## **CHARITY NUMBER: 1020319**
**COMPANY NUMBER: 2324172**
## **Report of the Trustees and**
## **Financial Statements for the Year Ended 31 March 2021**
## **For**
## **HIGHBURY COMMUNITY NURSERY**
_(a company limited by guarantee not having share capital and a registered charity)_
**HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
||**Page**|
|---|---|
|Legal and Administrative Details|1|
|Trustees’ Report|2|
|Report of the Independent Examiner|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9|
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE DETAILS**
**PRINCIPAL OFFICE** 15 Aubert Park London N5 1TL **CHARITY NUMBER** 1020319 **COMPANY NUMBER** 2324172
The following Committee Members served during the year unless otherwise indicated:
## **MANAGEMENT COMMITTEE MEMBERS (TRUSTEES AND DIRECTORS)**
|Geir Freysson|(Chair person)||
|---|---|---|
|Nadja Alim|(Vice chair)|- resigned November 2020|
|**Committee Members**|||
|Martino Piemontese|(Treasurer)|- resigned November 2020|
|Adam Painter|(Treasurer)|- appointed March 2021|
|Aisling Morman|(Company Secretary)||
|Raquel Drummond|(Premises Director)||
|Victoria Cowell|(Parent Participation)||
|Fiona Shaw|(Parent Participation)|- appointed November 2020|
|Janice O’Neil|(Fundraising)|- resigned November 2020|
|Katarzyna Foye|(Fundraising)|- resigned November 2020|
|Khush Sinha|(Fundraising)|- appointed November 2020|
|Veronika Ilinskaya
|(Garden Maintenance)|- resigned November 2020|
|Janina Ketterer|(Garden Maintenance)|- appointed November 2020|
|Maxine Clay|(Educational Advisor)||
|After the year end the|following directors|After the year end the following|directors were appointed:|
|---|---|---|---|
|resigned:||||
|Victoria Cowell|resigned November 2021|Julian Triverio (Treasurer)|appointed November 2021|
|Adam Painter|resigned November 2021|Tameka Small (Company|
appointed November 2021|
|||secretary)||
|Aisling Morman|resigned November 2021|Samantha (Premises)|appointed November 2021|
|||Cheong||
|Raquel Drummond|resigned November 2021|||
Management Committee members are directors of the company for the purposes of the Companies Act 2006 and trustees for the purposes of the Charities Act 2011.
|**KEY MANAGEMENT**||
|---|---|
|Ann Reid|Nursery Manager|
|Noelle O’Boyce|Financial Manager|
|Catherine Antink|Family Liaison Coordinator|
|Joanne English|Nursey Administrator|
|**INDEPENDENT EXAMINER**|Francis Corbishley|
||Moore Northern Home Counties Limited,|
||First Floor,|
||73-75 High Street,|
||Stevenage|
|**BANKERS**|CAF Bank Ltd|
||25 Kings Hill Avenue|
||Kings Hill, West Malling|
||Kent ME19 4JQ|
Page 1
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT**
## **YEAR ENDED 31 MARCH 2021**
The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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).
## **STATUS AND GOVERNING DOCUMENT**
Highbury Community Nursery is a registered charity (number 1020319) and a company limited by guarantee without share capital (company number 2324172).
The Nursery is governed by its memorandum and articles of association dated 1 December 1988 amended by special resolution passed 22 December 1992.
## **OBJECT OF THE CHARITY/PUBLIC BENEFIT**
The object of Highbury Community Nursery is:
- 1) To advance the education of children aged under five years in the London Borough of Islington by the provision of safe and satisfying group play.
- 2) To provide facilities in the interests of social welfare for the recreation and leisure time occupation with the object of improving the conditions of life for the said children.
The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing its aim and objectives and in planning of future activities.
## **ORGANISATION**
Management of Highbury Community Nursery is the responsibility of the Trustees, who are the directors toGeneral Meeting. The Management Committee meets at least six times a year.
