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2023-12-31-accounts

Charity Registration No. 1162242

SEVENOAKS DAY NURSERY CIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

SEVENOAKS DAY NURSERY CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Susan Dreksler
Stephanie Jenkinson
Abigail Wells
Caroline Bramley
Natasha Manson
Chloe Ghuznavi
Charity number 1162242
Principal address Rear of Community Centre
Otford Road
Sevenoaks
Kent
UK
TN14 5DN
Independent examiner Caroline Ward FCA
A4G LLP
Kings Lodge
London Road
West Kingsdown
Kent
UK
TN15 6AR

SEVENOAKS DAY NURSERY CIO

CONTENTS

Page
Trustees Report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to financial statements 7 - 13

SEVENOAKS DAY NURSERY CIO

Page 1

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's constitution, the Charities Act 2011 and "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)" (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The Charity's objectives are to enhance the development and education, and promote the care, safety, health and wellbeing, of children residing in Sevenoaks and its neighbourhood, by the provision of day care facilities, nursery education, alternatives to foster care and emergency care for children in cases of family crisis.�

The policies adopted in furtherance of these objects are to maintain the level of charges for attendance at the Nursery considerably below the rates charged by commercial nurseries operating in the area and to provide free childcare, at the Trustees' discretion, to children of families at economic disadvantage or who would benefit from support due to illness or crisis and there has been no change in these during the year.

At the same time, it is the aim of the Charity to act to ensure the continued financial sustainability of the Nursery bearing in mind the need to accumulate, over time, sufficient funds to enable the Nursery to replace the current buildings when they reach the end of their useful life. The Nursery caters for up to 57 children a day with 2 reserved emergency sessions available. It also offers limited free sessions in the event of unforeseen circumstances

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake, including the guidance "Public benefit: running a charity (PB2)".

The Charity's policy is to consult and discuss with employees, through staff meetings, appraisals and at other meetings, matters likely to affect employees' interests.

Information on matters of concern to employees is given through letters and verbal updates which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Charity's performance.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Charity continues and that the appropriate training is arranged. It is the policy of the Charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

SEVENOAKS DAY NURSERY CIO

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and Performance

Post pandemic the Nursery has been back to full operation this year, with few staff changes and continued long term service. The nursery achieved a Good Ofsted rating this year too.

During the year the Charity provided over 1,500 free childcare hours and coordinated several substantial collections for local food banks.

This year the Nursery held a Summer Garden party for all children and parents. The Christmas concert was held in the Bat & Ball centre followed by a tea and cake party for all children and carers.

Financial Review

There was a net surplus of income over expenditure in the year amounting to £15,383 (2022: £20,773). The surplus when added to the accumulated funds brought forward gives a balance to carry forward of £560,553 (2022: £538,843).

Our aim is to avoid making surpluses or deficits (after depreciation).

We are grateful to Sevenoaks Town Council for waiving our rent for the year and to Sevenoaks District Council for minimizing our rates bill.

The financial position is considered satisfactory with the overall aim to keep fees charged as low as possible with adequate levels of trained staff, well maintained accommodation enhanced by fundraising activities to support the nursery and provide additional equipment as required.

The principal source of income for the normal operation of the Nursery is from charges made for attending the Nursery which are maintained at a level considerably below the rates charged by commercial nurseries operating in the area.

In addition, the Charity aims to build up funds again for the Nursery to be able to replace the new building and the now acquired Pre-school room at the end of its expected useful life. Surplus funds held for this and other capital projects are held in a Charities Official Investment account.

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to major risks.�

The reserves policy was adopted and updated 1st August 2024 and contains the following policies and required

SEVENOAKS DAY NURSERY CIO

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

On 1 January 2017, the Charity was converted to a Charitable Incorporated Organisation (CIO) charity number 1162242, with a new constitution. The objectives and activities of the Charity are unchanged.

The principal address of the Charity can be found under Legal and Administrative Information.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Susan Dreksler Stephanie Jenkinson Abigail Wells Caroline Bramley Natasha Manson Chloe Ghuznavi

None of the Trustees has any beneficial interest in the Charity.

