Company registTaiion number.. 07987790 Charity re8lStraiion number.. 1148179 Cherrywood Community Childcare IA company limited by guarJntee) Annual Repjrt and Financial Ststements for the Year Ended 31 March 2023 s￿Wart & Co Accountants LLP Illlllllllll "Ac)￿Tr￿• 2711212023 C(XIPANIES HOUSE A16 #111 Cherrywood Community Child¢are Contents RefeTen¢e and Admini5trdtive Deiails Straiegic Report Trusi¢e' Report 3104 Independent Examinrfs Rep Stat¢men¢ of Financial Acliviiies Balance Sheel Notes to the Financial StsE¢ments 810 17 Cherrywood Community Childcgre Reference and Administrative Details Chaiman Elizabeth Crnnfjeld Setretary Prniima Other O￿lterS Juliet Hart Chgrity Registration Nurnber 148179 Comp#ny Registration N￿mber 079877 R¢gi5t¢r¢d Office Cherryw(*)d Communiiy Childcare Aldwi¢k Close Farnborough Hampshi GU14 8FH Independeni Ex#miner Stewarr & Co Accountrant5 LLP Knoll House Knoll Road Camberley SLLrrey GU15JSY Pase I Cherrywood Community Childeare Strategic Report for the Year Ended 31 March 2023 The ITUStee. who directors for the purwse5 of company law. prtsent their Sira*gic report for the year ended 31 March 20?3. in ¢oThpliance with 5414C of the Companies A¢t 2006. The strategic report WdS approved by ihe iwusiee of the ¢harity on 22 Decerni*r 2023 and 518ned on its beh¥Llf by.. SIGNED ECURELY 21MWlQ23at 17."49"1JpMitrt Juliet Hart Other officer Pase 2 Cherrywood Community Childcare Truslee, Report The trusree, who are dire¢tOTS for ihe purposes of ¢ompany law. present rhe annual repon iogeiher wilh th¢ financial staiemenis of the charitablE Cotnpany for the year ended 31 March 2023_ Objectives and activitie5 Ptsblic benefil The trustee confirm tha¢ they havE compliEd with th¢ r¢4uirements of seeiion 17 of the Chariiies Act 2011 to have due regard to the public benefit guidancr published by the Charity CommissN)n for EnEland and Wales. Trustees and offieers The trllsiees and officers serving during the year and 5incc the year end were as follows.. TTUStee.' Chloe Lee Chainllart-. Elizabeth Cranfield Secfeiary.. Pralima (appointed I l Mar¢h 20231 Other Officer5= Juliet Hart Strncturei governance man8gement F?n#nci#l I￿strUMentS Objertlves t7rtdpoli¢i4s The charity's aciiviiies exp￿￿ il to a number of fina￿la1 risks in¢ltyJing ¢￿di1 risk. cash flow risk and liquidity risk. The use of financial derivaiives is governed by Ihc charity's polici¢5 approvrd by th¢ ix)ard of t￿51¢¢, which provide wrirten principles on the use of rjnancial d¢rivalive5 to manage these risks. The Charity does not use dtrivaiive financial instruments for speculativ¢ purposts. Ca51iJlow risk The charity's a¢tivilies exFy)se it piimarily ￿ ih¢ financial risks of changes in foreign currency exchange rates and interest rates. The ¢hatity uses foteign ¢x¢hange fon¥ard ¢ontra¢s atld ini¢resi rate Swap wniracrs Lo hedge Ihese exp05ures. Interest bearing assds and liabilities are held ai fixed raie ￿ eosure ¢¢nainty of cash llows. Credit ris* The ¢harity's principal finan¢ial asseis are bank balance5 and cash. trade and other receivables, and investments. The charity's ¢rtdil risk Is primarjly attribuiable io lis trade receivables. The amounts presenied in the balance sheer are net of allowances for doubtful ￿CeIV￿ble$. An allowance for impaimeni is rnade where there is an identified loss event which. based on prtvious expenence. is evidence of a redutiion in the recoverability of the cash flows. The ¢redil risk on liquid funds and derivative financial insiruments is lirniied F*cause ihe counTerparties are banks wilh high ¢rediL-fdiings ass1Dr￿ by international credii-raiinv agencies. The charity has no 5i(tnific8ni concentralion of credii risk. with exposure spread over a