Royal Eltham Preschool Annual General Meeting
Date: 23.06.21
Present: Ruth Noble, Laura Hart, Anita Sheen, Ellen Millar, Emma Weir, Sophie Killick
Online: Linda Bigwood
Liz Oglesey, Mathew Stillwell
Minutes: Ruth Noble
| Agenda Item | Action by | ||
|---|---|---|---|
| 1 | Apologies and welcome |
No apologies | |
| 2 | Minutes from previous AGM |
Nothing to change from previous AGM. | |
| 3 | Matters Arrising | None | |
| 4 | Chairperson Report |
• The Covid-19 pandemic hit March 2020 • Staff made a huge effort to support a single child who needed a space during lockdown • The staff did a fantastic job at creating zones in the preschool • We sadly said goodbye to Nicky • We weren’t able to do the usual fundraising but have adapted to new ways (including Amazon wishlist) • Thank you to new parents who have joined the committee • Thank you to those who have served and will be leaving |
AS |
| 5 | Supervisors Report |
Sept 19-Aug-2020 • Sept 19 children started off a little lower than usual – possibly due to Deansfield School accepting 30 free hours • Numbers were up shortly before Covid • Covid hit • Preschool remained open for 1 child with Key Worker parents • Preschool adapted; staff working part time hours • June -16 children returned, split into 2 bubbles • Greenwich Early Years and Early Years Alliance both very helpful • Discussions around staff reducing hours due to low numbers on the waiting list • Visits were unable to occur also • A thank you to Nicky for the service over the last 10years |
RM |
| • Thank you to all staff who continued to work throughout the pandemic. The commitment they showed throughout this has been outstanding. • We are hopeful that the coming year will be better |
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|---|---|---|---|
| 6 | Treasurers Report |
Preschool suffered a loss of £7,328 Driven by two factors: • Reduced children on role • Covid pandemic Increased spend on screens and handwashing stations. Additional rent was charged to the preschool to accommodate the children of key workers. Pandemic also prevented preschool enrolling more children in the summer term. It has also impacted the ability to promote the preschool to parents. Preschool committee were not able to meet face to face during Covid and Treasurers report was sent over email. Staff numbers should be monitored carefully against number of children on role. A new website is to be developed to help publicise the preschool. Congratulations on 50 years Royal Eltham Preschool. |
LH |
| 7 | Election of officers |
Chairperson: Anita Sheen (staying on) elected by Sophie Killick 2ndby Ellen Millar Treasurer: Sophie Killick elected; 1stAnita Sheen, 2ndLaura Hart. Secretary: Ellen Millar elected: 1stAnita Sheen, 2ndLaura Hart. Trustees: Roz Metaxas and Jane Guest elected by Anita Sheen 2nded by Laura Hart |
Ellen and Sophie will need to be registered with Ofsted (DBS check). Laura Hart to write to HMRC charities to inform them that there has been an officer change. Potentially another mum |
| wanted to join the committee. |
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|---|---|---|---|
| 8 | AOB | Preschool turns 50 this year Due to the pandemic there will be a small celebration in the preschool for the attending children. |
|
| 9 | Next Meeting | The 2021 AGM will be October 21 | JG |
Royal Eltham Pre-School Finance Report 12 months to 31 August 2020
1) Notes to 2019/20 Accounts
| a) Creditors ii] Parents fees Paid in advance b) Debtors i) Payroll Service ii) Parent Fees Outstanding 2) Details of Accounts– Income Income from Fundraising Christmas Raffle Easter Egg Raffle Easy Fundraising Raffle Donation Other income Course Fee Contribution Photography commission/keyring Godstone Farm_(offset with expenditure below 18/19)_ Safeguard course contribution Dear Zoo Ugly Duckling Other 3) Details of Accounts – Expenditure Other expenditure Staff Christmas Party Living Eggs Ugly Duckling Dear Zoo Handyman Works Godstone Farm Trip Other |
2019/20 2018/19 (320) 3,058 2,683 361 3,419 2,683 2019/20 2018/19 100 70 0 88 231 126 190 0 521 284 320 652 841 936 0 100 0 26 0 0 0 0 0 0 0 0 614 0 614 126 2019/20 2018/19 210 320 0 336 0 0 0 0 0 0 0 164 0 0 210 820 |
|---|---|
Royal Eltham Pre-School Finance Report 12 months to 31 August 2020
| Summary of Income and Expenditure Income Parent fee Deposit LBG Free Places Grants Income from fundraising Interest Other Expenditure Premises Wages Equipment Insurance Consumables Admin Petty Cash (split into spend categories from 18/19) Other Net Surplus /(Loss) |
2019/20 2018/19 11,413 12,106 0 320 99,165 111,738 0 0 945 936 0 0 614 126 112,137 125,226 9,940 9,345 101,834 97,014 1,731 4,153 1,208 1,193 1,399 1,528 2,764 4,236 588 820 119,465 118,289 (7,328) 6,938 |
