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2023-08-31-accounts

Company registration number: CE004674 Charity registration number: 1163534

Lanivet & District Under Fives

A charitable incorporated organisation (CIO) Annual Report and Unaudited but Independently Examined Accounts for the year ended 31 August 2023

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Lanivet & District Under Fives Contents

Reference and Administrative Details………………………………….…………1 Trustees' Report…….………………………………………………….…………2 to 5 Independent Examiner's report……………………………………………………6 Statement of financial activities……………………………………………….…7 Balance Sheet…………………………………………………………………… 8 Notes to the financial statements……………………………………...………… 9 to 16

Lanivet & District Under Fives Reference and Administrative Details

Charity name Lanivet & District Under Fives Charity registration number 1163534 Company registration number CE004674 Registered in England & Wales Principal office The Church Hall Rectory Road Lanivet PL30 5HG Registered office The Barn Lamorick Lanivet Cornwall PL30 5HB Trustees Joanne Cooper Sarah-Jane Cornwell Jessica Finnemore Sara Jane Frost Amy Giles Tracy Trevarthen (Resigned 7 December 2023) Katrina Verran Marina Warren Independent Examiner Debbie Risborough (FCCA) Cornwall Community Accountancy Service The Elms 61 Green Lane Redruth TR15 1LS

Page 1

Lanivet & District Under Fives Trustees' Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report and the unaudited financial statements for the year ended 31 August 2023

Objectives and activities

The objects of the CIO are to enhance the development and education of children under statutory school age in particular but not exclusively by:

1.Providing appropriate play, education and care facilities, family learning and extended hours groups, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that they offer opportunities for all children whatever their race, culture, religion, means or ability.

2.Encouraging the study of the needs of such children and their families, promoting public interest in and recognition of such needs in the local areas.

3.Instigating, adhering to and furthering the aims and objectives of the Preschool Learning Alliance.

Lanivet and District Under Fives is a preschool for children from the ages of 2 until 5. We are led by experienced staff and a volunteer parent committee. Our staff form a dedicated, professional and friendly team with many years of experience. Lanivet and District Under Fives help children to learn and develop through play in a happy and relaxed atmosphere. We focus on each child’s needs and adapt our planning to cater for the needs to provide the children to achieve their full potential. We review all children’s progress termly and then highlight gaps within each child’s learning. The children enjoy a variety of activities both indoors and outside with our wide range of toys, books and up to date play equipment. We also encourage healthy snacks and eating, circle time activities, music and movement, singing and story time.

The Trustees are satisfied that the Charity meets the public benefit through their objectives in consideration of the following:

•The Charity provides support to young children with the aim of promoting community adhesion.

•Organisational policies support equality and diversity in all aspects. •The Charity provides opportunities for personal and professional development, in a person centred way, which is not restricted (other than where it may impact on the safety and/or wellbeing of the service users or staff, or the local community).

•The Charity's aims and objectives serve to benefit the wider community.

•Individuals cannot benefit personally from the Trust

Page 2

Lanivet & District Under Fives Trustees' Report

Achievements and performance

We retained our existing members of qualified and dedicated staff members throughout the year. With 9 children leaving in the summer term of 2023, (2022 - 16). We had 13 on the waiting list and 30 children registered through the year (2022 - 11 waiting and 28 registered),

Our committee and staff were busy throughout the year with the village fundraising bingo evenings which have been a huge success and have really helped with our fundraising.

Concerns were raised in May 2023 when we calculated how much the increase in electricity costs would be after our fixed rate ends in March 2024 and I met with the Lanivet United Charity to discuss this issue.

On the 5th of July we met with the PCC to agree a temporary basis on the Church Hall lease and a freeze on the rental charges going forward.

Costs and expenditure within pre-school were kept to an absolute minimum throughout the year with fundraising efforts increased to pre-empt the upcoming increase in electricity costs with increased awareness on how much our underfloor heating costs.

Future plans

The accounting year began with meetings and discussions regarding the possibility of modular and prefabricated buildings for our new project at the Lanivet Sport & Recreational Trust site. At a meeting with Lanivet United Charity, they stipulated that they would prefer a purpose built building for longevity.

Our planning application PA23 O3O26 was verified on the 9th of May for which we received 63 “supporting comments”.

