2025-03-31-accounts

Minik Kardes Llmlted (Prlvate Company Limited by Guarnntee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 COMPANY REG NO. 3076260 CHARITY NO. 1067893

Mlnlk Kardes Lirnlted IPrlvate Company Limited by Guarantee) Contents Pa Legal and administratlve information Report of the trustee5 Report of the auditors Statement of Flnanclal Activitie5 8alance Sheet Cash Flow Statement io Accountlng pollcles 11-14 Notes formlng part af the financlal statements 15-20 Detailed Income & expenditure account 21 Puge 21 does notforni purt of the Statutory (xccount&

Minik Kardes Umited (Private Company Umlted by Guarantee) Legal and Admlnlstratlve Informatlon Trustee5 and dlrertQTS AKMeer S Arslan P E Daniels Fwman (resigned 211312025) E MJ J Van Waeyenberge •* - Monagement committee members are u150, for thepurpose of the ComponiesArt2006, compony dlrector5. Company seuetsry: P E Daniels Key management & personnel N Cosar- Nursery Head V Demetrbou- Head of Flnance Admlnlstratlon and reglstered office: 53-55 Balls Pond Road London NI 4BW Charlty reslstratlon no: 1067893 Company reglstratlon no: 03076260 (En￿and & Wales) Audltors: Christopher Mlchael Llmlted Chartered Certlfled Accountants & Statutory Auditors 26 Statlon Rd New Barnet Herts EN5 IQW Bankers: Barclays 8ank PIC Fundln8 authorltl•s: L8 of Islington Hackney Leamlng Trust Page 1

Mlnlk Kardes Llmlted Private Com Limlted b Guarantee Dlrectors and Trustees Report ftir the year ended 31 March 2025 The trustees are pleased to present thelr annual dlrectors, report for the year ended 31 March 2025 whlch Is also prepared to meet the requlrements for a dlreucrs report and accounts for Cornpanie5 Act purposes. The financlal statements Comply wlth ihe Cfvarltles Act 2011, the Companles Act 2C¥)6. the Memorandum and Artleles of A550ciatlon, and Accountlr8 and Reportln6 by CharitSes', Statement of Recommended Prattlce applicable to charitle5 preparing thelr accounts In ccordonce wlth the Flnandal Reportlng Stsndard applicable sn the UK and Republlc of Ireland IFRS1021. Stru¢ture, Govornanee and ManaKement vemln Docum nt Mlnik Karde5 Llmlted Is a comparry IlmSted by guarantee and Is a rÈglsteTed charlty. The company was establlshed under Memorandum of Assoclatlon whlth establlshed the obSects and power5 of the charitable company and Is governed under its Artlcles of Assodatlon, In the event of the company belng wound vp rnember5 are requlred to conirlbute an amount not exceedlng £1. ent&A of Trus The trustees and dlrectors who have served thrcughout the year are showr on page l. Appolntment of dlrettorsltrustee515 governed bythe Memorandum & Artlcles of Assoclatlon. New Trustees under80 tralnlng on thelr le881 obll8atlons as under Charlty Law, the der151on makln8 process, the busln8ss plèn and recent performance of the charlty. n15a lonal Str re The charfty Is or8anlzed so that the trustees meet reS￿l8r1V to mana8e Its Hffalr5. The 'Nursery Head, N Cosar and Head of flnance V Demetrlou manage the day to day admlnlstratlon of the charlty and report to the Tru5tee5 at monthlyTrustee meetlngs. 15k Mana The irustee5 actlvely revlew the rnalor r15ks wblch the charlty lates Dn a regular basls and belleve that malntalnln8 re5erye5 at the Current levels, comblred wStfv an annv81 revlew of the controls over key flnandal 5yStems. wlll provlde sufficlent resources In the event of èdver5e condltlon& em The trustees also revlew non-flnan¢lal rlsks and these rlsks hre managed by ensufln8 compllance wlth Bll h•alth and safety regulatlons for chlldren, staff and parents, In eddltlon the nursery Is regulated by Otsted and the trustees and senlor management havq controls In ploce to ensure tompllance wlth such re8ul*icns. R lated artles None of the tru5t8es recelve remuneratlon or other beneflt In tfveir capi¢lly as trustees of the charlty. Any connectlon between trLt5tee of the chaTlty and or8anisalions provldlns servlces to the charlty must be dlsclosed to the full board of trustees in the 5arne way as any contraclual relatlonshlp wlth a relaled pany. In the current year no such related party Iransactlons were reported. The dlrectors conslder that the board of dlrectors. who are the Chgrlty'5 tTU5tee5, and senlor maragement team comprlse the key management personnel of the charlty In charge of dlrectln& ¢ontrolllngi runnlng and operatlng the charlty on a day lo day basls. The pay of 5enlor staff, Indudlng N Cosir Is revlewed annually and normally Increased in with Local Authority pay scale5. Purpose and oblectlves The charity's obSerts and lis prlnclpBI actlvlties are the advance and eduratlon of Turk15h speaklrB Chlldren below compulsory school age by the provlslon of bllln8ual nursery educatlon, Achlevements and perforrnance The trustees con51derthai the Charlty's actlvlties In meetln8 cblectlves have been most satisfartory durlll8 ihe year under revlew. Page 2

