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2023-03-31-accounts

Valens House 132A Upper Tulse Hill London SW2 2RX Telephone: 020 8674 7804 Fax: 020 8674 6790 Email: info@happynurserydays.org.uk www.happynurserydays.org.uk

HAPPY NURSERY DAYS (TULSE HILL) LIMITED

(Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Company Registration Number: 05190165 Charity Registration Number: 1143765

A subsidiary of

Ofsted Registration Number EY287358

HAPPY NURSERY DAYS (TULSE HILL) LIMITED (A Company limited by Guarantee)

Financial Statements

FOR YEAR ENDED 31 MARCH 2023

Contents Page
Legal and Administrative Information 3-4
Trustees’ Report 5-8
Report of the Auditors 9-11
Statement of Financial Activities
(Incorporating the Income and Expenditure Account) 12
Balance Sheet 13
Notes to the Financial Statements 14-22

HAPPY NURSERY DAYS (TULSE HILL) LIMITED LEGAL AND ADMINISTRATIVE INFORMATION FOR YEAR ENDED 31 MARCH 2023

The Members of the Board of Management who served from 1 April 2022 to the date the Financial Statements were signed were as follows: -

BOARD OF MANAGEMENT AND SHAREHOLDERS

Tracey Downie Chairperson (Joined 02/09/2021) Leanne Donald-Whitney Vice Chair (Joined 15/09/2016) Tanya Srikandan Treasurer (Joined 16/11/2017) Elaine Marshall Board Member (joined 15/09/2016) Cheryl Avery Board Member (Resigned 21/02/2023) Kate Parsley Board Member (Joined 03/12/2020) Samantha Latouche Board Member (Joined 02/09/2021) Eunice Zhu Board Member (Joined 02/09/2021) Garfield Cameron Board Member (Joined 02/11/2021) Jennifer Brathwaite Co-optee Board Member (appointed on 1/12/22)

None of the Board of Management members had any interest in any contract or arrangement with Ekaya Housing Association Limited.

The Directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served from 1 April 2022 up to the date of approval of these financial statements were as follows:

TRUSTEES

Ben Laryea – Chief Executive Andrew Furtek (Resigned 23/09/2022) Maggie Scarlett

CHIEF EXECUTIVE AND SECRETARY

Ben Laryea: Chief Executive

Wendy Chambers: Secretary

AUDIT & RISK COMMITTEE

POLICY & PERFORMANCE COMMITTEE

Tanya Srikandan (Chairperson) Leanne Donald-Whitney (Chairperson) Samantha Latouche Kate Parsley Eunice Zhu Garfield Cameron Elaine Marshall Tracey Downie Cheryl Avery

3

HAPPY NURSERY DAYS (TULSE HILL) LIMITED LEGAL AND ADMINISTRATIVE INFORMATION FOR YEAR ENDED 31 MARCH 2023

BANKERS

National Westminster Bank plc 504 Brixton Road London SW9 5EB

SOLICITORS

Devonshires 30 Finsbury Circus London EC2M 7DT

Lloyds Bank plc 25 Gresham Street London EC2V 7HN

EXTERNAL AUDITORS

Beever and Struthers Chartered Accountants 150 Minories London EC3N 1LS

REGISTERED OFFICE

Valens House 132A Upper Tulse Hill London SW2 2RX

INTERNAL AUDITORS

Knox Cropper Chartered Accountants 8-9 Well Court London EC4M 9DN

4

HAPPY NURSERY DAYS (TULSE HILL) LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 31 MARCH 2023

The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006 in preparing the annual report and financial statements of the charity.

Our Aims and Objectives

Purposes and Aims

The charity’s purposes as set out in the objects contained in the company’s memorandum of association are:

For the public benefit to advance the development and education of children in such ways as the Directors think fit, including:

Public Benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The charity provides parents in and around the community with much needed childcare to enable them to go to work or for further studies. Anyone is allowed to use our services subject to adherence to our policies. We are also registered to allocate “free 15 to 30 hours per week” for children between the ages of 2-4, which is allocated on a first come first served basis, subject to availability . We are pursuing grants to assist with the training of individuals to enable them to find work, which will be open to anyone from the public.

Financial Review

The nursery had a deficit of £5,910 for 2022/23 (2021/22: surplus of £41,488). Occupancy rates for the nursery have remained stable, however, it should be noted there was no furlough income in the year ended 31[st] March 2023. In addition, during the course of the year, the Nursery was rated ‘inadequate’ following an Ofsted inspection which was prompted by an incident in October 2022. This impacted the ability to take funded spaces with restriction to only private funded spaces. This had an overall impact on total income and consequently the Deficit. The Ofsted rating has however been reinstated to ‘Good’ following a re-inspection in April 2023.

