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2025-03-31-accounts

Camden Community Nurseries Limited

Company No. 02575796 Charity No. 1002534

Report and financial statements

For the year ended

31 March 2025

Camden Community Nurseries Limited

Report and financial statements

For the year ended 31 March 2025

Contents
Page
Reference and administration information 1
Trustees’ annual report 2 - 10
Independent auditors' report 11- 14
Statement of financial activities 15
(incorporating an income and expenditure account)
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 27

0

Camden Community Nurseries Limited

Reference and administrative information

For the year ended 31 March 2025

Trustees: Laurie Swan, Treasurer
James Smith, Chair
Isavella Theodosiou
Giulia Geraci
Grace Catenaccio
Management team : Reanne Thompson, Senior Nursery Manager
Denize Bisset, Montpelier Nursery Manager
Maryum Akhtar (on maternity leave), Montpelier Deputy Nursery Manager
Ramona Strattan, Sington and Acol Nursery Manager
Simona Oltean, Sington Deputy Nursery Manager
Jane McNally, Acol Deputy Nursery Manager
Alzira De Silva, Support Nursery Manager
Company number: 02575796
Charity number: 1002534
Registered office: 16 Acol Road
London, NW6 3AG
Auditors: Goldwins Limited
75 Maygrove Road
West Hampstead
London NW6 2EG

1

Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

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 charity”) for the year ended 31 March 2025. The trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and provisions of the Statement of Recommended Practice (SORP) “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 2006 (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 (CCN) through adhering to the principles set out in the Early Years Foundation Stage and incorporating the seven areas of learning 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 targeted 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 charity whilst keeping mindful of ensuring the long-term financial stability of the charity.

CCN’s primary source of income is fees charged for the provision of childcare in its nurseries. CCN uses a two-tier fee structure to encourage a range of families to access high quality childcare. CCN continues to be part-funded by nursery education grants 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 Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

Achievements, performance and impact

The performance of the Charity for the financial year resulted in a financial gain of £79k. This includes an actuarial gain on a defined benefit scheme of £31k. This is the first year that CCN has been financially stable since the COVID crisis and represents an achievement from staff and parents. Financially the Charity strikes a balance between setting 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 year to 31[st] March 2025 has been volatile with the working environment for nurseries continuing to be difficult.

Our occupancy for the year to 31[st] March 2025 continued to vary over the year with an average occupancy of 70% across CCN for the year (2024: 66%). The average occupancy levels at our individual nurseries were as follows:

All nurseries have a target occupancy level of 75%. The graph below shows how the average occupancy for CCN month on month indicating the level of volatility across the year.

----- Start of picture text -----
CCN Average Occupancy
80.0
75.0
70.0
65.0
60.0
55.0
50.0
Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar
Last Year This Year Target
----- End of picture text -----

CCN generally has higher occupancy in the winter and spring, with lower occupancy levels in the summer and in the academic changeover period (September/October). We continue to work hard to

3

Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

increase occupancy through our communications activity, which includes community events organised through each of the nurseries.

Acol is our largest nursery with a total of 50 equivalent full-time places. Montpelier has 24 places and Sington has 22.

At the year end the numbers of children on roll were as follows:

The year averages for CCN as a whole indicates that 12% (2024: 11% ) of our children are on concession fees, 43% (2024: 19%) are receiving the 30 hour working parents funding, 16% (2024: 13%) are receiving the additional 2 year old funding (not working parent), 3% are receiving Camden extended offer funding (2024:0%), and 1% (2024: 0.5%) are receiving additional support funding. Please see Chart below

Please note the government funding for working parents has been extended to include children from age 9 months. The following graph shows children by funding type. As the number of funding streams has increased, we are only showing the data for 2024/2025.

