dy of the Wy Pre-school ', Member of the Pre-school Learning Alliance Annual Report and Financial Statements 2023 - 2024 Registered Charity Number: 1033527
Our Lady of the Wayside Pre-school Annual Report and Financial Statements 202312024 Trust particulars Trustee's Annual Report (including Financial Review & Review of Major Risks) Statement of Financial Activities Bank Reconciliation Balance Sheet Independent Examiner's Report Registered Charity No.. 1033527
Our Lady of the Wayside Pre-school Year ended 31 August 2024 Trustees and Officers Laura Doyle Laura Doyle Chairperson l Trustee Treasurerrrrustee (overseeing the work of the Finance Officer) Vice-chairpersonrrrustee Secretaryrrrustee Stuart Kirk Katie Carton Committee Members: Kerry Casey, Kirsty Mott, Olivia O'Halloran. Independent Examiner Kevin Perfect Bank HSBC PIC 275 Stratford Road Shirley, Solihull B90 3AP Headquarters Our Lady of the Wayside Parish Hall 566 Stratford Road Shirley, Solihull B90 4AY Telephone Number: Email Address. Website.. Twitter Facebook 07474 743744 ourladyofthewaysidepreschool@gmail.com OLOWPreschool.com
OLOWPre
OLOWPreschool Ofsted Registration Number: 250105 Member of the Early Years Alliance (previously known as the Pre-school Learning Allian) Employers, Liability Insurers: Royal & Sun Alliance Insurance plc Page I Re.qi stered Charity No.. 103 J 527
Our Lady of the Wayside Pre-school Trustee's Annual Report Year End 31° August 2024 Structure. Governance & Management th Pre-school Leaming Alliance Constitution adopted 24 June 1993 and amended 1Th July 2011. Constituted by a committee of at least 6 officers. All committee members are elected during the Annual General Meeting by parents and guardians of children attending the Pre-school. (Last AGM Thursday 16 th November 2023 7.00pm in person). An enhanced DBS check (formally knovm as CRB) is undertaken for all new trustees, officers, staff, students and volunteers. Staff now register for the update seNice, when their DBS is due for renewal and it is our Pre-school Managerfs responsibility to check that they are up to date and in order. In addition to this all Committee members must register for the update service and complete an EY2 online with Ofsted. In line with Ofsted policies and procedures our elected Pre-school Manager, Ann Marie Brady is now the Nominated Person for our setting and this is registered with Ofsted. They are notified of any changes in arcumstances immediately. Objectives and Activities of our Group (Public Benefit): Our objective is to enhance the development and education of children under statutory school age by encouraging parentslcarers to understand and provide for the needs of their children through community groups. Our aim is to provide a happy environment in which the children feel safe and secure. Children should be able to learn, discover and experiment through play and structured leaming. At all times the children will be encouraged to develop their skills to their full potential in all areas of the Early Years Foundation Stage curriculum (including changes which came into force from 1st September 2021 and 41h September 2023). All families are welcomed and respected ft)r their ethnicity, culture or religion, home language, family background, special educational needs. disability, gender or ability. Achievements and Performance: We are experiencing reduced admission numbers and a reduction in the number of sessions each children attended each week, in part due to cost of living rises but also due to our opening hours, with many parents seeking settings with longer opening hours. This had a negative impact upon our income. We are unable to increase our opening hours due to the use of the Parish Hall by other hals users. Pe2 Reqistered Charity No.. 1033527
