ACORNS2OAKS LIMITED
(A Company limited by Guarantee – Reg.No.04536406)
Registered Charity No. 1104861
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31[st] March 2025
ACORNS2OAKS LIMITED
| Contents | Page |
|---|---|
| Legal and Administrative details | 2 |
| Report of the Trustees | 3 to 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 16 |
ACORNS2OAKS LIMITED
Legal and administrative details
Status The organisation is a charitable company limited by guarantee, incorporated on 16[th] September 2002 and registered as a charity in August 2004. Governing document The Company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. Company Number 04536406 Charity Number 1104861 Registered Office Peppermint Healthy Living Centre Franklin Way Croydon Surrey CR0 4YD Directors/Trustees Beverley Noble - Chair Judith Osakwe Amanda Tucker Chief Executive Lauraine Nicholson Company Secretary Gaynor Murphy Bankers HSBC plc 9 Wellesley Road Croydon, Surrey CR9 2AA Independent Examiner Peter Mills ACA ACCA CTA Palmer McCarthy Suite 70, Capital Business Centre 22 Carlton Road, South Croydon, CR2 0BS
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ACORNS2OAKS LIMITED
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2025
Objectives and Activities
Acorns 2 Oaks was originally set up as CRSSC Ltd to provide childcare services to families within the Broad Green area as a result of the Broad Green Sure Start programme being operational in the area. The capital to build the Centres to deliver these services was an investment from Broad Green Sure Start.
Canterbury Centre has operated as a community-based Day Nursery since June 2003. Peppermint Centre provided a Nursery & Pre-School from July 2005 until September 2014 when the provision then changed to a term-time Pre-School.
Both settings aim to provide quality and affordable childcare to working parents living in the Broad Green area, supporting parents to access and sustain employment, and thereby furthering the charity’s purposes for the public benefit. The charity’s strategy, in order to achieve its aims and objectives, is to employ quality staff and maintain its facilities. The charity measures its success by the number of children and families that make use of its services.
Acorns 2 Oaks believes that a placement for a student or volunteer within our organisation is a valuable opportunity to build experience whilst learning about working within this sector. Equally, we appreciate the positive contribution that such committed and enthusiastic people can bring. Whilst it was not possible to accommodate students and volunteers during the last two years, it is anticipated that this will change with the pandemic restrictions now lifted.
The Trustees have had regard to the guidelines set out by the Charities Commission on Public Benefit when reviewing is aims and objectives and in planning for the future.
Achievements and Performance
With government funding opening up placement opportunities to a greater number of families, the year saw an increase in the uptake of funded placements, with a marginal increase of fee paying placements. We continue to promote the nurseries within the local community to increase uptake further. Hall hire increased, for both regular users and block bookings. Whilst we are still promoting private hire of our venues, we are marketing two vacant Peppermint offices in the hope that a local organisation occupies long term.
Financial Review
The year ended 31[st] March 2025 resulted in a surplus of £16,588 (2024: £64,239 deficit). This deficit is attributable to:
-
Increased government early years funding
-
Increased nursery fee paying placements
-
Reversal of Canterbury Nursery service charge accrual.
The running costs increased, with a rise of 13% in employment costs, and a further 10% rise in 2025. With the Canterbury Holiday Club unable to cover its operating costs, Canterbury Nursery has been restructured to term-time only placements from April 25.
The charity’s reserves were slightly improved, with closing reserves on 31[st] March 2025 of £63,948
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of which £Nil were restricted (2024: reserves of £47,360 of which £1,372 were restricted). The charity considers this level of reserves to be in line with its policy.
The principal risk to the charity is the annual increase of National Minimum Wage and Employers National Insurance. The risk is partially mitigated by the charity increasing placement fees and hire charges, and seeking other income streams, such as capital grants and long term room agreements.
Plans for the Future
Acorns 2 Oaks’ main objective for the coming year is to:
-
promote the nurseries in order to return to full capacity
-
market our hire facilities and office rentals
-
seek capital grant funding for our nursery provision
-
provide weekend community events
-
facilitate a family therapy clinic
Structure, Governance and Management
The governing document is detailed on the information page attached to these accounts.
The company is governed by the Directors who are volunteers, as listed on the information page attached to these accounts. The major risks to which the company is exposed to are reviewed regularly by the Directors and management, and systems have been put in place to mitigate those risks.
Trustees are trained on their responsibilities initially on induction and periodically thereafter. The Board continues to advertise for Trustees.
The Trustees review and set the remuneration of key management personnel, having had regard to the recent performance of the charity when carrying out the review.
The charity does not carry out significant fundraising activities.
Directors Responsibilities
The Directors are required by UK company law to prepare the financial statements for each financial year, in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the statement of financial activity for that period.
