Registered number: 05364793 Charity number: 1122682 THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Lirnited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guarantee) CONTENTS Page Reference and Adminlstrative Details of the Charlty. its Trustees and Advlsers Trust8es' Report Independent Examlnerfs Report ststement of Flnancial Activltles Balance Shaet Notes to the Flnancial Ststements 9-23
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Amalia Petruzzeli Roderick Cantrill, Treasurer (from 13 June 2024) RaGhel EardS {Resigned, 12 March 2024) Toreanna Friday. Treasurer (Resigned, 12 June 2024) Sidra Jabeen (Resigned 1 October 2023) Jonathan Pattinson Jane Plows (Resigned 6 May 2024) Cecilia Prichard Jones (Resigned 12 March 2024) Julia Proctor Rajani Rao {Resigned 30 January 2024) Eleanor Riley Isobel Elspeth Dowell (Appointed 9 May 2024) Elizabeth Wheater (Appointed 17 June 2024) Katherine Footer (Appointed S June 2024, resigned 3 October 2024) Ellen Nugent (Appointed 15 January 2024, resigned 21 February 2024) Company reglstered number 05364793 Charity registered number 1122682 Registered office 4A Millington Road CAMBRIDGE CB3 9HB Accountants Mrs K Bretherick FCA Peters EorthY & Moore Salisbury House Station Road Cambridge CB12LA Bankers HSBC PO Box 85 Cty Office Cambridge CB2 3HZ Page 1
THE MILLINGTON ROAD NURSERY SCHOOL TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Charity was fonned to carry on the Millington Road Nursery School and to promote the advancement of education. The average number of children on the Nursery's register in 202>24 was 41 in the Autumn tem, 46 in the Spring term and 53 in the Summer tem. The Trustees are aware of the Charty Commission guidance on public benefft and their operation of the Nursery School reflects this in the following ways. As an Ofsted-registered early years provider we follow and deliver the Early Years Foundation Stage as set out in the Statutory Framework. Cambridgeshire County Council is responsible for developing childcare places throughout the county and for supporting us as a provider to meet the ststutory requirements and deliver quality education and care. b) As part of our local provider agreerEnt wrth the council we offer 15 universal hours to all 3 and 4 year olds, funded by the council. From April 2024, we began accepting 2 year old children with 15 hours funding from families with two working parents that meetthe required income eligibilrty. This was slongside our existing 15 hour provision for 'funded 2 year olds. for eligible lower-income families or through professional third-party referral by, for example, a social worker or health pr8Ctrtioner. We do not, however, choose to accept the 30 hours offer for 3 and 4 year olds. The Nursery supports the educatbon and training of future ehildcare providers by the provision of work experience placements for students, school leavers and on occasion Duke of Edinburgh Award participants. The Nursery takes an active approach to the training and development of rts staff, supporting and enabling participation in a range of training opportunrties. d) Given its charrtable status, the Nursery maintains Its fees at as low a level as possible to cover its running cosls. Income from fees is used to compensate for the fact that the reimbursement the nursery receives from the County Council for funded children is signrficantty less than the cost to the Nursery of providing their nursery education. The Nursery is keeping a close eye on the potential impact of the Govemmenl's announcements about future changes to funding requirements and free nursery provision for early years. A hardship fund exists to help any parents who have unexpected financial difficulties, and this can be used to provide extra free days for children who derive particular benefrt from nursery education. One child was funded for 16 hours per week in the year up toAugust 2024. The Trustees provide their professional skills and serrfices as unpaid volunteers in order to kp costs to a minimum. They visrt the nursery on a regular basis and are available for consultation. g) The Nursery has aayS received children from many different nationalities whose p8rents are currently working or studying in Cambridge. It makes every effort to communicate with these children in their own language 8nd to acknowledge and celebrate various festivals from around the world as part of the curriculum. h) The Nursery has a strong commitment to following environmentalty friendly policies in the school and promoting their wider use in the community. The Nursery is delighted to play an active part in ris neighbouring community. inviting residents to visit the nursery to read to the children and attend special events. and maintaining links with local establishments including the church and local schools. Page 2