The following are the principal risks and uncertainties:

Staff salary costs was £283,515, this decreased by £4,484 (2021/22: £287,999), which is reflective of some of the challenges with recruitment.

Achievements and Performance

In 2022/23, investment in the Nursery has enabled essential health & Safety work to be completed and standards maintained.

The Nursery was recognised as a ‘Natural Thinkers Setting’. This links to the Ofsted requirement to provide children with range of outdoor activities such as planting for various seasons and the mud kitchen with endless play and interaction.

The Nursery also successfully started a ‘Tooth Brushing Program’ sponsored by the LEAP Project. This is in accordance with promoting oral health in the early years foundation stage.

We agreed in principle an extension to the current lease of the premises at peppercorn rent.

5

HAPPY NURSERY DAYS (TULSE HILL) LIMITED TRUSTEES’ REPORT FOR YEAR ENDED 31 MARCH 2023

Principal Funding Sources

The Charity’s main source of funding is from fees from parents or carers for the use of the nursery. It also receives funding from the Nursery Education Fund.

Reserves Policy

The Trustees review the reserves of the Charity in light of the main risks to the organisation. The review encompasses the nature of the income and expenditure stream. The Trustees acknowledged that due to the current economic climate it could be faced with default on fee payments resulting in bad debt write-offs, negatively affecting the reserves. The reserves in 2023 were £204.9k (2022: £210.9k). There was a reduction in 2023 reserve resulting from provision against bad debt. It is the Trustees’ policy to generally maintain reserves at a low level and to apply nursery income to funding its activities. In light of the income generated, the Trustees consider the balance of the unrestricted funds to be satisfactory in meeting the nursery’s obligations should potential liabilities arise.

Plans for Future Periods

Management have put in place a robust improvement plan with a target to increase the occupancy rate to 85% in the future.

6

HAPPY NURSERY DAYS (TULSE HILL) LIMITED TRUSTEES’ REPORT (Continued) FOR YEAR ENDED 31 MARCH 2023

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, registered on 27 July 2004 and registered as a charity on 12 September 2011. The charity was established under a revised Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Recruitment and Appointment of Management Committee

The members of the Management Committee of the company are also charity Trustees for the purposes of charity law and under the company’s Articles are known as members of the Trustees Board. Under the requirements of the memorandum and Articles of Association, the members of the Trustees Board are elected by Ekaya and shall not be required to retire by rotation.

All members of the management committee give their time voluntarily and receive no benefits from the charity. Any expenses reimbursed are disclosed in the notes.

Induction and Training of new Trustees

Most Trustees and Management Committee members are familiar with the practical work of the nursery and are encouraged to take training to support their role. New Management Committee members are invited and encouraged to attend induction sessions to familiarise themselves with the charity and the context within which it operates.

Organisational Structure

The Management Committee meets quarterly where a quarterly performance report is presented and discussed; this assists the committee in making the appropriate strategic decisions. Ben Laryea, the Chief Executive Officer and the Head of Operations for Ekaya, are both responsible for Happy Nursery Days. The nursery manager has responsibility for the day-to-day operational management of the nursery supported by the deputy nursery manager. There are weekly group room meetings and eight weekly general staff meetings. The nursery manager has responsibility for all staff supervision and ensuring that the team continues to develop their skills and working practices in line with good practice.

Risk Management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures and risk assessments are in place to ensure compliance with health and safety of staff, trainees, volunteers, children, parent or carers and visitors to the nursery.