Minik Kardes Llmlted (Private Company Llmlted by Guarantee) Directors and Trustees Report for the year ended 31 Mwth 2025 Contlnued) Flnondal revlew Total Income for the year aMo￿lted to £2.669,786 wkh total expenditure amountlnB to £2.552.459 I￿n& a surplus In the year of £117,327. Accumulated reserves atthe balance sheet date amounted to £I010.828, of thich £1.652328 represent Income reserwes. Investment powers and pollcv The trustees, havlng regard to the liquidlty requlremerrts of operating the nursery. have kept a proportlon of avallable Ilquld funds in an 5nterest bearinB account to mwlmlse the rate of return, atthough gfven current rdtes of interest the rate of ieturn.ls mlnimal. The trustees will review the poshion and ￿nSIder alternative Investmenls to maJ¢lmlse returns but wlll contlnue wlth a Tlsk averse pollcy, Reserves pollry and golng toncetn The Trustees have undertaken a review of the charlvs requirements for reseNes in IIBht of the rnaln rlsks to the organlsation. As part of thls revlew the chartty ha5 set up two funds, namely 3'runnkn8 Cost, and 'staff & maternity fund. reserve. in Ilne wlth ChJTlty Cornmlsslon recommendations. The runnlng c05t reserve Is to cover runnln8 Costs of the charlty of between 3 to 6 months and as at 31 Marth 2025 stands ai £405,000 whlch Is equlvalent to SIK rnonth5 runnln8 Costs. The '5tsff & maternlty fund, Is to cover fLrture potentlal statutory Ilbbllltles lredtsnd?n￿• unpald hollday & monies In Ileu of notlcel should the charlty ¢ease actlvltles and as at 31 Marth 2025 stsnds at E26.472. P14ns lorfirture perloth Fundin8 for the year 2025126 has been secured from L B Islln8ton and Hackney Learnkng Trust wlth total grants rtcelvable for the year of £1,168.987 for the Charltles, core artlwtles and the alm of the Trurtee5 15 to further develop Ihe thlldrtn's ¢entre, the provlslon of nursery educatlon and outreath Serv1￿ In the Hackney & 151kn8ton areas. Trustees re5ponslbllltles In rqlatlon to the flnandal Statements ThÈ charlty trustees Iwho are als¢ directors ofr the Company for the purposes of company lawl ?re responglble for preparln8 tfUSt8es' annual report and flnandal statements In accordantt with appllcable law and Unlted Klngdom AccountlnB Standards Iunlted Kln8dorn Generally Accepted Accountlng Prnttlce). select suhable accountln8 polldes and applyihem con51stentlv . observe the methods and prlndples In the Charftle5 SORP- . mako judgments and e$tlmate5 that are reasonable and prudent: . state whether app15cable UK auovntlng standards have been followed, sublert to ￿ rnèterlal departure5 dlsclosed and explalned In the flnanclal $￿eMents. . prepare financlal stalernents on a 80br6￿nCern basbs unless it Is Inapproprlate to presume that the ehirlty wlll contlnve In operatlon, The trustees are ￿sponSIble for keeplng accountln8 record5 whlth disdo$e whh reasonable accuracy ar any time the flnanclal P051tlon of the charlty and enable them to ensure that the tlnanchl #atements cgmpty wlth the Companies Att 2C06. They are a150 responslble for safe8uardln8 ihe assets of the thartty and hence for taklng reasonable steps ftr the preventlon ènd detectlon of fraud and other Irwularlik Dlreclor> truste The trustees who a￿ dirertOf5 for the purpose of company law vtho have seNed durlng the year and up to ihe date of thls report are set out on page l. Statement 45 to dlsclosureto our audltors In so far as thè tru5tee5 are aware ot the tlme of approvin8 ourtrustees, ￿n￿91 repon: . there Is no relevant Informatlon. being InfDrmatlon needed by the audltor in Comectlon wl¢h preparkng thelr report, of which the company's auditor Is unaware: and - the trustees. havlng made enqulries of fellow dlrectors and the wmpaT)y audftor that they ou8ht to have Indlvlduallytaken, have each taken all steps that he/she Is obll8ed to take as a dlrertor Sn orderto Thake thernselve5 aware of any Telwant audlt Infomiatlon and to estab115h that the audttor Is Jware of that Informatlon. Byor of the boBrd r)f trustees AKMeer Tn￿tee & Company Director Date: 12.9.2025 Page 3

Mlnik Karde5 Umlted (Prlvate Company Ilmlted by Guarantee) Ind endent Audltor's R ort to the Members ot Mlnlk Kardes Umlted Oplnlon on flnandJl statemeftts We howe audlted the financlal statsments of Mintk Kardes Ltd for the year ended 31 March 2025 on page5 8 to 20. The fin3nclal reportinB frarnework that has been applied In their preparation is applicable law. and United Kingdom Accountlng Standard5 Iunlted ngdom Generalty Accepted Accounting Practice). Includln8 FRS 102 "The Flnandal RepDrting Standard applicable in the UK and Republlc of Ireland" Thls report15 made solety to the charttable companV5 members, as a body. In accordantÈ wlth thapter 3 of Part 16 of the Comparnle5 Art 2006. Our audit work ha5 been undertaken $0 that we mlght state to the charitable companvs member5 those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fvllest extent permitted by law we do not accept or assume re5pon51blllty to anyone other than the charltable company and the tharitable ¢ompJnVs members as a b(>dy• for our audlt worl for ihls repor¢ or for the oplnlon5 we have formed. In our oplnlon the financlal statemen￿. glve a true and falr view of the state of the tharit•ble eompanvs affalrs as at 31 March 2025. and ol its Incomln8 resources and appll¢atlon of resources. Inclvdlng Its income and e¥pendllure. forthe yearthen ended: - have been properly prepared In accordance wlth the Unlted Kingdom GenerBlly Accepted Accounllng Prnrtlce; and - have been prepared In accordance wlth the requlrernents of the Companles Act 2006. Basls Of oplnlon We conducted our audlt In accordance with Internatlonal Standards on Audltln8 (UK) IISAS IUKII and appllcable law, Our responslbllitles under those standards are further descrlbed In the Audliorfs respon51bll￿leS for the audlt of the fSnan¢lal Statements sectlon of Dur report. We are Independent of ihe charitable company in accordance wlth the ethlcal requirement5 that are relevant to our audit of the financlal staternents In the UK, Includln8 the FRCs Ethlcal Startdard, and we have fvlfilled our other ethlcal respun51bllltle5 In accordantt wlth these requlrernents. We beNeve the audlt 0￿dence we have obtalned 15 5ufficlent and approprfale to provlde a basls for ouroplnlon. Condu$lons rel•tlns to solng conc•m We have nothlng to report In respert of the followin8 rn)tters In relatlon to whlch the ISA5 IUKI requlre us to repDrt to wju where: the trustees, use of the 8olng concern basls of a¢counlln8 In the preparation of the lknanclal statements Is not approprlate: or the trustees have nat disclosed In the flnancial Siaternents any Identified materlal uncertalntles that may cast $18nlfl¢ant doubt bout the charilable cornp3nV5 ablllry to continue to adopt the 8oln8 concern basls ol acc￿ntIft8 for • perlod of ai least twelve month5 from the date when the flnanclal statements are authorlsed for Is5￿. Other Inlofmatlon The trustees are responslble for the otherlnforrnatlon. The other Snfomiatlon compr15e5 the knfomatlon Induded In the trustees, arnual report. other than the finan¢lal Stsiements and our audkorfs report thereon. Our oplnlon on the flnanclal statement5 does not ¢overthe other Inforrnatlon and. except to the ettent (Aherwlse explicltly stated In repoffj we do not express any forn) of assurJnce conclusion thereon. In connectlon wlth our audlt of the financlal statements, our responslblllty15 to read the other Inft•matlon and, In dolng so, conslder whether the other Inlormallon is mateTiolly Inconslstent wllh the financlal statements or our knowledge obtalned In the audlt or otherwlse oppears to be materfally mlsswed. If we Identlfy such.materlal Incon515tencle5 or apparent material mlsstatements, we are requlred to deternilne whether there15 a materlal mlsststement ￿ the flnan¢lal statements or a material m155tatement of thè other Information. If, based on the work we have perforn)ed, WÈ conclude that there Is a material misstatement tsf this otheT Infomiatlon, we are requlred to report that fact. We have nothin8to repvrt In thSs regard. Oplnlon on other matter presulbed bythe Companies Art 2006 In our oplnlon, based on the work undertaken in the course of ihe audft: the Infomatlon 8iven In the trnstees, report for the flnanclal year for vNth the financlal statements are prepared Is ¢onslstent wlth ihe financlal statements: and Page 4

