Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
Charity number: 308228
SAFFRON WALDEN NURSERY SCHOOL
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 20 |
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
| Trustees | Elizabeth Wilson |
|---|---|
| Sally Petts | |
| Rachel Payne | |
| Charity registered number 308228 Principal office Shire Hill Saffron Walden Essex CB11 3AQ Nursery Manager Elizabeth Wilson Caroline Clerk Jennifer Dear Independent Examiner Mrs K Bretherick FCA Chartered Accountants Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA Bankers Lloyds Bank plc King Street Saffron Walden Essex CB10 1HF Saffron Building Society 1 Market Street Saffron Walden Essex CB10 1HX |
Page 1
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual report together with the financial statements of the Charity Saffron Walden Nursery School for the year ended 31 August 2024. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP October 2019, effective 1 January 2019).
Saffron Walden Nursery School continues to provide a safe, stimulating, and nurturing environment for early years education in the local community. Our mission is to support every child’s development, learning, and wellbeing through high-quality, inclusive provision.
OBJECTIVES AND ACTIVITIES
The Charity’s objective is to advance the education and development of children aged 9 months to 5 years by providing early years education and care that meets the highest standards. We aim to be fully inclusive, providing places for children regardless of background, need, or ability.
The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. Our activities throughout the year have supported these aims.
ACHIEVEMENTS AND PERFORMANCE
Despite ongoing sector-wide challenges, 2023–2024 has been a successful year for Saffron Walden Nursery School.
-
Enrolment : We supported 67 children during the academic year, maintaining healthy occupancy across terms.
-
Quality and Standards : Our dedicated staff team has continued to deliver an engaging and well balanced curriculum aligned with the Early Years Foundation Stage (EYFS). Our own curriculum supporting Resilience, Curiosity and Independence across all age groups. Parental feedback remains overwhelmingly positive, our Parent Questionnaires allowing regular and open discussion. Our work to raise standards has been acknowledged by Ofsted in May 2023. We have shown our commitment to improving quality and ensuring the best opportunity for the children in our care. This commitment resulted in an Ofsted rating of 'Good' in April 2024.
-
Staff Development : Staff undertook regular training in safeguarding, first aid, and early childhood pedagogy. We recognise that a knowledgeable and motivated team is at the heart of our provision. We continue to work with Vocational Training Services (VTS) to offer work place apprenticeships to support those wishing to obtain Level 2 and Level 3 Early Years Qualifications.
-
Fundraising and Community Engagement : We have held sponsored events to raise funds for the nursery, a walk, a read and car park sales to allow donations to be made. We continue to work with our local community to receive building and garden maintenance and supplies at a reduced price or in form of donations.
Page 2
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
The financial year to 31 August 2024 showed careful financial management despite rising costs and uncertainty in early years funding.
-
Total Income: £302,507 (Includes Early Years Funding, parental fees, donations, and fundraising proceeds) (2023: £272,209).
-
Total Expenditure: £339,685 (Includes staffing, premises, materials, and operational costs) (2023: £291,468).
-
Net Position: The charity recorded a deficit of £37,178 (2023: £19,259).
The nursery remains financially stable. Trustees continued to monitor the budget closely, adapting where necessary to cost increases, particularly in staffing, utilities, and consumables.
RESERVES POLICY
The Trustees set a level of fees for the year that they believe will cover the estimated expenditure, on the basis of a realistic number of enrolments. The Trustees are of the opinion that the Charity's minimum reserve should be sufficient to cover 3 months salaries and running costs, which would equate to about £30,000 per annum. The Charity's free reserves were (£187), which is below the minimum target range (2023: £16,690).
STRUCTURE, GOVERNANCE AND MANAGEMENT
LEGAL STATUS AND TRUSTEES
The Charity is an unincorporated entity governed under a trust deed established in 1972 and is registered with the Charity Commission under number 308228.
The School is registered as an Early Years Provider with Ofsted to accommodate children from the ages of two to four.
The Trustees who served during the year were as follows:
Elizabeth Wilson Sally Petts Rachel Payne Sophie Brady (resigned 1 July 2024)
Trustees are elected by a simple vote at the Annual General Meeting or, subsequently, by a majority vote of Trustees in office at the time. The Management Committee endeavour to recruit Trustees who will provide valuable and practical skills to the Charity.
RISK MANAGEMENT
The Trustees maintain a risk register, reviewed termly, covering financial, operational, safeguarding, and compliance risks. Key risks identified in 2023/24 included:
- Financial Pressures: Due to increasing costs and static government funding rates. We continue to monitor fee structures and pursue alternative income where possible. The significant change in staff costs continues to put a strain on the public funding received, as such private fee’s have been increased to reduce the overall loss.
