Charity Registration Number 1195503 Ofsted Registration Number 2662705
FOUNDRY UNDER FIVES PRE-SCHOOL
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR YEAR ENDING 31 AUGUST 2023
FOUNDRY UNDER FIVES PRE-SCHOOL
CONTENTS
| Trustees report | Page 1 – 3 |
|---|---|
| Statements of Trustees responsibility | Page 4 |
| Statement of fnancial actvites | Page 5 |
| Balance sheet | Page 6 |
| Notes to fnancial statements | Page 7 – 9 |
FOUNDRY UNDER FIVES PRE-SCHOOL
TRUSTEES REPORT
FOR THE YEAR ENDING 31 AUGUST 2023
The trustees present their annual report and financial statements for the year ending 31 August 2023
The financial statements have been set out in accordance with the accounting policies set out in note 1 to the financial statements.
OBJECTIVES AND ACTIVITIES
The objectives of the charity are:
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To enhance the development and education of children primarily under statutory
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school age by encouraging parents to understand and provide for the needs of their children through community groups.
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Providing care and pre-school education to children aged 2-5yrs old.
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Offering appropriate play, education and care facilities and training courses,
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together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion or means of ability.
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Instigating and adhering to and furthering the aim of the pre-school alliance
The Trustees have paid due regard to guidance issued by the Charity Commission on public benefit when reviewing the charity’s aims and objectives and in planning future activities. In particular the Trustees consider how planned activities will contribute to those aims and objectives.
ACHIEVEMENTS AND PERFORMANCE
Action plan what we achieved:
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Top garden now has disabled access.
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Continue to ensure up to date training.
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Children’s bathroom has had a makeover.
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Completed our conversion to CIO.
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Continue to try and finalise the pre-school lease.
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Continue to fundraise towards new boiler.
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We completed the following training:
Level 3 First Aid, Food Hygiene, Level 2 Safeguarding & Level 3 Safeguarding, Managers Networking meetings, Wrap prevent, Behaviour training, Inclusion fund training, Childrens mental health, Effective SEN practice, Advanced SEN practice, FGM, PREVENT, Child sexual exploitation, British values, Witchcraft, Breast Ironing.
FINANCIAL REVIEW
The results for the year are shown in the statement of financial activities and show a profit of £13294 (loss of £11648 in 2022) with together with the reserves brought forward give a total reserves figure at the year-end of £36300 (£22639 in 2022).
RESERVES POLICY
The Trustees aim to hold reserves in funds at an adequate level to support the charity’s current and future activities and aim to increase the amount by £5,000 per year.
INVESTMENT POLICY
The Trustees have considered the most appropriate policy for investing funds and that the current arrangement with short term bank deposits meets the requirement to generate a reasonable return on capital whilst maintaining access to funds for operational purposes.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The contribution made by volunteers to the charity are immeasurable as they not only run the committee but also help with fundraising and community activities.
PLANS FOR THE FUTURE
The charity plans to continue the activities outlined above in the forthcoming years and at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing these financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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Foundry Under Fives Pre-school is a Charitable Trust, governed by a constitution and Trustees are selected using an elected by and seconded method.
FOUNDRY UNDER FIVES PRE-SCHOOL
LIST OF TRUSTEES
FOR THE YEAR ENDING 31 AUGUST 2023
TRUSTEES
The Trustees are;
Lydia Ralph Lauren Richardson Ruth Munday Chloe Johns Joanne Stevens
RECRUITMENT AND INDUCTION OF TRUSTEES
Subject to approval of the members, the Trustees may appoint a person who is willing to act to be a Trustee. Potential Trustees meet the Trustees and senior management prior to the proposal as a Trustee. Once appointed, Trustees undertake an induction into the working of the charitable company including observing operational activity, discussion with staff and reading information such as financial statements and other evaluation documents.
The trustees are legally responsible for the overall control and management of the charity and the Nursery Manager is responsible for the day-to-day management and administration of the charity and reports to the Trustees.
FOUNDRY UNDER FIVES PRE-SCHOOL
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDING 31 AUGUST 2023
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Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources including the income and expenditure of the charitable company for that year.