Mlnlk Kardes Llmited (Prlvate Company Llmlted by Guarantetl Inde ondent Audltor's Re rt to the Mernbers ofminlk Karde5 tirnlted theTrustees repart h05 been prepared kn accordan￿ wlth athKable legal requirements. Matters on whlth wè are requlred to report by¢xcep¢lo ln the118ht of our kngwledge and undEf5tandkn8 of the ch¥ltable conyany arKI Its erwIronMe￿ Obtsi￿d in the COLW5e of thè audit, we have not Identlfled materlal mtsstatemèn¢s In ihe dlrectors, report. We have nothln8to report In respect of thefollowing matters In ielatlon to whlch the Compans Aci 2C¢J6 requires to report toyou IF, In our oplnion: -adequate accountln8 records havè not been kep¢ orretury adequate forour audtt have not been recelvÈdfrom branches notvlsnÈd by us. gr -the financlal statements are not In agfeementwiihthe aCc￿n11n£ retofds and rttums; or -certain diselosures of dlrettors, rernuner?tion specffled by law are not made: or -we have not rece￿ed all the Infofrnadon and emplanatlons we require forour audfjt,. Of Responslbllllles of tnistees As explalned rnore fully in the trurtees, iespornslbllitles statement, the irustee5 Iwho are aL50 the dlrectors of the charhable company forihe purposes of cornpanv lawl are responsible lorthe proparatlon ol the flnandal statements and for 5bned that they 8fve a true and fairwlew. and for such Inleinal ctsnirol as thÉ trustees deteimlne Is necessary to enable the preparation ot flnanclal stttements that ale free from marerlal mlsstatement whether due to fi•yd or error. In preparing IhE flnonclal statements. th• trustees are rè5pDnslble for assesslnÉ tl tharltable comparfs abl4ty to ¢Orflnue a5 a 8olng conc•in, dlscloslng, as appllcable, matiers rElated to 8oln8 conce¥n and u51n¥the golnÉ concern bas1$ of accountkng ￿￿e$S the trullees eiiher Intend to Ilquldate the ch?rltsbl• company or io cease operatlons, or have no rea155tlc altematlve bul to do so. Audllorfs re5ponslbllltle5 forthe aud￿ ol tht fin•nclil statements OUT oblecllve5 are to obtsln reasonablè assurance about wheiher thè fin4nclJl 5tementsas a are free frMI merfal rn1s5tsternent, whether due to fraud or error, and to15sue an audltorfs report thai includes our oplnk)n. Reasonable assurance 05 o hl8h level of a55u¥ance, but Is not a guarantee that an audit condurted In accordance w￿h ISAS IUKI wlll ah¥ays ddect a maierlal misdatement w￿n It exists. Mtsststernents can arlse from Iriud or error and are consldered materlal W, Indlvldvally oi In the a88re8ate, they ￿Uld reasonab be expèrtÉd to Innuence the economlc dpcbion5 of users taken on the ba515 of these Ilnancial 5tstements. Irreiularitiès, In¢ludln8 fraud, are Snstances of non-compll¥Jce wlth laws and re8uktlons. We deslgn proc•dures In Ilnt wlth our rèsponslbllllles. outllned above. to delqct materlal misstatèments In respect to lrnègularrtles, Includlnl fraud. The •xtpnt to whlth out Procedw￿ ?re up•bl• of d•tectbn8 Irrègularltles, Includlng fraud 15 detallqd b•low'. To Identlfy rlsks of mateilal mlstatement5 due to Iraud I'fraud r￿kS.) we asse55ed events or condlllons that kndlutè an IrÈntfvè or pressure to commlt fraud or provlde thé opportL¢nlty to commlt fraud. Our r￿k a55essment proced¢Jres lfi¢lyded: •Enqulrlngwlth Tru5tee5 and rnana8ern•nt and InspÈctlon of pollcy documeDtation as to Mlnlk Kardes Llmtted's pollcies and procedures to prevent fraud and det•ct Iraud that èpply to th15 company as WEII •5 Enqulrln8whether theTrustees and management have knovAedie ol any actval suspected or alle&ed fraud, Audlt procedures performed by the •n8a8tmen¢team Induded.. •Dlscusslons wlth rnana8ement and assessment of known or suspected Instanc•s of rtoncornpllan¢e wllh ld and regulatlons and frnud.. •A55e55rnenls of Identfjlled liaud ladots.. Challen8ln8 assumptfons andludgernents made by managemert bn Itsslgnlflcarrtac(ountlnB estlmates: 41Usln8 analytlcal revlew proc4dur•s to Identfy unusual or unexperted relatlonsNps 'Conflrmatlon of related partles with Manageme￿ and Tevlew of rrwctlons thnJu8hout the perlodto Idertlfy pr4vloLty￿y undlsclosed transactlons wlth related partlos outslde the noirnal course of bu51ness'. 'Readln6 mlnutES of rneetln85 of those chaiged wSth 8ovemance- 'Revlew ¢f slgnlljcant and unusual iransatlon5 and ev31uatlon of tht undethlng finandal raiionale SUPPDrtJn8the transactlons: *ldentlfyln8 and le￿Ine joumal entrle5, In particul¥ any manual entrie5 made at the yearend forflnancial statement prosentatlon.. •ldentlfyiDg and reSpOr￿[￿l to rtsks of rnaterial mlst8tement dut to Thonrornpll￿￿ w￿h laws and wy￿10n Page 5

