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|| |---|---|---|---| |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.| |---|---|---|---| |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 - Checking of all balances carried forward from 18/19 to 19/20, for balance sheet and bank balances - Ensuring appropriate treatment of creditors and debtors from 18/19 to 19/20 accounts - Review of invoices raised through to payment / adjustment and tracking invoices for income through to the relevant accounts - Review of payments using sample checking to ensure appropriate treatment of transactions through to the relevant accounts - Agreeing 19/20 Income and expenditure reports are summarised within the appropriate accounts - Ensuring the balance sheet is reported appropriately - 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%. **----- Start of picture text -----**
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
**----- End of picture text -----**
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 - Increased capacity of other local providers affecting demand - 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