OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Covid CHARITY NUMBER: 1020319 COMPANY NUMBER: 2324172

DRAFT

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2023

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) Committee Members Shahar Avin (Vice Chair) Julian Triverio (Treasurer) Edouard Carakehian (Treasurer) Tameka Small (Company Secretary) Samantha Cheong (Premises) Fiona Shaw (Parent Participation) Khush Sinha (Fundraising) Katie Bloor (Sustainability) Janina Ketterer (Garden Maintenance) Alison Slatter (Garden Maintenance) Maxine Clay (Educational Advisor)

TO BE UPDATED FOR ANY FURTHER CHANGES After the year end the following directors resigned:

After the year end the following directors were appointed:

Resigned July 2023

Will Lockhart Resigned July 2023 (Minute Taker) Fiona Shaw (Parent Resigned August 2023 Participation) Khush Sinha Resigned November 2023 (Fundraising) Tameka Small Resigned November 2023 (Company Secretary)

Naomi Baster (Minute Taker) Appointed July 2023 Claudia Headon (Fundraising) Appointed November 23 Tom Ferguson (Company Appointed November 23 Secretary) Anjli Raval (Parent Appointed November 23 Participati on)

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

Page 1

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE DETAILS

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 2

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

YEAR ENDED 31 MARCH 2022

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 March 2022 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:

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 to General Meeting. The Management Committee meets at least six times a year.

REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS

Children

We have welcomed many new families into the nursery this year and the children are settling in and enjoying all the nursery experiences. The children have participated in many fun learning opportunities and outings following their interests including the postal museum, Horniman museum, the art gallery at the British museum as well as whole nursery trips at Paradise Wildlife Park and picnic in the park attended by many parents. The school leavers enjoyed their graduation and a return to the restaurant. The older children continue to participate in sports school and yoga sessions, wellbeing sessions ‘peaceful kids’ have been introduced to sunshine unit with great success. The phase 1 and 2 phonics sessions carried out by Katie Early years teacher with our older children continue to be successful in progressing children from their starting points through fun activities. The children have enjoyed opportunities to engage in Spanish and Greek sessions carried out through fun songs and games.

Page 3

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2022

The children have also had some rich experiences learning about other cultures and traditions through celebrating festivals from around the world such as Rosh Hashanah, Diwali and Holi, Chinese New Year and Thanksgiving which were enjoyed by all. Sam (Louie’s dad) has shared his enjoyment of music with us through Ukulele sessions which have been thoroughly enjoyed and we look forward this continuing! And we have also had visits from “biggie” (Tracey Olman, Elijah and Felix’s granny) to tell stories to the children as well as Jo (Isobel and Jess’s mum) who has come to tell stories in our grotto, Shruti (Aarya’s mum) and Khush (Sukhi’s mummy) came to do Diwali activities with the children whilst Anjli (Shayan’s mum) made some tasty treats for the children and staff and came to read a book for Diwali. Nigel (Isobel and Jess’ dad) has also supported us through the year with our recycling by taking it to the recycling centre for us. And a mixture of parents attended a garden sweep on a Saturday to support us in keeping our garden tidy, thank you all!

Staff/students/training

This year we have welcomed some new staff to our nursery team who are sharing their skills with the children. We have said goodbye to some staff who have moved on to pastures new and we wish them success in their new ventures. This year the staff have completed various online training courses including, safeguarding, First Aid, and many more.

Various internal staff workshops have taken place enhancing valuable skills and updating our new staff with the nursery ethos and policies.

Achievements

The children have adapted very well to the change of rooms now becoming rainbow unit and sunshine unit and are enjoying the extended environment.

We passed our food and Hygiene inspection retaining our 5 stars

We passed our Islington categorisation inspection receiving a green rating (on the traffic light system), with two training updates as recommendations.

The family services; in person baby massage and sign and learn sessions and workshops have reinstated with a high take up and we have reintroduced stay and play on a monthly basis.