Page 3
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
-
Staff Recruitment and Retention: Recruitment in the early years sector remains challenging. We remain focused on supporting staff well-being and offering professional development.
-
Regulatory Compliance: We maintain robust systems to ensure we meet our obligations under Ofsted and charity law.
FUTURE PLANS
Looking ahead to 2024–2025, we plan to:
-
Explore and engage in further training opportunities including further staff completing their Level 2 and Level 3 Early Years Qualifications.
-
Utilise our holiday breaks to replace outdoor equipment and renovate existing garden spaces.
-
Seek further funding opportunities to financially support our longer-term viability.
-
Further engage with our Essex partners to ensure all support offered is utilised.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Elizabeth Wilson Trustee
Date: 27 June 2025
Page 4
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAFFRON WALDEN NURSERY SCHOOL ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales , which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Page 5
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
EMPHASIS OF MATTER - FINANCIAL STATEMENTS PREPARED ON A BASIS OTHER THAN GOING CONCERN
I draw attention to note 1.2 in the financial statements which indicates that the financial statements have been prepared on a basis other than that of a going concern.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 27 June 2025
Mrs K Bretherick
FCA
For and on behalf of Peters Elworthy & Moore Chartered Accountants Cambridge. CB1 2LA
Page 6
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
| Note INCOME FROM: Donations and grants 2 Charitable activities 5 Other trading activities 3 Investments 4 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME & MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Restricted funds 2024 £ - - - - - 933 933 (933) 15,864 (933) 14,931 |
Unrestricted funds 2024 £ 4,009 297,085 - 1,413 302,507 338,752 338,752 (36,245) 146,503 (36,245) 110,258 |
Total funds 2024 £ 4,009 297,085 - 1,413 302,507 339,685 339,685 (37,178) 162,367 (37,178) 125,189 |
Total funds 2023 £ 6,017 265,432 348 412 |
|---|---|---|---|---|
| 272,209 291,468 |
||||
| 291,468 (19,259) 181,626 (19,259) |
||||
| 162,367 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
BALANCE SHEET AS AT 31 AUGUST 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| FIXED ASSETS | ||||||
| Tangible assets | 11 | 125,002 | 129,813 | |||
| CURRENT ASSETS | ||||||
| Debtors | 12 | 2,364 | 3,534 | |||
| Cash at bank and in hand | 42,632 | 58,496 | ||||
| 44,996 | 62,030 | |||||
| CURRENT LIABILITIES | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 13 | (44,809) | (29,476) | |||
| NET CURRENT ASSETS | 187 | 32,554 | ||||
| TOTAL NET ASSETS | 125,189 | 162,367 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds | 14 | 14,931 | 15,864 | |||
| Unrestricted funds | 14 | 110,258 | 146,503 | |||
| TOTAL FUNDS | 125,189 | 162,367 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Elizabeth Wilson Trustee
27 June 2025 Date:
The notes on pages 9 to 20 form part of these financial statements.
Page 8
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements 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) (second edition October 2019, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Saffron Walden Nursery School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There were no significant estimates or judgements made by management in preparing these financial statements.
1.2 GOING CONCERN
The Trustees have reviewed the financial position of the Charity and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.
At the AGM on 3 March 2020 the Trustees resolved that it is in the best interest of the Charity to change from an unincorporated association to a charitable incorporated organisation. The Trustees plan to register a new CIO using the model CIO Constitution for Childcare Providers 2013. The Trustees have referred to Charity Commission guidance CC22a. Once registered, all activities will be transferred to the new organisation, including all assets and liabilities, subject to first obtaining the consent of the Pre-school Learning Alliance.
At the date of approval of these accounts the application to register the new CIO had not been made however for the reasons set out above the financial statements have been prepared on a basis other than going concern. Assets have been reviewed by the Trustees and are measured at their recoverable amount, no onerous committed liabilities have been identified. The change in basis of preparation required no adjustment to the amounts reported in the financial statements on a going concern basis prior to the announcement of the controlled transfer of activities to the new CIO.
1.3 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 9
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.4 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Where incoming resources have related expenditure (as with fundraising) the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.
Parent and third party fees are recognised in the period to which they relate, with any fees received in advance being deferred.
Donations are included in the Statement of Financial Activities when received.
