2023-12-31-accounts - Chiltern Nursery and Training College

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REGISTERED COMPANY NUMBER: 00159730 (England and Wales) REGISTERED CHARITY NUMBER: 201911

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (A COMPANY LIMITED BY GUARANTEE)

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 6
Report of the Independent Auditors	7 to 10
Statement of Financial Activities	11
Balance Sheet	12
Cash Flow Statement	13
Notes to the Cash Flow Statement	14
Notes to the Financial Statements	15 to 26
Detailed Statement of Financial Activities	27 to 28

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES K Hillier (Chairman) C Wakely (Vice Chairman) J B Gater C A Kelly A J Lindley D Sandell REGISTERED OFFICE 20 Peppard Road Caversham Reading Berkshire RG4 8JZ REGISTERED COMPANY 00159730 (England and Wales) NUMBER REGISTERED CHARITY 201911 NUMBER AUDITORS Vale & West Accountancy Services Limited Chartered Accountants Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG SOLICITORS Blandy & Blandy LLP One Friar Street Reading RG1 1DA BANKERS Lloyds Bank plc 24 Broad Street Reading RG1 2BT

Page 1

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

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 31 December 2023. 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).

The Chiltern College is a registered charitable company limited by guarantee, incorporated on 17 October 1919 and registered as a Charity on 22 September 1962.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the College are the education and training of early years practitioners and the provision of early years care and education for children in accordance with the Memorandum and Articles of Association.

Significant activities

The early years care and education objectives are met through the provision of our nursery, which provides high quality care and education for children aged 2 months to 5 years of age. The nursery aims to provide a caring and stimulating environment to meet the needs of each individual child.

The education and training objectives are met through the provision of a high quality training programme for early years' practitioners. Trainees receive practical training and assessment whilst working in our day nursery, as well as knowledge-based training and assessment in the classroom. The aim of the training programme is to maximise individuals' potential to allow them to become well-qualified early years' practitioners.

We provide a family support scheme to support families in the nursery who are experiencing difficulties to enable their children to continue to access the high quality care that we provide during that period of difficulty.

In addition, we support other local early years' providers and the local community with both early years expertise and facility use.

Public benefit

In following the charity's aims and objectives, the trustees have had regard to the Charity Commission's published guidance in complying with their duty in section 17(5) of the Charities Act 2011 on Public Benefit.

The provision of education and training of early years practitioners and the provision of early years care and education for children provides an identifiable public benefit which is directly in line with the charity's aims.

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRATEGIC REPORT

Achievement and performance

As an organisation Chiltern has continued to maintain a full service since the pandemic. Chiltern continues to attract new families and has a very healthy waiting list. The level of occupancy continues to grow and remain consistent. Our parent partnership is very positive with most families attending the social events provided throughout the year.

Chiltern has continued to develop and recruit for the Traineeship Programme and has successfully recruited 5 Trainees in 2023. Chiltern continues to ensure internal promotion is considered and has successfully appointed a Deputy Manager and a Third in Charge following internal applications.

Chiltern are still awaiting a decision for the change of use of the existing building 18 to a residential dwelling, creation of new access to Peppard Road with new railings and gates. This has taken considerable time, and we continue to work with Reading planning department. Once approval is gained this will allow Chiltern the opportunity to market this building. The capital gained from this sale will be used to further develop our outdoor area following the 'Forest' theme with the possibility of opening areas up to the local community. Chiltern also has plans to build a purpose-built kitchen for the catering of all meals for the children. Chiltern will embark on a programme of works to maintain the sustainability of the Nursery building. This will consist of new drainage around the outside of the building to mitigate flooding, larger guttering to cope with torrential rain, a new approach to water storage to mitigate the legionella risk and new boilers to support the heating system.

Financial review

Financial position

The financial results for the year showed a net unrestricted incoming resource from the general fund of £149,817 and a net unrestricted outgoing resource from the designated maintenance fund of £55,647. The total incoming resource for the year was £94,170.

This is in line with the trustees' aim of maintaining a long term break even position.

The charity retains a strong cash position.

Reserves policy

The trustees regularly review the reserves policies to ensure that they are at an appropriate level. In particular cash is maintained at a level to support the short and medium term needs of the charity. Currently the trustees aim to keep free reserves at a level that will cover between one and three months of staff payroll costs.

Chiltern Nursery and Training College has total reserves of £1,724,219 comprised of £651,542 of functional assets, £560,000 of investment property and associated bank borrowings of £nil, leaving £512,677 of free reserves. Of this, £170,138 has been set aside for designated purposes, with the remaining £342,539 available for general use. This is in line with the trustees’ reserves policy.

Future plans

In line with our strategic development plan, over the coming year, we will be focusing on:

The continued refurbishment of the nursery building to develop and enhance the nursery environment and support the provision of high-quality care, education and training.

Assessing the needs of the local and wider community in relation to how we can best support early years care, education and training, in line with our charitable objectives.

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charitable company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

The trustees are also the governors of Chiltern Nursery and Training College and the directors of the charitable company.

