| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Trustees' Report and |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| The Aldershot Garrison Pre-School |
| Settings |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Trustees' Report and |
| Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| The Aldershot Garrison Pre-School |
| Settings |
| The Aldershot Garrison Pre-School |
| Settings |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Trustees' Report | 1 | to | 9 |
| Report of the Independent Auditors | 10 | to | 13 |
| Statement of Financial Activities | 14 |
| Statement of Financial Position | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Statement of Cash Flows | 17 |
| Notes to the Financial Statements | 18 | to | 25 |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objectives of the charity as set out in the company's articles of association are to: |
| - provide non-public day nursery facilities and non-publicly funded early years education for children under five years of age of service personnel and qualifying civilian staff; |
| - enhance the development and education of children primarily under the statutory school age by working in partnership with parents to understand and provide for the needs of their children. |
| Children aged 2, 3 and 4 years are able to access free early years education through government funding. |
| For the purposes of this document service personnel shall mean serving uniformed personnel of the armed forces of the Crown and qualifying civilians shall mean personnel who are wholly or mainly engaged in activities which directly support the serving personnel of the Aldershot Garrison. |
| The objectives are achieved through the operation of 1 nursery and 2 pre-schools settings in the vicinity of the Aldershot Garrison. |
| We will achieve the charity's objectives by working closely with the Chief Executive and individual settings managers to maintain stringent Human Resource practices to ensure that we comply across the board with all local government standards and standards set by Ofsted. By achieving these targets, we will ensure that our military families are provided with outstanding nursery care at an affordable rate which competes strongly with the local market. |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| OBJECTIVES AND ACTIVITIES |
| Significant activities, achievement and performance |
| Chief Executive Julie Mounfield has served in her role for nearly four years. Over the past year, all three settings have continued to experience significant and positive transformations. |
| Clocktower Pre-School and School Club Transition |
| In August 2023, a new Manager and Deputy Manager were appointed at Clocktower Pre-School, officially starting their roles in September 2023. |
| One of the key challenges during the year was the operation of the Clocktower School Club, which faced substantial financial losses each month due to low attendance from local schools. Additionally, staffing shortages made it increasingly difficult to sustain the breakfast and after-school support. |
| To address these challenges, the Chief Executive conducted consultations with parents and local schools to explore the best ways to support military families. Following these discussions, it was determined that the club would close in July 2024. From September 2024, Marlborough School will assume responsibility for its own breakfast and after-school club, ensuring continued support for families in the community. |
| Queen Mary's Nursery Update |
| A Deputy Manager has been appointed at Queen Mary's Nursery; however, retaining individuals in this full-time role remains a challenge due to the demanding nature of the position. |
| The nursery continues to experience growth, with an increasing number of children attending full-time, year-round. While there is currently a waiting list, recruiting full-time staff to meet this demand has proven difficult. |
| Despite these challenges, Queen Mary's Nursery recently underwent a successful Ofsted inspection as part of the routine review process. The staff performed exceptionally well, and we were delighted with the positive feedback received. |
| Toye Box Update |
| In January 2024, a new Manager and Deputy Manager commenced their roles at Toye Box. The Pre-school is currently operating at full capacity, with a waiting list for new admissions. |
| This year, 80% of the children enrolled are from Nepalese backgrounds. To support families where English proficiency is limited, we are fortunate to have a qualified Nepalese Early Years Practitioner on staff, who is committed to assisting both children and their families in navigating language barriers. |
| The settings numbers of children were as follows: |
| Clocktower (CT) |
| Sept 23: 52 children |
| July 24: 72 children |
| Queen Mary's Nursery (QMN) |
| Sept 23: 67 children |
| July 24: 77 children |
| ToyeBox Pre-school (TB) |
| Sept 23: 75 children |
| July 24: 84 children |
| The percentage of children at the period end whose parents are military are as follows for each of the settings. |
| QMN: 65% (2023: 76%) |
| TB: 71% (2023: 84%) |
| CT: 72% (2023: 81%) |
| Organisational Updates (September 2023 - August 2024) |
