THE ISLEDON COMMUNITY NURSERY TRUST Charity Accounts
THE ISLEDON COMMUNITY NURSERY TRUST Charity Accounts
COMPANY REGISTRATION NUMBER:
02872995
CHARITY REGISTRATION NUMBER:
1029478
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Company Limited by Guarantee |
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Company Limited by Guarantee |
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Financial Statements |
Period from 1 September 2019 to 31 March 2020
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Page |
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Trustees' annual report (incorporating the director's report) |
1 |
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Independent examiner's report to the trustees |
7 |
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Statement of financial activities (including income and expenditure account) |
8 |
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Statement of financial position |
9 |
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Notes to the financial statements |
10 |
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Company Limited by Guarantee |
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Trustees' Annual Report (Incorporating the Director's Report) |
Period from 1 September 2019 to 31 March 2020
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the period ended
31 March 2020
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Reference and administrative details
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Registered charity name |
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Charity registration number |
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Company registration number |
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Principal office and registered |
THE SAM MORRIS NURSERY |
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office |
PARKSIDE CRESCENT |
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LONDON |
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N7 7JG |
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UK |
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The trustees
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(Resigned
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(Resigned
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(Resigned
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(Appointed
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(Resigned
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(Resigned
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(Appointed
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(Appointed
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Company secretary |
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Independent examiner |
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Quayside House |
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Quayside |
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Chatham Maritime |
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ME4 4QZ |
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Structure, governance and management
Governing Documents
The Isledon Community Nursery Trust is a registered charity and a company limited by guarantee. The Isledon Community Nursery Trust is also known and referred to as The Sam Morris Nursery. The maximum liability of each member is limited to £1. At 31 March 2020 the company had 6 members. The Isledon Community Nursery Trust is governed by its Memorandum and Articles of Association. The trustees will embark on a review of the governing documents and consider updating them to reflect changes in charity and company law. The Isledon Community Nursery Trust was incorporated as a limted company limited by guarantee on 18th November 1993. The charity commenced operations in 1996.
Recruitment, Appointment of Trustees
Trustees, who are also Directors of the Company, are elected from the local community and must either reside or work in the London Borough of Islington or surrounding areas and be interested in furthering the work of the charity. An Elections Committee, made up of Trustees, the Company Secretary and chaired by the Chair is established to oversee the elections process for Board appointments. A separate process agreed by the Trustee Board is followed for the election of the Chair. The Reference and Administrative Details above identifies the constituencies that elected each of the current trustees. No other persons or bodies external to the charity were entitled to appoint persons to the Trustee Board.
Induction of Trustees
Newly appointed Trustees are provided with a comprehensive induction to The Isledon Community Nursery Trust through the provision of training courses and mentoring by established trustees.
Organisational Structure
The Isledon Community Nursery Trust is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation, approving its financial budget and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of The Isledon Community Nursery Trust and for ensuring that the charity satisfies its legal, and contractual obligations. Trustees meet as a minimum quarterly and delegate the day-to-day operation of the organisation to senior management. The Trustee Board is independent from management but receive regular reports on day-to-day operational issues. A register of interests is maintained at the registered office, and is available to the public for inspection.
Related Parties
The Isledon Community Nursery Trust is an independent nursery operating in the London Borough of Islington. The Isledon Community Nursery Trust works closely with Islington Council to obtain support and guidance on a number of strategic and operational issues. The nursery offers 10 community places which are subsidised by Islington Council. In order to receive this, along with additional funding such as Nursery Education Grant (NEG), the nursery is required to comply with a Service Level Agreement (SLA) provided by the council. Operating policies are independently determined by the Trustee Board of The Istedon Community Nursery Trust in order to fulfil its charitable objects and comply with the OFSTED national standards. The charity also co-operates and liaises with a number of other advisory services, local charities and social services departments on behalf of the service users. Where one of the trustees holds the position of trustee/director of another charity they may be involved in discussions regarding that other charity but not in the ultimate decision-making process.
Major risks
The Isledon Community Nursery Trust continues to operate a Corporate Risk Management system. A risk management strategy is regularly reviewed and agreed by the Trustee Board. The Trustees recognise that any major risks to which the charity is exposed need to be reviewed and systems put in place to mitigate those risks. To that end The lsledon Community Nursery Trust is continually
monitoring and managing its risk, and ensuring action plans are in place to mitigate its key risks. Included in external risks is that of the loss of income and funding. The effects of this have been minimised by the procedures in place, which have resulted in income being secured from a variety of sources. The charity continues to seek to diversify its funding sources. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Objectives and activities
Charitable Objects
The charity's objects are to advance the education of children below compulsory school age and thereby promote their mental, moral and physical development and improvement.