The trustees of Chiltern Nursery and Training College guarantee to contribute an amount not exceeding £10 to the assets of the charitable company in the event of winding up. The board of trustees determine the general policy of the charity. The day-to-day management of the charity is delegated to the Head and the senior managers.

Recruitment and appointment of new trustees

The appointment of new trustees is made at the discretion of the trustees and a clear selection and recruitment process is in place. Once appointed, trustees follow a formal induction process and are regularly reminded of their roles and responsibilities. Trustees undertake ongoing training as deemed relevant.

SENIOR MANAGEMENT TEAM

Head

M Wigmore

Nursery Manager

V Hughes

Finance Manager, Company Secretary and Clerk to the Governors

L G Phillips

Key management remuneration

The trustees consider the board of directors, who are the College's trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All trustees give their time freely and no trustee received remuneration or reimbursed expenses in the year as per note 9. Details of related party transactions are disclosed in note 21 to the accounts.

The pay of senior staff members is reviewed annually by trustees and is normally increased in accordance with a general cost of living increase that all staff members receive. The salary of senior managers are set and reviewed to ensure that they are commensurate with similar roles in other organisations of the same nature. This ensures that the trustees are able to recruit senior managers at the required level and with the required skills to meet the needs of the job role.

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The board of trustees continue to keep the charity's activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks already identified by the directors can best be mitigated.

The key risks identified are:

Lower numbers of suitably qualified staff and trainees available to fulfil the nursery’s recruitment needs - Unexpected maintenance

These risks are being addressed and minimised through the strategic plan and redevelopment project that trustees have put in place.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Chiltern Nursery and Training College Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 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 those 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable 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.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 21/05/2024

Karen Hillier

Karen Hillier (May 21, 2024 09:04 GMT+1).................................................................

K Hillier - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Opinion

We have audited the financial statements of Chiltern Nursery and Training College Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the charities sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011, Ofsted requirements, food safety regulations, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Pyke FCA (Senior Statutory Auditor) for and on behalf of Vale & West Accountancy Services Limited Chartered Accountants Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

21/05/2024 Date: .............................................

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 4 Charitable activities 6 Childcare activities Investment income 5 Government grants Total EXPENDITURE ON Charitable activities 7 Teaching and nursery costs Premises Support costs Governance costs Total NET INCOME/(EXPENDITURE) Transfers between funds 19 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Designated funds £ 4,295 - - - 4,295 1,922 58,020 - - 59,942 (55,647) 55,967 320 169,818 170,138	General fund £ - 2,349,426 47,413 - 2,396,839 1,698,407 238,535 299,996 10,084 2,247,022 149,817 (55,967) 93,850 1,460,231 1,554,081	31.12.23 Total funds £ 4,295 2,349,426 47,413 - 2,401,134 1,700,329 296,555 299,996 10,084 2,306,964 94,170 - 94,170 1,630,049 1,724,219	31.12.22 Total funds £ 2,139 2,120,897 42,000 1,960 2,166,996 1,522,970 243,481 268,263 7,920 2,042,634 124,362 - 124,362 1,505,687 1,630,049

The notes form part of these financial statements

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

BALANCE SHEET 31 DECEMBER 2023

Notes FIXED ASSETS Tangible assets 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds TOTAL FUNDS	Designated funds £ - - - - 170,138 170,138 - 170,138 170,138 - 170,138	General fund £ 651,542 560,000 1,211,542 34,093 486,787 520,880 (178,341) 342,539 1,554,081 - 1,554,081	31.12.23 Total funds £ 651,542 560,000 1,211,542 34,093 656,925 691,018 (178,341) 512,677 1,724,219 - 1,724,219 1,724,219 1,724,219	31.12.22 Total funds £ 586,077 560,000 1,146,077 32,780 736,990 769,770 (181,325) 588,445 1,734,522 (104,473) 1,630,049 1,630,049 1,630,049

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 21/05/2024

Karen Hillier

Karen Hillier (May 21, 2024 09:04 GMT+1).............................................

K Hillier - Trustee

The notes form part of these financial statements

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Investment income Interest received Net cash (used in)/provided by investing activities Cash flows from financing activities Loan repayments in year Loan interest paid Net cash used in financing 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	31.12.23 £ 124,867 124,867 (129,457) 42,000 5,413 (82,044) (120,549) (2,339) (122,888) (80,065) 736,990 656,925	31.12.22 £ 137,927 137,927 (15,590) 42,000 - 26,410 (216,599) (5,750) (222,349) (58,012) 795,002 736,990

The notes form part of these financial statements

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

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: Depreciation charges Interest received Investment income Interest payable Increase in debtors Increase/(decrease) in creditors Net cash provided by operations	31.12.23 £ 94,170 63,992 (5,413) (42,000) 2,339 (1,313) 13,092 124,867	31.12.22 £ 124,362 52,885 - (42,000) 5,750 (2,370) (700) 137,927

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash	At 1.1.23 Cash flow At 31.12.23 £ £ £
Cash at bank and in hand	736,990 (80,065) 656,925
	736,990 (80,065) 656,925
Debt
Debts falling due within 1 year	(16,076) 16,076 -
Debts falling due after 1 year	(104,473) 104,473 -
	(120,549) 120,549 -
Total	616,441 40,484 656,925

The notes form part of these financial statements

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

The Chiltern College operating as Chiltern Nursery And Training College is a company limited by guarantee, domiciled and incorporated in England and Wales. The registered office and principal place of business is 20 Peppard Road, Caversham, Reading RG4 8JZ.