Mlnlk Kardes Ilmlted IPrlvate Company Limited by Guarantee) Inde endent Audltor's Report to the Members of Mlnlk Karde5 Llmited We communlcated Identlfled fraud rlsks throughout the audit tearn and remained alert to any Indlcatlons of fraud throughout the audit. As requlred by auditln8 stsndards, taking Into account possible pressures to meet profit targets. we perform procedu￿$ to address rlsks of management overlde of controls and the risk ot fraudulent revenue recognltlon, Includlng: the rlsk that revenue Is recorded In the wrong perlod and the rlsk that management may be In a posltlon to make Inapproprlate accountlng entrles. We dld not Identlfy any addltlonal fraud r15k5. We Identlfled arears of laws and regulatlons that could reasonably be expected to have a materlal effett Dn the financlal statements from our general commerclal and sector experlence and through dlscusslon wlth Trustees and management requlred by audltlng standards) and d15cussed wlth Trustees and management the pcllcles and procedures re8ardlng compllance wlth laws and regulatlons. Flrstlyi the companyls subject to law5 and regulatlons that directly affect the flnanclal statements includlng flnanclal reportlng leglslatlon, Ilncludlng related companies leglslatlonl, dlstrlbutable proflts leglslatlon and taxatlon leglslatlon and we assessed the extent of compllan wlth these laws and regulatlons as part of our procedures on related flnanclal statement Items. Secondly, the company Is subjert to many other laws and regulatlons where the consequences of non compllance have a rnaterlal effect on the arnounts or d15closures In the flnanclal ststement5, for Instance through the Imposltlon of flnes or Iltogatlon, We Identlfled the followln8 areas as those most likely to have such effett.. health and safetyi antl-brlberyi general data protectlon, employment law, and certaln aspects of company leglslatlon. recognlsin8 the nature of the company's actlvltles. Audlting standard5 Ilmlt the requlred audlt procedures to Identlfy non compllance wlth these laws and regulatlons to enqulre of the Trustees Inspectlon of Tegulatory and legal correspondence, If any, Therefore, If a b￿a¢h of operatlonal regulatlons Is not dlsclosed to U5 or evldent from relevant correspondence, an audit wlll not detett that breach. Context of ablllty of the audlt to detect fraud or breached of law or regulatlon Owlng to the Inherent Ilmltatlons of an audlt, there Is an unavoldable rlsk that we may not have detected some material mlststements In the flnanclal ststements, even thaugh we have properly planned and performed our avdlt In accordance wlth audlting standards. For example, the further removed non<ompllan¢e wlth laws and regulatlons Is from the events and transactions reflerted In the financlal statements, the less Ilkely Inherently Ilrnlted procedures requlred by audltin8 Standards would Identlfy It. In addltion , as wlth any audit, there remalned a hl8her rlsk of non-detectlon of fraud, as these may Involve colluslon, for8ery, IntentlDnal OMI￿lOn5, m15presentations, or the overlde of Internal controls. Our audlt procedures are designed to detect materlal m15tatement, We are not responslble for preventln8 non compllance or fraud and cannot be expected to detect non-compllance wlth all law5 and re8ulatlon. A5 Part of an audlt In accordance wlth ISAS IUKI, we exerclse professlonal judgment and malntaln professlonal sceptlclsm throu8hout the audlt. We also: Identlfy and assess the rlsks of materlal m155tatement of the flnanclal statements, whether due to fraud or error, deslgn and perform audlt procedures responslve to those rlsk5, and obtaln audlt evldence that Is sufflclent and approprlate to provlde a ba515 for our oplnlon. The rlsk of not detectln8 a materlal misstatement resultlng from fraud Is hlgher than for one re5ultln8 from error, as fraud may Involve colluslon, forgery, Intentlonal omlsslons, m15representatlon5, or the overrlde of Internal control. Obtaln an understandlng of Internal control relevant to the audlt In order to deslgn audit procedure5 that are approprlate In the circumstances, but not for the purpose of expressing an oplnlon on the effectlveness of the charltable company's Internal control. Evaluate the approprlatene5s of accountln8 pollcles used and the rea50nableness of accountlns estlrnates and related dlsclosures made by the trustees. Conclude on the approprlateness of the trustees, use of the golng concern basls of accDuntln8 and, based on the audlt evldence obtalned, whether a materlal uncertalnty eM15ts related to event5 or condition5 that may cast slgnlflcant doubt on the charitable companV5 ablllty to contlnue as a golng concern. If we conclude that a materlal uncertalnty exlsts, we are requlred to draw attentlon In our audltorf5 report to the related d15c105ures In the financlal ststements or, If such diselosures are Inadequate, to modlfy our oplnlon. Our conclu51on5 are based on the audlt evldence obtalned up to the date of our audltorfs report. However, future events Dr condltlons may cause the charltable companv to cease to contlnue as a AolnR concern. page 6

