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← 345 Preschools Limited

2023-08-31-accounts

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 2023

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 2023

Trustees Paraskevi Takopoulou, Chair (appointed 1 October 2023)
Cecile Marie Annick McGrath, Former Co-Chair (appointed 17 November 2020,
resigned 1 January 2023)
Gemma Graham, Former Co-Chair (appointed 10 October 2021, resigned 31
October 2023)
Toni Sharan James, Secretary (appointed 27 March 2023)
Maria Kypraiou, Treasurer (appointed 14 November 2023)
Donna Sandford, Trustee (appointed 15 February 2021)
Sarah Matejczyk, Trustee (appointed 18 January 2021, resigned 15 April 2024)
Jasmine Kenaway, Treasurer (appointed 10 October 2021, resigned 1 March
2023)
Chandni Parekh, Trustee (appointed 10 October 2021, resigned 20 January 2023)
Ida Karimi, Former Treasurer (appointed 17 December 2021, resigned 31 March
2024)
Laura John, Trustee (appointed 28 June 2021)
Company registered
number
4769758
Charity registered
number
1102963
Registered office
The Grove
Alexandra Park
London
N22 7AY
Chartered Accountants
Sara Graff & Co
28 Minchenden Crescent
London N14 7EL

Page 1

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements of the 345 Preschools Limited for the 1 September 2022 to 31 August 2023. 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. This is achieved by encouraging parents to understand and provide for the needs of their children through community groups, in a safe and enriching 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

345 Preschools Ltd is well established and has been operating for over 50 years. We now run sessions at two sites, Springfield and Pages Lane. Both settings offer morning and afternoon sessions Monday to Friday and 5 full days. There are approximately 63 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 volunteering 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. We are delighted that 345 Pages Lane achieved "Outstanding" status in our recent Ofsted inspection, in recognition of the high standards at 345 Preschools.

Page 2

(A company limited by guarantee)

345 PRESCHOOLS LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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 2023 the charity had free reserves of £158,706 and £10,691 tied up in the Springfield Leasehold Improvements Fund and £190,000 in a separate designated fund. This is after agreeing a transfer of £190,000 to a designated fund in December 2021, to be able to fund the preschool in the event of a winding up . On 20 April 2023, the committee increased the level of designated funds from £190,000 to £209,000.

c. Review of year

The committee is pleased to report that 345 Preschools have had a successful year. Both settings performed well with occupancy at a similar level to last year, which is positive as it shows the success of the nursery and the high demand for it. Fundraising events such as the Summer and Winter fairs and other iinitiatives went well thanks to the commitment and involvement of staff and volunteers who managed to raise £2,341 net of expenses, and to maintain the community spirit that is at the heart of 345 Preschool's ethos. In both settings, we have had to renew the lease of the venue. In Pages Lane, a new rent has been agreed and a new lease is in the process of being signed, whilst in the Springfield setting, the lease renewal is under renegotiation. The Committee is committed to renew it with the most favourable terms for the setting for at least a 3 year contract. It’s expected for the process to be finalised by end of summer 2024. Despite the context of the cost of living crisis and the recent lease changes, the incredible work by the staff and committee ensured we navigated the year well and we anticipate another successful year ahead for both settings.

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.

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. The Manager of each setting is a permanent member of the Trustee Board. However, 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

Page 3

345 PRESCHOOLS LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

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.

e. Future developments

Understanding the importance of the outdoors and the benefit it has on the children, both settings are looking to refresh their outdoor spaces. This is in an effort to allow the children to connect more with nature enhancing their physical health and emotional well-being.

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:

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 _______ and signed on their behalf by:

Page 4

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

................................................

Maria Kypraiou Treasurer

Page 5

345 PRESCHOOLS LIMITED (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023

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 2023.

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:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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:

S Graff ICAEW

Page 6

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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 2023

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
2023
£
332,849
2,605
903
336,357
263
308,175
308,438
27,919
331,479
27,919
359,398		 Total
funds
2023
£
332,849
2,605
903
336,357
263
308,175
308,438
27,919
331,479
27,919
359,398		 Total
funds
2022
£
297,170
2,857
34
300,061
241
268,639
268,880
31,181
300,298
31,181
331,479

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.

Page 8

345 PRESCHOOLS LIMITED (A company limited by guarantee) REGISTERED NUMBER: 4769758

BALANCE SHEET AS AT 31 AUGUST 2023

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		 1,007
363,774
364,781
(16,630)		 2023
£
11,246
11,246
348,151
359,397
359,397
359,397
-
359,397
359,397		 2,975
318,827
321,802
(12,362)		 2022
£
22,038
22,038
309,440
331,478
331,478
331,478
-
331,478
331,478

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 and signed on their behalf by:

Page 9

345 PRESCHOOLS LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 4769758

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023

Maria Kypraiou

Treasurer Date:

The notes on pages 11 to 20 form 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 2023

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.