In preparing the financial statements the Directors are required to:
i) Select suitable accounting policies and then apply them consistently ii) Make judgments and accounting estimates that are reasonable and prudent iii) State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
iv) Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The Directors are responsible for keeping adequate accounting records that are sufficient to show and
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explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and that enable them to ensure that the financial statements comply with the Companies Act.
The Directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Where appropriate, the Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. It is important to bear in mind that legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.
On behalf of the Board
Beverley Noble - Chair
24/06/2025 Date:
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ACORNS2OAKS LIMITED
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2025.
Responsibilities and basis of report
As the charity's trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
26.06.2025 ‘F …................................. 6; An
…................................. Peter Mills ACA ACCA CTA Independent Examiner Palmer McCarthy Chartered Certified Accountants Suite 70, Capital Business Centre, 22 Carlton Road South Croydon, CR2 0BS
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ACORNS2OAKS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) For the year ended 31 March 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | £ | ||
| Incoming resources | ||||
| Unrestricted | Restricted | |||
| Funds | Funds | Total | Total | |
| Charitable Activities - Note 3 | 558,713 | - | 558,713 | 474,132 |
| Other Trading Activities - Note 4 | 86,899 | - | 86,899 | 71,763 |
| Investment Income - Note 6 | 2,755 | - | 2,755 | 3,094 |
| Total Incoming resources | 648,367 | - |
648,367 | 548,989 |
| Expenditure on | ||||
| Charitable Activities- Note 7 | 630,407 |
1,372 |
631,779 | 613,228 |
| Total Expenditure | 630,407 |
1,372 |
631,779 | 613,228 |
| Net movement in funds | 17,960 |
(1,372) | 16,588 | (64,239) |
| Total funds brought forward | 45,988 | 1,372 |
47,360 | 111,599 |
| Total funds carried forward | 63,948 | - | 63,948 | 47,360 |
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ACORNS2OAKS LIMITED
Company Registration number 04536406
BALANCE SHEET AS AT 31 March 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| FIXED ASSETS | ||
| Intangible asset - note 9 | - | - |
| Tangible assets - note 10 | - | - |
| - | - | |
| CURRENT ASSETS | ||
| Debtors and prepayments - note 11 | 11,128 | 4,719 |
| Cash at bank and in hand | 185,180 | 200,120 |
| 196,308 | 204,839 | |
| CURRENT LIABILITIES | ||
| Creditors and accruals - note 12 | (132,360) | (157,479) |
| NET CURRENT ASSETS | 63,948 | 47,360 |
| Total assets less liabilities | 63,948 | 47,360 |
| Financed by: | ||
| Unrestricted funds - note 13 | 63,948 | 45,988 |
| Restricted funds - note 13 | - | 1,372 |
| Total funds | 63,948 | 47,360 |
For the Financial Year ended 31st March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The Directors acknowledge their responsibility for ensuring the company keeps accounting records which comply with section 386 of the Act, and for preparing accounts which give a true and fair view of the state of affairs of the company at the end of its financial year, and of its income and expenditure for the financial year in accordance with sections 394 & 395, and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006, and in accordance with the Charities SORP 2019 (FRS102) and were approved by the Trustee Board on ……………………………….. 24/06/2025
Beverley Noble – Chair
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ACORNS2OAKS LIMITED
STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
| Net Cash Provided by/(Used in) operating activities (note 17) Cash Flows from investing activities Investment Income Purchase of Fixed Assets Cash Provided by (used in) investing activities Increase (decrease) in cash and cash equivalents at the end of the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year |
2025 £ (17,695) 2,755 - 2,755 (14,940) 200,120 185,180 |
2024 £ (44,722) |
|---|---|---|
| 3,094 - |
||
| 3,094 | ||
| (41,628) 241,748 |
||
| 200,120 |
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ACORNS2OAKS LIMITED
Notes to the Financial Statements
- Accounting Policies Company information
The Company is a private company limited by guarantee and is incorporated in England and Wales under Company Number 04536406. The company is a registered charity under charity number 1104861. The company's principal activity and operations are that of providing pre-school education, childcare and youth services. The registered office address is Peppermint Healthy Living Centre, Franklin Way, Croydon, Surrey, CR0 4YD.
- a) Basis of Accounting
These accounts have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The Charitable Company is a public benefit entity for the purposes of FRS102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The Charities SORP 2019 (FRS102)), the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
- b) Going concern
There were no material uncertainties related to events or conditions that may cast significant doubt upon the company’s ability to continue as a going concern.
c) Incoming Resources
Incoming Resources from Charitable Activities and Grants receivable are accounted for on an accruals basis. All other income is accounted for on an as received basis.