Appointment of the Trustees is governed by the constitution of the Charity. The Board of Trustees is authorised to fill vacancies arising through resignation or death of an existing Trustee, or to recruit additional Trustees.

Thus the day-to-day management of the Charity is vested in the Nursery Manager.

Nursery Manager:

Madde Eleby

The Board of Trustees keeps the skill requirements for the Trustee Board under review. Training expenses are provided for Trustees together with an induction pack for new trustees comprising a copy of the constitution, a copy of the previous year’s annual report and accounts, copies of Board minutes and copy of the Charity Commission’s guidance “The Essential Trustee”.

As a provider of childcare, the Nursery is registered with Ofsted and must meet the conditions that Ofsted places on a registration at all times that we provide registered care, as well as other requirements for registration.

The Trustees report was approved by the Board of Trustees.

SEVENOAKS DAY NURSERY CIO

Page 4

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

I report to the Trustees on my examination of the financial statements of Sevenoaks Day Nursery CIO (the Charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Chartity Commission under section 145(5)(b) of the 2011 Act.

The accounts are not required to be audited under Part 16 of the Companies Act 2006.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extent regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Caroline Ward FCA A4G LLP Chartered Accountants Kings Lodge London Road West Kingsdown Kent UK TN15 6AR

Dated:

Page 5

SEVENOAKS DAY NURSERY CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
3
3
3
3
Expenditure
Charitable expenditure on:
4
4
Reconciliation of
funds:
Total funds carried forward
Total
Net income/(expenditure)
Transfers between funds
Teaching and care of children
Net movement in funds
Total funds brought forward
Running costs and maintenance of the
nursery
Other
Other recognised gains/(losses):
Donations and legacies
Total
Income
Income and endowments from:
Charitable activities
Investments		 Unrestricted
funds
2023
Restricted
income
funds
2023
Total funds
2023
Prior year
funds
2022
£
£
£
£
3,726
-
3,726
5,967
498,743
-
498,743
438,738
13,109
-
13,109
7,200
-
-
-
515,578
-
515,578
451,905
430,647
-
430,647
377,809
69,548
-
69,548
53,323
500,195
-
500,195
431,132
15,383
-
15,383
20,773
-
-
15,383
-
15,383
20,773
541,712
3,468
545,180
524,407
557,095
3,468
560,563
545,180

Charity Registration No. 1162242

Page 6

SEVENOAKS DAY NURSERY CIO

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
7
Total fixed assets
Current assets
Debtors
8
Cash at bank and in hand
10
Total current assets
Creditors:amounts falling due within
one year
9
Net current assets/(liabilities)
Total assets less current liabilities
Creditors:amounts falling due after
one year
9
Total net assets or liabilities
Funds of the Charity
Restricted income funds
12
Unrestricted funds
Total funds		 Unrestricted
funds
2023
Restricted
income
funds
2023
Total this
year
2023
Total last
year
2022
£
£
£
£
321,227
-
321,227
336,525
321,227
-
321,227
336,525
32,775
-
32,775
27,952
297,611
-
297,611
246,601
330,387
-
330,387
274,553
91,060
-
91,060
65,898
239,326
-
239,326
208,655
560,553
-
560,553
545,180
-
-
-
-
560,553
-
560,553
545,180
3,468
3,468
3,468
557,095
557,095
541,712
557,095
3,468
560,563
545,180

The financial statements were approved by the Trustees:

Susan Dreksler Natasha Manson Trustee Trustee Dated: Dated:

SEVENOAKS DAY NURSERY CIO

Page 7

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Basis of preparation

Charity information

Sevenoaks Day Nursery CIO is an incorporated charity and is constituted under a constitution. It is incorparated in England and Wales under charity number 1162242.

1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

1.2 Going Concern

At the time of approving the financial statements, there are no material uncertainties about the entity's ability to continue. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have considered the continued risk from inflation and operational running costs (such as Electricity cost increases etc) and believe that the Nursery holds sufficient financial reserves to continue operations through any likely restrictions. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial accounts.

