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← Small Saints Pre-School

2024-08-31-accounts

Charity registration number 702282

SMALL SAINTS PRE SCHOOL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

SMALL SAINTS PRE SCHOOL

LEGAL AND ADMINISTRATIVE INFORMATION

Committee members (trustees) Mrs J Cornwell (Chair)
Mrs J Houghton (Treasurer)
Ms R Stevenson
Ms T Barwell
Ms K Moore
Ms N Cannon (Appointed 12 October
2023)
Custodian trustees Lady J Taylor, Chairperson
Mrs J Matthewson
Ms G Graper
Charity number 702282
Principal address The Chase
High Street
Holbeach
Spalding
PE12 7ED
Independent examiner TC Group
33 Boston Road South
Holbeach
Spalding
Lincolnshire
PE12 7LR

SMALL SAINTS PRE SCHOOL

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4 - 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 16

SMALL SAINTS PRE SCHOOL

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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

Objects and aims

The aim of the charity shall be to advance the education of children below compulsory school age by:

The committee members are satisfied with the progress of the charity and are confident that it will continue to meet its objectives.

Public benefit

The activities undertaken by the charity to further public benefit are set out in the key points noted above for the objects and aims of the charity.

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

During the year under review the charity has met its objectives by providing the education requirements to children below compulsory school age.

The intake of children is at full capacity with a waiting list. The school provides funded places for disadvantaged two year olds in the area. The last Ofsted inspection was carried out in October 2023 and the school achieved a good report. Introduction of 30 hours for 3 to 4 year olds has reduced pupil numbers as children are doing more hours to utilise the initiative.

Financial review

During the year the charity raised £474,376 (2023 - £409,513) to carry out the objectives mentioned earlier. Of this amount £445,419 (2023 - £452,180) was used in the current year. As a result the reserves now stand at £554,301 (2023 - £525,344) of which £493,671 (2023 - £464,714) relates to unrestricted funds and £60,630 (2023 - £60,630) relates to restricted funds.

SMALL SAINTS PRE SCHOOL

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Policy on reserves

The finance committee conducts an annual review of the level of unrestricted reserves not committed or invested in tangible fixed assets ("the free reserves") in the general fund, by considering the risks associated with the various income streams, expenditure plans and balance sheet items.

This enables an estimate to be made of the level of reserves that are sufficient:

The level is estimated at 6 months of the general expected budget.

Under the constitution, the charity has the power to make any investment which the committee see fit provided appropriate advice is taken from a professionally qualified person under the Financial Services Act 1986. However the committee choose to take a prudent approach and invest temporarily surplus funds in bank deposits.

Principal funding sources

The charity is funded by fees paid by the parents of the children on the roll, grants from Lincolnshire County Council and fundraising events.

Structure, governance and management

Nature of governing document

Small Saints Pre-School is an organisation constituted as a charity under a trust deed adopted on 8 June 1988 as amended on 9 November 1989 and 24 May 1995 and 22 May 2015.

Recruitment and appointment of trustees

Committee members are elected at the AGM.

The constitution states that the committee shall consist of 3 officers (Chair, Secretary and Treasurer) and that there must be not less than 2 nor more than 9 elected members.

The custodian trustees who have served during the year and since the year end have been set out on page 1. These trustees hold the lease of which the charity runs from.

Organisational structure

All aspects of the charity are managed by the committee members as set out on page 1.

A manager is appointed by the committee members to manage the day to day operations of the charity.

The committee members have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

SMALL SAINTS PRE SCHOOL

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Financial instruments

Objectives and policies

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

The trustees' report was approved by the Board of Trustees.

Mrs J Cornwell Chair

Dated: 17 June 2025

SMALL SAINTS PRE SCHOOL

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SMALL SAINTS PRE SCHOOL

I report to the trustees on my examination of the financial statements of Small Saints Pre School (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 financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with 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:

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 financial statements to be reached.

Christopher McKenna ACA

TC Group 33 Boston Road South Holbeach Spalding Lincolnshire PE12 7LR

SMALL SAINTS PRE SCHOOL

INDEPENDENT EXAMINER'S REPORT (CONTINUED)

TO THE TRUSTEES OF SMALL SAINTS PRE SCHOOL

Dated: 18 June 2025

SMALL SAINTS PRE SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
1,135
-
Charitable activities
4
463,336
-
Other trading activities
5
2,802
-
Investments
6
7,103
-
Total income
474,376
-
Expenditure on:
Charitable activities
7
445,419
-
Total expenditure
445,419
-
Net income/(expenditure) and
movement in funds
28,957
-
Reconciliation of funds:
Fund balances at 1 September
2023
464,714
60,630
Fund balances at 31 August
2024
493,671
60,630		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
1,135
-
-
463,336
403,866
-
2,802
1,709
-
7,103
3,938
-
474,376
409,513
-
445,419
452,180
-
445,419
452,180
-
28,957
(42,667)
-
525,344
507,381
60,630
554,301
464,714
60,630		 Total
2023
£
-
403,866
1,709
3,938
409,513
452,180
452,180
(42,667)
568,011
525,344

