Registered number: 4769758 Charity number: 1102963
345 PRESCHOOLS LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
345 PRESCHOOLS LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Notes to the financial statements | 11 - 20 |
345 PRESCHOOLS LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020
| Trustees | Henry Monahan, Treasurer (appointed 12 October 2017, resigned 2 December 2019) |
|---|---|
| George Wainwright, Co Chair (appointed 1 January 2019) | |
| Cecile Marie Annie Mcgrath, Co Chair (appointed 17 November 2020) | |
| Donna Sandford, Secretary (appointed 22 April 2019, resigned 14 February 2021) | |
| Donna Sandford, Trustee (appointed 15 February 2021) | |
| Annabel Haken, Treasurer (appointed 19 November 2020) | |
| Maria Wright, Secretary (appointed 2 December 2019) | |
| Rosemary Shawyer, Trustee (appointed 2 December 2019, resigned 15 July 2020) | |
| Keri Caines, Trustee (appointed 2 December 2019, resigned 15 July 2020) | |
| Kirsi Wastimo, Trustee (appointed 22 January 2021) | |
| Sarah Matejczyk, Trustee (appointed 18 January 2021) | |
| Amy Smart, Trustee (appointed 22 March 2021) | |
| Company registered number 4769758 Charity registered number 1102963 Registered office The Grove Alexandra Park London N22 7AY Chairman G Wainwright Chartered Accountants Sara Graff & Co 28 Minchenden Crescent London N14 7EL |
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020
The Trustees present their annual report together with the financial statements of the 345 Preschools Limited for the 1 September 2019 to 31 August 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The objectives are to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups and to providing safe fe and satisfying group play and education for children from the age of 2 1/2 until the end of the academic year before they start school education.
c. Activities undertaken to achieve objectives
The pre-school is well established and has been operating for many years, and now runs sessions at Springfield and Pages Lane. Pages Lane offers 10 sessions per week and 5 full days. There are approximately 85 children on the roll. The maximum number of children across both settings at any one time is 50.
d. Volunteers
The charity continues to benefit from very significant volunteer input, delivering services in a way which makes us proud and is of great benefit to each individual child. Volunteering has always been at the heart of 345 Preschools and our volunteers are not always aware of the great value of their work and support it provides. We benefit from unpaid overtime and volunteerint at fundraising events by our paid staff in addition to parents who volunteer on a regular basis. 345 is a community Preschool that has an important part to play with the N10 region of North London.
Achievements and performance
a. Main achievements of the company
The main achievement is the provision of safe and satisfying group play and education facilities for preschool children.
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the Trustees think appropriate after considering the future commitments of the chairty and the likely administrative costs of the charity for the next year. As at 31 August 2020 the Charity had £193,200 free reserves and £42,776 tied up in the Springfield Leasehold Improvements Fund.
c. Covid 19 and review of year
This year has proved incredibly challenging in light of COVID-19 that meant we had to close both settings for a prolonged period of time. Thankfully with Government support these closures didn’t adversely affected 345 preschools, and we were able to pay staff throughout the lockdown period. The profit will be used to continue to support the preschools during the COVID-19 crisis and to further the charitable objectives of 345 Preschools Limited.
Prior to this Term 1 saw both settings performing well with occupancy at 70%+ which is positive compared to previous years. This meant both settings had a busy start to the academic year and the committee felt that previous issues re occupancy levels were now resolved.
Overall fundraising activities were limited due to COVID-19 but prior to the lockdown both settings had independently held Christmas fetes and events that raised approximately £800 per setting. This had helped build on the community spirit that is at the centre of 345 Preschools. The start of Term 2 saw an increase in occupancy to 78%+ at both settings and the road map through to the end of the academic year was very positive.
The introduction of the financial controller across 345 Preschools Ltd had ensured that we continued to make cost savings wherever possible, and that the Preschool was being run in a more efficient and professional manner. The sharing of services and administrative task had greatly reduced the dependency on committee members too, and there was greater continuity as a result. All of which ensured that 345 was performing well.
Moving forward we believe 345 Preschools Ltd is in a very positive position. The incredible work by the staff and committee ensured we navigated a challenging year well, and 345 Preschools is able to remain part of the N10 community.
