OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

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

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

Menzies LLP Chartered Accountants and Statutory Auditors Richmond House Walkern Road Stevenage Hertfordshire SG1 3QP

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

----- Start of picture text -----
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
----- End of picture text -----

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST MARCH 2023

----- Start of picture text -----
TRUSTEES A Lang (deceased 17/6/22)
R J Stewart (Chairman)
M K Phoenix
J A Thomas
R Case (Treasurer)
S Johnson
C M Austin (resigned 13/2/23)
S T E McQueen
A C Bruce (appointed 4/5/23)
C L Carroll (appointed 4/5/23)
A B Clarkson (appointed 4/5/23)
J D Greenall (appointed 4/5/23)
S N Houston (appointed 4/5/23)
COMPANY SECRETARY S Johnson
REGISTERED OFFICE Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP
REGISTERED COMPANY NUMBER 02546501 (England and Wales)
REGISTERED CHARITY NUMBER 1000762
AUDITORS Menzies LLP
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP
----- End of picture text -----

Page 1

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

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 2023. 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

Stevenage Community Trust was established in 1990 in order to raise money in order to provide funding and support to charitable organisations, community groups and people in need of support in Stevenage and the surrounding villages. This is a both short- and long-term objective. The Trust has an investment fund equivalent to approximately three years' income and expenditure in an endeavour to substantially meet the costs of running the charity and to ensure that monies raised each year are used to support its charitable activities and are used in this way into the long-term future.

Activities

The Stevenage Community Trust is an independent charitable trust which, in the 33 years since its formation, has distributed in excess of £2 million 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 charities, local community groups and individuals and families in crisis. Stevenage Community Trust is a local charity making a very real difference to the everyday lives of local people in need. The Trust raises money from local businesses and generous individuals, both through our membership schemes and through fundraising events.

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 and the surrounding villages has the potential to benefit from the work of The Stevenage Community Trust through our grant giving.

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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

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 £97,926 by way of grants to organisations and people in Stevenage, for the good of Stevenage, the surrounding villages, and their respective communities. These grants included £38,000 by way of Christmas Gift Cards to support local families who are struggling financially, £22,000 to Community Groups and local organisations, £7,000 to older people and organisations that support them, £21,000 to make heating grants to local families in need of support, and £10,000 in individual hardship grants to those most in need (these hardship grants averaged £255 each).

A full list of grants awarded and community projects supported is available on request from the Trust office.

The difference made to beneficiaries 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 awarding £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 headings "Objectives" and "Activities" fundraising by members and other organisations on behalf of the Trust. Each year the Trust sets its objectives and, by way of quarterly Trustees meetings with a report from the manager, measures its achievements against those objectives.

Investment performance

The Trust has material financial investments that represent an "endowment" reserve fund that is designed to cover substantially all the Trust's running costs. 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. These investment consultants report quarterly to the Trust 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.

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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

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 a balance of investments funds that secures grant 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 £134,118 (2022: £184,392).

A deficit, before movement in investments, of £19,564 was made in the year (2022:surplus £25,039). At 31 March 2023 total reserves were £581,289 (2022: £631,707), 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. The activities planned to achieve these objectives are to continue 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 12 months from the date of approval of the financial statements, and we have taken in to account all the current uncertainties that exist within markets. 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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

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 potential trustees local to Stevenage 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

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

(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, Menzies LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 5

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

30-Nov-2023

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

....................................................................... S Johnson - Trustee

Page 6

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31ST MARCH 2023

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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

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 2023 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.

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.

Page 8

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

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

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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

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 Menzies LLP 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

30-Nov-2023

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

Page 11

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
62,852
Fund raising
4
57,556
Investment income
5
13,710
Total
134,118
EXPENDITURE ON
Raising funds
6
19,286
Charitable activities
7
Grants and donations
97,926
Other
36,470
Total
153,682
Net gains/(losses) on investments
(30,854)
NET INCOME/(EXPENDITURE)
(50,418)
RECONCILIATION OF FUNDS
Total funds brought forward
631,707
TOTAL FUNDS CARRIED FORWARD
581,289		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
62,852
57,556
13,710
134,118
19,286
97,926
36,470
153,682
(30,854)
(50,418)
631,707
581,289		 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

The notes form part of these financial statements

Page 12

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

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

STATEMENT OF FINANCIAL POSITION 31ST MARCH 2023

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
£
-
526,867
526,867
-
55,807
55,807
(1,385)
54,422
581,289
581,289		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
-
526,867
526,867
-
55,807
55,807
(1,385)
54,422
581,289
581,289
581,289
581,289		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

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

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST

COMPANY LIMITED BY GUARANTEE (REGISTERED NUMBER: 02546501)

STATEMENT OF FINANCIAL POSITION - continued 31ST MARCH 2023

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

These financial statements have been prepared in accordance 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 ............................................. and were signed on its behalf by: 30-Nov-2023

............................................. S Johnson - Trustee

The notes form part of these financial statements

Page 14

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

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

Taxation

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

Page 15

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

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

4.

