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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 02546501 (England and Wales) REGISTERED CHARITY NUMBER: 1000762

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

FOR

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

Wags LLP t/a Wagstaffs Chartered Accountants and Statutory Auditors Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Statement of Trustees' Responsibilities 7
Report of the Independent Auditors 8 to 11
Statement of Financial Activities 12
Statement of Financial Position 13 to 14
Notes to the Financial Statements 15 to 24

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST MARCH 2021

TRUSTEES

K M Follett (President) A Lang R J Stewart (Chairman) M K Phoenix J A Thomas J E Daniel (resigned 5/3/21) R Case (Treasurer) D M Isted S Brown K Taylor (resigned 24/6/20) C M Austin D T Brame (resigned 20/4/21)

COMPANY SECRETARY S Brown REGISTERED OFFICE Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP

REGISTERED COMPANY NUMBER 02546501 (England and Wales)

REGISTERED CHARITY NUMBER 1000762

AUDITORS Wags LLP t/a Wagstaffs Chartered Accountants and Statutory Auditors Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP

Page 1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of Stevenage Community Trust include raising funds and promoting charitable giving in order to enhance the quality of life of people living in Stevenage and the surrounding villages. That is a short and long term objective. The Trust has an investment fund equivalent to three years' income and expenditure in an endeavour to ensure giving in this way in perpetuity / into the long term future.

Activities

The Stevenage Community Trust is an independent charitable trust which aims to raise funds and promote charitable giving in order to enhance the quality of life of people living in the Borough of Stevenage and its surrounding villages. The Trust does this by donations and grant giving to local community groups and individuals.

Public benefit

The trustees confirm that they have due regard for the Charity Commission guidance on public benefit.

The trustees believe that the charity's activities provide a public benefit by ensuring grants are allocated to alleviate hardship, as well as to support and extend charitable and community activities locally.

Anyone who resides in our defined area of Stevenage or the surrounding villages has the potential to benefit from the work of The Stevenage Community Trust through our grant giving.

In the past year, the Trust has awarded 378 grants totalling £85,144, bringing the total grant giving over 31 years to over £1.4m, positively impacting the lives of thousands of local people.

Volunteers

Volunteers are very significant in the fundraising activities of the Trust. The "business model of the Trust" entails local organisations and people organising fund raising events for the Trust, by which the Trust raises very significant sums of money. This not only achieves significant receipts for the Trust but also enhances links between the Trust, its members, and non-member local organisations.

Page 2

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

ACHIEVEMENT AND PERFORMANCE

Review of activities

The statement of financial activities and statement of financial position on pages 12 to 14, together with notes thereto on pages 15 onwards, set out the manner in which expenditure has been met out of income in accordance with the Trustees' policies and show the manner in which capital funds have been reviewed and invested.

The main achievement of the Trust in the year in question is giving £85,144 by way of grants to organisations and persons in Stevenage, for the good of Stevenage, the surrounding villages, and their respective communities. A list of grants awarded and community projects supported is available on request from the Trust office.

The difference made to beneficiaries cannot be generalised because the impact on each individual beneficiary is specific and personal (in the case of individuals). However the "overview" is that the difference the Trust makes is to enhance the quality of life and the quality of the community in Stevenage and the surrounding villages.

Each year the Trust sets targets for its charitable activities generally, which are specifically making grants, and measures its activities against those objectives set out in its targets. In the coming year it has set an ambitious target of giving £80,000 and the Trustees are confident that this will be achieved.

Fundraising activities

The material fundraising activities of the Trust are, as stated above under the heading 'Objectives and activities', fundraising by members and other organisations on behalf of the Trust. Each year in a budget the Trust sets its objectives, and by way of quarterly Trustees meetings with a report from the manager measures its achievements against those objectives on a quarterly basis. Typically, in each year, the fund raising targets are set deliberately high, to stretch the Trust, and are not always met.

Investment performance

The Trust has material financial investments. It has a finance and management committee including persons skilled in the management of finances, with significant banking, insurance and investment expertise and experience. It has appointed management advisors, to advise it on its investment performance. Those investment consultants report quarterly to the Trust, ensuring a copy of their report is sent to the Chairman's home address, so that the performance of the Trust's investments can be measured against objectives.

Material expenditure incurred to raise future income

Expenditure is incurred by the Trust to raise future income. This is short term in that each event is budgeted individually, and negligible expenditure is incurred which shows a return more than three months hence. The Trust manages this to ensure that the net return from fund raising is in all respects reasonable at all times.