Grant income is recognised by the Charity when there has been notification of the amount and the settlement date. In the event that a grant is subject to conditions that require a level of performance before the Charity is entitled to those funds, the income is deferred. If a grant is subject to strict terms as to the use of those funds, the grant is treated as a restricted fund and accounted for accordingly. Where the receipt of grant income is contingent on certain aspects, such that the Charity does not have full entitlement and is not able to accurately establish measurement of the income, it is disclosed as a contingent asset in the accounts.
Income from funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
1.5 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. This includes the costs of the preparation and examination of the statutory financial statements, the costs of Trustees meetings and the cost of any legal advice given to the Trustees on governance or constitutional matters.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 10
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Short-term leasehold property Over period of the lease Office equipment - 20%
Leasehold building additions are to be fully depreciated to a date coterminous with the end of the original lease of the buildings. No depreciation is applied until a project is complete.
1.7 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 11
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. INCOME FROM DONATIONS AND GRANTS
| Donations TOTAL 2023 |
Unrestricted funds 2024 £ 4,009 6,017 |
Total funds 2024 £ 4,009 6,017 |
Total funds 2023 £ 6,017 |
|---|---|---|---|
3. FUNDRAISING INCOME
Income from fundraising events
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2024 | 2024 | 2023 | ||
| £ | £ | £ | ||
| Fundraising events | - | - | 348 |
In 2023 all of the fundraising income was attributed to unrestricted funds.
4. INVESTMENT INCOME
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Interest received | 1,413 | 1,413 | 412 |
In 2023 all investment income was attributed to unrestricted funds.
Page 12
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
5. INCOME FROM CHARITABLE ACTIVITIES
| School fees Trips, photos, sweatshirts etc TOTAL 2024 |
Unrestricted funds 2024 £ 297,054 31 297,085 |
Total funds 2024 £ 297,054 31 297,085 |
Total funds 2023 £ 264,160 1,272 |
|---|---|---|---|
| 265,432 |
In 2023 all of the income from charitable activities was attributed to unrestricted funds.
6. ANALYSIS OF CHARITABLE EXPENDITURE
| Direct costs TOTAL 2023 |
Direct costs 2024 £ 329,075 275,739 |
Grant funding of activities 2024 £ 132 123 |
Support & governance costs 2024 £ 10,478 15,606 |
Total funds 2024 £ 339,685 291,468 |
Total funds 2023 £ 291,468 |
|---|---|---|---|---|---|
In 2024 £338,752 (2023: £290,535) of charitable expenditure was attributed to unrestricted funds and £933 (2023: £933) was attributed to restricted funds.
Page 13
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
6. ANALYSIS OF CHARITABLE EXPENDITURE (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Staff costs Utilities & Rates Depreciation Other expenditure Repairs and maintenance Nursery and play equipment Cleaning and hygiene Bank charges Insurance Supplies and consumables Subscriptions TOTAL 2024 ANALYSIS OF SUPPORT COSTS |
Direct costs 2024 £ 272,081 8,384 8,392 1,016 6,881 5,000 6,316 84 3,948 13,046 3,927 329,075 |
Total funds 2024 £ 272,081 8,384 8,392 1,016 6,881 5,000 6,316 84 3,948 13,046 3,927 329,075 |
Total funds 2023 £ 213,643 10,420 8,085 4,191 6,227 5,119 11,287 95 3,759 8,947 3,966 |
|---|---|---|---|
| 275,739 | |||
| Staff Training Telephone and internet Office and stationery Legal and professional fees TOTAL 2024 |
Support and governance costs 2024 £ 1,502 754 2,089 6,133 10,478 |
Total funds 2024 £ 1,502 754 2,089 6,133 10,478 |
Total funds 2023 £ 4,520 1,934 2,211 6,941 |
|---|---|---|---|
| 15,606 |
Page 14
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
7. ANALYSIS OF GRANTS
| Grants to Individuals 2024 £ Grants 132 TOTAL 2023 123 INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of: Preparation of the annual accounts |
Total funds 2024 £ 132 123 2024 £ 1,500 1,300 |
Total funds 2023 £ 123 |
|---|---|---|
| 2023 £ 2,065 1,435 |
8. INDEPENDENT EXAMINER'S REMUNERATION
9. STAFF COSTS
Staff costs were as follows:
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 260,723 6,978 4,380 272,081 |
2023 £ 208,655 2,042 2,946 |
|---|---|---|
| 213,643 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| Provision of school services | 19 | 22 |
Page 15
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. STAFF COSTS (CONTINUED)
No employee received remuneration amounting to more than £60,000 in either year.
The Charity considers its key management personnel to be the Trustees, the Nursery Manager and the Bursar. During the year the Nursery Manager and Bursar received remuneration including employer's pension and national insurance totalling £54,679 (2023: £37,276). Remuneration comprises gross salaries, employer's national insurance and employer's pension contributions.