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTSAND PERFORMANCE Review of activities The Nursery continues its policy of free choice between indoor and outdoor play. making full use of the secluded natural garden wi(h its imaginative planting, raised walkway and treehouse and many other features, all making use of natural materials and giving a woodland feel. Forest School activities are undertaken by a member of staff who has completed the Forest Sch1 training. Staff.-trustees and parents give their time to help maintain and further develop the garden. We continue to encourage active engagement between our children, parents and our local community. Activities have included stories, songs and a puppet show by neighbours and parents, and visits to the local church. At Christmas the children perfomied a nativity Christmas show and we held a Teddy Bears, Picnic in the summer term for all our children. their parents and extended families. The children have continued to enjoy and benefrt from their music and dance class with an inspirational professional music teacher and weekly yoga sessions with a teacher from Kings College School. We also offer weekly RugbyTots classes with a professional sports coach. All staff continue to be proactive in participating in annual CPD both on council led courses 8nd through inset training days, ensuring meeting of essentia5 mandatory training (such as safeguarding and first aid) and following of particular interests regarding children's leaming and development. Organlsatlon During the year Ms Lena Pimm indicated to the Trusts her intention to step done as Principal in December 2024. Richard Smith, an existing member of the nursery staff, was appointed asthe Principal afterthe end ofthe financial year end and commenced in the role from December 2024. The Principal works with and reports to the Trustees of the Nursery. The Trustees meet regularly throughout the year, and individual Trustees also visit and support the nursery and the staff on an ongoing basis The market for recruitment of skilled Nutsery workefs continues to remain challenging and the Nursery has sometimes found it difficutt to recruit but is pleased to have hired some excellent replacement staff when some of the longer serving members have moved on. Inspections The Nursery School received an inspection by Ofsted in September 2021 and was awarded "Outstanding" status in all areas. The report praised the highty skilled staff, who know their key children extremely well and use this infomiation superbly to build on children's leaming and help them make links in their world. It said that the staff are excellent role models for the children. are considerate and respectful, and make the most of opportunrties to expertly extend children's leaming. Premises The Chanty occupies premises known as Millingion Road Nursery School. which are owned by the Provost and Scholars of King's College, Cambridge. Until 28 September 2002, the premises were occupied at a peppercorn rent. Since then, the rent has been raised gradually to a competrtive rate which is now set at £18,000 per annum until July 2027. Page 3
THE MILLINGTON ROAD NURSERY SCHOOL TRUST {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 During the year the Twstees and Principal of the nursery continued to cany out a programme of maintenance and improvement to the building and outdoor proviSn in the nursery, buikling on the work undertaken in the previous year. Going Concern The nursery operated at a surplus of slightly below £7.000 in the year to 31 August 2024. This is in line with the prioryear's surplus. The surplus will go towards repairing funds thatwere negatively impacted during the pandemic (-£21,851 beeen 2018-19 and 2021-22) Trustees will continue to monitor changes to funding and provision announced by Govemment, the number of children on the roll. staffing ratios, working hours and costs, and look forward to working with the Pnncipal and staff of the nursery over the year ahead. FINANCIAL REVIEW The Trustees and management team closely monrtored the budget throughout the year with the level of activity sustained in comparison to the previous year, resutting in incoming resources outgrowing expenditure. The numbers of children enrolled at the nursery Continued to improve, but the impact of this increase in the Nursery's finances has to some degree been offset by increased stsff costs, increased professional fees (due to the Finance Manager role being undertaken on a consultancy basis, rather than by a member of staff), the continued high level of energy bills, and the continued need to maintain the nursery building and the outside play area. Nomal operations in the year ended 31 August 2024 resulted in a surplus of £6.973 (2023.. surplus of £6,894} with income for the year of £309,413 (2023. £312,484) and expendrture of £302,440 {2023. £305,590). As indicated 8bove, the surplus will assist in repairing the Nursery's funds that were negatively impacted by the pandemic. Total funds at the year*nd were £211,756 12023: £205,783). Of these funds, £131,421 {2023'. £132,249) were designated for specific purposes, as described in note 14 of these accounts. The trustees remain keen