REGISTERED CHARITY NUMBER: 1171627
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 August 2022
for Guildhall Feoffment Preschool & Nursery CIO
Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR
Guildhall Feoffment Preschool & Nursery CIO
Contents of the Financial Statements for the Year Ended 31 August 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Guildhall Feoffment Preschool & Nursery CIO
Report of the Trustees
for the Year Ended 31 August 2022
The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aim of the setting is to enhance the development and education of children, primarily for those under statutory school age. Working in partnership with its members, it encourages parents and guardians to understand and provide for the needs of their children. The setting believes that children learn through play and it strives to provide appropriate resources and opportunities for play whilst educating and caring for all its children, whatever their race, culture, religion, means or ability.
To facilitate its aims, the Pre-school and Nursery only employs staff with relevant qualifications and stringently abides with safe recruitment best practice. All staff are encouraged to continue their professional development to ensure continuing excellence.
Each child is appointed a key worker to ensure that their development is closely monitored and recorded. All staff have regular "supervisions" by their manager, ensuring pastoral and safeguarding matters are highlighted. The Nursery works closely with parents and guardians, ensuring that they are informed of activities and of their child's progress. Apart from staff being available before and after sessions, other communication methods include a weekly "newsy" email from the Nursery's Manager, the Nursery's website and noticeboards.
Public benefit
The Trustees have considered the Charity Commission's guidance on public benefit, including the guidance "public benefit: running a charity (PB2)". The Pre-school and Nursery relies on grants from the local council and the income from fees to cover its operating costs. Affordability and access to our services is important to us and is reflected in the fees we charge to parents.
ACHIEVEMENT AND PERFORMANCE
Achievements and performance
The setting has enjoyed another successful year, and having children from the age of 9 months has helped us maintain our healthy financial position.
The setting has further improved its offering of additional activities, such as forest schools, crafts, music classes and soft play, as well as extra events as part of the Jubilee celebrations.
The setting currently has 55 children on its register. Funding provided from Suffolk County Council in the school year 2021/22 amounted to £160,395. In addition, fees charged for Pre-school and Nursery attendance not covered by local authority provision in the year amounted to £203,190.
Current staffing is at 17 members of staff, including 5 apprentices.
The financial administration is completed by the Manager, assisted by the Deputy Manager and Room Leader, with support from Knights Lowe, the charity's accountant.
The income of the Pre-school and Nursery is detailed in the Statement of Financial Activities and supporting notes.
FINANCIAL REVIEW
Going concern
The effects of the global COVID-19 pandemic have been carefully considered when preparing these financial statements. These financial statements continue to be prepared on a going concern basis as the trustees are confident that the Pre-school and Nursery are in a strong financial position to continue going forward.
Page 1
Guildhall Feoffment Preschool & Nursery CIO
Report of the Trustees for the Year Ended 31 August 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its constitution and constitutes a charitable incorporated organisation (CIO). The constitution was re-written in 2017 when the CIO was formed.
Charity constitution
The Pre-school was established in 1990 and registered as an unincorporated charity in 1993. On 31 August 2017 all the assets of the old unincorporated charity were transferred to this CIO.
Organisational structure
Membership of the Pre-school and Nursery's Management Committee consists of at least 5 members and not more than 8 members with suitable experience to work alongside the committee to support the Pre-school and Nursery.
The Trustees originally appointed in 2017 will remain in place until they wish to relinquish their post. Any other Committee members/Trustees are required to stand down from their position at the Annual General Meeting; retiring Committee members are eligible for re-election. At the same meeting an election for new members and officers will take place. Guidance on the responsibilities of the Committee is offered in the Pre-school's 'Committee Information Guide'.
As Trustees of the registered charity the Management Committee strives to ensure the Pre-school and Nursery operates in accordance with the policies and constitution of the Pre-School. The Pre-school is registered with OFSTED (registration no. EY546273) and works with Suffolk County Council, striving to provide an outstanding provision.
As a responsible employer the Pre-school and Nursery uses the services of a payroll bureau to ensure compliance with its payroll liabilities; to ensure compliance with employment law it has appointed and seeks advice from a Human Resources consultant (www.pshumanresources.co.uk).
