Minik Kardes Limited (Private Company Limited by Guarantee)
.
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 COMPANY REG NO. 3076260
CHARITY NO. 1067893
Minik Kardes Limited
(Private Company Limited by Guarantee) Contents
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- Page
Legal and administrative information 3
Report of the trustees 2-3
Report of the auditors 4-5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement ; 8
Accounting policies 9-10
Notes forming part of the financial statements 11-15
Detailed income & expenditure account 16
Page 16 does notform part of the statutory accounts,
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Minik Kardes Limited (Private Company Limited by Guarantee) Legal and Administrative Information
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a _
Trustees and directors
AK Meer
S Arslan
H Osman
PE Daniels
** . Management committee members are also, for the purpose of the Companies Act 2006,
company directors,
Company secretary: P E Daniels
Key management & personnel N Cosar - Nursery Head
S Martin - Finance officer
Administration and registered
office: 53-55 Balls Pond Road
London
N1 4BW Fi
Charity registration no.: 1067893
Company registration no.: 03076260 (England & Wales)
Auditors: Christopher Michael Limited
Chartered Certified Accountants & Statutory Auditors
26 Station Rd
New Barnet
Herts
ENS 1QW
Bankers: Barclays Bank Plc
Funding authorities: LB of Islington
Hackney Learning Trust
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Trustees and directors
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Minik Kardes Limited
(Private Company Limited by Guarantee)
Directors’ & Trustees’ Report for the Year Ended 31 March 2021
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The trustees are pleased to present their annual directors’ report for the year ended 31 March 2021 which Is 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 (FRS102),
Structure, Governance and Management Governing Document
Minlk Kardes Limited Is a company limited by guarantee and Is a registered charity, 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. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
## Recruitment & Appointment of Trustees
The trustees and directors who have served throughout the year are shown on page 1. Appointment of directors/trustees Is governed by the Memorandum & Articles of Association, New Trustees undergo training on thelr legal obligations as under Charity Law, the decision making process, the business plan and recent performance of the charity.
Organisational Structure
The charity is organized so that the trustees meet regularly to manage Its affairs, The ‘Nursery Head' N Cosar and finance officer S Martin manage the day to day administration of the charity and report to the Trustees at monthly Trustee meetings.
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Risk Management
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The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at the current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
The trustees also review non-financial risks and these risks are managed by ensuring compliance with all health and safety regulations for children, staff and parents, In addition the nursery ts regulated by Ofsted and the trustees and senior management have controls in place to ensure compliance with such regulations.
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Related parties
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None of the trustees recelve remuneration or other benefit In their capacity as trustees of the charity, Any connection between a trustee of the charity and organisations providing services to the charity must be disclosed to the full board of trustees In the same way as any contractual relationship with a related party, In the current year no such related party transactions were reported,
## Pay policy for senior staff
The directors consider that the board of directors, who are the Charity's trustees, and senlor management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis.
The pay of senlor staff, Including N Cosar Is reviewed annually and normally increased in with Local Authority pay scales.
## Purpose and objectives
The charity's objects and its principal activities are the advance and education of Turkish speaking children below compulsory school age by the provision of bilingual nursery education,
Achlevements and performance The trustees consider that the Charlty's activities In meeting objectives have been most satisfactory during the year under review,
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Mintk Kardes Limited
{Private Company Limited by Guarantee)
Directors’ & Trustees’ Report for the Year Ended 31 March 2021
(Continued)
Financial review
Total income for the year amounted to £1,568,186 with total expenditure amounting to £1,216,832 leaving a surplus in the year
of £351,354.
Accumulated reserves at the balance sheet date amounted to £1,462,130, of which £1,117,049 represent income reserves.
Investment powers and policy
The trustees, having regard to the liquidity requirements of operating the nursery, have kept a proportion of available liquid
funds in an interest bearing account to maximise the rate of return, although given current rates of Interest the rate of return ts
minimal, The trustees will review the position and consider alternative Investments to maximise returns but will continue with a
risk averse policy.
