**Trustees’ Annual Report for the period From: 01/09/2023 Period start date To: 31/08/2024 Period end date**
## **Charity name: Magpie Pre-School Charity Registration Number: 115332811**
## **Objectives and Activities:**
|**Objectives and Activities:**|||
|---|---|---|
||SORP
reference||
|Summary of the purposes
of the charity as set out in
its governing document|Para 1.17|The charity works for the public beneft
having as its objective the
development and education of
children and young people, in
particular by: (1) promoting their care
and safety, (2) promoting their
education and promoting parental
involvement, (3) promoting their
health and wellbeing, (4) providing
services to support them and their
families and carers, (5) providing
services to individuals holding
membership of the CIO, and (6)
furthering the aims of the Pre-School
LearningAlliance.|
|Summary of the main
activities in relation to
those purposes for the
public beneft, in
particular, the activities,
projects or services
identifed in the accounts.|Para 1.17 and
1.19|Our main activity is to deliver the Early
Years Foundation Stage, within our
fully inclusive setting for 2 to 5-year-
olds,. In order to do this, we employ
childcare managers and practitioners
who undertake joint daily planning of
activities to meet the needs and
interests of the children attending our
setting. We deploy a key person
approach to ensure that the progress
and well-being of all individual
children is constantly monitored and
feeds into future planning. We ensure
that our staf are well trained and
therefore able to successfully meet
the needs of the children in our care.
We promote the importance of the
learning environment and endeavour
to make this as stimulating as
possible. We listen to the views of
children, parents and staf and use|
|||this feedback to inform our
improvement work. We accurately
assess our children and provide this
information to KCC as requested. We
develop positive relationships with
parents and carers and invite them
into our setting as observers or
helpers. We value all children as
individuals and celebrate Britain’s
diversity of culture of ethnicity. We
help the children in our care to be
happy and healthy. We have policies
and procedures in place for all
aspects of safeguarding, child
protection and health and safety, and
we use staf training days and
meetings to ensure all staf are fuent
in these. We follow the
recommendations ofered by our
Childcare Suficiency Oficer and the
guidance available from the Pre-
School LearningAlliance.|
|---|---|---|
|Statement confrming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
beneft|Para 1.18|In all of our work we (the trustees)
have regard to the guidance issued by
the Charity Commission on public
beneft.|
## **Achievements and Performance**
|Summary of the main
achievements of the
charity, identifying the
diference the charity’s
work has made to the
circumstances of its
benefciaries and any
wider benefts to society
as a whole.|Para 1.20|During the year, the charity provided a
safe, nurturing, and inclusive early
years setting for children aged 2–4,
many of whom come from families
who rely on government-funded
childcare places. As a not-for-proft
organisation, we have continued to
welcome all children, including those
who might not be accepted by more
commercially driven nurseries. This
ensures that families of all fnancial
backgrounds are able to access high-
quality early years education and care.
Recognising that the setting had
sufered from underinvestment in
previous years, the committee took
deliberate steps to improve the|
|---|---|---|
environment and overall quality of provision. These efforts included substantial improvements to indoor and outdoor spaces, investment in appropriate furniture and equipment, and a general uplift in the atmosphere and usability of the setting. These changes have had a transformational effect. Towards the end of the year, we reached full capacity and the setting is no longer viewed as a last resort for childcare, but as a setting of choice. We now serve a broad and diverse crosssection of our community, with children from different backgrounds mixing wonderfully in a joyful, engaging, and caring environment. The result is a setting that provides a genuinely happy and enriching start for its children — one that supports early learning, builds social confidence, and promotes inclusion and opportunity within the wider community.
## **Financial Review**
|Review of the charity’s
fnancial position at the
end of the period|Para 1.21|Expenditure exceeded Income by
£9,374.29 during this fnancial period.
