2024-08-31-accounts - The Heathers Nursery

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Registered Charity No: 1029589

Bracken Avenue Norwich NR6 6LS Tel: 01603 485371 Email: theheathersnursery@outlook.com

THE HEATHERS NURSERY

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The committee presents its report and audited financial statements for the year ended 31 August 2024

Reference and Administrative Information

Charity Name: Charity registration number: Operational address:

The Heathers Nursery 1029589 Bracken Avenue Norwich Norfolk NR6 6LS

Trustees (Committee)

Colin Kiddell Lucille Powley Katie Barry-Winson

Chairperson Secretary Treasurer

Lauren Meachen David Smith Magdelena Csicso Natasha Davison

Nursery Manager Karen Shaen-Carter

Bankers Natwest

Independent Examiner

Lacey Douglass 96 Drayton Wood Road Norwich NR6 5BZ

The trustees present their report with the financial statements for the year ended 31[st] August 2024.

OBJECTIVES AND ACTIVITIES

Objectives and Activities

The charity’s objects are to enhance the development and education of children under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups. It does this by the operation of a pre-school nursery.

Public Benefit

The nursery is open to all children, without any catchment area, nationality, religious or other restriction, from when they are two and a half years old until they are able to enter infant school. Early Years funding was available for all children from the term following their third birthday until they were able to enter infant school and some children were eligible for funding from the term following their second birthday. No children are therefore excluded for financial reason.

Volunteers

The charity is reliant on volunteers in the carrying out of its activities, however measurement issues, including attributing an economic value to the contribution of the parent/guardian volunteers, prevent the inclusion of their contribution in the statement of financial activities.

FINANCIAL REVIEW

Financial Position

There was an increase in funds in the year of £30,298 (2023: increase: £2,307). Funds at the year end totalled £90,735 of which £63,114 related to the general fund and £27,621 to the Building Repair & Replacement designated fund.

Principal funding sources

The principal source of funding during the year was from Norfolk Education grants and nursery fees.

Investment policy and objectives

The investment objectives are to achieve growth, whilst minimising risk. Surplus funds in the general fund are placed in a bank reserve account, together with the funds being accumulated in the building repair and replacement fund.

Reserves policy

It is the policy of the trustees to maintain general funds, excluding those funds invested in fixed assets, at a level that equates to three months expenditure, a figure approximately £45,000. This provides sufficient funds to cover salaries and other costs incurred in the event of a temporary reduction in income.

Free reserves (which excludes fixed assets) in the general fund at the year-end amounted to £63,114. The trustees and staff are to be commended for achieving the target of free reserves for the first time in several years.

Designated funds amounting to £27,621 have been put aside to provide major classroom building repair costs as they arise, and the eventual replacement of the classroom owned by the nursery.

It is recommended that the trustees should consider using the transferring some of the surplus free reserves to the building fund as this is the first year this has been possible for some time. These funds could be used, if required, in the event of a temporary reduction in general reserves.

Future Plans

The committee will work with the staff team to ensure the nursery remains sustainable in view of the challenges the early years sector faces.

The committee will continue to review the strategy of the future development of the nursery and work with external agencies for the eventual replacement of the nursery building.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The Heathers Nursery, which was established in the 1970’s, was registered as a charity on 2[nd] December 1993 and is governed by a constitution adopted on 21[st] October 1993 and amended on 10[th] December 1997, 26[th] September 2002 and 18[th] October 2012.

Recruitment and Appointment of Committee Members

At least 60% of the committee, including co-opted members, must be parents or guardians of children in the Preschool. In the event that 60% cannot be achieved, then affiliate members may be elected. The committee members are elected for a period of one year at the annual general meeting. Retiring committee members are eligible for re-election unless they have already served as a committee member for 14 consecutive years.

The committee members were all elected at the AGM in Autumn Term 2023.

Committee Members Induction and Training

New committee members are encouraged to read the charity’s constitution, the last financial statements of the charity and the Charity Commission guidance, CC3, ‘The Essential Trustee: what you need to know, what you need to do’ and the Charity Governance Code.

Risk Management

The trustees have reviewed and identified the risks that the nursery faces and have systems to monitor and control these risks to mitigate any impact they may have on the nursery in the future, These systems are reviewed on a regular basis.

Organisational Structure

The charity has a committee (board of trustees) consisting of Chair, Secretary and Treasurer and not less than 2 or more than 9 elected members. If the committee so decides, it may have not more than 3 members co-opted by the committee. The committee meetings every month and the day to day running of the nursery rests with the nursery manager as assisted by 12 staff, together with unpaid helpers.

