## **Glenfall AGM Treasurers Report** ## **17[th] July 2023** ## **Financial Review** Cash at bank at the end of the previous financial year (May 2022) was approximately £17.5k and at the end of this financial year (May 2023) it was again approximately £17.5k, so remaining relatively static. This is a fantastic achievement considering the challenges faced and considering the renovation of the preschool fencing in August 2022, totalling around £3.5k. 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, meet any unexpected expenditure and acquisition of any new equipment. The amount held in the savings account currently remains unchanged from last year at around £10k. ## **This financial year (May 2022 – May 2023)** It has been a challenging year for Glenfall Preschool with an “inadequate” Ofsted grading earlier in the year. In May Ofsted returned for an unannounced visit and we received an improved grading of “Requires Improvement”, however we achieved good in 2 of the 4 key areas. The number of children attending the setting has not been at optimal levels, owing to the prior Ofsted inspection and therefore the income from grants and invoices has not been as much as we had forecasted. We have also spent significantly more on staffing this year as the staff worked hard to improve the Ofsted grading. However, we believe the preschool remains financially viable. ## **Spending:** There has been a huge effort to keep non-essential spending to an absolute minimum as we emerge cautiously out from the uncertainties of our Ofsted grading. In April 2023 we increased salaries for all staff members, to meet the rise in the national living wage and to reflect the differences in roles, responsibilities and grades. There’s been a few staff changes over the last 12 months. Sadly, we have said goodbye to Vicky McCormack and Victoria Ledger. We are however delighted that Melody agreed to become our Manager and is doing a sterling job and we were also able to employ Olivia, Sarah and Jess. We have also been grateful to Helen for her incredible work supporting SEN in the setting. ## **Income:** The number of children on the list for September 2023 is healthy and we anticipate being much busier for the coming year. From September we will be increasing the hourly rate for our fee-paying children to £6.85 (from £6.50). We are also changing the way we ask for voluntary consumables contributions in the hope that more people will contribute. In June we made the difficult decision to pause the services of our bookkeeper for a 6-month period in order to make some significant savings. We also employed the services of PATA payroll, which enabled us to cut some costs. The preschool organised some hugely successful fundraising events this year, including a Halloween party, bake sale, sweet cone sale and sponsored scoot, totalling almost £1000. ## **Challenges for coming academic year:** Emerging from this challenging period, we must remain mindful of staffing costs, particularly towards the beginning of the academic year while awaiting government funding payments and while not all places are filled. We will once again need to be mindful of any spending in 23/24, however we hope to be able to afford to purchase some new computing equipment later in the year. To ensure we have sufficient reserves, as recommended by PATA and the Charity Commission, we should aim to add some more money, ideally around £5k, to our savings account. In view of the increased interest rates we need to look at moving our reserves to an account with a higher rate of interest to maximise the preschool’s reserves. In September, we are planning to meet with Deborah Robinson at Early Years Business Support to formulate a new Business Plan. To close, a huge thank you to all staff and committee for your hard work over the last 12 months. Charl ftame: Chari numbgr: Glenfall Pffjschool 1054230 Pwk)d start dote 1st