The Pre-school and nursery is registered with the Information Commissioner's Office to ensure awareness and compliance with Data Protection legislation.
Treatment of assets and surplus funds on a winding-up
In the event of the dissolution of the Management Committee, the Pre-school and Nursery's assets and surplus funds would pass to other charitable purposes the same as, or similar to, those of the CIO.
Risk management
The Management Committee have examined the major strategic and operational risks which the Pre-school and Nursery faces and confirm that systems have been established to mitigate these risks.
The Pre-school and Nursery insures through a specialised childcare broker, Morton Michel. The current policy is with Stirling and includes Public Liability cover up to £10 million, Employer's Liability cover up to £10 million, Directors and Officers' Liability cover up to £50,000 and Loss of Revenue cover up to £327,000.
The Trustees consider that unrestricted reserves of not less than £100,000 should be retained to ensure that the Pre-school and Nursery is able to fund ongoing revenue costs, principally staff wages, should there be a delay or significant reduction in revenue, or to meet financial liabilities including statutory redundancy and notice payments to staff in the event of the Pre-school having to close without notice. This is reviewed annually.
The Pre-school and Nursery constantly reviews its financial position, presenting a full financial report at each Committee meeting. The financial records are held securely on site, available for inspection by the Management Committee and officers representing official bodies such as OFSTED and HM Revenue & Customs.
A qualified accountant is appointed as an Independent Examiner to review the accounting records at the end of each financial period, assist in the presentation of accounts in accordance with relevant legislation and report back to the Management Committee on any recommendations arising from the review.
Page 2
Guildhall Feoffment Preschool & Nursery CIO
Report of the Trustees
for the Year Ended 31 August 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1171627
Principal address
Ford House Shirehall Way Bury St Edmunds Suffolk IP33 2BA
Trustees
S Howes Mrs T Bucher Mrs S Herriott Ms M Frankum Mrs J Wetton (resigned 9.2.22) Ms S Dargan (appointed 4.11.21)
Independent Examiner
Kirk Vaughan The Institute of Chartered Accounts in England & Wales Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR
Approved by order of the board of trustees on 2 November 2022 and signed on its behalf by:
Mrs S Herriott - Trustee
Page 3
Independent Examiner's Report to the Trustees of Guildhall Feoffment Preschool & Nursery CIO
Independent examiner's report to the trustees of Guildhall Feoffment Preschool & Nursery CIO
I report to the charity trustees on my examination of the accounts of Guildhall Feoffment Preschool & Nursery CIO (the Trust) for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of The Institute of Chartered Accounts in England & Wales which is one of the listed bodies.
I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the 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.
Kirk Vaughan The Institute of Chartered Accounts in England & Wales
Knights Lowe Chartered Accountants Eldo House Kempson Way Suffolk Business Park Bury St Edmunds Suffolk IP32 7AR
2 November 2022
Page 4
Guildhall Feoffment Preschool & Nursery CIO
Statement of Financial Activities
for the Year Ended 31 August 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,943 Charitable activities Educational activities 160,395 Fee income 2 203,190 Investment income 3 55 Total 365,583 EXPENDITURE ON Raising funds 219,907 Charitable activities Educational activities 136,874 Total 356,781 NET INCOME/(EXPENDITURE) 8,802 RECONCILIATION OF FUNDS Total funds brought forward 117,930 TOTAL FUNDS CARRIED FORWARD 126,732 |
2021 Total funds £ 1,340 163,469 150,545 10 315,364 208,901 140,859 349,760 (34,396) 152,326 117,930 |
|---|---|
The notes form part of these financial statements
Page 5
Guildhall Feoffment Preschool & Nursery CIO
Balance Sheet
31 August 2022
| 2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 16,369 CURRENT ASSETS Debtors 9 2,388 Cash at bank and in hand 148,605 150,993 CREDITORS Amounts falling due within one year 10 (40,630) NET CURRENT ASSETS 110,363 TOTAL ASSETS LESS CURRENT LIABILITIES 126,732 NET ASSETS 126,732 FUNDS 11 Unrestricted funds 126,732 TOTAL FUNDS 126,732 |
2021 Total funds £ 29,460 1,633 131,537 133,170 (44,700) 88,470 117,930 117,930 117,930 117,930 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 2 November 2022 and were signed on its behalf by:
S Herriott - Trustee
T Bucher - Trustee
The notes form part of these financial statements
Page 6
Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements
for the Year Ended 31 August 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The presentational currency of these financial statements is pounds Sterling, rounding to whole pounds.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
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the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d);
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the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
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the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
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• the requirement of paragraph 33.7.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5 years straight line Play equipment - 3 years straight line Furniture and fixtures - 3 years straight line Office equipment - 3 years straight line
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds
continued...
