## Meeting Type: Extraordinary Annual General Meeting
Date: 5 January 2026
Location: 9 Charlbury Road, Oxford, OX2 6UX, Oxfordshire, United Kingdom Attendance
Anna Morris (Chair) Adriana Hughes (Supervisor) Klara Ferguson (Secretary) Hannah Myles-Cook (Parent and Treasurer)
No apologies were received.
## Purpose of the Meeting
The Chair confirmed that the meeting was called following the resignation of the Treasurer, Mike Kovacevich, effective from 30 December 2025. The purpose of the meeting was to appoint a new Treasurer with immediate effect.
## Treasurer Resignation and Appointment
The resignation of Mike Kovacevich was formally acknowledged and accepted. It was proposed, seconded, and unanimously agreed that Hannah Myles-Cook be appointed as Treasurer of Polstead Preschool with immediate effect. Hannah Myles-Cook will organise the handover of the Treasurer role with Mike Kovacevich, possibly online.
## Preschool Update
The preschool is currently doing very well. Staff have actively promoted the setting by distributing leaflets to local parent groups, the local library, and playgroups. The local primary school has also advertised available spaces in their newsletter. There are currently 21 children attending the preschool, with two new children starting this month. Afternoon sessions are becoming increasingly popular.
## Staff Updates
Adriana Hughes has completed her Master’s degree in Early Years Education (Level 7). Klara Ferguson is due to complete her Level 5 qualification within the next few months. Aleksandra resigned due to the length of her daily commute. Rebecca has been an excellent and active volunteer, providing valuable support with settling-in and general assistance across the setting. Hannah Kukhar continues to be a strong and reliable member of the team. Her communication in English has improved significantly, and parents frequently compliment her work and care towards the children.
## Events
The Nativity performance was a great success, with full attendance from parents and family members. Parents complimented the staff on the smooth organisation of the event.
Visits and Professional Support
Janice Harris, Early Years and Childcare Quality Improvement Advisor, visited the setting on 18 September 2025 and provided guidance on implementing changes to the EY framework, including policies, training, and safeguarding. A follow-up visit has been scheduled for 15 January 2026. Kim Costar, Safeguarding Locally Worker from the Central Team, visited the setting on 14 November 2025. This was a courtesy visit to share new links to helpful hubs that support parents and families.
## Policies
A new Oral Hygiene Policy has been published on the preschool website.
## Training
Adriana Hughes and Klara Ferguson have renewed their Paediatric First Aid training with St John Ambulance.
## New Plans and Proposals
Bank cards will be issued to both Adriana Hughes and Klara Ferguson to make purchases easier. A proposal was made to increase Adriana Hughes’ and Klara Ferguson’s working hours from 32.5 to 36 hours per week in order to manage current and additional responsibilities. Anna Morris will discuss a potential salary increase for both Adriana Hughes and Klara Ferguson in the near future. Mike Watkinson will continue to manage staff payroll. Adriana Hughes and Klara Ferguson will review how billing and admissions responsibilities fit within their current roles. It was proposed that Klara Ferguson’s salary be increased to match Adriana Hughes’ salary, with both holding the role of Supervisor.
## Bank Mandate Update
Anna Morris will organise for Hannah Myles-Cook’s signature to be added to the HSBC General Organisations Mandate Form, enabling her to formally begin her role as Treasurer.
## Committee Roles
All current committee members formally resigned and unanimously agreed to stand again in their designated roles. It was agreed that a further AGM will take place. Three parents have expressed interest in joining the committee and will take on additional roles at the next AGM.
## Meeting Close
There being no further business, the meeting was closed.