In preparing these financial statements the Trustees are required to;
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Select suitable financial statements and then apply them consistently
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Observe the methods and principals in charity SORP
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Make judgments and estimates that are reasonable and prudent
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State whether applicable UK accounting standards have been followed
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Prepare the financial statements on the going concern basis
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safe guarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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FOUNDRY UNDER FIVES PRE-SCHOOL
STATEMENT OF FINANCIAL ACTIVITES
FOR THE YEAR ENDING 31 AUGUST 2023
| Income from | 2023 | 2022 | Note |
|---|---|---|---|
| Donatons and Grants | - | - | 2 |
| Fundraising Income | £1515 | £922 | |
| Charitable Actvites | £112042 | £86746 | 3 |
| Other Revenue (CVJRS) | £- | £488 | |
| Interest | £104 | £3 | |
| Total Income | £113,661 | £88,159 | |
| Expenditure on | |||
| Charitable Actvites | £100,367 | £99,809 | 4 |
| Net Proft/Loss for the Year | £13294 | (11650) |
The statement of financial activities includes all gains and losses recognised in the year
All income and expenditure derive from continuing activities
The charity has opted to prepare the accounts under Charities SORP (FRS 102) and is exempt from preparing a cash flow statement on the grounds that it is a small charity
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FOUNDRY UNDER FIVES PRE-SCHOOL
BALANCE SHEET
FOR THE YEAR ENDING 31 AUGUST 2023
Foundry Under Fives Pre School As at 31 August 2023
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The company was entitled to exemption from audit 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 with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
Signed on behalf of the charity’s Print Name Trustees Signature Position Date
FOUNDRY UNDER FIVES PRE-SCHOOL NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 AUGUST 2023
1. ACCOUNTING POLICIES
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Accounting and Reporting by Charities the statement of recommended practice for Charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. The Charity is a Public Benefit Entity as defined by FRS 102.
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The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest £.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing these financial statements. There have been no changes in Accounting policies. All policies have been applied on bases consistent with those used in previous years.
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery 4 YEARS Fixtures and fittings 4 YEARS
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/expenditure for the year.
The company being a registered charity is exempt from corporation tax.
2. DONATIONS AND LEGACIES
£ £ 2023 2022 Donations and grants - - Fundraising 1,515 922
3. CHARITABLE ACTIVITIES
£ £ £ Funded Fees Nursery Fees Total Charitable activities 2023 100,018 12,024 112,042 Charitable activities 2022 76,025 10,721 86,746
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£ £
4. EXPENDITURE ON CHARITABLE ACTIVITIES
| 4. EXPENDITURE ON CHARITABLE ACTIVITIES | ||
|---|---|---|
| 2023 | 2022 | |
| Staf costs | 85,641 | 86,404 |
| Depreciaton | - | - |
| Staf training | 378 | 895 |
| Resources | 1,841 | 1,358 |
| Insurance | 1,351 | 1,196 |
| Maintenance and Rent | 1,311 | 1,299 |
| IT maintenance | 378 | 223 |
| Utlites & Telephone | 4,400 | 4,057 |
| Consumables | 1,095 | 914 |
| Professional fees & subscriptons | 2,730 | 1,820 |
| Fruit | 546 | 552 |
| Statonery and Postage | 469 | 418 |
| Staf Benefts | 356 | 673 |
| Consultng | - | |
| Total unrestricted funds Yr ending 31 Aug 2023 | £100,367 | |
| Total unrestricted funds Yr ending 31 Aug 2022 | £99,810 |
5. TRUSTEES
One of the trustees has been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
6. RELATED PARTY TRANSACTIONS
| Remuneraton of key management personnel | £ | £ |
|---|---|---|
| 2023 | 2022 | |
| Lydia Ralph (Manager) | 23,246 | 22,696 |
| 7. EMPLOYEES | 2023 | 2022 |
| The Average number of employees during the year was | 8 | 8 |
| £ | £ | |
| Employment costs | 90,597 | 85,030 |
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| Pension and NI costs 8. OTHER CREDITORS FALLING DUE WITHIN ONE YEAR Other creditors (Pension payable |
1,175 1,047 91,772 86,077 2023 £ 2022 £ 14 185 |
1,047 |
|---|---|---|
| 86,077 |
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