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2022-03-31-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 2022

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 2022

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 2022

TRUSTEES

K M Follett (President) (resigned 13/11/21) A Lang (deceased 17/6/22) R J Stewart (Chairman) M K Phoenix J A Thomas R Case (Treasurer) D M Isted (resigned 13/11/21) S Brown C M Austin D T Brame (resigned 20/4/21) S T E McQueen (appointed 23/9/21)

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 2022

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 2022. 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 288 grants totalling £142,326, bringing the total grant giving over 32 years to approaching £2 million, 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 2022

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 £142,326 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 £100,000 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 2022

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 £184,392 (2021: £162,319).

A deficit, before movement in investments, of £25,039 was made in the year (2021:surplus £31,149). At 31 March 2022 total reserves were £631,707 (2021: £612,490), 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 2022

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 or two employees and thus arrangements for setting pay and remuneration are of a necessity informal. The employee pay is reviewed annually by decision of the finance and management committee. Obviously, any staff who are ex officio members of the committee do not participate in that decision and by convention leave 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

THE STEVENAGE COMMUNrrY TRUST COMPANY UMtrED BY GUARApifEE REPORT OF THE TRusfEES FOR THE YEAR ENDED 31￿ MARCH 2022 This repon has been prepared in accordance with the speclal provisions of Part 15 of the Companie5 Art 2006 relatingto small companies. Approved by order of the board of tnjstees on..... 021 and signed on its behalf by: RJStewart-T eej

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31ST MARCH 2022

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 2022 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.

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 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 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
115,493
Fund raising
4
55,594
Investment income
5
13,305
Total
184,392
EXPENDITURE ON
Raising funds
6
16,789
Charitable activities
7
Grants and donations
142,326
Other
50,316
Total
209,431
Net gains on investments
44,256
NET INCOME
19,217
RECONCILIATION OF FUNDS
Total funds brought forward
612,490
TOTAL FUNDS CARRIED FORWARD
631,707		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
115,493
55,594
13,305
184,392
16,789
142,326
50,316
209,431
44,256
19,217
612,490
631,707		 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

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 2022

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
£
-
561,898
561,898
3,650
70,316
73,966
(4,157)
69,809
631,707
631,707		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
-
561,898
561,898
3,650
70,316
73,966
(4,157)
69,809
631,707
631,707
631,707
631,707		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

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

THE STEVENAGE COMMUNttY TRusr COMPANY UMITED BY GVARAKtEE (REGISTERED NUMBER: ￿2546501) ATEMENT OF FINANaAL posmoN- continued 31ST MARCH 2022 These financial statements have been audited under the requirements of Section 145 of the Charities Att 2011. These flnancial statements have been prepared in accordarKe with the provisions applicable to charitable companies Subject to the Small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on o &l...... and were Signed on its behalf by: R J Stewart- Trust The note5 form part of these financial statements

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

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 2022

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		 2022
£
85,000
30,493
115,493		 2021
£
118,930
30,463
149,393

Page 16

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

4.
FUND RAISING
2022
£
General fund raising
55,594
5.
INVESTMENT INCOME
2022
£
Investment income and interest
13,305
6.
RAISING FUNDS
Other trading activities
2022
£
Fund raising and publicity costs
16,789
7.
CHARITABLE ACTIVITIES COSTS
Grants and donations
8.
GRANTS PAYABLE
2022
£
Grants and donations
142,326		 2021
£
1,177
2021
£
11,749
2021
£
444
Grant
funding of
activities
(see note
8)
£
142,326
2021
£
85,144

Page 17

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

9. SUPPORT COSTS

Management and administration £ Other resources expended 50,316 Support costs, included in the above, are as follows:

Management and administration

2022
Other
resources
expended
£
Wages
34,856
Social security
302
Pensions
6,487
Insurance
719
Postage and stationery
566
Sundries
606
Computer costs
29
Investment management fees
4,635
Advertising
975
Legal and professional fees
613
Travel
319
Bank charges
58
Membership subs
26
Depreciation
125
50,316		 2021
Total
activities
£
34,182
309
4,608
759
314
525
24
4,042
-
633
-
60
-
126
45,582

Page 18

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

10. NET INCOME/(EXPENDITURE)

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

2022 2021
£ £
Depreciation - owned assets 125 126

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
34,856
302
6,487
41,645		 2021
£
34,182
309
4,608
39,099

The average monthly number of employees during the year was as follows:

2022 2021
Management and administration 1 1

No employees received emoluments in excess of £60,000.

Page 19

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
149,393
Fund raising
1,177
Investment income
11,749
Total
162,319
EXPENDITURE ON
Raising funds
444
Charitable activities
Grants and donations
85,144
Other
45,582
Total
131,170
Net gains on investments
80,550
NET INCOME
111,699
RECONCILIATION OF FUNDS
Total funds brought forward
500,791
TOTAL FUNDS CARRIED FORWARD
612,490		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 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

Page 20

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

14. AUDITOR'S REMUNERATION

Wagstaffs Chartered Accountants provided audit and accounts service free of charge. The value of these services amounted to £3,500 (2021: £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 £6,487 (2021: £4,608).

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 £719 (2021: £759).

17. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1st April 2021 and 31st March 2022 1,001
DEPRECIATION
At 1st April 2021 876
Charge for year 125
At 31st March 2022 1,001
NET BOOK VALUE
At 31st March 2022 -
At 31st March 2021 125

Page 21

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

18. SOCIAL INVESTMENTS

Programme related investments

MARKET VALUE
At 1st April 2021
Additions at cost
Disposals
Profits on sales
Movement in market value
Investment charges
At 31st March 2022
NET BOOK VALUE
At 31st March 2022
At 31st March 2021		 Equity
£
508,692
37,409
(46,796)
2,123
43,417
-
544,845
544,845
508,692		 Capital
account
£
13,369
(38,696)
47,015
-
-
(4,635)
17,053
17,053
13,369		 Totals
£
522,061
(1,287)
219
2,123
43,417
(4,635)
561,898
561,898
522,061

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

2022 2021
£ £
Fixed interest 59,753 77,042
UK Equities 199,045 178,345
Overseas Equities 208,896 187,594
Alternatives 77,151 65,711
Cash 17,052 13,369
561,897 522,061

Details of investments greater than 5% of the portfolio are as follows:-

2022 2021
SPDR Series Trust 11.80% 10.50%

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THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

19.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Accruals and deferred income		 2022
£
3,650
2022
£
1,665
737
1,755
4,157		 2021
£
15,040
2021
£
150
872
15,947
16,969

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

21. MOVEMENT IN FUNDS

At 1/4/21
£
Unrestricted funds
General funds
612,490
TOTAL FUNDS
612,490
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General funds
184,392
(209,431)
TOTAL FUNDS
184,392
(209,431)		 Net
movement
At
in funds
31/3/22
£
£
19,217
631,707
19,217
631,707
Gains and
Movement
losses
in funds
£
£
44,256
19,217
44,256
19,217

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THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022

21. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General funds
TOTAL FUNDS		 At 1/4/20
£
500,791
500,791		 Net
movement
in funds
£
111,699
111,699		 At
31/3/21
£
612,490
612,490

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

Unrestricted funds
General funds
TOTAL FUNDS		 Incoming
resources
£
162,319
162,319		 Resources
expended
£
(131,170)
(131,170)		 Gains and
Movement
losses
in funds
£
£
80,550
111,699
80,550
111,699

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2022 (2021: 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.

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