Mlnlk Kardes Llmlted (Prlvate Company Llmlted by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 COMPANY REG NO. 3076260 CHARITY NO. 1067893
Mlnlk Kardes Umlted {PrlvatÈ Company Llmlted by Guar8nteel Contents Le8al and admlnlstratlve Informotlon Report of the trustees Report of the audltors Statement of Flnanclal Actlvltles Balance Sheet Cash Flow Statement io Accountlng pollcles 11-14 Notes Iormlng part of the flnanclal statements 15-20 Detalled Income & expendlture account 21 Pope 21 does notfvrm port oythe stututory o¢¢ount
Mlnlk Kard•s Llmltèd (Prlvate Company Llmlted by Gu8rnntee) Le al and Admlnlstratlve Inforrnatlon Truste•s and dlrertors AKMeeT S Ar51on P E Oanle15 Fwman E M J J Van Waeyenberge - Manogement commlttee members ure olso for thepurpose of the Componles Act2006, compony dlrectors, Company secr•t•ry". P E Danlels Key m•n48ement & personnel N C05ar- Nursery Head V Dernetr5ou- Head of Flnance S Martln- Flnènce offlcer AdmSnlstTatlon •nd rn41st¢rod offlce: 53-55 8alls Pond Road London Nl 48W Charlty re8l$trntlon Tr)0: 1067893 Comyny r¢8Sstr•tlon no: 03076260 IEn8land & Walesl Audltors; Chrlstopher Mlchael Llmlted Chartered Certlfled Accountants & Statutory AudltQTS 26 Stallon Rd New Barnet Herts EN5 IQW B•nkern: arclays Bank PIC Fundln¥ authorltles: LB of Isllngton Hackney Learnlng Trust Page 1
Mlnlk Karde5 Llmlted
Prlva
ecom
Umlted
Guarantee
Dlrertors and Truste•s Report for the year ended 31 March 2024
The trustee5 are pleased to presefit thelr annual dlrertors, report for the yeBr ended 31 March 2024 whlth 15 4150 prepared to rneet
the requlrements lor4 d1Clor$ report and y£counts for Cornpanle5 Act purp05e5.
The Inanclal statements ¢ornply wlth the Charltles Act 2011. the Componle5 kn 2006, the Memorondum •nd Artldes of Asso¢laiion,
nd A¢¢ountl#8 and ReportlThg by Charltles.. Statement of Recommended Practlce appllcable to charltles preparlns thelr ac¢ount5 In
ccordance w5th the Flnèndal Reportlng Standard appllcable In the UK and RÈpubll¢ ul Ireland IFR51021.
Structuye. Govern•n¢e ind ManaBemert
me
MSnlk Kardes Llmlted 15 a company Ilmlted by guarnntee and 1$ a reglstered eh¥rlty, The company was e5tabllshed under a
Mernorandum of Assoclatlon whlch e5tabllshed the oblects and powers cf the charltable company andls 8overned under It5 Artlcles
of Assocl4llon. In the evifit of the cornpany belng wound up member5 ¥rp requlred to contrlbute an lrnount not ¢x¢eedlnB £1.
cr
f Trus
The trustees and dlte¢tOT5 who have served throughout the year are shown on p•8e l. App¢trlntrnenl of dlre£tors/trurtees Is governed
byth• Memor•ndum & Artl¢le$ Of A510clatlon.
New Trustets under80 Iralnlng on thelr l•gal oblliatlan$ as under Charlty Lèw, th• decl$lon makln8 pfDee55, the buslness plan and
recent performance ¢f the chjrltv.
The charlty Is organlxed 59 thgt the iTUStees meet rt8ularly to mana8e Its affalr5. The'Nurity Head. N Co54r and Head ol flnance V
Demetrlou monaBe the day to day pdmSnlstritlon of the chaTIty and report to the Trustee5 at monthly Trustee meetln8S.
em
rhe trustees actlvely revlw the rnolor rl$k$ whlch rhe ¢harlty l•ces on • regular basls onrj boll thjt milntaSnln¥ r•ser¥ei at the
current leve15, c•mblntd wlth •n •nnu?I revlew of tht contro15 over key flnan¢l81 i¥$tems, 11 provlde suffldent resour¢ts In the
event of •dversE condltlons.
The trurt•49 1150 favl•w nofi.fln•nd?I rlsks and these rllks are rn4na8ed by ensurSn8 compll•n¢e wlth 811 health and s¥l•tv
re8ulatlons for (hlldren, staff ind rents, In addltlon the nur$¢ry 15 regulated by 01sted and the trustees Ind senloi mana8empnt
have contioli In place to Ensttsre compllance wlth such re8vlatlons.
None of the trustee$ r•telve iemunpratlon or other benefli In thelr PaCItY is trustee5 01 the chaflly. connectlon between
trustee of the charlty and organSsatlons provldln8 StNlce$ to thè thartly must be d15c105ed to the lull board of trustQES In same
way as any tontractual relatlonshlp wfth a reluted party, In the cuirent year no surh rel?ted party tranwctlon5 were reported.
or
The dlre£tors tonslder that the board ol dlrertors, who are the Charlty's trustees, #nd Jqnlor rnana8ement team comprfse the key
mDna8ernent personnel of thi ¢h¥rlty In chirge of dliectlng, controllln8, runnlng •nd operatlng the ch•rlty on a day ia doy b•sls.
The ply tslsenlor staff, Includlfi8 11 Cosar Is revlewed innuolly and noimally Inueased In wlth Local AuEhoT5ty pay scales.