The principal activities of the charity are the education and training of early years practitioners and the provision of early years care and education for children.

The financial statements are presented in sterling (£) and are rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 '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, as modified by the revaluation of certain assets.

Going concern

After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities.

Income

All income is included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Nursery fees and use of premises are accounted for in the period in which the service is provided. All fees are stated after deducting allowances granted by the college.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of obligation can be measured reliably. Certain expenditure is apportioned to categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the expense to which it relates.

Governance costs comprise the costs of running the charitable company, including strategic planning for its future development, external audit, any legal advice for directors, and all costs of complying with constitutional and statutory requirements, such as the costs of board and committee meetings and of preparing statutory accounts and complying with public accountability.

Support costs comprise costs incurred centrally in support of the college.

continued...

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition. Depreciation is provided on all tangible fixed assets, except freehold land, in order to write off their cost less residual value over their estimated useful lives at the following annual rates:

Freehold property 2% on cost Property improvements 10% and 25% on cost Plant and machinery 33.3% on cost and 50% on cost

Items costing less than £500 are written off as expenses as acquired.

Investment property

The investment property has been included in the accounts at market value. This is considered on an annual basis by the trustees. In accordance with FRS 102 there is no depreciation provided on the investment properties.

Taxation

The company is a registered charity, and as such is entitled to tax exemptions on income and gains, properly applied for its charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds can only be used for particular restricted purposes within the objects of the charitable company. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets these criteria, is charged to the fund, together with a fair allocation of relevant overheads.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Government grants

Government grants are recognised in the income and expenditure account so as to match them with expenditure they are intended to contribute.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the charitable company becomes a party to the contractual provisions of the instrument, and are offset only when the charitable company has a legal enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise and settle the liability simultaneously.

continued...

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CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments

Financial assets:

Trade and other debtors which is receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Cash and cash equivalents comprise cash at bank and in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Financial liabilities:

Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into. Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangements with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

Borrowings:

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using effective interest method, interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charitable company's accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The valuation of the investment property is considered to be a key estimate in the preparation of the accounts. As described in the notes to the accounts, investment property is stated at fair value based on the valuation performed by independent professional valuers with experience in the location and category of property valued. Valuations are obtained from time to time. The trustees examine the valuation annually and update for any changes on the advice of the professional valuers.

continued...

Page 17

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

4. DONATIONS AND LEGACIES Donations 5. INVESTMENT INCOME Rents receivable Interest receivable 6. INCOME FROM CHARITABLE ACTIVITIES Activity Parent contributions Childcare activities Local authority funding Childcare activities Other funding Childcare activities 7. DIRECT COSTS OF CHARITABLE ACTIVITIES	31.12.23 £ 4,295 31.12.23 £ 42,000 5,413 47,413 31.12.23 £ 2,017,635 328,911 2,880 2,349,426	31.12.22 £ 2,139 31.12.22 £ 42,000 - 42,000 31.12.22 £ 1,842,418 271,419 7,060 2,120,897

2023 Nursery costs Premises Support costs Governance costs	Depreciatio Staff Costs Other n Total £ £ £ £ 1,314,333 385,996 - 1,700,329 34,725 219,102 42,728 296,555 197,748 80,984 21,264 299,996 - 10,084 - 10,084 1,546,806 696,166 63,992 2,306,964


2022	Depreciatio Staff Costs Other n Total £ £ £ £
Nursery costs	1,174,170 348,800 - 1,522,970
Premises	29,570 173,907 40,004 243,481
Support costs	178,217 77,165 12,881 268,263
Governance costs	- 7,920 - 7,920
	1,381,957 607,792 52,885 2,042,634

continued...

Page 18

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	31.12.23	31.12.22
	£	£
Depreciation - owned assets	63,992	52,885
Bank loan interest payable	2,339	5,750
Auditors' remuneration - audit fee	6,768	5,640
Auditors' remuneration - non audit	3,316	2,280

The trustees have indemnity insurance which is included in the college insurance policy.

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

10. STAFF COSTS

Wages and salaries Social security Other pension	31.12.23 £ 1,411,915 104,988 29,903 1,546,806	31.12.22 £ 1,259,935 97,836 24,186 1,381,957

The average monthly number of employees during the year was as follows:

Teaching and child welfare staff	31.12.23 31.12.22 65 56
Others	7 8
	72 64

continued...

Page 19

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

10. STAFF COSTS - continued

Aggregate employee costs of the senior management team (including salary, benefits, pension contributions and national insurance)	31.12.23 £ 186,705	31.12.22 £ 181,758

The number of employees whose benefits (excluding employer pension costs) were between £60,001 and £70,000 was 1 (2022 - 1).