Fundraising

Our two raffle events throughout the year and a silent auction to win a signed arsenal football shirt have raised valuable funds towards our garden redevelopment.

Parent/carer participation

We would also like to thank some parents for supporting us with tasks throughout the year, Vincent (Marcel’s dad) for his DIY skills, Naomi (Nina’s mum) and Nigel (Isobel and Jess’s dad) for recycling runs.

We would also like to thank Geir and the committee who have provided us with support throughout the year.

Page 4

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

YEAR ENDED 31 MARCH 2022

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.

In 2021/22 the nursery had not fully recovered from Covid-19 as its outgoing resources exceeded incoming resources, generating a deficit of £154,630 however in 2022/23 we made a surplus of £31,989

Total expended resources decrease by 3.7% compared to the prior year at £1,014,672 (2021/22; £1,052,915).

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. Overall staff costs decreased this year by 10% to £771,893 (2021/2022; £859,800).

Total incoming resources (excluding bank interest received) increased by 14% compared to last year (2020/21 decreased by 26%). Covid-19 had affected parents needs therefore had also affected the Nursery’s income however this has got better this year. 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 £201,327 in the year (2021/22; £225,728).

The depreciation policy of capitalised building works is considered to be prudent and is held in a designated fund 2022/23; £233,239 (2021/22; £253,931).

RESERVES POLICY

In line with the Charities’ Commission’s recommendations for nurseries, the nursery maintained £774,468 of free reserves as at 31 March 2022. This amount exceeds nine months’ average operating expenses.

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

Page 5

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

YEAR ENDED 31 MARCH 2022

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:

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.

Page 6

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

YEAR ENDED 31 MARCH 2022

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:

APPROVAL

This report was approved by the Trustees on [ ] and by order of the Trustees, signed on their behalf, by:

Geir Freysson Chair

Edouard Carakehian Treasurer

Page 7

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGHBURY COMMUNITY NURSERY YEAR ENDED 31 MARCH 2022

I report to the trustees on my examination of the financial statements of Highbury Community Nursery (the charity) for the year ended 31 March 2023.

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:

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.

Francis Corbishley Independent Examiner Moore Northern Home Counties Limited First Floor 73-75 High Street Stevenage Hertfordshire SG1 3HR

Dated: [ ]

Page 8

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITY YEAR ENDED 31 MARCH 2022

Notes
INCOME
Donations
3
Charitable activities
Grants received
4
Fees charged
Investment income
TOTAL INCOME
EXPENDITURE
6
Cost of raising funds
Cost of charitable activities
TOTAL EXPENDITURE
NET
INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Funds bought forward at 1 April
2021
TOTAL FUNDS BALANCE
CARRIED FORWARD AT
31 MARCH 2022
Other LBI Grants
Gifts Money from parents
collection to all staff		 2023
Unrestricted
Funds
£
1,632
122,081
840,054
1,748
965,515
44
933,762
933,806
31,709
619,838
651,547
1,318
280
1,598		 2023
Restricted
Funds
£
1,900
79,245
-
-
81,145
-
80,666
80,666
280
1,318
1,598		 2023
Total
£
3,532
201,327
840,054
1,748
1,046,660
44
1014,628
1014,672
31,989
621,158
653,145		 2022
Total
£
940
169,463
727,602
280
898,284
143
1052,772
1052,915
(154,630)
775,786
621,156

There were no recognised gains or losses for 2022 or 2021 other than those included in the Statement of Financial Activities. All income and expenditure derive from continuing activities.

The notes on pages [ to ] form part of these financial statements.

Page 9

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE)

Company Number: 02324172

BALANCE SHEET 31 MARCH 2022

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		 £
11,137
521,578
532,715
112,809		 2023
£
233,239
419,905
653,145
418,307
233,239
1598
653,145		 £
14,064
450,601
464,666
97,440		 2022
£
253,931
367,225
621,156
365,907
253,931
1,318
621,156

For the year ending 31 March 2022, 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 [ ] and signed on their behalf:

Geir Freysson Chair

Edouard Carakehian Treasurer

The notes on pages [ to ] form part of these financial statements.