Purpose and obltrtlvoi
The charliy's ¢ble¢rs and Its prlnclpal a£tlvltleJ are the advanc• ond educètlDn of Turklsh speiklng Chlldren below compu150ry $
Mlnlk Karde5 Llmlted IPrlvate Company Llmlted by Gu•ranteel Dlrectors arnl Trustees Report lor the year¢nded 31 Mah 2024 Contlnutd Flnar4cl•l I1•W Total Incorne lor the year amounted to £1518,9d8 wlth total expefidlture amountlng io E2,436,121 leavln8 a surplus In the yEar of£82,827. Attumulated r8serye5 at the balbnce sheet Itaté 4mounted to £1,893,502, otwhlch El,540,594 represent Income reserve5. Invqstmeni power5 ond pollcy The trustees, havln8 reBard to the Ilquldlty requlrtrnents ol operailn8 the nursery, have kept a proportlon of avalloble Ilquld fund5 In an Interest bearfn8 account to mixlmlse the rate of return, although 8lven current rates of Interest the rate DI return Is mlnlm71. The trustees 11 reWIhe posltlofi pnd c¢n51der altern8tlve Inveitments to maxlmlse returns bul wlll ton¢lTrue wtth sk èYer5e pollcv. Reservw pollry ind 1n8 concern The Tlustees havé undertaken a revlew of the thaflty'5 requlrements fDr reserves In 118hi ol the m•ln rlsks to the or8anlsatlon. As part of thls revlew the charfty has set up two funds, namely 8'runnln8 eOSt' and '518ff & m8ternlty fund, reserve. In Ilno wlth Charlty Commlsslon rEcommend•tloms. The runnln8 ¢05t reserve 15 ro cover runnlng cosis of the charlty Df bEtw?en 3 tp 6 rnonihs •nd os at 31 March 2024 5tand$ #t £405,000 whlth Is equlY8lent ro slx rnonth5 runnln8 Co5. The 'staff & maternlty fund, 15 to cover fvture potentlal statutory Ilabllltle5 Iredundanty, unpald hollday & mon1¢5 In Ileu of notl¢&l should thÈ ¢harttv •$0 artIleS and as at 31 Mar¢h 2024 stand5 at E26,472. Pl•N lor14rtur• perlodi Fundln8 for the year 202412S h•J bein iecured frorn L 8 lslln8ton and Hwckney L•arnlrtg Trust wlth total 8r¥n15 recelv4ble for the year of £1,610,451 for thè Char)tles' core actlvltles and the alrn Df the Trustees Is to further develop thè chlldren's centre, Ihe prov151on of nursery educatlon and outreorh 5eThl¢e$ In ihe Ha¢kney & Islln8ton areas. Trystw rttpon•lbllltl•s In r•lotlon to th¢ thft•nd•l stst¢m•nts The chorlty trustees (who or¢ 4150 dlrector5 91 the C¢mpBny for the purp05e5 01 comp4ny lawl Jre re5ponslblt for preparlTh8 a Irustee5' annual report and finèndal statements In accord4nce th appllc?ble law •nd Unlted Kln8dom Accountln8 Standards IUnSted Kln8dom GenerBlly Accrpted AccouDtlnB Prjctlcel. s•lert Sultible a¢wuntln8 pollcle5 ond apply ihem conslstentlv,, ObSee thi mpthods ind pncIpleS In the Charltles SORP., rn•k lud8rnenrs as)d e5tlm•tes that are rea$cnable ?nd prudent., $1?te whether Jppllcable UK ?ccounrinB 5t•ndird5 hpve been followed, subject to any rnoterlal deyrturos dlsclosed ind expl4lned In ihe flnanclBI 51htement5, Prepare finan¢lal 5tatEments on a 8oln8 concern bas15 unle$s It ts InJpproprt•tt to presume that the charlty wlll continue In ope¥atlon, The tNstees are responslble for ke•plfi4 J¢countln8 records whl¢h dlsclo8o vhth re?50nable accuraty at iny ilme the flnan¢l81 posltlon of the charlty and enable them io ensure that the flnanclol statement5 comply wlth the Companles Act 2006. They are also respon51ble for $Dfe8uardlng the assets ol the eharlty and hence for t4kln8 re•sonable 5tep5 for the preventlon and deieciiun of fraud and other Irre8ularltlei. DIreOr$ 4nd trtl The trustees who •re dlrtctors for the purpose of ¢ornp&ny law who h•Ye served durln8 the year ind up to th¢ date of thls report are sei out on pase l. St•t•mont Bi to dlicloJur• to our •udlto In so f4r 0$ the trustees are awire It th• tlme of appro¥ln8 our tru$tEES' annu81 report.. there Is no relevani Informitlon. beln8 Inlomiatlon needed bythe audltor In connecilon wh prepirln8 thelr report, of whlth the company's audllor15 unaware,. Ind . the tNstÈe5, hD¥ln8 rnade enqtslrles ol fellow d1ctOrS and the wmpony wudltor thatthey ought to ha Indlwldually tsken, have eoch taken 811 steps that helshe Is obllged to takt is a dlrector In prderto make themselve5 aware of any relevant audlt Informotlon and to e5t8b115h that the iudltor Is gware of that InfDrmatlon. roft board of trustee5 AKMter TNstee & Company Dlrertor Data.. F*l,,114 Page 3
Mlnlk Korde5 UmFt¢d IPrlvèt• Company Umltod by Gu•rantMI Ind endent Audltor's R rt to the Member5 of Mlnlk Xardes Llrnlted Oplnlon on finawKlal itstements We have QUdrd the flnanclal statements of Mlnlk Karde5 Ltd for the year ended 31 March 2024 gn p38es 8 to 20. The flnancSal reportln8 Iramework thèt ha5 been applled In thelr preparatlon 15 3ppll¢able law, and United Kln8dorn A¢countln8 Stbndard5 (United Kln8dorn Generllly Actepttd Accountlng Platt11, Includln8 FRS 102 'Yhe F141an¢lal Reportln8 Standard appllcbble In the UK and Republlc of Ir¢l8Dd" Thls report15 made 501•ly to the charltable companvs member5. as a body, In pccordanee wlth Chapter 3 01 Part 16 of the Companls Act 2006. Our audlt work ha5 been uhdertoken so that we ml8ht $tato to the chaTltable company's mernber5 those mètter5 we are rtqulred to stote to them In audlior's report and lor no other purpose. To the fullest extent permltted by law we do not arcept or assume responslblllty to onyone other than the ch&rStable comp&ny and the chailtable companws members a5 a body, lor our audlt worK for th15 ¥eporL or forthe oplnlons we have formed. In oui oplnlon the financlal ststèrnents.. 