Balance Sheet Report on 31/08/2023
| £ | ||
|---|---|---|
| Assets | ||
| Santander | 7,041.06 | |
| Savings Santander | 18.60 | |
| Total Assets: | 7,059.66 | |
| Liabilities | ||
| Loan Account Santander | 7,130.05 | |
| Pension Contributions Owed | 145.28 | |
| Total Liabilities: | 7,275.33 | |
| Assets - Liabilities | -215.67 | |
| Capital | ||
| Brought Down 1-2-23 | -3,171.19 | |
| Retained Earnings | 2,955.52 | |
| Total Capital: | -215.67 |
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43 Summer Street Slip End Luton LU1 4BL
23rd July, 2024
REPORT FOR THE TRUSTEES
- RE: Slip End Preschool aka Slip End Playgroup Charity No 102959 1[st] February 2023 to 31[st] August 2023
Thank you for asking me to undertake an Independent Examination of the accounts for the above period.
As you are aware, I have recently examined the previous accounting period (1[st] April 2022 to 31[st] January 2023) and have raised my concerns with Mr Cooper, the Trustees and the Charity Commission, who are all now in receipt of my report.
It is my understanding that this period under review saw a change of management and a range of new financial procedures put in place. It is my view that these changes have brought about a very significant improvement.
I am very pleased to report that, in my view, the finances of this Charity are now well managed.
Charity Commission’s Directions:
-
I can confirm that the Charity exceeds the threshhold (£25,000) for requiring an independent examination. Gross income for the period under review (7 months) exceeds £46,000.
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Conflict of interests. I confirm that there is no current conflict of interest regarding my appointment.
3 & 4. A timetable for this review was agreed between Paul Cooper and myself and he has provided all the information which I requested, both in advance of the review and by answering any questions I raised during the review.
- “Check the Accounting Records are kept to the required standard”. I have checked all incoming and outgoing transactions on the Pandle Accountancy Software spreadsheet against the hard copy bank statement. I have also cross-checked all available receipts and invoices against those transactions. The transactions tally accurately with the Profit & Loss and Balance Sheet summaries.
I had a small number of queries, mainly relating to the allocation of minor items of expenditure to the correct cost centres and these have all been satisfactorily resolved.
It is evident that staff wages are being properly managed. Expenditure is correctly allocated and is in line with expectations for a playgroup of this size.
- “Check that the accounts are consistent with the accounting records”. I am fully satisfied that the records are consistent with the accounts.
7. Not applicable
- “Check the reasonableness of the significant estimates and judgments and accounting policies used in accounting for the types of fund held and in the preparation of the accounts”
The Playgroup is managing expenditure well. Staff remuneration, hall hire, staff training, insurance etc are all covered by incoming fees and government payments. The remaining income is thoughtfully spent to provide a wide range of educational toys and visiting specialist educators to provide a stimulating learning environment.
Now that the accounts for this group are being properly managed, the next step will be to put in place budgets for the coming period and to consider a contingency fund. It is also important for all Trustees to feel confident to ask about income and expenditure. Please see my list of suggestions at the end of this report.
- “The examiner must check whether the trustees have considered the financial circumstances of the charity at the end of the reporting period and, if the accounts are prepared on an accruals basis, check whether the trustees have made an assessment of the charity’s position as a going concern when approving the accounts”
I understand that the charity is looking at various options for the future. I would stress that this 7 month period under review has been a time of transition, adjusting to new systems and procedures.
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“Check the form and content of the accounts” I am satisfied that all is in order.
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“Identify items from the analytical review of the accounts that need to be followed up for further explanation or evidence” - Following prompt feedback from Paul Cooper, I am happy to confirm that I have no unanswered queries for the period under review.
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“Compare the trustees’ annual report with the accounts” – I would suggest that the Trustees could increase the amount of information that they include in their annual report.
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Signed by …………………………………………………Date…………………………….. Nicola E West – Independent Officer.
Suggestions for improvements going forward:
- I would recommend quarterly meetings for all Trustees, Paul Cooper and any senior members of staff that are not Trustees, where they could make a contribution.
As Charity Trustees you are responsible for all aspects of the Playgroup, and it is vital that all Trustees understand the financial management of the enterprise and feel confident to ask about income and expenditure.
Standing agenda items could include (but are by no means limited to) the following:
Finances
-
Setting a budget for the year commencing 1[st] September, including a review of wages and salaries.
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Reviewing current income and expenditure against that budget on a quarterly basis – the Profit & Loss figures should be compared to the budget and discussed.
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The physical bank statements confirming the current financial position to be presented to all Trustees, so that they have evidence that the finances are being well managed. Indeed the Trustees should agree a bank balance figure, and that Paul Cooper should notify them if the account falls below that figure at any point.
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Review of any more expensive items of equipment that may need to be replaced
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• Discussion of any new items of equipment, or other resources, that would enhance the playgroup.
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Treasurer/Paul Cooper to confirm expected income for the next quarter, based on child ages and numbers. Are numbers increasing or decreasing and what challenges does that present for the group.
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Opportunity for all Trustees to ask questions of the Treasurer and Paul Cooper regarding income and expenditure.
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Suggestions around best suppliers of resources (quality and price).
