Acorn Early Years Foundation
Finance, Audit & Risk Committee 
Meeting Agenda

Date: Thursday 7th September 2023

Time: 13:00 - 14:00

Location: Teams

Present:         

Robert Prosser (committee chair), Giles Chilton, Katy Pillai, Carolyn Norfolk, Damien Beedham, Eva Lloyd (observer)                                    

Attending:       

Zoe Raven (CEO), Emily Hepden (Head of Finance)

Apologies:       

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Meeting Minutes 

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1. 2023 budget update & KPIs
   
   
2. New auditors - update on transition
   
   
3. 2024 budget timetable
   
   
4. Policy/framework reviews:
   - Financial Authority Framework
   - Risk Management Framework
   - Risk Register
   - Reserves Policy
   
   
5. Review of Terms of Reference
   - Original
   - Revised
   
   
6. KPIs for 2024
   Current KPIs include:
   - Net profit
   - Gross profit
   - CSO costs against income
   - Current ratio
   - % occupancy
    
7. Acorn Nursery Properties Limited (ANP)
   - Financial Statement input - £600 admin fee per annum
   - Visibility of rental payments
              - Castlethorpe - £2,416.67pm (£29,000pa)
              - Shenley - £3,333.33pm (£40,000pa)
              - Comparison to other Acorn rent
   
   
   
   
   
8. The feasibility and resource implications of a 'social impact fund' 
   - Free sessions update
             - 3 families in YTD 2023
             - Reasons include: child having cancer treatment, blind parents & social services involvement
             - Financial impact: £1,146
   - Fundraising August 2023 YTD: £9,392
   - Donations August 2023 YTD: £1,529
   - Potential 'Social Impact Fund' as a fundraising consideration
   - Other fundraising considerations
   
   
9. AOB
   - Appointment of vice chair

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Next Meeting Date:

•  20th October 2023 (primarily set up to discuss and pre-approve 2024 budget and fee increase)