st. Michael's Pre-school Flnanclal Report for the Year Ending 30th September 2023 These accounts for the year ending 30" September 2023 have been produced fcf ryesenlatlon al the AGM on 171h October 2023. Recelpts arKI Payments Account The Receipts and Payments account shows operoting income of £140,615 and expenditure of 146,660 for the yeor. During the financial yeor the group income has therefore been insufficient to cover expènditure giving a deficit figure of £6,012. Of this figure £5651 is depreciation on fjxed ossels givlng a njnning cost deficit of £361. Balance Sheet The value of fixed assets of the group are all In the building, all other items having teen ful depreciated. Due to the type of building de￿eCiatIOn is based on a life expeclancy of 40 years, uslng the slraighl line m8thod. therefue deprecialion is calculated as 2.5% of Ihe buildlng al cosl wlth a zero salvage valve. As at 30" September 2023 the book balance of monies held by the Pre-school are followlng amounts Lloyds Bank Treosurers Currenl Account Uoyds Deposit Account 8,978 Operatlng cash Income hekl 5,324 Fundraising Account hald at bank Lloyds 32 day nolice accsxjnt Lloyds 12 month frxed term account Glvlng total cash aM•h In oddition to this the Pre-schod has debt(ys of Glvlng total current assets c However. there are cu￿ent liabilities ar￿UntIng to Resulllng In nel worklng assets To this figure is added the net book value of the buikfing, fixtures and filting5 and equipment totaling Glvlng Net Assets 56,222 94,613 2725 97,338 1.01 I 96.327 19,2140 288,407 The Pre-school holds high interest accounts:_ a 32 day notice occounl into which £XI.C(MJ was 0rlg1nal￿ Invested and whlch accrues Interest on a monthly basls. Since opening the account a further £25.CCQ hos been moved into the 32 day nolice account. Wilh interest occrued the balance now stands ot £56,222. During the financial year the interesl rale. which is variable. has outomalically increased ond monthly interest payments have increased from £X).43 per month to £110.94. Interest is colculoted on a daily basis. Broughl forword from the previous financial wos £20.OCQ invested in a 12 month fixed term accounl, maturing in August realising interesl of £420 which was aulomotically tranSfe￿@d into the Deposit account. The capilal amount of £20.QKKI was reinvesled in a 6 month fixed term account, account al an interest rate of 3.4%. The 6 month fixed term account will mature on 141h February 2024. It is within these two acGounts that the buildirvJ repairs and ren￿1 contingency and closure costslredundancy amounts are held. Accumulated fund Whllst the pre-school ts In a good financiol position it should be noted that of the accumukjted fund figure certain amcLJnls ore requred to be hekl in the event of closvre. These amcunfs are for staff redundancy and in ￿eV of notlce payments Reimbursemenl of gronl and fees Building disposal ond moking good the land Building Repairs and Renewal Contingency £35.387 £10,779 £21.0001 £60.0002 I Increased this flnancial year in line wllh Wittshre Council recommerKJed amounts 21lncreased by £1 O.CW/annuml As ogreed by previous commitlees, accumubted fundroising surplvs ts held In reserved omounts wllhin the accvmulated fund and odjusted by any in yeor surplus ¢y deficit. Fundraising Therefore, the general fund amovnt carried fc¥word ts now In a mlnus flgvre of minus £34,69812021-2022 figure minus £20.9061. Whibt an 8nf¢yced closure withoul being able to take advontoge of insurance cover is hlghty unllk8ly and at the moment any shortfall in amounls held could be covered by the Repairs and Renewols contingency, o continuing Increase in the general fund deficit wovld result in placing fiJlure trustee5 01 rfsk of havlng to cover any sh(xlfall from their personal funds. Fund Ralslng - Income and expendilure In the year is rewted as f¢Jlows:. Event Income S nd Chrlstrna5 Card5 317.5 250.31 67.19 Chrlstmas Raffle 277 120.64 156.36 Stalls 364.1 76.63 287.47 Natlv DVD 246 303 -57 Tea Towels 412 323.96 Phot h Income 201 55 146 Sponsored event 394 394 Fete Income 1041.2 76.75 964.45 Sundry donatwjns Sund end 34.95 Lotte Licence 20 To andE Totals Fundraislng Ince•n or 2. to vthKh, in my opiNon, att￿lI)n •hould b• drffwn In Lyder to •nable a prop¢r urKler8tanding of I acc￿nts to be rnathed. Slgned.. Date: i I f Zo-Z>* Name: Mrs C Davies Relevant professional qualification(s) or body (if any): Address: Section B Disclosure Only complete if the examiner needs to highlight material problems.IE.g. accounting records have not been kept in a¢cordan¢e with $132 of the Charltie5' Act 2011 and those ac£ounts do not comply with the requtrements of the 2C(J8 Regulatlons settln8 out the form and content of chartty accounts.. any materlal expen￿￿Ure or attion which appears not to be In accordan￿ with the tnists of the charlty- anyfailure to be provided with informatSon and explanations by any past or present trustee. officer or employee: and any material con515tency be￿ the accounts and the trustee5' annual report.) Give here brlef detslls of any items that the examinerwishes to dlsclose. M&4J. CLQ ' 04 t>.L JL )171 Tr>Z