REGISTERED COMPANY NUMBEIL. 00159730 (Eng13nd and Wales) REGISTERED CHARITY I¥UMBER." 2111911 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (A COMPANY LIMITED BY GUARANTEE) CHILTEIUY NURSERV AND TRAINING COLLEGE LIMITED coruENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 P¥4ge Referenee and Admi•is¢rative Detai Report of the Trustees 2 to 6 Report of tb¢ IndepeDdent Auditors 7 to 10 ststttne*t of Fin*n¢Fal Activities Balance Sheet 12 C*sb Flow Ststement 13 Note5 to the Cash Flow Statemf nt 14 Notes to Ibe FiD4ncial Staternents 15 to 25 Det*lkd St*temen¢ of Financial Activities 26 to 27 CHILTERN NURSERY AND TRAINING COLLEGE LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES K Hillier {Chairn)an) C Wakely {Vice Chairnianl J B Gater C A Kelly A J Lindley D Sandell R Goodwin {appointed 16.4.24) REGISTERED OFFICE 20 Peppard Road Caversham Reading Bet*shire RG4 8JZ REGISTERED COMPANY NUMBER 00159730 (England and Wales) REGISTERED CHARITY NUMBKR 201911 AUDITORS Vale & West Accountaj)￿ Services Limited Chartered Accountants Staruiory Auditors Victoria House 26 Queen Vi¢toria Street Reading Berkshire RGI ITG SOLICITORS Blalldy & Blandy LLP One Friar Street Reading RGI IDA Lloyds Bart plc 24 Broad Street Reading RGI 2BT Page I CHILTERN NURSERY AND TRAINtNG COLLEGE LTMrrED (REGISTERED NUMBER: 00159730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2014 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 2024. The trustees hav¢ adopted the provisions of Accounting and Reporting by Charities: Stsiement of Recomlnended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK ond Republic oElreland (FRS 102) (effective l January 2019). Chiltern Nursery & Training College is a registered charitable company limited by guardnte¢, incorporated on 17 October 1919 and registered as a Charity on 22 September 1962. OBJECTIVES Af4D ACTJVITIES Objertive$ and aims The objectives of Chiltern Nursery & Training College are the edueation and training of ¢arly years practitioners and the provision of early years care and education for children in accordan¢¢ with the Memorandum and Articles of Asso¢iation. Signifi¢artt *etivitits The early years ¢are and education objectives are met through the provision of our nursery, whi¢h provides high quality care and education f(Trr 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 objectiVa5 are met through the provision of a highquality training progratntn¢ for early years, practitioners. Trainees receive praetical training and assessment whilst working in our day nursery. as well as knowledge-ba5ed training and assessment in the classroom. Th¢ aim of the training progrdmme is to m￿lMise individuals, potential to allow them to become well￿u211rIed early years, practitioners. We provide a family support scheme to support fa￿lI]eS in the nursery who ar¢ experiencing difficultie5 to enable their children to continue to a￿sS th¢ high*uality care that W¢ PTovide during that period of difficulty- Jn additioty we support other local early y¢ar5' providers and the local community with both early years expertise and facility use. Public beDefrt In following the charity's aims aTLd objectives, the tru5t¢¢s hav¢ had regard to the Charity cOm￿ls510n,S published guidance in cotnplying with thetr duty in section 17(5) of the Charities Act 2011 on Public Benefit. The provision of ¢ducalion w)d fra￿Ing of early years pra¢tition¢rs and the provision of early year5 carc aDd education for children provide5 an identifiable public b¢nefi¢ whi¢h is directly in line with the chartty5 aims. Page 2 CHILTERN NUILSERY AND TRAtNtNG COLLEGE LIMITED (REGISTERED NUMBER: 00159730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2014 STRATEGIC REPORT Achievement and performante Chiltem continues to attract new families and has a very healthy waiting list. The level of occupa ntinues to grow and remains consistent. Our parent partnership 15 very positive with most families attending the social events provided throughout the year. Our review rating on our profile page on daynurserie5.¢0.uk has remain¢d at 9.9 for most of the year. We gained an Of5ted rating of 'Good' at the latest inspection in August. Chiltem has continued to develop and r¢¢ruit for the Traineeship Pro￿arnMe and has successfully recruited 10 Trainees in 2024. Chiltem is monitored by CACHBWCFE every 6 months and successfully continues to meet the required standards. Chiltern continues ¢0 ensure iniernal promotion is considered and has sueeessfijlly appointed Deputy Room Leaders following inl¢rnal applieations. Chiltem are still awaiting a decision for the change of u$e of the existing building 18 to I x ￿sidential dwellin& creation of new access to Peppard Road with new railingg and gates. This has tsken wnsiderable time. and we continue io work with Reading planning department. Once approval is gained this will allow Chiltem the OPPL)rtunity io market this building. The capitsl gained from this sale will be used to ￿rther develop our 0￿d0￿r area following the 'Forest' theme with the p¢)ssibility of opening areas w) to the local community. Chiltern also has plans to build a putpose-built kitchen for the catering of all m¢als for the children and continues to hold a'5 stsv food rating. Over this last year to maintain the sustainability of the nursery building n¢w dtainage around the outside of the building to mitigate flooding has been completed, larger girttering to cope with tottential rain has b¢¢n fitte4 3 new ￿lorIfJ¢rS have been installed along with 2 new boilers and a ¢OEnpulerised Control panel whi¢h supports the heating system. Chilt¢m has T¢mov¢d wat¢r storage tanks from the main Nursery building and moved to direct fed mains water to mitigate the legi¢)nella risk. Financial review FiDancial position The financial results for the year showed a net unrestricted incorning resource frorn th¢ g¢n¢rdl fund of £9,620 and a net unrestricted outgoing resour¢e from th¢ designated tnaintenance ￿nd of £68,062. The total outgoing resource for the year was £58,442. This is in line with the trustees, aim of maintsining a long tetrn break even position. The charity retains a strong cash p051tio Reseryes pollcy The trnstees regularly review the reserves policies to ensure that they are at an appropriate level. particular cash ts maintained ai a level to support the short and medium tern) needs (Trf the ehaiity. Currently the trustees aim to keep free reserves at a level that will cover between one and thr¢¢ months of siaff payroll cost5. Chiltern Nursery and Tratning College has tothl res¢rves of £1,665,777 ¢omprised of £780,098 of ￿nCtIonal assets. £560.000 of investment property and associated bank borrowings of £nil, leaving £325.679 of free reserves. Of this. £177,222 has been sei aside for design&ted purpos¢s, with the rema￿]￿8 £148,457 available for general use. This is in line with the tn￿le£S. reserves policy. Page 3 CHILTERN P4URSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT Fulvre plaDS In line with strnte8ic development plan, over the coming year, we will be focusing on.. The continued refurbishment of the nursery building to develtsp and enhance the nursery environment and SUPPDrt the provision of high-quality ¢are, education and training. A55e5sing the needs of the local and wider community irt relatÉon to how we can best support early years care. education and trainin& in line with our ¢haritsbl¢ objectives. STRUCTURE, GOVERNANCE AND MANAGEMENr Governing doCU￿ettt The charilable corllpany was established under a Memorandum of Association, which established the objects al￿ powers of the charitable company and is govemed under its Articles of Association. The trustees are also the governors of Chiltem Nursery and Training College and the directors of the charitable cornpany. The trustees of Chiltern Nwsery and Training Coll¢g¢ guarantee to contribute an amount not exceeding £10 to the as%ets of the charitable company in the event of winding up. The board of trustees dderrnine the general policy of the chartty. The day4owday management of the Charity is delegated to the Head and the senior managers. Re¢ruitment and appointment of new trustees The appointment of new In￿te¢S is made at the discretion of the twstees and a clear selection and recnjitment process is in place. Once appointed, trustees follow a fornial induction