8lve 3 true and fjlr vlew of the stite ol the chorttèble company's &ffalrs is at 31 M•rch 2024. and of 51$ Incomlni resource5 and appllcatlon of iesources, Includlng Its Income gnd ¢xpendlturE, fpr the year then ended; hpve been properly prep&red l ?c¢ordance wlth the Unlted KlnBdgm Generally Accepted A¢eountln8 Prartl¢o,' 4nd - hwve bfen prepamd In acctsrdance wlth the requlrernents of the Companls Act 2CfyJ& B4115 oloplnlon We ttnduded our•udlt In Dccordance wlth Intern¥ilon81 Standards on Audltlng IUKI115As IUKII and •ppllcable Ipw, Our r15ponslbllltles undertho$e stondards ore lurther descdbed In the Auititorf5 respon51bllltle5 for the audlf ol the fln8n¢lal statements sertlon olour reporr. We are Independent of the charltable compony In occordance wlth the ethlcal requSrements th&t are relevant to our audli of the finandal 5tTrtements In the IJK. Includln8 the FRCS Ethlcjl 51andard, and we have fulflllod our oiher ethl¢al resp01151bllltles In ècfordance wlth these ftqulTemtnt5, We belleve thai the oudlt evldence we have obt•ln¢d Is suffl¢lent and •pproprlate to provlde a ba515 for our oplnlon. Conclusltsns r¢l•tln4 to ThC•TA We h•v• nothln8 to report In resO¢tt of the followlng matters In relatlon to whlch the ISAS IUKI requlre u$ to report to you wh•r•', the tnJsi¢?5' use of the 8oln8 concern bas1$ ¥f accountln4 In th¢ preparatlon of the flnjnclal statements Is not appmprlate., or the trustees h•ve not dl$clDsed In the flnonc5al s¢atement5 any Identlfled mateflal un¢ertDlntlt> th?t may cist $18nlfl¢ant doubt •boyt the chJrlt•ble ¢0mpan¢s ablllty to contlnue to 4dopt the goln8 ¢onc¢rTh basls ol •¢countln8 for è perlod of at le41t twelv¢ months from ihe dite when the Iln4nclol st¥tements ttre authorlsed for Issue. Oth•T Informitlon The trustees are re5ponslble for the oihei Inform8tlon. The other Snformotlon tomprfses the Inlorm•tlon Induded In tho tru$tees' annuDI report, other than the flnanclal 5t4tements and our audltor's report ther¢on. Our ¢plnlon on the flnan¢l•l 5tatement5 does nat tover ihe other Inlormatlgn and, except to the extent otherw15e expllcltly Stated In our repo¢ we do not express any larrn of aisurancq ¢oncluslon thoreon. In connectlon wlth our•udlt olthe flnanclal statements. our respon>lbllliy Is to read the other In1DtIon ind, In dolng so, consider whether the other InforniatSon15 materlally Incon$5sient wlth the Ilnanclal statements or our knowledge oblalned In the audlt or otherwlse appeor5 to be materlally m1s5tated. If we Identlfy Such materl•l Inconslst¢ncle5 or apparent m#terlal mlsstatemenis. wt are requlred to determlne whether there15 a mat¢rlal m15Statement In the flnon<lal st¥iemtnts or a mbterfal mlsstètement cl the other Informotlon. If, based on the workwe have performed. we conclude thit there 1$ 4 rn•teilal mlsststement of thls other Infomatlon. we are requlred to report that fart. We have nothln8 to report In thls rtgard, Oplnlon on oth•r m•tter preKrlbed bythe Compinlu Ad IQ06 In our oplnlttn, bwsed on the work undertaken In tho course of the audlt.. the Inforrnatlon glven In the tru$tee$' report for the nn•ncl•l year lor whlth th• ftr+8n¢lal ititements #re prepared 1$ con51stent wlth the flnanclal statements., and Pag& 4
Mlnlk Kard¢s Llmlt•d Iprfvate Comp•ny Umlted byGuaAnte•l Inde d•ntAudltoI5 R• orttothe M•mbebyolMlnlk Kerdes Umlttd th• Trusw repon b?In prepared In attordance wirh app1kle legal r¢gulfim•nts. M•¢t0 on whlth w• are r•qukr•d to r•portbY•wtlo In iht118ht of our knowledge and undtr5ttndln8 ¢f th• charlt)bl• company and Its envlronment obtsined In the course tyf the aud, have nut hlentffied materlal mknlatements In th• dlrectors, r•porL W8 hav• nothlnato wjtsrtln respect olthe followlnB mattets In r¢litlon lowhh the CompBfile5Act reqvlros w to ieporttovou W, In our oplnlon.. -adequHte accounttn8 records h•vo not kept, orr41um5adeoy#t• forwr•tOlt hwq ngt rttead from brnnrhes notvtstt4d by w,. or -IPte finBnclèl stements •rp not In 48ivem8nt t theac¢oufitln8 recards Ind retumg.. or .certaln ds(loSureS of dlre£tors' rtmvneratlon 5peclflÉd by law ate not made.. or -w• have not rocelved •ll thE Infopm•tlon and •xplènatk)ns w• requlrplor ouraudlt., ot h•spoftslbllltlu of A5 tKpl•lned mtsrn ftjlly In thetru5tee¢ m5ponslbllltle5 Staiem¢nt, th• trust••5 (who •rB •IKtthe dlr•ctorn of the ch•r1¢1b comp•ny forthe purposes ol compiny I} •r¢ re5pon$lble forthe prtrp?r4tlon tylthe fiftan¢lal st4tement5 and fur b•infj iatlsfled thai IhÈvBlve atrue #nd falrvlew, ond fpr such Iniernal wntrol as th• trustees tlotermln¢ ts necesS•ryto enibl• th• pr•pr•tlon ol fln4ncl81 statonients thHt 4r• free ffom rnater[ m155titement, whethtr due ro Ir•ud or error. In prepèrlns the flMncl•l st•timentE. thE tt5 •re respon51ble for a55essln8 ihe chirftablt company's lblllty to wntlnuè as o i¢ln8 concerrn, d15closln& as ppllc•bl•, m#tters rel8tvd to 8olni concern and uslng th• 4oln8 £onc•m $1$ of occountln8 unles9 the trustees elther Intend io Ilquldate Ihe rhorhable company or to ¢¢450 oporatlon5, orhwe no r¢a115tlc alt¢rnatlve bul to do $0, Audltorf5 rnipunllbllltlfOthW ivdlt of Ilnintlll st•tem•nts Our oblectlvfjs Jr• to ob¢Jln r•uon•ble 051urnnc• iboutwhfther th• nn•ncl•l Atat•mentJ Is • wholl •r• Ire• from fMt•rlil M$¢¥tMent, Wther dueto Ir•ud pr qrror, Ind to1¥5ue on •udltorfs r4pDrt that lrtludes ovr oplnlon, Reason•blE assur•n¢e 55 a hlih level ol jssurince. tsvtls not i iu4r•ntee that an #udht Conduct In •ccerdanc• wllh ISAI IUKI wlll ilways detltt a m•r1 mlsstatemenr when Ir txllts. MIss¢ai•n1S un •rlie from fr•ud or •rror ind •rt ¢on51der•d mat4rK41 W, IndKfldually Or In th• •reat1 th•y co¥k4 ro•son•bly be •xpect•d to Innu•nce th• economlcdeclsloni olusers18k¢n on the b4$1$ oftheie flaJnd415t•tements. Irreiul•rltl•si Includlnilrnvd, Ire Inil?ntts DI non-¢ompll•nrg w1th law5 ond regulatlons. We disl6n procedures In I4 wlth our r•5PDDslbllllls, olIne& •bov¢, 10 d•teci MIrIal m15Stat•m•nrs In r•sPQttto Irruul•rttlo5, Includlni frgud. The ext¢nt to whlch out pro¢edure5 410 cap•ble of dete¢r4n8 Irriiulèrltlei, Includln8 Iroyd d•till•d hlow., To Idintlfy rlski Df mBt•rlil Mtal¢m•nI$ due to Irlud I'fr•ud rliks") w• 4sseutd •r condltloni thit Indluts •n In¢•nii¥e or pressum to commll Ir4ud or pr(wld• th• opportunltyto commiilr•ud. Our dik w155mènt p¥oc•dur•s Includel: •Eaqulrln8 wlth TfU$tq•i •nd mllnBBemqnt¥nd InsP•Ctlon olpolw docym•nt•tlpn as to Mlnlk %JrdiJ Llmlted'i pollclei Ind prpcedures io pr•ventfr•ud •nd d•t•et fraud Ihit ?pply to thls £omp•ry 4$ well as Enqulrln6 whethtr tho TrustPV5 and minoA•ni•nt haw4 knowledie ol •nyictu•l su>p•cted Dr4181 fraud. Audlt proe•durns p•rformÈd bythe en6•$em¢nt team Includod.. 01scusslon5 wlth m•na8orn•nt •nd 05s•55ment olknowfi orsu$pict•d Instinc•5 •1 non tomplllnce wlth liws ond r¥vKrytloN Ind Iraud.. 'Ass•ssmen¢s of Identined friud fattors.. Ch•lleniln8 1siUrnPtkJN Ind lud8emnt¥ by maNi8ment In tts min11nI •c¢aunrin8estlnwtei'. 'Usln8 anèlytlul rl•W pioetdures to Identlfy unusual or unexpicled relHtion5hl 'Connrmatlon olr4l•i¢d prtls whh m4n•iemenL Bnd r¢¥l¢w of if•n5ICilons throu1h0 the p¢rfodto Identlfy prellow und&dos•d tranii¢tKinx wf(h f•lot•d partle$ outslde th4 normilcourie of buslnqss.. 'R•dln8 mlnutes olmietln8s of thos• ¢haried wtth lovernan.. 'R¢vl•w of 51inlfkant and uriusual tr#n5atlons Hnd e¥llun of the undertylni Iln•nclHI r•tlonale iupportlry the tr•n5aCtloni'. 'IdentSfyln8 •nd t•5tln8lourn•l ¢nlrle5, In PBrtlcul•r any maDrentrIeS made at the r end for fln•nclal Statement preseniatson.. 'Identlfyln8 and r•spondln8 to rt5k5 of m•terlal mlstatement du¢ to rwn compl1ae wlth law5 and reiul•tlort Page 5