| Several key changes have been implemented over the past year to enhance operational efficiency and support across all settings: |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| OBJECTIVES AND ACTIVITIES |
| - The Chief Executive has continued to utilise Peninsula HR services, which have proven to be an invaluable resource for managers. Additionally, access to Croner-i, an affiliate of Peninsula, has been secured. Croner-i provides comprehensive policies and essential information to support the settings. |
| - All managers continue to use BrightHR, which remains an essential tool for HR management, employment guidance, and health and safety advice. |
| -Policies are written and updated by the Chief Executive on a regular basis. Implemented by the setting manager. |
| -The Garrison Fire Safety Officer has been to visit each of the settings to ensure that we are compliant. These visits have highlighted some minor concerns and we now have a book to complete daily and monthly checks, with the Garrison safety officer visiting twice per year. |
| -Our staff recognition scheme continues to be well received and staff do appreciate 3 hours off work for free if staff have been nominated for going above and beyond in their role. This is voted by peer nominations. |
| -We offer paid annual leave on staff birthdays, once staff have completed their probation period. |
| - We offer a staff shopping half day at Christmas as recognition for hard work throughout the year. Trustees agreed to reward all staff with a £30 voucher for Christmas to say thank you, this was very well received by all staff. Support staff received a £10 voucher and gift pack. |
| - As an incentive to all our staff to continue with Continuous Professional Development (CPD) if they complete 5 hours of Noodle Now Courses online they will receive 3 hours TOIL as recognition. |
| -All managers and deputies who regularly work at computers receive a yearly corporate eye test voucher. |
| -The staff handbook is reviewed and updated termly by the chief Executive, all staff must sign and date to acknowledge they have read and understand. |
| -All staff contracts continuously reviewed with a 6 month probation period and 8 weeks' notice period on resignation. |
| -Garrison Standing Order and Business Continuity plan written and published with Aldershot Garrison Headquarters. |
| -We continue to offer the Employee Assistance programme - free for all staff to use, this is to support them professionally or personally. This is a perk for staff and is completely confidential. |
| -Continued with our quarterly advertising in the Garrison magazine, all managers write articles each term. |
| -Increased social media presence, this is updated daily and has helped build the reputation of the charity. |
| -Website is continually being reviewed and updated. |
| -Managers, staff and children are going on BFBS radio bi-monthly to promote their settings. |
| -First Aid training for all staff completed. Provided parents access to First Aid on-line training for free. |
| -Enhanced Safeguarding training completed for all Managers/deputies and support staff. |
| -Tighter/fairer processes have been introduced with regards to recruiting and interviewing. |
| -We no longer use agency staff, we currently have 8 'support staff' who work for us at short notice if required. |
| -Each setting is responsible for organising their own fundraising, this includes sponsored walks, photographer, Christmas jumper day, etc. The settings have done very well with this and have been able to use these funds to buy equipment for their setting. |
| -Regular managers meetings continue to ensure our managers feel valued and supported. |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| OBJECTIVES AND ACTIVITIES |
| -Annual performance reviews and bi-monthly meetings continues for all staff, this is audited by the Chief Executive. |
| -The trustees agreed that staff would receive a payrise in line with the national living wage from April 2024. |
| -Introduced a referral bonus for staff for current staff if they brought in a qualified level 3 practitioner and that staff member passed their probation. We will offer £500. |
| -Introduced 50% Staff discount for Childcare based on the days the staff attend. Calculates to 10% per working day - |
| 1 day per week - 10% |
| 2 days per week - 20% |
| 3 days per week - 30% |
| 4 days per week - 40% |
| 5 days per week - 50% |
| Delivering public benefit |
| The charity provides public benefit through the provision and support of day care and early years education, in accordance with Ofsted regulations and standards, for children under 5 years of age, of serving uniformed members of HM forces and qualifying civilian staff employed in support of Aldershot Garrison. This is done in order to support and give confidence to parents by delivering high quality and totally reliable day care and early years education service. Military personnel are required to serve in operational circumstances at short notice and for prolonged periods and the services undertaken by the charity allows personnel to execute their duties. As a result, the charity provides support to their dependants and develops and maintains morale and community cohesion. |
