Annual Report 2022 – 2023
Following on from the previous year in which our overall bank balance had been reduced by nearly 28%, 2022/23 also began as a difficult year financially due to three main elements: (1) the ongoing annual increase to the National living wage, (2) a lower than normal number of children attending and (3) the increased government funding not matching the increased running costs.
We have always been advised to keep a certain amount of money in reserve for any unforeseen circumstances that may result in temporary or permanent closure of our preschool facility, such reserve then being used for wages and/or redundancies. At the start of this year, we had actually reached this reserve level and potentially had some difficult decisions to make. An Emergency meeting was called towards the end of the year to discuss options for the future of Pre-school. The last resort – closure – was discussed but we were not going to give up without a fight; some more radical thinking was required.
The first major decision was to increase the opening hours from the following September to include wrap-around care both for pre-schoolers and for children from the local Primary school. The new opening hours would run from 07.30 to 17.30. Secondly, we also decided to take children from 1-year old. We increased our fees slightly and where possible, we reduced a small number of staff hours.
The main effects of these changes are unlikely to be seen before the following financial year but after advertising the proposed changes, there already appeared to be quite strong demand from parents and carers, who wished to make use both of the wrap-around care and our facilities for under 2-year olds.
By the end of the financial year, finances had stabilised somewhat and even resulted in a small gain to the current account. We believe that the changes implemented at the Preschool for 2022-23 allow us to look forward with some optimism to continued operation. We thank the committee and staff for their ingenuity, dedication and support to reach this outcome.
Lowdham Pre-School
Lowdham Village Hall, Main Street, Lowdham, Notts., NG14 7BD Registered Charity No. 1032534
Financial Statements for the Year Ended 31[st] August 2023
RECEIPTS and PAYMENTS ACCOUNT
| RECEIPTS and PAYMENTS ACCOUNT | ||||||
|---|---|---|---|---|---|---|
| RECEIPTS Fees Funding HMRC Grants, JRS, Refunds Breakfast Club Holiday Club FUNDRAISING RECEIPTS Brains Co-Op Other TOTAL RECEIPTS PAYMENTS Wages Holiday Club wages & expenses Pension Payroll Rent Refreshments Equipment Materials Fundraising costs Training course fees Petty cash expenditure Stationery, insurance and IT OFSTED and DBS fees Repairs Accountancy Sundries Advertising Uniform TOTAL PAYMENTS RECEIPTS Less PAYMENTS Reserves at 1stSeptember 2022 RESERVES at 31st AUGUST 2023 |
56709 69228 562 6285 5482 |
2023 138266 2108 |
31039 88499 275 7908 3769 |
2022 131490 2612 |
||
| 1430 - 678 112341 3038 5189 276 7903 3105 2307 502 1345 1541 220 425 538 |
1430 - 678 |
1708 - 904 |
||||
| 140374 | 134102 | |||||
| 115640 3670 4941 360 8067 1237 3666 626 3087 34 1433 432 425 67 99 |
||||||
| 138730 | 143784 | |||||
| 1644 25221 |
||||||
| (9682) 34903 |
||||||
| 26865 | 25221 |
Lowdham Pre-School
Lowdham Village Hall, Main Street, Lowdham, Notts., NG14 7BD Registered Charity No. 1032534
Financial Statements for the Year Ended 31[st] August 2023 (Continued )
| MONETARY ASSETS Cash in hand Bank current account Bank Deposit Bond TOTAL OF MONETARY ASSETS DEBTORS Breakfast Club fees OTHER ASSETS - NOT VALUED Various items of play equipment Computer and office equipment Stock of fleeces and Polo shirts Storage Shed LIABILITIES PAYE and National Insurance Supplies of materials and other expenses Rent - Holiday Club Wages - Holiday Club |
2023 2022 - - 26865 25221 - - 26865 25221 - - - - - - - - - - |
|---|---|
NOTES TO THE ACCOUNTS Transactions with Related Parties
During the year, no member of the committee received remuneration. (2022 - £ nil)
FINANCIAL STATEMENT
of
Lowdham Pre-School Lowdham Village Hall, Main Street, Lowdham, Nottinghamshire
Registered Charity No. 1032534
For the 12 months ended 31 August 2023
COMMITTEE: (at 31 Aug 2023)
BANK:
INDEPENDENT EXAMINER:
Tracy Howlett ( Chair ) Michaela Sparks Hannah Bebbington Rebecca King
HSBC 1 Victoria Road, Netherfield, Nottinghamshire, NG4 2LB
Dr Ian C. Kilpatrick PhD Brook Holm, Criftin Enterprise Centre, Oxton Road, Epperstone, Nottinghamshire, NG14 6AT
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LOWDHAM PRE-SCHOOL
I report on the accounts of the Trust for the year ended 31[st] August 2023, which are set out on pages 1 and 2 of Part B of the report.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiners report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Dr Ian C. Kilpatrick PhD Scientific Research Director Epperstone Nottinghamshire NG14 6AT
3[rd] May 2024