## **Chair Report AGM 2024**
It has been a busy year which has seen a lot of developments and improvements and this is down to a hardworking team that understand the need to consistently review and amend pro cedures in line with maintaining best practice. So a big thank you to all the staff for their hard work.
During the AGM last year, Committee roles were officially appointed, and an official committee could begin. This was the beginning of a lot of paperwork and time to ensure that all procedures were followed correctly, as it was apparent this had not happened previously.
The Committee registered with the Charity Commission as trustees, transferred to a CIO and then re-registered with the CIW. This was an incredibly lengthy process, and many thanks to our Responsible Individual for navigating us through this.
The Cylch is now an Incorporated Organisation which means that the organisation is accoun table for all aspects of the Cylch rather than individual committee members.
As already mentioned, the committee was only officially formed this time last year, and in thi s time we have seen:
Parent questionnaires that provided both positive and constructive feedback. Staff responde d to this feedback in a professional way, which has resulted in further improvements such a s:
- Continued and close relationship with Croesi'r Bont to ensure staff are continuing to becom e more and more confident using the Welsh language.
- Developed outdoor learning area, with good use of key words and flashcards to prompt and promote use of the language. The committee used some funds raised from 2023 Easter fayr e to purchase a literacy shed and this has enhanced the area further.
-Some improved communication with parents through more regular use of dojo and we have started to take more regular photos for our social media platforms. This is an area that I woul d like to continue to improve through the next academic year.
Thank you to all who helped during the community day. As Chair, I feel that extending our ne twork into the wider community is essential to further developing our connections and reputat ion in Pembrokeshire.
This year our Siani Sionc fundraiser saw close connections with Menter Iaith and Cymraeg i Blant Penfro and I hope this relationship will continue into the future.
We have also collaborated with the school more consistently this year. A close relationship w ith Ysgol Caer Elen is essential, so I would like to see this continue. An afternoon tea held in the school hall was an effective way for Cylch and nursery staff to share ideas.
We have recently held a very popular open evening which saw over 25 new families come into our setting. We have had very positive feedback from this event. This is something that was highlighted as needed during our feedback from questionnaires. I would like to see this happen at least annually as this is vital if we are going to continue to attract new families. Thank you to the staff who helped on the evening, and for the help setting up activities and getting paperwork ready.
We have been faced with challenges this year, and we will continue to strive to make improv ements.
Several areas I would like to target moving forward are:
- Using a different platform to communicate with parents and enable closer monitoring of data online.
- Adopting a clear timescale for responding to parent/carer queries regarding new starters.
- Continuing to develop a relationship with the school and other agencies within our share d space.
- Further training on GDPR to ensure all procedures followed accordingly.
- Weekly, and daily, if practical, uploading of Seren y Dydd and Helpwr yr Wythnos using frames purchased at the begninning of this year.
A huge thank you to our wonderful staff in Cylch.
## **Cylch Caer Elen Treasurers Report – Y/E 31[st] Mar 2024**
## **Financial Update of completed activities.**
The changes made to the Cylch this year, have in turn required changes to be made to the financial processes. Firstly, we have set up and now fully transitioned to a new Bank Account, with all direct debits, funding payments, parent payments and tax-free childcare being processed through the new account. This move has firstly saved on bank charges but has also given us access to accounting software. We are now able to close the previous account.
During the past year we have been able to transition from paper receipts and accounts to fully electronic with spreadsheets and scanned invoices replacing the paper-based accounts. Furthermore, access to FreeAgent, has enabled us to move to a fully integrated electronic solution including daily reconciliation of bank accounts, parent statements and electronic claiming of expenses. This has generated a number of significant improvements to the efficiency of the accounts, audits and general cash management.
As our largest outgoing, the wage increase impacted the cylch significantly in April and the committee had to make the difficult decision to increase the price per session to ensure the Cylch remained a going concern. This decision was not made lightly but was essential following several years of minimal increases.