| The trustees have paid due regard to the Charity Commission of England and Wales guidance on public benefit when deciding what activities the charity should undertake. |
| FINANCIAL REVIEW |
| Financial position |
| Gross incoming resources for the year amounted to £1,317,105 (2023: £1,306,095), including £1,293,291 (2023: £1,287,304) received in fees and Early Years Funding across the three settings. |
| Expenditure in the year amounted to £1,201,053 (2023: £1,149,464) of which £1,012,447 (2023: £958,496) related to staff salaries, pension and employers NIC. |
| The main outgoings are staff costs that relate directly to the provision of childcare and early years education. Staff costs represent 84% (2023: 83%) of total costs. The charity occurs minimal administration costs and again in this period, did not incur any premises costs. There is a standing order with the Garrison for continued use of the buildings free of charge with relation to rent, rates, utilities and maintenance. The trustees have continued to ensure that all settings are fitted with modern furnishings and play aids that challenge and stimulate children's learning and development. |
| The net retained funds at the year-end were £877,965 (2023: £739,840), with a total of £405,565 (2023: £307,650) held in the designated fund representing the Rathbones portfolio in line with the reserve policy. |
| Following the introduction of the Chief Executive, subsequent costs savings have been made and the level of children increased at the settings. Results have improved and reserves rebuilt. The Trustees' aim going forward are of making a small surplus. |
| Principal sources of income |
| Local authority Early Years Education Grants account for 58% (2023: 58%) of all pre-school income. Only parents of the children that do not qualify for grants for those attending in excess of the funded hours are charged fees. |
| At Queen Marys Nursery, which cares for children aged between 3 months and pre-school age on a full time day care basis, the Early Years Education Grant accounts for 32% (2023: 29%) of income. Research shows that fees charged to parents are significantly lower than those charged by private nurseries in the local area and lower than nurseries in other garrison areas and therefore continue to offer value for money to parents. |
| At the discretion of the trustees, fees can be waived on the grounds of welfare needs. |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| FINANCIAL REVIEW |
| Investment policy and performance |
| Investment activities are managed in line with the requirements of the Trustee Act 2000. The trustees have appointed Rathbones Plc as Investment Manager. The charity's investment policy is a low to medium-risk approach for the growth of the portfolio of investments. The Investment Manager has total discretion concerning which investments are bought or sold within the risk profile set by the trustees. During the year the charity altered its investment strategy, opting to invest solely into a Rathbones managed collective investment fund to focus on capital growth. Income is reinvested back into the fund. |
| The investment portfolio is seen as a long-term investment. As at 31 August 2024 the portfolio was valued at £405,565 (2023: £307,650) with a total realised and unrealised gain of £22,073 (2023: Loss of £5,474) on the portfolio. The charity also received £9,664 (2023: £8,041) of investment income from the fund during the year. |
| Reserves policy |
| The trustees' reserve policy is to have a level of reserves, equating to at least 3 months average operating costs. Based on these financial statements, this is approximately £300,000. This excludes the Rathbones Investment Fund which is designated to be held for capital growth and future use for one-off costs or special projects. |
| It is acknowledged that current charity reserves are above this but it is proposed that this is used to fund part of the future cost increases such as the employer's national insurance rate rise to limit fee increases and help cover the early years funding gap arising from the extension of free childcare. |
| PLANS FOR FUTURE PERIODS |
| We are looking to increase numbers in the baby unit at Queen Mary's Nursery. There is a waiting list but are struggling to recruit full-time qualified staff. This is consistent with issues of recruitment across the childcare sector. |
| We would like to consider the introduction of branded uniforms for the children. |
| The plan going forward is to improve results by continuing efficiency gains and to maintain, and increase where possible, the level of children at settings, in order to achieve a small surplus. |
| Also to reduce our level of debtors. We now have an app for parents to use so they can see their bill on their phone and have improved our credit control procedures. |
| The aim is to turn the charity into a successful business and to use monies made to invest in the staff with fair wages, suitable training, and adequate support etc and to ensure our buildings are above standard with exciting, stimulating resources to enhance all the children who attend and to ensure we can adequately meet their need in accordance with the charity's objectives as set out in its articles of association. |