Page 7
Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds are spent or applied at the discretion of the trustees. to further any of the charity’s purposes. Unrestricted funds can be used to supplement expenditure made from restricted funds.
Designated funds
The trustees may choose to set aside a part of the unrestricted funds to be used for a particular future project or commitment. By earmarking funds in this way, the trustees set up a designated fund that remains part of the unrestricted funds of the charity. This is because the designation has an administrative purpose only and does not legally restrict the trustees discretion in how to apply the unrestricted funds that they have earmarked.
Restricted funds
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Guildhall Feoffment Preschool & Nursery CIO has no restricted or designated funds.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. FEE INCOME
| Fee income Staff lunch contributions INVESTMENT INCOME Deposit account interest |
2022 £ 203,160 30 203,190 2022 £ 55 |
2021 £ 150,545 - |
|---|---|---|
| 150,545 | ||
| 2021 £ 10 |
3. INVESTMENT INCOME
continued...
Page 8
Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2022
4. INDEPENDENT EXAMINATION FEES
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent examination fee | 1,235 | 1,235 |
| Other fees | 1,381 | 1,357 |
| Payroll processing fees | 1,865 | 1,905 |
| 4,481 | 4,497 | |
5. TRUSTEES' REMUNERATION AND BENEFITS
| Trustees' salaries Trustees' social security Trustees' pensions paid |
2022 £ 60,494 6,107 2,401 69,002 |
2021 £ 59,210 5,739 2,336 |
|---|---|---|
| 67,285 |
T Bucher was paid £36,390 for her role as Pre-School and Nursery Manager.
M Frankum was paid £24,104 for her role as Assistant Manager.
Trustees' expenses
T Bucher was reimbursed £269 (2021: £320) for various expenditure (batteries, plants, paint etc.) incurred during the year.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| Pre-school & nursery staff | 17 | 16 |
No employees received emoluments in excess of £60,000.
continued...
Page 9
Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2022
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 1,340 |
| Charitable activities | |
| Educational activities | 163,469 |
| Fee income | 150,545 |
| Investment income | 10 |
| Total | 315,364 |
| EXPENDITURE ON | |
| Raising funds | 208,901 |
| Charitable activities | |
| Educational activities | 140,859 |
| Total | 349,760 |
| NET INCOME/(EXPENDITURE) | (34,396) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 152,326 |
| TOTAL FUNDS CARRIED FORWARD | 117,930 |
continued...
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Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2022
8. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Improvements Furniture to Play and Office property equipment fixtures equipment £ £ £ £ COST At 1 September 2021 40,313 20,335 9,918 3,191 Additions - 561 - - At 31 August 2022 40,313 20,896 9,918 3,191 DEPRECIATION At 1 September 2021 26,267 9,868 5,618 2,544 Charge for year 3,218 6,813 3,120 501 At 31 August 2022 29,485 16,681 8,738 3,045 NET BOOK VALUE At 31 August 2022 10,828 4,215 1,180 146 At 31 August 2021 14,046 10,467 4,300 647 |
Totals £ 73,757 561 |
| 74,318 | |
| 44,297 13,652 |
|
| 57,949 | |
| 16,369 | |
| 29,460 |
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|||
|---|---|---|---|
| Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors |
2022 £ 2,388 2022 £ 110 2,276 38,244 40,630 |
2021 £ 1,633 2021 £ 105 4,119 40,476 |
2021 £ 1,633 |
| 44,700 |
Other creditors includes deferred income as below:
| 2021 | Released in the year |
Deferred | 2022 | |
|---|---|---|---|---|
| Fees | 7,600 | (7,600) | 10,258 | 10,258 |
| Grant | 28,854 | (28,854) | 23,953 | 23,953 |
| 36,454 | (36,454) | 34,211 | 34,211 | |
Grant income from Suffolk County Council was received in August 2022 for the Autumn 2022 term and has therefore has been deferred to the 2022/23 financial year.
continued...