Mlnlk Karde5 Llmlted Iprlvate Company Llmlted by Guarantee) Inde endent Audltor's R* ort to the Members of Mlnlk Kardes Llmtted We tommunlcated Identlfled fraud rlsks throu8houtthe audlt team and remalned alertto any IndlcatlDn5 of fraud throughout the audSt As requlred by ¥udltln¥ standards, taklng Into accotsnt posslble pressures to meet proflt targets, we perform procedures to address rlsks of man?gement overlde of controls and the rlsk of fraydulent revenue rocognltlon, Includln%.' the r15k that revenue Is recorded In the wr008 perlod and the ilsk that management may be In a posltlon to Make Inapproprlate accountlnl entrles. We dld not Identlfy any addltlonal fraud rlsks. We Identlfled arears of13ws and r¢8tslatlons that Could reasonably be experted to have a mateTlal effect on the flnanclal statements frorn our general commerclal and 5ectOf experlence 4nd through dlscusslon wlth Trustees and management la5 requlred by audltlng standards) and dlscussed wlth Tru5tee5 and management the ollcles and procedures regaTdlnB compllance wlth law5 and regulatlons. Flrstly, the company15 subject to laws and re8ulatlohs that dlrectly affect the flnanclal staternents Includlng ftnanclal Teportlng leglslatlon, Ilncludlng related ¢ompanles leglslatlonl, dlstributable proflts leglslatlon and tèxatlon leglslatlun and we assessed the extent of compllance wlth these laws and re8ulatlons as pHrt ol our procedures on rel•ted Ilnancl815tatement Items, Secondlyi the comp4ny1s 5uble¢t to many other laws and re8ulatlons where the consequences of non compllance have a materlal effect or the Jmounts or dlsclosures In the llnanclal 5ts1ements, for Instante throu¥h the lrnposltlon of flnes or Ilta8atlon. We Sdentlfled the followln8 areas a$ those most Ilkely to have such effe¢t.. health and safety, antl-brlbery, general data prtstectlon, employrnent law, 8nd certaln aspects of company le8lslatlon, recognlslng the nature of the company's actlvltles. AUdlD& Standards Ilmlt the Teqvlred audlt procedure5 to Identlfy non compllance wllh these laws and re6ulatlon5 to enqulre of the TTU5tees Inspe¢tlon of regulatory and le8al correspondence, If any. Therefore, If a breach of operatlonal regulatlons 1$ not dlsclosed to us or evldent from ielevant correspondence, an audlt wlll not detect that breach. Context of ablllty of the audlt to detect fraud or breached ot law or re8ulatlon Owln8 to the Inherent Ilmltatlons ol an audlt, there Is an unavoldable rlsk that we may not have deterted some materlal mlstaternent5 In the flnanclal statements. even thou8h we have properly planned and performed our 8L¢dlt accordance wSth audltSng standards. For example, the further removed non-¢omplSance wlth laws and re8ulotlon5 Is from the events and transactlon5 roflected In the flnanclil statements, the le55 Ilkely Inherently Ilmlted pro¢edvres lequlred by audltln8 standards would Identlfy It. In addltlon. as wlth any audlt, there remèlned a hlghef dsk of non.detectlon of fraud, as these may Invoh collu51on, for8ery, Intentlonal om1551ons, mlspre5entat5ons, or the overlde of InterThal contro15. Our audft procedures are desl8ned to detect materlal mlstatement. We are not Fe5ponslble for preventln8 non ¢ompllpnce ol fravd and cannot be ¢xpocted to detect non-compllance wlth all law5 and re8ulatlon, A5 part of an audlt In 4c¢ordance wlth ISAS IUKI, we exer¢lse professlonal lud8ment and rnalntaln professlonal 5ceptlc15rn Lhrou8hout the audlt. We also.. Identlfy and assess the rlsks of materlal m1$5tatement of the fSnanclal statements, whether due to fraud or error, desl8n and perforrn •udlt procedures responslve to those rlsks, and obtaln audlt evldence thai Is sufflclent and approprlate to provlde a basls for our oplnlon. The rlsk of not detectlng a mateil41 mlsstatement re5ultlng from froud Is hl8her than for one re5uhlng frorn error, as fraud may InVOe olluslon, lor8ery. Intentlonal omlsslons. mlsrepresentttlons, or the overrlde of Internal contrcl, Obtaln an understandlng of Internal control relevant to the audlt In order to de51gn audlt procedures that are gpproprlate In the clrcumstances, but not for the purpose of expresslng an oplnlon on the effeCtene$S of the charltable cornponV5 Internal control. Evaluat8 the appioprlatenes5 of accountln8 pollcles used and the reasonablenejs of 8ccoyntlnB e5tlmate5 and related dlsclosvres made by the trustees. Conclude on the approprlateness of the trustee5' Usp of the aolng concern ba$5s of accountlng and, based on the au¥Jlt evlden¢e obtalned, whether a materlal trncertalnty exlsts related to event5 or condltlgn5 that may cast slgnlficant dctubt on the charltable compan¢s ablllty to contlnue 8$ a 8olnq con¢ern.11 we conclude that a nlaterlal uncertalnty ex15t5, we are requlred to draw attentlon In our audltorfs report to the related dlsclosures In the flnanclal Statements or, If such d15closures are Inadèquate, to modlfy o(tr oplnlon. 04Jr conclusl¢Jn5 are based on the audlt evldenc? obtalned up to the date of our audltorfs report, However, fvturt events Of condltlons m?y Cause the charltable companv to cease to contlnue as a concein. page 6
