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← Hitherfield PTA

2024-03-31-accounts

Hitherfield PTA Financial Highlights 2023/2024

The financial results for 2023/24 (financial year ended 31 March 2024) are presented at the AGM on 11 October 2024. Here are the key financial highlights:

The above figure shows a year-on-year increase in income. The total income generated shows an approx. £3k increase from the previous year. The fundraising costs have increased but not significantly. The fundraising surplus remains a significant and healthy figure of nearly £23k. The charitable expenditure shows at £27k, which include an invoice for approx. £13k issued in March 2023 (financial year 2022-23) whose cheque was cleared in September 2023 (financial year 202324).

the £27k of funding to Hitherfield Primary School in 2023/2024 have been allocated for the followings:

In addition to the above, the PTA funded reading and handwriting books, assessment materials and outdoor equipment which, as explained above, had been invoiced for during the financial year 2022/23 although funds only left our account in September 2023. Details below:

As of 31 March 2024, the PTA continued to be in a strong financial position with reserves of nearly £36k, and the capacity to accommodate future funding requests from Hitherfield Primary School.

During the current financial year (2024-2025), the PTA has already provided, approved and paid for a further £29k of funding to Hitherfield Primary School for the followings:

In addition, we are still expecting two invoices, Y6 floor replacement and Panto, which were approved yet to be issued.

As of today, the level of reserves stands at approx. £26k (Panto and Y6 floor invoices to be detracted from this figure). The PTA is in discussion with Hitherfield Primary School on how the remaining funding could be best utilised. The PTA has already committed to fund:

Due to the PTA exceeding the £25k Income threshold, the 2023-2024 accounts will require an independent examination. This process will be completed in the coming weeks before the accounts are filed with the Charity Commission.

A huge thank you to everyone who supports the PTA and to the volunteers who dedicate their time to help the committee members during events and fairs. The volunteers’ help remains hugely appreciated and essential for the successful outcome of each event. Thank you to the 2023/2024 PTA committee members who have dedicated their time and effort to find the best ways to raise money and support the school financially. As we all know, the financial support provided by the PTA is ever more important as schools such as Hitherfield face challenging funding gaps.

The statement of Income & Expenditure and the Balance Sheet for the Financial Year Ended 31 March 2024 is presented overleaf.

Income & Expenditure for the year ended 31 March 2024

Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024 Income & Expenditure for the year ended 31 March 2024
2023/24 2022/23
£ £
Income
Event Fundraising & Donations 31,498 31,625
Easy fundraising 948 604
Other income -
Estate Agent boards 2,465 0
Total Income 34,911 32,229
Expenditure
Running Costs
Event supplies 11,832 11,655
Insurance (Parentkind) 140 140
Charity Donation 26 26
11,998 11,821
Charitable Expenditure - School Funding
Y1 Canopy 13,188 0
Reading books 5,000 0
Handwriting books 3,000 0
Assessment materials 3,000 0
Outdoor Y1 equipment 2,855 0
Other - 12,622
-
-
27,043 12,622
Total Expenditure 39,341 24,443
Net Surplus / (Deficit) - 4130 7,786
Balance Sheet as at 31 March 2024
2024 2023
£ £
Assets - Cash at Bank & In Hand
Bank Statement balance on 31
March		 35,987 40,118
PayPal balance on 31 March - 0
Total Assets at 31 March 35,987 40,118
Liabilities at 31 March (811) (14,453)
Net Assets at 31 March 35,176 25,665
Unrestricted Reserves as at 31
March		 35,176 25,665
Income
Cash Inflows HSBC
PayPal Balance at 31 March 2023
Less PayPal Balance at 1 April 2021
Less takings for MacMillan (not PTA income)
Less takings for Ummah Welfare Trust (not PTA income)
Less Eid Fair Float re-banked
Less Xmas Fair Float re-banked
Less Summer Fair Float
Total Income
Income per accounts
Difference
Expenditure
Cash Outflows HSBC
Less Payment to MacMillan
Less payment to Ummah Welfare Trust (not PTA income)
Less Eid Fair Float
Less Xmas Fair Float
Less Summer Fair Float
Total Expenditure
Expenditure per accounts
Difference
Assets
HSBC Bank Account Balance
PayPal
Liabilities
Unpresented Cheques		 2023/2024
42,853
0
0
(361)
(1,671)
(1,155)
(2,210)
(2,545)
34,911
34,911
(0)
(46,984)
361
1,671
1,155
2,210
2,545
(39,041)
(39,041)
0
2024
2023
35,987
40,118
0
0
35,987
40,118
(357)
(357)
(357)
(357)

Net Assets
Net Assets
Reconciliation
Opening Net Assets
Surplus / (Deficit)
Closing Net Assets
Net Assets Per Accounts
Difference		 35,630
39,760
39,760
30,202
(4,131)
(10,814)
35,630
19,388
35,630
39,760
0
20,372

Difference

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Report to the trusteesl members of Hitherfield PTA On accounts for the year ended 311031202 Charity no (if any) 1102808 Set out on pages I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 3110312024 Responsibilities and basis As the charity's trustees, you are responsible for the preparation of the 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 examiner's trhe charity's gross income exceeded £25,000 and l am qualified to statement undertake the examin'ation 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 conceming 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: Io. i.loLr Name: ÉNJ I Relevant professional qualification(s) or body (if any): Ci Mli IER Oct 2018

Address: 71 tYJNNJIoNJ fvc Zi 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. IER Oct 2018