| We have also introduced a consumable fee to all parents from September 2024. Consultation evenings have taken place with parents at all three settings. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The organisation is a limited company, limited by guarantee and holding charitable status. |
| The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Recruitment and appointment trustees |
| The directors of the company as defined by company law are also the charity's trustees for the purposes of charity law and under the company's Articles are known as the trustees and are referred to as trustees only throughout these accounts. |
| The trustees of the company are found from the officers filing relevant posts on the staff of HQ Aldershot Garrison, along with trustee representation from parents and staff. |
| Under the requirements of the Articles of Association the trustees must comprise the following: |
| a) at least one member of the Garrison; |
| b) at least one parent trustee; and |
| c) such other individuals as are co-opted by the trustees. |
| Following confirmation from OFSTED, parent trustees are no longer being appointed at the Charity Commission and Companies House. |
| We introduced the following to ensure suitable candidates are given responsibilities for the running of the nursery settings: |
| -Personal Bio |
| -Interview by Chair/s |
| -Taken to trustee committee for approval |
| -DBS checks |
| -EY2 forms |
| -References |
| -Trustee Guides (Charity Commission guidance TOR) |
| In the event of the company being wound up, trustees are required to contribute an amount not greater than £10. |
| The trustees who served during the year and up to the date of this report, are set out on page 8. |
| All trustees give their time voluntarily and received no benefits from the charity during the year for performance of their duties as trustees. |
| Decision making |
| The Chief Executive has overall financial authority and meets with the trustees once a term. The running of the nurseries has been delegated to the managers, with support and guidance from the Chief Executive. |
| The current Chief Executive appointed in October 2020, is Julie Mounfield. |
| Trustees are responsible for setting the pay of Key Management Personnel. |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Risk management |
| The trustees have conducted a review of the major risks to which the charity is exposed and where appropriate, systems or procedures have been established to mitigate the risks the charity faces. All staff members are required to comply with written policies that are common to all settings. Copies of policies are available to all parents. Policies are regularly reviewed to ensure that they reflect the latest legislation/guidance and current child care practices. Decisions on matters falling outside these policies are referred by supervisors to the Chief Executive and if necessary to the trustees. The Chief Executive meets regularly with the Nursery and Pre-Schools Managers where policies, problems, training and plans are discussed. These meetings also give the opportunity to identify and permeate best practice. |
| Written policies include: |
| Absence Policy |
| Admissions Policy |
| Babysitting/Childminding Policy |
| Behaviour Management |
| Biting Policy |
| Complaints Procedure |
| Confidentiality Policy |
| Debt Policy |
| Electronic and Telephonic Communications Policy |
| Emergency Threat procedure |
| Equality, Diversity and Inclusion Policy |
| Equipment and Resources Policy |
| Food and Drink Policy |
| General Data Protection Policy |
| Health and Safety Policy |
| Illness and Exclusion Policy |
| Lost Child Policy |
| Medication Policy |
| Nappy Changing Policy |
| Non-Collection of Children Policy |
| One to One Policy |
| Parental Involvement Policy |
| Physical Handling Policy |
| Rest and Sleep Policy |
| Safeguarding Children Policy |
| Settling In Policy |
| Smoking Policy |
| Snow Closure |
| Staff Conduct and Code of Practice Policy |
| Social Networking Policy |
| Special Educational Needs/Disability Policy |
| Staffing and Employment Policy |
| Staff Absence |
| Staff Code of Conduct |
| Student Placement Policy |
| Sun Safety Policy |
| Whistle Blowing Policy |
| Ofsted regulation |
| All settings are subject to inspection by Ofsted. The latest reports can be viewed at www.ofsted.gov.uk/reports. The Chief Executive and Settings Managers have established good working relationships with Ofsted, and the departments at Hampshire County Council and Hart and Rushmoor Borough Council responsible for Early Years Education, child care provision, Early Years support staff, local children's centres and children's social care. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| Registered Charity number |
| Registered office |
| Trustees |
| K Bayliss - (appointed 22/11/18) |
| D A Betts - (appointed 27/11/20) |
| G P Bell (appointed 11/01/23) |
| J A Gaskin (appointed 11/01/23 - resigned 19/01/25) |
| D Nicholl (appointed 01/03/22) |
| S L Stephenson \previously Magee\ (appointed 19/03/20) |