## **REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS**
## **Children**
This year has been a somewhat different year due to the global pandemic, which has affected both income and attendance.
We had to restrict our usual exciting adventures this year but hope to return to activities and outings as soon as we are allowed. We did manage to have sports sessions from September as they were outdoors,
## **Staff/students/training**
This year we have said goodbye to a few wonderful staff, we wish them all the very best for the future, we have also welcomed some new vibrant and creative staff who are bringing new activities and sunshine to the nursery.
The staff have attended lots of fabulous training especially over the reduced staff time from March to June, staff managed to complete many sessions as well as updating their knowledge in various areas of
Page 2
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT**
## **YEAR ENDED 31 MARCH 2021**
early years including safeguarding and planning in the moment training. Staff are continuing to further educate themselves completing educational programmes as well as qualifications. Congratulations to the staff who successfully completed their courses. We will continue to have INSET days which provide both teams building and excellent training.
## **Achievements**
We managed to get through the peak of Covid, staying open to keyworkers and eventually reopening our doors to everyone, we did furlough some staff but continued to pay the majority of the staff throughout Covid.
We continue to use ITERS/ECERS and to ensure we monitor our environment. This continues to influence positive changes on daily practice.
## **FINANCIAL REVIEW**
The principal financial objective for the year continues to be to provide a consistent and high standard of care for the children at our nursery at a reasonable cost, maintaining prudent reserves and managing resources to benefit our community.
Covid-19 significantly affected the nursery’s income in the year. The nursery was only open to families of keyworkers, therefore the income for April 2020 and May 2020 was significantly lower, with income of c£10,000 per month compared to a normal level of c.£60,000 per month. During this period the nursery claimed some of the wages costs via the Coronavirus Job Retention (furlough) scheme and funding of £12,000 was received from the London Borough of Islington to cover income losses. There were cost savings in respect of reduced food and milk costs and resources orders due to the lower number of children in attendance. Once restrictions were lifted the nursery was able to offer more places. However, it took until September 2020 for income to return to pre-covid levels but remained affected due to bubble closures. The nursery has sufficient reserves to cover the losses but has deferred its planned building development works.
As a consequence of Covid-19 in 2020/21 the nursery’s outgoing resources exceeded incoming resources, generating a deficit of £221,865 (2019/20; £11,234).
Total expended resources were similar to the prior year at £1,012,078 (2019/20; £1,011,940).
Staff costs make up the majority of the nursery’s expenses. The nursery continues to pay the London Living wage to all qualified staff, as well as running a pension plan. The nursery maintained the required levels of staffing through the year. Staff costs rose by 6% compared to the prior year (2019/20: 20%).
Total incoming resources (excluding bank interest received) decreased by 26% compared to last year (2019/20 increased by 9%). As explained above Covid-19 significantly affected the Nursery’s income. Fee increases are determined by Islington Council each year. The mix of children attending the nursery also affects how the income varies.
The nursery continues to benefit from Islington Council’s support through grants of £225,728 in the year (2019/20; £210,454).
The depreciation policy of capitalised building works is considered to be prudent and is held in a designated fund 2020/21; £268,887, (2019/20; £286,088).
## **RESERVES POLICY**
In line with the Charities’ Commission’s recommendations for nurseries, the nursery maintained £774,468 of free reserves as at 31 March 2021. This amount exceeds nine months’ average operating expenses.
Page 3
# **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES’ REPORT**
## **YEAR ENDED 31 MARCH 2021**
## **PRINCIPAL RISKS AND UNCERTAINTIES FACING THE CHARITY**
The board meet 11 times a year and regularly accesses risk. It maintains a Risk Register covering financial, health and safety, resourcing, and legal risks.
## **DECISION MAKING**
The nursery management and committee regularly solicit and review suggestions from parents and staff for projects with a beneficial and lasting impact on the nursery which are discussed in the regular trustee meetings.
## **FUNDRAISING**
The Nursery and its Management Committee are very pleased with fundraising efforts during the year. These were completed by Management and Development Committee members and were thus at no cost to the Nursery.
