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LITTLE OWLS PRE-SCHOOL PLYMOUTH CIO Unaudited Statement of Financial Activities Year to 31 August 2023
Page 1 of 9
Contents:
| Page No. | |
|---|---|
| Highlights | 3 |
| Chair’s Foreword | 4 |
| The Board of Trustees | 5 |
| Charity Information | 6 |
| Trustee Report | 7 |
| Strategic Objectives 2023 | 8 |
| Financial Governance & Financial Accounts | 9 |
Page 2 of 9
Highlights
The Board of Trustees of Little Owls Pre-School (Plymouth) CIO is pleased to present their annual report and accounts for the year ending 31 August 2023 and confirm they comply with the requirements of the Charities Commission.
Charitable Objects
To provide high quality childcare for children primarily under statutory school age and to work for the public benefit by having as its objects the development and education of children and young people by:
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Promoting their care and safety.
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Promoting their education and parental involvement.
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Promoting their health and wellbeing.
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Providing services to support them and their families and carers.
Little Owls
Little Owls has been established in the local community for over 40 years. The current setting provides childcare and education for approximately 45 children and employs seven members of staff full-time on both all year round and term-time contracts.
Financial Summary
The financial year to 31 August 2023 generated total revenues of £179,664 which represents a decrease of £4701 compared to the previous financial year.
The total cost, including administrative expenses, to deliver the revenues was £165,166. This resulted in an operational surplus, including £959 investment interest received, of £15457.
Trustee’s funds as at the 31[st] August 2023 was £139,624 (2022 £124,167).
Page 3 of 9
Chair’s Foreword
I provide my report for the year ended 31 August 2023.
A year which sadly saw two long-standing Little Owls staff leave us. Pauline took her well-deserved retirement and Caroline, our Administrator and Secretary, stepped down to pursue a career with Plymouth City Council. We formally thank them for all their hard work over the years and wish them all the very best for the future.
During recent times, the childcare industry has suffered a recruitment crisis and, in line with nurseries nationwide, retaining and attracting new staff is very difficult. We remain hopeful that the industry will benefit from central government’s initiatives and incentives currently available to encourage suitably qualified workers back to Early Years and, as a Board, we will look to develop innovative market-leading methods to recruit and retain staff to ensure Little Owls is recognised as a workplace of choice.
The Board agreed to increase fees for the third year running to keep pace with rising costs in particular utilities and national minimum wage increases. However, our fees remain competitive.
The setting is performing well, and we continue to invest in staff, facilities and educational resources.
Despite the staffing challenges throughout the year, effective cost management helped to deliver strong financial results for the 12 months to 31 August 2023 and saw Trustee’s Funds increase to £139,624.
Links with local schools remain strong and the team works hard to help ensure school transitions are a positive experience for all our children.
Relationships with other educational institutions remain positive and, we are advised, Little Owls is one of the only settings that continues to provide work experience placements for school age children. Links with colleges also remain positive and we welcomed several childcare and speech and language student placements over the course of the year.
Our Strategic Objectives for 2022/2023
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With rising costs, our cost base remains a challenge and with this in mind, a review of operational efficiency to identify improved methods of working will be undertaken. Completed. The Manager has looked at optimising staffing given the challenges with recruitment. The setting works with mixed ratios wherever possible to alleviate the pressure on staffing and provide fun and challenging learning opportunities for the children. This works well with this cohort of children as there are a few siblings in the setting however, it is in constant review.
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To consider, and implement if appropriate, childcare management software. Completed. The Manager selected IConnect which was sourced and implemented and has been well-received by both our families and staff.
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To develop and issue a parent/carer questionnaire with a view to using the outputs in marketing activities which will be agreed by the Board.
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Completed. Returns were low with the key request relating to information on up-and-coming events and curriculum which the Manager now has in hand.
Skye Godfrey, MSc, BSc (Hons), CIPS Chair, Little Owls Pre-School (Plymouth) CIO
Page 4 of 9
The Board of Trustees
Skye Godfrey, MSc, BSc (Hons), CIPS – Chair
Skye Godfrey took over as Chair of the charity in January 2013 after being on the committee for a period of time. Skye has senior level commercial experience and has led most of the key organizational changes over the years and thus enjoys helping charities/not for profit businesses become more commercially aware, competitive and sustainable. She has been instrumental in identifying and implementing key opportunities to improve the care and education for our children and passionately believes children should have the best start in life with Early Years education playing a vital role in this.
Mark Pickersgill, MBA, CEng, FIMechE – Treasurer
Mark joined the Board in 2017. During his 30 year career in the UK and international rail industry, Mark held senior engineering, operations, commercial and customer management roles, including three Board positions for award wining companies within the privatised passenger and freight sectors. Mark ended his rail career as the UK’s senior director with the world’s largest transportation company – Bombardier Transportation. He has a proven track record of improving the financial and operational performance of businesses safely, which has been a common theme throughout his career, and which remains an area of particular interest and enjoyment for him today. Mark is currently a Trustee and Director of Devonport High School for Boys, a local Grammar school.
