Trustees’ Annual Report for the period
From 01/04/2022 Period start date To 31/03/2023 Period end date
Charity name: OXFORD GEMS NURSERY LIMITED
Charity registration number: 1196818
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | To provide early learning facilities to ages from 2 to 5 years of age. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
The main activities for the public benefit is to provide a safe and harmonious environment to develop and educate children of ages 2-5 prior to moving into the mainstream primary education. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. |
Additional information (optional) You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | This is the 6th year of operations since the Nursery was active from 2018. Over the period of this report the Nursery has succeeded in achieving its objectives as the Nursery numbers have increased significantly and majority of the intakes are from the surrounding areas thus decreasing the carbon footprint as parents are travelling much less in distance for Nursery facilities. The feedback has been positive from parents and surrounding community as a once derelict property has been utilised for the benefit of the community. |
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | |
| Other |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The Charity is in a positive financial status |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | The reserves held are for two folds: a) Timing of operational costs post monies received from LCC. b) being held for future improvements for the benefit of the children, ie a more user friendly outdoor play area |
| Amount of reserves held | Para 1.22 | Closing bank balance as at 2023 = £14,022.49 |
| Reasons for holding zero reserves |
Para 1.22 | N/A |
| Details of fund materially in deficit |
Para 1.24 | N/A |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | There are currently no uncertainties relating to the Charity continuing as a going concern. |
Additional information (optional)
You may choose to include further statements where relevant about: Lancashire County Council Vouchers – pre-school government grant The charity’s principal sources of funds (including Para 1.47 any fundraising) Investment policy and objectives including any Para 1.46 social investment policy adopted A description of the principal Para 1.46 risks facing the charity Other
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Trust Deed |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Company Limited by Guarantee (Not for Profit with no share capitol) |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | On a Trustee/Director leaving the institute applications are invited and if the applicant meets the criteria appointment is approved by at least 3 of the Trustees. |
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
|
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | |
| Relationship with any related parties |
Para 1.51 | |
| Other |
Reference and Administrative details
| Charity name | OXFORD GEMS NURSERY LIMITED |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1196818 |
| Charity’s principal address | 2, CLARENDON STREET PRESTON, PR1 3YN |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| IBRAHIM DESAI | CHAIR | All other Trustees | ||
| FAYYAZ AHMED ALI | All other Trustees | |||
| SHOYAB UMAR | All other Trustees | |||
| KHALEEL ASMAL | All other Trustees | |||
| HAROON RASHID | All other Trustees | |||
– Corporate trustees names of the directors at the date the report was approved
Director name IBRAHIM DESAI FAYYAZ AHMED ALI SHOYAB UMAR KHALEEL ASMAL HAROON RASHID
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets Fixture and Fittings held in this capacity
Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects
Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) MR IBRAHIM DESAI Position (eg Secretary, CHAIR Chair, etc)
Date
10/10/2023
REGISTERED COMPANY NUMBER: 10881835 (England and Wales) REGISTERED CHARITY NUMBER: 1196818
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
OXFORD GEMS NURSERY LIMITED
SKM Chartered Accountants Pegasus House 5 Winckley Court Mount Street Preston Lancashire PR1 8BU
OXFORD GEMS NURSERY LIMITED
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
OXFORD GEMS NURSERY LIMITED
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
-
To provide early learning facilities to ages from 2 to 5 years of age.
-
The main activities for the public benefit is to provide a safe and harmonious environment to develop and educate children of ages 2-5 prior to moving into the mainstream primary education.
-
The Trustees have had regard to the guidance issued by the Charity Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This is the 6th year of operations since the Nursery was active from 2018.
Over the period of this report the Nursery has succeeded in achieving its objectives as the Nursery numbers have increased significantly and majority of the intakes are from the surrounding areas thus decreasing the carbon footprint as parents are travelling much less in distance for Nursery facilities.
The feedback has been positive from parents and surrounding community as a once derelict property has been utilised for the benefit of the community.
FINANCIAL REVIEW
Financial position
The Charity is in a positive financial status.
Principal funding sources
The Charities principal source of fund is from Lancashire County Council Vouchers - pre-school government grant.