to ensure that children of lowqncome families can be accommodated at the nursery and can benefit fully from the excellent care and education provided. The trustees welcome applications from parents and these are considered on a case-by-case basis by the Principal and trustees. Bursaries are awarded from the Hardship Fund, created several years ago for this purpose. One grant for one child was disbursed in this year at a cost of £828 (2022.. £5,368). Reserves Pollcy We believe it is prudent to hold a level of unrestricted reserves that will support the charity during periods of uncertainty and any exceptional circumstances where additional financial support is needed. The Trustees aim to hold free reserves equivalent to approximately 3 months, charrtable expenditure. equating to between £60,000 and £80,000. Free reserves at the yearond (total funds sS restricted funds, designated funds and fixed assets) amounted to £61,380 {2023.. £69,457). Therefor8. free reserves are wrthin the desired target range. STRUCTURE, GOVERNANCEAND MANAGEMENT The Charity is registered as a company limited by guarantee and is govemed by its Memorandum and Articles of Association dated 15 February 2005, amended by a special resolution dated 25 March 2007. Charitable status was obtained on 7 February 2008. The assets and activities of the charty known as The Millington Road Nursery School Trust (charity registration number 300373) We transfeed to the new incorporated charity on 31 August2008. The Trustees (and their areas of expertise) who served during the year were: Page 4
THE MILLINGTON ROAD NURSERYSCHOOL TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Amalia Petruzzeli Roderick Cantrill, Treasurer {from 13 June 2024) Rachel Edwards (Resigned, 12 March 2024) Toreanna Friday, Treasurer (Resigned, 12 June 2024) Sidra Jabeen {Resigned 1 October 2023) Jonathan Pattinson Jane Plows (Resigned 6 May 2024) Cecilia Prichard Jones (Resigned 12 March 2024) Julia Proctor Rajani Rao (Resigned 30 January 2024) Eleanor Riley Isobel Elspeth Dowell (Appointed 9 May 2024) Elizabeth Wheater (Appointed 17 June 2024) Katherine Footer (Appointed 5 June 2024, resigned 3 October 2024) Ellen Nugent (Appointed 15 January 2024, reSned 21 February 2024) The board of Trustees endeavour to appoint Trustees who will provide valuable and practical skills for the Charity. Many Trustees ar8 current or fomier parentslgrandparents of children at the school. TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who a also directors of Millington Road Nursery School Trust for the purposes of company law) are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and Unrted Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees 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 expendrture, of the charrtable company for that period. In preparing these financial statements, the Trustees Sre required to= select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charrties SORP; make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that 8re sufficient to show and explain the charitable company's transactions and disclose wtth reasonable accuracy at any time the financial posrtion 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 charrtable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: J. fvcfrDr. Rod Cantrill Trustee Julia Proctor Trustee Date.. 07 May 2025 Page S
THE MILUNGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MILLINGTON ROAD NURSERY SCHOOL TRUST ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charty for the year ended 31 August 2024. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the Charity (and rts directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 (Ihe 2011 Act.). In carying out my examination I have followed the Directions given by the Charity Commission under sects'on 145{5)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Since the Charitls gross income exceeded £250,000 your examiner must be a member of a body listed in Section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed rny examination. I confinn that no rnatters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in resped of the Charity as required by section 386 of the 2006 Act,. or the accounts do not accord with those records.. or the accounts do not comply wrth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance WFth the methods and principles of the Statement of Recommended Practice for accounting and reporting by chanties [8pplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 102)]. I have no concems and have come across no other matters in connection wrth the examination to which attention shoukl be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charitvs Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My Vrk has been undertaken so that I might state to the Charity's Trustees those rnatters l am required to state to them in an Independent Examinels Report and for no other purpose. To the fullest extent pennitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Mrs K Bretherick FCA Peters Elworthy & Moore, Chartered Arxountants, Cambridge Dated.. Page 6