## **INVESTMENT POLICY**
Investments are held in accordance with the Trustees’ powers, which enable them to invest monies not required immediately for Highbury Community Nursery charitable objectives, as may be thought fit subject to any conditions required by law. The Trustees’ investment policy is to select investments on a prudent and cautious basis, as these funds are required for the working capital for running the nursery.
The nursery benefits, as do individual and small companies, from the government’s guarantee protection scheme of up to £85,000 per bank. The nursery currently holds a significant amount with one single bank and will review the benefits of diversifying its investment holdings to a number of banks in light of operational efficiency.
## **TRUSTEES’ APPOINTMENT**
Trustees are elected on an annual basis at the AGM. Trustees are select based on the relevant experience they have for the task they are appointed for. With the exception of the trustee who provides specialist educational and curriculum experience all trustees are parents of children attending the nursery.
## **TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
The charity trustees (who are also the directors of the charity or the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the 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;
Page 4
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT**
## **YEAR ENDED 31 MARCH 2021**
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Statement as to disclosure to our Independent Examiner**
In so far as the trustees are aware at the time of approving our trustees’ annual report:
- there is no relevant information, being information needed by the Independent Examiner in connection with preparing the report, of which the Independent Examiner is unaware, and
- the trustees, having made enquiries of fellow directors have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant information and to establish that the Independent Examiner is aware of that information
## **APPROVAL**
This report was approved by the Trustees on 31 January 2021 and by order of the Trustees, signed on their behalf, by:
Geir Freysson (Feb 1, 2022, 4:12pm) Geir Freysson Chair
~~Julian Triverio~~ julien.triverio (Feb 1, 2022, 4:37pm) Treasurer
Page 5
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGHBURY COMMUNITY NURSERY**
## **YEAR ENDED 31 MARCH 2021**
_____________________________________________________________________________
I report to the trustees on my examination of the financial statements of Highbury Community Nursery (the charity) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## F J Corbishle y
~~Francis Corbishley~~ Francis Corbishley (Feb 1, 2022, 4:40pm) Independent Examiner Moore Northern Home Counties Limited First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR
> Dated: 01 Feb 2022
Page 6
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITY YEAR ENDED 31 MARCH 2021**
_____________________________________________________________________________
|**Notes**
**INCOME**
Donations
**3**
Charitable activities
_Grants received_
**4**
_Fees charged_
Investment income
**TOTAL INCOME**
**EXPENDITURE**
**6**
Cost of charitable activities
**TOTAL EXPENDITURE**
**NET**
**INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Funds bought forward at 1 April
2020
**TOTAL FUNDS BALANCE**
**CARRIED FORWARD AT**
**31 MARCH 2021**|2021
Unrestricted
Funds
£
673
171,962
525,484
(644)
697,475
920,047
920,047
(222,572)
997,040
774,468|2021
Restricted
Funds
£
-
92,738
_-_
-
92,738
92,031
92,031
707
611
1,318|**2021**
**Total**
**£**
**673**
**264,700**
**525,484**
**(644)**
**790,213**
**1,012,078**
**1,012,078**
**(221,865)**
**997,651**
**775,786**|_2020_
_Total_
_£_
_1,424_
_213,254_
_782,103_
_3,925_|
|---|---|---|---|---|
|||||_1,000,706_|
|||||_1,011,940_|
|||||_1,011,940_|
|||||_(11,234)_
_1,008,885_|
|||||_997,651_|
There were no recognised gains or losses for 2021 or 2020 other than those included in the Statement of Financial Activities. All income and expenditure derive from continuing activities.
The notes on pages 9 to 17 form part of these financial statements.