Reserves policy
The reserves held are for two folds:
a) Timing of operational costs post monies received from LCC.
b) being held for future improvements for the benefit of the children, ie a more user friendly outdoor play area
The reserves balance held as at 31/03/23 is £7,668.
Going concern
There are currently no uncertainties relating to the Charity continuing as a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
On a Trustee/Director leaving the institute applications are invited and if the applicant meets the criteria appointment is approved by at least 3 of the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10881835 (England and Wales)
Page 1
OXFORD GEMS NURSERY LIMITED
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023
Registered Charity number 1196818
Registered office
Pegasus House 5 Winckley Court Mount Street Preston PR1 8BU
Trustees
F A Ali K Asmal I Desai S Umar H R Patel
Company Secretary
Approved by order of the board of trustees on 15 October 2023 and signed on its behalf by:
I Desai - Trustee
Page 2
OXFORD GEMS NURSERY LIMITED
Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 86,762 EXPENDITURE ON Charitable activities Provision 77,612 NET INCOME/(EXPENDITURE) 9,150 RECONCILIATION OF FUNDS Total funds brought forward (1,482) TOTAL FUNDS CARRIED FORWARD 7,668 |
2022 Total funds £ 49,826 59,149 (9,323) 7,841 (1,482) |
|---|---|
The notes form part of these financial statements
Page 3
OXFORD GEMS NURSERY LIMITED
Balance Sheet 31 MARCH 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 4,068 CURRENT ASSETS Cash at bank and in hand 21,334 CREDITORS Amounts falling due within one year 7 (17,734) NET CURRENT ASSETS/(LIABILITIES) 3,600 TOTAL ASSETS LESS CURRENT LIABILITIES 7,668 NET ASSETS/(LIABILITIES) 7,668 FUNDS 8 Unrestricted funds 7,668 TOTAL FUNDS 7,668 |
2022 Total funds £ 4,786 9,582 (15,850) (6,268) (1,482) (1,482) (1,482) (1,482) |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 October 2023 and were signed on its behalf by:
I Desai - Trustee
The notes form part of these financial statements
Page 4
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & Fittings - 15% RB
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 5
continued...
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 718 | 844 |
| Other operating leases | 7,500 | 12,500 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Average number of employees No employees received emoluments in excess of £60,000. 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Provision NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 2022 9 6 Unrestricted fund £ 49,826 59,149 (9,323) 7,841 (1,482) |
|---|---|
Page 6
continued...
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Fixtures | ||||
| and | ||||
| fittings | ||||
| £ | ||||
| COST | ||||
| At 1 April 2022 and 31 March 2023 | 9,168 | |||
| DEPRECIATION | ||||
| At 1 April 2022 | 4,382 | |||
| Charge for year | 718 | |||
| At 31 March 2023 | 5,100 | |||
| NET BOOK VALUE | ||||
| At 31 March 2023 | 4,068 | |||
| At 31 March 2022 | 4,786 | |||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Trade creditors | - | (1) | ||
| Social security and other taxes | 1,072 | (160) | ||
| Other creditors | 15,366 | 15,291 | ||
| Accrued expenses | 1,296 | 720 | ||
| 17,734 | 15,850 | |||
| MOVEMENT IN FUNDS | ||||
| Net | ||||
| movement | At | |||
| At 1/4/22 | in funds | 31/3/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (1,482) | 9,150 | 7,668 | |
| TOTAL FUNDS | (1,482) | 9,150 | 7,668 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 86,762 | (77,612) | 9,150 | |
| TOTAL FUNDS | 86,762 | (77,612) | 9,150 |
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8. MOVEMENT IN FUNDS
continued...
Page 7
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/21 | in funds | 31/3/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 7,841 | (9,323) | (1,482) |
| TOTAL FUNDS | 7,841 | (9,323) | (1,482) |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 49,826 | (59,149) | (9,323) |
| TOTAL FUNDS | 49,826 | (59,149) | (9,323) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/21 | in funds | 31/3/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 7,841 | (173) | 7,668 |
| TOTAL FUNDS | 7,841 | (173) | 7,668 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 136,588 | (136,761) | (173) |
| TOTAL FUNDS | 136,588 | (136,761) | (173) |
continued...