large llurnber of counterparties and customers. Cherrywood Community Childcare Trustee, Report . Liquidity rA¥k In order to Thaintain liquidity to cnsure th31 Sutrieient funds available tor ongoing operations and future d¢v¢lopmenls. Ih¢ charity US¢5 a mixiure of long-i¢rrn al￿ short-iern d¢bi finance. Further details regarding liquidity risk Can be found in the Staiem¢ni of accounling rK)li¢ies in tht financial ststements. Statement oftrnsttt, re5POn5ibilities The rrusiee (who are also the dirt¢tots of Cherryw(x)d Cornmunity Childcate for the purFoses of tompany lawl are responsible for Preparing the trustee, Teport and ihe finar*rial 518tetnents in a¢wrdance with applicable law and Uniied Kingdom Accounting Stsndards {UniLed Kingdom Generally A¢¢¢pted Accounting Practice), including FRS 102 "The Financial Rep)rting Stsndard applicable In the UK and Republic of Ireland" Company law req4Jires the trusi¢e 10 prepare rtnancial statements for each financial year. Under Company law Ihe irusiee must noi approve the financial staiement5 unless ihey sa¥i5fied thai they give a Ift￿ and fair view of the slate of aftairs of the charitable company and of ihe incoming resources and applicaiM)n of resources, including lis income ar￿ expendiiure, of the charitable comparty for ihat period. In preparing ihese finarttial atements, the trustee are rtquJ￿d to.. select suilable accouniin8 policies and apply them consisienily- observe the methods and principle5 in Ihe Chariiies SORP.. make judgements and estimates that art reasonable and prud¢nL siale whether applicable ae￿In11￿g sthndards. comprising FRS 102 have been followed, subjea to any material departures disclosed and explairted in ihe financial statements. and prepare the financial statements on the going ¢on¢ern basis unless it is inappropria¢¢ to presurne thal the charitable company will continue In business. The trustee are reswnsible for keeping proper accounting retords that can disclose with rtasonable aC¢UTacy at any time the finaneial posirion of the charitsble company and enable ihtm to ensure thai the financial statern¢nlS comply wirh ihe Companies Aci 21X)6. They are also reswTrnsible for safeguarding the assets of ihe charitable company and hence for taking reasonable strp5 for iht prevention a￿j deteciion of fraud and other irregularities. The Irusiee are responsible for the maintenance and iniegfiiy Ot-the corporate and financial infomiaiion inclthd¢d on lh¢ chariiable compafiy's websitr. Legislalion so¥eming the preparation and dissemination of financial statemtnis may differ from legislation in oiher jurisdiction5. The annual report was approved by ihe irustee of the ctwity on 22 December 2023 athd signed on Its behalf by: SGMeO ECURELY 2YIW2923W 12..49..1JPII UT Juliet Hart oiher offtcer Pag¢ 4 Cherrywood Community Child¢are Independent Examiner's Report to the trustees of Cherrywood Community Childcare ('Ihe Company,) I report io ihe ch8riiy irnsiee on my examinatKM of the acci)unts of the Company for the year ended 31 March 2023. R¢S￿￿$1b111tjes And b*sis of report As ihe tharity's irusiee of the Company land also its directors for Ihe P￿r￿>Se5 of company la¥vl you a responsible for the preparation of lh¢ a¢cOUn￿ In a¢¢ordance wilh ih¢ requiremen￿ of th¢ Companies Act 2006 I'the 2006 Act'l. Having satisfied MY￿lf thai Ihe of the Company are not required io b¢ a*Jdit¢d under Part 16 of ihe 2006 Act and are eligible for independent exarDinarion. l Teport in respect of my e%amin*ion of your Chariiy's accounis a5 carried out under section 145 of the Charities A¢1 2011 ('th¢ 2011 A¢i'l. In carrying oui my examination I have followed the Dire¢tioDs given by ihe Charity Commission ￿nder seeiion 14515llbl