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Designated
General
funds
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,139
-
Charitable activities
Childcare activities
-
2,120,897
Investment income
-
42,000
Government grants
-
1,960
Total
2,139
2,164,857
EXPENDITURE ON
Charitable activities
Teaching and nursery costs
1,494
1,521,476
Premises
39,098
204,383
Support costs
-
268,263
Governance costs
-
7,920
Total
40,592
2,002,042
NET INCOME/(EXPENDITURE)
(38,453)
162,815
Transfers between funds
26,748
(26,748)
Net movement in funds
(11,705)
136,067
RECONCILIATION OF FUNDS
Total funds brought forward
181,523
1,324,164
TOTAL FUNDS CARRIED
FORWARD
169,818
1,460,231

Total
funds
£
2,139
2,120,897
42,000
1,960
2,166,996
1,522,970
243,481
268,263
7,920
2,042,634
124,362
-
124,362
1,505,687
1,630,049

continued...

Page 20

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

12. TANGIBLE FIXED ASSETS

----- Start of picture text -----
Freehold Plant and
property machinery Totals
£ £ £
COST
At 1 January 2023 1,477,110 100,894 1,578,004
Additions 92,214 37,243 129,457
-
Disposals (810) (810)
At 31 December 2023 1,569,324 137,327 1,706,651
DEPRECIATION
At 1 January 2023 915,590 76,337 991,927
Charge for year 42,728 21,264 63,992
-
Eliminated on disposal (810) (810)
At 31 December 2023 958,318 96,791 1,055,109
NET BOOK VALUE
At 31 December 2023 611,006 40,536 651,542
At 31 December 2022 561,520 24,557 586,077
13. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 January 2023
and 31 December 2023 560,000
NET BOOK VALUE
At 31 December 2023 560,000
At 31 December 2022 560,000
Fair value at 31 December 2023 is represented by:
£
Valuation 451,430
Cost 108,570
560,000
----- End of picture text -----

If investment property had not been revalued it would have been included at the following historical cost:

	31.12.23	31.12.22
Cost	£ 108,570	£ 108,570

continued...

Page 21

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

13. INVESTMENT PROPERTY - continued

Investment property was independently valued on an open market basis on 14 April 2021 by Dunster & Morton, regulated by RICS. The trustees consider this valuation remains an appropriate estimation of the market value as at 31 December 2023.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	31.12.23	31.12.22
	£	£
Fees outstanding	8,168	3,460
Other debtors and prepayments	25,925	29,320
	34,093	32,780

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 17) Trade creditors Social security and other taxes Other creditors Deferred income Accruals	31.12.23 £ - 46,332 24,534 9,037 72,802 25,636 178,341	31.12.22 £ 16,076 35,520 20,389 9,814 71,857 27,669 181,325

Deferred income includes local authority funding received in advance of the next term of £67,948 (2022: £68,059).

continued...

Page 22

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23
£
Bank loans (see note 17)
-
17.
LOANS
An analysis of the maturity of loans is given below:
31.12.23
£
Amounts falling due within one year on demand:
Bank loans
-
Amounts falling between one and two years:
Bank loans - 1-2 years
-
Amounts falling due between two and five years:
Bank loans - 2-5 years
-
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
-
18.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23
£
Within one year
4,149
Between one and five years
2,421
6,570

31.12.22
£
104,473
31.12.22
£
16,076
17,010
57,191
30,272
31.12.22
£
4,149
6,570
10,719

continued...

Page 23

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

19. MOVEMENT IN FUNDS

Net movement At 1.1.23 in funds £ £ Unrestricted funds General Fund - Other 1,008,801 149,817 General Fund - Revaluation Reserve 451,430 - Designated - Maintenance Fund 154,500 (58,020) Designated - Parental Fundraising 1,871 2,373 Designated - Bursary 13,447 - 1,630,049 94,170 TOTAL FUNDS 1,630,049 94,170 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General Fund - Other 2,396,839 Designated - Maintenance Fund - Designated - Parental Fundraising 4,295 2,401,134 TOTAL FUNDS 2,401,134	Transfers between funds £ (55,967) - 55,520 (1,953) 2,400 - - Resources expended £ (2,247,022) (58,020) (1,922) (2,306,964) (2,306,964)	At 31.12.23 £ 1,102,651 451,430 152,000 2,291 15,847 1,724,219 1,724,219 Movement in funds £ 149,817 (58,020) 2,373 94,170 94,170

Comparatives for movement in funds

Unrestricted funds General Fund - Other General Fund - Revaluation Reserve Designated - Maintenance Fund Designated - Parental Fundraising Designated - Bursary TOTAL FUNDS	At 1.1.22 £ 872,734 451,430 168,200 2,276 11,047 1,505,687 1,505,687	Net movement in funds £ 162,815 - (39,098) 645 - 124,362 124,362	Transfers between funds £ (26,748) - 25,398 (1,050) 2,400 - -	At 31.12.22 £ 1,008,801 451,430 154,500 1,871 13,447 1,630,049 1,630,049

continued...

