Rainbow Corner Pre-School and Playgroup Statement of Financial Activities including Income and Expenditure Account For the year ended 31 July 2024
| Notes Income and endowments from: Donations and legacies 2 Charitable activities 3 Other trading activites 4 Investment income Other income Total income Expenditure on: Raising funds 5 Charitable activities: Fundraising costs 6 Staff costs 12 Resources, equipment & activities 7 Running costs 8 Governance costs 9 Total expenditure Net deficit Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward 15 Total funds carried forward 15 |
Unrestricted Restricted Total Total funds funds 2024 2023 £ £ £ £ 4,073 - 4,073 3,038 55,998 1,421 57,419 65,067 2,534 - 2,534 1,514 175 - 175 84 - - - - |
|---|---|
| 62,780 1,421 64,201 69,703 |
|
| 458 - 458 659 323 - 323 655 53,972 - 53,972 44,347 3,787 1,421 5,208 11,994 12,488 - 12,488 13,038 988 - 988 758 |
|
| 72,016 1,421 73,437 71,451 |
|
| (9,236) - (9,236) (1,748) - - - - |
|
| (9,236) - (9,236) (1,748) 17,856 - 17,856 19,604 |
|
| 8,620 - 8,620 17,856 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Rainbow Corner Pre-School and Playgroup Balance Sheet For the year ended 31 July 2024
| Notes Fixed assets Tangible assets Total fixed assets Current assets Debtors 10 Cash at bank and in hand Total current assets Liabilities Creditors: Amounts falling due 11 within one year Net current assets Total net assets The funds of the Charity: Unrestricted income funds 15 Restricted income funds 15 Total charity funds |
2024 £ - - 575 9,602 10,177 1,557 8,620 8,620 8,620 - 8,620 |
2023 £ - |
|---|---|---|
| - | ||
| 2,601 20,647 |
||
| 23,248 | ||
| 5,392 | ||
| 17,856 | ||
| 17,856 | ||
| 17,856 - |
||
| 17,856 |
The trustees have prepared the financial statements in accordance with The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 for circulation to the members.
The notes 1 to 16 form part of these financial statements.
Approved by the trustees on 10 September 2024 and signed on their behalf by:
Mrs S. Martin Treasurer
9
Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements For the year ended 31 July 2024
1 Accounting policies
The principal accounting policies that have been adopted consistently throughout the year and the prior year are summarised below.
1.1 Basis of preparation
The financial statements have been prepared 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015.
The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the Charity is responsible in law.
Rainbow Corner Pre-School and Playgroup meets the definition of a public benefit entity under FRS 102.
1.2 Fund accounting
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds are primarily from the receipt of donations and charitable activities.
Restricted income funds are funds which are to be used in accordance with specific restrictions imposed by the donor. There were no restricted funds in the year.
1.3 Income recognition
All income is recognised once the charity has entitlement to the income, it is virtually certain that the income will be received and the amount of income receivable can be measured reliably.
Where income received has related expenditure (as with fundraising income) the income and related expenditure are reported gross in the Statement of Financial Activities.
Donation and legacies
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.
Tax reclaims on donations and gifts
Income from Gift Aid is not recognised in this financial year as the Charity registration for Gift Aid was effective from September 2023.
Charitable activities
Grants received for general purposes for the furtherance of the charity's objectives are recorded as income from charitable activities and regarded as unrestricted. Other income from charitable activities relates to playgroup fees, insurance contributions and uniform sales. This income is recognised by the charity when the invoice is raised.
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Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements For the year ended 31 July 2024
1 Accounting policies (continued)
1.3 Income recognition (continued)
Other trading activities
Income from other trading activities is recognised when receivable and the amount can be measured reliably by the charity.
Investments
Interest on funds held on deposit is recognised when receivable and the amount can be measured reliably by the charity.
Donated services and facilities
These are only included in income (with the equivalent amount in expenditure) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer help
The value of any voluntary help received is not included in the financial statements but is described in the trustees' annual report.
1.4 Expenditure and liabilities recognition
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
1.5 Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 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.
1.7 Employee benefits
The charity operates a defined contribution pension scheme for its employees. The scheme and its assets are held by an independent scheme manager. The pension charge represents the contributions due by the charity during the year.
The charity recognises a cost equal to its contribution payable for the period in the statement of financial activities.
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Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements For the year ended 31 July 2024
2 Donations and legacies
| Donations and legacies | |
|---|---|
| Donations Snack contributions Sponsored activity |
Unrestricted Restricted 2024 2023 £ £ £ £ 227 - 227 17 2,865 - 2,865 2,310 981 - 981 711 |
| 4,073 - 4,073 3,038 |
Donations and legacies income for 2023 was fully unrestricted.
