SMARTIES TREASURERS REPORT
ON THE FINANCIAL STATEMENTS for the year ended 31st August 2024
Lorraine Reddington – Smarties Treasurer
23[rd] June 2025
This is the updated treasurer report following the finalised Income and Expenditure Account for the year ended August 2024. The initial treasurers report was given at the AGM on 7-Nov-24. The accounts are prepared on a cash basis as required by the Charity Commission. The following report provides a summary of the financial position for the year ended August 2024.
Introduction
Smarties is a charity that currently benefits local children and their families through preschool and out of school club, providing affordable wrap around care for parents. Smarties also provides a Holiday Club (School holidays), which opens throughout the year.
When reviewing the finances for the year Sep-23 to Aug-24, it is been compared against the previous 2 years.
At the end of the financial year, Smarties had a net profit of £4,998. This year, £1,238 has been provided for as ‘bad debt’. At last year’s AGM, we predicted a small loss for this financial year, of approx. £2k; the reason for the significant change is due to a number of factors, including:
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Preschool numbers were higher than anticipated and thus funding income and private income for preschool was greater than anticipated.
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There were a large number of ‘adhoc’ bookings for out of school club (both breakfast club and after school club). The numbers for OOSC this year were looking lower than previous years, and the adhoc bookings made a large difference – however the downside of so many adhoc bookings is that we cannot plan for this and therefore could not invest in some larger purchases that could have enhanced OOSC, or look at specific targeted activities.
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HAF holiday scheme was still run this year meaning the government funding enabled many more children to be able to access our holiday club, and thus bring in more income. In the run up to the summer holiday club, this was understood so we were able to allow a good budget to enable outings / additional activities for the summer holiday club.
This year, Sep-24 to Aug-25, the numbers again are not looking as high as last year; if the HAF scheme continues and a proportion of the adhoc bookings can be made more permanent then we should make a small profit, in the region of £3k, whilst also being able to make some purchases for OOSC / provide some additional activities.
Income
Total income in this financial year was £163K , £13k more than last financial year, and £33K more than sep22/aug23 financial year.
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Preschool non-funded income and out of school club provided £15K of additional income compared to prior year.
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Fundraising income this year was £1500.
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Our accountancy firm, continue to be very charitable in offering this service for free, which has a massive impact on the setting’s finances, and for which we are very grateful.
Expenditure
Total operating expenses for this year were £158K ; £20K higher than last financial year. Areas where spend has changed significantly over the last year:
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Wages increased by approx 15%. Wages are reviewed twice per year – once in April when minimum age increases so we can review against this; and once in November following our financial year analysis.
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Rent and food costs were approx. 10% higher than previous years.
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Some additional money was spent this year on things like supplies, e.g. for craft, cooking. 2 laptops were also purchased this year.
Loan from the Parish Council
Just over 5 years ago, a loan of £6,000 was provided to Smarties from the Parish Council. This was due to be repaid in May 2022 but was extended for another 2 years, as the Parish Council are supportive of the setting and the service we provide for the local population. Having made a profit in the Sep22/Aug23 year, this money was moved into our reserves account; this was discussed at a recent Parish Council meeting, and it has not been decided whether this loan is to be repaid in full.
Reserves (Deposit account)
Smarties has a reserves policy to enable the committee to pay the necessary salaries and bills should the setting ever need to close. The reserves are kept in a separate deposit account; this was reviewed in Nov-23 and £20K was deemed sufficient to cover this, thus £3,110 was moved into the deposit account. In addition the £6K to cover the parish loan was also moved into the deposit account. The deposit account balance therefore currently sits at £26,072.
Debtor management
There were a significant number of outstanding invoices from Aug-24 and before. This number is higher than usual because summer holiday club invoices were not sent out until September. However, aged debt (from Aug-23 and before) was at £6,143.47; £1,237 of this aged debt has been written off this year.
Looking forward
There are less children enrolled in preschool for this financial year than at this point last year, although this number is rising. Both preschool and OOSC numbers need to be an area of focus to see how we can reach out to more families, to ensure that we are making a profit each term. The summer holiday club in Jul/Aug-24 was once again successful.
Smarties has a business model to predict costs, taking account of required staffing levels, which is reviewed on a termly basis. I am predicting a small loss in autumn and spring term, which will be covered by the profit made this year, but a profit overall for the Sep-24 to Aug-25 year, assuming numbers increase as expected for preschool & that we convert some of the adhoc bookings in OOSC
to fixed bookings. I am confident that Smarties will continue to be able to meet its bills and commitments as and when they fall due in the year ahead.
We believe that smarties will be able to meet its financial responsibilities for the year ahead.
Smarties Pre school and Out of School Club
Income and Expenditure Account
For the year ended 31 August 2024
Smarties Pre school and Out of School Club
Year ended 31 August 2024
Client approval Certificate
We approve the financial statements and confirm we have made available all relevant records and information for their preparation.
Jon Satinet …................................................. Gon Satine
23/06/25 Date…...........................................
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SMARTIES PRE-SCHOOL AND OUT OF SCHOOL CLUB
Independent examiner's report to the trustees of Smarties Pre-School And Out Of School Club
I report to the charity trustees on my examination of the accounts of Smarties Pre-School And Out Of School Club (the Trust) for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
….............................................
