Annual Report 2021
Due to the pandemic, we are unable to hold an AGM this year.
Our accounts have been reviewed by an Independent Examiner.
Income
Funding
Rainbow receives funding from West Sussex County Council (WSCC) in 3 main ways:
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Free Entitlement (FE) for 3 & 4year olds,
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2year olds and
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Inclusion funding.
FE is the main source of Rainbow’s income. The amount of funding depends on (1): how many children qualify and (2): the funding that comes with each child.
We also receive income from parents in the form of fees when they require their child to do extra hours outside their funded hours.
Fundraising
We couldn’t do much in the way of fundraising events due to the pandemic. We have a separate bank account for fundraising money, grants and donations which we use solely to purchase new equipment for the pre-school.
Reserve Account
This is where Rainbow holds its contingency fund. This includes redundancy for staff and to cover unforeseen events i.e. fire. All these are reviewed annually and updated accordingly.
Expenditure
Salaries are our biggest expenditure, approximately 80% of our total income for the year. At Rainbow, we believe having more staff in the classroom is beneficial for the children especially those who need more one to one attention.
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