Page 24

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General Fund - Other Designated - Maintenance Fund Designated - Parental Fundraising TOTAL FUNDS	Incoming resources £ 2,164,857 - 2,139 2,166,996 2,166,996	Resources expended £ (2,002,042) (39,098) (1,494) (2,042,634) (2,042,634)	Movement in funds £ 162,815 (39,098) 645 124,362 124,362

General funds

The General Funds are available for the furtherance of the College's objectives. The General Fund - Revaluation Reserve records the unrealised surpluses on investment property valuations.

Designated funds

Funds have been set aside for specific purposes by the trustees as follows:

Maintenance Fund - comprises funds for future property maintenance.

Bursary Fund - provides financial support to tutorial students and nursery parents.

Parental Fundraising - funds raised by parents for the purchase of specific items determined by the College.

Transfers between funds

To further set aside fund for anticipated future maintenance, £55,520 was transferred to the designated maintenance provision from general reserves (2022: £25,398).

The designated bursary fund received £2,400 (2022: £2,400) from general reserves to assist with bursaries to students and parents.

Fixed assets purchased from the designated parental fundraising fund totalled £1,953 (2022: £1,050) and were transferred to the general fund.

continued...

Page 25

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

20. EMPLOYEE BENEFIT OBLIGATIONS

The charitable company runs a defined contribution scheme for certain employees. The assets of the scheme are held separately from the funds of the charitable company in independently administered funds.

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 26

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents receivable Interest receivable Charitable activities Parent contributions Local authority funding Other funding Government grants Business interruption payment Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Direct costs Catering Housekeeping Premises Maintenance Admin Photocopying General college Office Marketing Bank charges Legal & professional fees Carried forward	31.12.23 £ 4,295 42,000 5,413 47,413 2,017,635 328,911 2,880 2,349,426 - 2,401,134 1,411,915 104,988 29,903 50,394 254,093 83,651 136,662 80,298 15,031 4,991 22,801 16,027 1,654 120 18,021 2,230,549	31.12.22 £ 2,139 42,000 - 42,000 1,842,418 271,419 7,060 2,120,897 1,960 2,166,996 1,259,935 97,836 24,186 42,947 228,764 79,493 114,446 57,057 20,144 4,668 20,901 11,970 1,548 120 12,064 1,976,079

This page does not form part of the statutory financial statements

Page 27

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Charitable activities Brought forward Auditors' remuneration - audit fee Auditors' remuneration - other services Depreciation of tangible fixed assets Bank loan interest Total resources expended Net income	31.12.23 £ 2,230,549 6,768 3,316 63,992 2,339 2,306,964 2,306,964 94,170	31.12.22 £ 1,976,079 5,640 2,280 52,885 5,750 2,042,634 2,042,634 124,362

This page does not form part of the statutory financial statements

Page 28

REGISTERED COMPANY NUMBER: 00159730 (England and Wales) REGISTERED CHARITY NUMBER: 201911

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (A COMPANY LIMITED BY GUARANTEE)

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 6
Report of the Independent Auditors	7 to 10
Statement of Financial Activities	11
Balance Sheet	12
Cash Flow Statement	13
Notes to the Cash Flow Statement	14
Notes to the Financial Statements	15 to 26

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023

Page 1

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The Chiltern College is a registered charitable company limited by guarantee, incorporated on 17 October 1919 and registered as a Charity on 22 September 1962.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Significant activities

In addition, we support other local early years' providers and the local community with both early years expertise and facility use.

Public benefit

Page 2

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRATEGIC REPORT

Achievement and performance

Financial review

Financial position

This is in line with the trustees' aim of maintaining a long term break even position.

The charity retains a strong cash position.

Reserves policy

Future plans

In line with our strategic development plan, over the coming year, we will be focusing on:

The continued refurbishment of the nursery building to develop and enhance the nursery environment and support the provision of high-quality care, education and training.

Assessing the needs of the local and wider community in relation to how we can best support early years care, education and training, in line with our charitable objectives.

Page 3

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charitable company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

The trustees are also the governors of Chiltern Nursery and Training College and the directors of the charitable company.

Recruitment and appointment of new trustees

SENIOR MANAGEMENT TEAM

Head

M Wigmore

Nursery Manager

V Hughes

Finance Manager, Company Secretary and Clerk to the Governors

L G Phillips

Key management remuneration

Page 4

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The key risks identified are:

Lower numbers of suitably qualified staff and trainees available to fulfil the nursery’s recruitment needs - Unexpected maintenance

These risks are being addressed and minimised through the strategic plan and redevelopment project that trustees have put in place.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Page 5

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Karen Hillier

Karen Hillier (May 21, 2024 09:04 GMT+1).................................................................