process and are rtgularly reminded of their roles and responsibiltties. Trnstees undertake ongoing training as deemed relevanL SENIOR MANAGEMENT TEAM Head M Wigmore Nurs¢ry M8•8ger V H￿￿}eS FiDaDee MaD¥Jger, Company Se¢retAry #ttd Clerkto the Goverllt)rs L G Phillips K¢y manageme￿t remlltteratlo The trustees con$ideT the board of direetors. who are the College's truslees, and the Senior management tearn comprise th¢ key manag¢m¢nt p¢ryonnel of the Charity in charge of directing and controlling. Nnning and operating the Trust on a day to day basis. All trustees give their time freely and no trustee received Temuneration or reimbursed expenses in the year 8s per note 9. Detsils of related party transactions are disclosed in note 21 to the accounts. The pay of senior staff members is reviewed annually by tru5te¢s and is nornially increased in accordance with a general cost of living increase that all stsff members re¢¢iv¢. Th¢ salary of senior managers are Set and reviewed io ensure that they are commensurate with similar roles in oth¢r organisations of the same nature. Thi5 ensures that the trustees are able to r￿rUit senior managers ￿ the required l¢v¢l and with the required skills to meet the needs of the job role. Pag¢ 4 CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: 00159730) REPORT OF THE TRUSTgES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The board of trustees continue to keep the charity's activities under review, partieularly with regard to any rnajor risks that may arise from time to time, and to monitor the effectivene55 of the system of internal controls and other viable means, including in5ufdnce cover where appropriate, by which those risks a]ready idenlified by the directors ¢aD best be mitigated. The key risks identified are.. - Lower numbers of suitsbly qualified staff and trainees available to fijlfil the nursery's recruittrtertt needs The delivery of quality childcare is heavily reliant OD having the correct personnel. We are legally obliged to mainlain statutory ratio$ artd aim to exceed these rntios in order to maintain our quality. The sector as whole is experiencing tremendous pressure in tern]s of $taffJng. If we were not able to maintain staff levels then we would need to reduce the number of childcarc places that we offer. To mttigate this we a very success￿1 iraining program. We market this Pro￿￿M ¢ff¢ctively and communicate the benefits of training with and working for CNfc. We offer comp¢titiv¢ salaries and benefrts which we review armually to s￿$t81n staff retention.. We offer wellbeing initiatives to look aft¢r our staff and these measures are sueeessful in attracting and retaining staff. ii. Unexpected Mainlenan¢e Due to the age and nature of our buildings there is a risk of unexpected It￿l￿tenance costs. Problems with the building could potentially irnpact our ability to operat¢. tn 2024 CNTC invested in new boiler5. sub5tsntial drainage and gutterin8 as part of an ongoing inv¢stm¢nt progrd]n to mitigate thes¢ risk5. iii. H¢alth & Safety and Safeguarding risks relating to looking after Children. At CNTC Health and Safety responsibilities are clearly d¢fin¢d. All staff complete ststutory training on H¢alth and Safety and Safeguarding. Policies and pr￿edUreS are substsntiaj and are ¢ommunicated and adh¢r¢d to. There is a eomprehensive risk assessment program to define and manage specific risks. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees {who are also the dir¢ctors of Chiltern Nursery and Training College Limited for the purposes of company law) are responsibl¢ lor preparing the Report of the Tntstees and the fmancial staternents in accordance with applicable law and United KitLgdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the tn15tees lo pr¢pare fitwicial statefftent5 for each fjnancial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resource5 and application of resources, including ihe income and ¢xpenditure, of the charitable company for that period. In preparing those financial stat¢m¢nts, the trustees are reipired to select suitable accounting policies and then apply them conslstently. observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prndent. prepare the financial statements on the going Concem basis unless It Is inappropriate to presume that the charitable ¢ompany will continue in business. Pag¢ 5 CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: IIOJ59730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTELSI RESPONSIBILITIES- COnti￿Ved The trustees are responsible for keeping proper accounting records which di5¢1os¢ with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensuye that the financial statements cornply with the Companies Act 2006. They are a]so responsible for safeguarding the assets of the eharitsble company and hence for taking rea50nabl¢ steps for the prevention and detection of fraud and other Rrregularities. tn so far &8 the tr4LStees are aware.. there is no relevant audit infornjation of whid) the charitable company's auditors are unaware. and the tn]stees have taken all steps that they DU8ht to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are aware of that inforniation. Report of the trustee%, i rpoT cornpany directors, on..... .... ting a Strate 1¢ report approved by order of the board of trus¢ees. &s the and signed on the b02rd's behalf by-. K Hillier- Trustee Page 6 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED OplnloD We have audited the fmancia] statements of Chiltern Nursery and Training College Limited (the 'ch8ritable company,) for the year ended 31 D¢¢¢nb¢r 2024 which comprise th¢ Statement of Financial Activities, the Ba]ance Sheet, the Cash Flow Stat¢m¢nt and notes to the financial statements. including a 5umrnary of significant accounting policies. Th¢ finan¢ial reporting framework that has been applied in their preparation is applicable law al￿ United Kingdom Accountitig Standards (United Kin8dom Generally Accepted A¢¢owJting Practice). In OUT opinion the financial statements.. giv¢ a true and fair view of the state of th¢ tharitable company's affairs as at 31 December 2024 and of its incoming resources and application of resou￿e5, including its in¢om¢ and expenditure, for the y¢aT then hav¢ been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice. and have be¢n prepared in accordance with the r¢quir¢ments of the Companies Act 2006. B*sis for opinion We condu¢t¢d our audit in accordance with Int¢rnational Standards on Auditing (UK) (ISAS (UK)) and appli¢abl¢ law. Our responsibilities under those standard5 are fiuther described in the Auditovs responsibilities for th¢ audit of the fmancial statements section of our report. We are independent of the ¢haritsbl¢ ¢ompany in accordance with the ethical requirements that are relevant to our audit of the financial statements in th¢ UK includingthe FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances 5¢¢ out in note 21 to the financial statements, and we have fulfilled our oiher ethical responstbilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriat¢ to PTovide a basis for our opinion. Conelusions relatlDg to going ¢ODc¢rn In auditill8 the f￿ancIal ststements. we hav¢ concluded that the trusr¢es' ￿se of the going concern b8515 of accounting in ihe preparation of the financial statements is appropriate. B&8ed on the work we have p¢rformed, we have not identified any material ￿CertaIntieS relating to events or ¢onditions that. individually or colle¢tiv¢ly, may cast SI￿LfiCant doubt on the charitable company's abilty to continue as a going concern for a p¢riod of at lea￿ twelve months fr(mi when the financial statements are authorised for Issue. Our respottsibilities and the Tesponsibiliti¢s of the trustees with respect to going cortcem are described in the r¢levant sections of this report. Other informatioth The trustees are responsible ftir the other irAfonnation. The other infom)ation comprises the infomiation in¢luded the Annual Report, other than the financial statetnents and our Report of the Independent Auditors thereon. Our opinion on the fmancial statements does not cover the other inforniation and, except to the ext& otherwise expliciily stated in our report, we do not express any forni of assurance ¢(Trnclusii)n thereon. In coDneGtion with our audit of the financial statement4 our responsibility is to