Page 8
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 9
OXFORD GEMS NURSERY LIMITED
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Income | 86,760 | 49,826 |
| Donations | 2 | - |
| 86,762 | 49,826 | |
| Total incoming resources | 86,762 | 49,826 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 55,118 | 31,878 |
| Pensions | 34 | - |
| Rent | 7,500 | 12,500 |
| Rates and water | 544 | 473 |
| Light and heat | 3,313 | 7,689 |
| Telephone | 825 | 304 |
| Postage and stationery | - | 192 |
| Purchases | 4,222 | 1,469 |
| Repairs and Renewals | 2,297 | 812 |
| Cleaning | 224 | 81 |
| Legal and Professional | 424 | 904 |
| Insurance | 355 | - |
| Sundry Exp | 136 | 379 |
| Training | 546 | 312 |
| Fixtures and fittings | 718 | 845 |
| 76,256 | 57,838 | |
| Support costs | ||
| Finance | ||
| Bank charges | 60 | 15 |
| Governance costs | ||
| Accountancy | 1,296 | 1,296 |
| Total resources expended | 77,612 | 59,149 |
| Net income/(expenditure) | 9,150 | (9,323) |
This page does not form part of the statutory financial statements
Page 10
REGISTERED COMPANY NUMBER: 10881835 (England and Wales) REGISTERED CHARITY NUMBER: 1196818
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2023
for
OXFORD GEMS NURSERY LIMITED
SKM Chartered Accountants Pegasus House 5 Winckley Court Mount Street Preston Lancashire PR1 8BU
OXFORD GEMS NURSERY LIMITED
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
OXFORD GEMS NURSERY LIMITED
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
-
To provide early learning facilities to ages from 2 to 5 years of age.
-
The main activities for the public benefit is to provide a safe and harmonious environment to develop and educate children of ages 2-5 prior to moving into the mainstream primary education.
-
The Trustees have had regard to the guidance issued by the Charity Commission on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This is the 6th year of operations since the Nursery was active from 2018.
Over the period of this report the Nursery has succeeded in achieving its objectives as the Nursery numbers have increased significantly and majority of the intakes are from the surrounding areas thus decreasing the carbon footprint as parents are travelling much less in distance for Nursery facilities.
The feedback has been positive from parents and surrounding community as a once derelict property has been utilised for the benefit of the community.
FINANCIAL REVIEW
Financial position
The Charity is in a positive financial status.
Principal funding sources
The Charities principal source of fund is from Lancashire County Council Vouchers - pre-school government grant.
Reserves policy
The reserves held are for two folds:
a) Timing of operational costs post monies received from LCC.
b) being held for future improvements for the benefit of the children, ie a more user friendly outdoor play area
The reserves balance held as at 31/03/23 is £7,668.
Going concern
There are currently no uncertainties relating to the Charity continuing as a going concern.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
On a Trustee/Director leaving the institute applications are invited and if the applicant meets the criteria appointment is approved by at least 3 of the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10881835 (England and Wales)
Page 1
OXFORD GEMS NURSERY LIMITED
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2023
Registered Charity number 1196818
Registered office
Pegasus House 5 Winckley Court Mount Street Preston PR1 8BU
Trustees
F A Ali K Asmal I Desai S Umar H R Patel
Company Secretary
Approved by order of the board of trustees on 15 October 2023 and signed on its behalf by:
I Desai - Trustee
Page 2
OXFORD GEMS NURSERY LIMITED
Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 86,762 EXPENDITURE ON Charitable activities Provision 77,612 NET INCOME/(EXPENDITURE) 9,150 RECONCILIATION OF FUNDS Total funds brought forward (1,482) TOTAL FUNDS CARRIED FORWARD 7,668 |
2022 Total funds £ 49,826 59,149 (9,323) 7,841 (1,482) |
|---|---|
The notes form part of these financial statements
Page 3
OXFORD GEMS NURSERY LIMITED
Balance Sheet 31 MARCH 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 4,068 CURRENT ASSETS Cash at bank and in hand 21,334 CREDITORS Amounts falling due within one year 7 (17,734) NET CURRENT ASSETS/(LIABILITIES) 3,600 TOTAL ASSETS LESS CURRENT LIABILITIES 7,668 NET ASSETS/(LIABILITIES) 7,668 FUNDS 8 Unrestricted funds 7,668 TOTAL FUNDS 7,668 |
2022 Total funds £ 4,786 9,582 (15,850) (6,268) (1,482) (1,482) (1,482) (1,482) |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 October 2023 and were signed on its behalf by:
I Desai - Trustee
The notes form part of these financial statements
Page 4
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & Fittings - 15% RB
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 5
continued...