K Hillier - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Opinion

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Our responsibilities for the audit of the financial statements

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the charities sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011, Ofsted requirements, food safety regulations, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

Page 10

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 4 Charitable activities 6 Childcare activities Investment income 5 Government grants Total EXPENDITURE ON Charitable activities 7 Teaching and nursery costs Premises Support costs Governance costs Total NET INCOME/(EXPENDITURE) Transfers between funds 19 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Designated funds £ 4,295 - - - 4,295 1,922 58,020 - - 59,942 (55,647) 55,967 320 169,818 170,138	General fund £ - 2,349,426 47,413 - 2,396,839 1,698,407 238,535 299,996 10,084 2,247,022 149,817 (55,967) 93,850 1,460,231 1,554,081	31.12.23 Total funds £ 4,295 2,349,426 47,413 - 2,401,134 1,700,329 296,555 299,996 10,084 2,306,964 94,170 - 94,170 1,630,049 1,724,219	31.12.22 Total funds £ 2,139 2,120,897 42,000 1,960 2,166,996 1,522,970 243,481 268,263 7,920 2,042,634 124,362 - 124,362 1,505,687 1,630,049

The notes form part of these financial statements

Page 11

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730)

BALANCE SHEET 31 DECEMBER 2023

Notes FIXED ASSETS Tangible assets 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds TOTAL FUNDS	Designated funds £ - - - - 170,138 170,138 - 170,138 170,138 - 170,138	General fund £ 651,542 560,000 1,211,542 34,093 486,787 520,880 (178,341) 342,539 1,554,081 - 1,554,081	31.12.23 Total funds £ 651,542 560,000 1,211,542 34,093 656,925 691,018 (178,341) 512,677 1,724,219 - 1,724,219 1,724,219 1,724,219	31.12.22 Total funds £ 586,077 560,000 1,146,077 32,780 736,990 769,770 (181,325) 588,445 1,734,522 (104,473) 1,630,049 1,630,049 1,630,049

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 21/05/2024

Karen Hillier

.............................................Karen Hillier (May 21, 2024 09:04 GMT+1) K Hillier - Trustee

The notes form part of these financial statements

Page 12

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Investment income Interest received Net cash (used in)/provided by investing activities Cash flows from financing activities Loan repayments in year Loan interest paid Net cash used in financing 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	31.12.23 £ 124,867 124,867 (129,457) 42,000 5,413 (82,044) (120,549) (2,339) (122,888) (80,065) 736,990 656,925	31.12.22 £ 137,927 137,927 (15,590) 42,000 - 26,410 (216,599) (5,750) (222,349) (58,012) 795,002 736,990

The notes form part of these financial statements

Page 13

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023

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: Depreciation charges Interest received Investment income Interest payable Increase in debtors Increase/(decrease) in creditors Net cash provided by operations	31.12.23 £ 94,170 63,992 (5,413) (42,000) 2,339 (1,313) 13,092 124,867	31.12.22 £ 124,362 52,885 - (42,000) 5,750 (2,370) (700) 137,927

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash	At 1.1.23 Cash flow At 31.12.23 £ £ £
Cash at bank and in hand	736,990 (80,065) 656,925
	736,990 (80,065) 656,925
Debt
Debts falling due within 1 year	(16,076) 16,076 -
Debts falling due after 1 year	(104,473) 104,473 -
	(120,549) 120,549 -
Total	616,441 40,484 656,925

The notes form part of these financial statements

Page 14

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

The principal activities of the charity are the education and training of early years practitioners and the provision of early years care and education for children.

The financial statements are presented in sterling (£) and are rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Going concern

Income

All income is included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Nursery fees and use of premises are accounted for in the period in which the service is provided. All fees are stated after deducting allowances granted by the college.

Expenditure

Support costs comprise costs incurred centrally in support of the college.

continued...

Page 15

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Freehold property 2% on cost Property improvements 10% and 25% on cost Plant and machinery 33.3% on cost and 50% on cost

Items costing less than £500 are written off as expenses as acquired.

Investment property

Taxation

The company is a registered charity, and as such is entitled to tax exemptions on income and gains, properly applied for its charitable purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Government grants

Government grants are recognised in the income and expenditure account so as to match them with expenditure they are intended to contribute.

Pension costs and other post-retirement benefits

Financial instruments

continued...

Page 16

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments

Financial assets:

Financial liabilities:

Borrowings:

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

continued...

Page 17

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

4. DONATIONS AND LEGACIES Donations 5. INVESTMENT INCOME Rents receivable Interest receivable 6. INCOME FROM CHARITABLE ACTIVITIES Activity Parent contributions Childcare activities Local authority funding Childcare activities Other funding Childcare activities 7. DIRECT COSTS OF CHARITABLE ACTIVITIES	31.12.23 £ 4,295 31.12.23 £ 42,000 5,413 47,413 31.12.23 £ 2,017,635 328,911 2,880 2,349,426	31.12.22 £ 2,139 31.12.22 £ 42,000 - 42,000 31.12.22 £ 1,842,418 271,419 7,060 2,120,897

2023 Nursery costs Premises Support costs Governance costs	Depreciatio Staff Costs Other n Total £ £ £ £ 1,314,333 385,996 - 1,700,329 34,725 219,102 42,728 296,555 197,748 80,984 21,264 299,996 - 10,084 - 10,084 1,546,806 696,166 63,992 2,306,964


2022	Depreciatio Staff Costs Other n Total £ £ £ £
Nursery costs	1,174,170 348,800 - 1,522,970
Premises	29,570 173,907 40,004 243,481
Support costs	178,217 77,165 12,881 268,263
Governance costs	- 7,920 - 7,920
	1,381,957 607,792 52,885 2,042,634

continued...