read the other infonnation and, in doing so, consider whether the other information is materially inconsistemt with the financial staternellts or our knowledge obtained in the audit or otherwise appears to be materiatly misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemii￿e whether this give5 rise to a ￿aterIal misstatement in the fjnancial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this oth¢r inforniation. we are required to report that fact. We have noihtng to report in this re8ard. Page 7 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED Opirtions on other matters prescrlbed by ¢he Companie5 Aet 2006 In our opinion, based on the work undertaken in the course of the audit.. the infortnation givrrl in the Report of the Trustees for the financial year foT which the financial stateTnents are prepared is Consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable l¢g#] requirements. Matters on which we are required report by exception In the light of the knowledge and understsnding of the charitsble company and its environment obtained in the course of the audiL we have not identifled rnaterial misstatements in the Report of the Trustees. We have nothing to report in respect of the followsng fflatters where the Compani¢5 A¢t 2006 require5 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 froln branches TJOt visited by us. or the fLnan¢ial statements are not in agreement with the accounting records and returns. or certain disclosures of tnLStees' remuneration specified by law are not made- or we have not received all the inforniation and explanations we require for our audii. Re$pottsibili¢ies of trmste As explained more ￿llY in the Statement of Twsttts, Responsibilities, the trusteeg (who are also the directors olthe charitable company for the purposes of company law) are responsible for the prepar￿lon of the financial statements and for being satisfied that they &￿v¢ a true and fair view. and for such internal control as the tnjstees deterniine is necessary to enable the preparation of financial statements that 8r¢ fr¢¢ from material misstatemcnt. whether due to fraud or error. In preparing the financial statements. Ihe tn￿te¢S are responsible for assessing the Charitable company's ability to continue 8s a goin8 concern, disclosing, as applicable. matter5 related io going ¢onc¢rn and using the going concern basis of aecounling unless the trustees either intend to liquidate the charitsble company or to cease operntions. or have no realistic alternative but to do 50. Page 8 REPORT OF THE INDEPEIYDENT AUDITORS TO THE MEMBERS OF CHtLTERN NURSERY AND TRAINING COLLEGE LIMITED Our responsibilities for the audlt of the fiDan¢ial 5¢gtem¢Dts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement. whether due to fraud or error, and to issue a Report of the tndependent Auditors that includes our opinion. Reasonable assurance is a high l¢vel of assurance, but is not a wjarantee that an audit conducted in accordance with ISAS (UK) will always detect a material tnisstatement when it exists. Mi$stateTnents can arise from fraud or error and are considered material if, individually or in the aggregate, they could re￿on¥b]Y b¢ ¢xpe¢t¢d to influence the econornic decisions of users taken on the basis of these financial stat¢ment5. The extenl to which pro¢¢dur¢s are capable of detecting irre8ularitie& including fraud is detsiled below.. Our approach to identifying atld &sse55in8 the risks of material rnisstatement in respect of irr¢gulariti%S, ncluding fraud and llon-cornpliance with law5 and re8ulatlODS, was as follows.. the en8a8emer]t partner ensured that the engagement team collectively had the appmpriate compelen¢e, capabillties and skills to identify or recognise non•compliance with applicable law5 and regulations. we identified the laws and regulattons applicable to the company through diScu￿10￿S with directors and other fftanagernen( and from Dur knowledge atld experience of the ciwities sector, we focused on specific laws and regulations which we considered may have a direct material effect on the financial statemen¢s or th¢ operation5 of the company, it]¢ludin8 the Companies Act 2006, Charities Act 2011, Ofsted r¢quirements. food Safety regulations, employment and health and safety legislation-, - we assess￿ the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ideELtified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-complianee throughout the audil. We assessed the susceptibility of the company's financial statements to material misststemenL including obtaining an understanding of how fraud Tnight occur. by= - maktng enquiries of management as to where they considered there was sus¢eptibility to fraud, their knowledge of actual. suspected and alleged fraud. and con5iderin8 the internal controls in place to mitl8ate risks of fraud and nortrcompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfornied analytical procedures to identify any unusual or unexpected relationships. - tested joumal entries to identify unusual transactions: - assessed whether judgements and assumptions made in detemiining the a¢¢ounting estimates were indicative of pthential bias,. and - investigated the rationale behiTJd si8nificant or unusual trsnsactions. In response to the risk of itTegularities and non-compli￿ce with laws and regulations. w¢ d¢s]￿¢d procedures which included. but were not limited to.. agreeing financial statement disclosutes to underlying Supporting docuTnentstion' - reading the minutes of meetings of those charged with governance. and enqutring 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 regulatitsns are from firtancial trattsactions. the less likely it is that we would become aware of non-complianee. 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 cotrespondenee, if any. Page 9 REPORT OF THE INDEPKNDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED Matertal misstatements that arise due to fraud can be harder to deteet than those that arise from emir as they may involv¢ deliberate concealment or Collusion. A further description of our r¢spongibilities for the audit of the financial statements is located on the Fivwicial Refv)rting Coun¢il'5 website at www.frc.org.uklauditorsresp)nsibilities. This description fornis part of our Report of the Jndep¢ndent Auditors. Use of our report This T¢POrt is made solely to the ¢h3ri¢able eompany's members, as a body. in accordance with Chapter 3 of Part 16 of the Cornwanies Act 2006. Our audit work ha5 been undertaken so thai we might state to the charitable CQTnpany's tnembers those matters we are required to state to them in an auditors, report and for no other PUTP(KS¢. To the fvllest extent permitted by law, we do not accept or assume responsibility to anyone other than th¢ charitable company and the charitable company's member5 as a body, for our audit work. for this repori or for ihe opinions we have fonn¢d. Jason Pyke FCA (Senior Statutory Auditor) for and on behalf of Vale & West Accountancy Services Limited Chartered Accountants Ststutory Auditors Victoria House 26 Quc¢n Victoria Street Reading B¢rkshire RGI ITG Date.. LOLS Page 10 CHILTERN NURSERY Af4D TRAINING COLLEGE LIMtTED STATEMENf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 Totsl funds 31.12.23 Total fi￿dS Designated nds General fund Notes INCOME AND ENDOWMENfs FROM Donation5 and legacies 462 462 4,295 Ch*ritsble activities Child¢ar¢ activities 2.508.934 2,51)8,934 2,349.426 Investrnenl income S2,894 $2,894 47,413 Tot*1 462 2J61028 2,562,290 2,401,134 EXPENDITURE ON ChsritAble activities Teaching and nuTsery costs Premises Support costs Governance ¢¢yJts 3.803 64,441 280 1.966,$72 271.035 305,599 9,002 1,970,375 335,476 305,879 9,002 1,700,329 296.555 299,996 10.084 Total 68524 2,552208 2.6211.732 2.306,964 NET INCOMEI(EXPENDITURE) Transfers between fund5 (68,062) 75,146 9,620 (75,146) {5&442} 94,170 Tr4et movement in ￿lld5 7,084 (65,526) (58,442) 94,170 RECOTrICILIATION OF FUNDS Total fi￿d$ brought fotward 170,138 I￿54.081 1,724219 1,630.