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Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2022
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
At 1.9.21 £ 117,930 117,930 Incoming resources £ 365,583 365,583 At 1.9.20 £ 152,326 152,326 follows: Incoming resources £ 315,364 315,364 |
Net movement At in funds 31.8.22 £ £ 8,802 126,732 8,802 126,732 Resources Movement expended in funds £ £ (356,781) 8,802 (356,781) 8,802 Net movement At in funds 31.8.21 £ £ (34,396) 117,930 (34,396) 117,930 Resources Movement expended in funds £ £ (349,760) (34,396) (349,760) (34,396) |
|---|---|---|
continued...
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Guildhall Feoffment Preschool & Nursery CIO
Notes to the Financial Statements - continued
for the Year Ended 31 August 2022
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.9.20 £ 152,326 152,326 |
Net movement in funds £ (25,594) (25,594) |
At 31.8.22 £ 126,732 |
|---|---|---|---|
| 126,732 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 680,947 680,947 |
Resources Movement expended in funds £ £ (706,541) (25,594) (706,541) (25,594) |
|---|---|---|
12. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution scheme for its employees. The amount recognised in the Statement of Financial Activities totalled £4,864 (2021: £7,454). £1,286 (2021: £1,354) was included in creditors relating to pension contributions not paid at the year end.
13. RELATED PARTY DISCLOSURES
The charity received from trustees, fee and other income of £5,676 (2021: £17,237) at normal rates in respect of the children of trustees that attended the setting during the year.
Page 13
Guildhall Feoffment Preschool & Nursery CIO
Detailed Statement of Financial Activities
for the Year Ended 31 August 2022
| INCOME AND ENDOWMENTS Donations and legacies Fundraising Fee income Fee income Staff lunch contributions Investment income Deposit account interest Charitable activities Grants Government grants Total incoming resources EXPENDITURE Other trading activities Wages Social security Pensions Charitable activities Trustees' salaries Trustees' social security Trustees' pensions paid Hire of equipment Rent Rates and water Insurance Telephone & internet Postage and stationery Sundry expenses School lunches & groceries Payroll bureau charges Staff recruitment & HR Carried forward |
2022 £ 1,943 203,160 30 203,190 55 160,395 - 160,395 365,583 210,281 4,762 4,864 219,907 60,494 6,107 2,401 2,271 6,360 2,517 1,991 3,393 767 1,773 8,097 1,205 318 97,694 |
2021 £ 1,340 150,545 - |
|---|---|---|
| 150,545 10 156,215 7,254 |
||
| 163,469 | ||
| 315,364 197,469 6,315 5,117 |
||
| 208,901 59,210 5,739 2,336 2,144 6,360 1,633 1,685 2,620 194 1,946 8,021 1,845 79 93,812 |
This page does not form part of the statutory financial statements
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Guildhall Feoffment Preschool & Nursery CIO
| Detailed Statement of Financial Activities for the Year Ended 31 August 2022 Charitable activities Brought forward Staff training & course fees Cleaning & property maintenance Health & safety Kitchen equipment Outside garden area Computer expenses & website Office fixtures & furniture DBS checks Subscriptions Childrens' activities Equipment & books Speech therapist Depn of plant & equipment etc. Support costs Governance costs Independent examination fee Independent examiner's remuneration for other work Total resources expended Net income/(expenditure) |
2022 £ 97,694 678 9,315 59 304 309 799 1,434 - 217 7,555 427 1,815 13,652 134,258 1,235 1,381 2,616 356,781 8,802 |
2021 £ 93,812 1,920 15,450 1,667 1,074 166 1,857 905 338 329 1,996 565 - 18,188 138,267 1,235 1,357 2,592 349,760 (34,396) |
|---|---|---|
This page does not form part of the statutory financial statements
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