of ihe 2011 Act. Indeptttdent exAmintr's slattment Sin¢e lh¢ Comparty's gTOSS income exceedtd £250,¢X)O your examiner mu51 be a member of a body listed in section 145 of the 201 l Act. I confim ihai l om qualified io undtnakc the examination because l arn a member of ICAEW. whi¢h Is otte of the lisied bodies. I have completed my examirtaiion. I confimi ihat rKJ matters have con7e to my aittntion in conneclion with the %aTninaiion giving rne cause io believe.. accounting record5 were rK)t kept in respect of CherrywL¥)d c0￿MUnIty Childcare as required by section i86 of ¢he 2006 Aci: or 2. Ihe a¢¢ounts do not accord with ihose records: or 3. thc accoun15 do not comply with the t¢¢ounling requirements of S¢¢¢ion 396 of the 2006 Act other than any requircment that the accounts give a 'true and fair view which is noi a m8i*r ¢onsid¢red as part of a independent examinalion- OT 4. the accounts have not been prepared in accordance with t1￿ meth(NJs and PTiThciples of the Staiement of Recommended Praeiice for arlo￿nting and rew>rting by charities lapplicable lo charilies Pfeparin a¢¢ounts In a¢¢ordan¢e with th¢ Financial Rerrt)rting Srandard applicable in the UK and Republic of Ireland IFRS 102)]. I have Th) concems and have come acros5 rrf) othcr matitf5 in ¢onne¢tion with the exaTninarLon to which attention should be drawn in ihis report in ordcr to ¢nable a proper understsnding of the a¢tounts to be reached. Lucy Evans Bsc FCA Stewart & Co Acrourrtants LLP Knoll House Knoll Road Carnberley Surrey GU15 3SY 22 De¢ember 2023 Page 5 Cherrywood Community Childcare Statement of Financial Activitie5 for the Year Ended 31 March 2023 (Including Income and Expendilure Aecount and Statement of Total Recogni5ed Gains and Losses) Unre5trieted fund5 Re5tritted funds Tot81 2023 Note Income And Enthwrnents from: Charitable xtivities 302.241 15 302 256 Total income 302.241 302,256 Expellditure on- Charitable activities Other expenditure (282.286) (14,297) (282.387) 114.2971 Total expenditure {296.5831 296,684 Net incomel(expenditure} Trdnsfers between funds 5.658 {2.260) 186) 2.260 5.572 Net movemeni in fil￿1$ 3.398 2.174 5.572 Rtttsntili#tion of fund$ Total funds brought forward Toial funds cariied forward 45,652 9,060 54,712 17 49.050 Unr¢siTi¢itd funds 60,284 Total 2022 Rtstricttd fu￿d$ Note IM£ome ¥nd En(kbwrnents from: Chariiable activiiies Oihtr irKome 258.427 1.350 l.i74 259.801 .350 Total income 259,777 1,374 261,151 Expenditure on- Charitable KtivitlE$ O¢her t%￿n￿lture 1246.6591 110.8131 {248.0901 10.8131 Total e.xpendiiuTe 1257.4721 {258,9031 Net iftcome/(expendittsre) 2,305 1571 2.248 Net rnovement in funds 2,305 157) 2,248 Reconciliation of fund5 Toial funds biought fonvard 43.347 9.117 5?.464 Total funds Carried fonward 45.652 9.060 54,712 All of the charity's activities derive from coniinuins operations during iht above M ptriods. The funds breakdown for 2022 ts sl￿w￿ in noie 17. The notes on pages 8 to 17 fo￿ an iniryrdl pall of ihe5e financial statements. Page 6 Cherrywood Community Childtare (Registration number: 07987790) Balance Sheet as at 31 March 2023 2023 2022 Note Fixed assets Tangible assers 12 2.119 972 Current iS5ets Stocks Debtors C8sh ￿ baThk and in hand 13 198 7,892 63.521 14 6.796 59.519 15 66.315 Creditors.. Arnounts falling due within one year 16 8.1501 Net current 4sset$ 58,165 53.740 Net assets 60.284 54,712 Futhds of the ¢h•riiy: Restritted income funds Resrricied fund5 1,234 9,060 Unrestricied into￿¢ funds Unr¢siricied funds 49.050 45,652 Tol*l funds 17 60,284 54.712 For the financial year ending 31 March 2023 thc charity enliilcd to exemptH)n frorn audit under section 477 of the Companits Aci 2006 relating to 5rnall