3 Income from charitable activities
| Income from charitable activities | |
|---|---|
| Education Authority PEGS funding Education Authority Engage funding Childcare Partnership Regional SGS Grant Playgroup fee income Insurance contributions Uniform sales |
Unrestricted Restricted 2024 2023 £ £ £ £ 50,955 - 50,955 50,424 - - - 2,912 - 1,421 1,421 - 3,526 - 3,526 9,246 945 - 945 1,200 572 - 572 1,285 |
| 55,998 1,421 57,419 65,067 |
Income from charitable activities for 2023 was fully unrestricted.
4 Income from other trading activities
| General fundraising Raffles Christmas Party Summer Fair Commission |
Unrestricted Restricted 2024 2023 £ £ £ £ 710 - 710 - 336 - 336 632 59 - 59 - 1,389 - 1,389 773 40 - 40 109 |
|---|---|
| 2,534 - 2,534 1,514 |
Income from other trading activities for 2023 was fully unrestricted.
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Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements For the year ended 31 July 2024
| 5 Expenditure on raising funds Fundraising and events Payment processing fees |
Unrestricted Restricted 2024 2023 £ £ £ £ 427 - 427 658 31 - 31 1 |
|---|---|
| 458 - 458 659 |
Expenditure on raising funds for 2023 was fully unrestricted.
6 Fundraising costs
| Fundraising costs | |
|---|---|
| Donations expenses Advertising |
Unrestricted Restricted 2024 2023 £ £ £ £ 67 - 67 175 256 - 256 480 |
| 323 - 323 655 |
Fundraising costs for 2023 was fully unrestricted.
7 Resources, equipment and activities
| Snack provisions Children's uniform costs Resources & equipment Furniture Trips & activities costs Education Authority grant expenses Childcare Partnership grant expenses |
Unrestricted Restricted 2024 2023 £ £ £ £ 1,096 - 1,096 1,080 - - - 1,376 830 - 830 1,489 719 - 719 333 1,142 - 1,142 421 - - - 7,295 - 1,421 1,421 - |
|---|---|
| 3,787 1,421 5,208 11,994 |
Resources, equipment and activities costs for 2023 was fully unrestricted.
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Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements For the year ended 31 July 2024
8 Running costs
| Running costs | |
|---|---|
| Rent Office equipment and costs Telephone and internet costs Website and computer costs Insurance Staff uniform Bad debt written off General expenses Running costs for 2023 was fully unrestricted. |
Unrestricted Restricted 2024 2023 £ £ £ £ 9,815 - 9,815 9,385 990 - 990 382 287 - 287 546 213 - 213 487 608 - 608 405 289 - 289 - 226 - 226 1,712 60 - 60 121 |
| 12,488 - 12,488 13,038 |
|
| 9 Governance costs Independent Examiner's fees Training Other professional fees Other charges Bank interest and charges |
Unrestricted Restricted 2024 2023 £ £ £ £ - - - 180 105 - 105 206 178 - 178 35 388 - 388 - 317 - 317 337 |
|---|---|
| 988 - 988 758 |
Governance costs for 2023 was fully unrestricted.
10 Debtors
| Debtors | |
|---|---|
| Trade debtors Prepayments Other debtors |
2024 2023 £ £ 280 1,279 291 451 4 871 |
| 575 2,601 |
11 Creditors: amounts falling due within one year
| Trade creditors Accruals and deferred income Taxation and social security Other creditors |
2024 2023 £ £ - 99 575 450 324 2,368 658 2,475 |
|---|---|
| 1,557 5,392 |
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Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements For the year ended 31 July 2024
12 Staff costs and employee benefits
| Gross salaries and wages Social security costs Staff pension costs |
2024 2023 £ £ 53,111 44,056 - - 861 291 |
|---|---|
| 53,972 44,347 |
There were no employees who received total employee benefits in excess of £60,000.
The key management personnel of the charity comprise the trustees and the Pre-School and Playgroup Leader. The total employee benefits of the key management personnel of the charity were £21,359.
13 Trustees' expenses and remuneration
There were no trustees who received expenses during the year.
There were no trustees who received remuneration during the year.
14 Related party transactions
Please refer to note 13 for transactions with trustees during the year. There were no other related party transactions.
15 Analysis of movement in charitable funds
| Unrestricted income funds Restricted income funds |
Balance at Balance at 01/08/2023 Income Expenditure 31/07/2024 £ £ £ £ 17,856 62,780 (72,016) 8,620 - 1,421 (1,421) - |
|---|---|
| 17,856 64,201 (73,437) 8,620 |
Details of each fund can be found at note 1.3.
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Rainbow Corner Pre-School and Playgroup Notes to the Financial Statements
For the year ended 31 July 2024
16 Analysis of net assets between funds
| Analysis of net assets between funds | |
|---|---|
| Tangible fixed assets Cash at bank and in hand Other net current assets/(liabilities) Creditors of more than one year |
Unrestricted Restricted funds funds Total £ £ £ - - - 9,602 - 9,602 (982) - (982) - - - |
| 8,620 - 8,620 |
16