Page 7
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE)**
Company Number: 02324172
## **BALANCE SHEET 31 MARCH 2021**
|**Notes**
**FIXED ASSETS**
Tangible assets
8
**CURRENT ASSETS**
Debtors
9
Cash at bank and in hand
**CREDITORS**: amounts
falling due within one
year
10
**NET CURRENT**
**ASSETS**
**NET ASSETS**
**FUNDS**
General Fund
Designated Fund
12
Restricted Funds
11
**TOTAL FUNDS**
12|£
**22,319**
**598,978**
**621,297**
**114,398**|**2021**
£
**268,887**
**506,899**
**775,786**
**505,581**
**268,887**
**1,318**
**775,786**|_£_
_17,785_
_801,811_
_819,596_
_108,033_|_2020_
_£_
_286,088_
_711,563_|
|---|---|---|---|---|
|||||_997,651_|
|||||_710,952_
_286,088_
_611_|
|||||_997,651_|
For the year ending 31 March 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies regime and in accordance with FRS 102 SORP
Approved by the Trustees on 31 January 2022 and signed on their behalf:
Geir Freysson Geir Freysson (Feb 1, 2022, 4:12pm) julien.triverio (Feb 1, 2022, 4:37pm) ~~Julian Triverio~~ Chair Treasurer
The notes on pages 9 to 17 form part of these financial statements.
Page 8
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________**
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **a) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Highbury Community Nursery meets the definition of a public interest entity under FRS102.
The financial statements have been prepared in sterling which is the functional currency of the charity.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **b) Preparation of the accounts on a going concern basis**
In the opinion of the trustees the charity remains a going concern. Whilst the effect of the Coronavirus and lockdown had a significant impact on the charity’s income it has returned to pre-pandemic levels. This combined with healthy general fund reserves gives the trustees confidence about the charity’s future and accordingly the financial statements have been prepared on a going concern basis.
## **c) Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance is deferred until the criteria for income recognition are met.
## **d) Donated services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.
Page 9
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________** On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **e) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **f) Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
## **g) Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds comprise materials for fund raising events.
- Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **h) Allocation of support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity’s activities.
These costs have been allocated between cost of raising funds and expenditure on charitable activities.
## **i) Operating leases**
The charity had one operating leases in the year which was in respect of its photocopier
## **j) Tangible fixed assets**
Individual fixed assets costing are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Page 10
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________**
## **Asset Category**
The rates used during the year were as follows:
Office equipment - 25% straight line Building improvements - lower of the estimated useful life and the remaining term of the lease, and no longer than 20 years
The lease on 15 Aubert Park runs to 2038.
## **k) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **l) Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **m) Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **n) Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
**o) Judgements and key sources of estimation uncertainty** Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
## _Useful economic lives of tangible assets_
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the plant and equipment and note 1.j for the useful economic lives for each class of assets.
## _Contributions in kind_
The value of the contributions in kind are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market.
Page 11
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________** There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **p) Employee benefits**
- **Short term benefits**
- Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
- **Employee termination benefits**
- Termination benefits are accounted for on an accrual basis and in line with FRS 102.
## **2. LEGAL STATUS OF THE CHARITY**
The charity is a company limited by guarantee and has no share capital.
## **3. GRANTS, DONATIONS AND SIMILAR INCOMING RESOURCES**
|Unrestricted
Fund
2021
£
Income from fundraising events
523
Donations
150
673|Restricted
Fund
2021
£
-
-
-|**Total**
**2021**
£
**523**
**150**
**673**|_Total_
_2020_
_£_
_564_
_860_|
|---|---|---|---|
||||_1,424_|
In 2020 all income from fundraising was attributed to the general fund
## **4. GRANTS RECEIVED IN RESPECT OF CHARITABLE ACTIVITIES**
|Unrestricted Fund
Restricted
Fund
2021
2021
£
£
London Borough of Islington
_Main Grant_
-
35,252
_Nursery Education Grant over 3’s_
132,990
-
_Rebate Grant_
-
12,597
_Two year old grants_
-
26,469
_Maternity Grant_
-
-
_Other LBI Grants_
-
18,420
London Metropolitan University
-
-
Coronavirus Job Retention Scheme
38,972
-
171,962
92,738|**Total**
**2021**
**£**
**35,252**
**132,990**
**12,597**
**26,469**
**-**
**18,420**
**-**
**38,972**
**264,700**|_Total_
_2020_
_£_
_42,601_
_143,224_
_8,271_
_3,240_
_9,803_
_3,315_
_2,800_|
|---|---|---|
|||_213,254_|
In 2020 £146,024 of grant income was attributed to the general fund and £67,230 to the restricted fund.