companies.. Dire¢10￿. r¢sponsibiliiies.' The members have not required the Charity to obtain an audi¢ of its accounts for the year in question in accordance wilh stclion 476. and The dir¢¢iors acknowledge their res￿)nsibl1tIjes for ¢[￿nplYIn8 with the requirements of the Act with respect to accounling re¢ords and the prepar*ion of a￿O￿nts. The financial statements on pages 6 to 17 approved by the irusiee. and authorised for issue on 22 December 2023 artd signed on iheir behalf by.. SIGNEti ÈCUAELY 2WIWlQ2JIt 12".49".1J PIIiIT¢ Juliet Hart Other O￿lcer The notes on pages 8 10 17 f(m an intrsral part of these financial stsiemenis. Page 7 Cherrywood Community Childcare Notes lo the Financial Statements for the Year Ended 31 March 2023 I Ch8rity 51atus The charity is limited by guaraft￿e, Ir￿r[m)ra[ed in , atTrd ¢onsequeptly does Th)t have share capital. Ea¢h ot. the trusiee 15 liabl¢ to contribute an amount noi excteding £NIl tOW3rds the asse¢s of the charity in the eveni or The address of its re8151ercd office and principal pla¢¢ of business is= Cherrywood Community Child¢ar¢ Aldwick Close FamFK)rough Hampshire GU14 8FH 2 Aetoynting polieie$ Summary of significant attovnling p)lieies #nd key attounting e5tirna¢es The principal a¢¢ourtling poli¢i¢s applied in the preparation of Ihese financial statements are sei out below. These policies have been ¢onsisienily applied tts all the years presented. unless otherwise ￿ated. Statement of compliance The financial siaiemenis have been prepared in ac¢oTdance with Accouniing and Reporting by Charities.. Siaiemeni of Recommended Pra¢ti¢e lapplirable io chariiies preparing their acCO￿nts in accordance with the Financial Reporting Siondard applicablt in the UK and Republic of Ireland (FRS 1021) (Issued in October 20191 (Charilies SORP IFRS 102}l. Ihe Financial Reptsnin" Siandard applieable in iht UK and Republit of Ireland IFRS 102) and th¢ Companies A¢1 2006_ Basis of preparxtlo Cherryw(x)d Community Childcor¢ mr¢ts thr definiTion of a public bentfil enLiiy under FRS 102_ Assets and liabililies are initially rtEowised ai historical c05t or iran5aciion valtse unless ￿h¢t1¥1$¢ staled In the relevant a¢¢ouniirtg policy notes. Going concern The ITUStee consider thai the￿ are ￿ material uncertainiies 8tKJkni the ¢hariVs ability to continue as a going concem rtor any significant areas of uncerrainty ihat affect the carrying value of assets held by the Charity. Ineome Ind endowme￿1$ Exptnditurt All expendiiure is recognised once there is a l¢gal or ¢onstru¢tive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably_ All Costs aTe allocated 10 the applicable expcnditLITe heading rhai aggregate Similar costs to ihai category. Where a>sis canrMM be directly attribured io panicular heading5 they have been alloc8Led on a basis eonsisient wilh the use of resources. Wlth cenlrdl Staff cosis allocated on the basis of time sp¢nt, and depr¢¢iaiion Charges allocated on the wrtion of the asset's use. Other 5UPPOrt C0515 are allocaied based on ihe spiead ofstaff wsis. Page 8 Cherrywood Community Childcare Notes to the Fin8neial Statements for the Year Ended 31 March 2023 Choriluble fjctivilies Chaiiiable expendilure ¢omprises those e05ts incurred by the chariiy in the delivery of its activities and services for its beneficiaries. It includes boih cosis Lh￿ ¢an be allouied direaly io such aciiviiies and those cosis of an indireci nature necessary 10 support ihem. T8Jtation The charity is considered io pass the ttsls set oul in Partgraph I Schedule 6 of the Finan¢e Aci 2010 and therefore li meets the definiiion of a charitable cornpany for UK corpor4lion i&x pufpDses. A¢¢ordingly J the charity is pot¢niially exempi from taxarion in respeci of incorne or capital