Mlnlk Karde5 Llmlted (Prlvate Comp¥ny Llmlted by Guarantee) Inde endent Audltor'5 Re ort to the Membor¥ of Mlnlk Kardes Llmlted Evaluate the overall presentatlon, structure and content of the flnanclal statement5, Includlng the d15closures, and whether the flnanclal statements represent the underlylng tran5actlons and events In 8 manntr that achleves falr presentatlon. We tommunlcate wlth those charged wlth 8fJvernance regarding, amon8 Other matters, the planned scope and tlmlng of the audlt and 51gnlficant audTrt flrtd1n, Includln8any sl8nlfl¢ant deflclencles In Internal control that we Identlfy durlng our audlt. A further dexrlptlon of our responslbllltles for audlt ol the flnanclal statement51s located on the Flnanclal reportlng Councll'5 web51te ?t www.frc.org.uV•udltOTsresponslbllltles. Thls descrlptlons form5 Part of our Repart of the Audltors. Us• of our r•port Thls report15 made solely to the charltable company's members, as a bodyi In ac¢ordance wlth Chapter 3 of Part 16 of the Companle5 Act 2006. Our audlt work ha5 been undertaken SCS that we ml8ht state to the charltable company's mernbers those matter5 we are requlred to state to them In an audltorfs report and for no other purpose. To the fullest extent perrnltted by law, we do not accept or )$5ume re5pon51blllty to anyone othef than the charltable company and thdcharltable company'5 member5 a5 8 body, for our audlt work, for thls repori or for the oplnlons we have foTmed Mlchalh Mlch••l, S•nlor StDtutory Audltor lor and on beh*lf ol Chrlitoph•r Mlthael Ltd, Chorter•d Certlfl•d Account•nts & Statutory Audliorj 26 5tatloll Ro•d, N•w B•rn•t, Herts EN5 IQW Dat•: 16-Ilw2tsZ¥ page 7
Mlnlk Kardes Llmlted IPrfvate Company Llmlted by Guaranteol Stèt•rnent of Ilnanclal a¢tlvltles for the ye•r end*d YI March 2024 Unrestrfrtedl D•slinat¢d Fund5 Restrlrted Funds Total Total 2023 2022 24 13 Not Income: Donatlons and restrltted grants Incomefrom Charltoble grtlvltles.. Nursery lees Incomefrom otherchurltuble ortlvitle5 Fundralslng & other Income 1,681,994 1,681,994 1,056,221 801,541 801.541 559.882 35,413 35,413 37,761 Total Income 1,681,994 836,954 2 518,948 1,653,864 Exp¢ndltur• Expenditure on chorltoble octlvltles., Dlrert Charltable expendlture Management 8ntJ admln15tratlon 1,681,994 607,265 146,862 2,289,259 146,862 1,424,002 140,365 Total exp•ndlture 1,681,994 754,127 2 436,121 1,564,367 N•t In¢omg1{•xp•ndlturel and n4t mov•mfjnt$ In funds before i•ln5 •nd los$eJ on Inv•stm•nts 82,827 82,827 89,497 Tpt•l funds brought 1onv•rd 1.810,676 1,810,675 1,721,179 Total fund¥ urrfed lorw•rd 1893 503 1,893 502 1810 676 The statement of ftnanclal actlvltlgs Includes all 8alns and losses In the year, All Incomlng resource5 and resources expended derlve from contlnulng actlvttles. Page 8
Mlnlk Kardes Llmlted (Prlvate Company Llmlted by Gu4nntee) BALANCE SHE AS AT 31 MARCH 2024 otes 2023 202Z Flx*d Assets Tanglble flxed assets To¢al fid assets 14 353,108 353,108 338,877 338,877 Curr4nt A55trts Debtors Cgsh at bank and In han 15 67,607 1.594.188 29,294 1,525,929 Totsl Current 0958ts 1,661,795 1,555,223 Credltors: Bmounts falllnl due wlthln one year 16 1121,401 183,424 N•t current Bss•¢s 1,540,394 1,471,799 NET ASSET5 1893,502 1810 676 The funds olthe chaty. UnrestrlctedlDe518nated Inrome funds., TOTAL CHARITY FUNDS 1,893,502 1,810,676 1,810 676 1893 502 These Jccounts are ppared In accordance wlth the speclal prov151ons of Part IS of the Companles Art relatln8 to small ¢ompanSes and constltute the annual accounts requlred by the Companles Act 2006 and are for clrculatlon to member5 of the Company. The notes at pages 11 to 19 form part of these accounts 16./1.Tr/ 3 Y Approved by the trustees on ..... PED• Trust & Comp•ny Dlr•ctor Page g
Mlnlk Kardts Llmlted Statement ofush flows Forthe ar efided 31 March 1024 20131z4 2022123 Tot•1 Fundi Prlor ye&T Funds C•sh Ilowj Imm OP¢T•tlni icllvltl¢s: Net cash pr0¥1ded bylus¢d Inl oper•tlni•EtfvItI sh Ilow¥ from Invostlng attltIeS Dlvldends, Intore5t and rentsfrorn InVeSents Proceed from the sale of propertyi plant and egulprnent Purchase of pl0rtY plant equlpment N•t Pr)de& byllysqd Inl Inv•stlthiatllvStl 87,123 274,115 9,818 1,825 128,6811 15,3821 270,658 68,260 Ch1n In ¢Jsh and cash equlvalents In the reponin8 perl¢xl C85h ¥nd cash equlvalent5 4tthe tstllnnlng olthe TeporUnK perlod r4ih •lld ujh th• •thd of th• r•portln¥parlod 68,259 J.525,929 270.658 1,255,271 1ts94.168 1,525,919 Il•concllhtlon of n•t mov•rn•Dt In fund$tD not ¢•sh flow from opqritlng a¢ifvitlt Net movement In funds lor the reportln8 perfod los perthe SOFAI Adlustments for.. Dopretlatlon chariej Ofvldends. Interest and rents from Investment5 Ilncreaselldecre4se In debtors In¢r¢pseldo¢r•asel In credltors 82,827 89,497 14,450 19,8181 138.3131 37,977 8,107 11,8251 157,203 21,293 Pl•t ¢J*h prO•d by IA•d Inl opvltlni •ctl¥ltl 87,123 274.215 Anal1% ofu•h Ind $h •qulv•lMts Cash In hand 1,591,188 1,525,929 Tot•1 caih •nd c•ih •qulv•l•nt 1,594,188 1.525,929 Page 10
Mlnlk Kardes Llmlted IPrlv•t¢ Company Umlted by Guarant¢l NOTES TO THE FINANCIAL STATEMENTS forth? ear •nded 31 M•r¢h 2024 Summo of Sl nlfltant a¢coun In Gongral Informatlon and ba815 of proparntlon Mlnlk Kardes Ltd Is a company Incorporated In England & Wale5 and Is Ilmlted by guarantee and has no share capltal, In the event of the thorlty beln8 wound up, the Ilabllity In respect of the Buarantee15 Ilmlted to a maxlmum of £1 per member of the charity, The re8lstered address15 given In the chprlty Informarlon on page l of these ftnanclal statement5, The nature of the Charlty's operatlons and prtnclple acllvltles are prlmary n4Jr5ery care. The charlty ¢onstltute5 a publlc beneflt entlty a5 deflned by FRS 102, The flnanclal ststements have been prepared In accordance with Accountln8 and Reportlng by Charltle5: Statement of Recommended Pra¢tlce appllcable to charltles preparlng thelr accounts In accordance wlth the FlnanclBI Reportlnz Standard appllc4ble In the UK and Republlt of Ireland Issued in Ortober 2019, the Flnanclal Reportln8 Stanfjard èppllcable In the Unlred KlnBdom and Republlc of Ireland IFRS 1021. the CharStle5 Act 2011, the ComDanles A¢t 2006 and UK Generallv AcceDtefl Ac¢ountlnR Practlce. The flnanclal statements are prepared on a goln8 concern ba555 under the hlstorlcal Cost conventlon, Modlfled to Include certaSn Items at falr value. The llnanclal statements are pre$ented In sterllng whl¢h Is the functlonal