Page 18

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	31.12.23	31.12.22
	£	£
Depreciation - owned assets	63,992	52,885
Bank loan interest payable	2,339	5,750
Auditors' remuneration - audit fee	6,768	5,640
Auditors' remuneration - non audit	3,316	2,280

The trustees have indemnity insurance which is included in the college insurance policy.

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

10. STAFF COSTS

Wages and salaries Social security Other pension	31.12.23 £ 1,411,915 104,988 29,903 1,546,806	31.12.22 £ 1,259,935 97,836 24,186 1,381,957

The average monthly number of employees during the year was as follows:

Teaching and child welfare staff	31.12.23 31.12.22 65 56
Others	7 8
	72 64

continued...

Page 19

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

10. STAFF COSTS - continued

Aggregate employee costs of the senior management team (including salary, benefits, pension contributions and national insurance)	31.12.23 £ 186,705	31.12.22 £ 181,758

The number of employees whose benefits (excluding employer pension costs) were between £60,001 and £70,000 was 1 (2022 - 1).

11.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Designated
General
funds
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2,139
-
Charitable activities
Childcare activities
-
2,120,897
Investment income
-
42,000
Government grants
-
1,960
Total
2,139
2,164,857
EXPENDITURE ON
Charitable activities
Teaching and nursery costs
1,494
1,521,476
Premises
39,098
204,383
Support costs
-
268,263
Governance costs
-
7,920
Total
40,592
2,002,042
NET INCOME/(EXPENDITURE)
(38,453)
162,815
Transfers between funds
26,748
(26,748)
Net movement in funds
(11,705)
136,067
RECONCILIATION OF FUNDS
Total funds brought forward
181,523
1,324,164
TOTAL FUNDS CARRIED
FORWARD
169,818
1,460,231

Total
funds
£
2,139
2,120,897
42,000
1,960
2,166,996
1,522,970
243,481
268,263
7,920
2,042,634
124,362
-
124,362
1,505,687
1,630,049

continued...

Page 20

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

12. TANGIBLE FIXED ASSETS

If investment property had not been revalued it would have been included at the following historical cost:

	31.12.23	31.12.22
Cost	£ 108,570	£ 108,570

continued...

Page 21

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

13. INVESTMENT PROPERTY - continued

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	31.12.23	31.12.22
	£	£
Fees outstanding	8,168	3,460
Other debtors and prepayments	25,925	29,320
	34,093	32,780

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 17) Trade creditors Social security and other taxes Other creditors Deferred income Accruals	31.12.23 £ - 46,332 24,534 9,037 72,802 25,636 178,341	31.12.22 £ 16,076 35,520 20,389 9,814 71,857 27,669 181,325

Deferred income includes local authority funding received in advance of the next term of £67,948 (2022: £68,059).

continued...

Page 22

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.22
£
104,473
31.12.22
£
16,076
17,010
57,191
30,272
31.12.22
£
4,149
6,570
10,719

continued...

Page 23

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

19. MOVEMENT IN FUNDS

Net movement At 1.1.23 in funds £ £ Unrestricted funds General Fund - Other 1,008,801 149,817 General Fund - Revaluation Reserve 451,430 - Designated - Maintenance Fund 154,500 (58,020) Designated - Parental Fundraising 1,871 2,373 Designated - Bursary 13,447 - 1,630,049 94,170 TOTAL FUNDS 1,630,049 94,170 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General Fund - Other 2,396,839 Designated - Maintenance Fund - Designated - Parental Fundraising 4,295 2,401,134 TOTAL FUNDS 2,401,134	Transfers between funds £ (55,967) - 55,520 (1,953) 2,400 - - Resources expended £ (2,247,022) (58,020) (1,922) (2,306,964) (2,306,964)	At 31.12.23 £ 1,102,651 451,430 152,000 2,291 15,847 1,724,219 1,724,219 Movement in funds £ 149,817 (58,020) 2,373 94,170 94,170

Comparatives for movement in funds

Unrestricted funds General Fund - Other General Fund - Revaluation Reserve Designated - Maintenance Fund Designated - Parental Fundraising Designated - Bursary TOTAL FUNDS	At 1.1.22 £ 872,734 451,430 168,200 2,276 11,047 1,505,687 1,505,687	Net movement in funds £ 162,815 - (39,098) 645 - 124,362 124,362	Transfers between funds £ (26,748) - 25,398 (1,050) 2,400 - -	At 31.12.22 £ 1,008,801 451,430 154,500 1,871 13,447 1,630,049 1,630,049

continued...

Page 24

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General Fund - Other Designated - Maintenance Fund Designated - Parental Fundraising TOTAL FUNDS	Incoming resources £ 2,164,857 - 2,139 2,166,996 2,166,996	Resources expended £ (2,002,042) (39,098) (1,494) (2,042,634) (2,042,634)	Movement in funds £ 162,815 (39,098) 645 124,362 124,362

General funds

The General Funds are available for the furtherance of the College's objectives. The General Fund - Revaluation Reserve records the unrealised surpluses on investment property valuations.

Designated funds

Funds have been set aside for specific purposes by the trustees as follows:

Maintenance Fund - comprises funds for future property maintenance.