THE MILLINGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Donations and legacies Charitable activities other trading activities Investments 292 303,074 195 5,417 727 303,074 195 5,417 4.200 306.102 218 1,964 TOTAL INCOME 308,978 309,413 312,484 EXPENDITURE ON: Charitable activities 435 302,005 302,440 305,590 TOTAL EXPENDITURE 435 302,005 302,440 305,590 NET MOVEMENT IN FUNDS 6,973 6,973 6,894 RECONCILIATION OF FUNDS: Total funds brought forward Net movement In funds 205,783 6,973 205,783 6,973 198,889 6,894 TOTAL FUNDS CARRIED FORWARD 212,756 212,756 205,783 The Statement of Financial Activrties includes all gains and losses recognised in the year. The notes on pages 9 to 23 form part of these financial statements. Page 7
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 05364793 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible assets 19,955 4,077 CURRENT ASSETS Debtors Cash at bank and in hand 12 27.600 272,153 258,005 263,282 299,753 Creditors.. amounts falling due wrthin one year 13 (70,481) {98,047) NET CURRENT ASSETS 192,801 201,706 TOTAL NET ASSETS 212,756 20S,783 CHARITY FUNDS Unrestricted funds 14 212,756 205,783 TOTAL FUNDS 212,756 205,783 The Chanty was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audti for the year In question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complng wtth the requirements of the Act with respect to accounting records and preparation of financial ststements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements Vre approved and authorised for issue by the Trustees and signed on their behalf by". Rod Cantrill Treasurer Date.. The notes on pages 9 to 23 form part of these financial statements. Page 8
THE MILLINGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 GENERAL INFORMATION The Millington Road Nursery School Trust is a chantable company limited by guarantee and registered in England and Wales. The registered officE and members of the Charity can be found on page 1. In the event of the Charity being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the Charity. The Chartys functional and presentskn'onal currency is GBP. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance wrth the Charities SORP (FRS 102) - Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Millington Road Nursery School Tnjst m&ts the definition of a publ benefit entity under FRS 102. Assets and liabilrties are initially recognised at historical cosl or transaction value unless OtheISe stated in the relevant accounting policy. There are no significant judgements and estimates made in applying the Charitls accounting policies. There are no key assumptions or sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 2.2 GOING CONCERN The Trustees have reviewed the financial position of the Chanty and have a reasonable expectation that the Charity has adequate resour5 to conts.nue in operational existence for the foreseeable future. There are no material uncertainties in relation to going concern. Accordingly, the financial statements continue to be prepared on the going concem basis. Page 9
THE MILUNGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) 2.3 FUND ACCOUNTING General funds are unrestrided funds which are available for use al the discretion of the Trustees in furtherance of the general objedives of the Charrty and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordan with specrfic restrictions imposed by donors or which have been raised by the Charty for particular purposes. The costs of raising and administenng such funds are charged against the specific fund. The aim and use of each restncted fund is set OLrt in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 2.4 INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Parent and third-paty fees are recognised in the period to which they relate, with any fees received in advance being deferred. Donations are recognised in the period in which they a received. Grants are recognised when the Charity has been notrfied in writing of both the amount and settlement date. In the event that a grant is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is vtholly wrthin the control of the Charity and rt is probable that those condrtions will be fu111ed in the reporting period. 2.5 EXPENDITURE Expenditure is recc¥Jnised once there is a fegal or constructive obligation to transfer economic benefit to a third party, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classffied by activty. The costs of each activty are made up of the total of direct costs and shared costs, including support costs invofved in undertaking each activity. Direct costs attributsble to a single activity are allocated directty to that activty. Support costs including govemance costs are those costs incurred directly in support of expenditure on the objects of the Chanty and include overheads incurred in the running of the Nursery. Governance costs are those incurred in connection with administratson of the Charity and compliance with constitutional and statutory requirements. Expenditure on charitable activrties is incurred on directly undertaking the activities which further the Charity's objectives. as well as any asslated support costs. Page 10