(149 TOTAL FUNDS CARRIED FORWARD 177,222 1,488.555 1ffi6S,777 1,724.219 The notes forn] part of these f￿ancIal statements Pa8ell CHILTERN IYURSERY AND TRAILYING COLLEGE LIMITED (REGISTERED NUMBER: IJ0159730) BALANCE SHEET 31 DECEMBER2024 31.12.24 Total rund5 31.12.23 Totkl fimds Designated fi￿dS Generdl furld Notes FIXED ASSETS Tangible ￿set5 Investment propety 12 13 781J,098 560,000 780.098 560,OIM 651,542 560,000 1.340,098 1,340.098 1211,542 CURRENf ASSETS Debtot3 C&sh at bank and in hand 14 56,260 372.417 50,260 549.639 34.093 656.925 177222 177222 428,677 6f15.899 691,018 CREDITORS Amounts frdllin8 due within one year 15 (280220) (281122(1) (178,341) NET CURRENT ASSETS 177.222 148,457 32&679 512,677 TOTAL ASSETS LESS CURREiYr LIABILITIES 177222 1,488555 1,665.777 1.724219 NET ASSETS 177222 1,488,555 1.66S,777 1,724,219 FUNDS Unrestri¢led funds 17 1,665,777 1,724,219 TOTAL FUNDS 1,665,777 1,724.219 The fin al Statements were approved by the Board of TTLtstees and authori￿ foT issue on and were signed on its b¢half by= K Hillier- Trnstee The notes form part of these fmancial statements Page 12 CHILTERN NUiiSERY AND TRAINING COLLEGE LIMrrED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Notes Cash flow5 froTn operatlng aftivities Cash generated frorn operations 4&186 124,867 Net cash provided by operating activities 48.186 124,867 Cash floivs from Investing aetivitles Purchase of tangible fixed assets Investment irlcome Interest received (203166) 42,000 6J94 (129,457) 42,000 5,413 Net cash u8ed in investing activilies (155,472) (82,044) Cash flows from financing aetivilks Loan repayments in year interest paid (120,549) (2,339) Net cash provided by/(used in) fmancing activities (122,888} Change ITh cash equiyaients in the reporting period C8sh 8nd e#sh equivalents at the beginDiDg of the reporting perK*d (107286) (80,065) 656,925 736.990 C8sh and casb equivaleDts #t the eld f the reportiDg period 549.639 656,925 The notes forni part of th¢s¢ finallcial Statements Page 13 CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 1024 RECONCJLIATION OF NET (EXPENDITURElnNCOME TO f4ET CASH FLOW FROM OPERATING ACTIVITIES 31.IL24 31.12.23 Net (expenditsreyinf ome for the reporting period {Js per the ststement of Financial Activiti￿) AdJ￿5¢￿ents for.. Depreciation charge5 Interest received Investment income Interest payable In¢r¢ase in debtors Increase in creditors (58.442) 94.170 75JlO {6J94) (41000) 63.992 (5,413) (42.000) 2,339 (1,313) 13,092 {22,167) 101,879 Net ¢•sb provided by op¢r8tio￿S 48,186 124.867 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Net Cash at bank and in hand 656.925 (107,286) 549.639 6S6.92S 1107.2861 549,639 TDt*l 656,925 1107,286) 549,639 The notes fornl part of these f]naneial statements Page 14 CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 21124 STATUTORY If4FORMATION Chiltern Nursery And Trdining College Limited is o company lirnited by guarantee. domiciled and irlcorporated in England and Wales. The registered office and principal place of business ts 20 Peppard Road, Caversham, Reading RG4 8JZ. The principal activities of the Charity are the education and training of early years practitiODers and the provision of early years care and education for children. The financial statements are presented in sterlin8 {£) and are rounded to the n¢aTest £1. ACCOUNTING POLICIES Basis ofpreparing the financial $14t¢ments The fu)an¢ial 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 Pra¢ti¢e applicable to charities preparing their accounts in cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Fit￿nCIal Reporting St7mdard 102 The Financial Reporting Standard applicable in the UK and Republic of Jreland, and th¢ Companies Act 2006. The financial stattments have been prepaied under the historical cost convention. as modified by the revaluation of Certain assets. Going concern After making enquiries, the T￿sleeS have a reasonable expectation that the charity ha5 adequate resources to continue its activities for the fotC5CEablc future. Accordingly, they continue to adopt the going rotlcetn basis in pieparkng the f]nan¢ial ststements as outlined in the Statc]nerLt of Trustees. Re5ponsibtlities. Income All irlcome 15 included ill the statement of fmancial 4¢tivities when the charity is legally entitled to the income and the amount ￿1 be quan(ified 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 allowance5 granted by the college. Exp¢nditsr¢ Expenditur¢ is reCo￿lS¢d Once there is a legal or eonstn]ctive obligation to make a paym¢nt to a third party, it IS PTobabl¢ that s¢ttlement will be required alld the afflount of obligation Can be measured reliab]y. Certain expendithre 15 apportioned to categories based on the estimated amount attributable to that activity in the year. The irrecoverable clemellt of VAT is included with the expense to which it relate5. Govemance cost5 roiripri5e the costs of rU[￿illg the charitable company, including strategic planning for its firture d¢velop]nent, external audit, any legal advice for directors, and all costs of complying with constitutional and statutory requirernent5, such the costs of board alld collllnittee ￿EetIngS and of preparing st￿tory aceount% aDd eornptying with public aecowjtability. SUPP￿ costs comprise eosts iDcurred eentrdlly in support of the College. Page 15 ¢ontinu¢d... CHILTERN JYURSERY AND TRAif41NG COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- tontlllued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNfING POLICIFS- continued Tangible fjxed a55ets Tangible r￿ed assets are r¢¢orded at their purchase cost, togdher with ftny incidental costs of a¢quisitton. Depreciation is provided on all tangible fixed assets. ¢xe¢pt freehold land, in order to ite off theiT Cost less residual value over their estimated use￿] live5 ai the following ann￿al rates.. Freehold property Property irnprovements Plant and machinery 20/• on cost IO% and25/ooncost 33.3°h on cost and 50Yo on ¢ost Items costing less than £5(M> are written off as expens¢s 0$ acquired. Investment property The investment propety ha5 beert included in the a￿oUnts at market value. This is considered on an annual basis by the trustees. In accordance with FRS 102 there is no depr￿lation provided on ihe inv¢stment prop¢rti¢$. T*xalio0 The company is a registered charity, 8nd ￿ such is entit]ed to tsx exemptions on incorne and gains, properly applied for its charitsble puTroses. Fund 4CCOllDtiDg Unresiricted fvnds b¢ used in aecord8n¢e with the charitable objectives at the di5¢rdion of the trustees. Designated ￿ndS are fund5 set &4ide by the trustees out of unrestrieted general fimds for speclfic fi￿re Purposes or projects. Restricted funds can only be used for particular Testricted purposes within th¢ objects of the charitsble company. Restrietions arise when specifieil by the donoT or when funds are raised for particular restrict￿ purposes. Expenditure which meets these ¢rii¢ri4 is char8ed to the funtL together with a fair alloc8tion of relevant overheads. FurtheT explanation of the nature and purpose of ea¢h is itieluded in the notes to the r￿cial s¢al¢ments. Government grdnls Government grants are recognised in the income and exp¢nditur¢ ac¢ouTrt so Ls to match them with ¢xp¢nditur¢ th¢y ar¢ intended to contribute. PensioB costs *nd o¢h¢r post-reliTement bettetits The ¢hgJitable company operat¢s a def]n¢d contribution pension scheme. Contributions payAble to the charitable company's pension 5¢h¢me are charged to the Ststement of Financial Activities in the period to which they relate. F5n*￿ti#l 5nstrnments Financial assets and financial liabilities are recO￿lS¢d Wh￿ th¢ charitable company becomes a party tg the contractual provisions of the instrumen¢ and are offset only when the eharitable cornpany has le￿] enforeeable Tight to set off the recognised amounts and intends ¢ith¢r to settle on a net ba515, or to realise and settle the liability simultaneously. Page 16 eontinued... CHILTERN NURSERY AIYD ThAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENfs- ¢ontiDued FOR THE YEAR EF4DED 31 DECEMBER 2024 ACCOUNTING POLICIES- ¢ontinuwJ Financi41 iDStruments Financial assets.. Trade and oth¢r d¢btors which is receivable within one year and which do not constitute a financing ansa¢tion are initially measured at the transaction price and subsequently measured at amortised cost, being th¢ transaction price less any amounts settled and any impainnent losses. Cash and cash ¢quivalents comprise cash at bank and in hand, deposits held at CAII with banks, other short-temi highly liquid investments with original maturities of three moDths or less and bank overdrafts. Bank overdratts. when