currency ol the charlty ènd rounded to the nearest £1. The slgnSflcant accountln8 pollcles applled In the preparatlon of these flft8nclal statements are set out below. These polScle5 have been cons15tently applled to all years presonted unle5S Otherwlse stated. Reconclllatlon wlth prevlous GAAP In preparln8 the account5 the trustees have consldered whether In applyln8 the accountln8 pollcles requId by FRS 102 and the At the date of transltlon no other restatements were requlred. Incomlni resources Income Ilncludlng Income from 8overnment 8nd other 8rantsl Is recoBnlsed when th• charfty has entltlement to the lunfjs, any perform)nce condltlons attached to the Items of Income have been met, It Is probable that the Income wlll be recelved and the amount can be measuro¢J rellablv. Int•r¢st 4nd Invstmènt Incomg re¢•lvabl• Interest on funds held on dtPQ31t and Income from Investment5 held Is Included when recelvable and the amount can be measured rellable by the charlty. Fund ac¢ountln8 Unrestilcted funds are avallable for use at the dlscretlon of the trustees In furtheronce of the 8eneral oblectlves of the charlty and whlch have not been desl8nated for other purposes, Desl8n8ted funds comprlse unrestrlcted funds that have been set aslde by the trustees lor portlcular purpose5, The alm and use of each deslgnated fund15 Set out Sn the note5 to the flnanclal statements. Restrlcted funds are fund5 whlch are to be used In atcordante wlth 5peclflc re5trlcllons Imp05ed by donors or whlch have been ralsed by the charlty for partlculhr purpose5. The cost of ralsln8 and admln15terlng such funds are chBr8ed a8alnsl the speclllc fund. The alm and use ol each rejtrltted fund Is set out In the notes to the flnanclal statement5. Endowment f(tnds represent th05e agsets whlch must be held permanently by the charlty. Income arlslng on the endowment funds can be used In Bccordanct wlth the objects of the charlty and15 Included 95 unrestrlcted Income, Any capltal 8alns or1055es arlsing on the Investments lorm pjrt of the fund. Investment m4na8ement ¢har8es ¥nd le8al •dvl¢e relatln8 to the fund are char8ed aialnst the fund. Page11
Mlnlk Kardes Llmlted (Prlvate Company Llmlted by Guargnteel NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 March 2024 Summa of Sl nlfl¢ant accoufttln ollcl•s The prlnclpal accountln8 pollcles adopted, ILtd8ments and key sourtes of estlmatlon uncertalnty In the prtparatlon of flnancla5 statements are as follows.. Income Recognltlon All Incomlng resources are Included In the Statement of Financlal Activltles ISOFAI when the charlty Is legally entltled to the Intome after any performance ¢ondltlons have been met, the amount can be measured rellably and It Is probable that the For donatlons to be reco8nised the chaTlty wlll have been notifled of the amounts and the Settlement date In wrltlng. If thero are condltlon5 attached to the donatlon and Ihls reqvlre5 a level of performance before entltlement can be obtalnetj then Income Is deferred untll those tondltlons are fully met or the fulfllment of thosg condltlons Is wlthln the contToI of the charlty Donated facllltle5 and donated professlonal services ore recognlsed In Income at thelr falr volue when thelr economlc beneflt Is probable, It can be measured rellably and the charlty ha5 control over the Item. Falr value Is determlned on the basls of the value of the 81ft to the charlty. For example, the 8mountthe charlty would be wllllnB to Pay In the open rnjrket for such facllltles and servlces. A correspondln8 amountls reco8nlsed In expendlture. Trustees, Annual Report. Where practlcable, 81fts In klnd donated for dlstr5butlon to the beneflclarle5 of the charlty ore Included In Stock and donatlons n the flnancl81 statements upon recelpt. If It Is Impr8Ctl¢able to asse55 the falr value at recelpt or If the costs to undertake such a vbluatlon outwel8h any beneflts, then the falr value15 reco8nlsed as a component of don3tlons when It Is dlstrlbuted and an equlvalent amount recognlsed as charltable expendlture. Where estlmatlni the falr value Is practlcable Upon retelpt It15 recognlsed In stock and'lncome from othertradlng actlvltles,. Upon salt, the value of the Itock Is charged agalnst'lncome from other tradlng actlvltles, and the proceeds are reco8nlsEd as 'Income from other tradlnB Bctlvltles, Where Itls Impractlcable to falr value the Items due to the Volume of low value Items they are not iecoBnlsed In the flnanclal statements unt51 they are 501d. Thls Income 55 rew8nlsed wlthln'lncome from other tradln8 actlvltles, Flxed 8sset 81fts In klnd Bre recognlsed when recelvable and are Included at falr v¥lue. They are not deferred over the Ilfe of the For legacle$, entltlement Is the earller of the charSly belng noiined of an Impendlngdlstrlbutlon or Ihe legacy beln8 recelved. At thls polnt Income Is reco8nlsed. On occ855on le8a¢les wlll be notlf5ed to the ¢harSty however It Ss not posslble to measure the amount expected to be d15trlbuted. On these occaslons, the legacy Is treated a5 8 contlngent asset and dlsclosed. Income from tradlng actlvltles Includes Income earned from fundralslng events and tradln8 attlvltles to ralse fund5 for the charlty. Income Is receSved In exchange for supplylng good5 and 5ervlces Irs order to ralse funds andls recogn15ed when Income from government and other grant5 are recognlsed at falr value when the charlty has entStlement after any perform•n¢e condltlon5 have been mel It 55 probable that the Income wlll be recelved and the amount can be rneasured relSably. If entltlement Is not met then these amounts are deferred. Investment Income Is earned thrgu8h holdlng assets lor Investment purposes Such as 5hare5 and property. It Include$ dlvldends, Interest and rent. Where It Is not practlcable to Identlfy Investment management costs Incurred wlthln a scheme wlth reasonable accuracy the Investment Income Is reported net of these co$t5, It Is Included when the amount can be me•sured rellably. Interest Income Is recoRnlsed uslnR the effe¢tlve Interest method and dlvldend And rent In¢ome Is Page 12
