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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 02712250 (England and Wales) REGISTERED CHARITY NUMBER: 1011967

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31st March 2023

for

Stothard Road Scheme Limited

Hewson & Howson 8 Shepcote Office Village Shepcote Lane Sheffield South Yorkshire S9 1TG

Stothard Road Scheme Limited

Contents of the Financial Statements for the Year Ended 31st March 2023

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 14
Detailed Statement of Financial Activities 15

Stothard Road Scheme Limited

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 I 02) (effective I January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objects are to provide sheltered accommodation and care for people with physical and/or mental impairment. The Trustees believe there is an on-going need for such provision in the community, and are committed to this. The service provided by the Charity is for the public benefit; the Trustees having regard to the guidance of the Charity Commission on the subject.

Page 1

Stothard Road Scheme Limited

Report of the Trustees for the Year Ended 31st March 2023

ACHIEVEMENT AND PERFORMANCE Governance and Management

The new chair co-ordinated a review of governance, removing anomalies previously embedded in the Articles of Association. There will be an expanded use of Charity Membership and Associate Membership to increase the outreach of the Charity. Progress was made on setting up ad hoc Board committees to focus on key issues including finance and development.

Trustees including newly appointed members are actively contributing to wider planning, finance processes, tenant communications and safeguarding and digital development.

Codes of Practice & Procedures for staff have been agreed and implemented. Training and administration reviews are on-going.

We continue to work in accord with the Management Agreement established with The Guinness Partnership.

Staffing and tenants

The staff team returned to full complement following maternity leave, agency and temporary staff cover. Training needs are being addressed as a priority.

The worst effects of the Coronavirus pandemic restrictions are now behind us as we look forward to providing a full forward-looking service in the coming year.

The Charity continues to manage extra pressures relating to an ageing tenant group with reducing levels of family support. Reduction in physical and mental health function continues to necessitate significant staff focus on liaising with health professionals and external support activities.

Extra support is in place to deliver 1-1 meal planning and preparation.

The Sheffield Local Authority are running an Independent Service Fund pilot scheme to improve the efficiency and scope of support services. As part of this scheme, they agreed extra pooled funding for tenants to share activities support. This will enable the staff team to offer some extra support to tenants in activities such as swimming, chairobics, gardening, music or crafts.

A new tenant moved in February and is settling in well.

Each tenant was supported on day trips and evening activities either as part of a group or individually according to their preference. A supported week away in London was a highlight.

We continue to encourage tenants to develop in work, community engagement and IT skills. Tenants may also benefit from planned IT facility and website work which will improve in house communications.

Planned cyclical improvements

The following ongoing work is being undertaken by our landlord, the Guinness Partnership:

IT and Website

We are in an early stage of extending our use of digital support to underpin the resilience of our operation. We will widen the use of digital communication in our work, both in the day-to-day management of our activities and in supporting our aim to communicate with wider audiences. This includes:

Page 2

Stothard Road Scheme Limited

Report of the Trustees for the Year Ended 31st March 2023

FINANCIAL REVIEW

The principal funding sources are Sheffield Social Care funding, agreed individually for each tenant depending upon their needs augmented by service charge elements claimed by each tenant through Housing Benefit. In addition, from April 2017 and within the terms of the updated management agreement with Guinness it is agreed that the Charity retain 25% of the Rent Charge being the Agent's Management Fee and 4% being the Void and Bad Debts Allowance. The investment policy is to secure the maximum return with the minimum level of risk. In consequence, a significant proportion of surplus funds are invested in liquid deposit accounts with CCLA Investment Management Limited (COIF Charities Deposit Fund). The return on investments over the years has varied due to market conditions, but the Trustees consider this to have been satisfactory. We will however be reviewing our portfolio, with regard to returns on investment and also with a view to updating the status of our reserves in the light of operational changes and development planning. The accumulated funds of the charity at 31st March 2023 are shown in total in the Balance Sheet on page 7 and details of the restricted funds are shown in note 11. Unrestricted funds are now at £726,190 and the trustees consider this to be sufficient to safeguard the charity's activities.

FUTURE DEVELOPMENTS

A key focus for the Charity remains the on-going sustainability of the service. The Charity already commits funds to ensure that we continue to provide, and where possible improve, our care for our tenants as funding streams come under increasing pressure.

Recent changes in the UK economy, with inflation, rising salary costs and significant increases in energy costs pose risks that will have to be very carefully evaluated.

The Charity is focussing on several development needs. There is a need to be able to cater for a younger age group of potential tenants, whose needs will not be identical to the older profile of the current tenants. There is also a need to look at finding ways to support a larger total group of tenants in order to change the balance between management and direct support costs. This will require a careful costing impact assessment.

