**REGISTERED COMPANY NUMBER: 07706739 (England and Wales) REGISTERED CHARITY NUMBER: 1147877** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **FOR** ## **NURSERY@ASPIRE** 44 Grand Parade Brighton East Sussex BN2 9QA Chariot House Limited Chartered Accountants **NURSERY@ASPIRE** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|5| |**Independent Examiner's Report**||6|| |**Statement of Financial Activities**||7|| |**Balance Sheet**|8|to|9| |**Cash Flow Statement**||10|| |**Notes to the Cash Flow Statement**||11|| |**Notes to the Financial Statements**|12|to|17| **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of 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 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Charity's objectives and principal activity, as defined by the Memorandum and Articles of Association, are to enhance the development and education of children primarily under statutory school age (from the age of three months) in the London Borough of Wandsworth and the surrounding area through the provision of day care in a safe and secure environment and by encouraging and supporting parents and carers to become involved in their child's education and development. nursery@aspire opened in September 2011. The Nursery is registered for 42 children for full time places. Out of these 15 can be under the age of 2. nursery@aspire is open for 50 weeks a year. We close for two weeks over the Christmas period and for Statutory Public Holidays. The Ofsted Inspection on 16 April 2015 rated the nursery as 'Outstanding'. There are 38 children both full and part time currently on the register. The nursery has a 12 months waiting list. Nursery Aspire currently have 21 employees, 11 full time contracted staff and 9 bank staff. Qualifications vary from Masters being the highest and to Level 2 being the lowest. All meals are freshly prepared by our own Nursery Chef who is based at the Academy kitchen. nursery@aspire works closely with the Educational Advisor from Wandsworth. Employees attend courses provided by the Educational Department in Wandsworth as part of our CPD. Where possible nursery@aspire uses the facilities of Southfields Academy and aspire@southfields to offer extra-curricular activities to the children with no extra cost to parents. This includes weekly swimming lessons with a qualified instructor, visits to the Library, use of the Football Pitch, arts and crafts class and a dance lesson taught by the Academy dance teacher. Every month, the Nursery Manager electronically distributes a newsletter to all families with upcoming events, news from each room and reminders to all parents. Once a term the Manager and the Trustees of the Nursery have a PNA (Parents and Nursery Association) Meeting with the Parents' Representatives of each room to discuss various issues on the agenda. nursery@aspire is registered with various childcare voucher companies and for the Free Nursery Education Places for children over 3 years old. ## **Public benefit** In shaping our objectives and planning our activities for the year, the Trustees have given consideration to the duties set out in section 17(5) of the Charities Act 2011 to have due regard to public benefit. In particular, the Trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set. The Trustees believe that the following paragraphs, specifically on the "Objectives and Activities" for the year, relate in detail the benefit that the charity provides to the public. Page 1 **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **FINANCIAL REVIEW** ## **Financial Review** Unrestricted funds are the funds freely available for use in the furtherance of the objectives of the Charity. The net movement on unrestricted funds for the year was a surplus of £2,844 (2019: £38,008). Details of movements on the Statement of Financial Activities are set out on page 7 of the financial statements. ## **Plans for the Future And Reserves Policy** nursery@aspire has constantly strived to improve and develop its service provision to fulfil its charitable objects, and will continue to do so. It strives to be as self-sustaining as possible to avoid over dependency on single funding streams. It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a level which provides sufficient funds to cover management, administration and support costs. Our aim is to achieve a level which will enable the charity to achieve its long term objectives. Page 2 **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **FINANCIAL REVIEW Post Balance Sheet Events** Nursery@aspire was closed from March 23th 2020 to July 1st 2020. During the closure we have managed to keep nearly all families enrolled. Having the opportunity to access CJRS (Furlough) we managed to keep all staff and transfer that saving to the families, whose saw a reduction of fees of 70% (during closure). Since opening again in July 2020, nursery@aspire has been strict in keeping Covid safe standards in place. This has been efficacious as there have been only two occasions where we had to close partially and once we had to completely the nursery due to positive Covid cases. During the latest closures, we have managed to offer families a reduction of fees of 50%. The healthy state of the nursery accounts helped to keep all staff in place and we continued to offer the best care to families. ## **Board of Trustees Responsibilities** The Trustees, who are also directors of nursery@aspire for the purposes of company law, are responsible for preparing the Trustees 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, which give a true and fair view of the state of the 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: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charity SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. ## **Small Company Exemptions** The above report has been prepared in accordance with the special provisions of Section 419(2) of the Companies Act 2006 relating to small companies. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 3 **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Appointment of trustees** New Trustees are chosen by the members with the view to ensuring that the Board contains an appropriate balance of experience relevant to the operations of nursery@aspire. Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision making processes, the business plan, policies and financial procedures and the recent financial performance of the charity. ## **Organisation** The activities of the charity are advised and monitored by the Board of Trustees who meet regularly to set the strategic direction of the organisation and for establishing policy. They also ensure that the charity fulfils its objectives and complies with the requirements of the Charities Commission. The day-to day management of the charity is delegated by the Board of Trustees to Chantel Ariannejad, who attends Trustees' meetings to update the Trustees on developments and issues and to obtain instruction on the management of the charity. ## **Risk management** The board of Trustees have conducted its own review of the major risks to which the Charity is exposed and systems have been established to manage those risks. ## **Health and Safety at Work** The charity is always concerned to ensure health and safety at work and within its services, to this end it has a full range of policies which are reviewed and updated regularly. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 07706739 (England and Wales) ## **Registered Charity number** 1147877 ## **Registered office** Southfields Academy 333 Merton Road London SW18 5JU ## **Trustees** J Valin S P Elson R Denyer Page 4 **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** John Thacker FCA DChA Institute of Chartered Accountants in England and Wales Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA ## **Bankers** Lloyds TSB 30-34 Moorgate The City London EC2R 6PL Approved by order of the board of trustees on 22nd October 2021 and signed on its behalf by: J Valin - Trustee Page 5 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NURSERY@ASPIRE** ## **Independent examiner's report to the trustees of Nursery@Aspire ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2020. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its 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 Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable 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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Thacker FCA DChA Institute of Chartered Accountants in England and Wales Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA 26th October 2021 Page 6 **NURSERY@ASPIRE** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020** |2020
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
2
Nursery Provision
547,423
**EXPENDITURE ON**
**Charitable activities**
3
Nursery Provision
544,579
**NET INCOME**
2,844
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
243,180
**TOTAL FUNDS CARRIED FORWARD**
246,024|2019
Total
funds
£
586,944
548,936| |---|---| ||38,008
205,172| ||243,180| The notes form part of these financial statements Page 7 **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **BALANCE SHEET** ## **31ST DECEMBER 2020** |2020
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Debtors
8
3,948
Cash at bank and in hand
340,161
344,109
**CREDITORS**
Amounts falling due within one year
9
(98,085)
**NET CURRENT ASSETS**
246,024
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
246,024
**NET ASSETS**
246,024
**FUNDS**
10
Unrestricted funds
246,024
**TOTAL FUNDS**
246,024|2019
Total
funds
£
6,145
332,582
338,727
(95,547)
243,180
243,180
243,180
243,180
243,180| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020. The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 8 **NURSERY@ASPIRE (REGISTERED NUMBER: 07706739)** ## **BALANCE SHEET - continued** ## **31ST DECEMBER 2020** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 22nd October 2021 and were signed on its behalf by: J Valin - Trustee The notes form part of these financial statements Page 9 **NURSERY@ASPIRE** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2020** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|2020
£
7,579
7,579
7,579
332,582
340,161|2019
£
91,668| |---|---|---| |||91,668| |||| |||91,668
240,914| |||332,582| The notes form part of these financial statements Page 10 **NURSERY@ASPIRE** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Decrease in debtors
Increase in creditors
**Net cash provided by operations**|2020
£
2,844
2,197
2,538
7,579|2019
£
38,008
13,403
