## **Section E – Financial Review** Brief Statement of the charity’s policy on reserves Cash at bank at the end of the financial year (August 2020) was approximately £15,000. We hold a sum in a separate reserve account as recommended by PATA to ensure that we have sufficient funds to pay staff costs/bills should our numbers drop, or we are unable to run for a period of time for any reason. This also ensures we have enough funds to cover any statutory liabilities should we need to dissolve the group, enables us to meet any unexpected expenditure, and also to enable the acquisition of new equipment. We aim to hold at least one terms running costs which we estimate to between £12,000 and £20,000. ## **Optional Information** Little Explorers principle source of funding is through the Government’s Nursery Voucher scheme. However, we are also in receipt of small sums of money raised by our Committee. Any additional appropriate funding is applied for on an ad hoc basis. ## **Section F – Other Optional Information** This financial year (April 2019 – August 2020) has been a difficult year for Little Explorers, but is currently sustainable with a Good Ofsted rating. ## **Spending:** New flooring has been installed throughout the playroom and cloakroom, of which we contributed £1,000. We have increased salaries for Sally, Carla and Becky to meet National Minimum Wage. No further pay rises were given due to insufficient funds. Due to COVID-19, all staff, with the exception of Melody and Jackie, were put on furlough with 80% of their wages being funded by the government furlough scheme. Government funding for preschoolers was granted during this period. ## **Income:** The waiting list for September 2020 is healthy and within government restrictions, we anticipate being fully booked for the coming year. During COVID-19 we were able to reopen Little Explorers on Monday 1 June 2020 to school starting children. This has meant that we have had no income from fee paying children during this time. The Committee have worked hard to fundraise to help enhance our income, which has been very much needed due to lack of funds from paying children’s places. William’s Cycles have donated two balance bikes and the Government have awarded Little Explorers £496.00 from the COVID fund. ## **Challenges for coming academic year:** As COVID-19 has the potential to continue to disrupt our operating procedures and opening abilities it is important that we have a plan in place to recover loss of income from fee paying children. Additionally there is the potential for Prestbury Parish Council to increase rent as this has not happened for a number of years. There is also a need to complete a review of staff wages as the increase to meet National Minimum Wage has resulted in there being little difference between grades and those with more responsibilities. Charity name: Little Explorers @ Pavilion Receipts and payments accounts for the period Period start date 1st April 2019 Period end date......... RECEIPTS AND PAYMENTS Charity number: 1052304 31t August 2020 Previous year Current year RECEIPTS Nursery Education Funding (Free for 3&4) Nursery Education Funding (New for 2) Children's fees Milk refund Grants (specify) ................... ............. Grant............................................... 37,738.42 63,140.09 8,917.03 8,434.93 496.00 446.00 24.00 Fundraising Donations Interest Other receipts Sub total Income from the sale of equipment TOTAL RECEIPTS 165.00 46,820.45 72,541.02 46,820.45 72,541.02 Previous year Current year PAYMENTS Employment costs (gross pay + employer's NIC) Training costs & petrol Premises (rent, heat etc) bt & wifi zoom Subscriptions Insurance Administration Refreshments Consumables Cleaning & PPE (paint, paper etc) Premises expenses Fundraising costs Flooring to Council new wooden bookcase end of term boogie beats and art staff uniform Other Sub total Purchases of of equipment and other assets TOTAL PAYMENTS 50,947.96 183.61 4,200.00 625.40 175.00 557.27 581.00 63,243.66 252.00 5,670.00 1,186.43 1,456.42 557.27 320.11 711.59 3.341.36 1,085.68 309.28 150.00 1,000.00 864.56 304.16 426.75 203.35 77,029.67 115.00 61,438.19 (B) £61,438.19 £77,029.67 NET OF RECEIPTS AND PAYMENTS (A-B=C) -£14,617.74 Cash funds. incl. deposit alc last year end (D) 41,808.00 Cash funds. incl. deposit alc this year end (C+D) £27,190.26 4,488.65 4,488.65 STATEMENT OF ASSETS AND LIABILITIES 'Note: cash funds include reservelcontigencyldeposit accounts. Current value Cash funds (agree with the balance of Ihe receipts and payments alc) Debtors (money owed to the charity on the period end date) Value of buildings and equipment (current or depreciated value) Liabilities (loans and any other money owed on the period end date) (H) Net assets (E-F+G-H) (E) (F) (G) 30,090.93 25,075.00 £55,165.93 bignea on Denair OT Ine Signed,P.ff... rfo3cL. (i Date................ siees (commiiiee): .Kknt*.(J4ame.................. ..Role.Ckn! Independent Examiner's Report on the Accounts y¢(ji%:n Repoft to the trustees/members ol (hMHy Nime rrLC FhviLJO UnFJt] IIUSFIFJJfl Set out on pages (iemernkn lo hxWe Ihe page ￿Mbe1% d adthtsofial sheets) ospfftive respmslbllltles of trustees and examiner The charity's trustees are responsible for the pieparation of the accounts. The charitfs trustees consider Ihat an audil is not cequired for this year under seclion 144 01 the Charities Act 2011 (the Charltles Act) and that an independent examinalion Is needed. It is my responslbility to: examine the accounts under sectlon 145 of the Charltles Art, lo follow the proceduies lald down In the general Directions given by the Chaiity Commlsslon (under section 145(S)