gain5 received wiihin cat¢gori¢s covered by Chapter 3 Part I l of the CorrM)raiion Aei 2010 or Seciion 256 of Ihe Taxation of Chargeable Gains A¢t 1992, to th¢ exteiil thai such income or gains are applied txclu5ively to chafltable purposes. T2ngible fixed assets Individual fixed a55¢1s w5ting nil or rnort are initially recorded ai cost, less any subsequtnt accumulattd depreciation and subsequcnt accumulated impairment losses. Depreciat•on and arnortlsation tkpre¢iaiion is provided on iangible fixed assets so as io wrile off ihe cost or valuation. less any estimated residual value, over their expeettd useful economic life as follows.. Asset tlass Fixtures and fitting5 Office equipment Deprrti#t•on meihod l￿d rate 25% sirnight line 25% reducing balanc Stock Stock is valued ai ihe lower of cosi and ¢Siimared sellin¥ price less costs 10 complete and sell, afttT due regard for obsolete and slow moving sio¢ks. Cosi Is deL¢miined using ihe rtrsi-ln, first-oui IFIFOI. Tradt deb*tsr$ Trade debiors are am¢yJnts duE from ru5tornc￿ for m¢rrharKIis¢ 501d or services perfomied In the ordinary course of busines5. Trad¢ debtors are recognised initially at the transaclion PTICC. They are subscquenily measured al amortis¢d cost using the effective Interest meihtrj, less provision for impairmenr. A provision for Ihe irnpaTTment ot. trade d¢bior$ Is established when there is objective evidence ihat the chariiy will not be able to collect all amounts due according 10 the original iems of the rtceivables. Cash and c*sh equiv*lcnl$ Cash and cash equivalents comprise cash on hand and call deposits. and other shon-term highly IKiuid inve5trnents that art readily convertiblt to a ￿￿wn amouni of cash and are subject to an insignificant risk tsf charbsc in val￿. Page 9 Cherrywood Community Child¢are Notes to the Financial Statements for the Year Ended 31 March 2023 Trade ¢redilOTS Trade crediiors are obligations io pay for S￿d5 or serviets that have been a¢quired in the ordinary course of busines5 from suppliers. Accounts payable art classified as ¢urr¢nt liabilities if the charity does noi have a unconditional righi, at ihe end of the rewrting period. lo defer s¢ulement of the creditor for at l¢asi iwelve monihs after the re¢x)rtin¥ date. If thert Is an un¢ondilional righi io defrr settlement for ai leasi Th¥elv¢ monihs after the reporting dale. they ale preseni¢d as rton-¢urr¢nt liabiliiies. Trdde crediiors are recognised initially * the iTansa¢iion pri¢e and subsequently measured at amortised cosi using the effective interest method. Borrowings InieresÈ-beaiing tA)rrowings ore initially recorded ai fair value. net of irdnsaction costs. Inieresi-bearing borrowings are subs¢quenily ¢arried at amortised ¢osL wilh the diFfe￿nce berween the proceed5, net or transaction eosis. and the 3Thount due on rcdernpt1(￿ being recogniseil a5 a charse to the Statement of Financial Activilies over rhe period of ihe relevant ix)rrowing. Initre51 expense Is reeognised on the basis of ¢h¢ t￿￿tIve int¢rr51 m¢th¢yJ ar￿ is included in interest payable and similar charge5. Borrowing5 arc classified as ctsrrent liabilities unless th¢ Charity has an unconditional right to defer settlement of the liability for at ka5t ￿e1Ve monihs aft¢i the reFKTrning dale. Foreign eAchange Transactions in foreign eurten¢Les are recoided at ihe T*e of exchavue ai the datc of ihe Iransacrion. Monetary assets and Iiabiliiie5 denominated In foreign ¢UTrtn¢i¢s ai the balance shed date are reported at the Tale5 of exchange prevailing at that dale. The rc5ulis of over5e&s operations are translated ai ihe average rates of exchange during thr period and their balance 5hceis at th¢ rate5 ruling ai the balanct sheei dale. Exchartge