Minlk Kardes Ilmited IPrlvate Company Umlted by Guarantee) Independent Auditor's Re rt to the Members of Mlnlk Kardes Umlted Evaluate the overall presentatlon, struC￿re and content of the financlal ststements, Includlng the dlsclosures, and whèther the flnanclal statements representthe underlyin8 transattions and events In a manner that achleve5 falr presentstlon. We communlcate wlth those charEed with governance reEard1￿ amon8 Other matters, the planned scope and tlming of the audlt and slgnlflcant audSt flndings. Includlng any slgnificant deficiencles In Internal control that we Identfy during our audlt. A further de5CTlptlon of our responslbllltles for audlt of the flnancial statements Is located on the Flnanclal rÈportln£ Councll's webslte at www.frc.org.uVaudltorsresponslbilities. Thls descrlptlon5 forms Part of our Report of the Audltors. Use of our report Thls report Is made solely to the charitsble companTrls members. as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Art 2006. Our audlt work ha5 been undertaken so that we might stste to the char5table cornpanvs members th05e matters we are requlred to state to them In an audltorfs report and for no other purpose. To the fullest extent pennltted bv law, we do not accept or assume responslblllty to anyone other than the charltable companyand the charltsble companrfs members as a boo*. for our audlt work for thls report, or for the oplnlons we have formed Ml¢halls Mlchael, SeDlor St•tLrtory Audltor for und on behalf ol Chrlstopher Mlchael Ltd, Chartered Certined Accountants & statutory Audltors 26 Statlon Road, New Barnet, Herts ENS IQW Date: l L - 09 - lQ25 page 7

Mlnlk Kardes Llmited (Prlvate Company Llmlted by Guarantee) Statement af flnandal artlvltles for the year ended 31 March 2025 Unrestrlrtedl Desl8nated Funds Restrirted Funds Totsl 2024 Total 23 Income: Donatlons and restrlcted grants Incomefrom Charitable artivities.. Nur5eryfees Incomefrom other charitable artivltles Fundrai51n8 & other Income 1,921,968 1,921,969 1,681,994 706,875 706,875 801,541 40.942 40.942 35,413 Total Income 1.921,968 747,817 2.669.786 2.518,948 Expendlture Expendlture on charitoble actlvttles.. Dlrect Charitable expendlture Management and adminlstratlon 1,921,968 - 429,285 201,206 2,351,253 201,206 2,289,259 146,862 Total expendlture 1.921.968 630,491 2,552.459 2,436,121 Net Incvmellexpendtture) and net movemerts In funds before 8alns and losses on Investments 117,326 117,327 82,827 Total funds brou8ht fonvard 1,893,501 1,893,501 1 1,810,674 Total funds carrled foTrYard 2,010,827 2,010.828 1893,501 The statement of flnancial activltles Includes all gaSns and losses In the year. All Incomln8 resources and resources expended derive from contlnuln8 activitie5. Page 8

Mlnlk Kardes Limited (Prlvate Company Limited by Guarantee) BALANCE SHE ASAT31 MARCH 2025 Notes 2024 2023 Flxed A55etS Tangible fixed assets Total fixed assets 14 358,500 358,500 353,108 353,108 Current Assets Debtors Cash at bank and in hand 15 72.091 1,696,946 67,607 1,594,188 Totsl Current assets 1,769,037 1.661,795 Cred6tOTS: amounts falllng due wlthln one year 16 1116,709 (121,401) Net current as5et5 1.652,328 1,540,394 NET ASSETS 2,010 828 1,893,502 The fund5 ofthe Charity: Unrestricted/De5ignated Income funds: TOTAL CHARITY FUNDS 18 2,010,82B 2.010.828 1,893,502 1,893.502 These accounts are prepared In accordance with the special provlslons of Part 15 of the Companies Act relatlng to small companles and con5tltute the annual accounts requlred by the Companies Att 2006 and are for clrculation to members of the company. The notes at pages 11 to 19 form part of these accounts Approved by the trustees on ....................12.9.2025 els ee & Company Dlrectoi Tru Page 9

Mlnik Kardes Llmitsd Statement olash flDWS Forthe r ended 31 March 2025 2024125 2023124 Totsl Funds Prforyear Funds Cash flawsfrom operatlniactlvltles: Net rash provTded by lused Inl opera￿ng actmtles Cash flows from Irwes￿n8 a¢￿vItIeS Divldends, Interest and rents from in¥e5tments Proceed from the sale of propertV* plant and equlpment Purchase of property. plant and Èquipment Net cash provlded byl (wed Inl Investlng•ctl¥ltle5 115.653 87,123 12.209 9.818 125,1031 102,759 128,6811 68.260 Change in cash and cash equlvalents in the ieporting period Cash and cash equfvalents at the be￿nnIng of the reportlng perlod Cash and ¢45h equlvalents atthe end ofthe reportlng peYlDd 102,758 1,594,188 68.259 1,525.929 1,696,945 1.594.188 Reronclllatlon of n•t mov•ment In funds to net cash flowfroffl operatlng artlvltle5 Net movement In funds for the reportin8 perfud la5 perthe SOFA) Adlvstments for., Deprecl3tSon charges Dlvidends. Snterest and rentsfrom InvÉstmer•ts lincreaselldecrease in debtor5 Increaselde¢reasel In ¢redltor5 117.327 82,827 19,711 12.2C81 14,4841 14.6921 14.450 19,8181 138,3131 37,977 Net¢ish proylded by (used In) operatlnl xtlvftl 115,6S3 87.123 AnJlys15 of cash and cash •qulv•lents Cash In hand 1,696.946 1.696.946 1,594,188 Tot•1 ¢a5h and u$h equlvalents 1,594.188 Page 10

