## **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:
- Preschool numbers were higher than anticipated and thus funding income and private income for preschool was greater than anticipated.
- 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.
- 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.
- Preschool non-funded income and out of school club provided £15K of additional income compared to prior year.
- Fundraising income this year was £1500.
- 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:
- 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.
- Rent and food costs were approx. 10% higher than previous years.
- 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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|
|---|---|---|---|