Independent Examiners Report
Cuan Kids Community Preschool, Portaferry NIC 108252
The management and trustees of Cuan Kinds Community Preschool are to be commended for their high quality of accounts and record keeping with regards to financial records for the period of reporting 1[st] September 2022 – 31[st] August 2023 inclusive.
I have no major concerns to report with regards to the financial records during this reporting period of 1[st] September 2022 – 31[st] August 2023 inclusive.
Some minor recommendations are below to help enhance the transparency of some transactions. It is recognised that due to the timing of this report, actions on these recommendations will not be implemented until the financial reporting year 1[st] September 202431[st] August 2025.
Recommendations:
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Encourage as many payments as possible, particularly fee payments, to be made by bank transfer, rather than a mix of cash and bank transfer payments.
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Consider the timing of invoicing for fee payments to align within the month for fees due, as currently some payments are received in the last banking days of the previous month. This means that some of the financial reporting year transactions for August/September relate to the previous or next financial reporting year.
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The cash lodgements should ideally be made on a more regular basis to avoid a large amount of cash building up prior to lodgement. It is recommended that cash lodgements be made at least monthly, and after receipt of any large amounts of cash, for example through a fundraising event.
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Cash lodgements using the log book should ideally be made separately according to the source of income, for example separate lodgements for fundraising, fees etc.
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The trustees have noted that this is their first year as a registered charity and therefore have not yet engaged with the Fundraising regulator – this is strongly encouraged for future. In particular, there is currently a missed opportunity for additional income through Gift Aid from donations to the charity that has not be realised for this reporting period.
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Issues with small irregularities in salary payments to staff are noted as having been resolved from May 2023 onwards.