Company regislration number: 06821449 Charity registration number: 1130313 Oakway Nursery Limited (A company limited by guarantee> Annual Report and Financlal Statements for the Year Ended 29 February 2024 David Tumer- AIMS Accounlancy 32 Caxton House Northampton Science Park Kings Park Road, Moulton Park Northampton NN3 SLG
Oakway Nursery Limltod Contsnts Reference and Administrative Details Slrategtc Report Truslees, Report 3105 Slatgment of Trustees, ResponSibilitS Independent Examinerfs Report Slatement of Financial Aclivilies Balance She8t Nole8 to the Financial Statements 10t015
Oakway Nursery Limited Reference and Admlnistrative Details Trustees C E Buckle (resigned 15 June 2023) L Freebody M A Dickerson (resigned 15 June 2023> R K Sailopal C G Hinds (appointed 5 June 2023) R J Hardcaslle (appointed 15 Jun8 2023) C M Byron (appointed 15 June 2023) Secretary C G Hlnds Prfnclpal Office Oakway Wellingborough Northamptonshire NN8 4SD Registered Office Oakway Wellingborough Northamptonshire NN8 4SD Thé charity Is incorporated in England. Company Reglstratlon Number 06821449 Charity Reglstratlon Number 1130313 Bankers HSBC Bank PLC Wellingborough 47 Market Street Wellingborough Northamptonshire NN8 1AE David Tumer- AIMS Accountsn 32 Caxton House Northampton Science Park Kings Park Road, Moulton Park Northampton NN3 6LG IndendOnt Examlner Page 1
Oakway Nursery Limited Stratsgic Report for the Year Ended 29 February 2024 The trustees. who are directors the purposes of company law, present their strategic report for the year ended 29 Febrtry 2024. in coMpanCe wth s414C of the Companies Aci 2006. Achievements and perfommnce When the day nursery first opened In Septber 2009 the initial intake was 19 children. For the Spring 2010 tenn this tncreased to 24 children. The target number to chihjren for the efficient running of the day nursery is 24 per session. Funding for the provision of our ser¥ices is provided enlirely by North Northamptonshire Council as part of the Early Education FurMlirwJ (EEF) programm The strategic report was approved by trustees of the charity on 7 Novembor 2024 and signed on its behalf by. inds Company Secretary and Trustee Page 2
Oakway Nursery Llmlted Trustees. Report Th• trustees, who are diredors for the purposes of company law. present the annual report together wlth the financlal statements of the charitable company for the year KIed 29 February 2024. Objectives and actlvltles Objects and aims Our charitls purpose as set out in the objects contained in the companls Memorandum of AssocHtion is to enhance the develownent arKI education of chiklren primarily under statutory SCI1 age ty encouraging parents to Undend and provide for the needs of their children and by. (a} offering appropriate play. education and care facilittes. family learning and axtended hours groups ensuring that such gpS offer opportunities for all children whatever their race. culture, ffjffigion, means or abilty, (b) working in partnership with other professtonals to best support Ihe needs of the children and the families attending or accessing the servKes pro%fjded by ¢xganisalions on the Oakway ScIOIs site. The income and property of the charity shall be applied sdely lowards the promotion of the Objects. In September 2009 the cornpany commenced the admty ot a day nursery arKI took tn ts first group of prtrschool aged children. Public benefft The trustees are aware of the requirements of the Charilies Act 2011 regarding the reporting of the public benefrt of charity. The trustees recognise that, for the period ended 29 February 2024, their report is required to include such a reporL In setting the charitys objectives and planning activities. the trustees and management have given consKleration to the Chanty Commission's general guidance on public benefft arKI believes that the tharity meets the public benefit requirement. The trustees cMI that they hava complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefft guidance published by the Charity commissi for England and Wales. Structure• governance and managemont Governin Document Tth? organisation is a charitable company Mited by guarantee. incorped on 17 February 2009 and registered as a charity on 24 June 2009. The company was established under a Memordndum of Association which established the obj.ects and powers of the charitable company and is govemed under its Articles of Assockn8kn'on. In the event of the company being wound up, members are required to contribute an amount not exceediThJ £10 each. Recruitment arrfl intment of Trustees The directors of the company are also ts charity trust&s for purpose of charity law. As required under the Art of Association, at the first Annual General Meeting all of the Directors retired from office. All those directors were re4ected. At future Annual General Meetings on&third of the directors must retire. The Directors to retire by rotalion shall be those who have been bngest in office since their last appointmenL The directors retiring by rotation may be re4lected at the Annual General Meeting. The number of Directors shall be Mt less than three bul shall not be subj'ect to any maximum. Page 3