sl Funding for funded 3 and 4 year olds decreased from 1 April 2024 by 3.3 % , 25p per hour whilst funding for 2 year olds increased by 5.6 % , 28p per hour. This was not in line with the Consumer Prices Index (CPI) which rose by 2.9¥0 in the 12 months up to July 2024 or Minimum Wage increases which stood at 9.79 1 for workers age 23 and over, affecting all of our Pre-school workforce. Our team have continued to complete online training packages via Educare to keep their knowledge current. This training has included Safeguarding, Prevent Duty, Getting to Grips with EYFS, Infection Protection & Control and First to name a few. Our latest Ofsted inspection was on 18th April 2023 and we were all very pleased with our Good rating. The full report can be read.. htt s./lf iles.ofsted. ov.uklv1 Ifile150219282 We did not receive any donationslgrants during 2023124 but will continue to apply for external funding to buy new equipment and resources to engage our Pre-school children, encouraging them to leam through play. We did raise £622 through a school raffle and sale of photographs. Our occupancy rate for 2023124 averaged 71.3 % , which was in line with the occupancy in 2022123. This is in line with other similar settings as published by the Early Years Alliance. We have a blend of Nursery age and Pre-school age children. During 2023124 15 % of our children were of Nursery age. We continue to work closely with the local Family Information Service to support families who meet the government's criteria for 2 year old funding. We also continue to support families who are not eligible for SMBC funding, but are experiencing financial difficulties, which would mean without our support their children would be unable to attend our Pre-school. Our electronic journals which were launched in January 2019, have proved successful and promote our partnership with parents, who have immediate access to their child's learning. In addition they are able to contribute, by leaving comments and also upload their own observations from home. New features and functionality are added to increase interaction each year. This enables us to engage in conversations with chIldn about their lives outside of Pre-school., particularly beneficial to encourage communication skills. From 30th June 2020 and during lockdown our new website was launched. During 2023124 our website received 1,077 visitors. Our Facebook pages allow us to promote our services to our local communities, parents and carers. We have 221 friends on Facebook. We aim to post at least twice a week. Last year we launched our Instagram pages to allow us to promote Pre-school to a wider audience. In April 2016 we offered our staff the opportunity to join our new workplace pension scheme which is operated through NEST (National Employment Savings Trust). The scheme is open to all staff at any time and currently 2 staff members have joined. Page 3 Re.gistered Charity No.. 1033527
Financial Review (including reserves policy): At the end of each financial year, annual accounts are prodUd in the fomi of receipts and payments, including a statement of assets and liabilities. Projections for the coming year are based upon the previous accounts which provide the basis for the annual budget, which is reviewed and updated regulady throughout the year. A separate reserve account is maintained for contingency purposes, to cover unforeseen events andlor fluctuations in income & expenditure. Following bank interest being applied totalling £244.08 during the year, these reserves currently stand at £12,720.68. It is our intention to work towards gradually increasing these reserves further during the coming years to ensure that our group continues and has financial stability. Our aim remains to increase our reserves to £17,500, which equates to approximately 3 month's running costs/expenses. This will ensure that there is always sufficient working capital for the efficient running of our setting. Our reserves policy will ensure the group's continued financial viability., covering periods when the setting's income may drop below average for example. due to a late grant, temporary drop in child numbers, temporary dosure due to a pandemic or cover unexpected expenditure. We will continue to submit applications to Charitable TrustslFoundations to support the purchase of new resources and equipment. There are several schemes available, and the group will continue to maximise our efforts to apply for funding. Our applications for fvnding will be centred around introducing our Pre-school children to the joys of growing their own fruit, vegetables and flowers. All our fees have been reviewed and increased due to cost-of-living increases. We have filled 57¥0 of our sessions for 2024125 and the filling of our vacancies continues to be our priority as VE need increased numbers to cover our costs. Page 4 Registered Charity No. 1033527