Page 12
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________**
## **5. WAGES AND SALARIES**
|Employee costs were as follows:
Salaries
Employers National Insurance
Employers Pension Contribution|**2021**
**£**
**763.486**
**15,217**
**58,527**
**837,230**|_2020_
_£_
_720,366_
_54,548_
_13,541_|
|---|---|---|
|||_788,455_|
The average number of employees during the year was 35 (2020: 35).
There were no employees with emoluments above £60,000.
The key management personnel comprise the trustees, the nursery manager, the financial manager, the family liaison co-ordinator and the nursery administrator. The total employee benefits of the key management personnel of the charity were £146,451 (2020: £122,012).
The charity trustees were not paid, did not received any other benefits from employment nor payment of expenses from the charity in the year (2020: £nil).
## 6. **ANALYSIS OF EXPENDITURE**
|Staff costs including, recruitment,
training & welfare
Care and Education costs
Office costs
Professional fees
Premises costs
Restricted Project Costs
Depreciation
Support costs
Governance costs|2021
£
Cost of
Funds
raising
-
-
-
-
-
-
-
-
-
-
|2021
£
Cost of
Charitable
activities
841,402
37,805
44,550
316
48,997
712
28,701
7,435
2,160
1,012,078|**2021**
**£**
**Total**
**841,402**
**37,805**
**44,550**
**316**
**48,997**
**712**
**28,701**
**7,435**
**2,160**
**1,012,078**|_2020_
_£_
_Total_
_808,493_
_86,638_
_45,418_
_1,849_
_24,969_
_2,704_
_27,229_
_6,840_
_7,800_|
|---|---|---|---|---|
|||||_1,011,940_|
* Buildings Insurance is paid by the London Borough of Islington and deducted from grant income.
Further detail in respect of the expenditure for the year is at Note 16.
Page 13
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________**
## **7. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS**
|Support Costs
Governance
costs
£
£
Auditors fees
-
-
Independent Examination
-
2,160
Payroll and accounting services
7,435
-
7,435
2,160
**8. TANGIBLE FIXED ASSETS**
**Building**
**Development**
**Works & Soft**
**Play Area**
**COST**
**£**
At 1 April 2020
913,074
Additions in period
10,033
**At 31 March 2021**
923,107
**DEPRECIATION**
At 1 April 2020
657,364
Provision in period
15,632
**At 31 March 2021**
672,996
**Net book value at 31 March 2021**
**250,111**
Net book value at 31 March 2020
_255,710_
9.**DEBTORS**
Prepayments
Nursery fees
Other|Support Costs
Governance
costs
£
£
Auditors fees
-
-
Independent Examination
-
2,160
Payroll and accounting services
7,435
-
7,435
2,160
**8. TANGIBLE FIXED ASSETS**
**Building**
**Development**
**Works & Soft**
**Play Area**
**COST**
**£**
At 1 April 2020
913,074
Additions in period
10,033
**At 31 March 2021**
923,107
**DEPRECIATION**
At 1 April 2020
657,364
Provision in period
15,632
**At 31 March 2021**
672,996
**Net book value at 31 March 2021**
**250,111**
Net book value at 31 March 2020
_255,710_
9.**DEBTORS**
Prepayments
Nursery fees
Other|
|**2021**
**Total**
**£**
**-**
**2,160**
**7,435**
**9,595**
**Furniture**
**&**
**Equipment**
**£**
88,348
1,467
89,815
57,970
13,069
71,039
**18,776**
_30,378_
**2021**
**£**
**2,862**
**19,078**
**379**
**22,319**||_2020_
_Total_
_£_
_7,800_
_-_
_6,840_
_14,640_
