4 October 2022
Polstead Preschool Oxford
Chair Report for Academic Year 2021/2022
1. Overview
As ever, the academic year 1 September 2021 to 31 August 2022 has been a fun and busy time at Polstead Preschool. It is always a challenge to provide a safe, stimulating and fun environment for the children while at the same time meeting the requirements of the Early Years Foundation Stage (EYFS) and other relevant legislation. A challenge which the management committee and staff have excelled at over the year.
2. Financials
Polstead Preschool recorded a healthy surplus for the 2021/2022 academic year of £28,344 and as a result it was not necessary to increase fees for this year. Forecasts predicted only moderate increases to expenditure, most notably, staff salaries and rent, with no major expenditure items.
3. Staff
Polstead Preschool prides itself on its staff and remains committed to recruiting and developing highly skilled and competent professionals to ensure children are given the best opportunity to thrive whilst at the setting. There have been minimal changes to staff over the year with one early years practitioner leaving in September. A number of courses have been completed by the staff in the academic year in order to develop their skills and ensure compliance with legislation.
The supervisor is currently studying towards a masters degree, the deputy supervisor towards a level 5 childcare qualification and an early years educator qualified at level 3 and is now studying towards a level 4 qualification. This training is being funded by the preschool.
4. Admissions
Over the past three years Polstead Preschool has struggled to start the school year with high numbers of children due to very low numbers on the waiting list. Numbers do pick up through the year but this does cause a disruption to staffing levels and provides challenges in the settling in processes. A target has been set for the next academic year to raise our profile in the community by circulating pamphlets and advertising on the relevant websites.
Charity number: 1114438, Ofsted URN: 133989
Chair Report 2021/2022
Page 1 of 3
4 October 2022
| Month | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
|---|---|---|---|---|---|---|
| Children | Hours | Amount | Children | Hours | Amount | |
| Sep | 29 | 2,256 | £20,274 | 17 | 1,287 | £24,181 |
| Oct | 30 | 1,947 | £13,134 | 21 | 1,191 | £8,780 |
| Nov | 29 | 2,661 | £12,104 | 23 | 1,548 | £8,728 |
| Dec | 29 | 1,581 | £415 | 23 | 1,101 | £568 |
| Jan | 28 | 2,151 | £19,741 | 26 | 1,770 | £19,911 |
| Feb | 28 | 1,851 | £7,086 | 29 | 1,494 | £3,634 |
| Mar | 28 | 2,874 | £13,603 | 29 | 2,319 | £8,877 |
| Apr | 31 | 1,326 | £1,516 | 29 | 1,068 | £19,576 |
| May | 28 | 2,178 | £24,266 | 32 | 2,004 | £8,067 |
| Jun | 29 | 2,379 | £13,969 | 32 | 2,055 | £12,127 |
| Jul | 29 | 1,755 | £1,089 | 32 | 1,836 | £729 |
| Aug | 0 | 0 | £8,042 | 0 | 0 | £50 |
| Total | 28.91 | 22,959 | £135,239 | 26.64 | 17,673 | £115,228 |
5. Billing
The switch to emailed bills has been very successful and has allowed the preschool to reduce its expenditure on printer ink and paper, in addition to environmental benefits and efficiency improvements in the invoicing process.
6. Fundraising and Events
The year kicked off with a fantastic Nativity play. The event raised around £400 for the preschool and much enjoyment was had by all, especially the children.
Other events held were:
-
Christmas party
-
Sports day
-
Summer party
7. Investments
In the year, Polstead Preschool has made minor investments in preschool resources, for example, toys, stationery items, arts and crafts resources and learning kits, and, in conjunction with the St Margaret's Institute, is currently investing in the development of the outside area.
Charity number: 1114438, Ofsted URN: 133989
Chair Report 2021/2022
Page 2 of 3
4 October 2022
8. Summary
In summary the 2022 academic year has been a resounding success and the work done will ensure that Polstead Preschool remains well-regarded in the local community and will continue to be known as an excellent provider of childcare services.
Lastly, I wish to formally thank the staff, my fellow committee members and our wonderful parents for their passion and energy in making Polstead Preschool a valued and respected childcare provider in the community.
Will Fiennes Chair
Charity number: 1114438, Ofsted URN: 133989
Chair Report 2021/2022
Page 3 of 3
Summary
Polstead Preschool Oxford
Income and Expenditure
| 1 Sep 2021 to 31 Aug 2022 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 Accumulated Depreciation 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 Surplus (Deficit) |
2022 2021 |
2022 2021 |
|---|---|---|
| £70,918 £63,431 £440 £450 |
£62,375 £250 £51,174 £80 £880 £470 |
|
| £135,239 £115,228 £0 £0 £135,239 £115,228 |
||
| £318 £10,988 £1,587 £172 £532 £780 £1,812 £77,880 £6 £50 £11,925 £42 £205 £539 £60 |
£9,121 £596 £70 £696 £768 £406 £2,662 £57,969 £4 £100 £12,094 £341 £205 £317 £1,933 |
|
| £106,895 £87,281 £28,344 £27,948 |
Page 1
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 Deposits Refunded 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 2022 31 Aug 2021 |
31 Aug 2022 31 Aug 2021 |
|---|---|---|
| £99,740 £90,972 |
£70,778 £90,953 |
|
| £190,712 £161,731 £0 £0 |
||
| £318 | ||
| £0 £318 £190,712 £162,049 |
||
| £10,300 -£6,500 |
£3,500 | |
| £3,800 £3,500 £0 £0 £3,800 £3,500 |
||
| £119,972 £28,344 £38,597 |
£92,024 £27,948 £38,577 |
|
| £186,912 £158,549 £186,912 £158,549 |
Page 2
Summary
Notes to the accounts
For year ended 31 Aug 2022
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 on purchases, 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 £10,335 and for web services through Canalside Technology Limited (UK company number 11817774) to the value of £441.
- Ms Klara Fergusson is also a paid employee in the role of joint supervisor.
3. Income.
Income was significantly higher for the year due to increased numbers of attended hours, specifically afternoon hours. Hourly rates were kept at the same level as the previous year. Sales reflect the sale of T-shirts and various articles produced by the children to parents.
4. Staff costs.
| 2022 | 2021 | |
|---|---|---|
| Payroll – Salary & Wages | £66,267 | £51,012 |
| Payroll Employer Taxes & Deductions | £6,453 | £3,617 |
| Payroll – Employer's Share of Benefits | £5,160 | £3,339 |
| £77,880 | £57,969 |
Staff salaries were increased in April to cater for the increase to the minimum wage and living costs.
Page 3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF POLSTEAD PRESCHOOL, OXFORD (CHARITY No. 1114438) FOR THE YEAR ENDED 31 AUGUST 2022
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
22[nd] June 2023