10. TRUSTEES' REMUNERATION AND EXPENSES
During the year, Elizabeth Wilson received remuneration for acting as Manager of the Nursery. The remuneration is permitted under the Charity's Constitution. In setting remuneration, the Trustees have had due regard to managing conflicts of interest, setting fair pay and ensuring the employment is in the best interests of the Charity. The remuneration, pension contributions and any other benefits were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Elizabeth Wilson | Remuneration | 25,415 | 16,091 |
| Pension contributions paid | 575 | 296 |
During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL).
Page 16
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11. TANGIBLE FIXED ASSETS
| COST At 1 September 2023 Additions At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for the year At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 12. DEBTORS DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income |
Short-term leasehold property £ 275,480 - 275,480 145,667 8,085 153,752 121,728 129,813 |
Office equipment £ 9,325 3,581 12,906 9,325 307 9,632 3,274 - 2024 £ 906 1,458 2,364 |
Total £ 284,805 3,581 |
|---|---|---|---|
| 288,386 | |||
| 154,992 8,392 |
|||
| 163,384 | |||
| 125,002 | |||
| 129,813 | |||
| 2023 £ 2,687 847 |
|||
| 3,534 |
Page 17
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors (balance with Charity Payroll Service) Accruals and deferred income DEFERRED INCOME Deferred income at 1 September 2023 Council funding towards school fees received in advance Amounts released from previous periods DEFERRED INCOME AT 31 AUGUST 2024 |
2024 £ 3,512 30,617 10,680 44,809 2024 £ 10,713 - (10,713) - |
2023 £ 4,527 6,916 18,033 |
|---|---|---|
| 29,476 | ||
| 2023 £ 14,465 10,713 (14,465) |
||
| 10,713 |
Deferred income relates to council grant funding received in advance.
14. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Building Fund TOTAL OF FUNDS |
Balance at 1 September 2023 £ 146,503 15,864 162,367 |
Income £ 302,507 - 302,507 |
Expenditure £ (338,752) (933) (339,685) |
Balance at 31 August 2024 £ 110,258 |
|---|---|---|---|---|
| 14,931 | ||||
| 125,189 |
Restricted funds
The Building fund was established to raise funds specifically for the provision of the new school building (opened 1989). The remaining fund is now represented by fixed assets.
Page 18
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
14. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Building Fund TOTAL OF FUNDS |
Balance at 1 September 2022 £ 164,829 16,797 181,626 |
Income £ 272,209 - 272,209 |
Expenditure £ (290,535) (933) (291,468) |
Balance at 31 August 2023 £ 146,503 |
|---|---|---|---|---|
| 15,864 | ||||
| 162,367 |
15. RELATED PARTY TRANSACTIONS
Other than the remuneration paid to Trustees disclosed in note 10, there were no related party transactions during the current or previous year.
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD
| Tangible fixed assets Current assets Creditors due within one year TOTAL |
Restricted funds 2024 £ 14,931 - - 14,931 |
Unrestricted funds 2024 £ 110,071 44,996 (44,809) 110,258 |
Total funds 2024 £ 125,002 44,996 (44,809) |
|---|---|---|---|
| 125,189 |
Page 19
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD
| Tangible fixed assets Current assets Creditors due within one year TOTAL |
Restricted funds 2023 £ 15,864 - - 15,864 |
Unrestricted funds 2023 £ 113,949 62,030 (29,476) 146,503 |
Total funds 2023 £ 129,813 62,030 (29,476) |
|---|---|---|---|
| 162,367 |
Page 20
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
Charity number: 308228
SAFFRON WALDEN NURSERY SCHOOL
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 20 |
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024
| Trustees | Elizabeth Wilson |
|---|---|
| Sally Petts | |
| Rachel Payne | |
| Charity registered number 308228 Principal office Shire Hill Saffron Walden Essex CB11 3AQ Nursery Manager Elizabeth Wilson Caroline Clerk Jennifer Dear Independent Examiner Mrs K Bretherick FCA Chartered Accountants Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA Bankers Lloyds Bank plc King Street Saffron Walden Essex CB10 1HF Saffron Building Society 1 Market Street Saffron Walden Essex CB10 1HX |
Page 1
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual report together with the financial statements of the Charity Saffron Walden Nursery School for the year ended 31 August 2024. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP October 2019, effective 1 January 2019).
