Treasurer's Report June 2019

Any questions relating to the treasurers report are welcome to broughtonparents@gmail.com

Broughton PSA/Parent Council Wednesday 19 June 2019

Treasurer’s Report. Bence Solymar, 18th June 2019 Income and expenditure

On 6th April a new financial year started. Income is £2,473.34 so far, representing Summer Fair takings, interest, Virgin Money Giving, Your School Lottery and The Giving Machine. Leith Chooses have transferred £3,911, which is party grant to PSA and partly grant money to be passed on to project partners. Expenditure relates to Leith Chooses £562, and Summer Fair £1,551 (some Summer Fair expenditure was paid in 2018/19, eg deposit for Bouncy castle).

Bank balances

The bank balance for the Trust Virgin Money account is £12,629.37 as at 4th June 2019. The Bank of Scotland account is at £5,340.14 (bearing in mind this is not all BPST money!), the cleared balance of which would be £1199.21 – payments scheduled for 20/06/2019 related to Health Week and minor expense cheques not cleared. Cash held is £70.37. Culture Fund

School has sent the Culture Fund spreadsheet. I am satisfied that the Culture Fund expenditure for 2018/19 was £4,000 or above, and this grant was given to the school in retrospect on 10th May, which is in the new financial year, so this delay will make the 2018/19 accounts look like we are not spending at the right level as BPST, so this needs explained. Action: I suggest that a further £4,000 transfer should be made, as bookings are being made by teachers.

Financial Processes

The Bestway account was used for the Summer Fair 2019 for the first time. The dd has not come out of the BoS account, Bestway are sorting out an account issue that has nothing to do with us. Card reader for cashless payments at school events – “sum up” costs 1.69% of takings to run, and was recommended by a fellow bookkeeper. What it does not do is help us make payments, eg for bigger orders, so it does not eliminate the need for active parents to provide cash flow. As spending ideas are being approved and spending is up-to-speed now, we should go on advertising fundraising opportunities more, eg: Virgin Money Giving, Easy2Name, Your School Lottery, The Giving Machine to make them more sustainable in the long run. In the academic year (not the financial year) of 2018/2019, £3K was raised as profits from events, the rest was from Your School Lottery and pre-existing funds. Fundraising seems to have gone quiet this academic year, and as plans progress, we need to get more active again in this area. Gift Aid: EMF 2018 still has not had GA claimed on it – awaiting processing of variation request of authorised official. Charity reporting for year 2018/19

On 25th June, I have arranged to meet Shona Campbell, who is an accountant and insolvency practitioner, and a past and soon-to-be P1 parent, who came forward via the facebook group. She is more than sufficiently qualified to independently examine our accounts. Action: I am seeking confirmation by the PC for this to go ahead.