Camden Communlty Nursorf•s Llmlted Company No. 02575796 Charlty No. 1002534 Report and financial statements For the year ended 31 March 2024 Camden Communlty Nurserlos Llmlted Report and flnanclal statements For the year ended 31 March 2024 Contents Page Reference and administration infornution Trusts•s' annual rnport 2-10 Independent audltors. rnport 11- 14 Statomont of financlal actlvltles (incorporating an incorne and expenditure account) 15 Balance sheet 16 Statsment of cash flows 17 Notes to the flnanclal statsm•nts 18-27 Camden Communlty Nurserlos Llmfted Reference and admlnlstrallvo Infomiatlon For tho year ended 31 March 2024 LauTie Swan, Treasurer Paul McGhee {resigned 15 November 2023) Carnilla Holbweck {resp3ned 15 November 2023) James Smith, Chair (previously cothir ￿ Ghislaine Halpenny) Isavelkg Theodosiou Ghislaine Halpenny. C￿chaIr (resiwed 30101r2024) Giulia Geraci Grd¢e Catena¢¢io (appointed 15 November 2023) Reanne Thompson. Senior Nursery M8nager Denize Bi5seL Montpelier NU￿ery Manager Maryum Akhtar (on matemty leave). Montpeliw Deputy Nursery Manager RatTr)na Strattan, sing￿ and Acol Nursery Managef Simona Cxtean, Sington Deputy Nursery Manager McNalty, Deputy Nurnery Manager Company numbw. 02575796 Charlty numb•r. 1002534 R•glst•r•d offlc•: 16 kn1 Road London. NW6 3AG Audltor•: Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG Carnden Communlty Nurserles Llmlted Trustees, Report for the year ended 31 March 2024 The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report together with the audited financial statements of Camden Community Nurseries Limited ("the chariV) for the year ended 31 March 2024. The trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the chariws governing document and provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" second edition issued in October 2019. Since the charity qualifies as small under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 21x16 (strategic Report and Directors, Report) Regulations 2013 is not required. Objectives and Activities The charity's objective and principal activity is established as the advancement of the standard of education and care for pre-school children. This continues to be developed by Camden Community Nurseries (CCNI through adhering to the principles set out in the Early Years Foundation Stage and incorporating the seven areas of leaming and development in the nurseries. Our aim is to provide a community orientated nursery experience, which can be enjoyed by the children and parents alike. to as many beneficiaries as possible. Places are open to all, but tsrgeted towards working parents, parents in further education, low-income families, refugee families, lone parent families and children with special needs. CCN also supports students and unqualified staff to complete Early Years Education qualifications and aims to provide quality training and development of all staff. We would like to build a supply of qualified and motivated staff to benefit children and staff alike but also as a response to the recruitment challenges in the Early Years sector. We strive to re-invest all proceeds from our charitable activities back into the chartty whilst keeping mindful of ensuring the long-term financial stability of the charity. CCN'S primary source of income isfees charged forthe provision of childcare in its nurseries. CCN uses a two-tier fee strurture to encourage a range of families to access high quality childcare. CCN continues to be part-funded by nursery education Erants from the London Borough of Camden (LBC) and occasionally other grant funders. CCN does not undertake grant making activities, nor does it rely on contributions from volunteers. Camden Communlty Nurserles Umlted Trustees. Report for tha year end￿ 31 March 2024 Achlevements and performance The performance of the Charityforthe financial Yesulted in a financial loss of £121k. This is due to the crystallisation of a liabiltty of £132k relating to prior years (see below). Excluding this payment CCN has continued towards financial stability. Financiallythe charity strikes a balance between 5ettinB our fees at the lowest possible level for our disadvantaged beneficiaries and the need to maintain a financial buffer against future environmental changes. The financial yearto 31" March 2024 has been challenging Wlth the workin8 environment for nurseries continuing to be difficult. CCN has an extraordinary expense of £132k during the year which is the back rent and service charge at our Acol road property. CCN has occupied the Acol site since 2012 under a licence to occupy with CCN benefitting from rent relief. CCN has agreed with LBC to pay rent and service charge from August 2020. Our occupancy forthe yearto 31st March 2024 continued to vary over the year and is still overall at a lower level than pre-pandemic levels. Acol is our largest nursery with a total of 50 equivalent full-time place5. Montpelier has 24 places and Sington ha5 22. All nurseries continue to offer places for the 30-hour govemment funded childcare programmefor 3&4yrolds. and this yearfor2 yr olds as well. In addition. all nurseries also offer places for the London Borough of Camden ILBC) funded 2-year-old scheme. At the year end the numbers of children on roll were as follows: Acol 48, including 6 on our lower income brackets, a further 6 re￿Iving the additional 30- hour funding and 3 children on the 2-Year-old scheme. Montpelier 19, including 3 on our lower income brackets, a further6 receiving the additional 30-hour funding and 2 children on the 2-year￿Id Scheme. Sington 23. 