| G B Silk (appointed 11/01/23 - resigned 06/11/2023) |
| Auditors |
| Chartered Accountants and Statutory Auditor |
| 1 Minster Court |
| Tuscam Way |
| Camberley |
| Surrey |
| GU15 3YY |
| Bankers |
| Fowler Business Park |
| Farnborough |
| Hampshire |
| GU14 7JP |
| Advisers |
| Investment Managers |
| Rathbones Investment Management |
| Port of Liverpool Building |
| Pier Head |
| Liverpool |
| L3 1NW |
| HR, employment law, and health & safety consultants |
| Peninsula Business Services |
| The Peninsula |
| Victoria Place |
| Manchester |
| M4 4FB |
| The charity also uses the following working names: |
| Toye Box Early Years Centre |
| Queen Mary Nursery |
| Clocktower House Pre-School |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of The Aldershot Garrison Pre-School Settings for the purposes 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). |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Trustees' Report |
| for the Year Ended 31 August 2024 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
| Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| In so far as the trustees are aware: |
| - | there is no relevant audit information of which the charitable company's auditors are unaware; and |
| - | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| Report of the Independent Auditors to the Members of |
| The Aldershot Garrison Pre-School |
| Settings |
| Opinion |
| We have audited the financial statements of The Aldershot Garrison Pre-School Settings (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 21 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Trustees' Report has been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| The Aldershot Garrison Pre-School |
| Settings |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of trustees' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the trustees' Report. |
| Responsibilities of trustees |
| As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| The Aldershot Garrison Pre-School |
| Settings |
| Our responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| 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: |
| - The nature of the industry and sector the charity is in, its control environment and business performance including the design of the charities policies and staff remuneration; |
| - Results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
| - Any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to: |
| - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
| - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
| - The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for 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. |
| Our procedures to respond to risks identified included the following: |
| - Enquiries of management and staff including concerning actual and potential litigation and claims and any instances of non-compliance with laws; |
| - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and |
| - In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; checking internal controls are being followed are as per its policies and assessing suitability; assessing the judgements made in making accounting estimates; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
| Report of the Independent Auditors to the Members of |
| The Aldershot Garrison Pre-School |
| Settings |
| Use of our report |
| This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| Tuscam Way |
| Camberley |
| Surrey |
| GU15 3YY |
| The Aldershot Garrison Pre-School |
| Settings |
| Statement of Financial Activities |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| Charitable activities | 6 |
| Other trading activities | 4 |
| Investment income | 5 |
| Total |
| EXPENDITURE ON |
| Raising funds | 7 |
| Charitable activities | 8 |
| Total |
| NET INCOME |
| Other recognised gains/(losses) |
| Gains/(losses) on revaluation of fixed assets | ( |
) |
| Net movement in funds |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 739,840 |
| The Aldershot Garrison Pre-School |
| Settings (Registered number: 07916241) |
| Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 14 |
| Investments | 15 |
| CURRENT ASSETS |
| Debtors | 16 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 19 |
| Unrestricted funds | 739,840 |
| TOTAL FUNDS | 739,840 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| The Aldershot Garrison Pre-School |
| Settings |
| Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 120,207 | 164,560 |
| Net cash provided by operating activities | 120,207 | 164,560 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,689 | ) | (692 | ) |
| Purchase of fixed asset investments | (432,699 | ) | (63,807 | ) |
| Sale of fixed asset investments | 356,857 | 66,386 |
| Interest received | 12,205 | 4,128 |
| Share portfolio income | 9,664 | 8,041 |
| Net cash (used in)/provided by investing activities | (55,662 | ) | 14,056 |
| Change in cash and cash equivalents in the reporting period |
64,545 |
178,616 |
| Cash and cash equivalents at the beginning of the reporting period |
416,566 |
237,950 |
| Cash and cash equivalents at the end of the reporting period |
481,111 |