THE MILLINGTON ROAD NURSERY SCHOOL TRUST {A Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES (CONTINUED) 2.5 EXPENDITURE (CONTINUED) Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expendrture when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. bLrt not accrued as expendrture. All expenditure is inclusive of irrecoverable VAT. 2.6 INTEREST RECEIVABLE Interest on funds held on deposrt is included when receivable and the amount can be measured reliably by the Charity, this is nomially upon notification of the interest paid or Payab by the institution with whom the funds are deposited. 2.7 PENSIONS The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaiment losses. All costs incurred to bnng a tsngible fixed asset into rts Intended working condition should be included in the measurement of cost. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation Is provided at rates calculated to wrste off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Fixtures and ffttings Leasehold property 200A reducing balance 130A straight line 2.9 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-tenn highly liquid investments with a short maturity of three months or less from the date of acquisttion or opening of the deposit or similar account. Page11
THE MILLINGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES (CONTINUED} 2.11 LIABIUTIES AND PROVISIONS Liabilrties are CogniSed when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.. Liabilities are recognised at the amount that the Chanty anticipates rt wtll pay to settle the debt or the amount it has received as advanced panentS for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Actiwties as a finance cost. 2.12 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. INCOME FROM DONATIONS AND GRANTS Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 435 292 727 4,200 TOTAL 2023 20 4,180 4,200 Page 12
THE MILUNGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FUNDRAISING INCOME Income from fundraising events Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 Fundraising 195 195 218 TOTAL 2023 218 218 INVESTMENT INCOME Unrestrlcted funds 2024 Total fund8 2024 Total funds 2023 Interest received 5,417 5,417 1,964 TOTAL 2023 1.964 1,964 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Fees received {from parents) Funding towards fees 211,258 91,816 211,258 91,816 219,085 87,017 303.074 303,074 306,102 TOTAL 2023 306,102 306,102 Page 13
THE MILLINGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Restrfcted Unrestrictsd funds funds 2024 2024 Total 2024 Total 2023 Charitable acttvrties 435 302,005 302,440 305,590 TOTAL 2023 20 305,570 305,590 ANALYSIS OF EXPENDITURE BY ACTMTIES Actlvltles undertaken dlrectly 2024 Grnnt fundlng of actlvities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable Activities 164,130 828 137,482 302,440 305,590 TOTAL 2023 154.309 5,368 145,913 305,590 Page 14
THE MILLINGTON ROAD NURSERY SCHOOL TRUST {A Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS Total funds 2024 Total funds 2023 Staff costs Supplies and consumables General suppliers and play equipment Computer software and support Training costs Child development costs 154,850 1,214 3,187 142,981 818 6,010 1,652 2,848 164,130 154,309 Page 15
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS Totsl funds 2024 Total funds 2023 Staff costs Accountancy fee (govemance) Independent examiners fees (governance) Legal and professional fees Rent Rates, water and insurance Light and heat Repairs and maintenance Depreciation Cleaning (contradors, materials) Waste collection and landfill Payroll fees Telephone, postage, stats'onery and adverts'sin9 Computer sollware and support Travel and Subsistence Child development costs Bookkeeping 62,766 2,841 735 11.540 17,799 3,450 6,646 10,905 2,475 7,045 2,274 617 3,982 2,939 1,469 65,392 2,600 700 438 18,386 4,696 7,325 24,427 1,076 7,659 1,938 457 3,965 4,344 2,198 259 53 137,482 145.913 ANALYSIS OF GRANTS Grants to Indivlduals 2024 Total funds 2024 Total funds 2023 Bursaries 828 828 5,368 TOTAL 2023 5,368 5,368 During the year, bursaries were granted to one individual (one individual). Page 16
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guardntee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. STAFF COSTS 2024 2023 Wages and salaries Social security costs Contribution to defined contnbution pension schemes 202,244 6.216 9.156 194,608 5,461 8,304 217.616 208,373 The averag8 number of persons employed by the Charty during the year was as folluws.. 2024 No. 2023 No. Nursery staff Administrative staff 11 11 13 13 The average headcount expressed as full-time equivalents was: 2024 No. 2023 Nursery staff Administrative staff No employee received remuneration amounting to more than £60,000 in either year. The key management personnel of the chanty comprise the Trustees. Principal and Deputy Principal. The Trustees all give their time and expertise without any kind of remuneration or other benefit in kind (2023. £NIL). During the year, no Trustees received any reimbursement of expenses or had expenses paid directly to a third paty on their behalf (2023.. £NIL). The total employTnent benefits of key management personnel including pension contributions and employels national insurance was £71,597 {2023. £67.617). Page 17