Giovanni Ruggieri
Building 18, Gateway 1000 Whittle Way, Arlington Business Park Stevenage
Hertfordshire
SG1 2FP
Date
| Smarties Pre-school and Out of School Club Income and Expenditure summary for the year ended 31 August 2024 Income_Fees_ Funding HAF Funding Pre-School fees (non-funded) Out of school Holiday Club Furlough Income Grant Income Donations Fundraising Interest received Shopping Income Uniform Other Revenue Total income Expenditure Adverts BT & Internet Building consumables Bad debts Course fees (inc CCC, Parents First Aid & Safety Course) Cleaning including deep clean General Repairs Fundraising costs Insurance & Ofstead registration fee Mileage & Travel costs Misc (inc DBS checks, petty cash, expenses) New Equipment (Server & Lap Top) Out of school holiday club costs Post & stationery Professional fees including payroll charges and Xero Rent Electricity bill Annual subscriptions Accountancy Shopping (Food & Drink) Supplies (inc craft, cooking & general) Entertaining EYPP & DAF costs Uniform (children & staff) Forest School Expenses Wages Pensions Health & Safety Hall Hire IT Costs Total expenditure Surplus income over expenditure Cash balance brought forward Add surplus income for the year Deposit account Current account Petty Cash Accrued Income Trade Debtors Trade Creditors Income in advance Paye Payable Pension payable Loan- SM Parish Council |
£ £ 67,879 14,874 13,342 49,459 15,803 161,356 - 139 1,500 131 1,771 163,127 88 1,078 1,237 2,523 684 299 243 852 273 984 46 3,376 495 377 4,398 5,113 984 4,863 5,859 71 120,757 1,813 55 72 1,591 158,128 4,998 43,578 4,998 48,576 26,072 27,538 84 - 21,091 3,137 - 15,133 - 1,286 - 653 - 6,000 - 48,576 2023/24 |
2022/23 £ 61,286 19,702 6,510 41,519 18,007 - 1,438 182 1,305 14 10 - 6 38 652 - - 1,583 461 73 328 1,033 - 1,925 565 963 310 876 4,038 5,949 2,835 666 4,629 3,393 400 - 790 - 105,038 943 43 144 747 11,556 32,022 11,556 43,578 16,941 29,694 11 - 6,851 6,143 1,244 - 8,797 - 6,000 - 43,578 |
£ 147,024 2,954 149,978 138,422 |
|---|---|---|---|
Smarties Pre school and Out of School Club
Income and Expenditure Account
For the year ended 31 August 2024
Smarties Pre school and Out of School Club
Year ended 31 August 2024
Client approval Certificate
We approve the financial statements and confirm we have made available all relevant records and information for their preparation.
Jon Satinet …................................................. Gon Satine
23/06/25 Date…...........................................
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SMARTIES PRE-SCHOOL AND OUT OF SCHOOL CLUB
Independent examiner's report to the trustees of Smarties Pre-School And Out Of School Club
I report to the charity trustees on my examination of the accounts of Smarties Pre-School And Out Of School Club (the Trust) for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
….............................................
Giovanni Ruggieri
Building 18, Gateway 1000 Whittle Way, Arlington Business Park Stevenage
Hertfordshire
SG1 2FP
Date
| Smarties Pre-school and Out of School Club Income and Expenditure summary for the year ended 31 August 2024 Income_Fees_ Funding HAF Funding Pre-School fees (non-funded) Out of school Holiday Club Furlough Income Grant Income Donations Fundraising Interest received Shopping Income Uniform Other Revenue Total income Expenditure Adverts BT & Internet Building consumables Bad debts Course fees (inc CCC, Parents First Aid & Safety Course) Cleaning including deep clean General Repairs Fundraising costs Insurance & Ofstead registration fee Mileage & Travel costs Misc (inc DBS checks, petty cash, expenses) New Equipment (Server & Lap Top) Out of school holiday club costs Post & stationery Professional fees including payroll charges and Xero Rent Electricity bill Annual subscriptions Accountancy Shopping (Food & Drink) Supplies (inc craft, cooking & general) Entertaining EYPP & DAF costs Uniform (children & staff) Forest School Expenses Wages Pensions Health & Safety Hall Hire IT Costs Total expenditure Surplus income over expenditure Cash balance brought forward Add surplus income for the year Deposit account Current account Petty Cash Accrued Income Trade Debtors Trade Creditors Income in advance Paye Payable Pension payable Loan- SM Parish Council |
£ £ 67,879 14,874 13,342 49,459 15,803 161,356 - 139 1,500 131 1,771 163,127 88 1,078 1,237 2,523 684 299 243 852 273 984 46 3,376 495 377 4,398 5,113 984 4,863 5,859 71 120,757 1,813 55 72 1,591 158,128 4,998 43,578 4,998 48,576 26,072 27,538 84 - 21,091 3,137 - 15,133 - 1,286 - 653 - 6,000 - 48,576 2023/24 |
2022/23 £ 61,286 19,702 6,510 41,519 18,007 - 1,438 182 1,305 14 10 - 6 38 652 - - 1,583 461 73 328 1,033 - 1,925 565 963 310 876 4,038 5,949 2,835 666 4,629 3,393 400 - 790 - 105,038 943 43 144 747 11,556 32,022 11,556 43,578 16,941 29,694 11 - 6,851 6,143 1,244 - 8,797 - 6,000 - 43,578 |
£ 147,024 2,954 149,978 138,422 |
|---|---|---|---|