Saffron Walden Nursery School continues to provide a safe, stimulating, and nurturing environment for early years education in the local community. Our mission is to support every child’s development, learning, and wellbeing through high-quality, inclusive provision.
OBJECTIVES AND ACTIVITIES
The Charity’s objective is to advance the education and development of children aged 9 months to 5 years by providing early years education and care that meets the highest standards. We aim to be fully inclusive, providing places for children regardless of background, need, or ability.
The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. Our activities throughout the year have supported these aims.
ACHIEVEMENTS AND PERFORMANCE
Despite ongoing sector-wide challenges, 2023–2024 has been a successful year for Saffron Walden Nursery School.
-
Enrolment : We supported 67 children during the academic year, maintaining healthy occupancy across terms.
-
Quality and Standards : Our dedicated staff team has continued to deliver an engaging and well balanced curriculum aligned with the Early Years Foundation Stage (EYFS). Our own curriculum supporting Resilience, Curiosity and Independence across all age groups. Parental feedback remains overwhelmingly positive, our Parent Questionnaires allowing regular and open discussion. Our work to raise standards has been acknowledged by Ofsted in May 2023. We have shown our commitment to improving quality and ensuring the best opportunity for the children in our care. This commitment resulted in an Ofsted rating of 'Good' in April 2024.
-
Staff Development : Staff undertook regular training in safeguarding, first aid, and early childhood pedagogy. We recognise that a knowledgeable and motivated team is at the heart of our provision. We continue to work with Vocational Training Services (VTS) to offer work place apprenticeships to support those wishing to obtain Level 2 and Level 3 Early Years Qualifications.
-
Fundraising and Community Engagement : We have held sponsored events to raise funds for the nursery, a walk, a read and car park sales to allow donations to be made. We continue to work with our local community to receive building and garden maintenance and supplies at a reduced price or in form of donations.
Page 2
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
The financial year to 31 August 2024 showed careful financial management despite rising costs and uncertainty in early years funding.
-
Total Income: £302,507 (Includes Early Years Funding, parental fees, donations, and fundraising proceeds) (2023: £272,209).
-
Total Expenditure: £339,685 (Includes staffing, premises, materials, and operational costs) (2023: £291,468).
-
Net Position: The charity recorded a deficit of £37,178 (2023: £19,259).
The nursery remains financially stable. Trustees continued to monitor the budget closely, adapting where necessary to cost increases, particularly in staffing, utilities, and consumables.
RESERVES POLICY
The Trustees set a level of fees for the year that they believe will cover the estimated expenditure, on the basis of a realistic number of enrolments. The Trustees are of the opinion that the Charity's minimum reserve should be sufficient to cover 3 months salaries and running costs, which would equate to about £30,000 per annum. The Charity's free reserves were (£187), which is below the minimum target range (2023: £16,690).
STRUCTURE, GOVERNANCE AND MANAGEMENT
LEGAL STATUS AND TRUSTEES
The Charity is an unincorporated entity governed under a trust deed established in 1972 and is registered with the Charity Commission under number 308228.
The School is registered as an Early Years Provider with Ofsted to accommodate children from the ages of two to four.
The Trustees who served during the year were as follows:
Elizabeth Wilson Sally Petts Rachel Payne Sophie Brady (resigned 1 July 2024)
Trustees are elected by a simple vote at the Annual General Meeting or, subsequently, by a majority vote of Trustees in office at the time. The Management Committee endeavour to recruit Trustees who will provide valuable and practical skills to the Charity.
RISK MANAGEMENT
The Trustees maintain a risk register, reviewed termly, covering financial, operational, safeguarding, and compliance risks. Key risks identified in 2023/24 included:
- Financial Pressures: Due to increasing costs and static government funding rates. We continue to monitor fee structures and pursue alternative income where possible. The significant change in staff costs continues to put a strain on the public funding received, as such private fee’s have been increased to reduce the overall loss.
Page 3
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
-
Staff Recruitment and Retention: Recruitment in the early years sector remains challenging. We remain focused on supporting staff well-being and offering professional development.
-
Regulatory Compliance: We maintain robust systems to ensure we meet our obligations under Ofsted and charity law.
FUTURE PLANS
Looking ahead to 2024–2025, we plan to:
-
Explore and engage in further training opportunities including further staff completing their Level 2 and Level 3 Early Years Qualifications.
-
Utilise our holiday breaks to replace outdoor equipment and renovate existing garden spaces.
-
Seek further funding opportunities to financially support our longer-term viability.