We entered a number of Expressions of Interest for funding the new build project throughout June to August and continue to do so. We received confirmation from Cornwall Council that we had been awarded £24,560.87 towards our New Build project which will be released when the build commences.

In July we attended a meeting with the Lanivet United Charity to discuss a long term lease on the piece of land.

Page 3

Lanivet & District Under Fives Trustees' Report

Financial review

Income for the year has decreased slightly to £82,458 (2022 £83,969). Expenditure for the year has increased to £96,335 (2022 £85,975). This leads to a deficit for the year of £13,877 (2022 £2,006) leaving reserves at the end of the year at £18,745 (2022 £32,622) all of which are unrestricted.

The increased expenditure was largely due to salary costs. Staff numbers could not be reduced due to the large numbers of children under 3 requiring a high staff to children ratio. In 23/24 those children were older and as the ratio dropped one staff member was no longer required. Our manager is also being used as part of the ratio in order to reduce costs further.

The organisation aims to hold 3 months worth of running costs as an unrestricted reserve to cover costs in the event of any unforeseen circumstances. On current operating costs this would be approximately £21,000. In addition, due to past cashflow problems the trustees have determined that a cashflow balance of £10,000 should be kept on an ongoing basis. Thus the free reserves after designated funds are determined as £31,000. There are two designated funds: One which relates to capital purchases that are yet to be depreciated to the income and expenditure account; and one that the trustees have identified to consider long term sustainability on premises.

Structure, governance and management

The Pre-school was originally an unincorporated charity, created in 1992, under the charity commission registration number 1036025. It transferred into a Charitable Incorporated Organisation in September 2015. It is governed by its constitution which is based on the charity commission standard for a foundation CIO and managed by the Board of Trustees.

Anyone who has an interest in the Preschool can apply to be a Trustee. Trustee role descriptions are available on request. Once an individual expresses such interest a selfnomination and declaration form for election as a trustee is completed and signed, as well as a self-assessment form where the new trustee identifies their own experience, knowledge and confidence in a range of relevant areas. Existing trustees will then determine the suitability of each candidate and appoint as applicable subject to our Trustee Code of Conduct being understood and signed.

The Pre-school also works with advice from the Preschool Learning Alliance guidelines.

Trustee Responsibilities

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Companies Act 2006 and the applicable Statement of Recommended Practice. The Trustees 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.

Page 4

Lanivet & District Under Fives Trustees' Report

In so far as the trustees are aware:

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 28th June 24 and signed on its behalf by:

.........................................

Jessica Finnemore

Trustee

Page 5

Lanivet & District Under Fives Independent Examiner's Report

I report on the accounts of the company for the year ended 31 August 2023 which are set out on pages 7 to 16.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The trustees consider that an audit is not required for this year under section 144(2) of the 2011 Act and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law 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 you as 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 those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that in any material respect the requirements: o to keep accounting records in accordance with section 386 of the Companies Act 2006 and section 130 of the 2011 Act; and

o to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met;

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

....................................................... …………………………… Debbie Risborough, Chartered Certified Accountant Date: Cornwall Community Accountancy Service The Elms, 61 Green Lane, Redruth, Cornwall TR15 1LS

Page 6

Lanivet & District Under Fives Statement of Financial Activities

for the year ended 31 August 2023

Note
Income and endowments from:
Donations and
legacies
4
Charitable activities
5
Other trading
activities
6
Expenditure on:
Raising funds
7
Charitable activities
8
Total
Total
Net income/(expenditure)
before investment gains/(losses)
Net income/(expenditure)
Reconciliation of funds:
Net movement in funds
Total funds brought
Total funds carried
forward		 Unrestricted
funds
2023
£
2,566
75,495
4,397
82,458
1,007
95,328
96,335
(13,877)
(13,877)
(13,877)
32,622
18,745		 Restricted
income
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2023
£
2,566
75,495
4,397
82,458
1,007
95,328
96,335
(13,877)
(13,877)
(13,877)
32,622
18,745		 Prior year
funds
2022
£
2,209
79,208
2,552
83,969
283
85,692
85,975
(2,006)
(2,006)
(2,006)
34,628
32,622