Oakway Nursery Llmlted Trustees, Report The current directors all VKTk in kKal education. Company law requires the Management Cornmrttee to prepare financial slatements for each financial year whtch give a In and fair vivw of the state of the affrdirs of the charrtable company as at the balance sheet date and of its incoming resources and applicatK)n of resources, including income and expenditure, for the flnan¢ial year. In prepariNJ tlw financial statements, the management committee shoukl folluw besl practice . select 8Uitable accounting policies and then apply them consistentty; makejudgement8 and e8tunate8 that are rwdsonable and prudenl. and prepare the financial statements on the going concern basls unless it is not appropriate to assume that the company will continue on that bas. The Management Committee is responsible for maintaining proper accounting records which disc108e th reasonable accuracy at any time the fmncial position of the charitable company and to enable them to ensure that the financial statements compty with the Companies Act 2006. Th6 Management Committee is also responsible for safeguarding the assets of the charitable Company and hence for tsklng rea80nable Steps for the prevention arnl detecknn of fraud arKI othar irregularittes. Ll Members of the Managamenl Committee. 8re dire¢tor8 for the purp088 of cCpanY law and trustees for the purpose of Charity law. who served during the year and up lo the date of this report are set out on page 1 of these finwckql statements. Aslde from any private donations, the principal fundlng 8our¢e for the charity 18 by way of grants from North Northamptonshire Council. The new bulldlng and equipment was funded frTr Captsl grants. These capital grants are offset against the cost of the asset in line with standard accounting principles. The building costs show in balance 8heet at £9,182. Thls represents total of £104,025 less £94.843 total grants received. Thè running costs of Ihe day nursery arn funded entsrety by the council as part of the Early EdUtion Funding (EEF) programme. Funds are receive(l each school tenn depending on the number of children attendlng. Page 4
Oakway Nursery Limitsd Trustees. Report Reserves Pol" At the balance sheet date the eharty had reseTh¢s of £43.542. This comprised a bank balance of £38.165. fixed assets of £9.182 less committ1 expenses of £3.805. As the charity receives regular grdnts from the council to cover the day-t(aY running costs of the day nursery, this level of reserves is consrdered lo be sUffiCnt and prudent by the directors. The directors consider it prudent for all funds to be hekl in the charity compan$ bank account. where it is instantly accessible when required. The charitable company not hdd any assets or funds as a 'Custodian Trusteé". in Under company and chartty law, dua to its size the charitable companls accounts do not need an audit but still need to be independently examined by an irKlependent person viith suitable financial and practical experience. David Tumer of AIMS Accountancy was appointed as Independent Examiner during the year and has expressed his willingness to contwiue in thal capacity. The annual report was approved by the trustees of the charity on 7 November 2024 arKf signad on ts behalf by: inds Company Secretary and Trustee
Oakway Nursery Limited Statement of Trustees. Responsibilitles The trustees (who are also the diredors of Oakway Nursery Limited for the purposes of company law) are responsible for preparing the trustees. report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PCtICe) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are SatiSfd that they give a true and fair view of the stste of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and appty thern consistently: observe the methods and principles in Ihe Charities SORP; make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the chariiable company and enable them to ensure that the financial ststemenls comply viith the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity 7 November 2024 and signed on its behalf by: Hinds Company Secretary and Trustee Page 6
Oakway Nursery Limited Independent Examiner's Report to the trustees of Oakway Nursery Limited I report on the accounts of the charity for the year ended 29 February 2024 which a set out on pages 8 to 15 Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is nol required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination. it is my responsibility to= examine the accounts under section 145 of the 2011 Act- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145{51{b) of the 2011 Act. and to state whether particular matters have come to my attention. 8asis of independent examiner's report My examination was carried out in accordance with Ihe general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence thal would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention- (1) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting rècords in accordance with sedion 386 of the Companies Act 2006.. and to prepare ac¢ounts which accord with the accounting records. comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met.. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. David Turner, AIMS Accountancy 32 Caxton House Northampton Science Park Kings Park Road, Moulton Park Northampton NN3 6LG 7 November 2024 Page 7
