The Cabin Pre-School CIO
Treasurer’s Report - AGM 27[th] November 2024
Financial period 1[st] September 2023 – 31[st] August 2024
I am pleased to confirm The Cabin Pre-School continues to be in a healthy financial position. In the year total income was £121,580 with total expenditure £100,914 meaning a good profit of £20,665.
Income
Total operating Income of £121,580 up 38.8% from £87,575 in 2022-23.
Early Years funded income (grants) was 43% higher than prior year, due to the adult-child ratio being maximised, plus additional funding to support children with additional needs.
Income from parents for unfunded hours fell 18% on the prior year, this was expected as funding was opened up to children aged 2 in the April by the government.
Interest income increased as result of moving reserves into better investment accounts.
Expenditure
The Total Expenditure of £100,914 increased by 20% on previous years of £83,619.
As expected, utility cost rose following increases to waste collections, water rates, phone costs and electricity costs.
Following a change in contract cater for hot lunches at the secondary school where we source our hot lunches, we now charge and pay the supplier for the lunches instead of parents paying them directly.
Toys and materials increased in line with resources needed to support the learning provided to the children.
Other expenditure was broadly similar to the previous year.
Staffing Costs
This will always be our largest expense. We always try to balance a strong work force with the adult:child ratio. All staff received pay rate increases in April following changes to the national minimum wage. The increase in cost of 21% on the prior year also reflects an increase in staff to cover the adult-child ratio required.
Fundraising and donations
| Fundraising and donations | Fundraising and donations |
|---|---|
| We supported local events including the village fete and Rally, plus once gain ran our bingo night. | |
| Village fete - bouncy castle | £222 |
| Bingo Night was another success raising | £1200 |
| Woodcote Rally | £1000 |
| SODC Grant | £994 |
Bank Accounts
Trustees opened two accounts with Shawbrook investments who were offering significantly better interest on the saving. £60,000 in 12 months fix of 4.3% and £15,00 on 60 Day notice at 3.3%. As cash assets are now above the threshold for deposit protection moving the money to a second institution now protects all the cash.
At the end of the year, we held:
CAF - (day to day operating):
£22,022
| CAF - (day to day operating): | £22,022 |
|---|---|
| Reserve Accounts – for contingency, redundancies and new building: | |
| CAF Gold | £21,070 |
| Shawbrook 12M Fixed: | £60,000 |
| Shawbrook 60 Day Notice: | £15,000 |
Prepared by: Helen Baker
Treasurer November 2024
| Profit and Loss | |||
|---|---|---|---|
| The Cabin Pre-School CIO | |||
| For the year ended 31 August 2024 | |||
| Account | 2024 | 2023 | |
| Turnover | |||
| Donations | 750.77 | 1,046.98 | |
| Fundraising & Donations | 4,264.95 | 2,080.26 | |
| Grant Vouchers | 100,677.90 | 69,419.87 | |
| Hot Luches | 2,165.30 | 92.00 | |
| Interest Income | 2,239.78 | 746.06 | |
| Parents Fees | 11,457.18 | 14,124.48 | |
| Uniforms | 25.00 | 66.00 | |
| Total Turnover | 121,580.88 | 87,575.65 | |
| Cost of Sales | |||
| Advertising & Marketing | 480.00 | 192.00 | |
| Entertainment - 0% | 108.66 | 319.00 | |
| Food & cleaning | 1,103.30 | 1,349.21 | |
| Fundrasing Expenses | 293.99 | 261.56 | |
| Hot Lunches | 2,802.15 | 328.79 | |
| Insurance | 2,555.98 | 2,593.09 | |
| Repairs & Maintenance | 376.93 | 2,567.88 | |
| Staff Training | 194.80 | 538.00 | |
| Stationery & Admin | 2,246.87 | 1,782.10 | |
| Telephone & Internet | 471.94 | 415.78 | |
| Toys and Materials | 4,201.65 | 2,479.89 | |
| Trip Expenses | 374.40 | 421.80 | |
| Utilities | 4,564.32 | 3,852.74 | |
| Total Cost of Sales | 19,774.99 | 17,101.84 | |
| Gross Profit 101,805.89 70,473.81 |
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| Administrative Costs | |||
| Bank Fees | 60.00 | 60.00 | |
| Pensions Costs | 2,004.68 | 1,202.86 | |
| Salaries | 79,074.44 | 65,255.15 | |
| Total Administrative Costs | 81,139.12 | 66,518.01 | |
| Operating Profit 20,666.77 3,955.80 |
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| Profit on Ordinary Activities Before Taxation 20,666.77 3,955.80 |
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| Profit after Taxation 20,666.77 3,955.80 |
| Balance Sheet | Balance Sheet | |||
|---|---|---|---|---|
| The Cabin Pre-School CIO | ||||
| As at 31 August 2024 | ||||
| Account | 31 Aug 2024 | 31 Aug 2023 | ||
| Current Assets | ||||
| Cash at bank and in hand | ||||
| Cafcash - Main | 22,022.83 | 26,427.52 | ||
| CafGold - Fundraising | 21,070.08 | 70,720.00 | ||
| FUNDRAISING FLOAT | 60.50 | 89.00 | ||
| Petty Cash | 23.21 | 88.73 | ||
| Shawbrook - 12m Fixed | 60,000.00 | 0.00 | ||
| Shawbrook - 60 Day Notice | 15,000.00 | 0.00 | ||
| Total Cash at bank and in hand | 118,176.62 | 97,325.25 | ||
| Accounts Receivable | 0.00 | 134.50 | ||
| Prepayments | 324.43 | 324.43 | ||
| Total Current Assets | 118,501.05 | 97,784.18 | ||
| Creditors: amounts falling due within one year | ||||
| Accounts Payable | 1,817.39 | 6.12 | ||
| Accruals | 0.00 | 497.00 | ||
| Income in Advance | 0.00 | 994.00 | ||
| NIC Payable | 86.11 | 135.28 | ||
| PAYE Payable | 0.00 | 221.00 | ||
| Total Creditors: amounts falling due within | 1,903.50 o |
1,853.40 | ||
| Net Current Assets (Liabilities) 116,597.55 95,930.78 |
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| Total Assets less Current Liabilities 116,597.55 95,930.78 |
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| Net Assets 116,597.55 95,930.78 |
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| Capital and Reserves | ||||
| Capital - savings | 78,278.63 | 78,278.63 | ||
| Current Year Earnings | 20,666.77 | 3,955.80 | ||
| Retained Earnings | 17,652.15 | 13,696.35 | ||
| Total Capital and Reserves | 116,597.55 | 95,930.78 |
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