Reserves policy and going concern
The Trustees have undertaken a review of the charity's requirements for reserves in light of the main risks to the organisation.
As part of this review the charity has set up two funds, namely a ‘running cost' and ‘staff & maternity fund’ reserve, in line with
Charity Commission recommendations, The running cost reserve Is to cover running costs of the charity of between 3 to 6
months and as at 31 March 2021 stands at £405,000 which is equivalent to six months running costs, The ‘staff & maternity
fund! Is to cover future potential statutory liabilities (redundancy, unpaid holiday & monies In lieu of notice) should the charity
cease activities and as at 31 March 2021 stands at £26,472.
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Plans for future periods Funding for the year 2021/22 has been secured from L B Islington and Hackney Learning Trust with total grants receivable for the year of £399,361 for the Charities' core activities and the aim of the Trustees is to further develop the children's centre, the provision of nursery education and outreach services in the Hackney & Islington areas.
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Trustees responsibilities In relation to the financial statements
The charity trustees (who are also directors of the Company for 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).
~ select suitable accounting policies and apply them consistently;
~ observe the methods and principles In the Charities SORP;
- make judgments 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 financial statements on a going concern basis unless it is inappropriate to presume that the charity
will continue In operation.
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The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and
detection of fraud and other Irregularities.
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Directors and trustees
The trustees who are directors for the purpose of company law who have served during the year and up to the date of this
report are set out on page 1.
Statement as to disclosure to our auditors
In so far as the trustees are aware at the time of approving our trustees’ annual report:
~ there ls no relevant Information, being Information needed by the auditor In connection with preparing their
report, of which the company’s auditor is unaware; and
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- the trustees, having made enquirles of fellow directors and the company auditor that they ought to have
individually taken, have each taken all steps that he/she Is obliged to take as a director In order to make
themselves aware of any relevant audit information and to establish that the auditor Is aware of that
information,
By ogder ofee ess
AK Meer
Trustee & Company Director Date: (-'2~2!
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Minik Kardes Limited (Private Company Limited by Guarantee)
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Independent Auditor's Report to the Members of Minik Kardes Limited
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## Opinion on financial statements
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We have audited the financial statements of Minik Kardes Ltd for the year ended 31 March 2021 on pages 6 to 15, The financial
reporting framework that has been applied In thelr preparation Is applicable law, and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice), Including FRS 102 "The Financial Reporting Standard applicable In the UK and
Republic of Ireland".
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 auditor's report and for no other purpose. To the fullest extent permitted by law we do not accept or
assume responsibility to anyone other than the 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,
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In our opinion the financial statements:
~ give a true and fair view of the state of the charitable company's affairs as at 31 March 2021, 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 the United Kingdom Generally Accepted Accounting Practice; and
- have been prepared In accordance with the requirements of the Companies Act 2006,
Basls of opinion
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK}) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements
section of our report, We are independent of the charitable company In accordance with the ethical requirements that are relevant to
our audit of the financlal statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and
appropriate to provide a basis for our opinion,
Conclusions relating to going concern
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We have nothing to report In respect of the following matters in relation to which the ISAs (UK) require us to report to you where;
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* the trustees’ use of the going concern basis of accounting In the preparation of the financlal statements is not appropriate; or
* _ the trustees have not disclosed In the financial statements any identified material uncertainties that may cast significant doubt
about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months
from the date when the financial statements are authorised for issue.