2 receiving the additional 30-hour fundin& and 8 children on the 2-Year-old Scheme. The year averages for CCN as a whole indicate Il% (2023: 10% l of children on concession fees, 19% (2023: 19%) receiving the 30 hour working parents fundin& 13% (2023: 5%) recetving the additional 2 year old funding (not working parent) and 0.5% (2023: 1%) with addttional support funding. Please see Charts below Camden Communlty Nurnerles Umlted Trustees. Report for the year ended 31 March 2024 Children Attending CCN 2023-2024 No. of thilthen on stsndaTd fees 13% No. of children on concession fees 19% i No. of 3&4yr old children with 30 hours funding 57% No. ¢f thlklren on 2 Year Old Scheme 11% No. of chitdren with additi¢Jnal support frjnding There was a one child with additional support fvnding during the year but they did not attend sufficiently long enough to get to 1% of the total attendance. Children Attending CCN 2022-23 Ix •No. of chiklren on standard fees 5% No. of chlldren on concession fees 19% No. of 3&4 yr old thildren wlth 30 hours funrfin8 io% 65% No. of chlldren on 2 Year Old Scheme & No. of chiklren with additlonal SUPPOrt funding The average occupancy across CCN for the year to 31" March 2023 was 66%12023: 69%), wrth average occupancy levels of 78% for Acol (2023: 78%). 65% for Montpelier (2023: 68%), and 55% for Sington 12023: 61%). All nurseries have a target occupancy level of 75%. The slight decrease in occupancy for the yearto 31 March 2024 reflectsthe volatile demand CCN (principally at Montpelier & Sington} has experienced for nursery places, the challenges facing the nursery industry and continued financial difficulties facing parents. Camden Community Nurseries Limited Trustees, Report for the year ended 31 March 2024 Averdge % Occupancy 80 70 50 40 30 20 io [] 1111 Acol MOntpel￿r Sin8ton CCN % Occupancy 2022-2023 % Occupancy 2023-2024 CCN generally has higher occupancy in the winter and sprin& with lower ¢xcupancy levels in the summer and in the academic changeover period ISeptember/October>. We continue to work hard to increase occupancy through our communications activity, which indudes community events organised through each of the nurseries. All three of CCN'S nurseries are currently rated 'Good' by Ofsted. The dates of the latest Ofsted inspections are as follows. Acol was inspected by Ofsted on 12 February 2019, Sington wa5 inspected th on 12 August 2024 and Montpelier was inspected on the 14 October 2023. CCN has not undertaken any large-scale fundraising activities this year but has focused on small scale fundraising in the financial year to 31" March 2024. Where nursery fundraising takes pla￿ at each nursery all funds generated are dirertly re-invested in the relevant nursery. During the year each nursery raised funds as follows, Acol £63.54 (2023: £51.35), Montpelier £171.56 (2023: £294.55) and SinEton £0 (2023: £0). Financlal Review The Statement of Financial Activities shows income for the year of £1,161,442 and total expendtture of £1,300,347 resulting in a net loss for the year of £120,905. Total reserves at the end of the March 2023 were £408,525 being unrestricted funds. Significant points to note on the Statement of Financial Artivities are outlined below: Income from charltable activities, wholly derived from fees charged to parents, has increased by£3,683 from £859,984to £863.667. Although only asmall rise shown this duetothe change Camdon Cornmunlty Nurseries Llmitsd Trustees, Report for the year ended 31 March 2024 in balance of income derived from grants versus fees. As grants increase the expectation is that fees would fall. However. fees have remained relatively stable due to a rise in fee rates and increased occupancy. Resources expended on charitsble activities have increased by £205,696 to £1,299,934. This increase is due to prior year rent and service charges of £132,(K)O and rise in direct costs of £73,696 from principally resulting from higher salary costs, which is our most $18nificant expense. Staff costs for the year to 31" March 2024 were £908.964, an increase of £14,668 from £894,296, reflecting higher salaries driven by an increase in minimum wage and a pay rise of 5%. CCN continues to experience financial pressures, caused by several factors including: salary costs includin8 pension and Nl, rent, utilities, inflation, funding rate rising well below inflation (£6.74 in September 2023, now £7.22) as CCN provides childcare to parents on the basis of hours. We believe the funding rate is Cur￿ntlY below the cost of provision Principal Risks & Uncertainties facing the Charity CCN'S principal risks and strategies for mitigation