Trustees’ Annual Report for the period
From 01/04/2023 Period start date To 31/03/2024 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 7th year of operations since the Nursery was active from 2018. Over the period of this report the Nursery continues to serve the Community and has achieved its objectives. Nursery occupancy is high 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 continues to be 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 31/03/2024 = £36,064.30 |
| 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 12/06/2024
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 2024
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 2024
| 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 2024
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 2024. 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 2024
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 29 June 2024 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 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 115,291 EXPENDITURE ON Charitable activities Provision 90,571 NET INCOME 24,720 RECONCILIATION OF FUNDS Total funds brought forward 7,668 TOTAL FUNDS CARRIED FORWARD 32,388 |
2023 Total funds £ 86,762 77,612 9,150 (1,482) 7,668 |
|---|---|
The notes form part of these financial statements
Page 3
OXFORD GEMS NURSERY LIMITED
BALANCE SHEET 31 MARCH 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 3,458 CURRENT ASSETS Cash at bank and in hand 37,930 CREDITORS Amounts falling due within one year 7 (9,000) NET CURRENT ASSETS 28,930 TOTAL ASSETS LESS CURRENT LIABILITIES 32,388 NET ASSETS 32,388 FUNDS 8 Unrestricted funds 32,388 TOTAL FUNDS 32,388 |
2023 Total funds £ 4,068 21,334 (17,734) 3,600 7,668 7,668 7,668 7,668 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 29 June 2024 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 2024
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 2024
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 610 | 718 |
| Other operating leases | 7,500 | 7,500 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Average number of employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Provision NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 2023 9 9 Unrestricted fund £ 86,762 77,612 9,150 (1,482) 7,668 |
|---|---|
Page 6
continued...
OXFORD GEMS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accrued expenses 8. MOVEMENT IN FUNDS At 1/4/23 £ Unrestricted funds General fund 7,668 TOTAL FUNDS 7,668 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 115,291 TOTAL FUNDS 115,291 |
Fixtures and fittings £ 9,168 5,100 610 5,710 3,458 4,068 2024 2023 £ £ 2,278 1,072 6,002 15,366 720 1,296 9,000 17,734 Net movement At in funds 31/3/24 £ £ 24,720 32,388 24,720 32,388 Resources Movement expended in funds £ £ (90,571) 24,720 (90,571) 24,720 |
|---|---|
continued...
Page 7
OXFORD GEMS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
| Comparative 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 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/22 | in funds | 31/3/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (1,482) | 33,870 | 32,388 |
| TOTAL FUNDS | (1,482) | 33,870 | 32,388 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 202,053 202,053 |
Resources Movement expended in funds £ £ (168,183) 33,870 (168,183) 33,870 |
Resources Movement expended in funds £ £ (168,183) 33,870 (168,183) 33,870 |
|---|---|---|---|
| 33,870 |
continued...
Page 8
OXFORD GEMS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 9
OXFORD GEMS NURSERY LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Income Donations Total incoming resources EXPENDITURE Charitable activities Wages Pensions Rent Rates and water Light and heat Telephone Advertising Purchases Repairs and Renewals Cleaning Legal and Professional Insurance Sundry Exp Training Donations Paid Fixtures and fittings Support costs Finance Bank charges Governance costs Accountancy Total resources expended Net income |
2024 £ 115,292 (1) 115,291 115,291 57,330 39 7,500 584 4,098 696 83 4,036 2,119 175 127 - 137 429 11,180 610 89,143 60 1,368 90,571 24,720 |
2023 £ 86,760 2 |
|---|---|---|
| 86,762 | ||
| 86,762 55,118 34 7,500 544 3,313 825 - 4,222 2,297 224 424 355 136 546 - 718 |
||
| 76,256 60 1,296 |
||
| 77,612 | ||
| 9,150 |
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 2024
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 2024
| 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 2024
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 2024. 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 2024
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 29 June 2024 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 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 115,291 EXPENDITURE ON Charitable activities Provision 90,571 NET INCOME 24,720 RECONCILIATION OF FUNDS Total funds brought forward 7,668 TOTAL FUNDS CARRIED FORWARD 32,388 |
2023 Total funds £ 86,762 77,612 9,150 (1,482) 7,668 |
|---|---|
The notes form part of these financial statements
Page 3
OXFORD GEMS NURSERY LIMITED
BALANCE SHEET 31 MARCH 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 3,458 CURRENT ASSETS Cash at bank and in hand 37,930 CREDITORS Amounts falling due within one year 7 (9,000) NET CURRENT ASSETS 28,930 TOTAL ASSETS LESS CURRENT LIABILITIES 32,388 NET ASSETS 32,388 FUNDS 8 Unrestricted funds 32,388 TOTAL FUNDS 32,388 |
2023 Total funds £ 4,068 21,334 (17,734) 3,600 7,668 7,668 7,668 7,668 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 29 June 2024 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 2024
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 2024
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 610 | 718 |
| Other operating leases | 7,500 | 7,500 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Average number of employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Charitable activities Provision NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 2023 9 9 Unrestricted fund £ 86,762 77,612 9,150 (1,482) 7,668 |
|---|---|
Page 6
continued...
OXFORD GEMS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Accrued expenses 8. MOVEMENT IN FUNDS At 1/4/23 £ Unrestricted funds General fund 7,668 TOTAL FUNDS 7,668 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 115,291 TOTAL FUNDS 115,291 |
Fixtures and fittings £ 9,168 5,100 610 5,710 3,458 4,068 2024 2023 £ £ 2,278 1,072 6,002 15,366 720 1,296 9,000 17,734 Net movement At in funds 31/3/24 £ £ 24,720 32,388 24,720 32,388 Resources Movement expended in funds £ £ (90,571) 24,720 (90,571) 24,720 |
|---|---|
continued...
Page 7
OXFORD GEMS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
| Comparative 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 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/4/22 | in funds | 31/3/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (1,482) | 33,870 | 32,388 |
| TOTAL FUNDS | (1,482) | 33,870 | 32,388 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 202,053 202,053 |
Resources Movement expended in funds £ £ (168,183) 33,870 (168,183) 33,870 |
Resources Movement expended in funds £ £ (168,183) 33,870 (168,183) 33,870 |
|---|---|---|---|
| 33,870 |
continued...
Page 8
OXFORD GEMS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 9
OXFORD GEMS NURSERY LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Income Donations Total incoming resources EXPENDITURE Charitable activities Wages Pensions Rent Rates and water Light and heat Telephone Advertising Purchases Repairs and Renewals Cleaning Legal and Professional Insurance Sundry Exp Training Donations Paid Fixtures and fittings Support costs Finance Bank charges Governance costs Accountancy Total resources expended Net income |
2024 £ 115,292 (1) 115,291 115,291 57,330 39 7,500 584 4,098 696 83 4,036 2,119 175 127 - 137 429 11,180 610 89,143 60 1,368 90,571 24,720 |
2023 £ 86,760 2 |
|---|---|---|
| 86,762 | ||
| 86,762 55,118 34 7,500 544 3,313 825 - 4,222 2,297 224 424 355 136 546 - 718 |
||
| 76,256 60 1,296 |
||
| 77,612 | ||
| 9,150 |
This page does not form part of the statutory financial statements
Page 10