1.3 Charitable Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity. No such funds are currently held.

Page 8

SEVENOAKS DAY NURSERY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Accounting policies

2.1 Income

Income is recognised in the Statement of Financial Activities (SoFA) when:

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

Contractual income and performance related grants are only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.

The charity has incurred expenditure on support costs.

Income from interest is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

2.2 Expenditure and liabilities

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

The charity made no redundancy payments during the reporting period.

No material item of deferred income has been included in the accounts.

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

Costs have been allocated by activity in the SoFA as per FRS102 SORP 8.1-8.3.

Expenditure relating to teaching and care of children includes direct staff costs, art materials and kitchen and meal costs for the children.

Expenditure on running costs and maintenance of the Nursery includes all costs relating to the running of the premises, governance costs and support costs.

2.3 Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 4% on cost Fixtures, fittings & equipment 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the Charity. Subsequently, they are measured at the cash amount or other consideration expected to be received.

SEVENOAKS DAY NURSERY CIO

Page 9

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

3 Income

Donations and legacies:
Donations and gifts
Gift Aid
General grants provided
by government/other
charities
Total
Charitable activities:
Fundraising events
Fees receivable
Total
Income from investments:
Interest income
Rental and leasing
Total
Coronavirus Job
Retention Scheme grant
Other
Insurance settlement
Total
Analysis of income
TOTAL INCOME
Other:		 Unrestricted
funds 2023
Restricted
income funds
2023
Total funds
2023
Prior year
2022
£
£
£
£
1,129
1,129 1,818
1,445
1,445
-
1,152
- 1,152 4,149
3,726
- 3,726 5,967
- - - -
498,743
- 498,743 438,738
498,743
- 498,743 438,738
5,583
- 5,583 1,080
7,526
- 7,526 6,120
13,109
- 13,109 7,200
- -
-
- -

- - - -
515,578
-515,578 451,905

4 Expenditure

Loss on Disposal of Fixed Assets
Social security costs
Wages and salaries
Employer's contribution to defined
contribution pension schemes
Analysis
Expenditure on charitable activities:
Telephone
Depreciation and impairment
Food and milk
Art, materials and kitchen
Recruitment expenses
Training costs
Subscriptions
Maintenance and cleaning
Share of support costs
Share of governance costs
TOTAL EXPENDITURE
Rent collection, property repairs and
maintenance charges
Rates and water
Insurance
Light and heat
Postage, stationery and advertising		 Teaching and
care of
children
(unrestricted)
Running costs
and
maintenance of
the nursery
(unrestricted)
Teaching
and care of
children
(restricted)
Running
costs and
maintenan
ce of the
nursery
(restricted) Total funds
Teaching and
care of
children
(unrestricted)
Running
costs and
maintenance
of the nursery
(unrestricted)
Teaching
and care of
children
(restricted)
Running
costs and
maintenance
of the
nursery
(restricted)
Total funds
£
£
350,662
25,137
375,799
310,796
23,400
-
334,196
19,653
2,214
21,866
16,733
1,922
18,655
5,719 557
6,276 5,407 515
5,922
20,312
20,312 19,899
19,899
- -
-
22,099
22,099 15,920
15,920
9,283
9,283 7,173
-
7,173
1,027
1,027 575
575
1,892
1,892 1,306
1,306
791
791
968
968
1,938
1,938
1,830
1,830
4,575
4,575
4,005
4,005
15,165
15,165
3,965
3,965
875
875
861
861
749
749
1,001
1,001
850
850
804
804
12,484
12,484
6,778
3,317 10,095
67
67
202
202
4,147
4,147
3,754
3,754
430,647 69,548
- - 500,195 377,809 50,005
- 3,317 431,131
This year- 2023
Last year- 2022

Page 10

SEVENOAKS DAY NURSERY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

5 Support Costs

Bank charges
Independent examiners fees for preparation of
accounts and external scrutiny
Other accountancy and professional fees not by the
Independant examiner
Total		 Support costs
Governance Grand total
2023
2023
2023
2022
£
£
£
£
67
202
-
1,440
1,440
1,440