4

Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

Children by funding type

----- Start of picture text -----
3% No. of 3+4 yr children with universal
funding only
1%
No. of 3+4yr children with 30 hours
13%
25% working parent funding
No. of children on Camden 2 Year Old
Scheme
No. of children with 2 yr old working
18% parent funding
No. of children with 9mth working
parent funding
21%
No. of children with Camden
Extended Offer funding
19%
No. of children with additional
support funding (SEN)
----- End of picture text -----

All three of CCN’s nurseries are currently rated ‘Good’ by Ofsted. The dates of the latest Ofsted inspections are as follows:

Financial Review

The Statement of Financial Activities shows income for the year of £ 1,329k (2024: £1,161k) and total expenditure of £1,281k (2024: £1,300k) resulting in a net gain for the year of £79k after movements in defined benefit pension schemes (2024 £121k). Total reserves at the end of the March 2025 were £488k (2024: £409k).

Significant points to note on the Statement of Financial Activities are outlined below:

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Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

increased occupancy.

CCN continues to experience financial pressures, caused by several factors including:

Principal Risks & Uncertainties facing the Charity

CCN’s principal risks and strategies for mitigation are set out below

Risk Mitigation
Loss of key personnel,
including both staff and
Trustees		 •
Focus on staff development and regular training with internal
promotion of staff where appropriate
•
Each nursery has a staff association and regular staff meetings
to allow staff feedback
•
Trusted agency contacts are maintained by the Senior Manager
•
Continuous recruitment of Trustees through parent meetings
and CCN events
External factors place
increased financial
strain on CCN, leading
to going concern issues		 •
Regular review of financial performance against budget
•
Long term financial forecasting which informs 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 theyear
Reduction in occupancy,
leading to reduction in
income		 •
Fees remain highly competitive through regular benchmarking
exercise
•
Focus on high quality childcare, including investment in staff
•
Marketingand communityevents at each nursery
Results of future Ofsted
inspections impact
reputation of CCN
nurseries		 •
All staff undergo regular training
•
Safeguarding policy in place and regularly reviewed
•
All staff DBS checked

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Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

Principal 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 notfor-profit organisation, CCN offers competitive fee rates and discounted places for those on lower incomes.

CCN continues to receive nursery education grants from Camden Council and occasionally other grant funders. Grant funding has increased significantly enabling CCN to provide more places that are partially or wholly funded.

CCN provides places to families who receive the following funding:

Parents are funded for 570/1140 hours per year and are charged fees for additional hours childcare that they receive. SEN funding is used to provide additional staff to work directly with the child.

Reserves policy & Going concern

The charity had net assets at the balance sheet date of £488k, of which £1k are restricted (£409k 2024). It is the policy 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 financial year to 31[st] March 2025 continued to be challenging. 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 (15 disadvantaged children funding principally for 2 year olds, 15/30 hour working parent funding and

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Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

15 hour universal funding) and lower income places as possible. In September 2025 we increased the concession rate household income threshold to £50k.

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 levels to ensure that the right balance is found between providing value for money for parents and ensuring the financial sustainability of the charity. A fee rise of 5% was implemented from 1[st] April 2025. This was a significant rise which the board felt had to be made to allow for the new minimum wage, a 7% pay rise, additional National Insurance Contributions and to deal with other rising costs. CCN gave the staff a 7% pay rise from 1[st] April 2025. Since the year end inflation rates have fallen and the Board is hoping that any further fee rises will be kept to a minimum.

As at the date the accounts are signed we are in negotiation with the LBC regarding the lease on our Acol Road premises. The CCN Board is concerned that this will place too great a financial burden on CCN but are confident that we will be able to reach a satisfactory agreement with LBC.

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 financial stability.

We will continue to recruit and train the levels of staff 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 training, specialist training from outside professionals and EYE qualifications. We are 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. CCN also supports staff to complete the new experience based certificated Level 3 training.

The Board continues to provide the strategic direction of the charity. The Board has an ongoing commitment to ensuring that CCN’s fundraising, finance and accounting policies are in line with best practice, and to focussing business planning on supporting our vision and mission. We believe we 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 guarantee and is therefore governed by a Memorandum and Articles of Association and registered with the Charity Commission. The Memorandum and Articles of Association were updated during the 2014/15 financial year and adopted by the Board of Trustees. No further revisions have taken place.

Method of appointment, induction and training of Trustees

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Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

All parents are offered membership and are invited to attend the AGM. Parents are advised about 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 Trustees 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 brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial performance of the charity. Trustees are encouraged to consult a wide range of guidance available from relevant bodies such as the Charities Commission and undertake external training opportunities.