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Contingency funds – agreeing a sensible amount to have available in the bank (possibly in a savings account) to enable the Playgroup to continue to operate in challenging / unexpected circumstances.
Staff
-
Recruitment & retention
-
Training & career development
-
Safeguarding / DBS / First Aid
-
Those visiting adults who provide other services (such as Tiffany Reed)
-
Any concerns / feedback raised by staff members
Policies
Reviewing and updating policies is vital. You may wish to focus on updating and improving one policy each quarter on a rolling basis, making sure everyone is familiar with the contents and it is up to date for current legislation.
Forthcoming events – planning for trips, celebrations, Christmas, transitions to school etc - setting a budget for an event and reviewing costs & feedback afterwards to help with future planning.
Risks & Opportunities
Discussions may cover topics like what to do if you couldn’t use the Village Hall, or if a number of key members of staff were ill at the same time. Thinking about potential challenges and how they might be managed.
How would you like to see the Playgroup change/improve 12 months from now, for example.
Minutes
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The person taking the minutes (usually the Secretary) should present them in a way that reads clearly to someone who knows nothing of the Playgroup and include as much detail as possible.
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It is particularly important that if a Trustee raises a concern about an issue, that this is recorded along with any decisions made, and the reasons for the decision.
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• If someone is allocated a task – make sure that is clear in the minutes (who has agreed to do what and with a time limit where possible).
Profit and Loss Report from 01/02/2023 to 31/08/2023
£
| £ | ||
|---|---|---|
| Sales | ||
| Child Fees | 23,953.70 | |
| Interest Received | 0.03 | |
| Government Funding | 22,337.70 | |
| Donations & Fundraising | 18.41 | |
| Total Sales | 46,309.84 | |
| Direct Costs | ||
| Educational Activity | 2,726.67 | |
| Total Direct Costs | 2,726.67 | |
| Gross Profit | 43,583.17 | |
| Expenses | ||
| Food | 291.21 | |
| Educational Supplies & Toys | 607.87 | |
| Total wages | 31,312.95 | |
| Employer's Pension Contributions | 406.95 | |
| Rent | 4,700.00 | |
| Stationery | 46.53 | |
| Subscriptions | 417.46 | |
| Bank Charges and Interest Paid | 108.27 | |
| Business Insurance | 950.61 | |
| Website & Software Costs | 206.13 | |
| Accountancy Fees | 265.00 | |
| Advertising | 172.00 | |
| Sundry Expenses | 408.46 | |
| Training | 734.21 | |
| Total Expenses | 40,627.65 | |
| Net Profit | 2,955.52 |
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Trustees’ Annual Report for the period
From 1/2/2023 Period start date To 31/8/2023 Period end date
Charity name: Slip End Playgroup
Charity registration number: 1029599
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | To enhance the development and education of children under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
Provide supervised preschool sessions for children aged between 2 and 4 years following the aims and principles of the EYFS framework. Funding is provided by a combination of Local Authority funding and parental contribution. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | The trustees have had due regard to the Charity Commission guidance on public benefit. |
Additional information (optional) You may choose to include further statements where relevant about:
| SORP reference | |
|---|---|
| Policy on grant making | Para 1.38 |
| Policy on social investment | Para 1.38 |
| including program related | |
| investment | |
| Para 1.38 | |
| Contribution made by | |
| volunteers | |
| Other |
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | The charity has provided a high quality of childcare for both working and non- working parents. Through a varied programme of activities and experiences, the charity has enhanced children’s learning experiences preparing them for entry to full time education. |
| Additional information (optional) You may choose to include further statements |
where relevant about: | |
| Achievements against objectives set |
Para 1.41 | |
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | |
| Other |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The charity continues to operate where income covers outgoings |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | The Charity does not have a reserves policy |
| Amount of reserves held | Para 1.22 | 0 |
| Reasons for holding zero reserves |
Para 1.22 | Excess income is used to fund educational activities, provide a broader curriculum and invest in equipment beneficial to the aims of the charity. |
| Details of fund materially in deficit |
Para 1.24 | |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 |
Additional information (optional) You may choose to include further statements where relevant about:
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | |
| A description of the principal risks facing the charity |
Para 1.46 | |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Constitution adopted 9th November 1993 as amended 16th March 2023 |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Unincorporated |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Elected by committee of trustees |
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction Para 1.51 and training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties Other
Reference and Administrative details
| Charity name | Slip End Playgroup |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1029599 |
| Charity’s principal address | Slip End Village Hall, Markyate Road, Slip End, Luton, Bedfordshire |
| LU1 4BX |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| HayleyBolton | Treasurer | Committee of Trustees | ||
| Abbie Collin | Chair | Committee of Trustees | ||
| Charlotte Oakley | Secretary | Committee of Trustees | ||
| Helen McCone | Committee of Trustees | |||
| Sandra Pantling | Committee of Trustees | |||
– Corporate trustees names of the directors at the date the report was approved
Director name
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets held in this capacity
Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
| Type of | Name | Address |
|---|---|---|
| adviser |
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) H Bolton Full name(s) Hayley Bolton Position (eg Secretary, Treasurer Chair, etc) Date 6/6/24