Charity registration number 1083392
Company registration number 03942879 (England and Wales)
C.M.A. COMMUNITY NURSERY LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
C.M.A. COMMUNITY NURSERY LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr I Feldman
Mrs B Ovitz
Mr E Gottesfeld
Charity number
1083392
Company number
03942879
Registered office
32 Castlewood Road
London
N16 6DW
Auditor
Glazers
843 Finchley Road
NW11 8NA
Bankers
Lloyds Bank Plc
Highbury Corner
BX1 1LT
C.M.A. COMMUNITY NURSERY LTD
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent auditor's report
4 - 6
Statement of financial activities
7
Balance sheet
9
Statement of cash flows
8
Notes to the financial statements
10 - 18
C.M.A. COMMUNITY NURSERY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 5 APRIL 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity was established to further the education of children in accordance with the tenets of the orthodox Jewish faith, and does this primarily through operating a pre school which is partly funded by the local authority and a primary school to provide Jewish religious education and education generally for ages 3 years and upwards.

The school ensures that even those in difficult financial situations are able to send their children to school. To achieve this reductions in parental contributions are offered where required, and in certain instances contributions are waived all together.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.

Grants on the unrestricted fund are made at the trustees' discretion from their knowledge of the various institutions, subject to the grants being both charitable and in accordance with the charity's objects.

Achievements and performance

Charitable activities

The charity continued to provide education for children aged 3 and upwards in purpose built premises and provided grants to institutions to promote the advancement of orthodox Jewish religious education.

 

In the year under review the charity generated income of £2,368,217 (2022: £2,184,332) and incurred expenses of £2,452,080 (2022: £2,101,126) resulting in net outgoing resources of £83,863.

Financial review

The trustees are satisfied with the financial results for the year under review, which are set out in the attached Financial Statements together with the notes thereon.

It is the policy of the charity to maintain the charity's free reserves, at a level, which the trustees think appropriate after considering future commitments and the day to day running costs of the school. The amount on the Unrestricted fund at the year end was £411,385 which included free reserves of £52,213.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The charity plans to continue to support the school and fund its activities for the foreseeable future subject to satisfactory income.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr I Feldman
Mrs B Ovitz
Mr E Gottesfeld

The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.

C.M.A. COMMUNITY NURSERY LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 2 -

The nursery and school has a full time administrator and a Head of Unit. It has full-time and part-time staff as well as a domestic general assistant. All are answerable to the Trustees.

 

The nursery and school are subject to inspection by the Local Authority and Ofsted.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

..............................
Mr E Gottesfeld
Trustee
Dated: .........................
2024-02-05
C.M.A. COMMUNITY NURSERY LTD
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 5 APRIL 2023
- 3 -

The trustees, who are also the directors of C.M.A. Community Nursery Ltd for the purpose of company law, 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).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006. 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.

C.M.A. COMMUNITY NURSERY LTD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF C.M.A. COMMUNITY NURSERY LTD
- 4 -

Opinion

We have audited the financial statements of C.M.A. Community Nursery Ltd (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 5 April 2023 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

C.M.A. COMMUNITY NURSERY LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF C.M.A. COMMUNITY NURSERY LTD
- 5 -
Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

1) Enquiries of management concerning the charity's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

2) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

C.M.A. COMMUNITY NURSERY LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF C.M.A. COMMUNITY NURSERY LTD
- 6 -

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and the Charities Act 2011 .

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or avoid a material penalty.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

In addition to the above, our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Reading minutes of meetings of those charged with governance.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Trustees and other management are responsible for such internal control as the Trustees and other management of the Charity determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

.........................
2024-02-05
Glazers
Chartered Accountants
843 Finchley Road
Statutory Auditor
London
NW11 8NA

Glazers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

C.M.A. COMMUNITY NURSERY LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
2,161,535
183,057
2,344,592
1,979,887
179,574
2,159,461
Investments
4
23,625
-
23,625
24,871
-
24,871
Total income
2,185,160
183,057
2,368,217
2,004,758
179,574
2,184,332
Expenditure on:
Raising funds
5
3,588
-
3,588
-
-
-
Charitable activities
6
2,265,435
183,057
2,448,492
1,942,552
158,574
2,101,126
Total expenditure
2,269,023
183,057
2,452,080
1,942,552
158,574
2,101,126
Gross transfers between funds
-
-
-
21,000
(21,000)
-
Net (expenditure)/income for the year/
Net movement in funds
(83,863)
-
(83,863)
83,206
-
83,206
Fund balances at 6 April 2022
495,248
-
495,248
412,042
-
412,042
Fund balances at 5 April 2023
411,385
-
411,385
495,248
-
495,248

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
C.M.A. COMMUNITY NURSERY LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2023
- 8 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(54,356)
75,966
Investing activities
Purchase of tangible fixed assets
(37,602)
(83,242)
Investment income received
23,625
24,871
Net cash used in investing activities
(13,977)
(58,371)
Net cash used in financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(68,333)
17,595
Cash and cash equivalents at beginning of year
90,151
72,556
Cash and cash equivalents at end of year
21,818
90,151
C.M.A. COMMUNITY NURSERY LTD
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
96,672
76,882
Investment properties
15
262,500
262,500
359,172
339,382
Current assets
Debtors
16
62,121
75,549
Cash at bank and in hand
21,818
90,151
83,939
165,700
Creditors: amounts falling due within one year
17
(31,726)
(9,834)
Net current assets
52,213
155,866
Total assets less current liabilities
411,385
495,248
Income funds
Unrestricted funds
General unrestricted funds
268,885
352,748
Revaluation reserve
142,500
142,500
411,385
495,248
411,385
495,248

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................
2024-02-05
..............................
Mr E Gottesfeld
Trustee
Company Registration No. 03942879
C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 10 -
1
Accounting policies
Charity information

C.M.A. Community Nursery Ltd is a public benefit entity and a private company limited by guarantee incorporated in England and Wales. The registered office is 32 Castlewood Road, London, N16 6DW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity will continue for the foreseeable future based upon the continued financial support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

 

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

1.6
Tangible fixed assets

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

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

Fixtures and fittings
15% Reducing Balance Method
Motor vehicles
15% Reducing Balance Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

No depreciation is provided in respect of investment properties applying the fair value model.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

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

C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 12 -
1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The charity is not liable to current tax on its income as it falls within the various exemptions available to registered charities,

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 13 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

 

Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows.