We have focussed on making Stothard more resilient. This is work in progress and still has further to go. Our preparation for new generation of potential clients, will require us to resolve new combinations of support needs and identify additional accommodation.

We continue to need "new blood" on our Board of Trustees to help us face these challenges and to help us set and meet goals for our future development.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is controlled by its governing document namely its Articles of Association, constituting a limited company, limited by guarantee, as defined by the Companies Acts 1985 and 2006. This was revised and updated by a Special Resolution in March 2022.

Recruitment and appointment of new trustees

We will continue to search for "new blood" to join our Board of Trustees.

The Articles of Association provide for the annual appointment of independent trustees. There is a policy for the further recruitment of trustees with reference to the Scheme's Equality and Diversity Policy.

The induction and training of new trustees, comprises meetings with existing trustees, staff and tenants, to explain the nature of the Scheme, its working and procedures. All Trustees have signed a Code of Conduct relative to their service. The Charity continues its search to expand the skills and diversity of its Board of Trustees.

Four Board meetings were held during the current period, together with the Members Annual General Meeting.

Risk management

The Trustees have a duty to identify and review the risks to which the Scheme is exposed. This is done annually to ensure that appropriate controls are in place to prevent fraud and error, plus the renewal of enhanced Disclosure and Barring Service checks when appropriate.

Page 3

Stothard Road Scheme Limited

Report of the Trustees

for the Year Ended 31st March 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02712250 (England and Wales)

Registered Charity number 1011967

Registered office

Stothard Court 45 Stothard Road Sheffield South Yorkshire S10 1RD

Trustees

P J Slater - Chair C G Dean M Goddard J P T Grant K Ryan-Murray W T Yap J A Tippett (resigned 12.9.22)

Independent Examiner

Hewson & Howson 8 Shepcote Office Village Shepcote Lane Sheffield South Yorkshire S9 1TG

Approved by order of the board of trustees on 25th September 2023 and signed on its behalf by:

P J Slater - Chair - Trustee

Page 4

Independent Examiner's Report to the Trustees of Stothard Road Scheme Limited

Independent examiner's report to the trustees of Stothard Road Scheme Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Ian J Hewson

Hewson & Howson 8 Shepcote Office Village Shepcote Lane Sheffield South Yorkshire S9 1TG

25th September 2023

Page 5

Stothard Road Scheme Limited

Statement of Financial Activities for the Year Ended 31st March 2023

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
Support charges
Investment income
2
Total
EXPENDITURE ON
Charitable activities
Direct costs of support services to tenants
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Year Ended
31.3.23
Unrestricted
funds
£
74,316
9,703
84,019
84,431
(18,028)
(18,440)
1,032,943
1,014,503		 Period
1.10.21
to
31.3.22
Total
funds
£
36,612
4,161
40,773
38,641
2,720
4,852
1,028,091
1,032,943

The notes form part of these financial statements

Page 6

Stothard Road Scheme Limited

Balance Sheet

31st March 2023

Notes
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds:
General fund
Void Reserve (Designated)
Fixtures Replacement Reserve (Designated)
Property Development Reserve (Designated)
TOTAL FUNDS		 31.3.23
Unrestricted
funds
£
1,938
919,531
921,469
5,528
89,508
95,036
(2,002)
93,034
1,014,503
1,014,503
726,190
9,000
15,000
264,313
1,014,503
1,014,503		 31.3.22
Total
funds
£
2,457
937,559
940,016
5,664
89,263
94,927
(2,000)
92,927
1,032,943
1,032,943
744,630
9,000
15,000
264,313
1,032,943
1,032,943

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 required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 7

Stothard Road Scheme Limited

Balance Sheet - continued

31st March 2023

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 25th September 2023 and were signed on its behalf by:

P J Slater - Chair - Trustee

C G Dean - Trustee

The notes form part of these financial statements

Page 8

Stothard Road Scheme Limited

Notes to the Financial Statements

for the Year Ended 31st March 2023

1. 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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.

Allocation and apportionment of costs

All costs are attributable to the General Fund. There is no apportionment of costs to the other funds.

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 - 33% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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.

continued...

Page 9

Stothard Road Scheme Limited

Notes to the Financial Statements - continued for the Year Ended 31st March 2023

1. ACCOUNTING POLICIES - continued

Currency presentation

The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments.

Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. INVESTMENT INCOME

INVESTMENT INCOME
Period
1.10.21
Year Ended to
31.3.23 31.3.22
£ £
Deposit account interest 9,703 4,161

3. NET INCOME/(EXPENDITURE)

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

Period
1.10.21
Year Ended to
31.3.23 31.3.22
£ £
Depreciation - owned assets 1,884 933

4. TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

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

continued...