Nick Hellings, MBA – Secretary
Nick Hellings originally joined the Board in 2017 to assist with governance. Nick is a local businessman and was the Chair of Governors at a local school prior to his role with us; bringing a huge amount of relevant experience.
The Board members give their time and expertise freely and no remuneration costs or expenses are paid to the individuals as Trustees of the Charitable Incorporated Organisation.
Page 5 of 9
Charity Information
Charity Number: 1159402
Little Owls Pre-School (Plymouth) CIO Allard House 82-84 Higher Compton Road Higher Compton Plymouth PL3 5JD Ofsted Number: EY2596605 Bank: Natwest
Registered Charity Address:
Little Owls Pre-School (Plymouth) CIO Allard House 82-84 Higher Compton Road Higher Compton Plymouth PL3 5JD
Solicitors:
Wolferstans North Hill Plymouth
Accountants:
TS Partners Limited 4-5 Russell Court Palace Street Plymouth PL1 2AS
Page 6 of 9
Trustee Report
Trustee Responsibilities
The Board of Trustees is responsible for ensuring the Charity demonstrates financial probity, is compliant with relevant legislation and encourages good practice.
Policies
Little Owls regularly reviews its policies to ensure compliance with legislation and to reflect good practice. Little Owls has a suite of approximately 40 policies including key policies such as Safeguarding and Child Protection, Whistleblowing, Equal Opportunities, SEN Provision, Complaints.
New employees, student placements and volunteers are required to read and accept the policies as part of their induction. New or revised policies are briefed at staff meetings and cascaded appropriately.
Parents/carers are briefed about the policies during the Child Registration Process and are available to them.
Fees
Fees are set at Board level and consideration is given to operational costs, market sustainability and competition. Fees are reviewed as/when appropriate.
Curriculum
Little Owls is fully compliant with the EYFS and ‘Development Matters’.
Health and Safety
Little Owls has a member of staff dedicated to Health and Safety. The member of staff is responsible for carrying out fire drills, highlighting health and safety issues to the Board and for ensuring records are maintained.
Skye Godfrey has Board responsibility for Health and Safety.
The Little Owls Fire Safety documentation was developed by external consultant ‘Fire Safety Matters’.
Employees have received fire safety training in accordance with their roles.
Insurance
Our insurance is provided by Royal Sun Alliance via the Early Years Alliance. We hold £5m of Public Liability insurance and £10m Employers Liability insurance.
Page 7 of 9
Strategic Objectives for 2023/2024
Identify and apply for appropriate grants to improve the facilities and learning opportunities for our children and families.
Explore the possibility of expanding the premises with our landlord.
Identify additional, affordable benefits to attract and retain staff, for example:
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Develop and implement a staff performance-related bonus scheme
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Evaluate business healthcare schemes for all staff.
Page 8 of 9
Financial Accounting, Procedures and Governance
Legislation requires the Board to prepare financial accounts for each financial year which give a true and fair view of the state of affairs of the Charity as at the end of the financial year. The Accounts are independently examined as a part of this process.
In preparing the accounts, the Board is required to:
Select suitable accounting policies and apply these consistently; Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the financial statements; and
prepare the financial accounts.
The Board is responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable to ensure the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval of financial accounts
The financial accounts were presented at the Annual General Meeting of the Charity held on 24[th] June 2024.
Corporate Governance
During the year, the Board consisted of the three First Charity Trustees. Details of these Board members are given on page 4 of this report.
The Board members and the Manager meet monthly with the Charity’s Accountants, TS Partners Limited, to discuss the Charity’s accounts and also meet as a Board to discuss and agree key strategic issues.