Achievement of objectives

The Trust is an established charity in Stevenage, having been operating for over thirty years. Its objectives are to continue to operate in the same successful manner, and gradually progress.

The manager produces a report which is presented to the trustees meeting each quarter showing outputs achieved by the Trust's activities.

Page 3

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

FINANCIAL REVIEW

Investment policy

The Trustees have approved an investment policy which takes into account all relevant social, environmental and ethical considerations. Its principal objectives are to maximise growth and return on the Trust's investments. Funds are predominantly in equities befitting a longer term investment strategy, but with a balanced risk profile in order to provide an ongoing income.

Reserves policy

The Trustees have established a policy to create an endowment fund that secures giving in perpetuity. The Trustees aim to have a minimum fund between £350,000 - £500,000, this should be sufficient to secure the Trust for the foreseeable future.

Financial review

Incoming resources in the year were £162,319 (2020: £195,109).

A surplus, before movement in investments, of £31,149 was made in the year (2020: £2,145). At 31 March 2021 total reserves were £612,490 (£2020: £500,791), all of which represented general unrestricted funds.

FUTURE PLANS

The aims and objectives of the Trust in the future are to continue to operate in the same way, gradually progressing and increasing its turnover where possible and attainable. The activities planned to achieve these objectives are whilst continuing to maintain the same membership activities and fund raising activities, always be mindful of the possibility of extending these and achieving more.

The future direction of the Trust will remain substantially the same as to date, subject to an ongoing monitoring review by all the Trustees.

The Trustees believe that the Trust's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the Trust's needs. We have considered a period of twenty four months from the date of approval of the financial statements, and we have taken in to account all the current uncertainties that exist within the markets as a result of Coronavirus. We believe that no further disclosures relating to the Trust's ability to continue as a going concern need to be made in the financial statements. We acknowledge our legal responsibilities regarding disclosure of information and draw attention to the Reserves policy of the Trust, which remains in our opinion more than sufficient to cover its activities for longer than the above period.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The trust was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Article of Association. Under those Articles, the Trustees have the right to appoint new Trustees for an unlimited term.

A Manager is appointed by the Trustees to manage the day to day operations of the Charity.

Page 4

THE STEVENAGE COMMUNITY TRUST

COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The methods used by the Trust to recruit and appoint new Trustees are by existing Trustees and existing management identifying Stevenage based potential trustees and approaching them informally to see if they would be interested in becoming trustees. Furthermore, nominations are considered from local business and other organisations. The Trust is fortunate in that its existing Trustees cover a wide spread of business and community organisations in Stevenage, and know many relevant local people. Constitutional provisions for appointment enable the existing Trustees to appoint new trustees by board decisions. No external body/person is entitled to appoint trustees.

Induction and training of new trustees

The Trust has a policy and procedure for induction and training of trustees. Among the policies the Trust has are:

(a) An associate trustee policy and

(b) An informal guidance document for trustees entitled "Becoming a Trustee" and

(c) An induction procedure for new trustees including an induction check list for the manager of the Trust and any new trustees to ensure they have all that is required.

(d) The terms of reference for board meetings for the Trust.

Arrangements for setting remuneration of key management personnel

The Trust has only one employee and thus arrangements for setting pay and remuneration are of a necessity informal. The manager's pay is reviewed annually by decision of the finance and management committee. Obviously the manager (who is an ex officio member of the committee) does not participate in that decision and by convention leaves the room when pay is discussed. Comparable roles in other charities and similar organisations / employees are used as benchmarks and comparatives.

Wider network

The Trust, is in the sense of being a community trust, part of the wider network in the United Kingdom (and worldwide) of community trusts. This impacts positively on operating policies, since the Trust is a small charity, and is enabled to benefit from the wisdom and expertise of neighbouring trusts, in exchange of ideas informally, and adoption of similar operating policies.

ACKNOWLEDGEMENTS

The Trustees would like to thank local organisations for their support in providing services and prizes free of charge. Details are published in the Annual Statement.

AUDITORS

The auditors, Wags LLP t/a Wagstaffs, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 5

COMPANY UMITED BY GUARAPItEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021 Thi5 retM)rt has been prepared in accordance wtth the spetial provistons of Part 15 of the Companies Art 21x16 relating to small companies. Approved by order of the board oftrustees on ... . and signed on its behalf by: R J Stewart- Trust Page 6

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31ST MARCH 2021

The trustees (who are also the directors of The Stevenage Community Trust Company Limited by Guarantee for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

Opinion

We have audited the financial statements of The Stevenage Community Trust Company Limited by Guarantee (the 'charitable company') for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of Wags LLP t/a Wagstaffs Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP

07/10/2021

Date: .............................................