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 subcommittees as all members of the Board need to be fully aware of all issues.

A Senior Nursery Manager has responsibility (as delegated by the Board) for the day-to-day operation 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 has a Manager and Deputy Manager who report to the Senior Nursery Manager and are responsible for the early years’ 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 strategic decision making including

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

9

Camden Community Nurseries Limited

Trustees` Report for the year ended 31 March 2025

The government have set the income threshold for charities requiring an audit at £1,000,000. Under these rules CCN is required to have its 31[st] March 2025 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 Limited 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 approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

This report was approved by the Trustees, on………………………………………. and signed on their behalf by: 2 December 2025

Phir

Laurie Swan

10

Independent Auditor’s Report

To the members of

Camden Community Nurseries Limited

Opinion

We have audited the financial statements of Camden Community Nurseries Limited for the year ended 31 March 2025 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 Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Opinion on financial statements

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

11

Independent Auditor’s Report

To the members of

Camden Community Nurseries Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we 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 if, in our opinion:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who 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 give a true and fair view and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

12

Independent Auditor’s Report

To the members of

Camden Community Nurseries Limited

In preparing the financial statements, the trustees are responsible for assessing the Charityʼs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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 misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

13

Independent Auditor’s Report

To the members of

Camden Community Nurseries Limited

Use of our report

This report is made solely to the charitable company’s members, as a body, 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 charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone 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.

A Wh ony Epton Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

4 December 2025

14

Camden Community Nurseries Limited Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Fundraising activities
Investment income
5
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
7
Transfers between funds
Actuarial gains on defined benefit pension schemes
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net income/ (expenditure) for the year
Net income / (expenditure) before other recognised
gains and losses		 Unrestricted
funds
£
3,972
870,596
280
13,770
888,618
278
840,738
841,016
47,602
-
47,602
31,000
78,602
408,525
487,127		 Restricted
funds
£
440,334
-
-
-
440,334
-
440,334
440,334
-
-
-
-
-
946
946		 2025
Total
funds
£
444,306
870,596
280
13,770
1,328,952
278
1,281,072
1,281,350
47,602
-
47,602
31,000
78,602
409,471
488,073		 2024
Total
funds
£
285,944
863,667
235
11,596
1,161,442
413
1,299,934
1,300,347
(138,905)
-
(138,905)
18,000
(120,905)
530,376
409,471

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

15

Camden Community Nurseries Limited Balance sheet As at 31 March 2025

Balance sheet
As at 31 March 2025
2025 2025 2024 2024
Note £ £ £ £
Fixed assets:
Tangible assets 10 135 169
135 169
Current assets:
Debtors 11 25,394 9,936
Cash at bank and in hand 498,718 622,621
524,112 632,557
Liabilities:
Creditors: amounts falling due within one year 12 112,174 266,255
Net current assets 411,938 366,302
Total assets less current liabilities 412,073 366,471
Net assets excluding pension asset 412,073 366,471
Defined benefit pension scheme 18 76,000 43,000
Total net assets 488,073 409,471
Funds 14
Restricted funds 946 946
Unrestricted funds:
General funds 487,127 408,525
Total unrestricted funds 487,127 408,525
Total funds 488,073 409,471

The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.

2 December 2025 Approved by the trustees on ……………………………… and signed on their behalf by:

Laurie Swan Trustee

The attached notes form part of the financial statements.

16

Camden Community Nurseries Limited Statement of cash flows

For the year ended 31 March 2025

Camden Community Nurseries Limited
For theyear ended 31 March 2025
Statement of cash flows		 Camden Community Nurseries Limited
For theyear ended 31 March 2025
Statement of cash flows
Note
2025
£
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
15
Cash flows from investing activities:
Interest/ rent/ dividends from investments
13,770
Proceeds from the sale of property,plant and equipment
-
Sale/ (purchase) of fixed assets
-
Cash provided by / (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
16		 2025
£
(137,673)
13,770		 2024
£
11,596
-
-		 2024
£
53,810
11,596
(123,903)
622,621		 65,406
557,215
498,718 622,621

