## **Polstead Preschool, Oxford**
## **Chair's Report for Academic Year 2019/20**
## _**Overview**_
It's hard to look much further than the Coronavirus outbreak which led to the closure of all schools and preschools at the end of March 2020. During the lockdown period, staff kept in touch with children and parents via email and video; we even managed to produce a School Photo featuring all the children holding up letters and numbers at home. We were greatly assisted during this period by advice from the Early Years Alliance, and by our close working relationship with our landlords the St Margaret's Institute (special thanks to our liaison trustee at the SMI, Liz Greenhall). Thanks to the furlough scheme and a significant reduction in rent payable to the SMI, the school's finances remained viable. When Early Years settings were given the option of opening again at the beginning of June, we sought the views of parents - only a tiny minority of our 26 families wanted their children to go back to school for the few remaining weeks of the summer term. Given this reluctance, and the fact that three out of our four staff members were considered at higher risk due to pre-existing conditions, we decided not to re-open in June but to focus our efforts on making the setting as safe as possible for the beginning of the new school year in September.
That summer closure meant we missed one of our two annual fundraising events (the Sports Day). We did however raise more than £850 from the Nativity Play event in December 2019, a significant increase on previous years. This was in large part due to Julie Baxter's inspired "sealed bids" raffle, the cake stall run by Leyla Najazfada, and the assistance of Jakob Theorell. As in previous years, we were grateful to receive a small grant
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from the Susan Kidd Charity, earmarked for help in providing resources for our ESL children.
Meanwhile, we renovated the outdoor play area, and cleared and consolidated storage including the balcony and cupboards. Following extensive discussions with the SMI through 2018/19, use of the shared space ran smoothly.
## _**Staff**_
As mentioned in last year's report, Polstead's greatest strength is its staff. This year saw a small change in our staffing: Delia followed her children to a new post at Cherwell School; Jude joined us a Preschool Assistant. Klara, Adriana, Kes and Jude coped with the immense challenges of March onwards with great resilience, and remained focused on the well-being of the children throughout lockdown. September/October 2020 has seen further staff changes, including new recruits - these will be covered in next year's report.
Joe Porter joined our Committee, and we had wonderful support from parents Leyla Najazfada, Jakob Theorell and Cate Blanco.
## _**Finance and Admissions**_
See separate note from our Treasurer Mike Kovacevich
## _**Summary**_
After lockdown in March 2020, our greatest fear was that children would not return to Polstead in sufficient numbers in September 2020 to make our school viable. So far, this fear seems to have been unfounded, but of course it remains to be seen whether (for example) academics will come from abroad to live and work in Oxford in the same numbers as before: we simply don't know how such changing patterns, post-Covid, will affect our
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numbers. Still, Polstead continues to benefit from its excellent location, reputation and word-of-mouth referrals.
Polstead has long been distinguished by the involvement of parents, not just on the committee but actually in the setting as helpers and at fundraising events like the Nativity Play and Sports Day. Clearly things have changed under the Covid protocols and it will be a challenge going forward to maintain/recreate the distinctive welcoming character Polstead has enjoyed as a parent-led charity.