Page 11

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
149,393
Other trading activities
4
1,177
Investment income
5
11,749
Total
162,319
EXPENDITURE ON
Raising funds
6
444
Charitable activities
7
Grants and donations
85,144
Other
45,582
Total
131,170
Net gains/(losses) on investments
80,550
NET INCOME/(EXPENDITURE)
111,699
RECONCILIATION OF FUNDS
Total funds brought forward
500,791
TOTAL FUNDS CARRIED FORWARD
612,490		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
149,393
1,177
11,749
162,319
444
85,144
45,582
131,170
80,550
111,699
500,791
612,490		 2020
Total
funds
£
72,043
106,946
16,120
195,109
7,950
138,787
46,227
192,964
(66,649)
(64,504)
565,295
500,791

The notes form part of these financial statements

Page 12

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE (REGISTERED NUMBER: 02546501)

STATEMENT OF FINANCIAL POSITION 31ST MARCH 2021

Notes
FIXED ASSETS
Tangible assets
17
Social investments
18
CURRENT ASSETS
Debtors
19
Cash at bank
CREDITORS
Amounts falling due within one year
20
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
21
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
125
522,061
522,186
15,040
92,233
107,273
(16,969)
90,304
612,490
612,490		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 2021
Total
funds
£
125
522,061
522,186
15,040
92,233
107,273
(16,969)
90,304
612,490
612,490
612,490
612,490		 2020
Total
funds
£
251
445,553
445,804
18,375
56,341
74,716
(19,729)
54,987
500,791
500,791
500,791
500,791

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 13

COMPANY UMtrED BY GUARANTEE {REGISTERED NUMBER: 02546501) srATEMENT OF FINA14CIAL posmoM- continued These financial ststements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepa￿d in accordan￿ wtth the provisions applicable to charitable companies subjett to the small companie5 regime. The fin cial statements We￿ approved by the Board of Trustees and authorised for issue on . and were signed on its behaFf by: R J Stewart- Trustee The notes form part of these finarKial statements Page 14

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1. STATUTORY INFORMATION

Stevenage Community Trust is a private company limited by guarantee, registered in England and Wales, as well as being a registered charity within the same jurisdiction. The charity's registered numbers and office address can be found within the reference and administrative details on page 1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis.

Critical accounting estimates and judgements

No significant estimates or judgements have had to be made by the trustees in preparing these financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants and donations

Grants and donations are charged to the statement of financial activities when they have been approved by Trustees. Grants approved, but not disbursed at the balance sheet date are carried forward as creditors in the balance sheet.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

Page 15

THE STEVENAGE COMMUNITY TRUST

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

2. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Managed investments are shown in the balance sheet at market value less any provision necessary for permanent diminution in value, the gains or losses are taken to the Statement of Financial Activities.

3. DONATIONS AND LEGACIES

Donations
Membership income		 2021
£
118,930
30,463
149,393		 2020
£
40,229
31,814
72,043

Page 16

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

4.
OTHER TRADING ACTIVITIES
General fund raising
5.
INVESTMENT INCOME
Investment income and interest
6.
RAISING FUNDS
Other trading activities
Fund raising and publicity costs
7.
CHARITABLE ACTIVITIES COSTS
Grants and donations
8.
GRANTS PAYABLE
Grants and donations		 2021
£
1,177
2021
£
11,749
2021
£
444
2021
£
85,144		 2020
£
106,946
2020
£
16,120
2020
£
7,950
Grant
funding of
activities
(see note
8)
£
85,144
2020
£
138,787

Page 17

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

9. SUPPORT COSTS

SUPPORT COSTS
Management
and
administration
£
Other resources expended 45,582
Support costs, included in the above, are as follows:

Management and administration

2021
Other
resources
expended
£
Wages
34,182
Social security
309
Pensions
4,608
Insurance
759
Postage and stationery
314
Sundries
525
Computer costs
24
Investment management fees
4,042
Legal and professional fees
633
Bank charges
60
Depreciation
126
45,582
10.
NET INCOME/(EXPENDITURE)		 2020
Total
activities
£
34,678
571
2,920
745
1,020
782
29
4,439
893
24
126
46,227

Net income/(expenditure) is stated after charging/(crediting):