|---|---|
4) Summary of Income and Expenditure
Royal Eltham Pre-School Finance Report 12 months to 31 August 2020
| 5) Capital Account for the Year Opening Balance Income Expenditure Represented by: Bank Current Account Lloyds TSB 9060 Bank Current Account Lloyds TSB 9468 (Fundraising) Bank Current Account Coop Cash in hand Debtors Creditors |
2019/20 84,163 112,137 (119,465) 76,835 71,906 1,257 615 3,058 0 76,836 |
2018/19 |
|---|---|---|
| 77,226 125,226 (118,289) |
||
| 84,163 | ||
| 79,260 1,256 480 804 2,683 |
||
| 84,163 |
Royal Eltham Pre School 2019/20
25[th] November 2020
Note to the Accounts 2019/20
I have audited the balance sheet of the Royal Eltham Pre School and the associated income and expenditure reports
I have carried out a number of checks in reviewing these accounts including
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Checking of all balances carried forward from 18/19 to 19/20, for balance sheet and bank balances
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Ensuring appropriate treatment of creditors and debtors from 18/19 to 19/20 accounts
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Review of invoices raised through to payment / adjustment and tracking invoices for income through to the relevant accounts
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Review of payments using sample checking to ensure appropriate treatment of transactions through to the relevant accounts
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Agreeing 19/20 Income and expenditure reports are summarised within the appropriate accounts
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Ensuring the balance sheet is reported appropriately
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Ensuring appropriate treatment of payments /income relating to future / past periods
It is in my opinion that these financial statements have been produced using generally accepted accounting principles.
Observations
A few observations for 19/20.
The Preschool have suffered losses in year totalling c. £7.3k, this is primarily driven by a reduction in income of £13k in year compared to 18/19. This represents a reduction of c.10%.
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REPS - Income and Expenditure
150
100
50
0
2015/16 2016/17 2017/18 2018/19 2019/20
(50)
Income Expenditure Net Surplus / Loss
£000
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The primary driver to the reduced levels of income are a reflection of reduced funding by London Borough of Greenwich (further details below).
The preschool accounts remain in a healthy position, the cash reserves of c.£73k provides sufficient cover should there be any delay in cash flow. Effectively the reserves available would cover c.7 months’ worth of expenditure.
In year a loss of £7,328 was reported
Income
Parent Fees remained consistent with the level noted in 18/19. LBG funding reduced from £112k down to £99k in year due to a reduction in demand for places, this was due to a couple of factors
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Increased capacity of other local providers affecting demand
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COVID Impact on ability to open at full capacity
Overall income for child places has reduced by c.£12k (this represents an reduction of c.11%).
Other Income also remained constant with the levels noted in 18/19 and reflected donations of £391 and fundraising of £555.
Expenditure
Wages have risen by 5% in year. Premises costs increased by £595 in year (6.4%) this was due to additional opening in June for children of key workers.
Balance Sheet Adjustments
The pre-school have closed the account held with the Co-op in year transferring the balance to the main Lloyds current account.
Debtors show a balance of £3,058 for the payroll company, this reflects a small increase from 18/19 and a buffer of payroll costs equivalent to c.2-3 weeks.
Recommendation
There is concern at the level of loss in year though it would appear that this is primarily driven by the impact of COVID on LBG income but also the reduced demand. It is recommended that the level of demand is monitored on a regular basis in the coming year to ensure sufficient income is being generated to cover the current level of spend (c.£119k per year or c.£10k per month). Work has been ongoing to ensure staffing levels are reflective of the number of children attending and it is likely that this will need to continue.
If the reported position continues into 20/21 then further actions may be required to achieve a balanced position.
Simon Hooton, FCMA, CGMA