are set out below Rlsk Loss of key personnel, including both staff and Trustees Mitigation Focus on staff development and regular training with internal promotion of staff where appropriate Each nursery has a stsff association and regular staff meetings to allow staff feedback Trusted agency contscts are maintained by the Senior Manager Continuous recruitment of Trustees through parent meetings and CCN events Regular review of financial perfonnance against budget Longterm financial forecastingwhich infomis decisions taken by trustees such as fee increases Ongoing monitoring of debt Maintaining levels of occupancy in excess of a minimum 65% with a target of 75% average over the year Fees remain highly competitive through regular benchmarking exercise Focus on high quality childcare, including investment in staff Marketing and community events at each nursery External factors pla increased financial strain on CCN, leading to goin8 concern issues Reduction in occupancy, leading to reduction in income Camdon Community Nurseries Umited Trustses, Report for the year ended 31 March 2024 Results of future Ofsted inspections impact reputation of CCN nurseries All staff under80 regular training Safeguarding policy in place and regularly reviewed All staff DBS checked All buildings secure with door entry procedures Regular fire evacuation checks Crisis communication plan in place Prlnapal Funding Sources CCN'S primary source of income is fees charged for the provision of childcare in its nurseries. CCN uses a two-tier fee structure designed to enable a range of families to access quality childcare. As a not- for-profit organisation, CCN offers competitive fee rates and discounted pla￿5 for those on lower tncomes. CCN continues to receive nursery education grants from Camden Council and occasionally other grant funders. In particular. the 2-year-old funding scheme allows CCN to offer part time fully funded place5 to eligible 2-year-olds. CCN also providesthe universalfunded places and the 30-hour placesto eligible 3 & 4-yearwolds. It is important to note that this funding from the LBC results in lower fees being charged to the parents. Reserves policy & Going concern The charity had net assets at the balan￿ sheet date of £409,471. of which £946 are restricted (£530,376 2023). It IS the poliry for the Board to maintain a level of unrestricted reserves as a buffer against changes in the economic climate that might impact the donors and supporters of the charity. The current financial year to 31 March 2024 has been very challenging. In conjunction with other nurseries CCN has Struggled to recruit qualified staff and has had to deal with fluctuating occupancy. However, the Trustees consider the present level of reserves and funding committed to by third parties, is adequate to support the charity for at least twelve months. Plans for the future At the core of our future plans is our commitment to providing affordable nursery places to the local community and to be the first choice for parents in the local area. CCN will continue to promote the nurseries to maintain and increase occupancy. We intend to continue offering as many funded places 12-year-old scheme, 30 hour funding and 15 hour universal funding) and lower Income places as possible. We will perform a financial and strategic review of the business every 6 months. In particular, the Trustees will continue to review and benchmark fee 5eve15 to ensure that the right balance is found Camden Communlty Nurnerles Umltsd Truste8s' Report for tho year ended 31 Mareh 2024 between providingvalue for moneyfor parentsand ensuringthe ftnancial sustainability of the charty. Afee rise of IO% was implemented from l°April 2024. This was a significant rise which the board felt had to be madeto allowfora pay rise and todeal with other risingcosts. CCN gavethestaff a minimum of 5% pay rise from l April 2024, more for some staff as theirsalary was raised to the new minimum wage implemented from l April 2024. Since the year end inflation rates have fallen and the Board 15 hoping that any further fee rises will be kept to a minimum. We continue to value our staff and aim to be an attractive, flexible and competitive employer. We would like to pay our staff as well as possible whilst maintaining our finanaal stability. We will continue to recruit and train the levels of stsff that CCN needs. All staff can access quality training that we provide in conjunction with training specialists. This includes a mixture of online training, LBC trainin& specialist training from outside professionals and EYE qualifications. We a encouraging as many staff as wiling to undergo the initial training towards the Level 3 qualification as this will help the recruitment crisis in the industry. The Board continues to provide the strategic direction of the charity. The Board has an ongoing cornmitment to ensuring that CCN'S fundraisin& finance and accounting policies are in line with best practice, and tofocussing business planning on supporting ourvision and mission. We believewe have the skills and expertise within the team and