Bursary Fund - provides financial support to tutorial students and nursery parents.

Parental Fundraising - funds raised by parents for the purchase of specific items determined by the College.

Transfers between funds

To further set aside fund for anticipated future maintenance, £55,520 was transferred to the designated maintenance provision from general reserves (2022: £25,398).

The designated bursary fund received £2,400 (2022: £2,400) from general reserves to assist with bursaries to students and parents.

Fixed assets purchased from the designated parental fundraising fund totalled £1,953 (2022: £1,050) and were transferred to the general fund.

continued...

Page 25

CHILTERN NURSERY AND TRAINING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

20. EMPLOYEE BENEFIT OBLIGATIONS

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 26

a: 20 Peppard Road, Caversham, Reading RG4 8JZ t: 0118 947 1847
e: info@chilternntc.com w: www.chilternntc.com

Vale & West Victoria House 26 Queen Victoria Street Reading RG1 1TG

Dear Sirs

The Chiltern Charity

During the course of your audit of our financial statements for the period ending 31 December 2023, the following representations were made to you by management and directors.

1 We have fulfilled our responsibilities as directors under the Companies Act 2006 for preparing financial statements, in accordance with the applicable financial reporting framework FRS 102 and for making accurate representations to you as auditors.

We confirm that in our opinion the financial statements give a true and fair view and in particular that where any additional information must be disclosed in order to give a true and fair view that information has in fact been disclosed.

2 We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and shareholders' meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.
3 We confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
4 We confirm that all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to the auditor and accounted for and disclosed in accordance with the applicable financial reporting framework FRS 102.
5 We confirm that there have been no events since the balance sheet date which require disclosing or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.

Registered Charity No. 201911, a Company Limited by Guarantee, No. 159730 registered in England & Wales

It is legally privileged and confidential information intended only for the use of the individual or entity named above. If you have received this email in error, please notify us immediately. Thank you.

a: 20 Peppard Road, Caversham, Reading RG4 8JZ t: 0118 947 1847
e: info@chilternntc.com
w: www.chilternntc.com
6 We confirm that we are aware that a related party of the charity is a person or organisation which either (directly or indirectly) controls, has joint control of, or significantly influences the charity or vice versa and as a result will include: shareholders (as a guide with more than 20% of the voting rights), directors, other key management, close family and other business interests of the previous. We confirm that the related party relationships and transactions set out below are a complete list of such relationships and transactions and that we are not aware of any further related parties or transactions.

Party	Relationship	Nature of transaction
Blandy & Blandy LLP	J B Gater	Legal services - none in period
M Wigmore	Head	Employment service payments
L G Phillips	Finance manager	Employment service payments
K Hillier	Trustee/Director	None in period
J B Gater	Trustee/Director	None in period
C A Kelly	Trustee/Director	None in period
A J Lindley	Trustee/Director	None in period
D Sandell	Trustee/Director	None in period
C Wakely	Trustee/Director	None in period

7 We confirm that all related party relationships and transactions were concluded under normal market conditions, have been accounted for and where necessary disclosed in accordance with the applicable financial reporting framework (FRS 102).
8 We confirm that the charity has not contracted for any capital expenditure other than as disclosed in the financial statements.
9 We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its business, and which are central to the charity’s ability to conduct its business.

Registered Charity No. 201911, a Company Limited by Guarantee, No. 159730 registered in England & Wales

  - a:  20 Peppard Road, Caversham, Reading RG4 8JZ t:   0118 947 1847 e:  info@chilternntc.com w: www.chilternntc.com

10 We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud. We confirm that we have disclosed to you the results of our risk assessment of the risk of fraud in the business.
11 We confirm that there have been no actual or suspected instances of fraud involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by former employees, regulators or others.
12 We confirm that, having considered our expectations and intentions for the next twelve months and the availability of working capital, the charity is a going concern.
13 We confirm that in our opinion the effects of unadjusted misstatements are immaterial, both individually and in aggregate, to the financial statements as a whole. A list of the unadjusted misstatements is attached to this letter.
14 We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:
so far as each director is aware, there is no relevant audit information of which you as auditors are unaware; and
each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that you are aware of that information.

We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise (and, where appropriate, of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you and that to the best of our knowledge and belief they accurately reflect the representations made to you by the directors during the course of your audit.

Yours faithfully

Karen Hillier

Karen Hillier (May 21, 2024 09:04 GMT+1)

Chair – Karen Hillier

Signed on behalf of the board of directors

21/05/2024 Date..............................................

Registered Charity No. 201911, a Company Limited by Guarantee, No. 159730 registered in England & Wales

Financial Accounts-Chiltern Nursery & Training College Limited

Final Audit Report

2024-05-21

Created: 2024-05-20 By: Elizabeth Mathias (emathias@valewest.com) Status: Signed Transaction ID: CBJCHBCAABAAzvVekh5fC7RRwfQx9OWNcAxnduHbsN3U

"Financial Accounts-Chiltern Nursery & Training College Limited" History

Document created by Elizabeth Mathias (emathias@valewest.com)

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