 

Property valuation

 

The valuation of the charity's investment property is subject to a degree of uncertainty, as the value depends on various factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions, at times of difficult market or economic conditions the assumptions used may not prove to be accurate.

3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
856,731
-
856,731
594,225
-
594,225

Local & Government Grants

369,935
177,000
546,935
468,914
177,824
646,738

Parental Contributions

934,869
6,057
940,926
916,748
1,750
918,498
2,161,535
183,057
2,344,592
1,979,887
179,574
2,159,461

 

 

4
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Rental income
23,625
24,871
C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 14 -
5
Raising funds
Unrestricted
Total
funds
2023
2022
£
£
Fundraising and publicity
Other fundraising costs
3,588
-
3,588
-
6
Charitable activities

Teaching & Care of Children

Teaching & Care of Children

2023
2022
£
£
Staff costs
743,946
628,645
Depreciation and impairment
17,812
13,567

Charitable expenditure

795,081
742,530
1,556,839
1,384,742
Grant funding of activities (see note 9)
868,885
692,920
Share of support costs (see note 8)
3,773
5,851
Share of governance costs (see note 8)
18,995
17,613
2,448,492
2,101,126
Analysis by fund
Unrestricted funds
2,265,435
1,942,552
Restricted funds
183,057
158,574
2,448,492
2,101,126
For the year ended 5 April 2022
Unrestricted funds
1,942,552
Restricted funds
158,574
2,101,126
C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 15 -
8
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Office Costs

3,773
-
3,773
5,851
-
5,851
Audit fees
-
1,440
1,440
-
1,240
1,240
Accountancy
-
8,040
8,040
-
7,160
7,160
Legal and professional
-
8,421
8,421
-
7,575
7,575

Bank charges

-
1,094
1,094
-
1,638
1,638
3,773
18,995
22,768
5,851
17,613
23,464
Analysed between
Charitable activities
3,773
18,995
22,768
5,851
17,613
23,464

 

9
Grants payable
2023
£
Grants to institutions:
CMZ Limited
428,100
Friends Of Beis Soroh Schneirer
45,500
Friends of Beis Chinuch Lebonos Trust
77,000
One Heart Lev Echod
57,500
The Rehabilitation Trust
28,900
Tchabe Kollel Ltd
85,800
Other
136,808
859,608
Grants to individuals
9,277
868,885
-
10
Net movement in funds
2023
2022
£
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial statements
1,440
1,240
Depreciation of owned tangible fixed assets
17,812
13,567
C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 16 -
11
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
93
86
Employment costs
2023
2022
£
£
Wages and salaries
735,271
623,454
Social security costs
5,149
1,987
Other pension costs
3,526
3,204
743,946
628,645
13
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 6 April 2022
65,212
28,400
93,612
Additions
37,602
-
37,602
At 5 April 2023
102,814
28,400
131,214
Depreciation and impairment
At 6 April 2022
12,470
4,260
16,730
Depreciation charged in the year
13,552
4,260
17,812
At 5 April 2023
26,022
8,520
34,542
Carrying amount
At 5 April 2023
76,792
19,880
96,672
At 5 April 2022
52,742
24,140
76,882

 

C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 17 -
15
Investment property
2023
£
Fair value
At 6 April 2022 and 5 April 2023
262,500

The fair value of the investment property is determined by the trustees based on their understanding of the property market and the specific property concerned, derived from recent comparable transactions on the market .

16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
61,000
61,000
Prepayments and accrued income
1,121
14,549
62,121
75,549

Other Debtors is an amount due from The Friends of Wiznitz Ltd, a connected charity of which Mr E Gottesfeld a trustee of this charity is also a trustee.

17
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,768
-
Other creditors
4,510
3,594
Accruals and deferred income
6,448
6,240
31,726
9,834
18
Related party transactions

During the year the nursery and school used rent free, a building provided by The Friends of Wiznitz Ltd, and also received donations of £21,000 (2022: £24,700) from The Friends of Wiznitz Ltd, a connected charity of which Mr E Gottesfeld is a trustee.

 

The charity made charitable grants of £428,100 (2022: £154,000) to CMZ Ltd a charity in which a close family member of Mr E Gottesfeld is a trustee. The charity also received grants of £173,288 from the aforementioned charity during the year.

C.M.A. COMMUNITY NURSERY LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 18 -
19
Cash generated from operations
2023
2022
£
£
(Deficit)/surplus for the year
(83,863)
83,206
Adjustments for:
Investment income recognised in statement of financial activities
(23,625)
(24,871)
Depreciation and impairment of tangible fixed assets
17,812
13,567
Movements in working capital:
Decrease in debtors
13,428
3,451
Increase in creditors
21,892
613
Cash (absorbed by)/generated from operations
(54,356)
75,966
20
Analysis of changes in net funds

The charity had no debt during the year.

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