Aims, Objectives, Strategies and Activities for the Year
The Isledon Community Nursery Trust aims to provide a wide range of play and learning activates for children aged six months to five years from the hours of 8am to 6pm Monday to Friday. Our overriding childcare philosophy is to provide a stimulating and safe environment both indoors and outdoors for children within our care. We have a structured programme of activities each designed to allow children to learn through fun, imagination and thoughtful guidance. Our staff are trained to bring out the best in the children and to help them develop into independent, competent and confident individuals. We also help children prepare for their eventual transition into mainstream schooling by helping parents with the admissions process such as arranging school visits or by helping children prepare for a new learning environment. The children are provided with breakfast, lunch and a tea time snack during the course of the day. All meals are prepared on the premises by trained cooks aiming to provide nutritionally balanced and interesting meals. Personal preferences such as vegetarian or other dietary requirements are also catered for. All food handlers have the necessary health and safety certification.
In addition to this, children have access to a wide range of play and learning activities which focuses on the individual interests and needs of the individual child. The layout of the environment ensures that children have independent access to any activities and resources of their choice, both indoors and outdoors. The nursery works in close partnership with children and their families. Parents are invited into the nursery at all times to participate in activities and to share their skills and abilities to enhance the learning experience of the children and staff. A range of social events both during nursery hours and out of nursery hours encourage parents to feel a valuable part of the nursery.
Statement of Public Benefit
The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities undertaken by the charity during the year. The trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements. Children are welcomed from across the area of benefit once enrolled in accordance with the admissions policy. The principal activity of The Isledon Community Nursery Trust remains the provision of affordable daytime childcare to achieve the advancement of education for children below the statutory school age. Our provision is set in accordance with the OFSTED national standards and the Early Years Framework and our SLA with the London Borough of Islington.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Charitable Activities
At the Isledon Community Nursery Trust we have around 30 families of whom are diverse enrolled with us at present; 3 are single parent families, 19 families are part time and 11 families are fullitime. There are a total of 13 staff that work at Sam Morris: 1 Manager (level 6), 1 Deputy (level 3), 1 Senior (level 3), 1 Nursery Practitioner (level 5), 5 Nursery Practitioners (level 3's), 1 Lunchtime Cover, 1 Cook (level 2 in food Safety in Catering) 2 Apprentices. We have continued to maintain a strong and positive relationship with our key stakeholders including the Islington Council's Early Years Team. We have always been keen to support other nurseries in complying with good practice and regulatory requirements. The charity has worked closely with parents this year in supporting them to become more involved in management committee meetings, fundraising and general maintenance of the nursery. These have all been very successful and we will continue these positive relationships. Parents have also become more involved in their children's learning and development via the use of online apps ie; Tapestry and Jigsaw. The nursery held a fireworks and Christmas event to fundraise for resources. We shall be looking to hold more DIY days next academic year. We have also had a great success with families sharing their cultural heritage by carrying out and sharing activities with the children. We will continue to promote and encourage this as the children really enjoyed these experiences. All families are offered the free 30 and 15 hours daycare. Parents are means tested and give the nursery the relevant code should they be entitled to the 30 hours.
Financial review
Reserves Policy
The Isledon Community Nursery Trust is required to ensure that free monies are available in each financial year to meet any reasonable foreseeable contingency. The Isledon Community Nursery Trust will ensure that income continues to be derived from as wide a variety of sources possible. They will take all necessary steps to ensure that at no time within this period would it be possible for the cessation of one or more funding streams to present so serious a challenge to the future of the organisation that it could not be managed so as to continue to provide a best value service. In reviewing the potential costs that could arise should a significant reduction in income be incurred the Trustees have determined that 'free' reserves should be maintained equal between 3 and 6 months normal operating expenditure which equates to between £99,500 and £199,000.
Principal Funding Sources
The Directors extend their gratitude to Islington Council who continued to support the core operating capacity of the charity. Additionally fees payable from parents contributed to the income of the charity. The charity did not have any borrowings from either providers of funding or other sources at the balance sheet date.
Funds in Deficit
No funds were in deficit at the balance sheet date.
Going concern and COVID-19
At the balance sheet date the lockdown restrictions imposed as a result of the COVID-19 pandemic had only been in effect for a few weeks. The nursery has been closed during the mandatory lockdown period, which adversely impacted incoming resources in the following financial year. The use of the furlough grant scheme has offset a large proportion of the reduction in income which, combined with existing reserves has enabled the nursery to continue on a going concern basis.
Plans for future periods
The Isledon Community Nursery Trust aims to continue to provide high quality childcare for all families. We are working with our local council to provide more opportunities for families from a disadvantaged background through training and nursery placements.