- d) Resources Expended
All expenditure is included in the accounts on an accruals basis.
e) Amortisation of Goodwill
The cost of Goodwill was written off over 10 years, being the estimated useful economic life of the asset
f) Tangible Fixed Assets
Tangible Fixed Assets are stated at historical cost less accumulated depreciation. Depreciation is provided on the straight line basis at rates calculated to write off the cost of the relevant asset over their expected useful economic life. The depreciation rates used are as follows:
Fixtures, Fittings & Equipment
25%
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ACORNS2OAKS LIMITED
Notes to the Financial Statements (continued)
- g) Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held with banks.
h) Recognition of liabilities
Expenditure approved for payment but not paid are recorded as liabilities in the balance sheet. Current liabilities consist of amounts expected to be settled within 12 months from the balance sheet date
- i) Debtors
Debtors are recorded at transaction price and are impaired where there is evidence that, as a result of one or more events that occurred after the original recognition of the debtor, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Financial Activities.
- j) Fund accounting
Funds held by the charity are either
-
a. Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees;
-
b. Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity
-
k) Activities in furtherance of the Charities objectives comprises nursery fees to third parties, including fees funded by Local Authority.
-
l) Judgements and key sources of estimation uncertainty.
In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The following judgements (apart from those involving estimates) have the most significant effect on amounts recognised in the financial statements:
The company makes an estimate of the accrual relating to premises costs, included within current liabilities (see note 16 for the liability recognised in these financial statements).
The company makes an estimate of the recoverable value of debtors. When assessing impairment of debtors, management considers the ageing profile of debtors and historical experience (see note 11 for the carrying value).
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ACORNS2OAKS LIMITED
Notes to the Financial Statements
2. Net Movement in Funds
Net Movement in Funds is Stated after Charging (including VAT)
| Net Movement in Funds is Stated after Charging (including VAT) |
||
|---|---|---|
| Operating lease expense Independent Examination fees Other services provided by Independent Examiner Amortisation Depreciation |
2025 £ 7,500 2,820 2,640 - - |
2024 £ 7,500 2,550 2,520 - - |
| 3. Charitable Activities Income Free education funding Childcare placements Other nursery income Fundraising events |
2025 £ 506,667 48,998 2,379 669 558,713 |
2024 £ 427,196 44,902 1,982 52 |
| 474,132 | ||
| 4. Other Trading Activities Income Income From Hall Hire Service Charges |
2025 £ 58,369 28,530 86,899 |
2024 £ 43,233 28,530 |
| 71,763 |
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ACORNS2OAKS LIMITED
Notes to the Financial Statements (continued)
5. Staff Costs and numbers:
| The Costs incurred in respect of employees were: Salaries & Wages Social Security Costs Defined Contribution Pension Costs |
2025 £ 513,606 28,308 8,800 550,714 |
2024 £ 453,301 21,699 7,415 |
|---|---|---|
| 482,415 |
No employee earned over £60,000 during the year under review.
| The average number of staff employed during the year was: 2025 Office & Administration 4 Direct Charitable work 29 Total 33 Key management personnel remuneration totalled £138,475 (2024: £133,981) |
The average number of staff employed during the year was: 2025 Office & Administration 4 Direct Charitable work 29 Total 33 Key management personnel remuneration totalled £138,475 (2024: £133,981) |
2024 4 34 |
|---|---|---|
| 38 | ||
| 6. Investment Income Bank Interest Received |
2025 £ 2,755 |
2024 £ 3,094 |
| 7. Expenditure on Charitable Activities 2025 Staff Costs Others £ £ Childcare Placements 550,714 2,650 Establishment Costs - (5,460) Catering - 4,933 Educational Equipment - 6,071 Governance Costs - 5,730 Other - 67,141 |
Total £ 553,364 (5,460) 4,933 6,071 5,730 67,141 631,779 |
2024 Total £ 485,834 48,941 4,831 5,819 5,340 62,463 |
| 550,714 81,065 |
613,228 |
8. Corporation Tax
The Company is a registered Charity and is not subject to Corporation Tax on its activities.
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ACORNS2OAKS LIMITED
Notes to the Financial Statements (continued)
| 9. Intangible Fixed Assets Cost at 1st April 2024 and 31st March 2025 Amortisation at 1st April 2024 Charge For the Year at 31st March 2025 Net Book Value at 31st March 2025 Net Book Value at 31st March 2024 |
Goodwill £ 15,000 15,000 - 15,000 - - Fixtures, Fittings & Equip. £ 10,033 10,033 - 10,033 - - 2024 £ - 400 4,319 4,719 2024 £ 9,318 7,129 141,032 157,479 |
|
|---|---|---|
| 10. Tangible Fixed Assets Cost at 1st April 2024 and 31st March 2025 Depreciation at 1st April 2024 Charge for the Year at 31st March 2025 Net Book Value at 31st March 2025 Net Book Value at 31st March 2024 |
||
| 11. Debtors & Prepayments Debtors arising from Charitable activities Debtors arising from other trading activities Prepayments |
2025 £ - 4,330 6,798 11,128 |
|
| 12. Creditors & Accruals Creditors arising from Charitable activities Taxes and Social Security Accruals |
2025 £ 4,008 11,621 116,731 132,360 |
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ACORNS2OAKS LIMITED
Notes to the Financial Statements (continued)
- Movement in Funds
| Unrestricted Funds Restricted Funds Peppermint Grant Crosfield Grant Total |
Balance Income Expenditure Balance 1 Apr 2024 31 Mar 2025 £ £ £ £ 45,988 648,367 (630,407) 63,948 |
|---|---|
| 42 - (42) - 1,330 - (1,330) - |
|
| 1,372 - (1,372) - |
|
| 47,360 648,367(631,779)63,948 |
The Peppermint Grant and the Crosfield Grant are for the purpose of future capital expenditure.