Oakway Nursery Umltsd Statement of Financlal Actlvlties for the Year Ended 29 February 2024 (Including Income and Expenditure Account and Statement of Total Recognised Galns and Losses) Unrestrictad Total 2024 Note Income and Endovmi•nts from: Donations and legacies Investment income other inc(e 80.449 241 80,449 241 1.904 Total Income 82,594 82.594 Exp•ndlturn on: Raising funds Charitable activities {64,298) 3,039 (64.298) 3,039 Total Expenditure Net incom• 67,337 67.337 15.257 15.257 Net movement In funds 15,257 15,257 Reconclllatlon of funds Total fund8 brought forward Total furrfls carried forward 28.285 28,285 11 43,542 Unrestrlcted fund8 43,542 Total 2023 Note In¢om• and Endowments from: Donations and legacies Inv88tment Income 67.169 57 67,169 57 Total Incom• 67,226 67.228 Exp•ndlture on: Raising funds Charitable aclivrtles (78,287) 2,873 {78.287) 2,873 Tolal Expenditure Net expenditure Net movement in fund$ 81,160 (81,160 13,934 13,934 (13,934) (13,934) Roconclllatlon of funds Total funds brought forward Total funds carried forward 42.220 42,220 11 28.2 28,286 All of the chaws aclivitps derive frc¥n continuin9 operations during the above iwo periods. The funds breakdown for 2023 is slKy*n in nde 11. Page 8
Oakway Nursery Limlted (Reglstratlon number 06821449) Balance Sheet as at 29 February 2024 2024 2023 Flxod assets Tangble assets Current a#sets Cash al bank and in hand 9,182 9.182 38.165 22.627 Credltors: Amounts falllng due wlthln one yur N•t currnnt a880ts 3,805 3.523 19,104 28.286 Nat a880ts 43.542 Funds of the charlty: Unrnstrlctod Incom• funds Unrestricted funds 43,542 28.286 Total funds 11 43,542 28.286 For the financial year ending 29 Fobruary 2024 the charity was entitled to exemptton from audlt under Section 477 of the Companies Act 2006 relating to Small companies. Dlrector8' responsibilities: The membets have not required tho chwity to obtain an audit of its accounts for the year in question in accordance with Section 476., and The directors acknowledge their re8ponsl)ililies for complying wilh the requirement8 ol the kt %Mth respect to accountlng records and the preparatbn of acwjnts. These accounts have been prepared in aCrdanCe wAh the provisions applicable to companlas subject to the small companies regime. The financial 8t8t•m•nts on pages 8 to 15 wwe approved by the trustsas, and authori8ed for Is$ on 7 November 2024 and signed on their behalf by. inds pany Secretary and Trustee Page 9
Oakway Nursery Llmltsd Notes to the Financial Statements for the Year Ended 29 February 2024 I Charity ststus The charty is a charity limited by guaranlee al consequenty does not have share capital. Each of the trustees is liable to contribute an am(wnt not exceeding £10 lowards thè agsets of the charity in the event of ttquidatlon. 2 Accountlng pollcles Summary of slgnlflcant accountlng policles and kèy accountlng estlmatss The principal accounting policies applied in the preparation of these financFal statanents are set out below. These policies have been consistenty applied to all the years presented, unless otherbvise stated. Statement of compllance The financial statements have been prepared in accordance wilh Accounting and Reportlng by Charittes: Statamant of Recommended Practice applicable to charities preparing their accounts in accordanca with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102> (effective 1 January 2015> - (Charities SORP (FRS 102)), the Financial Rewtlng Standard applicable in the UK and Republic of Ireland (FRS 102) and Ihe Compani88 Act 2006. Basls of preparatlon Oakway Nursery Limited meets the definition of a public b•n•frt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwis& stated in the relevant accounting policy notes. Golng concom The trustees consider that there are no material uncertaints•8 about the charity8 abilty to continue a8 a going concem nor any signifunt areas of uncertainty that affect the carrying value of assets held by the charity. Exemptlon from pr•parSng a cash flow statement The charity i¥)ted to earty adopt Bullelin 1 published on 2 February 2016 and have therefore not included a cash flrw statement in these financial statements. Income and endowments All income 18 recognised once the Chlty has entittement to the income, it probable Ihat the income wlll be received arKI the amount of Ihe income receivable can be measured re15abty. Grants rncelvabl• Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been meL Where perf0rnan conditions are attached to the grant and are yet to be met, the incorne is fecognised as a IlIty and induded on the balance sheet as deferRd income to be released. Pa98 10