17

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

18

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

1 Accounting policies (continued)

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Expenditure on charitable activities includes the costs of delivering activities undertaken to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.

i) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Garden improvements 20% SL Fixtures and fittings 20% RB Computer equipment 33% SL

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

19

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

2 Detailed comparatives for the statement of financial activities

Income from:
Donations and legacies
Charitable activities
Fundraising activities
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Actuarial gains on defined benefit pension schemes
Net (expenditure)/ income
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
3
Income from donations and legacies
Grants
LB of Camden- 2 yr old grant
LB Study Grants
Nursery Education ( DfEE) - 3 yr old grant
LB of Camden -support workers
Donations
4
Income from charitable activities
Fees receivable
Total income from charitable activities
5.
Investment income
Interest
Total income from charitable activities
Net (expenditure) /income before gains / (losses) on
investments		 £
-
-
-
-
3,972
3,972
Unrestricted
£
870,596
870,596
Unrestricted
£
13,770
13,770
Unrestricted		 2024
£
6,368
863,667
235
11,596
881,866
413
1,020,358
1,020,771
(138,905)
18,000
(120,905)
-
(120,905)
529,430
Unrestricted		 2024
£
279,576
-
-
-
279,576
-
279,576
279,576
-
-
-
-
-
946
Restricted		 2024
Total
£
285,944
863,667
235
11,596
1,161,442
413
1,299,934
1,300,347
(138,905)
18,000
(120,905)
-
(120,905)
530,376
408,525 946 409,471
£
148,454
-
287,380
4,500
-
440,334
£
-
-
£
-
-
Restricted
Restricted
Restricted		 2025
Total
£
148,454
-
287,380
4,500
3,972
444,306
2025
Total
£
870,596
870,596
2025
Total
£
13,770
13,770		 2024
Total
£
76,302
150
200,004
3,120
6,368
285,944
2024
Total
£
863,667
863,667
2024
Total
£
11,596
11,596

20

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

6 Analysis of expenditure

Analysis of expenditure
Staff Costs (including agency staff)
Depreciation
Rent and services
Rates
Light & heat
Repairs & Maintenance
Insurance
Other building costs
Staff travel
Telephone
Other office costs
Food costs
Materials & toys
Recruitment & training costs
Other nursery costs
Other staff costs
Contract staff member
Accountancy fees
Audit fees
Other financial costs
Equipment leasing
Subscription and licence fees
Support costs
Total expenditure 2025
Total expenditure 2024		 £
961,319
34
85,069
13,188
10,586
5,886
5,809
18,356
480
3,769
6,254
40,483
11,602
5,403
18,780
-
-
-
-
-
-
Charitable
activities		 Support
costs
£
62,374
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,081
9,340
2,914
4,500
2,938
3,560
1,347		 2025 Total
£
1,023,693
34
85,069
13,188
10,586
5,886
5,809
18,356
480
3,769
6,254
40,483
11,602
5,403
18,780
7,081
9,340
2,914
4,500
2,938
3,560
1,347		 2024 Total
£
902,088
42
199,437
12,565
43,223
8,219
4,161
17,128
344
3,645
5,452
36,969
14,436
6,010
21,725
6,662
8,818
-
5,820
2,309
-
881
1,187,018
94,054
1,281,072
1,299,934		 94,054
(94,054)
-
-		 1,281,072
-
1,281,072		 1,299,934
-
-
- 1,299,934

Of the total expenditure, £841,016 was unrestricted (2024: £1,020,774) and £440,334 was restricted (2024: £279,576).