-
Further engage with our Essex partners to ensure all support offered is utilised.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Elizabeth Wilson Trustee
Date: 27 June 2025
Page 4
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAFFRON WALDEN NURSERY SCHOOL ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales , which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Page 5
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
EMPHASIS OF MATTER - FINANCIAL STATEMENTS PREPARED ON A BASIS OTHER THAN GOING CONCERN
I draw attention to note 1.2 in the financial statements which indicates that the financial statements have been prepared on a basis other than that of a going concern.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 27 June 2025
Mrs K Bretherick
FCA
For and on behalf of Peters Elworthy & Moore Chartered Accountants Cambridge. CB1 2LA
Page 6
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024
| Note INCOME FROM: Donations and grants 2 Charitable activities 5 Other trading activities 3 Investments 4 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME & MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Restricted funds 2024 £ - - - - - 933 933 (933) 15,864 (933) 14,931 |
Unrestricted funds 2024 £ 4,009 297,085 - 1,413 302,507 338,752 338,752 (36,245) 146,503 (36,245) 110,258 |
Total funds 2024 £ 4,009 297,085 - 1,413 302,507 339,685 339,685 (37,178) 162,367 (37,178) 125,189 |
Total funds 2023 £ 6,017 265,432 348 412 |
|---|---|---|---|---|
| 272,209 291,468 |
||||
| 291,468 (19,259) 181,626 (19,259) |
||||
| 162,367 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
BALANCE SHEET AS AT 31 AUGUST 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| FIXED ASSETS | ||||||
| Tangible assets | 11 | 125,002 | 129,813 | |||
| CURRENT ASSETS | ||||||
| Debtors | 12 | 2,364 | 3,534 | |||
| Cash at bank and in hand | 42,632 | 58,496 | ||||
| 44,996 | 62,030 | |||||
| CURRENT LIABILITIES | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 13 | (44,809) | (29,476) | |||
| NET CURRENT ASSETS | 187 | 32,554 | ||||
| TOTAL NET ASSETS | 125,189 | 162,367 | ||||
| CHARITY FUNDS | ||||||
| Restricted funds | 14 | 14,931 | 15,864 | |||
| Unrestricted funds | 14 | 110,258 | 146,503 | |||
| TOTAL FUNDS | 125,189 | 162,367 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Elizabeth Wilson Trustee
27 June 2025 Date:
The notes on pages 9 to 20 form part of these financial statements.
Page 8
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements 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) (second edition October 2019, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Saffron Walden Nursery School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
There were no significant estimates or judgements made by management in preparing these financial statements.
1.2 GOING CONCERN
The Trustees have reviewed the financial position of the Charity and have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.
At the AGM on 3 March 2020 the Trustees resolved that it is in the best interest of the Charity to change from an unincorporated association to a charitable incorporated organisation. The Trustees plan to register a new CIO using the model CIO Constitution for Childcare Providers 2013. The Trustees have referred to Charity Commission guidance CC22a. Once registered, all activities will be transferred to the new organisation, including all assets and liabilities, subject to first obtaining the consent of the Pre-school Learning Alliance.
At the date of approval of these accounts the application to register the new CIO had not been made however for the reasons set out above the financial statements have been prepared on a basis other than going concern. Assets have been reviewed by the Trustees and are measured at their recoverable amount, no onerous committed liabilities have been identified. The change in basis of preparation required no adjustment to the amounts reported in the financial statements on a going concern basis prior to the announcement of the controlled transfer of activities to the new CIO.
1.3 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 9
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.4 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Where incoming resources have related expenditure (as with fundraising) the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.
Parent and third party fees are recognised in the period to which they relate, with any fees received in advance being deferred.
Donations are included in the Statement of Financial Activities when received.
Grant income is recognised by the Charity when there has been notification of the amount and the settlement date. In the event that a grant is subject to conditions that require a level of performance before the Charity is entitled to those funds, the income is deferred. If a grant is subject to strict terms as to the use of those funds, the grant is treated as a restricted fund and accounted for accordingly. Where the receipt of grant income is contingent on certain aspects, such that the Charity does not have full entitlement and is not able to accurately establish measurement of the income, it is disclosed as a contingent asset in the accounts.
Income from funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
1.5 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. This includes the costs of the preparation and examination of the statutory financial statements, the costs of Trustees meetings and the cost of any legal advice given to the Trustees on governance or constitutional matters.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 10
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Short-term leasehold property Over period of the lease Office equipment - 20%
Leasehold building additions are to be fully depreciated to a date coterminous with the end of the original lease of the buildings. No depreciation is applied until a project is complete.