However, this defcit refects the
trustee’s conscious decision to invest
from excess reserves into setting
improvements and in furtherance of
our charitable aims. These were
funded in part by £12,183.99
transferred from unrestricted reserves
to our current account during the
period (not all of which was,
ultimately, spent). When this is taken
into account, the preschool operated
with a modest underlying surplus of
£2,809.70, which marks a signifcant
improvement on the previous year’s
operatingfgures.|
|---|---|---|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|Our policy is to hold the equivalent of
a term’s funds as a reserve. (There are
6 terms within our fnancial year.) This
enables us to manage our cash fow
during the autumn months (Terms 1 &
2), when our income is signifcantly
lower. Where possible unspent
monies are also held in reserve to
cover unplanned as well as expected
maintenance costs of the building and
grounds. Restricted access reserves
are held in the savings account to
cover redundancy and other known
costs should there be an unforeseen
need to close thepre-school.|
|---|---|---|
|Amount of reserves held|Para 1.22|At the end of the period the balances
were:
HSBC Community Account
£14,122.13
HSBC Savings £21,318.96
Petty Cash £114.00
The Community Account is used for
day-to-day banking including payment
of overheads and salaries. It is the
account KCC funding payments and
fee payments are received into.
Reserves retained in the Savings
account are kept separate to cover
redundancy. Cash is held as a petty
cash balance for purchase of snacks,
stationary, art supplies and resources.
Although petty cash is not held as
cash but the amount is transferred to
the manager who records spending
andprovides receipts.|
|Details of fund materially
in defcit|Para 1.24|No funds are materially in defcit
currently.|
|Explanation of any
uncertainties about the
charity continuing as a
going concern|Para 1.23|The setting began this period with a
higher number of users than in
previous years and ended at full
capacity, refecting strong support
from both returning and new families.
In contrast, the previous period began
with an Ofsted grading of_Inadequate_,
which left thepre-school unable to|
|access funding from Kent County|
|---|
|Council (KCC) for the frst two months,|
|as explained in our 2022/23 return.|
|The prior years had also been marked|
|by the uncertainty of the Covid|
|pandemic and its aftermath.|
|As a result, the setting had seen no|
|signifcant investment or improvement|
|for several years. It had begun to look|
|somewhat drab, and the committee|
|felt this contributed to reduced overall|
|attractiveness and, ultimately,|
|underutilisation.|
|This year, the committee secured a|
|£2,500 grant from Bupa specifcally for|
|improvements to the outdoor area. In|
|addition, we identifed unrestricted|
|reserves that could be deployed|
|toward broader improvements to the|
|physical environment and resources.|
|These included:|
|•
**Signifcant upgrades to**|
|**outdoor spaces**, including the|
|purchase and construction of a|
|roofed pergola and seating area|
|to create an all-weather|
|outdoor learning and play|
|space.|
|•
**Clearance and tidying of the**|
|**forested area**behind the|
|setting, making it safe and|
|usable. This created a shaded|
|outdoor learning area for|
|summer use, and a stimulating|
|environment year-round.|
|•
**Interior redecoration**, which|
|was long overdue.|
|•
**Purchase of new,**|
|**appropriately sized furniture**|
|for 2–4-year-olds. Previously,|
|children were eatingfrom|
|tables that were too high, even|
|---|
|when seated on chairs that|
|were themselves oversized —|
|which was not conducive to|
|comfortable mealtimes or|
|table-based activities like arts|
|and crafts.|
|•
**Purchase of air conditioning**|
|**units**to provide relief during|
|heatwaves, especially in|
|June/July and early September.|
|•
**Replacement of a wastewater**|
|**drainage pump**.|
|•
**Purchase of various white**|
|**goods**to support staf, most|
|notably a new washer-dryer.|
|These improvements are refected in|
|this year’s accounts under total|
|expenditure. While this led to a**defcit**|
|**of income over expenditure**and a|
|reduced year-end cash balance, it|
|represents a**strategic use of reserves**|
|in line with our duty to maximise the|
|beneft of funds for our current and
future benefciaries.|
|The setting is much improved as a|
|result, and the committee does not|
|anticipate similarly high levels of|
|expenditure in the near future.|
|The committee has no concerns|
|regarding the setting’s status as a|
|**going concern**.|
## **Additional Information (optional)**
|The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|The charity’s principal sources of
funds are fees collected from children
(mainly aged 2 years) attending the
Pre-School and income received from
KCC for those children aged 3 and
above who are entitled to funded|
|---|---|---|
sessions. We receive a smaller amount of funding in total for children identified as FF2 and, separately, extra provision for specific children identified
**Structure, Governance and Management**
|Type of governing
document|Para 1.25|Constitution Document|
|---|---|---|
|How is the Charity
Constituted|Para 1.25|CIO|
|Trustee selection methods
including details of any
constitutional provisions
e.g. election to post or
name of any person or
body entitled to appoint
one or more trustees|Para 1.25|Members of the preschool (i.e family
members) may ofer to become a
trustee at any point though are invited
to put themselves forward at the AGM.