Mlnlk Kardes Umlted Iprlvate Company Llmlted by Gu4ranteel NOTES TO THE FINANCIAL STATEMENTS for the eJr ended 31 March 2024 Other Income Includes the nVerS1On of endowment funds Into Income which arlses when capltal funds are released to an Income fund from expendable endowments or when a charlty ha5 authorlty to adopt a total return approach to Its permanent endowment fund. It also Includes other Income such as 83lns on dlsp05a15 of tan8lble flxed assets. Expendlture recoBnltlo All expendlture Is accounted for on an acciua15 basls and ha5 been classlfied under headlng5 that a8gregate all ¢osts related to the category. Expendlture Is recognlsed where there15 a le8aS or ¢onstructlve obllgatlon to make payments to thlrd Irrecoverable VAT Is ¢har8ed as an expense agalnst the actlvlty for whl¢h expendlture arose Grants payable to thlrd partle5 are wlthln the charltable oblectlves. Where uncondltlonal grants are offered, thls Is accrued as soon as the reclplent Is notlfled of the Brant, a5 thi5 glves rlse to a reasonable expect3tlon that the reclplent wlll recelve the 8rants. Where grants are conoltlonal relatln8 to performance then the Brant Is only accrued when any unfulfllled Support cost allo¢•tlon Support costs are those that a5515t the WOTk of the charlty but do not dlrectly represent charltable actlvltles and Include offlce costs, governance costs, admlnlstratlve payroll costs. They are Incurred dlrectly In 5UPPOrt of expendlture on the objects of the charlty and Include proleet manaBement carrled out at Headquarters, Where support costs cannot be dlrectly attrlbuted to partlculsr headlngs they have been allocated to cost of ra151ng funds and expendlture on ¢h3rltable actlvltles on basls conslstent wlth use of the resources Fund-ralsln8 Costs are those Incurred In seeklng voluntary contrlbutlons and do not Include the costs of d1s5emlnatln8 Informatlon In support of the charltable actlvltles. Tanglble flxed a55ets Tanglble flxed assets for use by the charlty are stated at C05t le55 depreclatlon. Depreclatlon Is provlded at rates calculated to wrlle off the cost or valuatlon of fixed assets, le55 thelr estlmated re51dual value, over thelr expected useful Ilve5 on the followlng bases: Frehold property 1% stral8ht Ilne basls offlce equlpment- 25% 5tralBht Ilne basls Taxatlon The charltyls an exempt charlty wlthln the meanlng of schedule 3 of the Charltles Act 2011 and Is con51dered to P8SS the te5t5 set out In Paragraph I Schedule 6 Flnance Act 2010 and therefore It meets the definltlon of a charltable company for UK corporailon tax purposes. Operatlng lease5 Rentals payable and recelvable under operatln8 leases are charged to the SOFA on a stralght Ilne basls over the perlod of the Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade dlscount offered. Prepayment5 are valued at the amount prepold net of any trade dlscounts due. Cash at bank and In hand Cash at bank and In hand Includes cash and short terrn hlghly Ilquld Investments wlt a short maturlty of less than three months from the date of acqu151tlon or openln8 of the dep051t or 51mllaf accoLtnL Credltors ind provlslons Credltors and provlslons are recognlsed where the ¢harlty has a present obllBatlon resultln8 from a past event that wlll probably result In the transfer of funds to a thlrd party and the amount due to settle the obll8atlon can be measured or estlmated rellably. Page 13
Mlnlk Kardes Umlted Iprtvate Company Umlted by Guarantee} NOTES TO THE FINANCIAL ¥fATEMENTS for the ear ended 31 March 2024 Flnan£lal Instruments The trv5t has only has flnanclal assets and flnanclal Ilabllltles of a klnd that quallfy as bas1¢ flnancial Instruments. The charlty does not a¢qulre put optlon5, derlvatlves or other complex flnanclal Instrument5. The main form of flnan¢la1 r15k faced by the charlty Is that of volatlllty In equlty and Investment markets due to wlder economlt condltlons, the altltude of Investors to Pen51on5 The Company operates a NEST penslon scheme for Its employees . Contrlbutlons are expensed as they become payable. Goln8 concern The financlal statements have been prepared on a golng concern basls as the trustees belleve that no materlal uncertalntles exlst. The trustees have ¢on51dered the level of funds held and the experted level of Income and expenditure for 12 month5 from authorlslng these tlnanclal statements. The budgeted Income and expendlture Is sufflclent wlth the level of reserves for the charlty to be able to contlnue as a 8oln8 concern, Page 14
Mlnlk K¥rde$ Llmlted IPwlvato Company Llmlted byGuw•nt8el r4ot¢s to tht flrt1ft¢181 rtatements foi thp ¢&r end¢d JI Ma¥¢h 2014 l Leial statw olih• Tm>t The Trust15 a company Ilmlted by SYBrintee and has no shafe capltal. In th• evqnt of the chartty belno wound up. the Ilablllty In respect of the gu8rnntee1s Ilmltod to £1 per mefnber of the charlty. Z Flnanclal p•rforrn•#¢¢ ollh• ¢h•rlty 2023n4 zoizi Income Expendltur¢ on charftable 4¢tltIeS Expendllure on m•na8ement Bnd B(tmln5ttratlon Oeprecl8tlo 2274,809 146,862 14,450 1,415.B95 140.365 8,107 1436 121 1564.367 Ntt In¢om* 82.8Z7 9,497 Toral funds brouaht folward Total fund5 carrled forward R¢presented by.. Urtre5trlctvd fvnds 1,794,05B 1.794.561 1794 058 1893 SUZ 18LO 676 P¥ge 15
Mlnlk Kardas Umlt•d IPrlv#te Company Umlted by Guarantee) Notes to the flnanclèl ststementS lor th• •ar •nded 31 Marth 2024 J Incgme from Donltlons •nd Gr•nts Mlnlk Karde$ Grants recelvzble LBH Household Support Fund L 81511nston- N E G L 8 lslln8ton- Turklsh 3-6 yr5 L 8 Isllngton- S F F l B Isllngton- 2 year old L B Isllngtpn- 3&4 YO L8 lsllngton brl¥ht stsrt L8 Islln8ton-SEND L8 Isllngton famlly kJt¢hefi project L81 maternlty HackThey Learnln¥Tru5t. 2 year old Hackney LeaTnln8Tru5t- Chlldron Cenlre Hackney Learnln¥Trust- HeadcounV5 F F Hackney FE NHS Incredlble Years NH5 North East Bl8 lottery LBH Ne8 Hornerton Flr$t Steps LBH maternlty Grant Ald Carnpsbourne school Speech support Other rnlscellaneoui F•ctory L8 1511ngton L8 Islln8ton'. SEN LB Isllngton.. EYPR LB Isllngton.. Maternlty LB Islln8ton.' Brlght Start LB Isllngton.. 2 year olds LB IsllnBton.' 3-4 year old5 L8 Islln8ton,' Mlscellaneous Early years premlum Grant ald Horn5•y Ro•d L81511n8ton LB lslln8ton'. SEN LB 1511n8ton farnlly kltchen prolett Other mlsollaneous L81slln8ton brlght 5t?rt 18,268 1,555 6,866 115.412 6,635 29,295 100,000 2,683 417 7.147 14,085 20,120 2,332 4.379 28,LKX) 6,502 3,240 6,492 ioo,oo) 25,591 79,052 26,272 21,861 20,649 7,J82 248,138 8,426 4,000 2,165 11,013 157,160 8,728 1,000 9,817 599 4,986 550,248 2,400 335 523,447 3,220 4.708 8,492 12,999 5,962 1,845 2.142 443 2,906 499,374 2,019 2,480 2,128 5,000 1681,994 1056 221 4 lfieorne from th•rft#ble •aMtI•s Nursery fees 801,541 559 882 page 18