1.7 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.8 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 11
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
2. INCOME FROM DONATIONS AND GRANTS
| Donations TOTAL 2023 |
Unrestricted funds 2024 £ 4,009 6,017 |
Total funds 2024 £ 4,009 6,017 |
Total funds 2023 £ 6,017 |
|---|---|---|---|
3. FUNDRAISING INCOME
Income from fundraising events
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2024 | 2024 | 2023 | ||
| £ | £ | £ | ||
| Fundraising events | - | - | 348 |
In 2023 all of the fundraising income was attributed to unrestricted funds.
4. INVESTMENT INCOME
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Interest received | 1,413 | 1,413 | 412 |
In 2023 all investment income was attributed to unrestricted funds.
Page 12
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
5. INCOME FROM CHARITABLE ACTIVITIES
| School fees Trips, photos, sweatshirts etc TOTAL 2024 |
Unrestricted funds 2024 £ 297,054 31 297,085 |
Total funds 2024 £ 297,054 31 297,085 |
Total funds 2023 £ 264,160 1,272 |
|---|---|---|---|
| 265,432 |
In 2023 all of the income from charitable activities was attributed to unrestricted funds.
6. ANALYSIS OF CHARITABLE EXPENDITURE
| Direct costs TOTAL 2023 |
Direct costs 2024 £ 329,075 275,739 |
Grant funding of activities 2024 £ 132 123 |
Support & governance costs 2024 £ 10,478 15,606 |
Total funds 2024 £ 339,685 291,468 |
Total funds 2023 £ 291,468 |
|---|---|---|---|---|---|
In 2024 £338,752 (2023: £290,535) of charitable expenditure was attributed to unrestricted funds and £933 (2023: £933) was attributed to restricted funds.
Page 13
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
6. ANALYSIS OF CHARITABLE EXPENDITURE (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Staff costs Utilities & Rates Depreciation Other expenditure Repairs and maintenance Nursery and play equipment Cleaning and hygiene Bank charges Insurance Supplies and consumables Subscriptions TOTAL 2024 ANALYSIS OF SUPPORT COSTS |
Direct costs 2024 £ 272,081 8,384 8,392 1,016 6,881 5,000 6,316 84 3,948 13,046 3,927 329,075 |
Total funds 2024 £ 272,081 8,384 8,392 1,016 6,881 5,000 6,316 84 3,948 13,046 3,927 329,075 |
Total funds 2023 £ 213,643 10,420 8,085 4,191 6,227 5,119 11,287 95 3,759 8,947 3,966 |
|---|---|---|---|
| 275,739 | |||
| Staff Training Telephone and internet Office and stationery Legal and professional fees TOTAL 2024 |
Support and governance costs 2024 £ 1,502 754 2,089 6,133 10,478 |
Total funds 2024 £ 1,502 754 2,089 6,133 10,478 |
Total funds 2023 £ 4,520 1,934 2,211 6,941 |
|---|---|---|---|
| 15,606 |
Page 14
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
7. ANALYSIS OF GRANTS
| Grants to Individuals 2024 £ Grants 132 TOTAL 2023 123 INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable to the Charity's independent examiner in respect of: Preparation of the annual accounts |
Total funds 2024 £ 132 123 2024 £ 1,500 1,300 |
Total funds 2023 £ 123 |
|---|---|---|
| 2023 £ 2,065 1,435 |
8. INDEPENDENT EXAMINER'S REMUNERATION
9. STAFF COSTS
Staff costs were as follows:
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 260,723 6,978 4,380 272,081 |
2023 £ 208,655 2,042 2,946 |
|---|---|---|
| 213,643 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| Provision of school services | 19 | 22 |
Page 15
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
9. STAFF COSTS (CONTINUED)
No employee received remuneration amounting to more than £60,000 in either year.
The Charity considers its key management personnel to be the Trustees, the Nursery Manager and the Bursar. During the year the Nursery Manager and Bursar received remuneration including employer's pension and national insurance totalling £54,679 (2023: £37,276). Remuneration comprises gross salaries, employer's national insurance and employer's pension contributions.
10. TRUSTEES' REMUNERATION AND EXPENSES
During the year, Elizabeth Wilson received remuneration for acting as Manager of the Nursery. The remuneration is permitted under the Charity's Constitution. In setting remuneration, the Trustees have had due regard to managing conflicts of interest, setting fair pay and ensuring the employment is in the best interests of the Charity. The remuneration, pension contributions and any other benefits were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Elizabeth Wilson | Remuneration | 25,415 | 16,091 |
| Pension contributions paid | 575 | 296 |
During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL).