Other Information
The trustees are responsible for the other information, The other information comprises the information Included in the trustees’
annual report, other than the financial statements and our auditor's report thereon, Our opinion on the financial statements does not
cover the other Information and, except to the extent atherwise explicitly stated in our repart, we do not express any form of assurance
conclusion thereon,
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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 there {s a material misstatement in the financial statements or a material misstatement of the other information, 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, Opinion on other matter 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
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Mintk Kardes Limited
{Private Company Limited by Guarantee)
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independent Auditor's Report to the Members of Minik Kardes Limited
. the Trustees report has been prepared In accordance with applicable legal requirements, Matters on which we are required to report by exception In the light of our 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 directors’ report,
We have nothing to report In respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: sadequate accounting records have not been kept, or returns adequate for our audit have not been received from banches not visited by us; or
sthe financial statements are not in agreement with the accounting records and returns; or ~certaln disclosures of directors’ remuneration specified by law are not made; or
-we have not received all the Information and explanations we require for our audit; or
Responsibilities of trustees
Aslaw) explained are responsible more fullyfor In thethepreparation trustees’ responsibilitiesof the financial statement statements, theand truste for b **e** lngs (whosatisfied are alsothat the they directors give a true of the and charitablefair view, company and for such for theInternal purposescontrol of companyas the trustees determine Is necessary to enable the preparation of financial statements that are free from material misstutement, 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 cancern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees elther Intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so,
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion, Reasonable assurance Is a high level of assurance, but Is not » guarantee that an audit conducted In accordance with ISAs (UK) will always detect @ 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 dacisions of users taken on the basis of these financial statements,
Irregularities, Including fruad, are Instances of non-compliance with laws and regulations. We design procedures in line with our rasponsibilitles, outlined above, to detect material misstaternents In respect to Irregularities, Including fraud, The extent to which our procedures are capable of detecting Irregularities, including fruad, The extent to which out procedures are capable of detecting Irregularities, Including fraud Is detailed below;
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficlent appropriate audit evidence regarding the wssessed risks of material misstatement due to fraud through designing and Implementing appropriate responses and ta respond appropriately to fraud or suspected fraud identified during the audit, However, It Is the primary responsibility of management, with oversight of those charged with governance, to ensure that the entity's operations are conducted In accordance with the provisions of laws and regulations and for the prevention and detection of fraud,
As part of an audit In accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is sufficient and appropriate to provide a basis for our opinion, The risk of not detecting a material misstatement resulting from fraud Is higher than for one resulting from error, as fraud may Involve collusion, forgery, Intentional omissions, misrepresentations, or the override of Internal control,
* — Obtaln an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control, . Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
. Conclude on the appropriateness of the trustees’ use of the going cancern basis of accounting and, based on the audit evidence obtained, whether a matertal uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a golng concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures In the financial statements or, If such disclosures are Inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a golng concern.
’ Evaluate the overall presentation, structure and content of the financial statements, Including the disclosures, and whether the financial statements represent the underlying transactions and events in 8 manner that achieves fair presentation,
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, Including any significant deficiencies In }nternal control that we identify during our audit,
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A navchattl
Michalis Michael, Sentor Statutory Auditor
for and on behalf of Christopher Michael Ltd, Chartered Certified Accountants & Statutory Auditors
26 Station Road, New Barnet, Herts ENS 1Q.W Date: G~ iL - 2024
Page §
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,
:
## Minik Kardes Limited
(Private Company Limited by Guarantee) Statement of financial activities for the year ended 31 March 2021
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; Unrestricted/
Restricted Designated Total Total
Notes Funds Funds 2020/21 2019/20
£ £ £ £
Income:
Donations and restricted grants 3 1,083,345 181,801 1,265,146 793,445
Income from Charitable activities:
Nursery fees 4 - 271,001 271,001 453,164
Incomefrom other charitable activities
Fundraising & other income 5 : 32,039 32,039 19,056
Total income
: ~ 1,083,345 484,841 «1,568,186 ‘1,265,665
Expenditure
Expenditure on charitable activities:
Direct Charitable expenditure 6 1,083,345 - 1,083,345 1,100,383
Management and administration 7 - 133,487 133,487 120,151
Total expenditure
; 1,083,345 _ “133,487_ 4,216,832 : 1,220,534
Net income/(expenditure) and net movements
In funds before galns and losses on Investments
18 - 351,354 351,354 45,131
Total funds brought forward - 1,110,776 1,110,776 1,065,645
Total funds carried forward . 1,462,130 1,462,130 1,110,776
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The statement of financial activities Includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
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Minik Kardes Limited
(Private Company Limited by Guarantee) BALANCE SHEET AS AT 31 MARCH 2021
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Notes 2020/21 2019/20
£ £ £ £
Fixed Assets
Tangible fixed assets 14 345,081 347,385
Total fixed assets ~ 345,081 347,385
Current Assets
Debtors 15 18,713 » 24,940
Cash at bank and in hand 1,152,083 789,749
Total current assets 1,170,796 814,689
Creditors: amounts falling due
within one year 16 —__($3,747). ___ (51,298)
Net current assets ; 1,117,049 763,391
NET ASSETS 1,462,130 1,110,776
The funds of the Charity:
Unrestricted/Designated Income funds: 18 1,462,130 1,110,776
TOTAL CHARITY FUNDS ~ 4,462,130 1,110,776
[SS —————————————}
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These accounts are prepared In accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes at pages 11 to 15 form part of these accounts
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Approved by the trustees on blo ]r01
PEDaniels
Trustee & Company Director
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|Mintk Kardes|Limited|
|Statement|of cash|flows|
|For|the|year ended 31|March|2021|
|2020/21|2019/20|
|Total|Prior year|
|Funds|Funds|
|Cash flows from operating|activities:|£|£|
|Net cash|provided|by (used|In)|operating|activities|366,291|71,809|
|Cash|flows from|Investing activities|
|Dividends,|interest and|rents from investments|:|1,295|
|Proceed|from the sale|of property,|plant|and equipment|©|
|Purchase of property,|plant and equipment|(3,957)|(3,130)|
|Net cash provided|by|/|(used|in) investing|activities|362,334|69,974|
|Change|In cash and|cash equivalents|in the|reporting|period|362,334|69,974|
|Cash and|cash equivalents at the beginning of the|reporting period|789,749|719,775|
|Cash and cash equivalents at the end of the reporting period|1,152,083|789,749|
|Reconciliation|of net movement In funds to net cash flow from operating activities|
|Net movement|In funds|for the|reporting perlod|(as per the SOFA)|351,354|45,130|
|Adjustments|for|:|
|Depreciation|charges|6,261|5,276|
|Dividends,|Interest and rents from|Investments|:|(1,295)|
|(Iincrease)/decrease|in debtors|6,227|24,187|
|increase(decrease)|in creditors|2,449|(1,489)|
|Net cash provided by {used In) operating activities|366,291|71,809|
|Analysis of cash|and cash|equivalents|
|Cash|in hand|1,152,083|789,749|
|Total cash and cash equivalents|“4,152,083.|«789,749|
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:
## Minik Kardes Limited
(Private Company Limited by Guarantee)
## NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2021 a Accountin, Hic 7 The principal accounting policies adopted, Judgments and key sources of estimation uncertainty in the preparation of financial
statements are as follows
## Basis of Preparation
The Financial statements have been prepared in accordance with Accounting and Reporting of charities : SORP applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective date 1 January 2015) - Charities SORP (FRS 102), the financial reporting standard applicable In the UK and Republic of Ireland (FRS 102) and the Companies Act 2006,
Minik Kardes meet the definition of Charity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy (notes),
## Reconciliation with previous GAAP
In preparing the accounts the trustees have considered whether In applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, the reinstatement of comparative item was required,
At the date of transition no otherrestatements were required.
## Incoming resources
Income (including Income from government and other grants) is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. :
Interest and Investment income receivable
Interest on funds held on deposit and income from Investments held Is included when receivable and the amount can be measured rellable by the charity.
## Fund accounting
Unrestricted funds are available to spend on activitles 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 for a specific purpose, Restricted funds are donations or grants which the donor has specified are to be solely used for a particular purpose or area of the Trust's work or projects being undertaken by the Trust.