applicable, are shown within cU￿ent liabilities. Financial liabilitie5: Financial instNments are ¢la$sified as liabilities ￿cording to the substance of the contrac￿al arrangements entered into. Trade and other creditors (in¢luding accruals) payable within one year that do not ¢onstitut¢ a financing transaction are initially measured at the trdnsaction PTice and subsequently measured at amortised cost, being transaction price le&5 any amounts settle Where the a￿angem¢￿ts with a creditor constitutes a financing transaction, the creditor is initially measured at ih¢ pr¢s¢nt value of future payments discounted at a matket Tat¢ of interest for a similar instrument and subs¢qu¢ntly measured at atnortised cost. Borrowings.. Borrowings are initially recogniscd at the transaction price, including transaction costs. and subsequently measured at atllorti5ed cost using effective itrterest metho¢ intere￿ expense is recognised on th¢ basis of the effective interest method and is included in interest payable and similar charges. CRITICAL ACCOUTr4TING JUDGEMENfs AND KEY SOURCES OF &sfiMATION iJNCERTAINTY In th¢ application of the charitable company's accounting policies. which are d¢scribed in note 2. Trust¢es are required to Make judgements. estimates and 855UmPtions about the carying values of assets and liabilitie5 that are not readily apparent from other sources. The estimate5 underlying assumptions ar¢ based OTh historical experience and other factors that are cO￿81dered to be r¢l¢v8ni. Actual r¢sults may differ from these estimates. The estimates and underlying aSSu￿ptiOns are reviewed on an ongoing basis. Revisions to accounting estimales are recO￿lsed 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 peri(xb. The valuation of the invest]nent property is Considered to bc a key estimate in the prepardtion of the accouThts. As described in the notes to the accounts, investment property IS Stated at fair value based on the valualion perfortlled by independertt professional valuers with experience in the location and category of property Yalued. Valuation5 are obtained from time to time. The trustees examine the valuation annually and update for any chat]ges ot] the advi¢e of the professional valuers. Page 17 eontinued... CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 DONATtONS AND LEGACIES 31.12.24 31.12.23 Donations 462 4,295 INVESTMENT INCOME 3l.12.24 31.12.23 Rents receivable Interest receivable 46.500 6J94 42.000 5,413 52,894 47,413 INCOME FROM CHARITABLE ACTIVITIES 31.12.24 31.12.23 Activity Childcaie aetivities Childcare a¢tiviti¢s Childwe activities Parent contributions Local authority fwjding Other ￿nd]llg 1.978,119 524,515 6JOO 2,017,635 328,911 2,880 2508,934 2,349,426 DIRECT COSTS OF CHAR￿ABLE ACTIVITIES Stsff Costs Other Depr¢¢i8tjOD Total 2024 Nursery costs Premises Support costs Governance costs 1,531,559 38,945 210,674 438,816 248,948 67,478 9.002 1.970,375 335,476 305,879 9,(KJ2 47,583 27,727 ,781.178 764244 75.310 2,620,732 2023 Nursery costs Premises Support costs Governance costs 1,314.3J3 34.725 197,748 385,996 219.102 80,984 10,084 1.700.329 296.S55 299.996 10.084 42,728 21,264 1,546.806 696,166 63,992 2.306.964 Page 18 continued.. CHILTERN f4URSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- FOR THE YEAH ENDED 31 DECEMBER 21J24 TrIET INCOMEI{EXPENDITURE) Net incomel(expendilur¢) is stated after charging/(crediting): 31.12.24 31.1223 Depreciation- owned assets Bank loan inler¢st payable Auditors. remuneration- audi¢ fe¢ Auditors, r¢mun¢ration- non audit 75JIO 63.992 2,339 6,768 3,316 6.204 2,798 The trnstees have indemnity insuran¢¢ whicb is included in the college insurdthce policy. TRUSTEES, REMiJI¥ERATION AND BENEFITS Th¢r¢ w¢r¢ no trustees, remuneration or otlLer b¢n¢fils for the year ended 31 De(xmber 2024 nor for th¢ y¢aT end¢d 31 Decetnbet 2023. Trus¢¢es' ¢xp¢n5¢S There were no ttustees. expenses paid for the year ended 31 Dtcember 2024 nor for the year ended 31 Decejnber 2023. 10. STAFF COSTS 31.12.24 31.12.23 Wages and salaTies Social security Other pension 1,631,442 118.481 31,255 1,411,915 104,988 29,903 1,781,178 1,546.806 The averag¢ rnonihly number of employees during the year was as follows.. 31.1124 72 31.12.23 65 Teaching and child welfar¢ staff Others 79 72 Page 19 continued... CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 io. STAFF COSTS- 31.11.24 31.12.23 Awegate elnployee costs of the senior management team (includin8 salary, benefits, pension contributions and tlational insurance) 206,798 186,705 The number of employees whose beneflts {excluding employer pension costs) were between £70,001 and £80.000 was l (2023 - 0), and betwttn £60,00 l and £70.000 was O (2023- 1). 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrrIES DeS]￿ted General nds fijnd Total ds INCOME AND ENDOWMENTS FROM Donations and legackes 4.295 4,295 Cb*ritable a¢tivities Child¢are activities 2J49.426 2,349.426 Jnvesknent income 47,413 47.413 Total 4295 2,396.839 2,401,134 EXPENDITURE ON Cb*ritable a¢tivities Teaching and nursery costs Premises Support costs Governance costs 1.922 58.020 1,698,407 238,535 299,996 10,084 1.700.329 296.555 299.996 10,084 Tot41 59,942 2,247,022 2,306,964 NET JNCOMEI(EXPENDITURE) Transfers behveen funds {55,647) 55,967 149.817 (55.967) 94.170 Net movement ID funds 320 93.850 94,170 RECONCILIATION OF Fuf4DS Total funds brought forward 169.818 1,460,231 1.630,049 TOTAL FUNDS CARRIED FORWARD 170.138 .554.081 1.724,219 Page 20 ¢ontinued.. CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- co#tlnued FOR THE YEAR ENDED 31 DECEMBER 21124 12. TANGIBLE FIXED A￿ETs Freehold Property Plant and property Improvements machinery Toials COST At l January 2024 Additions Di5tK)sals 951,703 617,621 173.740 (74.532) 137,327 30,126 (7,588) 1,706.651 203,866 (82.120} At 31 Deeenther 2024 951.703 716,829 159065 1,828,397 DEPRECIATION At l January 2024 Charge for year Eliminated on dtsposal 469,507 12.1589 488811 34,894 (74.$32) 9Q791 27,727 (7,588) 1,055.109 75JIO {82.120} At 31 December 2024 482.196 449,173 116,93 1,048299 NET BOOK VALUE At 31 December 2024 469,507 167,656 42,935 780.098 At 31 December 2023 482.196 128.810 40.536 651,542 13. INVESTMENT PROPERTY FAIR VALUE At l January 2024 and 31 Deeember 2024 $60,0(A) NET BOOK VALUE At 31 DectmbEr 2024 5(JO,000 At 31 December 2023 560.000 Page 21 continued.. CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- ¢ontittued FOR THE YEAR ENDED 31 DECEMBER 2024 13. INVEsfMENf PROPERTY- eDntinued Fair value at 31 D¢c¢mber2024 is represented by.. Valuation Cost 451,430 108.570 S60,000 If inveslment property had not been revalued it would have been included the following historical ¢ost'. 31.12.24 31.12.23 Cost 108,370 108,570 Investmenl property was independ¢ntly valued on an open Mark￿ basis on 14 April 2021 by Dunster & Morton. regulated by PJCS. The trustees consider this valuation T¢tnains an appropriat¢ estill￿tiOn of the markd value as at 31 DeeeTnber 2024. 14. DEBTOIiS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Fe¢5 Outstanding Other debtors and prepaJry))¢nts 1,982 54,278 8,168 25,925 56260 34,093 I& CREDITORS: AMouf4TS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade cr¢dilors Social security and other taxes Other ereditors Deferred income A¢¢n￿lS 7S.443 27,814 5,517 148,056 23.39 46,332 24,534 9,037 72,802 25,636 280320 178,341 Deferred income in¢lude5 local authority fvnding received in advance of the next tem of £136.044 (2023.. £67,948). Pag¢ 22 continu￿... CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. LEASING AGREEMENTS Minirnum lease payments under non-¢anrxllabSe operating leases fall due as follows: 31.12.24 31.12.23 Within one year Betsveen one and five years 2,421 4,149 2,421 1421 6,570 17. MOVEMEI¥T IN FUNDS Net movement in fwjds Transfers between funds At 31.12.24 Ail.1.24 Unreslrieted fuDds Generdl Fund- Other General Fund- Revaluation Reserve Designated- Maintenance Fund Designated- Parental Fundraising De5ignated- Public Benefit Fund 1.102.651 451,43(1 152,OIMI 2.291 RS,847 9ffj21J {75,146) 1,037,125 451.430 160,305 2241 14.676 {64,441) (50) {3571) 72,746 2,400 1,7Z4219 ($8,442) 1,665.777 TOTAL Fuf4DS 1,724.219 ($8,442) ,065,777 Net Jnovement in fimds, included in the above are as follows.. Ineoming resources Resowces Movement expended in funds Unrestrlcted hnds