2021 2020
£ £
Depreciation - owned assets 126 126

Page 18

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Management and administration
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
72,043
Other trading activities
106,946
Investment income
16,120
Total
195,109
EXPENDITURE ON
Raising funds
7,950
Charitable activities
Grants and donations
138,787
Other
46,227		 2021
£
34,182
309
4,608
39,099
2021
1
Restricted
funds
£
-
-
-
-
-
-
-		 2020
£
34,678
571
2,920
38,169
2020
1
Total
funds
£
72,043
106,946
16,120
195,109
7,950
138,787
46,227

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Page 19

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
£
Total
192,964
Net gains/(losses) on investments
(66,649)
NET INCOME/(EXPENDITURE)
(64,504)
RECONCILIATION OF FUNDS
Total funds brought forward
565,295
TOTAL FUNDS CARRIED FORWARD
500,791		 Restricted
funds
£
-
-
-
-
-		 Total
funds
£
192,964
(66,649)
(64,504)
565,295
500,791

14. AUDITOR'S REMUNERATION

Wagstaffs Chartered Accountants provided audit and accounts service free of charge. The value of these services amounted to £3,500 (2020: £3,500).

15. PENSION COSTS

The charity operates a defined contribution pension scheme in respect of the employee. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the charity and amounts to £4,608 (2020: £2,920).

16. INDEMNITY INSURANCE

Funds belonging to the charity have been used for the purchase of insurance to protect the charity from loss arising from neglect or defaults of trustees, employees or agents. The cost was £759 (2020: 745).

Page 20

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

17. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1st April 2020 and 31st March 2021 1,001
DEPRECIATION
At 1st April 2020 750
Charge for year 126
At 31st March 2021 876
NET BOOK VALUE
At 31st March 2021 125
At 31st March 2020 251

18. SOCIAL INVESTMENTS

Programme related investments
Equity
£
MARKET VALUE
At 1st April 2020
429,290
Additions at cost
71,753
Disposals
(72,901)
Profits on sales
217
Movement in market value
80,333
Investment charges
-
At 31st March 2021
508,692
NET BOOK VALUE
At 31st March 2021
508,692
At 31st March 2020
429,290		 Capital
account
£
16,263
(71,753)
72,901
-
-
(4,042)
13,369
13,369
16,263		 Totals
£
445,553
-
-
217
80,333
(4,042)
522,061
522,061
445,553

The listed investments are dealt with on a recognised stock exchange and are split as follows:

2021 2020
£ £
Fixed interest 77,042 81,175
UK Equities 178,345 145,480
Overseas Equities 187,594 140,048

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THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

18.
SOCIAL INVESTMENTS - continued
Alternatives
65,711
Cash
13,369
522,061
Details of investments greater than 5% of the portfolio are as follows:-
2021
SPDR Series Trust
10.50%
19.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Trade debtors
15,040
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Trade creditors
150
Social security and other taxes
872
Accruals and deferred income
15,947
16,969
65,711 62,587
13,369 16,263
522,061 445,553
2020
9.02%
2021
£
15,040
2021
£
150
872
15,947
16,969		 2020
£
18,375
2020
£
2,000
938
16,791
19,729

Membership income has been deferred and is released to the statement of financial activities in the period to which it relates.

Page 22

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

21. MOVEMENT IN FUNDS

At 1/4/20
£
Unrestricted funds
General funds
500,791
TOTAL FUNDS
500,791
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General funds
162,319
(131,170)
TOTAL FUNDS
162,319
(131,170)
Comparatives for movement in funds
At 1/4/19
£
Unrestricted funds
General funds
565,295
TOTAL FUNDS
565,295		 Net
movement
At
in funds
31/3/21
£
£
111,699
612,490
111,699
612,490
Gains and
Movement
losses
in funds
£
£
80,550
111,699
80,550
111,699
Net
movement
At
in funds
31/3/20
£
£
(64,504)
500,791
(64,504)
500,791

Page 23

THE STEVENAGE COMMUNITY TRUST

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
Designated funds
TOTAL FUNDS		 Incoming
resources
£
140,194
54,915
195,109
195,109		 Resources
expended
£
(138,049)
(54,915)
(192,964)
(192,964)		 Gains and
Movement
losses
in funds
£
£
(66,649)
(64,504)
-
-
(66,649)
(64,504)
(66,649)
(64,504)

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2021 (2020: none).

23. DESIGNATED FUNDS

Designated funds relate to an event organised through the Trust with the designated intent of supporting a specific charity within the Trust's charitable objectives.

Page 24