Board of Trustees to fulfil this commitment. Structure. Governance and Management The charity is constituted as a company limited by Euarantee and is the￿fore governed by a Memorandum and Articles of Association, and registered with the Charity Commission. The Memorandum and Articles of Association were updated during the 2014115 financial year and adopted by the Board of Trustees. No further revisions have taken place. Method of appointmen¢ Indurtion and tralnln8 of Trustees All parents are offered membership and are invited to attend the AGM. Parents are advised al)out which Trustees are resigning and are invited to consider standing for election as Trustees themselves, which they can do via an application process. The majority of our Twstees are parents and ex-parents. but the Board will also co-opt non-parent Trustees where appropriate giving due regard to the requirement for any specialist skills needed. New trustees undergo an induction to briefthem on their legal obligations undercharityand company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial perfomance of the charity. Trustees are encouraged to consult a wide range of guidance available from relevant bodie5 such as the Charities Commission and undertake external training opportunities. Camden Community Nurseries Llmlted Trustee8' Report for the year ended 31 March 2024 Organisation In normal circumstances the Board meets bi-annually in person and quarterly by conference call. In addition, specific meetings may be convened as deemed necessary. We are not currently running sub- commtttees as all members of the Board need to be fully aware of all issues. A Senior Nursery Manager has responsibility {as delegated bythe Board) forthe day-to-day operatlon of all three nurseries (Acol, Sington & Montpelier). which constitute CCN. This includes operational expenditure, staff management and recruitment, as well as ensuring best practice across all three nurseries. Each individual nursery ha5 a Manager and Deputy Manager who ￿port to the Senior Nursery Mana8er and are responsible for the early yearg education within their nurseries and for the line management of the nursery staff. Day to day support is provided to the Senior Nursery Manager by three part time members of staff (Admin Officer, Marketing Officer and Finance Officer). Furthermore, the organisation has access to a pool of specialists for specific work on an ad hoc basis, for example on the strategic direction of CCN, fundraising and HR. The Board Is responsible for all strateEiC decision making including setting the fee structure and levels significant investment in any of the nurseries, such as garden re-development o pay rises for staff and pay levels of key management personnel Public Benefit We have referred to the Charity Commissions general guidance on public benefit when reviewing our aims and objectives and in planning our future services. In particular the board of trustees consider how our planned services will contribute to the aims and objectives they have set. Audit The government have set the income threshold requiring an audit at £l,OIXI,000. Under these rules CCN is required to have its 31" March 2024 accounts audited. The Trustees have appointed the firm of auditors, Goldwins, to perform the audit. Trustees, responsibilities statement The trustees (who are also the directors of Camden Community Nurseries Limtted for the purposes of company law} are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law must not approbtthe financIalstatan￿ unlw they aresotlsfied that ttyglve a true and falr view of the state of affairs of the charitable coTryany and of the Incomln8 resources and aWkatlon of resources, Includlng the Income and expendfture, of the charitabk company for that period. In preparhwthese financial ststements. the Trv5tees are requlred to: selett sultable accountlrq policies and then appty them conslstentlr, observe the methods wkxlples in the Charltles SORP. make judgements and acc(wJrtln8 estimates that are reasonable aTrd pn#lenL' that the dwritsble compary will contlnue lft operatl The Trttstees re5ponslble for keepln8 adequate acc(wntln8 records that are 5ulficlentto show and explaln the charltsble comparfs transactions and dlsdose r&KonabJe acawacy at any tlme the finandal posltk>n of the tharitable company and enable them to ensure that thefinafjclal statements comply wlth the Crynies Act 2LI)6. They are also re5FK¥nslble for safeguardkn8 the assets of the tharftable omnpany and hence for reasonable steps for the prevention deteLtion of fraud and other Irre8ularitie D6sclo3ure of Infomth to the audltors Each of the pe￿OnsW￿areTfttstees atthetime whenthls Tntsteerf report Isapwrnd has cOnfiffl￿d sofarasthatTrustee ts aware.there ts no relevant Informatlon of Wh￿htt￿d￿rltableC0rnp￿ws audltor ts unaware: and that Trustee has taken all steps that to have tsken as a Trustee In order to be aware • Thls report was appr￿￿ by theTn*ee% on 3 December 2024 and s1@￿d on thelr behalf br. Laurfe Swan io Independont Auditorfs Report To the Members of Camden Community Nurseries Umlted Oplnlon We have