- Summary of assets and liabilities between funds
| Debtors Cash Creditors Net Assets |
Unrestricted Funds Restricted Funds Total £ £ £ 11,129 - 11,129 185,179 - 185,179 (132,360) - (132,360) |
|---|---|
| 63,948 - 63,948 |
- Trustees Remuneration and Related Party Transactions
No member of the Management Committee or Trustees received any remuneration during the year.
Where trustees of the company have children placed at the nursery they pay the full nursery fee for that placement.
No Trustee was reimbursed expenses by the charity.
There were no related party transactions that require disclosure.
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ACORNS2OAKS LIMITED
Notes to the Financial Statements (continued)
16. Contingent Liabilities
At 31st March 2025 the company had no contingent liabilities or capital commitments not provided for in these accounts. Creditors includes £111,713 (2024: £137,213) provided as a contingent liability in respect of service charges that have not been charged to the company by Croydon Council.
17. Reconciliation of net movements in funds to net cash flow from operating activities
| Net Movement in Funds Deduct Investment Income Decrease (Increase) in Debtors Increase (Decrease) in Creditors Net Cash Provided by/(Used in) operating activities |
2025 £ 2024 £ 16,588 (64,239) (2,755) (3,094) (6,409) 2,331 (25,119) 20,280 |
|---|---|
| (17,695) (44,722) |
18. Analysis of changes in net debt
| At 1 April | 2024 | Cash flows | At 31 March 2025 | |
|---|---|---|---|---|
| Cash and cash equivalents | £ | £ | £ | |
| Cash | 200,120 | (14,940) | 185,180 | |
| The company has no borrowings. |
19. Operating Lease Commitments
The company has operating lease commitments in relation to the rental of the premises used in the furtherance of its activities, as follows:
| Future minimum operating lease payments Within one year Between two and five years In over five years |
2025 £ 2024 £ 7,500 7,500 30,000 30,000 80,000 87,500 |
|---|---|
| 117,500 125,500 |
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ACORNS2OAKS LIMITED
The following page does not form part the Statutory Financial Statements
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ACORNS2OAKS LIMITED
INCOME & EXPENDITURE ACCOUNT
For the year ended 31 March 2025
| For the year ended 31 March 2025 | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Income Receivable | ||
| Free education funding | 506,667 | 427,196 |
| Childcare fees | 48,998 | 44,902 |
| Bank interest | 2,755 | 3,094 |
| Fundraising events | 669 | 52 |
| Other nursery income | 2,379 | 1,982 |
| Hall hire | 58,369 | 43,233 |
| Service charges | 28,530 | 28,530 |
| Total Income Receivable | 648,367 | 548,989 |
| Premises costs | (5,460) | 48,941 |
| Staff salaries | 513,606 | 453,301 |
| Employer's NI | 28,308 | 21,699 |
| Pensions | 8,800 | 7,415 |
| Agency staff | 285 |
- |
| Staff training and information | 1,742 | 2,820 |
| Staff DBS Checks | 623 | 599 |
| Catering | 4,933 | 4,831 |
| Children social activities/educational | 1,910 | 968 |
| Cleaning and domestic supplies | 37,198 | 32,618 |
| Clinical waste | 3,357 | 3,088 |
| Expendable equipment | 6,071 | 5,819 |
| Equipment repairs and maintenance | 4,581 | - |
| Insurance | 3,696 | 4,241 |
| Office supplies | 1,342 | 1,554 |
| Telephone, postage, fax and internet | 6,274 | 6,870 |
| Bank charges | 198 | 729 |
| Sundry expenses | 367 | 1,082 |
| Subscriptions | 2,132 | 1,162 |
| OFSTED registration | 270 | 270 |
| IT Maintenance & Software | 5,686 | 7,784 |
| Audit and professional fees | 5,460 | 5,070 |
| Professional fees | 400 | 2,367 |
| Total admin & overhead expenses | 631,779 | 613,228 |
| Surplus/(Deficit)for theyear | 16,588 | (64,239) |
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