Page 16
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
11. TANGIBLE FIXED ASSETS
| COST At 1 September 2023 Additions At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for the year At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 12. DEBTORS DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income |
Short-term leasehold property £ 275,480 - 275,480 145,667 8,085 153,752 121,728 129,813 |
Office equipment £ 9,325 3,581 12,906 9,325 307 9,632 3,274 - 2024 £ 906 1,458 2,364 |
Total £ 284,805 3,581 |
|---|---|---|---|
| 288,386 | |||
| 154,992 8,392 |
|||
| 163,384 | |||
| 125,002 | |||
| 129,813 | |||
| 2023 £ 2,687 847 |
|||
| 3,534 |
Page 17
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors (balance with Charity Payroll Service) Accruals and deferred income DEFERRED INCOME Deferred income at 1 September 2023 Council funding towards school fees received in advance Amounts released from previous periods DEFERRED INCOME AT 31 AUGUST 2024 |
2024 £ 3,512 30,617 10,680 44,809 2024 £ 10,713 - (10,713) - |
2023 £ 4,527 6,916 18,033 |
|---|---|---|
| 29,476 | ||
| 2023 £ 14,465 10,713 (14,465) |
||
| 10,713 |
Deferred income relates to council grant funding received in advance.
14. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Building Fund TOTAL OF FUNDS |
Balance at 1 September 2023 £ 146,503 15,864 162,367 |
Income £ 302,507 - 302,507 |
Expenditure £ (338,752) (933) (339,685) |
Balance at 31 August 2024 £ 110,258 |
|---|---|---|---|---|
| 14,931 | ||||
| 125,189 |
Restricted funds
The Building fund was established to raise funds specifically for the provision of the new school building (opened 1989). The remaining fund is now represented by fixed assets.
Page 18
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
14. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS Building Fund TOTAL OF FUNDS |
Balance at 1 September 2022 £ 164,829 16,797 181,626 |
Income £ 272,209 - 272,209 |
Expenditure £ (290,535) (933) (291,468) |
Balance at 31 August 2023 £ 146,503 |
|---|---|---|---|---|
| 15,864 | ||||
| 162,367 |
15. RELATED PARTY TRANSACTIONS
Other than the remuneration paid to Trustees disclosed in note 10, there were no related party transactions during the current or previous year.
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD
| Tangible fixed assets Current assets Creditors due within one year TOTAL |
Restricted funds 2024 £ 14,931 - - 14,931 |
Unrestricted funds 2024 £ 110,071 44,996 (44,809) 110,258 |
Total funds 2024 £ 125,002 44,996 (44,809) |
|---|---|---|---|
| 125,189 |
Page 19
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
SAFFRON WALDEN NURSERY SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD
| Tangible fixed assets Current assets Creditors due within one year TOTAL |
Restricted funds 2023 £ 15,864 - - 15,864 |
Unrestricted funds 2023 £ 113,949 62,030 (29,476) 146,503 |
Total funds 2023 £ 129,813 62,030 (29,476) |
|---|---|---|---|
| 162,367 |
Page 20
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
Saffron Walden Nursery School Shire Hill Saffron Walden Essex CB11 3AQ
Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA
Dear Sirs
Saffron Walden Nursery School
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your report on the charity’s financial statements for the year ended 31 August 2024. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.
General
-
We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.
-
We confirm that the charity was entitled to exemption under section 144 of the Charities Act 2011 from the requirement to have its financial statements for the financial year ended 31 August 2024 audited.
-
We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 24 April 2025 under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view.
-
All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
-
All the accounting records and related financial information, including minutes of all management and trustee meetings and correspondence with The Charity Commission have been made available to you for the purpose of your work.
Assets and liabilities
-
The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed as applicable in the notes to the financial statements.
-
All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as applicable.
-
We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
Loans and arrangements
- The charity has not granted any advances or credits to, or made guarantees on behalf of trustees, other than those disclosed in the financial statements.
Docusign Envelope ID: D7CD58FC-959A-415F-9404-DB868877FA38
Legal claims
- We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed as applicable in the financial statements.
Laws and regulations
- We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.
Related parties
- Related party relationships and transactions have been appropriately accounted for and disclosed as applicable in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of charity law or accounting standards.
Subsequent events
- All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed as applicable.
Going concern
- We confirm that the financial statements should be prepared on a basis other than going concern owing to our intention to transfer activity and assets to a new charitable incorporated organisation (CIO). An emphasis of matter should appear within the accounts.
Grants and donations
- All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Yours faithfully
Elirnabetl Wilsou
..............................................................................................................................
Elizabeth Wilson (Trustee) Signed on behalf of the board of trustees
Date: 27 June 2025