General Fund- Other Designat¢d- Maintenance Fund Designated - Parental Fundraising Designated - F￿blIC Benefit Fund 2,561.828 {2552,208) (64,441) {512) (3,571) 9.620 (64,441) (so) (3571) 462 2.562.290 (2.6211,732) (5&442) TOTAL FUNDS 2.562.290 (2,620,732) (58,442) Page 23 continued... CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCJAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 DECEMBER 21J24 17. MOVEMENT IN Fi1Tr4DS- eontinued Comparatlves for m•v¢menl ill fynds Net movement in ￿ndS Transfers between funds At 31.12.23 At 1.1.23 Unrestricted funds General Fund - Other General Fund- Revaluation Reserve Designated- Maintenance Fund Designated- Parental Fundraising Designated- Public Benefit Fund 1,008,801 451,430 154,5(X) 1,871 13.447 l49,817 (55,967) .102,651 451,430 152.000 2,291 15,847 (58,020) 2,373 55,520 {1,953) 2.400 1,630,049 94.170 1,724.219 TOTAL FUNDS 1.630.049 94,170 1,724,219 Comparative net movement in funds, included in the above are as follows: tncoming re50Utces Resources Movemettt expended in fi]nds UDrestrlcted funds General Fund- Other De5i8nated - Maintenanee Fund De5i8nated - Parental FundraisitLg 2,396,839 (2247,022) {58,020) (1.922) 149,817 (58,020} 2,373 4.295 2.401,134 (2,306.964) 94,170 TOTAL FUNDS 2.401,134 (2,306,964) 94,170 Genernl fvnds The General Funds are available for the ffijrtberance of the ¢iwity's objectives. The General Fund Revaluation Reserve records the unrealised surpluses on inveskn¢n¢ prot￿ valuations. D¢sigDaled funds Funds have been set aside for specific purposes by the trust¢¢5 a5 follows.. Mainte[￿1¢¢ Fund- wmprises funds for futur¢ property I]iaintenance. Publi¢ B¢n¢frt Fund- provide5 fitwA¢ial support ¢0 tutorial 5tlldeMs and jll￿sery parents. Parental Fundraising - funds raised by Wdrents for the purehase of specific item5 det¢rniin¢d by the charity- Page 24 continued... CHILTERN NURSERY AND TRAINING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 21124 17. MOVEMEPU IN FUIYDS- t•Dtinued Transfers between funds To firther set agide fund for anticipated mainienance, £72,746 w&$ transferred to the designated Maintenance from general reserves {2023.. £55,520). Th¢ d¢5ignated Public Benefit fund reeeived £2,400 (2023.. £2,41X)) from general reserves to assist with bursaries to S￿dents and parentg. Fixed as$¢ts purchased from The des]￿ted parental fundrdiSTng ￿nd totalled £nil (2023.. £1,953) and were transfetTed to the general fimd. I& EMPLOYEE BENEFIT OBLIGATIONS The charitable company runs a defined contribution scheme for certain ¢mp5oyees. The assets of the scheme are held separately from the funds of th¢ ¢harttablc company in independently administered fund#. 19. CAPITAL COMMITMENTS 31.12.24 31.12.23 Contracted but not provided for in the fman¢ial statements 98,000 This eapital commitment is in respect of an extension to the car park caTried out aft¢r ihe year end. 2(1. RELATED PARTY DISCLOSURES One of the directtsrs, J Gater, is also a partner in Blandy & Blandy LLP, a local of solicitor5. t￿rIng the year, Blandy & Blandy LLP were engaged to provide legal advice to the charitable company. The fees during 2024 were £371 (2023.. £nil), which were settled in full. 21. FRC'S ETHICAL STANDARD- PROVISION AVAILABLE FOR SMALL ENfiTIES Jn common with other businesses of our size and nature we use OUT auditors to assist with the preparation of the financial statements. Page 25 REcisfERED COMPANY NUMBER: (K1159730 (EDgland and Wales) REGISTERED CHARITY NUMBER.. 201911 REPORT OF THE TRUSTEES AND FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (A COMPANY LIMITED BY GUARANTEE) CHILTERN NURSERY AND TIL41NING COLLEGE LIMITED COTrITENTS OF THE FINANCIAL sfATEMENTS FOR THE YEAR EI¥DED 31 DECEMBER 2024 Page R¢f¢r¢D¢¢ Amd Admlnis¢rntive Detslls Report Dfth¢ Trustees 2 to 6 Report ofthe IndepEndettl AuditDf5 7 to 10 Sta¢etD¢llt Df Financial A¢tivitieJ li Ba]anc¢ Shvt 12 Cash Flow St*t¢m¢n* 13 Notes ts the Casb Flow St4teme•t 14 Notes ¢0 the FiDAn¢l*l Statements 15 to 25 CHILTERN MJRSERY AND TRAINING COLLEGE LIMITED REFERENCE AND ADMINISTRATtVE DETAILS FOR THE YEAR EfqDED 31 DECEMBER 2024 TRUSTEES K Hillier {Chairn)an) C Wakely (Vite chaim￿l) J B Gat¢r C A Kelly A J Lindley D Sandell R Goodwin (appointed 16.4.24) REGISTERED OFFICE 20 Peppard Road Caversham Reading Berkshire RG4 8JZ REGISTERED COMPANY NUMBER 00159730 (England and Wales) REGISTERED CHARITY NUMBER 201911 AUDITORS Vale & West Accountancy Services Limited Chartered Accountanls Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RGI ITG SOLICITORS Blandy & Blandy LLP One Friar Street Reading RGI IDA BANKERS Lloyds Bank pl¢ 24 Broad Street Reading RGI 2BT Page I CHILTERN NURSERY AND TRAINING COLLEGE LIMITED OiEGISTERED NUMBER: 00159730) REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2024 The tn￿te¢S who are also directors of the charity for the purposes of the Companies Act 2006, pr¢s¢nt their report with the fmancial 5tstements of the charity for the year ended 31 December 2024. The tTUSt¢e$ have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended PTactice applicable to ¢harities preparing their accounts in a¢¢4)rdartce with the Financial Reporting Stsndwd applicable in the UK and Republic of IrelaT]d (FRS 102) (efftctive l January 2019). Chiltern Nursery & Training College is a registered charitable company limited by guarantee. incorporated on 17 October 1919 and Tegist¢r¢d as a Charty on 22 Septembtt 1962. ORIECTIVES AND AcfiviTIES objeetiv￿ •nd Sims The objectives of Chillern Nursery & Training College are the education and training of wly year% practitioners and the provision Of early years care and education for ¢hildr¢n in accordance with the Memorandutn and Articles of Association. Signif*attt aetivities The early years care and edu¢ation objectives are met through the Provision of our nursery, which provide5 high quality care and education for ¢hildren aged 2 months to 5 years of age. The nursery aims to provide a caring and 5tirnulating environment to meet the needs of each individual child. The education and training objectives are met through the provision of a hIgh￿Uallty training progrdnun¢ for early years, practitioners. Trainees receive pra¢tical training and assessment whilst working in OUT day nursery. as well Bs knowledge-based training and assessment in the classroom. The aim of the training programme 15 tt) mLximise individuals, potential to allow them to become W¢ll￿uallfIed early y¢ars' practitioners. We provide a family support scheme to support families in the nurs¢ry who are experiencing difficulties to enable their children to continue to a¢¢¢ss the high-quality care that we piovide during that period of difficulty. In #ddilion, we supw)rt other local early y¢ars' providers and the local ¢onllnuAity with both early years experti%e and facility use. Public benefjt In following the charity'5 aim5 and objectives, the trust¢e5 have had regard to the Charity Cornmission's published guidan￿ in cornplying with their duty in section 17(5) of the Chariti¢s Act 2011 on Public B¢nefit. The provision of education and training o(¢arly years practitioners and the provision of early years care and ¢dtscation for ehildren provides an identifiable public benefit which is directty in linc with the charitys aims. Pag¢ 2 CHILTERN NURSERY AIYD TRAINING COLLEGE LIMITED (REGISTERED NUMBER: flOI59730) REPORT OF THE TRUSTEES FOR THE YEAR Ef4DED 31 DECEMBER 2024 STRATEGIC REPORT Achievemen¢ and performaDee Chiltem continues to attract new families and has a very healthy waiting list. Th¢ level of occuparKy continues to grow and remains consistent. (kn parent partnership is very positive with most families attending the social events provided throughout the year. Our review rating on our profile page on daynurseries.co.uk h85 r¢mained at 9.9 for tnost of the year. We gained an Ofsted rating of 'Good' at the latest inspection in August. Chiltern has continued to develop and r¢¢rnit for the Traineeship Programtne and has sucCess￿l]Y r￿rUited 10 Trainees in 2024. Chiltern is monitored by CACHEINCFE every 6 months 2nd success￿11Y continues to meet the required Standards. Chiltern continues to ensure internal promotion is considered and has succe￿￿￿1]Y appointed Deputy Room Leaders following internal applications. Chiltern are still awaiting a decision for the change of use of the existing