difyerences arising ork translation of ihe opcning nel assets and results of ovetseas opeiations ale reported in o¢h¢i ¢ompr¢hensive and accumulated in equtty lallfibuitd LO non-conirolling interests as appropiia(el. (Xher exchange difference5 are recogni5ed in the S￿eMen1 of Fir￿1¢1￿1 A¢tiviiies in ihe perifyj in which they arise except for.. I l eXCha￿ge differences on transactions entered into to hedge certain foreign cUrre￿Y risks15ee aly)vel' 2) exchange differences arising on 8ains or losses on non-moneiary Items which ar¢ re¢ognised iv other comprehensive incornc. and 31 in th¢ case of the consolidaicd financial stalcmen15. exchange differences on monetsry Items receivable fro or payable to a foreign operation for which 5cttlem¢nt rs neiiher planned nor likely io occur (therefore fofming part of Ihe net investment in the foreign operation), which are recognised In other ¢ompr¢h¢nsive in¢ome and rewkrtrd under equity. Fund $tru£ture Unrestricied income funds are general funds that are available for use at ihe iwsiee dixreiion ith furtherance of the objeciives of the Charity. Page 10 Cherrywood Community Childc*re Notes to the Financial Statements for ihe Year End￿ 31 Mgrch 2023 Restricted income funds are those donated fr)r use in a particular area 01 for spe¢ific putposeg ihe use of which is restricted to thar area or purpose. FinAnciAI instrurnents Clussificdiion Financial asseis and financial liabilities we recognJs¢d the chafily becomes a party to the contraeiual prov15ion5 of the instrument. Financial li8biliiies and equity instrument5 ¢lassLfJ¢d a¢eording ￿ ihe substance of the ¢ontra¢tual arrangemenis entered into. An equity insiTUmCnt is any contrnrl ihat evidencrs a residual interest in the a55¢ts or the charity after deducting all of 115 liabilities. Reco8MilitsK omd meusuremettl All financial assets and liabLlities a￿ initially measured * transxiion price (including irdnsaciion cosisl, except for ih05e financial asseis classified as * fair value Ihmugh profit or loss. which are Initially measured ai fair value (which 15 nortnally ihe tranwiion PTi¢e ex¢luding transaction wsisl, unless lh¢ arrangemeni Wllsiiiuies a rinancino tTan5aclioD. If an arrangemeni constitutes a finartcing Lransa¢iion. lh¢ finan¢Èal asset or financial liability 15 tnea5ured at the presenl value of the fulur¢ paym¢nts dis¢ount¢d at a markei rat¢ of ini¢rest for a similar debt in5trumtnl. Financial ￿SetS and liabilities a￿ only offsei kn the sth¢ement of financial position when, and only wh¢n there exists a legally enforceable rioht 10 Stl off the recognised arnounts and the charity intends eitheT ¢0 seitle on a neE basi5. or io realise Ihe assei and seitl¢ the liability simultaneously. Financial asseis aTe de￿COgni￿d when and only when al Ihe ¢ontrn¢tval rights ￿ ihe cash flows from the rinancial as5ei e.xpire or are settled. b) the charity iransfeF5 to anoth¢r party subsiantially all of th¢ risks and rewards of ownership of ihe financial a55¢1, or cl Ihe charity. d¢5pii¢ having rElained sorne, but nol 411, significant risks and reward5 of ownership. transferred control of the asset io anoiher party. Financial liabilities are dcrecosniscd only when the obligation sp￿lfied in the rontrart is di5¢harg¢d. cancelled or e.xpires. 3 Incorne from charitable *ctivilies Unre5tritted funds General Re5tritted funds Tofal 2023 Childcare 302.241 302.256 Unrestritted funds Genew*l Re5trirted funds T•tal 21122 Child¢aTe 258.427 l.i74 259.801 Page 11 Cherrywood Community Child¢are Notes ¢0 the Financial Statements for the Yvar Ended 31 March 2023 4 In¢ornt frtym other trading aclivities Other income from other trading acitvitie5 £nil in 20231£1,350 In 2022). 5 Expelldilure on