Trustees are appointed by existing
committee members/trustees.
Associate members may also be
accepted by the charity where they
can ofer support to the pre-school
and contribute to ensuring and
obtainingthe charitiesgoals.|
## **Additional Information (optional)**
|Policies and procedures
adopted for the induction
and training of trustees|Para 1.51|Trustees complete DBS checks in line
with statutory requirements. Trustees
meet regularly (at least once a term),
are in email contact as necessary and
work collaboratively on all aspects of
the role. Induction and training take
place as part of our regular meetings.
Trustees are required to agree to and
sign a trustee Code of Conduct,
Confdentiality policy and Declaration
of Interest policy. Any confict of
interest must be shared before any
decision making and trustees may
need to abstain from voting if there is a
confict of interest. Trustees are also
provided an introductory level of
safeguarding training as non-childcare
volunteers. All trustees give their time
voluntarily and receive no benefts
from the charity.|
|---|---|---|
|The charity’s
organisational structure
and any wider network
with which the charity
works|Para 1.51|The Pre-School management
structure consists of a full-time pre-
school Manager who has overall
responsibility for the pre-school and
the stafing team. A Deputy Manager
leads on the foor supported by their
team to ensure the daily childcare and
safety needs are met. The Manager is
the Ofsted nominated person and also
is a trustee. The committee work
closely with the Manager to ensure all
requirements and legislation are met
and work together on staf
recruitment. Staf salaries are
reviewed by the trustees annually. The
Manager is excluded from discussion
of their salaryreview.|
|---|---|---|
|Relationship with any
related parties|Para 1.51|Where benefcial or appropriate, the
Manager and/or Trustees meet with
the Head Teacher and/or Early years
lead at Boughton Primary school.
Magpie pre-school is separate to, but
is situated with on the grounds of the
school.|
## **Reference and Administrative Details**
**Charity Name:** Magpie Pre-School **Other names the charity uses: Registered Charity Number:** 115332811
**Charity’s Principal address:** Magpie Preschool, C/O Boughton-under-Blean & Dunkirk Primary School, School Lane, Boughton-under-Blean, Faversham, ME13 9AW
## **For and on behalf of Magpie Preschool, by:**
**Justin Bradford Treasurer, Trustee**
**Tracie Corrigan, Manager, Trustee**
## **Magpie Preschool**
## **Financial Statement for the period 01.09.2023 to 31.08.2024**
## **Income** _**(excluding reserve transfers)**_
|**Category**|**Amount**|
|---|---|
|KCC Income (Early Years Funding)|£84,872.55|
|Fee Income (Parents)|£12,248.57|
|Grant Income|£2,500.00|
|Donations|£22.37|
|Interest|£565.94|
|**Total Income**|**£100,209.43**|
|**Expenses**||
|**Category**|**Amount**|
|Wages|£72,842.33|
|Improvements|£15,917.85|
|Utilities (Electricity/Water/etc.)|£6,181.25|
|Maintenance|£4,441.04|
|Pension Contributions|£2,556.23|
|Rent|£2,400.00|
|Insurance|£1,380.47|
|Petty Cash Reimbursements|£1,242.92|
|Supplies|£756.22|
|Subscriptions|£704.59|
|Staf Training|£402.00|
|Miscellaneous|£250.85|
|Staf Entertaining (Christmas)|£247.78|
|Children’s Entertainment|£154.50|
|**Category**|**Amount**|
|---|---|
|Banking Charges|£62.59|
|Ofsted|£35.00|
|Admin (DBS checking)|£8.10|
|**Total Expenditure**|**£109,583.72**|
## **Surplus Income Over Expenditure** _**(before use of reserves)**_
## **£(9,374.29) deficit**
_Note: The deficit reflects the trustees’ conscious decision to invest in setting improvements. These were funded in part by £12,183.99 transferred from unrestricted reserves to our current account (not all of which was ultimately spent). When this is taken into account, the preschool operated with a modest underlying surplus of_ _**£2,809.70**_
## **Statement of Assets as at 01[st] September 2023 (start of year)**
|**Asset**|**Amount**|
|---|---|
|HSBC Community Account|£11,878.36|
|HSBC Savings|£32,900.98|
|Petty Cash|£150.00|
|**Total Cash Assets**|**£44,929.34**|
## **Statement of Assets as at 31st August 2024 (end of year)**
|**Asset**|**Amount**|