Mlnlk Kardes Llmlted IPrlvate Company Limited by Guaranteel NOTES TO THE Fif4ANCIAL sfATEMENf5 for the year ended 31 March 2025 Summa of 51 nificant accountin licie5 General Information and basls of preparatlon Mlnlk Kardes Ltd is a company Incorporated In England & Wales and Is limlted by Euarantee and ha5 no share capltal. In the event of the charity being wound up, the liability in respect of the 8uarantee Is Ilmlted to a maximum of £1 per member of the charity. The re8lstered address Is glven In thè charlty inf0M￿tIOn on page l of these flnancial statements. The nature of the charlty's operatlons and prlnclple attivlties are prlmary nursery care. The charity constltutes a public beneflt entlty as defined by FRS 102. The flnanclal staternent5 have been prepared In accordance wlth AccountSng and Reporting by Charltles: Statement of Recommended Prdttlce applicable to charities preparlng their accounts In accordance with the financial Reportlng standard appllcable in the UK and Reptsblic of Ireland Issued In October 2019, the FinancSal Reportlng Standard applicable In the United Kingdom and Republic of Ireland IFRS 102), the Charltles Act 2011, the Comoanies Act 2006 and UK Generallv AcceDted AccountiDR Practice. The flnanclal statements are prepared on a 80ing concern bas15 underthe hlstorlcal cost convention. modlfied to Include certain Items at fair value. The flnancial ststements are presented in sterling which Is the funttlonal currency of the charSty and rounded to the nearest £1. The slgnlficant accountln8 polic5e5 applied in the preparation of these financial ststements are set out below. These pollcles have been con51stently applled to all years presented unless otherwise stated. Recondllatlon wlth prevlous GAAP In preparlng the accounts the trustees have considered whether in applyln8 the occountln8 pollcles requlred by FRS 102 and the At the date of transltlon no other restatement5 were requlred. Incomln8 resource5 Income Ilncludin8 income from government and other 8rant5) 15 recognised when the charity ha5 ent5tlement to the funds, any performance conditions attached to the items of Income have been met, itls probable that the Income wlll be received and the amount can be measured reliablv. Interest and Investment Incoffle le￿1Vable Interest on funds held on deposlt and Income from Investments held 1$ included when recelvable and the amount can be measured reliable bv the charltv. Fund accountlng Unrestrlcted funds are available for use at the dlscretlon of the trustees In furtherance of the general oblectlves of the charlty and whlch have not been designated for other purposes. De51gnated fund5 rompri5e unrestricted funds that have been set aslde by the trustees for partlcular purposes. The alm and use of each deslgnated fund Is set out In the notes to the f Inancial 5tatement5. Restricted funds are fund5 whlch are to be used in accordance with speclflc restrlctlons Imposed by donor5 or whlch have been ra15ed by the charlty for partlcular purposes. The cost of ralsing and admlnlsrerln8 Such funds are charged a8ainst the speclflc fund. The alm and use of each restrltted fund is set out In the notes to the flnanclal statements. Endowment fund5 represent those assets whlch must be held permanently by the charlty. Income arlslng on the endowment funds can be used In accordance with the objects of the charity and Is Included as unrestricted income. Any capital 8aln5 0r1055es arlsln8 on the investments form part of the fund. Investment management charge5 and legal advlce relatin8 to the fund are charged aKalnst the fund. Page11

Minik Karde5 Limited (Private Company Llmited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 March 2025 Summa of Sl nlficant accountin olicie5 The principal accounting policies adopted, Judgments and key sources of estimation uncertalnty In the preparatlon of flnancial statements are as follow5: In¢ome Recognitlon All incoming resources are included In the Statement of Financial Activitles ISOFAI when the charlty Is legally entltled to the income after any performance conditions have been meL the amount can be measured reliably and it 15 probable that the For donations to be recognised the charity wlll have been notlfied of the amounts and the Settlement date in writing. If there are conditions attached to the donation and thi5 requires a level of performance before entitlement can be obtalned then income is deferred untll those cond5tlons are fully met or the fulfilment of those conditlons is wlthin the control of the charity Donated facilities and donated professlonal service5 are recogni5ed in income at their fair value when their economlc beneflt Is probable, it can be rneasured reliably and the charlty has control over the Item. Falr value is determined on the basls of the value of the glft to the charity. For example, the amount the charlty would be willlng to pay in the open market for such faclllties and Services. A corresponding amount Is recosnised in expenditure. Trustees, Annual Report. Where practlcable. gifts In kind donated for dlstrlbutlon to the beneficiaries of the charity are included in stock and donations in the financial statement5 upon recelpt. If it15 impracticable to asses5 the falr value at recelpt or if the costs to undertake such valuation Dutwelgh 8ny beneflts, then the fair value Is recognlsed as a component of donation5 when it is dlstributed and an equlvalent amount recognised as charitable expenditure. Where estimating the fair value is practlcable upon recelpt It Is recognlsed in stock and 'lncome from other tradlng attivities,. Upon sale, the value of the stock15 charged against 'lncome from other trading activities, and the proceed5 are recogni5ed a5 'Income from other trading activities,. Where it is impracticable to fair value the items due to the volume of low value Items they are not recogni5ed in the financlal statements untll they are sold. This Income is recognised wlthln 'lncome from other tradlng actlvltles, Fixed asset glfts In klnd are recognised when receivable and are included ¥t fair value. They are not deferred over the life of the For legacies. entitlement is the earller of the charity bein8 notified of an impendin8 distribution or the le8acy being received. At thls point income is recognised. On occasion legacie5 will be notified to the charity however It Is not posslble to measure the amount expected to be distributed. On these occaslons, the le￿cY Is treated a5 a contlngent asset and dlsclosed. Income from trading actlvltles Includes income earned from fundraising event5 and trading activitie5 to raise fund5 for the charity. Inwrlle 15 received in exchange for supplyln8 goods and servlces in order to raise fund5 and Is recognlsed when Income from government and other grants are recDgnised at falr value when the charity has entitlement after any performance condltlons have been met, it 15 probable that the income will be received and the amount can be measured rellably. If entitlement is not met then these amounts are deferred. Investment incorne is earned through holding a55et5 for investment purposes such as shares and property. It Includes dlvldends interest and rent. Where It Is not practicable to identlfy Investment management costs Incurred within a scheme with reasonable accuracy the Investment income is reported net of these costs. It Is included when the amount can be measured reliably. Interest income 15 rewKn15ed u51n% the effettive interest method and dlvldend and rent Incorne Is recoinised as the Page 12