**Total**
**£**
1,001,422
11,500
1,012,922
715,334
28,701
744,035
**268,887**
_286,088_
_2020_
_£_
_921_
_16,227_
_637_|
|---|---|---|---|---|---|
||923,107|||||
||657,364
15,632|||||
||672,996|||||
||**250,111**|||||
||_255,710_|||||
|||||||
||||||_17,785_|
Page 14
## **HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
##
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Social Security
Trade creditors
Other creditors
Fees paid in advance
Parents’ deposits
Accruals|**2021**
**£**
**15,276**
**-**
**5,552**
**4,043**
**68,597**
**20,930**
**114,398**|_2020_
_£_
_13,191_
_2,640_
_10,738_
_8,060_
_62,064_
_11,340_|
|---|---|---|
|||_108,033_|
## **11. RESTRICTED FUNDS**
|
London Borough of Islington
_Main Grant_
_Rebate Grant_
_Two year old grants_
_Other LBI Grants_
**Total**
London Borough of Islington
_Main Grant_
_Rebate Grant_
_Two year old grants_
_Maternity Grant_
_Other LBI Grants_
**Total**|_Balance at_
_1 April_
_2020_
_£_
-
-
-
611
611
Balance at
1 April
2019
£
-
-
-
-
-
**-**|Movement of Funds
Resources
Resources
Arising
Used
£
£
35,252
(35,252)
12,597
(12,597)
26,469
(26,469)
18,420
(17,713)
92,738
(92,031)
Movement of Funds
Resources
Resources
Arising
Used
£
£
42,601
(42,601)
8,271
(8,271)
3,240
(3,240)
9,803
(9,803)
3,315
(2,704)
67,230
(66,619)|**Balance at**
**31 March**
**2021**
**£**
-
-
-
1,318|
|---|---|---|---|
||||1,318|
||||Balance at
31 March
2020
£
-
-
-
-
611|
||||611|
## **Name of restricted fund**
London Borough of Islington _Main Grant_
_Rebate Grant_
## **Description, nature and purposes of the fund**
- Finance received for all subsidised children in the setting, providing for their care and education
- Reimbursements received for siblings and disabled children and all balance of grant from one term to the next
- _Maternity Grant_ - Refund of maternity pay paid to staff members _Other LBI Grants_ - Graduate leader fund and training fund
Page 15
**HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021**
**_____________________________________________________________________________**
## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible Fixed
Net current
Assets
Assets
2021
2021
£
£
**Unrestricted Funds**
-
505,581
**Designated Funds**
268,887
-
**Restricted Funds**
-
1,318
**Total**
268,887
506,899|**Total**
**2021**
**£**
**505,581**
**268,887**
**1,318**
**775,786**|_Total_
_2020_
_£_
_710,952_
_286,088_
_611_|
|---|---|---|
|||**997,651**|
A transfer of £17,202 (2020: £57,605) was made from designated funds to unrestricted funds (2020: from the unrestricted funds to the designated funds) to cover funds for fixed assets depreciation & costs incurred in the year. Tangible fixed assets are held in a designated fund, this enables the charity to give a fair view of its free reserves/general funds.
## **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. RELATED PARTY TRANSACTIONS**
The trustees did not receive remuneration in the year.
Trustees must be parents of the Nursery under the constitution. As parents the trustees paid fees in respect of their children. These fees are calculated in the same way as for other parents. No amounts were written off in respect of these fees due to non-payment or for any other reason.