For the first time in a number of years we have worked with an external accountant to independently review the last few years accounts to ensure full compliance. Accounts to the year ending 22/23 have now been fully audited and reported up to the charity commission. As part of our transition to a new charity number we have also been required to produce two partial year accounts for the period ending 31[st] Mar 24. Following the retirement of our accountant, we are currently in the process of employing a new accountant to pick this up for the financial year and therefore the result below will be subject to audit sign off.
Partial year accounts are included below and are subject to audit sign off, these accounts cover the 7.5months of the year and as are in the new FreeAgent format. Small profit reported of £4.7k, marginally higher than the prior year driven by timing of fundraising income banked, delay in milk and rent invoices and in preparation for the increase in wages.
## **Future Risks/ Opportunities**
In the interest of improving parent/child and setting communication, the cylch has invested in a new app, Famly, which we hope will go live in the early part of the Autumn Term. We envisage this investment will create efficiencies in all areas of the day to day running of the cylch. With functionality to remove paper-based activities such as attendance, invoices, statements and staff documentation. The app will also allow us to easily claim funding, send reminders to parents, track session availability as well as centralising all applications for sessions going forwards. This has been a substantial investment but one the committee felt was essential for the parents, Cylch team and the committee.
An ongoing conversation is required with the school and Pembrokeshire County Council to get a TOCA agreement in place, draft agreement has been drawn up and is ready to be shared in the autumn with the required bodies. This is likely to lead to a potential increase in rent, following several years of no change.
Following the realignment of session rates the Cylch is now going into the summer break with a sufficient cash to ensure there are no doubts over the payment of rent, rates or wages over the summer break as we have had in current years. We are also able to look to continue to invest in the setting and its resources as required over the coming year.
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Registered Charity Number: 1204347
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```
Report[of][the][Trustees and]
Unaudited[Financial]Statements[for][the][Period ended][31st][March][2024]
for
Cylch[Meithrin]Caer[Elen][(Hwiffordd)]
```
```
Pritchard&Co
Accountants&TaxAdvisors
16Mainstreet
Fishguard
Pembrokeshire
SA659HJ
```
```
Cylch[Melthrin][ Caer][ Elen][(Hwlffordd)]
```
```
Contentsof [the][financlalStatements]
fortheperiod[ended]31st March[2024]
```
||||`Page`|
|---|---|---|---|
||||`3-5`|
|`Reportof the Trustees`||||
|`Independent Examiners Report`||||
||||`7`|
|`Statement of`
`Financial`|`Affairs`|||
||||`8`|
|`Statements of Assets `|`and`|`Liabilities`||
||||`9-12`|
|`Notes to the financial`|`statements`|||
```
Page[3.]