40,257| |---|---|---| |||91,668| ## 2. **ANALYSIS OF CHANGES IN NET FUNDS** ||At 1/1/20|Cash flow|At 31/12/20| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank and in hand|332,582|7,579|340,161| ||332,582|7,579|340,161| |**Total**|332,582|7,579|340,161| The notes form part of these financial statements Page 11 **NURSERY@ASPIRE** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and on that basis the charity is considered to be a going concern. ## **Incoming resources** ## Donations and Grants Income from donations, and grants, is included in incoming resources when these are receivable, except as follows: - When donors specify that donations and grants given to the Charity are to be treated as funding for future accounting periods, the income is deferred until those periods. - When donors impose conditions which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met. When donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. ## Nursery Fees Fee income for provision of nursery services is included in incoming resources when the service has been provided, or, if amounts invoiced relate to services both before and after the period end, then in proportion to services provided, with the balance being deferred. ## Other Income Other income is recognised in the period in which the Charity is entitled to the receipt and the amount can be measured with reasonable certainty. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to it, or where the donor has specified that the income is to be treated as the funding of a future period. ## **Resources expended and basis of allocation of costs** All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for such expenditure. Direct costs incurred in connection with a particular project or event, are allocated to that project or event in the year they are incurred. Resources expended include attributable VAT which cannot be recovered. continued... Page 12 **NURSERY@ASPIRE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **1. ACCOUNTING POLICIES - continued** ## **Taxation** The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Going concern - covid19** The trustees consider that there are no material uncertainties about the charities ability to continue as a going concern. The trustees have taken advantage of the various sources of Government support during the COVID-19 pandemic. The trustees consider that COVID-19 will not have a significant impact on the charities ability to continue trading. Income from trading activities is expected to reduce due to the lockdown conditions and steps are being taken to make cost savings. The trustees regard any impact to be short term rather than affecting the charities ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts. ## **2. INCOME FROM CHARITABLE ACTIVITIES** |Activity
Nursery fees
Nursery Provision
FNEP
Nursery Provision
Registration Fees
Nursery Provision
Rent income
Nursery Provision
Furlough Income
Nursery Provision|2020
£
394,395
53,541
270
40
99,177
547,423|2019
£
514,940
71,119
835
50
-| |---|---|---| |||586,944| continued... Page 13 **NURSERY@ASPIRE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **3. CHARITABLE ACTIVITIES COSTS** |**CHARITABLE ACTIVITIES COSTS**|| |---|---| |Nursery Provision
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
2020
£
Independent Examination Fee
3,090|Direct
Costs
£
544,579| ||2019
£
3,120| ## **4. NET INCOME/(EXPENDITURE)** ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended 31st December 2019. ## **6. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs|2020
£
365,250
24,556
8,323
398,129|2019
£
377,958
4,690
8,923| |---|---|---| |||391,571| The average monthly number of employees during the year was as follows: |2020|2019| |---|---| |22|24| No employees received emoluments in excess of £60,000. Key management remuneration for the year totalled £51,255 (2019: £49,774). continued... Page 14 **NURSERY@ASPIRE** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **7. SHARE CAPITAL** As the Charity is limited by guarantee, there is no share capital. At 31 December 2018 each member has undertaken to contribute to the Charity's assets, in the event of the Charity being wound up, such amount as may be required, not exceeding £1. ## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Deposits Held
Accruals and deferred income
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|
At 1/1/20
£
243,180
243,180
Incoming
resources
£
547,423
547,423|2020
2019
£
£
3,948
6,145
2020
2019
£
£
4,448
40,948
6,354
5,114
44,283
46,485
43,000
3,000
98,085
95,547
Net
movement
At
in funds
31/12/20
£
£
2,844
246,024
2,844
246,024
Resources
Movement
expended
in funds
£
£
(544,579)
2,844
(544,579)
2,844|2019
£
6,145
2019
£
40,948
5,114
46,485
3,000
95,547
At
31/12/20
£
246,024|2019
£
6,145
2019
£
40,948
5,114
46,485
3,000|2019
£
6,145| |---|---|---|---|---|---| |||||95,547|| ||||246,024||| ||||2,844||| Page 15 continued... **NURSERY@ASPIRE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **10. MOVEMENT IN FUNDS - continued** **Comparatives for movement in funds** |At 1/1/19
£
**Unrestricted funds**
General fund
205,172
**TOTAL FUNDS**
205,172
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
586,944
**TOTAL FUNDS**
586,944|Net
movement
At
in funds
31/12/19
£
£
38,008
243,180
38,008
243,180
Resources
Movement
expended
in funds
£
£
(548,936)
38,008
(548,936)
38,008|At
31/12/19
£
243,180| |---|---|---| |||243,180| |||38,008| ## **11. OTHER FINANCIAL COMMITMENTS** The Charity has entered into a tenancy agreement with Southfield Academy to rent premises at a current annual rent of £120,000. The agreement is until 31 August 2099. ## **12. RELATED PARTIES** Southfields Academy is a related party by virtue of two of the Trustees of nursery@aspire also being Trustees or Employees of Southfields Academy. Page 16 continued... **NURSERY@ASPIRE** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020** ## **13. CONTROL** The company was controlled throughout the current period by its Trustees by virtue of the fact that each Trustee has a vote at meetings of the Trustees. Page 17