audited the financial statements of Camden Communty Nurseries Limrted for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Accounting Standards. including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounling Practice). Oplnlon on flnanclal statarn•nts In our opinion the financial ststements". give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Praclice: and have been prepared in accordance with the requ1￿ments of the Companies Act 2006. Ba81s lor oplnlon We conducted our audtt in accordance with International Standards on Auditing (UK) {ISAs (UK)) and appllcable law. Our responsibilities under those slandards are further described in the Auditorfs responsibilities for the audit of the financial ststements section of our report. We are ind8p8ndent of the Charity in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard and we have fu￿lled our other ethlcal responsibilities in accordance with these requirements. We bélieve that the audit evTrden¢e we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons r•lallng to golng concom In auditing the financial statements, we have concluded that the trustees. use of the golng concem basis of accounting in the preparatbon of the financial statements is appropriate. Based on the work we have performed. we have not identffied any material uncertainties relating to events or conditions that. indtvidualty or collectively, may cast signfficant doubt on th8 charivs ability to continue as a going con￿rn for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbllllies and the responsibilities of the directors with respect to going concem are descrfbed in the relevant sections of this report. Other Inforniatlon The trustees are responsible for the other information. The other information comprises the infomiation Included in the annual report other than the finanaal statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other inforniation and, except to the extent oth8rwise explicitty ststed in our report. we do not express any fonn of assurance conclusion th8reon. 11 Independent Auditorfs Report To tho mombers of Camd•n Community Nurneries Limited In connection with our audit of the financial statements. our r8sponsibilty is to read the other infomiation and. In doing so. consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be Material￿ misstated. If w8 identify such material inconsistencies or apparent material misstatements, we ar8 r8quired to detennlne whether there is a material misstatement in the financial statements or a material misstat&menl of the other information. If. based on the work we have performed. we condude that there is a material misstatement of this other infomiation. we a￿ required to report that fact. We hav8 nothing to rewi in this regard. Oplnlon on ¢>thor rnatt•r pro•Grlb•d by th• Comp•nlM Act 2006 In our opinion. based on the work undertaken in the (x>urse of the audit: the informalion gNen in the trustees, ￿port {incorporallng the directors, report) for the financial year for which the financial statements are prepared is consistent with the finan(aal statements: and the trustees. report (incorporating the directors. report) have been prepared in accordance wlth applicable legal requirements. Matt•rs on whlch arn roqulred to rewt by excoptlon In the light of the knowledge and understsndlng of the Charity and its environment obtained in the course of the audit. W8 have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf. in our opinion: adequate accounting records hav8 not been k8Pt or relums adequate for our audri have not been received from branches not visited by us. or th8 financial statements are rjot in agreement with the accounllng records and returns" or certain discbsures of trustees. remuneration speofied by law are not made: or we have not received all the infonnation and explanations require for our audit. R•sponslbllltl•s of the trustees As explained more fully in the Trustees. Responsibilities Statement. th8 trustees (vtho are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they gwe a true and fair view and for such intemal control as they detennine is necessary to enable the preparation of financial ststements Ihat are free from material misststement, whether due to fraud or error. 12 Indepondent Audltorfs Report To tha members of Camden Community Nursories Limited In preparing the financial statements, the trustees are responsible for assessing the Charity's abilty to continue as a going concern. disclosing. as applicable. matters reLqted to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations. or have no realistic altemative but to do so. Our rnsponslbllld•s for th• audlt of th• fi￿n¢la1 statem￿ts Our objectives a￿ to obtsin reasonable assurance about whether the financial Statements as a whole are free from material misstatement. whether due to fraud or erTor. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a h￿h level of assurance, but is not a guarantee that an audit conducted in accordanc8 With ISAS {UK) wll always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to lnfiuen￿ the economic declsions of users tsken on the basis of these financial statements. Irregularlties. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. ouuined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. includlng fraud are set out below. In identifying and assessing risks of material misstatement in respect of irr8gulariti8s. including fraud and non-compliance with laws and regulations, our procedures included the following: We enquired of management. which induded obtaining and reviewing supporting documentation. concerning the charity's policies and procedures relating to: Detectlng, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance: Detecting of the risks of fraud and responding whether they have knowledge of any actual or suspected fraud,. The internal controls in Pla￿ to mitigate risks related to fraud or non-compliance V•ith laws and regulations. We obtsined an understanding of the legal and regulalory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial ststements or that had a fundamenlal effect on the operations of the charity from our professional and sector experience. We performed analytical procedures to detect any unusual or unexpected relationships that may indicate risks of material misstalement due to fraud. Because of the inherent limitatK)ns of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial ststements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion. omission or MIS￿p￿Sentation. A further description of our responsibilities for the audit of the financial stslements is located on the Financial Reporting Council's website at: IwAw.frc.org.uklaudttorsresponsibilities]. This description fonns part of our auditorfs report. 13 Independent Audltorfs Report To tho mambors of Camden Community Nurseries Umltsd Use of our r•port Thls report is made solety to the charitable companys members. as a Ix)dy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitys members those matter5 we are required to stste to them in an auditorfs ￿pOrt and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyon8 Other than the charity and the charity's members as a body. for our audit work. for this report. or for the opinions we have formed. Anthony Epton (Sonior Statutory Audltor) for and on behalf of Goldwlns Llmltod Statutory Audltor Chartered Accounlants 75 Maygrovo Road W•st Hampstead London NW6 2EG 3 December 2024 14 Camd•n Communlty Nurs•rf•s Umltod Stat•m•nt of financlal aclvlU•• (incorporating an income and expenditure account) For th• y•ar •ndod 31 March 2024 2023 Total funds fund Donations arKI legacies Charitable activities Fundraising activities Investrnent in(xJm8 6,368 863.667 235 11.596 279,576 285,944 863.667 235 11A96 210,048 859,984 346 2,057 Tatsl Incom 881.866 279.576 1.161A42 1,072,435 Raising funds Charitable acuvitles 413 1.020.358 413 1399.934 216 1,094,238 279.576 Totsl •xpondllur• 1.020,T11 279.576 1AOD.347 1,094,454 N•1 In￿m￿ (•xp•ndlkn•} for th• y•w 1138,905) 1134905) {22,019) Transfers belween funds 1138,905) (1x905) {22,019) galn• and Iom Actuarial gains on defined b￿efft pension srtwnes Not Move￿ In fund• 18.OLY) (120,905) 11000 (120,905) 1.000 (21.019} Rttonclllallon of fund•: Totsl fijnds brought fornard S29.430 530,376 551,395 Total fund• carrlod fonvard 408.525 409,471 530.376 All of the abov8 results are derived from coniinuing activitw. There were no other re￿nised gains or losses other than th(￿ stated aty)vg. The attached notes form part of these finanaal ststements. 15 A• •t31 IAwvh 2024 T8We a8ets 10 211 211 11 23.684 557.215 580.899 Cash at balk and In IB￿1 $5T 74.734 51X,165 508.376 506,378 18 530,376 Fund• Res1r￿Al funds Unreslrfctod furNI&' G8n8rn1 ftmds Total unrestrlrAed fuThl8 529A30 530.376 Part15 01th8 C￿nPAnIeS Act 2CKI6. 3 December 2024 and SIg￿d on I￿1r behalf by. L•urf• Sw 16 Camdon Communlty NUrnerf￿ Umltod Statement of cash flows For the year ended 31 March 2024 2024 2023 2023 Cash flows from oporallng •cdvlllo8: Net cash provided by l {used in) operating activities 53,810 {12,870) Cash IIow8 from Inv•8ling a¢llviliM: Interesu renv dividends from investments Proceeds from the sale of propety.plant and equipment Salel (purchase) of fixed assets 11.596 2.057 Ca•h provldod by l (u••d In) Inve￿n9 aclfvldo8 11.596 2,057 Chang• In and cash •qulval•nts In th• y•ar 65.406 (10.813) Cash and cash equivalents at the beginning of the year 557.215 568.028 Cash and cash oqulvaknts at th• •nd al tho y•ar 622.621 557,215 17 Camd•n Communlty Nurserf•s Umlted Not08 to th• flnanclal statements For th• yw •nd•d 31 March 2024 1 Accounong pgld•• a) Basls of prwrath>n The financial statements have i*en prepared in atcordance with Aecounting arKI Reprybng by Charibes: Statement of Recommended Practice applicable to tharities preparing their accounts in ac£ordance wilh the Financial Reporting Standard applicable wi the UK and Republ￿ of Ireland (FRS 102 - effe(Aive 1 January 2015) - (Chaiitie$ SORP FRS 102) and the Cornpanies Act 2(rfJ6. The Charitab￿ company meets the deffinition of a public benefft ￿tity under FRS 102. Assets and liabilities are inibally re¢ognised at historical cost or Iransaction value unless otheThyise stated in th8 relevant acujunting policy or rM)te. b) Golng ¢onc•m The trustees consider that there are no matérial uncerlainties about the tharita￿e companls ability to continue as a going concem.The trustees do not consider that there are any S￿ree5 of estimatTron uncertainty at the rep)rting date that have Syn[fi￿nt risk of causing a material adjustment to ￿ carying amounts of assets arKI lia￿litieS within the next reporting period. ¢) In¢om• Ine<>me is recognised when the charity has entiU8ment to Ihe fu￿15. any perfonnance conditions attached to tho income have been met, it is prOba￿e thal the uicome wll b& re￿￿￿1 and that the amunt be measured reliabty. Income from govemment and other grants. whether 'capital' grants or 'revenue' grants. 