Donations
Membership income
FUND RAISING
General fund raising		 2023
£
38,838
24,014
62,852
2023
£
57,556		 2022
£
85,000
30,493
115,493
2022
£
55,594

Page 16

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

5.
INVESTMENT INCOME
Investment income and interest		 2023
£
13,710		 2022
£
13,305
6.
RAISING FUNDS
Other trading activities
Fund raising and publicity costs		 2023
£
19,286		 2022
£
16,789
7.
CHARITABLE ACTIVITIES COSTS
Grants and donations		 Grant
funding of
activities
(see note
8)
£
97,926
8.
GRANTS PAYABLE
Grants made are to individuals and local communities. No grants are made to institutions.
9.
SUPPORT COSTS
Other resources expended		 Managemen
and
administrati
£
36,470

Page 17

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

9. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Management and administration

10.

Management and administration
Wages
Social security
Pensions
Insurance
Postage and stationery
Sundries
Accountancy fees
Computer costs
Investment management fees
Advertising
Legal and professional fees
Travel
Bank charges
Membership subs
Depreciation		 2023
Other
resources
expended
£
26,424
1,832
1,726
750
717
(518)
49
-
4,463
-
1,027
-
-
-
-		 2022
Total
activities
£
34,856
302
6,487
719
566
606
-
29
4,635
975
613
319
58
26
125
36,470 50,316
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 2023
£
-		 2022
£
125

Page 18

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.

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
115,493
Fund raising
55,594
Investment income
13,305
Total
184,392
EXPENDITURE ON
Raising funds
16,789
Charitable activities
Grants and donations
142,326
Other
50,316		 2023
£
26,424
1,832
1,726
29,982
2023
1
Restricted
funds
£
-
-
-
-
-
-
-		 2022
£
34,856
302
6,487
41,645
2022
1
Total
funds
£
115,493
55,594
13,305
184,392
16,789
142,326
50,316

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Page 19

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
£
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
£
-
-
-
-
-		 Total
funds
£
209,431
44,256
19,217
612,490
631,707

14. AUDITOR'S REMUNERATION

Menzies LLP Chartered Accountants provided audit and accounts service free of charge. The value of these services was in the region of £6,500 +vat.

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 £1,726 (2022: £6,487).

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 £750 (2022: £719).

Page 20

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

17. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1st April 2022 and 31st March 2023		 Fixtures
and
fittings
£
1,001
DEPRECIATION
At 1st April 2022 and 31st March 2023		 1,001
NET BOOK VALUE
At 31st March 2023		 -
At 31st March 2022 -

18. SOCIAL INVESTMENTS

Programme related investments

MARKET VALUE
At 1st April 2022
Additions at cost
Disposals
Profits on sales
Movement in market value
Investment charges
At 31st March 2023
NET BOOK VALUE
At 31st March 2023
At 31st March 2022		 Equity
£
544,845
77,308
(91,421)
19,067
(49,921)
-
499,878
499,878
544,845		 Capital
account
£
17,053
(77,308)
91,707
-
-
(4,463)
26,989
26,989
17,053		 Totals
£
561,898
-
286
19,067
(49,921)
(4,463)
526,867
526,867
561,898

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

Fixed interest
UK Equities
Overseas Equities
Alternatives
Cash		 2023
£
47,026
371,811
81,041
,
26,989		 2022
£
59,753
199,045
208,896
77,151
17,053

Page 21

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

18.
SOCIAL INVESTMENTS - continued
Details of investments greater than 5% of the portfolio are as follows:-
SPDR Series Trust
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
526,867 561,898
2023 2022
10.63% 11.80%
2023
£
-
2023
£
-
613
772
1,385		 2022
£
3,650
2022
£
1,665
737
1,755
4,157

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

Unrestricted funds
General funds
TOTAL FUNDS		 At 1/4/22
£
631,707
631,707		 Net
movement
in funds
£
(50,418)
(50,418)		 At
31/3/23
£
581,289
581,289

Page 22

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

21. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General funds
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General funds
TOTAL FUNDS
Comparative net movement in funds, included in
Unrestricted funds
General funds
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
134,118
(153,682)
134,118
(153,682)
At 1/4/21
£
612,490
612,490
the above are as follows:
Incoming
Resources
resources
expended
£
£
184,392
(209,431)
184,392
(209,431)		 Gains and
Movement
losses
in funds
£
£
(30,854)
(50,418)
(30,854)
(50,418)
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

Page 23

DocuSign Envelope ID: A162BEF3-9155-4EA2-9F81-31D4E3C1CAC1

THE STEVENAGE COMMUNITY TRUST COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2023

22. RELATED PARTY DISCLOSURES

The charity benefits from rent free premises at Stewart House, in Stevenage. A trustee has a beneficial interest in the property.

Page 24