```
```
Cylch[Meithrin][Caer][Elen](Hwlfordd)
Reportfor[the period]oftheCommittee[ended][ 31st]ofMarch[Management]2024
The[committee]of[management][presents]it report[with][the][financial]statementsfor[the][charity]
for the[period]ended31st[March]2024
```
## `REFERENCE[AND][ADMINISTRATIVE][INFORMATION]`
```
CHAIRPERSONSarahLouiseMurray
SarahLouiseMurray
TRUSTEESRhianMichelle[Bromham]
Natalie[Elizabeth]Shearn
LouiseSaraGray
NiaMeleri[George]Norgan
REGISTEREDOFFICECylchMeithrin[Caer][Elen](Hwffordd)
Ysgol[Caer][Elen]
HeolLlwynhelyg
Hwiffordd
SA62[4BN]
CE033242 [(ENGLAND][&][WALES)]
REGISTERED[COMPANY][NUMBER]
1204347
REGISTRED[CHARITY][NUMBER]
Pritchard[&][Co..]16[Main]Street,SA65[9HJ]
ACCOUNTANTSFishguard,[Pembrokeshire,]
BANKERS
MissionStatement
```
```
Aims[and][purpOse]
ObjectivesandActivities
```
Financial Review
```
unby thethree[named][Trustees:]
```
```
:Chairperson
```
```
dated
```
```
nomaterhas[come][to][my][attention:]
```
```
eto believe[that][in]any[ material][respect the][ requirements:]
```
```
ordance[with][section][41][of][the][1993][Act;][ and]
viththe acCOunting records and[comply][with][the acCounting]
```
```
dbe drawn[in]order[to] enableaproper[understanding]of
```
TIONS
re has arisen from Gontinuing activities
```
Pa
```
```
CylchMeithrin[Caer][Elen](Hwlffordd)
Statementof Assets[and]Liabilities
asat[31st][March][2024]
```
|||`31 Mar 2024`||
|---|---|---|---|
||`Unrestricted`|`Restricted`|`Total`|
||`funds`|`funds`|`Funds`|
|`Notes`|`£`||`£`|
|`FIXED ASSETS`||||
|`Equipment`||||
|`CURRENTASSETS`||||
|`Bank account and cash in hand`|`29,340`||`29,340`|
||`29,340`||`29,340`|
|`TOTALASSETS`|`29,340`||`29,340`|
|`CREDITORS`||||
|`Amounts`
`falling`
`due within one year`|`720`|`0`|`720`|
||`28,620`||`28,620`|
|`TOTALASSETSLESS CURRENT`
`LIABILITIES`|`28,620`|`0`|`28,620`|
|`NET ASSETS/(LIABILITIES)`|`28,620`||`28,620`|
|`FUNDS`||||
|`Unrestricted`
`funds`|||`28,620`|
||||`0`|
|`Restricted`
`funds`||||
|`Total`
`funds`|||`28,620`|
```
For[the]periodended[31st][March][2024][the][company][was][entitled]toexemption[under s477][of][the]
Companies[Act][2006][relating]tosmallcompanies.
```
```
The[members]havenot[required]thecompanytoobtainanauditinaccordancewithsection476ofthe
Companies[Act 2006.]
```
```
Thedirectorsacknowledge[their][responsibilities]forcomplyingwiththerequirementsofthe[Act][with]respect
accountingrecordsandthepreparationofaccounts.
```
```
Theseaccounts[have][been][prepared][ in][accordance][with]themicro-entityprovisionsandhave[been][delivere]
in[accordance][with]theprovisionsapplicabletocompaniessubjecttothesmallcompaniesregime.
```
```
Approved[by][the][board][and]signedon[their][behalf]by
```
**----- Start of picture text -----**
-Trustee
- Trustee
dated
**----- End of picture text -----**
```
CylchMeithrinCaerElen(Hwiffordd)
Notes tothe Accounts
fortheperiodended31stMarch2024
```
```
Page9
```
`1. Accounting Pollcles`
## `Basis ofAccounting`
```
The[accounts][have][been][prepared]underthehistoricalcostconventionand[in][accordance]
withapplicableUKAccountingStandards.Inpreparingtheaccountsthecharityfollows
bestpracticeassetoutintheStatement[of][Recommended]Practice"Accountingand
ReportingbyCharities"(SORPFRSSE)effective1January2015.
```
## `Income`
```
Incomeisrecognisedintheperiodinwhichthecharityisentitledtoreceiptandthe
amount[can][be][measured][with]reasonablecertainty.
```
## `Expenditure`
```
Liabilitiesarerecognisedasexpenditureassoonasthereis alegalorconstructiveobligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
is accountedforonanaccrualsbasisandhasbeenclassifiedunder headingsthataggregate all
costrelatedtothatcategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey
havebeenallocatedtoactivitiesonabasisconsistentwiththeuseofresources.
```
## `Taxation`
```
Thecharityisexemptfromtaxonitscharitableactivities.