Structure, governance and management
a. Constitution
345 Preschools Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
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345 PRESCHOOLS LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are also Company Directors and who are elected and co-opted under the terms of the Articles of Association. There are two classes of Members: Family Member - open to parents or guardians of children who attend the preschool. Affiliate Member - open to indivuals interested in promoting the objects of the charity. All voting members shall be eligible to stand for election to the committee. Paid employees of the preschool cannot be committee members or vote at committee meetings. Not less than 60% of the committee need to be Family Members.
c. Organisational structure and decision-making policies
A stated in Article 4 2 of the Articles of Association the Committee shall consist of a Chair, Treasurer and a Secretary and should have not less than two nor more than nine elected Members. The Committee members shall be elected for a term of one year and are eligible for re-election untless they have already served on the Committee in any capacity for six consecutive years by virtue of Article 4 4 of the Articles of Association.
d. Financial risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 24 May 2021 and signed on their behalf by:
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345 PRESCHOOLS LIMITED IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2020 George Wainwright Page 5
345 PRESCHOOLS LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020
Independent examiner's report to the Trustees of 345 Preschools Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 August 2020.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 company's accounts 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
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: S Graff Dated: 24/05/2021
S Graff ICAEW
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
28 Minchenden Crescent London N14 7EL
Page 7
345 PRESCHOOLS LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020
| Note Income from: Charitable activities 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 260,329 2,042 120 262,491 - 208,300 208,300 54,191 181,785 54,191 235,976 |
Total funds 2020 £ 260,329 2,042 120 262,491 - 208,300 208,300 54,191 181,785 54,191 235,976 |
Total funds 2019 £ 288,677 3,918 144 292,739 |
|---|---|---|---|
| 1,514 272,379 273,893 |
|||
| 18,846 | |||
| 162,939 18,846 181,785 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 20 form part of these financial statements.
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345 PRESCHOOLS LIMITED (A company limited by guarantee) REGISTERED NUMBER: 4769758
BALANCE SHEET AS AT 31 AUGUST 2020
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
8,676 191,675 200,351 (8,053) |
2020 £ 43,678 43,678 192,298 235,976 235,976 235,976 - 235,976 235,976 |
1,023 129,475 130,498 (3,245) |
2019 £ 54,532 |
|---|---|---|---|---|
| 54,532 127,253 |
||||
| 181,785 | ||||
| 181,785 | ||||
| 181,785 | ||||
| - 181,785 |
||||
| 181,785 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 24 May 2021 and signed on their behalf by:
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345 PRESCHOOLS LIMITED IA company limited by guarantee) REGISTERED NUMBER: 4769758 BALANCE SHEET {CONTINUEDI AS AT 31 AUGUST 2020 George Wainwright The notes on pages 11 to 20 fomi part of these financial statements. Page 10
345 PRESCHOOLS LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
1. General information
345 Preschools Limited is a charitable company limited by guarantee, incorporated on 19 May 2003, company number 1102963, incorporated in England. The company's registered office is The Grove, Alexandra Park, London N22 7AY and the company operates from 2 sites, Springfield and Pages Lane.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
345 Preschools Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
| Long-term leasehold | - Over remaining years of lease ending 2024 |
|---|---|
| improvements | |
| Fixtures and fittings | - 15% reducing balance |
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
2. Accounting policies (continued)
2.9 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
2.11 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from charitable activities
| Unrestricted funds 2020 £ Income from charitable activities - Nursery Education Grant and SFF Grant 175,900 Income from charitable activities - Parents Fees 83,744 Income from charitable activities - Other Grants 685 Total 2020 260,329 |
Total funds 2020 £ 175,900 83,744 685 260,329 |
Total funds 2019 £ 182,783 104,934 960 288,677 |
|---|---|---|
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| 4. | Income from other trading activities |
|---|---|
| Income from fundraising events |
| Unrestricted funds 2020 £ Fundraising 2,042 5. Investment income Unrestricted funds 2020 £ Interest receivable 120 6. Expenditure on raising funds Costs of raising voluntary income |
Total funds 2020 £ 2,042 Total funds 2020 £ 120 |
Total funds 2019 £ 3,918 |
|---|---|---|
| Total funds 2019 £ 144 |
||
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2020 | 2019 | |
| £ | £ | |
| Costs of raising voluntary income | - | 1,514 |
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
7. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2020 £ Nursery Education Grant and SFF Grant 208,300 Analysis of expenditure by activities Activities undertaken directly 2020 £ Nursery Education Grant and SFF Grant 208,300 |
Total funds 2020 £ 208,300 Total funds 2020 £ 208,300 |
Total funds 2019 £ 272,379 |
|---|---|---|
| Total funds 2019 £ 272,379 |
8. Analysis of expenditure by activities
9. Independent examiner's remuneration
| Fees payable to the company's independent examiner for the independent examination of the company's annual accounts 10. Staff costs Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2020 £ 1,800 2020 £ 149,673 7,287 3,078 160,038 |
2019 £ 1,800 |
|---|---|---|
| 2019 £ 190,563 8,160 2,641 |
||
| 201,364 |
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345 PRESCHOOLS LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
10. Staff costs (continued)
The average number of persons employed by the company during the year was as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Nursery teachers and administrative staff | 15 | 13 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .
During the year ended 31 August 2020, no Trustee expenses have been incurred (2019 - £NIL) .
12. Tangible fixed assets
| Cost or valuation At 1 September 2019 At 31 August 2020 Depreciation At 1 September 2019 Charge for the year At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 |
Long-term leasehold property £ 139,031 139,031 85,558 10,695 96,253 42,778 53,473 |
Fixtures and fittings £ 2,029 2,029 970 159 1,129 900 1,059 |
Total £ 141,060 141,060 |
|---|---|---|---|
| 86,528 10,854 97,382 |
|||
| 43,678 | |||
| 54,532 |
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
13. Debtors
| Due after more than one year Due within one year Other debtors Prepayments and accrued income |
2020 £ - 8,676 8,676 |
2019 £ 549 474 |
|---|---|---|
| 1,023 |
14. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Accruals and deferred income |
2020 £ 3,700 1,868 2,485 8,053 |
2019 £ - - 3,245 |
|---|---|---|
| 3,245 |
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
| 15. Statement of funds Statement of funds - current year Balance at 1 September 2019 £ Unrestricted funds Designated funds Designated Funds 1 53,471 General funds General Funds 1 128,314 Total Unrestricted funds 181,785 |
Income £ - 262,491 262,491 |
Expenditure £ - (208,300) (208,300) |
Transfers in/out £ (10,695) 10,695 - |
Balance at 31 August 2020 £ 42,776 |
|---|---|---|---|---|
| 193,200 | ||||
| 235,976 |
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Designated Funds General funds General Funds Unallocated amounts Total Unrestricted funds |
Balance at 1 September 2018 £ 64,166 98,773 - 98,773 162,939 |
Income £ - 292,739 - 292,739 292,739 |
Expenditure £ - (273,894) 1 (273,893) (273,893) |
Transfers in/out £ (10,695) 10,695 - 10,695 - |
Balance at 31 August 2019 £ 53,471 |
|---|---|---|---|---|---|
| 128,313 1 128,314 |
|||||
| 181,785 |
16. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 September 2019 £ 53,471 128,314 181,785 |
Income £ - 262,491 262,491 |
Expenditure £ - (208,300) (208,300) |
Transfers in/out £ (10,695) 10,695 - |
Balance at 31 August 2020 £ 42,776 193,200 235,976 |
|---|---|---|---|---|---|
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345 PRESCHOOLS LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
16. Summary of funds (continued)
Summary of funds - prior year
| Designated funds General funds |
Balance at 1 September 2018 £ 64,166 98,773 162,939 |
Income £ - 292,739 292,739 |
Expenditure £ - (273,893) (273,893) |
Transfers in/out £ (10,695) 10,695 - |
Balance at 31 August 2019 £ 53,471 128,314 181,785 |
|---|---|---|---|---|---|
17. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,078 (2019 £2,641) were payable to the fund at the balance sheet date and are included in creditors.
18. Operating lease commitments
At 31 August 2020 the company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2020 £ 5,687 17,063 - 22,750 |
2019 £ 5,687 22,750 1,422 |
|---|---|---|
| 29,859 |
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