1$ reo)gnised when the tharity has entitlement to the fvrKls, any Perfo￿anCe ¢￿￿[tiOnS attached to the grants have twi met, it is probable that the income will be received and the amount can be measured reliabty and is not deferred. In￿ne reeerved in advan¢e for the provision of specified seNi¢e 1$ deferred until the criteria for Incon￿ recognitim are met. For legacies. enliuement is tsken as the earlier of the date which either: the charity is aware that probate has been granted. the estate has been ffinalised and notificalion has been made by the execut￿$) to the charity that a distributK>n will be made, or when a distitjution is received frIMn thg estate. Receipt of a legacy, in whole or in part, is On￿ considered probab* when the amount can be measured reliably and the charity has been notified of the executorfs iniention to make a distribution. Where lègacies have been r￿tified to the charity, or the tharity is aware of the granbng of probate. and the criteria for incomg recognition have not been m8L then Ihe legacy Is a treaied as a contirynt asset and disd(tsed it material. d) Donallons Wft¥. Mrvlcm and faclllU•s Donaled professii)nal services and donated facilitses are reo)gnised as Ir￿Me when the charity has control over th8 item or received the seryice. any condibons associated wth the donation have been met. the receipt of economic benefit from the use by the charity of the item is w&>able aThJ that economic benefft can be measur8d reliabty. In accorda￿ with the Charibes SORP {FRS 102). ¥oluntser time is rMIt recA)gnised so refer to the trustees. annual report ft* mtxe infomallon about thelr ¢ontrlbuUon. On rgceipl, (%)natgd gifts, professional semces and donated facilit￿ are recognised on Ihe basis of the value of the gift lo the charity which is the amount the tharity would have been willin9 to pay to obtain services or facilities of equNalent ecor￿mIe bènefit on th8 cyen market" a correspondirwJ amount is then recogThsed in expenditure in the period of receipt. Interest on funds hekj on deposit is i￿luded when r￿l¥ab￿ and the amount Can be measured reliably by the charlty.. thi8 18 normally upon nolificabon of the interest p*d Or payatAe by the bank. Fund ¥¢¢ountlng Unrestricted fvnds are aVaila￿e to Spend on activities that further any of the purposes of L*arity. Designated funds are unrestricted funds of the charity wh￿h the trustees have decided at their discrelion to set aside to use for a spècific purpose. Rostricted funds are thnations vthi(* the donor has SE￿ified are to be sdely used for particuLqr areas of the charity's work or for specthc projects being undertaken by the d•. 18 Camd•n Communlty Nurnerfos Umltod Nots$ to the flnanclal statsm•nts For the year ended 31 March 2024 1 A¢¢ounllng polkl•s (contlnuod) g) Exp9ndI￿r0 and Irrocov•rnbl• VAT Expenditure is recogni5ed once there is a legal or conslructive obligation to make a paymenl to a thiryl paty. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is dassified under the following activity hèadings.. Costs of raising fvnds comprise of tradirrfJ costs and the cJ)sts incurred by the charitable company in inducing third parttes to make voluntary contributions to ic as well as the cost of any activities with a fundraiwng purpose. Expenditurg on charitable activibes indudes the costs of delivering aclrvibes undertaken to fUrt￿r the purposes of the charity and their assoryated supporl ￿￿ts. Other expenditure represents those items not fallRig into any other heading. Irre¢overable VAT is charged as a cost against the aclivity for which the expenditure was incurred. h) AllrfaUM ol￿pp￿t Support costs are those functions that assist the worf( of the thaiity but do not directy undertake ¢haritable a¢tsvilie$. Support costs include back office tx>sts, finance, personnel. payroll and govemance costs which support Ihe charity's activities. These costs have been alkicated belween cost of raising funds and expendityre on charitable activities. Tho bases on which sUPPOrt costs have begn allocated are set out n note 6. l) Op•ralng1••• Rental charges are charyed on a Str￿h1 liM bashs over the tenn of thè lease. J) Tanglbl• ilx•d au•t• Items of equipment are capitalised vthere Ihe purchase ex(*eds £1.IKJO. t)epreaation is prowded at rates calc#Jlated to write down the cost of each asset to Its estlmated resmlual value ovèr its