The trustees' annual report and the strategic report were approved on
30 June 2021
and signed on behalf of the board of trustees by:
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Trustee |
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Company Limited by Guarantee |
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Independent Examiner's Report to the Trustees of
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Period from 1 September 2019 to 31 March 2020
I report to the trustees on my examination of the financial statements of
THE ISLEDON COMMUNITY NURSERY TRUST
('the charity') for the period ended 31 March 2020.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1.
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2.
the financial statements do not accord with those records; or
3.
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4.
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Independent Examiner
Quayside House
Quayside
Chatham Maritime
ME4 4QZ
30 Jun 21
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Company Limited by Guarantee |
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Statement of Financial Activities |
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(including income and expenditure account) |
Period from 1 September 2019 to 31 March 2020
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Period from 1 Sep 19 to 31 Mar 20 |
Period from 1 Apr 18 to 31 Aug 19 |
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Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
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Note |
£ |
£ |
£ |
£ |
Income and endowments
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Grant Income |
6 |
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Charitable activities |
7 |
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– |
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Investment income |
8 |
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– |
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Total income |
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Expenditure
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Expenditure on charitable activities |
9,10 |
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------- |
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Total expenditure |
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--------- |
------- |
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--------- |
------- |
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Net income and net movement in funds |
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– |
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--------- |
------- |
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Reconciliation of funds
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Total funds brought forward |
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--------- |
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--------- |
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Total funds carried forward |
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--------- |
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The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Company Limited by Guarantee |
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Statement of Financial Position |
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31 Mar 20 |
31 Aug 19 |
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Note |
£ |
£ |
Fixed assets
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Tangible fixed assets |
16 |
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Current assets
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Debtors |
17 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
18 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Funds of the charity
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Restricted funds |
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Unrestricted funds |
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--------- |
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Total charity funds |
19 |
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Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of trustees
and authorised for issue on
30 Jun 21
, and are signed on behalf of the board by:
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Trustee |
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Company Limited by Guarantee |
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Notes to the Financial Statements |
Period from 1 September 2019 to 31 March 2020
1.
Amended
These financial statements replace the original financial statements and are now the statutory accounts. The financial statements are prepared as at the date of the original financial statements.
2.
General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is THE SAM MORRIS NURSERY, PARKSIDE CRESCENT, LONDON, N7 7JG, UK.
3.
Statement of compliance
4.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
Fund accounting
Incoming resources
Resources expended
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Freehold property |
- |
over
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Fixtures and fittings |
- |
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Impairment of fixed assets
Financial instruments
5.
Limited by guarantee
The Isledon Community Nursery Ltd is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up.
6.
Grant income
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Unrestricted Funds |
Restricted Funds |
Total Funds 2020 |
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£ |
£ |
£ |
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Donations
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Donations |
77 |
– |
77 |
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Grants
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London Borough of Islington |
60,205 |
3,787 |
63,992 |
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-------- |
------- |
-------- |
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-------- |
------- |
-------- |
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Unrestricted Funds |
Restricted Funds |
Total Funds 2019 |
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£ |
£ |
£ |
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Donations
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Donations |
1,284 |
– |
1,284 |
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Grants
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London Borough of Islington |
135,406 |
58,201 |
193,606 |
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-------- |
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7.
Charitable activities
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Unrestricted Funds |
Total Funds 2020 |
Unrestricted Funds |
Total Funds 2019 |
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£ |
£ |
£ |
£ |
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Fee Income |
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8.
Investment income
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Unrestricted Funds |
Total Funds 2020 |
Unrestricted Funds |
Total Funds 2019 |
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£ |
£ |
£ |
£ |
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Bank interest receivable |
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---- |
---- |
---- |
---- |
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9.
Expenditure on charitable activities by fund type
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Unrestricted Funds |
Restricted Funds |
Total Funds 2020 |
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£ |
£ |
£ |
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Activity type 1 |
214,855 |
3,787 |
218,642 |
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Support costs |
3,826 |
– |
3,826 |
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--------- |
------- |
--------- |
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--------- |
------- |
--------- |
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Unrestricted Funds |
Restricted Funds |
Total Funds 2019 |
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£ |
£ |
£ |
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Activity type 1 |
538,191 |
50,483 |
588,673 |
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Support costs |
8,045 |
– |
8,045 |
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-------- |
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-------- |
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10.
Expenditure on charitable activities by activity type
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Activities undertaken directly |
Support costs |
Total funds 2020 |
Total fund 2019 |
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£ |
£ |
£ |
£ |
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Activity type 1 |
218,642 |
1,827 |
220,469 |
593,718 |
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Governance costs |
– |
1,999 |
1,999 |
3,000 |
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--------- |
------- |
--------- |
--------- |
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--------- |
------- |
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11.