Page 9 of 9
Registered number CE003352
Little Owls Preschool CIO
Report and Accounts
31 August 2023
Little Owls Preschool CIO Income and Expenditure Account for the year ended 31 August 2023
| Turnover Cost of sales Gross surplus Administrative expenses Operating surplus Interest payable Surplus before taxation Tax on surplus Surplus for the financial year |
2023 £ 179,664 (3,011) 176,653 (162,155) 14,498 959 15,457 - 15,457 |
2022 £ 184,365 (4,168) |
|---|---|---|
| 180,197 (141,689) |
||
| 38,508 - |
||
| 38,508 - |
||
| 38,508 |
1
Little Owls Preschool CIO Registered number: CE003352 Balance Sheet as at 31 August 2023
| Notes Fixed assets Tangible assets 3 Current assets Debtors 4 Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Net assets Capital and reserves Profit and loss account Trustees' funds |
2023 £ 1,425 91,663 62,425 154,088 (15,889) 138,199 139,624 139,624 139,624 |
2022 £ 195 102,017 31,480 133,497 (9,525) 123,972 124,167 124,167 124,167 |
2022 £ 195 102,017 31,480 133,497 (9,525) 123,972 124,167 124,167 124,167 |
|---|---|---|---|
| 124,167 | |||
| 124,167 | |||
| 124,167 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mark Pickersgill Director Approved by the board on 14 June 2024
2
Little Owls Preschool CIO Notes to the Accounts for the year ended 31 August 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
| 2 Employees Average number of persons employed by the company |
2023 Number 8 |
2022 Number 12 |
|---|---|---|
3
Little Owls Preschool CIO Notes to the Accounts for the year ended 31 August 2023
3 Tangible fixed assets
| Cost At 1 September 2022 Additions At 31 August 2023 Depreciation At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 4 Debtors Trade debtors Other debtors 5 Creditors: amounts falling due within one year Non-equity preference shares Obligations under finance lease and hire purchase contracts Trade creditors Taxation and social security costs Other creditors |
2023 £ 6,663 85,000 91,663 2023 £ - (1,056) - (4,726) 21,671 15,889 |
Plant and machinery etc £ 195 1,230 |
|---|---|---|
| 1,425 | ||
| - | ||
| 1,425 | ||
| 195 | ||
| 2022 £ 6,842 95,175 |
||
| 102,017 | ||
| 2022 £ 8,300 1,055 170 - - |
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| 9,525 |
6 Other information
Little Owls Preschool CIO is a private company limited by shares and incorporated in England. Its registered office is:
Allard House 82-84 Higher Compton Road Plymouth Devon PL3 5JD
4
Little Owls Preschool CIO Detailed Income and Expenditure Account for the year ended 31 August 2023
This schedule does not form part of the statutory accounts
| Sales Cost of sales Gross surplus Administrative expenses Operating surplus Interest payable Surplus before tax |
2023 £ 179,664 (3,011) 176,653 (162,155) 14,498 959 15,457 |
2022 £ 184,365 (4,168) |
|---|---|---|
| 180,197 (141,689) |
||
| 38,508 - |
||
| 38,508 |
5
Little Owls Preschool CIO Detailed Income and Expenditure Account for the year ended 31 August 2023
This schedule does not form part of the statutory accounts
| Sales Fee income Other income Grant income Cost of sales Consultancy fees Direct labour Refreshments Crafts and activities Other direct costs Administrative expenses Employee costs: Wages and salaries Pensions Employer's NI Staff training and welfare Entertaining Premises costs: Rent Rates Service charges Light and heat Cleaning & waste General administrative expenses: Telephone and internet Printing, postage and stationary Office expenses Information and publications Subscriptions Bank charges Insurance Equipment expensed Software Bad debts Repairs and maintenance Cleaning materials Sundry expenses Legal and professional costs: Audit fees Accountancy fees Payroll fees Advertising and PR |
2023 £ 87,547 - 92,117 179,664 150 766 1,089 496 510 3,011 115,430 1,597 4,336 820 - 122,183 14,400 1,247 237 397 4,515 20,796 557 480 531 - 438 354 392 3,137 1,087 - 5,320 1,090 115 13,501 - 4,601 855 219 |
2022 £ 78,364 681 105,320 |
|---|---|---|
| 184,365 | ||
| 2,564 - 1,235 369 - |
||
| 4,168 | ||
| 110,446 1,454 (8,586) 1,829 131 |
||
| 105,274 | ||
| 14,400 2,471 - 2,088 5,921 |
||
| 24,880 | ||
| 361 779 - 401 173 (45) 915 280 - 1,056 182 1,446 471 |
||
| 6,019 | ||
| 725 2,951 810 850 |
6
Little Owls Preschool CIO
Detailed Income and Expenditure Account for the year ended 31 August 2023
This schedule does not form part of the statutory accounts
| Other legal and professional | 2023 £ - 5,675 162,155 |
2022 £ 180 |
|---|---|---|
| 5,516 | ||
| 141,689 |
7
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner'5 Report R•port to the trustees Little Owls Preschool Plymouth CIO On accounts for the year onded 3110812023 Charfty no lif any) 1159402 Set out on pages I report to the trustees on my examination of the accounts of the above charity ('the Trust.) for the year ended 3110812023. Re$pon8lbllltles and basls of report As the charity's twstees. you are responsible for the preparation of the a¢¢ounts in accordance with the requirements of the Charitie5 Art 2011 (?he A(Y). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Indgpendent I have completed my examination. l Confirm that no material matters have examinerfs Statement come to my attention in connection with the examination (other than that disdosed below.) which gives me caus8 to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act,. or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremerrt that the accounts give a Irue and fairf view whiGh is not a matter considered as part of an indeperKlent examination. I have no cOnmS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of th8 accounts to be reached. Signed: Date: 3010612024 Name: Daniel Cros$ Relevant professional qualification(s) or body (If any): MA4T&A Address: 4-5 Russell Court, Palace Street Plymouth PL12AS IER Oct 2018
Section B Disclosure Only complete if the examiner needs to highlight material matters of conrn (see CC32. IndeperKlent examination of charity accounts.. directions arKI guidance for examiners). Glvo here brief detalls of any Items that the examlner wlshes to dls¢lo8e. IER Oct 2018