|---|---|
|HSBC Community Account|£14,122.13|
|HSBC Savings|£21,318.96|
|Petty Cash|£114.00|
|**Total Cash Assets**|**£35,555.09**|
**Change in Assets: £(9,374.25)**
## **Treasurer’s Financial Report – 2023/24**
Prepared by Justin Bradford – Trustee and Treasurer
The academic year 1st September 2023 to 31st August 2024 was an important one for Magpie Preschool. It marked a period of continued post-COVID stabilisation, sustained community demand, and a series of purposeful investments into the setting.
## **Headline Financials**
Magpie Preschool generated a modest **operating surplus** in 2023/24, with **day-to-day income exceeding day-to-day expenditure by approximately £2,839.73** . This reflects a healthy operating position, and significant improvement on the operating position achieved the previous year.
We continue to operate on a not-for-profit basis. Surpluses are not retained for profit but reinvested to improve our services in line with our charitable objects — namely, to provide a safe, engaging and developmentally enriching early years environment for children in the local community.
## **Improvements to the Setting**
In 2023/24, the Trustees made a conscious decision to pursue and apply grant funding — and to supplement this with withdrawals from our unrestricted reserves — to fund a number of one-off improvements to the preschool’s physical environment and resources. These included:
- Upgrades to outdoor spaces, including pergola and seating area to create an outdoor classroom, and significant clearance/tidying of the forest area to create a cool, shaded outdoor environment for spring/summer use.
- Interior redecoration
- Purchase of new, more appropriate furniture (sized specifically for 2-4 year olds)
- Purchase of air conditioners
- Replacement of the drainage pump
- Purchase of various white goods to support staff
These improvements are reflected in the accounts as part of our total expenditure for the year. While this naturally reduces the year-end cash balance, it represents a **planned and strategic use of reserves** , in line with our duty to maximise the benefit of funds for our current and future beneficiaries.
## **Petty Cash and Year-End Position**
The preschool’s **petty cash system** continued to be managed responsibly, and was used for small incidental and consumables spending throughout the year. The **closing petty cash balance of £86.70** forms part of the preschool’s year-end cash holdings and has been recorded accordingly.
## **Looking Ahead**
Though not captured in the 2023/24 accounts, I can report that **Magpie Preschool has been at full capacity throughout the 2024/25 academic year to date** , and we expect it to be **our**
**highest-grossing year on record** . This reflects the sustained trust placed in us by local families and the hard work of our staff and leadership and, we believe, a return on our decision to invest in the setting during the 2023/24 academic year.
As always, the Trustees remain committed to prudent financial stewardship and to making informed, balanced decisions that protect the future sustainability of the preschool.
We are grateful to the families, grant-makers and community partners who have supported us during the year, and to our staff for their continued dedication.
## **Justin Bradford FPFS TEP**
**Treasurer**
**25-June-2025**
## **Independent examiner’s report to the trustees of Magpie Pre-school Trust**
I report to the trustees on my examination of the accounts of the Magpie Pre-School Trust (the Trust) for the year ended 31 August 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the 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 statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. Accounting records were not kept in respect of the Trust as required by section 130 of the Act;
or
2. The accounts do not accord with those records.
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.
Signed:
Name: Rebecca Ames
Relevant professional qualification or membership of professional bodies (if any): Chartered Accountant (Fellow of ICAEW)
Address: 5 Thistledown Crescent, Ipswich, Suffolk IP1 6FF
Date: 30/06/2025