Charity number: 1164768
STOREHOUSE COMMUNITY TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
STOREHOUSE COMMUNITY TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiner's Report | 4 - 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 15 |
STOREHOUSE COMMUNITY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
Trustees
Michael John Smither (Treasurer) Gwyn Pritchard (Chair) Jennifer Ann Holman (Secretary)
Charity registered number
1164768
Principal office
Stonecroft Main Street Northampton NN7 4HS
The Trustees present their annual report together with the financial statements of the STOREHOUSE COMMUNITY TRUST for the year 1 September 2023 to 31 August 2024.
The Trust is responsible for Little Fishes Pre-School and various other activities as occur.
The new pre-school year began with Abigail Pearson as the new Manager of the setting and Jessica Bentley as the Deputy Manager. Margaret Pritchard, who had served as a Trustee since the establishment of the CIO decided to stand down due to health issues and she was thanked for all the years of faithful service.
There were 7 members of staff at the start of the academic year, one staff member was on long term illness leave and subsequently resigned due to health issues.
The setting over the school year had 38 children on roll, 12 of whom attended full time. 7 children were identified with SEND/medical needs and required additional support. 4 of these were given Education and Health Care plans and the other 3 were in the process of being assessed. We currently receive SEN funding for 5 children.
3 staff attended a NIMP (Northamptonshire Inclusion Mentoring Partnership) training session on Practical ideas for meaningful play and interaction during the year.
The Manager and Deputy Manager regularly attend the providers managers network meeting
Another 3 staff completed a training course run through the DFE entitled The Early Years Professional Development programme. The course ran from January to July and had three modules: communication and language, mathematical skills, and personal social and emotional development. We received funding for each person which was used to pay for their time completing the tasks and attending the training.
A supervision of the staff was carried out in January by Jennifer Holman on behalf of the Trustees.
The setting gave one school student from Northampton Academy an opportunity in April for work experience and another in July from Northampton School for Girls.
A successful Parents’ Day was organised on Monday the 15th of July with 95% of our parents attending between the two sessions. Children got to spend time playing with their parents, looking at their learning journeys and joining in a special song time.
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STOREHOUSE COMMUNITY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024
The Pre-School in partnership with Tiny Tadpoles (a parent’s and toddlers’ group) had two very successful days at West Lodge Rural Centre on the 10th and 11th of July.
The year ended with our annual sports day on Friday the 19th of July. We split the children between two sessions which gave time to celebrate all the children and a great goodbye to those leaving.
Parent comments at the end of the academic year:
‘Thank you all for helping us with our child this year! We appreciate you all’
‘Past two years have flown by, I don’t feel ready to leave Little Fishes, sorry to be leaving you are all so Wonderful’
‘I am writing this as I would like to put forward my gratitude I have towards the little fishes' team.’
My first child started with, in my point of view, a major limitation due to not meeting his milestone goals due to a very limited amount of speech. To try and get you to understand he could only say mummy when he first walked into this nursery. But this did not phase this team, they helped my child expand his speech and how to show his emotions to the level they could attend school with their friends and he is only just slightly behind his peers.
My second child has grown enormously in his confidence and his ability to do things, and still shows me how much he is learning everyday he comes to this setting.
I honestly don't know where my children or myself would be without this team.’
‘Thank you for all the kindness, support and fun you have all brought to my child and myself. I can see how much you all adore him and the feeling is mutual. Little Fishes is a very special place and will always be one of the few settings who allow children to be who they truly are.
‘Thank you for everything, in-fact words are not enough to say it. My child is gonna miss this nursery very badly. We will gratefully recollect each change, development and improvements when he was with you. From a child with speech delay he has gone so far and its gives us immense pleasure. Thank you for all your hard work we are overwhelmed with joy.’
Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Gwyn Pritchard Chair
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STOREHOUSE COMMUNITY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Constitution
STOREHOUSE COMMUNITY TRUST is a registered charity, number 1164768, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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.
Approved by order of the members of the board of Trustees on 4 October 2024 and signed on their behalf by:
Michael John Smither (Treasurer)
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STOREHOUSE COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024
Independent Examiner's Report to the Trustees of STOREHOUSE COMMUNITY TRUST ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable 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' view which is not a matter considered as part of an independent examination.