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 718 | 844 |
| Other operating leases | 7,500 | 12,500 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Average number of employees No employees received emoluments in excess of £60,000. 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Provision NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 2022 9 6 Unrestricted fund £ 49,826 59,149 (9,323) 7,841 (1,482) |
|---|---|
Page 6
continued...
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Fixtures | ||||
| and | ||||
| fittings | ||||
| £ | ||||
| COST | ||||
| At 1 April 2022 and 31 March 2023 | 9,168 | |||
| DEPRECIATION | ||||
| At 1 April 2022 | 4,382 | |||
| Charge for year | 718 | |||
| At 31 March 2023 | 5,100 | |||
| NET BOOK VALUE | ||||
| At 31 March 2023 | 4,068 | |||
| At 31 March 2022 | 4,786 | |||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Trade creditors | - | (1) | ||
| Social security and other taxes | 1,072 | (160) | ||
| Other creditors | 15,366 | 15,291 | ||
| Accrued expenses | 1,296 | 720 | ||
| 17,734 | 15,850 | |||
| MOVEMENT IN FUNDS | ||||
| Net | ||||
| movement | At | |||
| At 1/4/22 | in funds | 31/3/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (1,482) | 9,150 | 7,668 | |
| TOTAL FUNDS | (1,482) | 9,150 | 7,668 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 86,762 | (77,612) | 9,150 | |
| TOTAL FUNDS | 86,762 | (77,612) | 9,150 |
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8. MOVEMENT IN FUNDS
continued...
Page 7
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/21 | in funds | 31/3/22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 7,841 | (9,323) | (1,482) |
| TOTAL FUNDS | 7,841 | (9,323) | (1,482) |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 49,826 | (59,149) | (9,323) |
| TOTAL FUNDS | 49,826 | (59,149) | (9,323) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/21 | in funds | 31/3/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 7,841 | (173) | 7,668 |
| TOTAL FUNDS | 7,841 | (173) | 7,668 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 136,588 | (136,761) | (173) |
| TOTAL FUNDS | 136,588 | (136,761) | (173) |
continued...
Page 8
OXFORD GEMS NURSERY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2023
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 9
OXFORD GEMS NURSERY LIMITED
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Income | 86,760 | 49,826 |
| Donations | 2 | - |
| 86,762 | 49,826 | |
| Total incoming resources | 86,762 | 49,826 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 55,118 | 31,878 |
| Pensions | 34 | - |
| Rent | 7,500 | 12,500 |
| Rates and water | 544 | 473 |
| Light and heat | 3,313 | 7,689 |
| Telephone | 825 | 304 |
| Postage and stationery | - | 192 |
| Purchases | 4,222 | 1,469 |
| Repairs and Renewals | 2,297 | 812 |
| Cleaning | 224 | 81 |
| Legal and Professional | 424 | 904 |
| Insurance | 355 | - |
| Sundry Exp | 136 | 379 |
| Training | 546 | 312 |
| Fixtures and fittings | 718 | 845 |
| 76,256 | 57,838 | |
| Support costs | ||
| Finance | ||
| Bank charges | 60 | 15 |
| Governance costs | ||
| Accountancy | 1,296 | 1,296 |
| Total resources expended | 77,612 | 59,149 |
| Net income/(expenditure) | 9,150 | (9,323) |
This page does not form part of the statutory financial statements
Page 10