Whirley Pre School Group Profit and Loss Statement April 2020 - March 2021
| INCOME | 2020-21 | 2019-20 | |
|---|---|---|---|
| Free Early Education Funding | £47,012 | £60,154 | |
| 1:1 Funding (SEN) | £2,160 | £3,996 | |
| Covid top up to funding | £5,139 | ||
| Fees | £7,242 | £7,622 | |
| Fees: ad hoc | £0 | £163 | |
| Fees: registration | £130 | £70 | |
| WRFU Milk Grant | £45 | £214 | |
| Bank interest | £14 | £78 | |
| Snack donations | £375 | ||
| Discretionary grant | £7,500 | ||
| £69,618 | £72,295 | ||
| Fundraising: | |||
| Easter raffle | £59 | N/A | |
| Cake sale | N/A | £13 | |
| Donations | £130 | £50 | |
| Summer disco | N/A | £71 | |
| Summer fair/raffle | N/A | £170 | |
| Harvest donations | £42 | £66 | |
| Autumn term disco | N/A | £47 | |
| Christmas cards | £52 | £14 | |
| Christmas fair | N/A | £78 | |
| Christmas decoration sales | £70 | ||
| Christnas raffle | £39 | ||
| Nativity donations | N/A | £25 | |
| Easy Fundraising / Amazon smile / paypa | £5 | £56 | |
| £397 | £588 | ||
| Uniform | £0 | £93 | |
| £0 | £93 | ||
| TOTAL INCOME | £70,015 | £72,976 | |
| EXPENDITURE | |||
| Wages | £43,886 | £58,976 | |
| Employer pension contributions | £394 | £442 | |
| Rent | £8,749 | £9,620 | |
| Waste collection | £510 | £502 | |
| Equipment & craft | £1,639 | £7,710 | |
| Snacks | £363 | £816 | |
| Insurance & ofsted fees | £950 | £949 | |
| Accountancy & payroll | £1,046 | £988 | |
| Staff training | £153 | £232 | |
| Disclosure & Barring checks | £104 | £152 | |
| Mobile phone | £0 | £20 | |
| Phone / broadband | £444 | £447 | |
| Advertising | £200 | £75 | |
| Misc | £212 | £632 | |
| Uniform | £24 | ||
| £58,675 | £81,559 | ||
| Events: | |||
| Leavers Trip | N/A | £124 | |
| Leavers pencil cases | £64 | £124 | |
| Leavers party & sports day | £33 | £104 | |
| Halloween | £2 | N/A | |
| Christmas books/party/nativity | N/A | £51 | |
| £99 | £403 | ||
| TOTAL EXPENDITURE | £58,774 | £81,961 | |
| NET PROFIT / LOSS | £11,241 Covid grants and Covid top up funding £12,639 NET PROFIT / LOSS taking into account receipt of Covid grants and Covid top up to funding -£1,398 |
-£8,985 Planned expenditure of surplus reserves £6,068 NET PROFIT / LOSS taking into account planned expenditure of surplus reserves -£2,918 |
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Treasurer’s Report (April 2020 – March 2021)
AGM 20/10/21
Prepared by Ellen Brown
Income
The 2020 to 2021 financial year (April to March) was not a typical year for the Pre School with significant disruption due to the Covid 19 pandemic. As a result, income from fees and Free Early Education Funding was significantly down on the previous year at just over £54,000 (compared with almost £68,000 the previous year). We are fortunate that our income from Free Early Education Funding enabled us to keep the Pre School open for keyworker and vulnerable children throughout lockdown and enabled us to retain all of our staff on full pay throughout the lockdown period. We lost all of our income from fees for the months of April and May and the majority of our income from fees for the months of June and July. For the majority of the Summer 2020 term, the Pre School was open for vulnerable children and the children of critical workers only. Prior to lockdown, we had expected numbers in the summer term to average 20 children per session but in July we had fewer than 10 children per session (42% capacity). Numbers remained low in the Autumn 2020 term, starting with an average of 11 children per session (compared with 15 per session the previous year) and remained low throughout the Spring 2021 term.
We were fortunate to receive a top-up to our Free Early Education Funding of just over £5,000 plus discretionary grants totalling £7,500 to support us through this difficult time.
From September 2020, we introduced a voluntary donation towards snacks and are thankful to our parents who donated a total of £375 during the Autumn and Spring terms – this covered our snack costs.
Fundraising, including further parent donations brought almost £400 in addition to this.
Total income excluding the Covid top up and grants was just over £57,000 and income including the grants was just over £70,000 (compared with almost £73,000 the previous year).
Expenditure
We kept tight control of our expenditure as we anticipated that it would take some time for our income to return to pre-pandemic levels.
We had to make the difficult decision not to replace our deputy who left just before we went into the first Covid lockdown and also to reduce total staff hours from the beginning of the Autumn term due to continuing low numbers.
As a result, we were able to keep total costs below £59,000. This meant that we were able to reserve the majority of the Covid grants to support us in our continuing recovery from the pandemic.
Reserves
Our reserves policy states that we should retain a minimum of £32,000 in reserves. This is based on our total cash assets at 1[st] August each year once all payments have gone in/out for that academic year.
On 1[st] August 2021, total cash assets were £49,370 (after deduction of the August wage liability). The excess will be used to support us in the ongoing recovery from the pandemic.
Forecast for the current financial year (April 2021 to March 2022)
The current financial year got off to a difficult start due to continuing low numbers. From Easter, we made the decision to open the Pre School on Tuesday afternoons. We hope that our increased opening hours will help to attract new families to the Pre School. For the current term, we have fewer than 9 children per session (35% capacity). This is expected to rise slightly after Christmas but the year is expected to run at a significant loss (approx. £7,000 loss). We have planned for this but need to consider how we can raise the profile of the Pre School to ensure numbers pick back up.