Oakway Nursery Llmlted Notes to the Flnanclal Statements for the Year Ended 29 February 2024 Investmtht Incom DNidends are recognised once the dividW has been declared and notiftsknn has been received of the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required and the amount ean be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent %Mth the use of resources, with Central staff costs allocated on the basis of time spent, and depreciation charges allocated on the Port of the a&seVs use. Other support Costs aro allocated based on the spread of stsff costs. Ralslng funds These are costs incurred in attracting volunlary income. the management of Intments and Iho8• incurred in trading activities that raise fund¥. Govwnance costs These include the costs attrfoutable to the charitys compliance wilh constitutional and statutory requirernents, includirvJ audi( 8trategic management arKI trustee8'8 m•eting8 and reimbursed expenses. Gov•rnm•nt grants Government grants are recognised based on the a¢¢rtl model and are mea8ured at the fair value of the asset received or receivab. Grants are classifiad as relating either to revenue or to assets. Grants relating to revenu• are recognised in income over the period in which Ihe lated costs are recognised. Grdnts relaUng to assets are rec¢gnised over the expected usefu5 life of the asset. Wherè part of a grant relating to an asset 18 deferred. it is recognised as deferred income. Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. AcrdinglY. the charity is potentialty exempt frryn taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporalion Tax Acl 2010 or Section 256 of the Taxation of Chargéable Gains Act 1992, to the extent that such income or gains are applied exdusively to charitable purposes. TangIb fixed assets Individual fixed assets costing £0.00 or rnorè are initially recorded at cost. less any subsequent accumulated depreciatlon and Subsequent accumukted impaimient losse5. Deprnciatlon and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value. over their expected usefvl economic lrfe as follow8: Page 11
Oakway Nursery Limited Notes to th• Financial Statements for tho Year Ended 29 February 2024 Cash and cash equivalents Cash and cash equNalents comprise cash on hand and call deposits, and other short4erm highty liquid investrnents that are readily cOnVeIe lo a known amount of cash arKI are subj'ect lo an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the obiectsves of the charity. 3 Income from donations and legacies Unrestricted funds Total 2023 2024 Grants, including capital grants. Govemment grants Grants from other charities 80.299 150 80.299 150 67,169 80.449 80,449 67.169 4 Inv•stment Income funds Total 2024 Total 2023 General Interest receivabk arml similar income: Interest receivable ¢)n bank deposits 241 241 57 5 Expondlture on charitable activiti•s Unrestrkted funds Total 2024 Total 2023 General Note Govemance costs 3.039 3.039 2,873 Page 12
Oakway Nursery Llmlted Notss to the Financial Ststements for the Year Ended 29 February 2024 Grant fvnding of actlvlty Total 2024 Total 2023 Direct costs Wages and salaries Staff pensions Staff training Rent Repairs and maintenance Insurance Legal and professional Accountancy fees Bank Charges 2,166 71,953 1.383 180 2,201 404 993 315 1.471 60.502 1,227 60,502 1,227 125 1.078 331 1.531 99 125 1,078 331 1,531 99 67,337 67,337 81.160 £67,337 (2023 - £81,160) of the above expenditure was attributable to unrestricled funds and £Nil (2023 - £Nil) to restricted funds. 6 Trustees remuneratlon and expenses No trustees. nor any pSon5 connected with them. have received any remuneration fmm the charity during the year. 7 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs durfng the year were: Wages and salaries 60,502 No employee received wnoluments of more than £60.000 during the year. Page 13
Oakway Nursery Limited Notss to the Flnanclal Statements for the Year Ended 29 February 2024 8 Taxation The charity is a registered chaity and is thwefore exempt taxalion. 9 Tanglble flxed assets Other tangible fixed asset Total Land and bulldlngs Cost At 1 March 2023 9.182 21.955 31.137 At 29 February 2024 Depreciation At 1 March 2023 9.182 21,956 31.137 21,955 21.955 At 29 February 2024 21,955 21.955 Not book value At 29 February 2024 At 28 February 2023 9,182 9.182 9,182 9.182 10 Credltors: amounts falling due withln one year 2024 2023 Other taxation and sctial securdy Other creditors Accruals 597 277 2,931 3,805 507 145 2.871 3.523 11 Funds Balance at 29 February 2024 Balance at 1 March 2023 Incoming resourcés Resources expended Unrnstricted fun( General 28.285 82.594 67,337 43,542 Page 14
Oakway Nursery Limited Notss to the Flnanclal Statements for the Year Ended 29 February 2024 Balance at 28 February 2023 Balance at I March 2022 Incoming resource8 Re8ource8 expanded Unrestrlctod funds General 42,220 67,226 28.286 12 Analy•ls of not a880ts b•twgen lunds Unrnstrlcted funds Gen•ral Totsl fund8 Tangible fixed a88ets Current assets Current liabilities 9,182 38,165 3.805 9.182 38.165 3.805 Total net assets 43,542 43,542 13 Analy81s of net fund• At 1 March 2023 At 29 February 2024 Cash flow Cash at bank and in hand 22,627 15.538 38,165 Net balance 22,627 15,538 38.165 Page 15