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

Page 7

Lanivet & District Under Fives Balance Sheet

As at 31 August 2023

Note
Fixed Assets
Tangible Assets
12
Current Assets
Cash at bank and in hand
Creditors: Amounts falling
due within one year
13
Net current assets
Total assets less current
liabilities
Net assets
The funds of the charity:
Unrestricted funds
Other reserves
Unrestricted income funds
Total unrestricted funds
Total charity funds		 £
£
2,368
2,368
17,270
17,270
(893)
16,377
18,745
18,745
4,368
14,377
18,745
18,745
2023		 £
£
3,426
3,426
29,791
29,791
(595)
29,196
32,622
32,622
5,426
27,196
32,622
32,622
2022		 £
£
3,426
3,426
29,791
29,791
(595)
29,196
32,622
32,622
5,426
27,196
32,622
32,622
2022
3,426
29,196
17,270
(893)		 29,791
(595)
4,368
14,377		 5,426
27,196
32,622
32,622
32,622
32,622

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 June 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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.

Approved by the Board on 28th June 24 and signed on its behalf by:

Jessica Finnemore

Trustee

Page 8

Lanivet & District Under Fives Notes to the Accounts

1 Accounting policies

1.1 Basis of accounting

The accounts have been prepared under the historical cost convention and in accordance with: - 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 (FRS102) second edition - October 2019 (effective 1 January 2019);

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS102

1.2 Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

1.3 Fund accounting policy

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 amounts that are allocated for specific purposes by the charity itself.

Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Revaluation funds are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market value.

1.4 Income

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS102 SORP or FRS102.

Items of income are recognised and included in the accounts when all of the following criteria are met:

ꞏ the charity has entitlement to the funds;

ꞏ any performance conditions attached to the item(s) of income have been met or are fully within the control of the charity;

ꞏ there is sufficient certainty that receipt of the income is considered probable; and

ꞏ the amount can be measured reliably.

Donations and legacies are voluntary income received by way of donations and gifts. It is included within the accounts when receivable and only when the charity has unconditional entitlement to the income.

Tax reclaims on donations and gifts are included in the accounts at the same time as the gift/donation to which it relates

Page 9

Lanivet & District Under Fives Notes to the Accounts

Donated goods and services are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.

The value of services provided by volunteers is not included within the accounts.

1.5

Resources expended

Liabilities are recognised where there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and includes the attributable value added tax which cannot be recovered.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

Charitable expenditure comprises those costs incurred by the charity 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 are the those costs required to support the charity in carrying out its activities and meeting its objects.

Governance costs include costs associated with meeting the constitutional and statutory requirements of the Charity, including the preparation and examination of the statutory accounts, the costs of trustee meetings and other costs linked to the strategic management of the Charity including the cost of any legal advice to trustees on governance or constitutional matters.

1.6 Tangible fixed assets and depreciation

All assets costing more than £??? are capitalised.

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, which is reviewed annually. The rates used are as follows:-

Fixtures and fittings -15% straight line

1.7 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 10

Lanivet & District Under Fives Notes to the Accounts

1.11 Creditors and provisions

Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 Pension costs

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

1.13 Leases

Rentals under operating leases are charged to the statement of financial activities on a straight-line basis over the lease term.

1.14 Statement of cash flows

The charity is exempt from preparing a statement of cash flows on the grounds that it is a small charity

2 Company Status

The charity is a company limited by guarantee/charitable incorporated organisation/unincorporated charity and has no share capital.

The charity is incorporated in England.

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £nil per member of the charity.

The members of the charity are the trustees named on page 1.

Page 11

Lanivet & District Under Fives Notes to the Accounts

3 Statement of Financial Activities - prior year

Income
Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Expenditure
Expenditure on:
Investment Management Costs
Raising Funds
Charitable activities
Reconciliation of funds:
Total
Total
Net income/(expenditure) before
investment gains/(losses)
Net income/(expenditure)
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2022
£
2,209
79,208
2,552
83,969
283
85,692
85,975
(2,006)
(2,006)
(2,006)
34,628
32,622		 Total funds
2022
£
2,209
79,208
2,552
83,969
283
85,692
85,975
(2,006)
(2,006)
(2,006)
34,628
32,622