```
## `Fund accounting`
```
Unrestrictedfunds canbeusedinaccordancewiththecharitableobjectivesat thediscretionofthe
trustees.
```
```
Restrictedfunds canonlybeusedforaparticularrestricedpurposeswithintheobjectsofthe
charity.Restrictionsarisewhenspecifiedbythedonoror when fundsareraisedforparticular
restrictedpurposes.
```
## `2. Donations and Legacies`
**----- Start of picture text -----**
31 March
2024
Donations
Grants
Funding and trading income 55,713
55,713
**----- End of picture text -----**
```
eration and benefits
```
```
rustees'remunerationor other benefitsfortheperiod ended31s
```
## `ses`
```
tees'expensespaidfortheperiod ended31stMarch2024
```
```
of monthlyemployeesduringthe yearwasas follows:
```
```
31 March 2024
```
**----- Start of picture text -----**
5
**----- End of picture text -----**
**----- Start of picture text -----**
31 March 2024
£
0
**----- End of picture text -----**
```
oneyear
```
**----- Start of picture text -----**
31 March 2024
720
720
**----- End of picture text -----**
```
Page11
```
```
CvlchMeithrinCaerElen(Hwlffordd)
```
```
Notes[to][the][Accounts]
```
```
fortheperiodended31st[March][2024]
```
## `9. Movement[in][funds]`
|||||||`At`
`14 August 2023`|`Net movement`
`in funds`|`Net movement`
`in funds`|`At`
`31 March 2024`
`£`|
|---|---|---|---|---|---|---|---|---|---|
|`Unrestricted`
`Unrestricted`||`funds`
`funds grants/non`||`grants`||`23,876`||`4,744`|`28,620`|
|`Restricted`
`Restricted`|`funds`
`funds`|||||`0`||`0`||
|||||||||`4,744`|`28,620`|
|||||||`23,876`||||
|`Net movement`
`in funds,`|||`included`||`in the above are as follows:`||`Resources`||`Movement`|
|||||||`Incoming`
`Resources`|`Expended`||`in funds`|
|||||||||`£`||
|`Unrestricted`
`Unrestricted`||`funds`
`funds`||||`55,713`||`(50,969)`|`4,744`|
|`Restricted`||`funds`||||||`0`||
|`Restricted`||`funds`||||||||
|||||||`55,713`||`(50,969)`|`4,744`|
```
10.[Related]There [were][party][no]disclosures[related]partytransactionsfortheperiodended[31st][March][2024.]
```
```
Page12
```
```
MeithrinCaerElen(Hwlffordd)
```
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Notescylch to the [Accounts]
**----- End of picture text -----**
```
for[the][period][ended]31stMarch2024
```
> `31 March 2024`
||||`31 March 2024`|
|---|---|---|---|
|`Income and endowments`||||
|`Donations and legacies`||||
|`Donations`||||
|`Grants`|||`0`|
|`Funding and trading`||`income`||
||||`55,713`|
||||`55,713`|
|`Expenditure on:`||||
|`Charitable activities`||||
|`Learning resources`|||`768`|
|`Fundraisingcosts`|||`102`|
|`Bad debts`
`Milk &food`|||`3`
`198`|
|`Salaries`|||`44,894`|
|`Cleaning`|||`229`|
|`Protective`
`clothing`|||`284`|
||||`46,478`|
|`Support costs`||||
|`Management`||||
|`Rent and rates and`||`light and heat`|`2,305`|
|`Stationery`
`& office`||`supplies`|`291`|
|`Marketing`|||`30`|
||||`90`|
|`Telephone`||||
|`Accountancy fees`|||`1,212`|
|`Subscriptions`
`& `|`licences`||`353`|
|`Bank charges`|||`58`|
||||`82`|
|`Sundry Expenses`|||`70`|
|`Legal`
`fees`||||
||||`4,491`|
|`Total`
`resources`|`expended`||`50,969`|
|`Net income`|||`4,744`|