Page 11

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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.

Page 12

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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

Income from charitable activities - Nursery Education Grant
and SFF Grant
Income from charitable activities - Parents Fees
Income from charitable activities - Other Grants
Total 2023		 Unrestricted
funds
2023
£
203,535
128,844
470
332,849		 Total
funds
2023
£
203,535
128,844
470
332,849		 Total
funds
2022
£
149,856
146,634
680
297,170

Page 13

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. Income from other trading activities

Income from fundraising events

Fundraising
Investment income
Interest receivable		 Unrestricted
funds
2023
£
2,605
Unrestricted
funds
2023
£
903		 Total
funds
2023
£
2,605
Total
funds
2023
£
903		 Total
funds
2022
£
2,857
Total
funds
2022
£
34

5. Investment income

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Costs of raising voluntary income 263 263 241

Page 14

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds
2023
£
Nursery Education Grant and SFF Grant
308,175
8.
Analysis of expenditure by activities
Activities
undertaken
directly
2023
£
Nursery Education Grant and SFF Grant
308,175
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		 Total
2023
£
308,175
Total
funds
2023
£
308,175
2023
£
1,980
2023
£
226,738
11,912
4,462
243,112		 Total
2022
£
268,639
Total
funds
2022
£
268,639
2022
£
1,800
2022
£
195,940
9,010
3,744
208,694

Page 15

345 PRESCHOOLS LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

10. Staff costs (continued)

The average number of persons employed by the company during the year was as follows:

2023 2022
No. No.
Nursery teachers and administrative staff 14 14

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 (2022 - £NIL) .

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .

12. Tangible fixed assets

Cost or valuation
At 1 September 2022
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Long-term
leasehold
property
£
139,031
139,031
117,643
10,695
128,338
10,693
21,388		 Fixtures and
fittings
£
2,029
2,029
1,379
98
1,477
552
650		 Total
£
141,060
141,060
119,022
10,793
129,815
11,245
22,038

Page 16

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13. Debtors

Due after more than one year
Trade debtors
Due within one year
Prepayments and accrued income		 2023
£
407
407
600
1,007		 2022
£
1,075
1,075
1,900
2,975

14. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals and deferred income		 2023
£
9,607
3,164
3,859
16,630		 2022
£
4,054
3,095
5,213
12,362

Page 17

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Designated Funds - all funds
General funds
General Funds 1
Total Unrestricted funds		 Balance at 1
September
2022
£
211,386
120,092
331,478		 Income
£
-
336,357
336,357		 Expenditure
£
-
(308,438)
(308,438)		 Transfers
in/out
£
(10,695)
10,695
-		 Balance at
31 August
2023
£
200,691
158,706
359,397

Page 18

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Funds 1
Designated Funds 2
General funds
General Funds 1
General Funds 2
Total Unrestricted funds		 Balance at
1 September
2021
£
32,081
-
32,081
268,216
-
268,216
300,297		 Income
£
-
-
-
300,061
-
300,061
300,061		 Expenditure
£
-
-
-
-
(268,880)
(268,880)
(268,880)		 Transfers
in/out
£
(10,695)
190,000
179,305
(179,305)
-
(179,305)
-		 Balance at
31 August
2022
£
21,386
190,000
211,386
388,972
(268,880)
120,092
331,478

16. Summary of funds

Summary of funds - current year

Designated funds
General funds		 Balance at 1
September
2022
£
211,386
120,092
331,478		 Income
£
-
336,357
336,357		 Expenditure
£
-
(308,438)
(308,438)		 Transfers
in/out
£
(10,695)
10,695
-		 Balance at
31 August
2023
£
200,691
158,706
359,397

Page 19

345 PRESCHOOLS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. Summary of funds (continued)

Summary of funds - prior year

Designated funds
General funds		 Balance at
1 September
2021
£
32,081
268,216
300,297		 Income
£
-
300,061
300,061		 Expenditure
£
-
(268,880)
(268,880)		 Transfers
in/out
£
179,305
(179,305)
-		 Balance at
31 August
2022
£
211,386
120,092
331,478

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 £4,462 (2022 £3,744) were payable to the fund at the balance sheet date and are included in creditors.

18. Operating lease commitments

At 31 August 2023 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		 2023
£
5,687
-
5,687		 2022
£
5,687
5,687
11,374

Page 20