## Expenditure and Irrecoverable VAT
Expenditure |s 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 rellably. Expenditure Is classified under the following headings:
-cost of raising funds comprise the cost of commercial trading
- expenditure on charitable activities includes the cost of operating the nursery and outreach services
~ management and administration includes support costs for those functions that assist the work of the charity
irrecoverable VAT Is charged as a cost against the activity for which the expenditure has been incurred.
## Taxation
As a grant aided charity with charitable status the charity's activities do not create a charge to corporation tax.
## Operating leases
Rentals paid under operating leases are charged to Income ona straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets for use by the charity are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
~ freehold Buildings - 2% straight line basis - office equipment - 25% straight line basis
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Minik Kardes Limited
;
(Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021
## 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.
Cash at bank and In hand
,
Cash at bank and in hand Includes cash and short term highly liquid Investments with a short maturity of less than three months from the date of acquisition or opening of the deposit or similar account. 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 Financial Instruments
The trust has only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, The charity does not acquire put options, derivatives or other complex financial instruments, The main form of financial risk faced by the charity is that of volatility in equity and investment markets due to wider economic conditions, the attitude of investors to risk, Pensions The Trust does not operate a pension scheme,
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Minik Kardes Limited
(Private Company Limited by Guarantee) Notes to the financial statements for the year ended 31 March 2021
—
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|---|---|---|---|---|---|---|---|
|1|Legal|status of the Trust|
|The Trust|is|a company|limited|by guarantee and|has no share capital.|In the event of the charity|being wound up, the|
|liability|In|respect of the guarantee|Is limited|to £1|per member of the|charity.|
|2|Financial performance|of the charity|2020/21|2019/20|
|‘|£|£|
|Income|1,568,186|1,265,665 _|
|Expenditure on charitable|activities|1,077,084|1,095,107|
|Expenditure on management and administration|133,487|120,151|
|Depreciation|6,261|5,276|
|Net Income|351,354|45,130|
|Total funds brought forward|1,094,156|1,049,026|
|Total funds carried forward|1,445,510|1,094,156|
|Represented|by:|
|3|UnrestrictedIncome from fundsDonations and|Grants|1,462,130|1,110,775|
|Minik|Kardes|
|Grants|receivable|
|LB|Islington|- Community|Links|69,850|69,800|
|LB Community Fund|11,125|
|L BIslington-G AP|8,695|13,227|
|LB|Islington -NEG|17,581|27,612|
|LB|Islington|- Rebates|626|706|
|LB|Islington -SFSC|29,977|30,000|
|LB|Islington|- 2 year old|Pilot|3,737|4,230|
|LB|Islington|- 3&4 YO|9,562|3,515|
|LB Islington|3,641|
|Hackney adult learning|9,320|
|Hackney|Learning Trust - 2 year old|;|6,804|8,448|
|Hackney|Learning Trust - Children Centre|77,300|75,500|
|Hackney|Learning Trust|- Headcount/S FF|25,512|35,811|
|GLA|Early Years|7,581|
|NHS Incredible Years|18,042|
|NHS CITY antenatal|7,000|
|Big|lottery|178,023|82,664|
|Greenich|university|3,500|
|HCVS|7,063|
|HMRC JRC|61,349|
|City bridge trust|10,000|
|Other miscellaneous|420|
|Factory|
|LB Islington|687,543|372,000|
|LB Islington: SEN|6,204|7,192|
|LB|Islington:|EYPR|6,118|
|LB|Islington:|Maternity|12,506|
|LB|Islington;|Nursery Improvements|3,046|19313|
|LB|Islington:|2 year olds|5,414|450|
|LB|Islington:|3-4 year olds|5,722|
|LB|Islington;|Miscellaneous|6,279|614|
|HMRC JRC|7,969|
|1,265,146|793,445|