Page 10

Stothard Road Scheme Limited

Notes to the Financial Statements - continued for the Year Ended 31st March 2023

5. STAFF COSTS

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

Year Ended
31.3.23
Support workers
4
Management co-ordinator/Project manager
2
6
No employees received emoluments in excess of £60,000.
No employee received emoluments of more than £60,000 .
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Charitable activities
Support charges
Investment income
Total
EXPENDITURE ON
Charitable activities
Direct costs of support services to tenants
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Period
1.10.21
to
31.3.22
3
2
5
Unrestricted
funds
£
36,612
4,161
40,773
38,641
2,720
4,852
1,028,091
1,032,943

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

continued...

Page 11

Stothard Road Scheme Limited

Notes to the Financial Statements - continued for the Year Ended 31st March 2023

7. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1st April 2022
Additions
At 31st March 2023
DEPRECIATION
At 1st April 2022
Charge for year
At 31st March 2023
NET BOOK VALUE
At 31st March 2023
At 31st March 2022		 Fixtures
and
fittings
£
41,056
1,365
42,421
38,599
1,884
40,483
1,938
2,457

8. FIXED ASSET INVESTMENTS

The only investment is in the Charities Official Investment Fund Accumulation Shares. The historical cost of the investment is £390,000 (2022: £390,000).

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
11.
MOVEMENT IN FUNDS
At 1.4.22
£
Unrestricted funds
General fund
744,630
Void Reserve (Designated)
9,000
Fixtures Replacement Reserve
(Designated)
15,000
Property Development Reserve
(Designated)
264,313
1,032,943
TOTAL FUNDS
1,032,943		 31.3.23
£
5,528
31.3.23
£
2,002
Net
movement
in funds
£
(18,440)
-
-
-
(18,440)
(18,440)		 31.3.22
£
5,664
31.3.22
£
2,000
At
31.3.23
£
726,190
9,000
15,000
264,313
1,014,503
1,014,503

continued...

Page 12

Stothard Road Scheme Limited

Notes to the Financial Statements - continued for the Year Ended 31st March 2023

11. MOVEMENT IN FUNDS - continued

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

Incoming
resources
£
Unrestricted funds
General fund
84,019
TOTAL FUNDS
84,019
Comparatives for movement in funds
Unrestricted funds
General fund
Void Reserve (Designated)
Fixtures Replacement Reserve
(Designated)
Property Development Reserve
(Designated)
TOTAL FUNDS		 Resources
expended
£
(84,431)
(84,431)
At
1.10.21
£
739,778
9,000
15,000
264,313
1,028,091
1,028,091		 Gains and
losses
£
(18,028)
(18,028)
Net
movement
in funds
£
4,852
-
-
-
4,852
4,852		 Movement
in funds
£
(18,440)
(18,440)
At
31.3.22
£
744,630
9,000
15,000
264,313
1,032,943
1,032,943

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

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 40,773 (38,641) 2,720 4,852
TOTAL FUNDS 40,773 (38,641) 2,720 4,852

continued...

Page 13

Stothard Road Scheme Limited

Notes to the Financial Statements - continued for the Year Ended 31st March 2023

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2023.

13. ULTIMATE CONTROLLING PARTY

No party has outright control of the charity.

Page 14

Stothard Road Scheme Limited

INCOME AND ENDOWMENTS
Investment income
Deposit account interest
Charitable activities
Tenant rent & service charges
Tenant social care
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Pensions
Tenant activity contributions
Repairs and renewals, IT etc.
Warden call charges
Administration costs
Management
Insurance
Telephone, postage etc.
Staff training
Depreciation of tangible fixed assets
Finance
Bank charges
Governance costs
Accountancy & legal
Total resources expended
Net (expenditure)/income		 Detailed Statement of Financial Activities
for the Year Ended 31st March 2023
Period
1.10.21
Year Ended
to
31.3.23
31.3.22
£
£
9,703
4,161
32,554
18,595
41,762
18,017
74,316
36,612
84,019
40,773
67,589
29,111
1,179
517
506
369
5,668
3,164
1,474
737
76,416
33,898
1,501
736
2,472
1,139
605
105

1,884
933
6,462
2,913
60
30
1,493
1,800
84,431
38,641
(412)
2,132		 Detailed Statement of Financial Activities
for the Year Ended 31st March 2023
Period
1.10.21
Year Ended
to
31.3.23
31.3.22
£
£
9,703
4,161
32,554
18,595
41,762
18,017
74,316
36,612
84,019
40,773
67,589
29,111
1,179
517
506
369
5,668
3,164
1,474
737
76,416
33,898
1,501
736
2,472
1,139
605
105

1,884
933
6,462
2,913
60
30
1,493
1,800
84,431
38,641
(412)
2,132
36,612
40,773
29,111
517
369
3,164
737
33,898
736
1,139
105
933
2,913
30
1,800
38,641
2,132

This page does not form part of the statutory financial statements

Page 15