6a Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Staff Costs (including agency staff)
Depreciation
Rent and services
Rates
Light & heat
Repairs & Maintenance
Insurance
Other building costs
Staff travel
Telephone
Other office costs
Food costs
Materials & toys
Recruitment & training costs
Other nursery costs
Other staff costs
Contract staff member
Audit fees
Other financial costs
Subscription and licence fees
Support costs
Total expenditure 2024		 £
845,919
42
199,437
12,565
43,223
8,219
4,161
17,128
344
3,645
5,452
36,969
14,436
6,010
21,725
-
-
-
-
-
Charitable
activities		 Support
costs
£
56,169
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,662
8,818
5,820
2,309
881		 2024 Total
£
902,088
42
199,437
12,565
43,223
8,219
4,161
17,128
344
3,645
5,452
36,969
14,436
6,010
21,725
6,662
8,818
5,820
2,309
881		 2023 Total
£
894,296
1,253
19,388
11,672
33,704
6,061
4,178
17,281
109
4,028
15,896
34,897
12,058
8,122
8,398
5,106
8,096
7,200
1,518
977
1,219,275
80,659
1,299,934
1,094,238		 80,659
(80,659)
-
-		 1,299,934
-
1,299,934		 1,094,238
-
-
- 1,094,238

Of the total expenditure, £1,020,774 was unrestricted (2023: £885,930) and £279,576 was restricted (2023: £208,308).

21

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

7 Net income / (expenditure) for the year

Net income / (expenditure) for the year
This is stated after charging / (crediting): 2025 2024
£ £
Depreciation 34 42
Auditor's remuneration:
Audit fees 4,500 4,500

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs (excluding agency staff) were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2025
£
853,011
58,828
28,475		 2024
£
784,610
49,903
29,386
940,314 863,899

No employee received employee benefits (excluding employer pension) of over £60,000.

The total employee benefits including pension contributions and employer national insurance contributions of the key management personnel were £79,657 (2024: £86,481).

The charity trustees were not paid or received any benefits from employment with the Charity in the year (2024: Nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Administrative staff
Other staff		 2025
No.
2
51		 2024
No.
2
46
53 48

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

22

Camden Community Nurseries Limited Notes to the financial statements

For the year ended 31 March 2025

10 Tangible fixed assets

Tibl fid
ange xe assets
Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year
All of the above assets are used for charitable purposes.		 £
27,610
-
-
Long-term
leasehold
property		 £
4,727
-
-
Fixtures and
fittings		 £
1,110
-
-
Computer
equipment		 Total
£
33,447
-
-
27,610 4,727 1,110 33,447
27,610
-
-		 4,558
34
-		 1,110
-
-		 33,278
34
-
27,610 4,592 1,110 33,312
- 135 - 135
- 169 - 169
11
Debtors
Other debtors
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2025
£
6,690
18,704		 2024
£
1,592
8,344
25,394 9,936
2025
£
37,484
74,690		 2024
£
35,339
230,916
112,174 266,255

Nurseries fees are invoiced in advance. Within accruals and deferred income shown above is £12,308 of Deferred income ( 2024: £20,297)

23

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

13 Analysis of net assets between funds

Tangible fixed assets
Net current assets
Non current assets
Net assets at the end of the year
13a Analysis of net assets between funds (prior year).
Tangible fixed assets
Net current assets
Non current assets
Net assets at the end of the year		 General
unrestricted
£
135
410,992
76,000		 Restricted
£
-
946
-		 Total
funds
£
135
411,938
76,000
487,127 946 488,073
General
unrestricted
£
169
365,356
43,000		 Restricted
£
-
946
-		 Total
funds
£
169
366,302
43,000
408,525 946 409,471
14
Movements in funds
Restricted funds:
LBC 2yr olds
LB Study Grants
NEF 3yr olds
LBC: support workers
Total restricted funds
Unrestricted funds:
General funds
Unallocated amounts
Total unrestricted funds
14a Movements in funds (prior year)
Restricted funds:
LBC 2yr olds
LB Study Grants
NEF 3yr olds
LBC: support workers
Total restricted funds
Unrestricted funds:
General funds
Unallocated amounts
Total unrestricted funds
Sustainability grant
Sustainability grant		 £
-
-
-
-
946
At the start
of the year		 £
148,454
-
287,380
4,500
-
Incoming
resources &
gains		 £
(148,454)
-
(287,380)
(4,500)
-
Outgoing
resources &
losses		 Transfers
£
-
-
-
-
-		 £
-
-
-
-
946
At the end
of the year
946 440,334 (440,334) - 946
386,525
4,000		 888,618
-		 (841,016)
-		 -
-		 434,127
4,000
390,525 888,618 (841,016) - 438,127
£
-
-
-
-
946
At the start
of the year		 £
76,302
150
200,004
3,120
279,576
Incoming
resources &
gains		 £
(76,302)
(150)
(200,004)
(3,120)
(279,576)
Outgoing
resources &
losses		 Transfers
£
-
-
-
-
-		 £
-
-
-
-
946
At the end
of the year
946 559,152 (559,152) - 946
525,430
4,000		 881,866
-		 (1,020,771)
-		 -
-		 386,525
4,000
529,430 881,866 (1,020,771) - 390,525