|4|Income from|charitable|activities|
|Nursery fees|271,001|453,164|
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Minik Kardes Limited
## (Private Company Limited by Guarantee) Notes to the financial statements
|Minik Kardes Limited
(Private CompanyCompany Limited by Guarantee)|||||
|---|---|---|---|---|
|Notes toto the financial statementsfinancial statementsstatements||||:|
|fortheyearended 31March 2021|||||
||2020/21|||2019/20|
||£|||£|
|5 Incomefrom othercharitable activities|||||
|Fundraising|32,039|||17,761|
|Interest receivable
-|.||a|1,295 ;|
|32,039|||_19,056_||
|6 Analysis ofexpenditureoncharitable activities|||||
|Staff&agency costs|857,998|||908,958|
|Otherrunningcosts|225,347|||191,425|
|"1,083,345|||__1,100,383_||
|7 Analysisofgovernanceandsupportcost|||||
|Staffcosts|118,497|||107,394|
|Auditand accountancy|13,854|||10,900|
|Legal& professional|329|||:|
|Bankcharges|807|||1,857|
|8 Netincome /(expenditure) fortheyear|||||
|This isstated aftercharging:|||||
|Depreciation -owned assets|6,261|||5,276|
|Auditorsremuneration forauditservices|3,600|||3,600|
|Auditors remuneration forotherservices|7,754|||4,800|
|9 Analyses ofstaff costs, trustee remuneration and expenses,and thecostofkey|||||
|management personnel|||||
|Wagesand salaries|794,053|||877,114|
|Redundancy|.|||.|
|Employers national Insurance|60,830|||66,952|
|Employers Pension|16,461|||17,787|
|Agency&sessional staff.|105,151|||54,499|
||976,495||1,016,352||
|Theaveragenumberofstaffemployed during the year|||||
|were as follows:|||||
|Direct charitable|39|||43|
|Administration & support||2||2|
|44|||_AS||
|The numberofemployeeswhose emoluments as defined for taxation purposes|||||
|amounted to over£60,000 In theyearwereas follows:|1|||1|
|10 Trustees’ remuneration|||||
|The trustees were not paid or received any other benefits from the Charity during|the year|in|their capacity as||
|trustees.|||||
for the year ended 31 March 2021
11 Related party transactions
N Cosar received remuneration during the year In her capacity as Nursery Head,
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Minik Kardes Limited
## {Private Company Limited by Guarantee) Notes to the financial statements a a |
## 12 Government Grants
Income from government grants comprises of grant funding made available by local authorities to fund the children centre running cost of the Charity. See note 4 for more Information and to the amount and sources of these grants. ;
## 13 Corporation Tax
The Charity is exernpt from tax on Income and gains falling within section 505 of the Taxes Act 1988 section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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||||||||
|---|---|---|---|---|---|---|
|Freehold|Office|
|Property|Equipment|Total|
|14|Tangible|fixed|assets|£|£|£|
|Cost;|
|At|1|April 2020|466,147|57,998|524,145|
|Additions|.|3,957|3,957|
|At|31|March|2021|~ 466,147|«1,955|528,102|
|Depreciation|
|At|1|April|2020|127,496|49,264|176,760|
|Charge|in year|-|6,261|6,261|
|At 31 March 2021|“127,496|«55,525|183,021|
|Net|book value|°|
|At 31|March 2021|338,651|6,430|345,081|
|At 31 March 2020|338,651|8,734|347,385|
|15|Debtors|
|Amounts due within one year:|2020/21|2019/20|
|Grant|&|Fee Debtors|12,968|19,974|
|Prepayments|5,745|4,966|
|Accrued|Income|:|i|
|18,713|24,940|
|16|Creditors|
|Amounts|falling due within one year:|
|Other taxation|&|social|security|12,784|16,123|
|Other creditors &|accruals|40,963|35,175|
|17|Deferred income|
|Deferred|income comprise advance|recelpt|of nursery fees|for 2020/21.|
|Balance as|at|1 April 2020|“|.|
|Amount|released to Income earned from|charitable|activities|.|3|
|Amount|deferred|In|the year|-|:|
|Balance as|at|31|March|2021|a|
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## Minik Kardes Limited
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(Private Company Limited by Guarantee)
Notes to the financial statements
for the year ended 31 March 2021 _— .