7

HAPPY NURSERY DAYS ITULSE HILLI LIMITED TRUSTEES, REPORT{Contlnuedl FOR YEAR ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees (who are also Directors of Happy Nursery Days ITulsè Hill) Limitèd for the purposes of company lawl are responsible lor preparing the Trustees, Report and Ihe financial statements In a¢cordanc8 with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Acwunting Pra¢lthl. Company law requlre8 the Trustees to prepare financial statements for each finandal year, whlch give a true and lair view ol the stale of 8ffaSrs of the charitable company and ol the incoming resources and application of resources, including the income and expenditur8. of the charitablo company for that period. In preparing thes8 financial slataments. the Trusleos are r6quired lo.. select sultsble aCcoun￿ng policies and then 8pply them con81st6ntty', observe the methods and principles in the Charities SORP 2019 IFRS 1021 make lud9emenls and 8slimates that arg rgasonable and prudent., stale wh8lher applicable UK Accounting Standards have been ft)Ilowed, subject to any material departures disclosed and Èxplainèd in Ihe flnancial slalements: prepare the financial slalemenls on the going concern basi5 unles5 1115 inappropriat8 to presume that the charitable company wlll conliniJ8 in operatson. The Trust88S are responslble for keeping adequate accounting racords that disclose with reason8bl8 accuracy al any lime the financlal posilltsn of Ihe charitable company and enable th&m lo 8nsur8 that lh& financlal slalemenls comply with the Companias Act 2006. They are 8180 responsible lor safeguarding tha assets ol the charitab19 company and honce for laklng reasonab19 sl&ps for the prevention and (Jelecllon of fraud and other irregularib'es. STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the dlr8Ctors oflhe company who held office al the dale ofapprov81 ol these Financlal Stslemenls as s81 out above each confim), so far as we are aware, Ihal.. Ih8r8 1$ no relevant audll inlormalion of wh￿h the company'$ auditors are unaware,. and we have lakan all the Steps that we ought lo have laken as directors in ordgr lo make ourselves aware of any relevant oudit information and lo establish that the company's auditors are aware ol that inlorm8lion. The Trustees are regponsible for th8 maintenance and Inlegrly ol the corporate and flnanclal Informallon included on the charitabl8 company's website. Legislation in the Uniled Kingdom govgrnlng the preparation and dissemination of flnancial slalemenls may differ frorn legislation in othgr jurisdictions. This report has b88n prepared In accordance wllh the provislons ap￿ICable to Gomp8nles enwlled to the Small companies, ex9mption. Thls report was approved for is$uo by tho Twstegs on September 7th 2023 and signed on ￿ b8half by.. B•n Laryea TRUSTEE

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF

HAPPY NURSERY DAYS (TULSE HILL) LIMITED

Opinion

We have audited the financial statements of Happy Nursery Days (Tulse Hill) Limited (the ‘charitable company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies in note 1. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) and United Kingdom Generally Accepted Accounting Practice.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

9

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

HAPPY NURSERY DAYS (TULSE HILL) LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 8, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or taken together, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

10

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

HAPPY NURSERY DAYS (TULSE HILL) LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body for our audit work, for this report, or for the opinions, we have formed.

Beever and Struthers Chartered Accountants Statutory Auditor

150 Minories London EC3N 1LS

Date: 25 September 2023

Beever and Struthers is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

11

HAPPY NURSERY DAYS (TULSE HILL) LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Notes Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Income and endowments from:
Other income - - - 49,992
Investment income 1,067 - 1,067 20
Charitable activities:
-
Nursery fees 298,083 298,083 259,926
Nursery education fund 128,235 - 128,235 140,025
Total income and endowments 2 427,385 - 427,385 449,963
Expenditure on:
Charitiable activities 433,295 433,295 408,475
Total Expenditure 3 433,295 - 433,295 408,475
Net income/(expenditure) 4 (5,910) - (5,910) 41,488
Net movement in funds (5,910) - (5,910) 41,488
Reconciliation of funds:
Total funds brought forward 210,889 - 210,889 169,400
Total funds carried forward 204,979 - 204,979 210,889
----- End of picture text -----

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The notes to the financial statements on pages 14 to 22 form an integral part of the financial statements.

12

HAPPY NURSERY DAYS ITULSE HILL) UMITEO BALANCE SHEET AS AT 31 MARCH 2023 COMPANY NUMBER.. 05190165 Notes Flxed Assets Tangible fixed assets io 35.238 9,424 Current assets Debtors Cash at bank and In hand li 29,095 162.684 191,779 250,153 252,761 Credltor5 Amounts fall I ng due wlthin one year 12 122,0381 {51,2961 Net current assets 169,741 201,465 Total a55ets less current Ilabllltles 204979 210,889 Total Net Assets 13 204,979 210,889 Unrestricted f unds Restricted funds 14 21)4,979 210,889 Totsl funds 210,889 For thé yèar ended 31 March 2023 Ihe company was entllled lo exemption from audit under secllon 477 of the Companies Act 2006 relallng lo $rnall comp8nle8 bul the Tru8198s' have e18cl8d lo have an audll under the Charlues Ac12011. olrect￿S, re8pon8lbllllS88'. The members have not required the company lo oblaln an audll of h8 flnanclal slalements for thè yèar in question in accordance wilh section 476., The directors acknowledge their responsiblllll8s for complylng wblh th8 requlremenls of the Act wllh respe lo accounting recordg and the preparation ol financlal slalemenls. Th886 fln8ncSal slalements have been prepared in accordance wllh the provislons applic8bl8 lo companle5' sublecl lo lh8 small companles, reglme. Th8 financial slalemenls on pages 12 to 22 were approved and authoris9d for issue by the Trustees on September 71h 2023 and slgned on their b8half, by.. Ben Laryea TRUSTEE The notas to the financial statements on pages 14 10 22 fomi an int9gral part of the finanual stslemgnls. 13