Mlnlk Kardes Llmlted (Prlvate Company Llmlted by Guarnnt8e} Notes to the fln•n¢lal st8tem¢nts forthe ear ended 31 March 2024 2023124 2022123 5 Income from other ¢h•rftable •rtlvltl•s Fundralsln8 Interest ceIVable 25,595 9,81B 35,936 1,825 35,413 6 Anz41ysls of ¢xpendTture on eharltoble actlvltles Staff & agency costs Other runnln8 costs 1,707,063 582,196 1,063,179 360,823 2 289.259 1,424,002 7 Analysls of governance and 51lPPOrt cost Staff cost5 Audlt and accountancv Legal & profe5slonal 8¥nk charges 128,764 17,161 120,218 12,890 6.377 880 937 146,862 140,365 N•t Incom• Il•Mp•ndlturnl for the ye•r Thls Is stated after char8ln8'. Depreclatlon .owned assets Audltors remuneratlon for audlt servlces Audltors rernuneratlon for other servlces 14,450 11,700 8,107 8.700 9 Analyse5 of staff costs, tru¥te• remunerthtlon thnd •Xn$, and the eost ol k•y mana&ement Dersonn81 Wages 8nd salarles Redundancy Employe15 natlonjl Insurance Employers Pen$lon A8tncy & sesslonal staff 1,460,612 946,476 2,860 77,822 17,572 141,527 122,681 26,010 226,524 1,835,827 1,186,257 The average number of staff employed durln8 the year were as follows; Dlrect charltable Admlnlstr8tlon & SLFPPOrt 62 41 67 44 The number of employees whose ernoluments a5 deflned for taxatlon purposes mounted to over £60,000 In the year were as follow5.. 10 TrusteES' remunerntlon The trustees were not pald or received any other beneflts from the Chorlty durln8 the ytar In thelr capaclty as trustees. 11 Rel•ted party transartlons N C05Br recelved remuneritlon durfn8 the #r In her up•cliy as Nu15Ery Head, Page 17
Mlnlk Kardes Umlted IPrl¥ate Cornpany Umlted by Guarantee) Notes to tht Ilrbanclèl stattments for the year ¢nded 31 March 2024 12 Government Grants Income from government 8rBnts compr15es of grant fundln8 made avallable by local authorltles ta fund the chlldren centre runnlng cost of the Charlty. See note 4 for more Informatien and to the amount and sources of these grants. 13 Corporntlon Tax The Charfty Is eyempt from tax on Income and 8alns fallln8 wlthln sectlon 505 of the Taxes Act 1988 sectlon 252 of the Taxatlorl of Ch¥r8eable Galns Att 1992 to the extent that these are opplled to chJrlt4ble ob5ects. Freehold Proporty Offl¢e Equlpment Tot•1 14 Tanglble Ilxed a$3et$ Cost: At l Aprll 2023 Addltlon5 466,147 68,490 28,681 534,637 28,681 At 31 March 2024 466,147 563,318 Deprn¢latlon At l Aprll 2023 Ch8r8e In yeji At 31 M8rch 2024 132,157 4,661 63,603 9,789 195,760 14,450 136 818 73,392 210 210 Net book valu¢ At 31 March 2024 329.329 353,108 At 31 March 2023 333,990 4,887 338,877 IS Debto Amounts due wlthln gn• y•4r. 2023124 2022123 Fee Debtor5 Prepayments Accrued Income Other debtor 42,986 13,343 7,117 4.161 17,256 9.638 2.400 67,607 16 Crodltors Amounts tslllni du• wlthln one ye•r: Other taxatlun & 50clil 5ecurlty Other credltors & aceruals Z6,732 94,669 17,000 66,424 121401 17 Delerred In¢gme Deferred Income comprlse ¥dvance recelpt of nursery fees for 2023124. Balance as èt l Aprll 2023 Amount released to Income earned from charltable actlvttles Amount deferred In the year Balance as at 31 March 2024 5,000 5.000 Page 18
Mlnlk Kardes Umlted {Prlvate Company Llmlt•d by Guaranteel Notes to the Ilnan¢lal 5tatement$ forthe year•nded 31 March 2024 2023124 2022123 18 Analy$l$ of eharltable fund$ Analys1$ ol mov¢ment In unre5trfcted funds Unr strlctèd Funttional fix Balance at l Aprll 2023 Movement In year 338,877 14,231 345,081 16.2041 baljnce at 31 March 2024 353,108 338,877 nrestrlcted Balance at l Aprll Z023 Movement In year Inter-fund transfers 1,040,326 82,827 114,2311 1,108.922 944,626 89,497 6,204 Balance at 31 March 2024 1040,327 aff Balance at l Aprll 2023 Movement In year Balance at 31 March 2024 26,472 26.472 26,472 26,472 nnin costs r Balance at l April 2023 Inter-fund transfer5 405,000 405,000 Balance at 31 March 2024 405,000 405,000 Total 1893 502 1.810,676 19 Analysls b•¢w••n fund balanc•s Unroslrlrtld General D•slin•ted Tot41 Tan8lble flxod assets CB5h at bank and In hand Other net current asset$l Illabllltle51 353,108 431,472 353,108 1,5941,IB8 153,7941 1,162,716 153,7941 1 108 922 784 580 1,893 502 20 Flnandal tommltm•nts Total future mlnlmum lease payments under operaiin8 leases.. 1023124 Wlthln I year Wlthln two to flve years 2022123 1,005 Page 19
Mlnlk Korde5 Llmlted (Prlvate Company LlmSted by Guarantèe) Notes to the flnanclal statements for tho tar •nded 31 March 2024 21 alance Incomln8 Resour¢e5 Resources Expendeil BalBnce at 3V3124 114123 L 8 H Household support fund L B Islln8ton- N E G L B lsllngton-Turklsh 3-6 yr5 L B Isllngton. S F F L 8 Islln8ton- 2 year old L B Islln8ton- 3&4 YO LB lsllngton brlght start L81511ngton-SEND L8 1s11non famlly kltchen prolert L81 maternlty Hackney Learnlng Trust- 2 year old Hackney LeafTrln8 Trtsst- chlldren Centre Hackney Learnln8 Tnjst. Headcount15 F F Hackney FE NHS North East Bl8 lott&ry L8H Ne8 Homerton Flrst steps L8H maternSty Grant Ald other mlsc L81sllngton LB1511n¥ton-SEND LB Islln8ton'. EYPR LB lslln8ton: mlsc LB Isllnston LB lslln8ton-SEND LB lsllngton lamlly kchen prol¢rt other mls LB Isllngton brlght st•rt 18,268 1,555 6,866 115,412 6,635 29,295 loo,000 2,683 417 7,147 14,085 20,120 2,332 4,379 7,182 248,138 8,426 4.000 2,165 11.013 4,986 550,248 2,400 33S 2,906 499,374 2,019 2,480 2,128 5,000 118,2681 11.5551 16.8661 1115,4121 16,6351 129.2951 iioo,oooi 12,6831 14171 17.1471 114.0851 120.1201 12,3321 14,3791 17,1821 1165,3111 18,4261 14,(1001 12,1651 111,0131 14,9861 IS50,2481 12,4001 13351 12,9061 1499,3741 2,0191 12,4801 12,1281 15,0001 82,827 1681994 1 $99 167 Page 20