building 18 to I x residential dwelling, creation of Tjew 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 i$ gained this will allow Chiltern the opporttinity to market this building. The capital gained from thi5 sale will be used to fiwther develop our outdoor area following the 'For¢5t' theme with the possibility of opening are&s up to the local community. Chiltem also has plan5 to build a purpose-built kitehen for the catering of all meals for th¢ children continues to hold a'5 star, food r*ing. Over this l&%t year to maintain the sustainability of the nursery building new drainage around the outside of the building to mitigate flooding has been completed, larg¢T guttering to cope with to￿ntIal rain has been fitted. J ncw caloriflers have been ittstalled along with 2 new boiler5 and a computerised control panel which supports the heating system. Chiltern has removed water 5torkge tanks from the main Nursery building and moved to direet fed mains water to mitigate the legionella risk. Fin*ncial review FinArt¢iAI position The financial results for the year showed A net unrestricted inc¢)ming r¢sourc¢ from the general fimd of £9.620 and a net unrestricl¢d outgoing resouree from the desiwted maintenan¢¢ fund of £68.062. The total outgoing resource for the year was £58,442. This is in line with the tn￿tees, aim of maintainiDg a long tern) break even ￿sitIOn. The charity retains a strong cash position. Reserves policy The tr￿SteeS regularly review the reserves poli¢i¢s to ensur¢ that they are at an appropriate level. particular cash is maintained at a level to SUPPOrt th¢ short and medÈum temi needs of th¢ charity. Cutrently the trustees aim to keep free reserves at a level that will cover between one and three month$ of staff payroll Costs. Chiltern Nursery and Training College has total re5¢rves of £1,665.777 comprised of £780,098 of fi￿CtIOnal assets, £560,000 of investment propetty and &%so¢iated bank borrowings of £nil, leaving £325.679 of free reserves. Of this. £177,222 has been sel aside for designated purposes, with the remai￿ £148,457 avallable for general use. This is in line with the tNstee5' re￿rVeS policy. Page 3 CHJLTERN iYURSERY AND TIL41NING COLLEGE LIMITED (REGISTERED NUMBER: iV1159730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STiIATEGIC REPORT 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 ihe nursery environment and support the provision of hi8h*uality carl edwation 2nd trdin5n8. Ass¢ssin8 the needs of the local and wider community in relation to how we can best support early years care. ¢ducation and trainitlg, in line with OLW Ctwitsble obje¢tiY¢s. srRucfuR[ GOVERNANCE AND MANAGEMEIYT Governing do¢￿￿£￿t The charitable ¢ompany w&8 established under a Memorandum of Association. which established the objects and pow￿5 of the charitable cornpany and is govemed under its ArticlG4 of Association. The tr￿￿tee5 are also the governors of Chiltern Nuw and Training College and the directors of the charitable compalry. The tN$tees tsf Chiltern Nursery and Training College guarnntee to eo]Jtribute an amount not exceeding £10 to the assets of the charitable company in the event of winding up. The board of trnstees determine the general policy of the charity. The d8y-tIAay management of the charity is delegated io the Head and the senior matwrs. Recruitment and appointment of Dew trD5tee8 The appointment of new trust¢es is made at ihe discretion of the trustees aftd A ¢lear selection and recnjitment process is in place. Once appointed, trustees follow a fomial IDduction Proce￿ and are regularly reminded of their roles and responsibilities. ThLStees undertake ongoing trdining as deemed relevant. SENIOR MANAGEMENT TEAM Head M Wigmore Nursery M¥nager V Hughes Fin*D¢t Manager, CompaDy Secretary 4nd Cltrk to the Governors L G Phillips Key thallagemellt remuDerntloTr The injstees consider the board of directors. who are the College's tn]Btee5, and the senior manag¢m¢nt tea comprise the key management personnel of the charity in charge of directing and controllin& Tunning and operating the Trust on a day io day basis. All trustees give their titne freely and no trustee re¢¢iv¢d remuneration or reimbursed expenses in the year as per note 9. Details of r¢l8ted paty transactions are disclosed in note 21 to the accounts. The pay of senior staff members is reviewed annllally by trustees and is nornvdlly increased in accordance with a general cost of living increase that all staff members rec¢iv¢. The salary of senior managers are set and reviewed to ensure that they are commensurate with similar Tol¢s in other or8anisations of the same nature. This ensures that the trustees are able to recNit senior manag¢rs at th¢ required level and with the required skills to meet the needs of the job role. Page 4 CHILTERN NURSERY AND TRAINING COLLEGE LIMITED (REGISTERED NUMBER: i)0159730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEPdBER 21124 STRUCTURE, GOVERNANCE AND MANAGEMEP Risk man•gement The board of trustees continue to keep the charity's activities under review, particularly with regard to any rnajor risks that rnay arise from tirne to time. and to monitor Ihe effectiveness of the systern of int¢rnal controls and other viable mean5, including insurance cover where appropTiate, by which those risks already identified by the directors can best be mitl8ated. The key risks identified aT¢'. . Lower numbers of suitably qualified staff and trainees availabl¢ io thlfil the nursery's re¢ruittnent needs The delivery of quality childcar¢ is heavily reliant on having the cO￿e¢t personnel. We ar¢ legally obliged to maintain statutory ratios and aim to exceed these ratios in order to maintain our quality. The sector as a whole is experiencing tremendous pressure irt tern￿ of staffing. If we were not able to )naintaill staff levels then we would need to reduce the number of childcare places that w¢ offer. To mitigate this we a very suecessfijl training program. We n)arket thi5 progr4rn effcctively and communicate the benefits of training with and working for CNTC. We offer competitive salaries and benefits which we review annually to suslain staff retention.. We off¢r wellbeing initiatives to look afteT our staff and these measures are surxessful in attracting and retaining staff. li. Unexpected Maintenance Due tts the age and n&lure of our buildings there is a risk of unexpected rnatntenance costs. Problems with the buildin8 Could potentially impa¢t out ability to operate. In 21Y24 CNTC invested in new boilers. substantial drainage and guttering as part of an ongoing investment progrdm to Tnitigate these risks. iii. Health & Safety and Saf¢guarding risks relating to looking after Children. At CNTC H¢alth and Safety responsibilities are clearly defined. All staff completc stathtory irnining on Health and Safety and Saf¢guarding. Policirs and Procedures are substantial and are communicated and adhered to. TheTe is a wmpr¢hensive risk a55cssrnent program to define #nd manage specifi¢ Tisks. STATEMEPU OF TRUSTEES. RESPONSIBILITIES The trLLgtees (who are also the direclors of Chiltern Nursery and Training College Limited for the PUTP05es of company lawl are responsible for preparing th¢ Report of the Trustees and the financial statements in ccordance with applicable law and United Kingdom Accounting Standards (Unitcd Kingdom Generally Ac¢epted Accountin8 Practice). Company law require5 th¢ trustees to prepare fujancial staternents for each f￿ancIal year which give a true and fair view of the State of affairs ofthe ¢haritable company and of tt]e incoming re50urw and application of resources, including the inc0￿e and expenditure, of the charitable eompany for that period. In preparing those r]nancial statements, the trnstees are requircd to select 5Ultable accountrn8 policies and then apply them consisterfty- observe the rnethod5 and principles in the Charity SORP. tnake judgements and estimates that are reasonable and PTudent' prepare the finaneial statetnents on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 5 CHILTERN NURSERY AND TRAIMNG COLLEGE LIMITED (REGISTERED NUMBER: (K1159730) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued The trustets are responsible for keeping proper accounting records which disclose wrth reasonable acawaoy at any time the fitwicial 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 