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SMALL SAINTS PRE SCHOOL

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2024
£
5,141
313,471
318,612
(9,714)		 £
245,403
308,898
554,301
60,630
493,671
554,301		 2023
£
4,824
290,308
295,132
(8,817)		 £
239,029
286,315
525,344
60,630
464,714
525,344

The financial statements were approved by the Trustees on 17 June 2025

Mrs J Cornwell Chair

Mrs T Barwell Trustee

FOR THE YEAR ENDED 31 AUGUST 2024

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

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 the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

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.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

1.6 Tangible fixed assets

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:

Property improvements None Plant and equipment 15% reducing balance Fixtures and fittings 15% reducing balance Computer equipment 25% reducing balance

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 the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FOR THE YEAR ENDED 31 AUGUST 2024

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 1,135 -
Income from charitable activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Charitable Income
Pre-school fee income 405,033 336,587
Sales of shirts/name tape 1,806 996
Kid's club - fee income 41,179 46,838
Supplements (pupil premium and inclusion funding) 5,336 9,820
Milk rebates 1,767 1,560
Administrative fee received 168 140
Grants received 8,047 7,925
463,336 403,866

4 Income from charitable activities

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising events 2,802 1,709
Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 7,103 3,938

6 Income from investments

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

7 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Staff costs 354,557 350,853
Depreciation 6,495 6,984
Courses and training 167 1,323
Rent and rates 8,042 14,619
Light, heat and power 12,989 14,266
Insurance 5,851 5,368
Purchases for re-sale 1,460 1,580
Repairs and maintenance 11,448 6,162
Comsumables 11,092 15,689
Telephone 2,100 1,543
Milk 1,885 1,528
Printing, postage and stationery 2,160 1,342
Running costs and miscellaneous expenses 795 770
Lease charges 5,430 6,766
Refreshments and cleaning expenses 6,868 7,154
Bank charges 471 483
Outing expenses 1,156 1,549
432,966 437,979
Grant funding of activities (see note 8) 7,547 6,525
Share of governance costs (see note 9) 4,906 7,676
445,419 452,180

8 Grants payable

Charitable Charitable
Expenditure Expenditure
2024 2023
£ £
Grants to individuals 7,547 6,525
7,547 6,525

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

9
Governance costs:
Accountancy
Legal and professional
Bookkeeping fees
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets		 2024
£
984
922
3,000
4,906
2024
£
6,495		 2023
£
942
4,334
2,400
7,676
2023
£
6,984

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Pension costs		 2024
Number
21
2024
£
342,308
12,249
354,557		 2023
Number
24
2023
£
339,239
11,614
350,853

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

14
Tangible fixed assets
Property
improvements
£
Cost
At 1 September 2023
202,438
Additions
9,692
At 31 August 2024
212,130
Depreciation and impairment
At 1 September 2023
-
Depreciation charged in the year
-
At 31 August 2024
-
Carrying amount
At 31 August 2024
212,130
At 31 August 2023
202,438
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 Plant and
equipment
Fixtures and
fittings
£
£
39,446
86,473
-
1,700
39,446
88,173
31,254
59,924
1,228
4,434
32,482
64,358
6,964
23,815
8,191
26,549		 Computer
equipment
£
12,384
1,476
13,860
10,533
833
11,366
2,494
1,851
2024
£
3,349
1,792
5,141
2024
£
7,066
250
1,456
942
9,714		 Total
£
340,741
12,868
353,609
101,711
6,495
108,206
245,403
239,029
2023
£
3,056
1,768
4,824
2023
£
6,376
240
1,301
900
8,817

SMALL SAINTS PRE SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

17 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
245,403
-
Current assets/(liabilities)
248,268
60,630
493,671
60,630
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 August 2023:
Tangible assets
178,399
60,630
Current assets/(liabilities)
286,315
-
464,714
60,630		 Total
2024
£
245,403
308,898
554,301
Total
2023
£
239,029
286,315
525,344

Restricted fund

The purpose of this fund is for property improvements to the charity's leased building.

18 Related party transactions

During the year the charity made the following related party transactions:

Mrs J Houghton

During the year Mrs J Houghton provided book-keeping services for Small Saints Pre-School totalling £3,000 (2023 - £2,400). At the balance sheet date the amount due to/from Mrs J Houghton was £Nil (2023 - £Nil).