416,566 |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Net income for the reporting period (as per the Statement of Financial Activities) |
116,052 |
156,630 |
| Adjustments for: |
| Depreciation charges | 11,555 | 12,383 |
| Loss on disposal of fixed assets | - | 2,766 |
| Interest received | (12,205 | ) | (4,128 | ) |
| Share portfolio income | (9,664 | ) | (8,041 | ) |
| Decrease in debtors | 8,816 | 32,216 |
| Increase/(decrease) in creditors | 5,653 | (27,266 | ) |
| Net cash provided by operations | 120,207 | 164,560 |
| 2. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 416,566 | 64,545 | 481,111 |
| 416,566 | 64,545 | 481,111 |
| Total | 416,566 | 64,545 | 481,111 |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
| The Aldershot Garrison Pre-school Settings is a private limited company, limited by guarantee, and registered in England and Wales. The address of the registered office is set out in the Trustees report. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Amounts received in advance relating to the following year are deferred until the criteria for income recognition are met. |
| Donations and legacies are accounted for when when the charity has unconditional entitlement to the resources and are credited to unrestricted funds unless directed by the donor to do otherwise. |
| Investment income is included in the accounts when receivable. Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year using the valuation provided by the Investment Manager (Rathbones Plc). |
| Income from the government and other grants, whether 'capital' grants or 'revenue' grants is recognised when any performance conditions attached to the grants have been met. |
| The value of any services provided by volunteers are not incorporated into these financial statements. Further details of any contributions can be found in the trustees report. |
| Donated services and facilities are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. |
| Expenditure |
| Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and is inclusive of VAT. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Property improvements | - |
| Fixtures and fittings | - |
| Fixed asset investments |
| Listed investments are included at closing market value at the statement of financial position date. Any gain or loss during the year is taken to the Statement of Financial Activities. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities to the extent that income or gains are applied exclusively to charitable purposes. |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| The designated fund represents unrestricted funds held equal to the value of the Rathbones portfolio in Listed Investments totalling £405,565 (2023: £307,650). |
| Pension |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Operating leases |
| Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
| Provisions |
| Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
| Going concern |
| The charitable activities are entirely dependent on continuing pre-school fees and government funding. As a consequence, the going concern basis is dependent on the future flow of these funding streams. The trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. The trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern. |
| 2. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| Judgements in applying accounting policies |
| In the application of the charitable company’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. |
| In preparing these financial statements, the trustees have made the following critical judgements: |
| To determine whether donated services and facilities can be reasonably measured and estimated so as to be recognised in the financial statements as described further in note 18. |
| Key sources of estimation uncertainties |
| 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. |
| There are no key estimation uncertainties. |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 3. | DONATIONS AND LEGACIES |
| 2024 | 2023 |
| £ | £ |
| Donations |
| The previous year includes items, received free of charge, of a new cooker and a defibrillator from the military and a local organisation totalling £1,900. |
| 4. | OTHER TRADING ACTIVITIES |
| 2024 | 2023 |
| £ | £ |
| Photo/video/book commission |
| Income from fund raising | 552 | 963 |
| 5. | INVESTMENT INCOME |
| 2024 | 2023 |
| £ | £ |
| Investment income | 9,664 | 8,041 |
| Bank interest receivable | 12,205 | 4,127 |
| 6. | INCOME FROM CHARITABLE ACTIVITIES |
| 2024 | 2023 |
| Activity | £ | £ |
| EYE funding and fees | Charitable activities | 1,293,291 | 1,287,304 |
| Grants | Charitable activities | - | 2,673 |
| Income from government grants included within EYE funding and fees comprise of grants made by local authorities to fund early years education. The amount received in the year totalled £749,905 (2023: £750,019) Other grants comprise amounts received from the military and the local authority. |
| 7. | RAISING FUNDS |
| Investment management costs |
| 2024 | 2023 |
| £ | £ |
| Management charges | 2,604 | 2,580 |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 9) | Totals |
| £ | £ | £ |
| Charitable activities | 1,095,977 | 102,473 | 1,198,450 |
| 9. | SUPPORT COSTS |