Minutes written by:
Adriana Hughes, Supervisor
Date: 5 January 2026
## **Polstead Preschool Oxford**
## **Income & Expenditure**
|**1 Sep 2024 to 31 Aug 2025**
**Income**
Council Funding
Fees
Registration fees
**Other Income**
Interest received
**_Total Income_**
**Operating Expenses**
Administration
Bank Charges
Computer and Internet Expenses
Food
Insurance
Meals and Entertainment
Ofce Supplies
Staf costs
Professional fees
Rent
Repairs and renewals
Subscriptions
Telephone and Broadband
Training
**_Total Operating Expenses_**
**_Proft / Loss_**|**2025**
**2024**|**2025**
**2024**|
|---|---|---|
||£66,097
£45,289
£600|£59,431
£35,569
£960|
||||
||£1,731|£0|
||**_£113,717_**
**_£95,960_**||
||£13,639
£62
£1,352
£1,158
£809
£0
£759
£64,399
£50
£9,459
£400
£84
£317
£200.40|£13,339
£60
£1,190
£919
£842
£145
£1,246
£63,929
£792
£12,838
£0
£84
£417
£6,304|
||**_£92,687_**
**_£102,104_**
**_£21,030_**
**_£6,144_**||
Page 1
Polstead Preschool Oxford
Page 2
## **Balance Sheet**
|**1 Sep 2024 to 31 Aug 2025**
**Assets**
**_Cash at Bank_**
POLSTEAD PL
POLSTEAD PLA
**_Total Cash at Bank_**
Other Current Assets
**_Total Other Current Assets_**
**_Non-current Assets_**
_Machinery, equipment, furniture &_
_fxtures_
**_Total Non-current Assets_**
**_Total Assets_**
**Liabilities**
**_Current Liabilities_**
Deposits
**_Total Current Liabilities_**
**_Non-current Liabilities_**
**_Total Non-current Liabilities_**
**_Total Liabilites_**
**Equity**
**_Retained Earnings_**
Unrestricted funds
Proft / loss for year
Special Reserves
**Total Retained Earnings**
**_Total Equity_**|**2025**
**2024**|**2025**
**2024**|
|---|---|---|
||£90,064
£95,125|£70,765
£93,393|
||**_£185,189_**
**_£164,158_**
**_£0_**
**_£0_**||
||£0|£0|
||**_£0_**
**_£0_**
**_£185,189_**
**_£164,158_**||
||£2,100|£2,100|
||**_£2,100_**
**_£2,100_**
**_£0_**
**_£0_**
**_£2,100_**
**_£2,100_**||
||£121,041
£21,030
£41,018|£127,185
-£6,144
£41,018|
||**_£183,089_**
**_£162,058_**
**_£183,089_**
**_£162,058_**||
**Notes to the accounts**
Page 3
## **For year ended 31 Aug 2025**
## 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 (Treasurer) for administration services to the value of £12,739 and for web services through Canalside Technology Limited (UK company number 11817774) to the value of £1,352. Trustees are now aware and addressing these large expenditures.
- Ms Klara Fergusson (Secretary) is also a paid employee in the role of Assistant Supervisor.
## 3. Income.
Income has increased due to an increase in numbers and also an increase in the Government funding. Staff had made enormous efforts to promote the nursery, doing local visits to playgroups, putting up flyers and distributing pamphlets. They also took a cut to wages for a short period.
4. Staff costs.
Page 4
||**2025**|**2024**|
|---|---|---|
|Payroll - Salary & Wages|£55,297|£54,814|
|Payroll - Employer Taxes & Deductions|£4,712|£4,788|
|Payroll - Employer's Share of Benefts|£4,389|£4,327|
||**£64,398**|**£63,929**|
## 5. Rent.
The Preschool makes use of the St Margaret’s Institute (SMI) premises, mostly the hall. Rates for the 12 months were: £75 per day, reduced to £37.50 per day due to the anxiety around finance created by Mike Kovacevich (Treasurer) when profits were down.
## 6. Training.
AH has completed her training at UCL, hence difference in numbers here. KF received First Aid training on 08/07/2025.
## 7. Reserves.
The reserves of the preschool are represented by the unrestricted and restricted funds. The total funds held by the preschool at the end of the year are £183,089. With a new Treasurer currently in place, there is a current ongoing review by the trustees on how funds should be held and spent to best support staff and pupils at Polstead Pre-school.
The charity maintains a policy of retaining a minimum of £65,000 in reserves as this is the amount which would be required for an orderly wind up of the preschool if it was required to cease trading for any reason. The trustees are conscious that there is a level of school roll below which the school is no longer financially viable and if the school roll falls below this level they will consider orderly wind up.
Page 5
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF POLSTEAD PRESCHOOL, OXFORD (CHARITY No. 1114438) FOR THE YEAR ENDED 31 AUGUST 2025**
## **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
26[th ] June 2026