Key management remuneration

The key management personnel consists of the Nursery Manager and the Administration Manager. They are remunerated at a rate which is based on the prevailing rate for the sector.

Approved by the Committee on and signed on its behalf by:

Colin Kiddell

Chair of Trustees

Date:

The Heathers Nursery 1029589

Income and Expenditure Account

For the Year Ended Notes Income: Fees NCC Funding Fundraising Donations Training Income Outings Reserve Account Interest Expenditure: Staff Wages Rent Repairs & Renewals Sundries Consumables Equipment Insurance Memberships/Subscriptions Professional Fees Bookkeeping Staff Training Other Staff Costs Admin/Office supplies Fundraising Costs Water/Rates Waste Collection Energy Outings & Parties Petty Cash Fee Refund Excess/(shortfall) of income over expenditure Bank Balance B/Fwd Petty Cash Bank Balance C/Fwd Petty Cash Represented by: Current A/C - 23723467 Reserve A/C - 23723475		31/08/2024 31/08/2023 £ £ 11415.85 19645.29 185103.91 153131.41 650.71 1346.25 299.56 896.82 60.00 685.00 0.00 562.20 1169.20 572.29 198699.23 176839.26 148148.74 146970.96 3013.90 2400.00 1416.54 6185.87 1451.77 1445.45 2989.60 3463.81 971.72 1868.83 2445.67 2407.15 408.00 422.00 299.00 920.00 330.00 0.00 1310.00 2243.53 220.17 0.00 3000.13 3004.75 30.99 100.05 227.66 199.04 776.75 326.80 1360.31 1471.98 0.00 748.50 0.00 0.00 0.00 352.66 168400.95 174531.38 30298.28 2307.88 60436.78 58128.89 0.00 0.00 60436.78 58128.89 90735.06 60436.78 0.00 0.00 90735.06 60436.78 2986.18 2059.35 87748.88 58377.43 90735.06 60436.78	Variance £ 8229.44 -31972.50 695.54 597.26 625.00 562.20 -596.91 0.00
			-21859.97 -1177.78 -613.90 4769.33 -6.32 474.21 897.11 -38.52 14.00 621.00 -330.00 933.53 -220.17 4.62 69.06 -28.62 -449.95 111.67 748.50 0.00 352.66
			6130.43

Accounts Independently checked by: LJ Douglass

Date: 07/09/2024

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES

OF THE HEATHERS NURSERY

YEAR ENDED 31 AUGUST 2024

I report on the accounts of The Heathers Nursery for the year ended 31 August 2024

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to

examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the general Directions given by the Charity Commission.
state whether particular matters have come to my attention

Basis of independent examiner’s report

My examination was carried out in accordance with general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘’true and fair view’’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination no matter has come to my attention:

(1) Which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 130 of the 2011 Act; and
To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act

Have not been met; or

(2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Lacey Douglass 96 Drayton Wood Road Hellesdon Norwich NR6 5BZ

7[th] September 2024

Financial Report for Year to 31[st] August 2024

A strong year for the nursery with a surplus of £30,298.28 (2023 - £2,307.88).

Fees were lower than in 2023 but this was offset by an increase in funding which was higher than in 2023. Fee’s £11,415.85 (2023 - £19,645.29) Funding £185,103.91 (2023 - £153,131.41)

Fundraising, donations and training income were all lower than in 2023. Fundraising £650.71 (2023 - £1346.25), donations £299.56 (2023 - £896.82, training income £60.00 (2023 - £685.00).

Due to interest rates, interest on the reserve account increased to £1,169.20 (2023 - £572.29)

Staff wages remained consistent despite the increase in funded hours at £148,148.74 (2023 - £146,970.96)

There was a ground rent increase during the year which so rent was slightly higher but there was a significant decrease in building repairs this year. All other expenditure remained consistent with previous years.

The current account holds £2,986.18 to meet the day to day running costs of the pre-school.

The reserve account holds £87,748.88. The nursery should hold enough free reserves to cover at least 3 months expenditure (£45,000) and the amount held in the reserve account is more than sufficient for this purpose should the nursery encounter financial difficulties in the future.

The ringfenced building fund stood at £27,612.34 as at 31/08/24.

Free reserves stood at £63,113.72 and I recommend that the committee transfer £10,000.00 to the ringfenced building fund.

Lacey Douglass

Bookkeeper

7[th] September 2024