| Information |
| Management | Finance | technology |
| £ | £ | £ |
| Charitable activities | 34,214 | 2,252 | 21,090 |
| Governance |
| Other | costs | Totals |
| £ | £ | £ |
| Charitable activities | 30,517 | 14,400 | 102,473 |
| 10. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Deficit on disposal of fixed assets |
| 11. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the charity's auditors for the preparation and audit of the charity's statutory financial statements. |
14,400 |
8,280 |
| 12. | TRUSTEES' REMUNERATION AND BENEFITS |
| The trustees have not been paid any remuneration or received any other benefits in relation to their work for the charity during the period. |
| Any trustee with children attending a setting are charged on the same basis as other parents. |
| There is a policy, that for trustees that have served for longer than 1 year, they would receive a £50 gift on leaving, subject to trustees' agreement. |
| Trustees' expenses |
| During the year, 1 Trustee was reimbursed for expenses incurred for the charity totalling £13. (2023: 2 Trustees totalling £128) |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | STAFF COSTS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| 1,012,447 | 958,496 |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Employees |
| 14. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Property | and |
| improvements | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 15. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| MARKET VALUE |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) |
| Revaluations | ( |
) |
| Capital introduced |
| Management fees | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 | 405,565 |
| At 31 August 2023 | 307,650 |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 15. | FIXED ASSET INVESTMENTS - continued |
| The investments represent holdings in the investment portfolio managed by Rathbone Investment Management. |
| The historical cost of the above investments was £402,535 (2023: £292,256). |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| Deferred income comprises amounts received in advance of the following year or where conditions of |
| agreements have not yet been wholly met. It is included within accruals and deferred income. |
| Deferred income movement | 2024 | 2023 |
| £ | £ |
| Balance at beginning of the period | - | 20,131 |
| Amount released to income during the period | - | (20,131 | ) |
| Amount deferred during the period | - | - |
| Balance at end of the period | - | - |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| During the period there was a memorandum of understanding with the Garrison to let the charity use the buildings the settings operate from, rent and maintenance free. Following the period end, a Garrison standing order has now been established. |
| This also includes utilities plus general major refurbishment work as part of the building's maintenance cycle as and when it arises. During the period, refurbishments and major work were completed in two settings. |
| On the basis that the value of the use of these facilities cannot be reliably determined, no income and equivalent expense have been recognised in the Statement of Financial Activities. |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 19. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.9.23 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 432,190 | 118,656 | (78,446 | ) | 472,400 |
| Designated fund | 307,650 | 19,469 | 78,446 | 405,565 |
| 138,125 |
| TOTAL FUNDS | 138,125 | 877,965 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 1,317,106 | (1,198,450 | ) | - | 118,656 |
| Designated fund | - | (2,604 | ) | 22,073 | 19,469 |
| ( |
) | 138,125 |
| TOTAL FUNDS | ( |
) | 138,125 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.9.22 | in funds | 31.8.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 272,980 | 159,210 | 432,190 |
| Designated fund | 315,704 | (8,054 | ) | 307,650 |
| 588,684 | 151,156 | 739,840 |
| TOTAL FUNDS | 588,684 | 151,156 | 739,840 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 1,306,094 | (1,146,884 | ) | - | 159,210 |
| Designated fund | - | (2,580 | ) | (5,474 | ) | (8,054 | ) |
| 1,306,094 | (1,149,464 | ) | (5,474 | ) | 151,156 |
| TOTAL FUNDS | 1,306,094 | (1,149,464 | ) | (5,474 | ) | 151,156 |
| The Aldershot Garrison Pre-School |
| Settings |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 19. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 272,980 | 277,866 | (78,446 | ) | 472,400 |
| Designated fund | 315,704 | 11,415 | 78,446 | 405,565 |
| 588,684 | 289,281 | - | 877,965 |
| TOTAL FUNDS | 588,684 | 289,281 | - | 877,965 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 2,623,200 | (2,345,334 | ) | - | 277,866 |
| Designated fund | - | (5,184 | ) | 16,599 | 11,415 |
| 2,623,200 | (2,350,518 | ) | 16,599 | 289,281 |
| TOTAL FUNDS | 2,623,200 | (2,350,518 | ) | 16,599 | 289,281 |
| 20. | RELATED PARTY DISCLOSURES |
| 21. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 22. | ULTIMATE CONTROLLING PARTY |
| The company is limited by guarantee and has no controlling party. The liability of each member is limited to £10 in the event of it being wound up. |