Mlnlk Kardes Llmlted (Private Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS for the ar ended 31 March 2025 Other income includes the conversion of endowment funds into Income whlch arlses when capital funds are released to an income fund from expendable endowments or when a charity has authorlty to adopt a total return approach to its permanent endowment fund. It also Includes other Income such as 8ains on disposals of tangible fixed assets. Expendlture recognition All expenditure Is accounted for cn an accrua15 basis and has been classified under headings that aggregate all costs related to the category. Expendlture Is reco8nised where there Is a legal or constructive obligation to make payments to thlrd Irrecoverable VAT is charged as an expense against the actlvlty for whlch expenditure arose Grants payable to third parties are within the charitable objectives. Where uncondltlonal grants are offered, thls is accrued a5 500n as the recipient 15 notified of the grant, as this glves rlse to a reasonable expectation that the reclplent will receive the grants. Where grants are conditional relatlng to performance then the grant Is only accrued when any unfulfilled Support cost allocatlon Support costs are those that assist the work of the charlty but do not directly represent charitable actlvltles and include office costs, governance costs, admlnistrative'payroll costs. They are incurred direttly in support of expenditure on the objects of the charlty and include project management carried out at Headquarters. Where support costs cannot be directly attrlbuted to particular headln8S they have been allocated to cost of raising funds and expenditure on charltable actlvltles on a basls consistent wlth use of the resources Fund-raisin8 costs are those Incurred in seeking voluntary contributions and do not include the costs of dlssemlnating Informatlon In support of the charitable activities. Tanglble flxed asset5 Tan8ible fixed assets for use by the charlty are stated at cost less depreciation, Depreciation is provided at rate5 calculated to write off the cost or valuatlon of fixed asset5, less their estlmated residual value, over their expected useful live5 on the followlng bases: Frehold property Iyo Straight line basis offlce equipment - 25Yg Stralght line basis Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and Is consldered to pass the tests set out in Paragraph I Schedule 6 Finan￿ Act 2010 and therefore it meet5 the deflnltlon Of a charltable company for UK corporation tax purposes. Operatlng leases Renta15 payable and receivable under operating leases are charged to the SOFA on a straight line basis over the perlod of the Debtor5 Trade and other debtors are recoBnlsed at the settlement amount due after any trade discount offered, Prepayments are valued at the amount prepald net of anytrade d15count5 due. Cash at bank and In hand Cash at bank and in hand include5 cash and short term hlghly Ilquld Investments wit a short maturlty of less than three months from the date of acquisltlon cr open5nE of the deposlt or slmllar account. Credltors and provlslons Creditors and provisions are recognised where the charity has a present obllgatlon resultlng from a past event that wlll probably result in the transfer of fund5 to a third party and the amount due to settle the obllgatlon can be measured or estimated reliably. Page 13

Minlk Kardes Limited (Private Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 March 2025 Flnancial Instruments The trust has only has flnancial 355et5 and financial liabilwtie5 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 condltlons, the attitude of Investors to Penslons The Company operates a NEST penslon scheme for its employees . Contribution5 are expensed as they become payable. Going con￿rn The financial statements have been prepared on a golng concern basis as the trustees belleve that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Page 14

Mlnlk Kardes Llmlted IPrlvate Company Umlted byGuaranieel Notes tothe financlal siatement$ forthe year end24131 Wiarch 2025 l Legal status ol iheTmst The Trust Is a company limited by Buarantee and has no Share capitsl. In the event of the charity bein8 wound Upi the liabllity in respect of ihe guarant￿ is lirnited to £1 per rnember of the charlty. 2 Hn4nclal performance of the Chafftv 2024125 2023124 Incomè 2.669,786 2,518,948 Expendlture on charltable 3Ctlvlties Expenditure on rnana8ement and admln1stra￿on Oepreciation 2331,512 201,206 19,741 2.552,459 117,327 2,274,809 146,862 14.450 2,436.121 82,827 Net income Total furds brought foffird Total funds carried forward Represented bv.. Unrestrlrted funds 1.876,885 1,794,058 1994 212 1876 885 2.010.828 1,893.502 Page 15

Mlnlk Kardes Llmlted IPrlvate Company Umited by GuaTanlee) Notes to the ftnandal statemertts for thè year ended 31 March 2025 3 Income from DoDatlons and Grants Grants reeelvable L8H Household Support Fund L B Islington- N E G L B Islin8ton- Turklsh 3-6 yrs L 8 Islington- S F F L B Islington- 2 year old L B1s1ington- 3&4 YO L81511nEton brlght start L8 Islington-SEND L81slln8ton famlly kltchen project L81 maternfty L81 Chlldcare sub51dy L81 DAF L61 EY Pupil premlum L61slln8ton'. EYPR L8 Islington Hackney LearnlngTrust- 2 year old Hackney LearnlngTrust- Chlldren Centre Hackney Learnln8Trust- Headcounvs F F Hackney FE NHS Incredlblo Years NHS North East Blg It>ttery L8H Neg Homerton Flrst steps L8H maternlty Grant Ald Other mi$cellaneous London Borouth of Enflild 18,268 1.555 6.866 115,412 6.635 29,295 105.( 7.102 2,897 7,147 58,571 . 115,737 387,490 241.525 188,869 25,113 9,118 380.564 5,296 1,491 335 1,049,622 14,085 20.120 2,332 4.379 96.196 785 88,965 24,600 7,182 248,138 8,426 4,OJO 2,165 11,013 10,020 248,138 9,952 26,830 8,728 1,921,968 4 Income from ¢harltable acimtles Nursery fees 706.875 801.541 pwJe 16