th¢ charitable CDmpany and hence for taking re￿ollable steps for the prevention and detection of fraud and other ifTe8ularities. In so far &s the trustees are aware". there is no relevant audit inforniation 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 inforniation and to establish that the auditors #re aware of that inforniation. Report of the tTUStees. incorporating a strategi company director5, on ... reporL approved by order of the board of trustees. as the and signed on the board's behalf by: K Hillier- Trustee Page 6 REPORT OF THE INDEPENDENT AUDITOILS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED Oplnio W¢ have audited the fllYancAal statements of Chilfrrn Nursery and Training College Limited (the 'charitable company,) for the year ended 31 December 2024 which Comprise the Ststement of Financial Activities, the Balance Sh¢¢t, the Cash Flow Statement and notes w ih¢ fmancial statem¢nts, including a summary of signifiwit accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standar(b (United Kingdom Generally Accepted Accounting Praetice). In our opinion the financial statements- giv¢ a tru¢ and fair view of the state of the ¢haritabl¢ cornpatry's affairs as at 31 Decernber 2024 and of its inwming r¢50ureeg and application of resources. including it5 incolne and expenditur¢, for the year then ended,. hav¢ been properly prepared in ac￿rdance with United Kingdom Generally A¢¢¢pted Accounting Practice,. and have b¢¢n prepared in accordance with the requirements of the Colnpanies Act 2(KJ6. Basis for opinio We ¢ondu¢ted our audit in accordance with Intcrnational Standards on Auditin8 (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the f￿ancial statements section of our report. We are indep¢nd¢rLt of the charitable company in accordance with the ethical requiTements that are relevani to our audit of the finaneial statem¢nts in the UK including the FRCS Ethical Standard, and the provisions available for small entities, in the ¢ircumstances set out in note 21 to the financial stat¢ments, and we have ￿lfilled our oiher ethieal responsibilities in accordance with these wuirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a b&sis for our OPiTJiOn. Conclu51011$ relating to going concern In auditing the fllwlcial statements. we hav¢ ¢oncluded Ihat the trustees, use of the going coneem basis of accoLmtin8 in thc preparation of the flnancial statements is appropriate. Based on the WOTk we have perfornied, we have not identified any material w)¢¢rtainties relating to events or conditions that, indiyidually or collectively, rnay cast significant doubt on the charitsble company's ability to continue as a going ¢on¢em for a period of at least twelve mtsnths from when th¢ financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant seGtiOn5 of this report. Other information The trustecs are respottsible for the other infomiation. Thc other inforniation comprises the infonnalion included in the Annual Report. other than the financial stat¢m¢nts and our Report of the Independent Auditors thereon. Our opinion on the fmancial statements doe5 Dot cover the other inforniation and, except to the extent othen¥ise explicitly stated in our reporL we do not expr¢55 any forni of assurance conc]usion thereon. In conn¢dion with our audit of ihe financial stst¢ments. our responsibility is to read the other information and. in doing so, consider whether th¢ other inforniaiion is materially ineonsistent with the fmancial stalements or our knowledge obtained in the audit or otherwise appears to be maierially misstated. If we identify such material inconsisrencies or appam)t material misstatements, w¢ ar¢ required to deterniine whether this gives rise to a maieyial misstatement in the financial statements themselve5. If, based on the work we have performed. we conclude that there is a m￿erial misstatement of this other infornlalion. we are required to report that fact. We have nothing to report in this regard. Pag¢ 7 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHILTERN NURSERY AND TRAINING COLLEGE LIMITED OpinloAs oth¢r rngtter$ prestrlbed by the Comp4Di¢s A¢t 2006 In our opinion, based on the work undertaken in the Course of the audit.. the inforn)ation given in the Report of the Trustees for th¢ financial year for whith the financial slatements ar¢ prepared is ¢onsiStent with the financial statements,. and the Report of the Tru5t¢¢s has been prepared in acGotdance with applicable legal requirements. Matters on whleh we are required to r¢port by exceptio ID the light of the knowledge and understsnding of the charitable company and its envirolllneffl obtsined in th¢ Course of the audit. we have not identified mat¢rial mi5Statetnei]ts in the Report of the Trustees. W¢ have nothing to report in respect of the following matters where the Companie5 Act 2006 requires us to report to you if, in our opitLiOn: adequate accountin8 records have not been kept or returns adequate for our audit have not been received froln branches not visited by us- or the fitwicial statements are not in agreement with the accounting records and rthms. or certain disclosures of trustees. remuneration specified by law are not made. or we have not received all the infornjation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Ttwtees, 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 sat15fsed that they give a true and fahr view, and for such internal control as the t￿￿te¢S detemiine is necessary to enable ihe preparation of financial ststements that are free from material misststemenL whether due to fraud OT error. In Pr￿aring the financial statement¥ the trwtees are resw)nsible for 8s5es5ing the charitable company's ability to continue as a going ¢on¢¢rn, disc5osin& as applicable, matters related io going concern and using the going concern basis of accounting unl¢ss the trustees either imtend to liquidate the charitable cofflpany or to cease operations. or have no realistic ah¢rnative but to do so. Pag¢ 8 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBEIiS OF CHILTERN fwRSERY AND TRAINING COLLEGE LIMITED Our respDnsibiiitie5 for the audit of tbe fin*neial stat¢meDts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial tni5Statement, whether due to fraud or error. and to j55ue a Report of ihe Independent Auditors that includes our opinion. Rea50nablt assurance is a high level of assurance, but As not a guarantee that an audit conducted in accordance with ISAS IUK) will always detect a material misstatement when it exists. Misstatements Can arise from fraud OT error and are considered material if, individually or in the aggregate, they could re&8onably be expected to intluence the economic decisions of users tsken on the basis of these fEnanciai statements. The extent to which ow proc¢dur¢s aT¢ ¢apable of detectin8 irregularities. including fraud is detailed below.. Our approa¢h to identifying and asse$sing 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 engagem¢nt team eollectively had the appropriate ¢ompetence. capabiliiies and skills to idenlify or recognise non-compliance with applicable laws and regulations. we idenrified the laws and regulations appli¢abl¢ to the company through discussions with directors and other managemenL and from our knowldge and experience of the eharities sector. - we focused on specifi¢ laws and regulations which we considered may have a direct rnat¢rial effect on th¢ financial statements or the operations of the company, including the Cornpanies Act 2006. Charities A¢t 2011, Of5t¢d requirements, food safety regulations, ernployrnent and health and safety legislation: - we assessed the extent of compliance with the laws and regulation5 identified above through making enquiries of management and inspecting legal COTTespondence; and identified laws and regulations wer¢ communicated within the audit team regularly and the t¢am r¢main¢d al¢rt to instances of non-complian¢¢ throughoul the audiL We ass¢ssed the susceplibility of the comp3ny'5 financial 5tJlements to material missta*ment. including obtaining an underslanding of how fraud might by.. - making enquiries of managemenl as to where they consid¢red there gusceptibility to fraud. their knowledge of actual, susp¢¢t¢d and all¢ged fraud; and considering the intemal Controls in plac¢ to mitigat¢ risks of fraud and non