June 2022 Perod end dale... 31st Ma 2023 RECEIPTS AND PAYMENTS previo￿ year CuTrenl year RECEIPTS Nursery EduCat￿n Fundmig (Free for 3&4) Nursery EduCat￿n Funding (New for2) Chldren's fees MIN( refun Grants {specrfy) . Grant. Grant . FUndrai￿ng OonatK)ns Interest Other receipts Sub tol81 Income from the sale of @qu￿rnent TOTAL RECEIPTS 41851.04 24,186.48 25.809.42 2 032.65 25.56 66 398.07 57 031.94 £66 398.07 £57 031.94 Pr•vlous yoar Curr•nt y•ar AYMEM Enploymenl costs (gross pay + effpkJy8¢s NIC) Trainlng costs Prèmi$o9 (ront, hoat el¢) Subs¢npt*)n$ Insuran Arj￿N￿ls1raI10n R81reshm8nts 49 028.37 576.00 50 615.41 945.00 1365.00 105.00 396.32 313.44 6 685.72 134.14 23.74 82.52 204.52 Consumables (paint. paper alc) Fundrdlslng costs Other Sub total PuTthase¥ of of eqU￿rn￿nI and other assets TOTAL PAYMENTS 2 096.42 59 942.83 2 541.26 62,645.49 NET OF RECEIPT8 AND PAYMENTS Cash lunds. ￿c1_ depogl alc lasl yearend Cash funds. ￿Cl. deposit alc thls yearend (A4gC) £6 455.24 (D) 26 999.83 (C+D) £33 455.07 33 455.07 STATEMENT OF ASSETS AND LIABILITIES ots.. cash tunds include reservelcontigencyldèposlj accounts. Current value Cash fund$ iagree *ith the balance cl the ￿e￿ts ONI payffents alci Deblops owed to tht ¢ha￿ty0n the pe*th end d*e Va￿e of buildings and equipment IDJffenl or depre(#aled value) Liabilties (loans 2nd any other rnney owed on the p¢Th)d end datel 8S8Ots F+F+G41> 28 051.85 1372.81 235.44 5.615.50 (Fl (H) Signed on behalf of the twstee51corwniitee)'..NanE... Role .1 rta&'." Date...29103124............................................ CASH.. Current: 17.289.85 10.762.00 Petty Cash: TOTAL: 28.051.85 I CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Exaffliner s Report R•port to tho IN8t• /vFA￿ 142I4- Sc*qL On accourt• lor lh• y•ar erKled sr 3/ zuis Charlty no lit any) S•t out on pag I reporl to the trustees ￿ my eyaminalM)n of the aeLounts of the abov8 charity (Ihe Trusf) for the year 8rKled R￿PonsIbIlItIeS and ba•1• of r•port A5 the charws trusta88, w)u are responsibb8 for the preparatlon of the accounts hl acccKdance ￿th the requirements ol th8 Charlties Act 2011 Arf). I reFth In respect of my examinatTron of the Trust's ac(x)unts carrfed out under section 145 crf the 2011 Act and in carrying out my examination, I have follo4￿d all the applicable Directs'ons given by the Charity Cofflmisskjn under 8ecti(m 145(5Xb) of the A Independent tTP* r*arttys gross kn¢xTh exeè8d8d £250,(*￿ arml l am qualmad to examlnerf• statem•nt undertake the examination by being 8 qualif￿ nxrt*M of Ilnsert name of applicabkn listed bodyll. D•hte [ ] rfnoi appkable. I have coM￿eted my ewination. l &infim that no m8t8rial matters hava come to my attenti(w) in connedion with the examinatN?n (other than that disclosed below.) ￿lch gives m8 cause to believe that in, any material the accounlkng records wve•ept In a¢￿dan￿ V4lth sectbon 130 of the Charities Aci,. ( the accounts did•accord with the accountng records; or the accounts dida•c￿lpIY vlth Ihe applicable requirem8nts concerning the form and contenl of accounts sel oul in the Charftles {Pux)unts and Reports) Regula¢ion5 2008 Lther than any requ￿eMent that the aCC￿nts give a Irue ar￿ fairf view whith is not a matter considered as part of an independent examin8ticm. I have no COr￿rrts ond come a(Toss no oth8r matters in connection ith the examin8bon to ¥th￿h attention should be dravm in thi5 report in order to enable a proper understanding of the ac￿Unt8 to be reathed. . Please del8te w(*ds in th8 brnck8ts if they do not 8ppIy. Slgned: Nam•: Relgvant professlonal quallflcationlsl or body j/YA . IER Oct 2018 (If •nyl: Address: SZ 6%< Section B Disclosure Onty complete if the exarniner needs to highlight material matters of concem {$ee CC32. Independent 8xamination of charity acrnunt&" diroctions and guidanc8 ftjr examinefs). Oiv8 here brief details of any Itemj that the •xamlnar wl$he8 to dloclo•e. IER Oct 2018