2020/21 2019/20
18 Analysis of charitable funds £ £
Analysis of movement In unrestricted funds
Unrestricted - Functional fixed assets reserve
Balance at 1 April 2020 349,531 349,531
Movement in year (4,450) n
Balance at 31 March 2021 345,081 «349,531
Unrestricted - General reserve:
Balance at 1 April 2020 329,773 284,643
Movement in year 351,354 45,131
Inter-fund transfers 4,450 -
Balance at 31 March 2021 685,577 329,774
Designated - Staff & maternity fund;
Balance at 1 April 2020 26,472 26,472
Movement in year : -
Balance at 31 March 2024 ; 26,472 ___26,472_
Running costs reserve
Balance at 1 April 2020 405,000 405,000
Inter-fund transfers - .
Balance at 31 March 2021 405,000 | 405,000
Total 1,462,130 ___—1,110,776
19 Analysis between fund balances
Unrestricted
General Designated Total
£ £ £
Tangible fixed assets . 345,081 345,081
Cash at bank and in hand 720,611. 431,472 1,152,083
Other net current assets/ (liabilities) (35,034) - (35,034)
685,577 776,553 __1,462,130_
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## Minik Kardes Limited
## (Private Company Limited by Guarantee} Notes to the financial statements
for the year ended 31 March 2021
é
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|||||||||
|---|---|---|---|---|---|---|---|
|20|Analysis|of Restricted|Funds|
|Balance|Incoming|Resources|Balance|at|
|Funders name|1/4/20|Resources|Expended|31/3/21|
|4|£|£|3|
|Minik|Kardes|
|LB|Islington|- Community|Links|69,850|(69,850)|*|
|LB|Community|Fund|11,125|(11,125)|
|L BIslington-GAP|8,695|(8,695)|4|
|LB|Islington|NEG|17,581|(17,581)|-|
|LB|Islington|rebates|626|(626)|.|
|LB|Islington-|sfsc|29,977|(29,977)|-|
|LB|Islington|2 year old|3,737|(3,737)|-|
|LB|Islington 3& 4 YO|9,562|(9,562)|-|
|Hackney|Learning Trust|- 2 year old|6,804|(6,804)|-|
|Hackney Learning Trust|- Children Centre|77,300|(77,300)|.|
|Hackney|Learning Trust|- Headcount/S|F|F|25,512|(25,512)|-|
|Big lottery|178,023|(178,023)|:|
|Greenich|university|3,500|(3,500)|=|
|HCVS|7,063|(7,063)|=|
|HMRC|JRC|61,349|(61,349)|.|
|City|Bridge|trust|ee|10,000|(10,000)|eat|
|Factory|.|=|520,704|(520,704)|-|
|LB|Islington|691,184|(691,184)|.|
|LB|Islington:|SEN|6,204|(6,204)|-|
|LB|Islington:|EYPR|6,118|(6,118)|“|
|LB|Islington:|Maternity|12,506|(12,506)|-|
|LB|Islington:|Improvements|3,046|(3,046)|:|
|LB|Islington|2YO|5,414|(5,414)|“|
|LB|Islington|3-4YO|5,722|(5,722)|*|
|LB|Islington|misc|6,279|(6,279)|:|
|HMRC JRC|||le|:|
|-|744,442|(744,442)|-|
|Grand Total|>|1,265,146|(1,265,146)|:|
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## 21 Post-balance sheet events
At the beginning of the Covid 19 pandemic, the wellbeing and safety of our people stakeholders was the charity's first priority. Where possible individuals are working remotely from home and we are continuing to operate effectively whilst taking appropriate actions to limit the spread of the virus,
22 A new lease was entered into on 1st March 2018 with The Mayor and Burgesses of the London Borough of Islington
for the new Nursery site at a rent of one peppercorn per annum
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23 Financial commitments
Total future minimum lease payments under operating leases;
2020/21 2019/20
Within 1 year 1,992 1,992
Within two to five years 3,500 6,479
5,492 8,471
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