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 - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 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: - give a true and fair view of the state of the charitable company's affairs as at 31st March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - the charitable company has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **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: - We obtained an understanding of the legal and regulatory framework applicable to the charity and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and the Charities Act 2011. - We obtained an understanding of how the charity is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance. - We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include: - identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - challenging assumptions and judgments made by management in its significant accounting estimates; - identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and - assessing the extent of compliance with the relevant laws and regulations. - We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud. 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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 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 - 20% on cost ## **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