Page 10

HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________

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 11

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

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:

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 12

HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________

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 13

HIGHBURY COMMUNITY NURSERY (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________

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

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
2023
£
Income from fundraising events
1,632
Donations
-
1,632		 Restricted
Fund
2023
£
-
1,900
1,900		 Total
2023
£
1.632
1,900
3,532		 Total
2022
£
940
940

In 2021 all income from fundraising was attributed to the general fund

4. GRANTS RECEIVED IN RESPECT OF CHARITABLE ACTIVITIES

Unrestricted Fund
Restricted
Fund
2023
2023
£
£
London Borough of Islington
Main Grant
-
31,329
Nursery Education Grant over 3’s
117,581
-
Rebate Grant
-
13,772
Two year old grants
-
-
Other LBI Grants
-
21,562
University of Greenwich
4,500
-
Coronavirus Job Retention Scheme
-
-
122,081
79,245		 Total
2023
£
31,329
117,581
13,772
-
21,562
4,500
-
201,327		 Total
2022
£
31,434
112,140
4,383
11,608
-
2,500
-
169,463

In 2021 £171,962 of grant income was attributed to the general fund and £92,738 to the restricted fund.

Page 14

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________

5. WAGES AND SALARIES

Employee costs were as follows:
Salaries
Employers National Insurance
Employers Pension Contribution		 2023
£
657,469
14,094
60,799
732		 2022
£
761,135
15,650
64,709
841

The average number of employees during the year was (2022: 33).

There were no employees with emoluments above £60,000 (2022: nil)

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 £151,483 (2021: £146,451).

The charity trustees were not paid, did not received any other benefits from employment nor payment of expenses from the charity in the year (2021: £nil).

6. ANALYSIS OF EXPENDITURE

Staff costs including, recruitment,
training & welfare
Care and Education costs
Office costs
Professional fees
Premises costs
Fundraising
Restricted Project Costs
Depreciation
Support costs
Governance costs		 2023
£
Cost of
Funds
raising
-
-
-
-
-
44
-
-
-
-
44		 2023
£
Cost of
Charitable
activities
771,893
70,266
56,635
5,222
71,811
-
-
1,620
4,455
10,559
1,014,62
8		 2023
£
Total
771,893
70,266
56,635
5,222
71,811
44
-
1,620
4,445
10,559
1014,672		 2022
£
Total
859,800
63,558
41,838
922
49,541
143
712
-
7,433
2,160
1052,915

Further detail in respect of the expenditure for the year is at Note 16.

Page 15

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

________
7.
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Support Costs
Governance
costs
£
£
Independent Examination
Audit
959
9,600
Payroll and accounting services
4,445
-
4,445
10,559
8.
TANGIBLE FIXED ASSETS
Building
Development
Works & Soft
Play Area
COST
£
At 1 April 2022
931,213.78
Additions in period
At 31 March 2023
931,213.78
DEPRECIATION
At 1 April 2021
689,133.63
Provision in period
16,138.73
At 31 March 2022
705,272.35
Net book value at 31 March 2022
225,940.43
Net book value at 31 March 2021
242,080.15
9.
DEBTORS
Prepayments
Nursery fees
Other		 ________
7.
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Support Costs
Governance
costs
£
£
Independent Examination
Audit
959
9,600
Payroll and accounting services
4,445
-
4,445
10,559
8.
TANGIBLE FIXED ASSETS
Building
Development
Works & Soft
Play Area
COST
£
At 1 April 2022
931,213.78
Additions in period
At 31 March 2023
931,213.78
DEPRECIATION
At 1 April 2021
689,133.63
Provision in period
16,138.73
At 31 March 2022
705,272.35
Net book value at 31 March 2022
225,940.43
Net book value at 31 March 2021
242,080.15
9.
DEBTORS
Prepayments
Nursery fees
Other		 __ ______
2023
Total
£
959
9,600
4,445
15,004
Furniture
&
Equipment
£
94,268.03
1,486.00
95,754.03
82,418.95
6,038.59
88,457.54
7,296.49
11,849.08
2023
£
-
9,761
1,375
11,137		 _ _
2022
Total
£
2,160
7,433
9,593
Total
£
1,025,481.81
1,486.00
1,026,967.81
771,552.58
22,177.31
793,729.89
233,237.92
253,929.23
2022
£
2,641
11,035
389
14,064
931,213.78
689,133.63
16,138.73
705,272.35
225,940.43
242,080.15