Minik Kardes Limited (Private Company Llmlted by Guarantee) Notes to the ffnancial statements for the year ended 31 March 2025 2024125 2023124 5 Income from other charltable actlvltles Fundralslng Interest recelvable 28,733 12,209 25,595 9,818 35,413 40,942 6 Anatysls of expendlture on tharltable actlvltles Staff & agency costs Other runnlng costs 1,789,960 561,293 1,707,063 582,196 2,351.253 2,289,259 7 Analysls of governance and 5UPPQrt cost Staff costs Audlt and accountancy Accountancy Legal & professlonal Bank charges 179,567 8,400 3,300 8,793 1,146 128,764 8,40D 3,300 5,461 937 201,206 146,862 8 Net Income /(expendlturel for the year This Is stated after charglng,. Depreclatlon -owned a55ets Auditor5 rernuneratlon for audit servlces AudStors remuneration for other services 19,741 8.400 14,450 8,400 3,300 9 Anatyses of staff costg, trustee remuneratlon and expenses, and the ccst of key manaEement uer50nnel Wa8es and 5alarles Redundancy Employers natlonal Insurance Employer5 Penslon Agency & se55ional staff 1,672,472 1,460,612 142,99S 33,271 120,789 122,681 26,010 226,524 1969,527 1,835,827 The average number of staff employed durlng the year were as follows., Direct charltable Admlnlstratlon & support 64 62 69 67 The number of employees whose emoluments as defined for taxatlon purposes amounted to over £60,000 In the year were as fallow5'. 10 Trusteeg, remuneratlon The trustees were not pald or received any other beneflts from the Charlty during the year in their capaclty a5 trustees. 11 Related party transactlons N C05ar recelved remuneration durlng the year In her capaclty as Nursery Head. Page 17

Minik K3rdes Limited (Private Company Limited by Guarantoe) Note5 to the financial Statements for the year ended 31 March 2025 12 Government Grants Income from government grants comprrses of grant funding rnade available by local authorltles to fund the chlldren centre running c05t of the Charity. See note 4 for more Infomation and to the amount and sources of these grants. 13 Corporatlon Tax The Charity is exempt from tax on income and gain5 falling within 5ertion 505 of theTaxes Art 1988 section 252 of the Taxation of Chargeable Gains Art 1992 to the extent that these a￿ applied to its charltsble objects. Freehold Property Office Equipment Total 14 TanBlble fixed a55ets Cost: At l April 2024 Additlons Dlsposals At 31 March 2025 466,147 97,171 25,103 10,538 111.736 563,318 25,103 10.538 577.883 466,147 Depredatlon At l Aprll 2024 Charge in year d15PQsal At 31 March 2025 136.818 4,631 73.392 15.080 10.538 77.934 210,210 19,711 10,538 219,383 141,449 Net bookvalue At 31 March 2025 324,698 33.802 358,500 At 31 March 2024 329,329 23.779 353,108 15 Debtors Amounts due withln one yew: 20Z4IZ5 2023124 Fee Debtors Prepayment5 Accrued Income other debtor 35,240 17,781 42,986 13,343 7.117 4,161 19,070 72.091 67,607 16 Credltor5 Amounts falling due within one year. Other taxation & social security Other creditors & accrua15 29.478 87,231 26,732 94,669 116,709 121.401 17 Deferred Income Deferred income comprise advance receipt of nursery fees for 2023124. Balance as at l April 2024 Amount released to income eamed from charitable actlvitles Amount deferred in the year Balance as at 31 March 2025 5,000 15,0001 18,490 5,000.00 18,490 5,000.00 Page 18

Mlnlk Kardes Limited (Prlvate Company Llmlted by Guardnteel Notes to the finandal statements for the year ended 31 March 2025 2024125 2023124 18 Anal￿1$ of (haritable lunds Anatysls of movement In unrestrfcted funds Unre5tricted- Functional fixed assets reserve Balance at l April 2024 Movement In year 353,108 13,622 338,877 14,231 Balance at 31 March 2025 366,730 353.108 Unre5 ricted- General reser¥e: Balance at l Aprll 2024 Movement In year Inter-fund transfers 1,108,922 117,326 113,6221 1,212,626 1,040,326 82,827 (14,2311 1.108.922 Balan¢e at 31 March 2025 Desi ed-staff &ma Balance at l Aprll 2024 Movement In year Balance at 31 March 2025 na ernl fund: 26,472 26,472 26,472 26,472 Runnin costs reserv Balance at l April 2024 Inter-fund transfers Balance at 31 March 2025 405,000 405,000 405,000 405,000 Total 2,010,828 1,893,502 19 Anatys15 bet￿•Th fund balances UnTestrl¢t•d General Deslgnated Total Tanglble fixed assets Cash at bank and In hand Other net current assetsl (liabilitles) 358,500 439.702 358,500 1,696,946 144,618) 1,257,244 144,6181 1.212.626 798,202 2.010,828 20 Flnanclal wmmftments Total future mlnlmum lease payment5 under operotlng leases: 20Z4125 700 2.800 3,500 2023124 Wlthin l year Wlthln two to flve years Page 19

Minik Kardes Llmlted {Private Company Ilmlted by Guaranteel Note5 to the financial 5taternents for the year ended 31 March 2025 zi Balance 114124 Incoming Resources Resour Expended alance at 3113125 L B151ington- N E G L B Islin8ton S F F L B Islington- 2 year old L B Isllngton- 3&4 YO LB Islington brfght start LB lslin8ton-SEND LBI rnaternity LBI Chlldeare subsldy LBI DAF LBI EY Pupil premlum Hackney Learning Trust- 2 year old HacknÈy Learnlng Trust- Children Centre Hackney Learnlrig Trust- Headcountls F F NHS Incredible Years Big lottery Homerton Flrst steps Grant Ald Other miscellaneous London Borough of Enfleld London Borough of Enfield 58,571 115,737 387,490 241,525 188,869 25,113 9.118 380,564 5,296 1.491 96.196 785 88,965 24.600 248.138 4,000 9,952 26.930 8,728 158.5711 1115,7371 1387.4901 1241,5251 1188,8691 25,1131 19,1181 1380.5641 15,2961 11,4911 196,1961 17851 188,9651 124,6001 1213,6381 14,0001 19,9521 126,9301 18,7281 82827 117,327 82,827 1,922,068 11,887,568) 117.327 Page 20