-
2,707
2,707
2,315
67
4,147
4,147
3,957

6 Paid employees

6.1 Staff Costs
2023 2022
£ £
Salaries and wages 375,799 334,196
Social security costs 21,866 18,655
Pension costs (defined contribution scheme) 6,276 5,922
Total staff costs 403,942 358,773
2023 2022
£ £
Total amount paid to key management personnel 87,329 55,838
6.2 Average head count in the year
This year Last year
Number Number
Charitable Activities- Nursery 17 16
Charitable Activities- Admin 1 1
Total 18 17
6.3 There were no ex-gratia payments to employees and others

6.4 No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000

Page 11

SEVENOAKS DAY NURSERY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Tangible fixed assets

7.1
Cost or valuation
At the beginning of the year
Additions
Revaluations
Disposals
At end of the year
7.2
Depreciation and impairments
At beginning of the year
At beginning of the year
Depreciation
Impairment
At end of the year
7.3
Net book value
Net book value at the beginning of the year
Net book value at the end of the year
8
Debtors and prepayments
8.1
Analysis of debtors
Trade debtors
Prepayments and accrued income
Other Debtor
Total		 Freehold land &
buildings
Fixtures, fittings and
equipment
Total
£
£
£
422,164 25,505 447,669
2,664 2,350 5,014
-
-
424,828 27,855 452,682
Straight line
Straight line
Total
4%
20%
93,223 17,920 111,143
-
15,704 4,608 20,312
-
108,927 22,528 131,455
£
£
£
328,941 7,585 336,526
315,900 5,326 321,227
This year
Last year
£
£
26,768 22,698
6,007 5,046
208
32,775 27,952

Page 12

SEVENOAKS DAY NURSERY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

9 Creditors and accruals

9.1 Analysis of creditors

Other taxation and social security
Pension
Trade creditors
Other creditors
Accruals and deferred income
Prepaid fees
Total		 2023
2022
2023
2022
£
£
£
£
5,653 5,150
- -
1,273 1,039
34,322 26,237
- -
37 37 - -
49,775 33,435
- -
- -
Amounts falling due within one year
Amounts falling due after
more than one year
91,060 65,898
- -

10 Cash at bank and in hand

Cash at bank and in hand
Total
Cash at bank and in hand		 2023
2022
£
£
297,611 246,601
297,611 246,601

11 Events after the end of the reporting period

There have been no subsequent events after the reporting period

12 Charity funds- current year

Fund Fund
Restricted balances balances
income funds Purpose and Restrictions brought carried
forward Income Expenditure forward
Fund names £ £ £ £ £
Designated for the purchase
Fixtures and Fittings Fund 3,468 of fixtures and fittings for the 3,468 - - 3,468
new building
Garden fund 0 To be spent on the garden - - - -
KCC grant 0 For furniture to encourage
social interaction		 - - - -
Total
Funds as per balance sheet		 3,468
 - - 3,468

12.1 Charity funds- last year

Fund Fund
Restricted balances balances
income funds Purpose and Restrictions brought carried
forward Income Expenditure forward
Fund names £ £ £ £ £
Designated for the purchase
Fixtures and Fittings Fund 3,468 of fixtures and fittings for the 3,468 3,468
new building
Garden fund 0 To be spent on the garden - - - -
The Coronavirus Job Retention Scheme 0 To be spent on furloughed
staff members wages		 - - - -
KCC grant 0 For furniture to encourage
social interaction		 - - - -
Total
Funds as per balance sheet		 3,468
 - 0 3,468

Page 13

SEVENOAKS DAY NURSERY CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Transactions with trustees and related parties

13.1 Trustee remuneration and benefits

None of the Trustees have been paid any remuneration or received any other benefits from an employment with this charity or a related entity

13.2 Trustees' expenses

No Trustee expenses have been incurred

13.3 Transaction(s) with related parties

There have been no related party transactions in the reporting period