Page 16

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Social Security
Trade creditors
Other creditors
Fees paid in advance
Parents’ deposits
Accruals
11. RESTRICTED FUNDS
London Borough of Islington
Main Grant
Rebate Grant
Two year old grants
Maternity Grants
Other LBI Grants
Other
Total		 Balance at
1 April
2022
£
-
-
-
1,318
1,318		 2023
£
11,157
495
-
5,523
83,330
12,305
112,809
Movement of Funds
Resources
Resources
Arising
Used
£
£
31,329
31,329
13,772
13,772
-
21,562
-
21,562
12,582
1,900
12,582
1,620
81,145
80,865		 2023
£
11,157
495
-
5,523
83,330
12,305
112,809
Movement of Funds
Resources
Resources
Arising
Used
£
£
31,329
31,329
13,772
13,772
-
21,562
-
21,562
12,582
1,900
12,582
1,620
81,145
80,865		 2022
£
10,416
2,257
555
7,629
68,068
8,515
97,440
Balance at
31 March
2023
£
-
-
-
1,318
280
1,598

Name of restricted fund

Description, nature and purposes of the fund

London Borough of Islington Main Grant - Finance received for all subsidised children in the setting, providing for their care and education Rebate Grant - Reimbursements received for siblings and disabled children and all balance of grant from one term to the next - Two year old Grant Finance received for 2 year olds who qualify for this funding Other LBI Grants - Graduate leader fund and training fund

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed
Net current
Assets
Assets
2023
2023
£
£
Unrestricted Funds
-
418,307
Designated Funds
233,238
-
Restricted Funds
-
1,598
Total
233,238
419,905		 Total
2023
£
418,307
233,238
1,598
653,143		 Total
2022
£
365,907
253,930
1,318
621,156

Page 17

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________ A transfer of £14,956 (2021: £17,202) was made from designated funds to unrestricted fund. 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 2022 the company had commitments under non-cancellable operating leases as follows:

Operating leases:
Within one year
Within two to five years		 2022
£
10,373
5,565
15,938		 2021
£
11,540
15,939
27,479

Page 18

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

___________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
Nappies
Books
Toys and Learning Materials
Travel and Outings
Office costs
Subscriptions
Telephone
Postage and stationery
Office equipment & software
Water
Web Design
Bank charges
Insurance
General expenses
Professional fees
Legal fees
Consulting
Premises costs
n costs
Repairs, renewals and maintenance
Cleaning
Heat and light
Water
Fundraising
Depreciation
Restricted Project Costs
Support costs
Management accounts
Staff admin costs
Governance costs		 2023
£
£
732,362
13,988
17,873
7,670
771,893
38,772
5,984
2,575
17,350
5,584
70,266
4,349
11,556
1,079
29,309
404
-
9.391
546
-
56,635
4,247
975
5,222
24,902
28,491
16,373
2,045
71,811
44
22,177
1,620
2,370
2,075
4,445		 2022
£
£
825,844
15,650
16,739
1,567
859,800
35,426
6,764
-
45
17,974
3,349
63,558
3,856
9,787
1,881
20,232
404
-
5,139
539
-
41,838
922
672
10,401
25,366
11,559
1,542
49,541
143
27,519
0
4,438
2,995
7,433

Page 19

HIGHBURY COMMUNITY NURSERY

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022

____________
Audit Fee
Independent Examination		 ________
9,600
959
10,559
1,014,672
 ___
-
2,160
2,160
1,052,915		 ___
-
2,160
2,160

Page 20