## **15. COMMITMENTS**
At 31 March 2021 the company had commitments under non-cancellable operating leases as follows:
|Operating leases:
Within one year
Within two to five years|**2021**
**£**
**11,540**
**15,939**
**27,479**|_2020_
_£_
_11,543_
_27,479_|
|---|---|---|
|||_39,019_|
Page 16
## **HIGHBURY COMMUNITY NURSERY**
## **(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS**
## **YEAR ENDED 31 MARCH 2021**
## **_____________________________________________________________________________ 16. DETAILED EXPENDITURE IN YEAR**
|_Staff costs including training & welfare_
Salary costs
Staff pension
Staff Training & welfare
Recruitment
_Care and Education costs_
Food and Milk
Curriculum & books
Toys and Learning Materials
Travel and Outings
_Office costs_
Subscriptions
Telephone
Postage and stationery
Office equipment & software
Web design
Bank charges
Insurance
General expenses
_Professional fees_
Legal fees
_Premises costs_
Covid costs
Repairs, renewals and maintenance
Cleaning
Heat and light
Water
_Fundraising_
Depreciation
Restricted Project Costs
_Support costs_
Management accounts
Staff admin costs
_Governance costs_
Independent Examination
Auditors fees|**2021**
**£**
**£**
**822,013**
**15,217**
**4,030**
**142**
**841,402**
**27,234**
**1,577**
**8,834**
**160**
**37,805**
**2,569**
**12,298**
**1,481**
**23,673**
**-**
**3,426**
**510**
**593**
**44,550**
**316**
**3,757**
**8,690**
**25,938**
**8,075**
**2,537**
**48,997**
**28,701**
**712**
**4,445**
**2,990**
**7,435**
**2,160**
**-**
**2,160**
**1,012,078**|_2020_
_£_
_£_
_774,915_
_13,541_
_13,106_
_6,931 _
_808,493_
_38,749_
_6,490_
_35,100_
_6,299_
_86,638_
_3,328_
_6,423_
_1,904_
_28,341_
_2,759_
_1,792_
_508_
_363_
_45,418_
_1,849_
_4,648_
_11,381_
_7,005_
_1,935_
_24,969_
_27,229_
_2,704_
_4,260_
_2,580_
_6,840_
_-_
_7,800_
_7,800_
_1,011,940_|_2020_
_£_
_£_
_774,915_
_13,541_
_13,106_
_6,931 _
_808,493_
_38,749_
_6,490_
_35,100_
_6,299_
_86,638_
_3,328_
_6,423_
_1,904_
_28,341_
_2,759_
_1,792_
_508_
_363_
_45,418_
_1,849_
_4,648_
_11,381_
_7,005_
_1,935_
_24,969_
_27,229_
_2,704_
_4,260_
_2,580_
_6,840_
_-_
_7,800_
_7,800_
_1,011,940_|
|---|---|---|---|
||**27,234**
**1,577**
**8,834**
**160**|_38,749_
_6,490_
_35,100_
_6,299_||
||**2,569**
**12,298**
**1,481**
**23,673**
**-**
**3,426**
**510**
**593**|_3,328_
_6,423_
_1,904_
_28,341_
_2,759_
_1,792_
_508_
_363_||
||**3,757**
**8,690**
**25,938**
**8,075**
**2,537**|_4,648_
_11,381_
_7,005_
_1,935_||
||**4,445**
**2,990**|_4,260_
_2,580_||
||**2,160**
**-**|_-_
_7,800_||
|||||
||||_1,011,940_|
Page 17
## **Issuer**
Moore Northern Home Counties Limited
**Document generated** Mon, 31st Jan 2022 11:39:28 UTC
**Document fingerprint** e10ae6e154f1c353b20dd5c59acfeaf6
## **Parties involved with this document**
## **Document processed**
## **Party + Fingerprint**
Tue, 1st Feb 2022 16:12:12 UTC Tue, 1st Feb 2022 16:37:35 UTC Tue, 1st Feb 2022 16:40:53 UTC
Geir Freysson - Signer (106c027f6eabb69e236a3b1813b69862) julien.triverio - Signer (8d045509856996956b93a352d4b5691a) Francis Corbishley - Signer (33a127a7ae44e810ddeb068a166937d2)