Review of Ma'or Risks A significant risk to our charity is, and will continue to be, the rates of funding offered by the govemment. Currently we receive £5.02 per hour per 314 year old child, which does not cover our outgoings and only increased from £4.74 in Spring 2024. We will continue to review our fee policy and strive to attract greater numbers to enhan our income. The current cost of living crisis poses a significant risk to the group, with a further rise for the national minimum wage to £12.21, a rise of 6.7 % been announced by the government. An increase to employers Nl costs is estimated to cost the preschool an additional 4.5k per annum from 2025126. Our current projected losses are a threat to short-term financial security and coupled with inflationary pressures cannot be sustained in the medium to long term and must be addressed. Page 5 Re%istered Charity No: 1033527
Our Lady of the Wayside Pre-school Statement of Financial Activities Year ended 31 August 2024 COME 2023124 2022123 2021122 Pre-school Fees SMBC Funding Deposits Admin & Registration Fees Donations & Fund Raising Baiik Interest Received Pre-school Annual Trip Uniform Sales Miscellaneous £24,490.23 £47,216.16 £0.00 £440.00 £622.95 £244.08 £0.00 £428.50 £5.00 £22,962.34 £45,062.44 £0.00 £750.00 £4,454.10 £128.72 £308.00 £718.44 £91.50 £28,881.00 £26,245.02 £0.00 £870.00 £3,924.43 £6.36 £278.£0 £697.25 £0.00 TOTAL INCOME £73,446.92 £74,47S.54 £60,902.56 EXPENDITURE Wages TotAI Traiiiing Rent Resources & Equipment Insiirance, Membership¥ DBS & Phones Catering & Cleaning Fundraisiiig Costs Day Trip Staff & Childrens Uniform Garden Refurbishment £65,050.21 £0.00 £3,fj10.00 £1,129.77 £1,628.79 £64,124.83 £406.45 £2,530.00 £2,987.89 £1,934.61 £57.658.52 £584.06 £2,530.00 £4,838.70 £1,761.34 £792.75 £64.69 £600.00 £517.72 £44.77 £833.24 £0.00 £285.60 £567.32 £385.42 £918.10 £25.00 £154.55 £323.30 £97.43 Miscellxneous £206.37 £574.01 £600.94 TOTAL EXPENDITURE £73,545.07 £74,629.37 £69,491.94 Surplusl(Deficit) -£98.15 -£153.83 -£8,589.38 Page 6 Re4iStered Charity No". 103J527
Our Lady of the Wayside Pre-school Bank Reconciliation Year Ended 31 August 2024 Busines5 Money Manager Account: Opening Balance 01109123 £12,476.60 Interest Received Funds Transfers In Funds Transfers Out £244.08 £0.00 £0.00 Closing Balance 31108124 £12,720.68 Treasurer Account: Opening Balance 01109123 £9,322.16 Add ReIPtS Less Payments £73,202.84 £73,545.07 Cheques Written but not presented Cheques 2022123 prOSSed 2023124 £0.00 £0.00 Funds Transfers In Funds Transfers Out £0.00 £0.00 Closing Balance 31108124 £8,979.93 Summary: Business Money Manager Account £12,720.68 Treasurer Account £8,979.93 Bank Total £21,700.61 Page 7 Registered Charity No. 1033527
Our Lady of the Wayside Pre-school Balance Sheet Year Ended 31 August 2024 2023124 Current Assets: Cash at Bank & In Hand Debtors £21,700.61 £21,700.61 Current Liabilities Creditors £0.00 £0.00 Net Assets Represented by: General Funds £8,979.93 Restricted Funds £12,720.68 £21700.61 Approved on behalf of the Trustees: Paul Williams (Finan Offir) Date 24.iJ.aZF Laura Doyle (Chairperson) Date Page 8 Re4istered Charity No.. IOJ3527
Our Lady of the Wayside Pre-school Independent Examinerfs Report I report to the trustees on my examination of the accounts of Our Lady of the Wayside Pre-school (the Trust) for the year ended 31st August 2024. Respective responsibilities of trustees & examiner 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,) Independent examinerfs statement In the course of 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. I have no COnrnS 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.. Name.. Kevin Perfect ACMA Relevant Professional Qualification.. Chartered Institute of Management Accountants Address. 65 Featherstone Cresnt, Shirley, Solihull B90 3RJ Page 9 Reqistered Charity No". 1033527