24

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

15 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
Dividends, interests and rent from investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Movement on pension
Net cash provided by / (used in) operating activities		 2025
£
47,602
34
(13,770)
(15,458)
(154,081)
(2,000)		 2024
£
(138,905)
42
(11,596)
13,748
191,521
(1,000)
(137,673) 53,810

16 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 £
622,621
At 1 April
2024		 Cash flows
£
(123,903)		 £
-
Other changes		 £
498,718
At 31 March
2025
622,621 (123,903) - 498,718

17 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

18. Pension commitments

The charity operates a defined benefit scheme (DBS) which is now closed and operates a defined contribution scheme (DCS).

The DCS is operated by the Pension Trust. The number of staff in the defined contributions scheme at the year end was 27 (2024-31).

The charity operated a defined benefit scheme, which is part of a multi-employer scheme operated by Local Government Pension Scheme (LGPS), on behalf of Camden Community Nurseries.

The number of staff in the defined benefit scheme is 3 (2024: 3).

FRS 102 Disclosure

The LGPS undertakes a triennial actuarial review to establish the value of the fund and if necessary, adjust the contributions paid by employers accordingly.

The pension cost and net asset for the year ended 31 March 2025 are based on the advice of a professionally qualified actuary, Hymans Robertson LLP. The most recent formal valuation is dated 31 March 2025.

The Company operates a defined benefit pension scheme.

Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):

25

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

den Community Nurseries Limited
es to the financial statements
theyear ended 31 March 2025
The Companys share of the assets in the scheme was:<br>The actual return on scheme assets was £17,000( 2024: £17,000).<br>The amounts recognised in the Statement of financial activities are as follows:<br>Movements in the present value of the defined benefit obligation were as follows:<br>**Closing defined benefit obligation**<br>Movements in the fair value of the Companys share of scheme assets were as follows:
Closing fair value of scheme assets
The market value of assets
Equities
Bonds
Cash
Opening defined benefit obligation
Interest cost
Actuarial (losses) gains
Benefit paid
Opening fair value of scheme assets
Actuarial (losses) gains
Net interest
Benefits paid
Future salary increases
Future pension increases
Property
Mortality rates (in years)
for a male aged 65 now
at 65 for a male aged 45 now
for a female aged 65 now
at 65 for a female aged 45 now
Discount rate		 At 31 March
2025
%
5.80
3.30
2.80		 At 31 March
2024
%
4.80
3.30
2.80
At 31 March
2025
Years
21.2
22.5
24.7
25.6		 At 31 March
2024
Years
21.3
22.6
24.7
25.6
At 31 March
2025
%
58
28
12
2		 At 31 March
2024
%
59
23
15
3
At 31 March
2025
£
363,000		 At 31 March
2024
£
374,000
2025
£
332,000
15,000
(32,000)
(27,000)
288,000
2025
£
374,000
(1,000)
17,000
(27,000)
363,000

26

Camden Community Nurseries Limited Notes to the financial statements For the year ended 31 March 2025

19. Operating lease commitments

The charity is provided with the use of three properties by the London Borough of Camden, known as Sington, Montpelier and Acol nurseries.

There is a signed lease in place for the Montpelier and Sington nurseries. There is a draft lease under discussion for the Acol Nursery; however until such time as this is agreed and signed, no commitment is disclosed for the property.

In 2020, the charity signed an operating lease agreement in respect of four printers for the period of five years.

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


following periods
Less than one year
One to five years
Over five years		 2025
£
50,608
78,400
73,600		 2024
£
50,608
78,400
93,200
202,608 222,208

27