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

a) Legal status

Happy Nursery Days (Tulse Hill) Limited is a charitable company incorporated in England under the Companies Act 2006. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is Valens House 132A Upper Tulse Hill, London, SW2 2RX.

b) Basis of accounting

The charity constitutes a public benefit entity as defined by FRS 102.The financial statements have been prepared in accordance with Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The Trustees have taken advantage of the exemption from including a Statement of Cash Flows as per paragraph 1.12 of FRS 102 in the financial statements as the consolidated financial statements of Ekaya Housing Association Limited, 145 Stockwell Rd, London SW9 9TN (Registered Society Number 25683R) are publicly available.

c) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

d) Turnover

Turnover comprises the invoiced value of goods and services supplied by the charity.

e) Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

f) Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy

g) Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred.

14

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (CONTINUED)

h) Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value of each asset over its expected useful life, which is as follows:

Leasehold improvement Furniture, Fittings and Office equipment

20% per annum on cost

20% per annum on cost

i) Taxation

By virtue of S.478 Corporation Tax Act 2010, the charitable company is exempt from corporation tax.

j) Value Added Tax (VAT)

The charity is not VAT registered. The balances shown in these financial statements are inclusive of VAT where applicable.

k) Financial instruments

Financial instruments held by Happy Nursery Days (Tulse Hill) Limited are classified as follows:

l) Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

m) Status

The charity is a company registered in England, limited by guarantee and has no share capital. Each member’s liability is limited to £1 and at the balance sheet, date there was 1 member (2022: 1).

15

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

2. INCOMING RESOURCES FROM ACTIVITIES TO FURTHER THE CHARITY’S OBJECTS

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
-
Nursery fees 298,083 298,083 259,926
-
Nursery education fund 128,234 128,234 140,025
Investment income 1,067 1,067 20
Other income - - - 49,992
-
427,384 427,384 449,963
----- End of picture text -----

3. TOTAL RESOURCES EXPENDED

----- Start of picture text -----
Activities
undertaken Support Allocated Total Total
directly costs costs 2023 2022
£ £ £ £ £
-
Management and administration 283,515 140,065 423,580 408,475
Bad debts 9,715 - - 9,715 -
293,230 140,065 - 433,295 408,475
----- End of picture text -----

4. NET (EXPENDITURE) / INCOME FOR THE YEAR

----- Start of picture text -----
Net (expenditure)/income for the year is stated after charging:
2023 2022
£ £
Auditors remuneration 4,735 4,301
Depreciation 5,206 4,672
----- End of picture text -----

16

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

5A. STAFF COSTS

----- Start of picture text -----
Staff Costs 2023 2022
£ £
Salaries and wages 243,787 253,304
Social security costs 15,005 14,711
Pension costs 18,488 19,985
Other Costs 6,236 -
283,515 287,999
----- End of picture text -----

No staff members received remuneration in excess of £60,000 during the year.

The Charity operates a defined contribution pension scheme and pension charge represents the amounts payable by the company to the fund in respect of the year.

5B SUPPORT COSTS

----- Start of picture text -----
2023 2022
£ £
Depreciation 5,206 4,672
Repairs 16,045 1,451
Utilities and stationery 18,256 14,340
-
Management Fee 22,425
Consultant Fee 4,803 2,332
Governance 9,896 13,529
Agency Staff costs 26,148 4,223
Management costs 59,710 45,648
140,065 108,620
----- End of picture text -----

5C GOVERNANCE COSTS

Governance Costs 2023
£		 2022
£
Auditors Fees 4,735 4,301
Training 1,409
6,144		 8,609
12,910

17

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

6. EMPLOYEES

The average number of employees during the year as well as the average number of full-time equivalents was as follows:

----- Start of picture text -----
2023 2022
Number Number
Average number of full-time equivalents employees-
charitable activities 13 14
Average number of employees - charitable activities 18 16
----- End of picture text -----

7. TRUSTEES REMUNERATION AND RELATED PARTY TRANSACTIONS

All key management personnel costs including Trustees and the Management Committee are borne by the parent. The consolidated financial statements of Ekaya Housing Association Limited are publicly available from 145 Stockwell Road, London SW9 9TN (Registered Society Number 25683R).

