities for the Year Ended 31 August 2024 Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities 2,440 229,966 2,440 229,966 4,956 239,820 Total income 232,406 232,406 244,776 Expenditure on: Charitable activities (221,032) 1221,032) (199,439) Totsl expenditure (221,032) (221,032) <199,439 Net income 11,374 11,374 45,337 Net movement in funds 11,374 11,374 45,337 Reconcillation of funds Totsl funds brought forward Total funds carried fop¥vard 109,060 109,060 63,723 12 120,434 120,434 109,060 All of the charity's activitles derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 12. The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
Woodford Community Pre-school (Registration number.. 1159106) Balance Sheet as at 31 August 2024 2024 2023 Note Flxed assets Tangible assets 862 713 Current assets Debtors Cash at bank and in hand 10 9,602 123,144 132,746 13,174 110,747 110,747 Credltorn: Amounts falling due wlthln on• year Net current a88ets 11 2,400 119,572 108,347 Net a330ts 120,434 109,060 Fund8 of the charlty.. Unrestrlctod Income funds Unrestricted funds 120,434 109,060 Total funds 12 120,434 109,060 The financial statements on pages 6 to 14 vRre approved by the trustees, and authorised for issue on .4..:.&...IC.and signed on their behalf by.. Ison Escott Chairman and Trustee Jodie Littlejo Trustee The notes on pages 8 to 14 fonn an integral part of these financial statements. Page 7
Woodford Community Pre4chool Notes to the Financial Ststements for the Yaar Ended 31 August 2024 1 Accounting policles Statement of compliance The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. Basis of preparatlon Woodford Community Pre-school meets the definition of a public benefit entity under FRS 102. The accounts {financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. Going concern The trustees consider that there are no material uncertainties about the charity's ability to contlnue as a going concem. Incomè and ondowment8 Voluntary income including donation8, gifts, legacies and grants that provide core funding or are of general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with suffi'cient reliability. Donations and legacles Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Expendlture All expenditure is recognised once there is a legal or constructlve obligation to that expenditure, it is probable settlement is required and the amount can be measurgd reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular 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. Charltable activities Charitable expenditure comprises those costs incurred by the charty in the delivery of its activities and services 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 activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas. or per capit8, Staff costs by the time spent and other costs by their usage. Page 8
Woodford Community Pre-school Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax 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 costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and 8ub8equent accumulated impairment losses, Depreciatlon and amortlsatlon Depreciation is provided on tangible flxed assets so as to wrfte off the cost or valuatlon, less any estimated residual value, over their expected useful economic life a5 follows.. Asset class Office equipment Depreclatlon method and rat• 3 years straight line Cash and cash equlvalents 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. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are sublected to $triCt10n9 on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two suclasSeS.. restricted income funds or endowment funds. Flnancial Instruments Classification Financial assets and financial liabiliti88 are recognised when the charity becomes a paty 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 9
Woodford Community Preschool Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) cognition and measurement All financial assets and liabilities are initially measured at transaction price (including 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 nomially the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, 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 8 legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability 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 c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financi81 liabilities are derecognised only when the obligation specified in the contract Is discharged, cancelled or expires. Dobt instruments Debt instruments are subsequently measured at amortised cost using the effective interest method. 2 Income from donatlons and legacies Unrestricted funds General Total 2024 Total 2023 Donations and legacies., Donations from companies, trusts and similar proceeds Donations from individuals 4,956 2,440 2,440 2,440 2,440 4.956 3 Income from charitable actlvltles Unrestricted funds General Total 2024 Total 2023 Charitable activity 229,966 229,966 239,820 Page 10
Woodford Community Pre4chool Notes to the Flnancial Statements for the Year Ended 31 August 2024 (continuedl 4 Expendlture on charitable activitlO8 Unrestrictad funds General Total 2024 Totsl 2023 Note Charitable activity Depreciation, amortisation and other similar costs Allocated support costs 217,903 217,903 196,682 609 2,520 221,032 609 2,520 221,032 357 2,400 199,439 5 Analys18 of support costs Charitable activitles expendlture Unre8trlcted funds General Total 2024 Total 2023 Accountancy fees Independent examiner's fee 1,512 1,008 2,520 1,512 1,008 2,520 1,440 960 2,400 6 Net Incomlngloutgolng resources Not incoming resources for the year include., 2024 2023 Depreciation of fixed assets 609 357 7 Trustees remuneratlon and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. Page11
Woodford Community Pre-school Notes to the Financial Statements for the Year Ended 31 August 2024 (continued) 8 Taxation The charity is a registered charity and is therefore exempt from taxation. 9 Tangible flxed assets Furnlture and equlpment Total Cost At 1 September 2023 Additions 1,070 758 1,070 758 At 31 August 2024 Depreclatlon At 1 September 2023 Charge for the year At 31 August 2024 Net book value 1,828 1,828 357 609 357 609 966 At 31 August 2024 At 31 August 2023 862 713 713 10 Debtors 2024 2023 Trade debtors 9,602 11 Creditors: amounts falling due wlthln one year 2024 2023 Other taxation and social securty Accruals 10,654 2,520 2,400 13,174 2,400 Page 12
Woodford Community Pre-school Notes to the Financial Statements for the Year Ended 31 August 2024 (continu8d) 12 Funds Balance at 1 September 2023 Balance at 31 August 2024 Incomlng resource8 Resources expend8d Unrestricted funds General Funds 109,060 232,406 220,778 120,688 Balance at 1 September 2022 Balance at 31 August 2023 Incomlng resources Resources expended Unrestrlcted funds General Funds 63,723 241,820 (196,483) 109,060 Restricted funds Co-operative restricted fund 2,956 Total funds 63,723 244,776 199,439 109,060 13 Analysls of not assats between fund5 Unrestrlcted funds General Total funds at 31 August 2024 Tangible fixed as$et8 Current assets Current liabilities 862 132,746 13,174 132,746 13,174 Total net assets 120,434 Unrestricted funds General Total funds at 31 August 2023 Tangible fixed assets Current assets Current liabilities 713 110,747 2,400 713 110,747 2,400 Total net assets 109,060 109.060 Page 13
Woodford Communlty Pre-school Notes to tha Financlal Ststsments for the Year Ended 31 August 2024 (continued) 14 Related party transactions There were no related party transactions in the year. Page 14
Woodford Community Pre-school Detsiled Statement of Financial Activities for the Year Ended 31 August 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies (analysed below) Charrtable activities (analysed below) Total income 2,440 229,966 4,956 239,820 232,406 244,776 Expendlturn on: Charitable activities (analysed below) Total expenditure (221,032) (221,0321 (199,439) (199,439) Net income 11.374 45,337 Net movement in funds 11,374 45,337 Reconclllatlon of fund8 Totsl funds brought fop4vard Total funds carried foNrfard 109,060 63,723 120,434 109,060 Thi5 page does not form part of the statutory financial statements. Page 15