Analysis of support costs
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Analysis of support costs activity 1 |
Total 2020 |
Total 2019 |
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£ |
£ |
£ |
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Premises |
10,970 |
10,970 |
12,719 |
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General office |
7,072 |
7,072 |
20,044 |
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Governance costs |
2,000 |
2,000 |
3,000 |
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Support costs - Other costs type 1 |
– |
– |
5,000 |
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-------- |
-------- |
-------- |
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20,042 |
20,042 |
40,763 |
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-------- |
-------- |
-------- |
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12.
Net income
Net income is stated after charging/(crediting):
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31 Mar 20 |
31 Aug 19 |
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£ |
£ |
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Depreciation of tangible fixed assets |
4,976 |
10,750 |
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------- |
-------- |
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13.
Independent examination fees
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Period from |
Period from |
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1 Sep 19 to |
1 Apr 18 to |
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31 Mar 20 |
31 Aug 19 |
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£ |
£ |
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Fees payable to the independent examiner for:
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Independent examination of the financial statements |
3,000 |
3,000 |
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------- |
------- |
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14.
Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
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Period from |
Period from |
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1 Sep 19 to |
1 Apr 18 to |
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31 Mar 20 |
31 Aug 19 |
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£ |
£ |
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Wages and salaries |
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--------- |
--------- |
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The average head count of employees during the period was
12
(2019:
12
). The average number of full-time equivalent employees during the period is analysed as follows:
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31 Mar 20 |
31 Aug 19 |
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No. |
No. |
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Nursery Staff |
11 |
11 |
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Administration Staff |
1 |
1 |
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---- |
---- |
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12 |
12 |
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---- |
---- |
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No employee received employee benefits of more than £60,000 during the year (2019: Nil).
15.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees
16.
Tangible fixed assets
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Freehold property |
Fixtures and fittings |
Total |
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£ |
£ |
£ |
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Cost |
|||
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At 1 September 2019 |
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Additions |
– |
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--------- |
-------- |
--------- |
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At 31 March 2020 |
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--------- |
-------- |
--------- |
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Depreciation |
|||
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At 1 September 2019 |
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Charge for the period |
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--------- |
-------- |
--------- |
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At 31 March 2020 |
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--------- |
-------- |
--------- |
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Carrying amount |
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At 31 March 2020 |
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--------- |
-------- |
--------- |
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At 31 August 2019 |
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--------- |
-------- |
--------- |
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17.
Debtors
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31 Mar 20 |
31 Aug 19 |
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|
£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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-------- |
-------- |
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-------- |
-------- |
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18.
Creditors:
amounts falling due within one year
|
31 Mar 20 |
31 Aug 19 |
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|
£ |
£ |
|
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Accruals and deferred income |
|
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Other creditors |
50,097 |
66,775
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-------- |
-------- |
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-------- |
-------- |
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19.
Analysis of charitable funds
Unrestricted funds
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At 1 September 2019 |
Income |
Expenditure |
At 31 March 2020 |
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|
£ |
£ |
£ |
£ |
|
|
General funds |
138,795 |
219,291 |
(218,681) |
139,405 |
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--------- |
--------- |
--------- |
--------- |
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At 1 April 2018 |
Income |
Expenditure |
At 31 August 2019 |
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|
£ |
£ |
£ |
£ |
|
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General funds |
59,155 |
625,876 |
(546,236) |
138,795 |
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-------- |
--------- |
--------- |
--------- |
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Restricted funds
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At 1 September 2019 |
Income |
Expenditure |
At 31 March 2020 |
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£ |
£ |
£ |
£ |
|
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Restricted Fund 1 - desc in a/cs |
148,961 |
3,787 |
(3,787) |
148,961 |
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--------- |
------- |
------- |
--------- |
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At 1 April 2018 |
Income |
Expenditure |
At 31 August 2019 |
|
|
£ |
£ |
£ |
£ |
|
|
Restricted Fund 1 - desc in a/cs |
141,243 |
58,201 |
(50,483) |
148,961 |
|
--------- |
-------- |
-------- |
--------- |
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20.
Analysis of net assets between funds
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Unrestricted Funds |
Restricted Funds |
Total Funds 2020 |
||
|
£ |
£ |
£ |
||
|
Tangible fixed assets |
9,921 |
148,961 |
158,882 |
|
|
Current assets |
129,484 |
– |
129,484 |
|
|
--------- |
--------- |
--------- |
||
|
Net assets |
139,405 |
148,961 |
288,366 |
|
|
--------- |
--------- |
--------- |
||
|
Unrestricted Funds |
Restricted Funds |
Total Funds 2019 |
||
|
£ |
£ |
£ |
||
|
Tangible fixed assets |
4,858 |
148,961 |
153,819 |
|
|
Current assets |
133,937 |
– |
133,937 |
|
|
--------- |
--------- |
--------- |
||
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Net assets |
138,795 |
148,961 |
287,756 |
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|
--------- |
--------- |
--------- |
||
21.
Related parties
The remuneration of key management personal was the only related party transaction during the year.