## **Audit history log**
## **Date**
## **Action**
Tue, 1st Feb 2022 16:40:53 UTC Tue, 1st Feb 2022 16:40:53 UTC Tue, 1st Feb 2022 16:40:14 UTC Tue, 1st Feb 2022 16:37:35 UTC Tue, 1st Feb 2022 16:37:35 UTC
Tue, 1st Feb 2022 16:37:35 UTC Tue, 1st Feb 2022 16:36:49 UTC Tue, 1st Feb 2022 16:33:37 UTC Tue, 1st Feb 2022 16:33:29 UTC Tue, 1st Feb 2022 16:33:19 UTC Tue, 1st Feb 2022 16:12:40 UTC Tue, 1st Feb 2022 16:12:13 UTC Tue, 1st Feb 2022 16:12:12 UTC
Tue, 1st Feb 2022 16:12:12 UTC Tue, 1st Feb 2022 16:09:34 UTC Tue, 1st Feb 2022 16:09:20 UTC Tue, 1st Feb 2022 12:13:22 UTC
The envelope has been signed by all parties. (83.219.51.124) Francis Corbishley signed the envelope. (83.219.51.124) Francis Corbishley viewed the envelope. (83.219.51.124) Document emailed to francis.corbishley@moorenhc.co.uk (18.134.9.53) Sent the envelope to Francis Corbishley (francis.corbishley@moorenhc.co.uk) for signing. (78.110.164.38) julien.triverio signed the envelope. (78.110.164.38) julien.triverio viewed the envelope. (78.110.164.38) julien.triverio viewed the envelope. (78.110.164.38)
julien.triverio opened the document email. (66.249.93.213) julien.triverio opened the document email. (66.249.93.213) Geir Freysson opened the document email. (66.249.93.201) Document emailed to julien.triverio@gmail.com (13.40.24.215) Sent the envelope to julien.triverio (julien.triverio@gmail.com) for signing. (37.60.109.41)
Geir Freysson signed the envelope. (37.60.109.41) Geir Freysson viewed the envelope. (37.60.109.41) Geir Freysson opened the document email. (66.249.93.214) Document emailed to geir.freysson@gmail.com (13.40.191.38)
Tue, 1st Feb 2022 12:13:22 UTC Mon, 31st Jan 2022 13:52:16 UTC Mon, 31st Jan 2022 11:51:35 UTC Mon, 31st Jan 2022 11:51:34 UTC
Mon, 31st Jan 2022 11:51:34 UTC
Mon, 31st Jan 2022 11:49:01 UTC
Sent Geir Freysson a reminder to sign the document. (83.219.51.124) Geir Freysson opened the document email. (66.249.93.214) Document emailed to geir.freysson@gmail.com (18.130.198.109) Sent the envelope to Geir Freysson (geir.freysson@gmail.com) for signing. (83.219.51.124)
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https://support.google.com/mail/?p=NoSuchUser g19si2645116qkp.152 - gsmtp (167.89.119.44)
Mon, 31st Jan 2022 11:48:54 UTC Mon, 31st Jan 2022 11:48:54 UTC
Mon, 31st Jan 2022 11:45:32 UTC Mon, 31st Jan 2022 11:44:14 UTC Mon, 31st Jan 2022 11:44:14 UTC Mon, 31st Jan 2022 11:40:41 UTC
Mon, 31st Jan 2022 11:39:51 UTC Mon, 31st Jan 2022 11:39:28 UTC
Document emailed to grei.freysson@gmail.com (18.132.97.250) Sent the envelope to Geir Freysson (grei.freysson@gmail.com) for signing. (83.219.51.124)
Francis Corbishley has been assigned to this envelope (83.219.51.124) julien.triverio has been assigned to this envelope (83.219.51.124) Geir Freysson has been assigned to this envelope (83.219.51.124) Document generated with fingerprint e10ae6e154f1c353b20dd5c59acfeaf6 (83.219.51.124)
Document generated with fingerprint
365383b9fe01aa4f0e9e0a141cc60153 (83.219.51.124) Envelope generated by Vivienne Start (83.219.51.124)