William Fiennes
Chair
Polstead Preschool
November 2020
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Summary
## **Polstead Preschool Oxford**
## **Income and Expenditure**
|**1 Sep 2019 to 31 Aug 2020**
**Income**
Council Funding
Direct Public Support – Gifts in Kind
Fees
Fundraising
Registration Fees
Sales
**_Total Income_**
**_Total Cost of Goods Sold_**
**_Gross Income_**
**Operating Expenses**
Administration
Computer and Internet Expenses
Events
Food
Insurance
Meals and Entertainment
Office Supplies
Staff costs
Printing and Reproduction
Professional fees
Rent
Repairs & Maintenance
Subscriptions
Telephone and Broadband
Training
**_Total Operating Expenses_**
**_Net Income_**|**2020**
**2019**|**2020**
**2019**|
|---|---|---|
||£50,259
£52,623
£758
£840
£46|£22,192
£250
£57,365
£815
£1,240
£213|
||**_£104,525_**
**_£82,075_**
**_£0_**
**_£0_**
**_£104,525_**
**_£82,075_**||
||£6,940
£752
£539
£210
£768
£426
£1,313
£53,845
£241
£50
£8,395
£84
£317
£308|£4,071
£657
£240
£467
£759
£781
£47,069
£82
£118
£10,859
£20
£84
£317
£549|
||**_£74,189_**
**_£66,072_**
**_£30,337_**
**_£16,003_**||
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Summary
## **Balance Sheet**
|**Assets**
**_Cash and Bank_**
POLSTEAD PL
POLSTEAD PLA
**_Total Cash and Bank_**
**_Other Current Assets_**
**_Total Other Current Assets_**
**_Long-term Assets_**
Machinery, equipment, furniture & fixtures
**_Total Long-term Assets_**
**_Total Assets_**
**Liabilities**
**_Current Liabilities_**
Deposits Received
**_Total Current Liabilities_**
**_Long-term Liabilities_**
**_Total Long-term Liabilities_**
**_Total Liabilities_**
**Equity**
**_Retained Earnings_**
Unrestricted funds
Surplus for year
Special Reserves
**_Total Retained Earnings_**
**_Total Equity_**|**31 Aug 2020**
**31 Aug 2019**|**31 Aug 2020**
**31 Aug 2019**|
|---|---|---|
||£44,430
£90,944|£64,308
£39,103|
||**_£135,374_**
**_£103,411_**
**_£0_**
**_£0_**||
||£318|£318|
||**_£318_**
**_£318_**
**_£135,692_**
**_£103,729_**||
||£5,000|£3,500|
||**_£5,000_**
**_£3,500_**
**_£0_**
**_£0_**
**_£5,000_**
**_£3,500_**||
||£61,787
£30,337
£38,568|£45,784
£16,003
£38,442|
||**_£130,692_**
**_£100,229_**
**_£130,692_**
**_£100,229_**||
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Summary
## **Notes to the accounts**
## **For year ended 31 Aug 2020**
## 1. Accounting policies.
## 1.1. Accounting convention.
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard (FRS), the Charities Act 2011 and the requirements of the Statement of Recommended Practice (SORP), Accounting and Reporting by charities.
## 1.2. Taxation.
The Preschool is exempt from tax on its charitable activities and therefore unable to claim back VAT on purchases. The Preschool does pay tax, PAYE and NIC, on salaries.
## 1.3. Fund accounting.
Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified either as a restricted fund or an endowment fund. Restricted funds are those where the donor has provided for the donation to be spent in furtherance of a specified charitable purpose. Polstead Preschool’s restricted funds tend to result from appeals for specified purposes.
## 2. Trustee benefits.
The following trustees received payments in the year for services delivered:
- Mr MJ Kovacevich for administration services to the value of £6,340 and for web services through Canalside Technology Limited (UK company number 11817774) to the value of £354.00.
- Ms Klara Fergusson is also a paid employee in the role of supervisor.
## 3. Income.
Income was significantly higher for the year due to increased numbers of attended hours, specifically afternoon hours. There was a negative impact due to the Coronavirus pandemic which was largely minimised due to the CJRS and continued childcare funding. Sales reflect the sale of T-shirts and various articles produced by the children to parents.
## 4. Staff costs.
||**2020**|**2019**|
|---|---|---|
|Payroll – Salary & Wages|£47,361|£42,297|
|Payroll Employer Taxes & Deductions|£3,425|£2,872|
|Payroll – Employer's Share of Benefits|£3,059|£1,900|
||**£53,845**|**£47,069**|
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Summary
Staff salaries were increased in April to cater for the increase to the minimum wage.
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## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF POLSTEAD PRESCHOOL, OXFORD (CHARITY No. 1114438) FOR THE YEAR ENDED 31 AUGUST 2020**
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act), as amended by s.28 of the Charities Act 2006) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts (under section 43 of the Act, as amended)
• follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the Act, as amended), and
- state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with the General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements to:
• keep accounting records in accordance with section 41 of the 1993 Act; and
• prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
M Watkinson
Michael Watkinson MBE Charity Financial Consultant 1 Cote House Farm Cottages Cote, Oxon OX18 2EQ
14[th] June 2021