**Trustees Annual Report Year End August 2023**
Marsh Gibbon Pre-School has had another very busy and challenging year and the financials demonstrate the impact the cost of living crisis has had on both income and expenses.
The Autumn Term 2022 started with 34 children on role (vs. 28 children prior year) which is the highest it has started for some years. By Spring Term 2023 the numbers had picked up to 41 (vs. 39 prior year) and by Summer the numbers had climbed to 44 on role (49 prior year). The mix of 2 year olds in the Summer Term was not as high as last year at 10 (vs. 22 in the prior year) but was back to the usual level. In the second half of the Autumn Term extra session requests reduced and remained that way for the rest of the academic year.
Funding from Bucks County Council is up £9K vs. prior year. Within this the Preschool received £4.7K of SEN Inclusion Funding, SENCO Bursary and Higher Needs Funding. All of which have been reinvested to provide resources and staff where the funding has been targeted. In the Summer Term Preschool received an increase in Early Years Funding from BCC and 3 Year old funding increased to £4.77 per hour (previously £4.55) and 2 Year old funding increased to £6.36 (previously £5.79). This increase was very much needed with the rising costs that Preschool was incurring. Fees from parents were up £12K year over year, this is due to a strong Autumn Term of children on role and hours. Fees to parents were also increased £0.20 per hour year over year.
.
In other areas of income, Preschool was awarded the second part of an £1.5K apprenticeship grant and an £1,100 Workforce Grant which was invested in Staff Training. Donations were significantly down year over year by over £800 as the cost of living increases seem to have impacted parents making online donations.
Fundraising was slightly down year over year at £2.4K, the main fundraisers for the year were the Bingo night in November 2022 raising £676, and Christmas Activities £751. There was no sponsored Trike Ride this year which reduced fund raising in the Summer Term.
Payroll expenses, continues to be the largest expense for the preschool at £108K and is up a significant amount year over year (£18K). The cost of living increase and the large rise in the minimum wage meant that Preschool staff salaries had to reflect this impact. The increase in children in the Autumn and Spring terms also meant headcount increased by 1 and 2 bank staff were recruited.
Cost for premises is up year over year by £2.6K. In October 2022 the Preschool received a £1.50 per hour increase in the Hall hire costs to cover the rising utility costs. During the year the Preschool has also done some improvements to the garden area using the Tesco Coin Drop fundraising that was received in 2021 which due to Covid disruption had not been spent.
There have been increases across nearly all areas of costs. Equipment and consumables have increased £3.9K year over year as Preschool has utilised the inclusion funding to purchase additional resources as well as an overall increase in day to day essentials such as handtowels, soap and craft materials for the children.
In other areas of costs, the introduction of Tapestry to record the children’s learning, new Preschool phones and new staff uniform were all costs that were put off during the pandemic but were very much required.
Despite pursuing unpaid bills through the small claims court, the Preschool was forced to write off 2 bad debts amounting to £779. Despite this at the start of the new Autumn Term 2023 all outstanding debts from the 2022-23 academic year have been cleared.
The Preschool year finished with a small deficit of £961 (prior year surplus £5.8K), which, after a year of much needed investment in staff, the garden and resources is a stable position to be in. After achieving a surplus in the last 2 years this small deficit is of no concern as a prior year donation was able to be spent. The increase in funding from Bucks County Council should now help the cost increases the Preschool is having to absorb going forward.
Cash in the bank remains at a comfortable level of £37K in the current account to take the Preschool through the first half of the Autumn Term.
2022-23 has without doubt been a year of investment for the Preschool. The new Preschool leader has quickly assessed where areas of updating were required and utilising the funding we received to create some impressive new resources at Preschool. The Preschool is well staffed and ready to begin another successful academic year with the support of the Preschool Committee and Trustees.
## **Marsh Gibbon Pre-School Income and Expenditure Account to 31st August 2023**
|**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 2023**
52,560
92,780
2,600
2,438
328
160
20
60
-
-
**150,944**
112,123
1,407
1,165
600
1,424
23,429
6,289
1,118
251
562
322
1,356
779
-
1,080
-
1
**151,905**
-961|**Year Ended**
**31st Aug 2022**
40,433
83,813
1,500
2,650
1,171
360
57
7
-
-|**Variance**|
|---|---|---|---|
||||12,127
8,967
1,100
-212
-843
-200
-37
53
0
0|
|||**129,991**|20,954|
|||94,000
972
755
530
537
20,788
2,381
1,232
151
496
90
1,172
-
-
1,012
42
23|18,123
435
410
70
886
2,641
3,908
-114
100
66
232
185
779
0
68
-42
-22|
|||**124,181**|27,724|
|||5,809|-6,770|
## **Marsh Gibbon Preschool Balance Sheet 31st August 2023**
|**Marsh Gibbon Preschool**
**Balance Sheet**
**31st August 2023**||
|---|---|
|**Year Ended**
**31st Aug 2023**
**Current Assets**
Cash
1,350
Current Account
37,194
Savings Accounts
45,459
National Savings Account
1,043
Fixed Assets
Managers Laptop
1,039
Deputy's Laptop
613
Storage Shed
639
Accumulated Depn
-2,291
Uniform Stock
51
Debtors
191
Prepayment (insurance)
713
86,000
**Current Liabilities**
Prepaid Income
19,319
Accruals
579
Creditors
380
20,278
**Net Assets**
**65,722**
**Unrestricted and Designated Reserves**
Redundancy
17,275
Hardship Fund
300
3 months Running costs
37,976
**Designated Reserve**
**55,551**
Balance B/F
66,683
Surplus/Deficit for year
-961
**Unrestricted Reserve C/F**
**65,722**|**Year Ended**
**31st Aug 2022**|
||1,182
24,818
45,401
1,042
1,039
613
639
-2,291
136
1,770
773|
||75,121|
||7,789
399
250|
||8,438|
|||
||**66,683**|
||16,663
300
31,045|
||**48,008**|
||60,873
5,809|
||**66,683**|
**Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
**Report to the trustees** Charity Name Marsh Gibbon Preschool **On accounts for the year** 31[st] August 2023 **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 / 08 / 2023.
**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** ~~[The charity~~ ’ ~~s gross income exceeded £250,000 and I am qualified to~~ **examiner's statement** ~~undertake the examination by being a qualified member of [insert name of applicable listed body]].~~ ~~_Delete_ [ ]~~ ~~_if not applicable._~~
I have completed my examination. I confirm that no material matters have 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:** 08 June 2024 **Name:** MELISSA STRANGE **Relevant professional** FCCA (Reg. No. 0801768 **qualification(s) or body (if any):**
1
**Oct 2018**
**IER**
**Address:** Geroan, West Edge
Marsh Gibbon, Bicester
OX27 0HA
## **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** .
2
**Oct 2018**
**IER**