expèded useful Irfa. The deP￿allOn rntès in use arè as follows: Garden improvements Fixlure5 and fittings Computer equipment 20% SL 20% RB 33% SL D•btor• Trade and other deblors we recognised at Ihe setilernent an￿￿nt due after any trade th8e￿nI offered. Propayments are valued at the amount prryaid net of any trade disccwnts due. l) Cash at bjnk and In Imnd Cash al bank and cash in hand includes cash and short temi highly liquKI investsnents wilh a short maturity of three months or less from Ihe dalo of a￿ul$Its0n or oponirwj of the deposit or similar accounL rn) Cr•dltorn and provl8lon• Creditors and provisions are recfjgnised Where the charrty has a present obligatton resulting from a past event that will probabty result in the transfer of funds to a third party and the amount due to setue the obligation can be measured or estimated reliably. Creditors and provisions are nomially re(wnised at Iheir setuement amount after allowiw for any trade discounts due. n) Flnanclal In•trum•nts The tharity only has financial assets and financi81 liabilities of a kind that quallfy as basic ffinanu81 knstruments. Basic financlal instruments are initially recognised at transaciion value and $ubsequenty measured at their setuement value with the exGeption of bank loans whith are subsequenty ￿Sured at amortised rA)st using Ihe effective interest method. 19 Camd•n Communlty Nursorl•s Lhnlt Notes to the flnanclal stat•m•nts For tho y•ar ond•d 31 March 2024 2023 2023 Income from: Donalions and legacies Charitable actiwt FLndrai$ing activit￿$ Invesknent income 1.740 859,984 208.308 210.048 2.057 864.127 208.308 1,onA35 Raising fvnds Ch8ritsble othibes 216 885.930 211 208.308 1.W38 Tot•1 •xp•ndllw• 886.146 208.308 N•t Incom• l •xp•ndliurn b•forn g•ln• l OM•M) (22,0191 P2,019) Actuadal galns on defined bengfit P9￿ schgmgs Not In¢om• 1•X￿nd￿￿rn 1.IXIO (21.019) P1,019) Transfvrs bewn fuTrJ$ (21.019) P1019) Total funds brought forward 550.449 529.430 946 551,395 2024 2023 Total Grafftts LB of CamdgTr 2 yr old grant LB Study Grnnts Nursery Educats'on { DfEEI - 3 ￿ old grnnt LB of Camden-support wo￿81¥ Donations 76.302 150 150 200,004 200,004 184.299 3.120 3,120 7,120 1.740 210.048 16.889 279.576 285.944 2023 Total Fees receivable 863.667 863,687 863.667 859,984 861667 859,984 2024 2023 Totsl UNesbicteAJ Intsresl 11.5 11.596 2.057 2.057 Camd•n Communlty Nur•orl•• Umll•d Note• to th• flmnclol st•tom•nts For th• yoar endod 31 March 2024 • A￿￿1• of•xp•nth 2023 Totsl Stsff Costs lindudlng agèn¢y slaffj Dgpr8ciats"on Rent and servi¢es 845.919 42 199.437 12.565 43.223 8.219 4,161 17,128 56.169 894.296 1.253 19.388 11,672 33,704 6,C61 4,178 17281 109 4,028 15.896 34.897 12,058 8,122 8.398 5.106 199A37 Light & heat Repairs & Mainlgnance Irtsuran¢e other building costs Staff travel Telephone Other oific¥ Costs Food costs Mgt¥ri41$ & IQYE Re¢ruf¢menl & trnining costs Other nurngry costs Other slalf costs Contad stsff member Auditfe&s Oth•rfinaneAal costs SubseriptN)n and ftsn¢• f•os 43223 219 4181 17.121 5.452 6.010 21,725 0.010 21,n5 8,818 5.820 811 7.200 1.518 9n 09 1.219.275 80,659 1.299.934 1.094.238 Support costs Tst r￿nt fomial valuaknn i8 dated 31 March 2024. Principa actuarÉal assurnptx￿ at the Balar￿ sheet date (expressed as ￿NJht￿l averages 25 Camden COMMU￿ Nurn•rl•• Umlt•d N¢tss to lh• flnan¢l•l statsmonts For tha ￿ar •nd•d 31 IAarch 2024 At 31 M*Eh Pl 31 March 2023 Discount rate Expectgj retum on scheme assets Future salary In￿aseS Future pension increases 4.75 9.80 At 31 IA•r¢h At 31 Marth 2023 Years Mortality rales lin ye8rs} for a male aged 65 n¢7 al 65 for a ffla￿ aged 45 for a lemale aged 65 rb)w al 65 for a ferna￿ aged 45 21.5 24.9 25.9 31 At 31 March 2023 Equities Bonds Property 15 17 The Companys share rrf the assets in s¢hwne was: At 31 M•r¢h At 31 March 2023 Thg market vabje ofassets 74 actual rettjm on s¢h8me assels £17,(#Jy 2023: £10.(KxI). Ttr* amounts rwnh8ed in the Sts¢￿￿t d firw¢i81 •XTriib•$ org as follfw￿. m￿rnents in the present v4uo clthe d&fined b&r*fft oblgatth as folkm: Opening defined benefft 0￿19ation Interest cost Actuarfal gains 8enefft paid 341,IKIO 10,1)00 J32.000 Movements in the fairvalue Oft￿ Ccthpwrfs Sha￿ ofsctheme assets *we ￿ folbK: Owirwj fair value of scheme assets Actuafial Ilosse51 gains Nét Interest Be￿fits paid Clo•lng falr Hlu• of ￿h•m• ••••l• 18,000 17.000 37400D 26 Camd•n Communlty Nur8•rlos Llmltod Notes lo th• flnanclal statomonts For the ￿ar endod 31 March 2024 19. Op•r*lng l•A#• ￿N￿mIlm•￿tr The Ch￿ Is pmmded wtth use olthrne ￿tieS by the Lormlon Bonjj￿ of Cwnden. k1￿ as Siwton, Montpdier and Ac*1 nuwries. There is a signed kne in for the MonIFe1￿ and SIW nuTwies. There is o draft198se Lmder disc(ssKin for the A¢ Nurswy. however until such time as ttws rs aTrd aThJ 8ign8d. no commilment is disdosed for the propety. In 2020, the (*aFrty Signed an OFwalirwJ lease 8woem¢nt Thl FBBped ol printW5 for Ihe offve The charitys totsl future min11￿M lease Paym￿ under nO￿￿¢￿￿ble operaling leases is a$follw forexh ofthe following periL*Js 2023 Less than one pr One to five years (knr five years 20,464 78.400 1118 211,664 27