Page 12

Lanivet & District Under Fives Notes to the Accounts

4 Donations and Legacies

4
Donations and Legacies
Unrestricted
funds
£
Appeals and donations
2,566
2,566
5
Incoming resources from charitable activities
Unrestricted
funds
£
Primary Purpose Trading:
Fee Income from Parents
27,714
Funded fees from Cornwall Council
46,848
Other income
933
75,495
6
Income from other trading activities
Unrestricted
funds
£
Fundraising
4,397
4,397
7
Unrestricted
£
Fundraising trading Cost
1,007
1,007
Expenditure on raising funds		 Total funds
2023
£
2,566
2,566
Total funds
2023
£
27,714
46,848
933
75,495
Total funds
2023
£
4,397
4,397
Total
2023
£
1,007
1,007		 Prior year
funds
2022
£
2,209
2,209
Prior year
funds
2022
£
12,136
66,821
251
79,208
Prior year
funds
2022
£
2,552
2,552
Prior year
2022
£
283
283

Page 13

Lanivet & District Under Fives Notes to the Accounts

8 Expenditure on charitable activities

Direct costs
Resources and equipment
Support costs
Wages and salaries
Pensions
Staff training
Staff Welfare
Rent and rates
Light, heat and power
Insurance
Building Repairs and maintenance
Telephone and fax
Printing, postage and stationery
IT & Computer Cost
Sundry expenses
Legal and professional fees
Depreciation
Total Support Costs
Governance Costs
Accountancy fees
Total Governance Costs
Total Charitable Expenditure
The audit or independent examination of the
charity's accounts		 Unrestricted
£
2,421
2,421
78,168
1,561
688
529
3,502
2,707
732
19
484
102
871
512
35
1,058
90,968
1,264
675
1,939
95,328		 Total
2023
£
2,421
2,421
78,168
1,561
688
529
3,502
2,707
732
19
484
102
871
512
35
1,058
90,968
1,264
675
1,939
95,328		 Prior year
2022
£
2,838
2,838
70,122
1,224
803
533
3,352
2,376
726
-
418
157
517
418
35
943
81,624
635
595
1,230
85,692

9 Net income/ expenditure

Net income/expenditure is stated after charging:

Net income/expenditure is stated after charging:
2023 2022
£ £
Auditors' / Examiners' remuneration 675 595
Depreciation of tangible fixed assets 1,058 943

Page 14

Lanivet & District Under Fives Notes to the Accounts

10 Staff costs

The average monthly number of employees during the year was as follows:

Staff in charitable activities
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Pensions		 2023
Number
5
2023
£
78,168
1,561
79,729		 2022
Number
6
2022
£
70,122
1,224
71,346

No employee received emoluments in excess of £60,000 in either the current or the prior year.

11 Trustees' remuneration and expenses

Trustees received no remuneration, benefits in kind or expenses during the year (2022 - £nil)

12 Tangible fixed assets

Cost
As at 1 September 2022
As at 31 August 2023
Depreciation
As at 1 September 2022
Charge for the year
As at 31 August 2023
Net Book Value
As at 31 August 2023
As at 31 August 2022		 Fixtures and
fittings
£
7,907
7,907
(4,481)
(1,058)
(5,539)
2,368
3,426		 Total
£
7,907
7,907
(4,481)
(1,058)
(5,539)
2,368
3,426

Page 15

Lanivet & District Under Fives Notes to the Accounts

16 Creditors: Amounts falling due within one year

Accruals and deferred income
Other creditors
20 Analysis of funds
As at 1
September
2022
£
General Funds
Unrestricted funds
27,196
Designated funds
Capital fund
3,426
Sustainable premises
2,000
Total Unrestricted funds
32,622
Total funds
32,622		 Incoming
Resources
£
82,458
-
-
82,458
82,458		 2023
£
699
194
893
Resources
Expended
£
(95,277)
(1,058)
-
(96,335)
(96,335)		 2022
£
595
-
595
As at 31
August 2023
£
14,377
2,368
2,000
18,745
18,745

Purposes and restrictions in relation to the funds:

Designated funds: Capital fund As per SORP requirements capital spend is transferred to a designated fund to set against depreciation. Sustainable premises Fund for long term sustainability of premises.

21 Net assets by fund

Tangible assets
Current assets
Creditors: Amounts falling due within one year
Net Assets		 Unrestricted
funds
2,368
17,270
(893)
18,745		 Total funds
2,368
17,270
(893)
18,745		 Prior year
funds
3,426
29,791
(595)
32,622

Page 16