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. TANGIBLE FIXED ASSETS Leasehold Fixtures and property fittlngs Total COST OR VALUATION At 1 September 2023 Additions 19,342 17,200 13.219 1,153 32,561 18,353 At 31 August 2024 36,542 14,372 50,914 DEPRECIATION At 1 September 2023 Charge for the year 17,369 1,977 11.115 498 28,484 2,475 At 31 August 2024 19.346 11,613 30,959 NET 8OOKVALUE At 31 August 2024 17,196 2,759 19,955 At 31 August 2023 1,973 2,104 4,077 12. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 365 4,912 19,885 7,715 5,277 27,600 Page 18
THE MILUNGTON ROAD NURSERY SCHOOL TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other taxation and social secunty Other credrtors (including deposits) Accruals and deferred income 2,121 1,620 33,031 33,709 7,049 1,742 16,838 72,418 70,481 98.047 2024 2023 Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 68,794 30,109 (68,794} 84,488 68.794 184,488) 30,109 68,794 Deferred income relates to nursery school fees received in advance for the Autumn temi. Page 19
THE MILUNGTON ROAD NURSERY SCHOOL TRUST (A Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at I September 2023 Balance at 31 August 2024 Income Expendlture UNRESTRICTED FUNDS DESIGNATED FUNDS Children's fund Maintenance fund Building Improvement fund Contractual commitments Hardship fund 1,722 321 75,346 50,000 4,860 1,722 321 75,346 50,000 4,032 1828) 132.249 1828) 131,421 GENERAL FUNDS General Funds - all funds 73.534 308,978 (301,1771 81,335 TOTAL UNRESTRICTED FUNDS 205,783 308,978 (302,005 212,756 RESTRICTED FUNDS Fruit fund 435 1435 TOTAL OF FUNDS 205,783 309,413 (302,440) 212,756 Page 20
THE MILUNGTON ROAD NURSERY SCHOOL TRUST {A Company Limited by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 September 2022 Balance at 31 August 2023 Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Children's fund Maintenance fund Building Improvement fund Contr8Ctual commitments Hardship fund 1.722 321 75,346 50,000 10,228 1,722 321 75,346 50.000 4,860 (5,368) 137,617 (5,368) 132,249 GENERAL FUNDS General Funds 61,272 312,464 (300,202) 73,534 TOTAL UNRESTRICTED FUNDS 198,889 312,464 (305,570) 205,783 RESTRICTED FUNDS Fruit fund 20 (20) TOTAL OF FUNDS 198,889 312,484 (305,590) 205,783 Page 21
THE MILUNGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. STATEMENT OF FUNDS (CONTINUED) Purpose of funds: The designated funds represent sums set asKle by the Trustees for the following purposes.. Children's fund. To purchase g¢)ods and services that will directly benefit the Nursery children Maintenance of the Nursery School prerDises To provide for future building improvements - To cover for notice on contractual commitments induding lease, employment and supplies - To provide one-off support to parents in financial drfficulty The Frurt fund is a restricted fund for the purchase of fruit and snacks. Where expenditure from a designated or $tricted fund exceeds the sum of the balance brought forward and the income recognised, transfers are made from the General Fund (unrestricted) to cover the excess. 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS-CURRENT PERIOD Unrestrlcted funds 2024 Total funds 2024 Tangible fixed assets CUrn1 assets Creditors due wrthin one year 19,955 263.282 (70,481) 19,955 263,282 (70,4811 TOTAL 212,756 212,756 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 Tot81 funds 2023 Tangible fixed assets Current assets Credrtors due within one year 4,077 299,753 (98,047) 4,077 299,753 198,047) TOTAL 205,783 205,783 Page 22
THE MILLINGTON ROAD NURSERY SCHOOL TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. PENSION COMMITMENTS The Charity operates a defined contribution pension scheme for certain employees. The Pension cost charged to the Statement of Financial Activities during the year was £9,156 (2023.. £8,304). At the balance sheet date there were outstanding contributions totalling £1,107 (2023: £1.088). 17. OPERATING LEASE COMMITMENTS At 31 August 2024 the Charty had commrtments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 18,000 33.830 18.000 51,830 51,830 69,830 The following lease payTnents have been rewnised as an expense in the Statement of Financial Activities.. 2024 2023 Operdting lease rentals 18,000 18.000 18. RELATED PARTY TRANSACTIONS The Charity has not entered into any related paty transactions during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 August 2024 (2023.. no transactions or balances). Page 23