I have no concerns 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
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STOREHOUSE COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Signed:
Dated: 4 October 2024
Kolade Andrew Alli ACMA
The ARK Financial Management Consultancy Ltd 10 Gatcombe Gardens West End, Hampshire SO18 3NA
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STOREHOUSE COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
| Note Income from: Donations and legacies 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 162,891 162,891 131,171 131,171 31,720 121,559 31,720 153,279 |
Total funds 2024 £ 162,891 162,891 131,171 131,171 31,720 121,559 31,720 153,279 |
Total funds 2023 £ 121,373 121,373 136,206 136,206 (14,833) 136,392 (14,833) 121,559 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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STOREHOUSE COMMUNITY TRUST
BALANCE SHEET AS AT 31 AUGUST 2024
| Fixed assets Note Tangible assets 6 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 8 Unrestricted funds 8 Total funds |
153,098 153,098 (660) |
2024 £ 841 841 152,438 153,279 153,279 153,279 - 153,279 153,279 |
120,437 120,437 - |
2023 £ 1,122 1,122 120,437 121,559 121,559 121,559 - 121,559 121,559 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees on 04 October 2024 and signed on their behalf by:
Michael John Smither (Treasurer)
The notes on pages 8 to 15 form part of these financial statements.
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
STOREHOUSE COMMUNITY TRUST meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
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 income receivable can be measured reliably.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. Accounting policies (continued)
1.4 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Office equipment - 25%
1.5 Cash at bank and in hand
Cash at bank and 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.
1.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. Income from donations and legacies
| 2. Income from donations and legacies | |||
|---|---|---|---|
| Unrestricted funds |
Total Total |
||
| General | 2024 2023 |
||
| £ | £ £ |
||
| Parental Fees | 14,007 | 14,007 11,692 |
|
| West Northamptonshire County council funding | 145,620 | 145,620 106,693 |
|
| Cash received for Trips | 0 | 0 0 |
|
| Donation | 0 | 0 2,000 |
|
| Bank interest receivable | 2,454 | 2,454 988 |
|
| Other Income | 810 | 810 0 |
|
| 162,891 | 162,891 121,373 |
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
3. Expenditure on charitable activities
| 3. Expenditure on charitable activities | |||
|---|---|---|---|
| Unrestricted funds |
Total Total |
||
| General | 2024 2023 |
||
| £ | £ £ |
||
| Wages and salaries | 88,716 | 88,716 99,678 |
|
| Staff NIC (Employers) | 11,433 | 11,433 7,593 |
|
| Staff pensions | 4,336 | 4,336 3,301 |
|
| Training | 906 | 906 2,836 |
|
| Rent | 16,800 | 16,800 15,446 |
|
| Consumables | 1,910 | 1,910 1,624 |
|
| Snacks | 1,306 | 1,306 1,322 |
|
| Office Costs | 1,710 | 1,710 1,535 |
|
| Bank Fees | 60 | 60 60 |
|
| Insurance | 1,557 | 1,557 1,623 |
|
| Depreciation of office equipment | 281 | 281 374 |
|
| Memberships | 70 | 70 264 |
|
| Cost of Trips | 1,171 | 1,171 0 |
|
| Cost of Uniform | 255 | 255 0 |
|
| Independent examiner's fee | 660 | 660 550 |
|
| 131,171 | 131,171 136,206 |
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
4. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 660 | 660 |
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL)
During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL) .
6. Tangible fixed assets
| Cost or valuation At 1 September 2023 At 31 August 2024 Depreciation At 1 September 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 |
Office equipment £ 1,995 1,995 873 281 1,154 841 1,122 |
|---|---|
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STOREHOUSE COMMUNITY TRUST
7. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 660 | - |
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
8. Statement of funds
Statement of funds - current year
| Balance at 1 | Balance at | |||
|---|---|---|---|---|
| September | 31 August | |||
| 2023 | Income | Expenditure | 2024 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds | 121,559 | 162,891 | (131,171) | 153,279 |
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STOREHOUSE COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
8. Statement of funds (continued)
Statement of funds - prior year
| Balance at | Balance at | |||
|---|---|---|---|---|
| 1 September | 31 August | |||
| 2022 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds | 136,392 | 121,373 | (136,206) | 121,559 |
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