8. INVESTMENT INCOME

----- Start of picture text -----
2023 2022
£ £
Interest receivable 1,067 20
----- End of picture text -----

18

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

9. FINANCIAL INSTRUMENTS

----- Start of picture text -----
2023 2022
£ £
The Charity's financial instruments may be analysed as follows:
Financial Assets
Financial Assets measured at cost:
Cash and cash equivalents 162,684 250,153
Financial assets measured at amortised cost:
Trade debtors 13,810 2,608
Less Provision for Bad and Doubtful Debts (9,715) -
4,094 2,608
Other Debtors 25,000 -
Total Financial Assets 191,779 252,761
Financial Liabilities
Financial Liabilities measured at amortised cost:
Trade creditors 13,565 13,588
other Creditors 8,473 37,708
Total financial liabilities 22,038 51,296
----- End of picture text -----

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HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

10. TANGIBLE FIXED ASSETS

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposal
At 31 March 2023
Net Book value
At 31 March 2023
At 31 March 2022		 Leasehold
Furniture, fittings
Total
Improvements
and equipment
2023
£
£
£
-
23,360
23,360
31,020
-
31,020
-
-
-
31,020
23,360
54,380
-
13,936
13,936
-
5,206
5,206
-
-
-
-
19,142
19,142
31,020
4,218
35,238
-
9,424
9,424

11. DEBTORS

Trade debtors
Less Provision for Bad and Doubtful Debts
Other debtors and prepayments
Amounts due from parent undertaking		 2023
£
10,713
(9,715)
3,096
25,000
29,095		 2022
£
2,608
-
-
-
2,608

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HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
2023 2022
£ £
Trade creditors 13,565 7,173
Social security and other taxes 1,487 4,815
-
Amounts due to parent undertaking 23,120
Other creditors 6,986 16,188
22,038 51,296
----- End of picture text -----

The balance due to the parent undertakings represents expenditure incurred on behalf of the charity.

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
General Funds Restricted Funds Total Funds
£ £ £
-
Tangible fixed assets 35,238 35,238
Current assets 29,095 - 29,095
Cash at bank and in hand 162,684 - 162,684
Current liabilities (22,038) - (22,038)
204,979 - 204,979
----- End of picture text -----

14. MOVEMENT IN FUNDS
Unrestricted funds
Restricted funds		 At 1 April
Incoming
Outgoing
At 31 March
2022
resources
resources
Transfers
2023
£
£
£
£
£
210,889
427,384
(433,295)
-
204,979
-
-
-
-
-
210,889
427,384
(433,295)
-
204,979

21

HAPPY NURSERY DAYS (TULSE HILL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

15. RELATED PARTY TRANSACTIONS

At the 31st March 2023, Happy Nursery Days Ltd was a subsidiary of Ekaya Housing Association Limited who has full controlling powers over it. Ekaya Housing Association, 145 Stockwell Rd, London SW9 9TN, London, manages the affairs of Happy Nursery days.

The principal activities of the Association are the provision, management and maintenance of permanent housing and supported accommodation to black and minority ethnic (BME) female led households and single mothers who are in need of affordable accommodation.

In the course of normal operations, related party transactions entered into by the Group have been contracted on an arms-length basis. The balance due at the year-end from the parent was £25,000 (2022: £23,119 was due to the parent). The intercompany amounts are unsecured.

----- Start of picture text -----
2023 2022
£ £
Management charge in the period - 22,425
----- End of picture text -----

16. CAPITAL COMMITMENTS

There were no capital commitments as at 31[st] March 2023 (2022: None).

17. LEASE COMMITMENTS

There were no lease commitments as at 31[st] March 2023 (2022: None).

18. TAXATION

By virtue of S.478 Corporation Tax Act 2010, the charitable company is exempt from corporation tax.

19. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

Happy Nursery Days (Tulse Hill) Limited is a wholly owned subsidiary of Ekaya Housing Association Limited, a Registered Society with registration number 25683R which is the ultimate controlling party. Its Registered Office is 145 Stockwell Road, London SW9 9TN. The ultimate controlling parties are the Board Members of Ekaya Housing Association Limited who are supported by the Trustees of Happy Nursery Days (Tulse Hill) Limited.

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