2020-08-31-accounts - Marsh Gibbon Pre-School

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Trustees Annual Report Year End August 2020

Marsh Gibbon Pre-School has certainly had a year like no other. The impact of COVID-19 on the financial results of the Pre-School makes any year over year comparisons illogical. The impact has been across both costs and revenues.

The Autumn Term 2019 got off to a strong start with 37 children on role (vs. 26 children prior year). By Spring Term 2020 the numbers had increased further to 43 (vs. 37 prior year). Therefore, funding from Bucks County Council and parent fees meant the Preschool was in a strong financial position. Unfortunately, the closure of Preschool on 20[th] March 2020 meant all revenues ceased apart from the Early Years Funding from Bucks County Council.

So, year over year Funding is up due to the additional children whilst all other areas of revenue are down due to Preschool being closed. When Preschool re-opened in June 2020 it was only for 9 children and as fully funded children there were no incremental fees from parents. Therefore, fees from parents is down £9.6k but offset by Early Years Funding up £15.7K.

The staff worked tirelessly on fundraising prior to closure and did exceptionally well to raise nearly £3K in 1.5 terms. The Indulgence Evening in November again proved to be the most successful, generating £1.3K followed by Christmas activities that raised a further £0.5K.

Donations were up £0.5K as parents donated to support the PE and Musical Mini Activities taking place in Preschool.

Payroll expenses, the largest expense for the preschool at £98k was down £1k year over year as staff numbers and hours were at basic levels. There were no additional headcount or salary inflation during the year.

The biggest cost reduction was on premises as during the closure period the Village Hall was not in use and so the Preschool incurred no fees other than storage. When Preschool reopened in June it was only for 3 days per week rather than the usual 5. So, costs were down £6.7K vs. prior year. The Preschool did receive an increase in hire fees in January 2020 of 1.9%.

Likewise, closure and less hours in June led to reduced costs on consumables and catering. Snack could not be offered when Preschool re-opened. Costs on cleaning materials and PPE equipment increased over £100.

Training costs were up year over year as staff kept up to date on critical areas such as first aid, safeguarding, phonics and food hygiene and kept up with this training whilst the Preschool was closed.

The Preschool year finished with a deficit of £2.2k which is unfortunate when it was on track to make a surplus before COVID-19. Fortunately, the continuation of Early Years Funding and the savings the Preschool hold meant that the future of the Preschool was not at risk.

Whilst it is difficult to financially forecast 2020-21 the Trustees are confident with the strong, experienced Staff and Committee the Preschool will remain sustainable during these challenging times.

Marsh Gibbon Pre-School Income and Expenditure Account to 31st August 2020

Marsh Gibbon Preschool Balance Sheet 31st August 2020

Marsh Gibbon Pre-School Income and Expenditure Account to 31st August 2020			Marsh Gibbon Preschool Balance Sheet 31st August 2020
Income Fees from Parents Early Years Funding Training Grants Fund-raising Donations Registration and Admin Fees Uniform Sales Interest earned Gift Aid Other income Gross Income Expenses Gross Wages Employers NI contributions Direct Training Costs Payroll Admin Staff Expenses Premises Equipment and Consumables Catering Health & Safety (inc First Aid) Admin Expenses Memberships/subscriptions IT Bad Debts Depreciation Insurance Uniform purchase Misc Expenses Total Expenses Net Surplus/(Deficit)	Year Ended 31st Aug 2020 12,753 100,697 1,000 2,917 2,542 220 114 295 - 120,538 98,191 2,233 572 475 492 14,969 2,216 800 29 952 178 591 - 176 964 - - 122,837 -2,299	Year Ended 31st Aug 2019 22,404 84,922 4,000 3,630 2,056 540 159 79 - 296	Variance Current Assets -9,651 Cash 15,775 Current Account -3,000 Savings Accounts -713 National Savings Account 486 Fixed Assets -320 Managers Laptop -45 Deputy's Laptop 216 Storage Shed 0 Accumulated Depn -296 Uniform Stock Debtors 2,452 Prepayment (insurance) -1,232 Current Liabilities 75 Prepaid Income 227 Accruals 53 Creditors -394 -6,697 -1,853 Net Assets -608 -5 Set-asides and Contingency 129 2 Redundancy 183 Hardship Fund -15 3 months Running costs 0 138 -12 -0 Balance B/F -10,009 Surplus/Deficit for year Balance C/F 12,461	Year Ended 31st Aug 2020 1,413 10,482 51,155 1,034 1,039 613 639 -2,115 308 542 679 65,789 7,421 456 544 8,422 57,367 17,083 300 30,709 48,092 59,666 -2,299 57,367	Year Ended 31st Aug 2019
					2,792 12,598 54,869 1,026 1,039 613 639 -1,940 413 563 671
		118,086
		99,423 2,159 345 423 886 21,666 4,068 1,408 34 823 176 408 15 176 826 12 0			73,283
					11,677 1,589 351
					13,617

					59,666
					11,877 300 33,200
					45,377
					74,426 -14,760
		132,846
		-14,760			59,666

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name MARSH GIBBON PRE SCHOOL members of

On accounts for the year 31 AUGUST 2020 Charity no 1033338 ended (if any) Set out on pages (remember to include the page numbers of additional sheets)

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 August 2020.

Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report 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 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent I have completed my examination. I confirm that no material matters have
examiner's statement come to my attention in connection with the examination ~~(other than that disclosed below *)~~ which gives me cause to believe that in, any material respect:
the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts did not accord with the accounting records; or
• the accounts did 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.

Please delete the words in the brackets if they do not apply.

Signed: Date: 13 MAY 2020 Name: MELISSA STRANGE Relevant professional FCCA (Reg No. 0801768) qualification(s) or body (if any):

Address: GEROAN, WEST EDGE, MARSH GIBBON, BICESTER, OX27 0HA

Oct 2018

IER

Section B Disclosure

Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of any items that the examiner wishes to disclose .

Oct 2018

IER